It’s a growing trend — letting the customer do their (own) thing.

MainStreet.com alerts us to a new tax law on the books for anyone dumping their American citizenship.

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There’s A Law That Takes Away Money If You Leave U.S. Citizenship?
By Terry Savage

A lot of people probably can’t understand why someone would voluntarily give up American citizenship — but if someone wanted to do that, they’d now incur financial penalties for it.

Congress just passed a new law that will stop your capital — or at least a good portion of it — at the border, should you decide not to be a U.S. citizen anymore. Is it, perhaps, in preparation for the possibility that Americans might rebel at the debt and taxes incurred by their government by leaving for lower-tax locales?

You probably didn’t notice this little provision inserted into the Heroes Act of 2008, passed by Congress on June 17. The headlines in the press release about the law were about the increased benefits for veterans and families of deceased military.

But Richard Kohan of Price WaterhouseCoopers drew my attention to one section of the act, which states that anyone voluntarily giving up his or her citizenship will be taxed on all of his assets as if he or she had sold them — paying capital gains on assets that have increased in value, even though they have not been sold.

Continue reading for more details.

Everything from the price of gasoline to the midwestern floods will affect your grocery bill in coming months.

Here is a report showing the cost increases of common food items, 2007 to 2008. The cost of celery is up 106%. Not surprisingly: the cost of meat is kept artificially low thanks to massive lobbyist subsidies. Here’s the cattleman’s report. Lesson: Eat fewer lentils and more tangerines.

Some solutions to food cost increases?

Get a grip on your budget. Know how much you can spend so you do not endanger your ability to pay for other necessities like housing. A good budget will stretch and maximize your available dollars. At Geezeo you can set up personalized spending targets.

Buy in bulk/buy items with less packaging. Bulk purchases are consistently cheaper. So are purchases of items with less packaging.

Buy seasonal items and freeze or can them for later. Summer is a great time to load up on fresh fruits and veggies. Freeze them for use later on when seasonal changes force prices up further. If you know how to can veggies you’re ahead of the game (teach me!).

Consider planting a WWII-style “Victory Garden”. Whether you live in urban or rural environments a few food-bearing, or herb-bearing plants are possible. It’s not too late for items like lettuce you can grow in a sunny window.

Related:
* Three Food Stocks with Upside Surprise
* Whole Food Stock Prices Has Me Dancing in the Aisles
* How to Invest in Food Stocks
* How to Invest in Food Stocks: The Middleman Plays
* How to Invest in Restaurant Stocks

With the graduation rush finally over, the question in many grads minds remains the same…what now?! This question holds endless answers – even if you might not know which answer is for you! The opportunities range from getting a job, to volunteering, to signing up for the military, to going to grad school…the path you choose is completely up to you!

There is a lot of pressure after graduation, many times even before graduation arises. In the School of Management at Boston University, the buzz throughout the college your senior year is if you have gotten a job yet…you always just want to say “yes” so that people will stop asking. After graduation, the question keeps coming, this time usually from your relatives or close family friends.

I think searching and actually receiving a job was one of the most frustrating experiences I have been through. Don’t always be envious of those that received offers while you were still at school. I know many students with a finance concentration that got their offers pulled because of the current economy and the company no longer being able to take on new hires.

My advice for graduates:
1.) Don’t Give Up – If you don’t yet have a job, don’t give up and get frustrated. Yes, it is frustrating and repetitive filling out all those applications, but something will come up. It is not the easiest time to apply for jobs, but keep with it.

2.) Don’t Take a Job Just for the Money – Your friends may take jobs with a higher paying salary, but don’t take a job just for the money. Out of my friends, my job that I will start in the fall probably has one of the lowest paying salaries, but I’m happy about the job I got and excited for the opportunity. I got offered a job that paid around $5,000 more per year but declined it because I didn’t think the job was the right fit for me. According to an article on Mainstreet.com by Jessica Wakeman, a friend earning more than you is not an uncommon occurrence. You should make sure that you include spending money into your budget so that you don’t feel left out when all of your friends go out for a night.

3.) Don’t Feel Pressured by Others – Just because many of your friends have full-time time jobs, don’t feel like you need to get one as well. Internships often lead to great jobs so don’t disregard them…you might even find one that is paid (I did)! Or even better, one of my friends is volunteering in Africa to teach English and another is going to New Orleans to help re-build houses…anything is possible!

Life after graduation may not be the easiest time and many people have no idea what they want to do with their lives. Just remember, most people don’t stay in the same job that they started in for too long and most do not even stay with the same company. Make sure to do what you want to do and what you think will make you happy! It may not be the path that everyone else is taking, but in the end, it may be best for you.

Many people around you are in the same position (or have been in the past)…there are some other great articles on Geezeo that may help you, here is a great one about entering the “adult world” and how to manage.

First there were Money Confessions. Now, check out your daily money horoscope courtesy MainStreet.com. Click here!

Rising gas prices are one more good reason to use public transportation. If more people followed these common courtesies, we’d all be a lot happier!

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Six Tips On How To Commute Well With Others
By Mellissa Seecharan (06/26/08)

It’s no secret gas prices are sky-rocketing, and one of the many ways that people are dealing with it is by joining the growing masses of commuters who are ditching their cars for public transportation. According to the American Public Transportation Association (APTA) Americans took 10.3 billion trips on public transportation in 2007, the highest level in 50 years, representing a 2.1% increase over the previous year. (Their 2008 numbers haven’t come out yet, but considering that the national gas average is currently at $4.06 per gallon, one can safely assume that ridership will continue to soar.)

With this growth, daily commuters can pocket the between $40 and $100 in gas money they save from not filling up the tank (minus the price of the public transportation, of course) – a reward worth taking the bus for.

That mindset is taking hold in cities across the country. In Detroit, commuters on city buses rose seven percent. New Jersey Transit ridership increased 5% during the first three months of 2008, while subway use in New York City jumped 6.8% throughout January and February.
The growth of public transportation use coincides with news that fewer Americans are hitting the road, according to a report by Cambridge Energy Research Associates. April marked the sixth consecutive month that driving mileage declined. Americans drove 1.8% fewer miles compared to last year, a rate that is continuing to decline.

Although the idea of taking a train or bus may hit a germaphobic nerve with some, it’s actually a relaxing mode of transportation if you know the basic rules.

MAINSTREET’S TIPS ON HOW TO COMMUTE WELL WITH OTHERS:

1. ALWAYS HAVE AN IPOD/CD PLAYER/NEWSPAPER/BOOK HANDY
Nothing passes time better than listening to your favorite band or reading the day’s news. But remember that expensive electronic devices may attract unwanted attention, so don’t flaunt that $300 iPod Touch.

2. BE COURTEOUS
Passengers don’t often take others into consideration, but if you do your ride will be a lot smoother. Don’t take up multiple seats or block the aisle. And, try to limit cell phone calls. Other riders are not interested in what you’re doing over the weekend.

3. KEEP TO YOURSELF
A nosey person will always ruin a good time, even if it’s a bus ride. Avoid reading over the shoulder of another passenger, staring at people or getting into altercations of any kind.

4. KNOW WHERE YOU’RE GOING
No one likes to be held up by a misinformed or clueless person, so map out your destination beforehand. Holding up the bus to ask the driver for help will only earn you dirty looks from other riders.

5. SIT CLOSE TO AN EXIT, IN CASE IT GETS PACKED
During rush hour, buses tend to fill up pretty quickly and the middle is the last place you want to be sitting or standing. Just make sure you’re near the front or rear exits because pushing through a wall of people is the last thing you want to do on a sweltering summer day.

And, last, but not least…

6. IGNORE THE CRAZY PEOPLE
Most of the time, you can put up with the guy talking to himself, but for those rare occasions when you can’t handle the insanity, just move.

Have a story about taking public transportation? Tell us about it!

Related Links:
Five Lessons From ‘Mileage Misers’ On How To Beat High Gas Prices
Gas Busters: Top Five Vacation Cities Where You Don’t Need a Rental Car
Gas Tank Math: Where Do Your Wheels Rate

The Debit Card Generation
By Robyn Collins

When is the last time you paid cash for a latte? If it was today, you are in the minority. Debit card purchases are at an all-time high as it becomes easier and easier to simply swipe to pay. The convenience of a debit card is unquestioned. However, there are some backlash effects to this trend.

Depersonalization of money: as we begin to touch our cash less and less, we forget that it is actual money. We do not see it dwindling in the same way as those who carried a money clip as they peeled off bills to pay their way. We don’t feel the lightening of coins in our pocket as we purchase a soda. It is a case of not believing because we do not see. This can be detrimental to your financial life.

When is the last time you opted not to purchase something, instead of seeing if you could get the card to run,—since you don’t know your actual balance anyway. Probably, you take a chance, see if the card will go through. Unfortunately, debit card companies allow this because they can charge hefty fees. One friend of mine ended up with $350 dollars in overdraft charges because of this. One $1.65 coffee was $36.65, and he and his wife collectively accrued 10 charges this way. Now, the good part is that they avoided being embarrassed, but seems like kind of a high price to pay to retain your dignity.

How to make your money personal again:

There are online services that you can utilize to track your expenditures, your income, progress in your various accounts, etc. There are even a few that go farther and have created communities that allow users to share victories and confessions with one another in regard to their finances.

One such company is Geezeo, (www.geezeo.com). Their analysts share trends and common pitfalls. The social element offers the accountability that most of us need to help us make better choices. The flavor of geezeo is friendly and approachable, with a “Heya, Robyn” when you log in and copy that makes you chuckle while you count your pennies. Options to set particular savings goals and debt reduction plans make this user-friendly site a pleasant part of your money management plan.

There are other products, like Quicken and Microsoft Money that also allow users to track their finances on their computer. They offer similar services, and are excellent ways to follow your spending, and adjust your patterns of financial behavior.

If you are not watching your dollars leave your wallet, and you’re not tracking your status on your computer either, chances are that you are going to have a problem sooner or later. This generation, that is so used to throwing down the plastic for immediate gratification has the potential to inflict pain on itself and society with its potential for bad debt. On the other hand, technology and efficiency can be the greatest gifts when we are attempting to get a handle on managing our money. Using the tools effectively to know yourself, your money and your spending habits is crucial to your eventual financial freedom.

What about international debit card use?

You have to be on the alert when traveling from the US to other countries. Like banks in the US, International ATM machines will charge a fee when you use your debit card at an ATM that is not owned by your bank. The amount is determined by the ATM owner. Most fees are under $5, a notice on the ATM machine will tell you what the fee is. More than $2 is too much, and you should look for another ATM machine.

The real fee problem with a debit card comes from your own bank, because the card issuer may charge you up to 3% for a foreign transaction, including an ATM withdrawal. Call your bank before you leave your home country. If you don’t like the fee, you might call around and ask what other banks are charging for foreign transactions made with a debit card.

The bottom line, you are in charge of your financial destiny. There are tools out there that can help you along the way, but at the end of the day, you have to be educated and diligent when it comes to managing your money. The more up close and personal you can get with your expenditures and incomes, the greater chance you have for making your money work for you instead of against you. Be personal with your money, watch what it’s doing online, and be aware of secret and surprise charges and expenses. You are the only one looking out for you, be diligent with the hard earned money in your care.

Robyn Collins is the author of Prepare to Be a Teen Millionaire, a contributing writer to Millionaire Blueprints magazine and the senior editor of Millionaire Blueprints Teen magazine, a columnist on several sites, including The Leader World Online magazine. To contact Robyn regarding writing and speaking requests, email robyn[@]mbteen.com. You can also reach Robyn at the Geezeo group, Millionaire Blueprints Teen.

If your answer to the above question is “Yes, of course!” then maybe you too should consider pet insurance!

I’m really not joking with you! According to an article by Meredith Blake from MainStreet.com, pet insurance is only used by less that 1% of pet owners but is becoming more and more popular. You invest a lot of time and a great deal of money into your animals, so why not make sure they are insured as well?

However, pet insurance is not necessarily cheap. A related article on MSN.com explains that this type of coverage can cost between $2,000 – $6,000 over the lifetime of your pet. This seems like a considerable amount of money to me, but then again many people find that it would be worth it in order to keep their cats and dogs healthy.

So, what has changed that is making people re-consider pet insurance? Things with your veterinarians are becoming much more technical and intense. Conditions that would have once been considered fatal for your animal (kidney transplants, etc.) can now be treated and save your pet, but you can guess that these are not cheap procedures!

The American Pet Product Manufacturers Association is expecting Americans to spend about $11 billion dollars on their pets in 2008. That is a HUGE amount of money!

Pet insurance does have its downfalls (like our own health insurance usually does):

1.) Minimal Coverage – Many of the companies only cover cats and dogs. So even if you love all of your pets equally, the likelihood of getting insurance for your beautiful parrot or guinea pig is slim.

2.) Other Things to Consider – The companies have deductibles, co-pays, and caps on the amount of money that you are allowed towards your pet. So even if that major surgery does come along that you need for your beloved pet, sometimes you might still have to put some money towards it (on top of the insurance coverage you are already paying).

3.) Emergencies/Accidents Only - Many people do not use pet insurance to cover every day trips to the vet and prefer to pay for these per visit. Instead they use pet insurance for those unexpected, emergency visits.

4.) Exclusions – Although there are around 10 companies that offer pet insurance, many of these companies do not include theft or death of the pet. This means that even if your pet runs away or gets stolen, you still won’t receive any money in return.

I think there are two very different sides of this story. Some people decide to never have children and instead just love their pets to death; if you are one of these people then I would possibly suggest investing in pet insurance. But be sure to shop around, do your homework, and find one that works best for you.

I am currently in the dog market and obviously pet insurance has its own pros and cons. If you can afford pet insurance then sure, why not? On the other hand, there are millions of pet owners in America that currently do not have pet insurance and their cats and dogs live nice long lives!

Photo: Charlotte Jessen

Geezeo users LOVE their iPhones. Big time. Plenty of Geezeo users log into their accounts using iPhones.

If you’re not sold on iPhones here’s another choice. But according to this critic, the Rokr is dead on arrival.

Having a pool can be a great asset to your home and a wonderful way to relax. It also poses a potential danger. If you are a homeowner make sure you take the necessary precautions. Here’s a great article from our friends at TheStreet.com.

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How To Keep Your Pool Party Safe For Children
By Lauren Tara LaCapra

With the summer sun comes summer fun — all the more convenient for those with a pool at home, but of course pools bring risk as well.

Pools have grown in popularity, with more than 8.3 million households splashing around in the backyard to cool off after a long, sweaty summer day. That’s up 10% since 2002, according to the Association of Pool and Spa professions.

However, the convenience also comes with liabilities. Even those with small, inflatable pools need to take precautions against drowning and pool-related injuries, especially with small children.

Drowning is still the second-leading cause of unintentional injury-related death for children ages one to 14, according to a report by the U.S. Consumer Product Safety Commission. The report also found that 283 kids under the age of five drowned in pools and spas from 2003 to 2005, on average.

Most of the deaths and injuries occurred in residential settings and involve children ages one to two years old. Parents or caretakers often left the children unguarded for less than five minutes.

Vigilance is of the utmost importance, but insurance can provide added protection as well. An example can be found in a well-known incident in the summer of 2001 when a four-year-old child drowned at a birthday party for the son of former Motley Crue drummer Tommy Lee. The boy’s parents sued Lee for $10 million, and though a jury eventually cleared him of any responsibility, the case took two years to decide and almost certainly came with hefty legal costs.

“All pools — from a simple kiddie pool to an aquatic extravaganza — can be dangerous and need to be properly insured and comply with local safety standards,” says Jeanne M. Salvatore, consumer spokesperson for the Insurance Information Institute.

Click here for five tips to safeguard yourself from potential pool hazards:

Related:
* Plan Yourself A Sweet Picnic
* Office Rules: How To Do Summer Casual The Right Way
* Get Extra Health Insurance This Summer: Flip Flops