Tag Archives: finances

Money Genie: I Grant You 3 Financial Do-Overs

Today is your lucky day! The personal finance genie has graced this site with his presence. What’s he doing here? Well, he has come to grant you 3 financial do-overs.

What Would You Change Financially If You Had the Chance?

The genie wants to know what financial decisions you would change if given the chance. Do you wish you began investing at 18? Do you wish you never set eyes on that guy giving away t-shirts in college if you signed up for a credit card? Here are my 3 wishes:

1. I wish I never saw a credit card in my life

I’ve never wanted to get too much into detail about our personal finances because some people who read this blog obviously know me. However, I will admit that I have made some bad decisions concerning credit cards over my lifetime. I received my first card at 18 and I could just feel the immense power that it had. That power caused me to feel financially invincible and it caused me much financial harm. Let’s just say that it will take me quite awhile to dig myself out of this financial hole that I have dug.

If this wish came true, I would live my life with MUCH less stress. As many of you know, debt puts a huge weight on your shoulders. You have to continually focus on the final outcome of being debt free. Having that vision helps you continue the battle and kill debt a lot faster. I cannot wait for that day to come!

2. I wish I fully funded my Roth IRA every year since I opened it 7 years ago

All I can say is that I started out on the right path. I opened a Roth IRA when I was 18 (actually, my uncle did it for me). However, over the years I completely neglected it and managed to only put around $1,500 into it. I know a lot of you will say that I lucked out because of the market collapse, but I do not see it that way. If I would have put the max in each year ($31,000 total) and invested it in an index fund (Vanguard Total Market), I would only have around $27,000 in the account. Frankly, that sucks. However, that would be $26,000 more than I currently have in it and if I had done that every year, I imagine my credit card debt wouldn’t be as high.

3. I wish I would have paid my way through college and not taken on student debt

Looking back, I know I would have been able to pay my way through college (undergraduate AND graduate). Yet what do I have to show for it? Many times the average debt of a typical college student. In plain english, I was stupid. I really have no idea where the money went that I earned while working during college. It could have easily went to my school and yet it didn’t. I just want to scream from the hilltops for being so dumb. Don’t get yourself in the same mess I did. PAY CASH FOR COLLEGE!

I really wish there was a money genie and he could take care of all my financial woes. Unfotunately, there isn’t and I will have to live with my decisions and learn from them.

What are your top three financial mistakes? Share them with us in the comments!

Do you have a blog? Share your financial do-over wishes with your readers! Link back to this article so we can have a collection of them all. Hopefully this can be a large resource for younger individuals (college students) on what NOT to do financially at a young age.

UPDATE:

The genie has been making his way around the blogosphere. Check out some of the places that he has been:

Give Me Back My Five Bucks

Punch Debt In the Face

Fighting Foreclosure

My Financial Recovery

Saturday Sneak-Peak: PFfirewall.com

Firstly, I want to congratulate Jesse. He and his wife added a new bundle of joy this past week! If you don’t click on any of the links, at least leave a comment and congratulate him on this great blessing (they had a girl). 🙂

Jesse has been blogging since February and has been know to have lengthy, well-thought out posts. He averages about 15 posts a month so those of you who do not like to be bombarded with posts, he is your guy!

Here are some of my favorite posts from him:

Selling Oil Changes Door-to-Door?

Shopping Out of Season

The Real Reason for Lehman Brothers’ Downfall

Now off to the questions!

YMR: Why did you want to start a personal finance blog and what blogs did you read before you started?

Jesse: I started my blog for several reasons. I am actually really new to the blog scene, I hadn’t even read any blogs previous to late 08 aside from The Consumerist, which I didn’t realize was a blog.

When reading The Consumerist, I read about a girl that paid off around $14k in debt by following some Consumerist tips. This led me to think about my debt which I was completely ignoring. One of the tips was to call credit card companies and ask for rates to be lowered, and if they didn’t lower the rate, transfer the balance to another credit card. While searching for credit cards with better rates, I happened on MyMoneyBlog.com, which led me to a few other personal finance blogs including GetRichSlowly.com, BudgetsAreSexy.com and BrokeAsASpoke.com and I was hooked on Personal Finance blogs. I started following blog networks and finding more and more blogs about personal finance to read.

So I decided to start a personal finance blog to track my finances. I also thought if my finances were out there in the open, I would be more accountable and wouldn’t be able to ignore my financial incompetencies.

A second reason, I have always felt like teaching is the best way to learn. By researching what I want to write about, I learn so much about finance from those out there that know more about it than I do, then I can share the information with my readers knowing it is accurate.

Yet another reason was that I am a pretty big geek, and having my own website is one of those things that I wanted to do, coded completely from scratch of course. I had started several websites from scratch but none of them really had a purpose so I would code them, put them up and never update them. I felt like this was holding me back from learning more about web development, so I thought if I started a blog that was really easy to update, using a blog engine like WordPress instead of coding from scratch, I could get the content rolling, get motivated, then be able to spend time coding and modding the blog. I am happy to say this is working. I recently released a new custom theme for my blog, I have been doing a ton of design work in photoshop such as logos, banners and icons, and I have even been hired to redesign someone elses blog.

I even started another site coded from scratch with a purpose/idea that I found while writing my blog. This new site hasn’t really gone public yet as I am still designing it but it fills my geeky void 😉

YMR: Which post (on your site) has been your favorite and why?

Jesse: I think my favorite post was The Most Important Part Is Starting: Debt Recovery and the reason is I felt like the post, massive as it was, was really going to help people. The post was spurred by a friend that was having trouble getting started on the road to debt recovery. I realized there may be more people out there like her that have no clue on how to get started repaying debt so I was really happy to be able to help a friend out as well as anyone else that may read the post.

YMR: How would you describe your writing style?

Jesse: Another reason I started my blog that I left for this section is that I wanted to use my blog to start a writing portfolio. I have always loved to write and thought of doing some freelance writing but I have no public writing experience.

So my writing style reflects this desire. I write as if I am writing for a newspaper. Factual, informative and to the point. I try to hold myself to professional standards. I am known to be long winded but I want to make sure I cover all the facts and leave nothing out that may be important. On that same note I try and make the information more understandable as if I am talking to my readers versus writing to them.

YMR: Tell us something about yourself that some may not know.

Jesse: I am much geekier than I let on in my blog. I am a Linux user..I worked on the Geek Squad when I was younger..and even my TV is running on Linux. I even switched keyboard layouts to be more efficient when typing. I use the Dvorak instead of QWERTY layout and now type a few dozen words per minute faster than I used to. It took about a year to fully switch.

I am much geekier than I let on in my blog. I am a Linux user..I worked on the Geek Squad when I was younger..and even my TV is running on Linux. I even switched keyboard layouts to be more efficient when typing. I use the Dvorak instead of QWERTY layout and now type a few dozen words per minute faster than I used to. It took about a year to fully switch.

YMR: Tell me a little bit more about this financial highway adoption you got going on.

Jesse: Well, I started my blog to be more financially responsible yet I spent about a hundred dollars on hosting. I knew it was necessary especially on the commitment and motivation side but I felt bad about it. Even before I started trying to get my finances in order, I had a real hard time spending money on myself for any reason. Even my play sites that I mentioned before were hosted on my home computer, making them unbearably slow. I couldn’t bring myself to ask for donations in the traditional way because I felt like a hypocrite, telling people to save money yet asking them to give me money. So I started thinking of ways I could reduce the cost of my blog without asking for a hand out.

My adoption system does just that. When someone adopts my blog, they pay a small piece of my costs, roughly the cost of hosting per year divided on a weekly basis, and in return get recognition from my readers for doing so. They get a banner in every post of their week and a banner on a dedicated page, forever.

I also want my readers to feel like they are a part of the little community my blog creates. Through the people that have adopted so far I have made some great contacts and friends, and gotten to know some of the bloggers that read my blog much better.

Thanks Jesse! Have a great weekend everyone! I am heading off to PA so limited posting this weekend.

Weekly Roundup – May 10th

Hope your weekend is going well! Ours started off with a bang yesterday when we booked our honeymoon! Heading off to Jamaica at the end of July (during hurricane season of course) for an all-inclusive extravaganza. I am working on a post for tomorrow detailing our experience with AAA travel. I’ll just say that it was a good one.

Now for a quick plug for the Carnival of Money Stories. Tomorrow is the last day to submit for the return of the carnival. It will be hosted by Gather Little by Little on Monday. You have until 5pm EST today to get your submissions in!

Great Reads From the Week

J Money from Budgets are Sexy wants to grant you one luxury wish. What would you pick? My answer is in the comments!

Bob at Christian Personal Finance explains the art of phishing scams with a great video that he found. That’s one of the things to avoid in my list of identity theft tips.

Free Money Finance tells you how one bad experience can ruin a company.

One Caveman’s Financial Adventure has a great list of 8 things new parents don’t need. I hope I don’t have to worry about these things for a few more years!

Make sure you check all of them out and I look forward to a great week of discussion! 🙂

Saturday Sneak-Peak: MoneyTLD.com

Welcome to this weeks edition of Saturday Sneak-Peak! Every week I explore a personal finance blog and give a brief review of the site. My major intent of the adventure is to expose everyone to new and/or obscure blogs. Up this week is MoneyTLD.com. Mike has contributed to the discussion on the site a few times and I greatly appreciate that.

Mike has some great tips on his site and I suggest you head over there and check them out. Here are some of my favorites:

Five Tips for a Successful Phone Interview

When Should a House Guest Start Paying Rent?

When is Mega Millions Worth Playing?

I asked Mike some questions to help you get to know him. Here they are!

YMR: What have you enjoyed most about blogging?

Mike: I most enjoy the ability to learn more. Although I consider myself knowledgeable in the area of personal finance, blogging forces me to think about that knowledge in a more structured manner. I have to organize my thoughts to make them coherent for other people, so I learn by teaching. If I don’t have the details right, then I do research to make sure I do have them right. I try hard not to fudge my knowledge. Plus, my readers shouldn’t hesitate to call me out on something if it looks like I did. Without that give and take, I’d just be in an ivory tower and would lack the capacity to improve.

YMR: What post did you enjoy writing the most?

Mike: While I didn’t necessarily write it, I really enjoyed hosting the Money Hacks Carnival on March 25. Compiling it was ridiculously time-consuming, but hosting that carnival really enabled me to see what else was out there. And even for the blogs already in my feed reader, I got to re-examine the posts that those bloggers thought were worth submitting. I find that much of my reading online is simply skimming, so this gave me a better chance to really delve into and think about the material.

YMR: How would you describe your writing style?

Mike: Conversational. In my head at least, I write the way I talk. As a result, I probably use too many cliches and could certainly write more tersely, but I hope that my writing thus feels familiar and readable.

YMR: What did you learn since January (about blogging) that you did not know before?

Mike: Hmm, that’s actually a pretty tough question. I’ve been blogging for several years at various sites, so the process isn’t new to me. However, if there’s one thing I’ve relearned, it’s that keeping up the pace is really difficult with blogging, especially when starting a new blog. At the beginning, you have no readers, no advertising income, and no real motivation to write aside from the idea of creating a kick-ass blog. Without a big marketing budget or celebrity status, gaining a readership is a very slow, organic process. While getting into blogging is super-easy, continuing to blog is very difficult. The many out-of-date blogs littering the internet attest to this fact.

I want to thank Mike for letting me interview him. It was a pleasure! Please head over to his site and poke around. I am positive that you will find something that you will enjoy!

Do you have a new blog (less than 6 months old)? Would you like to be featured in a Saturday Sneak-Peak? Contact me and I will set you up!

Have a great weekend!

Carnival of Twenty Something Finances – DC Edition

Welcome to this weeks edition of the Carnival of Twenty Something Finances! Last weekend, the future Mrs and I headed down to Washington, DC to check out the famous cherry blossoms. Although it was VERY crowded, I must admit that it was an amazing time to see them. DC is a great place to see on the cheap. Most museums in the city are free and they have a great transit system. Personally, we parked outside of the city at one of the free metro stations and rode the train all day. It cost us about $5 per person and we did not have to deal with the horrendous traffic and confusing streets.

Sprinkled throughout the carnival this week are some common places to see while visiting DC. Like I mentioned before, most of these sites are free to the public. You can get away with spending very, very little compared to other cities. I advise packing a lunch for you and your family as food can be rather pricey if you purchase it from vendors. Anyway, off to the carnival!

This is a picture that we took in the midst of the trees. The cherry blossoms were at their peak this year from around March 28th through April 12th.

Editor Picks

Debt Kid shows you that getting a mortgage after foreclosure is not so simple.

Debt Ninja at Punch Debt in the Face wants to know what’s your favorite dumb but fun expense? I would have to say that mine was my iPhone. I love it with a passion but I really do not need all of the features and the added expense.

Jerry at Deal Supermarket talks about getting unplugged with frugality. This was a very creative post!

DR at The Dough Roller gives you 10 tips to declutter your finances.

The Washington Monument is the most prominent structure in DC. It was built in 1884 in honor of George Washington. It’s free to get in but make sure you get their early!

The Rest of the Field

KC Lau shows you 5 ways to take charge of your finances.

Fabulously Broke in the City shows you why a small space does not mean you put your life on hold and whine.

Bank Savings Review let’s you know about four banks that gave their TARP funds bank.

Kathryn at Out of Debt Christian has the top ways to waste money on your home.

Shaun from Learn Financial Planning shows you why being frugal is just the first step.

SVB at The Digerati Life helps you choose the best online stock brokers for cheap stock trades.

Personal Finance Analyst wants to know if saving money damages your quality of life.

Patrick at Cash Money Life tells you when you should tell your boss that you are pregnant.

The Smithsonian Institution has a ton of great free museums to see in DC. You can go to the Air and Space Museum, Museum of Natural History, Freer Gallery of Art, etc.

Mr CC at Ask Mr Credit Card let’s you know how American Express submits your credit information to the credit bureaus.

Matt at Fine-Tuned Finances compares new credit card programs for saving for college.

Ginger at Ginger Won’t Snap has some credit card fraud problems.

Peak Personal Finance has 3 smart personal finance tasks that you are probably putting off.

Diego at Bankling shares with us his top 50 economics blogs.

Big Cajun Man at Canadian Personal Finance Blog has some advice for new grads.

Patrick at Money Saving Deals gives us the lowdown on how to get up to $150 from TradeKing.

RJ at Our Financial Planner shows you the miracle of compound interest.

The Lincoln Memorial is another great (free) site to see in the city.

MoneyNing shares with your his review of Everbank.

Jeff Rose at Good Financial Cents let’s you know what to do if there is a layoff pending.

Destroy Debt shows you how to get the last drop out of many popular products.

Pinyo at Moolanomy shows you how to transfer credit card balances.

Raj at DebtGoal is cutting the bill on digital services.

Wren at True Adventures in Money Hacking shows you how to get a free car. Really!

Dan at Everyday Finance gives you the best CD yields in April.

Jim at Bargaineering shows you how to pick the best credit card.

J Money at Budgets are Sexy gives some advice on Roth IRAs vs 401ks.

Visit Arlington National Cemetery and pay your respects to the thousands of fallen soldiers. You can also view the resting place of JFK and see the Eternal Flame.

Patrick at Military Finance Network shows how the stimulus plan assists military members affrected by the mortgage meltdown.

Credit Card Assist wants to know if you have ever looked at your credit card closely.

Apply 4 Credit wants to know if credit card protection plans are really worth the added cost.

Christian Personal Finance is giving away a free subscription of Kiplinger’s personal finance.

Investing School compares Etrade, TradeKing, and Zecco.

Mike at Money TLD lets you know that some expired foods can still be edible.

Eric at Twenties Money has five pieces of advice for twenty somethings.

BillEater shows you how to avoid debt reduction scams.

Kyle at Suburban Dollar gives you his review of CashCrate.

Saturday Sneak-Peak: PimpYourFinances.com

Welcome to this weeks edition of Saturday Sneak-Peak! Every week I explore a personal finance blog and give a brief review of the site. My major intent of the adventure is to expose everyone to new and/or obscure blogs. Up this week is PimpYourFinances.com. David has commented on the site a few times and I greatly appreciate his input. This blog would be nothing without you readers!

David is a twenty-something college grad who is just trying to get his financial house in order. He is tired of his debt and wants to rapidly decrease it while increasing his savings. David has a very unique writing style and I think that is what has given him a lot of success over the past few months (he has only been blogging since October of 2008). Here are a few of my favorite posts:

Are Savers Dooming the Economy? NO!!

What Would Bilbo Do? 14 Money Lessons from “The Hobbit” (Featured on MSN SmartMoney)

12 Easy Ways to Sabotage Your Financial Life In College

The Escalator Not Taken

I also asked David a few questions to help you get to know him. Here they are:

YMR: What inspired you to start a PF blog?

David: When I started making money at a real job, I had no idea what to do with it. So I started look around PF sites, and was disappointed that there wasn’t more stuff aimed at young people.

I started thinking that if I was desperate for information, there were probably a lot of people in a similar position.

YMR: You have had some pretty rapid success getting your name out there over the past few months. How do you explain that?

David: Thanks! It’s very flattering to think that my name is getting out and others consider me a success!

I think there are a few reasons.

First, I just try to be myself. I don’t try to write that same articles that other people are writing. I write articles that I’d want to read, especially if no one else is writing about them. That also means that I try to keep a very strong sense of humor and sarcasm.

It also means that I’m brutally honest about myself. I’ll admit the mistakes I’m making. I’ll tell people exactly how much debt I have, and the things I know I should be doing, but I’m not. I think people can relate with that, and hopefully use it to avoid similar mistakes. I’ll never pretend that I’m doing everything right.

Another big reason for what I’ve accomplished is that I teamed up with someone else when I started the site. I handle all the writing, and he does all the technical stuff. It’s allowed me to focus on writing and content – things I enjoy (and that take up most of my free time). It’s allowed him to focus on coding, layout, presentation, etc… stuff he enjoys, and is very good at.

By focusing on our strengths, we’ve done a lot more than we could have done by ourselves.

I’ve also tried to build strong relationships with other bloggers. I link heavily to the sites I like to read, especially ones that are similarly sized to mine. I need to be better about commenting on other sites though.

And one thing I definitely can’t leave out is Tip’d. It’s a social media site for personal finance. They’ve embraced bloggers, so it’s given me a way to publicize my site that didn’t exist a few months ago.

YMR: Which article has been your favorite so far?

David: The most fun I’ve had is with a post on What Would Bilbo Do? 14 Money Lessons from “The Hobbit”.

The reason I enjoyed it so much is that it came naturally. I love J.R.R. Tolkien, and have read the Hobbit / Lord of the Rings trilogy constantly. At least 10-15 times each by now.

One day, I saw some financial undertones, and started taking notes. It came together by itself. I even ended up with 14 lessons – the same number that Gandalf intended – without trying. So it was fun and easy to put together. Plus I got to embrace my inner nerd.

And more than anything I’ve written, it struck a chord with the masses. Get Rich Slowly linked to it. Then MSN money did, and so did Mental Floss Magazine. It was huge!

It was never a marketing ploy. I just wrote about something I was passionate about, and others picked up on it. It was a very cool feeling.

YMR: Do you think we will ever have too many PF Blogs?

David: Never! I think we all compliment each other. It’s great to having multiple opinions, and multiple points of view.

Even if we run out of unique ideas, you can always learn from the experiences of others.

Also, no one knows The right answers. We can all share our thoughts, but no one has it exactly right. By reading a variety of opinions, hopefully we’re all getting closer to the Truth.

It’s like good music or food. You can never have too many options. Each has their own audience, and even if they’re not normally your thing, there are some times when it hits the spot perfectly.

That’s it! I wanted to thank David again for taking time out of his busy schedule to do this interview. Head over to his site today and poke around! You will find many great things there, trust me.