Personal Finance Advice

When we shop, most of us are heavily influenced by the purchase price. For example, we see an iPhone in the store and think, “Oh, it’s $300. I have that much in my account, I can afford it.” What we think about less often is the true cost of ownership for that item. The true [...]

Summer is coming. There is no denying it, at least if you live in the Northern hemisphere. Days are getting longer. Winter clothes are being stored in attics to await the return of cooler nights. Kids are ready for the school year to end. Summer vacation will be upon us in the blink of an [...]

Lately there seems to be a sense that perhaps the worst of the recession is behind us. Consumer sentiment is up and the jobless rate is falling in many places. People are relaxing a bit and thinking that we might soon be back to business as usual. They’re heading out to the malls and taking [...]

Frugal living does not need to be Spartan and cost efficiency does not require huge sacrifice. Rather, in seeking to stretch our dollars we are attempting to get more, have more and, at least for many us, share more, than we would if we did not pay attention to our spending habits. Warren Buffet, for [...]

I’m a big fan of the yoga program “Inhale” on the Oxygen network. The host, Steve Ross, likes to say (when talking about mental health) that, “Psychology is based on suffering. Yoga is based on bliss.” What he means is that psychology generally assumes some misery is present and tries to rectify it. You’re depressed, [...]

When it comes to saving money, one of the best things you can do is to use less of the products you do buy. Using less means the product lasts longer, which means you buy replacements and refills less often. We can use less of many products and still achieve the same (or better) results. [...]

Eating out is often an indulgence, sometimes a necessity, and usually costly. It can also be a lot of fun. Where we choose to dine out is a personal decision but most of us can be helped in our decision making if we can find good food in a good venue that offers good value. [...]

A couple of years ago, I bought two cases of drinking straws. When they arrived, I had something like three thousand straws taking up space in the back of my utility closet. My wife raised an eyebrow and wondered aloud whether I might be anticipating a great and imminent straw shortage. I explained that they [...]

After thirteen weeks, Financial Peace University has come to an end. So, was it worth it? Was it something that I would recommend to someone in financial trouble? The answer isn’t a simple yes or no. There were many things about the class that I enjoyed, but there were many things that left me shaking [...]

The other day I was helping a friend sort through her expenses as she tried to save herself from an impending job loss. Things were going well until I got to her Internet expenses. She was paying $40 per month for high speed Internet at home. She was also paying another $50 per month for [...]

I’m frequently asked how I stay motivated to remain out of debt. After all, there are so many temptations and so many fun things that I could blow my money on. People assume that it is hard for me to remain motivated and disciplined. Sometimes it is. Like anyone else, I have days when I [...]

We know that those of us who are fortunate enough to have extra money should give some of it back to society. Not only is it good for others, it’s good for us. We get a feeling of satisfaction and goodwill from giving that’s hard to duplicate. Giving is part of a healthy financial plan. [...]

If you have kids, chances are good that at some point you have been heard to say “Untie your shoelaces before your take off your shoes! Perhaps you have said it emphatically, even loudly, in the hope that your uncaring children might acknowledge your demands and actually comply with them. Perhaps, like me, you have [...]

Ah the frustrations of automobile ownership. My wife and I have two vehicles. She drives a 2003 GMC Envoy. From a cosmetic perspective, it is still in good condition and has only 60,000 miles on it. I drive a 2002 Mitsubishi Montero Sport. It is not in the best physical condition, but it is not [...]

This final lesson was about Baby Step 7, Build Wealth and Give. Everything has been leading up to this. We’ve been taught how to get out of debt, save money, and invest so that we can build wealth, not only for ourselves but so that we can give some away. I’ve mentioned the religious nature [...]

When you set out to choose your occupation, should you choose a higher paying job or work that you love? I never questioned it myself. I couldn’t imagine spending eight to ten hours a day for thirty years doing work that I hated or merely tolerated. I looked for work that if I didn’t love [...]

One of the best ways to become and remain debt free is to simply learn to love what you already have. It’s human nature to be swayed by the glitter and gloss of new items. You drive past a new car lot and think, “Wow, those cars are so great.” Or you walk into Target [...]

Many of us are afraid to make financial decisions. There is so much we don’t know and so much that (we think) can go wrong. What if we invest in the wrong mutual fund and we lose everything? What if we don’t get the best insurance policy out there? What if we try to start [...]

I drove one of my sons to a birthday celebration tonight. I’ll ignore, for at least the moment, that the “party” was held about 20 miles from my home and that it included, eighteen holes of golf, lodging in a villa, meals and who knows what else. When did sixteen and seventeen year old boys [...]

This month, I have the pleasure of bringing you the wisdom of Stephan Iscoe, the visionary behind Big City Coffee. Stephan is a Renaissance man — musician, author, business consultant, serial entrepreneur and CEO. His story is fascinating and his advice well worth learning. I recently had the opportunity to chat with Stephan about his [...]