EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook. Stay tuned to get first crack at the NEW EBOOK. And it’s FREE to my readers.

“Seek the lofty by reading, hearing and seeing great work at some moment every day.”
Thornton Wilder

Thornton Wilder offers some provocative advice. Are link posts in alignment with Wilder’s thinking or is this a stretch?

MAIN TOPIC: Help me out, please

I want your advice.

Yes or no, do you read link posts and find them useful or not?

Here is what I’ve been reading this week-end. There’s so much worthy info in the blogosphere, what do you think?

Would you prefer a typical article or do you enjoy the diversity of a link post?

How to Budget in Less than 20 Minutes a Week at Moolanomy  

How many of you earn over $100,000/year  It’s all about the comments! I Will Teach you to be Rich

Spending too much Money and Course Correcting at Financial Samurai

10 Money Lessons every College Student & Parent should Know at PT Money

Blogging Essentials at Free from Broke    

How to Invest in Vanguard Funds using ETFs and Save Money while you’re at it at Invest it Wisely

Financial Automation at Dividend Monk

Gather Your Data: Debt and Net Worth at Eventual Millionaire Millionaire

Making Money Challenge at Aspiring Millionaire

Are Gen Yers Different? Do I Follow the Stereotype? at My Journey to Millions

ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Spend a few minutes reading something which will grow your wealth.

 image credit: Rachel Sian

RECENT PERSONAL FINANCE CARNIVALS & LINK ROUND  UPS

I am honored to have my work showcased at these sites recently. Why not stop by and check out the fine articles? 

The Yakezie Carnival at Aspiring Millionaire presented Reduce Money Stress; Get Rid of Dysfunctional Money Behaviors

Beating the Index published How to Design a Budget with Room for the Fun Stuff

 YAKEZIE PERSONAL FINANCE BLOGS

After every article for the next several weeks, you will be introduced to several Personal Finance web sites in the Yakezie network. Each one has their own unique voice and style. The consistency in all is their desire to help others. Consider visiting a few each day!

Personal Finance Journey
Personal Finance Student
PF Firewall
Planting Dollars
Punch Debt in the Face
Rainy-Day Saver
Redeeming Riches
Retirement Investing Today

BarbaraFriedbergPersonalFinance instructs and motivates you to become wealthy by teaching basic personal finance principles with engaging stories and understandable examples. Learn to become rich and happy from a real Portfolio Manager

“KNOWLEDGE IS POWER.” Sir Francis Bacon

Who would have thought this quote, from the 1500’s would still ring true today?

Many years ago I read a letter written to Dear Abbey. (Yes, I read Dear Abbey, please don’t laugh.) The gist of it was this, a 38 year old guy writes that he wants to be a doctor, but is worried that he’s too old to go to medical.  He complains that he will be 42 years old when he finishes med school. Dear Abbey writes back, if you go to medical school now, in 4 years you will be a doctor, if you don’t go to medical school, then in 4 years you will just be 4 years older.

That letter stuck with me when I was deciding to return to school for a second graduate degree in mid life. It stuck with me when I began writing a book. And it was a factor in spurring me on to start a blog. In fact, my life is characterized by taking risks and moving forward no matter what. In the past, I was a huge procrastinator, insecure, and afraid of failure; I am proof of the power of stepping forward in spite of fear, age, obstacles, and criticisms of others.

On that note, I want to share my 6 month anniversary celebration as a personal finance blogger with you. My success in readership has far surpassed my expectations. I began with an Alexa ranking in the 1,000,000 range and have dropped to an impressive level of less than 160,000. I owe a large amount of that success to the YAKEZIE PERSONAL FINANCE NETWORK and Len Penzo dot com  who encouraged me to join. The Yakezie mission is in alignment with my own; selflessly  promote financial literacy and personal finance.  El Carino, my biggest cheerleader, promotes my blog both to those interested as well as the uninterested and loves me no matter what. In fact his support has given me the confidence to “try anything.” My daughter is my social media consultant extraordinaire, offering many ideas, strategies, and tips to touch her generation.  Additionally, she constantly provides insight into the GEN Y mind. Finally, my outstanding MBA professor, Dr.  Oranee  T.  encouraged me to start the blog and continue with my book.

On this 6 month anniversary I want to share the links that “Google Analytics” the blog analyzer, said are your favorites. Some surprised me, others not so much. The TOP articles cover a variety of topics from investing, to mental money problems, and the financial challenges of the poor.  If you haven’t read them before, please check them out and let me know what you think.

 I am honored by your support and look forward to offering you quality PERSONAL FINANCE information to help you become wealthy.

# 1 ALL TIME FAVORITE: GET RICH WHILE YOU SLEEP WITH THE MAGIC OF COMPOUNDING

“Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.”
Peter Lynch   

One of the greatest investors of our time attests to the simplicity of investing in the stock market. Read this post and find out why. Following is the “Cliff Notes” version of why you need to put part of your long term investment dollars in the stock market. 

Main Topic; Stocks  

The historical long term growth of American business is amazing. American business is frequently represented by the Standard and Poor’s 500 Stock Index (S & P 500). This index of 500 stocks is considered a barometer for the complete US Stock Market. 

Forget about the recent recession and downfall of the stock markets for a minute and take a peek at some historical returns of the S & P 500. Although historical returns do not guarantee future returns, take a look anyhow. When looking at these returns, think about the stock market as a collection of U.S. businesses, not mutual fund or brokerage account statements. Then ask yourself if you think U.S. businesses and the economy will grow over the next 20, 30, or 40 years?

Click here to read more.

# 2 RUNNER UP: HOW TO AVOID LIVING PAYCHECK TO PAYCHECK

“Have compassion for all beings, rich and poor alike; each has their suffering. Some suffer too much, others too little.” Buddha

Wealth requires a commitment and responsibility to those with less. Offer your knowledge and expertise to those without.

MAIN TOPIC: The Problem with Check Cashing Services

I just returned from a quick trip to Wal Mart to pick up some groceries. It’s Friday afternoon and my check out lane was directly across from the “Money Center.” This “Money Center” is a place where you can cash checks; for a fee, buy money orders; for a fee, and do a lot of other financial tasks; FOR A FEE. It is not a bank.

Because at a bank, if you have the right type of account, you can get your paycheck deposited FOR FREE!

The line was really long at the money center. In fact, there were people trailing out into the main part of the store. Many lower income people DO NOT HAVE A BANK ACCOUNT.

I remember back to my first full time job as an invoice clerk; I was amazed on payday when my co-worker and I went to the bank. She CASHED HER ENTIRE CHECK AND TOOK ALL OF THE MONEY! I thought it was quite odd that she didn’t put any of it into the bank.

But I digress, back to the Wal Mart Money Center. I got very despondent after seeing the enormous line-because I knew most individuals were there because they didn’t have a bank account. And they were lower income and paying a fee that higher income people didn’t pay, just to gain access to their money.

 I was struck by several things:

1. How can one save, if he/she has NO BANK ACCOUNT?
2. How can one move out of living “paycheck to paycheck” without a BANK account?
3. Where are those individuals in the Money Center line going to learn the principles of Financial Literacy?

Click here to read more.

#3 THIRD PLACE (it was a tie): REDUCE STRESS-GET RID OF DYSFNCTIONAL FMONEY BEHAVIORS-part 3

Money & Relationships-Make it Work!

“I’d marry again if I found a man (or woman) who had fifteen million dollars, would sign over half to me, and guarantee that he’d be dead within a year.” Bette Davis

 You gotta take relationships with a bit of levity or you’ll never make it through! This quote is the perfect solution for money and relationship problems. Unfortunately, it’s a bit unrealistic. Maybe a million or two is more doable.

No really, read on and find out how to handle money stress in a relationship.

MAIN TOPIC: She’s a Saver, He’s a Spender

This article is the 3rd in a series relating poor money behaviors with stress (#1-Shopping to Solve your Problems & #2 Procrastinating Dealing with Financial Matters). The topics are inspired by an article entitled Emotions, Money, & Financial Stress by Nancy Losinno, published at the US Department of Energy, Brookhaven National Laboratory website . 

You know who I’m talking about. Bluetooth came out, he got it. Iphone, Ipad, flat screen TV, etc. he bought them all. New car every few years was required by him. Meanwhile the debt piled up. She tried to save, but his spending counteracted all of her efforts. 

I’m hesitant to continue, as the story is so familiar. We all know how it turns out…… fighting, stress, anger, depression, marital discord and DEBT.

Overspending in a relationship is unhealthy whether practiced by one or both partners.

Losinno clearly stated, that in a relationship the partners have the choice of creating WEALTH or a “FINANCIAL HELL ON EARTH.” Money secrets are devastating. Unhealthy family money attitudes can be disastrous. Money problems in a relationship can be the beginning of the end.

Click here to read more.

#3 THIRD PLACE (it was a tie): WHEN NOT TO SPLURGE

“If I splurge on anything, it’s cologne. I love smelling good.” Zac Efron

This quote suggests that Zac Efron, the wealthy movie star sensation from High School Musical and many more projects, is so financially savvy that his one indulgence is cologne. If that’s his lone indulgence, then this guy is on a path of financial strength.

Personal disclosure: I have never met nor spoken to Zac Efron. (Although I wouldn’t turn down an invitation to meet him!)

MAIN TOPIC: I am ALL FOR SPLURGING

I carefully plan my our family splurges:

• El carino (my hubby) indulges in his hobby of collecting sports memorabilia.
• I go out to work at a coffee shop once or twice a week and buy a coffee.
• Special occasions find me at the COACH outlet for a nice bag.
• Travel is planned and a big priority for our family. This week-end it’s a quick family get away to Atlantic City! (No gambling for us!)

I do not covet expensive jewelry, cars, fine dining (my birthday dinner was at Applebee’s this year). In fact, when el carino wants to tease me, he goads me with the offer to buy me jewelry (because he KNOWS I don’t value spending our money on expensive jewelry). In fact, I totally don’t get the women who want a huge diamond (bought on credit). Give me the cash any day to stick in the investment account.

Please don’t think this is a condemnation of cars, jewelry, or fine dining; it’s not. It is a recommendation to spend on those activities that YOU value, not what your neighbors, TV, or society tells you to value.

Click here to read more.

ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Commit, write down, and take one step towards financial responsibility today.

Image credit: Kazeee

YAKEZIE PERSONAL FINANCE BLOGS

After every article for the next several weeks, you will be introduced to several Personal Finance web sites in the Yakezie network. Each one has their own unique voice and style. The consistency in all is their desire to help others. Consider visiting a few each day!

Zordane.com

Yes I am Cheap; Digging my Way Out of Some Serious Debt

Young and Thrifty; Saving Generation Y

Well Heeled Blog; Savvy Living through Personal Finance

Wealth Pilgrim; A Journey to Self, Wealth, & Health

Wealth Informatics; Financial Freedom through Education

EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook about Investing. Stay tuned to get first crack at the NEW EBOOK; and it’s FREE to my readers.

“If I splurge on anything, it’s cologne. I love smelling good.” Zac Efron

This quote suggests that Zac Efron, the wealthy movie star sensation from High School Musical and many more projects, is so financially savvy that his one indulgence is cologne. If that’s his lone indulgence, then this guy is on a path of financial strength.

Personal disclosure: I have never met nor spoken to Zac Efron. (Although I wouldn’t turn down an invitation to meet him!)

MAIN TOPIC: I am ALL FOR SPLURGING

I carefully plan my our family splurges:

• El carino (my hubby) indulges in his hobby of collecting sports memorabilia.
• I go out to work at a coffee shop once or twice a week and buy a coffee.
• Special occasions find me at the COACH outlet for a nice bag.
• Travel is planned and a big priority for our family. This week-end it’s a quick family get away to Atlantic City! (No gambling for us!)

I do not covet expensive jewelry, cars, fine dining (my birthday dinner was at Applebee’s this year). In fact, when el carino wants to tease me, he goads me with the offer to buy me jewelry (because he KNOWS I don’t value spending our money on expensive jewelry). In fact, I totally don’t get the women who want a huge diamond (bought on credit). Give me the cash any day to stick in the investment account.

Please don’t think this is a condemnation of cars, jewelry, or fine dining; it’s not. It is a recommendation to spend on those activities that YOU value, not what your neighbors, TV, or society tells you to value.

PRACTICAL APPLICATION: When not to Splurge

Do not splurge if these are your reasons:

• I really really want it
• I deserve it
• I owe it to myself
• I feel like getting it
• Why not, you only live once
• It will make me happy or important

These reasons to splurge are usually justifications to overspend; just thinly veiled self deceptions.

Look, if you can afford it, pay for it this month, and it’s in your budget, then why not.

But, if you just “WANT IT” but don’t have the cash to pay for it, even if you work hard….. you will regret the IMPULSE PURCHASE.

The August 2010 issue of Money magazine includes 7 Secrets of Super Savers. And although some of the strategies were a bit over the top, many included quite a few luxuries. Delay purchases over a certain amount was a sensible option. After all, the Elovitz family didn’t say “NO” to any purchase, but just to think about it and delay. Another family did not buy anything until they could pay for it in cash. No credit for them. Live below your means is a “no brainer;” but what about living on one spouse’s salary and banking the other?

On the flip side….it is IMPORTANT TO SPLURGE ONCE IN A WHILE. After all, if all you do in life is restrict yourself, you will feel deprived and be more likely to go on a spending binge.

How to make the decision to SPLURGE? Plan a splurge and consider your own personal splurging guidelines.

These are the FRIEDBERG SPLURGE GUIDELINES:

1. Plan , the purchase, not an impulse buy.
2. It is something we will enjoy for a while; either thinking about, watching, remembering, or using. Vacations and Broadway shows fit this category. For our splurge, el carino and I budget in trips to NYC to see Broadway Shows (frequently purchasing half price tickets).
3. Never buy on credit.
4. Consider whether it is worth the cost, TO US. On a recent trip to visit my parents, my mom offered to take us to a really fancy restaurant to celebrate my birthday. Even though my parents were treating, the cost of an extravagant restaurant is not worth the expense. I value eating out, in fact, I love to eat out…. But really upscale restaurants are not of value for me. I chose a nice seafood restaurant; healthy and tasty!!!
5. Pays lasting dividends: Education!

Splurging is important! Who wants to live a life of total deprivation? Wealth in life is actually more important than wealth in money. Of course, the irony is that you need a certain amount of financial wealth in order to splurge without debt.  Although, a bubble bath is a great (cheap) splurge,  it isn’t the same as a trip to Puerto Rico! Choose your splurges to fit into your own budget!

ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.  

Write out a list of your personal SPLURGE GUIDELINES.

What do you splurge on? How do you plan for it?

 Check out what other personal finance bloggers are saying about Splurges.

Cool to be Frugal asks: Is it ok to Splurge when you are in Debt?

Well Heeled Blog wonders if Abnormal Penny Pinching Justifies Splurges?

Money Reasons discusses Losing Control to Lifestyle Inflation

Mea Culpa, I just Spent $1,450 at Apple said the Financial Samurai

Money Funk bemoans her Emotional Spending

Ramit Sethi at I Will Teach you to be Rich shares The Money Diaries of a 25 year old Single Mom who Writes Bad Checks

Image credit: Swamibu

I Feel Lucky; Gambling as a Road to Wealth

EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook about Investing. Stay tuned to get first crack at the NEW EBOOK; and it’s FREE to my readers.

This article is the 4^th  in a series relating poor money behaviors with stress. The topics are inspired by an article entitled Emotions, Money, & Financial Stress by Nancy Losinno, published at the US Department of Energy, Brookhaven National Laboratory website.

Why not read the whole series?

Part 1: GO SHOPPING to solve your problems?

Part 2: Overcome a Passion for Procrastination (in dealing with financial matters)

Part 3: Money & Relationships-Make it Work!

“Here’s something to think about: How come you never see a headline like ‘Psychic Wins Lottery’?” Jay Leno

 Is this an indictment on psychics or the lottery? I’m not certain, but either way winning the lottery is highly unlikely.

MAIN TOPIC: Can you Believe this Guy?

Last week a well dressed business man pulled up a chair, laid down his laptop, and proceeded to the counter to pick up his coffee. As he walked into the shop, I marveled once again at the number of virtual office workers who congregate at the coffee shop.

 Wow, was I surprised when the man laid out his “work.” He had about 10 lottery tickets which he began scraping with a small tool. This time I forced myself to KEEP MY MOUTH SHUT! 

 Here’s what went through my mind:

 “Oh my G-d. Doesn’t this guy know that he is flushing his money down the toilet? Didn’t anyone tell him the odds of winning anything significant is at least 1 in a million? He should take the amount he regularly wastes on the lottery and put it in a broad based index mutual fund like the Vanguard Total World Stock Index! ……… I really want to talk to him, but I know it is none of my business.”

This is one of my biggest financial pet peeves; trying to WIN YOUR WAY TO WEALTH. Unfortunately, this stranger is not the only one I know with this mindset. Several family members share this distorted money-making attitude. It’s the demonstration of trying to GET RICH QUICK. It is very very unlikely! The lottery ticket buyers are frequently those individuals who carry large credit card balances, and collect the latest gadgets (even when they can’t afford them).

 These individuals are missing a key SUCCESS STRATEGY: the ability to DELAY GRATIFICATION.

 PRACTICAL APPLICATION: Get Rid of Toxic Thinking

Any sort of gambling will not lead to wealth; not lotteries, black jack, roulette, poker etc. The odds are IN FAVOR OF THE HOUSE.

If you even consider gambling or playing the lottery in the hopes of “STRIKING IT RICH,” ADJUST YOUR THINKING NOW.

 As Losinno said, “The reality is that most of us will have to work until we get to retire, and only a tiny percentage of people ever win lotteries.  It’s far better to use your wits to plan soundly towards making your retirement dream comfortable.  You’ll probably come out ahead anyway, by being a tortoise rather than the hare, since most Lotto winners have lost their winnings within the first five years.” 

Old thinking: Buy lottery tickets to get rich!

New thinking: There is no such thing as a free ticket to wealth. I have to plan, save, and invest in order to gain wealth. It’s not easy, but if I take it step-by-step, it’s possible. Delaying Gratification leads to financial success.

 ACTION STEPS:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

1. Go to the human resources (HR) office at work to set up an automatic withdrawal from your paycheck into a savings account. If it’s taken out immediately, you will not miss the cash.
2. While you are at the HR office inquire about a savings plan &/or 401(K). Don’t get scared if you don’t understand the program, ask the human resources staff to help you. It’s their job!
3. Pick up my RSS feed (the big orange striped button on the top right) and read BarbaraFriedbergPersonalFinance regularly to learn how to achieve wealth.

RECENT PERSONAL FINANCE CARNIVALS

I am honored to have my work showcased at these sites recently. Why not stop by the CARNIVALS and check out the fine articles?  

The Carnival of Personal Finance at Miss Thrifty featured my article, 3 Amazing Career Tips

The Carnival of Money Stories 2 at Simply Forties ran How Daniel Makes Extra Money and you can too.

Grab a drink, a snack, and relax by the pool; Check out these excerpts of my favorites reads from around the blogosphere, then stop by the websites to get the full articles!

 Mark Riddix at MoneyCrashers writes about Strategies for Earning Passive Income 

 ”One of the easiest ways to generate passive income is by investing in high yielding dividend paying stocks. You can buy high yielding stocks like Verizon or AT&T which are currently paying almost 7% in dividends. Real estate investment trusts (REIT) are also great income producing investments. REIT’s are required by law to pay out 90% of their earnings back to shareholders…..” 

Mysti at Budgeting in the Fund Stuff wrote We Decided to Use the Emergency Fund to Pay off Debt 

“As I mentioned about a week ago, Mr. BFS and I paid off his car.  Yay!  Well, we made the last payment of $4600 by using our emergency fund.  In fact, the entire last $7500 came from that account.  I’ve had a couple of people seriously wonder about our mental health since we’ve also had to raid our cash for dental expenses, vet bills, a major vacation, and grad school payments.  This means we went from having more than $20,000 in cash to about $4500 in cash in less than 2 months…..” 

Smart on Money wrote a wise post entitled, When you Make Financial Mistakes, don’t allow them to Snowball.   

“It’s fine to make mistakes – we all do it.  What sets the successful apart from those who can’t seem to find their way out of debt is that they learn from their mistakes, and they move on…”

Jaime at Eventual Millionaire wrote You are Not the Numbers. 

“Whether you like them or not, the numbers show reality. They exemplify what is important to you. You might say being home with your children is the most important thing to you, but unless you are spending money consciously then the numbers don’t lie…….” 

The Ultimate Money Blog wrote about how to Make Money Online; These are Sites I Use. 

“Expo TV has been a HUGE source of my internet income. Basically you review a product on video and upload it to the site. I have made more money than I ever thought possible from this one site. I highly recommend it…..”  

Not Made of Money presents some important lessons in 10 Steps for Keeping your Personal finances Organized

“Use accounting software.
There are a number of companies that have created software specifically for the purpose of helping individuals to manage their finances. Accounting software can help you track your spending over time and to help you successfully maintain a budget. You also don’t have to worry about missing bill payments again, because most accounting programs will allow you to set up reminders…..” 

Jason at LiveRealNow writes about something we all can realate to: OVERSCHEDULED.  

“Everybody takes on too much at times.  How do you avoid over-committing? Learn to say no. It is okay to refuse to take on more projects.   You probably aren’t the first person to turn down the project and you probably won’t be the last.  Don’t assume it’s your responsibility.  It is fine to leave it for someone else….” 

Mike at The Dividend Guy Blog discusses Dividend Investing with Less than $1000 . 

“It is true that $1,000 is too small of an amount to start investing in the stock market…unless you consider ETFs! Exchange Traded Funds have been one of the most discussed investment products in the recent years….”    

Heather at Wild West Adventure Writes Ditching Plan B.   

“I’m pondering something Tyler Tervooren listed on his “5 Pillars of Awesome Risk Taking” over at the Advanced Riskology blog: “throw away Plan B.”  The idea being that we all know deep in our infinitely wise and visceral hearts exactly what it is that makes us burn with energy and desire, and we should do whatever it takes to achieve that Plan A, because, as Tyler puts it, “If you know deep down what you want (and I think everyone does, but most are afraid to allow themselves to believe it) then you should avoid having a Plan B at all cost. If you already have one, you should do everything within your power to dismantle it. Plan B is a major distraction to Plan A….”    

Mrs. Accountability at Out of Debt Again wrote, Did I get a New Washing Machine or Not?  

“Mr. A and I were having a hard time forking out $400 or more on a washing machine which was working, aside from having a small tub, and oh, that pesky stopping mid-cycle problem which had escalated….”

Shawn at Watson Inc. had a guest post on his site entitled, Hey Broke People, Stop Overpaying for College. 

“I need only point out the handful of people who “made it big”, whether we consider financial, intellectual, or public merit, who did not complete a degree at an expensive, private university. Bill Gates: Harvard dropout. Warren Buffett: Started out at the more prestigious University of Pennsylvania, but transferred to the University of Nebraska-Lincoln after being dissatisfied with the quality of education at his first school….”   

Geoff at Car Negotiation Coach sponsored a guest post by Wealth Informatics called Find the Best Car Rental Price.

“A rental car can be a big chunk of vacation expenses. If you add in all the state & local taxes, airport fees, facility use fees, underage fees, insurance, additional driver fee, refueling fees… it could get very expensive, very easily. But if you spend a little time you can save a lot of money and get the best rental car deal…”

Neal at Wealth Pilgrim lists 19 Great Jobs without a College Degree and How to get them Fast .

“Going to a trade school instead might be a brilliant move.  I read recently that only 1 in 4 college graduates find jobs. On top of that, according to the U.S. Bureau of Labor Statistics, 8 of the 10 fastest growing jobs don’t require college degrees….”  

Kevin at Invest It Wisely writes, What is It All About?  

“In life, we have three main resources at our disposal: our health, our mind, and our time. We are not equal in our capacities for health and mind, but we all have the opportunity to make the best with what we have, and increase our life expectation. …”

My Financial Objectives writes I Hate  Overdraft Fees. 

“Overdraft Protection.  Do I use it? No.  Do I wish I had it? No.  Do I ever think I will use is? No.  Should you use it? That depends on you. Quite simply, I feel that overdraft protection is not necessary at all for someone like me. …”  

Craig Ford writes a thought provoking article for Wise Bread called, 3 Reasons Not to Invest Now

“A common piece of investing advice (which is generally true) is that the best time to start investing is now. But we must also remember that investing requires a personalized plan….”

Mrs. Money from The Ultimate Money Blog asks the timeless question, What are Necessities?

“I was thinking the other day about what would happen if I lost my job.  If I lost my job, both Mr. Money and I would lose our health insurance, matching 401k contributions, and about 1/3 of our total income.  We’d have to make some cuts to our lifestyle to be able to make it work….” 

RECENT PERSONAL FINANCE CARNIVALS

I am honored to have my work showcased at these sites recently. Why not stop by the CARNIVALS and check out the fine articles?  

Carnival of Financial Planning at The Financial Blogger  featured, Here is an Investment Guaranteed to Keep up with Inflation. 

Carnival of Money Stories at Money Beagle 

Yakezie Carnival Link Round up at Not Made of Money

Yakezie Alexa Challenge Round up at Out of Debt Again 

Image credit: Visiteffingham

Categories: personal finance, competition, Yakezie

Last week, Jacq at RichMomSingleMom  threw down her gauntlet and challenged me to a contest:

WHO CAN SPEND THE LEAST IN THE MONTH OF JUNE

Now, I am really competitive (just ask my husband) and always up for a friendly bit of competition. So I picked up the gauntlet! In the meantime, two other personal finance bloggers wanted in on the competition: Christine @ Moneyfunk  and   Laura @ MovetoPortugal. So now we have 4 uber- competitive women participating in the “Catfight of the Personal Finance Blogger Chicks.” THIS IS GOING TO BE HUGE!!

Now, BarbaraFriedbergPersonalFinance strives to: Educate, Inspire, Motivate for Wealth in Money and Life. Additionally, you get basic personal and financial wealth building principles here.

This contest will serve as some “EXTREME PERSONAL FINANCE” training on your path to becoming rich and happy. And along with the competition, I promise you some unique money saving solutions and fun competition; kind of like “The Biggest Loser”, only not with lbs. but with savings.

So follow along here this month… every so often you will get a progress report on how the competition is going, and at the end of the month, a winner will be announced.

Please root me on!   AND

Stay tuned for some awesome PERSONAL FINANCE entertainment.

photo courtesy of Castle Rock Aikido

YAKEZIE SHORT CARNIVAL: Health Savings Accounts are Awesome-7 Reasons @ FreeFromBroke; To Buy or Not to Buy; The Cost per Use Method @ Personal Finance by the Book; Is Becoming a Millionaire the Rule Rather Than the Exception? @Financial Samurai

Categories: personal finance, make money

 “From the time that I can remember, I worked to make money – either baby-sitting, or one year wrapping gifts at a department store at Christmas, so I could have my own money.” Christie Hefner

Making money is a mindset. Clearly, Christie Hefner, daughter of Hugh Hefner, did not NEED to earn money at a young age, with such a wealthy father. Yet, her attitude underscores the mindset necessary to increase WEALTH.

MAIN TOPIC: HOW TO MAKE MORE MONEY

In Part 1 of this series, ways to increase productivity, focus, and calm serenity were described. If you haven’t read it yet, check it out below, or here. Part 2 gets to the heart of the MONEY section of the series. Who doesn’t want more cash?

Not only is it nice to have money with which to buy stuff, but having cash and investments can reduce worry and increase security. When a bill comes due, you don’t stress over how to pay it. College comes along and you saved enough to help out your kids. No need to take out a loan to go on vacation; the cash is already available. One potential area of stress in your life-GONE!

 Money does not make life perfect, or take away all of your problems, but it definitely reduces financial stress, worry, and anxiety. And research has shown that “Money Worries” rank near the top of the list of concerns and stress.

Since age 16, I usually worked one job or more; I always had some sort of money making idea(s). At 16, I started selling AVON products door to door. In college, I made clothes and sold them to friends. Flash forward a few years (in a prior career), I was a career counselor at San Diego State University and took on additional clients on the side. In addition to his regular job, my husband consults nationally and internationally and is working on his 6^th book. On top of these side jobs, we have been investing since our mid 20’s.

 These behaviors lead to financial security and additional streams of income!

PRACTICAL APPLICATION: Show me the Money

Step-by-step guide to make more money.

How do you make money?  THINK about your income sources RIGHT NOW.

• Your job
• Side business
• Targeted cost cutting to increase disposable income
• Extreme couponing
• Consulting
• Investing
• Blogging
• Selling on Ebay
• Selling on Craig’s List
• Bartering
• Overtime or extra shifts at work
• Swap meets or garage sales

Step 1:

List every way you currently make money. Go over the past year. In addition to your job, have you sold stuff on Ebay or had a garage sale? What about babysitting or consulting in your area of expertise on the side? Do you have a blog that brings in some cash? Don’t forget anything.

Step 2:

Make a list of every additional possibility you can think of to make extra money. I know you are busy with kids, family, and community responsibilities. NO EXCUSES ON THIS ONE! For now, just make the list!

Step 3:

Take a break. That’s right. Take a break. Let these ideas simmer for a bit; breaks offer renewed energy and perspective.

Step 4:

Come back and add to step 2; don’t hold back, consider any possible income source now.

Step 5:

Choose the top 2-3 money-making activities; those with the highest probability for success from step 2. Write them down.

Step 6:

Choose the 1 activity that you can implement right now. WRITE IT DOWN.

Here’s how it’s done:

Charmaine has a job and a family. She cannot take on anything else, her plate is full.

She can make more money through the JOB SHE HAS RIGHT NOW.

Her goal is to work towards a promotion and a raise! Same job, same hours> more money.

How will she do it? Be the absolute best employee. Come up with new ideas. Have a great attitude. Be creative. Become the model employee. Do every task with intention and full focus (remember MAIN TOPIC, Part 1 of this series). When at work, be in the moment, be at work, not at home, the mall, or anywhere else. This is not a quick solution, but in the long term, if you are THE BEST, you will be rewarded with a higher salary.

Joe has a job, debt, and no wife or kids. He wants more cash to pay off some bills and save for the future. He got into debt through reckless spending. JOE HAS LOTS OF STUFF. He decided to sell some of his stuff on Ebay and Craig’s list. He also offered to get rid of some of his parents stuff, for a cut of the proceeds. And before he knew it, some of his friends, and his sister, wanted Joe to sell their stuff! In fact, in several months he made a few thousand bucks, with more on the way. Joe had a bit of experience selling on line. He built on his experience, took on some clients, and sold stuff for them; for a cut of the profit. Not only did Joe develop a way to increase his income, he enjoyed his side business.

ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

1. Follow steps 1-6 today.
2. Tomorrow, get started. BEGIN your plan to increase your income. It will inspire and energize you.
3. Read this article from ZEN HABITS about finding your passion. If you do what you love, making money isn’t work, it’s fun.

Photo courtesy of Dark Guru

YAKEZIE SHORT CARNIVAL: Calculate your Credit Score of Free @ Canadian Finance Blog;  Saving Money for the Person who doesn’t have Time for Coupons @ Frugal Confessions; Planting a Seed of Savings @ Invest it Wisely;  Make your Money Work for You @ Financially Poor.

Categories: leisure, life, personal finance

“It is requisite for the relaxation of the mind that we make use, from time to time, of playful deeds and jokes.” St. Thomas Aquinas

Sometimes relaxing is the best use of your time. I like to read, and surf the net for FUN and relaxation. My husband and I LOVE TO HAVE FUN; playing sports, games, going to movies, and just hanging out.

Today, as we honor our troops, and enjoy a vacation from work; take some time for yourself too.

These links were selected solely because I enjoyed reading them! I hope you get some pleasure out of  them as well.

MAIN TOPIC: Relax Today

Although I’m a long way from clutter-free, it’s fun to get motivation for “cleaning up the superfluous.” Do you like money and simplicity? If so, check out Nicole’s article, Make Money from Selling your Clutter @ Rainy Day Saver.

Read about the Essentials for Personal Finance Success @ Financially Poor. Who doesn’t want a tip or 2 for more wealth?

Do you notice a theme here? OK, I love the “idea” of cleaning up and simplifying life. Get another take on the same topic  @ Frugalzeitgeist in Cut the Fat; Losing the Things you don’t Need.

Now guys, do not get put off by the title: More inexpensive Ideas to Give your Life Luxury @ More Style Than Cash. These feel good tips-on the cheap have ideas for ALL! Read on and make your life more luxurious.

Take a minute  to think about all members of our population.  Read about important basics for the gay 10% of our population. Visit My Journey to Millions to check out important Financial Planning for Same Sex couples.

No one is immune to “mental mistakes.” Review these common psychological money errors and see how we inadvertently hurt our wallets @ The Amateur Financier in More Mental Mistakes; Avoid Them. 

Finally, let me end with a couple of reader favorites from BarbaraFriedbergPersonalFinance. These are easy reading and informative. Relax and enjoy: Are the Wealthy really Happier  and 50 Habits to Increase Wealth.

ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Take today for yourself, and fit in some “ME TIME.”

Categories: personal finance, budget, spending, time management, life, Yakezie

“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” Suze Orman

Suze Orman has created an industry from personal finance tips and common sense. Not only is she a powerhouse of money information, but a tremendous communicator. As Orman suggests, manage your finances and decrease worry!

Main Topic: Learn Personal Finance Step-by-Step

In addition to writing BarbaraFriedbergPersonalFinance, I am a student of money and finance. I read empirical literature, popular finance magazines, as well as blogs by my personal finance colleagues. There is lots of information out there. Sometimes it is REALLY DIFFICULT TO SEPARATE THE JUNK FROM THE VALUABLE INFORMATION.

I am committed to making the process of becoming financially literate fun, interesting, and simple. I like to break down complex finance concepts into understandable bites. Motivating and inspiring you towards financial independence is my passion!

Periodically, I include articles from around the web written by well respected personal finance bloggers that complement this philosophy.

Fun is really important in life and these Personal Finance; Week end Round ups add to your knowledge base in an entertaining fashion.

Relax, take your time, and check out what these bloggers have to say. Embrace what works for you and discard the rest.

PRACTICAL APPLICATION: Grab Some Tips & Improve Your Life

If you’ve read BarbaraFriedbergPersonalFinance previously, then you realize that I am a huge fan of persistence and tenacity.

Sam, founder of the Yakezie Network and Financial Samurai, is an incredibly gritty blogger. This guy is so determined, he barely sleeps! Sam wrote about how to use failures as a cue to get going again.

How do others spend their money? Little House in the Valley disclosed how she categorizes her spending and then relates it to norms. Find out how you compare. Let this post motivate you to track your own spending.

 Think about how to develop multiple income streams and compound your personal and financial resources in this “tip filled” Dividend Monk article. Of course you know that holding two jobs ups your income, but there are lots of ways to increase your revenue without the added stress and time involved in working two jobs.

This is an older post by Shawn Watson which bears reviewing. At Watson Inc., he hammers in the importance of avoiding the trappings of theoverextended. Read and remember this article! You never know who has the 7 figure net worth.

Every purchase, large and small requires additional funds for upkeep. Be aware of the regular maintenance & improvement costs for your home by Single Guy Money.

 Travel is one of those luxuries that many aspire to. There are some insightful tips for working a wonderful vacation into your budget. As usual, Engineer Your Finances takes an organized approach to the travel topic.

 The Amateur Financier tackles an often overlooked key to success – time management. I don’t know about you, but I can always use more hints on time management!

In his “no nonsense approach,” Punch Debt in the Face says, “You gotta put yourself out there to realize success.”  Apply these principals to your life and prosper.

 I hope you enjoy these Personal Finance articles and they bring you closer to wealth in money and life.

 ACTION STEP:

Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

Take one TIP from these articles and implement it TODAY.

Categories: personal finance, life

“I have just three things to teach: simplicity, patience, compassion. These three are your greatest treasures.”  Lao Tzu

Lao Tzu the great philosopher was definitely talking about important life concepts; but I don’t think he was referring to investing or the internet. Yet his timeless words hold lessons perfectly applicable for living, personal finance, and working, today.

MAIN TOPIC: IE Cannot Display the Webpage

It all started when I got the dreaded message, “Internet Explorer cannot display the webpage,” as I went to connect to the internet. At that point, I was quite calm; as I was sure it was a temporary problem and would resolve itself. So I did what any internet savvy personal finance blogger would do, I went to an internet coffee shop with my laptop. So far, so good. Convinced that when I returned everything would be back to normal. Well, you guessed it, when I returned, everything was not back to normal. In fact, it was worse, I couldn’t get FIOS TV service on any television or internet on any computer in the house.

THIS WAS GETTING SERIOUS. I realized that I had a problem. I checked the router, and all the appropriate lights were on. CHECK. OK, it’s not the router. Next, I call the provider virtual technician and go through the myriad of “diagnostics.” They failed.

NEXT, I talk to a representative. After an hour of trying one thing after another, I finally convinced the technician, that the flashing light next to the “REPLACE BATTERY” indicator suggested that the battery probably needed to be replaced. So after a bit more cajoling, he agreed to schedule a rep to come to the house and replace the battery: IN FOUR DAYS!!!!

My job requires the use of the internet as does practically everything else I do. So I made a choice, I could either curl up in bed for 4 days, or COPE.

I DECIDED TO USE MY GRIT AND DETERMINATION and make it work! After all, it’s not the end of the world.

The next internet free day, I decided I must head out to the closest wireless hook up as soon as possible.

But then, I had a revelation and before I left the house; I asked myself, “Is there was any work I can do without the internet?” I came up with quite a few activities that didn’t necessitate access to the internet; I didn’t HAVE to go on-line to prepare for the MBA class I’m teaching on Investing & Portfolio Management, my job also didn’t need 100% internet access, and neither does blogging.

 I made the decision to work “OFF LINE” for a while and see what happened.

After this brave experiment, I discovered that:

1. I don’t need the internet to write or proof an article for my blog.
2. I don’t need the internet to read some of my work-related investment materials.
3. I don’t need the internet to prepare PowerPoint slides for the MBA class I’m teaching.

In fact, it is amazing how productive I was without the distraction of running to the internet for this or that.

Don’t spread this around, but the internet can sometimes be quite distracting!

PRACTICAL APPLICATION: Life without Internet Service

Here’s the personal finance application of my bout into the primitive world without the internet.  SIMPLICITY, in personal finance, money management, & life in general is wonderful. A few well placed index funds for investments; a savings and checking account for emergencies and regular expenses is all one really needs. Place money regularly in your savings and investment accounts, and they will grow. Compounding  takes care of the rest.

In life, cutting out distractions and unnecessary activities increases productivity and life satisfaction. My lack of connectivity forced me to simplify. I could not distract myself with the internet for every perceived “on-line” need. This time spent working off-line allowed me to accomplish some important work without the distraction of the internet. I got more done in less time and felt more relaxed!

Legitimately, I still needed to make some airline arrangements, and get resources for my job and class from the internet, but those activities could wait a few days.  It’s amazing the single focus I had working INTERNET FREE!

Try it sometime and let me know how it works out.

ACTION STEP:

Get a notebook, label it: “(your name) Personal Finance” and store it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.

 Work off-line for an hour or two, and see how it impacts your productivity.