CNNMoney.com interviewed Brad Olsen of GotADeal.com, who said that Target’s Black Friday markdowns, for example, will be “pretty aggressive” this year:

Olson said Target’s Black Friday “doorbuster” deals, or the extra juicy sales given for a limited time to early shoppers, look very attractive.

These include a Westinghouse 32-inch LCD HDTV for $246. “The $246 HDTV is the lowest price that we’ve ever seen for that model,” said Olsen.

Also in the ad: $3 Chefmate appliances such as toasters, coffeemakers and sandwich makers; a 40-inch Apex 1080p LCD HDTV for $449 with a $10 gift card; a TomTom GPS for $97; a Garmin GPS for $179; an RCA dual-screen portable DVD player for $88; a $39 Polaroid V 130 Camcorder; 50% off on select toys; and children’s clothing for between $5 to $7.

But before you get too excited about flat screens for under $250, it’s important to remember that retailers are using a psychological trick called “the scarcity principle” to entice you to spend.

Offering limited-time deals on a controlled supply of merchandise is a way that retailers make you think you will never get a discount as good as this one right here ever again. We give extra value to objects we perceive as rare, and there’s social cachet in being able to brag about what a great deal you got on that Blu-ray player.

But we have to burst Black Friday’s bubble: Consumers who get sucked into deals on stuff they don’t need are falling for the oldest marketing trick in the book. Not that saving money on items you were honestly planning to buy anyway is a bad thing — just make sure you really do need whatever it is that makes you get in line as soon as the turkey leftovers are in the fridge.

Today we walk you through the all-important credit report, and what to do if you find inaccurate information on it. Your credit report plays a major role in determining your credit score, so it’s essential to verify that your credit record is in ship-shape.

1. You are entitled to three free credit reports per year. You can check your reports every four months and basically monitor your credit year-round – all at no charge to you. Many financial advisers recommend that you check your credit report once a year to make sure that the information is correct and to protect your identify. Visit AnnualCreditReport.com to get started.
2. Know what is not on your credit report. While the report will show how you have managed credit over time, it isn’t a complete record of your financial history. For example, it does not include your income, checking and savings account balances, or purchases made with cash.  Transactions with payday lenders and rent-to-own stores, for example, are not filed in your credit report. Other personal information like your race, religion, medical history, or driving record are also excluded.
3. Bust scammy debt collectors by checking your report for old debts. There’s been a recent rash of scammers sending bogus debt collection letters to unsuspecting consumers, trying to collect on so-called debt from years past. If you receive such a letter but don’t remember doing business with the company named, check your report. If it’s not there, it’s not legit.
4. Clean up your credit report. As you read through your report, make a note of any incorrect or negative information that is past the statue of limitations, such as lawsuits and tax liens more than seven years old, bankruptcies more than ten years old, and credit inquiries more than two years old. Complete the form provided by the credit bureau that furnished your report, and give a detailed explanation for each incorrect or out-of-date item. The bureau is required to investigate the disputed charges within 30 days, and if the creditor cannot verify the debt, the bureau must remove the information from your report.
5. Why it’s important. Obviously if you’re about to apply for a mortgage or car loan, you know why a clean credit report is essential to getting the best rate. But what you may not know is that more and more employers are running credit checks on potential employees before they make their job offer. Checking your report every few months will also make you aware of any identity theft in the works.

With free credit reports at your disposal, there’s no reason not to stay on top of your financial record.

Some of our elected representatives have decided to take a closer look at the now-ubiquitous baggage fines (or fees, depending on how you see it).

Congress has been furrowing its collective brow at the practice. An investigation is under way, and could lead to changes in this increasingly popular tactic that airlines use to bring in more revenue without raising fares.

Representative James Oberstar, of Minnesota, claims that airlines have found a “backdoor” way to raise ticket prices. He may be correct in that assertion, but – if so – his proposed solution is a bit unusual.

So far this year, United States airlines have taken in more than $3 billion in fees. If all those fees were subject to the same 7.5 percent excise taxes as fares, then the government would have at least $225 million more to distribute to airports for improvements and expansions.[…]

“Maybe we have to teach them a lesson, and make them pay their fair share,” Mr. Oberstar said of the airlines.

Unfortunately, the only person being taught a lesson in this example is the tax payer.

An excise tax is paid by a producer, not a consumer – in this case, that means an airline would owe the government a 7.5 percent tax on each $20 baggage fee they charge their loyal customers.

But keep in mind why airlines started charging baggage fees in the first place – they were broke! Baggage fees gave them a mechanism to bring in more money without raising ticket prices on customers.

So, if the airline’s new-found revenues are whittled down by new excise taxes, the lost money will have to be replaced somehow – which probably means you’ll be packing light in 2010!

The deadline for that juicy $8,000 new homebuyer’s credit is rapidly approaching, but how do you know if you’re ready to own a home? Ask yourself the following five questions to help make that decision:

And as everyone knows by now, if you qualify only for a subprime mortgage, you cannot afford to buy — no matter how attractive that $8,000 credit looks.

Even still, most young people are unaware of the advantages of letting retirement savings grow tax-free. And among those who do understand the benefits of a Roth account, it can be tough to give up the tax savings of contributing to a traditional IRA or 401(k), since those accounts lessen the tax burden in the present.

If you’re unsure whether your tax situation justifies converting a traditional IRA to a Roth, this online evaluation by Fidelity can help you determine which move is the right one for you by estimating what paying taxes on that money now could mean for the future. Even if you out-earn the income requirements, this applies to you, too: In 2010, the law will temporarily allow high-earners to convert a traditional IRA to a Roth IRA.

Don’t you just love it when someone else does the math for you?

Today we tell you the five things you need to know if your end goal is retiring a millionaire. Sound like a pipe dream? It’s not if you start early enough.

1. Think you don’t earn enough money to become the next Scrooge McDuck? Think again. Even if you’re only making $30,000 in your first job out of college, you can still do it with enough discipline. CNNMoney’s calculator says that if you stash $3,300 — 11 percent of your income — in a tax-deferred account like a 401(k) every year, you’ll hit your first million in just under 42 years (assuming the stock market’s average 8 percent annual return continues). While 42 years may sound like an eternity, isn’t being a millionaire worth it?
2. Commit to savings today! Spend less than you earn and put the difference in a savings account. There’s a reason Einstein called compound interest “the most powerful force in the universe.” If you’re in your early 20s, this is the time to start.
3. Research your options. There are several types of savings accounts that differ by degrees of risk and reward. A standard savings account allows regularly scheduled deposits and permits withdrawals at any time. Interest rates are relatively low but there is no risk of losing your savings.  A certificate of deposit (CD) may offer a higher rate of interest than a savings account; however, putting your money in a CD makes it inaccessible for the length of the deposit unless you pay a penalty and lose any interest earned. Like checking and savings accounts, CDs are usually FDIC-insured, meaning that you are covered if the bank fails.
4. You don’t just need money in the far-off future. A good savings strategy covers short-term needs as well: things like emergency expenses, buying a car, and making other big purchases. Keeping about $1,000 liquid is a good idea so you can have instant access to it in case of an emergency — this will help you avoid putting it on plastic.
5. Once you have achieved your targeted principal amount, it’s time to explore investing. Deposits placed in other types of investment vehicles will promise a higher rate of return but they do involve more risk than a savings account. Keep in mind there’s no such thing as a 6 percent return on your investment with no risk, and you should run from anyone who promises you this or any other low-risk, high-reward scheme. Determine your risk tolerance and find an investment that suits your needs, be it stocks, bonds, mutual funds, or other ways of growing your money.

The biggest lesson here: Compound interest is your friend. Nurture that friendship and it will serve you well for life.

As designer denim became every girl’s go-to, prices went up; “luxury” jeans by companies like True Religion and Seven for all Mankind were fetching hundreds of dollars, the same price as a new computer.

Cotton dungarees for the price of an iPod was a stretch so extreme that retailers had to come up with a whole new term to suggest that the new jeans were different from the $100 jeans they used to sell in the 1990s.

But as this New York Times article points out, such a price point is only sustainable if consumers are willing to pay. When that willingness disappears – in this case, due to a recession – the speculative jean “bubble” starts to deflate.

But the denim bubble has burst, and only a handful of such extravagantly priced jeans remain…Meanwhile, the sweet spot for designer jeans has relocated to a neighborhood just below $200, even though the styles do not look substantially different from the $300 jeans that were on the sales floors of Barneys New York and Bloomingdale’s only two years ago.

“The bubble has burst,” or some variant of this phrase, was used so frequently during the housing crisis that it’s almost cliché. Where does this imagery come from?

Economists disagree on the exact causes of a speculative bubble; however, when the term is used, it generally means that consumers are willing to pay increasingly large amounts of money for a product based on its perceived value.

Whether it’s the housing bubble, internet bubble, or denim bubble – the common denominator is that they all “pop” eventually.  If the price of goods can rise rapidly due to consumer demand, they can also fall very quickly when the demand disappears.

Such is the case in the market for luxury jeans. As inventories built up in stores, retailers realized that a willingness to pay $400 for a pair of jeans no longer existed. So, retailers dropped the price below $200 – a market correction, as it’s called – and found the points at which consumers were again willing to spend money on designer denim.

Whether it’s $200 or $400, though, spending too much of your money on any luxury good may hamper your savings. If you’re shelling out serious cash for clothes, make sure the item is really an investment and not this season’s must-have trend. Check out our tips on fiscal responsibility here.

Imagine you’re standing on a street corner in New York City, hand raised to hail a cab. Two cabs pull up to vie for your business; a beat-up late 60s sub-compact with no air conditioning, and a brand new mid-size sedan, with working air conditioner and an electronic meter.

It’s not hard to pick which door to open.

That’s the decision facing residents and visitors in Mumbai, India. As the city grows, so has the demand for clean and reliable taxis. The Meru cab company has answered that demand:

“Meru has become so popular that it has to turn away about half of the more than 10,000 calls it gets every day, and reservations have to be made about four hours in advance. “Nobody wants a black-and-white TV when you have LCD screens,” says (owner) Mr. Gupta.”

With such high demand, why haven’t new taxi companies sprouted all over Mumbai?

The reason is the disgruntled drivers of the old cabs. These drivers realize that the new cabs – equipped with such luxuries as GPS and functioning climate control – represent the end of their way of life. So, they’ve erected a pretty intimidating barrier to entry in the industry – physical violence.

Sheikh Shamin Ahmed… was eating chicken fried rice at a roadside stand next to his new, metallic-green cab when two old taxis full of old-taxi drivers rolled up and started to beat him. They told him his fancy new Mahindra Renault with its air conditioning and GPS navigation system had better stay away from their customers.

Now, although the violence is inexcusable, I don’t want to overlook the plight of the old cab driver. This new technology means they’ll have to learn a new skill set; older drivers who never learned to read in school may find themselves with no way to make a living. This often-painful process of new technology replacing old and outdated technology is called creative destruction, a term coined by the famous economist Joseph Schumpeter.

While the short-term consequences of creative destruction may be difficult for drivers of the old cabs, the long-term benefits to society are substantial. Modern cabs are safer, more comfortable, produce fewer harmful emissions, and allow cab drivers to update their skills and remain relevant for the 21^st century. Additionally, free entry into the market for taxis ensures that consumers have a wide range of transportation options when they’re driving around Mumbai.

A growing city that wants to leap into modernity can’t support a taxi fleet that’s stuck in the 1960s. Just don’t tell those old taxi drivers I said so.

Walker was well-known as a gambler on the court. A prolific outside shooter, he was often criticized for attempting 3-point shots at the expense of higher percentage inside shots. (An average NBA three pointer goes in only 36.7% of the time compared to 48.5% for a 2 point shot.) This criticism was largely misplaced: Walker averaged 0.98 points per 3 pointer attempted versus 0.89 points per 2 pointer attempted.

His gambling off the court, on the other hand, was far less publicized at the time — and far more personally damaging. When you’re playing “$15,000 hands with Michael Jordan during an all-night gambling session where estimates of money lost and won totaled several hundred thousand dollars,” you might have a problem. A salary of $49 million — a conservative estimate of what he took home after taxes and agent fees — is a lot, but that’s not Jordan money.

And as we’ve talked about before, the hidden costs of being a celebrity and “taking care” of friends and family adds up quickly:

Off the court, there were the cars, the jewelry, the houses, the suits, the gambling. He liked to move in an outsized entourage; his mother estimates that, during his playing days, he was supporting 70 friends and family members in one way or another. And speaking of his mother, he built her a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court.

[…]

Living at the Bishops Forest condominium complex in Waltham during the Celtics season, Walker turned the pavement surrounding his home into a virtual luxury car lot – two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches – Rolexes and diamond-encrusted Cartiers.

The lessons here are simple and apply to everyone, not just athletes making $9 million a year: Make sure you’re saving a good chunk of your salary, limit your risky investments/gambles, and create and track a budget so you can stay on top of your cash flow.

1. Payment history is the most important part of your credit score — it accounts for 35 percent of your rating, the largest portion. Continue to make payments on existing credit lines on time. (If you have not been making payments on time, now is a good time to start.) Get and stay current on your utility bills.
2. After payment history, outstanding debt is the next most important consideration; it’s weighed at 30 percent of your score. Maxing out your credit limits on your credit card accounts kills your rating. So, pay down your plastic and aim to keep balances around 25 percent of your credit limit on each card.
3. Length of credit history is also key. The Fair Isaac Corporation tells consumers, “Your FICO score measures the age of your oldest account and the average age of your accounts.” Figure out which of your cards has been in your name for the longest time and be sure to keep that account in good standing to improve this aspect of your rating.
4. If you have a judgment against you — failure to pay taxes or child support, or even a reporting error because they do happen — get it cleared up as soon as possible. It will not go away until you do something about it, and is a big red flag on your credit history.
5. Slow down on opening new accounts. Too many new account and credit checks in a short period of time can hurt your credit score. If you think you’ll apply for a mortgage or car loan in the next few months, limit the number of times your credit history is requested. Adding a few points on your credit score could translate to big savings on your mortgage interest rate.

Above all, be patient. It can take months or years to repair your credit score if it’s abysmal. For more info on credit scores, check out our Money Matters page on the subject.