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From Can I Get Rich On A Salary - view blog entries - visit this blogJuly 2, 2008 at 10:02 am ET
Are credit cards the devil?
Some folks seem to think so, cutting up their credit cards in elaborate ceremonies and declaring their resulting freedom and steps back onto the path of right. If they have problems encouraged by credit cards, and thinking of credit cards as evil helps them, I think it’s great that they do it.
But personally, I’m a big credit-card user. We pay our balances off each month, but I have often tried to move more of our spending onto credit cards. I find that it helps make sure certain regular bills get paid on time. We also get ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 30, 2008 at 9:13 am ET
Can I Get Rich On A Salary participated in three personal-finance blog carnivals this past week.
[Editor’s Note: In case you are not familiar with blog carnivals, a blog carnival is a multi-blog event in which a number of bloggers aggregate their articles within a certain theme or subject area into one post. The “host” of the carnival writes up the post on his or her blog and includes links to the various articles. Hopefully, this helps readers as they get a “one stop shop” of articles. I post a weekly recap of the blog carnivals in which I have participated—and ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 27, 2008 at 9:39 am ET
SmartMoney brings us the story of the Arnolds. (By the way, the print version has a little more detail than the online version.) Based on the article’s projection at the time it was published, Jay Arnold would have just retired this past May, at age 43—joining his wife Connie, who already retired and is age 42. They have two young kids and savings “approaching” $2,000,000.
How’d they do it?
During the time that they worked, they both had good incomes, described in the article simply as “management-level salaries.” Jay was a project manager for an automaker; Connie was a loss-prevention specialist at ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 26, 2008 at 9:10 am ET
There are many things for which I am grateful. Lovely wife. Joy-of-my-life kids. Job I can stand and sometimes even enjoy. Reasonable health. I could prattle on at some length, I suppose. But considering the ambition of my financial goals, and considering that I am now trying to write regularly about how to “get rich,” I wasn’t particularly expecting to report this. I’m grateful I don’t have too much money. Because apparently, at some point, you have so much money that you become completely disconnected from reality and essentially insane. The June 23, 2008 edition of ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 25, 2008 at 9:00 am ET
Several sources and books talk about how the choice of spouse seems to play out in personal-finance success. The book The Millionaire Next Door concludes: Most people will never become wealthy in one generation if they are married to people who are wasteful. A couple cannot accumulate wealth if one of its members is a hyperconsumer. This is especially true when one or both are trying to build a successful business. Few people can sustain profligate spending habits and simultaneously build wealth. This is not breaking news, especially if you have read just about ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 21, 2008 at 11:00 am ET
Can I Get Rich On A Salary participated in four personal-finance blog carnivals this past week. [Editor’s Note: In case you are not familiar with blog carnivals, a blog carnival is a multi-blog event in which a number of bloggers aggregate their articles within a certain theme or subject area into one post. The “host” of the carnival writes up the post on his or her blog and includes links to the various articles. Hopefully, this helps readers as they get a “one stop shop” of articles. I post a weekly recap of the blog carnivals ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 20, 2008 at 8:41 am ET
Cancer scares the bejeebers out of me. I’ve had a few friends who have had a loved one diagnosed with cancer, and we’ve had two cancer scares in my wife’s and my families. One has so far turned out just to be a scare. The other one has turned out to be real. So I guess this story grabbed me a little bit more. The Wall Street Journal brings us the story of Charles Wolf. Currently 49, Wolf and his family had been quite successful financially all along, with Wolf working as a chemical engineer and his wife ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 19, 2008 at 9:25 am ET
There are folks who’ll tell you that how much you save and invest is as important or more important than lots of other things, like most individual investment decisions. I’m one of them. And I think the best way to do increase the amounts you save and invest is through an automatic investment plan. As I’ve mentioned, I think automated saving and investing has been the most important part of our personal-finance plan so far. (See: Inside The Millionaire Mind of Mush—How We Became Millionaires.) An automatic investment plan is where you have a set amount of ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 17, 2008 at 8:27 am ET
“I had no idea I was being a sucker,” I wrote in my post on how coffee shops and other retailers root out the areas in which I am less likely to notice price variations. Since being a sucker is not one of my favorite things to do, I’ve continued to read with fascination about other ways in which retailers figure out where or how they can charge consumers a higher price for something that doesn’t cost them any more. My new discovery: color. The book, The Economic Naturalist, by Robert Frank, described its assessment of the question, ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 13, 2008 at 8:40 am ET
The Motley Fool brings us the story of Russ MacDonald, introducing it with the question: Who buys stock in a company, holds it for 40 or 50 years through ups and downs, lean paychecks and hearty bonuses, and never parts with one lousy share? In many ways, MacDonald’s grand success comes from a gift of stock from his grandfather—100 shares of Standard Oil in approximately 1957. So where MacDonald’s success is impressive was his willpower in leaving that stock alone for that span of 40+ years. And he attributes that to the lessons he ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 12, 2008 at 11:19 am ET
MarketWatch recently ran a “daily money tip” titled, “Teach yourself how to invest,” stating that now is a good time to do this: If you don't know much about stocks, now is a great time to educate yourself. Valuations are more attractive than they've been in a long time, and investing now will likely pay off down the line, when markets head back up. The article gave three specific suggestions on how to go about teaching yourself to invest in individual stocks: Read a book. There ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 12, 2008 at 9:17 am ET
Can I Get Rich On A Salary participated in four personal-finance blog carnivals this past week. [Editor’s Note: In case you are not familiar with blog carnivals, a blog carnival is a multi-blog event in which a number of bloggers aggregate their articles within a certain theme or subject area into one post. The “host” of the carnival writes up the post on his or her blog and includes links to the various articles. Hopefully, this helps readers as they get a “one stop shop” of articles. I post a weekly recap of the ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 11, 2008 at 9:18 am ET
If you are or were a steak lover, and had already made the decision to eat out at a nice steakhouse, maybe for a special occasion—which of these would you pick? EINSTEIN’S HOUSE O’ STEAKS Chateaubriand (24 oz.) $44.99 Porterhouse (24 oz.) $36.99 Tenderloin (16 oz.) $19.99 ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 9, 2008 at 8:20 am ET
“Markets Slammed by Oil, Dollar” “Recession Fears Reignited” “Investors Ratted as Slump Sinks In” “Job Losses and Oil Surge Spread Economic Gloom” These were four headlines on the front pages of The Wall Street Journal and the New York Times on Saturday morning, after Friday saw the Dow tumble 394.64 points. As someone trying to write about personal finance, I was all over this news, tracking it closely, minute by minute! Well, to tell you the truth, I would have missed the whole thing if I hadn’t read the paper on Saturday morning—and whether I ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 6, 2008 at 8:46 am ET
Money brings us the story of Jana Purdy and Tim Kramer. A May-December couple separated by 13 years, Purdy and Kramer are trying to manage their finances so they can retire at the same time. Ages 61 and 48 respectively (at the time of the article), they had already amassed a $1.8 million nest egg—$630K in retirement accounts, $595K in non-retirement accounts, $550K in real estate (their home and one other property), and $50K in liquid savings. How did they do it? It looks like they accumulated about $1.2 million primarily through saving and investing. They have had a ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 5, 2008 at 9:10 am ET
I have mostly thought the reviled Joneses of “Keeping Up With the Joneses” fame were one family. Not one family nationwide or globally (that would be a trick)—but one family for each of us. Typically the one right next door, with their white picket fence, their teeth a little too white, their smiles a little too bright, especially when they casually show off the new car, new big-screen television, new whatever. They have about the same kinds of jobs as us. How are they affording all that? Are we and our diligent attention to personal-finance blogs and frugality ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 5, 2008 at 7:54 am ET
Can I Get Rich On A Salary participated in three personal-finance blog carnivals this past week. Bazillions of great posts were featured this week, and I came upon some new personal-finance blogs with which I wasn’t familiar! [Editor’s Note: In case you are not familiar with blog carnivals, a blog carnival is a multi-blog event in which a number of bloggers aggregate their articles within a certain theme or subject area into one post. The “host” of the carnival writes up the post on his or her blog and includes links to the various articles. Hopefully, this ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 4, 2008 at 8:24 am ET
I’ve noticed that my post on how Gen Y is with money continues to pick up a fair amount of traffic, with some of the comments on the post or e-mails to me giving their own answers as to whether Gen Y is good or bad with money. I’m pretty sure there’s never going to be one blanket answer—or that I’m never going to be able to figure it out. And I guess I don’t really care! For me, there’s no doubt that, just like every other generation, there are particular members of Gen Y who are good with ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogJune 3, 2008 at 9:49 am ET
Gray skies are gonna clear up… Or is that another cloud headed this way?A Jean Chatzky article in the June 2008 issue of Money reports that two different research studies suggest that people who are generally happy do well with their money. But the people who are the most happy, the top of the happiness scale, the kings and queens of happiness? They flop when it comes to money. [H]appy people tend to earn more than sad people… [H]appy - but not too happy - people are strivers. They're interested in making the ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 30, 2008 at 8:48 am ET
Today, I am riding a personal-finance blog wave! Meaning I am going to copy some other bloggers’ same topic for this post! Bloggers will sometimes write on the same topic unintentionally. When there are approximately 5,210,463 blogs in one space, like personal finance, this is bound to happen. But bloggers will also sometimes write on the same topic intentionally. This can come through games of “tag” (denominated also with various other names, none of which come to my tired brain at this moment), in which a blogger writes a post on the topic and then “tags” some number ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 30, 2008 at 8:26 am ET
The results of last week’s “Thanks to the Readers” contest are in!Congratulations to… drum roll, please... GALE LEWIS of Dallas, Texas! Gale is receiving a $25 gift card for Amazon.com! (Gale, I'll be in touch soon on this!) Thanks to everyone who entered—and thanks again to all of you who have been reading, subscribing to, posting comments to, StumblingUpon, Digging, adding to del.icio.us, PFBuzzing, Technorati-faving, blogging about, linking to, spreading the word about, and just thinking good thoughts here and again about Can I Get Rich On ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 29, 2008 at 9:00 am ET
Four is the only number for which the number of letters in its name is the same as the number itself. It is: the number of Horsemen of the Apocalypse; the number of chambers in the heart; the number of basic states of matter in chemistry (solid, liquid, gas, and plasma); the number of strings on a violin; the “universal number for women” (I’m not sure what that means); and the number of blocks in every shape in Tetris. And Can I Get Rich On A Salary participated in four personal-finance blog carnivals this past week! ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 28, 2008 at 8:25 am ET
Last week, I mentioned learning more about Random Walk Down Wall Street author and Professor Burton Malkiel’s view that most U.S. investors are “underweight” in China—and generally that he expects the China stock market to outperform the U.S. stock market by a couple of percentage points or more. A. Gary Shilling of Forbes seems to think the opposite in his recent column, “Chinese Chance”: If you still own Chinese shares, sell. If you are daring, short-sell an exchange-traded fund of Chinese shares…. Without the export growth and the foreign investment it brings, China’s economy is in trouble. ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 27, 2008 at 8:17 am ET
I like breaking things down into two or three. Those are numbers I can count to. Numbers my little pea brain can keep track of. Research suggests the human brain can comfortably track about three things at once—with four things being “difficult” and five things being “nearly impossible.” (See How much can your mind keep track of? (at EurekAlert!).) Who needs to be strained? Let’s stick with two or three things at once. These constraints of the human brain (and in particular mine) sometimes feel like they are hamstringing our quest to “get rich” (to achieve financial independence ... ( more)
From Can I Get Rich On A Salary - view blog entries - visit this blogMay 26, 2008 at 9:15 am ET
Do you sometimes justify buying something because the return policy liberally allows you to return it? If so, when was the last time you actually returned it? If you’re like me, this happens a bit too often. I might find something I’ve been looking for in a store at a reasonably good price—or more often, a slightly-higher-than-I-wanted-to-pay price that still feels like it’s within the realm of “reasonable,” especially since it’s a slightly nicer model or has a few additional features than the one I originally had in mind. Are those additional features worth the addition in price? ... ( more)
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