Healthy and Wealthy

March 07, 2011

I always had a suspicion that health and wealth had a direct correlation but it’s not quite what I expected.  It comes down to cash – cold hard cash.  Who knew?

A recent study published in the Journal of Consumer Research cites that people who pay for groceries with credit or debit cards buy more impulsive and unhealthy items than those with cash.  This may be due to the “pain of payment” according to the researcher Manoj Thomas. Continue reading “Healthy and Wealthy”

Budgeting: Is that Laptop Really Worth $1500?

February 16, 2011

I’m not sure who said it, but I can bet you they were trying to sell you something.  If you’ve read any of my previous blogs  (and if you haven’t, why not?) then you know I have a tendency to prefer paying more for higher quality stuff that should last longer rather than buying cheaper stuff that will likely break down sooner and only end up having to be replaced more frequently.  Well, I’ve since modified my position on the issue.  Here’s what happened: Continue reading “Budgeting: Is that Laptop Really Worth $1500?”

Financial Planning: Leave Room in Your Budget for a Snow Day!

February 02, 2011

It doesn’t snow very often in North Carolina, but when it does, you can hear the children across the playground shouting – SNOW DAY!!!

Snow days are my kid’s greatest day of the week, but for Susan and I, not so much.  I love to watch the snow fall, and fortunately for me, I haven’t had to travel much, so I look forward to playing in the white stuff just as much as the kids do, but when they are ready to play, I’m sitting at my desk – no snow days for me *drat.* Continue reading “Financial Planning: Leave Room in Your Budget for a Snow Day!”

Are Bundled Packages Really a Money Saver?

January 05, 2011
Photo: ShanMac / Flickr

Conventional wisdom suggests that buying things together in a prearranged package is better than buying items separately.  For example, if I’m hosting a super bowl party at my house, I could buy individual slices of meat, cheese, and vegetables, or I could just pick up a party tray.

If I’m tuning up my car I could buy the spark plugs, air filter, motor oil and everything else, or simply look for a tune-up kit.  The upside to the prearranged package is you generally get everything you need in a cost-effective way. On the downside, Continue reading “Are Bundled Packages Really a Money Saver?”

How to Budget when New Shoes are Needed

December 15, 2010
Photo: planetschwa / Flickr

I have four children, and as anyone with kids old enough to wear shoes will tell you, they don’t make shoes like they used to.  My kids go through shoes as though they were disposable.  My wife includes shoes on her grocery list, which kind of tells you what kind of shoes we usually end up buying.  The price for a new pair of shoes spans a wide range, so here’s what I think they should do to make buying shoes easier.

Continue reading “How to Budget when New Shoes are Needed”

Auto Expenses: Always Look for the Best Deal

December 09, 2010

My daughter texted me the other day (because that’s what they do) just to check in and let me know how college life is going.  Everything was fine with one little exception; all four tires on her car were officially like her Dad’s head, bald.  Now of course she told me that she would figure out a way to pay for new ones, even if it meant she would have to drive on “baldies” for another month.  I immediately let her know that while I appreciate her being financially independent, I also would like to keep her around for awhile (it’s okay to ask Dad for help!).  I think she actually texted back a sigh of relief. Continue reading “Auto Expenses: Always Look for the Best Deal”

The Hidden Evils of a Hardship Withdrawal

December 07, 2010

I recently received a call from an employee who was considering a hardship withdrawal.  If you handle these requests as part of your many HR tasks, you probably see an uptick in these calls during the holiday season.  Tammy, a single mom, was seeking a solution to paying off her credit card debt and felt that tapping her retirement fund could be an easy fix.  Now we all know that paying off debt is not an acceptable hardship based on the IRS’s definition of an immediate and heavy financial need but many employees will simply say the money is needed for avoiding eviction or another acceptable hardship when in fact their intent is to use it to pay off credit card debt. Continue reading “The Hidden Evils of a Hardship Withdrawal”

Danger Spots when Getting Rich Quick!

December 03, 2010

When I read the article, Getting Rich Quick: True Tales of Overnight Millionaires, I had a few thoughts (which means that I’ll probably write mores blogs about it).  The first thought was, “All I need is that one great idea and I’ll be in the ranks of overnight millionaires.”  Then, I thought about how long it takes to be an “overnight success,” and how many instant millionaires (lottery winners, recipients of lawsuit proceeds, inventors, etc.) I have seen during my career and how many have blown through the money as fast as they received it.  Getting “rich” is difficult, but staying there is even harder. Continue reading “Danger Spots when Getting Rich Quick!”