Business Generation

PROVIDENCE – The R.I. Supreme Court unanimously turned away the effort by two manufacturers to invalidate the power purchase agreement between National Grid and alternative energy developer Deepwater Wind that had been approved by the R.I. Public Utilities Commission, in a decision released late Friday.

The agreement had been approved by the PUC last August by a 2-to-1 vote, and it followed by five months a rejection of an earlier version of the power purchase agreement, largely done on a determination that the price of the electricity to be generated by a demonstration wind power project off the coast of Block Island was too high.

In the interim, the General Assembly and then-Gov. Donald L. C

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WASHINGTON – Consumer spending unexpectedly stagnated in May as employment prospects dimmed and rising inflation caused Americans to cut back.

Purchases were little changed, the weakest outcome since June 2010, after a revised 0.3 percent gain the prior month that was smaller than previously estimated, Commerce Department figures showed today in Washington. The median of economists surveyed by Bloomberg News called for a 0.1 percent gain. Prices excluding food and energy rose more than forecast.

Walgreen Co. is among retailers that indicated 9.1 percent unemployment and higher gas and grocery bills have prompted shoppers to pare back purchases of less essential goods. Federal Reserve policy makers said the restraint on purchasing power may prove temporary as commodities prices start to decline, allowing the economy to pick up later this year.

“The quarter is going to be very slow,” said Christopher Low, the chief economist at FTN Financial in New York who correctly forecast household spending. “Th

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The Washington Post featured an article in mid-May that explained how Americans are applying their money to pay off their credit card debt faster, even if doing so means that they are becoming delinquent on mortgage payments. The newspapers cited data from the big credit reporting company TransUnion which shows that the number of homeowners who are defaulting on their mortgages while continuing to make timely payments on their credit cards has remained relatively high – despite overall improvements in the U.S. economy. That demographic has grown nearly from 37% of consumers prior to the recession to more 50% at the end of 2010.

Some analysts believe that is an indication that the way consumers look at their debts has begun to evolve and change. Americans have traditionally viewed their home mortgage as the top priority, in other words, and they would sacrifice anywhere else to preserve the integrity of their mortgage payments. B

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In my last post discussing Series I Savings Bonds as an investment, JQ asked if it made sense to put your emergency funds into Series I bonds because of the higher interest rates. With 12-month CD rates around 1%, the current 4.60% APY yield of Series I bonds look very attractive.

Series I Bonds cannot be redeemed within one year of being purchased and so you would have to build your ladder one rung at a time, starting at the one year mark. I would take one months savings and purchase a Series I Bond, thus starting the clock on that sum immediately. After each month, Id buy an additional months worth of Series I bonds until my ladder was complete. If you had $6,000 saved, Id buy a $500 Series I savings bonds each month for 12 months.

Why break it up into different rungs?

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There are many good reasons to start your own business from the independence it can bring to your lifestyle to the noble role you can play in helping to grow the economy, create jobs and opportunity and improve the world through a great product or service. In fact, the hardest part about becoming an entrepreneur is figuring out where to start. Whether you have some knowledge already or are going on a vague notion that this option may be for you, we hope this roundup will be a place to start. Good luck on your journey!

Self-development

Celebrating Independence Day with entrepreneurship. As July 4 approaches, serial entrepreneur Amy Lindgren suggests one way to declare independence in your own life may be to start your own business. Whether your ultimate goal is improved control over finances or over your own life and the way you live it, starting either a full-time or side business may be a possible answer.

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Many of the reader questions I receive are inquiries on how to pay off debt, most in regards to the optimal order to pay off the debts.

I have mentioned this before, but its worth repeating in most circumstances it is best to pay off debt in order from highest to lowest interest rate.  Put another way, if you have an auto loan at 10%, credit card 1 at 16%, and credit card 2 at 24% its usually best to repay credit card 2, credit card 1, then the auto loan.  This route should cost you the least amount of money.

Some exceptions to this rule can include losing motivation to repay highest interest debts because of large balances, or debt with tax deductible interest like student loans and mortgages.  If the balances on your high interest debts are quite large, they may take awhile to pay off, possibly several years or more.  If that will cause you to lose steam you should consider repaying your debt in order from smallest to largest balance as suggested in Dave Ramseys Financial Peace University.  Debt with tax deductible interest may be best left for last since it can reduce your tax burden but determining the order is always unique to each situation, so generalizations should be considered just that.

Whatever your circumstances, I encourage you to try repay debt using good old fashioned discipline and self-management before paying someone to help you pay it off but since many are beyond being able to help themselves lets consider some progressive options.

Sometimes youre better off consolidating a number of smaller debts into one.  Possible benefits of consolidation include lower interest rates and the simplicity of having fewer lenders.

I consolidated debt using Lending Club.  Read my Lending Club Review for details but in summary I consolidated an auto loan and 3 credit cards each with higher rates than my Lending Club loan.  You dont have to use peer lending to consolidate your debt, but its certainly a solid option.  Using Lending Club I repaid over $11,000 in just 7 short months the process would have taken much longer had I not consolidated.

If you can afford to repay debt but could use help organizing payments and determining who to pay first check out DebtGoal.  Before you consider using a full-fledged debt relief company, I encourage you to give their service a shot.  In short, DebtGoal is a DIY middle ground between self service debt management and full service debt management.

I am in the process of writing a full review of their product, but have already checked it out and feel comfortable endorsing it.  Using their service should save you far more each month than it costs, and right now theyre offering a free trial.

If you are in financial trouble and need professional help, be sure to choose your debt relief partner company carefully.  Ive been searching for a reputable debt relief services company for years and will confidently endorse a company once I find one I trust.  If you can manage your debt yourself, then do so, but if not debt relief services with the right company can be a solid option.

I highly recommend this free professional debt relief analysis to help you get a handle on things. This company

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