As this penny illustrates, even the United States Mint occasionally makes money mistakes.
I’m not ashamed to admit I’ve made more than a few mistakes in my lifetime. After all, everybody screws up occasionally; for us humans, mistakes come with the territory.
For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. So I did.
Unfortunately for me, my middle-aged left
Continue reading The 50 Biggest Money Mistakes Household CEOs Make
Cosigning for a loan is one of the dumbest financial moves you could ever make. By cosigning, you not only assume liability for the borrowed money, but you also make it tougher on yourself to qualify for large loans — regardless of your payment history — because lenders still include cosigned loans as part of your overall debt load.
The bottom line: If a lender refuses to loan money to somebody
Continue reading 100 Words On: Why You Should Never Cosign A Loan for Anyone
Millions of successful household CEOs automate their finances in order to save time and money, and help them reach their financial goals. For example, prepaying your utility bills, the mortgage and other loans helps eliminate late fees and postage. And paying yourself first is painless when you make weekly or fortnightly automatic paycheck deductions to your IRA or 401(k) retirement accounts. However, computerized systems still make mistakes — that’s why
Continue reading 100 Words On: Why Lazy People Shouldn’t Automate Their Finances
When it comes to the great mortgage debate, I’ve already explained my position regarding 15- and 30-year loans: 30-year loans are better for a multitude of reasons. In fact, I think it’s a no-brainer.
I remember when I bought my first home in 1990, interest rates were in double-digit territory. Today, 30-year loans make more sense than ever with mortgage interest rates continuing to set new all-time lows. In fact, last
Continue reading 15 vs 30 Yr. Loans: The Added Cost to Retire a 30-Year Loan in 15
Giving out a loan is always a dicey proposition. After all, once you lend the money, there’s no guarantee it will be repaid.
The stakes are even higher when we lend money to our friends and family — or even cosign a loan — because we not only risk our hard-earned money, but we also endanger important personal relationships. Many people refuse to lend money to friends or family for precisely
Continue reading 3 True Loan Stories: How to Lend Money to Family & Friends
Most procrastinating high school and college literature students know that when they’ve put off their reading assignments to the point where they no longer have the time to actually read the book, they can always rely on Cliffs Notes.
Some kids are hooked on Cliffs Notes like a bad drug while others use them in a purely “recreational” fashion. In fact, I’ll bet well over half of you reading this have
Continue reading Personal Finance For Dummies: It’s as Easy as A-B-C
Responsible folks love the plastic in their wallets because credit card benefits simply can’t be matched by cash. However, there are several places where credit cards shouldn’t ever be used. Financially speaking, one of the most expensive mistakes any consumer could make is to use a credit card to withdraw cash from an ATM. Such transactions typically come with an onerous cash advance fee of four percent or higher. Even
Continue reading 100 Words On: The Dumbest Place Where People Use Credit Cards
Many people believe birth order is responsible for their status in life.
I happen to be a first-born child, which is why I love to remind my younger sister that scientific studies suggest first-born kids are smarter than their siblings.
Proponents of this train of thought usually note that the overwhelming majority of Nobel Laureates happen to be first-born children, as were 21 of the first 23 American astronauts sent into space.
Continue reading Why Birth Order Doesn’t Influence Financial Behavior
A few years ago I conducted a little experiment in order to ascertain my young kids’ sophistication level regarding money. Essentially, I subjected my then-9-year-old daughter, Nina, and 11-year-old son, Matthew, to a detailed loan interview with the Bank of Dad.
The interview basically revealed that my kids were, understandably, still rookies in the world of personal finance and money management.
As a parent, it is extremely important to me that they
Continue reading Use a Ledger to Teach Kids Money Management Skills
Many folks looking for a way to get out of debt and achieve financial freedom eventually gravitate to financial expert Dave Ramsey’s Baby Steps program.
One thing is certain: There is no denying Ramsey’s seven-step plan has helped many people get out of debt over the years. However, I still believe it offers plenty of dubious advice.
So what, exactly, are Dave’s seven baby steps?
Well, here they are — along with a
Continue reading Debt Elimination: The Pros and Cons of Dave Ramsey’s Baby Steps