Mind and Money

Personal Finance Luminary-The College Investor

Personal Finance Luminary-The College Investor

By in Debt, Mind and Money, Money Management, Personal Finance Luminaries | 0 comments

Personal Finance Luminary Series-Robert Farrington Welcome to an inside look into some of the most important personal finance luminaries online. These influential people educate and entertain others about money topics. From authors to podcasters to writers, these money mentors are working to raise the level of financial knowledge and education.  Read more about Personal Finance Luminaries >>> Personal Finance Luminary College Investor-Robert Farrington Enjoy this interview with Robert, personal finance luminary college investor, one of my favorite online inspirations. 1. What is your background and money/financial influences? I honestly started blogging about personal finance because I was bored and I’ve always had a passion for money. In college, I went to my schools investing club, and I was pretty disheartened by what I found. It was really just a bunch of amateurs talking about day trading and penny stocks. It wasn’t what I was interested in. Then, as I talked to more of my friends, they were searching for the information I wanted to provide. Finally, one day sitting in the back row of my econ class, I decided hey, I’m just going to start writing on a blog about this stuff. That started The College Investor. After writing for a few years, I kept being frustrated at roadblocks stopping young adults from investing. As such, student loan debt started becoming a central theme on the site as well. It’s since evolved into one of the largest sites dedicated to helping millennials navigate out of student loan debt and start investing in their future.  Given what the site has become, I’ve also been able to brand myself as America’s Student Loan Debt Expert, and I regularly help students and graduates navigate the crazy world that is education financing – all with the end goal of helping them be able to start investing and building wealth. Learn wealth building basics in a few hours here. 2. With a full time job, how do you make time for a full online career as well? You also need to add that I’m a husband and dad as well – family is always my #1 priority. Otherwise, it’s time management and solid planning. I am very diligent when it comes to my schedule. I own...

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Is Holding a Garage Sale Worth it?

Is Holding a Garage Sale Worth it?

By in Make Money, Mind and Money | 27 comments

After $448 I ask, “Is Holding a Garage Sale Worth it?” Jr. Carina and I have made about $448.00 for our most recent garage sale. Is the cash worth the time and effort? Our previous garage sale was in 2003, when we moved from Ohio to Pennsylvania. At that time I swore I would never hold another yard sale.  Then, we were moving out west to California. So, seven and a half years later, I gave in. Find out the final answer to the question, “Is holding a garage sale worth it?” As we embarked on our second garage sale, I thought I was bordering on insane when I considered whether holding a garage sale is worth it or not. This personal story digs into both the financial and personal tally of whether to hold a garage sale. Is Holding a Garage Sale Financially Worth it? Two days sorting through our junk valuable goods. Three days organizing, merchandising. One day selling. Total time spent 50 hours. Revenue = $448 Hourly pay – $8.96 per hour So here’s the hourly rate for this garage sale, $8.96 per hour. It’s more money than I make cleaning and cooking for the family. It’s less per hour than working at Wendy’s. It’s significantly less than my hourly compensation as a freelance writer. According to my calculations, holding a garage sale isn’t much of a financial gain. Alternatively, I could write and earn significantly more than I made spending time organizing the garage sale.  If you want to make money sitting on your duff surfing the net, here’s a fun alternative: Swagbucks rewards you for surfing the net and taking surveys, watching videos and even playing games. (There’s even a $5.00 sign up now). Why not sign up, while you’re figuring out whether to hold a garage sale or not. Are There Other Benefits to Holding a Garage Sale? Holding a garage sale is not fun for me. I understand some people may enjoy the whole process. My neighbor used to hold a garage sale monthly to recycle his stuff. Others use garage sales as an ongoing money making side hustle. The only parts of the garage sale process I liked were; decluttering and spending time with my daughter. In general,...

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Mindful Money

Mindful Money

By in Guest Post, Mind and Money, Wealth | 7 comments

Financial Stability Through Mind Power By contributing columnist,  Alexandra Deluise Achieving financial stability and wealth takes dedication, a strong plan, and determination to stay out of debt. Overall, the secret to financial happiness is a strong mind game. With mindful money, you learn to incorporate the principle of mindfulness and being aware to how you handle your finances. Dedication and determination are created when something you are working on means a lot to you; mentally, you have chosen to continue with a task because you deem it important. Staying dedicated requires mind power so that you are not swayed off your path, be it a path to financial freedom or asset building.  By spending a few minutes right now considering what’s really important to you, will create greater long term wealth.  After all, are you the winner when you’re the richest one in the cemetery? Your mind can also craft a strong plan for your financial goals. By thinking strategically, you are able to plan your way to wealth and a debt-free life. Rarely do people accidentally stumble upon wealth – average people like myself need to consider our steps. There are other ways to literally put your head in the money game, and doing so is extremely important for your financial well-being. These are my top four ways to live with money mindfully. Top 3 Mindful Money Strategies  Remember that you are not defined by your money. The media would have us believe that without all that money can buy we are nothing. When you begin feeling overwhelmed by pressure to purchase, remember what you are dedicated to, and ask if this purchase is adding to your goals, or simply a way of hoping to conform to whatever lifestyle you are hoping to portray. Two acquaintances of mine go to Florida and Disney World at least once a year, and sometimes twice; their apparent life of luxury is certain to make a few jealous. If the life of luxurious travel appeals to you but you do not have the means, do as Barbara recommends and take a day trip somewhere you don’t often go with a picnic lunch. You can still get the relaxation benefits from cheap, fun...

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The One Page Financial Plan

The One Page Financial Plan

By in Mind and Money, Personal Finance | 0 comments

Dr. Phil + Suze Orman + Oprah = The One Page Financial Plan Values Based Money Advice Carl Richards hits the nail on the head when he begins with The Most Important Important Money Question, “Why?” He’s touching on the issue that most people never explore; What are you going to do with your money? This leads into your personal values. And that’s where the Dr. Phil similarity lies. Richards recommends drilling down, really deep in terms of what’s important to you. And he means “you”, not your neighbors, not the Jones’ or anyone else.  He’s very firm about designing a plan that encompasses the things you think are important. I was taken aback when he talked about his own financial troubles, and how he bought too much house leading to financial woes and a subsequent short sale. This personal disclosure gives him an extra dose of empathy and understanding for those who’ve made the wrong financial decisions. Although spending on what matters to you most, won’t prevent financial troubles, it will certainly flip your perspective away from buying what’s important to your neighbors to spending on things that are important to you. Values based saving and spending means figuring out what you want and then aligning your spending with your goals. Planning or Guesstimating Your Money Goals Although the Suze Orman comparison might be a bit of a stretch, Richards does get into some “sensible money strategies” as does Orman. The One Page Financial Plan uses the values exercises to inform your financial planning. After you clarify what’s really important to you, next comes the planning. But, The One Page Financial Plan does not require you to be perfect, in fact he takes a realistic approach and suggests you “guess” when making plans for the future. Do you really know what the future holds? Of course not, so just start with some ideas about how you want to spend your money. Do you want to build a savings fund for Brittany to go to the state university? Or is owning a second home your dream? Next, put an approximate time frame on the goal. Finally, he reminds us that no one can predict the future, so you may as well...

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5 Keys to the Perfect Scam

5 Keys to the Perfect Scam

By in Mind and Money, Personal Finance, Saving, Tips, Wealth | 2 comments

Find out How to Avoid the Perfect Scam Setting; A hot day in the most popular Asian city, teeming with tourists and excitement. My husband and I were walking down a metropolitan city street towards the beautiful grand central park for a Saturday morning stroll. “Are you American?” asks the impeccably dressed man, in perfect English. “Yes we are,” my husband replied. Not one to be swayed by strangers, having grown up in NYC, my husband knew a swindle, from a mile away. “I’m a dentist waiting for my wife. We’re going to the local temple. Did you know that our son is studying at Cornell in upstate New York?” stated the attractive man. His diamond ring and silk striped shirt, didn’t go unnoticed by my discerning eye. My husband and I were equally impressed by the pedigree of the dentist with the bright and studious son, studying at Cornell. The man asked us where we were headed. After we told him the park, he offered some helpful information, the park is closed on Saturday mornings for washing, see…. as he pointed to the wet streets and further made his point- Saturday morning is cleaning day. Oh, how would we know this key fact? How helpful, he saved us some time. Meanwhile, there was a bit of doubt in my mind, it seemed a bit peculiar to close a park on a busy week end morning. Then, he went on to tell us how to save money at the various sites. After all, who doesn’t want to save money? He went on to advise that we shouldn’t go on a tour to the temples, because they overcharge, and the individual entrance fees for each temple was quite reasonable. Another helpful tip. Clearly this concerned stranger was out for our well-being. Then, continuing with his helpful advice for touring the city, he recommended China town as a great place for excellent food. He and his wife go there when they’re in the area. Who could argue with that? Next, as we looked together at the map, he proposed an affordable boat trip up the river. It looked like so much fun, and the boat dock didn’t look like too far...

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FORGET ABOUT THE ECONOMY; LIVE A ROCKIN’ LIFE

FORGET ABOUT THE ECONOMY; LIVE A ROCKIN’ LIFE

By in Economics, Mind and Money, Saving, Tips, Wealth | 16 comments

You Can Live Wealthy in Any Economy Whenever I get plagued with an attack of ‘I don’t have enough’ or ‘Life’s not treating me well’, I fall back on a few simple wealth building tools. We talk a lot about building wealth and how to live wealthy here, but it’s important to remember that life’s a marathon, not a sprint. Further, you can live wealthy regardless of the size of your bank account. How to Live Wealthy in Any Economy 1. The News is for Entertainment and Sensationalism Don’t even think about the news, or the dour talking heads on your TV. You are the master of your own destiny. Life and success transcend money. Whatever your current circumstances, you have ultimate control over your greatest resources; your time and your mind. The same goes for getting wrapped up in social media. The worst thing you can do is spend too much time comparing yourself to others and how they are doing. Set a time limit for social media-and stick to it. “It does not matter how slowly you go, as long as you do not stop.” Confucius 2. Spend a few minutes with that gratitude journal and write down the gifts you already have in your life. Don’t sigh, I know this is quite “Oprahish”. This strategy is a sure fire mood booster. You are already living better right now than royalty of the 1800’s. The luxuries of microwave ovens, computers, cell phones, indoor plumbing, electricity, video on demand, and more make our lives spectacular. 3. If you have friends, you already live wealthy. For wonderful fun in a down economy, gather a group together for a cheap and fun filled gathering. We love potlucks with games both indoors and on the field. Try some touch football, soccer, charades, Taboo, or Wii tournaments. In winter, sledding or building a snow man or woman are free! Low cost, high energy fun. Plus, record the event and make a memory that will last. 4. When cash is low… travel. Take a bus or train to a neighboring town and visit the free parks and museums. Pack a picnic lunch and feel like you are a million miles away. Last week end we...

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