DVDs can cost hundreds of dollars.  Sure they provide great entertainment, but if your life does not revolve around television shows and movies, why spend like it does?  Most television seasons cost $30-$40, and most movies are the same or only slightly less.  While it is tempting to have every episode of your favorite show at your fingertips, here are some reasons why DVDs are not worth it.

1.     The Internet. You can find virtually anything on the Internet.  These days, many station websites put their own shows up for free, with usually only one or two commercial advertisements.  They know that the Internet is not only a popular alternative to television, but a new way of watching it.  The other way is to search for your favorite show or movie in a search engine like Google and simply type the word “watch” before it.  You will get hundreds of results, and these results will lead you to free streaming sites.

2.  On demand. Not every cable service offers this, not every person has it, and even if they do not all of their favorite shows are offered.  But on-demand cable is a great way to save money on those DVDs.  While you won’t have every show at your disposal , it is a great way to avoid commercials and watch series episode by episode, especially those that require sequential viewing.

3.    VHS. Yes, VHS still exists, and in my opinion now is the best time to buy them.  They are dirt cheap.  Video rental stores, which are going out of business left and right, will sell great movies for often less than a dollar.  While you won’t have the intense selection like DVDs, you will discover gems you forgot about, and you’ll literally be paying a 34th of the cost for them.  Go hunting at used book stores, garage sales, school book drives, and Goodwill stores, and you will definitely find some classics for pocket change.

4.   Netflix. Need I say more?  How many times are you really going to watch a movie anyway?

5.    DVD-R. A blank DVD-R costs much less than a DVD.  If your friends have the same taste in movies and shows that you do then you can rely on them to let you rip some DVDs.  Or buy one or two seasons instead of all eight, tell your friends to get the others, and then rip each others’ and you will have the full series.

Do you have any tips on watching TV/movies for free?

-Tim King

Dear Melissa,

All my friends keep telling me not to pay this doctor bill that has been sent to a collection agency.  They keep saying that since it is only $150 and that is a medical bill, it is not the same as, say, not paying a credit card bill.  I have heard from other people that medical bills don’t matter and that they are not reported to your credit.  Is this true?

Larry F.

Dear Larry,

I have heard this from many people, as well as read numerous views on the subject online.  I can tell you with the utmost certainty, they can and will be reported to your credit report, and they matter just as much as any other bill.

The doctor that performed the services needs to get paid so that he can feed his family and pay bills the same way that the owner of an electronics store or clothing store would be.  The bill should be viewed as pertinent as any other.

Yes, it is true that you cannot help getting sick and that sometimes you have to go to the doctor for absolute health reasons and there are those who feel it should not be treated the same as a bill that has been incurred through reckless instances.  But, medical bills are treated and are expected to be paid just as much as any other bill.

Do YOU have a question for Melissa? Email her at melissa@dovcocs.com.

Melissa Douros
Dovco Collection Solutions, Inc.

As the owner of Dovco Collection Solutions, Inc., Melissa Douros uses her eight years of being a collections specialists to offer advice and answer questions pertaining to debt collection.  With running her own successful collection agency, she seeks to keep debt collectors accountable for their actions and in line with the law.

CNN.com’s Top 10 Stories in 2008 (and corresponding Page Views)

1.    Obama: ‘This is your victory’ - Nov. 5 – 4.8 million page views
2.    Actor Heath Ledger dies at 28 - Sept. 22 – 4.4 million page views
3.    Cops: Why we think skull is Caylee’s - Dec. 12 – 3.9 million page views
4.    Hurricane Ike - Sept. 12 – 3.7 million page views
5.    Economic Stimulus - Jan. 24 – 3.6 million page views
6.    Body in SUV is Hudson’s nephew, FBI says - Oct. 27 – 3.5 million page views
7.    Spitzer’s escort: ‘I love who I am’ - March 13 – 3.4 million page views
8.    Body proves Bigfoot no myth, hunters say - Aug. 15 – 3.3 million page views
9.    Palin’s ‘going rogue,’ McCain aide says - Oct. 26 – 3.2 million page views
10.  Some remains found in Fossett plane wreckage - Oct. 3 – 3.1 million page views

Source: Omniture SiteCatalyst

According to our latest YoungMoney.com poll 50% of you think that an economic depression is likely, 40% do not, and 10% aren’t sure.

Last October CNN did the same poll: almost 60% of respondents felt like another economic depression was likely.

Here are just a few reasons why we probably won’t see another Great Depression:

Government bailouts. The U.S. government didn’t acknowledge the start of the Great Depression until it was too late. This time we are proving that we will not make the same mistake again. As soon as the recession began a plan was put into place—a lot of money has been spent in bailouts to avoid another Great Depression.

Federal Reserve. The Federal Reserve acted quickly and lowered interest rates. This didn’t happen back when the Depression set in.

FDIC insurance. To avoid panic and make sure everyone was protected Congress raised the amount of FDIC protection from $100,000 to $250,000. This “safety net” didn’t even exist in 1929.

Mortgages. Listen to the news and it sounds like most of America is defaulting on mortgages. This simply isn’t true. In fact, in 2008 only 6.4% of all mortgages were at least one payment behind. In the Great Depression 44% of all first mortgages were in default.

World trade. Right now nations around the globe are working together in an unprecedented fashion to address the financial downturn.

What do you think? Are we heading toward another Great Depression? Why or why not?

Hello, my name is Taylor Moseley and I have recently won the Young Money Holiday Contest.

I am currently a college student at Harding University in Searcy, Arkansas and I am majoring in Public Administration. As well as being a student I am also a member of the Arkansas Army National Guard as an intelligence analyst. I started playing the Young Money Stock Market Game in the beginning of December after my roommates and I challenged each other to see which of us could do the best in the stock market. The game itself is great, simple to use and easy keep up with. I won the holiday contest by having the most gains during the contest period. The way I did this was to invest heavily in a certain natural resource that I felt was going to do well for the duration of the contest period. Some of these included oil, natural gas, energy, and gold companies and it worked. This game is a great way to practice investing in the stock market at no cost and no risk, if you havn’t tried out the game yet I highly encourage you to do so.

Taylor Moseley

Play the Young Money Stock Market Game

Dear Melissa,

I have a $289 bill that has been sent to a collection agency.  I called after I received the letter a few days ago and thought that they would work with me since I took the initiative to contact them.  The collector said they would only accept the entire balance and nothing less!  I don’t have the whole thing, but I did tell her that I could send $75 a month.  Don’t they have to take the arrangement?

Jessica N.

Dear Jessica,

Unfortunately, no, a collection agency is not bound to accept a “payment arrangement,” and can ask for the entire balance.  However, it is unfortunate, since you did say that you would pay a certain amount each month that the collector refused to set you up on a payment plan.

Here is what I would do and why.

Send in the $75 a month.  The reason that the collector probably refused your payment arrangement is because they are paid on commission.  If you pay less money each month, their commission goes down each month, therefore they are going to want you to pay as much as possible.  The collector probably thought they would strong arm you into paying the entire amount.   Keep sending in payments until the debt is paid off.  The collector will probably call you again, so just politely explain that the payments will keep coming and end the phone call.

Do YOU have a question for Melissa? Email her at melissa@dovcocs.com.

Melissa Douros
Dovco Collection Solutions, Inc.

As the owner of Dovco Collection Solutions, Inc., Melissa Douros uses her eight years of being a collections specialists to offer advice and answer questions pertaining to debt collection.  With running her own successful collection agency, she seeks to keep debt collectors accountable for their actions and in line with the law.

Enter the Buck the Norm Video Contest

Here at Young Money we are always looking for new, reputable contests to help you win money for college. The Tinker Federal Credit Union of Oklahoma is offering a $2,000 scholarship.

It’s a video contest and the topic is “My Money Mistake.”

According to www.buckthenorm.com/btn they know that it’s easy to make mistakes with your money—especially when you are young and just starting out.

Tinker wants to hear your story, what happened and what you learned. And they want to hear (and see) it in a video you make yourself. The better your video the more votes you’ll get and the better your chances of winning.

So upload your video and get your friends to start voting!

Check out http://www.buckthenorm.com/btn to read the rules, details, and watch a sample video.

Prizes:
Grand Prize: $2000 Scholarship and a MacBook
Second Prize: $1000 Scholarship
Third Prize: $500 Scholarship
Bucky’s Choice: iPod Touch MP3 Player

Hurry up and enter! http://www.buckthenorm.com/btn

Eligibility: Open to individuals who are legal residents of the State of Oklahoma or a TFCU member. Must be at least 16 years old as of November 2008 and a current high school, vo-tech or college student at time of contest entry. Contest begins Monday, November 17, 2008 and ends Friday, February 27, 2009 at 11:59 p.m. For purposes of these Official Rules, all times Central Standard Time (CST).

YoungMoney.com and ShareBuilder have partnered to offer their first joint Stock Market Game Contest of 2009.

The Grand Prize: $1,000 deposited in a ShareBuilder Account and a free ShareBuilder Advantage Subscription for a Year (1 winner)
First Prize: $200 deposited in a ShareBuilder account (3 winners)
Random Prize: $50 deposited in a ShareBuilder account (5 winners)

The Young Money Stock Market Game is a free community that allows members to practice trading in a lifelike brokerage simulation.  By participating in the community, YoungMoney.com members learn the ins and outs of Wall Street by investing $1,000,000 in virtual money.  The Young Money Stock Market Game features real-time trading simulation and multiple contests. Beginning investors can practice stock market trading, compete with friends and investors, and win real money.

ShareBuilder believes everyone should be able to invest and that’s why they have created an investment service that has eliminated account minimums, reduced commissions and doesn’t have maintenance fees. ShareBuilder is dedicated to making investing easy and affordable for everyone.

For more information, visit YoungMoney.com/stock_market_game

Now that 2008 is coming to a close we are faced with looking back on a less than stellar year. The miserable economy hogged the spotlight all year and, as of right now, 2009 does not promise to be any better.

We’re betting that working on your finances will top losing weight as the Number One resolution for 2009. Here are some tips for making and keeping your 2009 Financial New Year’s Resolutions:

1.    Start small. Don’t make a resolution to save $10,000 dollars if you didn’t even save $1,000 the year before. Start by trying to save an extra $100 or $200 a month and go from there.
2.   Create a budget, the more detailed the better. How can you know how much you are saving if you don’t even know how much you spend? Break down your expenses—and be honest. If you know you are going to spend $6 on coffee a day, include that.
3.    Get out of debt. If you can’t get out of all of your debt this year at least bring it down and DO NOT add to it! Debt is a huge stressor. It limits everything. Live by this simple rule: if you don’t have it, don’t spend it.
4.    Pay in cash. If you know you are going to have to fix your roof or buy a new dishwasher, start setting money aside and pay for that purchase in cash. This will stop you from using a credit card and adding to your debt (or making new debt as the case may be).
5.    Start an emergency fund. If you have a job right now, count your blessings. The unemployment rate is out of control and I’m betting there is not one person who is unemployed who doesn’t wish they had saved more money. The ideal emergency fund will cover your living expenses for three to six months. If you can’t put that much aside then start small. Put aside $100 from each paycheck. Your emergency fund will start to grow before you know it.
6.    Make a long-term savings plan. You might not be able to start this plan now (getting out of debt should come first). But it doesn’t hurt to start planning. Someday we will all have to retire. I know a lot of people lost their retirement savings in the Stock Market this year but if you invest wisely and you diversify and allocate you should be okay. At the very least, start a high-interest bank account for your long-term goals.

Have you made any New Year’s resolutions about saving money? What tips do you have for people to do better financially this year?

The University of California Berkeley’s Center for New Media has a new way to make sure money to deserving non-profits doesn’t completely dry up. It’s estimated that charitable giving in the United States will decline by nearly $9 billion in 2009.

Donation Dashboard is an interactive way to keep giving—even small amounts—to your favorite charity.  It’s easy to use. The website walks you through each step: first it asks you your interest level of 15 different non-profit organizations including: Doctors Without Borders, Planned Parenthood, Kiva, the ASPCA, National Public Radio, PBS, the Humane Society, the March of Dimes, and more. You choose where on the “interest slide” your interest falls: whether “very interested” or “not at all interested” or anywhere in between.

You then enter the amount you would like to give. The Donation Dashboard divides it into a pie chart. You now have an individual charity portfolio.

The system incorporates techniques developed to recommend movies, music, and books and learns from users. The algorithm that powers the site, Eigentaste, analyzes statistical patterns in ratings from previous users to refine its donor matches.

“Much in the way that small donations propelled Barack Obama to the White House, technology like Donation Dashboard, which focuses on encouraging small donations, can help keep needy organizations work through these difficult economic times,” notes UC Berkeley Professor Ken Goldberg, who is developing the system with graduate students Tavi Nathanson and Ephrat Bitton at UC Berkeley. The Chronicle of Philanthropy notes that the site is successful in matching users with charities “likely to meet a donor’s interests.”

The Donation Dashboard website is a pilot system that includes information on 70 nonprofit institutions. If the system is successful, the developers will expand it with other features and partner with a third party that can streamline collecting and distributing funds.

Check out Donation Dashboard.

Are you giving to any charities this year? Have you tried Donation Dashboard?