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Deal on Fiscal Cliff Seems Less Likely Post-Election

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Finance expert Mike Periu on the likelihood of a Deal on Fiscal Cliff post-election. As the 2012 elections reach their conclusion, political and economic leaders are focusing on the next major issue—the fiscal cliff. Analysts believe that there is a good probability that a long-term solution will not be negotiated before the cliff goes into effect in January. The sentiment among political leaders is that financial markets will not react severely if a solution for the fiscal cliff isn't … [Read more...]

How to Speed Up Your Sandy-Related Insurance Claim

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OPEN finance expert Mike Periu on how to receive faster payment on Sandy-Related Insurance Claim. Insurance company adjusters will be extremely busy for the next several months processing claims. If your small business suffered damages from Hurricane Sandy, it's important to begin the claims process as soon as possible to ensure timely payment. Make sure that you file the claims paperwork correctly and have adequate back up documentation to support your claim. If you make a good case, you … [Read more...]

Today’s Jobs Report Has Significant Implications

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OPEN finance expert Mike Periu on the release of today's Jobs Report. The Bureau of Labor Statistics (BLS) will release the October employment report today. Economists generally believe that the report will show two things. First, that the unemployment rate has increased to 7.9 percent, and second, there was an increase in the number of non-farm payroll jobs of 125,000. This is the last jobs report before the election. If the report does not match the consensus (either much better or much … [Read more...]

Stay Alert for Sandy-Related Scams

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OPEN finance expert Mike Periu on the different types of scams and fraud that surface after a disaster like Hurricane Sandy, Stay Aler for Sandy-Related Scams. Most people respond to tragedies like Hurricane Sandy with a natural desire to help others through difficult times. A small segment of the population, however, responds differently; they see a ripe opportunity to commit fraud. In the days before Sandy hit, more than 1,000 Sandy-related domain names were registered. Many of these may be … [Read more...]

Banks waiving fees to help those affected by Sandy

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OPEN finance expert Mike Periu on banks, such as Wells Fargo, Citibank, and Bank of America, waiving fees to help those affected by Sandy. Banks Waive Fees to Customers Affected by Sandy Most large banks have announced that they are temporarily waiving fees to customers that have been affected by Hurricane Sandy. The fees being waived include: out-of-network ATM surcharges, overdraft fees, late payment fees, and early withdrawal penalties on certificates of deposit. Some banks are … [Read more...]

Warning Against New Small-Business Fraud

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OPEN's financial expert, Mike Periu, on protecting against new small-business fraud. Frank Abagnale became a household name when Leonardo DiCaprio starred in the movie Catch Me If You Can based on Abagnale's infamous frauds as a youth. For the past 30 years, he has used his expertise to prevent fraud instead of causing it. Abagnale recently discussed in a webcast how small businesses are being targeted by new types of check fraud. While consumers have largely abandoned checks for electronic … [Read more...]

Think Beyond Banks and Angels When Looking for Capital

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OPEN finance expert Mike Periu discusses finding funding with Angels When Looking for Capital for small businesses. Think Beyond Banks and Angels When Looking for Capital A recent study by the Center for Venture Research at the University of New Hampshire indicates that angels invested over $9 billion in companies last quarter, an increase over the previous period. The problem is that virtually all of that money goes to medical device, software and biotechnology companies. What if your … [Read more...]

Keep a Watchful Eye on Retirement Account Fees

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Finance expert Mike Periu on the hidden costs of retirement account fees. Today marks the end of National Retirement Week and if you have some free time this weekend you should "celebrate" by opening your retirement account disclosure documents. Most people don't bother reading the small print associated with retirement accounts but you should because these accounts aren't free. You are paying fees to a third party to manage your retirement account and by law these fees need to be disclosed. A … [Read more...]

How to Decide if It’s Time to Quit or Keep Going

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Finance expert Mike Periu on determining whether it is time to quit or keep going. According to Harvard Business School Professor Rosabeth Moss Kanter "everything can look like a failure in the middle." As a small-business owner it can be difficult to gauge whether you are just going through a rough patch and need to persevere, or if there is a fundamental flaw with your business and you need to shut it down and move on to something better. Either case will feel the same "in the middle" and you … [Read more...]

Debt Collection Industry Placed on Federal Supervision

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OPEN finance expert Mike Periu on a recent development in the debt collection industry. For the first time ever, companies in the business of collecting unpaid debts from consumers and students will be supervised by the Federal government through the Consumer Financial Protection Bureau (CFPB). Beginning on January 2, 2013 the CFPB will ensure that these companies are properly identifying themselves to consumers, act in a civil manner, accurately communicate debt owed and have a conflict … [Read more...]