Friday, May 8th, 2009
This is one of those days where I just start writing and write until stuff comes to mind. Having said that, I have no responsibility of what may be said and the order they’re presented.
I guess you can call it my “hmmmm” moment in RDL.
For starters, I’m currently wondering when will the tattooing thing going to take off like I want it to? I’ve been handing out business cards to at the oddest of places. Fast food drive thru attendants that have tattoos. Waitress’s that have tattoos. I’ve even posted my portfolio on a couple of message boards. I’ve since tattooed on one customer from a message board and none by manually handing out my cards. For some odd reason, I’m getting customers out of the blue through word of mouth though.
Another thing that’s been on my mind is my income and outcome. For some reason, I have money even though I feel like I’m broke as hell. I’ve been spending a lot lately and it doesn’t seem to be catching up with me. Hopefully it’s all in my head.
Seems like I’ve inherited my middle daughter’s softball team. The head coach officially asked me when did I want to practice in front of the other parents. Kind of caught me off guard as I rambled while trying to think of the audacity. We all finally agreed on Saturday morning (tomorrow).
I’m at a cross roads with the wife and her job situation. It’s nice having her home taking care of the home but at the same time, it’d be nice to have another source of income coming in. To top it off, (not saying it’ll happen) I was reading about this guy that had a stay at home wife and as soon as the kids left, she got bored and wanted a divorce. A divorce I could handle (not want to but could deal with it), but she get’s half of his everything all because she was a stay at home mom. Oh well, I guess you can’t live thinking of the possibilities, or can you?
Now I’m left with wondering how much spending money I should take on the October cruise we’re going on? I did my first betting goal on my first cruise (bet $100) on one blackjack hand. Now I want to accomplish my next goal of placing $500 on one blackjack hand. By the way, I lost the $100 bet. Not only will there be gambling, we’re going to South beach the day before the cruise for a day of partying. I’m thinking $1000 should be enough for the entire trip.
We seem to be looking at some more money come in soon. My wife is getting a small settlement (under $5k) from when she got in a car accident last year. It’ll basically be money we spent on her medical expenses being reimbursed plus some small additions of pain and suffering of her sphincter or whatever.
I’m also wondering when will this egg sized hematoma inside my scrotem from vasectomy complications go away? The doctor says it may be a couple of months and it feels like it’s shrinking a little bit but I’m skeptical of doing anything active because I know it’s there. It’d be nice to play some softball or flag football (might even give it a shot at quarterbacking tomorrow)
Another thought is… when will the market be up to near it’s all time peak again? We’d tend to make a lot of money if that was the case since we currently have about $40k in the market at the moment. This weeks gain was nice but somewhere near it’s all time high would be GREAT!
There you have it… those are my most current random thoughts I decided to write about. What are some of yours?
Posted in Informational, Personal debt, goals, purchases, success | 1 Comment »
Tuesday, April 14th, 2009
A number of the people profiled in “Millionaires tell how they did it” made their millions as entrepreneurs. But working for the Man doesn’t mean you have to be a wage slave or resort to buying lottery tickets to strike it rich. The trick is to maximize your income on the job (and know when to move on), make the most of your employee benefits and tax breaks and use that extra money to start investing.
1. Keep your eyes peeled for better ways to do your job. Streamline a procedure, shave costs, create a new profit center, become an expert on a specific topic, volunteer for a company committee — anything that will make you stand out as a prime candidate for a promotion or a pay boost.
2. Don’t be afraid to negotiate. In a study of master’s degree graduates from her university, Carnegie Mellon economics professor Linda Babcock found that those who negotiated their first salary boosted their pay by 7.4% compared with those who didn’t bargain.
3. Get your ducks in a row and your numbers on paper. If possible, quantify how much your efforts add to the company’s bottom line. If that’s not feasible, spotlight your value with comparable salaries for workers in your position from a Web site, such as Salary.com, or from a professional association.
4. Plot your strategy when it’s time to move on. Create a professional-looking page on MySpace that tells prospective employers why you’re an exceptional candidate, recommends John Challenger of the outplacement firm Challenger, Gray & Christmas. And don’t neglect more conventional networking: Join a professional association or show up at school reunions toting business cards.
Milk your benefits
5. Contribute as much as you can to your 401(k) and other tax-deferred retirement plans. You’ll not only build a bigger nest egg, but you’ll also cut your tax bill. In the 25% federal tax bracket, every $1,000 you contribute to a 401(k) trims your taxes by $250. And you’ll save on state income taxes, too.
6. Flex your tax-saving muscle. Contribute pretax dollars to a flexible spending account to pay for dependent care or out-of-pocket medical expenses. If you set aside $1,500 per year and you’re in the 25% bracket, avoiding federal income and Social Security taxes means Uncle Sam will subsidize almost $500 of your expenses.
7. Review your tax withholding. If you’re expecting a refund this spring, you’re having too much tax withheld from your paycheck — and making an interest-free loan to Uncle Sam. That’s no way to become a millionaire. Put more money in your pocket by using Kiplinger’s withholding calculator and then filling out a new Form W-4.
8. Stash savings in a Roth IRA if you’re eligible. Withdrawals in retirement, including decades of compounded earnings, will be tax-free. This year, income-eligibility limits for a Roth increase to $114,000 for individuals and $166,000 for married couples.
Invest like crazy
9. Don’t delay. The quicker you get a jump on putting money aside, the easier it will be to stuff a seven-figure cushion. If you start at age 25, for example, investing $286 per month will get you $1 million by age 65, assuming you earn 8% annually.
10. Invest automatically, either through your employer’s retirement plan or by setting up a regular deposit to a mutual fund or broker. You’ll never miss the money, and you’ll avoid two big mistakes: buying too much when stock prices are high and not buying at all when prices fall.
11. Watch for fund fees. The more you pay, the tougher it is to earn an above-average return. The typical hedge fund, for example, takes 20% of any gains, a huge hurdle to overcome. A better bet: no-load mutual funds with expense ratios of 1% or less. If you trade individual stocks, watch those commissions.
12. Keep it simple. Be wary of get-rich-quick schemes or sales pitches for complex investments, such as oil-and-gas partnerships, that trade on the millionaire cachet to lure investors into buying high-fee products they don’t understand. Most millionaire households accumulate their wealth over the long term by sticking to a regular investing plan in a balanced portfolio.
Posted in Informational, Inspirational, education, success | No Comments »
Tuesday, March 3rd, 2009
In light of our strained economy, how can you keep your love life intact and still scale back on spending?
Remember that money isn’t everything. The most important thing is that you’re together.
Whether playing the field or in a couple, there are a number of free (or cheap) ways to mind your wallet without sacrificing your dating life. After all, a recession won’t keep you from finding love, it’ll just make you more creative!
For those playing the field
1. Dinner and a movie DIY-style: Instead of going to a restaurant and theater, grab a Netflix and cook your date dinner.
2. Have a picnic: Grab a picnic basket with some home-made goodies, a comfy blanket and spend a romantic day in the park.
3. Free wine-tasting: Most wine shops feature free promotional wine-tasting events, a perfect (and educational) date!
4. Your own personal sunset: Take a stroll and let the sunset be the destination for your date — pretty and, more importantly, free!
5. Get sporty!: How about getting a little down and dirty with your date? No, not that way — participate in a local or city-wide recreational sporting event: how about a game of ultimate Frisbee or touch football?
6. Free culture: Most art galleries and/or museums that normally charge entry fees, usually have at least one “free night” a week — take advantage!
For couples
1. Lather up!: Light a few candles, maybe turn on your favorite music and take a romantic bubble bath together.
2. Eat in, but make it fun: Instead of spending cash on eating out, cook at home together — try new recipes and new foods — for cheap!
3. See the sites: No matter what city, most residents rarely do the typical “tourist activities.” Why not take the opportunity to do some local site-seeing —- most tourist attractions are relatively cheap and monuments or scenic sites are usually free (and only cost a guidebook!)
4. Volunteer together: Nothing’s sexier than doing good.
5. Take in some flea market finds: Peruse local flea markets/garage sales with your significant other — if you do buy something you know it will be cheap and even if you don’t, flea markets are always a fun excursion.
6. Start a photo blog: Why not create something with your partner? Spend some time out and about taking photos. You can even start a photo blog that your friends and family can follow and you can update together. It’s free and you’ll always have something cool to look back on!
And remember that money isn’t everything. The most important thing is that you’re together and you’re having a good time. If your date doesn’t appreciate spending time with you without spending a lot of cash, then you probably shouldn’t be with her/him.
Regardless of your funds, each of these ideas can be an exciting change of pace. You may be feeling financial strain — but you don’t have to feel it alone!
Posted in Informational, purchases | No Comments »
Saturday, January 3rd, 2009
I’ve finally gotten off of my procrastination chair and decided to take care of some business. Lots of people have been asking me about my spreadsheet for the ‘09 year.
09_biweekly_budget_template
EXAMPLE_08_budget_template
A quick rundown…
If the dates aren’t for you, then just rename the dates to fit your biweekly interval.
The first page has the instructions.
If you want to edit something(you shouldn’t have to) you may have to unprotect the spreadsheet.
Have fun and if there’s any issues, please let me know.
Thanks.
HAPPY NEW YEAR!
freevideotomp3converter
Posted in Personal debt | 5 Comments »
Tuesday, August 19th, 2008
It’s simply amazing how people sacrifice so little to sacrifice a lot. Millions of people around the country are living the American dream and the mountain of debt that goes along with it just because they don’t want to start a (GOD forbid) budget. Check out this story I simply had to shake my head at:
Mary earns an after-tax weekly salary of $675 and gets weekly child support of $142; her income averages $3,462 a month.
Her monthly expenses: $1,485 for rent, $175 for utilities, $275 for a car payment, $361 for car insurance, gasoline and maintenance, $415 for her son’s college tuition, $124 for cable television and Internet service, $350 for grocery bills and $100 for dining out. That’s a total of $3,285 — and it doesn’t include incidental costs for clothing, hair care, gifts or entertainment.
She’s also overdue on several bills, including $282 for medical costs, $233 for a student loan and $80 for 2-year-old phone charges.
In a nutshell, Mary spends close to or more than she earns each month, and she runs out of money before she can make payments on her existing bills. That means there’s nothing left over to pay down her growing debts.
Mary is the first to admit a lot of her financial problems are in her head. She’s always had trouble with money, so her financial woes have become part of her identity — so much so that she carries her folder of bills with her wherever she goes, like a security blanket.
She says she wants to have the means to take vacations and buy presents for her grandchildren, even have a little in the bank for emergencies. But her self-sabotage has stopped her from attacking the real problem: her attitude about money.
Mary, like most people, dreads the “B” word: budget. But budget is not a dirty word. It’s the secret to financial freedom.
Without reading the article any further I immediately so ways to improve her situation in a matter of months. Instead Mary, would rather sacrifice budgeting instead of her attitude about wasting money.
Off the top of my head, I see she could lose some cable television programming and possibly opt for cheaper internet services. She could sell the car and buy something older while at the same time being reliable. Doing so would also lower her car insurance rates.
So lets say she creates a budget and is able to milk $200/month (on the low end) out of the deal. The $80 phone charges would be pai off the first month. That leaves $120 left over for the month. Next month add that up with the $200 and pay off the $282 medical costs. Take the rest and pay off the $233 bill the next month.
After 3 months those debt collectors are paid off and now she has $200 to spend on more debt in order to get the debt reducing snowball rolling.
Life shouldn’t be that hard people. Sacrifice your laughing now so that you won’t be crying later. Reverse the trend!
Posted in Generate income, Informational, Personal debt, education, relapses | 1 Comment »
Tuesday, July 29th, 2008
I was just sitting around thinking about finances and other things that randomly run past my brain when it occurred to me that throughout my entire debt free blogging I have no financial goals outside of getting (almost) debt free for ‘08.
More specifically, at the beginning of the year when I create my financial budget and distribute it to people, I usually have a round-a-bout number of how much we’ll have in savings at the end of the year. Last year, my ‘07 goal was to have $10k in the bank which I easily beat. I ended up writing checks totaling $20k check last year paying off most of our bills.
Last year completely drained our savings, and it took approximately 6 months to get out of tight spending mode. This year though, when doing our budget for the year we were on pace to have more than $20K in savings. Then I got laid off in March which put a damper on that projection.
With me taking a $15k pay cut this year, we’re now projected to have close to $14k in savings at the end of the year. Not a bad number but I’d like that to be better and it will (significantly) since we’re getting a lump sum in a few weeks due to my wife’s company being bought out.
So despite the lump sum payment we’re going to receive, I’d like our savings goal to be $13K at the end of the year. The way I usually come up with the number is, I take the projected savings we’ll end up with at the end of the year and subtract $3-5k. Since we’re in the 3rd quarter of the year It looks like we’ll be around the $13k range. If not, I may have to think of more ways to be creative with the budget in order for us to obtain that goal.
In the meantime, I’m working on tweaking my budgeting spreadsheet to be more user friendly. I’ll distribute it for ‘09 closer to when that time comes.
Posted in Generate income, Informational, Personal debt, goals | 1 Comment »
Monday, April 21st, 2008
I can’t sit here and take credit for my (relatively) recent financial makeover. In 2006, I received a tidbit of recommendation from the most unlikely of sources to check out the Dave Ramsey program… MY SISTER.
After listening to the (then) most financially irresponsible person I knew at the time sell me on the Total Money Makeover (TMM) audio book, I’ve become a cult Dave Ramsey follower. I’ve always been good with money by mainly listening to my mother and grandfather talk about how to budget and constantly instilling that credit cards are the devil. I’ve held true to those values but without a plan.
Despite the teachings of my parent’s and grandfather, I was never taught how to become debt free until I ran into TMM. From start to finish, I found myself being captivated and inspired by following 7 small common sense steps to get my financial future on the right path.
To be quite honest the journey is half the reward. It’s amazing how things become SO possible once you create a plan and set goals. For instance, I once laughed at my cousins idea that he should be able to pay off his house within five years. I was brought up believing my fathers teaching that we’re always going to have bills. I’m here to tell you inf act… IT’S ENTIRELY POSSIBLE!
I’ve since apologized to my cousin for making a mockery of his suggestion. I’m nowhere closet o paying off our mortgage but I’m not going to sit here and say that it’s impossible. If I really dedicated myself to doing that, it could easily be accomplished within 5 years or so.
Here’s the basics of Dave’s Financially Fit plan (7 baby steps):
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$1,000 to start an Emergency Fund |
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Pay off all debt using the Debt Snowball |
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3 to 6 months of expenses in savings |
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Invest 15% of household income into Roth IRAs and pre-tax retirement |
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College funding for children |
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Pay off home early |
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Build wealth and give!
Invest in mutual funds and real estate |
Because of baby step #3, despite my time of currently being laid off, I’ve been completely stress free because of Dave’s plan to achieve financial responsibility.
Having said everything but, “I want to have the man’s child”, I highly suggest you read it also so we can really get an understanding as to what we’re trying to accomplish and how we’re going to go about doing it.
Posted in Informational, Inspirational, Personal debt, education, goals | No Comments »
