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Personal Finance

Every Sunday I try to highlight four or five articles which I found particularly insightful during the previous week. Usually I take the time to come up with a theme and group together articles along that theme. I spent half of the day yesterday floating around the lake on my boat so with that carefree attitude I present the no theme for me edition of Sunday’s Sites:

Mrs. Micah presented a topic near and dear to my heart this week. She has a great article on how to revamp an old pc or laptop by installing Ubuntu linux. Linux is a great operating system that provides you with most of the functionality you need day to day, there are some drawbacks for you windows folks but check out the article, I really enjoyed it.

Have you ever thought about making extra money by being a phone sex operator late at night? I haven’t but My Money Blog discusses the topic this week. It really was interesting to learn a little about how it works, I still don’t think I could actually do it though.

Are you married? Jeff Rose, CFP thinks you should know if your Financial planner is. If you haven’t had a chance to check out this article and the subsequent free for all on Jeff for putting that question on the list, you should. He did a guest post at Get Rich Slowly that really stirred up some emotions.

Ever wonder what it is like to be a tax preparer during tax season? Baker at Man Vs. Debt gives you a bit of an idea and provides some funny stories about the people who come to get their taxes done.  My favorite was the newspaper delivery guy who delivered part time and wanted to claim 114,000 miles of driving for his job.

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wealthybarberIn the realm of personal finance books it is hard to ignore “The Wealthy Barber” it is on every list of must read books for financial well-being out there. In fact this book is the all-time best selling book in Canada. “The Wealthy Barber” centers around Dave who has decided to get his financial affairs in order but isn’t sure how. In trying to find the answer to being financially savvy he receives an unlikely referral, he is told to talk to the local barber. The story progresses from there into monthly visits to the barber shop, with his sister Cathy and friend Tom, for a haircut and personal finance lessons from the barber, Roy Miller. Each chapter of the book represents a different month and a different visit to the barber where discussions occur on Paying yourself first, Life insurance and Wills, Planning for retirement, owning/buying a home, Saving, and Investing and Income Tax. It is not hard to understand why everyone seems to love this book.

  1. It is easy to read
  2. the concepts presented are simple, and
  3. it puts saving in a context everyone can relate to

This is a story, not just a how to guide on personal finance. It has three main characters Dave, a financially inept school teacher, Cathy, an independently wealthy entrepreneur, and Tom, a hard working auto plant employee. The barber, Roy, attempts to explain personal finance to the group while providing specific advice based on each of three’s individual situations. For instance he points out that while Tom can invest in a 401(k) provided by his employer, Dave will have to see if he has a 403(b) available since he is a teacher and Cathy will need to consider a Keogh or SEP plan since she is self employed. The book presents simple concepts such as “Pay yourself first” in a way that helps the reader understand how it is going to benefit them now and in the future. The author presents dry topics such as Life Insurance and wills in a way which makes the reader think, why haven’t I done this already it sounds so simple and easy.

Cons: The only true Con I found with this book was the lack of coverage of debt reduction. I would love to pay myself 10% first, but I have debt I need to pay down first and I think that paying down my unsecured debt is more important than that 10% going into an investment vehicle. I fully intend to implement the 10% plan, but not until I get my student loans, and car paid for.

About the Author: David Barr Chilton is an economics graduate who resides in Canada. He is currently involved in a new venture which is creating low-fat, complete meal kits. They are being sold at A&P banner supermarkets. Other Books: None, really no other ones. He was the publisher on the following LooneySpoons Crazy Plates

buy-now-button-amazon

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Every Sunday I try to reference 4-5 articles I found particularly insightful or useful. This weeks topic centers on family and finance.

JLP at AllFinancialMatters talks about setting up a plan and a schedule to make sure the kids are getting their chores done.

FrugalDad discusses the ever controversial topic of who in the household handles the bills. Personally my wife and I swap back and forth on the bill paying, it is a little bit of an odd arrangement but it works.

While dogs may not be exactly part of the family, Jeff at Good Financial Cents, discusses Suze Orman’s approval of a woman spending $100,000 to clone her dog.

Finally, Passive Family Income covers the most important part of any income stream and everything we do, the support of our families.

This marks my 20th post and my 3rd week of blogging, thank you to anyone who has followed me, extra thanks to anyone who has taken the time to comment. My posts may still come across rough, I am trying to find my style. I apologize for my deplorable grammar and punctuation, but this is about finance not English. I don’t pretend to have the answers, I just hope you can gain something from what I know and what I am learning. Surviving in our current economic situation is going to require persistance and a willingness to not give up and always learn what you can do to improve your situation.  By reading this or any of the other great personal finance blogs you are already ahead of most other Americans, because you care and are taking steps to take responsibility for your present and future.

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Carnival of Personal Finance – Wizard of Oz Edition

February 9, 2009

My article on CD Laddering has been chosen for this weeks edition of the Carnival of Personal Finance. Check it out and the other great articles at dollarfrugal. If you are here as a result of the carnival don’t forget to subscribe to my feed.

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A Place to Start

February 4, 2009

I am starting this blog as a way, hopefully, to hold my self accountable for not only my money but hopefully my life as well. I am quickly approaching 30 and until recently have taken little to no interest in my financial well being, thank god I am married to an accountant. I have started […]

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