Comments on: Tip #6: Use gas prices to become your own hedge fund http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/ 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. Sun, 12 Feb 2012 18:46:58 +0000 hourly 1 http://wordpress.org/?v= By: Attention whiny complainers: Why you STILL aren’t saving money | I Will Teach You To Be Rich http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-120631 Attention whiny complainers: Why you STILL aren’t saving money | I Will Teach You To Be Rich Wed, 06 Jan 2010 16:51:57 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-120631 [...] tips and silver bullets, custom-written for their situation. That’s ridiculous. If the tip on hedging your fuel costs doesn’t apply to your situation because you don’t have a car, a smart person would say, [...] [...] tips and silver bullets, custom-written for their situation. That’s ridiculous. If the tip on hedging your fuel costs doesn’t apply to your situation because you don’t have a car, a smart person would say, [...]

]]> By: The 10 Year Savings Strategy: Saving money after you’ve already handled the basics | I Will Teach You To Be Rich http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-120263 The 10 Year Savings Strategy: Saving money after you’ve already handled the basics | I Will Teach You To Be Rich Tue, 22 Dec 2009 19:09:00 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-120263 [...] If you’ve done all that and are looking for the next step, implement the 10-Year Savings Strategy using sub-accounts. [...] [...] If you’ve done all that and are looking for the next step, implement the 10-Year Savings Strategy using sub-accounts. [...]

]]> By: 15 Personal Lessons in November 2009 « Kevin Felix Chan http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-119948 15 Personal Lessons in November 2009 « Kevin Felix Chan Mon, 07 Dec 2009 04:55:41 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-119948 [...] financed for it. Personal finance gurus like Ramit Sethi advocate conscious spending plans via automated savings accounts divided into purchase goals, and I think that type of personal finance is not only more responsible but more rewarding. I think [...] [...] financed for it. Personal finance gurus like Ramit Sethi advocate conscious spending plans via automated savings accounts divided into purchase goals, and I think that type of personal finance is not only more responsible but more rewarding. I think [...]

]]> By: j http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-103931 j Wed, 22 Jul 2009 09:22:59 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-103931 should be called - a qaurterly equal payment plan for continual purchases. should be called – a qaurterly equal payment plan for continual purchases.

]]> By: brent http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-102029 brent Thu, 25 Jun 2009 02:35:10 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-102029 wouldn't it make more sense to buy oil stocks or a manage future ETF this is not real hedging because your not capturing higher prices wouldn’t it make more sense to buy oil stocks or a manage future ETF this is not real hedging because your not capturing higher prices

]]> By: Ann http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-101814 Ann Sun, 21 Jun 2009 23:10:37 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-101814 I am basically doing the same thing with an excel spreadsheet. I make regular deposits in a high interest savings account at my bank and track the deposit amount and my different "subaccounts" on my spreadsheet. Works for me. Years ago we lived in Europe but were paid in US $ and had to exchange our salary into local currency. Over the years we experienced pretty wild fluctuations in exchange rates. We based our budget in local currency. If the $ was strong, the "extra" went into a savings account, accumulating and ready for the next market dip. I am basically doing the same thing with an excel spreadsheet. I make regular deposits in a high interest savings account at my bank and track the deposit amount and my different “subaccounts” on my spreadsheet. Works for me.

Years ago we lived in Europe but were paid in US $ and had to exchange our salary into local currency. Over the years we experienced pretty wild fluctuations in exchange rates. We based our budget in local currency. If the $ was strong, the “extra” went into a savings account, accumulating and ready for the next market dip.

]]> By: josh http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-99612 josh Wed, 27 May 2009 21:50:32 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-99612 Howdy! Here's how you can do real "hedging" on a scale accessible not only to the big companies: when there is a sale on non-perishables which you consume a lot of anyway (which includes long shelf-life products such as UHT milk, cereals and canned goods), go to the shop, and buy up a several-month supply. Don't buy anything else though - (other than perhaps the usual shopping) these sales are generally a trick to lure you into the shop and buy a whole bunch of other useless things which are more expensive than usual... It's like going to Las Vegas, and enjoying the cheap accommodation, great buffet breakfasts, but STAYING AWAY FROM THE GAMBLING... ;) This technique is only for those who are strong enough to resist the many temptations... Howdy!
Here’s how you can do real “hedging” on a scale accessible not only to the big companies: when there is a sale on non-perishables which you consume a lot of anyway (which includes long shelf-life products such as UHT milk, cereals and canned goods), go to the shop, and buy up a several-month supply. Don’t buy anything else though – (other than perhaps the usual shopping) these sales are generally a trick to lure you into the shop and buy a whole bunch of other useless things which are more expensive than usual… It’s like going to Las Vegas, and enjoying the cheap accommodation, great buffet breakfasts, but STAYING AWAY FROM THE GAMBLING… ;) This technique is only for those who are strong enough to resist the many temptations…

]]> By: VJ http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-98804 VJ Tue, 19 May 2009 14:12:05 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-98804 Lord, you don't need any of this complicated (I.E. time-consuming setup and management) budgeting junk. Just withdraw a fixed cash amount each month for your discretionary spending (whatever you define that to be) and when it's gone, it's gone, you don't get to spend anything more - period. Keep that cash amount small, like $50 if you're young or a couple hundred if you're older. The rest goes to bills, and set up a regular diversion for longer term investments like IRAs and HSAs,etc. There is absolutely no need for complexity whatsoever. Lord, you don’t need any of this complicated (I.E. time-consuming setup and management) budgeting junk.

Just withdraw a fixed cash amount each month for your discretionary spending (whatever you define that to be) and when it’s gone, it’s gone, you don’t get to spend anything more – period. Keep that cash amount small, like $50 if you’re young or a couple hundred if you’re older. The rest goes to bills, and set up a regular diversion for longer term investments like IRAs and HSAs,etc.

There is absolutely no need for complexity whatsoever.

]]> By: Bob http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-97939 Bob Mon, 11 May 2009 20:20:03 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-97939 Lori, All savings account interest rates are down right now due to the historic lows in interest rates generally (mortgages, fed prime rate, etc). What ING gives you is the easily created multiple/sub accounts with pretty easy access (transfers in and out of "linked" accounts like checking) and a very competitive interest rate for an FDIC insured liquid/cash savings account. ING Direct Orange Savings has been as high as 4 or 5% since I've had my account, but is currently about 1.5%, which is a bit lower than FNBO Direct's 1.9%. I would need to do more due diligence to comment on any other pros and cons between the two accounts/banks. Lori,

All savings account interest rates are down right now due to the historic lows in interest rates generally (mortgages, fed prime rate, etc). What ING gives you is the easily created multiple/sub accounts with pretty easy access (transfers in and out of “linked” accounts like checking) and a very competitive interest rate for an FDIC insured liquid/cash savings account. ING Direct Orange Savings has been as high as 4 or 5% since I’ve had my account, but is currently about 1.5%, which is a bit lower than FNBO Direct’s 1.9%. I would need to do more due diligence to comment on any other pros and cons between the two accounts/banks.

]]> By: Lori http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund/#comment-96094 Lori Sat, 25 Apr 2009 14:01:16 +0000 http://www.iwillteachyoutoberich.com/blog/tip-6-use-gas-prices-to-become-your-own-hedge-fund#comment-96094 New reader here. It appears the 3% interest on the ING account is down, especially for the lowest tier, or else I am missing something. The best I have been able to find is FNBO Direct--1.9% on savings, non-tiered. New reader here. It appears the 3% interest on the ING account is down, especially for the lowest tier, or else I am missing something. The best I have been able to find is FNBO Direct–1.9% on savings, non-tiered.

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