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• How much money would it take to change your life?

  Posted Jun 27 2008, 08:48 PM by Karen Datko
  Filed under: Debt, Retirement, Emergency, Karen Datko
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  Most of us have lottery dreams. If we won the big one, we'd quit our job(s), pay off the house, live abroad. But consider this: The amount of money it would take to change your life might actually be much more modest -- and a lot more attainable.

  "Paidtwice" at I've Paid For This Twice Already calls that amount your "life-changing money." She used to think it was hundreds of thousands of dollars. "But then I realized -- at this point, life-changing money for me really means simply getting out of debt and establishing an adequate emergency fund," she wrote. With $40,000, she wouldn't have to think so much about money with every decision she makes. Many of her readers said they feel the same way.   Read More...

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• 7 responsible ways to use your holiday bonus

  Posted Dec 18 2007, 06:11 AM by Karen Datko
  Filed under: Debt, Retirement, Saving, Emergency

  This post comes from partner blog Blueprint for Financial Prosperity.

  Earlier I wrote about seven irresponsible and fun ways to spend your holiday bonus, and now I’m going to throw a bone to the responsible crowd and list seven responsible things to do with your holiday bonus. I think everyone is a mix between the two (or at least I am). If you spend your entire bonus on fun things, you aren’t saving enough for the future. If you do responsible things with your bonus, you aren’t really enjoying the fruits of your labor. I think you need to find a nice happy medium without going overboard in either direction.

  Eliminate debt. Are you carrying high-interest credit card debt? Before you spend any of that bonus, put it toward your debt. Before you save for your retirement, pay down your debt. Paying down a credit card debt at 19.99% is like earning 19.99% on an investment (not exactly, but you get the idea), so pay down that credit card debt as soon as possible. Before you can build your personal-finance house, you need to firm up your foundation by getting rid of your debt.   Read More...

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