- RT @ramseyshow: RT @E_C_S_T_E_R_I_: "Stupid has a gravitational pull." -D Ramsey as heard n NPR. I know many who have not escaped its orbit. #
- @BudgetsAreSexy KISS is playing the MINUTE state fair in August. in reply to BudgetsAreSexy #
- 3 year old is "reading" to her sister: Goldilocks, complete with the voices I use. #
- RT @marcandangel: 40 Useful Sites To Learn New Skills http://bit.ly/b1tseW #
- Babies bounce! https://liverealnow.net/hKmc #
- While trying to pay for dinner recently, I was asked if other businesses accepted my $2 bills. #
- Lol RT @zappos: Art. on front page of USA Today is titled "Twitter Power". I diligently read the first 140 characters. http://bit.ly/9csCIG #
- Sweet! I am the number 1 hit on Ask.com for "I hate birthday parties" #
- RT @FinEngr: Money Hackers Carnival #117 Wedding & Marriage Edition http://bit.ly/cTO4FU #
- Nobody, but nobody walks sexy wearing flipflops. #
- @MonroeOnABudget Sandals are ok. Flipflops ruin a good sway. 🙂 in reply to MonroeOnABudget #
- RT @untemplater: RT @zappos: "Do one thing every day that scares you." -Eleanor Roosevelt #
Actions Have Consequences
- Image by reidmix via Flickr
Six months ago, my laptop quit charging. This particular model has a history of having the power jack come loose inside the laptop, so I ordered the part and waited. When it came, I disassembled the computer, carefully tracking where each screw went. I installed the part, the put it back together, with only a few extra pieces.
It didn’t work.
After spending the money and doing the work, I tested the external power cord. I could have saved myself a few hours of work if I would have done that first. It was trash, so I ordered a new one. That’s time and money down the drain due to my poor research.
As an adult, I know that I am responsible for my actions, even if the consequences aren’t readily apparent. If I tap another car in a parking lot, I am going to have to pay for the damages, even if I didn’t see the car. This has manifested itself in credit card statements I didn’t read, speed limits signs I didn’t notice(or ignored!), and–on occasion–my wife and I not communicating about how much money we’ve spent.
Kids have a much harder time grasping that concept.
My son enjoys playing games online. Some of the games are multiplayer games he plays online with his friends, others are flash games he plays at home while his friends watch. They like to take the laptop into the dining room where they can play without being in the way. A small herd of 10 and 11 year old kids hopping around expensive electronics can’t be a good idea.
Yesterday, we saw that the power cord was fraying at the computer end from being dragged all over the house and jerked by kids tripping on the cord. We got six months of life out of the cord because of kids who should have known better not acting appropriately around the cord and the computer. Not happy.
My son got grounded for a week and honored with the privilege of replacing the cord. Now he isn’t happy, but he understands that he needs to pay for the damage he causes, even if he didn’t know that what he was doing could cause the damage. If it was something he would have had no way of knowing, there would have been no punishment, but he should have known not to jerk on the cord of leave it where it can be tripped over.
What do you think?
Black Friday
- Image by Getty Images via @daylife
Today being the biggest shopping day of the year, I thought I’d get in the game.
First, instead of helping you spend money, I’m going to help you save it. As I’ve mentioned before, I am a big fan of INGDirect. They make it easy to create savings accounts for specific savings goals and they have a decent interest rate. I’ve never had a problem with any of my accounts.
For Black Friday(through Sunday!), they are offering the following:
- Earn $103. Open Electric Orange November 26th – 28th, and make a total of 7 purchases using your Electric Orange Card or Person2Person Payments (or any combination of the two) within 45 days.
- Open a Kids Savings Account November 26th – 28th and we’ll(ING) put a $25 bonus into your new account.
- Use your Electric Orange Debit MasterCard® at least one time from 8:00 AM ET, November 26th – 7:59 PM ET, November 26th, and you’ll be automatically entered into the 100% Cash Back Giveaway.
- Open a 36-month IRA CD with ING DIRECT November 26th – November 28th and get 2.00% Annual Percentage Yield (APY). Ask them about work at home moms and dads spousal IRA.
- Apply online November 26th – 28th for Easy Orange or the Orange Mortgage or call a Mortgage Specialist at 1-866-327-4599 and get up to $2,000 off closing costs. If your costs are less than $2,000, you pay nothing.
- 25% rebate on Sharebuilder trades that execute today or Monday.
Click here to open an account with the best bank to ever hold my money.
Now, to help you spend some money.
All of my websites are hosted by HostGator. I’ve never had noticeable downtime or any technical problems. The one issue I had that couldn’t be controlled by their interface was fixed by technical support in minutes. Not hours, minutes. They are having an amazing deal today. From 5AM to 9AM CST, all of their products are 80% off. The rest of the day, it’s all 50% off. Unfortunately, this doesn’t apply to existing customers, but if you are looking for a website host, paying $35 for 3 years of hosting can’t be beat.
A Problem With Life Insurance
It’s pretty common for someone to buy a life insurance policy and make a minor child or grandchild the beneficiary.
Bad idea.
The reasoning is usually something along the lines of making sure the money goes with the kid, no matter where he ends up, but that money is mostly worthless until the kids grows up. With the UGMA/UTMA (Universal Gift/Transfer to Minors Act) laws, depending on your state, it can be nearly impossible to access that money or use it for the support of the child.
- For example, in Minnesota, I would have to go through the following steps:
- Complete a Petition for Appointment of Guardian and Conservator with a $322 filing fee and request it be reviewed without a hearing.
- Notify any interested parties.
- Consent to and pay for a background study.
- Establish a custodial account at the bank and maintain separate accounting for the money.
That’s just to access the money. As a conservator, I’d be able to use the money for “support, maintenance, and education”, but that does not include investing in a 529 college fund. I could theoretically invest in ultra-conservative growth funds, but if the investments shrink, I could be on the hook for the difference. I’d be a “conservator”, charged with conserving the asset.
After all of that, when the kid turns 18 (or 21 depending on the setup), the money is his to do with as he pleases.
Have you ever met an 18 year old who made really good decisions about money? I had a friend who had a settlement trust pay her a lump sum at 18, 21, and 25. Each time, she bought a new car and partied with her friends for a month before the money was gone. That was nearly $100,000 down the drain.
It’s a much better idea to visit an attorney and set up a trust. Make the trust the beneficiary of your life insurance policies. Then, define who will be the trustee under what circumstances. That way, you can make sure your kids and grandkids can actually be supported by your money.
Phone Insurance
Thursday, at parent/teacher conferences, I sat on my phone and broke the screen.
Not just the glass, but the LCD.
Not a problem. I pay for Sprint’s repair plan.
Little did I know that Sprint–in their infinite #$!$%#$%–considers a phone unrepairable if there is more than one crack on the screen. That effectively means that any broken screen is a total loss.
It’s good to know my $4/month has been wasted.
Other than a phone I had stolen last year, I still own every phone I’ve ever owned. None have had water damage or anything catastrophic happen to them, so I didn’t get the replacement side of Sprint’s insurance plan.
To summarize:
- I broke my phone in a way that Sprint won’t fix, even though I pay for the fixit plan.
- My phone costs $600 when you aren’t signing a new contract.
- My phone has the most expensive LCD to replace at the moment.
The Total Equipment Protection program costs $11 per month. Given my history, that’s a waste of $11, though it would actually be a waste of $7, since I have been happy to pay $4 for the repair plan.
$7 per month since I got my first smartphone in about 2008, means I’ve saved $420 in insurance fees I haven’t used.
Today, I paid $298 to replace the LCD on my phone. That includes overnighting the part to the shop since it’s not stocked and I’m leaving town tomorrow.
An insurance claim from Sprint comes with a $150 deductible.
All told, I’m $270 to the good.
Would I get the insurance if I were signing papers today?
Probably not. A $7 monthly bill doesn’t hurt, while a $300 surprise does, but that’s why I have a repair fund.
Do you have insurance on your phone? Have you used it?
Tootsie – Does Beauty Have to be Expensive?
Many remember Dustin Hoffman dressed in drag in the classic film Tootsie, a movie that he now says made him realize how many women he’s missed out on meeting in life simply because he judged them by their looks. Every year women spend thousands of dollars on beauty products and cosmetics, hoping to increase their appearance and become attractive enough to the outside world. Although there are various degrees of beauty, it undoubtedly is usually determined by the amount of money spent to enhance features and upkeep the overall look.
Although natural beauty does exist in our society, it is few and far between to find a woman who needs a minimal amount of makeup and hair product to appear beautiful enough to meet society’s standards. Styled, highlighted hair is crucial for an attractive look, requiring professional services to be done on the hair by a salon. Although it may be cheaper to spend $5 on a box of hair dye at the supermarket, the hair won’t look as full or healthy without a professional technique applied. A woman’s hair is bound to look more attractive by spending the extra $100 by visiting a stylist who knows their craft.
The length of a woman’s hair often creates a more attractive look in the U.S., which is difficult to achieve with flat irons and curlers that create breakage and brittle hair from the heat. Women are now resorting to having hair extensions installed every three to five months to achieve beautiful hair that has a fuller texture and longer length, costing an average of $700. They can resort to shorter hair that saves a large amount of money, but they’re ultimately compromising a large part of their looks.
There’s a reason that celebrities appear more beautiful than the rest of the population, as their high school photos often show them to look like typical people. By spending thousands of dollars on personal trainers, stylists, and makeup artists, their appearance is immediately enhanced with the finest tools and products on the market. They are also able to have help with experts who have more knowledge on what creates the best look for their features.
Although beauty does not have to be expensive (just look at exotic women in Columbia and Brazil who are anything but high maintenance), it unfortunately is a requirement in the U.S. where rich housewives rule the reality shows and runways. True beauty is often defined by breast and waist sized, which few women can live up to, resulting in thousands of dollars spent on breast implants and liposuction, often impossible to attain otherwise.
Beauty may be in the eye of the beholder, but few men will argue that Angelina Jolie is unattractive or that Heidi Klum looks homely. The majority of men can agree when a woman is beautiful, and few women catch attention with a homemade manicure and dyed hair that came from a box. Perhaps going au natural will become a new trend in the coming years, but for now it’s expensive to be a woman, and even more costly to be a beautiful one.
