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Secret Stash, Part II
Tweet Share on Facebook August 29, 2008 Comment (2)Here's one more take on the debate over whether women should keep secret stashes of cash. My grandmother says yes, but many of the male commenters disagreed. I received this note from Pat from Washington, with her own perspective:
I say we should all thank grandma for her advice. My dad always took care of my mom and us kids and we never had to worry. But my mom always said, "Make sure you have some money of your own." I told my daughter to always have money of her own, as well as a car and to never let anyone take it from her. She needed my advice more then I needed my Mom's. I'm sure she will pass it on down to her daughter too.
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Podcast: Simplifying Your Finances
Tweet Share on Facebook August 28, 2008 CommentI interviewed the personal finance guru Liz Pulliam Weston, author of Easy Money, for this week's Alpha Consumer podcast. She explained how to simplify money management, which online tools to use (and which to stay away from), and even shared her own financial goals. You can also pick up the Alpha Consumer Tip of the Week on the latest Starbucks deal. Listen now, download in
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Best Buy's Policy Snares Customer With New TV
Tweet Share on Facebook August 27, 2008 Comment (15)Earlier this week, I heard from Jennifer, a Best Buy customer who bought a new, 40-inch, flat-screen television for $1,100 at a store in Wheaton, Md. When she brought it home in its sealed box, she found that the entire screen had been smashed. So, as irritating as that would be, you would think that at least the store would exchange it for an undamaged one, right?
Wrong. When Jennifer took the television back to the store, customer service representatives told her the store could not replace it, because the company can't be responsible for what happens after products leave the store. Eventually, the store offered to pay for half of the repairs on the damaged television—which still leaves her out $500 and without the brand-new set she paid for.
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Matching Spending to Bigger Goals
Tweet Share on Facebook August 26, 2008 Comment (7)About a decade ago, Melissa Tosetti worked in public relations. She was surrounded by people who dressed stylishly, but she felt like she could barely afford to pay rent, let alone keep up with the latest fashion trends. "I couldn't figure out how everybody looked so great and still paid bills," she says. She started learning to find clothes at thrift stores and other secrets to looking good without spending a lot of money.
She realized she wasn't the only one who struggled to live the luxe life on a budget. When she was laid off, she used the opportunity to start a magazine about how to live well without going broke. Now, that publication has taken the form of Budget Savvy, an online magazine.
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Audio: Making Money with Blogs
Tweet Share on Facebook August 26, 2008 Comment (5)Over the weekend, I spoke with WTOP about making money with blogs. Listen now, download in
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Becoming Content With Less
Tweet Share on Facebook August 25, 2008 Comment (4)When I received a copy of The Way We'll Be by pollster John Zogby, I couldn't believe some of his predictions. First of all, he says that we'll become more "Zen-like" as we learn to work at home and realize we don't want to spend hours of each day stuck in traffic. In his world, yoga may become as ubiquitous as McDonald's is now. In terms of spending, Zogby says Americans are learning their limits. Instead of fantasizing about owning a mansion, we're learning to be content with the two-bedroom condo that we can actually afford. (I recently wrote about how living more simply has also become "cooler," which seems to be a related phenomenon.)
I wish I could say that I embrace that new attitude in my own life, but for me, it's a struggle. I still want what I can't have. I'd really like to be able to afford a house, such as the three-bedroom one my parents bought when they were my age, but that will likely elude me for years. Still, I check online listings once a week and watch "for sale" signs in my neighborhood closely, even though the homes are all out of my price range.
What about you—do you feel content with what you have, or do you find yourself wanting more? If you've achieved this "Zen-like" existence that Zogby describes, please give me advice on how to join you.
(My full interview with Zogby will be posted tomorrow.)
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Weekly Blog Roundup Offers Financial Tips
Tweet Share on Facebook August 25, 2008 CommentCheck out this week's Carnival of Personal Finance over at Broke Grad Student. It highlights online savings accounts, leaving the workforce at age 29, and special financial advice for college students.
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Retailers' August Discounts: Deal or No Deal?
Tweet Share on Facebook August 22, 2008 Comment (7)With back-to-school shopping season sneaking up and consumers still feeling pinched for cash, retailers are doing what they can to grab our attention. Some of the deals are worth taking advantage of, but others are just gimmicks. (You can watch me talking about some of these offers with Carmen Wong Ulrich on last night's On the Money on CNBC.) Here's an overview of what to watch out for:
Apple
The deal: Students can buy a new Mac and get a free iPod. In practice, it's a little bit more complicated than just picking up your free mp3 player—you have to shell out for both the Mac and the iPod, before Sept. 15, and then you are eligible for a rebate up to $299 for the iPod.
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One Blogger's Money-Making Secrets
Tweet Share on Facebook August 21, 2008 Comment (11)The recent discussion about how much money bloggers make prompted a comment that intrigued me. Miranda Marquit wrote to say that most of her income comes from blogging for companies who want regularly updated blogs but don't have time to write them themselves. I asked her a few questions about how it works:
How do you find clients?
Job boards from mediabistro.com to Problogger have job listings seeking bloggers. I found most of my clients by applying after seeing a listing on a job board. However, I got my job writing for GFT Forex through a networking connection. -
Managing Michael Phelps's Gold
Tweet Share on Facebook August 20, 2008 CommentMichael Phelps, who became the first person to win eight gold medals at a single Olympics earlier this week, also became a richer man: He automatically earned $1 million for his accomplishments through his contract with Speedo, and his agent told the Wall Street Journal that he expects Phelps's performance in Beijing to earn him $100 million over the rest of his life. (Phelps already pulled in $3 million to $5 million a year through endorsements.)
But a life of luxury isn't a foregone conclusion. Plenty of celebrities, including MC Hammer and Kim Basinger, have raked in millions only to run into financial trouble later. I spoke with Alby Salaman, chair of Holland & Knight's private wealth services group for the mid-Atlantic region and lawyer to several NBA and NFL players, about what Phelps should do to protect his windfall. Excerpts:
