What Is WFG and What Does It Do?
A coworker asked me "Do you know anything about universal life insurance?" This one casual question opened a big can of worms.
He was approached by a friend of a friend who works for WFG. WFG is World Financial Group. It's a financial services marketing company owned by Dutch insurance company Aegon. WFG operates under a multi-level marketing (MLM) scheme. Instead of selling household products like Amway distributors do, WFG salespeople sell financial products.
WFG's products of choice include variable universal life insurance (VUL), variable annuities (VA), and equity index annuity (EIA). Many of these products come from Western Reserve Life (WRL), WFG's sister company also owned by Aegon.
Replacing Microsoft Money, Part 5: OFX Scripts
This is part 5 in my series for replacing Microsoft Money. I gave my requirements in part 1. Then I looked at Quicken, GnuCash, and Moneydance.
I still haven't found a perfect replacement for Microsoft Money. Money isn't perfect either, but it's working. Well, sort of. I already know the bugs and limitations and I know how to work around them.
Having suffered from being at the mercy of one software vendor, I really don't look forward to jumping into the arms of another vendor with the same policy of automatically disabling features. Meanwhile, the contenders GnuCash and Moneydance still don't match all the functionalities I'd like to have.
Replacing Microsoft Money, Part 4: Moneydance
[Update on Sept. 5, 2009] After evaluating the alternatives, I discovered a way to automatically download the transactions and price quotes and feed them to Money after Microsoft pulls the plug. See follow-up posts Replacing Microsoft Money, Part 5: OFX Scripts and Download Price Quotes to Microsoft Money After Microsoft Pulls the Plug.
This is part 4 in my series for replacing Microsoft Money. I gave my requirements in part 1. I looked at Quicken and GnuCash in parts 2 and 3. This time I'm looking at Moneydance.
Moneydance is a Java application that runs on Linux, Mac, and Windows. Unlike GnuCash, MoneyDance is not free. It's made by a small company called The Infinite Kind. As far as I can tell, the application is primarily developed by one developer Sean Reilly. A Moneydance license costs $40. There is a trial version that limits to 100 transactions. I tested Moneydance 2008r4 on Windows.
Replacing Microsoft Money, Part 3: GnuCash
[Update on Sept. 5, 2009] After evaluating the alternatives, I discovered a way to automatically download the transactions and price quotes and feed them to Money after Microsoft pulls the plug. See follow-up posts Replacing Microsoft Money, Part 5: OFX Scripts and Download Price Quotes to Microsoft Money After Microsoft Pulls the Plug.
This is part 3 in my series for replacing Microsoft Money. I gave my requirements part 1 and I looked at Quicken in part 2. This time I'm looking at GnuCash.
GnuCash is a free, open source application. It works on Linux, Mac, and Windows. I tried the version 2.3.4 on Windows.
Replacing Microsoft Money, Part 2: Quicken
[Update on Sept. 5, 2009] After evaluating the alternatives, I discovered a way to automatically download the transactions and price quotes and feed them to Money after Microsoft pulls the plug. See follow-up posts Replacing Microsoft Money, Part 5: OFX Scripts and Download Price Quotes to Microsoft Money After Microsoft Pulls the Plug.
This is part 2 in my series for replacing Microsoft Money. In part 1 I laid out my requirements for the replacement application.
Quicken has been around for more than 20 years. It's in stores everywhere. If someone is new to Quicken, there are many books about Quicken. Although its publisher Intuit doesn't offer a free trial (there is a 60-day money back guarantee), I'm pretty sure Quicken can do everything I do in Microsoft Money. However, I'm a little worried about what Intuit would do after Quicken becomes a de facto monopoly.
Replacing Microsoft Money, Part 1: Requirements
[Update on Sept. 5, 2009] After evaluating the alternatives, I discovered a way to automatically download the transactions and price quotes and feed them to Money after Microsoft pulls the plug. See follow-up posts Replacing Microsoft Money, Part 5: OFX Scripts and Download Price Quotes to Microsoft Money After Microsoft Pulls the Plug.
Back in June 2009, Microsoft announced they would stop selling their personal finance software Microsoft Money. I have been a Microsoft Money user since it was Money '98. With Microsoft's throwing in the towel, my current version will work as-is until September 2010. After that, two download features will stop working:
- download transactions from my banks, credit cards, and brokerage accounts from inside the money program, without having to go to the web site of each bank, credit card company, and brokerage firm
- download the current prices for my investments
Stable Value Funds, Money Market Funds, and Saving Too Much
I read Stable value funds: they look good until you look closer from The Investment Fiduciary. Stable value funds look like money market funds, until there are systematic withdrawals. When that happens, the insurance company can make a negative "market value adjustment" to the fund. If you invest in a stable value fund, make sure you are not among the last ones out.
Speaking of money market funds, Marketplace Money Economic Editor Chris Farrell declared in Fall of the Money Market
Book Review: The Little Book That Builds Wealth
Ah, another little book. I read and reviewed several of them already. Some are good; some not so.
- The Little Book That Beats the Market by Joel Greenblatt (*)
- The Little Book of Bull Moves in Bear Markets by Peter Schiff (***)
- The Little Book of Value Investing by Christopher Browne (****)
- The Little Book of Common Sense Investing by John Bogle (*****)
- The Little Book That Makes You Rich by Louis Navellier (*)
This book, The Little Book That Builds Wealth, is written by Pat Dorsey. Mr. Dorsey is Director of Equity Research at Morningstar. He's in charge of Morningstar's equity ratings. In addition to rating mutual funds with one to five stars, Morningstar also rates individual stocks on the same scale.
Will Reward Checking Last In the Long Run?
You have probably heard of these checking accounts offered by smaller ("community") banks and credit unions. They are branded different names but they work very similarly. The concept is called reward checking. A typical reward checking account offers
- no minimum balance
- no monthly fee
- high yield up to a point (4% up to $25,000 is about average these days)
- ATM fee refund up to a point ($15-20 a month)
In exchange, it requires
Call Out Bad Money Advice
If you like this blog, you will probably also like Bad Money Advice. I recently came across it and I really like it.
At times I like to set the records straight on some popular myths in the media: missing the 10 best days in the stock market, 401k loan double taxation, Roth 401k, credit score, and so on. In addition to recommending good books, I also report bad books: Elliott Wave, Magic Formula, Rule #1, Strapped.
Sometimes I feel frustrated because there is so much bad advice out there. I'm also afraid calling out personal finance gurus, journalists, and other bloggers may make me appear smug, aloof, or mean-spirited.
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