10 financial rules of thumb
When
it comes to answering perplexing questions about money,
you can't go wrong with research. You can diligently study
a situation. Ponder alternatives. Consider nuance.
Or you can save yourself a bunch of time and make a pretty
good guess.
Just as in other areas of life, in the world of personal
finance -- buying a car, saving for retirement, paying down
debt -- there are a few rules of thumb. We're not saying
they are always true. We're not saying they fit every single
situation. But the experts we consulted say they are useful
guidelines that can get you where you need to go.
Homebuyers
ditching the down payment
Born during the Great Depression, the 20 percent down
payment traditionally used to buy a house has now joined
$1.50 gasoline as ancient history.
More than 1 in 5 California homebuyers now finance every
cent of their home purchase, says the California Association
of Realtors. Seven years ago it was 4.5 percent.
The newly released numbers reveal a shift in homebuying
and lending patterns in recent years as California home
prices more than doubled.
Reimers
guilty in investor scheme
Reimers
guilty in investor scheme: Executive faces up to 140 years
in prison after admitting that he swindled victims out of
$7 million to finance lavish lifestyle
An East Bay investment executive pleaded guilty Friday
to multiple federal charges stemming from a plan that he
orchestrated to swindle individual investors and school
districts out of millions of dollars.
Francis "Bill" Reimers pleaded guilty in federal
court in San Francisco to seven counts, including mail fraud
and money laundering. Reimers, 62, faces up to 140 years
in jail. Each count carries a maximum prison term of 20
years. Sentencing is scheduled for Aug. 3.
