Jul
28
… . I did it and I still consider it one of the best things I've done. However, there are a number of people claiming that paying off your mortgage is foolish. Let's debunk some more of these myths.
The blog 7million7Years has an article about why paying off your mortgage is the dumbest move you can make. The author lists 4 reasons why paying off your mortgage is a mistake.
I've listed his argument and my counter argument below.
1. You have access to ALL of the upside … so …
Comment by Jeff: … insight into the number of homeowners that have …
Jul
18
How Uninformed Investors Keep the Stock Market Moving
July 18, 2008 | Leave a Comment
… I'd bet far fewer can read a financial statement from their investment company.
My number one rule of investing? Understand what you're investing in. My relatives can't tell me why the lost or made money in the market. They only know it's down so they "lost" money. Even as I attempt to tell them they've only lost money if they sell now and lock in their loss, their eyes glaze over and they prefer to talk about sports or the weather.
And that's the problem. When …
Jul
16
… think it's about time they step into the 21st century.
I've called my local office and the main number several times asking for either electronic delivery or no delivery as you can get your statements online. At the time I was told that the SEC required investment companies to send statements via mail. However, since none of my other brokerage companies told me this, I assumed the rep was either lying or misinformed.
Edward Jones has finally joined the electronic age. Edward …
Jul
10
Close Old Or Unused Accounts
July 10, 2008 | 7 Comments
… any accounts you don't use regularly. Then go through the list and contact each company over the phone or in writing and get the account closed.
I find it's good to clean up old accounts once a year or so. Get a free copy of your credit report and look over all the accounts. If there are some you don't use or don't recognize, call the company and get it taken care of.
You don't want to mess around with this stuff when you're trying to buy a new house. Worse yet, you don't want to …
Comment by Chris: Anna, First, consider why you need the credit? …
Jun
30
How Wealthy People Spend Their Time
June 30, 2008 | 1 Comment
… Television Will Make You Poor
If there is one factor that could predict success, it's the number of hours of television watched per week. Watching TV is the worst thing you can do. If you want to be wealthy, you should spend your leisure time reading, studying or with your family, not watching television.
I've found that as I've gotten wealthier, I've spent less time watching TV. These days I watch almost no television. I do watch the occasional movie, but that's much …
Jun
24
Flood Insurance For Renters
June 24, 2008 | Leave a Comment
… now? Try to estimate the dollar amount in your head or on a piece of paper. Now compare that number to the amount of money you have in your checking and savings accounts. Do you have enough money to replace everything you own right now?
Most people don't, that's why they need renters insurance in the first place. Renters insurance protects you in the case of a fire or other major problem. However most renter's insurance policies don't cover flood damage. That's why you need …
Jun
18
Americans Are Mad About Sale of Budweiser
June 18, 2008 | 5 Comments
… share a large amount of blame for policies that have weakened the dollar. The weak dollar is the number one reason why American companies are so appealing to foreign buyers. American companies are cheap right now due to our government's horrible fiscal management.
Keep in mind Anheuser-Busch CEO August Anheuser Busch IV doesn't want to sell. InBev wants grab Budweiser with a hostile takeover. Of course August Busch IV is a lot like another high ranking figure who shares the same …
Jun
16
IRS Withholds $842 Million in Stimulus Payments
June 16, 2008 | 17 Comments
If you're missing your stimulus check, you're not alone. The IRS is withholding $842 Million from stimulus payments. How do you know if you're stimulus payment will be withheld?
According to this CNN/Money article, stimulus payments have been withheld from 1.5 million people. Over 50% of the money has gone for back child support .
About 54% of the cash intercepted will be funneled to states for child support, according to Dean Balamaci, …
Comment by Chris: … to contact the IRS for that information. See this …
Jun
11
7 Signs It's Time To Quit Your Job
June 11, 2008 | 4 Comments
… However, it's all too easy for an employer to take employees for granted.
I've heard of a number of companies giving a 3% raise across the board. The only people that appeals to are those in Human Resources. It makes their jobs so much easier. However, it's not going to motivate anyone to work harder and it's certainly not going to encourage the good people to stay, if you can even get them to work there at all.
If you're not making what you're worth and your company has a …
Jun
10
6 Ways to Spend Your Stimulus Money
June 10, 2008 | Leave a Comment
By now a majority of Americans have received their stimulus payments from the IRS. If you're wondering what to do with that money, I have some suggestions.
Start an Emergency Fund.
Everybody needs an emergency fund. Dave Ramsey recommends at least $1,000 until you pay off your debts then you need 3 to 6 months of income. I recommend you put as much as you can into an emergency fund. In reality $1,000 is a good start but $10,000 should be the …