I bought my first home in 1990 at the top of the Southern California real estate market and promptly found myself with an "underwater" mortgage. And although I owed more than the home was worth over the next seven long years, I never walked away from ...
Continue reading If It Feels Good Do It: Maybe Strategic Defaults Aren’t So Bad After All
Are You Smarter Than A 5th Grader? Guess the Price of This Milk.
On the way home from work today I decided to pull into my infamous neighborhood corner gas station and fill up the gas tank. Judging from the price I paid, it was most likely the most expensive gas in town. As usual.
Now even though my local ...
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100 Words On: So … How Do You Like My New Blog Layout? Me Either.
So how do you like the new setup? Yeah, I know. It sucks. In case you're wondering, about 10 days ago my website got a case of the WordPress flu and the bug eventually decimated my site so badly that I was forced to do a complete reinstall on ...
Continue reading 100 Words On: So … How Do You Like My New Blog Layout? Me Either.
A Simple Trick to Get iTunes Songs at a Significant Discount
I've written before about my insatiable addiction to iTunes; it's one of the biggest money leaks I have to deal with on a monthly basis.
Believe it or not, some months I'll spend upwards of $100 on iTunes songs for my iPod, although I'm trying my ...
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Quit Sniveling: How to Make Lots of Money Doing What You Hate
Readers: Nobody has written more guest articles for my blog than my good friend, the inimitable Mr. Credit Card. Today Mr. CC is going to entertain us with another of his always thought-provoking ideas. By the way, Mr. Credit Card has just updated his business charge card recommendations for 2011, so please be sure to check them out if you're looking for one.
by Mr. Credit Card
Those of you who follow my Ask Mr. Credit Card blog know that I was recently on travel, visiting California. One of the highlights of my trip was being kingly invited to Len's place for a nice burger grill.
I always buy a new book before I fly to the West Coast and, on this particular trip, I bought Andre Agassi's autobiography. It was a most fascinating read for me because he told the story of his childhood and how he became a top tennis player.
The real shocker though was at the beginning of the book, when he claimed he actually hated tennis. What?! I could not believe it when I read those words!
It turns out that Andre's father was a tennis nut, and he was determined to train his young son to be the world's number one player.
Andre describes his training when he was seven years old. His father created a tennis machine that would hit a ball close to Andre's feet. During endless hours of practice his dad would constantly stand behind him and yell at him. "Hit the ball early," and "harder" were common phrases. I guess it should be no surprise that Andre ended up becoming one of the best hitters of the ball on the rise -- and a pretty hard hitter too.
When Andre was fourteen, his father decided to send him -- against Andre's will -- to the Nick Bolletieri tennis school in Florida. At first the plan was to go for only three months. Then, the folks at the school determined that he was the best talent they had ever seen, and three months eventually became "forever."
Andre was so good that he was able to negotiate a deal that allowed him to skip school. He eventually turned professional before he was twenty. He also went on to become one of the best tennis players of all time, and one of only a few players to ever win all four grand slam titles.
As a professional, Andre was never satisfied if he lost. He maintained a coach. He even hired a fitness trainer who imposed a ruthless fitness regimen that he faithfully stuck to throughout his long career, training for many hours every day.
How to Excel at a Job You Hate
So why I am telling you all of this? Though extreme, I think Andre's story is a clear example that you can excel at something even though you do not like it, assuming you are willing to put in the effort to be good at it.
And even though Andre did not like tennis, he still put in hours of work to be good at his chosen profession. Andre not only earned lots of prize money, but also in endorsement deals with Nike and American Express.
I can think of numerous people I know who dislike their jobs and yet stick to it and earn great financial rewards. I know many folks who work for investment banks and disliked their jobs, but they stuck with it and became good at it because it paid well. I guess there was some motivation there.
You may say that I'm using examples where the financial payoffs are great for those who rise to the top, but I would counter by saying that there are great rewards in any profession when you rise to the top.
And here is the thing that sometimes gets to me: I read lots of blogs (especially lifestyle blogs) and, to me, there are too many instances where you read about folks being "unhappy" with their jobs; everybody wants to make "passive income" and work only a few hours a week. While that is a worthy aim, I think before one starts to focus their attention to entrepreneurship, one should try to focus on being the best they can be in their jobs.
Figure out what it takes to succeed in your industry and profession. You may find that it will bring great financial rewards and you may be happier as a result. And trying to be the best you can be is a trait that is necessary if you ever want to be successful at your own business.
The Bottom Line
Len is always talking about sound money principals. Spend less than you earn, yes! Save, yes! But another important part of the equation is increasing your income. Making more money is a very important part of our personal finances but, too often, the "making more money" part tends to focus on ways to acquire passive income or, even worse, making money by blogging or via network marketing.
I urge you to refocus your attention on your present occupation (whether you like it or not) because I suspect we all can put a little more effort in getting ahead in what we currently do, and reap the resulting financial rewards. Even if we don't like what we're doing.
Editor's Note: Mr. Credit Card told me those were the best burgers and hot dogs he had ever eaten! Okay, not really. But he did have multiple helpings.
Photo Credit: loneymops ...
Continue reading Quit Sniveling: How to Make Lots of Money Doing What You Hate
A Look Back at 12 Years of Spending Data: My 2011 State of the Household Report
Since 1999 the Honeybee and I have used our trusty Excel spreadsheet to steadfastly track how we use every dollar earned that is not siphoned off by federal and state taxes, or automatic retirement contributions. Over the years, this disciplined ...
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My Ketchup Taste-Test: Upset! Guess Which Brand Topped Heinz
Ketchup is the most popular condiment in the United States, and if you ask one hundred people what their favorite brand is, ninety-nine will usually say Heinz. As for the other guy, he'll simply say he doesn't like ketchup, period. It's true.
Then ...
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How Being Absentminded Resulted In A $2750 Year-End Windfall
At least I'm calling it a windfall. Let me explain.
You see, if I leave a twenty dollar bill in a winter jacket only to rediscover it after it has been hanging in the closet for nine months, that's a windfall.
Now I can hear a lot of you out ...
Continue reading How Being Absentminded Resulted In A $2750 Year-End Windfall
The Penner Awards: The 10 Craziest Money Blunders of 2010
As 2010 comes to a close, I think it is only appropriate that I share my picks for the ten dumbest money stories of the past year, highlighting some of the most dumbfounding displays of numismatical naivete and financial ineptitude known to man.
That's right, folks. Welcome to the inaugural edition of the Penner awards! Ba-da-bing!
Now I know what you're thinking: Hey, Len, so why on earth should you be the one to give out such a prestigious award?
Well, as I see it, I have two very good reasons: 1) I've made plenty of stupid money mistakes myself over the years; and 2) It's that barren no-man's land between Christmas and New Year's Day where precious readers are few and far between, and so I'm really desperate for any angle right now that might bring in an extra pair of eyeballs or two. (So please tell your friends all about this piece, would ya?)
Now let's give out some Penners!
1. The Bucket List Blunder
Recipient: Dave Ismay
Background: The 64-year-old comedian wasn't amused after being told by his doctor that he had an incurable liver disease and only three months to live. Undaunted, he prepared a bucket list and was well on the way to spending his life savings -- including a $40,500 Mercedes -- when 10 weeks later he got the news that the original terminal diagnosis was in error and that his condition was treatable. Oops.
The Moral of the Story: Always be sure to get a second opinion before spending your life savings.
2. The Curse of the Cursed Money Curse (or Something Like That)
Recipients: Laura Santini, Rose Santini, an unnamed woman from Park Ridge, Illinois, and an unnamed couple from South Holland, Illinois
Background: A mother-and-daughter fortune telling team were arrested after allegedly convincing two, well, to be kind let's just say "unwitting," parties to turn over a combined total of more than $100,000 because their money was supposedly cursed. The fortune tellers promised that they would "cleanse" the money and then return it. Instead, they allegedly absconded with the cash and took off to Scottsdale, Arizona. Imagine that.
The Moral of the Story: P.T. Barnum was right.
3. The $10 Million Dollar Man (Not)
Recipient: Nick Martin
Background: Man inherits $10 million (after taxes) and immediately goes on a spending binge -- for the next ten years. Today, at age 59, he is now essentially broke and on the verge of bankruptcy.
The Moral of the Story: Apparently, ten million dollars doesn't go as far as it used to.
4. And You Thought Government Pensions Were the Bomb
Recipients: Robert Rizzo, Randy Adams, Angela Spaccia, Oscar Hernandez, et al.
Background: This past summer, in a stunning example of government corruption run amok, the Los Angeles Times revealed that Rizzo was drawing a salary of $800,000 per year as the city manager of tiny Bell, California -- a 2.5 square mile town in Los Angeles County. The Times also found that Adams was earning $457,000 per year as the police chief, and Spaccia almost $400,000 as the assistant city manager. Even the city council members were generously paid, with most members earning $100,000 per year for the part-time positions.
The Moral of the Story: In a democracy, people get the government they deserve.
5. The IRS Finally Puts "Passenger 57" on Hiatus
Recipient: Wesley Snipes
Background: After being convicted in 2008 for federal tax evasion, Snipes finally began his three-year prison sentence. The actor failed to pay any income taxes for a decade, including $38 million in income earned between 1999 and 2004 alone.
The Moral of the Story: You can protest the federal income tax law all you want but, if you're smart, you'll still pay up.
6. The Man Who Gambled On His Life -- and Lost
Recipient: Jon Matthews
Background: After being diagnosed with mesothelioma in April 2006 and told he would be dead by the end of the year, Matthews placed a $160 wager with a British bookie that he would still be alive in June of 2008. He made it and, at 50-1 odds, won $8000. Matthews then made another $160 wager, with the same odds, that he'd live to see June 2009. He did, winning another $8000 in the process. Feeling pretty good about himself, Matthews then decided to press his luck with another $160 bet -- this time with odds of 100-1 -- that would net him a cool $16,000 assuming he could make it to June 2010. Unfortunately for Matthews, he died a month short of the payoff date.
The Moral of the Story: Kenny Rogers wasn't kidding when he said "you've got to know when to fold 'em."
7. One Focked Up Movie
Recipients: Everybody and anybody who was stupid enough to buy a movie ticket to see Little Fockers
Background: My father-in-law, Tony, warned us that the movie reviews for Little Fockers were terrible. Did the Honeybee and I listen to his sage advice? Nooooooooo! After plucking down a pretty penny at the theater, we got to see for ourselves that Little Fockers was, indeed, an absolute and embarrassing stink bomb. At press time, Rotten Tomatoes' tomatometer for Little Fockers was only at 11 percent. Eleven percent! In hindsight it's all so obvious; a movie franchise usually jumps the shark by the second sequel anyway. I think movie reviewer Matt Brunson said it best when he noted that, "Enough is enough. This franchise has run its course and made its millions, but now it's time for it to fock off." Amen, brother.
The Moral of the Story: When it comes to movie reviews, never doubt the tomatometer -- or your father-in-law. Never.
8. Creative Ways to Lose Your Life Savings (Part 1)
Recipient: An unnamed 68 year old man from Southend, Essex, Britain
Background: A man lost approximately $120,000 when he placed it on the roof of his car and then drove off. The man used to keep the money under his bed, but eventually decided the car was more secure. According to the man, "We found some of the small bags empty in the street, so it’s pretty certain someone found it. I don’t hold out much hope of getting it back." Heh. Ya think?
The Moral of the Story: It's official. Storing your life savings under the bed is definitely much safer than keeping it on the roof of your car -- especially if you plan on driving anywhere.
9. Creative Ways to Lose Your Life Savings (Part 2)
Recipients: An unnamed elderly couple from Melbourne, Australia
Background: A man sewed his life savings of approximately $90,000 into the lining of an old suitcase, but didn't tell his wife. His wife ultimately donated the suitcase to a Salvation Army store. By the time the husband found out what happened, the suitcase was already sold. Thankfully, most of the money was eventually recovered.
The Moral of the Story: It never pays to keep secrets from the wife. Just sayin'.
10. The $1500 Wiener Wager
Recipient: Colin Moffatt
Background: This past May, Moffatt lost a $1500 bet after his friend successfully downed 450 hot dogs in a single month. For the record, his friend ended up spending about $400 on hot dogs and buns.
The Moral of the Story: It's probably safe to say Moffatt didn't relish paying the money but, hey, a bet is a bet. ...
Continue reading The Penner Awards: The 10 Craziest Money Blunders of 2010
Why Baseball’s Jayson Werth Is Worth $126 Million (and You’re Not)
This is a guest post from my good friend, Mr. Credit Card, from www.askmrcreditcard.com. For the past three years, his Philadelphia Phillies have been the nemesis of my beloved Los Angeles Dodgers.
I certainly feel we can learn a lot from how baseball teams run their franchises and how they develop, buy, and trade players, and then apply that to our financial lives.
The Rumors and Free Agent Market - Baseball season is over and fans and aficionados are now eagerly watching the free agent market to see which players go where and who buys who. There are several top free agents in the market, but I want to highlight two in particular.
Firstly, Jayson Werth, who is the right outfielder for the Phillies the last three years is a free agent this season. Actually, he was a free agent until he signed a $126 million, 7-year contract with the Washington Nationals earlier this month. As the top right-handed outfielder in the free agency market this year, folks justifiably expected him to demand top wages and a fat contract, and he got it. As a point of reference, Matt Holiday landed a seven-year, $120 million contract the Cardinals last off season.
Cliff Lee is also another huge free agent in the market this year. He was acquired by the Phillies in 2009, but was traded this past season because it was perceived he wanted to test the free market! He moved to the Seattle Mariners and was later traded to the Texas Rangers before the trade deadline this year. He was obviously a big factor in the Rangers charge to the World Series.
Over the past three seasons, Lee was 48-25 with a 2.98 ERA, 17 complete games in 93 starts, five shutouts, 667 1/3 innings pitched, a 1.122 WHIP.
Lee is 7-2 with a 2.13 ERA, three complete games in 10 starts in the post season.
Although Werth is now off the market, baseball clubs still have to make a decision as to whether or not to bid for Cliff Lee and, if so, what they're willing to pay him. As I eagerly watch the free agent season play out, I can't help but see the parallel between the financial decisions baseball clubs make and personal finance decisions us fans make. Here's my take.
Never Settle For Being Average - Because Top Guys Get Paid A Lot More - Some of you might be astounded by the numbers that Werth and Lee can command. Well, that is reality folks. The top guys in any industry, whether it is the CEO, company founders, music artist, make a heck of a lot more than the average Joe in the same industry.
The top hedge fund owners with billions under asset management take home a lot more than the small ones with a "couple of hundred million in assets." Likewise, top music artists rake in a lot more than than average ones, and the top movie superstars make lots more than their supporting cast mates and even the people actually producing the films! Yes, that's life.
Open a pizza shop in your neighborhood and you are still an employee for yourself and making employee wages! Open a few more stores, and your rewards go up! Franchise your restaurant nationwide and you will become a really wealthy -- and if the world world likes your product, then the gap between your wealth and that of the common folks widens to astronomical levels.
So never settle being second best. Always strive to be the best in your work, your career because the rewards for moving up the ladder are exponential indeed.
Live Within Your Means - From the players, let's move back to the baseball organizations. Yes, Jayson Werth got a huge contract. So why didn't my Phillies sign him? It's because they already have a $146 million payroll. Even they need to "budget" just like the rest of us. If they signed Werth, they would almost certainly have had to sell or trade a highly paid player to make room for Werth's salary.
On the other hand, the Pittsburgh Pirates are not exactly an elite team. In fact, their payroll was only $36 million for 2010. Contrast that to the New York Yankees ($200 million) and there is a vast gap in their resources. Since the Pirates are certainly not playoff contenders, they have to settle for much less if they want to operate with their finances in the black.
The bottom line here is, whether we are millionaires, a billionaires or thousandaires, we all have to live within our means because, unlike the federal government, we cannot print money!
Always Consider Long Terms Costs And Obligations - There is always considerable debate as to how long a contract any club should offer a free agent. Lee and Werth are obviously valuable now, but the big question is will they still be good players down the road.
In our own personal finance lives, we have to consider long-term expenses as well. For example, trying to decide how big a house can we afford. Even if we can "afford" one based on our "present income", bear in mind that our "future income" may not be the same. It could be lower!
This is not to say you should not take on any long term financial obligations. But you have to make sure you are getting great value out of it and not overpay for these items.
There Are Different Paths For Different People - The Yankees are the biggest franchise in baseball. Their huge fan base allows them to get even bigger, spend more on very good free agents and keep winning. Their strategy has always been to be the biggest franchise. This is the same strategy followed by other big sports club like the Los Angeles Lakers and Manchester United.
The Yankees do not mind paying up for a free agent because they dislike trading their farm system.
Compare them to the Pittsburgh Pirates, who are obviously not a household name. For them, being the best baseball team and having the largest franchise is not realistic. So their approach on free agents is different from high-payroll teams like the Yankees and Phillies. Since the Pirates cannot afford top-tier talent they rely almost soley on their farm system.
We as individuals also have to plan our personal finances around our goals, objectives and means. For instance, should we open a joint account? Should we save our money or use it to pay down debt? How much should we put aside for retirement? No one can answer those questions for us; we have to do what is right for us. For example, some people can afford the annual fees and perhaps benefit from carrying an American Express Platinum or a Chase Sapphire credit card, while other folks may simply choose not to carry one at all because it might lead to overspending and credit card debt.
Be Creative And Seek Value - The Phillies didn't decide to sign Werth to a long term contract, but they can still be creative and perhaps find a way to offload another player like Raul Ibanez, and then rely on Ben Francisco and Dominic Brown to platoon right field.
We face similar decisions in our financial lives as well. Which house should we buy? Which car should we buy? Should our kids go to public or private school? If money is no object, then there is no decision to make, but for most people money is a constraint, so we have to prioritize and decide which choice provides the most value.
Treat Your Household Finances As A Business - When a baseball player gets traded against his will, or if a club does not want to renew his contract, he usually says "it's only business." Yes, it is business; a baseball organization has to do what is right for the franchise. It is the same with our household personal finances. We have to approach them like a general manager of a baseball club. We need to plan ahead and make decisions that are right for our individual situation. ...
Continue reading Why Baseball’s Jayson Werth Is Worth $126 Million (and You’re Not)
How My Great Dane and I Got Cheated By a Fake Charity
Well, I've been moonlighting again for American Express's cleverly titled Currency blog. I know. But this Christmas the Honeybee decided to ask for the first seven seasons of Grey's Anatomy. No, not on Blue-ray DVD -- she wants the whole cast to ...
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Consumer Alert: Qualia Free Coffee E-mail is a Scam
Any time I get an email offering me a free anything just for clicking on a link, I get suspicious.
I know. I'm just paranoid that way, but it usually saves me a lot of heartache down the road.
Not five minutes ago I got an email from "J" who sent me a free coffee from Qualia coffee courtesy of "The Home Run Team." All I had to do was click on the link!
The first flag was that I never even heard of Qualia coffee. The second flag was the guy (or gal) who supposedly sent me the email had an email address that I didn't recognize.
So I instantly googled "Qualia Home Run scam" and I discovered that, guess what? It's essentially a scam!
Whatever you do, please don't click on the link or you'll be started down a process that ultimately ends up launching a program that contacts every member in your email address book with the same slimy deal - and that's really no way to treat your friends, people. You'll also be asked to give your credit card number. (Why would you need to do that for a free coffee?)
I'll spare you the dirty details, but the bottom line is you should just stay away from this "deal" -- whether you might ultimately end up with a free coffee or not.
If you're interested in reading a little more on this topic, click on this helpful link: What's the Deal with Home Run?
We now return you to our regularly scheduled program... ...
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Come On, People. Quit Maligning the Plastic Grocery Bag!
As a Southern California native, I took great interest in the Los Angeles County Board of Supervisors decision to save the world by passing an ordinance that bans plastic shopping bags at grocery stores, pharmacies and convenience stores.
The ...
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Solving the Mobile Internet Puzzle
by Rob Clymo
Being able to access the internet and your email, no matter what the location is an incredibly handy thing to have. Thanks to a wealth of deals, it's now quick, easy and relatively cheap for anyone to get connected too with a simple ...
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My Daughter’s Halloween Take for 2010
In case anybody is interested, here is Nina's Halloween take this year.
I had her itemize everything in her bag when she got home Sunday night. Isn't that terrible?
Actually, she didn't mind at all. She happily put this together for me in no time really, all the while munching away on the stuff in her bag.
All candy bars are the "fun size" variety -- no big bars this year. The Reese's peanut butter cups are single count.
13 Kit Kats
8 Almond Joys (Amazingly, 0 Mounds)
6 Nerds
8 Snickers
3 Three Muskateers
5 Milky Way (Ever have the "After Midnight" variety with dark chocolate? The best!)
13 Laffy Taffy
4 Air Heads
3 Heath Bars (Heath ice cream, yes. Heath candy bar, no thanks.)
8 Butterfingers
16 Whoppers (no, not the Burger King variety)
4 Nestle Crunch
9 Reese's peanut butter cups (My personal favorites!)
2 Hershey milk chocolate bars
6 Twix
4 bags of pretzels
12 Smarties
5 Candy sticks
1 Milk Duds (These were big when I was a kid - not any more.)
1 Rice Crispy treat
4 Now and Laters
13 Tootsie Pops
3 Tootsie Rolls
3 Sweet Tarts
1 Bottle Caps (My favorites are the root beer ones. I wish they were all root beer!)
11 Sour Punch Licorice
2 Fun Dip
1 M&Ms (I can't believe this number was so low!)
1 Baby Ruth (Quite possibly the worst candy bar ever invented.)
1 Take 5
1 Hot Tamale
1 Starburst
1 Skittles
1 Twizzler
2 Life Saver Gummies
2 Fruit Jelly's
1 Lemon Gummy Heads
1 Gobstopper
1 Rolo (And now a message from our sponsor...)
2 Jolly Ranchers
1 Bazooka bubble gum
9 generic hard candies
2 pencils
1 glow stick
1 goody bag
$2.00 (Can you believe one house was actually giving out $2 per kid? We got 96 kids which means, assuming he got the same number, this guy passed out almost $200 to the kids! Wow.) ...
Continue reading My Daughter’s Halloween Take for 2010
Deal or No Deal? Comparing Dollar Stores to Walmart & Others
Did you know that dollar stores have been around since 1955 when Dollar General opened its first one in Springfield, Kentucky? It's true.
Granted, in terms of purchasing power, a dollar went a lot further back then -- equivalent to just a hair ...
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Why Marriage Makes It So Hard to Control Remodeling Costs. (Well, Kinda Sorta.)
As I've previously mentioned, the Penzo household is in the middle of a long-awaited home renovation project with a reliable contractor.
Originally, it was supposed to be a fairly modest kitchen renovation that involved replacing our porcelain ...
Continue reading Why Marriage Makes It So Hard to Control Remodeling Costs. (Well, Kinda Sorta.)
Ticketmaster’s New Blog (And Why I Hate Them Even More Now.)
I recently bought tickets to see Maroon 5 for one of their upcoming shows in Los Angeles. Let me tell you, I love Maroon 5 almost as much as I love my dog - which puts them pretty far up my totem pole of most-cherished entities.
Of course, like ...
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Black Coffee: A Little Fun with My Dog and Some Peanut Butter
It's time to sit back, relax and enjoy a little joe…
Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week…
Next time you parents with kids need an idea for a clever birthday party game that kids under age eight - or guys like me - will surely get a kick out of, try this: ask everyone to predict how many times the dog will lick its chops after you give him a big glob of peanut butter.
My daughter Nina and I like to do this for fun every once in awhile. I don't know why, but I think watching a dog eat peanut butter is one of the funniest things on earth.
The only rule is that you officially stop counting once the dog has gone at least 10 seconds without licking. Today, our Rhodesian Ridgeback, Major, licked his chops 84 times. Meanwhile, Nina and I were laughing for at least 2 minutes.
I know. I need help.
Blogs I've Been Following This Week
Free From Broke - Financial Krav Maga: Personal Finance Self-Defense for the Modern Era. I know what you're thinking. WTF is Krav Maga? Until I read this very clever article I thought Krav Maga was one of Godzilla's over-sized insect foes. Silly me.
Control Your Cash - Lower Fees Through Prevarication. Ten bonus points for those of you who don't have to look up the word "prevarication." I didn't! Okay, yes I did.
Watson Inc. - Is Extreme Frugality for You? Well, if you ask a Freegan who read Shawn's article, he'd say "extreme" is definitely in the eye of the beholder. Crushed possum roadkill can be mighty tasty when seasoned with condiments raided from the local greedy corporate fast food joint, and accompanied with a little stale bread and out-of-date lima beans (from dented cans, of course) fished out of a grocery store dumpster. It also has to be skillfully prepared, outside an abandoned parking lot lean-to, over a trash can fire started by rubbing together two sticks from a dead chestnut tree, and cooked in a rusty old paint can for a pot. Mmm. When do we eat? I know, right after the lecture on how capitalism makes life unbearably rotten for humans everywhere.
Kiplinger - 10 Surprising Ways Your State May Tax You Next. Still not on the list: taxing toilet flushes. Yet.
Money Beagle - 5 Ways to Save at the Beach. Aside: I once had a secretary who owned a beagle named Bagel.
Debt Consolidation Care - (An interview with some goofy guy named Len Penzo.) Thanks, Sarah!
Debt Vigilante - 8 Ways I Cut Costs Down to Have More Fun. Those lovable Freegans might have a problem with this list because the Vigilante didn't mention dumpster diving and eating roadkill for dinner.
...And Here's Some Other Posts You Might Enjoy:
Hope to Prosper - Trillion Dollar Public Pension Shortfall.
Personal Finance By the Book - New Laws Rock the Debt Settlement World.
Budgets Are Sexy - 5 Things to Always Keep In Your Car.
Eventual Millionaire - I Must Do the Thing I Think I Cannot Do.
Wealth Informatics - Borrowing from 401k for First Time Home Down Payment.
Personal Finance Firewall - Have You Experienced What Financial Freedom Tastes Like?
Oblivious Investor - Dealing With Investment Confusion.
Green Panda Tree House - The Ultimate Way to Manage Your E-Mail.
Barbara Friedberg Personal Finance - Need Extra Money? Do Not Do This!
Sweating the Big Stuff - 5 Main Money Gobblers.
Beating Broke - Balanced Billing: Budget Helper.
The Way-Back Machine: Past Posts Of Mine You May Have Missed
From August 2009:
Personal Finance Decisions: The Good, The Bad, and The Ugly - If the world of personal finance was a spaghetti western, this is what it would look like.
Credits and Debits
Debit: Approximately one half-million people filed new applications for unemployment benefits last week. That represents a nine-month high for initial claims, and suggests the so-called "summer of recovery" is anything but.
Debit: The reason employers aren't hiring is simple - there is just too much economic uncertainty brought about by President Obama's anti-business policies that, some say, is our economic Katrina.
Debit: With all this uncertainty, I'm not the only one who expects this country to flounder - or worse - until we reverse the economically destructive liberal policies that this Congress and President Obama are foisting on the United States. But there are some who say "bah!" to that because, they say, the only thing we're really uncertain about is, well, uncertainty. At best, that's a glass-half-full opinion, if you ask me.
Credit: I'm normally a glass-half-full guy myself. Unfortunately, that view becomes delusional when the glass is clearly three-quarters empty.
Debit: My friends at Political Calculations recently did a couple of very enlightening studies that shed light on President Obama's tax future and spending future based upon his budget plans, where they concluded: "What we find is that even after adjusting for inflation, President Obama intends to permanently increase the federal government's spending by an average of $576.4 billion during the years from 2010 through 2013. We also see that he doesn't plan to stop there, as he would plan to spend even more money in 2014 and 2015, the last year for which he projects spending in his Fiscal Year 2011 budget."
Debit: Even worse, and as Political Calculations showed, although the tax burden will rise significantly for everyone, starting in 2011 and beyond, the deficits will just continue to get even bigger. There is no way you can spin that by saying the glass is half-full.
Debit: Two big issues contributing to our deficit problems are the absurd pay and benefits enjoyed by public sector employees, which prompted the Freeman's George Leef to observe, "Karl Marx was right - sort of. He was right in saying that society is driven by class warfare, but he got the classes wrong. It’s not the case that capitalists exploit workers, but rather that tax consumers exploit taxpayers."
Credit: If this country is going to survive in its present form, we must drastically reduce the size of the federal government and its spending. Don't make the mistake of thinking that's Tea Party hyperbole either. We need to elect true fiscal conservatives this November, regardless of their party affiliation. Otherwise, I fear our country will soon be destroyed from within.
Credit: Meanwhile, in a bit of positive news, MSNBC reports that some architects and real estate websites have declared that the era of the McMansion is all but over. If true, it's good to see that most people have finally woken up and realized that a 3000 square foot house for a family of four - or less - is not only excessive, but also a potentially unnecessary strain on their pocket book.
Debit: Then again, after gasoline jumped to $5 per gallon a couple years ago, I thought the era of the over-sized SUV and monster truck was over too. Oops.
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Debit: In other news, the World Health Organization (WHO) called on Friday for the monitoring of a new superbug that is resistant to nearly all antibiotics. This is the same organization that warned us all in 2007 about an H5N1 bird flu pandemic that never came, resulting in millions of wasted dollars for hastily-created vaccines that were never needed. Through 2009, there were only 263 deaths from 447 total cases worldwide. Well, they were close.
Credit: This just in: the World Health Organization just sent out another press release today predicting that, in 2011, the Washington Generals will wrest the NBA title from the Los Angeles Lakers and Billy Bob Thornton will be voted People Magazine's Sexiest Man Alive!
By the Numbers
Some fun statistics, courtesy of Wikipedia, on the Washington Generals and their Achilles' heel, the world famous Harlem Globetrotters.
5 The number of alternate team names for the Generals. To give the appearance that the Globetrotters play more than one team, the Generals have also donned uniforms representing the Boston Shamrocks, the New Jersey Reds, the Baltimore Rockets, the New York Nationals, and the Atlantic City Sea Gulls.
6 Between 1953 and 1995, the number of times the Generals have beaten the Harlem Globetrotters.
13,000+ The number of times the Globetrotters have beaten the Generals.
2,499 The Globetrotters' longest winning streak. The streak came to an end on January 5, 1971 when the Generals (playing as the New Jersey Reds) won in overtime 100-99. It was the Globetrotters' only loss between 1962 and 1995. According to Wikipedia, Generals' team owner Louis "Red" Klotz said that after the game the fans, "Looked at us like we killed Santa Claus."
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Other Useless News
Here are the Top 5 Referring sites so far during the month of August (excluding search engines and aggregators).
1. MSN: Smart Spending
2. Time Magazine: It's Your Money
3. Wisebread
4. Cheap Healthy Good
5. Mint
Thanks to everyone who has linked to me over the past month! I truly appreciate it. I'll be highlighting the Top 25 referring sites at the end of the month.
Oh yes, and here's another friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-)
Carnival News
This week I had articles featured at the following carnivals:
The Carnival of Personal Finance @ Live Real Now ...
Continue reading Black Coffee: A Little Fun with My Dog and Some Peanut Butter
The Great Debate: Do Kids Really Need Their Own Cell Phone?
Last week I shared the story about my $1055 cell phone bill, courtesy of my teenage son. The article seemed to, um, resonate with a lot readers, not only here but at MSN where it was also featured as a guest post, and on Digg, where at last count it ...
Continue reading The Great Debate: Do Kids Really Need Their Own Cell Phone?
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