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Posted
Oct 08 2008, 04:48 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Regret over past financial decisions can have a powerful hold on you.
At 23, you may regret running up $20,000 in credit card debt during college. At 35, you may regret never having gone to college. At 45, you may regret having never started that consulting business you always dreamed of pursing. And at 65, you may regret not having saved more for retirement. In recent days, many financial chickens have come home to roost.
Regret, financial or otherwise, can have a powerful grip on your life. For most, the question is not whether you have financial regret. The question is how you harness the power of that regret to make sound financial decisions today that you will not regret tomorrow.
Here are some ideas to help you do just that:
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Posted
Aug 27 2008, 05:06 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. You've decided to invest in your future. You've picked the perfect mutual fund. You're ready to go. Now what? How do you actually go about buying shares of a mutual fund? The good news is that buying shares is quick and easy. If you've never invested in a mutual fund outside of your employer's 401(k), the process can seem overwhelming. But the truth is that for DIY investors there are only two options to consider, and both options are inexpensive. I'll cover them both in this article.
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Posted
Aug 20 2008, 01:44 AM
by
Ryan MacClanathan
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. Whether it comes to investing, making money blogging or just about
anything else in life, popularity can come with a hefty price tag.
With investing, following the crowd is a surefire way to lose a
lot of money as you repeatedly sell low and buy high out of fear of market
losses. With blogging, sometimes the rush of a "popular" article can
keep you writing content that is popular with social media sites like Digg or
Reddit but generates little income or lasting readership.
With spending, keeping up with the Joneses can drain your bank
account faster than a Kevin Trudeau infomercial. So what follows are nine ways
to become the least popular -- but most profitable -- person you can be.
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Posted
Apr 30 2008, 05:37 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. If you haven't figured it out by now, The Dough Roller isn't really about money; it's about life. More specifically, it's about how money affects our lives, and how we can leverage money to live and achieve our life's goals. Crunching numbers on a spreadsheet, while important, won't help us seek out and find our life's purpose, but there are three questions that might.
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Posted
Apr 02 2008, 06:17 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. Some time ago I wrote an article about Timothy Ferriss' book, "The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich." My article questioned just how realistic a four-hour workweek is for most of us, and argued that achieving a 24-hour workweek was more realistic. The other day, while cleaning out my workshop, I uncovered Tim's book and decided to read it again. Oddly enough, I found it more enjoyable the second time through. But I still question just how realistic a four-hour workweek is for most of us, which in turn makes me wonder why the book is so popular. I have a theory about that and a series of questions for you. But first, let me cover the two aspects of the book I really enjoyed.
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Posted
Mar 26 2008, 06:32 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. An earlier version appeared on MSN Money here. Traditional retirement looks like this: work until you're 65 or so, and then stop working until you die. More recently, views of retirement have begun to change, as more and more "retirees" are forced to work long after 65. There is a major problem with the traditional approach to retirement, which I'll come to in a moment. But first, how would you answer the following question: How much of your life today is spent doing what you want to do when you want to do it? If I were to answer that honestly, the answer would be about 20%. Yuck! And I don't hate my job. I wouldn't work where I do if I were independently wealthy, but I have a good job, work with good people, and earn a good wage. But I still work. I still get up five days a week, spend one hour getting ready for work, 50 minutes commuting to work, about nine hours at work, and then another 50 minutes returning home. Under the traditional views of retirement, I will keep doing this same routine for the next 24 years, then I'll stop cold turkey and do who knows what until the end of my days. I started The Dough Roller in part because I don't like the traditional way of looking at retirement. And what's worse -- here's the major problem I mentioned a moment ago -- I believe that looking at retirement as something that happens decades from now for many of us is one of the major reasons why so many people don't save for retirement. It's just too far away to worry about, many believe. I want to change that way of thinking, so consider the following questions:
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Posted
Mar 12 2008, 06:30 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. As Roth IRA and Roth 401(k) retirement plans gain in popularity, unsuspecting investors may fall prey to a potentially expensive mistake. Money in a Roth 401(k) or Roth IRA account can be withdrawn tax-free, assuming the withdrawal meets IRS requirements. In contrast, withdrawals from traditional 401(k)s and IRAs are taxed as ordinary income when you take the money out. As a result, a dollar in a Roth account is worth a dollar at retirement, but a dollar in a traditional retirement account is worth a dollar minus the taxes you'll pay when you withdraw the money. What's the potential gremlin lurking in your 401(k)? It's treating Roth retirement savings the same as traditional retirement savings when making your investment decisions. Let's look at an example to see how this mistake could impact your investments.
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Posted
Jan 31 2008, 07:06 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. Asset location involves dividing investments between taxable and tax-deferred accounts in the most tax-efficient manner. As a general rule, mutual funds that generate a lot of dividends or capital gains should be placed in 401(k), IRA or other retirement accounts. Investments that do not generate a lot of dividends or capital gains can be placed in taxable accounts. Following this strategy, I've put all my bond funds, REIT funds and most of my small cap funds in retirement accounts. What happened to REIT mutual funds last year offers a hard lesson for some about why asset location is so important.
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Posted
Jan 02 2008, 05:08 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. The simple truths in life are the most profound. Take Warren Buffett, for example. He can summarize all the investing advice anybody would ever need in a single sentence: "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." And in case you haven't noticed, Wall Street is fearful right now. Buffett isn't the only smart guy around. It turns out that famed Yankee catcher Lawrence Peter "Yogi" Berra is pretty smart, too. Let's see what seven secrets he can teach us about money and investing. "I knew I was going to take the wrong train, so I left early." You will make mistakes when you're investing. Even Buffett has made mistakes, including (as he acknowledges) his 1993 purchase of Dexter Shoe. I've certainly made mistakes, including the purchase of my first mutual fund, which came with a 5.75% front load and hefty yearly expenses. Ouch! But just like Yogi, get on the investing train early, and you can still reach your destination on time.
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