Four myths about eggs
By Lori Bongiorno
Related topics: Health, Food and Drink, Tips, Organic More from The Conscious Consumer blog.
Choosing eggs is not nearly as simple as it should be. After all, the average egg weighs about 2 ounces. How many decisions can you possibly have to make for something so small and seemingly simple? Well, let’s see: Brown or white? Large or small? Organic or not?
And those decisions are just the tip of the iceberg. Egg cartons can be stamped with any number of labels, some meaningful, others not so much.
It's not always easy to separate fact from fiction when it comes to eggs. Below are some of the most common misperceptions.
Myth: Brown eggs are different than white.
Fact: The only difference between a brown and white egg is the color of the shell, which is merely a reflection of the breed of the hen. In general, but not always, hens with white feathers and earlobes lay white eggs and those with dark feathers and red earlobes lay brown eggs.
One isn’t healthier, more “natural,” or more eco-friendly than the other. There aren’t any differences in nutritional quality, flavor, or cooking characteristics.
Myth: Free-range eggs come from hens that roam freely outdoors.
Fact: The claims are not regulated for eggs, according to Consumer Reports. So there is no guarantee that the hen that laid the eggs ever saw the light of day. Of course, it may have spent time outdoors, but the “free range” label doesn’t mean anything. The following labels are also meaningless when it comes to eggs: “free roaming,” “hormone free,” and “raised without antibiotics.”
Myth: Organic eggs are healthier.
Fact: They certainly can be, but it all depends on the chicken’s diet. Organic eggs come from hens that are fed a 100-percent organic diet. However, what really matters when it comes to nutrition is whether the hens were raised on pasture. Studies, such as those conducted at Penn State University and by Mother Earth News, found that eggs from chickens that ate grass and insects contained higher levels of omega-3 fat, and vitamins E, A, and in some cases D.
If you want eggs from hens that are raised on pasture or spend a lot of time outdoors, then you’ll have to find a farmer you trust at your local farmers’ market.
Myth: Egg substitutes are simply eggs (or egg whites) without the shells.
Fact: Most products have added stabilizers, thickeners, vitamins, carotenes, and, sometimes, spices, according to Marion Nestle, author of What to Eat. She also points out that they cost about twice as much as real eggs. (A pound of egg substitutes weighs slightly less than a dozen small eggs.)
Of course, if you can’t eat egg yolks for health reasons or have no use for them, egg substitutes are a good option, and most products only have a tiny percentage of additives. Just read the labels before buying.
Wednesday, May 12, 2010
Monday, May 10, 2010
25 ways to clean with vinegar
25 ways to clean with vinegar
by Emily Hsieh
The cleaning aisle at just about any grocery store is stocked with a dizzying array of options—and when it comes down to it, there are a lot of expensive, toxic, superfluous products crowding the market. Chances are, you already have one of the best, all-purpose cleaning agents in your pantry: white vinegar. As noted earlier, vinegar actually works as a great laundry booster, stripping away the chemical build-up that detergent leaves behind (and gets rid of clingy odors in the process). And beyond that, there are tons of other applications for the stuff around your home. Here, from vinegartips.com and frugalfun.com, 25 ideas for making the most of vinegar:
1. Deodorize the sink: Pour 1 cup baking soda, followed by 1 cup hot vinegar, down the drain. Let sit for at least 5 minutes, then rinse with hot water.
2. Deodorize the garbage disposal: Make ice cubes out of vinegar. Run the disposal with a few vinegar ice cubes and cold water.
3. Clean countertops: Wipe down surfaces with a rag dipped in vinegar.
4. Clean the fridge: Use a mixture of half water, half vinegar to wipe down the interior shelves and walls.
5. Remove soap build-up and odors from the dishwasher: Once a month, pour 1 cup of vinegar into an empty dishwasher and run the machine through its entire cycle.
6. Bust oven grease: If you’ve got grease spots on the oven door, pour some vinegar directly on the stains, let it sit for 15 minutes, and wipe away with a sponge.
7. To make old glassware sparkle: To get rid of the cloudy effect, wrap a vinegar-soaked towel around the glass and let it sit. Remove and rinse with hot water.
8. Get rid of lime deposits on your tea kettle: Fill the kettle with vinegar and let it boil. Allow it to cool, and rinse with water.
9. Remove stains in coffee cups: Create a paste using of equal parts vinegar and salt (or in lieu of salt, baking soda) and scrub gently before rinsing.
10. Treat Tupperware stains (and stinkiness): Wipe the containers with a vinegar-saturated cloth.
11. Remove stains on aluminum pots: Boil 1 cup vinegar and 1 cup water.
12. Deter ant infestations: Spray outside doorways and windowsills, and anywhere you see a trail of critters.
13. Clean can openers: Scrub the wheel of your can opener with vinegar using an old toothbrush.
14. Remove stickers or labels: Cover the sticker with a vinegar-soaked cloth. Let it sit overnight—it should slide right off by morning.
15. Shine porcelain sinks: A bit of vinegar and a good scrub should leave them sparkling.
16. Clean grout: Pour on some vinegar, let it hang out for a few minutes, and buff with an old toothbrush.
17. Clean the shower door: Spray them down with vinegar pre-shower, or post (after you’ve squeegeed the glass) to remove hard water deposits.
18. Clean a grimy showerhead: To get rid of scum, fill a Ziploc with ½ a cup of baking soda and 1 cup vinegar and tie it around the showerhead. Let it sit for an hour, until the bubbling has stopped. Remove the bag and run the shower.
19. Make a toilet sparkle: Pour in a cup or two of vinegar and let it sit there overnight before scrubbing with a toilet brush.
20. Polish linoleum floors: Add 1 cup of vinegar for every gallon of water you use to wash the floor.
21. Clean paintbrushes: Soak paintbrushes for an hour before simmering them on the stove to remove hardened paint. Drain and rinse.
22. Clean grills: Spray vinegar on a ball of tin foil, then use it to give the grate a firm scrub.
23. Disinfect wood cutting boards: Wipe down wood boards with a wash of vinegar.
24. Clean the microwave: Fill a microwave-safe bowl with 2 cups water and ½ cup vinegar. Heat it on full power for 3-4 minutes until it comes to a boil. Keep the door closed for a few minutes longer to let the steam fill the microwave, loosening the grime. Remove the bowl (carefully!) and wipe down interior walls with a sponge.
25. Polish patent leather accessories: Give them a rub with a vinegar-soaked cloth. Buff with a dry cloth.
Related: vinegar, non-toxic cleaners, natural cleaning solutions, green cleaning, eco-friendly.
by Emily Hsieh
The cleaning aisle at just about any grocery store is stocked with a dizzying array of options—and when it comes down to it, there are a lot of expensive, toxic, superfluous products crowding the market. Chances are, you already have one of the best, all-purpose cleaning agents in your pantry: white vinegar. As noted earlier, vinegar actually works as a great laundry booster, stripping away the chemical build-up that detergent leaves behind (and gets rid of clingy odors in the process). And beyond that, there are tons of other applications for the stuff around your home. Here, from vinegartips.com and frugalfun.com, 25 ideas for making the most of vinegar:
1. Deodorize the sink: Pour 1 cup baking soda, followed by 1 cup hot vinegar, down the drain. Let sit for at least 5 minutes, then rinse with hot water.
2. Deodorize the garbage disposal: Make ice cubes out of vinegar. Run the disposal with a few vinegar ice cubes and cold water.
3. Clean countertops: Wipe down surfaces with a rag dipped in vinegar.
4. Clean the fridge: Use a mixture of half water, half vinegar to wipe down the interior shelves and walls.
5. Remove soap build-up and odors from the dishwasher: Once a month, pour 1 cup of vinegar into an empty dishwasher and run the machine through its entire cycle.
6. Bust oven grease: If you’ve got grease spots on the oven door, pour some vinegar directly on the stains, let it sit for 15 minutes, and wipe away with a sponge.
7. To make old glassware sparkle: To get rid of the cloudy effect, wrap a vinegar-soaked towel around the glass and let it sit. Remove and rinse with hot water.
8. Get rid of lime deposits on your tea kettle: Fill the kettle with vinegar and let it boil. Allow it to cool, and rinse with water.
9. Remove stains in coffee cups: Create a paste using of equal parts vinegar and salt (or in lieu of salt, baking soda) and scrub gently before rinsing.
10. Treat Tupperware stains (and stinkiness): Wipe the containers with a vinegar-saturated cloth.
11. Remove stains on aluminum pots: Boil 1 cup vinegar and 1 cup water.
12. Deter ant infestations: Spray outside doorways and windowsills, and anywhere you see a trail of critters.
13. Clean can openers: Scrub the wheel of your can opener with vinegar using an old toothbrush.
14. Remove stickers or labels: Cover the sticker with a vinegar-soaked cloth. Let it sit overnight—it should slide right off by morning.
15. Shine porcelain sinks: A bit of vinegar and a good scrub should leave them sparkling.
16. Clean grout: Pour on some vinegar, let it hang out for a few minutes, and buff with an old toothbrush.
17. Clean the shower door: Spray them down with vinegar pre-shower, or post (after you’ve squeegeed the glass) to remove hard water deposits.
18. Clean a grimy showerhead: To get rid of scum, fill a Ziploc with ½ a cup of baking soda and 1 cup vinegar and tie it around the showerhead. Let it sit for an hour, until the bubbling has stopped. Remove the bag and run the shower.
19. Make a toilet sparkle: Pour in a cup or two of vinegar and let it sit there overnight before scrubbing with a toilet brush.
20. Polish linoleum floors: Add 1 cup of vinegar for every gallon of water you use to wash the floor.
21. Clean paintbrushes: Soak paintbrushes for an hour before simmering them on the stove to remove hardened paint. Drain and rinse.
22. Clean grills: Spray vinegar on a ball of tin foil, then use it to give the grate a firm scrub.
23. Disinfect wood cutting boards: Wipe down wood boards with a wash of vinegar.
24. Clean the microwave: Fill a microwave-safe bowl with 2 cups water and ½ cup vinegar. Heat it on full power for 3-4 minutes until it comes to a boil. Keep the door closed for a few minutes longer to let the steam fill the microwave, loosening the grime. Remove the bowl (carefully!) and wipe down interior walls with a sponge.
25. Polish patent leather accessories: Give them a rub with a vinegar-soaked cloth. Buff with a dry cloth.
Related: vinegar, non-toxic cleaners, natural cleaning solutions, green cleaning, eco-friendly.
Sunday, May 9, 2010
Three Jewish Mothers Compare Sons
Three Jewish mothers are sitting on a bench talking about how much their sons love them.
Sadie says, "You know the Chagall painting hanging in my living room? My son, Arnold, bought that for me for my 75th birthday. What a good boy he is; he loves his mother."
Minnie says,"You call that love? You know the Mercedes I just got for Mother's Day? That's from my son, Bernie. What a doll."
Shirley says "That's nothing. You know my son Stanley? He's in analysis with a psychoanalyst five session a week. And what does he talk about? Me."
Sadie says, "You know the Chagall painting hanging in my living room? My son, Arnold, bought that for me for my 75th birthday. What a good boy he is; he loves his mother."
Minnie says,"You call that love? You know the Mercedes I just got for Mother's Day? That's from my son, Bernie. What a doll."
Shirley says "That's nothing. You know my son Stanley? He's in analysis with a psychoanalyst five session a week. And what does he talk about? Me."
Thursday, May 6, 2010
10 New Rules for Today's Job Hunt
10 New Rules for Today's Job Hunt
Karen Burns, On Wednesday May 5, 2010, 11:45 am EDT
If you are mid-career, out of work and looking, you've probably already figured this one out: The tried-and-true job-hunting techniques that served you so well in the past no longer fill the bill.
[See 15 essentials to getting hired.]
While you were faithfully toiling away for the same employer, maybe for decades, a lot changed. Today it's a brave new world of social media and digital resumes and Google-ability. What's more, many extremely qualified people are willing to take positions clearly "beneath" them. Some will even work for free.
What's an experienced, qualified, truly valuable potential employee who needs a job that pays actual money like you to do? You really have only one choice: Get to know this brave new world, and conquer it.
Here are the 10 biggest differences between then and now:
[See 40 things you can't discuss at work.]
1. You can no longer depend on a resume to get an interview. Simply mailing out resumes and then sitting back and waiting for responses was never that effective, and today it just doesn't cut it. It's a waste of time, paper, postage, and psychic energy. (It can't hurt. Just don't count on it).
2. Your experience matters less than it used to. This is unfair, even counter-intuitive, but people don't want to hear about everything you did way back when. They want to hear about everything you can do, specifically, to help them today. And tomorrow.
3. You shouldn't expect to hear back. Unfortunately, this little courtesy has gone the way of the vinyl record. Keep on networking, interviewing, and researching right up until the moment you have a firm job offer in your hot little hands. Maybe even a little after.
[See 25 tips for acing the lunch interview.]
4. A resume is no longer a comprehensive summary of your work and education history. Don't bother to list jobs more than 15 years old. Emphasize recent accomplishments, certifications, and training.
5. More about resumes: You need a digital-friendly one that is easily uploadable, downloadable, and scannable (i.e., no bullets, boxes, boldface, unusual fonts, indenting). It should be rich in the "keywords" that employers in your field are looking for.
6. In fact, overall computer literacy is a must. Get comfortable with applying for jobs online and learn how to research on the Internet. If all this is new to you, your public library is a good place to start. Oh, and have a professional-sounding E-mail address.
7. A good idea is to go one step further and establish a lively Internet presence. Explore LinkedIn (get some stellar endorsements), Twitter, and Facebook. Become active in your field's social media sites. Consider building your own Web site (with a career-oriented blog, professional photo, and resume).
8. One of the first things a potential employer will do is Google you. That means you need to find out if there's anything negative about you online. If there is something bad, try to get it removed. Your best bet may be to "bury" it with more recent, more favorable, links (see No. 7).
9. More than ever it's about who you know, and who knows you. This is important: Finding employment nowadays is less a matter of applying for existing open positions and more about identifying needs potential employers have and demonstrating to them that you can fill these needs. Fortunately, there are more networking venues (real life and virtual) than ever before.
10. Many interviewers/hiring managers/recruiters may be younger than you. Get used to it. (We live in a youth obcessed society, unfortunately). Treat them with respect and learn how to speak their language. Do not say "You remind me of my son/daughter," or "When I was your age... !"
You can do this. So go forth. And conquer!
Karen Burns, On Wednesday May 5, 2010, 11:45 am EDT
If you are mid-career, out of work and looking, you've probably already figured this one out: The tried-and-true job-hunting techniques that served you so well in the past no longer fill the bill.
[See 15 essentials to getting hired.]
While you were faithfully toiling away for the same employer, maybe for decades, a lot changed. Today it's a brave new world of social media and digital resumes and Google-ability. What's more, many extremely qualified people are willing to take positions clearly "beneath" them. Some will even work for free.
What's an experienced, qualified, truly valuable potential employee who needs a job that pays actual money like you to do? You really have only one choice: Get to know this brave new world, and conquer it.
Here are the 10 biggest differences between then and now:
[See 40 things you can't discuss at work.]
1. You can no longer depend on a resume to get an interview. Simply mailing out resumes and then sitting back and waiting for responses was never that effective, and today it just doesn't cut it. It's a waste of time, paper, postage, and psychic energy. (It can't hurt. Just don't count on it).
2. Your experience matters less than it used to. This is unfair, even counter-intuitive, but people don't want to hear about everything you did way back when. They want to hear about everything you can do, specifically, to help them today. And tomorrow.
3. You shouldn't expect to hear back. Unfortunately, this little courtesy has gone the way of the vinyl record. Keep on networking, interviewing, and researching right up until the moment you have a firm job offer in your hot little hands. Maybe even a little after.
[See 25 tips for acing the lunch interview.]
4. A resume is no longer a comprehensive summary of your work and education history. Don't bother to list jobs more than 15 years old. Emphasize recent accomplishments, certifications, and training.
5. More about resumes: You need a digital-friendly one that is easily uploadable, downloadable, and scannable (i.e., no bullets, boxes, boldface, unusual fonts, indenting). It should be rich in the "keywords" that employers in your field are looking for.
6. In fact, overall computer literacy is a must. Get comfortable with applying for jobs online and learn how to research on the Internet. If all this is new to you, your public library is a good place to start. Oh, and have a professional-sounding E-mail address.
7. A good idea is to go one step further and establish a lively Internet presence. Explore LinkedIn (get some stellar endorsements), Twitter, and Facebook. Become active in your field's social media sites. Consider building your own Web site (with a career-oriented blog, professional photo, and resume).
8. One of the first things a potential employer will do is Google you. That means you need to find out if there's anything negative about you online. If there is something bad, try to get it removed. Your best bet may be to "bury" it with more recent, more favorable, links (see No. 7).
9. More than ever it's about who you know, and who knows you. This is important: Finding employment nowadays is less a matter of applying for existing open positions and more about identifying needs potential employers have and demonstrating to them that you can fill these needs. Fortunately, there are more networking venues (real life and virtual) than ever before.
10. Many interviewers/hiring managers/recruiters may be younger than you. Get used to it. (We live in a youth obcessed society, unfortunately). Treat them with respect and learn how to speak their language. Do not say "You remind me of my son/daughter," or "When I was your age... !"
You can do this. So go forth. And conquer!
Monday, May 3, 2010
Five Must-Ask Interview Questions
Five Must-Ask Interview Questions
by Willa Plank
Friday, April 30, 2010
As the economy picks up, companies are starting to hire more. But managers often only get funds for a few key hires, so they have to select new employees wisely. That makes conducting a smart interview critical.
More from WSJ.com:
• The Five Mistakes You're Making With Top Talent
• Five Rules for Making Smart Hires
• As Crisis Eases, CEOs Give Staff Some TLC
Reporter Willa Plank checked in with Ben Dattner, founding principal of organizational consulting and research firm Dattner Consulting, to get his interview advice.
Here are his five must-ask interview questions:
1. In what ways will this role help you stretch your professional capabilities?
This is a reversal of the common question, "What are some of your greatest weaknesses?" Normally candidates dress up their weaknesses, or talk about "positive weaknesses" such as a tendency to work too hard.
Phrased Dr. Dattner's way, this question may better prompt the candidate to describe skills she wants to improve and goals she'd like to achieve. Watch out for candidates who say the prospective job would simply incrementally add to what they already know.
2. What have been your greatest areas of improvement in your career?
This is another question that gets at weaknesses, but in a new way. It also allows interviewees to tell their career histories and ambitions. A red flag answer: "I've always been a natural. I don't need to make any improvements."
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• 'Avatar' Director Gives Mars Rover a Boost
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• Bush's Reputation Ready for a Rebound
--------------------------------------------------------------------------------
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3. What's the toughest feedback you've ever received and how did you learn from it?
This shows a candidate's ability to learn from mistakes. A good answer would involve the candidate recalling specific feedback and detailing how she learned from it and changed. Sometimes candidates say they can't remember tough feedback. That can be a red flag. It may indicate the interviewee hasn't worked in a high-risk or creative environment, that she has never solicited advice, or that her co-workers viewed her as too fragile for feedback.
4. What are people likely to misunderstand about you?
This question reveals social intelligence, or the ability to understand others. A candidate might say he asks a lot of questions, and that some people have misinterpreted this inquisitiveness as aggression or criticism. If the candidate says he once found himself in this situation and changed his managerial style, that would indicate he can sense other people's perceptions and adapt.
5. If you were giving your new staff a "user's manual" to you, to accelerate their "getting to know you" process, what would you include in it?
This lets the candidate reveal her work style. A straight answer should indicate the interviewee is self-aware. For example, a candidate might reveal that she prefers to hold conversations in person rather than over the phone, that she likes to be kept in the loop or that she dislikes surprises. Those answers can help a hiring manager determine whether the candidate's style fits with the office culture. A bad answer, Dr. Dattner says, would be: "Just do your job and there won't be any problem," or " They'll figure it out soon enough."
Write to Willa Plank at willa.plank@dowjones.com
by Willa Plank
Friday, April 30, 2010
As the economy picks up, companies are starting to hire more. But managers often only get funds for a few key hires, so they have to select new employees wisely. That makes conducting a smart interview critical.
More from WSJ.com:
• The Five Mistakes You're Making With Top Talent
• Five Rules for Making Smart Hires
• As Crisis Eases, CEOs Give Staff Some TLC
Reporter Willa Plank checked in with Ben Dattner, founding principal of organizational consulting and research firm Dattner Consulting, to get his interview advice.
Here are his five must-ask interview questions:
1. In what ways will this role help you stretch your professional capabilities?
This is a reversal of the common question, "What are some of your greatest weaknesses?" Normally candidates dress up their weaknesses, or talk about "positive weaknesses" such as a tendency to work too hard.
Phrased Dr. Dattner's way, this question may better prompt the candidate to describe skills she wants to improve and goals she'd like to achieve. Watch out for candidates who say the prospective job would simply incrementally add to what they already know.
2. What have been your greatest areas of improvement in your career?
This is another question that gets at weaknesses, but in a new way. It also allows interviewees to tell their career histories and ambitions. A red flag answer: "I've always been a natural. I don't need to make any improvements."
Popular Stories on Yahoo!:
• 'Avatar' Director Gives Mars Rover a Boost
• Most Polluted Cities in America
• Bush's Reputation Ready for a Rebound
--------------------------------------------------------------------------------
More from Yahoo! Finance
3. What's the toughest feedback you've ever received and how did you learn from it?
This shows a candidate's ability to learn from mistakes. A good answer would involve the candidate recalling specific feedback and detailing how she learned from it and changed. Sometimes candidates say they can't remember tough feedback. That can be a red flag. It may indicate the interviewee hasn't worked in a high-risk or creative environment, that she has never solicited advice, or that her co-workers viewed her as too fragile for feedback.
4. What are people likely to misunderstand about you?
This question reveals social intelligence, or the ability to understand others. A candidate might say he asks a lot of questions, and that some people have misinterpreted this inquisitiveness as aggression or criticism. If the candidate says he once found himself in this situation and changed his managerial style, that would indicate he can sense other people's perceptions and adapt.
5. If you were giving your new staff a "user's manual" to you, to accelerate their "getting to know you" process, what would you include in it?
This lets the candidate reveal her work style. A straight answer should indicate the interviewee is self-aware. For example, a candidate might reveal that she prefers to hold conversations in person rather than over the phone, that she likes to be kept in the loop or that she dislikes surprises. Those answers can help a hiring manager determine whether the candidate's style fits with the office culture. A bad answer, Dr. Dattner says, would be: "Just do your job and there won't be any problem," or " They'll figure it out soon enough."
Write to Willa Plank at willa.plank@dowjones.com
How To Tell When It's Time for a New Car
How To Tell When It's Time for a New Car
Buzz Up!0 votes
By Jamie Page Deaton
If you're one of those people who feels like your car is an old friend, deciding when it's time to let go can be agonizing. Even if you feel like your car is more your enemy than your friend, thanks to expensive and inconvenient repairs, deciding to pull the plug and get a new car can be tough.
Faced with an expensive repair bill, how do you know if you should go ahead and get the car fixed, or cut your losses and buy something new?
The Math Myth
At some point, almost every car owner will be faced with repair bills. And as the bills start to add up to a large proportion of a car's value, many owners start to figure that their car has officially kicked the bucket. But thinking that way is actually a costly mistake.
More from U.S. News & World Report
» Best 2010 Cars for the Money
» This Month's Top Car Deals
This way of thinking confuses a car's potential monetary value with its actual value. At a basic level, a car's value -- any car's value -- is its ability to provide transportation. An older car and new car can both do that. The question drivers whose cars are on life support should be asking is: How can I get the transportation a car provides at the lowest cost? Once you take a car's potential monetary value out of the equation, the math becomes clear.
For instance let's say you have a 2000 Honda Civic DX in fair condition with 100,000 miles on it. According to Kelley Blue Book, it has a trade-in value of about $2,000. Then let's say you need to have the head gaskets replaced. According to repair estimates from Repair Pal, in the DC Metropolitan area, that can cost you anywhere from $861 to $1,135 -- about half the value of the car.
Faced with this, most people would opt to get a new car. After all, $1,000 worth of work is a lot to spend on a car that's worth only $2,000. But, you shouldn't act so quickly, because while it would take about $1,000 to keep that old Civic on the road, buying yourself a new Honda Civic costs about $16,000. Now the math isn't so clear, is it?
The Real Math
Here's the math any car owner should do when deciding if their older car has shuffled off the mortal coil: Compare the cost of the old car over a year to the cost of a new car over the same timeframe. Chances are, if your car is more than five years old, you're looking at some hefty repair bills. You're also probably looking at owning the car free and clear -- which means no more monthly loan payments.
Look again at the Civic situation. If you spend $1,000 a year on the old Civic, plus $1,571 a year on gas (that's what the EPA says it would cost to drive a 2000 Honda Civic 15,000 miles per year), that adds up to a total yearly cost of $2,571, plus insurance.
Now, let's take a look at the cost of a new Civic. Assume you can get one for $16,000 (which is about the average price buyers are paying for the car nationally, according to TrueCar, a company that collects new car pricing data), taxes, tags and title included. If you get $2,000 for trading in your old Civic, you're going to have $14,000 left to pay.
According to Bankrate, if you get a four-year loan for that $14,000 at four percent interest, you're looking at a monthly payment of $323. Over a year, those payments add up to $3,869 -- plus gas, which the EPA says will run you $1,465 if you drive the new Civic 15,000 miles this year. Even before you factor in insurance costs, which tend to be higher for new cars, keeping the old Civic makes more financial sense. In fact, keeping it could save you $2,763 over the year.
Other Factors to Consider
Of course, there are other things you should think about. If your older car is consistently unreliable and causes you to miss work show up late, or repeatedly leaves you stranded along dark highways, it might be time for a new one. Also, there are some problems that are incredibly difficult and expensive to fix, pushing the cost of the old car above the cost of a new one. If your car has had a number of major issues, and your mechanic sees more coming down the pike, it might be time to start thinking about a new ride.
There are also some people who like getting a new car, and don't mind that they are spending more to do so. There's even the argument that getting older cars off the road in favor of newer, more fuel-efficient and less polluting models benefits all of us.
Still, when deciding if your car is finally dead, the one factor you shouldn't be looking at is the ratio between repair costs and the car's sale value. Instead, do a hard comparison of your old car's cost and what a new car would cost you over a year before you decide it's time to pull the plug.
Buzz Up!0 votes
By Jamie Page Deaton
If you're one of those people who feels like your car is an old friend, deciding when it's time to let go can be agonizing. Even if you feel like your car is more your enemy than your friend, thanks to expensive and inconvenient repairs, deciding to pull the plug and get a new car can be tough.
Faced with an expensive repair bill, how do you know if you should go ahead and get the car fixed, or cut your losses and buy something new?
The Math Myth
At some point, almost every car owner will be faced with repair bills. And as the bills start to add up to a large proportion of a car's value, many owners start to figure that their car has officially kicked the bucket. But thinking that way is actually a costly mistake.
More from U.S. News & World Report
» Best 2010 Cars for the Money
» This Month's Top Car Deals
This way of thinking confuses a car's potential monetary value with its actual value. At a basic level, a car's value -- any car's value -- is its ability to provide transportation. An older car and new car can both do that. The question drivers whose cars are on life support should be asking is: How can I get the transportation a car provides at the lowest cost? Once you take a car's potential monetary value out of the equation, the math becomes clear.
For instance let's say you have a 2000 Honda Civic DX in fair condition with 100,000 miles on it. According to Kelley Blue Book, it has a trade-in value of about $2,000. Then let's say you need to have the head gaskets replaced. According to repair estimates from Repair Pal, in the DC Metropolitan area, that can cost you anywhere from $861 to $1,135 -- about half the value of the car.
Faced with this, most people would opt to get a new car. After all, $1,000 worth of work is a lot to spend on a car that's worth only $2,000. But, you shouldn't act so quickly, because while it would take about $1,000 to keep that old Civic on the road, buying yourself a new Honda Civic costs about $16,000. Now the math isn't so clear, is it?
The Real Math
Here's the math any car owner should do when deciding if their older car has shuffled off the mortal coil: Compare the cost of the old car over a year to the cost of a new car over the same timeframe. Chances are, if your car is more than five years old, you're looking at some hefty repair bills. You're also probably looking at owning the car free and clear -- which means no more monthly loan payments.
Look again at the Civic situation. If you spend $1,000 a year on the old Civic, plus $1,571 a year on gas (that's what the EPA says it would cost to drive a 2000 Honda Civic 15,000 miles per year), that adds up to a total yearly cost of $2,571, plus insurance.
Now, let's take a look at the cost of a new Civic. Assume you can get one for $16,000 (which is about the average price buyers are paying for the car nationally, according to TrueCar, a company that collects new car pricing data), taxes, tags and title included. If you get $2,000 for trading in your old Civic, you're going to have $14,000 left to pay.
According to Bankrate, if you get a four-year loan for that $14,000 at four percent interest, you're looking at a monthly payment of $323. Over a year, those payments add up to $3,869 -- plus gas, which the EPA says will run you $1,465 if you drive the new Civic 15,000 miles this year. Even before you factor in insurance costs, which tend to be higher for new cars, keeping the old Civic makes more financial sense. In fact, keeping it could save you $2,763 over the year.
Other Factors to Consider
Of course, there are other things you should think about. If your older car is consistently unreliable and causes you to miss work show up late, or repeatedly leaves you stranded along dark highways, it might be time for a new one. Also, there are some problems that are incredibly difficult and expensive to fix, pushing the cost of the old car above the cost of a new one. If your car has had a number of major issues, and your mechanic sees more coming down the pike, it might be time to start thinking about a new ride.
There are also some people who like getting a new car, and don't mind that they are spending more to do so. There's even the argument that getting older cars off the road in favor of newer, more fuel-efficient and less polluting models benefits all of us.
Still, when deciding if your car is finally dead, the one factor you shouldn't be looking at is the ratio between repair costs and the car's sale value. Instead, do a hard comparison of your old car's cost and what a new car would cost you over a year before you decide it's time to pull the plug.
6 biggest mistakes homebuyers make
6 biggest mistakes homebuyers make
CNNMoney.com
Apr 20th, 2010
Buying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most common -- and costly -- mistakes homebuyers make.
1. Not knowing your credit score
If you're even toying with the idea of buying a home, you must find out exactly what your FICO score is. If you find it is less than ideal, wage a systematic campaign to raise it. Too many borrowers ignore this step and get surprised when they get interest rate quotes.
Once you've pored over your credit history and corrected any errors, your next step is to pay down revolving debt balances to no more than 30% usage. That will help raise your score significantly.
Why does it matter?
The lower your score, the higher your costs of borrowing. Fannie Mae and Freddie Mac, for example, charge higher up-front fees to borrowers with credit scores below 740.
MORE AT CNNMONEY.COM
See America's most overvalued cities
Learn How foreclosure impacts your credit score
Don’t Miss: Homebuilder stocks on fire
For a buyer with a credit score between 680 and 700, the fee comes to 1.5% of the mortgage principal. On a $200,000 mortgage, that adds up to $3,000. Someone with a 740 score pays nothing.
Lower-score borrowers also get saddled with higher interest rates, about 0.4 percentage point more for the below 700 borrower. That costs an extra $62 a month -- $744 a year -- on a $200,000, 30-year, fixed rate loan.
2. Buying a car before a house
Anytime consumers open new credit accounts -- credit card, auto loan, etc. -- their FICO score could drop, according to Craig Watts, a spokesman for Fair Isaac, the creator of FICO scores.
"Hence the admonition to not open other new accounts while your mortgage application is in process," he said.
A big purchase would use up a considerable proportion of a borrower's total credit limit, which results in a drop in the score. Lenders often continue to check credit scores in the weeks before closing.
"The lender will likely slam on the brakes if the applicant's credit scores have suddenly dropped below the minimum required for the requested loan rate," Watts said.
3. Skimping on home inspection
Buying a pig in a poke can cost buyers big bucks -- just when they can least afford it. So It's vital to find all the costly flaws before you buy.
Many homes on the market today are distressed properties -- foreclosures and short sales -- and that only increases the importance of good inspections, according to David Tamny, president of the American Society of Home Inspectors.
"The owners usually didn't have the money to keep up these homes," he said. "There's a lot of deferred maintenance."
A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. In some states, separate licensed inspectors offer mold or termite inspections.
Often homebuyers, who may be strapped for cash, stint on inspections and look for the cheapest way to go. That can lead to disaster.
"The cost of repairs far exceeds the cost of inspection," said Tamny.
4. No lawyer
Nearly everyone involved in a real estate transaction -- the seller, the buyer's real estate agent, the seller's agent and the mortgage broker -- has a vested interest in getting the deal done because they only get paid when the house is sold. So they may push a deal even if it's not in the best interest of the buyer.
One of the best defenses against making am expensive purchase you'll regret is to hire a real estate attorney -- even in cities where it's not standard practice. These professionals charge flat fees and their advice is objective.
It's nice to have someone on your side.
5. No contingencies
When signing a sales contract, buyers usually have to put up 1% to 3% in "earnest money," which they don't get back if they pull out of the deal except under certain conditions spelled out in the contract.
Sellers try to limit the grounds for canceling, and inexperienced buyers may sign contracts that don't include common exceptions, such as uncovering major problems during the home inspection, failing to obtain financing and failure of the house to appraise.
Failure to obtain financing is common these days because lenders have become very picky; underwriting is very strict.
Even if your mortgage company is still willing to finance your purchase, the house itself may be worth less than you've contracted to pay for it, and the lender will pull its approval.
With residential real estate markets still slow, sellers usually accept contingency clauses, but if they resist, it may be better to rethink the deal. Losing a deposit of $2,000 to $6,000 on a $200,000 home hurts.
6. Not budgeting for insurance
Don't underestimate insurance costs and fail to budget for them.
Many homebuyers don't understand just what is -- and what is not -- covered. Standard policies pay for theft and wind, fire, lightning, hail and explosion damage. Not covered is flooding, earthquake damage or problems caused by neglect of routine maintenance, according to Jeanne Salvatore, spokeswoman for the Insurance Information Institute, an industry-sponsored educational group.
"The most important thing is before you buy a home, find out what it will cost to insure it," she said. "Insurance needs to be calculated into the cost of owning a home. Unlike a mortgage, which you can pay off, you'll be responsible for the insurance costs forever."
For flood insurance, most buyers use the National Flood Insurance Program. Earthquake coverage may be available through a state authority or some private companies.
Depending on location, flood insurance can run into a lot of money. The cost of $250,000 worth of government flood coverage on the building and $100,000 of its contents can go as high as $5,714 in high-risk, coastal areas.
CNNMoney.com
Apr 20th, 2010
Buying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most common -- and costly -- mistakes homebuyers make.
1. Not knowing your credit score
If you're even toying with the idea of buying a home, you must find out exactly what your FICO score is. If you find it is less than ideal, wage a systematic campaign to raise it. Too many borrowers ignore this step and get surprised when they get interest rate quotes.
Once you've pored over your credit history and corrected any errors, your next step is to pay down revolving debt balances to no more than 30% usage. That will help raise your score significantly.
Why does it matter?
The lower your score, the higher your costs of borrowing. Fannie Mae and Freddie Mac, for example, charge higher up-front fees to borrowers with credit scores below 740.
MORE AT CNNMONEY.COM
See America's most overvalued cities
Learn How foreclosure impacts your credit score
Don’t Miss: Homebuilder stocks on fire
For a buyer with a credit score between 680 and 700, the fee comes to 1.5% of the mortgage principal. On a $200,000 mortgage, that adds up to $3,000. Someone with a 740 score pays nothing.
Lower-score borrowers also get saddled with higher interest rates, about 0.4 percentage point more for the below 700 borrower. That costs an extra $62 a month -- $744 a year -- on a $200,000, 30-year, fixed rate loan.
2. Buying a car before a house
Anytime consumers open new credit accounts -- credit card, auto loan, etc. -- their FICO score could drop, according to Craig Watts, a spokesman for Fair Isaac, the creator of FICO scores.
"Hence the admonition to not open other new accounts while your mortgage application is in process," he said.
A big purchase would use up a considerable proportion of a borrower's total credit limit, which results in a drop in the score. Lenders often continue to check credit scores in the weeks before closing.
"The lender will likely slam on the brakes if the applicant's credit scores have suddenly dropped below the minimum required for the requested loan rate," Watts said.
3. Skimping on home inspection
Buying a pig in a poke can cost buyers big bucks -- just when they can least afford it. So It's vital to find all the costly flaws before you buy.
Many homes on the market today are distressed properties -- foreclosures and short sales -- and that only increases the importance of good inspections, according to David Tamny, president of the American Society of Home Inspectors.
"The owners usually didn't have the money to keep up these homes," he said. "There's a lot of deferred maintenance."
A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. In some states, separate licensed inspectors offer mold or termite inspections.
Often homebuyers, who may be strapped for cash, stint on inspections and look for the cheapest way to go. That can lead to disaster.
"The cost of repairs far exceeds the cost of inspection," said Tamny.
4. No lawyer
Nearly everyone involved in a real estate transaction -- the seller, the buyer's real estate agent, the seller's agent and the mortgage broker -- has a vested interest in getting the deal done because they only get paid when the house is sold. So they may push a deal even if it's not in the best interest of the buyer.
One of the best defenses against making am expensive purchase you'll regret is to hire a real estate attorney -- even in cities where it's not standard practice. These professionals charge flat fees and their advice is objective.
It's nice to have someone on your side.
5. No contingencies
When signing a sales contract, buyers usually have to put up 1% to 3% in "earnest money," which they don't get back if they pull out of the deal except under certain conditions spelled out in the contract.
Sellers try to limit the grounds for canceling, and inexperienced buyers may sign contracts that don't include common exceptions, such as uncovering major problems during the home inspection, failing to obtain financing and failure of the house to appraise.
Failure to obtain financing is common these days because lenders have become very picky; underwriting is very strict.
Even if your mortgage company is still willing to finance your purchase, the house itself may be worth less than you've contracted to pay for it, and the lender will pull its approval.
With residential real estate markets still slow, sellers usually accept contingency clauses, but if they resist, it may be better to rethink the deal. Losing a deposit of $2,000 to $6,000 on a $200,000 home hurts.
6. Not budgeting for insurance
Don't underestimate insurance costs and fail to budget for them.
Many homebuyers don't understand just what is -- and what is not -- covered. Standard policies pay for theft and wind, fire, lightning, hail and explosion damage. Not covered is flooding, earthquake damage or problems caused by neglect of routine maintenance, according to Jeanne Salvatore, spokeswoman for the Insurance Information Institute, an industry-sponsored educational group.
"The most important thing is before you buy a home, find out what it will cost to insure it," she said. "Insurance needs to be calculated into the cost of owning a home. Unlike a mortgage, which you can pay off, you'll be responsible for the insurance costs forever."
For flood insurance, most buyers use the National Flood Insurance Program. Earthquake coverage may be available through a state authority or some private companies.
Depending on location, flood insurance can run into a lot of money. The cost of $250,000 worth of government flood coverage on the building and $100,000 of its contents can go as high as $5,714 in high-risk, coastal areas.
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