Beating Broke

Personal Finance from the Broke Perspective

  • Home
  • About
  • We Recommend
  • Contact
  • Privacy Policy

Powered by Genesis

We The Savers; Savings Declaration from ING Direct

October 30, 2008 By Shane Ede Leave a Comment

If you’re a customer of ING Direct, you’ve likely received an email about this, but for those of you who aren’t or haven’t, I thought I’d share it.  They’ve put together a Declaration of Financial Independence that they suggest we read and, if we like, sign on.  It’s a pretty good document really.

1. We will spend less than we earn. Saving a little out of every dollar we bring home is the
foundation of independence. Without it, we can’t build equity in our home, we can’t invest for the future, and we can’t be ready for challenging times. We promise to pay ourselves first, always.
2. We will use our home as a savings account. Besides shelter and comfort for our family,
the role of a house in our financial life is to build equity. We will have a healthy down payment when we buy. We’ll choose the mortgage that lets us pay down the principal fastest. And then we’ll leave that equity safe where it is instead of spending it on things that don’t last.
3. We will take care of our money. It’s not enough to have money in a bank. We will put it where it will grow. We’ll keep track of it. And we’ll check every account we have every year to protect ourselves against fraud or escheatment.
4. We will defend our credit worthiness. Good credit is going to be precious in the years to come. We will pay our bills on time. We’ll borrow only when we need to and in amounts we can comfortably pay back. And then we’ll do just that.
5. We will ignore unsolicited credit card marketing. We decide when we need a credit
card, not some marketer. And mostly, we probably don’t need another one at all. We won’t even open those solicitations. We’ll shred them.
6. We will know the cost of borrowing. The interest lenders charge us is real money, too.
When we buy a mortgage or finance a purchase, we’ll figure out what that interest is really going to cost in dollars, add it to the purchase price, and ask ourselves if it’s still worth it.
7. We will invest for the long term. Futures are built out of patience and prudence, not luck. We will not put off being a saver because we think there’s a lottery win in our future, in Vegas or on Wall Street.
8. We will take care of the things we have. We work hard for our money, and it’s disrespectful to waste it – or the planet – by treating our possessions as disposable.
9. We will remember what matters. We are not the things we own. If we have to spend and
spend on bigger, more impressive things to keep up with our friends, then they are not our friends at all.
10. We will be heard. Our representatives in government and the corporations we deal with need to know that we are paying attention. If we’re silent, we’re accepting the status quo, and the business practices that got our country into this situation will continue. We are not going to accept that.

Some very sound advice and a declaration that I can get behind.  Take the time to read it through and consider trying to hold yourself to it.

ING Direct has been surprising me a little lately.  Instead of doing what many of the other national banks are doing and tucking their heads in the sand, they’ve openly come out with encouragement to continue to save and build personal wealth.  I like that and that is partially why I won’t be moving my money elsewhere for a higher rate.

Filed Under: economy, Financial News, Saving Tagged With: declaration of financial independenc, ing direct, Saving, savings

Mark Cuban Lays it Out

October 15, 2008 By Shane Ede Leave a Comment

If you’ve been reading Mark Cuban’s blog lately, you’ve likely noticed that he’s been talking alot about the current economic situation and also about how a person should handle his/her money.

Today is no different.  In a post entitled “Where to Put your Money Right Now“, Mr. Cuban gives some advice in a manner that only he can.

So in a nutshell, while the interest rate on your credit cards is going up, the return on your investments has been going down. You know what they call someone who keeps on giving money to their stockbroker, mutual fund or 401k, but doesn’t pay off their credit card balance in full every month, BROKE AND STUPID !

The first thing you do with your money is if you have money market funds, you take the money out and pay down your credit card debt.

A little brutal and not even close to politically correct.  I love it!  I think it’s statements like this that have drawn me to people like Mr. Cuban and Dave Ramsey.  They aren’t afraid to tell you when you’ve made a complete buffoon of yourself.

I would strongly encourage you to read the rest of Cuban’s article.  It’s a little long, but it is most certainly not short on good advice and sound instruction.

Filed Under: Debt Reduction, Guru Advice, Investing, Saving Tagged With: credit card debt, credit cards, cuban, debt, Debt Reduction, loan payoff, loans, mark cuban

Good PF Books for Wedding Gifts?

October 13, 2008 By Shane Ede 1 Comment

My brother is currently scheduled to get himself married in the middle part of next month.  As a result, I’ve spent an ungodly amount of money on plane tickets, hotel and rental cars for the event.  Added to that will be food for a few days for all three of us (Me, My Wife and Our Son), a Tux rental, and who knows what other stuff.  My brother lives in Anaheim (thank goodness it isn’t a New York wedding!), and apparently, there is a mutant giant mouse that runs rampant around those parts and must be seen by anyone under the age of about 100.

In any case, despite the rampant fiscal spending of the trip, I thought I might pass along a few of the personal finance books that I’ve found useful in our married life.  That is a pretty short list, but a distinguished one.  Dave Ramsey’s Total Money Makeover, Is top of the list. I might throw inThe Millionaire Next Door as well. But those are about the limit of the books that both my wife and I found to be useful. I’ve read a few others that were somewhat informative to me, but I’m trying to find books that are specific to couples.

A quick search of Amazon finds a few others like one by David Bach called Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner, and Larry Burkett’s Complete Financial Guide for Young Couples: A Lifetime Approach to Spending, Saving and Investing. I’ve never read either, so don’t know if they are worth the time or not.  That’s where you all come in.

Do you and your partner have a book that was important to your finances?  Something that made the transition to couples money management a little bit easier?  Let us all know in the comments.  I’ll try and get a list together and share it all with everyone a little later this month.

Filed Under: Books, Married Money, ShareMe Tagged With: Books, couples money, finance books, money, personal finance books, pf books

  • « Previous Page
  • 1
  • …
  • 308
  • 309
  • 310
  • 311
  • 312
  • …
  • 319
  • Next Page »
  • Facebook
  • Pinterest
  • RSS
  • Twitter

Improve Your Credit Score

Money Blogs

  • Celebrating Financial Freedom
  • Christian PF
  • Dual Income No Kids
  • Financial Panther
  • Gajizmo.com
  • Lazy Man and Money
  • Make Money Your Way
  • Money Talks News
  • My Personal Finance Journey
  • Personal Profitability
  • PF Blogs
  • Reach Financial Independence
  • So Over Debt
  • The Savvy Scot
  • Yes, I am Cheap

Categories

Disclaimer

Please note that Beating Broke has financial relationships with some of the merchants mentioned here. Beating Broke may be compensated if consumers choose to utilize the links located throughout the content on this site and generate sales for the said merchant.

Visit Our Advertisers

Need to change careers? Consider an Accounting Certificate Program from WTI.