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.
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.
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.
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.
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.
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.
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!
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.
Many of you are coming out of college and diving into “the real world”. I was anxious to see just how real this “real world” was when everyone older than me talked about it like some kind of far off never-never land. Anyway, it’s real and it’s rough. Getting your first real, well-paying job is a huge adjustment. I sat through 4 hours of a benefits meeting, and I was LOST. Once they start talking about 401k contributions, health/life insurance, and short-term disability, your head will be spinning.
USA Today reported that in the month of January the average household spent $575.00 OVER their budget. This means that they spent way more money than they had coming in. Not only is America increasingly spending more money, they are saving less. Spending is only healthy for an economy when they are saving money at the same time. The article revealed that many economists are not worried about the spending deficit. I think they are idiots. Just because they are economists does not mean that they don’t go out and buy a 50″ plasma television on the 29% Best Buy credit card. When the average household is spending hundreds of dollars over budget every month, that worries me.