Save, Invest, Build Wealth


By in Money Management, Personal Finance, Saving | 10 comments



20 Minute Guide to Investing is NOW AVAILABLE! If you have any interest in learning about investing, either now or later, you must download this FREE eBook!

“I’m  lazy but generally task oriented so having a hoop to jump through means eventially I’ll make the effort.” Thomas Lynch

Face up to it! We are all lazy once in a while. It’s not a crime. Find out about my money adventure combating a bout of laziness, and what it cost me.

MAIN TOPIC: Procrastination Does Not Pay

I have been procrastinating a very important activity for a while. You would think that a personal finance professional would be on top of all of her own financial activities. True confessions, I sometimes let our family finances slip into the background. Okay, I said it!

To propel action, I stuck this personal finance task on my  to do list every day, for about two month and finally, I actually completed it!

We have a relatively large percent of cash in our portfolio due to some upcoming financial events. With interest rates so low, I avoided maximizing our return. That avoidance cost over $1,000/year for a year or two. And that is a lot of money!!


While reviewing our finances on Quicken, I realized that there is a real difference between 0.02% and 1.35% on significant sums of money. And that difference over time adds up!

Step one: Went on line to to see the highest rate I could get on cash, while keeping it liquid.

Step two: Opened an on-line account at an internet bank I never heard up. I admit, I was a bit nervous using this FDIC insured unknown bank. I read some on-line reviews, including one at Consumerism Commentary LINK  and it seemed OK.

Step three: After opening the account, still a bit nervous, I read more bank reviews. Turns out several people had difficulty WITHDRAWING their money. And there were more than a few complaints at the BBB.


Back to step one! Now, I realize that in the scope of things, this is not a terrible problem, but it is a part of maintaining financial responsibility. Obsessive that I am, I returned to to consider another more popular internet banks. I checked out the reviews IN ADVANCE of opening the account this time. Same story, some folks had difficulty taking their money out! What to do?

Step five: Called the 800 number of my existing bank and asked what type of rates they could offer on my cash. Of course the rate was not the high 1.35% J of the internet banks’ but the customer service representative said they had a promotional 1.1%. In order to avoid opening a “new” account at my bank, I must visit the branch and they would apply the promo rate to my existing account.

Step six: Not so easy. This promo rate was NOT AVAILABLE FOR EXISTING FUNDS, just new funds…….

What do you think I did? Stay tuned, the next post will tell you how this story turned out. In the meantime, take a look at what I’ve been reading on line this week.

Fun Reads from Across the Blogosphere:


YesIamCheap: How to Save Money on Pets (Must view for pet owners)

Kitchen Sink: Whatever Can be on Your Mind? (Business through the eyes of Mad Men)

KNS Financial: How I Feel About Money Today (Can you relate to this?)

The Millionaire Nurse: The 5 Whys and Why You Should Read This (Clever concept)

Money Reasons: My 90% Dip in the Value of One of My Stocks (This happens to every investor)

Ultimate Money Blog: How to Make Money Blogging (Who doesn’t want to know this?)

Squirrelers: Don’t be a Turkey; Career Lessons from the Allen Iverson Saga  (Smart list for excelling in LIFE.)

Beating Broke: Even a Little Movement is Better than None (Words to live by)

Out of Debt Again: Six Tips for Decorating on a Budget (Read this if you have a home or apartment)

BarbaraFriedbergPersonalFinance across the Blogoshere


  • Budgeting in the Fun Stuff: What is a Stock and Why Should I Care
  • Yakezie-Premier Personal Finance Network: BarbaraFriedbergPersonalFinance Member Post

Everypesocounts: My logo is posted here! You gotta visit this site, not only is the information useful, but the layout is terrific.

20 Minute Guide to Investing & 10 Steps to Take Before Investing are mentioned at:

Yakezie Member post- BarbaraFriedbergPersonalFinance is mentioned at:

What can the Average Joe/Jane Expect When the Dollar Fluctuates is mentioned at:

  • Maximizing Money


  1. Thank you for including my article in your roundup! I’m glad you found it useful.


    October 24, 2010

  2. Thank you for mentioning my article. I hope you enjoyed reading it.


    October 24, 2010

  3. I also struggle with getting good interest rate on our emergency fund. Whenever I investigate a high % rate account, there are always some kind of catch. You have to use the debit card 12 times in a month, excess transaction fee, minimum balance, etc… I used ING for a bit, but their rate is minimally higher than the local bank so it’s not really worth the trouble for me. Looking forward to part 2.


    October 24, 2010

    • That is exactly why I decided to stick with my local bank. I gave up a tiny bit of yield for convenience. I also recognize that even though yields are low, there are also some money positives in the economy, such as lower prices on clothing and other imported goods.


      October 24, 2010

  4. I think your bank may be willing to give you the rate if you are a long-time customer and threaten to leave.

    Thanks for including my article!

    Khaleef @ KNS Financial

    October 24, 2010

    • Khaleef, Check out the next post to find out for sure! But let me give you a hint…. you are on the right track!


      October 25, 2010

  5. Hi Barb,

    Thanks for linking to my post and the praises for my layout. I really appreciate it. Btw, I would highly suggest you check the book that I reviewed (below my post on logo design). It mentions something about how to combat procrastination. Oh, and if you’re not sure about where to put your money… They say…Sometimes, the best investment we make are the ones we don’t make. So I guess it’s better to be safe than sorry on your part.

    Every Peso Counts

    October 25, 2010

    • @Every Peso-Your final remark is wise. Investing with haste can lead to too much chance for error. You are correct that sometimes the best decision is to “do nothing.”


      October 25, 2010


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  2. WHERE TO GET A HIGH (?) YIELD ON YOUR CASH - Part 2 | Barbara Friedberg Personal Finance - [...] Yesterday I talked about how I left a ton of cash in a LOW RATE account without realizing that even…

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