Nice! Great summary of the takeaways from the 2 comma club posts at the Bogleheads site. I also enjoyed reading those threads, and would just add under "have a purpose" to try to estimate a number to shoot for. I'm only 26, but having a definite number in mind really helps w/ motivation.
I buy many things in bulk as I live close to a warehouse store. Usually it's non perishable items like soap, toilet paper, tissues, paper towels. But I buy perishables that we use frequently as well, like cereal.
I am doing this with my mortgage even though I refinanced. I had 26 years left on my old mortgage with a 6% interest rate. When I was in the refinancing process, my bank told me that I "couldn't" get a new loan term of 20 years; they would only give me 25 years. Since I had already been paying a mortgage for the past 4 years, I would still be making 29 years in payments. Well, I went ahead and did the new loan with a term of 25 years, with 4% interest. But I pay the EXACT same amount every month that I was paying under my old mortgage (which is about $135 in additional principle on the new loan). Therefore, my mortgage will be paid off in 20 years instead of 25 years, and just 24 years in payments.
Ugh. Student loans aren't a good thing just because you got a degree. The harsh fact is that nearly half of all students who attempt degrees don't get them, and whether a student loan is an "investment" in your future depends on both the amount of debt and your reasonable expected future earnings given your major.
If I loan money to a friend, I usually just tell them it's a gift and write it off. It's not worth losing friends over. But also, when I do grant a small loan to someone and they don't pay it back, they never get to borrow again.
A great list, thank you, Julie. I'm 28 and (as with many Uni graduates my age) money is tight. I do many of these already (such as going to bars for live bands/comedians). I live in England - Manchester, so $10 is about £7. You can do a lot with that here - cinema tickets at the independent cinema the Cornerhouse, live bands, the food markets which are often on, the Studio section of the Lowry Theatre. Plus, you know, just hanging around with my friends at their house or my flat! People forget you don't have to pay anything to have a fun night out.
I wonder if writing this makes me a bad person, but:
isn't it ironic that someone who writes "I often wondered if people even read what they had turned into our recruiting office" also writes in this article "Here are FIVE dumb things you should consider before turning in a resume if you really want that job"?
I have let friends borrow money but always small amounts and I normally got them back. However, we did promise to rent our townhouse out to a friend and things got hairy... I actually wrote today about why you shouldn't mix family, friends and money (or business) today on my blog. If you're interested, here's a link : http://www.moneylifeandmore.com/dont-mix-family-friends-and-money-our-to...
I have lent a family member money. Fortunately when we lent this person the money, we went into the situation with that mindset of it turning into a gift if we didn't see the money. Good thing we did as we never did see the money returned and we still have a good relationship with this family member. I would recommend not loaning money to family or friends. Either GIVE them money or say NO, you will be glad you did.
Some of these are actually counter productive. Especially the "share your goals" point. Don't give away your personal power by sharing your goals. There's even scientific proof backing this up. It's way more powerful to set a goal and complete it without having told anyone (that includes people close to you). Watch this short clip for extra info: http://m.youtube.com/#/watch?v=NHopJHSlVo4&desktop_uri=%2Fwatch%3Fv%3DNH...
I buy food for my 2-year-old in bulk. I also buy diapers in bulk. And I also buy paper towels, toilet paper, body soap, toothbrushes, chocolate chips and meats in bulk. We just started canning chicken for our convenience and in case of power outages, and we have loved having it available for use at a moment's notice. I don't tend to buy perishables in bulk, unless it's something I know we are going to use before it goes bad.
Hi Lance, I read your article and although I don't agree with it, I do appreciate your different view point and plan to read your other articles tonight. Thanks for posting here because this is how I learned about your blog. I like discovering new financial blogs. I tend to read the same ones and sometimes the content doesn't update as fast as my reading appetite. You seem like a rational person with whom I can feel free to disagree with. That's a compliment.
I buy honey, quinoa, kalamata olives, and frequently cheese in bulk at Costco. I buy other grains in bulk at a different store b/c they have a better price. I also buy shampoo and conditioner in bulk by the gallon because the prices are way cheaper than by the bottle - especially for the fragrance-free kind we use!
Can you recommend any Secured Credit Cards that give you airline miles as well? prefer, United...That's really my only reason for wanting a secured card. Thanks! Porter
These are great for making money this week. Not so good for making money today.
We buy diapers, frozen blueberries, and spices in bulk.
Nice! Great summary of the takeaways from the 2 comma club posts at the Bogleheads site. I also enjoyed reading those threads, and would just add under "have a purpose" to try to estimate a number to shoot for. I'm only 26, but having a definite number in mind really helps w/ motivation.
Thanks for the great post!
I buy noodles, chef boyardee, poptarts, cereal, paper products and frozen pizzas/pancakes in bulk
toilet paper, papertowels, bar soap, toothpaste, bottled water, pet food, kitty litter, shaving cream, liquid soap, meat, batteries, clorox wipes, can soup. I'm sure there's more I'm forgetting.
I don't lend money - I give it - or I don't
It's not worth the stress on a friendship to me and I'd always regret the choice
What is that price range at for palms that tall I have some Aldo but don't know how to price them
I buy many things in bulk as I live close to a warehouse store. Usually it's non perishable items like soap, toilet paper, tissues, paper towels. But I buy perishables that we use frequently as well, like cereal.
We don't buy much in bulk - some rice, nuts, legumes is all.
This meal-plan dosen't seem very healthy. Chips and cookies almost everyday? And freezer cooking?Oh dear...
I am doing this with my mortgage even though I refinanced. I had 26 years left on my old mortgage with a 6% interest rate. When I was in the refinancing process, my bank told me that I "couldn't" get a new loan term of 20 years; they would only give me 25 years. Since I had already been paying a mortgage for the past 4 years, I would still be making 29 years in payments. Well, I went ahead and did the new loan with a term of 25 years, with 4% interest. But I pay the EXACT same amount every month that I was paying under my old mortgage (which is about $135 in additional principle on the new loan). Therefore, my mortgage will be paid off in 20 years instead of 25 years, and just 24 years in payments.
My substitute for grocery store 'organic' is growing it in a teeny plot beside the carport...just as 'pesticide free' without the massive price tag.
'Diets' that involve avoiding entire (and perfectly healthy) food groups drive me bonkers, so thank you for some common sense around eating :)
Oops! Thanks for catching the error, Guest! I've corrected that line accordingly. =)
Ugh. Student loans aren't a good thing just because you got a degree. The harsh fact is that nearly half of all students who attempt degrees don't get them, and whether a student loan is an "investment" in your future depends on both the amount of debt and your reasonable expected future earnings given your major.
If I loan money to a friend, I usually just tell them it's a gift and write it off. It's not worth losing friends over. But also, when I do grant a small loan to someone and they don't pay it back, they never get to borrow again.
A great list, thank you, Julie. I'm 28 and (as with many Uni graduates my age) money is tight. I do many of these already (such as going to bars for live bands/comedians). I live in England - Manchester, so $10 is about £7. You can do a lot with that here - cinema tickets at the independent cinema the Cornerhouse, live bands, the food markets which are often on, the Studio section of the Lowry Theatre. Plus, you know, just hanging around with my friends at their house or my flat! People forget you don't have to pay anything to have a fun night out.
I wonder if writing this makes me a bad person, but:
isn't it ironic that someone who writes "I often wondered if people even read what they had turned into our recruiting office" also writes in this article "Here are FIVE dumb things you should consider before turning in a resume if you really want that job"?
I have let friends borrow money but always small amounts and I normally got them back. However, we did promise to rent our townhouse out to a friend and things got hairy... I actually wrote today about why you shouldn't mix family, friends and money (or business) today on my blog. If you're interested, here's a link : http://www.moneylifeandmore.com/dont-mix-family-friends-and-money-our-to...
I have lent a family member money. Fortunately when we lent this person the money, we went into the situation with that mindset of it turning into a gift if we didn't see the money. Good thing we did as we never did see the money returned and we still have a good relationship with this family member. I would recommend not loaning money to family or friends. Either GIVE them money or say NO, you will be glad you did.
Some of these are actually counter productive. Especially the "share your goals" point. Don't give away your personal power by sharing your goals. There's even scientific proof backing this up. It's way more powerful to set a goal and complete it without having told anyone (that includes people close to you). Watch this short clip for extra info: http://m.youtube.com/#/watch?v=NHopJHSlVo4&desktop_uri=%2Fwatch%3Fv%3DNH...
I buy food for my 2-year-old in bulk. I also buy diapers in bulk. And I also buy paper towels, toilet paper, body soap, toothbrushes, chocolate chips and meats in bulk. We just started canning chicken for our convenience and in case of power outages, and we have loved having it available for use at a moment's notice. I don't tend to buy perishables in bulk, unless it's something I know we are going to use before it goes bad.
Peppermint seeds do not exist. Peppermint flowers are sterile.
Hi Lance, I read your article and although I don't agree with it, I do appreciate your different view point and plan to read your other articles tonight. Thanks for posting here because this is how I learned about your blog. I like discovering new financial blogs. I tend to read the same ones and sometimes the content doesn't update as fast as my reading appetite. You seem like a rational person with whom I can feel free to disagree with. That's a compliment.
I buy honey, quinoa, kalamata olives, and frequently cheese in bulk at Costco. I buy other grains in bulk at a different store b/c they have a better price. I also buy shampoo and conditioner in bulk by the gallon because the prices are way cheaper than by the bottle - especially for the fragrance-free kind we use!
Can you recommend any Secured Credit Cards that give you airline miles as well? prefer, United...That's really my only reason for wanting a secured card. Thanks! Porter