Money Tips Network

I have very few fundamental rules of personal finance that I follow. Spend less than you earn is a big one, but once you get past that, there tend to be exceptions to most rules in life.

However, there is one principle that I’ve followed for a long time that has never guided me wrong. I do not lend money to friends or to family.

The reason is simple. I don’t want a friendship or a familial relationship to become a lender-borrower relationship.

First of all, no one likes making debt payments. If you owe someone money, you now have the obligation to make debt payments to that person. Some people may be able to constrain negative feelings here, but others may not.

When I regularly worked 16-hour days, I was too busy. The same goes for when I was caring for a newborn. But come to think of it, I have always felt "too" busy. Chances are you do too. Jamming more than 24 hours in a single day has become the norm. But that doesn't mean we should allow ourselves to live this way. So, how do you stop? (See also: Move from "Busy" to "Getting Things Done")

Here's the latest in my series of six figure interviews, discussions with everyday people who have grown their incomes to at least $100,000 annually.

My questions are in bold italics and their responses follow in black.

Let's get started...

Tell us a bit about yourself (age, marital status, kids, where you live, etc.)

Both I and my husband are ~40, we have 2 kids of preschool age, we live in a high cost of living state on the East Coast. My husband is a stay-at-home dad.
 
What do you do for a living?
 

Dana writes in:

“I loved your recent article on the 52 week savings plan. I shared it with my friends on Facebook. Lately several of my friends have been sharing a “$4 a gallon savings plan” lately and I was wondering if you could look at this plan too! Thanks!“

Dana’s talking about a savings plan I’ve seen on Facebook a few times recently that’s called the “$4 a Gallon Savings Plan.” As with the other plan, I have no idea what the original source is, as it’s usually been shared as an image file with no source and I’ve been unable to track down a true source for the idea.

Anyway, here’s how the plan works.

Claes Bell

Another week, another retailer announcing a possible data breach that could compromise customer data and expose them to the risk of financial fraud. A few weeks ago, it was Target, then Neiman Marcus (who, like Target, is offering free identity theft protection for a year). This time, the retailer in question is Michaels, which is [...]

Michaels offers handy DIY solutions for customers exposed in possible data breach from personal finance blog Bargaineering.com.

This blog was posted by Claes Bell

The following is the latest post in my "Reader Profiles" series. Each post in this series details the financial situation and challenges of an FMF reader. The purpose of this series is to help us all identify with people like us (in similar situations -- not all will be, of course, but eventually I'm sure you will find someone like you here), get to know the frequent commenters on the site, and hear some financial wisdom/challenges from people other than me.

If you're interested in contributing to this series, then drop me an email. The series seems to be very popular with readers and I need a steady stream of new ones to keep it going.

In my last post, I shared my take on the best home insurance. With the growing popularity of renting, I conducted some additional research to determine which carriers provide the best renters insurance.

After analyzing several national and local companies, Allstate stands out as the best renters insurance provider. If you want a free online quote, you can get started right away. Continue reading and I’ll explain why you need renters insurance and discuss the major components of a solid policy.

Selecting Allstate as the best ultimately boils down to three important factors:

Recently, I wrote an article entitled Convenience and Expenses: Why Time Management Really Matters, where I explored the connection between personal finance and time management and I promised some follow-up articles on specific elements of time management that connected deeply with personal finance. Here’s the first of these articles.

People can’t spread their attention fully between two tasks. There’s no better proof of this than the unsafe driving of people while they’re texting. You can’t focus on both texting and driving at the same time. Sure, you might be able to get your text sent before an accident occurs on the road, but your driving was quite simply less safe while you were texting (and your text probably wasn’t perfect, either).

Alissa Fleck

There are just over 2 months to go until the March 31 deadline to sign up for health insurance under Obamacare, and not everyone is sold on purchasing the kind of comprehensive and often pricey plans offered in the insurance exchanges set up under the law. One alternative that may hold some appeal, especially for [...]

Concierge medicine provides options ahead of Obamacare deadline from personal finance blog Bargaineering.com.

This blog was posted by Alissa Fleck