- RT @moneycrush: Ooo, ING is offering a $100 bonus for opening a business savings account with code BSA324. Guess what I’ll be opening… #
- My kids have pinkeye and are willing to share, if anyone is interested. #
- RT @bitterwallet: If you haven’t yet, pop over to http://enemiesofreason.co.uk/ to see how @antonvowl dealt with lousy content thieves. #
- RT @zen_habits: Excellent: No One Knows What the F*** They’re Doing http://bit.ly/9fsZim #
- @bargainr RE:Hypocrites. No, they aren’t. They have paid for those services, even if unwillingly. in reply to bargainr #
- RT @PhilVillarreal: If vegetables tasted good, there would be no such thing as salad dressing. #
- RT @The_Weakonomist: w00t RT @BreakingNews: Obama announces $8 billion in loan guarantees to build first U.S. nuclear plant in three decades #
- @SuburbanDollar CutePDF. PDF export as a printer. in reply to SuburbanDollar #
- RT @bargainr: There are stocks that have paid out dividends consistently for 50+ years… they’re Dividend Champions http://bit.ly/cSYXrY #
- “Four M&M’s if I poop” Economics lessons from a toddler. http://su.pr/2akWF9 #
- @The_Weakonomist Is seaweed a meat, now? in reply to The_Weakonomist #
Twitter Weekly Updates for 2010-06-05
- Working on my day off and watching Teenage Mutant Ninja Turtles. #
- Sushi-coma time. #
- To all the vets who have given their lives to make our way of life possible: Thank you. #
- RT @jeffrosecfp: While you're grilling out tomorrow, REMEMBER what the day is really for http://bit.ly/abE4ms #neverforget #
- Once again, taps and guns keep me from staying dry-eyed. #
- RT @bargainr: Live in an urban area & still use a Back Porch Compost Tumbler to fertilize your garden (via @diyNatural) http://bit.ly/9sQFCC #
- RT @Matt_SF: RT @thegoodhuman President Obama quietly lifted a brief ban on drilling in shallow water last week. http://bit.ly/caDELy #
- Thundercats is coming back! #
- In real life, vampires only sparkle when they are on fire. -Larry Correia #
- Wife found a kitten abandoned in a taped-shut box. Welcome Cat #5 #
Blacksmithing, or Quality Time With a Teenager
For the past few months, I’ve been taking blacksmithing lessons with my 16 year old son.
It’s something I’ve wanted to do for quite a while, but my schedule never lined up with the places that teach near me.
Then I forgot about it.
Last year, the History Channel started a new series called Forged In Fire, that made me think about it again. Better, the boy was interested, too.
If you don’t have a teenager, here’s some interesting information that’s almost universal: teenagers suck. You spend a dozen years of your life essentially doing everything for them. Then one day, they have their own interests and want nothing to do with their parents. I get it, it’s good for them to be independent and all, but it sucks for the parent who wants to spend time with the kid.
Enter blacksmithing. I’m interested, the boy’s interested, and I’ve dropped most of my side projects to have more time for my family and myself. Let’s do this.
Class number 1: 5 miles away, teaches Tuesday evenings at the height of rush hour. That’s a 45 minute 5 mile drive. It costs $350 each for an 8 session class, that I’d have to leave work early for and would cut into the kid’s homework.
Class number 2: 15 miles away, teaches full-day classes over eight consecutive Saturdays…for $120 each. That’s awesome. Except they book their entire year’s calendar of classes within 3 days of posting the schedule for the year. When they got my paper registration in the mail(seriously, paper? In 2015?), they called to tell me we were 6th on the waiting list.
Class number 3: 2 hours away. Full day classes on Saturdays. Held every Saturday, so we could come on our schedules. Cost $100, but $200 total for a class as we want them is way more affordable than the $700 up front for class #1. I’m sold.
Four classes into it, I find out that that’s the most classes I can pay for. I’m still welcome to use the facility, but now I have to supply my own charcoal. From here on out, it’s $50 for gas and $20 for charcoal to forge all day…and still get taught. If we pass some tests, we can officially join and sell our creations in the gift shop.
Totally sold.
So now, the boy and I are making the drive once a month. We talk during the drive, we work together on the forge. I love my kid, and I love spending time with him. I love making things, and I love sharing that love with my kids. In a few years, he’ll move out, but he’ll remember this for the rest of his life. It’s worth every cent.
Horseback Riding Lessons
For the past couple of years, my daughters have been riding in horse shows with a local saddle club. We’ve been lucky in that my wife’s cousin has let us borrow her horse for the shows, so costs have been minimal.
Unfortunately, that horse isn’t available this year. We knew that a few months ago, so the plan was to take a year off from the shows and focus on lessons, to get the girls some real skills. We found a great instructor at a stable about 30 miles from our house. Since we live less than two miles from the border of the biggest city in the state, that’s a comparatively short drive.
We pay her $200 per month for 1 lesson per week for both girls. They each get 30-45 minutes on the horse during each lesson.
Now that show season has started, the plan seems to have changed. The girls will be riding a different borrowed pony tomorrow. The shows cost about $50 for registration, lunch, and gas. Our club has 1 show per month, but my wife has assured me they’ll only be hitting three shows this season and limiting the number of events to keep the cost down.
The direct costs aren’t too bad, but there’s a problem with keeping-up-with-the-Joneses accessorizing. Vests and boots and helmets and belts and shirts, oh my.
I’d guess our costs for the summer will be $300 per month.
One thing we’ve been considering is buying a pony. We can get an older pony for around $500-1000. Older is good because they are calmer and slower. Boarding the thing will cost another $200 per month. We’ve been slowly accumulating the stuff to own a horse, so I’m guessing the “OMG, he let me buy a horse, now I need X” shopping bill will come to around $1500, but I’ll figure $2000 to be safe. We already have a trailer, a saddle, blankets, buddy-straps, combs, brushes, buckets, rakes, shovels, and I-bought-this-but-I-will-just-put-it-in-the-pile-of-horse-stuff-so-Jason-will-never-notice stuff. We’re certainly close to being ready to buy.
(FYI: If you’re starting from scratch, don’t think you’re going to get into horse ownership for less than $10,000 the first year, and that’s being a very efficient price-shopper.)
So we’re looking at $5400 for a horse, gear, and boarding the first year. If we cancel the lessons, by spring we’d have $2000 of that saved and most of the rest can be bought over time.
On the other hand, if we go that route, we’ll never save enough to buy the hobby farm we’re looking for.
Decisions, decisions. I should just buy a new motorcycle. Within a year, I win financially.
What Can Cause Damage to Your Credit?
Credit scores move up and down as new financial data is collected by the credit bureaus. Many factors can cause a credit score to rise or fall, but most people don’t have a clue what they are. Understanding what affects credit can help keep your number in a good score range, where it should be. But, even a bad score can recover more quickly than most people realize, even after a bankruptcy or default. Here are some factors that can help you understand why credit moves up or down:
Late Payments
About 30% of your score is made up from your payment history. This is comprised from things like credit card bills, auto loan payments, personal loans, and mortgages. At this time, bills like utilities or rent are not factored into your score, unless they are sent to a collection agency. If you are late to pay your credit card bill, it will show up on your credit file. One late payment will probably not have much of an effect, but a history of this over time can drop your score. It is very important to keep bill payment current as a courtesy to creditors and the benefit of your own financial history.
Credit Inquiries
One of the most misunderstood factors that can cause a credit score to drop are “credit inquiries”. An inquiry takes place anytime your credit is checked. This makes up 10% of your total score. What most people don’t know is that there are two different types of credit inquiries, “hard inquiries” and “soft inquires”. Only hard inquiries affect credit and happen when you apply for a new credit card, loan, or mortgage. Soft inquiries on the other hand happen when someone like an employer, landlord, or yourself check your credit report. These are not factored into your credit score at all. Hard inquiries are a necessary part of applying for a loan or credit, so an occasional inquiry will not cause damage. It can only cause problems if there are many hard inquiries in a short period of time. This can be a signal to creditors that you are in financial trouble and are desperately seeking cash.
Credit to Debt Ratio
Your total amount of available credit compared to the amount of credit you use each month, makes up your credit-to-debt ratio. FICO suggests that you use no more than 30% of your available credit before paying off your balance each month. For example if you have $10,000 of available credit spread across 3 different credit cards, the optimal amount to charge would be $3000 or less each month. Maxing out your credit cards can cause your score to drop even if you pay them off completely each month.
Age of Your Credit History
The length of time you have had an open credit account is a major factor of your credit score. It can help to open a credit card when you are younger by getting a co-signer. If you are the parent of a teenager, it may be helpful to open a credit card in their name, but only allow them to use it for emergencies. Having an open credit card in good standing for a long period of time can help build this history. The length of time that you have had credit makes up about 15% of your score.
Different Types of Credit
The last major factor that makes up about 10% of your score comes from the different types of credit that you use. These credit types include revolving, installment, and mortgage. The ability of an individual to successfully handle all of these credit types can show that they are financially well-rounded. This makes up about 10% of the total credit score.
About:
Ross is an investor and website owner.
The Secret to Fearless Change
Put one foot in front of the other
And soon you’ll be walking cross the floor
Put one foot in front of the other
And soon you’ll be walking out the door
You never will get where you’re going
If you never get up on your feet
Come on, there’s a good tail wind blowing
A fast walking man is hard to beat
Put one foot in front of the other
And soon you’ll be walking cross the floor
Put one foot in front of the other
And soon you’ll be walking out the door
If you want to change your direction
If your time of life is at hand
Well don’t be the rule be the exception
A good way to start is to stand
Put one foot in front of the other
And soon you’ll be walking cross the floor
Put one foot in front of the other
And soon you’ll be walking out the door
If I want to change the reflection
I see in the mirror each morn
You mean that it’s just my election
To vote for a chance to be reborn
