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  • Personal-finance lessons from George Washington

    Posted Feb 12 2008, 08:01 AM by Karen Datko Rating:

    This post comes from partner blog Blueprint for Financial Prosperity.

    He led our fair nation to freedom, and his face stares at us from the ubiquitous $1 bill. He's none other than George Washington, the first president of the United States.

    As one of our first elder statesmen, Washington left a wealth of memorable quotes, many of which apply to personal finance. He spoke much about integrity and character as well as discipline and service -- characteristics important in establishing a sound personal-finance life.

    Let's take a look at the following nine quotes:

    "Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company." With whom you spend your time affects how you behave, and that's certainly true when it comes to spending habits. If you want to save, hang out with frugal people. If you want to be financially savvy, hang out with financially savvy people. How many stories have you heard about people looking to save money but always going out to expensive restaurants and trendy bars with their friends? There are a lot of ways to have fun that cost very little. (Have a board-game night.) If you want to save up a few bucks, hang out with friends who appreciate not going out to expensive places. Don't fight the current; just find a more favorable current.   Read More...

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  • Teens and credit cards: What would Santa do?

    Posted Nov 30 2007, 02:14 PM by Karen Datko
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    Kay Bell at Don't Mess with Taxes -- in a post called "Are credit cards appropriate 'toys' for kids?" -- examines two trends that should give us cause to worry. She notes that a recent Charles Schwab survey found that almost a third of teens, if they had the option, prefer to pay with a credit card rather than cash. (Thank goodness only 10 percent have a credit card in their own name.) She also points to a disturbing trend in toys: For instance, the new Monopoly allows players to pay with plastic. And did you know that Dora the Explorer and Barbie carry credit cards? ("Not surprisingly; look at the clothes (Barbie) buys!" Bell comments.)   Read More...

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  • A gift that doesn't have a price tag

    Posted Nov 09 2007, 11:36 AM by Karen Datko
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    Does holiday shopping cause you stress because you're spending money you don't have ? Do yourself a favor and let friends and family know that you're cutting back. That's the message of Blunt Money 's thoughtful post about adopting a new approach to holiday shopping . "It can be hard to give someone a $10 gift when you used to give them a $50 gift. You may feel worse when you receive expensive gifts," he writes. But think of it this way: How would your loved ones feel if they knew you purchased their gifts with credit you can't afford? Allow them to give you the gift of empathy. Let them know you'll be spending less , and maybe they'll return the favor.