Many consumers would fail a financial stress test just like the big banks. Would you get a passing grade?

In 2007, Congress passed the Mortgage Debt Forgiveness Act of 2007 to help homeowners whose homes have been foreclosed or negotiated loan principal reductions.
Before this law, if your home was foreclosed and your home was sold for less than you owed, you would be taxed on the difference as if it were income. This was also true if your mortgage company agreed to reduce your loan balance – the difference would have been taxable.
Wow! That could be a lot of money for some people in certain parts of the country …

Why?

They last long after the holidays
They’re useful and can even change the reader’s life
Most people don’t already have too many

Here are a couple I recommend:
Living Rich by Spending Smart: How to Get More of What You Really Want
As The Millionaire Next Door revealed, building wealth isn’t just about working harder or what you choose to invest in: it’s about spending smarter. This book isn’t about depriving yourself. Instead, Gregory Karp shows how to build real, long-lasting wealth by plugging the money leaks you’re barely aware of and making sure you spend with …

Here in the US, we’re officially celebrating Thanksgiving. While we’re spending this one day with friends and family being thankful for the bounty and abundance in our lives, I hope you’ll take the time every single day to express gratitude for what’s going on in your life.
We know how easy it is to be grateful for the good things but it’s not so easy to be grateful for what’s not going our way. I bet even in the midst of that, there’s at least one good thing going on.
A couple of …

“Recession is Coming!” “Recession is Here!” “Are we in a Recession Yet?”
I’m sure you’ve seen and heard headlines just like this.
So, exactly what is a Recession?
A Recession means that a country’s GNP (Gross National Product) drops at least 2 quarters in a row – 6 months of shrinking. Unfortunately, we only know that we are in a recession after the 2 quarters are over and all the data has been gathered and reported in the media.
Regardless of whether the US economy is in a Recession, your family may be in …