Carnival of Personal Finance #119
by Jason Dean
The 119th Carnival of Personal Finance was posted on Monday. I intended to post my thoughts on it one day later, but the Carnival site was down last night. Without further ado, here are the highlights (according to me, at least):
Saving money is like paying yourself or paying your family. Yet most people’s saving consist of what is left over after everything else has been taken care of. I would argue that our families are the most important people to us, so why do we put them last on the money list?
Review: The Courage To Be Rich (by The Simple Dollar) takes a look at Suze Orman’s 2001 book, subtitled Creating a Life of Material and Spiritual Abundance. Not surprisingly, the review writer found the book to be “too touchy feely” at the time he read it, but later he looked back to find he had used much of Ms. Orman’s advice to help himself climb out of debt. Lesson: Even if Suze Orman is annoying, listening to her advice may be beneficial.
The psychology of [the book], even though it seemed a little flaky at first, was actually spot on. Personal finance success relies a lot on having the right frame of mind – if you donâ€™t have that, you become your own worst enemy.
How to Budget with ING Direct (by ChristianPF) may be my favorite article of this bunch. It explains the author’s methods for budgeting by using multiple ING online savings and checking accounts, and is very informative.
ING Direct has played a critical role in helping me get my financial life organized. They donâ€™t advertise themselves as a great budgeting tool, but they really are. You could probably use this same technique at other banks, but I will show you why it is more beneficial at ING Direct.
Before closing, I will point out the host’s choices for best in show:
My Two Dollars presents Do You Ever Spend Money On Anything? (Hint: heâ€™s not cheap.)
Mrs. Micah presents Charitable giving vs. the value of compounding and debt reductionâ€”a dilemma and temporary solution. She searches for balance between giving and the power of compounding.
GRACEful Retirement presents Mean Ole Grace. Whatâ€™s the point of reducing debt if you canâ€™t have some fun along the way?
Money, Matter, and More Musings presents A Quick Financial Awareness Wake-up Call. A 20-point checklist to keep you on track. You have probably read about these issues many times on personal finance blogs, but how many times have you acted on them?
Plonkee Money presents Interviewing Fabulously Broke. What is a modern nomad? Hear what fabulously broke has to say on her lifestyle.