About · Press · Contact · Write For Us · Top Personal Finance Blogs
Featured In:

Don’t Bother With Certificates of Deposit

By Erik Folgate

I don’t think I have ever talked about CDs on this blog in the psat, and that is for a reason.  I don’t like them.  With the advent of online savings accounts and well-performing mutual funds, CDs do not offer many advantages over other financial products.  Basically, they are a financial product that banks use in order to keep your money for longer than you want.  They may have been a good short-term financial investment product before the internet and the rise in popularity of mutual funds, but now they are outdated, in my mind. 

Click to continue reading...

Start a Business for $200 or Less

By Erik Folgate

Good Morning America has been running a series called “Take More Control of Your Life” and this morning’s feature was starting a home-based business for $200 or less.  You have heard me talk about it before, and it is a reality that you can become an entrepreneur for very little money.  You don’t need thousands in venture capital or a huge small business loan from the bank to get started. 

Click to continue reading...

Credit Cards Are NOT Looking Out For You – Here’s Proof

By Erik Folgate

Many of you like to disagree and mock my disgust for credit cards.  I will face the facts that I am still well in the minority of people who think that credit cards are a horrible financial tool and they only do more harm than good.  But, I’m okay with being in the minority on this one.  The first time that you get screwed over by Capital One or Chase, you’ll come back to my site and say, “maybe you were right”.

Here’s a great example of credit cards only making changes to help their bottom line and NOT their customers.  http://www.smartmoney.com/consumer/index.cfm?story=20061226&”>Click Here for the article.

Click to continue reading...

Teens Are Optimistic About Their Financial Futures

By Erik Folgate

I was reading the local newspaperr, the Gainesville Sun, and it showed a poll given to teens about how many of them thought that they would be wealthy when they were older. Their biggest dreams were to be rich as the number one reason, famous as the number two answer, and then helping others in need came after that. This is what our culture helps our young people believe. They force the youth to be believe that every one of them can or will be rich and famous. However, what our culture fails to do is teach them how to do it. Kids don’t understand the hard work that goes into building wealth. They don’t realize that 99% of millionaires are self-made millionaires who worked very hard to get where they are today.

Click to continue reading...

A Look Into My 401(k) Plan

By Erik Folgate

I started investing in my 401(k) plan about 14 months ago.  In 2006, my portfolio earned about 11% which is outstanding, well, good enough for me to be happy.  Some of you might think that’s a waste.  But, this is a retirement account, so if it averages 11%, i’ll be very happy.  I invest in 5 different mutual funds.  They are listed below:

Click to continue reading...

  1. American Capital World Growth and Income (CWGIX)
  2. American Growth Fund A (AGTHX)
  3. Calamos Growth Fund A (CVGRX)
  4. American Europacific Fund (AEPGX)
  5. Davis – New York Venture A (NYVTX)

Don’t Get Too Excited About Your Tax Refund

By Erik Folgate

Around this time of year, I usually hear people boasting about how much money they are going to get back from their tax refund.  The problem with this is that you shouldn’t be getting back a huge refund if you are properly withholding your federal taxes.  Do you really want to give Uncle Sam a free loan on your money for an entire year?  Because that is what you are doing if you are letting the government take more taxes than are owed.  If you are getting back a big refund this year, make sure you readjust your W-4 with your HR department.  It’s much better to have that money go into your pocket every paycheck than let the government hold it for a year.  I understand that some credits and deductions aren’t factored into the W-4 deductions which allow you to receive a refund back, but if you’re getting a couple grand back from your refund this year, there is a problem.

Click to continue reading...

Starbucks Is Not Making You Poor

By Erik Folgate

If you’ve read enough personal finance blogs, then you’ve probably read enough scenarios about giving up your grande mocha-chino in order to save more money.  I understand the reasoning for being more conscious about controlling the spending on life’s smaller luxuries.  I tend to think in bigger terms when it comes to saving money.  There are a handful of large purchases that you will make many times in your lifetime, and you can save a chunk of money if you control these expenditures rather than how many times you rent a movie in a month.

CARS 

Click to continue reading...

Pimpin’ Your Ride Is Not a Wise Financial Decision

By Erik Folgate

I’m sure that most of you have seen the show on MTV, “Pimp My Ride”. It’s a great show. Some of the stuff they do to those cars is sick. Some of my personal favorites were the waterfall/river running through the middle of the interior of the car, and another car where they turned the entire trunk into a sweet karaoke machine. Tricking out a car has become wildly popular over the past decade. Honda Civics with 22″ rims, and Eldorados with LCD monitors and playstations installed. Young people love to pour money into their cars, but is it worth it?

Click to continue reading...

Organizing Your Money – Part 3: Evaluating your 401(k) or IRA

By Erik Folgate

A good habit to get into is to check out your retirement account two or three times per year to evaluate your fund’s performance.  Some geeky investors might think I am in idiot for thinking that checking your retirement account only a few times per year is a good thing.  The reason that I think you should leave your retirement account alone is because I don’t want people to think they can time the market.  Unless you are an expert on the market and you stay up on the countless information about the stock market, you’ll never be able to time it.  In fact, most good financial professionals will tell you that you lose most of your returns when trying to time the market.  If you keep shifting around your money from account to account, then you’ll hurt your investments greatly. 

Click to continue reading...

Organizing Your Money – Part 2: Pulling and Analyzing your Credit Report

By Erik Folgate

A good habit to establish is reviewing your credit reports at the beginning of each year.  The best part is that it is now free to review your credit report from Experian, Transunion, and Equifax one time per year for free!  Go to AnnualCreditReport.com to view all three of your credit reports for free.  Be aware of other sites with similar domain names that claim to give you your credit report for free, but rather it is a free trial that will charge you money after 30 days if you don’t cancel the membership.  The most notorious site doing this is FreeCreditReport.com.  Here are three things to do when reviewing your credit report: 

Click to continue reading...

Organizing Your Finances Part 1: Getting Your Bank Accounts In Order

By Erik Folgate

This week, I am going to write a five part series about organizing your finances.  Many people get on the New Year’s resolution kick at the beginning of the year, so I thought this would be a good series to help people get their money in order to achieve their financial goals.  In order for a goal to be achieved, there has to be a strategy.  Strategies must be well-planned and organized or else the strategy is nothing but a theory.  You want to start saving more money, pay down debt, invest wisely, but what is the first step?  The first step is organizing your money. 

Click to continue reading...

Giving is An Essential Part of Accumulating Wealth

By Erik Folgate

Christmas is one week away, and you have probably been so busy buying gifts and going to parties that you have not had a chance to sit down and reflect on the past year.  Whether you are celebrating Christmas or any other holiday, this season is all about giving.  Giving gifts and giving of yourself is what matters the most for the next two weeks. 

Click to continue reading...

The 12 Days of Christmas with 12 Ways To Save Money This Holiday Season

By Erik Folgate

  1. Shop online, especially if you are buying electronics.  Online retailers have less overhead, more rebate promotions, and Google Checkout will give you $20 off on your first time using Google Checkout with every purchase over $50.  Many retailers offer free shipping this year as well. 
  2. Pay Cash for your gifts.  I’m talking about paying with cold, hard cash.  Studies have shown a correlation with increased spending when using plastic, even if it’s your debit card.  Plus, if you’re in an environment where you can negotiate price, cash speaks louder than words. 

Marriage and Money: Communication Is Key When It Comes to Managing Your Money Together

By Erik Folgate

My wife and I sat down today and mapped out our expenses for the next 6 weeks based on my pay periods.  We figured out which bills needed to be paid during which pay period, and took the remaining amount of money after all the bills were paid and figured out where that money needed to go.  We are going skiiing in a week, then the mayhem of Christmas, and then my best friend is getting married, so we will have a busy next three weeks.  Sitting down and communicating about where the money needs to go and how much we have to spend on each category will save about 10 or 12 arguments in the next three weeks.  We are both on the same page now, and there will be no surprises when we are spending our money.

Click to continue reading...

Watch Out For Holiday Scams and Scam Artists

By Erik Folgate

Unfortunately, the holidiays bring out the best and the worst of people.  Scams are most commonly found around the holidays, and consumers need to be educated about what to look out for when going shopping in the stores and online this year.  CNN Money has a good article about which scams to look out for this year. The elderly and young people like college students tend to be the most targeted by scammers, because they tend to be more naive and more desperate for quick cash.
The newest scam lately has been the gift card scam.  Scumbag scam artists are jotting down the gift card number at the store and waitiing a few days until it is activated.  Once the number has been loaded with money, the scammer goes online to use it to buy things on the store’s website.  CNN Money suggests only buying gift cards behind the store counter or ones that require you to scratch off the gift card number.

Click to continue reading...

The content on Money Crashers is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers.
Advertising Disclosure: We may have financial relationships with some of the companies mentioned on this website. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.
Links monetized by VigLink