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Posted
Jul 23 2008, 06:27 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. Did you ever receive a gift card for a store where you never shop? Or have you ever had a gift card for a store that filed for bankruptcy? When a retailer files for Chapter 7 bankruptcy, gift cardholders get in line with every other unsecured creditor. What does that mean? It means you can kiss the value of your gift card goodbye. One solution is to run out and spend the gift card if you hear the retailer is in financial turmoil. But there is another solution.
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Posted
Jul 16 2008, 04:20 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. If you are in the market to buy your first or next home, a HUD home could potentially save you tens of thousands of dollars on the purchase price. But there are some things to watch out for. In this article, we'll cover the basics of buying a HUD foreclosure home and some tips on getting the lowest possible price.
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Posted
Jun 25 2008, 06:52 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. Generating multiple streams of income can have a major impact on your finances. Even an extra income of $500 each month could go a long way to paying down debt or increasing your investments. We often hear about the importance of diversifying our investments, but diversifying our income streams is just as important, particularly in difficult economic times. Let me show you just how valuable even an extra $500 per month can be. Then I'll list the factors to consider in deciding how to generate extra income, followed by 10 multiple-income-stream ideas.
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Posted
Jun 04 2008, 05:30 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. With Father's Day fast approaching, finding a memorable gift that doesn't break the bank can be a chore. To make things easy for you, what follows is a list of Father's Day gifts that range in cost from zero to about $25. And for those fathers reading this article, you'll be happy to know that a Father's Day tie is not on the list. Homemade greeting card. Kids love crafts, and making a card for Dad on Father's Day is a memorable time. I've kept every card my children have ever made for me, and they are worth far more than anything they could have bought for me. Here's a site with some great card ideas.
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Posted
May 07 2008, 05:16 AM
by
Karen Datko
This post comes from partner blog The Dough Roller. Have you ever found yourself at the store or gas station ready to pay, only to realize that the last $20 in your purse or wallet is gone? It's a sickening feeling in the pit of your stomach when you realize you can't pay for something. This happened to my mom all the time when I was a kid. My parents went from one financial crisis to another and were always short on cash. I recall vividly my mom yelling at my stepdad because he had taken money out of her purse and left her with nothing. She usually figured out that she had no cash just after putting $5 worth of gas in the car (gas was a lot cheaper back then). A resolution to this problem always seemed simple to me, even if it eluded my parents.
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Posted
Apr 23 2008, 06:35 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. I've been talking with my insurance agent over the past few weeks about flood insurance. It may not be as exciting as Dr. Phil's marital debacle, but then again, Dr. Phil is unlikely to destroy my home.
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Posted
Apr 16 2008, 06:43 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. As much good as he does, Dave Ramsey drives me nuts with his extreme views on debt. Ramsey, as he readily admits, did some really stupid things with debt. Leveraged to the hilt on bad real estate deals, he went bust in a way most of us could never imagine. As a real estate investor, my leverage and borrowing comes nowhere near the toxic level Ramsey went to. Why? Because Ramsey's personality is one of extremes. Much like an alcoholic, he could not control his use of debt. He got one taste of that leverage, and he was borrowing before noon ever day. Dave Ramsey is a recovering debtaholic Now he is a recovering debtaholic. Like a recovering alcoholic, he should never borrow again. Why? He just can't handle it. Put Ramsey and debt together, and something really ugly develops. OK, fine. But why should that apply to all of us? It's as if a recovering alcoholic were telling the rest of the world never to have a glass of wine. In other words, what works and doesn't work for Ramsey may not apply to everybody else. Of course, there are those who, like Dave, can't control debt and should avoid it just like he does. But debt, if used wisely, can greatly improve your finances, can increase your financial freedom in the long run, and can greatly improve your balance sheet.
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Posted
Apr 02 2008, 06:17 AM
by
Karen Datko
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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
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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 19 2008, 05:59 AM
by
Karen Datko
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This post comes from partner blog The Dough Roller. A mind is a terrible thing to waste. So let's not waste ours today. Here are four useful financial calculations that you can perform in your head: What am I giving up in retirement savings when I spend money today? This is an easy one: Add a zero to the price tag. Assuming you have 30 years until retirement and earn 8% annually on your investments, that $3,000 watch would have been worth $30,000 in retirement if you had invested the money instead. Coming down to earth a bit, the $4 latte (it's always the latte) purchased five days a week costs about $1,040 a year, or $10,040 in your retirement account 30 years later. How much do I need to earn before taxes to buy stuff that I want? Assuming you're in the 28% federal tax bracket, multiply the cost by 1.4. That means a $20,000 car costs $28,000 before taxes. Yikes! Of course, this doesn't account for state tax and Social Security and Medicare taxes, all of which would make the multiplier even higher.
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