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Are You Practicing Financial Self-deception? a Personal Finance Quiz

12 Sep

Financial self-deception is a form of slow-motion financial self-destruction. If you keep ignoring reality, you’ll dig yourself a hole so deep you’ll never recover.

Take this brief quiz to learn if you’re on the brink of financial self-destruction.

1. Do you blame external forces, events or other people for your financial problems?

Example: “If the transmission on my car didn’t go, I would have been able to pay the rent this month.”

Example: “If the stock market didn’t nosedive last year, I could have retired by now.”

Change your outlook, change your life. We can’t predict mechanical breakdowns, stock market swings or unexpected health problems, but there are many steps we can take to protect ourselves financially if worst-case scenarios occur.

Allocate a fixed portion of each paycheck to an emergency savings fund so unanticipated expenses don’t mushroom into full-blown financial crises. Contribute as much as you can without seriously shortshrifting yourself elsewhere.

Millions of Americans have suffered substantial losses in the stock market or worse, as those who invested with Bernie Madoff can attest. Lingering regrets will keep you living in the past. The only practical thing to do is to learn from your mistakes and move forward.

2. Do you allow the full balance of your credit card bill to go unpaid?

Example: “The balance on my Visa bill can wait another month, because we need to buy [fill in the blank.]“

Change your outlook, change your life. If you don’t pay your credit card balances in full each month, you’re a darling of the credit card industry because you’re tolerating additional interest and late fees on unpaid balances. If you’re unable to pay monthly credit card bills, you’re clearly living beyond your means, and that can’t continue indefinitely. More than any other type of financing or loan (short of money obtained from loan sharks or payday lenders, which isn’t recommended), credit card rates and fees are exorbitant.

Used responsibly, credit cards are a convenient tool for making purchases when carrying large amounts of cash isn’t practical. But paying with plastic demands the same caution and risk awareness you use when lighting a fire in your woodstove, and carelessness in both instances could get you burned.

3. Did you buy a champagne house on a Pabst beer salary?

Example: “Yes, but our realtor said to buy as much house as we could afford.”

Change your outlook, change your life. You probably realize now that houses don’t always appreciate in value. And plunking down thousands more for that extra bedroom you don’t need, the third bath, or the finished basement isn’t just a one-time expense. You’ll be paying to heat that extra space in winter, and cool it in summer, for the rest of your life, not to mention paying higher property taxes for as long as you own the property. And since you probably won’t be content with an empty room, you’ll spend thousands more to furnish it.

There’s no better time than a recession to get rid of the “more is always better” mentality. Forget about weaning yourself off extravagances, do it cold turkey. As with all things in life, purchase only what you really need.

4. Do you take your full pay rather than setting something aside in your retirement accounts?

Example: “I’m young and just starting out. There’s so many things I need to save for; funding my 401(k) and IRA can wait.”

Example: “My husband and I are 40-somethings with a growing family. College tuition comes first, and we won’t have too many more vacations together as a family, so 3% is all I can afford to contribute to my 401(k).”

Example: “I’m scared. I’m 59 years old, and I only have $25,000 saved for retirement. I guess I’ll be working until I’m 80.”

Change your outlook, change your life. Ultimately, only you are responsible for saving for your retirement. Absent Congressional intervention, Social Security payouts will begin exceeding tax revenue not long after the huge number of baby boomers have retired, in roughly 32 years. With fewer young people paying into the system, cutbacks in benefits or an increase in eligibility age appears likely.

So do you want your golden years to truly sparkle, or will you settle for a steady diet of macaroni and cheese? Based on historical averages, a 20-year-old investing the maximum amount ($15,500) into a 401(k) earning 9% will save $1,000,000 before she’s 45. (The average annual return of the S&P 500 index from 1926 to 2007 was 10.36%, according to Ibbotson Associates. Of course, past performance is no guarantee of future results.) But if you wait a decade or more to start making contributions, reaching the big milestones becomes much harder.

Even if you can’t invest the maximum permitted by law, early and regular 401(k) contributions can substantially boost your rate of savings over time.

If you’re in mid-career, it’s also a great time to pump up your retirement savings. If you haven’t done a good job of doing so in the past, you can still catch up now while you’re in your peak earning years. Wouldn’t you rather suffer a little deprivation now, in terms of cutting back on eating out or the second annual vacation, instead of worrying about healthcare expenses in your 80s? The choice is yours.

Those less than 10 years away from retirement face the biggest retirement challenge. The bad timing of the stock market downturn means you’ll have to work double-time to build up your savings and make up for losses.

5. Have you “borrowed” money from sources already earmarked for other things?

Example: “I want to put in a swimming pool, so I’m going to tap my 401(k) and then pay it back later.”

Example: “When we refinanced, we leveraged our home equity to finance our trip to Thailand this year.”

Change your outlook, change our life. Your home is not a piggy bank. Neither is your 401(k). If, for some reason, you cannot pay back the 401(k) loan (think layoff or a half-dozen other common “stuff happens” scenarios), the IRS will consider your loan a withdrawal, taxing you on the entire amount and adding a 10% early withdrawal penalty if you’re under age 59 1/2. More important for the long term, you’ll have shortchanged your future retirement. Realistically, can you pay back that loan and continue building on it without falling behind?

If you refinance and “borrow” from your home equity to pay for something else, and then roll over the extra money into the mortgage, you’re diluting the benefit of refinancing at a lower rate. That’s because you’re adding to your mortgage balance and increasing the total amount you’ll pay in interest and principal, as well as the time needed to pay it off.

Wouldn’t you like to retire with a mortgage that’s been paid free and clear? If so, don’t extend your loan terms by tacking on additional borrowed money. If you can’t afford to pay cash for what you need now, then wait and save up.

If you answered “yes” to any of these questions, it’s time to take a hard look at your lifestyle, goals and priorities. Getting your finances in order is your personal responsibility.

Dawn Handschuh has earned a living putting pen to paper for 25 years, including 10 years in financial services, where she wrote widely on retirement planning, personal finance and specific investment products such as annuities, mutual funds and 401(k) plans. Dawn writes on CreditFYI and on CreditFYI’s Credit Blog.

 
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Personal Financing Creates Stability

11 Sep

Many people are searching for investment opportunities that will provide financial stability during the later years of life. The investment efforts might seem risky to those that are not very familiar with how investments work or how income is obtained after a certain amount of time of buying stocks and bonds. Most banking customers will use investment accounts to build a solid nest egg so that they can retire and live comfortably for the rest of their life. Using the sound advice of investment bankers, a banking customer can accumulate great wealth during a lifetime.


Personal financing creates stability and confidence over personal monies and those funds used for business. The online services offered by land-based banking institutions can allow people from all lifestyles to perform simple banking needs and keep a check on investments at any time of the day or night. Financial stability is recognized by steady streams of income provided by some investments and the large balances that remain in investment accounts. A banking customer feels very stable when there are large balances in several accounts at one time.


Most people do not want to take chances with the money they earn each week, but they are willing to deposit a small amount into certificates of deposit and personal savings accounts too. A large amount of each paycheck will be devoted to paying bills and buying items needed for the home. The money that is placed in savings and investments is money that will create a fortune if left unspent for a time. Some home investors are willing to devote six months to investments and see the interest earned as another form of investment income.


Identifying monthly budget needs and savings opportunity will aid homeowners into creating a stock portfolio that is stable and secure from losses. The small amounts invested in a mutual fund account will multiply if given the opportunity. Personal financing practices allow homeowners to finance home mortgage loans with low interest rates because prompt payment of bills using online bill paying services has provided the homeowner with a good credit rating. All bills can be paid on time through online services and give the homeowner a stable credit history.


Using credit cards wisely is another way that homeowners can develop a stable credit history. Using credit cards with low interest rates and other usage benefits will provide homeowners with discounts that leave more money available for other purchases that the family requires on a month-to-month basis. Some homeowners will use debit gift cards to control household costs and those pre-determined amounts will prove personal financing creates stability by allowing the homeowner to maintain a strict budget each month.


Home equity loans obtained with low interest rates will create financial stability because the homeowner can use the funds based on need. Some unforeseen repairs to the family automobile can be paid with cash and the family can use the funds as a down payment on a new automobile if the family finances are stable and sufficient enough to support the monthly payments for four or five years. Personal financing strategies create stable objectives and solutions that family can rely on every day of the year. Should education loans be needed one day, a family planner would know that the family budget is stable enough to assume that financial responsibility.

 
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A View on a Few Personal Financing Credit Options

11 Sep

Low interest rates are associated with personal financing credit options that make it affordable for people to buy people a home, an automobile or buy frivolous niceties that bring entertainment to their daily life. People buy these niceties on credit using credit cards and the interest rates offered will often be based on the creditworthiness of the client. People have used personal financing credit options to select the type of credit card they use on many occasions and those credit options offer benefits.


People place a lot of value in all these financing options they choose. Many of the featured credit cards will offer 0% annual percentage rates for a period up to at least six months, which to someone that buys stereos, televisions, and other consumer electronics, is a great benefit over paying financing rates offered by the retailers of 18 percent or more, depending on their credit rating with the credit reporting agencies. Six months is often enough time for most consumers to pay off the luxuries that they bestow on themselves and no finance charges helps.


People that travel on business frequently throughout the year might prefer other options for financing on the credit cards they use to confirm reservations on airlines. Since business travel is usually reimbursed through travel claims, many travelers view the cash back incentives for all trips to be money they can use later for luxuries or to pay household bills with. Other travelers might select these options for credit cards that award frequent flyer miles.


Those frequent flyer miles can later be converted to travel benefits that give discounts on lodging, automobile rentals or any item listed in the credit card company’s point’s rewards catalogue. Travelers have more incentive to use these programs exclusively because the available credit options are very personal. Other benefits gained, such a travel insurance, protect the traveler with no further action required on their part.


Most travelers feel that they deserve to be rewarded while traveling on business or pleasure and they use these credit options to get perks in one form or another. Most credit card companies will provide credit buyers with credit protection to for unauthorized charges, which are a form of credit protection that pays off big if, credit buyers purchase items that are defective. Some personal financing credit options will make using personal automobiles for travel beneficial because the credit card benefits reimburse travelers for emergency services.


Small business owners can gain many benefits from personal financing credit options. Business owners can use credit card plans to get discounts on items used for everyday business needs. Business owners can use this style of personal financing to get businesses opened and equipped with machinery used to perform a job. Business owners can track expenses and get rebates on many products through buyer incentive programs. Proper management of personal financing through the use of generous credit limits allows businesses to grow.


Some people select credit cards solely because they do not have annual fees. By using debit cards for transacting business many business owners will receive money back on every item that is purchased with a signature. These are the best personal financing credit options because they allow business owners to budget money wisely each month and gain control of expenses throughout the year.

 
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Creating Your Own Personal Financing Strategies

11 Sep

Most people would be able to create personal financing plans if they understood how finance charges affected the purchase price of the things they buy for personal or business use. Being aware of how an interest rate will affect finance charges would help people make personal financing plans that saved them money and not make decisions based on promises that came from a carefully planned out marketing campaign. Personal financing plans made on the spur of the moment can have detrimental influence on a sound financial future.

People are realizing that personal financing plans can affect any plans for the future. Without a solid financial plan in place, people are realizing that nothing worth having can be gained from financing offers that promise low rates for only six months, which then turn into financed luxuries that will take many years to pay for. A financial plan that allows buyers to use the six months of interest free payments to reduce debt to nil makes buying something on credit a worthwhile venture, that can be used again through other credit card marketing campaign offers.

Consumers finance products to achieve an end to a need. By doing research and comparing interest rates on various credit cards, people can usually take care of several financial plans from one credit lending institution. While a home refinance might help the homeowner achieve a lower interest rate and a reduction in monthly house payments, the homeowner could stipulate a cash out on that refinance that would make many debts disappear without applying for cash through any other financing plan.

People have changed their buying habits to accommodate personal financing plans established by a financial planner. They establish a plan to pay cash for all large purchases and forego paying high interest rates that come with long-term financing plans. A financial plan might have designated a monthly allotment into a savings account at a local bank. That money can be used to purchase items for the home or office and the business owner would still have an available line of credit to draw on if the business plan identified expansion in the future.

People have used personal financing plans to purchase automobiles with deep discounts applied to the final price simply by selecting a credit card that offered rewards that have been widely recognized and promoted by a major automobile manufacturer. Every credit card purchase earns a cash rebate that can be applied to an automobile purchase and consumers are learning how to make personal financing payment plans from these benefits of automobile ownership.

Personal financing payment plans can put emergency cash within reach whenever people are traveling. People can use the title of the automobile they drive to pay for repairs in a strange city. Other personal financing plans would earmark funds for use in emergencies and those funds are often kept in an interest bearing account at a banking institution. People that use personal financing payment plans through places where they work, can use the health insurance plans can save money on medical emergencies that occur anywhere in the world.

 
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Personal Finance for Self-Sufficiency

11 Sep

We all have this need to be completely independent these days. Nobody wants to have to rely on others. There is a sense of satisfaction in being able to take care of one’s own needs and requirements without taking the help of others. The personal finance markets have realized this need that the people of today’s world have. As a result we are witnessing a proliferation of loans and mortgages to help people help themselves.


Are you looking for a car loan? Is buying a house right on top of your list of priorities? Are you going to need a lot of cash to fund your child’s education? Well, whatever it is, there will be a great loan waiting to take care of your monetary needs. From large amounts, to low interest rates, to adjustable payments, you name it and you will find a great loan that suits you.


And loans are not the only things that help us to be self-sufficient. What about the good old credit cards that we take shopping with us whenever we go. There is no longer a need to carry bundles of cash when going out to make large purchases. A credit card swipe works just as well and is a whole lot more convenient. If your wallet gets robbed, you really cannot do very much about the money in it. However, you can call the credit card company and tell them that your card has been robbed.


Life has become so very simple these days. I find it very liberating to be able to walk out of my house armed with nothing but my credit card. And yet, I am able to return home with bags and bags of groceries, some DVDs of my favorite movies, and maybe even something that should not have cost as much.


Of course, the downside is that credit cards really tempt us to go over our budgets. They say that women are the shopaholics, but put men in the right store and they too end up spending far more than they had originally banked on. The culprit has to be the credit cards.


In a similar way, when it comes to loans, we are not afraid of taking on more and more loans. Eventually we end up paying for half a dozen different loans that charge different interest rates and drain away various amounts of money from our bank accounts.


But despite the associated problems, loans and credit cards have made us more self-reliant and much more willing to see life from an independent perspective.

Get the best deals on credit cards, loans, and car insurance.

 
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5 Steps For Getting Out Of Debt And Regain Control Of Your Personal Finance

11 Sep

Finding effective steps for getting out of debt is the dream of many people. Debt is a common problem in today’s society and debt problem has ruined the lives of many people. It is easy to get credit nowadays and this makes the debt problem becomes even more severe. Many people have more than one credit card and they never manage their personal finance properly. They have no idea how much they spend every month. As a result, it is not surprising to find out that many people are buried under a lot of debts. This article explores several steps for getting out of debt which can be very helpful to improve your financial situation.

Stop making minimum payment

If you keep making minimum payment only, your debt will never be decreasing. By making minimum payment, you only pay the interest and not the principal. As a result, your debt will only keep increasing. Therefore, you have to generate enough money so you can afford more payment.

Reduce your spending significantly

This is very essential if you are really serious in getting out of debt. Your consumerism lifestyle is normally the one that is responsible for your current financial situation. Therefore, you need to spend more wisely and reduce your expenses. This is important to make sure that you do not accumulate additional debts, but save extra money to pay off your remaining debts instead. Furthermore, you should make a monthly budget to control your spending. By making a budget, you know that your spending is less than your income and you know where your money goes.

Sell your stuffs to raise money

If you have a considerable amount of debt, you may want to consider selling some stuff that you rarely use to raise money. You should check your house thoroughly to find items that you can sell. Go to your attic and basement for items that perhaps you have neglected for a long time. You can collect and sell them through a garage sale and eBay to raise money for paying off your debts.

Use a debt consolidation service company

This company can collect all of your debts and consolidate them into one account. Therefore, you only need to make one payment every month. Let the debt consolidation company to allocate your payment to various creditors. They also can negotiate with those creditors so you can get lower interest rate, which can be a great help to improve your current financial situation.

Raise more money by getting a second job

If you have time and energy, you should consider getting a second job to raise more money. This is not an easy step to take, but the extra money that you get can be very helpful.

Cindy Heller is a professional writer. To learn moretips for getting out of debt, please visit debt reduction plans.

 
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Your Personal Finances in a Downturn

11 Sep

From pensions to mortgages and savings to insurance – difficult economic times impacts on every aspect of personal finances. Now, more than ever is the time to keep a close eye on your money and get the best possible advice.

Here are just a few of the points you should be considering:

Your Mortgage

If you have an existing mortgage, the most obvious change that you will have noticed is the rapid fall in interest rates. As the base rate falls, these changes can have a dramatic impact on the amount that you pay. If you have a tracker mortgage, then this is great news as your monthly payments will be falling. If you are paying a tracker mortgage then the option of overpaying your mortgage is worth considering – saving yourself thousands in interest and protecting the equity in your home as house prices continue to fall.

If you have a standard variable rate mortgage, then chances are you will not have seen such a huge change in your monthly mortgage payments as most banks have not passed on the entire fall in interest rates. If you have a fixed rate mortgage deal then you’re out of luck.

If by chance you are looking for a mortgage, or a remortgage, then it’s a good idea to take professional advice as to what type might be the most suitable for you. As interest rates can’t really go much lower, a fixed rate might be a sound idea. Of course, the real problem at the moment is getting a mortgage to begin with. As the banks are much more hesitant to lend, having access to the whole of the market through an independent financial adviser is key.

Your Pension

Pension funds have been hit by falls in the stock markets – affecting the amount of money that you will have in retirement. Depending on how far away from retirement you are, you might consider moving your pension fund or investing in other kinds of investments. Again, professional advice and sound retirement planning is key.

Your Savings and Investments

If you are a saver rather than a borrower, falling interest rates are obviously bad news. It may be worth looking at alternatives to simple savings accounts as a way of maintaining the value of your savings. Investments in gilts, bonds or even stocks and shares could potentially provide you with better returns – although again, your individual circumstances will have a big part to play.

It is also important that you make the most of any ISA allowances you may have, as even though returns may be low, there’s no reason to pay more tax than you have to.

ASU Insurance

Hard economic times can often lead to unexpected company closures or redundancies. Accident, sickness and unemployment insurance (ASU cover) can help ensure that the bills still get paid even if you are made redundant. It’s certainly something worth considering.

Whatever your own personal situation, the more challenging the economy becomes the more attention you need to be paying to your personal finances. You cannot afford to sit back and assume that your pension fund is on track or that your investment ISA is giving you the best possible returns. However, provided you get the best advice and have access to the whole of the market, you can make simple changes to ensure that your personal finances weather this economic storm.

Gareth Flanagan is a financial adviser with Principle First Financial Services, a firm of Chartered Financial Planners in the UK. He specialises in financial planning and financial advice.

 
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Balance Transfer Credit Card

11 Sep

Would you like to find a way to save more than $1000 to $1400 this year? If you are one of the American households that has $ 8000 or more in credit card debt, your answer could be a balance transfer credit card.

For most credit cards, the minimum payment due each month barely covers the interest. It could take you years to pay off that balance and with payments totaling at least twice the original amount billed. Substituting a higher interest credit card with a lower interest card with a 0% APR introductory offer for the first twelve months makes perfect sense. If you take the time to compare balance transfer credit card offers and figure out a payment strategy, you could significantly lower your credit card debt, interest free.

Many of the balance transfer credit card offers include a transfer fee, either a minimum of $50 up to 3%. You need to take this into consideration when computing your savings.

Of course the best strategy would be with the intention of having the full balance paid off by the end of the introductory period so you could be debt free. But if that is not possible, by paying what the minimum was previously, estimating $125 per month, add an additional $50 to $75 each month, you could still have a good portion of that balance paid down and save yourself over $1000 in a year. If at the end of the 0% introductory period, the new balance transfer credit card offers a lower rate than your present card, you’re still a winner.

Now there are a few things to remember when you’re playing this trading credit card game. If the purpose is to lower your debt, don’t continue to use the old credit card. After a few months you might want to cancel it.

Another thing to think about if you are planning on applying for another balance transfer credit card with a 0% APR introductory period when this card is twelve months old, that each credit inquiry effects your credit score. So try to keep switching credit cards to a minimum.

Applying for a balance transfer credit card can be effective if you have the right plan and stick to it. You can be on your road to be debt free and rather than pay interest to the bank, pay yourself. Think of how much you could accumulate if you were able to put that $125 to $200 each month into an interest bearing account that pays you!

Bradley Carson is the webmaster and editor of Apply Online For a Credit Card. See our reommended list of Balance Transfer Credit Cards

 
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Types Of Personal Financing

10 Sep

Some financial institutions are formed for the sole purpose of providing families personal financing opportunities that are less rigid in their credit worthiness requirements than regular banking institutions are. Most of the financial services that are provided by the new styled financial lending institutions are similar to those of a bank, but the personal financing options allow them to take care of more personal banking needs than most banking institutions would allow.


Personal financing can be arranged to pay off debts to unsecured loan sources. Banks always require collateral for the loans that they provide monies for and when borrowers cannot come up with the collateral, then the bankers must tell them that they must pass on that lending opportunity. The other type of financial lending institution will be ready to say yes to any type of loan financing and ask how much money is needed, and they will personally arrange for a loan in a matter of minutes.


Financial Groups are able to provide personal financing services because of the way their business plan is designed. The financial groups are non-conformist in the banking industry by banking standards and they can pick and choose the types of loans they will finance. Some people choose these institutions to remodel their home because the atmosphere is friendly and not intimidating. This congenial way of personal financing is a pleasant way to pay back monies loaned and with attractive interest rates.


The personal financing options that allow people to reduce debts to just one bill a month are too good to pass up for many people in need of personal financing. That one bill makes it simpler for people to track their amount of debt and know up front what the interest rate will be until the balance is paid off. Good finances can be had if people plan their debt repayment path. With only one debt to pay, many people are satisfied to put some monies in savings each month to build a house one day.


Banks will often ask personal questions about why people need a personal loan. Financial Groups know that it is hard to disclose some of life’s personal tragedies and feel that since they are in the business of lending money, its better to provide it to people that truly need it. Personal financing through these financial institutions gives people the extra cash they need to take advantage of any need. As long as customers keep the payments on time, there will always be money available to lend.


People might need financial counseling at times to determine the type of personal financing that will help them the most. Financial Groups are ready to help people look at all loan options and help customers determine which rates and monies loaned would help them settle emergent debts and give them money to spend on food and perhaps a luxury item or two. Once people have the full picture of what the payments would be each month, they will arrange personal financing to cover a number of things.

 
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The Power of Change in Personal Finance

10 Sep

It seems that change is the underlying theme in the American culture today. With the new administration in the White House and a fresh sense of “new” things to come, people are looking to change their old ways and move on to a new and perhaps better way of life. When it comes to personal finance, there is a resounding difference in what people are searching for in their investments and portfolios. It is only natural to have such an inclination since most Americans have lost a huge chunk of their hard-earned money in a blink of an eye. Real estate investments and hedge funds were all the rage years ago but all that will soon be replaced by safer and more defensive investments. Let the recent financial crisis be a lesson for all of us. We should all rebuild our savings in a safer and more cost-effective way by revisiting our portfolio in a new light. We should practice the power of change in managing our portfolio. Here’s how.

Change mutual fund to index funds

Many of today’s mutual funds are constantly failing to meet the benchmark S&P500 index, and yet people are still putting their money in such investments. Whether they are blinded by the possible huge profits or by the security and simplicity the product brings, it doesn’t change the fact that these mutual funds have been performing poorly for a while now while they still charge huge annual fees and short-term taxes. You’re probably losing a lot of money in this instrument as it is, so don’t you think it’s time to enlist the power of change in this area? Any financial expert or adviser would tell you that there are numerous passively managed index funds that charge minimal yearly fees and without excessive taxes. Some examples would be the Diamonds Trust, Series 1 (DIA) and the S&P Depository Receipts (SPY). They are simple, less risky than a lot of investments, and cost-effective; perfect for the average investor.

Change treasury bonds to municipal bonds

A municipal bond works like the traditional bond, but it is issued by a city or local government, which is exempt of state or federal income tax. Treasury bonds have always performed better than municipal bonds since the beginning. Currently, however, the yields on municipal bonds are higher than those of federal treasury bonds. Contact your personal stock broker or financial adviser and you’ll see. You can take advantage of guaranteed this tax-free income by investing your money in Vanguard Intermediate Term Tax Exempt Fund or T. Rowe Price Tax-Free Income Fund, to name just a few.

Change traditional energy to renewable energy

The recently passed economic stimulus package has set aside billions of dollars to back up Barack Obama’s agenda to make America energy independent. This signifies a lot of changes in how we collect and use up energy from now on. These include less drilling for oil, more wind farms, and a search for cleaner alternatives to coal. One emerging trend is the use of solar energy. Many companies are currently beginning to shift their operations in accordance with the utilization of solar energy. For instance, Sempra Energy (SRE) is working on thin film panels instead of their old silicon competitors because they are significantly cheaper and more cost-effective in the long run. Also, many states are giving incentives to residential as well as commercial building owners who install solar panels in the developments. GP

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