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Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

Five Steps To Getting and Staying Out of Debt (Step 1)

By Erik Folgate

My next five posts will be a five step process for getting and staying out of debt.  I am trying to follow this process right now, and I am currently still in involved in steps 2,3, and 4.  Here are the five steps to getting out of debt and staying out of debt.

1.  Save $1,000 for a small emergency fund

2.  List your Debts Smallest to Largest and attack one debt at a time.

3.  Get on a written budget.

4.  Find creative ways to boost your income.

5.  Create an emergency fund of 3 to 6 months worth of expenses.

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Joint Accounts or Separate Accounts?

By Erik Folgate

A huge debate arises when it comes to marriage and money about whether or not spouses should have a joint checking account or separate checking accounts.  One popular thing that people do nowadays is they keep one joint account to pay the bills from and then they keep a separate account for each of them to spend money on “personal” things.  This is a total cop-out when it comes to managing money with your spouse.  A marriage is not a joint venture.  You cannot pick and choose which things that you want to share as a couple and which things not to share.  You must be handling money as a team. 

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Would you Invest Your Money in this Company?

By Erik Folgate

Someone sent this to me in an email, and I had to post it for all to see.  This picture has “we smoked pot” written all over it. 

 

3 Year Subscription to Kiplinger’s Magazine for only $4.91!

By Erik Folgate

Passwird.com has a link and promo code posted that allows you to buy a 3 year subscription to Kiplinger’s magazine for only $4.91!  I am not a huge fan of Kiplinger’s Magazine, because there are times when they encourage readers to go into more debt, but this was an offer that I could not pass up.  I signed up today for it, and I did not believe it until I checked out.  The trick is that you have to type in the promo code that passwird.com provides.  And NO, I do not get any kickbacks for this plug, i just thought that many of you would be interested in this offer. 

Your Guide to Health Insurance

By Erik Folgate

The bottom line with health insurance is that too few people have it, and the people that do have it pay a chunk load of money to have it.  The feeling of NOT having health insurance is always an uneasy one.  Even if you are in general good health, the possibility of an accident or freak illness is in the back of someone’s mind.  There are statistics that show that health related bills account for much of the bankruptcys that take place in America.  So what should you do about the health insurance dilemma as a young person?  You have options.  Some are good, and some are not so good. 

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Budget Tip: Car Pool to Work

By Erik Folgate

Let’s face it, gas prices are not going down any time soon.  I am starting to think that oil companies are going to leave the prices where they are at because we have already become used to paying $2.50 to $3.00 for a gallon of gas.  In the grand scheme of things, I wonder if that is truly is expensive.  In Florida, I pay up to $3.50 a gallon for milk.  Although, I don’t drink 14 gallons of gas per week, either.

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Alternative Ways to Starting Your Own Business

By Erik Folgate

If you are like me, then you may have started out with a very formal way of thinking when it comes to entrepreneurial ventures.  The traditional school of thought is that you must have a business plan, have a substantial amount of capital, and be extremely organized and planned with your marketing plan.  I thought that all of these things were essential to starting and being successful with a new business, but then I listened to Steve Pavlina’s podcast about kick starting your own business. 

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Funny SNL Skit about How to Reduce your Debt

By Erik Folgate

Last night I caught the beginning of the getting-less-funny-as-the-years-go-by Saturday Night Live, but this one I thought it was pretty funny and alarmingly true at the same time.

Does Having No Debt equal a Longer Life Span?

By Erik Folgate

Today in the news, a man from Los Angeles, California named Arthur Winston retired at the age of 100.  He worked in the mass transit system since 1934!  I did not even know they had a transit system in 1934.  In his 70 plus years of working, he had only taken one sick day.  I thought this was a nice story, but what really caught my attention was when they asked him what his secret was to staying alive and kicking for so long. 

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Finding Bargains on the Internet

By Erik Folgate

Per my previous post, it is very easy for us to obsess so much over finding bargain, that it may not be worth it if you factor in the time that it took to you to search and find that perfect bargain.  If you are like me, you get very excited when you do get a rock-bottom deal whether in the store or on the internet.  Nowadays, it is much easier for us to find bargains on the internet, because there is less overhead to factor in the pricing equation than a traditional brick and mortar retail store.  A friend of mine at worked introduced me to some great websites that aggregate many of the best deals on the internet, and they are updated daily.  Many of you may already be familiar with these websites, but for the rest of you, I will post the web addresses.  I love sites that bring everything together into one website to search quickly and efficiently.  So check these sites out!  I don’t get any sort of kick-back for you clicking on these sites, it’s my little gift to you, tonight. 

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The Value of Your Time

By Erik Folgate

Mr. Kirby from the Kirby on Finance blog gives a fresh insight to the value of being frugal.  In his post, he articulates the fact that our time is just as valuable as saving a few extra bucks.  The basic philosophy of too much of anything is a bad thing holds true in this case.  A compulsive bargain hunter might spend too much time searching for savings that he or she may actually waste time.  And as we all know, time is money in this fast-paced world.  I encourage you to read his article and the rest of his blog! 

Shameless Advertising Plugs

By Erik Folgate

Like many of us trying to make a little revenue back from the knowledge that we share on our personal financial blogs, I have a few advertising links on this page, but hopefully they are not annoying enough to deter the real meaning of this website, which is to help educate young people about personal finance. 

I am fairly picky about what advertisements that I choose to share on this website.  So, I thought that I would talk about each one, because I truly do think that they add value to this website.

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65% of Generation Y Workers Expect a Pension at Retirement

By Erik Folgate

I do not know where these young people are, but they need to be knocked over the head with a frying pan.  Pension plans are a thing of the past with big corporations.  I am sure there are still some companies that offer them, but they are far and few between and declining as we speak. 

If you are between the ages of 18 to 34 and you are in the working world, you need to be contributing to a 401k or IRA plan.  You must control your own destiny when it comes to your retirement.  If you start early, you WILL retire a millionaire.  40 years of compound interest is amazing.  If you only saved $300 a month for 40 years, you will have a nest egg of $1,897,224.  And that is being extremely conservative with your monthly saving! 

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Five Ways to Save Money While Eating Out

By Erik Folgate

For college aged people and twentysomethings, eating out is the bane of our financial existence. I know for a fact that eating out is a weakness to my generation’s pockets. We love to go out and socialize. We’re also just too lazy to cook. My wife and I are very guilty of going out to grab something to eat even when we have plenty of food at home to cook. Eating out can be extremely expensive if you do all of the things that restaurants want you to do. However, I propose that eating out does not have to be as costly as it may seem. Here are five tips to help you save money while eating out:

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Question: Where Should I Park My Short-Term investments?

By Erik Folgate

When it is all said and done, there are only two kinds of investments — long-term and short-term.

Long-term investments should be money that you are not going to touch for more than 5 years.  This category involves retirement planning and overall wealth building.  This money does not need to be as liquid as short-term investments, meaning you can put the money in real estate or a start-up business.

Short-term investments should be money that you need to be more accessible and readily available for you to use at short-term notice.  Short-term investments should be savings for things that are less than 5 years down the road.  This might include saving for a car, a down payment on a house, car/house maintenance, or other high dollar personal items. 

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