Philip Brewer's blog
Posted November 3, 2009 - 06:00 by Philip Brewer
Personal Finance, Career and Income
If you're tracking your spending, you know how much money it takes to live on. If you're tracking your investments, you know about how much return you're getting from your capital. With those two numbers, you can get a pretty good estimate of how much money it takes to buy your way out of the rat race.
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Posted October 28, 2009 - 05:00 by Philip Brewer
Personal Finance, Career and Income
There are people out there whose livelihoods depend on the fact that most people go every day to some job or another. Business owners, investors, retired folks -- capitalists in general -- pay their expenses with profits that would be threatened if there weren't plenty of workers trading their life for a paycheck.
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Posted October 13, 2009 - 05:00 by Philip Brewer
Shopping
I pay almost no attention to "deals" sites. I scarcely even read the lists of deals here on Wise Bread. There are several reasons, but they pretty much come down to two things: I don't have the time, or the money, to pay attention to deals.
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Posted October 6, 2009 - 05:00 by Philip Brewer
Life Hacks, Career Building
There are good reasons to go to college. And, if you do go to college, you will no doubt learn a lot. But you can learn anywhere — and probably learn more, better, and faster if you do so on your own. If you choose to go to college, make sure you know what you're paying for.
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Posted October 1, 2009 - 05:00 by Philip Brewer
Personal Finance, Frugal Living
The most simple-minded measure of your standard of living is how much money you spend: spending more equals living better. Reality is more complex. There are a lot of ways to live better without spending more.
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Posted September 23, 2009 - 05:00 by Philip Brewer
Personal Finance
If you quit checking your 401(k) balance last year, because the market crash made it too depressing, now might be a good time to take a fresh look. It'll still be well down from the peak, but it's probably recovered quite a bit from the low. However small it may be compared to some imagined goal, don't underestimate the value of any amount of retirement savings.
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Posted September 12, 2009 - 06:00 by Philip Brewer
Consumer Affairs
Ordinary business transactions used to be governed by long-standing laws and customs that had been developed to make them fair to both sides. Over the last fifty years or so--basically, since credit cards became popular--those rules have been gradually pushed aside. Now, everything is governed by "terms and conditions" that the corporate party can change at any time. Do your best to avoid doing business on such terms.
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Posted September 8, 2009 - 05:00 by Philip Brewer
Personal Finance
One of the big advantages that children of the middle-class and wealthy have is that they grow up in a household where a huge amount of financial knowledge is embedded in its day-to-day functioning. Parents teach it, but it's also just there for the child to pick up, almost for free, like language and basic social skills. If you don't get this basic financial knowledge at home, it's possible to learn it other ways--but don't underestimate how much you need to pick up.
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Posted August 28, 2009 - 12:00 by Philip Brewer
Personal Finance
I don't pay any bank fees, except rental on my safe deposit box. That leaves me of two minds about the fees. On the one hand, I feel bad because the fees tend to fall hardest on the people who can afford them the least--the poor, the ignorant, the stupid, the careless, the lazy, and the unlucky. On the other hand, the fees other people pay help cover the costs of the many free services that I get from the bank.
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Posted August 25, 2009 - 12:02 by Philip Brewer
Personal Finance, Frugal Living
The web is full of advice for starving writers. And why not? Any writer has heard the advice "Write what you know," and one thing many writers know is about being a starving writer. Oddly, most of their advice is on writing. A couple of truly great writers, though, have left us advice on the much more important topic of not starving.
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Posted August 18, 2009 - 05:00 by Philip Brewer
Frugal Living
Why would someone choose to have less than they could? Lots of reasons. There are as many ways to live large as there are people who refuse to think small. Over the time I've been writing for Wise Bread, I've expanded my list of reasons by quite a bit.
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Posted August 10, 2009 - 12:00 by Philip Brewer
Personal Finance
Especially for things people often buy on credit, like a car or a house, there's a tendency to divide the ownership into two periods--while the loan is being paid off, where the item is expensive, and after the loan has been paid off, where the item is free. This is a fundamental misunderstanding of capital costs.
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Posted August 4, 2009 - 05:00 by Philip Brewer
Personal Finance
I got a notice from one of my credit cards a bit ago, announcing that they were raising the interest rate. It's only of theoretical interest to me, of course--I use credit cards for transactions, not to borrow money--but looking at the rate they're charging reminded me that there are really three interest rates.
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Posted July 29, 2009 - 12:00 by Philip Brewer
Personal Finance
Your IRA and 401(k) (or 403(b) if you work for a non-profit) are great tools for deferring taxes, and have other advantages as well. But because they're labeled "retirement" accounts, people are much too likely to put the wrong investments in them. Here's how to use them correctly.
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Posted July 28, 2009 - 04:00 by Philip Brewer
Personal Finance, Budgeting
It's easy to find books and articles on how to manage your money to support your long-term goals. You can read a lot about stocks and bonds, retirement accounts, investing in gold, real estate, options and futures. But managing your day-to-day spending money tends to get short shrift. Here's a primer.
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Posted July 21, 2009 - 12:00 by Philip Brewer
Personal Finance, Frugal Living
This article has its roots in an article I wrote some time ago that used the terms wage slave and debt peonage--terms that some people objected to. Those making free choices aren't slaves, they said, even if their poor choices result in a hard life. There's some truth to that. But there's also some truth to the notion that our system makes it easy--almost automatic--for people to trap themselves.
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Posted July 16, 2009 - 09:00 by Philip Brewer
Personal Finance
Just to be clear, I'm also worried about a surge in inflation, but that's not what I'm talking about here. I don't know the future, so I try to stay away from predictions. But you don't need to know the future to "predict" a surge in the Consumer Price Index. All you need is to know the recent past.
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Posted July 12, 2009 - 04:00 by Philip Brewer
Personal Finance
A few times I've written a post that I thought was good, but that seemed to vanish into the blogosphere without a trace. On my two-year anniversary of writing for Wise Bread, I'm going to link to five of them and suggest that you take a look at them. For a few long-time readers it may be a second look. (But, judging from the number of reads these got, not many.)
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Posted July 10, 2009 - 04:00 by Philip Brewer
Personal Finance
One of the most common questions over on the Wise Bread forum is some variation on, "I have $X in savings but $Y in credit card debt. Should I use the savings to pay down the debt?" The answer, of course, depends on your situation--and there's a reason why the question keeps showing up. Here's how to do the analysis.
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Posted July 7, 2009 - 14:24 by Philip Brewer
Consumer Affairs, General Tips
Corporations were invented a few hundred years ago--created to increase the wealth and power of favored businessmen (and the governments that favored them). They have become such a universal feature of our economy that few people give much thought to their origins--or how our economies are structured to suit them. But exactly that is the topic of Douglas Rushkoff's new book.
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