Comments on: The first post of 2009 — How to dominate your personal finances http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sat, 20 Mar 2010 22:43:50 -0700 http://wordpress.org/?v=abc hourly 1 By: Has Our Costco Membership Been Worth it? http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-102947 Has Our Costco Membership Been Worth it? Thu, 09 Jul 2009 11:40:15 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-102947 [...] though the Costco membership has saved us almost $800 in a year, you have to figure out for yourself and your family if warehouse membership will pay [...] [...] though the Costco membership has saved us almost $800 in a year, you have to figure out for yourself and your family if warehouse membership will pay [...]

]]> By: What Everybody Ought to Know About Handling Finances in Today’s Economy http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-90655 What Everybody Ought to Know About Handling Finances in Today’s Economy Sun, 01 Mar 2009 21:31:26 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-90655 [...] have to be able to answer these questions with specific numbers, not [...] [...] have to be able to answer these questions with specific numbers, not [...]

]]> By: pickeju http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-88268 pickeju Tue, 03 Feb 2009 16:55:40 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-88268 Weddings as a sacred cow really crack me up. We had 150 guests and spent $2k, which was spread out over about 6 months. My painfully obvious suggestions: set a food theme (we did a dessert buffet that was nice and cheap), start your DIY stuff early (flowers, tablecloths, etc), have a small wedding party (try just sticking to MOH and BM), stop freaking out about what sits on the table (we did cupcake trees covered in yet more desserts along with candy dishes for mints, nuts, etc), and take advantage of the time of year (we used pumpkins and leaves for literally everything last fall). I had more time than money, so I started purchasing and finishing the handmade stuff 6 months ahead. And then at the end I had so much help that I went to work the day before because there really wasn't anything left to do. Moving on.... goal setting year-by-year is great, but if you've been missing your goals consistently, then you may want to break down your goals into smaller chunks (guided missile approach). If I want to earn $5k in extra income outside of work this year, then I would be wise to try and meet or exceed $420 each month. Setting the goal is only the first step, get specific and make a plan! Identify the steps you'll take and keep your motivation close at hand. Weddings as a sacred cow really crack me up. We had 150 guests and spent $2k, which was spread out over about 6 months. My painfully obvious suggestions: set a food theme (we did a dessert buffet that was nice and cheap), start your DIY stuff early (flowers, tablecloths, etc), have a small wedding party (try just sticking to MOH and BM), stop freaking out about what sits on the table (we did cupcake trees covered in yet more desserts along with candy dishes for mints, nuts, etc), and take advantage of the time of year (we used pumpkins and leaves for literally everything last fall). I had more time than money, so I started purchasing and finishing the handmade stuff 6 months ahead. And then at the end I had so much help that I went to work the day before because there really wasn’t anything left to do.

Moving on…. goal setting year-by-year is great, but if you’ve been missing your goals consistently, then you may want to break down your goals into smaller chunks (guided missile approach). If I want to earn $5k in extra income outside of work this year, then I would be wise to try and meet or exceed $420 each month. Setting the goal is only the first step, get specific and make a plan! Identify the steps you’ll take and keep your motivation close at hand.

]]> By: Should I Skimp On My Wedding? » client k http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-87026 Should I Skimp On My Wedding? » client k Tue, 20 Jan 2009 09:58:57 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-87026 [...] Ramit’s New Year post prompted a discussion on weddings. Many people talked about how weddings were a waste of money. [...] [...] Ramit’s New Year post prompted a discussion on weddings. Many people talked about how weddings were a waste of money. [...]

]]> By: mike http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86375 mike Mon, 12 Jan 2009 13:25:03 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86375 thanks for your publication you sent to me over the years.This have help me made impact in peoples lives in Ghana where i live in Africa. I hope you can send me mini articles on how to save and when to save.thank you. thanks for your publication you sent to me over the years.This have help me made impact in peoples lives in Ghana where i live in Africa. I hope you can send me mini articles on how to save and when to save.thank you.

]]> By: AJC http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86372 AJC Mon, 12 Jan 2009 12:57:23 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86372 On the 'should I buy or rent" one, I am definitely in favor of buying, and have come up with a formula to tell you how much you can afford: http://7million7years.com/2009/01/12/how-much-house-can-you-afford/ ... I'd LOVE some feedback! On the ’should I buy or rent” one, I am definitely in favor of buying, and have come up with a formula to tell you how much you can afford:

http://7million7years.com/2009/01/12/how-much-house-can-you-afford/

… I’d LOVE some feedback!

]]> By: Debt Relief Geek http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86288 Debt Relief Geek Sun, 11 Jan 2009 18:31:46 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86288 I agree with you. Some New Year's Resolution never really happened and we should be honest on that. Anyways, I love your post about the $1000 30 day challenge and I've read some of the tips they are really interesting. I agree with you. Some New Year’s Resolution never really happened and we should be honest on that.

Anyways, I love your post about the $1000 30 day challenge and I’ve read some of the tips they are really interesting.

]]> By: Cointreau http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86283 Cointreau Sun, 11 Jan 2009 18:16:45 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86283 I have a couple of questions that are never addressed in this type of discussion, and are especially relevant in this economic environment. First, wrt safety net savings, should it be larger now than before? Previously, I thought of my CC credit limit as part of my emergency plan. Now that seems foolish, since some CC companies are chasing balances downward as the account is paid down (lowering limits as balances drop, cancelling cards-see above). This defeats the "limit-as-buffer" approach. Since CC companies are scum and not worthy of trust, should one hold back more emergency cash rather than paying down balances more aggressively? Second, given uncertainties in the employment landscape, does it make sense to pay down a secured auto loan (say at 8%) before paying off a 27% CC balance? Failure to pay CC debt smacks you around in many ways, but failure to pay a car loan lures tow trucks. Is it better to pay off the car, or to trust Citi not to chase your balance to the basement? What would you do? I have a couple of questions that are never addressed in this type of discussion, and are especially relevant in this economic environment.

First, wrt safety net savings, should it be larger now than before? Previously, I thought of my CC credit limit as part of my emergency plan. Now that seems foolish, since some CC companies are chasing balances downward as the account is paid down (lowering limits as balances drop, cancelling cards-see above). This defeats the “limit-as-buffer” approach. Since CC companies are scum and not worthy of trust, should one hold back more emergency cash rather than paying down balances more aggressively?

Second, given uncertainties in the employment landscape, does it make sense to pay down a secured auto loan (say at 8%) before paying off a 27% CC balance? Failure to pay CC debt smacks you around in many ways, but failure to pay a car loan lures tow trucks. Is it better to pay off the car, or to trust Citi not to chase your balance to the basement?

What would you do?

]]> By: Danielle http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86191 Danielle Sat, 10 Jan 2009 20:53:51 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86191 In the last month I lost my job. My 2009 goal would have been to payoff 50% of our consumer credit card debt. But now its going to be more like... Find a better paying job and scrimp on everything else to make my emergency fund stretch as long as I can. I strongly agree with your "no new years resolutions"! I started a resolution about mid year last year of "no diets ever". I also am on the "no budgets ever" bandwagon too! I try to do a quarterly evaluation of my life including finances, fitness, career, family etc. If you only check in on an area of your life once a year you can get really off track! I got married in 2007 and we targeted $10K and started saving as soon as we were engaged. We were within a few hundred of that amount, paid for it all ourselves and we had a wonderful wedding and eveyone had a a great time. We did charge and payoff over time our honeymoon. @Joshua - plenty of those type of sites and books and resources on ways to save money on a wedding are out there. I have a couple pieces of advice though... 1) Even though my brother sang at our wedding as a gift to us, he is a poor college student so we ended up giving him $100 anyway. Plan accordingly. 2) Having a family member be your photographer should be much cheaper, but you can often find people who have more experience than "aunt judy" but are still in the $500 cost range by looking for people that run home studios or a wedding photography business in their spare time. Plus they won't be distracted from your photos by their own desire to visit with family.. and its easier for a stranger to be bossy enough to direct the family pictures. 3) Stay away from specialty wedding stores for things like ring pillows, guest books, fancy pens, centerpieces, flower girl baskets... the markups are atrocious. Most big craft stores will have pre-made items and even more can be crafted up with ribbon or lace to be what you need. 4) While we had a professional do our boquet flowers, corsages and 1 centerpiece for the head table, we just picked up random flowers (roses in orange and white for $30 is what we found) from Sams Club the day before the wedding for our centerpieces and my Aunts went to the reception site early to arrange them. @battra92 - A lot more people are getting married later in life, and the older more financially independent you and your wife-to-be are from you parents, the less likely you are to hit her parents up for the whole amount (and the more you pay for the more say you will have in the type of wedding). I don't think you should be saving specifically for a wedding if you are not even dating someone seriously. If you do start to want marriage in the future you should probably start saving for a ring before saving for a wedding anyway. In the last month I lost my job. My 2009 goal would have been to payoff 50% of our consumer credit card debt. But now its going to be more like… Find a better paying job and scrimp on everything else to make my emergency fund stretch as long as I can.

I strongly agree with your “no new years resolutions”! I started a resolution about mid year last year of “no diets ever”. I also am on the “no budgets ever” bandwagon too!

I try to do a quarterly evaluation of my life including finances, fitness, career, family etc. If you only check in on an area of your life once a year you can get really off track!

I got married in 2007 and we targeted $10K and started saving as soon as we were engaged. We were within a few hundred of that amount, paid for it all ourselves and we had a wonderful wedding and eveyone had a a great time. We did charge and payoff over time our honeymoon.

@Joshua – plenty of those type of sites and books and resources on ways to save money on a wedding are out there. I have a couple pieces of advice though…
1) Even though my brother sang at our wedding as a gift to us, he is a poor college student so we ended up giving him $100 anyway. Plan accordingly.
2) Having a family member be your photographer should be much cheaper, but you can often find people who have more experience than “aunt judy” but are still in the $500 cost range by looking for people that run home studios or a wedding photography business in their spare time. Plus they won’t be distracted from your photos by their own desire to visit with family.. and its easier for a stranger to be bossy enough to direct the family pictures.
3) Stay away from specialty wedding stores for things like ring pillows, guest books, fancy pens, centerpieces, flower girl baskets… the markups are atrocious. Most big craft stores will have pre-made items and even more can be crafted up with ribbon or lace to be what you need.
4) While we had a professional do our boquet flowers, corsages and 1 centerpiece for the head table, we just picked up random flowers (roses in orange and white for $30 is what we found) from Sams Club the day before the wedding for our centerpieces and my Aunts went to the reception site early to arrange them.

@battra92 – A lot more people are getting married later in life, and the older more financially independent you and your wife-to-be are from you parents, the less likely you are to hit her parents up for the whole amount (and the more you pay for the more say you will have in the type of wedding). I don’t think you should be saving specifically for a wedding if you are not even dating someone seriously. If you do start to want marriage in the future you should probably start saving for a ring before saving for a wedding anyway.

]]> By: malia http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances/comment-page-1/#comment-86093 malia Sat, 10 Jan 2009 00:14:37 +0000 http://www.iwillteachyoutoberich.com/blog/the-first-post-of-2009-how-to-dominate-your-personal-finances#comment-86093 I got married in Los Gatos CA a couple of years ago for just under 10,000. It was a beautiful wedding. Pretty stress free. It was a great start to my new life. We paid for it all in cash. Went hardcore saving about 13 months before the wedding. Made a budget and seperated out grocery, entertainment, gas money in cash. Paid our bills saved every bit of what was left for wedding. My wedding was part of a package deal through Los Gatos History Club. Go Ceremony and reception site, tables, linens,china, food, all beer, wine and soda you can eat or drink, DJ and cake for around 6 K. This was for 100 people. Everything tasted and looked wonderful. Everyone danced the night away. The package was the way to go. Favors total cost for 100 about $30- Purchased card stock, 100 anjou pears with stems, some ribbon, a pear stamp, stamp pad, silver pen and borrowed a whole punch. Printed out Thank You, our name, wedding date and the phrase "the perfect pair" Did several on on sheet(probably 2"x3") cut out tags, puched wholes, lined the edge with silver pen, stamped the pear over the wrighting, (looks professional if you use black ink) punched whole and hung over each pear steam. Every guest got one pear. Sat it on each place setting as part of the table scape. Spent about $300 on flowers. Contacted a rose farm, purchased roses direct. Used about 1.5 dozen per table. Purchased silver flower containers at big lots took roses, made roses all same height used rubber bands to hold together tightly (or florist wire) chop bottom so they fit the vase. Put your flush cut rose steams in the palm of your hand, press move stems one way and hand the opposite so you make the steams go diagonal. Plop in vase. Tie with ribbons for Bouquets add some baby roses to the brides so you get a different effect for her bouquet. I suggest using all the same colors if you are not good at working with flowers, I am not. There is so much you can do with a little thought and patience. Good luck. I got married in Los Gatos CA a couple of years ago for just under 10,000. It was a beautiful wedding. Pretty stress free. It was a great start to my new life. We paid for it all in cash. Went hardcore saving about 13 months before the wedding. Made a budget and seperated out grocery, entertainment, gas money in cash. Paid our bills saved every bit of what was left for wedding.

My wedding was part of a package deal through Los Gatos History Club. Go Ceremony and reception site, tables, linens,china, food, all beer, wine and soda you can eat or drink, DJ and cake for around 6 K. This was for 100 people. Everything tasted and looked wonderful. Everyone danced the night away. The package was the way to go.

Favors total cost for 100 about $30- Purchased card stock, 100 anjou pears with stems, some ribbon, a pear stamp, stamp pad, silver pen and borrowed a whole punch. Printed out Thank You, our name, wedding date and the phrase “the perfect pair” Did several on on sheet(probably 2″x3″) cut out tags, puched wholes, lined the edge with silver pen, stamped the pear over the wrighting, (looks professional if you use black ink) punched whole and hung over each pear steam. Every guest got one pear. Sat it on each place setting as part of the table scape.

Spent about $300 on flowers. Contacted a rose farm, purchased roses direct. Used about 1.5 dozen per table. Purchased silver flower containers at big lots took roses, made roses all same height used rubber bands to hold together tightly (or florist wire) chop bottom so they fit the vase. Put your flush cut rose steams in the palm of your hand, press move stems one way and hand the opposite so you make the steams go diagonal. Plop in vase. Tie with ribbons for Bouquets add some baby roses to the brides so you get a different effect for her bouquet. I suggest using all the same colors if you are not good at working with flowers, I am not.

There is so much you can do with a little thought and patience. Good luck.

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