LivingCheaply.net » Spare Change

Daily Links and a Call for Blog Requests

cheapo — Thu, 15 Jul 2010 20:10:29 +0000

As you’ll read tomorrow (or Monday), I’ve entered a new phase in my life. After years of hard work and long hours building this blog (time that I’ve enjoyed), I’ve been shifting things around so that I have more free time. As a result, I’m going to have more time to devote to creating quality blog posts, instead of rushing around at the last minute looking for something to write about. Because of this, it’s time yet again to take requests. I do this about once a year, and it’s a great way to get a feel for what GRS readers are interested in. I’d be grateful if you’d take the time to leave a comment below with topic suggestions or article requests . It doesn’t matter if we’ve covered the subject in the past. If you’d like me (or one of the other GRS staff) to write about it, let me know. Have there been too many articles about credit cards? Too few articles about credit cards? Would you like to know more about individual savings accounts? Do you like the articles about the psychology of spending? Would it be helpful to have somebody come in to explain insurance concepts in plain English? Should I try to persuade my wife to share more of her recipes now and then? Let me know what you’d like to read about! While you’re all providing feedback about the site, here are a few recent articles of note: Over at The Simple Dollar, Trent and his readers had a thoughtful discussion about the obligations of wealth . “I think there is some inherent distrust of the rich in the mainstream of American society,” Trent writes as he describes how a wealthy person can keep from alienating his friends. There’s so much to say about this topic; I’m tempted to write an entire article about it. GRS reader Steven writes a blog called Hundred Goals , which is about achieving your goals while managing your finances. After Sierra’s post this morning about travel, he dropped me a line to let me know that he has a recent article about how to have a great vacation . Speaking of vacation, my pal Jason over at No Credit Needed spent time compiling day-use fees and free days for state parks across the United States. Handy page to bookmark! And here’s more travel! At The Art of Non-Conformity, my good friend Chris Guillebeau has posted a beginner’s guide to travel hacking . I’ve been asking him to share this info for a long time; now I’ve got to take responsibility to use the knowledge he’s shared. Finally, I’ve been giving a lot of interviews lately. I’m much more comfortable with these than I used to be. (They used to scare me to death!) Some examples: Colleen from The Frisky interviewed me about how to save money even when you’re living paycheck to paycheck . This is a tough quandary, something I’m asked about a lot . In an interview with BeFrugal , I discuss frugality, happiness, and conscious spending. (Note: “the ballot” should be “the balance” — I must have mumbled.) Jeff Rose at Good Financial Cents also interviewed me . This interview is very much about the process of writing a book, which may or may not interest you. I also spoke with Beverly Harzog from Card Ratings . We chatted about credit cards , of course, but also about other aspects of personal finance. Finally, USA Weekend has a short piece on how to give your 401(k) a midyear check , for which author Richard Eisenberg interviewed me back in May. This is a perfect example of how much work goes into even a small newspaper article. Eisenberg spent 20-30 minutes on the phone with me, and I’m sure he did the same with the other folks he quotes. Plus, I’ll bet he spent a lot of time writing. I wouldn’t be surprised if there were 4-6 hours in this small piece. Okay, one last thing before I go. Tim pointed me to a two-year-old New York Times series about the debt trap , which includes an interactive infographic showing average household debt loads over the past century . That’s enough links for today. Please do leave a comment with topic requests or other feedback. Meanwhile, it’s time for me to go do some yardwork…

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Daily Links and a Call for Blog Requests

Daily Links: Ain’t No Sunshine Edition

LivingCheaply — Sun, 20 Jun 2010 23:15:44 +0000

I know I’ve whined about the weather several times in the past, but I’m going to do it again. This is the coolest, wettest spring I can ever remember. We’ve had a handful of sunny days, but that’s it. The rest of the time, it’s been just like today: grey and misty. Now, as an Oregonian, I’m okay with several months of grey and misty. I like it. That’s why I live here. But I didn’t sign up for eight months a year of this stuff. Like just about everyone else in the Portland area, this weather is starting to drive me insane. Summer begins at 4:21am Pacific on Monday morning. And the sun had better not be far behind! As a sort of side effect, however, it turns out we picked a good year to take a break from our garden project . Everything but the peas and blackberries look pathetic. The strawberries taste like California strawberries (an Oregon insult for fibrous early-spring strawberries that have little flavor). The tomatoes are ready to give up. If we were tracking our costs and harvest this year, we’d probably be in the hole. Enough complaining! Here are a few finance articles I’ve been reading elsewhere around the web: Kristen forwarded a fascinating article from the San Francisco Chronicle . Author Jonathan Nathan takes a look at the pitfalls of credit reports , exploring what happens when errors creep into the automated world of credit reporting. The credit bureaus insist “there are no mistakes here”, yet consumers continue to report puzzling bits of info in their credit reports — info that often hurts their financial situation. Remember: It’s a good idea to get your free credit report once or twice a year to be sure there’s no misinformation. A couple of years ago, GRS reader Betsy Teutsch gave us a guest post on her love-hate relationship with wedding registries . At her own blog, she recently posted a follow-up, in which she finds a middle ground. After her son’s recent wedding, Betsy decided there are ways to make wedding registries less onerous . A recent MSN Money column from Liz Weston features stories of folks who live on $18,000 a year — by choice . Weston profiles three people (ages 25, 44, and 60) who “have chosen to live frugally so they can pursue their own interests”. It’s interesting to see what these people have in common: cheap housing, cheap transportation, and cheap thrills. Note: Two of Weston’s subjects have websites: Postconsumers.com , which is about finding Enough; and Advanced Riskology , from GRS reader Tyler T. Finally, Feed the Sink has a follow-up to April’s recent article about shopping at farmers’ markets . Andre looks at five reasons farmers’ markets are good for you . Kris and I made our first trip to the local farmers’ market last weekend, and were both impressed by the stuff we came home with. — Related Articles at Get Rich Slowly: Daily Links: Deal or No Deal Edition Return of the Daily Links Daily Links: Walking on Sunshine Edition Daily Links: A Fool and His Money Edition Daily Links: Outsourcing, Intentional Default, and The Simple Dollar

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Daily Links: Ain’t No Sunshine Edition

Daily Links: Daily Routine Edition

LivingCheaply — Thu, 10 Jun 2010 19:16:44 +0000

For the first time in more than a year, I feel as if my life is under control. I’m getting things done that need to get done. I have balance. After being overwhelmed for so long , the book stuff is winding down, and I’ve made some changes behind the scenes here at GRS (about which more soon) that allow me to ignore the stuff that doesn’t matter so that I can focus on the stuff that does . In fact, I’ve settled into something of a routine. I’m not the sort of guy who usually likes routines, but this one’s nice. It goes something like this: Out of bed at 5:30, quick check of e-mail and blog comments, then brush teeth, wash face, and out the door to: One hour at the Crossfit gym starting at 6:30. Back home by 8:00 am. If I’m feeling industrious, I bike or run a bit. After breakfast and a shower, I… Head up to the office by 10:00 am. Spend the next six hours answering e-mail, taking calls, and writing about money. At 4:00 pm, I head hoome to spend an hour studying French . If I don’t have something else planned (such as a Portland Timbers soccer match), Kris and I eat dinner together. Then we read, watch a TV show from iTunes, or work in the yard. I try to be in bed by 9pm for pleasure reading. (I’m just finishing The Egg and I , as recommended by GRS readers .) Lights out by 10pm. I follow this schedule from Monday through Thursday, and then get three weekend days to do all sorts of other stuff. (Though I usually spend about eight hours on Sunday working at the office.) It feels great! And my workload has dropped from 60+ hours a week all last year to just 24-32 hours a week now. Not Tim Ferriss levels, but much more balanced than before. As a result, I feel like I’ve been able to produce some better articles lately. I’ve also had time to do more reading about personal finance, both in books and around the web. You know what that means, right? I may be able to post link round-ups a few times a week again — starting with today! Here are some recent articles that have caught my attention: First up, Flexo at Consumerism Commentary posted the latest edition of his podcast earlier this week, and it features an interview with Donna Freedman . Many of you enjoyed Donna’s guest post here last Sunday. If you’d like to hear more from her, spend half an hour listening to the podcast. Next, Lisa wrote to tell me that one of her favorite blogs, A Practical Wedding, has been running a series on money and marriage ( part two ). The first two posts in the series discuss the practical considerations of merging finances (and the comments on the posts argue for alternatives). Lisa thinks I should get the author to a guest post for GRS. I like Meg’s style, so I plan to drop her a line. Chris from Software Advice recently offered a 10-step guide explaining how to negotiate your rent . What does this have to do with software advice? Who knows? But this post gives a great run-down of the things you can do when negotiating with a landlord. Steve pointed me to an article at Science and Money that compares 529 plans from Fidelity and Vanguard . I know nothing about 529 plans (which are tax-advantaged plans designed to encourage saving for college), and have never published an article at GRS about them. However, Helen at Science and Money has been doing some research, and this article is a nice round-up of what she’s learned. Finally, after Katie’s recent guest post about having frugal fun with board games, Josh dropped me a line to tell me about a game he’s been putting together. That game now has a website. If you’d like to see what one of your fellow readers has been up to, go check out Heroes of Feonora . I haven’t downloaded the game yet myself, but I intend to do so soon! — Related Articles at Get Rich Slowly: Return of the Daily Links Daily Links: Compound Interest, Web Income, and Happiness Daily Links: A Fool and His Money Edition Daily Roundup: Bringing Home the Bacon Edition Live Simple – Tactics to Improve Your Life

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Daily Links: Daily Routine Edition

Daily Links: Outsourcing, Intentional Default, and The Simple Dollar

cheapo — Wed, 12 May 2010 21:43:35 +0000

It’s been a long time since I share links to other sites. That’s a shame, because there’s a lot of great stuff out there. Lately, I’ve been impressed with some articles from some of your fellow GRS readers. For example, Tim at the Seattle Bubble blog just posted an article on misguided ethics and walking away from a mortgage . We’ve had several discussions around here about the morality of defaulting on a mortgage. There are a lot of GRS readers who think that defaulting is reprehensible. Tim lays out the case in favor of intentional default. “A mortgage is merely a legal contract, not some sort of sacred vow,” he writes. It’s a fascinating article, with 181 fascinating responses. In February, Erica Douglass shared a controversial guest post with us about outsourcing life when you’re financially secure . She argues that if you can afford it , it’s actually very sensible to pay other people to do things for you. Over at her own site, Erica has just written an article to answer the question, “Is outsourcing worth the effort?” This will be of interest to a very small portion of GRS readers, but I think some of you will find this helpful. Finally, Trent at The Simple Dollar posted several great articles recently, including: Why you shouldn’t buy gold as a hedge against devastation. Trent believes — and I agree — that gold will be useless in the event of a financial apocalypse. History and reason bear this out. I’ve been meaning to write a post on this subject (and probably still will), but this is a great intro. The myth of the tax deduction. A tax deduction is no reason to get a mortgage. Trent writes, “You’re far better off having a small debt load and perhaps missing a deduction or two than having a high debt load and getting those deductions.” Never co-sign a loan unless you want to pay for it yourself. Separating your goals and choices from those of other people. This is an awesome post with great advice: Don’t base your goals on the goals of other people. Make you own decisions based on your own preferences and priorities. That’s it for this afternoon, folks! Time to enjoy some of that rare Oregon sunshine… — Related Articles at Get Rich Slowly: Daily Links: One Equals Two Edition links for 2007-04-25 Daily Roundup: Bringing Home the Bacon Edition Daily Links: Question and Answer Edition Daily Links: Compound Interest, Web Income, and Happiness

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Daily Links: Outsourcing, Intentional Default, and The Simple Dollar

Highlights from Four Years of Get Rich Slowly

jos — Thu, 15 Apr 2010 16:30:22 +0000

Four years ago today, I started a new blog. Inspired by the success of a popular post at my personal site, I sat down to create what I thought would be the first personal-finance blog on the internet. I was wrong , of course; there were plenty of similar blogs before mine. But over the past four years, Get Rich Slowly has grown into a great place for average folks to gather and discuss their financial successes and failures. It’s been a great trip. Get Rich Slowly: Year One It may be difficult to believe, but Get Rich Slowly started with a much different format. I used to make several posts a day, most of which were short summaries of things I’d read elsewhere or glimpses at interesting personal-finance products and tools. It was several months before I found the pattern that would last for the next several years: two posts per day, with the early post being a longer entry. Most of these early articles were about my personal history, and about the tools and techniques I was using to get out of debt. Here are some of my favorite from that first year: The Entrepreneurial Spirit, a Tribute to My Father — My father was an entrepreneur. He was always starting businesses. He was always selling things. The Worst Job I Ever Had — I made some poor choices at the end of my college career; as a result, I graduated without a prospect for work. No matter — I lived off my credit cards for a few months, basking in the glow of adulthood. Eventually I realized that I needed to find a job. Money Blueprints: What Our Parents Taught Us About Money — I had dinner with two friends from high school last night. We shared good wine, good food, and, especially, good conversation. We talked about how we perceived money when we were younger. Which Online High-Yield Savings Account is Best? — The most-commented post ever on this site, and one folks refer to again and again. It’s not story-oriented, but is simply a resource for finding a good online bank. Get Rich Slowly: Year Two The second year of this site saw a creative explosion. As the GRS community grew, it fed me new ideas. And as I defeated debt after debt, I found inspiration all around me. Success with personal finance led to success in other areas of my life. By the end of 2007, I’d managed to pay off the last of my consumer debt; a few months later, I quit the day job to blog full time. Some of the best stories from this site’s second year include: The Power of Yes: A Simple Way to Get More Out of Life — For much of my adult life I’ve been shackled by fear. I’ve been afraid to try new things, afraid to meet new people, afraid of doing anything that might lead to failure. This fear confined me to a narrow comfort zone. Recently, however, I made a single small change that has helped me to overcome my fear, and allowed me to get more out of life. You Are Your Own Worst Enemy — My friend Gillian called the other day — she’s been having money trouble and was looking for help. “I’m not really a financial advisor,” I told her. “I write about money, and I try to help people at my web site, but I’m not qualified to coach you one-on-one.” Still, she’s a friend, so I resolved to at least give her some advice. Free at Last! Saying Good-Bye to 20 Years of Debt — It took a lot of time and effort, but these actions have finally paid off. Today I wrote a check for the last of my consumer debt. I’m now debt-free, except for my mortgage. I’ve been walking around in a happy little haze all day long. Luck is No Accident: 10 Ways to Get More Out of Work and Life — Dale Carnegie once said, “Happiness doesn’t depend on ay external conditions — it is governed by your mental attitude.” Some people might dismiss this as bunk, but research bears it out. Don’t worry about circumstances beyond your control. Learn to control the things you can, including your reaction to the world around you. How you respond to an unfortunate event is often more important than the event itself. Get Rich Slowly: Year Three The third year of Get Rich Slowly was turbulent, though most of this occurred behind the scenes. The blog grew rapidly, and I realized it had turned from a hobby to a business. This was both a blessing and a curse. I felt like there was way too much for one man to take care of, so I began to cast around for solutions. Meanwhile, I found it difficult to find financial balance. I’d been pinching pennies for a long time in order to pay off my debt, and it was tough for me to loosen up. With your help, I eventually realized it was okay to use money to have a little fun. To add to this year’s ups and downs, my best friend died last February. Though you may not realize it, this event had a profound impact on my life and on this blog. Here are some of the top stories from Get Rich Slowly year three: A Real Millionaire Next Door — Kris and I love our neighbors. One of our favorite neighbors is the old guy next door. Let’s call him John. He’s a man who has lived the philosophy I’ve adopted for myself, who has lived the philosophy I espouse on this web site. He’s lived this life and has been successful. He’s a man who is happy and fulfilled. He’s a real-life millionaire next door. You Can’t Always Get What You Want — It’s okay to have something in your life that you hate. And it’s okay to have something you want. It’s natural. The problem is that once you get that thing, you’re just going to hate something else, you’re just going to want something more. It’s not want that’s the problem, but the habit of constantly satisfying wants. The Razor’s Edge: Lessons in True Wealth — My friend Sparky made what I thought were odd choices. He lived like a monk while at home so that he could spend his money on travel and other things that were important to him. This article describes the lessons he taught me. How to Build Confidence and Destroy Fear — Without self-confidence, we have a tendency to make poor decisions. We make choices based on fear instead of what’s best for us. If you lack confidence, you might fill your life with self-destructive behavior. You might work at a job you hate. You may allow yourself to get deep in debt. You may find yourself moving from one bad relationship to another. Without confidence, you don’t allow yourself to pursue your dreams. Here are a few courage-building techniques I’ve picked up over the years. Get Rich Slowly: Year Four This past year has been one of great personal fulfillment — and great personal struggle. As a result of my best friend’s death, I made some big behind-the-scenes changes so that I could free some time to pursue other life goals. First, though, I wrote Your Money: The Missing Manual , which has consumed the last six months of my life. One of the most notable changes, of course, was the addition of staff writers. This helped take the load off my shoulders, and introduced some new voices around here. The blog also moved to a “one long article a day” format, which most people seem to prefer. Great articles from the past year include: How to Negotiate Your Salary — I don’t think people spend enough time looking for ways to boost their income. Learning how to negotiate your salary is one of the best ways to improve your financial well-being. Understanding the Federal Budget and The Truth About Taxes — We cannot have informed discussions about taxes and government spending if we don’t have the baseline information. Because my own education on this subject is weak, and because I want GRS readers to be informed, I spent twelve hours last week researching a variety of tax topics. These two articles record my attempts to discover that baseline information. The Paradox of Choice and the Dangers of Perfection — While it’s true that some choice is a good thing, too much is not. It’s easy to pick the best option from a pool of three, but it’s difficult to find the perfect choice in a pool of thirty. “Perfect” is a moving target. It’s better to make a solid decision today than a perfect decision next week. Spend Based on Who You Are, Not Who You Want to Be — Buy things as rewards, not because you expect merely having them will change who you are. Or, another way to think of it: Buy things as you need them instead of buying them with the expectation that you’ll use them. Get Rich Slowly: Year Five What does the next year hold in store for Get Rich Slowly? Well, I finally have to admit that this is now a group blog. Mine is the strongest voice, and I’m providing the editorial vision, but the multi-author format is here to stay. Note: I realize some long-time readers don’t like the multi-author format and would rather I wrote every article. While that’s flattering, it’s just not gonna happen. I don’t have the time or passion to make that work. If you really want to read more J.D., you can always visit my personal site (jdroth.com), read my occasional posts at Get Fit Slowly , or check out my new blog, Success Daily , which hasn’t officially launched yet. At the same time, I’d like to write a bit more at Get Rich Slowly, if possible. The current “one big post a day” format is okay as far as it goes, but I miss having smaller, lighter posts in the afternoons. I miss the quick notes about interesting new money tools, and the brief overviews of articles at other sites around the web. These are generally easy to produce, and if I can find time, I may try to write more of these. I think you and I would both get a lot out of this. But the biggest change to come is my quest to have more interaction with you, the readers. To be honest, the book project and all of the other Big Stuff has taken a lot out of me. I know this will be rewarding in the long run, but in the short term it’s draining. Now I want to focus on you , on sharing more Reader Stories (drop me a line if you want to share yours!), posting more reader questions, and, especially, answering more reader e-mail and participating in the comments. Thank you for four great years! I’m happy to have helped so many people, and I appreciate how much you have helped me. I look forward to continuing this journey together. — Related Articles at Get Rich Slowly: Forum Highlights for 08 June 2007 DIY Macro Photo Studio Heath Ledger’s Death Highlights the Need for Proper Estate Planning Discussion Forum Highlights Using the Bank: State-of-the-Art Personal Finance (from 1947)

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Highlights from Four Years of Get Rich Slowly

Daily Links: Empire Builder Edition

jos — Wed, 07 Apr 2010 22:00:45 +0000

Howdy, everyone. I’m writing to you from my sleeper compartment aboard Amtrak’s Empire Builder train, which runs from Chicago to Portland. Chris Guillebeau and I have been traveling westward for 24 hours now, and have passed through Wisconsin, Minnesota, and North Dakota. We’re now entering Montana (our train is behind schedule), and have another day or so left to ride. It’s fun, and surprisingly productive . Chris is using this trip to launch his Empire Building Kit , which is designed to help motivated people build a “lifestyle business” — as a photographer, a personal trainer, a web designer, a dog walker, whatever — by taking a small step everyday. I’m using the trip to work on PR for Your Money: The Missing Manual (I’ve spent most of the time writing guest posts for other blogs). I’ve also had time to look at some of the stories you folks have sent me, such as: First of all, you folks know I’m a fan of setting financial goals. It’s one of the cornerstones of my financial philosophy. Squawkfox has put together a nice post that explains how to set financial goals , which includes three handy spreadsheets for goal-setting. Next, Money Saving Mom is challenging her readers to stop making excuses and start saving. She says she’s tired of complaints that about why people can’t cut their spending at the grocery store, so she’s started a new series: 31 days to a better grocery budget . If you struggle to keep your food spending in check, you may want to check this out. Over at The Simple Dollar, Trent has a great post about the mythology of spending and mental anchors . “If you spend all of your time comparing the major things in your life to others based on their cost or their perceived value,” he writes, “you’re saying that what others want is more important to you than what you want. Never let any important choice in your life be governed by what others want.” Finally, Adrian sent me this ESPN story about how pro-basketball player Antoine Walker went broke : “Walker’s lavish spending was legendary, even by NBA standards. He had closets full of custom-tailored suits. His driveway was a showroom for Benzes, Bentleys and Hummers. He never did quite appreciate just how much they depreciate.” I’ve written before about the lifestyles of the rich and stupid . I used to mock folks who made millions and lost it all. I’m more sympathetic now, because I understand how easy it is to blow through money if you don’t have any sort of financial education. — Related Articles at Get Rich Slowly: Return of the Daily Links Daily Links: Scott Burns and Quality Edition Daily Links: A Fool and His Money Edition Daily Links: Compound Interest, Web Income, and Happiness Daily Roundup: Bringing Home the Bacon Edition

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Daily Links: Empire Builder Edition

Daily Links: Answers and Myths Edition

cheapo — Thu, 18 Mar 2010 22:00:37 +0000

As many of you have noticed, my book is making its way into stores. Your Money: The Missing Manual is now shipping from Amazon, and should find its way into brick-and-mortar bookstores over the coming month. I’m excited (and scared) to have this let loose upon the world. I’ve done my best to create a book that can help people improve their financial lives, and I know I’ve packed it with great information, but there’s always a part of me that worries that I could have done even better, you know? Though the book is out now, the “launch” ceremonies aren’t officially underway. My publisher is putting together a PR push for early April, and I’ll start doing more marketing myself in the next week or two. To start, I’ve contributed 5 practical tips for saving money over at O’Reilly Answers. (O’Reilly is my publisher.) Go take a gander — and while you’re there, feel free to leave a comment with your tips for saving. In non-J.D.-related news, here are some other interesting financial articles I’ve found recently: I mentioned the new blog Pop Economics about a month ago, but I’m going to mention it again. I like it. A lot. The author tends to stay on the economics side of personal finance (as you might guess from the blog’s title), but his articles are informative and interesting. I particularly enjoyed the recent rant about the problem with gold bugs . I’ve considered writing an article about gold myself, but don’t have the guts. (I’m not a fan of gold as an investment, and I know saying that will make some people cranky.) Earlier this month, Steve at Brip Blap wrote a post called “How to Make Money on Facebook”. But the post is really about how to lose money in a negotiation . When you’re buying something — especially a house — you put yourself at a disadvantage when you let the other side know how much you want to buy. I learned this lesson the hard way when I bought my Mini Cooper (I gushed about the car to the salesman, who could then get me to pay even more). When you’re negotiating, let the other side do the talking. In her article about the myth of the $18,000 wedding , Laura Rowley argues that people think they’re supposed to spend that much because they’ve been told that’s how much people spend — even though that might not be the case. While researching my book, I was frustrated to find that a lot of the figures we financial fanatics hold dear are actually based on myth. (For instance: Can anyone show me the purported Dun & Bradstreet study that shows people spend more with credit cards than without?) How did I miss this when it was first posted at The Consumerist last November? I don’t know, but this is awesome . Here’s a video from a former Bank of America customer-service rep that explains why she was fired: because she stopped denying people who needed help: If you can’t (or don’t want to) watch the video, The Consumerist has a complete transcript . Finally, I’ve been very busy for the past few months. Or years. Which may be why Marissa Bracke’s post about why she stopped working with busy people hit home with me. Maybe I need to change my outlook. — Related Articles at Get Rich Slowly: links for 2007-03-14 Daily Roundup: Money Myths, Going Organic, and DIY Halloween Calendar Return of the Daily Links Daily Links: Positive Cash-Flow Edition Daily Links: A Fool and His Money Edition

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Daily Links: Answers and Myths Edition

Daily Links: Inbox Zero Edition

LivingCheaply — Mon, 08 Mar 2010 22:28:30 +0000

I did it! After months of struggling and hours upon hours of typing, I’ve finally reached that mythical state of Inbox Zero . My inbox is empty — or nearly so. (I still have a handful of messages about stuff I’m actually working on at this moment, such as publicity for the book.) I do have a stack of 74 guest-post submissions (including many reader stories), but I’m not including those in this tally. I’ll process those gradually, sending replies as quickly as I can. (If you’ve submitted a guest post, please be patient. I have dozens of them to get through, and can’t answer you all at once.) While sorting through the last 200 e-mail messages today, I found lots of great stuff you folks had submitted. Here are some of the best bits sent to me over the past few months: Carmen sent me this article from CNN/Money about living on a cash-only diet . The piece profiles five families that have given up their credit cards and are only using cash. Each family has a different motive and a different story. (Some of this covers ground we explored last month in our discussion about saying “no” to credit cards .) Jill forwarded an article from (never home)maker in which the author shares five critical reasons you must read your bills . Her mortgage company made a $4,070 mistake. If she hadn’t been paying attention, she would have paid way way too much. Yet another example of how nobody cares more about your money than you do , so stay on top of things! The folks at Your Money Bus wanted me to mention their work. The “buck-mobile” (my name, not theirs) is traveling around the country, providing a place where financial planners can meet with people and offer free advice. Here’s a list of scheduled stops . Sam over at Getting Finances Done has begun his 12 weeks to fiscal fitness program. If you’re getting started with personal finance, check this out. Meanwhile, the people at What Would John Templeton Say? are having a contest for bloggers: Write about some of Templeton’s advice, and you might win $500. (Templeton was a famous investor, and is the Templeton in Franklin Templeton mutual funds.) Finally, Chris asked me if I could tell you about his project, Be Debt Free America . Apparently this is a tool that helps you create a “debt snowball payoff report”, although the site isn’t transparent enough for my tastes. I’d like to see more screenshots and know more about how this works. Why would I choose this over a free spreadsheet ? Okay, back to work. I have to be sure that nobody has tried to send me e-mail in the past fifteen minutes. Must defend Inbox Zero! — Related Articles at Get Rich Slowly: Backlog of Reader Submissions Return of the Daily Links Daily Links: A Fool and His Money Edition Daily Links: Compound Interest, Web Income, and Happiness Daily Roundup: Bringing Home the Bacon Edition

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Daily Links: Inbox Zero Edition

Carnival of Personal Finance #243: Valentine’s Day Edition

LivingCheaply — Mon, 08 Feb 2010 10:00:23 +0000

Welcome to the 243rd Carnival of Personal Finance! What in the world does that mean? Well, a blog carnival is a weekly round-up of articles on a particular subject (in this case, money). The carnival moves from blog to blog, and gives readers a chance to find new writers they may enjoy. It’s been over two years since Get Rich Slowly last hosted a carnival (it takes many, many hours to put this together), but I wanted to do one for old time’s sake. Besides, it’s a great way to support up-and-coming financial bloggers. I found several great new money blogs while looking through the submissions this week. So how does this carnival work? I received submissions from 72 other personal-finance blogs. Yes, I read every one of these articles. Yes, it took forever. I’ve cut out the worst of the submissions, as well as any that don’t apply to personal finance. (Come on, folks: “the economic link between China and Canada” has nothing to do with the day-to-day financial life of the average person.) The 61 articles that remain are included in this carnival. I’ve organized the articles by topic. The categories below are listed in alphabetical order — except for Relationships, which I bumped to the front in honor of Valentine’s Day! Within each topic, I’ve ranked the articles in order of how much I liked them. (So, the first article in the investing category was my favorite investing article this week.) And if I really liked an article, I marked it with a happy star: . If you’re looking for just the best, skim through and find the starred posts. Note: To keep with the Valentine’s Day theme, this carnival is interspersed with excerpts from some of my favorite classic romantic poems. (You can click their titles to read the entire poems.) Pointless true trivia: When I was in high school, my life’s desire was to be a poet; I wrote much bad poetry in my youth. Which of these articles is your favorite? Relationships Mr. Cheap at Four Pillars has a mind-boggling look at two views on the economics of dating . He explains how a man he knows literally keeps score of how much he spends on the women he dates; and how a woman he knows who tries to get men to spend as much as possible on her. This is “personal” finance in the true sense of the term. Ray from Financial Highway , whose site slows my browser to a crawl, has a look at frugal Valentine’s Day gift ideas . Jason at One Money Design also has some inexpensive Valentine’s Day ideas . (Although, I don’t know: Pizza can be romantic? Really?) Joe from Personal Finance by the Book has a short look at Love and Money , just in time for Valentine’s Day! A Valediction: Forbidding Mourning by John Donne (excerpt) Dull sublunary lovers’ love (Whose soul is sense) cannot admit Absence, because it doth remove Those things which elemented it. But we by a love so much refin’d, That ourselves know not what it is, Inter-assured of the mind, Care less, eyes, lips, and hands to miss. Our two souls therefore, which are one, Though I must go, endure not yet A breach, but an expansion, Like gold to airy thinness beat. Budgeting Dough Roller has a great article about improving your finances by using an overall financial goal . We have so many financial goals, many of which won’t be met for years or decades, that it can be easy to get discouraged by our progress. Borrowing an idea from David at MoneyNing , DR says that instead of focusing on the future, we should strive to simply do a little better every month. Doubleplusgood. Darwin at Darwin’s Finance wonders, “How much could you reduce your budget if you were laid off?” Running the numbers on his own life, Darwin finds he could save over $1,000 per month if he had to. As you know from my own experience, I too was able to save $1,000/month when I cut my spending and paid off my debts. I wonder how many other folks could do this if they had to… At the Canadian Finance Blog , Tom urges readers to control spending with a budget . It’s basic stuff, but it’s important. Anastasia from Living on a Budget is a 36-year-old Russian woman living in London. This week, she has a short quiz to help you figure out which budget personality you are . (I scored a 55, by the way.) Career Mike, the Financial Blogger , explains how he got three salary increases in less than a year . Mike uses a poker analogy — and lots of winky faces — to make his point, which is an excellent one! Remember: Negotiating your salary is one of the best things you can do to improve your personal finances. At the Early Retirement Blog , Kyle argues that you should set aside 10% of your work for retirement, not 10% of your income . “The miracle of compound interest will get you where you want to be in 40 years,” he says, “but dedicating 10% of your time to generating alternative streams of income will get you there in 5.” While I think Kyle’s guilty of some hyperbole here — it’s extremely unlikely (read: nearly impossible) that you’re going to retire in five years just by spending 10% of your work hours on side projects — I think his overall idea is good. Paul, the FiscalGeek , argues that the secret to success is hustle . I happen to agree: Hustle is vital in almost every area of life, especially personal finance. (But Paul, please, learn how to use an apostrophe .) Jonathan from Christian PF has a look at five legitimate work-from-home jobs . I know there are legitimate work-from-home jobs out there, but even the real ones make me wary. I think it’s much better to create a job of your own doing something you’re passionate about… At Grad Money Matters , guest-poster Caroline shares the secret to finding a part-time job in tough economic times . The advice here is good, but I wish the article were a little more in-depth. Sonnet 43 by Elizabeth Barrett Browning How do I love thee? Let me count the ways. I love thee to the depth and breadth and height My soul can reach, when feeling out of sight For the ends of Being and ideal Grace. I love thee to the level of everyday’s Most quiet need, by sun and candlelight. I love thee freely, as men strive for Right; I love thee purely, as they turn from Praise. I love thee with the passion put to use In my old griefs, and with my childhood’s faith. I love thee with a love I seemed to lose With my lost saints,—I love thee with the breath, Smiles, tears, of all my life!—and, if God choose, I shall but love thee better after death. Debt Though I found the writing a little sloppy and hard to follow, I really liked the submission from Penny Farthing who asks, “ Is debt okay if it leads to self-improvement? ” This is a fantastic question, and I think most people would say that yeah, this sort of debt is acceptable. (Think college loans and so on.) But where do you draw the line? I like this question so much that I may actually write a post here at GRS about it sometime in the future. The always-awesome SVB from The Digerati Life explains how to apply for a loan at a peer-to-peer lender . I know know much about peer-to-peer lending, but I know that many folks have found it a useful way to attack their high-interest debt. This brief guide is a great way to get started. Lakita from Personal Finance Journey has a look at everything you ever wanted to know about the new credit card laws but were afraid to ask . We’ve covered this recently at GRS, too, but Lakita’s take is a good reminder of the coming changes in credit card terms. Craig from Money Help for Christians answers a question about options for when you can’t make your student loan payments . Because I know nothing about this subject, I learned something from this article. If you really can’t make your student loan payments, you may end up in bankruptcy. If that’s the case, then Single Money Guy has some tips for rebuilding your credit after bankruptcy . JS from Smart Money Daily goes over the 9 reasons Dave Ramsey hates HELOCs . Wordy wordy wordy. Sonnet 18 by William Shakespeare Shall I compare thee to a summer’s day? Thou art more lovely and more temperate: Rough winds do shake the darling buds of May, And summer’s lease hath all too short a date: Sometime too hot the eye of heaven shines, And often is his gold complexion dim’d, And every fair from fair sometime declines, By chance, or nature’s changing course, untrim’d: But thy eternal summer shall not fade Nor lose possession of that fair thou ow’st, Nor shall death brag thou wandr’st in his shade, When in eternal lines to time thou grow’st, So long as men can breathe or eyes can see, So long lives this, and this gives life to thee. Finances Studenomics has a fantastic look at how you can make money as a tutor . I often think making money is the most-neglected topic in personal finance, so it’s great to see articles that offer real-life experience and advice about earning extra income. Great stuff. David, the Personal Finance Analyst , has a long look at your secret credit scores and their implication. He doesn’t have any concrete recommendation, but these “secret” scores are important, and not enough folks know about them. Sun at The Sun’s Financial Diary encourages readers to become master of their financial domains . Sun says that when getting and accurate picture of your financial situation is the first step to becoming a master of your finances. Adam at Magical Penny has a thought-provoking look at why it’s okay to lose money in a savings account . He argues that even while inflation is chipping away at the value of your cash, there are great reasons to build your savings. I think his advice is right on. RJ from Gen Y Wealth takes a look at the wealth effect , which occurs when your net worth increases due to an increase in home or stock prices. This increase makes you feel richer, and therefore causes you to increase your spending. At his blog, Len Penzo explains inflation by showing that Avatar isn’t the biggest move of all time . Inflation can be hard for some people to grasp, and this is a good way to explain it. Wild Nights by Emily Dickinson Wild nights—wild nights! Were I with thee Wild nights should be Our luxury! Futile the winds To a heart in port— Done with the compass, Done with the chart! Rowing in Eden— Ah, the sea! Might I moor, Tonight, in thee! Frugality RC at Think Your Way to Wealth wonders, “ Is self-reliance a lost art in this day and age? ” This is a great mediation on our throw-away culture. Ryan, the Financial Student , shares the story of how he’s getting 30 hours of college credit for 15 bucks using something called the post-secondary education option, which allows high-school students to take college classes for free. Way cool! The Well-Heeled Blog argues that you can save money by embracing your natural hair , and says, “I used to spend $250+ and 4 hours in the stylist’ chair to straighten my hair. After I’ve come to accept (and even love) my wavy hair, however, I stopped the straightening treatments. I’ve discovered that I’m getting better hair and a fuller wallet in return.” Again and Again by Rainer Maria Rilke Again and again, however we know the landscape of love and the little churchyard there, with its sorrowing names, and the frighteningly silent abyss into which the others fall: again and again the two of us walk out together under the ancient trees, lie down again and again among the flowers, face to face with the sky. Investing Note: There were a lot of of submissions in this category, and they’re all pretty good actually. They’re still ranked in order of how I liked them, but I felt these submissions were much stronger than in other categories, so even those near the end of the list are still worth reading. My favorite post of the week is from Pop Economics , which I’d never heard of until today. Pop explores the illusion of control — our compulsion to do something with our investments. Studies show that we feel happier if we feel like we’re in control of our investing future. When we don’t have control, we feel depressed. With that in mind, how do you reconcile those instincts with passive, low-cost investing? This article explores a couple of options. I love this blog. It just started on January 1st of this year, which is why I’d never heard of it, but I’m a subscriber now! Mike, the Personal Finance Ninja , gives three reasons the average joe is a bad investor . Mike says that you are not Warren Buffett. For most of us, active trading is not a good idea; instead, we should keep expenses low and diversify with index funds. Ninja cartoons! Warren Buffett quotes! Index funds! How could you not read this article? Mike at Gather Little by Little shares the second part of a series on what he calls “investing baby steps”. In this installment, he examines some investing strategies for beginners . (There are more strategies to come in the future!) I think this is could be a useful series of articles for folks wanting to learn more about how to invest. The Dividend Guy shares seven warning signs that you need to repair your investment portfolio , a good reminder that it’s important to review your investments at certain intervals. (I recommend reviewing your asset allocation once per year, though some folks think you should do it every quarter.) Jim at Bargaineering just published another in his ongoing series of Devil’s Advocate articles , in which he tries to argue against conventional financial wisdom. (He doesn’t necessarily believe what he’s writing; he just wants to present the other side.) In this case, he tries to argue that you shouldn’t invest in the stock market . Another Mike — Mike Piper, the Oblivious Investor — has a review of Zvi Bodie’s Worry-Free Investing , a book that argues investors should put their money almost exclusively into TIPS , advice that Piper thinks is…well, oblivious! The Smart Wallet has a good post on a dry subject: Paying capital gains taxes when you trade stocks. This explains yet another reason it’s not a good idea to be an active stock trader. At Free Money Finance , a guest poster explores the eight biggest mistakes investors make . Solid advice here. Paul Williams from Provident Planning has an article with a very narrow target audience: He’s reviewed Prudential’s Retirement Red Zone , which is apparently a pitch at soon-to-be-retirees to use variable annuities. To Virgins, to Make Much of Time by Robert Herrick Gather ye rosebuds while ye may, Old Time is still a-flying; And this same flower that smiles today, To-morrow will be dying. The glorious lamp of heaven, the Sun, The higher he’s a-getting; The sooner will his race be run, And nearer he’s to setting. That age is best, which is the first, When youth and blood are warmer; But being spent, the worse, and worst Times still succeed the former. Then be not coy, but use your time, And while ye may, go marry; For having lost but once your prime, You may for ever tarry. J.D.’s note: I love this poem. Money Management Jeff Rose from Good Financial Cents has a great piece on how to find the best financial advisor for you . If you’re in the market for a financial planner (or other advisor), be sure to read this. Can you retire early without getting lucky? That’s what Tim from Canadian Dream: Free at 45 wonders. He says that nearly every story he’s heard of early retirement has included an element of luck. But can the average person retire early? Tim ran the numbers and found that if you do everything right, yes it’s possible. But you have to avoid consumer debt, buy a small house, and keep away from lifestyle inflation. Great piece! Ron at The Wisdom Journal has a thought-provoking piece about goals. He notes that 80% of accidents on Mt. Everest happen on the way down , and wonders if this isn’t a metaphor for how we handle financial goals. We spend so much time planning how to reach our financial destinations that sometimes we forget to think about what happens after. Interesting stuff. At Sweating the Big Stuff , Daniel takes a look at compound interest and why it’s important to pay yourself first . K from Family Balance Sheet shows how to create your own family balance sheet , which will let you manage your household like a business. (Includes a sample Google Docs spreadsheet you can use!) PT Money has a run-down of joint savings accounts . What are they? Why should you care? Modern Gal (a great blog I’ve never seen before) has some short-and-sweet financial advice for thirty-somethings . These are basic but important tips. Big Cajun Man from Canadian Personal Finance (there are cajun Canadians?) wonders, “Do you have a financial GPS?” He thinks it would be great if there were some automated way to know when you’ve made a wrong turn with your money. When I am Dead by Christina Rossetti When I am dead, my dearest, Sing no sad songs for me; Plant thou no roses at my head, Nor shady cypress tree: Be the green grass above me With showers and dewdrops wet; And if thou wilt, remember, And if thou wilt, forget. I shall not see the shadows, I shall not feel the rain; I shall not hear the nightingale Sing on, as if in pain: And dreaming through the twilight That doth not rise nor set, Haply I may remember, And haply may forget. Real Estate Though it’s basic stuff, I really liked Austin’s article about Renting 101: What you should know before you sign at Foreigner’s Finances . This basic info is valuable for folks just starting out on their own. Maybe you have a brother or niece to forward this article to. J. Money from Budgets are Sexy warns that owning a home is more expensive than you think , writing, “There are a ton of benefits that go along with this American Dream (tax write-offs, stability, equity, etc), but you’ve got to be aware of the financial drains as well.” Thinking of buying a home buy confused by the terminology? Elle at Couple Money has a post that explains how amortization and mortgages work . It’s a pretty math-y article, but will probably prove useful to those folks looking to buy in the near future. Rob at Free Family Finance has an 8-minute video about the differences between 15- and 30-year mortgages . TL;DW. She Walks in Beauty by Lordy Byron (excerpt) She walks in beauty, like the night Of cloudless climes and starry skies; And all that’s best of dark and bright Meet in her aspect and her eyes: Thus mellow’d to that tender light Which heaven to gaudy day denies. And on that cheek, and o’er that brow, So soft, so calm, yet eloquent, The smiles that win, the tints that glow, But tell of days in goodness spent, A mind at peace with all below, A heart whose love is innocent! Taxes Free From Broke has a quick run-down of qualifying for and claiming the first-time homebuyers tax credit . I’ve had some people ask me about this, and frankly I don’t know much about it. You folks should head over to check this out. Matt from Debt-Free Adventure explains how he prepares his taxes online and offers tax help and tips for first-time online software users. (Apparently he’s a big fan of TurboTax Online.) Miscellaneous Mighty Bargain Hunter has a great reminder about identity theft and financial security: Sometimes your bank will call you for a legitimate reason; if they do, call them back. He explains the process using his own situation as an example. At Eliminate the Muda , LeanLifeCoach takes a look at money and time, and how we waste them . I’ve said it before, and I’ll say it again: One of the keys to my financial turnaround was that I stopped wasting time. It’s amazing what you can accomplish when you actually do things! The Weakonomist goes on a rant against bundling, the practice of making you pay extra for crap you don’t want by packaging a bunch of stuff together. I think he’s got a valid point, though his Microsoft example seems to go against his argument. (Or am I missing something?) Kyle from Suburban Dollar shared a 4-minute video review of Gary Vaynerchuk’s book Crush It! I’m not a fan of video posts (see my whine about Free Family Finance above) because they force the blog “reader” to sit there passively and prevent them from skipping spots. But Kyle does a good job here of staying succinct, and his review of the book pretty much matches my own. (Including the complaint that there isn’t really any actionable advice in the book.) The blogger from Don’t Quit Your Day Job takes a look at why parents with children seem to volunteer more than others . (Answer: It may be because they volunteer to help with their children’s activities.) Jason from Live Real, Now has a cute piece about what Dungeons and Dragons taught him about finance . In a similar vein, B Simple from Simple Financial Lifestyle shares the keys to winning your own personal financial Super Bowl . Gimmicky, but fun. Helen at Science and Money (another blog I’ve never seen before) has a review of Saving Money by Mary Firestone , a financial-literary book for children. Helen thinks it’s lame. Final carnival stats: 72 submissions, 11 rejected (and another 7 nearly so), 61 accepted (10 of which were highlighted). Six hours to prepare: Five hours to compile and list links, and another hour to create theme and post the carnival. 3705 words. Photo by Sophiea . — Related Articles at Get Rich Slowly: Carnival of Debt Reduction #43 links for 2006-09-12 Carnival of Personal Finance – Call for Submissions Carnival of Personal Finance Daily Links: Debt Reduction, Stupidity, and Mutual Funds

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Carnival of Personal Finance #243: Valentine’s Day Edition

Daily Links: Extreme Editing Edition

LivingCheaply — Mon, 18 Jan 2010 19:28:15 +0000

Haha. Here I thought that once I finished my manuscript I’d magically have more time to write at Get Rich Slowly. That’ll happen soon, but I’m not there yet. Turns out editing is just as much work as writing — it’s just a different kind of work. I have to edit all 14 chapters of Your Money: The Missing Manual by next Monday, which is a huge task, especially when you consider my goal is to polish everything and create a tie it all together. As a result, I’ll be sparse around here. In fact, I may have to publish a couple of guest posts this week and next. In the meantime, it’s been a while since I shared a roundup of interesting links. I’ve stumbled across a few lately that I’d like to share. First up, here’s the story of Katharine Hibbert, a woman who lives in London without money . I’ve shared a couple of similar stories in the past, but Hibbert’s is different. Whereas other “no money” types live lifestyles that don’t appeal to me (living in a cave, drinking urine, and so on), she’s able to make a go of it without anything too radical. (Her use of a cell phone makes me scratch my head, though. How is that possible without money?) Over at Card Ratings, Curtis Arnold has posted his list of the best credit cards of 2009. As I mentioned last week, I’ve actually considered going back to a no-credit kind of life. But I recognize that some folks love finding new cards. If you’re one of them, check out this list. Ramit at I Will Teach You to Be Rich has been writing a lot lately about how to earn more money. I’ve said it before and I’ll say it again: The best way to turbo-charge your financial success is by earning extra income. I don’t cover this topic as much as I should around here, especially considering how important it is. One of Ramit’s recent posts describes how to turn your skills into services people will pay for . Great stuff. Matt at Steadfast Finances wrote a great article about visualizing how your stuff owns you . This is basically another approach to the “real hourly wage” from Your Money or Your Life , but the visual aspect sets it apart. I love this. Finally, FMF from Free Money Finance asked me to point out he’s started his “March Madness” blog tournament. This is like the NCAA basketball tournament, but pits the best blog posts from the past year against each other. I’m honored to have a few in the running. If you have the time and inclination, go vote for your favorites ! — Related Articles at Get Rich Slowly: Return of the Daily Links Daily Links: A Fool and His Money Edition Daily Links: Alltop Edition Daily Links: Compound Interest, Web Income, and Happiness Daily Roundup: Bringing Home the Bacon Edition

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Daily Links: Extreme Editing Edition