Owner: Exjackly URL:http://www.exjackly.com Join Date: Mon, 01 Oct 2007 08:41:04 -0500 Rating:0 Site Description: Exjackly aims to help people think about their financial life more productively. By changing how we think about money, we can enjoy life more, meet our goals, and spend less time thinking and worrying about money to do it. Site statistics:Click here
It Was Found 2007-11-02 08:53:15 As a follow-up to yesterday's talk about losing my wallet, there is good news.
The wallet disappeared Tuesday evening during a two hour span of time. I searched for it and asked other people in the group if they had seen it. Ultimately, I conceded defeat and reported it missing.
Thursday evening, after going through the trouble of replacing my driver's license and canceling my cards, the wallet was turned in. It surprised the staff there too - they said they had never had a wallet get turned in after it was reported stolen.
When I arrived to pick it up, we were all surprised that everything except the cash ($6) was still in there. Nothing missing, no attempts made to use the cards before they were canceled. Nothing was even out of place.
A pleasant end to a not so fun experience.
Keeping My Identity 2007-11-01 19:42:44 Having lost my wallet (presumed stolen) the other day, I have been having fun canceling cards and obtaining new identification. Having few accounts to take care of, this was not a difficult task. 6 phone calls to notify the institutions I work with and the credit bureaus.
In the modern world, think about how difficult life could be without any form of identification. Since the only identification that I have used for a while has been my driver's license, I thought I might be in for some difficulties getting replacements.
It was nearly the case, as my driver's license was the old, laminated style - not the new digital ones that can be easily looked up at the DMV. My backup picture id is my passport, but it expired last year. So,it was with trepidation that I proceeded to the local office and prepared to make my case.
I had the fortune to be going in on Halloween. At the door was the number machine. I punched in my request, and even before my ticket had printed that number
What is Financial Independence? 2007-10-31 11:24:35 While I will argue that the specifics of financial independence will vary from individual to individual, there are some commonalities. Using these,it is possible to create a common definition.
FinancialIndependence
is having sufficient mix of assets to both meet current financial needs and a comfortable probability of meeting future needs.
I suspect that you have noticed the qualifier in that definition. It is an important one, because we are talking about the future. In many cases, it is a future that could be 40, 50, 60, maybe even 70 years long. During that time frame, a lot can happen that would not be predicted now.
Lets break that statement apart.
...meet current financial needs...
Current Financial needs is the defined part of financial independence. It is what takes into consideration your current standard of living. A 30-something individual with a $2500/month mortgage and 3 kids at home will have a hugely different set of current financial needs than a 70 year ol
Glitz,Glamour, and Gambling 2007-10-30 15:00:04 Las Vegas
Las Vegas is quite the city. Even ignoring the Strip, it stretches for miles in an arid landscape. At night, the lights spread across the valley. Tile roofs and highways interconnect on this stop between Arizona and California.
As one of the fastest growing urban areas in the country over the past few years, Las Vegas has sprawled far and wide. Its citizens cover the gamut of rich and poor, with ethnic representation from around the world. Their dwelling range from trailers in the desert to mansions and condominiums in the heart of town. All of them brought in for glamour and wealth that gambling has brought to this otherwise plan city.
Well, not quite. A lot of the residents of Las Vegas are not there for the gambling. Nevada is a very attractive state for companies to locate in due to their pro-corporate laws. Many of the residents of the area do not make their living from the gaming and hotel industries. Still, without the glitz, Las Vegas would not be Read more:Glitz
, Gambling
Minor League Sports is My Best Entertainment Expense 2007-11-07 18:17:17 I have to admit that I am set in my ways when it comes to certain things. One of them is sports. I not only love to play sports but for a few select sports, being a spectator is also a lot of fun.
Growing up and traveling have enabled me to enjoy watching top level professional sports. NHL, NFL, MLB, even soccer (pre-MLS) have given me a lot of enjoyment. However, the top leagues share one thing - the tickets are expensive.
Minor
league sports on the other hand are much less expensive. That is where my enjoyment of sports hits the budget. With the cost being so much lower, I always want to be at the games. This means that I am - and have been - a season ticket holder in one form or another for a combined 10 seasons or more. Different sports, different cities, different situations.
At $1400 a year for 2 seats to the local hockey team (Go Idaho Steelheads), plus downtown parking and playoffs it does add up. So it is definitely not on my list of most frugal decisions ev Read more:League
, Sports
, Entertainment
, Expense
, Minor League
Credit Card Delivery Comparison 2007-11-06 22:40:21 As I talked about recently, my wallet disappeared and reappeared recently. When it disappeared, I did the immediate right thing and canceled all my cards and asked for replacements.
The more interesting part was how the process compared from place to place.
All of the companies have an automated answering service that is supposed to ensure that you get to the correct department for help.
One had an option right on the first menu to report a lost/stolen card and it rang through to a person immediately.
One would not let me proceed without my card number and it was not until I stopped pressing buttons trying to get to a person that it finally decided that the automated system could not help me. I actually got frustrated enough with this one to scream at the phone.
One took a couple of menus, but got me to the right person. The big plus was that person was not only solved that problem, but did a good job handing me off to somebody else for another issue on the same call.
All of them Read more:Delivery
, Credit Card
Carnivals this Week 2007-11-05 14:49:16 It is carnival time once again. This week, I have posts included in two carnivals.
The Scale of the Federal Deficit is included in the Carnival of Personal Finance #125 hosted at My Two Dollars
Leasing a New Car Makes No Sense is included in the Carnival of Debt Reduction #112 at Cash Money Life
Carnival of Personal Finance
With there being 74 articles in this week's carnival, I thought I would take some time and point out some that I found interesting. They are:
How To Buy On Ebay and Get the Best Deal at Money Blue Book
Real Estate: Know What Can Be Fixed... at Searchlight Crusade
Can We Really Afford to 'Move Up' at A Penny Closer
And of course, where would we be if we couldn't talk about Marriage and Money at My Good Cents
Carnival of Debt Reduction
Debt Reduction is such a need for so many people, that I would be remiss if I did not offer a selection of my favorite articles from this carnival too. There are many more worth reading too.
Money, Matter, and More Musings Read more:Carnivals
Lifetime Income or Leave to Heirs? 2007-11-04 18:30:00 I regularly spend time thinking about what my goals are for my life and if those goals are compatible, etc.
Today, a stray thought popped through my head that won't let go. It is hammering on me and I cannot decide which way makes more sense.
It has to do with my legacy and any inheritance that I will eventually leave to my heirs. Since part of my goals involves building up a significant amount of assets, what to do with them after I am gone is a question to be answered. There really seem to be just two options for it: give them away or give them to my heirs.
Both options have their appeal. On on hand, it would be an opportunity to make an impact for what I believe strongly in by giving lasting gifts to organizations that are support what I care about. On the other, is the notion of making life easy (too easy?) for my family.
Warren Buffet and Bill Gates have already addressed this question for themselves - choosing to give most of their fortunes (admittedly, much bigger t Read more:Lifetime
, Income
, Leave
Leasing a New Car Makes No Sense 2007-11-03 19:24:47 In my local newspaper, there was an article by Dave Ramsey recently talking about leasing a car. In the article, it had some generalities and ultimately came down against leases completely, suggesting instead that the reader buy a two year old car because the most depreciation happens the first two years of ownership.
Now, I cannot argue against 'downgrading' to a two year old car from a new car. Financially, it makes a lot more sense and is a lot easier to work into a budget. For those of us that can control the desire to continually be driving something new and shiny, purchasing is almost always the better option.
I respect Dave Ramsey and do not wish to argue against his stance for personal financial responsibility. Making our choices, living with them, and making an extra effort to do the right thing is important as an individual and as a society. Despite this trust, I cannot take an article at strict face value. I want to know why somebody says something.
In the arti Read more:Leasing
, Sense
Black Friday Sales 2007-11-23 11:39:58 Ahhh. BlackFriday
. Such a powerful kickoff to the holiday buying season.
And one of the hardest times to be a frugal shopper. It isn't because of the holiday deals directly. If there is something that you have been wanting and saving for, that fits in your budget, and it happens to be on sale now may be the best time to buy it.
Stores are not looking for that kind of shopper however. What they love to see is the person that comes in with the circular ad, running too late to get the doorbusters but still looking to load up for the holidays. This is the person that buys the deals because they are deals. Not because they have somebody specific in mind to gift the item to. Not because they have a need for that product. They are buying it just because of the savings and a vague idea of what they may do with it.
From me to you today, I hope that you found some great deals at the stores this morning and find more throughout the holidays. More importantly though, I hope tha Read more:Sales
, Black Friday
Going to the Eye Doctor 2007-12-04 00:27:46 It has been many years - something around a decade - since the last time I've been to the eye doctor. I'm going in tomorrow, and expect that he will want to put me in glasses or contacts. It isn't because I am having trouble seeing. Instead,it is more that I feel like I am not seeing quite as well as I used to.
I know that to be frugal and responsible is to know what you want from the eye doctor, ask your questions, and avoid unnecessary extra visits. Knowing what is covered by the insurance plan also helps.
What I do not know is how to be frugal about prescription glasses and contacts. Anybody have any suggestions for me, assuming my concerns are realized? Read more:Going
, Doctor
5 Ways to Save on Holiday Gifts, Without Being A Cheapskate 2007-11-30 23:37:26 Retailers, friends and family make a very good team when it comes to trying to destroy our budgets around the holidays. The message that we get from TV, magazines, co-workers and neighbors backs them up too. Over and over again, we are browbeat with the ideas that no cost is too high for the holidays and that the more we spend on somebody, the more we love them.
Like you, many people have realized that it isn't necessary to spend a lot to come up with meaningful gifts that tell the recipient how you feel about them. In an effort to help you think creatively and give you a chance to come up with the right gift for friends and family, here are 5 ways to save on gifts without being cheap about it.
Consolidate gifts. When giving to multiple members of the same household, it becomes easier to give a family gift. Rather than spending $10 or $20 per person on 6 uninspired gifts, make it a single $30-$40 gift instead. The gift will be nicer and better remembered, while you will wind u Read more:Holiday
, Gifts
Frugal Holiday Decorating 2007-11-29 14:08:04 At my house, the last of the Thanksgiving leftovers have been consumed, the dishes washed, and the decorations have been turned over to Christmas. It is a festive time when we host friends and family more often than the rest of the year and a challenging time to stay in budget - financial and caloric.
The challenge for me is in the outdoor decorations. By nature, I am a competitive guy. I see the YouTube videos of the homes with thousands of lights dancing to music. The neighbors down the street have enough lights to read legal documents comfortably. I heard the guy on the next street over just got an extra electric box put in to handle his lights. There's even a few neighborhoods that police handle directing traffic at night.
I want outdoor decorations. Lots of them, in all sorts of colors. I like positive attention. News reporters broadcasting from my front lawn because I have the best decorated house in the city is appealing.
But I won't.
Christmas decorations Read more:Holiday
, Frugal
, Decorating
Fishy Home 2007-12-06 14:08:04 As part of my efforts to become financially independent, I am looking to diversify my investments. Part of the goal is to be able to generate regular, recurring income. The other part is to ensure that my portfolio covers a wide range of assets so I am not at risk if a single asset class does poorly.
Since most of my portfolio is in stocks and bonds right now, adding real estate is something I am looking into. I have been studying materials and trying to learn about the industry before I jump in. Part of my learning process has been looking at online materials, including blogs, about real estate.
One of those, Real Estate Investing for Real, has an interesting post on one of the homes they looked at. They titled it A Fishy
Abandoned House Tale. This is not a typical tale, otherwise real estate investing would be a poor choice of careers.
That kind of story is why I am not rushing in to real estate. Still, I am convinced that real estate is an important asset class to add,
Business Advice From a Billionaire 2007-12-18 11:22:05 Julie Rains, over at Wise Bread has a recent post up called Business
Advice From a Billionaire
. In it, she talks about her personal experience interacting with a billionaire as a high school student.
She follows it up with information she took from a Harvard Business School Entrepreneurs interview with that same billionaire. The 12 points of business advice gleaned is all useful. There are a lot of senior executives - from home based businesses to Fortune 500 companies - that would do well to ensure that they are also following that advice.
Blogroll Addition: On Moneymaking 2007-12-17 10:24:08 Most of the personal finance blogs that I read are fairly similar. Some focus on ways to be frugal and reduce expenses, in order to allow us to save more. Others focus on ways to invest and the myriad of choices available to us. The third group focuses on debt of all types and encourages us to get rid of it as quickly as possible.
The fourth group would be the blogs that do a good job of advocating a balance between all three categories.
One that I recently came across adds another layer. Without downplaying the importance of reducing debt, limiting expenses, and investing the savings, On Moneymaking wants us to make more money. Jon figures that if we can make more money for ourselves, that it will help us reach our goals much faster.
I really enjoy his writing and ideas. Already, I am working on using some of those ideas in my own life in an effort to increase my earning ability and to help me reach more of my goals quicker.
After you subscribe to his blog, take a look at Read more:Addition
, Blogroll
Unemployment Prevention Starter Kit 2007-12-13 15:38:53 It used to be that a young adult out of college, possibly even just out of high school, could count on having one employer for his entire career. Pensions were common, and it was easy to map out your life to the American dream.
That isn't the case anymore. Few non-union companies offer pensions, and even union controlled workforces are seeing pressure to eliminate the remaining guaranteed pensions. Plus, both men and women are much more likely to have full careers. Finally, few of those careers will be at a single employer. Some estimates say that new grads will have more than 14 jobs before claiming social security [if it lasts that long]
While the frequent job changes can be positive, leading to more enjoyable work, better paying jobs, and the ability for many people to live where they want to, there is a significant downside. Lack of employee-employer loyalty - which goes both ways - means that it is very likely our new graduate is going to be unemployed at some point.
This m Read more:Starter
, Unemployment
I Finally Have a New Job 2007-12-25 18:27:43 Just in time for Christmas, I've been given a verbal offer for the job that I have been trying to get for six months now. I am excited.
Having been unemployed since July, it has been a challenge to keep from being depressed. Growing up and for most of my adult life, I have been recognized as being very good at what I do, and fairly decent at most things I try (singing is one major exception). Success has usually been more about spending enough time working at something than anything else.
Being laid-off is different. It does not matter that my employer laid off more than 1200 other employees at the same time as I lost my job. It did not matter that they had announced a massive quarterly loss or projections for more. It hurt; more because it made me question my own abilities than because it upset my life.
The many months of job searching and rejections helped erode my confidence too. Despite realizing that success being elusive was not a reflection on my worth as a person, it w Read more:Finally
Leverage Changes The Math 2007-12-22 10:04:15 Of the many financial concepts, leverage is less understood than most but can be as helpful to an investor as coumpound interest. It is somewhat understandable, as most people's involvement with leverage is mostly limited to their home. We are not given a lot of reasons to spend time thinking about leverage and how it helps us or hurts us.
Definition
leverage - n. The multiplier for the percentage gains (or losses) of an invested dollar due to the use of debt, options, or other financial instruments over the straight purchase of the underlying asset.
Easy to understand right? No? Lets look at a common example then.
House and Home
Assuming you own a home, it was probably the largest purchase that you have ever made. Most likely, it cost enough that you could not pay for it all up front. Thus, you got a mortgage to cover the rest of the cost. That mortgage gave you leverage. Here's how.
Using a $200,000 house as an example. A $40,000 down payment allows you to control the Read more:Leverage
The Stages of Wealth 2008-03-11 14:16:14 I was Stumbling today and came across an interesting post on Millionaire Money Habits. It is the post titled 'The Money Spectrum'. This article and its accompanying graphic are useful as they are. However, I think it may be even more useful if it is brought over to a more personal level.
Working from [...] Read more:Stages
, Wealth
Mortgage Bailout 2008-02-26 09:24:17 The sub-prime meltdown has led to a lot of financial problems. These cover the gamut from individuals, investors, financial institutions, builders, contractors, even governments. The expected fix has been proposed - that of letting the government bail people out who have gotten into trouble.
This gives me serious heartburn. I am among a significant - probably [...] Read more:Mortgage
The Real Cost of Federal Debt 2008-02-14 00:23:51 We hear about the federal debt and deficit on a regular basis. Yet, what do those Billions and Trillions of dollars mean to us? What can we do about it? What does it do to us? Does it really matter?
I am here to tell you that it does matter. [...] Read more:Federal
So Long 2008-02-10 01:59:55 I apologize for it being so long since I posted.
One big change has been the start of my new job. The other is that I am writing from a new computer - as the 2 computers I had at home both decided to up and die on me of hardware failures.
Now that the new computer [...]
EBay and Your Bottom Line 2008-01-11 17:34:33 eBay is one of the best tools around for de-cluttering your life and padding your bank account. All you need to be successful using it are things to sell.
Look around your home. You can probably see a dozen things right now that you no longer (never did) need, but somebody else will pay money to [...] Read more:Bottom
2008 Financial Goals 2008-01-03 12:21:15 These are not resolutions for the new year, or even grand plans for my entire life. Instead, this is simply a public statement of what my current financial goals are for the short term (calendar year 2008). This is an effort by my to do several things.
First, a goal is not a goal unless it [...] Read more:Financial
, Goals
Happy New Year 2008-01-01 10:37:10 In this world, we always have the opportunity to pause and reflect on ourselves, our lives, our goals and our values. With the hubbub of daily life, we seldom do so unless there is an outside force that encourages it: New Year's Day, a major life change, or a major change for a friend or [...] Read more:Happy
, Happy New Year
Recommended Books 2008-03-17 15:50:12 There comes a time for all of us that we have to admit that we do not know everything, and that other people have answers that we do not have. I think that time came for me about the time I was born. However, it has not stopped me.
I have spent time learning [...] Read more:Books
10 Keys to Financial Independence 2008-03-26 11:17:48 Being financially independent is just a dream for many people, yet it does not need to be. Need proof? Look at the several examples of janitors and other low-wage earners managing to save up enough to give away seven-figure (yes $1,000,000+) gifts or leave similar sized estates. If they can manage the [...] Read more:Financial
, Independence
Social Security Reduction Suggestions 2008-04-11 00:31:32 Please bear with me on this post. I know it is a long one. I thought about splitting it apart, but it makes a lot more sense to me as a whole, since partial implementation of these ideas are much less effective than all of them. Have ideas to add or want [...] Read more:Social
, Social Security
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