Beyond Paycheck to Paycheck

at November 12, 2008 in Carnivals and Media. 1 Comment

Aloha from Hawaii. Just reading through this week’s carnival of personal finance.

You: From Hawaii? Pathetic.

Not arguing. Nonetheless, I was excited to see that my post Toilet Paper as an Economic Indicator was there. Also, an interview I did with Kimberly Palmer at her US News Alpha Consumer blog was posted last night. In it, I speak extensively about writing Beyond Paycheck to Paycheck, the importance of emotional connetion, and ways to enjoy free stuff. It’s a good read - check it out.

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Inflation stressing you out? Get the fax.

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at July 30, 2008 in Cash Flow, General Financial Planning, Media and Ranting. 0 Comments

You: Dude, you spelled “facts” wrong up there.

Maybe it’s the stress. Ever think of that?

You: Stress? From inflation?

No. From blogging while I’m on vacation.

You: You shouldn’t do that. You’re the guy who talks about balance.

Maybe I’m not.

You: Not what?

It depends.

You: What depends?

There. I’ve distracted you from inflation.

You: I think I’m just confused generally.

That works too. Truth is, inflation shouldn’t stress you out.

You: But why not? Don’t you drive?

I drive. Not a lot, but enough to get to the gas station 2-3 times per month. So, yes, I absolutely notice gas prices. But I’m still not stressed out.

You: You’re so on vacation. Why aren’t you stressed by gas prices?

Because there’s nothing I can do about gas prices. It’s not something I even influence. You can only control what you can control.

Best-selling author James Geary writes a monthly column for the CFP Board. I was pleased to be a key source for his recently released July column about inflation. By reading it, I think you’ll see that while inflation is real, it’s not something which should dramatically impact your stress level. While there may be some opportunities to revisit with regard to your spending, they’re probably not in the way you think.

If you have a comment about the article, feel free to leave it below. Even though I’m not blogging from vacation, it may take me longer to respond than normal. But that’s okay. After all, why stress?

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Generation X Finance blog reviews Beyond Paycheck to Paycheck

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at June 25, 2008 in Media. 0 Comments

Jeremy, the author of the popular Generation X Finance blog, reviewed Beyond Paycheck to Paycheck on Monday.

It was a very favorable review (obviously not a shock, since I’m posting a link to it from my blog). My favorite part is:

What really stands out is the conversational approach. You almost get the feeling that you’re sitting down and talking with Michael directly. I think this approach has many advantages over more conventional books that can come off as a bit preachy. I think this goes a long way in making sure that people who read it actually go on to take action.

Amen, Jeremy!

While of course many of you have already read the book Beyond Paycheck to Paycheck–

You: There’s a book too? I thought this was a blog.

I guess I should be less subtle. But I won’t be.

You: Who should read the review?

Those who have not yet read Beyond Paycheck to Paycheck.
Folks wishing to recommend Beyond Paycheck to Paycheck to a friend or loved one who have not yet found the way to broach the topic.
People who have already mentioned it once or twice to that guy who really needs it, but find that your “special” friend needs multiple reminders from multiple sources.

If any of those sound familiar, check out the review. Then, send you-know-who over there to read the review too. One day, you’ll be thanked.

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Got Kids? Got Money? Ha!

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at June 16, 2008 in Media and Saving Strategies. 0 Comments

A couple of weeks ago I took my two daughters to Babies R Us to have their pictures taken. If you’ve got kids, you know what’s coming next: an experience. And then some. The three year old smiles on demand but is unable to sit still for even the fraction of a second required for a digital camera to get her unblurry image. My newborn smiles frequently enough but became suddenly and passionately enamored by her own hands which she desperately wanted to see if she could get all the way down her throat.

And our goal, of course, was to get them–at the same time,–to both smile and not move or eat any body parts.

Done! (after nearly three hours and a few breaks (the store was slow)). As I went around the store for lap # 3 with my three year old, I recalled that I had been interviewed by American Baby magazine about financial strategies for new parents and the newly expecting. Turns out the article was published in the newly arrived June issue.

If you’ve ever been faced with the monetary dilemma of “Now what?” after the kids arrive (or think you might get to that point one day), this article could help bring a smile back to your face.

It won’t remove the drool from your shoulder though.

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Using Home Equity

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at June 2, 2008 in Debt management, Housing and Media. 0 Comments

During the long-ago period of ever-rising home prices–

You: Wasn’t that, like, three years ago?

Indeed. Crazy, right? Seems like most people forget that prices haven’t been going down for that long. Anyway, one interesting phenomenon of the boom period was the homeowners nearly real-time use of that appreciation.

You: How is that even possible? How do you spend the increase in the value of your home without selling it? Besides, even if you sold it, wouldn’t you need another home, which presumably would require just about all of the money you made on the home you just sold?

Easy. Just borrow against it. You can do this via a home equity loan or a home equity line of credit.

You: Is doing so a good idea?

Glad you asked. James Geary wrote an extensive and entertaining primer on this topic, titled “How to Handle Home Equity” for which I was interviewed. I think you’ll find it informative and occasionally thought-provoking. Feel free to share your thoughts below, especially if you have an opinion on using home equity, either from personal experience or based on your future intentions.

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Learn via podcast

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Getting Started With Personal Finance Management

at May 29, 2008 in Debt management, General Financial Planning, Media and Saving Strategies. 3 Comments

A few months ago, I worked with Intuit’s Quicken team to develop some podcasts. The material is timeless. Given that I just got off the red-eye, I feel pretty timeless myself. Seemed to make sense to post these links today. Hey, it’s another way to get some solid personal financial education — without reading!

Here are the podcasts and links:

10 Tips for Saving Money, Part 1

10 Tips for Saving Money, Part 2

Debt: How to Handle It, How to Manage It

Putting It All Together: Make a Change to Your Financial Life

# # #

What do you think? Questions? Like the podcast idea?

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Great Start to the Week: First the Tribune, then a Carnival!

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at April 22, 2008 in Carnivals and Media. 0 Comments

I was thrilled to chat with the preeminent financial columnist Gail MarksJarvis of the Chicago Tribune last week. Over the weekend, the Trib (I can say that, I used to live in Chicago), published her article about a 48 year old man who had recently lost his job and was contemplating bankruptcy as a result.

You: Good idea?

We thought not. Read Bankruptcy a last resort to deal with job loss, debt to find out why.

In addition, this week’s carnival of personal finance is hosted by The Happy Rock. You can find nearly 100 articles at the site, many of which are quite insightful including (including a post of mine from last week: Retirement for Gen X: Black Hole or Perfect Storm? )

As usual, if you only have time for just other article, here’s my weekly recommendation:

Tales from the road less traveled presents I’m Only On Page 7! - Momma shares how she has problems with the victim mentality of Suze Orman’s The 9 Steps to Financial Freedom.

I love the title of the blog and her passion comes through. Fun read and good for some solid introspection.

Hope to see you in Chicago!

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Borrowing from Mom and Dad vs. the bank

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at March 20, 2008 in Debt management and Media. 1 Comment

Last week, I had the wonderful opportunity to chat with Shelly Banjo, author of the “Starting Out” Column for The Wall Street Journal. We discussed the intricacies of tax and gift law when borrowing money from your folks at below-market interest rates. I’ll spare you the arcane details and cut to the chase: the law is confusing cumbersome and, like many others, provides plenty of planning opportunities for those willing to take the time to do it properly. If there’s interest, I’ll go into further one day soon.

But the laws turned out not to be the focus of the WSJ article. Instead, Ms. Banjo focussed on some of the larger issues like should you even ask Mom and Dad for the loan and considerations for paying the money back.

It’s a brief but insightful article, so check it out.

Of course, not everyone can choose or does choose to borrow from the ‘rents. Some choose that plastic in their wallet. Also this week I was quoted in CreditCards.com’s report about Tuesday’s lowering of the Federal Funds rate. I explained that this rate cut won’t matter much to the average credit card borrower who isn’t already making paying off his loan balance a top priority.

Thoughts on borrowing from Mom and Dad vs. the bank? Anybody done so? How has it worked so far? Did it change the relationship? For better or worse?“personal finance” “financial education”

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Will the fiscal stimulus actually stimulate?

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at March 14, 2008 in Cash Flow, Media and Tax. 0 Comments

In about two months, millions of Americans will receive a check from Uncle Sam.

You: How much will I get?

That’s a subject for a future post.

You: Should I save it or spend it?

That depends on your overall financial situation. But more than likely, your check represents a rare opportunity to increase your savings or decrease your debt without the normal pain of cutting back on spending elsewhere. After all, this is “found” money for you.

You: How much will my decision affect the overall economy?

What? Why are you asking that?

You: I don’t rally know. Why would I care?

You don’t. In fact, few Americans ask that question and I have no problem with that. A recent study sponsored by creditcards.com found that about half of Americans do not plan to spend their rebates. Those folks won’t be stimulating the economy either.

Talking with the media is a lot of fun, especially once you get comfortable with the whole process. I’ve talked to Jeremy Simon at creditcards.com many times over the past year, so talking to him is really no different than talking to you; it’s just a conversation. I shared with him my frank opinions on the whole individual’s interests vs. best interests of the national economy dilemma in his new article.

Don’t get me wrong–I love the United States. There’s no better place in the world. But I’m not going to spend more just to prove my patriotism.

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Got Debt?

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at February 6, 2008 in Debt management and Media. 0 Comments

Merely having debt is NOT the problem. Given the cost of college tuition, it’s rare to meet a twenty- or thirty-something who isn’t walking around with a pile of student loans. Plus, most homeowners have sizable mortgages, and owning a home is often a good thing.

Although the simple existence of debt isn’t a problem in and of itself, debt does provide you with an opportunity to manage it effectively, or, on the other hand, really screw up your financial future. It is a failure to manage debt that IS a problem.

On a recent podcast, I was interviewed by Quicken about intelligent ways to manage debt. Take a listen, or subscribe to the series (also available at itunes).

Topics covered include good debt vs. bad debt and how to negotiate your credit card rates. These issues, and the others I discuss, present you with yet another opportunity to live Beyond Paycheck to Paycheck. Feedback on these podcasts is welcomed!