Shooting The Sacred Cows Of Money
Filed under: Banks, Cashflow Quadrant, Education, Finance, Investing, Job Losses, Rich Dad Poor dad, Robert Kiyosaki, Uncategorized
Even if you don’t agree with everything that Robert Kiyosaki teaches, you really should watch the videos at Shooting The Sacred Cows Of Money and check out his point of view.I really like the point he makes about having a normal job being risky.
By the way, the site is free and also has some really cool tools.
New CRL Report: Credit Card Issuers Use Loopholes to Bypass New Rules Intended to Curb Abuses
Filed under: Banks, Credit, Education, Fees, Interest Rates, Uncategorized
I think we all expected the credit card companies to find loopholes and continue to abuse the American people so finding this US Newswire article didn’t really surprise me.
New CRL Report: Credit Card Issuers Use Loopholes to Bypass New Rules Intended to Curb Abuses
According to a report from the Center for Responsible Lending, the credit card issuers are making it all but impossible for the average person to know what the real cost of their debt is.
Some of the items that were mentioned were
Dave Ramsey Love and Money
Filed under: Credit, Dave Ramsey, Education, Finance, Saving, Spending
This is a great episode. I hope you enjoy it.
Start Late, Finish Rich
Filed under: Books, Education, Finance, Money, Saving, Spending
Tis the season for resolutions.
A lot of people will make the resolution to read more and learn to take control of their finances.
Here is a good book that I recently finished and it fits 2 of my requirements for a good book. It was easy to read and contained some really good information.
Your Income Is Not Static
Filed under: Education, Finance, Getting Started, Money, Uncategorized, Work From Home
I watched Dr. Phil the other day, because I was channel surfing and I saw that he was talking about money and I have to admit that I like his style. The whole Get Real idea fits with how I think and is part of what this site is about.
He made a point that so many people think of their income as static when it really isn’t. We all have options to create more income. He pointed out that people can start a home based business and generate extra income. I don’t remember him mentioning it but I read somewhere that a lot of people would be saved by about 500 bucks a month. I don’t know how many of the current victims of the mortgage crisis would be saved by an extra 500 but I’d bet that a large percentage of them would. The thing about a home based business is that once you learn to make 500 a month, you can make a 1000 or more. But even more important than the money you can make working from home is the knowledge you gain. You can learn a lot about business from working an online business and that knowledge will carry over to the off line world if you so choose. I know a lot of people who take the knowledge and start an off line business for a variety of reasons including it was always their dream to own that type of business.
It is important to note that the link to a home based business above is the one I use and no particular company was mentioned by Dr Phil. I’m sure you knew that, but wanted to make sure I’m completely honest with everyone.
The Value Of Education
Filed under: Education, Investing, Rant, Saving, Spending, Uncategorized
We’ve heard all our lives that education is important. I think most people look at education as a structured school activity that ends when they graduate, but I believe it’s much more. I tend to think of education as a daily activity. I also think education comes from many different places. We can also learn from some pretty unlikely places.
The important thing to keep in mind is that not all you’ll learn is correct and the world is changing really fast. This is not to say that there’s no point in learning if it’s going to change soon, what it means is that education is a life time activity.
I watched a finance show recently that gives advice to callers and was amazed that some of the advice was so shallow that it was worthless. It didn’t take into account the whole story. One caller wanted to know about investments and instead of saying learn how they work, and know how to protect yourself, the advice was buy and hold. I fell for that thinking a few years ago and watched my stock go from 30 a share to 4 bucks a share. I should sell them but I keep them as a reminder to not fall for so called experts’ bad advice. It was an expensive lesson but well worth it.
Another caller asked about buying a piece of art and was told not to buy. She treated it like he was blowing more than 20 grand without taking into account if it was undervalued and/or likely to increase in value over the next few years. Granted art is unpredictable and it could lose value, but to not even mention it, was enough to make my blood boil.
Some things don’t change, like spend less than you make or you’ll eventually pay dearly. I was looking over an article I wrote a long time and was pleasantly surprised that it was still 100% true. Granted that I wanted it to be valuable for a long time, but things change and the economy has been really changing lately.
Here’s one of the articles I wrote
I’m going to track the rest down and bring them into Financial Comedy over the next few weeks.
Financial Education
Filed under: Education, Investing, Rant, Robert Kiyosaki, Statistics
While reading my ever growing list of blogs today I ran across this post with the statistics about what students know. It’s pretty sad and disturbing.
The State of Financial Education in the U.S.
Here’s another minor rant.
When the government made the change that allowed companies to switch from Pension plans to 401k etc plans and the schools didn’t start teaching finance to school kids they did a severe disservice to Americans. What they did was make millions of people enter the stock market without teaching them anything about it. The equivalent of forcing people to drive without teaching how to drive or driver testing. The results are the same, CRASH!!! Only difference is that one crash is early and the other later in life.
I think it was Rich Dad’s Prophecy that talked about how our lack of financial education is going to cause severe problems when the baby boomers are forced to start withdrawing money from their retirement plan.
I find it insane that they will be forced to withdraw regardless of how the market is or even if they want to sell off their holdings. I’m hoping that someone figures it out and changes the rule but I’m not holding my breath.
I’m not saying that we should stop contributing to our 401k etc plans since it’s pretax and has employer matching. However learn how it works. Stop believing everything the experts say and learn for yourself. Education never ends.
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