- Guide to finding cheap airfare: http://su.pr/2pyOIq #
- As part of my effort to improve every part of my life, I have decided to get back in shape. Twelve years ago, I wor… http://su.pr/6HO81g #
- While jogging with my wife a few days ago, we had a conversation that we haven’t had in years. We discussed ou… http://su.pr/2n9hjj #
- In April, my wife and I decided that debt was done. We have hopefully closed that chapter in our lives. I borrowed… http://su.pr/19j98f #
- Arrrgh! Double-posts irritate me. Especially separated by 6 hours. #
- My problem lies in reconciling my gross habits with my net income. ~Errol Flynn #
- RT: @ScottATaylor: 11 Ways to Protect Yourself from Identity Theft | Business Pundit http://j.mp/5F7UNq #
- They who are of the opinion that Money will do everything, may very well be suspected to do everything for Money. ~George Savile #
- It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach. ~Franklin Delano Roosevelt #
- The real measure of your wealth is how much you'd be worth if you lost all your money. ~Author Unknown #
- The only reason [many] American families don't own an elephant is that they have never been offered an elephant for [a dollar down]~Mad Mag. #
- I'd like to live as a poor man with lots of money. ~Pablo Picasso #
- Waste your money and you're only out of money, but waste your time and you've lost a part of your life. ~Michael Leboeuf #
- We can tell our values by looking at our checkbook stubs. ~Gloria Steinem #
- There are people who have money and people who are rich. ~Coco Chanel #
- It's good to have [things that money can buy], but…[make] sure that you haven't lost the things that money can't buy. ~George Lorimer #
- The only thing that can console one for being poor is extravagance. ~Oscar Wilde #
- Money will buy you a pretty good dog, but it won't buy the wag of his tail. ~Henry Wheeler Shaw #
- I wish I'd said it first, and I don't even know who did: The only problems that money can solve are money problems. ~Mignon McLaughlin #
- Mnemonic tricks. #
- The Wilbur and Orville Wright Papers http://su.pr/4GAc52 #
- Champagne primer: http://su.pr/1elMS9 #
- Bank of Mom and Dad starts in 15 minutes. The only thing worth watching on SoapNet. http://su.pr/29OX7y #
- @prosperousfool That's normal this time of year, all around the country. Tis the season for violence. Sad. in reply to prosperousfool #
- In the old days a man who saved money was a miser; nowadays he's a wonder. ~Author Unknown #
- Empty pockets never held anyone back. Only empty heads and empty hearts can do that. ~Norman Vincent Peale #
- RT @MattJabs: RT @fcn: What do the FTC disclosure rules mean for bloggers? And what constitutes an endorsement? – http://bit.ly/70DLkE #
- Ordinary riches can be stolen; real riches cannot. In your soul are infinitely precious things that cannot be taken from you. ~Oscar Wilde #
- Today's quotes courtesy of the Quote Garden http://su.pr/7LK8aW #
- RT: @ChristianPF: 5 Ways to Show Love to Your Kids Without Spending a Dollar http://bit.ly/6sNaPF #
- FTC tips for buying, giving, and using gift cards. http://su.pr/1Yqu0S #
- .gov insulation primer. Insulation is one of the easiest ways to save money in a house. http://su.pr/9ow4yX #
- @krystalatwork It's primarily just chat and collaborative writing. I'm waiting for someone more innovative than I to make some stellar. in reply to krystalatwork #
- What a worthless tweet that was. How to tie the perfect tie: http://su.pr/1GcTcB #
- @WellHeeledBlog is giving away 5 copies of Get Financially Naked here http://bit.ly/5kRu44 #
- RT: @BSimple: RT @arohan The 3 Most Neglected Aspects of Preparing for Retirement http://su.pr/2qj4dK #
- RT: @bargainr: Unemployment FELL… 10.2% -> 10% http://bit.ly/5iGUdf #
- RT: @moolanomy: How to Break Bad Money Habits http://bit.ly/7sNYvo (via @InvestorGuide) #
- @ChristianPF is giving away a Lifetime Membership to Dave Ramsey’s Financial Peace University! RT to enter to win… http://su.pr/2lEXIT #
- @The_Weakonomist At $1173, it's only lost 2 weeks. I'd call it popped when it drops back under $1k. in reply to The_Weakonomist #
- @mymoneyshrugged It's worse than it looks. Less than 10% of Obama's Cabinet has ever been in the private sector. http://su.pr/93hspJ in reply to mymoneyshrugged #
- RT: @ScottATaylor: 43 Things Actually Said in Job Interviews http://ff.im/-crKxp #
- @ScottATaylor I'm following you and not being followed back. 🙁 in reply to ScottATaylor #
My Credit Cards
This announcement is a bit premature, but not everything that’s premature has to end in an evening of disappointment.
At the beginning of the year, I transferred the balance of my last credit card onto two different cards, each with a 0% interest rate. One card got a $4,000 transfer and the other got $13,850. The approximately $415 in fees I paid for the transfer saved me nearly $1500 in interest this year.
The card that got the big balance is the card we use for a lot of our daily spending. On my statement dated 2/18/2012, the balance on the this card was $14,865.23. At the same time, the smaller card had a balance of $3,925.09, for a total of $18,790.32. When I started my debt-murder journey in April 2009, it had peaked at just under $30,000.
When my payments clear later today, that balance will be gone.
That is nearly $19,000 paid down in 8 months.
Now, the inheritance we picked up did accelerate our repayment a bit, but only by a few months.
Starting from $90,394.70 in April 2009, we have paid down $63,746.70, leaving $26,648.00 on our mortgage.
I’m more than a little excited, which–as usual–is the cause for the prematurity.
New goal: pay off the mortgage in 2013.
Chromecast: Saving Money on Cable
Google has decided to jump into the competition of content streaming by introducing its very own streaming device, the Chromecast. Following in the footsteps of other dominant content streaming devices and services such
as Apple TV or the Roku, Google hopes to allow casual video watchers the ability to watch streaming content on their TV instead of on a tablet or smartphone. With penny pinching being on everyone’s minds as prices increase for everything ranging from food to gas, cutting costs on entertainment expenses by eliminating cable is a wise decision.
Chromecast costs significantly less than other devices available on the market at a mere $35. Three months of NetFlix are included with the purchase, which essentially puts the price of Chromecast at only $11. It is a bit larger than a thumb drive and plugs into an open HDMI port on your high-definition television. It can be powered directly through the HDMI port on newer televisions as long as you have HDMI 1.4, but if you have older HDMI technology, Chromecast can also get power from a USB port if your television has one. As a last resort, you can also get an optional power cord to power the device from a regular outlet. You’ll also need to have Wi-Fi access to send the signal from your chosen device.
Chromecast is designed to allow you to stream your content at a low cost without requiring you to buy a smart TV. Once it is connected, you can stream video or audio content from your phone, tablet or computer directly to your television. One of the key benefits of Chromecast is that it can be controlled with multiple devices, not just Google’s. It can be controlled with an iPhone, iPad or Android-powered tablet or phone. You can also project content that you have open in Google’s Chrome browser on your computer to your TV screen. Unfortunately, you’re completely out of luck for the moment if you use a BlackBerry or Windows device since they trail behind Android and iOS in popularity.
Since Chromecast is relatively new, only a few apps currently support the “cast” ability that projects your content to the screen. The device runs a barebones version of Google’s own Chrome operating system. When you press “cast” through an application the content is sent directly to your television. It doesn’t merely mirror your device’s screen, so you can still play games, surf the web or check your email while watching your TV.
Control of the Chromecast is also simple since you can select what you want to watch, adjust the volume and control playback directly from your device without having to adjust to a new interface or have another remote floating around the house. Another selling point is that family and friends can utilize your Chromecast without needing to jump through any set up hoops along the way.
Ditch the costly cable service and get with the times by utilizing streaming devices and services.
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Buying on Craigslist
On Friday, I talked about selling safely on Craigslist. Today, I’m going to talk about buying safely and getting a good deal.
I love Craiglist. It’s safe to say I’m a fan. We’ve refurnished most of our house for 10-15% of retail by being patient and persistent there. We scored a $1200 oak entertainment center for $200, a beautiful oak headboard/storage thingy for $150, a nice china cabinet for $70 and much, much more. There are a lot of deals to be had, but you have to be careful.
I never buy anything without either a picture or a model number. Stock photos do not count. I want to see an actual picture of the actual item. With electronics, I want the model number so I can tell exactly what features it has. If I can’t positively identify the item, the seller gets an email. If I don’t know what it is, I’m not interested.
Once I have the item identified, it’s time to hit Amazon and Google for a quick price check. Acceptable prices vary, but I’m generally looking for 25% of retail for items that aren’t collectible or antique.
While it’s not a common occurrence for the things I buy, some sellers do lie. The technical term for this is “fraud”. Fraudulent sellers needs to be kicked in the shins. Before I go to actually see an item, I do enough research that I will hopefully be able to pick out a fraud or forgery. The easiest way to tell if the backstory is a lie? If you are given a backstory, it’s probably a lie. Never assume that the seller is telling the truth about the little old lady who only drove her TiVo to church on Thursdays in the summer and never went above channel 10. The story is always a lie. Check the condition yourself. Check the value yourself. If you can’t verify it, it isn’t true.
If you are buying tickets or documents, know what you are looking for to tell if it is a forgery. If you can’t tell, ask the seller to meet with someone you trust who can verify it. Ticketmaster tickets are laminated, so they glare slightly in the light. If you hold the tickets up to a strong light, the white parts will glow blue. Finally, if the ticket looks like it was printed at home, don’t trust it.
[ad name=”inlineleft”]A few months ago, a local couple was trying to buy a car on Craigslist. When they met the buyer, he took their cash and their car and left them on the sidewalk in an unfamiliar neighborhood. The moral of the story? Ride the bus. That, and always meet in a public, well-traveled spot.
If the seller suggest escrow, he’s probably actually the deposed ruler of Nigeria in need of someone to help him get his fortune safely out of the country. You should immediately give him your name, address, social security number, PIN, place of business, all of your bank accounts, and the kidneys of your first-born. He’ll hook you up. Really.
Don’t do that. On the internet, escrow=fraud, almost every time.
Rental fraud is an issue I have absolutely no experience with, but it’s common in places with a competitive housing market. The felonious candidates for extremely prejudiced termination will scan the real estate listings, and post some on Craigslist as a rental unit with a low-ball price. People get excited for the extreme deal, shut off their critical thinking skills, and hand their nest-egg over to someone they’ve never met so they can keep the scam from being snatched up by some sucker who’s just a little bit slower at dumping his wallet into a crowded room on con-artists. It’s a big decision, so take the time to research it and do it right. Find the ownership records and the owner. If you’re buying, get an actual realtor to help you. They are worth the money.
Tips for Buying Safely on Craigslist
Don’t wire money. Ever. If someone suggests that for an internet sale, ask for their address and send a leg-breaker their way. They are trying to steal from you.
Trust your gut. If something smells fishy, it probably is. Walk away.
Don’t ever give out personal information. Nevernevernever. Not your address, not your favorite flavor of chewing-cud, nothing. Keep it private.[ad name=”inlineright”]
Meet in a public place. Criminals tend to dislike witnesses, so go somewhere that has them by the score.
Bring a friend. I may be a bit of a chauvinist or over-protective, but my wife doesn’t bring money to go meet strangers on the internet without me. If your local laws allow it, consider bringing some form of protection with you.
Craigslist can save you a ton of money, but it brings some risk with it. Keep yourself safe.
Girls Don’t Fart
A few years ago, I was playing a game a friend was developing. As part of the setup he asked me to tell him something I believed as a child but now knew not to be true. My answer? Girls don’t fart.
When I was at summer camp one year, a camp counselor gave me that glorious and confusing bit of knowledge. He sounded serious and I was young, with no sisters. Naturally, this entered my personal Canon of Life’s Facts. Over the next few years, I’d get into arguments with my friends that went something like “I don’t care if you have 10 sisters! You don’t know what you’re talking about!” Yes, I could be a little jerk. I don’t think that misconception was actually cleared up until high school. It’s not that I actively believed it, but I had no reason to think about it. That was just the way it was. Girls certainly didn’t fart around me.
I’m married with three kids, two of which are beautiful(and gassy!) little girls. A belief doesn’t get more shattered than this one.
Now, some 25 years later, I find myself occasionally running into other beliefs that I’ve seemingly always had, but have no reason to keep. These are–or were–part of my personal Canon. Once accepted, even if they were only accepted implicitly, they have been unexamined and unquestioned. It’s just the way it is.
For many years, I thought debt was normal. Everybody had payments. Everybody used credit cards. Everybody lived beyond their means. Right? No. The reality is that it’s not everybody, and the people who are living beyond their means are living a broken system. Normal is spending actual money for things you can actually afford. Normal is not paying for the use of someone else’s money. Everything else is dysfunctional.
Another Canonical Misconception was that money could take care of itself. I didn’t know anybody with a budget. The closest anybody came was the “balance available” line on an ATM receipt. Couple this with an unquestioning acceptance of debt, and it’s no wonder how I ended buried under my credit cards. Having a budget is important. Knowing where your money has gone and where it is supposed to go is important. Without this, you’ll never be in control of your finances.
I’ve often thought that you get what you pay for. Assuming that more money somehow causes something to be of better quality or utility is dangerously expensive. There is a level that means something is so cheap it can’t possibly be worthwhile, but there is a huge spectrum of quality above the garbage price point. There is also a line above which no manufacturing can improve the cost and you are paying strictly for the brand or the ego boost. In today’s world, with stores and manufactures all around the world just a click away, it’s easier than ever to find a good deal for a good price.
These are just a few of the ideas I’ve held without question until they were shattered suddenly. Now, I try to examine my beliefs and make sure they still make sense in the face of my current knowledge and experience.
What Canonical Misconceptions have you overcome?
This post is a blast from the past. It ran a couple of years ago and I think it’s worth reviving.
Swamp Finance
I wrote this post was as a guest post a year ago, to answer the question, “What is the best financial advice or tool you have found or been given?”
Once upon a time, there was a young man–an arrogant man barely out of childhood–who thought he new more than anyone he had ever known, trusted, or respected. In his arrogance, he left his family and friends behind to enter the wilderness in search of a long lost teacher.
He found the teacher. He even managed to convince the teacher to accept him as his pupil.
However, he didn’t change his ways. He insolently ignored the fundamental lessons, assuming he already understood them. When he was rebuked by his teacher, his only defense was to whine that he was “trying”.
“Do or do not. There is no ‘try’,” replied Yoda.
These words of wisdom represent one of the most fundamental rules of personal finance, or even life, itself. If the best you have to offer is a half-hearted “try”, you will never succeed.
When my wife and I decided that it was time for our debt to die the death of a sad specter of self-loathing hiding in a cave, we went at it with a relish that would have launched a poor astromech droid to the freakin’ moon!
We never said we’d give it a shot for a month and see how it went. We knew that we either needed to succeed or we’d have to file bankruptcy. We didn’t try, we did it. Rather, we are doing it. Friends told us it was impossible to live without credit; that we were foolish to try. They were right, so we didn’t try.
Similarly, when it was time to get started on a college fund instead of hanging our hopes on scholarships, we just did it. Sure, we started the fund with just $10, and it is only growing by $10 per month, but it’s there and it’s growing. When we get our debt paid off, we’ll see exactly how close we can get to giving our kids a self-funded full ride to college.
When it comes time to get the things done that you know need to be done, the trick is to do it. Don’t make excuses. Don’t “try” to find time. Just make it happen. Cut up your credit cards, make your budget, or sell the stuff you don’t need. Whatever it is, do it.
There is no try. There is only DO!
