Money Archives - Page 23 of 32

Guest Post: Dear 13 Year Old Me

January 20, 2012 by Jana 8 Comments

Since I’m on vacation this week, I thought I’d use the time to showcase some fellow bloggers. Today’s blogger is Marissa who blogs at Thirty Six Months. She talks about paying off her student debt, budgeting, and investing.

: Pink Sherbet Photography /Fote

We all have moments where we look back and realize that we could have made some different choices and we would not be standing where we are today. How I handled my finances is that subject to me. I grew in a family where both parental figures are financially savvy. We were never left needing anything, but we were taught from a very early age that wants are something that we save and work for. My parents, especially my mother, tried to show my siblings and I the value of hard work . I got my first job delievering papers at the age of 11. That paycheck was amazing. I remember the thrill of being able to spend my own money. I felt independent and so proud of myself. I am pretty sure that first paycheck was spent on a video game. Yes, I was a nerd back then too.

I always wonder why certain people blog. Is it to share stories about your life? Or is it to set up visual goals and achieve them? Or is hoping that someone else will learn something from their mistakes? My reasons for blogging combine the last two questions. I like visual goals and I want others to not make the same mistakes that I did.

But what if instead of someone else learning from us, we could just talk to our younger selves? What would we say to them? Where do you think you would be in life if you had the chance? If I can go back and talk to my 13 year old self, I would tell her so many things:

$300 for jeans is stupid, regardless of how nice they make my butt look. Buying 2 pairs is insane. Yes, I did that. The total bill came out to $1057- 2 pairs of jeans, a hoodie and 4 tank-tops. My mom ended up throwing the brand new jeans out by accident because they had too many rips on them. Yes, that happened.

I do not need to the best car of all your friends. Most of friends are guys, and they know a lot about cars. I learned a lot by being around them. Going car shopping with a impulsive car fanatic doesn’t end well. Next time- take mom. She will talk me into a nice Honda Civic.

Spending money on boyfriends is stupid. Just because I have a steady income at all times doesn’t mean that I should pay for everytime. The boys that expect that are jerks. Run, dont walk, away from them.

Buying my godson a $600 toy is foolish. He doesn’t know or appreciate such “quality” items and will proceed to throw it over the railing. He liked the box that it came in a lot more.

Start investing early. And clothes are not an investment.

Learn how to budget. This is the key to life.

One pair of sunglasses, one watch, one purse at a time. Buying multiples is not smart since only one can be used at a time. Also, changing purses daily is a pain. I don’t know how other people can do it.

Choose friends wisely.

Just buying a guitar doesn’t mean I know how to play it. It takes time, and work, and I don’t have either, just invest the money instead.

Spend more time with family. They are the best link to the past and will stick by me in the future.

Heart break will cause anxiety and going shopping will seem like a great idea, but it isn’t. Our minds purges unpleasant thoughts quickly. Invest that money instead. I still have this habit. I am positive that I developed it at the age of 13.

Hair dying is a bad idea. It takes a long time and a lot of money to get it back to the natural colour. Dying it 4 different colours at the same is just dumb.

Being financially responsible,and independent is the best present that I can give myself.

Those are my lessons. What are some of yours?

Guest Post: 6 Tips to Keep Your Dream Job from Becoming Your Nightmare

January 19, 2012 by Jana 4 Comments

Since I’m on vacation this week, I thought this would be a good time to showcase some guest bloggers. Today’s blogger is Dr. Jason Cabler, who blogs at Celebrating Financial Freedom. It’s a Christian Personal Finance blog that focuses on becoming and living debt free.

This time of year is the time when a lot of people resolve to change their lives in some way. From weight loss to finding a mate, New Year’s resolutions can run the gamut. But today I want to talk to you about one particular resolution that a lot of people are thinking about these days, and that’s quitting your job and starting your own business.

I think most people have at least entertained the idea of striking out on their own at some time in their life. But if you’re serious about it and you’re really wanting to make that leap of faith, there are some things that you really need to consider first to help ensure success and minimize the failure that can come quite easily if you don’t have a good plan in place. Here are some things you should consider first before going all in:

You absolutely need to have a passion for what you plan on doing. Striking out on your own can be extremely difficult and lonely. Passion and love for what you do can help get you through those difficult times. Make sure that if money was no object, you’d still be doing it anyway.
Have you proven you can make money doing this? If you haven’t then you need to be very careful. It’s usually best to work on your dream part time and keep your day job until you know you can make the business work well enough to support you.
Be excellent at your day job. Sounds a little counterintuitive I know. I mean this may be a job you really hate and have no passion for, and that’s why you want out. But here’s the deal, you need to practice excellence in your day job because it’s good practice for your dream job. Sometimes your dream job is going to be no fun and stressful too, and knowing how to be excellent even when things suck is key.
Is your spouse on board? You have to make sure your spouse is ok with your plans and will be supportive. If there is a problem there, it must be addressed before moving forward, because if he/she is not on board, then the harder you work on your dream, the more your spouse is going to end up resenting that dream (and thus you too). Don’t sacrifice your marriage at the altar of your dream.
Do you have an emergency fund in place? You’re gonna need it. Even if you’ve been making money on the side from your dream it can still be a big jump when you quit your day job. The better prepared you are for the uneven paychecks that can come with self employment, the better off you’ll be. And let’s face it, if you’re not disciplined enough to have some financial stability before you made the jump, you’re not gonna suddenly get it. Making the jump before getting some financial discipline in your life is a recipe for disaster. Let your financial discipline fuel your dream instead of potentially killing it.
Don’t jump too early. This goes along with #2 and #5. Quitting your day job before your dream is fully ready and going for broke too often results in just that… ending up broke.

When you follow these steps to achieve you dream job, it can make your dream much more achievable.

When you still have a steady income, a supportive spouse, and some amount of financial stability, it gives you the power to say one of the best words in the English language, and that word is “no”.

When you don’t have to say yes to those questionable opportunities that inevitably com along that may cause you to compromise your ethics, your plans, or even your morals because you desperately need the money, you have the power to build your dream the right way, without compromises that could eventually serve to kill your dream before it even really gets off the ground.

There are a few good books that I recommend that expand much further on the subject and can aid you in developing your dream: “48 Days to the Work You Love” and “No More Dreaded Mondays” by Dan Miller, and “Quitter” by Jon Acuff. These books are excellent and can really move you a long way toward developing your dreams.

I especially like “Quitter” because author Jon Acuff actually lived what he wrote he wrote about, so it all comes from first hand experience. I’ve attended his “Quitter Conference” and was very impressed, I highly recommend it.

I truly believe that if you are careful with your dream and treat it with the care it deserves, you can make your dream come true and keep it from turning into a nightmare.

Have you had any nightmare experiences while pursuing a dream?

It’s not easy but it’s right

January 13, 2012 by Jana 22 Comments

A couple of summers ago, I noticed a kitten wandering around my neighborhood. I would see it occasionally while walking my dogs but then weeks would go by before I saw it again. I just assumed it was a neighbor’s kitten who liked to escape. But after a year of sporadically seeing the kitten, I started seeing it more and more often. It soon became clear that this was a stray cat. I knew I wasn’t going to call the SPCA or one of the other organizations because I refuse to be the reason this cat was euthanized. There was no way I could live with myself if I did that. So, like most people, even though I knew I needed to do something, I opted to do nothing.

Until we got our homeowner’s association newsletter. To say that I am not a fan of our homeowner’s association would be an understatement and to say that I am not a fan of the president would be an even bigger understatement. Anyway, I read the letter and in it was this statement “Please remember to put lids on your trash cans. We have stray cats and we don’t want them here”. Excuse me? We don’t want them here? I don’t remember ever giving my opinion on this situation. I cannot stand when someone speaks for me without consulting me first, so I did what I do best. I said “F*ck you” and did the exact opposite. I started caring for the cat and have been doing so since October 2010.

Taking care of the cat is not the easiest thing to do nor is it the cheapest. She needs food and water daily, she needs shelter and in extreme weather, I have to make sure she is as safe as my indoor pets (I want her to live inside but she refuses). It’s a constant worry that she’s going to get hurt or sick. And when we move, I’m not quite sure how we’re going to transport her. On top of all of that, it took months before she would even come near me. Sure, she would eat the food I left for her but she would run away as soon as I was in her line of site. It was insulting but I refused to give up. I was going to make this cat trust me no matter what.

My efforts paid off, too, because now she lets me pet her and she spends as much time with us as she can when we’re outside. She even goes for walks with us and the dogs! I’m pleased that she’s adopted us as much as we’ve adopted her. It’s still tough to take care of her, especially because she’s an outdoor cat. But I don’t take care of her because it’s easy. I do it because it’s right.

(At this point you’re probably wondering why I’m telling you this and what this has to do with finance. Hang on–I’m getting there.)

When I finally took control of my finances, it was for similar reasons. Much like my cat, my finances were feral. They didn’t know what it was like to be attended to or treated well. They didn’t know how to respond when someone actually came near them. They would swat or bite back whenever one of us would try to be nice by not overdrawing the account or having a bit leftover for saving. They weren’t used to the attention and it showed.

Just as I did with my cat, I worked on my finances slowly. I started one step at a time. First, by getting organized and developing a system. Then, my husband and I created a budget. Next, we found a debt repayment plan and formulated savings goals. We kept working, bit by bit, until our money trusted us to take care of it the right way. It worked, too, because now our money isn’t feral. It’s now nice, well-behaved and does what we want it to instead of going rogue or hissing at us.

But there were other reasons behind why I started taking care of my finances. One, I started taking care of them because I refused to be one of those people who accepted that debt was a way of life. I know too many people who believe that they will always have some sort of debt, be it a mortgage, car payment, credit card or whatever else you can think of. I refused to accept that mentality. Two, I was tired of my money controlling me. My debt owned me. Every paycheck was spent before I received it and there was never anything left for what I wanted (and sometimes, what I needed). So, basically, I set f*ck you to my debt and the defeatist mentality and did what was necessary—I took care of business.

Believe me, those years of paying off debt were hard. I wanted to give up so many times. I wanted to just accept my debt. I wanted to go on vacation, go out to dinner for something other than pizza, go to a movie in a movie theater, buy a book…anything to make me feel normal. Sadly, there was no room in the budget for that no matter how hard I looked. So I kept going despite my frugal exhaustion because I knew the result would be worth the effort.

Now, whenever I have a conversation about paying off debt, someone inevitably asks why I went through all of that. I tell them I didn’t do it because it was easy. I did it because it’s right.

I am overwhelmed. And I’m giving you money.

January 12, 2012 by Jana 24 Comments

Overwhelmed.

That is the only word strong enough to describe how I feel about the outpouring of support I received on my post the other day (the one where I announced that I have secondary infertility). I wasn’t expecting anything, really, and the response that I received was nothing short of incredible. I thank all of you from the bottom of my heart for your words of encouragement and support.

I wasn’t sure what was going to happen when I published that post. It was hard for me to divulge something so personal because I didn’t want to become Jana from Daily Money Shot, the infertile chick with the cheater husband. I don’t want to be defined by things that are out of my control. Yet it’s hard not to share those because they affect me, my choices and my perspective every single day. However, I’m proud of the fact that my terrible personal circumstances have not given me an excuse to take on any new debt. I’m proud of the fact that I’ve managed to stay the frugal and pragmatic course despite dealing with factors that would have sent the old me running to the mall.

You see, that’s what I used to do. I used to take every drama, small or large, and use it as an excuse to conduct retail therapy. Yes, I did engage in some retail therapy after I discovered my husband’s affair but unlike in times past, I didn’t use credit. My therapy was cash only. That was a huge step for me. And, unlike in times past, the retail therapy only lasted a few days rather than weeks. It used to be I would dwell on a situation and use that as a perpetual excuse for spending money I didn’t have. Now, I’ve learned that all the spending in the world isn’t going to change the situation. It’s the same way with my infertility.

The old me would have taken that fact and used as an excuse to spend thousands of dollars on my daughter, rationalizing “I only have one. I’m going to spoil her as much as possible”. The new me would tell the old me that I’m an idiot. Spending thousands of dollars isn’t going to change the situation or even make it better. I know now that the only way to deal with my drama is to deal with it head on, not hide it in shopping bags and credit card bills. I guess that’s what prompted me to share that with you.

But I also wanted to share it with you because I know there are other women out there dealing with the same thing. I wanted them to know that they’re not alone. I wanted them to know that there’s nothing to be ashamed of. And I wanted them to know that the next time someone says to you “So, when are you having another one? Don’t you think it’s time?”, it’s OK to feel like punching him or her in the throat. It’ll be justified, too, because that’s a shitty thing to say to someone. Dealing with infertility is hard enough without being innundated with idiocy.

Now, I want to do something nice for you. I want to give you $50. From today (January 12) through Monday, January 23, I’m running a giveaway where you can win $50 by doing any or all of the following. One winner will be chosen at random and announced on Wednesday, January 25:

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Lizard Lick Towing: Repo Men, Financial Educators

January 11, 2012 by Jana 24 Comments

awu_gallery12_sm — The stars of Lizard Lick Towing. Photo from their website, lizardlicktowing.com

A few weeks ago, my husband introduced me to a new-to-us reality show—Lizard Lick Towing. If you haven’t seen or heard of this gem of a show let me sum it up for you. It’s a reality show following the owners and employees of a repossession and towing company in North Carolina. It is, hands down, the strangest show I ever had the pleasure of watching.

For starters, people really don’t like having their things repossessed. But I did not know that some people took as far as those on this show. One of the owners, Ron, has been punched, stabbed, run over with a car and been victim to other assorted acts of violence. His wife, Amy, who handles the paperwork and administrative duties works behind bulletproof glass and a steel door (which one lumberjack kindly opened with a chainsaw). And their employee, Bobby, is usually a party to whatever Ron gets into. Oh, yeah. Let’s not forget the trailer that was set on fire so they could not take it or the survivalist who showed up with a grenade. Good stuff.

Then there’s the obligatory personal drama. As if a show where a husband and wife own a business doesn’t already breed drama, let’s toss in the husband’s BFF and his ex-fiancee who the wife hates more than a dog hates fleas (one of the bonuses of the show? Learning all kinds of new southern expressions). I’m telling you, this show is pure gold.

But there’s also a third layer to the show. It’s buried very deep, way below the pickup trucks and Harleys and tattoos but it’s there. That layer? Financial skills. The more I watch the show, the more I realize that there are hidden financial messages. For example:

Always have a plan—when Ron and Bobby go to do a repossession, they always have a plan. They know how they’re going to approach the item being repossessed, they know how they’re going to handle the person or people, and they know their route in and out. A plan is crucial if they want to leave with the item and all of their body parts. The same applies to your finances. Whether you’re in debt or saving for a goal, you need a plan. You can’t achieve your end goal if you don’t. To formulate a plan, determine what route you’re going to use. Ask yourself what resources you have.
Have the correct information—a repossession can task a drastically wrong turn if they try to repossess the wrong vehicle or piece of equipment. So before they repossess it, they verify the VIN or whatever other piece of information necessary to ensure they’re taking the right item. This is important for your money as well. You need to be sure of your balances, interest rates, terms, due dates, account numbers…everything involved in managing your money. Transposing the wrong account number or forgetting a due date can lead to unpleasant consequences.
Backup is essential—Ron and Bobby almost always complete a repossession together. They know that it’s safer go in as a duo, especially if a problem arises (which, based on the show, it always does). They know that they have each other’s backs. And while they do whatever they can to handle a problem, 911 is always a quick phone call away if the situation gets really bad. This situation is a financial two-fer. First, don’t try to handle your money alone. Get a partner. Whether it’s a friend, a sibling or an anonymous message board, having someone to talk to works wonders. Second, When it comes to finances, your emergency fund is 911. It’s supposed to provide backup when things go horribly awry and you need rescuing. You may not need it but get it in order just in case you need to dial it.
Be objective—Ron and Bobby understand that a repossession is not personal; it’s business. They are there to do a job, not to judge the person. They don’t let their feelings cloud their judgment or impair their ability to complete the task at hand. You need to do the same with your finances. Write down all the details and look at them objectively. Don’t let your attachment to your gym or cell phone or Whole Foods get in your way of your short and long term goals. If it helps, pretend that you’re not looking at your finances; pretend that they’re someone else’s and you desperately want to help that person. What would you tell her? Use that advice for yourself.

I never thought that there’d be TV show about a repo company. And I certainly never thought I’d watch a TV show about a repo company. Even more amazing is the fact that there’s actually something that can be learned from a TV show about a repo company. Who says TV isn’t educational?

Guest Post: Dear 13 Year Old Me

Guest Post: 6 Tips to Keep Your Dream Job from Becoming Your Nightmare

It’s not easy but it’s right

I am overwhelmed. And I’m giving you money.

Lizard Lick Towing: Repo Men, Financial Educators

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