Best Money Tips: Personal Finance Explained in Football Terms

By Will Chen on 30 December 2007 (Updated 19 April 2010) 5 comments
Photo: Tim Samoff

Welcome to the first edition of Wise Bread's Best Money TIps roundup. There are 3 rules:

  1. We don't talk about Fight Club (or Britney Spears).
  2. Random pictures of silliness will be inserted.
  3. If you have a suggestion for the next edition, please post them in the forum.

Costco shoppers are irrational. While Costco is cheaper, consumers tend to buy more than they would otherwise, and the bulk packaging make price comparison difficult. (Alpha Consumer)

10 key steps to get out of debt. If you can only read one personal finance article this year, this should be the one. (Zen Habits)

10 steps to determine your home buying budget. If you've never heard of the 20/28/36 rule, you need to check out this article. Follow these steps and avoid becoming a subprime cautionary tale. (The Digerati Life)

Personal finance explained in football terms. "If the Patriots can be this motivated for a 7 pound piece of sterling silver, can’t you motivate yourself for a lifetime of financial freedom." (Lazy Man and Money)

How to become the millionaire mommy next door. Meet the extraordinary woman who went from working a minimum wage job as a college drop-out to financial freedom as a debt-free, self-made millionaire by age 40. (Millionaire Mommy Next Door)

How presidential candidates plan to save social security. Huckabee would allow for private accounts and get rid of the payroll tax in favor of a "Fair Tax." Clinton is against private accounts but have not articulated a funding proposal. (Free Money Finance and CNN)

What exactly is the Alternative Minimum Tax? "The AMT is a parallel tax system with rates ranging from 26%-28%. If your liability is higher under the AMT than under 'standard' income taxes, then you have to pay the AMT. Given that standard tax rates top out at 35%, this doesn’t sound too bad. Unfortunately, the AMT also disallows many routine deductions, resulting in a potentially large tax liability." (Five Cent Nickel)

Trent gives thumbs up to the book "The Ultimate Cheapskate's Road Map to True Riches" by Wise Bread blogger Jeff Yeager! "The humorous tone, self-deprecation, and solid advice mix together into a very enjoyable read" that "focuses on frugal ideas and tips that can easily be applied to an average American life." (The Simple Dollar) [edited to add: JD liked it too!]

Get Rich Slowly's Greatest Hits. If JD's blog were a CD, it would've gone quadruple platinum by now. (Get Rich Slowly)

Always budget for a carousel ride. Because even people on a budget deserve some moments of spontaneous awesomeness. (Smart Spending)

Quote of the Week: "I did it! I got all 242 stars in Super Mario Galaxy!" (Clever Gamer Dude)

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Guest's picture
Guest

Great collection of links, although the link to the article on AMT didn't seem to work. About Costco--part of the equation (for me) is if I'm going to be supporting a union-based organization that pays fair wages and treats people well, or something else (no names to protect the guilty). That is, for those of us who buy enough to make bulk-shopping worthwhile.

Will Chen's picture

Thanks! I've correct the link.  You can name it: Wal-Mart and Sam's Club.  =)

Guest's picture
Leslie

People are being egregiously misinformed by the popular media and a certain political party about the nature of the Social Security problem and the scope of change needed to "fix" it. It's important that we not succumb, yet again, to a false crisis being created in Washington - a false crisis that distracts us from critical economic and environmental issues.

A good place to get educated is the Center for Economic and Policy Research. See their Social Security page at http://www.cepr.net/index.php?option=com_issues&task=view_issue&issue=19.... I also find useful insights into misreporting and under-reporting of the Social Security issue at Nygaard Notes http://www.nygaardnotes.org/ and Fairness and Accuracy in Reporting http://www.fair.org.

Guest's picture

Thanks, Will, for including my story in your links today!

Will Chen's picture

Millionaire Mommy: It is a very inspirational story. I hope all our readers check it out. =)

Leslie, if SS is a red herring, what are the top 3 issues you are about the most in the upcoming election?