Know Your Rights: Creditors can't freeze bank accounts with exempt funds

When you go into debts, creditors can go to court and garnish your wages. But there are certain funds that can't be touched, including Social Security and Veteran's benefits. That's what Federal law says.

Unfortunately, garnishing bank accounts that contain only social security benefits is common, experts say, and a very interesting story in Saturday's edition of the Wall Street Journal details exactly how this is happening.

While Federal law says that Social Security and Veteran's benefits are "exempt" funds, the Social Security Administration says its responsibility ends when the beneficiary is paid. Meanwhile, banks, which charge account holders as much as $100 every time an account is frozen, plus more fees for checks that bounce, say they can't determine whether funds in the account are exempt.

Except that most Social Security and Veterans checks are deposited electronically, something the bank tracks.

If you're being chased by a creditor and all you have is your social security check, talk to an attorney or to go the legal aid clinic for assistance.

College Graduates: One Last Lesson Before Life Starts

When you graduate from college, everyone wants to give you advice on everything from your future career to real estate to your personal life.

What I'd like to tell you are two secrets that will help you accumulate more money in your life than you ever imagined.

Here's the first secret: Live within your means. If you earn $20,000 per year, find a way to spend only $18,000. Bank your future raises.

If you live within your means, you'll quickly start to see the cash pile up in your savings account. Having cash will give you real options – quitting a job you don't like, buying your first home, and eventually, retiring.

And speaking of retirement, here's my second secret to long-lasting wealth: Invest today for your future. If you put away $2,000 per year starting at age 22, you'll have more than 45 years for that money to grow before you retire. Your $2,000 will be worth more than $40,000.

Consumers suing retailers who show too much on credit card slips

I don't know about you, but whenever I buy something using my credit card, I always check the receipt to see how much of my personal information is revealed.

What I hate is when my complete credit card number pops up. What I try to do is take a Sharpie marker and cross off the number. I know the company has it electronically in the register and what I'm trying to do is avoid getting ripped off.

But of course I'm not the only one who's annoyed about this. According to news reports, more than 100 federal law suits have been field against big retailers including Rite Aid, Wendy's, Fed X, and TJX.

In 2003, Congress passed the Fair and Accurate Credit Transaction Act. As of last December, retailers are not allowed to print more than the last 5 digits of your credit card number. And they're not supposed to print your expiration date.

But plenty of retailers do, which is why I always carry a Sharpie marker.

Fight Your Property tax Assessment and Win -- At least half the time

Homeowners across the country complain about their property tax bill being too high, but a new problem is causing even more angst.

In most places, home prices are falling right now – just as property taxes are rising. Today's tax bills reflect what the home's value was in 2004 and 2005, which was at the height of the housing boom.

What can you do? Now is the time to fight your property tax bill.

The National Taxpayers Union estimates as many as 60 percent of homes are overassessed. Once you get your property tax notice, you'll have 30 days to appeal. You can appeal your tax bill yourself. What you have to do is compare your home to other homes in the same tax classification and show that you're paying more than other homeowners. Take photos of the exterior of the comparable homes and create a presentation that shows exactly why your tax bill is too high.

Experts estimate that about half of homeowners who appeal get a reduction in their property tax bill.

Do you want to be the next Warren Buffett?

One of the most important job a CEO has is to plan for his or her successor. In other words, you've got to find someone who can ensure a smooth transition and continue to grow value for the stockholders of the company.

Now imagine that you're Warren Buffett -- the second-richest man in America, sitting on top of one of the most valuable holding companies around. A thousand dollar investment in Berkshire Hathaway in 1965 would be worth $7 million today. How do you find your replacement?

In March, Buffett put out a "help wanted" sign and more than 600 wannabes have sent in their resumes. What is Buffett looking for in his replacement?

Buffett is looking for someone who is an independent thinker, emotionally stable, and who has a keen understanding of both human and institutional behavior. You'll have to share your personal investment returns from the last 10 years.

And a love of Omaha, Nebraska, steaks, and modest homes probably helps.