Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts

Sunday, October 30, 2011

The Thrill Of Paying Down Debt And Having No Money Is Addicting

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Forex.

Case Study: How Brian stopped thinking about making money on the side and actually earned $1,300

It’s always funny when I ask people what they want me to write about, and they’ll say something like “How about how to earn more money?” or “Something about getting started investing!”

First, I contemplate homicide. Then suicide. Then I delete their email and go to my happy place.

I call this the Manifest Destiny problem:

Have you noticed how lots of people always want more and more information, but rarely implement what they already have?

A couple years ago, I started realizing how lots of personal-finance readers were constantly asking for more and more information — more blog posts, more book reviews, more financial magazines — but would often just READ, not take action.

To put it bluntly, I have lots of friends who read blog post after blog post, but have STILL not automated their money, started investing, or even put together an aggressive plan to pay off debt.

I’ve tried to convince these people to leave my site as quickly as possible. I’ve said it before and I’ll say it again: I don’t need the biggest email list or the highest number of customers. I want the right people.

So today, we get to follow the story of someone who was one of the consumers — reading book after book, but doing nothing — yet he changed his behavior to get great results.

One of the ways he did this was to eliminate worthless distractions. For example, when it comes to earning more, social media is almost always a distraction. (This comes as a big surprise to many people, who read about Twitter/Facebook every day and think it “must” be useful…right?).

The problem is, if you take every one of the things you “should” do, you get overwhelmed with choice. It’s more fun to brainstorm, read 5,000 blogs, come up with a list of ideas, than to focus on a simple goal: 3 paying customers.

We all know someone like this. They have a ton of ideas for how to do something, but never act on them. They read a lot of blogs and books. They think “I can’t start yet…I need to do (ONE MORE THING) before I get started.”

And 10 years go by, and the day never comes.

But there are systematic ways to change from being a “thinker” to a “do-er.”

Here’s how one of my students, Brian, did it.

Brian loved his job as a pastor for a campus ministry, but it only paid $1,000 a month.

“Plus, I’m getting older but college students always stay the same age,” Brian said. “I was ready to start transitioning to other work.”

He’d thought about earning more money before. Since his ministry job only took up 20-25 hours a week, he had lots of time left over. (Much of which he filled with books on business and personal finance.)

“I’ve read so many business books that I thought I knew how to start a business. But really, I just had a bunch of scattered ideas floating around in my head. I realized that reading books wasn’t enough. I needed a system to actually take action. I needed someone to push me along.”

He stopped thinking about earning more money and started doing it.

“I knew from your book that your stuff is super practical with lots of action steps and scripts. All legit. I had no barriers about your Earn1K course.”

When Brian signed up, he set two goals for himself:

“Make $1,000 and prove that people will actually give me money to do stuff for them.”“I want to tell my friends that I made money on the side. They haven’t done that.”

Brian’s first breakthrough came from marketing guru Mike Williams’ Master Class, a 100-minute step-by-step breakdown on how to deeply get into your customer’s head and getting them to work with you. He calls it “Customer Clairvoyance.”

“I learned that I have to do it for them. People are lazy, and that’s okay. I just have to set it up for them. I have to make the follow-up call. I have to schedule the meetings. I have to make it as easy as possible so they can just say ‘sounds good’ or ‘yes’ or ‘no’. This was something I knew was true, but I just didn’t know how to do it. The Master Class showed me how.”

The class also taught Brian how to really understand his customers. “If you listen to people enough, they’ll tell you what they want to buy from you. And then you can give it to them. Once I got that, I had an epiphany. ‘Oh, this is how I sell to people!’”

Here’s how he implemented it.

“I was out at dinner with a friend. He introduced me to the owner and said I was interested in marketing. I told the owner, ‘Hey, I’ll do you email list for you for three months, and then we can talk about transitioning to paid work. I’ll show you how to sign-up people. I create a newsletter and set up autoresponders for you. I’ll handle everything. Every week, I’ll send you an update.’ He just kept saying ‘That’s great, that’s great.’ I got the job.”

That lasted two months…

“After a couple months, I went in with some campaign ideas, and he said, ‘Brian, I want to start paying you now.’ I couldn’t believe it! This was so cool. He paid me $60. That was the first money I’d ever made as a freelancer.”

“$60 isn’t a lot of money,” Brian said, “but it was a quick win that made me think I could actually make money on the side. It helped validate my idea and encouraged me to keep going.”

Since then, Brian’s branched out his services. “I still manage the restaurant’s monthly email newsletter, but I also helped the owner design the menu for his new restaurant.”

Brian isn’t even a designer, but based on his hustle and success with the email marketing, the owner came to Brian first. “I said ‘I’m not a designer, but I can find someone who can help.’ My friend and I did it, and that project pushed me over $1,000.”

In only a few months, Brian had achieved both of his goals. His days of sitting around and thinking about earning money on the side were over. He was in business.

Brian’s new goal is to get more clients. He’s approaching other restaurant owners and refining his offer, learning as he goes.

“You were totally right. Clients don’t care about your education. They care about results.”

Most importantly, Brian was able to make the shift from thinking about idea after idea…to getting concrete results. From here, he can use the Tuner Strategy to “tune” that revenue up as much as he wants.

Total earned using Earn1K: $1,300

Hourly rate: $40/hour – $50/hour

What you would be doing without Earn1K: “Honestly, reading a bunch of business books and not doing anything about it.”

What you would tell others considering joining the course: “If you’re going to take action for the things you learn, it’s worth it. If you’re not, don’t waste your time.”

If you’re interested in getting a sneak peek at the psychological master class that Brian used to start taking action, you can get it (free) here.


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Fujitsu America, Inc.

How Availability Heuristic in Behavioral Economics Explains Your Irrational Money Choices

Let’s try a little experiment. Make a list of all the words you can think of that begin with the letter R. Now, come up with a list of all the words you can think of that have R as the third letter in the word. Based on your lists, which is more common — words beginning with R or words with R as the third letter?

If you said words beginning with R, you’ve just fallen victim to the availability heuristic. This phenomenon describes how our brains assign more probability to an outcome that we can more easily think of. It’s much easier to come up with a list of words beginning with R, so our brains believe that R words MUST be more common. But it’s simply not true.

We see the availability heuristic all the time when it comes to common phobias. People are often very frightened of air travel, despite its overwhelming safety, because every plane crash makes national and international news. But those same phobics drive cars daily, despite the fact that statistically, driving a car is a much more dangerous mode of travel. It’s easier to imagine a plane crash because we know about every single one of them from the news — but you don’t hear a great deal about the 100+ car fatalities that occur every single day.

This effect of behavioral economics is the reason why individuals play the lottery and gamble, despite the fact that both of those activities are likely to cost them money with no payout. If you can imagine what it would be like to win, then your brain makes it feel as though that scenario is not only possible, but probable. And each time big winners in any form of gambling are featured on news and human interest stories, it makes it even easier for our brains to think the big payout could happen to us.

A related phenomenon is when you believe that something must happen because it’s “due” to occur. For example, if you toss a coin 15 times and it comes up heads each time, you might feel pretty confident in betting that the 16th toss will come up tails. But the statistics for each toss are still 50/50. The previous tosses have no effect on the future.

Investors “playing” the stock market can make similar mistakes. For example, some investors will buy into stocks that are in the 52-week low on the theory that they are “due” to go up. Others might avoid buying stock that’s currently on fire, fearing that the good times can’t possibly last. But in both of those cases, there is more going on. You truly are gambling with your money if you believe that everything evens out every time.

To combat the gambler’s fallacy, you need to look at your stock choices (and coin tosses) rationally. Each independent event has its own odds — regardless what your brain might be arguing.

Anecdotes are the currency of this phenomenon. Every time you hear of a lottery winner, a 100-year old smoker, or a kidnapped child, you are adding to your brain’s store of available outcomes, whether or not those outcomes are truly likely. And since those outcomes appeal to our emotions, they will stick in our minds.

If you are about to make a decision based on fear or greed, stop yourself and ask if your emotional response has any basis in statistics. It’s highly unlikely that you will win the lottery, overcome the health hazards of bad habits, or know a child who is abducted. So don’t place so much emphasis on those possible outcomes.

So far, we’ve covered anchoring and lost aversion. Next week, we’ll finish up our look at Behavioral Economics by examining how instant gratification can lead us astray.

Tagged as: Investing, Money Beliefs, Money Management


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Fujitsu Computer Systems Corporation

Wednesday, October 12, 2011

Best Money Tips: Dress Your Kids For Less

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on how to dress your kids for less, planning for holiday travel, and becoming a millionaire.

Top 10 Budget-Friendly Ways to Dress Your Kids for Less — Want to dress your kids for less? Consider hosting a clothing swap. [Parenting Squad]

How to Start Planning for Holiday Travel — Save money on holiday travel by using price alerts. [Currency]

How to Become a Millionaire — If you want to become a millionaire, make sure you save and invest your money. [Cash Money Life]

7 Ways to Avoid Debit Card Fees — Steer clear of debit card fees by using credit cards or checks. [My Dollar Plan]

How to Deal With a Job You Hate — Do you hate your job? Try brainstorming ways you could improve your job. [Dumb Little Man]

6 Ways to Get Out of an Underwater Mortgage — Get out of an underwater mortgage by paying the deficiency out of pocket. [Credit Sesame]

Five Things You Need to Make Your Home Office More Efficient — To make your home office more efficient, try using Cozi's free online calendar. [Gen X Finance]

7 Things You Need to Be Prepared for an Emergency — Make sure you are prepared for an emergency by having an emergency car kit. [Financial Highway]

The Big List of Little Savings That Go a Long Way — To save more money, drink tap water and prepare your own lunch. [Green Panda Treehouse]

10 Things To Stop Caring About Today — Starting today, stop caring about the imaginary state of perfect. [Marc and Angel Hack Life]


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Tuesday, October 11, 2011

5 Ways Google Wallet Can Save You Money

Recently, a new technology was unveiled that many experts say will eventually become mainstream. Don’t hold your breath — any time you hear “technology” and “eventually” in the same sentence, it usually means we’ll be waiting around for a while. But Google Wallet is already here...kind of.

Instead of swiping your credit card to pay for things, Google Wallet allows you to pay by tapping your phone on a sensor. Not only that, but you’ll also be able to put all your rewards cards, gift cards, and coupons right on your phone. While Groupon and other "deal" sites have apps of their own, they don't use this NFC technology that lets you just tap your phone to pay since it's so brand new.

Pretty convenient, right?

While the technology is clearly in its infancy (only one phone is supported for launch), here’s how Google Wallet could save you money once it becomes more widespread. (See also: Buying a New Smartphone Without Extending Your Contract)

You’ll never have to worry about fishing out your rewards card or remembering to bring it along. And that Groupon you bought a while back? It’s all automatically handled by your phone when you check out — that means you’ll never forget to save.

This might creep you out, but because companies can track your every purchase (including where you are), they can better target you with coupons and deals. That means getting more coupons you’d actually use. The best part? They’ll all be applied automatically.

If your share of the bill was $13.56, then simply type that in, bump phones with whoever is paying, and you’re done. No more paying $20 for the appetizer and Coke you ordered because you didn’t have any change. Ka-ching!

I’ll be honest — Foursquare is not my cup of tea. I think it’s exhausting to take my phone out and start tip-tapping away every time I want to “check in” somewhere. But tapping my phone up to a sensor on my way in? I’d do that in exchange for some savings if I shop there often.

My phone goes wherever I go, so there’s no need to carry anything else when I go out (cash and ID notwithstanding). Getting rid of my wallet means there’s one less thing I have to buy — I’m a fan of that.

Google Wallet is brand new, and some of these things won’t be a reality for a long time — and it’s not perfect. There are security concerns and battery concerns (you can’t pay if your battery dies).

You should also take a close look at their privacy policy to see if you're OK with Google tracking what you're buying and sharing it with merchants. I haven't used it yet but I personally don't see a problem with it — any time technology can do some of the leg work for us to help save some money, I’m all in!

Would you be willing to sacrifice your wallet for the convenience of putting all your cards on your phone? Let me know in the comments!


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Monday, October 10, 2011

7 Money Saving Choices to Make with Your Fashion, Even if You’re Unfashionable

I’m not the sort of person known for her fashion choices. I pretty much live in jeans and t-shirts. I understand part of the appeal of buying clothes — there are certain clothes that make a person look and feel good. I’m just a little less clear on why a person might want to keep up with the latest trends, even though I do get that fashion can be a priority for many people.

No matter how big or small of an emphasis you personally place on fashion, though, there are plenty of moves you can make to save some money in that part of your budget. Here are a bunch that can save you real money.

Cultivate a sense of your own style. Every fashionista I know has her own standard lecture about buying clothes that you can mix, match and accessorize into multiple outfits, but picking out pieces that will work with what you already have requires you to have a specific style that you consciously work towards. That way, you can tell at a glance if a certain piece is actually going to fit your wardrobe or if you’ll need to buy even more pieces to accompany it.Make shopping a team effort. Stores are laid out to be distracting to ‘help’ you find items of apparel that you didn’t even know you needed. Going in with a partner makes it a little easier to stay on track; you can make it even more manageable by setting a shopping agenda and asking your partner to hold you to it.Know how to make your clothing last. A small tear is enough to convince many people that its time to throw out a shirt and a lost button is simply a tragedy. Being able to do some minor repairs, as well as properly launder your clothing, is a simple step that can help you get a lot more wear out of your clothes.Make friends in the local fashion scene. I have a friend who designs and makes clothes — she wants to make it to Project Runway some day. Her abilities to make custom clothing come in handy, but she’s saved my closet in plenty of other ways. She knows every thrift store in town, can alter pieces to make them a better fit and generally make me look more fashionable for a fraction of what it would cost normally.Get a clear picture on what you actually use in terms of your clothing. Something as simple as always putting clean clothes at the front of your closet can help you weed out those items that you don’t actually wear regularly. That can give you a better idea of what you should choose to buy in the future, as well as help you cut down on the clothing you have to store and care for. And I don’t know about you, but seeing clothes that aren’t getting used often enough in my closet helps me keep my new purchases under control.Remove the clothes you aren’t going to wear again. It may seem counter-intuitive to get rid of clothes — after all, you’ve already sunk money into them. But you can either sell those clothes second hand and use the proceeds to buy items you want, or you can donate them and take the tax deduction.Decide your own fashion priorities. I’m certainly not one to begrudge a person choosing to spend money on something that makes them happy — if you are happier with a bigger fashion budget and it doesn’t hurt your finances, go for it. It’s worth while, though, to pick priorities within the broader area of fashion (even for those of us who are a little less enthusiastic about what we wear). I do occasionally need to look professional and I’ve set aside a respectable chunk of my clothing budget to just go towards the clothes and accessories I need to blend in at conferences and the like.

Clothing can be a particularly personal choice, especially when it comes to your personal finances, but it is possible to manage your clothing budget and purchases in ways that guarantee you’re getting the most use out of your money.

Tagged as: Lifestyle, Money Beliefs, Money Tips


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Best Money Tips: Avoiding Hidden Travel Fees

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some awesome articles on avoiding hidden travel fees, negotiating your starting salary, and frugal dates you will never forget.

32 Hidden Travel Fees and How to Avoid Them — Avoid getting hit with an overweight baggage fee by weighing your bag before you get to the airport and making adjustments as needed. [Money Crashers]

5 Ways to Negotiate Your Starting Salary — To successfully negotiate your starting salary, use data to your advantage. [Currency]

10 Frugal Dates You Will Never Forget — Have a fun frugal date you will never forget and explore a new city nearby your hometown. [Bible Money Matters]

Bad Financial Habits You Need To Break Right Now — If you consistently pay your bills late and incur late fees, it's time to break that bad habit. [Stack The Chips]

14 Frugal but Fabulous Beauty Tips — If you are staying home for a day, don't use any products on your face. [Quizzle Wire]

The Cons of Borrowing From Your 401(k) — Borrowing from your 401(k) can be bad because you will have to pay extra fees. [Kiplinger]

Entertain Your Kids Without Breaking the Bank — Take advantage of local parks and playgrounds to entertain your kids without spending a ton of money. [Parenting Squad]

Benefits to Being a Career Butterfly — By bouncing around from job to job, you can establish more contacts. [Money Ning]

6 of the Weirdest Economic Indicators — While divorce is never a good thing, a rise in divorce rates mean the economy is on the mend. [SavvySugar]

10 Thoughts on Travel with a Toddler — When traveling with a toddler, consider flight hopping. [Fiscal Fizzle]

Carnival of Personal Finance #329: Hosted by Hope to Prosper — This week's Carnival of Personal Finance is being hosted by Hope to Prosper. Check out some of the most interesting and informative personal finance articles from around the web from the last week!

Be sure to check out our News & Events Calendar to see all the awesome upcoming events in the personal finance world!


View the original article here

Saturday, October 8, 2011

Best Money Tips: How to Stay Focused

Welcome to Wise Bread's Best Money Tips roundup! Today, we share effective ways to stay focused, a technique to help you move a home-baked pie, and tips to help you deal with a mouse problem humanely.

4 Ways to Stay Focused As You Get Older — Do only one thing at time. Multitasking can easily distract you from the task you really mean to do. Organize to Revitalize!

How to Transport Pie — Follow these steps to protect your pie-on-the-go! If you're traveling by car, place it on the floor in the backseat. YumSugar

Mouse Control, the Humane Way — Take steps to prevent mice from getting into your house. Patch any hole bigger than 1/4 inch with a mix of steel wool and caulking compound. DIY Life

Fast, Healthy Food On The Dollar Menu — Whether you cook it in a soup or slice it for sandwiches, pick up a turkey, chicken, or ham on the day after a holiday to take advantage of the price drop! Frugal for Life

How to Avoid ATM Surcharges — Find out what ATM network your bank uses, and look for the network's logo when you hit the ATM. You're only charged a fee if you leave the network. Bargaineering

Thanksgiving Crafts For Toddlers — Here's an easy project: Make a fall tree by drawing the trunk and branches on construction paper, then glue leaves cut out from scrap fabric to decorate. Parenting Squad

Wrap it up in silver — Silver wrapping paper works great for every occasion, so stock up when you spot a sale! Unclutterer

10 Better Ways for Better Days — If you find yourself running low on motivation, ask yourself why you do what you do. Give yourself a compelling reason to keep going. Source of Insight

Should You Save for Retirement, or Pay Off Your Debt? — You can usually do both at once! Just make sure you tackle your bad debt first. Generation X Finance via Currency

Tips on Budgeting for a Move — Most people move in the beginning or the end of the month, so try to schedule yours sometime in the middle when moving companies are hungrier for business. How To Manage Money Tips


View the original article here

Friday, October 7, 2011

Poker Is Such a Rush Until You Lose All Your Money

For the first time in a while, I attended our regular Friday home game last night from 9pm to 2:30am.  I used to love going all the time until I started this site actually.  Now, the thrill of writing and interacting has taken over.  Furthermore, I realize how hard it is to make a decent buck online.  To lose a couple hundred in one hand when you play well, yet get runner runnered is a horrible feeling!

No longer are my poker outcomes compared to my normal salary.  They are now compared to my online income which makes things that much more painful when I lose since my online income is so much smaller.  In fact, I use my online income as the barometer whenever I’m thinking of spending frivolously to help keep me in check.

A lot of us poker players like to justify our habits by saying that poker isn’t gambling and that it’s skill.  Although I believe poker is 60% skill, that still leaves 40% left to chance.  Would you bet someone $500,000 if you had a 60% chance of winning and a 40% chance of having your hand chopped off?  I wouldn’t, but some would!

THE ADDICTION RETURNS TEMPORARILY

I bought in for $200 among a sea of sharks with average stacks of some $$400 high.  Everybody loves to make fun of me when I play because I’m known as the tight one.  “Uh oh, Sam is in?  Watch out for those pocket Aces!” they would chide.  “Yes, guys, I only play pocket Aces, so watch out!” is always my retort.  I have an absolute allergic reaction to losing money because I pretend I’m a minimum wage blogger trying to survive in this hard, cruel world.

After being down about $35 bucks for most of the night, I had finally won a couple hands than put me in the black by $90 at 1am.  $90 divided by $200 is a 45% return I reasoned, and it was time for me to go.  To put things in perspective, I was still the smallest chip stack with $290 as now people averaged $700 as re-buys built the action.  But, my buddies wouldn’t let me leave because the rule of course is that you can only leave early when you go broke, or else you have to stay to the bitter end.  Oh yeah, now I remember the other reason why I’ve stopped playing!

The Last Hand

Up 45% and the second to the last hand of the night I’m dealt pocket Queens.  My heart starts racing, because my goal is to just limp or fold until the clock struck 2am. After someone raised pre-flop to $6 with 3 callers, it was my turn to decide.  There’s no way I’m playing 4 way with Queens against these degenerates so I pop the bet by 7X to $40.  Call, call, call!  Crap, they really do love to gamble.  The flop comes 10, 7, 3 and everyone checks around to me.  Of course I bet the pot, a crisp $100 bill gets thrown in the middle, leaving me with only half my chips remaining.  Everyone folds except for the animal to my left.

By this time I’m thinking shitake mushroom, I’ve got $140 committed to the pot and there’s no escaping now.  Why didn’t I quit while I was ahead?  I should have just done something Herculean and limped in and not controlled the action by raising pre-flop.  My pocket queens could be losing to two pair, trips, pocket Kings, or pocket Aces.  When the 4th card hit, a seemingly harmless 5 came out.  I checked.  After a brief moment, where I was hoping my opponent would also check, but he bet another $140!  My heart sank.  Fine, whatever, I’m pot committed so I shoved the rest of my chips in.  Going from +$90 to down $200 sucks, and I promised myself during the show down that I wouldn’t return for another 6 months.

When I showed him my pocket Queens, he sat stunned.  I think may have begun to cry.  He mucked his cards and stared at the remaining $50 left in chips, cashed out, and walked away.  I took him for $290 on just one hand to double up to over $600 and that addicting feeling and thrill was back!  “Nobody pushes me around,” I start thinking in my head.  I feel invincible on the inside, like I belong with the sea of sharks dictating the action.  On the outside, I just tell everybody I got lucky, thanked them for playing, and until we see again.

AFRAID OF THE RUSH

There’s no doubt that in those last tense moments a wave of exhilaration came over me.  I was afraid and excited at the same time, longing for every little posturing and eye twitch to reveal itself.  For that moment, I was a poker junkie again, ready to quit my online endeavors and turn pro.  Of course, that is preposterous thinking, but it was fun while it lasted.

I’m back to reality now, sitting in front of my computer typing away.  I think about how each $200 bet is like working for several hours online trying to get an advertiser.  The rush of gambling is intensely pleasurable no doubt about it, but it’s not for me.  I don’t like the person I become when I lose as I’ve lost plenty of big hands before.  No, I probably won’t be returning to the Friday night home game for a while.  I’m too afraid of what the rush will do to me.

Readers, have any of you ever been hooked on poker or gambling in general?  Have you ever come to a moment where you realize you’re at the edge of the cliff, and one more step and you could lose it all?

Money saving tip: Really start comparing gambling to some of your side income endeavors to put things in perspective.  If it takes you 10 hours of work to make $100, you might think thrice before placing a bet.  It’s easy to just think of your money as chips and frivolously bet it all away.  Have a limit of how much you can lose, and once you hit that limit, walk away.  Leave that ATM card at home and don’t borrow money from friends.  Live to fight another day.

Regards,

Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”

Related posts:

Online Poker Crackdown Is Good NewsPoker is Just for Fun – Don’t Rely On It For Extra Income

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Thursday, October 6, 2011

The Money Diaries: The 29-year-old workaholic who’s counting down the days until he goes into debt

Today is another post in the Money Diaries series, which is based off New York Magazine’s Sex Diaries. We’ve collected stories from real people about their spending habits over seven days, anonymized them, and posted them here.


This week’s post is by a 29-year-old graphic designer exhausted from trying to hold down his full-time job, grow his part-time freelance work, pursue his artistic goals and help raise a three-year-old. He’s debt-free but saving nothing, and his stress about money is through the roof. What’s the first change this guy should make?

* * *

12:45 a.m.:  Good morning! It’s past midnight. That must mean I’m wrapping up another long night of freelance work. Three hours x $70 an hour = $210. Minus about 25% for taxes, so that’s about $157 net. My wife’s been bugging me to review the weekly budget she emailed me several days ago, but I’m still too afraid to look at it. And tired. I can’t stand to recalculate how many weeks or months until we’re in debt. I’m honestly not sure how we still have cash in the bank. She took a couple years off to raise our son and now she’s having a tough time finding work again. I’m trying not to be bitter that I’m burning the midnight oil doing freelance on top of my day job while she goes to bed early because she’s too tired to put in a little time each night looking for work or doing freelance. What am I supposed to do? Part of me says I need to crack down, cut up the credit cards, watch each penny like a hawk. That won’t work, of course. Part of me says fuck it. I buy a song on iTunes that I’ve been playing on Grooveshark nonstop. There goes another buck. Time for bed.
7:00 a.m.:  My son is up. Which means I’m up. My wife is slow to get up in the morning. I gotta start the kid’s breakfast and feed the dog and pack my lunch and shower and get ready for work. I know I should pack a big, tasty lunch the night before. But I’m tired and have to get to work. So I throw in a can of sardines (which I do like) and some carrots and a soda in my lunch bag. I make eggs for my family, but I have to put mine in Tupperware and eat it at the office. I’m running late.
10:30 a.m.:  Morning break. I walk to 7-11 with my cube mate. The maple frosted, cream-filled long johns are calling my name, but I resist. Save myself $1.35.
1:30 p.m.:  Who am I kidding? One can of sardines isn’t going to make me feel better. Plus, I need to get out of the office for lunch or I’ll go crazy. My office is full of idiots. And at $20/hour, I’m underpaid. It’s depressing when I think about it. Off to McDonalds. $4 and change for a McDouble, two small fries and a large Coke (to keep me awake through the afternoon). I know it’s bad for me, but it’s cheap and easy and delicious and the only restaurant close to my office.
9:15 p.m.: My wife went to yoga this evening, so I watched the kiddo. Finally ate my sardines. Had a beer to relax. Now it’s time for freelance. I make another $100.

10:30 a.m.:  So much for resisting that long john. I just wish I could get back to the office before it’s all gone. $1.35.
3:30 p.m.:  Thank god for my smartphone. I can keep an eye on my freelance email while I’m at the office. One client drops a couple rush projects in my lap. Altogether, probably $500 worth of work. That’s great, I need the money. But I don’t know if I have the time. Oops. Time for another boring meeting.
10:00 p.m.:  I’ve started outsourcing some of my freelance to a friend of mine. He’s good, but still learning, so it still takes a chunk of my time to explain, review and polish his work. I give him half of the work and pay him $150 (which he’s glad to get). And I do the rest myself. I wanted to start working earlier this evening, but it’s hard to put my son to bed and go straight to work. I need some time for myself. Which isn’t spent painting – what I really want to do. Mostly it’s spent on Facebook and Twitter. Ugh.

11:30 a.m.:  My insurance agent calls with estimates for private health insurance. I want to go full-time freelance, but with my wife out of work and no savings, I don’t think we can afford the transition. Right now I’m spending $8,000 a year to insure all of us through my work. And the coverage isn’t that great. Seems like highway robbery to me. Private insurance should be cheaper.
12:00 p.m.: I use my lunch break to take a nap in my car. Kind of helps.
5:00 p.m.:  I get home to find my wife bought a new welcome mat. This is supposed to help our feng shui and improve our financial situation. All I know for sure is that we’re out another $45. What would really help? Her getting a job.
9:30 p.m.:  More freelance. Mostly admin and paperwork. Necessary but not billable time. I manage to squeeze in an hour to update my blog for my painting website. I haven’t sold anything yet. I just started six months ago. It’s hard to find time to market my paintings – or paint – on top of all my work. I feel like everything is backwards.

9:30 a.m.:  I use my break at work to visit my son during his gymnastics lesson (down the street). He usually has a good time, and I love that he has these enrichment activities, but $15 for 45 minutes seems pretty steep. I mean, it’s a group class and it’s not like he’s getting one-on-one instruction from an Olympic gymnast. He does love the trampoline, though.
11:30 a.m.:  I was supposed to have a meeting with my boss about a big promotion I’ve been pushing for for six months, but he’s still dragging his feet and putting up excuses for why the timing isn’t right and what about this and that even though he still says I’m good for the job. I’ve been counting on the raise for months to help cover our expenses (we’re about $1,300 in the red each month), but still nothing. Now he’s suggesting the raise that goes with it might not be as big as I may have thought. Why do I bother?
2:00 p.m.:  Back to McDonalds. Another $4 and change for more junk food. This time I actually brought a lunch, but I needed the comfort food. (God, is McDonald’s really comfort food?) I’m embarrassed about eating McDonalds again so I put the charge on my business credit card (for my painting), which my wife doesn’t have access to.
10:30 p.m.: It’s Friday night. Do you know where your graphic designer is? He’s still working. The freelance never ends and never is enough. Another $105.

8:45 a.m.:  Saturday morning. I don’t have to rush off to the office, so I can enjoy a nice breakfast with my family. Then it’s off to do more freelance work. I have a full day of work. My wife collects the week’s receipts so she can update the budget. We track every expenditure. There’s some 75 different categories of expenses. The ship might be sinking, but we’ll know exactly where the holes are. (Everywhere!)
12:00 p.m.:  Lunch. I’ve made $140 so far and spent another hour looking at someone else’s painting blog and daydreaming I had more time to paint. When was the last time I actually painted? Now I’m behind at work.
12:30 p.m.: My wife tells me one of my freelance checks arrived ($1,200) and my direct deposit check from work cleared ($1,200 – biweekly). Then she tells me she paid the mortgage ($1,100), HOA ($200), car insurance ($95), nanny ($400 for a few afternoons a week while my wife looks for work) and gym membership ($127). She also says we’re going to be overbudget (again) for groceries. We’re halfway through the month and we’ve already spent $600 on food. If past months are any guide, we’ll definitely spend another $600 on groceries (that doesn’t count eating out) before the month’s over. The budget is always depressing.
1:00 p.m.:  I break down and look at the spreadsheet my wife sent over. We’ve budget $30 each month for personal expenses. I’ve averaged $24 so far this year. She averages $70. Last month she spent $204 in this category. As far as I can tell, this is mostly her eating out regularly because she’s depressed about being stuck at home all the time.
4:00 p.m.:  My wife is asking when I’ll be done with work. I’m pissed off. How am I supposed to pay for all of this shit when she’s constantly asking me to stop working early or to take a long lunch break or skip an evening? I’ve made another $170 (so $310 for the day), but I’ll need to finish tonight after everyone goes to bed.

10:00 a.m.:  Sunday is my wife’s day off. I spend the day with my son and she goes to yoga then can do what she wants in the afternoon. I wish I had a day off.
3:30 p.m.:  I take my son to the gym. For $3.50, he can play in the gym nursery – a great deal! – and I can work out for an hour. Afterwards, I take him swimming at the gym pool. Lots of fun.
4:45 p.m.:  We stop by Sam’s Club on the way home to pick up a few items. They don’t have much organic food (we shop at Whole Foods almost exclusively…when we’re not eating at McDonald’s, I guess). Another $44 at Sam’s. I also stop at the liquor store for a $22 handle of Jim Beam. Helps the medicine go down.

7:00 a.m.:  It’s Monday and I’m somewhat rested. I decided against doing freelance last night and just went to bed. I’ll pay for that tonight, but for now I’m rested. Time to start the work week over again.
8:45 p.m.:  My wife tells me we should be contributing to our IRAs. I tell her I don’t know how that’s possible since we’re losing money every month. She says it’ll work out and that I’m supposed to get another freelance check this week. So we have cash in the bank. What about keeping some set aside for freelance taxes? I can’t talk about it. I have work to do. Two hours I have to get done before tomorrow. That’s $140.

Freelance income: $1,215
Day job income: $600
Expenditures (bills/family): About $2300 (but that includes some monthly expenses)
Expenditures (personal): About $35

Endless work. With all my freelance, I’ve almost doubled my income over the past year, but I’ve also increased my hours 50%. Thinking about money still gets me upset, and I don’t know how to deal with it with my wife. I’ve been just hoping that she’d get a job and things would get better with the thought that it’s easier to make more than save more. But I’m not sure how long we can keep going before we’re screwed.

* * *

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Friday, September 30, 2011

Best Money Tips: Tips For A Frugal Wedding

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some awesome articles on frugal wedding tips, finance advice for forgetful people, and tips to be a better employee.

7 Tips For A Frugal Wedding — Save money on your wedding by not renting a fancy car or limo. [Bible Money Matters]

6 Personal Finance Tips For Forgetful People — If you tend to be forgetful, it might be a good idea to set aside a day for paying your bills. [SavvySugar]

10 Tips to Be a Better Employee — Be a better employee by learning about areas outside of your focus. [Budgets are Sexy]

How to Limit Student-Loan Debt — Want to keep your student loan debt to a minimum? Try to choose a school that fits into the family budget. [Kiplinger]

Natural Homemade Toothpaste & Mouthwash Recipes on a Budget — Make your own coconut toothpaste using coconut oil, baking soda, and essential oils. [Money Crashers]

What to Do When You Have to Cancel Your Trip — Do you have to cancel an upcoming trip? Be ready to not only negotiate, but to lose some money too. [Currency]

7 Tips For Beating Fear And Becoming A Stellar Public Speaker — Become an awesome public speaker by talking about a subject that excites you. [American Express OPEN Forum]

5 Things To Consider When Choosing A Guardian For Your Child — Are you in the process of choosing a guardian for your child? Keep in mind that no one will be absolutely perfect for the job. [Parenting Squad]

3 Ways to Ask for a Raise in Today's Economy — To get a raise in today's economy, assess your company's needs then capitalize on those needs. [Money Ning]

The Top 10 Scams - and How to Avoid Them — Avoid debt collection scams by knowing your rights. [MintLife Blog]


View the original article here

Tuesday, September 27, 2011

Earn More Money: eBay Selling and Flipping

This is the second article in a series about methods of supplementing income with spare-time projects. I typically focus on the big changes people can make that result in earning significantly more money, but this series focuses on incremental income. The first article was about becoming a secret shopper.

A friend of mine is stuck in a job she hates. She’s been looking for a way out, but for financial reasons, is currently stuck in her position. One way she’s trying to earn some income is by buying items at low prices from a variety of sources and selling these items on eBay for a profit. The concept makes sense, because eBay is such an efficient market. Garage sales or yard sales are much less efficient because there isn’t a wide pool of potentially interested buyers to drive up the cost of a rare item. Nevertheless, people still use garage sales to sell unwanted items because they don’t want the hassle of creating an effective eBay listing.

Finding deals at physical shopping locations and selling those items on eBay can produce a healthy profit with the right kind of knowledge guiding the shopping prices. It’s also possible take advantage of bad eBay listings and flip products purchased online for incremental income.

Income potential for selling items on eBay is limited only by the seller’s ability to recognize good deals before purchasing. In this case, a good deal is anything that is underpriced based on the eBay market. This type of knowledge comes from paying close attention to completed eBay sales. It would be very difficult to understand the eBay market for all products, so it might make sense to focus on one or a small number of product categories, such as old books, magazines, dolls, vinyl records, or vintage clothing. As you gain knowledge and experience, you might have the confidence to expand into additional categories.

Book SaleKnowing the target prices for purchasing products, the price at which you will be able to earn a profit, is one step for finding the right items; next, you need to be in the right places to find a deal. Here are a few locations where you may scour for deals.

Garage sales and yard sales. Your local newspaper or local events website can help direct you to garage sales in the area. At garage sales, you can often be successful negotiating towards a better deal, increasing your potential profit if the item can be sold on eBay. There are two good times to visit garage sales: at the beginning, when some of the best deals have not yet had the opportunity to be scanned by other shoppers, and at the end, when you have stronger negotiating power and sellers who are motivated to get rid of their less popular items at any price.

Book sales. Libraries and schools often put collections on sale to the public once they’ve outlived their use. The key is to be able to cherrypick the best selections, spotting any editions that may be rare or collectible. That isn’t the only way to succeed, however. Often, at the end of sales, you may find that the selling organization offer deals where you can fill a box of any books and take an entire lot at a small price. Even with books that aren’t rare, you can make a profit by listing these individually on eBay or a book selling website of your choice.

For an overview of what this can be like, take a look at the Bryn Mawr/Wellesley book sale, an annual event in Princeton, New Jersey. The claim to be the biggest book sale on the east coast, and many shoppers here are looking to profit by reselling their finds. Here’s a video.

Other eBay auctions. If you become adept at spotting auctions that are not well-designed and would not attract a lot of interested buyers, you may be able to bid a low price, win the auction, and turn the item around on eBay with a better listing to earn money. There are tools you can buy that help in this endeavor, but I wouldn’t suggest paying any money up front for a tool that can help with incremental income. Search eBay listings for popular misspellings, and you may find popular items with less traffic than they should have, if the correct spelling was used. Many sellers anticipate misspelled searches and use incorrectly-spelled words in their listings to draw more attention from potential buyers.Flea markets and swap meets. Thanks to eBay, it’s less likely to find great deals at flea markets and swap meets. The more savvy vendors have moved the bulk of their operations online because of the greater revenue potential. Nevertheless, flea markets and swap meets could provide some opportunities for finding profitable items, but education and experience is more important than ever.

You can attract more potential buyers on eBay by being a good — and frequent — seller. Always offer good return policies and always communicate well with your customers. The feedback and ratings they provide will solidify your reputation as a trusted seller. The more you sell, the more eBay increases your status. The more business you do on eBay, the faster you will move up to and through the ranks of PowerSeller. The eBay PowerSeller badge is a somewhat important piece of advertising for your seller account, but it isn’t the only criterion that buyers are concerned about. Interestingly, as a PowerSeller, eBay allows a certain number of policy violations, but the more you make your selling approach friendly to buyers, the less you need to worry about that.

To build your reputation, you may want to focus on growing positive feedback from buyers, and that might require forgoing significant profit. Sell as many items as you can handle, even for a bargain, to quickly receive the positive feedback you need to attract more discerning buyers.

Here are a few ideas that will move your reputation in the right direction.

Ship your items quickly after receiving payment and offer shipment tracking.Respond to shoppers’ inquiries immediately.Charge reasonable prices for shipping.Always be gracious in your communications.Leave great feedback for others.

Unfortunately, the internet is full of promises of riches to be derived from selling items on eBay. Many such advertisements simply fail to subtract the cost of goods from their revenue, others just outright lie. However, it is possible to earn a living making a business out of scouring physical sales and inefficient eBay listings for deals, selling the best finds for a profit on eBay. My former co-worker’s husband made such a living, but I believe he would say that he wasn’t exactly rich and it was a hard, time-consuming job. He focused on music recordings, and really enjoyed music, so besides the potential revenue he was working with something he enjoyed. Furthermore, their entire apartment was full of stuff determined to be unsaleable or waiting to be sold. To do this well, you may need significant storage space while your items are being sold, and that could be a drawback.

More likely than making a living, this process has the potential to add a few hundred dollars to your bank accounts each month. Even this requires diligently finding only the best deals and attracting enough buyers on eBay. In the worst case scenario, you spend more for your inventory than you can make by selling on eBay, resulting in a loss. It’s a risky business, but you can reduce that risk with practice and by focusing your tactics on a specific category to start.

Do you have a profitable side business (or main business) selling or flipping items on eBay? What are your suggestions for success?

Photo: Phil Roeder

Published or updated September 5, 2011. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.

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Rank: PlatinumAbout the AuthorFlexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter. View all articles by Flexo.

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Saturday, September 24, 2011

Best Money Tips: Ways to Save Money on Halloween

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some awesome articles on ways to save money on halloween, avoiding impulse buying online, and ways to take the work out of work.

9 Ways To Save Money On Halloween — Save money on Halloween by purchasing candy in bulk and making your child's costume. [Parenting Squad]

Avoiding Impulse Buying Online — Avoid impulse buying online by not storing your credit card information in online sites. [The Simple Dollar]

6 Ways to Take the Work Out of Work — To take the work out of work, eat lunch away from your desk. [SavvySugar]

Overcoming Financial Mismanagement: 9 Steps To Financial Freedom — If you want to move towards financial freedom, you must be willing to step outside your comfort zone. [Christian PF]

Save on Groceries and Eat Well — Save on groceries and eat well by buying in bulk and planning ahead. [Debt Free Adventure]

Cleanse And Organize Your Inbox In 10 Simple Steps — To organize your inbox, try using filters and unsubscribing for newsletters. [American Express OPEN Forum]

How to Be a Secret Shopper or Mystery Shopper — Avoid secret shopping scams by steering clear of companies that require you to pay to participate. [Consumerism Commentary]

Cutting Medication Costs — Want to save money on your medications? Ask your doctor to optimize your doses. [The Sun's Financial Diary]

The Worst Things to Purchase with Credit — One of the worst purchases to make with a credit card is an impulse purchase. [I've Paid For This Twice Already]

Tips on Coping with Debt — Overcome your debt stress and anxiety by being proactive. [Moneyhacker]


View the original article here

The Money Diaries: The 29-year-old business student who’s juggling over 10 credit cards

Today is another post in the Money Diaries series, which is based off New York Magazine’s Sex Diaries. We’ve collected stories from real people about their spending habits over seven days, anonymized them, and posted them here.

11:38 a.m.: Wake up late. It’s nice to not have any work or school…yet. I just finished my summer internship the previous week, but my second year of business school starts in just 6 days. Yikes!
12:30 p.m.: Ate lunch at home and save some money. It’s a nice perk of living at home with the parents before I move back East.
1:00 p.m.: The Dow goes down 419 points. Lots of stocks are looking very cheap, it’s time like these I wish I had some cash still. Even though there’s a lot of uncertainty now, I’m confident in the fundamentals of the companies I invest in so this is a great opportunity to pick up some stocks on the cheap. I have about $75,000 in student loans which I plan on paying back once I graduate. The rates are so low now so I consider it a smart financial move to take on loans while I keep my savings invested in the market.
3:41 p.m.: Purchase roundtrip tickets back home for a wedding for $366.80 using Hipmunk, which is a pretty neat airfare comparison site. Even though the wedding means I’ll be returning home to the Bay Area only 9 days after I start school, I couldn’t imagine not attending. At least my Citi credit card has a promotion for 5% cash back on air travel. I have 10+ credit cards, but primarily use 3 depending on the cash back rewards (one for general purchases, one for eating out, and one for gas). I pay off my balances each month and watch them all like a hawk. (It’s kinda fun). I primarily use a credit union for my banking needs since it offers really great terms, but I keep most of my savings in my trading account.
4:00 p.m.: I consider getting my car professionally cleaned since a friend’s dog got carsick and threw up in the backseat of my car over the weekend. I reason that it’s not that bad so I clean it myself.
9:05 p.m.: Running a little late for a second date with a girl I just met. I originally wanted to take her out to dinner, but she’d already eaten so we go to some fancy bar on Sand Hill Road. A glass of wine for her and a martini for me (I was in a James Bond mood) set me back $40 ($30 + $10 tip). I’m not really a bar guy so I’m not really sure how much to tip, but I figure $10 is more than enough. If only they made $6 bills, that would have been ideal.
11:16 p.m.: After the date, I head over to Lucky to pick up some Jelly Bellies for $9.39. I have plans with a “friend” the next day and she mentioned her favorite flavor so I got her a bag of Green Apple. Dating can really add up.
11:26 p.m.: Even though I usually try to empty my tank before I leave the area for extended periods of time, I fill up my tank for $46.70. Good thing my American Express card gives me 3% cash back on gas.

10:46 am: Wake up to a text that my “friend” is too sick to meet up and she reschedules to the next day. Sigh.
11:57 a.m.: Call Dell about an email I had received about getting a $75 Gift Card for purchasing an extended warranty on my laptop. Even though I received the offer after I had already purchased the warranty, I’m a longtime IWTYTBR reader and was just trying to channel my inner Ramit to see if I could swing the gift card. It turns out you have to spend $200 to qualify and I only spent $180. That’s enough to deter me from pursuing it further.
4:30 p.m.: Saw a deal on Slickdeals.net for $65 off $100 ($20 off $50 when using AMEX, $20 off $50 for checking in on foursquare, and $25 off $100 Coupon) and I head over to Sports Authority to buy a tennis racket since I’m trying to take up tennis. At the store, I look up prices and ratings using the Amazon mobile app and end up getting a $140 racket for $84.48 after tax. Score!  My foursquare check-in gives me an additional $25 in cash cards which I plan to use in conjunction with another coupon I brought. I browse for more items and end up losing the cash cards. I look around everywhere for them, but they’re nowhere to be found. I share my plight with the manager and he rummages through a pile of coupons. He doesn’t find the cash cards, but gives me a $15 off $50 Coupon. Even though it’s a nice consolation, I still lament the loss of the cash cards. I use the $15 off Coupon to get 2 pairs of insoles ($20 each) and a 3-Pack of socks for $43.28.
6:00 p.m.: Go to Fry’s and return 2 HP Wifi I mice bought online for $32.45 in credit. I liked the idea of not having to plug a receiver into my laptop so much that I got two. Unfortunately, I didn’t like the feel of the mice in my hands so I had to return them. It’s just one of the perils of online shopping.
8:25 p.m.: I get a mouse I’m familiar with on Amazon for $18.79.
9:00 p.m.: My parents have left for Reno already, but my Mom has prepared food to sustain me over the weekend. It’s a quiet evening as I stay in and watch Hulu and Netflix and eat leftovers. Is that lame for a Friday night?

11:50 a.m.: Wake up and go to my local credit union to deposit the last paycheck from my internship. I look at the earnings summary and regret withholding so much since I only worked for 2 months and don’t anticipate paying much in taxes this year. That would have been a nice chunk of change to add to my trading account.
12:00 p.m.: Go to Chase to open an account for a $150 bonus. I know Ramit would probably advise against these money making schemes, but it would probably only take me about 30 minutes of hassle since I automate the process and would just close the account after I get the $150. I leave when it turns out it requires direct deposit for which I have none.
2:20 p.m.: I get the bright idea to try indoor skydiving. After confirming with bar girl that she can make it, I make reservations for 2 for $133.85.
3:05 p.m.: My friend texts me that she’s in the area and can help me shop for sunglasses which we’ve been meaning to do. I’m fashion-challenged so when it comes to stylish clothes and accessories, I have female friends pick those out for me. Even though the items they pick are usually not on sale, the value of their tasteful opinions is worth paying full price for the confidence it gives me. I end up getting Ray-Bans for $172.12. I buy her a snack at a fancy French bakery for $17.40 to thank her for her help.
6:30 p.m.: Jelly Belly girl is sick still and cancels on me again so I get a much-needed haircut instead. $15 including $3 tip.
7:15 p.m.: Another low-key night of Netflix at home.

11:33 a.m.: Bar girl calls and says she has to work later that night and won’t make it to indoor skydiving. We’ll meet up for dinner instead at a tapas place I mentioned to her earlier. I call the indoor skydiving place and put it on hold for an additional $20 charge.
12:30 p.m.: Eat lunch at home.
4:50 p.m.: Go to Walgreens and buy a gallon of water for $1.89 for an early evening basketball session. I usually buy 5-6 Arizona Iced Teas, but this will save me money and from consuming empty calories.
8:00 p.m.: Dinner with bar girl comes out to $90 ($18.01 tip). We have a nice time, but the wine clouds my mind and I probably tipped more than I intended. I use my Chase Ink card which gets 3% cash back on dining out.

10:20 a.m.: It’s my last day before I leave for school so I made some goodbye plans with friends. The first stop is Jamba Juice since I won’t have much chance to go when I’m in school. Nice, my friend pays for my Powersized Strawberries Wild with Immunity Boost. I am a Jamba Juice monster, and it only lasts 10 minutes.
10:35 a.m.: In-N-Out is another West Coast favorite that I will miss, and I pay $7.14 for myself and him to return the favor.
11:30 a.m.: We head over to a ramen place and meet with another friend. It’s cash only, and I’m the only one with cash (how convenient) so I have to pay for everyone ($44). Since I’m already full from In-N-Out, I get most of it to-go.
12:40 p.m.: Rush over to watch Conan the Barbarian. Since I paid for lunch, my friend pays for my ticket. Even though his lunch was probably twice the price of my movie ticket, what’s a few bucks between friends?  Conan is not very good.
3:50 pm: Return clothes I had bought online to Macy’s ($165.57) and Bloomingdale’s ($298.77). I purposely buy more when I shop online to make sure I get the right size (and qualify for free shipping).
7:25 pm: Rush over to a goodbye dinner with friends, $15. Show off my new sunglasses even though it’s indoors and nighttime.
11:45 pm: I guess I don’t want to leave California, and I miss my flight. I get it rescheduled to another airport which means I’ll have to rent a car to get to my final destination. Then I scramble to reschedule picking up my apartment keys and my appointment with movers at my new place. I make a makeshift pillow out of luggage to sleep on as I wait for my newly rescheduled flight.

4:00 a.m.: Check baggage ($60). It’s cheaper than shipping cross-country.
4:45 p.m.: Get an overpriced panini at the airport, $8.12. Then I rent a car even though they quote me $200. It seems there’s some NASCAR event that week that’s driven up all the prices.
8:40 p.m.: I get 3 value items ($3.87) at Arby’s. Then I maximize the use of the rental car by going to Walmart to pick up apartment supplies, $163.09, which I’ll split with my roommate. Then another $36.59 on fruit and snacks at the grocery store.

10:35 a.m.: When I return my rental car ($194.88), I find out they charged me for all the extra services (loss-damage, etc.). I wonder if that’s standard policy when you don’t return the car to the same location. I’ll have to look into that.
1:15 p.m.: I’ll sign up for the school dining card later to get a 13% discount on the cafeteria. For now, $3.99 for soup.
6:00 p.m.: Pay movers $185. It only takes 1 hour, but the minimum is 2. Tip $15 anyway since they were students and could probably use the money. I’m splitting the costs with 3 other people anyway.
08:00 p.m.: Splurge on dinner with new roommate at the best Indian restaurant in town, $24. Yum.

Total spent: $1,816.43
Total deposited: $3,032.94
Total returns: $496.79
Meals at home: 7
Meals out: 8
Dates: 2
Cancelled Dates: 2
Indoor skydiving: 0

Lots going on since I was meeting up with people before I left, dating and preparing to move back to school. I used to try to adhere to $10 of discretionary spending (including eating out), but now I’m comfortable with spending based on value derived from the good or service. My only regrets are not taking advantage of the market declines more and missing my flight since all that scrambling cost me a bit of money. Oh, and leaving California, the greatest place on Earth.

* * *

To be featured anonymously in a future Money Diary, click here.


View the original article here

Friday, September 23, 2011

Mobile Banner Creator - The Easiest Money Ever!

Mobile Marketing Is The Hottest Trend In Internet Marketing & This Is A Tool All Mobile Marketers Need. Give Away Free Memberships & Earn Commissions On Multiple Upsells - Making Sales Couldn't be Any Easier! http://mobilebannercreator.com/affiliates.php


Check it out!

Sunday, August 14, 2011

Best Money Tips: Summer Jobs for the Early-Bird College Student

Welcome to Wise Bread's Best Money Tips roundup! Today, we share the best summer jobs for college students (it's never too early to start looking!), decorating ideas straight from the grocery store, exercise videos for those of us who are chained to our desks all day, and more!

Best Part Time Summer Jobs for College Students — Considering the competition in the job market, no, late-December is not too soon for college students to start looking into summer jobs. My Two Dollars

10 Last-Minute Foodie Christmas Decorating Ideas — The best part about making decorations out of food is you can get all the materials and your groceries at one stop. Want to make pomanders? Just pick up oranges, cloves, and spices. CasaSugar

10 Best Ways To Stay Fit and Healthy At Your Desk — Check out these great exercise videos! Who knew you could work out your abs in a desk chair? Unplggd via Lifehacker

Too Cold To Play Outside? 10 Ways To Keep Your Kids Active This Winter — With just a few chairs, pillows, blankets — or anything you want, really — you can help your kids build an obstacle course right in your home. Parenting Squad

8 Facts and Myths About Warming Up Your Car in Winter — Idling actually hurts the car. If you want to warm your car, just drive. The Daily Green

9 money goofs that won't hurt much — While a high debt-to-income ratio won't affect your credit score (the FICO formula doesn't factor in your income), maxing out your credit accounts will. MSN Money

10 Things You Didn't Know About Colds — The best way to avoid a cold is to exercise. And you don't need a lot: "A brisk 30-minute walk 5 times per week does the trick to cold-proof your immune system." Yahoo! Health

Nine Guiding Financial Principles — What does it take to succeed at personal finance? It helps to automate payments and retirement contributions so you're not tempted to use the money elsewhere. Free Money Finance

Energy Tax Credits: Treat Yourself This Holiday Season — Were you thinking of making energy-efficient upgrades around the house? Better do it soon if you want to claim the tax credits for 2010! Redeeming Riches via Currency

Help for Job Seekers — Keep your job-search momentum going straight through the holiday season. Employers are always hiring, even during the week of Christmas. And take advantage of the free advice from outplacement firm Challenger, Gray & Christmas on December 27 and 28. Kiplinger


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Friday, August 12, 2011

Best Money Tips: Looking for Scholarships

Welcome to Wise Bread's Best Money Tips roundup! Today, we share tips to help you make the most of a scholarship search, a list of must-haves for living out of a suitcase, a tasty way to use up leftover ingredients, and more!

Free Money for College? How to Optimize Your Scholarship Search — It's good to start the search early, but it might pay to wait when it comes to applying for a scholarship. MintLife

How to live out of a suitcase — The first thing to pack: a medium-sized towel. It'll be the most useful thing you have. Early Retirement Extreme

Turning Kitchen Waste Into Something Sublime — Save your leftover ingredients (veggie scraps, chicken bones, turkey carcass, etc.) and give them a few hours in a crock pot for delicious homemade stock. The Simple Dollar

Delicious Make-Ahead Dishes To Add to Your Thanksgiving Feast — Enjoy a less-hectic Thanksgiving Day by pre-prepping the mashed potatoes, roasted green beans, buttery rolls, cornbread muffins, and even the punch! Mom Advice

No Energy? 8 Ways to Get from Slow to Go — Make sure you're getting enough magnesium. Dark-green leafy vegetables (like spinach) is your go-to source. Lifescript

Top 3 Productivity Pitfalls Disguised as Work-Boosting Tools — Making lists or organizing plans can certainly help boost productivity…but only if you actually need them. GigaOM

5 Ways to Create a Smart Wedding Registry — If you're afraid providing the cash option might offend some guests, the next best thing is probably gift cards. Alpha Consumer

Make Your Own Holiday Gift Baskets - For Less — Gift baskets are fun and cheap, especially if you make them yourself. This season, try putting together a spa, chocolate, or movie basket…or anything you like! BlogHer

Buying a Car with a Credit Card – Can You Do It? — This can be a great way to rack up rewards. Just make sure you have the cash on hand to pay off the credit card bill. My Two Dollars

Choosing Your Mortgage Options: The Basics — Start by deciding if you want a 15- or 30-year mortgage, then use the method described to make apples-to-apples comparisons of fees, rates, and more. Darwin's Money via Currency

We were featured in the latest Carnival of Money Stories at Money Obedience, as well as in the latest Best of Money Carnival at Amateur Asset Allocator. Thanks for including us with such fabulous groups of bloggers!


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Wednesday, August 10, 2011

Best Money Tips: Financial Mistakes to Avoid in 2011

Welcome to Wise Bread's Best Money Tips roundup! Today, we share the financial mistakes to watch out for, how to make your own glitter flats, and simple ways to spend less on produce.

8 Financial Mistakes to Avoid for 2011 — It's all too easy to forget about recurring and automatic payments — that's part of the convenience, after all. However, it's important to evaluate these payments periodically to make sure the services are still worth the cost. Not Made of Money

Make Your Own Glitter Flats — Glam up an old pair of flats (or really cheap new ones) with just a few coats of Mod Podge mixed with glitter and finished off with clear glaze spray. We Are Not Martha via The Consumerist

Ten Quick Tips for Cutting Your Produce Bill — Use as much of your produce as you can: "Peeling removes much of the flesh and the vitamins too." Cooking Manager

How to Update Last Year's Wardrobe for this Season — Sometimes, all it takes is a few accessories to update a wardrobe. Look for new ways to mix, match, and layer! Sharon Harvey-Rosenberg via Currency

Santa Cookies On a Budget: 4 Shortcuts That Will Save You Time and Money — Start with a base cookie recipe and mix up the ingredients to get several different flavors! Learn how to make brown sugar cookies, snickerdoodles, chocolate mint chip, and others with only minor variations to a soft chocolate chip recipe. MintLife

Displaying Christmas Cards: 5 Unique Approaches — Show off your holiday cards and crafting skills on a corkboard ribbon tree. (It actually looks pretty easy to make.) DIY Life

Go paperless next Christmas — If you don't want to use any new paper next Christmas, start gathering any paper holiday materials now. Even used, wrinkly wrapping paper can be ironed and reused for next year's batch of presents! Make it and Mend it

7 Important Questions To Ask Yourself Before The Year Ends —Before you decide on your Near Year's resolutions, do a year-end review to see how 2010 went for you. Dumb Little Man

No Solicitation: Ideas For Worthwhile School Fundraisers — Schools and local businesses can team up to improve the community by combining fundraisers with service projects. For example, businesses can sponsor students to pick up trash in the neighborhood. Parenting Squad

Lending Money to Family Members: Worth the Risk? — No need to say 'yes' or 'no' right away; take some time to think about other alternatives that are open to your money-strapped relative. A few extra days will allow them to decide if borrowing from you is really the last resort. PT Money


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Thursday, November 25, 2010

The Money Secret - Everything You Need To Know

The Money Secret - Everything You Need To KnowPerseverance is a great element of success. If you knock long enough and loud enough at the gate, you are sure to wake up somebody.

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Wednesday, November 24, 2010

Best Money Tips: 101 Free Alternatives to Paid Software

Welcome to Wise Bread's Best Money Tips roundup. Today, we give you over 100 free tools for your computer, expert tips for stopping foreclosure, and some of the best low-cost costume ideas for this year's Halloween party!

101 Alternatives to Commonly Used Paid Software – You don’t need to plunk down a fistful of cash to have the slickest in computing tools. This list contains many that I use, and many more that I want to! Money Saving Blog

How to Stop Foreclosure (Or At Least Try To) – You may be too far in trouble to get out of it, but you can at least give it a good effort. This is some of the best advice for keeping your home. The Digerati Life

10 Cheap and Creative Halloween Costumes for 2010 – Whether you choose the Old Spice Guy or something more universal, these are some budget-friendly (and fun) ways to celebrate the spookiest holiday! PT Money

Do We Have a Right to Line Dry Our Clothes – Many housing associations (and urban areas) prohibit hanging up your wet clothes for a greener alternative to appliance dryers. But is this right? Frugal Dad

Top 10 Strategies for Getting Back your Lost or Stolen Stuff – Here is a pretty nifty list of ways to recoup your losses when a gadget goes missing. From chargers to digicams, there’s a clever solution you can use! Lifehacker

5 Reasons While You’ll Love Index Investing – If you’re new to the scene, here are some of the perks to this simple investing method. Monevator

A Tale of Two Pianos: My Musical and Financial Journey into Piano Ownership – This is a lengthy but worthwhile read that gives a personal story behind some of the harder decisions we all face. Very enjoyable! PF Firewall

What is Debt Recycling? If you haven’t heard this term, you can learn quite a bit via this very comprehensive article. Is this kind of risky investing a good idea in this economy? Money Funk

What’s Fueling the Battle Over Raw Milk? – To drink, or not to drink. That’s a big question. See why the battle for the right to drink raw milk (unpasteurized) is a big deal these days. TIME

Rebalance Your 401K in 20 Minutes – If you could pick just one thing to check off your to-do list, why not this? Bundle


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