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Posted
Dec 03 2008, 07:43 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
An old friend recently got a job after being first underemployed and then unemployed. One day at noon her new boss noticed she hadn't left her desk. "Aren't you going to have any lunch?" he asked.
Well, no, she wasn't. There'd been barely enough in the house to make brown-bag lunches for her kids. My friend lied brightly about wanting to work through her lunch hour so she could finish on time for once.
It's bad enough to be on the financial edge. It really stinks to be put on the spot, too.
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Posted
Aug 31 2009, 11:22 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
TMZ, the news source for all things Michael Jackson, expressed amazement that MJ had terrible FICO scores.
"Here's a shocker -- Michael Jackson had an abysmally low credit score," said a story at the Web site. In 2007, TMZ says it has learned, Jackson's scores from the three major credit bureaus were 592, 524 and 575, averaging out to just under 564.
It's really no surprise, considering his well-documented ultra-extravagant spending and financial woes, including the fact that Neverland Ranch nearly slid into foreclosure. But there's a lesson for everyday people in the specifics that caused the King of Pop to have poor scores.
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Posted
Sep 12 2008, 06:26 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Trent Hamm at partner blog The Simple Dollar. Yep, you read that right. Luck. To me, luck occurs when a positive and fairly unexpected event happens in your life, whether it be financial or otherwise. Thus, improving your luck means increasing the chances of such positive events happening -- and also increasing the chances that you'll be able to take advantage of them. In other words, there's nothing supernatural about it. No hoping, no holding four-leaf clovers in your pocket, no rabbit's foot or lucky coin. No "think and it will happen" secret nonsense. Just preparation -- nothing more, nothing less. Here are 10 things you can do to make yourself lucky.
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Posted
Apr 21 2009, 11:45 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
He's 68, has $280,000 or so in retirement savings, no debt, and wants to take his wife of 40 years on a $30,000 trip around the world. Denied, said Suze Orman. He can't go because he doesn't have an eight-month emergency fund.
We'll have to take the word of "Moneymonk" and one of her readers on this because we didn't see Suze's show. But the scenario she recalls and Suze's advice didn't sit well with Moneymonk.
"Suze, retirement is supposed to be enjoyed. This is their time. Let them have it," Moneymonk wrote. "Suze, whatever happened to PEOPLE FIRST?"
What's really taken personal-finance bloggers by surprise is Suze's about-face on paying off credit card debt, which until recently was her top priority. She used to say: "Your first step is you have to get out of credit card debt. After you're out of credit card debt, you need an eight-month emergency fund."
She now says people should pay only the minimum due each month on their cards until they have that emergency fund in place.
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Posted
Jun 05 2009, 06:24 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
You've probably heard of "good" debt and "bad" debt. Good debt is when we borrow to buy something that generally goes up in value, like a home. Bad debt is when we borrow for anything else, like a car, a boat, a meal, a dress, a cruise, a wedding and so on.
Many teach that good debt is fine, while bad debt is not. The theory goes that good debt makes us wealthy as the value of our purchased assets goes up, while bad debt makes us poor as we struggle to pay debts for which we have little to show. In fact, it's a philosophy I've followed my entire adult life.
And it's flawed.
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Posted
Jun 20 2008, 05:40 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
"DogAteMyFinances" didn't report a success story when she recently updated her finances for her reading public. When she started her blog, also called Dog Ate My Finances, she had a net worth of $8,000 and $30,000 of debt, she wrote. Fast forward six months. The net worth is now $3,000 and the debt has grown to $45,000. "That's just embarrassing when you make over 150K," she admitted. But, she's being an adult about it. She's blaming no one but herself. In a reversal of roles, her readers offered sound advice to the personal-finance blogger.
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Posted
Aug 04 2008, 06:06 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from J.D. Roth at partner blog Get Rich Slowly. When I was a sophomore in college, I got my first credit card. I thought it was awesome -- it was like free money. Soon I got another credit card, and before long I'd maxed them both out. I entered the work force with a handicap. I had the start of a nasty credit habit. My parents had never been good with money, and as a result I had no notion of proper financial skills. I made some bad decisions, which were in turn compounded by some rotten luck. Just five years after graduation, I had about $20,000 in credit card debt. For the next decade I tried to kick the habit. Sometimes I'd make progress, but then I'd find other ways to fall behind. Here are some of the mistakes I made along the way and the steps I took to correct them.
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Posted
Jun 01 2009, 05:31 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from J.D. Roth at partner blog Get Rich Slowly.
Some people never take control of their finances because they're afraid that doing so would require them to give up everything they enjoy. I don't believe that's true. Getting out of debt requires hard work and sacrifice, but that doesn't mean you can't have fun along the way.
Aaron recently sent the following e-mail:
You paid off $35,000 in debt in just over three years. Does that mean you were (completely) dedicated and had no frills and were dour-faced the whole time? Were you using every spare penny to pay debt? Did you give up all luxuries and all fun? Did paying off the debt consume you?
That's my greatest fear about the whole thing. What makes it worse is that I'm serious about getting out of debt -- I just don't want to be miserable in the process. Especially since I'm going to be married soon.
Any encouragement you can give would be greatly appreciated.
When a person decides to make a lifestyle change -- financial or otherwise -- there's a temptation to GO ALL OUT. With the zeal of a new convert, you leap headlong into a life of thrift, for example, giving up everything you valued before.
There's a problem with this.
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Posted
Nov 19 2008, 06:26 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Andrea Dickson at partner blog Wise Bread. Right now may be the perfect time to take a second job. The holiday season is gearing up in most retail stores, and chains everywhere are hiring seasonal workers. Whether it's stocking shelves, mopping floors, filling displays or selling goods, the shopping season is ramping up and now is the time to locate and nab those holiday gigs. If you, like many Americans, are deep in credit card debt, you might be wondering how you are going to pay it off. Or maybe you're not in debt, but need to make some extra cash to put a down payment on a car or condo, or start your own business. Maybe you just want to buy your sweetheart (or cat) something really special this holiday season. Basically, you need more money, and you need it soon.
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Posted
Oct 14 2008, 09:00 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Make no mistake about it -- a recession is here. While we do not know how long or painful it will be, we do know that it has the potential to be the worst financial crisis any of us have ever lived through.
The stock market lost more than 20% in 10 trading days. Retirees and those nearing retirement have seen their nest egg eroded, some by 30% or more. And the banking system is under severe stress in the United States and globally. That's the bad news. Now for some good news.
There are steps we can take now to better prepare for potentially difficult financial times ahead. There is no silver bullet that can insulate us from any financial crisis, of course. But there are basic things we can do to make sure we are as ready as we can be to weather the coming financial storm.
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