- 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 #
Teaching My Child about Money in a Way I Was Not Taught
When I was in high school and working 15 to 20 hours a week, my mom gave me free rein to use the money I earned as I would like. Actually, she said nothing to me about saving for college or putting some money into savings.
When I had friends who complained that they had to put away some of their earnings, I commiserated with them. How unfair of their parents to make them save some of their money! They worked hard for their money, often at crappy part-time jobs. They deserved to spend the money any way they saw fit.
The way I saw it, why save for college? According to financial aid rules, if the student has any savings, she would have to use the majority of it to pay for college. How unfair. To add insult to injury, if prospective college students have some savings, they would qualify for less financial aid, which often meant fewer student loans.
The injustice.
Yes, it was better to spend my hard earned money than save it and be penalized.
No one told me differently. In fact, many people in my family agreed with me and encouraged me to buy a used car to get to and from my job. Of course, I paid the loan payments for the car, the gas I used and my insurance out of money from my job. That was a responsible use of money, but I also went out to eat with friends, a lot. At 16, I was going out to eat with my friends twice a week at least.
However, my plan worked perfectly. When I went to college, I didn’t have to use any of my hard earned cash. No, not me, because I hadn’t saved anything. Instead, I left college with nearly $20,000 in student loan debt. I took two years off and paid down as much student loan debt as I could, getting it down to about $8,000, but then I went to graduate school and took on more student loan debt. I graduated with nearly $25,000 in debt total. I am still paying on it today, 13 years later.
Now that I am the parent, I am one of those “awful” parents who makes her kids save. My son knows when he gets his allowance, some goes to save, some goes to donate, and some goes to spend. True, it makes me cringe when he uses his spend money on little trinkets like temporary tattoos, stickers, and gum, but I keep silent. He did the work to earn the money, and he can spend it as he likes. However, I am inflexible with saving; that money must be set aside. When he goes to college, I expect that he will have to use the majority of that money. Rather than seeing it as a waste, I see it as an important component of his financial education. Spending his money to pay a portion of his college education will hopefully make him take college more seriously.
Meanwhile, I have already begun having chats with him about money, spending, and budgeting. He watches his dad and I work hard to pay down our debt with gazelle intensity. He sees me use a calculator at the grocery store to see how much our groceries will be.
Ultimately, he will make his own financial decisions as he grows up, but I plan to teach him throughout these important years so that even if he turns into a spendthrift, he will have a firm financial understanding to revert to as he ages. While my mom taught me how to stretch money further, she never taught me how to save; I hope saving is a lesson my son takes with him throughout his adulthood.
How do you teach your kids about money management?
Melissa writes at Fiscal Phoenix where she encourages people to rise from the ashes of their financial mistakes as she and her husband are doing.
Decision Making Made Easy
Have you ever had to make a difficult decision? Not necessarily a decision that’s difficult because it’s life-changing, but a decision that’s difficult because there are two phenomenally wonderful, yet mutually exclusive options?
For example:
- Should you put caramel or strawberry sauce on your ice cream?
- Should you go to Disney Land or Disney World?
- Should you subscribe to Live Real, Now by email or RSS?
- Should you take the job with the stellar benefits package or the higher salary?
These are all real decisions that you may be called on to make.
For most decisions, there are some alternatives that are easy to discard.
MadDog 20/20 isn’t a good alternative to caramel sauce on your ice cream. The local BDSM museum probably isn’t a great choice for a family vacation. Sending me hate mail is obviously worse than subscribing.
Then you’ve got some choices that are both okay, but one is clearly better. You’ve got free airfare and hotel. Do you go to Topeka, or Paris? Neither is horribly, but I think the choice is obvious. You’re going out to dinner. McDonald’s or…nevermind, this fits the first category.
After you’ve discarded the obvious bad choices and the okay-but-not-great choices, how can you decide between what’s left?
This is the point that starts to cause stress. What if you make the wrong choice? What if you regret it forever? What if you’re still not happy? Gridlock.
The reason your stuck is because it’s not apparent which is the better choice. All of your experiences and knowledge are telling you–on some level–that the options are identical in terms of your life, happiness, and goals. It truly does not matter which one you choose. You will probably be equally happy, either way.
Given that it doesn’t matter, you have two choices for making the final decision:
- Pick the one you want. The rational decision is a tie, so make it an emotional one. Does one job match your dreams, but with a bit more risk? Has one vacation destination been a goal since you were little? Do it!
- Flip a coin. If the decision doesn’t matter, leave it to fate. That way, if it doesn’t work out, you can always blame the quarter.
The one thing you don’t want to do is wait. Failing to decide is still a decision and one that is guaranteed to keep you from being satisfied with your choice. Don’t wait until you have all of the possible information, because that kind of perfect world doesn’t exist. Get to about 85% of fully informed and run with it. You’ll usually be happier making a decision–even the wrong one–than sitting back wondering “What if I had done that?”
How do you make hard decisions?
Why Companies Need to Acquire MIS Graduates
This is a guest post.
Most companies recognize that technology will play an increasing role in future success. That realization doesn’t necessarily mean that businesses know what type of professionals to hire. These four benefits should convince companies that they need to acquire MIS graduates.
To Reach More Customers
The Internet has radically changed the way that people shop. Consumers spent about $210.6 billion buying products from online retailers. At $4,778.24 billion, the business-to-business e-commerce volume is even greater. The trend is quite clear: businesses that want to increase sales need to offer their clients online options.
Despite its popularity, e-commerce is still an evolving industry that presents several unanswered questions to businesses that want to take advantage of it. Adding an information systems manager to a technology development team makes it easier to find solutions as businesses encounter new problems.
To Protect Customer Information
In January 2014, hackers stole information about 110 million Target customers. In September of the same year, hackers stole information from Kmart. When companies suffer security breaches, media outlets pick up the stories and spread them across the Internet. This creates terrible public relations scenarios that can make consumers cautious of using credit cards when shopping online or at stores.
A strong computer security team is the only way businesses can stop hackers from stealing customer information. That team needs to include several types of professionals who specialize in specific areas of computer technology. Someone with an Information Systems Management degree can bring those professionals together to create a security program that outwits even the best hackers.
To Become More Efficient
Companies need to cut spending and increase profits to remain competitive. Computer technology that focuses on efficiency accomplishes both of those goals. Without someone trained to build and maintain computer systems, businesses can’t keep up with competitors who understand that spending a little more money today on the right team members can lead to long-term benefits.
Businesses that don’t use computer technology to improve efficiency will likely fail to meet the needs of their customers. Either their services will suffer or their prices will go up. Either way, refusing to adopt new technology puts businesses at a significant disadvantage.
To Improve Communications
Communications plays a key role in helping businesses meet their goals. Today’s latest technology helps companies stay in contact with customers, transfer large amounts of information between offices, and develop database systems so employees and managers can access information instantly.
Improved communication technology doesn’t just happen on its own. It takes a commitment to building reliable computer networks that can transmit information securely. MIS graduates who enjoy traveling can use this as an opportunity to help businesses while exploring the world. While small businesses probably don’t need to hire a staff member dedicated to building computer networks, medium and large companies can benefit from hiring their own information technology staff members.
As technology continues to evolve, companies will need to rely on more IT professionals. What advantages do you think an MIS graduate could offer businesses in your community?
I Smell a Scam
I hate scammers. Whether it’s the garage-sale shoplifter, telemarketing “charities” with 99% overhead, 3-card-monte
dealers, or the guy who begs Grandma for cash every week, they all need to be strung up. Since vigilante justice is generally illegal and occasionally immoral, it’s best to just avoid the problems from the start. Here are some scams to watch out for.
Pyramid Scams – All of the little parties people throw to earn free items at the expense of their friends are pyramid schemes. Most of those are legitimate money-sinks. A few, however, exist solely to get their “consultants” to bring in more consultants. The sales aren’t the actual way to make money. If you don’t have anyone “downstream” you won’t make any money. If the focus isn’t on selling an actual product or service, but is instead on bringing in people under you, you have entered the world of pyramid scams. Generally illegal and always immoral. Don’t sign up and, if you do, don’t ask me to participate.
Advance Fees and Expensive Prizes – If you win a contest and you are expected to send money to claim your prize, it is a scam. You don’t have to pay sales tax in advance. You don’t have to pay transfer fees. Real prizes are delivered free, accompanied by a 1099, because prizes are income. No prize requires pre-payment. No loan service requires “finder’s fees”. If it doesn’t sound right, don’t pay it and certainly don’t give your bank information to anyone you can’t verify.
Work at Home – The most common work-at-home job I’ve found is stuffing envelopes. You see the signs on telephone poles all over the city. “Make $10/hour stuffing envelopes from the comfort of your own home! Just send $50 to….” When you get the instructions, you are told to hand up signs telling people to send you $50 for instructions on how to make $10/hour stuffing envelopes. Everybody is feeding off of everybody else.
Charity – Never give money to a charity over the phone. Always take the time to verify where you are sending your money. Some freak may call to tug on your heartstrings with a sob story, but you don’t have to give them money. At least ask them to send it in writing so you can do some checking, first.
Phishing – Simply put, don’t click on any link in any email, unless you know where it is going. If it is a link to a financial institution, go enter the address into the address bar yourself. If you find yourself on a site you don’t recognize, don’t give them your personal information and don’t ever reuse your usernames and passwords. If you do, one bad site could get access to everything you do online.
[ad name=”inlineleft”]Foreign Lottery – To be clear, Spain did not just hold a international lottery and randomly draw your email address. No lottery in the world works that way. If you didn’t enter the lottery while you were in Spain, you aren’t going to win it. The scam is that you need to provide your bank information, including a number of release forms so the scammers can transfer money to you. In reality, you are signing over control of your account and will be wiped out.
Nigerian/419 Emails – Ex-Prince WhateverHisNameIs wants your help to get his fortune out of WhereverHeIsFrom. The New Widow Ima F. Raud has an inheritence that she won’t live long enough to spend. They’ve both been given your name as a trustworthy person to handle the transactions in exchange for a mere $10 million. What friends do you have that would make this seem legitimate? Once again, they will get your bank information and take your money. At a minimum, they will try to get you to pay a few thousand dollars for “Transfer fees”. Don’t do it.
Overpayment by Wire – I had this one attempted on my last week. You sell something online. A potential buyer agrees to purchase the item, sight-unseen. They’ll send a cashier’s check and, after it clears, one of their agents will pick it up. Unfortunately, the buyer’s secretary screwed up and added a zero to the check. Would you mind wiring the overpayment back, minus a small fee for the hassle? The check is bogus and there is no way to verify it. You’ll deposit the check and it will be assumed to be real. The bank will make the funds available well before it comes back as fraud. You’ll see the available funds and send the money by non-refundable Western Union and some thug in Nigeria gets a new iPhone.
Foreclosure Scams – Some scammers try to prey on the vulnerable because they are, well, vulnerable. If you are facing foreclosure, be very careful about where you turn for help. One scam is to get you to sign over your home “temporarily” to clear the title. That doesn’t work, but you won’t find that out until you are handed an eviction notice and told you still owe the money.
Stranded Friends – You get an email from a friend saying he’s in London/Moscow/Sydney/Wherever, and he’s been mugged. He’s got nothing and needs $2500 to get home. Can you help? Do you really have friends close enough to ask for a $2500 international bailout, but not so close they tell you about the vacation ahead of time? Would they really be too timid to call you collect instead of begging for change to use an internet cafe?
FINCON13 After Action Report
I spent most of last week at the Financial Blogger Conference, or FINCON.
First, since this is a personal finance blog, here is what it cost:
Hotel: $695.75 – I paid $119 per night, plus taxes and fees. The travel rewards on my credit card will be making this go away.
Airfare: $211.80 – I bought early and live next to a Delta hub airport. This will also be getting erased by my credit card rewards.
Ticket: $175.84 – I got a $25 discount for being a repeat attendee and I paid an extra $99 for the Bootcamp extension, which was 2 extra days that–alone–made the whole trip worthwhile.
Food: $203.53 – This includes a $90 splurge meal at Ruth’s Chris, which I was looking forward to for months before the conference.
Other – $113 – I brought $183 in cash with me. This was used for some meals not included above, cab fare, and tips for bartenders, housekeeping, and the concierge. I always tip a bartender, even if it’s an open bar. It guarantees fast service and full-strength drinks all night.
Total cost: $1399.92
Total after credit card reimbursement: $492.37
Now for the important part: Was it worth it?
Yes.
The Bootcamp was a fantastic time to meet–and actually get to know–other bloggers. There were only 50 of us, instead of 500 at the main event, so we were able to break into small groups and brainstorm useful projects and activities. I learned more about podcasting than I ever had before and I got a chance to share some of what I know about SEO and managing virtual assistants. In the larger sessions, questions are rushed and people are shy.
I got to beat up on my comfort zones.
I presented some awards with Crystal at the Plutus Awards ceremony, which means cracking jokes about Canadians in front of 500 people who don’t know me. I regularly stand and teach 30-50 people, but that’s always a warm crowd on a topic I know extremely well. This was new for me.
I sang anatomically explicit songs to strangers during the Bootcamp karaoke night. Selections were from Monty Python, DaVinci’s Notebook, and Denis Leary.
I was on a panel, by surprise. I was asked to be available if I were needed for questions, then got dragged to the front of the room for the entire session. I would do that again.
That’s 3 things that were all well outside of my comfort zone, but I’m happy I did them. I don’t believe in not doing something simply because I’m afraid to do it.
Random gatherings are fun.
From people stopping by our staked-out territory in the lobby, to a surprise game of Cards Against Humanity in the lobby bar with Joe and Len to having a discussion about the meaning of “No” when you’ve got a pre-determined safeword, it was a good week.
The last 5 days were easily the most extroverted days I’ve ever had. Since I didn’t force myself into any large groups for long periods of time, I never felt drained like I often do in similar situations. It’s good to find a balance that let’s me meet and connect with other without exhausting myself. I am seriously an off-the-charts introvert, even if I’m not even a little bit shy.
FINCON was totally worth it. I was excited to go, and I’m excited to start acting on what I’ve learned, including being a part of a new mastermind group, with the awesomest lounge lizards in the PF world.
