Comments on: Budget Living: 3 Good Habits That Outlived Their Usefulness?

By: fathersez

fathersez — Mon, 30 Mar 2009 13:06:29 +0000

It may go back further than our grandmas and grandpas. It seems even the Babylonians got to be rich and powerful following these 3 simple steps. Read fathersez´s latest article - Is my so called “Elixir of Life” a banned substance?

By: Jenna

Jenna — Sat, 28 Mar 2009 02:17:40 +0000

First rule to save for years. I did this only to have a husband run off with all the millions we had saved and leave me with a massive pile of debt. — Lesson learned!
(My lesson learned is keep your own name and your own money don’t mingle anything with anyone for any reason.)

Second rule never a borrower or a lender be. I have learned this one many times over in life.
I have to say. Lesson learned multiple times the hard way.
First if even a spouse wishes to borrow from you , then they are not being a very good spouse are they, they should actually be able to hold up their end of the bagain, if they can’t they should turn to other avenues and not lean on your resources. We each get our own bones and teeth , we each need our own retirement plans and we each have our own financial responsabilties, if things are not going well get creative, but don’t ask your spouse to sacrafice the 401K before you have looked at every avenue yourself. I also loaned money to children on the promise it would be returned in just weeks when they got their big college loan check only to have them spend all of that too and conveintly forget they owed me money. This is a great policy, never a borrower or a lender be, It only builds resentment in relationships.
Lesson 3- Pay yourself first, I can’t say I ever actually applied this as I believed income vs spending whatever your income is your spending should be less therefore you can pay yourself first or last it does not really matter. In todays time I do think this lesson is best, as if the kids of today do not pay themselves first there will never be a time when they can pay themselves. I would highly recommend they pay themselves in a manner that the money is kept in a safe place , perhaps a safe in the home would be best. Banks are folding, the IRS dips into even grandma’s checking account for the last $40 dollars that she owns. Pay yourself first but make certain you actually pay you and not some bank.

By: Alex Fayle | Someday Syndrome

Alex Fayle | Someday Syndrome — Wed, 25 Mar 2009 13:23:17 +0000

For years I’ve been in the position of earning very little (working in non-profit then building businesses) so the first two ideas of saving and paying myself first are kind of laughable (I’m not there on the hierarchy of needs), but what amazes me is the number of people in my situation who still think they somehow deserve the big screen TV, the large home and fancy car.

It seems pretty obvious to me that if you don’t earn much you don’t spend much. Period.

But then again maybe my non-consumerist ways are unrealistic and unpatriotic…

Read Alex Fayle | Someday Syndrome´s latest article – The Theory of Suckiness

By: B Simple

B Simple — Wed, 25 Mar 2009 03:25:33 +0000

These are 3 must things you need to do. If you spend more than you make you will never get ahead. You must pay yourself first if not you will always behind. Read B Simple´s latest article - Simple Personal Financial Tips and Reminders - Week 12

By: Kathryn

Kathryn — Tue, 24 Mar 2009 19:50:30 +0000

I liked your basketball reference, however, I think it’s backwards. Having learned the game from my then-school age daughters and their assortment of coaches, I’d argue that learning ANY defense even before dribbling and shooting is a MUST. Even a beginner can get a lucky shot through the hoop… and even a beginner can plant her feet and raise her hands in the air, effectively blocking potential shots. If you want to convert this back to finances, planting your feet and keeping a strong defense (building savings) are your best bets for shutting down an agressive offense (seductive and debt-inducing purchase power).

Oh, but what a fun way to look at finances! I’m gonna work on my defensive game!

By: Stephen - Rat Race Trap

Stephen - Rat Race Trap — Mon, 23 Mar 2009 02:30:27 +0000

Really good stuff. Since you brought it up - the whole government bailout mess - I hope we as a nation wake up. What the government does would put private citizens in prison. In fact I think Madoff is going to prison for 150 years for running a ponzi scheme which is the Federal Government's M.O. First they screw things up and then they compound the problem. Read Stephen - Rat Race Trap´s latest article - How to be Successful by Taking Responsibility

By: Rob O.

Rob O. — Sun, 22 Mar 2009 12:54:24 +0000

Those are still very sound principles! The first & third habits are ones we rigidly adhere to. On #3, I'll gladly let you borrow a tool; I'll lend you my car; I'll loan out my services (weak mind, strong back); But I won't be your banker. Oh sure, I've spotted a friend $10 or $20 for a day or two, but I do so with no expectation of repayment - I never lend money that I'm not fully prepared to lose altogether. Read Rob O.´s latest article - Liam the Builder

By: Link Roundup | Do You Dave Ramsey?

Link Roundup | Do You Dave Ramsey? — Sat, 21 Mar 2009 23:01:53 +0000

[...] at My Super-Charged Life goes old-school on us by reminding us of 3 financial principles that have been forgotten by most but have recemmeted their value in recent [...]

By: Angelsong

Angelsong — Thu, 19 Mar 2009 22:34:27 +0000

You are absolutely on target. Just a few months ago, we did not have any money in savings, until we began making a conscious choice to pay ourselves first. Now, we not only have savings, every time we get extra money, the first thing we do is add to our savings. It is no burden at all, and it’s a good feeling to watch our savings account growing. I used to say we could not save any money. I was wrong. You don’t miss it if you pay yourself first, and everything counts, so even if we can’t save hundreds at a time, it still adds up.

By: Jason from MoneyTheory

Jason from MoneyTheory — Thu, 19 Mar 2009 08:08:18 +0000

I completely agree with the tenets of all three of these points, although I disagree a bit with the shame aspect of borrowing money. Although I completely 100% agree with avoiding the need to borrow money at all costs, sometimes people find it necessary, due to their situation. Do I feel that people should be borrowing money on frivolous things though? Definitely not! The thing I think is most important and valuable about these tips is the simplicity involved. They really are so simple to remember, and they sure make personal finance seem less complicated! Read Jason from MoneyTheory´s latest article - Do it yourself, or have someone do it for you?