Welcome to the Carnival of Personal Finance #273 hosted at Sustainable Life blog. Sustainable life blog is about the intersection of frugality/finance, the environment and personal health. Thanks for stopping by for the Carnival!
According to the Department of Labor, Labor Day is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.
Here are the Editors Picks for this week:
Len at Len Penzo dot com has 10 characteristics of Debt Free People (of modest means). Definitely a fan of this article, and it’s got some great tips. My favorite: they’re self reliant. I’d love to start bringing the blog in the self reliant direction, but I’m not quite as self reliant as I want to be at this point.
The kitchen Sink has an interesting post on the security of banks. This was interesting to me because it’s something that I’m completely unaware of. As far as I go back (and my parents too) banks have always had FDIC Insurance. Even when one of my banks was having major stability issues, I stayed because I was nowhere near the limit of FDIC backing. In the end my bank got bought out, but there was 0 worry on my part. The author’s grandfather was probably envious of my thought process.
Beagle from Money Beagle is teaching an important lesson with small gaps can mean big waste. While beagle only talks about his living room, this is apparent in all of personal finace. Your gap my not be a hole near the fan, it could be eating fast food for lunch every day or spending a boat load of money on a hobby that you don’t get that much enjoyment out of. You cant let the little things slip by you. Keep focused on EVERYTHING and stuff will fall into place.
Suba at Wealth Informatics has an article on what the bush tax cuts would mean for you if they were allowed to expire, and what would happen for if they are reinstated for those making more and less than 250k (for couples) or 200k (for individuals). Thankfully, I fall in the level where taxes are not going up, so I’m happy about that! This is a great and comprehensive review of changes in the tax code.
I grew up in Colorado, and one of the few things that happened in Colorado that dealt with the labor movement was the Ludlow Massacre. 19 People were killed in Ludlow, Colorado when attacked by the Colorado national guard. Those killed were mostly striking miners, but there were also a few women, children and 1 guardsman. It was the deadliest incident in a 14 month long strike by coal miners in southern Colorado.
Debt/Taxes
Tim Chen from NerdWallet Credit Card Watch presents Chase Travel Card Showdown – Continental OnePass vs Sapphire Preferred, and says, “A few months back, Chase launched a new travel rewards card called the Continental OnePass Plus, which pays out OnePass frequent flyer miles for every dollar spent. Not content to leave it at that however, we decided to pit it up against another one of Chase’s all-star travel cards – the Sapphire Preferred.”
Tom at Canadian Finance blog has a guide on how to finish college. People really need to pay attention to this. Im of the belief that student loan debt is the next problem for the economy. It’s a huge drag on those of us who have them, and that is just about everyone. Some frugality and work during school probably could have changed this whole thing.
Madison at My Dollar Plan has an article on the Marriage Tax Penalty. I’m glad that I got a chance to read this, as I’m not married and had no idea. As much as I hate to admit it, it’s time to start thinking about tax implications for next year.
Squirrelers has a great post on review of all the online tax preperation software . I had only heard of the first two of these (H&R block and Turbo Tax), but never knew about all the things that went into filing. I’m glad I’m not a self employed individual like he is.
The Pullman strike happened in the Chicago area in 1894. After workers wages and hours were cut, they decided to strike, essentially grinding train traffic in western Chicago to a halt. The union representing the workers was the nations first country-wide union, and eventually pulled 27 states and 250,000 workers at the peak of the strike. Eventually, Federal workers were ordered by then president Grover Cleveland in to quell the strike. 13 workers were killed, but not before causing $340,000 (8,818,000, adjusted for inflation) of damage.
Real Estate/ Economy/ Career
Craig at Free From broke thinks it’s still a good idea to buy a home in this economy. For me, I think it depends on geography. My area is small, and the job prospects really depend on the industry. If I had a house here, I could end up churning a lot of water and not going anywhere, or working in a lot of different industries. If I didn’t own a home, a layoff wouldn’t mean something awful, it could just mean a different city/region.
Over at the Mighty Bargain Hunter, they are begging to get gouged until it hurts. I’ve never lived in a disaster area, but I do understand his point. There should be a spot where people who need to buy things meet at a price point with the people who sell them. If they can’t work it out, then they don’t want it that bad.
Jeff Rose at Good Financial Cents wants you to say no to the bond bubble. Sometimes, you’ve just got to go with your gut (and the numbers).
Paul at Provident Planning is . He’s got a great point that he didn’t really expand on much, but the social guilt we feel when a friend/loved one comes up to you with “the best new product” you feel like you’ve got to hear them out. Don’t bother, it’s probably crap. (Unrelated: Check out Paul’s series “Raising a cow for beef” It’s good stuff)
During another Chicago show of power, the Haymarket affair was initially started as a show of support for a nearby group of striking workers. A yet to be named person tossed a bomb in the direction of the police and the blast and post blast shots killed 8 people and an unknown number of people.
Money Management
B Simple at Simple Financial Lifestyle has 8 Financial seeds to plant. I like the Eliminate Paper Seeds and the Automate seeds. It’s no sense wasting that paper (who reads that crap anyway) and no sense not to trick yourself with savings automation.
Eric at Narrow Bridge is teaching you How to change banks. I think many people (myself included) don’t bother going to search for better banking because of the hassle. You should look into it, it could save you bundles!
Gen Y Wealth wants you to Sell your stuff. Get rid of it, there’s no sense to pay to store it (in extra rent) or heat all the rooms that you never use that just house your belongings! You’ll feel better once it’s gone, I promise.
Richly Reasonable (a new Yakezie member!) wants you to money proof your relationship Unfortunately, money is a huge problem in relationships. Be honest about your situation, and most importantly, if it’s causing problems with you, change it. Spend less, save more, be happier!
J. Money at Budgets are Sexy is Breakin the law by drawing on his washingtons (benjamins?). Never knew this, but I guess you shouldn’t call that phone number you found on that single anyway….
Tim at the Econ Man will let you know how to make saving easy! I just discovered TIm’s blog earlier this week after a comment he left on my blog and noticed this article. Glad you’re saving all your side hustle income, Tim.
Free Money Finance wants to call “bull” on you for saying you cant earn more money. Here are the reasons you’re not earning more.
David at DINKS Finance has some time management skills that will lead to Freedom of a Saver, and says, “Growing your pennies isn’t all about filling your bank balance.
Danielle at Danielle Liss dot com has the first lesson on budgeting . Learning delayed gratification at the age of 7 surely taught this blogger a lot. I would have failed miserably at that age.
Live real now is arguing an interesting side of savings when to quit saving and start spending. Definitely something personal finance, but it’s important to note that you can’t take it all with you when you die. Save a lot of money sure, but don’t forget to enjoy it!
Ken at Spruce up your finances talks about Why you need an emergency fund. This would have saved me gobs of money and stress if I had one while I was dealing with vehicle issues.
Mike at Green Panda Treehouse is talking about enjoying the small things while saving money . It’s typically cheaper (airfare wise) to “wait until the last dog is hung” to take your summer vacation. Even though he’s just in the back yard, it’s a good habit to get in to!
In 1806, the Philadelphia cordwainers went on strike for higher wages. They were convicted of charges for criminal conspiracy and shut down. This decision gave the US its main Union fighting power.
Investing
The Modern Gal wants to know if we are the lost investment generation. As she says “stop trying to time the market”. If we are trying to time the market, we are probably looking at deals galore. Some of these stocks are at all time bargains (see General Electric circa 2009).
Accumulating money brings us the value of Tech ETFs. They go over the types of etfs and the subsets of the Tech market. Something I definitely was not familiar with before this article.
Todd at the Digerati Life wants to give you some tips if you are Planning on rolling your 401k into an IRA. This could definitely happen to me soon. I think that I’d roll into a roth because I don’t know the future tax rates.
The Intelligent Spectator takes us back to basics with What is a P/E ratio. I think a lot of people don’t understand the basics of investing and when you get into the higher level fundamentals, it gets worse. This is good stuff for everyone to know.
D4L from Dividends Value presents Stocks That Pay Monthly Dividends, and says, “There is a reason that most mortgages are paid monthly and not quarterly. Banks are looking for reassurance the payments will continue to come in. In much the same way, many investors find comfort in owning stocks that pay monthly dividends. There are several advantages to receiving dividends each month over the traditional quarterly, semi-annual or annual dividends.”
David from Money Under 30 presents The Difference: Growth Investing vs. Value Investing, and says, “Ever wondered what separates growth investing from value investing? This post examines these two common investing strategies and will help you decide which blend of each is right for your portfolio. I definitely need to determine my investment strategy. The “shotgun” approach is probably not the best plan.
To give ourselves a view of how easy we have it, carpenters in Boston had to strike to get a 10 hour work day in 1825. It doesn’t make those 8 hours seem that bad, does it?
Budgeting
Craig at Money Help for Christians (MH4C) has got 31 things that tell you it’s time to start budgeting . My personal favorites are: “Your ATM refuses to spit out dollars”; Your idea of saving for a vacation is applying for as many credit cards as possible and one that I used to say “where did it all go?”. If ANY of these are you, don’t sweat it. You’ve here, and that means you’re a) lost or b) interested in change. It’ll suck at the beginning, but be worth it in the end. Give it a whirl.
Great tips from Mrs Nepsy on why being married is good for your finances. Don’t run off and just get married because you’re suddenly exempt from estate taxes, but do it because you care about the person. These are just some side-benefits.
Interesting article from Nicole and Maggie on wether or not you budget. . I do budget, but I keep it loose, so that I don’t feel bad about myself if I don’t make one of the categories.
A great story from Revance at A Gai Shan Life about budgeting for medical costs that are not hers. I’ve been thinking about getting a relatively major operation next year, and am debating if I should or not. Unfortunately, the FSA program and related changes are playing a big part in my decision. Still not sure what to do.
Jocelin at One Money Design has an article on Buying organic on a budget. I don’t really try and buy organic, I’m not convinced of the benefits quite yet. However, I know that some value the purchase, and they should enjoy it!
To protest a lack of employment opportunities in New York City after the 1873 panic, people gathered at tompkins square on January 8. They voted on an 8 hour workday, and came back for the parade 5 days later. Permits for the event were revoked, and police began dispersing people with clubs, and the men fought back. 1 was arrested, and a police officer was hit over the head with a hammer. 45 arrests were made, but the movement lost steam after the riot at tompkins square.
Frugality/Credit/Finance
Junior Boomer at Consumer Boomer has some tips on how to save money on your next vacation . I’ve definitely noticed the eating deal. You can’t blow your budget on food and leave none left for fun stuff. You cant just go on a gastro-tour (unless that’s what you want).
Fashion and Frugality talks about important stuff about fashion
Crystal at Budgeting in the Fun Stuff has 6 tips to save money. Not sure I agree with her take on the $600,000 dog, but the other ones she’s got are great.
Simon Zhen from Realm of Prosperity presents 5 Common Financial Brain Farts.
Lina & Dima from Passive Family Income presents 3 Ways To Evaluate A Passive Income Opportunity, and says, “Before you sign up and get involved with a passive income opportunity that is professing to help you make a significant amount of money, you should take the time carefully evaluate whether or not this is the best opportunity for you.”
Jim from Bargaineering presents How to get Two Free Credit Reports a Year.
Neal Frankle from Wealth Pilgrim presents What Is A Good FICO Credit Score Range?, and says, “It’s important to be in a good… no, great FICO credit score range. It’s also important to know what your score is.”
Tyler Metzger from Taking Charge presents Brother, can you spare a swipe? Contactless card reading guitar unveiled. Definitely dangerous, but kind of cool
Mr. Credit Card from Ask Mr. Credit Card presents Consumer Advocacy, Transparency and the Card Act.
The Smarter Wallet from The Smarter Wallet presents Travel Credit Cards: Get Perks When You Travel, and says, “Some tips on using cards when you travel.”
The second bloodiest dispute in labor history happened in Thibodaux, Louisana during sugar cane riots. The strike was organized during a critical harvesting period for sugar cane, and had support of 10,000 workers. Plantation owners grew worried about a total loss, and the state milita was called in on their behalf. 30-35 african american workers were killed by the state milita.
Other
Kim Snider from Kimmunications from Kim Snider presents Why Buy Term Life Insurance and Invest the Difference.
Ron from The Wisdom Journal presents Why I Didn’t Buy A Franchise, and says, “All that glitters ins’t gold in the world of big time franchises. If you’re looking for a franchise, make sure your eyes are wide open!”
Donna Freedman from Surviving and Thriving presents What’s with the shopping cart? Or: Art vs. commerce., and says, “Plenty of people blog for free, for the sheer joy of words. Let me tell you something: Joy doesn’t pay the bills.”
Roshawn Watson from Watson Inc presents 7 Surprising Facts About Millionaires , and says, “Culturally, we are plagued by images of “bling this” and “bedazzle that”; however, how many “artifacts of wealth” are truly held by real millionaires?” Here we discuss seven popular misconceptions to paint a more accurate portrait of the prototypical millionaire.”
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