Tuesday, February 16, 2010

Blogger Showdown #10: MB Hunter vs. PT Money

PF Blogger Showdown #10: MB Hunter vs. PT Money! The battle of the abbreviations :) We got John from Mighty Bargain Hunter in one corner, and Phil from Prime Time Money in the other - a close battle today!

I've been fortunate to know these guys for a while now (even met John in "real life" - very sincere guy!) and I'm incredibly proud to be in the niche with them. What makes blogging awesome are all the varying perspectives we bring - and these two certainly have their own style. Enjoy!


John "MB Hunter" 3,169 Readers Mighty Bargain Hunter @mbhunter	Phil "PT" Taylor 2,665 Readers PT Money @ptmoney
How long have you been blogging for?
I've been blogging since May 2005. I had a few articles up on the site before that, but that was before I discovered the wonders of Wordpress. Those first couple dozen article pages were hand-coded HTML.	Since you were in high school, J Money. :) Seriously though, I've been blogging about personal finance at PT Money since early 2007. I also dabbled with a personal blog on blogger back in 2002 (pre-Google), but it wasn't much to speak of. So, I've got a bit of old school cred. ;)
Got any other projects/sites going on?
So glad you asked! My newest addition is Cash Commons for all kinds of money questions and answers. The Carnival of Debt Reduction has been going on for over four years. Then there's my on-again, off-again attempt at a weight loss blog, Deflabbify. No Credit Needed and I are egging each other on to shed pounds.	Does my 11 month old daughter count? She's keeping me pretty busy these days. I barely have time for PT Money. I do occasionally start up a side project, but nothing too serious. Oh, I did just start up a new blog carnival. It's called the International Personal Finance Carnival. Check it out.
What are the first 3 sites you check in the morning?
These three are the first tabs that come up when I start Firefox: Bible Gateway, my new baby Cash Commons because it needs care and feeding, and Google News. There are others, but you only asked for three. ;)	Gmail, various forums, and Drudge Report (I'm a sucker for the political)
Are you a fan of using Credit Cards?
Absolutely, as long as the balance is paid in full, on time, each month. There's almost no downside to using credit cards for convenience only: free use of the issuer's money for a few weeks, purchase protection, fraud protection, convenience, and even discounts on purchases in the form of cash-back rewards.	Hmm. A fan? Not necessarily. But I have to use one for my job (expensive overseas travel), so I make the most of having one. I always pay it off each month, and I get as many rewards points as I can. I cashed out a nice $250 cash reward check at the end of 2009.
What's better - money in the bank, or a fulfilling job?
Well, one's the chicken and the other's the egg. A fulfilling job is probably more important, but how do you arrive there? Do something you love, and hope the money will follow? Or do something that you don't necessarily love but something that pays well, and build enough money in the bank to pursue the lower-paying but fulfilling job?	Money in the bank. You can find fulfillment on the side. It doesn't have to come at the sake of providing a solid foundation for yourself and those you are responsible for.
Have you ever tried a payday loan or cash4gold scheme?
Nope, neither. Pawn shops will usually give you more money for gold than cash-for-gold places, which doesn't say an awful lot. And payday loan places are basically pawn shops , minus all of the cool stuff.	There may have been one time shortly after college where I did a payday loan. I knew it was stupid. But I was a poor money manager and I was desperate. Never done any cash4gold stuff. I know you must think I walk around with bling on all the time, but the truth is I don't wear or own any kind of jewelry beyond the wedding ring. That just took me down a few notches in your eyes, didn't it J. Money? Sorry.
What's the best deal you've ever gotten?
A stack (a couple of feet high) of old car repair manuals someone brought to the Salvation Army. It was "dime book" day so I paid about $5 for the whole stack. I sold one manual out of that lot for $35. I've made a couple hundred dollars off of those manuals, and still have some left.	When we built our first home back in 2007 I got it in my head that I wasn't going to pay the builder price to have wood floors installed. I found a nice price at a major hardware chain, slapped on a nice 25% off coupon, and installed the floors myself. They look great and I spent maybe a fourth of the cost of the builder flooring.
What about the worst?
One of our vans we got used for $3,700, drove for only a few months, and ended up having someone pay us $80 to tow it away because it had hidden transmission problems. Estimate to "possibly" fix the problems: $2,500. Forget it.	That's a tough one. I'd say our "all-inclusive" trip to the Dominican Republic last year. The package deal was supposed to make things easier and more affordable, but we really got what we paid for: a not very unique or comfortable stay.
On a scale from 1-10, how awesome are budgets?
At least a seven, because I'm starting to see the repercussions of budgeting by The Force. It's awfully nice to have historical spending data, and we just don't have that. But, thankfully, it's the beginning of a new year.	I'd say an 8. I like budgets. They're good in the short term to help create a focus on your finances and to help you learn to spend more consciously. We should look to move on past budgeting though, and create systems that pay us first. These days, I try to focus on taking care of the big things first: retirement and short-term savings. Then, I'm free to spend the rest how I please. No restrictions.
Do you have an all-time favorite book/blog?
"Winning Scratch-Off Lottery Strategies" by J. Money. It's a quick read. But seriously, no, there are so many books and blogs that I've gotten something out of, I couldn't start to pick favorites.	Financially speaking I'd have to give props to David Bach's Automatic Millionaire. He got me fired up about saving more money for retirement. And he appealed to the geek in me by challenging me to have it done automatically. He got me truly saving more and I haven't looked back.
BONUS What's sexier - Big breasts or a Big financial brain? ;)
You don't really want me to ruin the family atmosphere of this site by answering that question, do you?	You dog!! I'll leave that one for you to answer. My wife reads your blog.


Time to crown your winner! Will it be the almighty bargain hunter? Or the pimp-with-no-bling Money man? It's all in your hands my friends. Vote for the one you like the most, the one you read more, or the one you felt had better answers. There's not right or wrong here (or winner vs. loser, really), just another fun way to spread the financial love :) Thanks John & Phil! --------------- Want more juiciness? Showdown #9: Clever Dude vs. Frugal Dad Showdown #8: Madame X vs. Generation X Showdown #7: Liz Weston vs. Kathy Kristof Showdown #6: Fabulously Broke vs. Krystal at Work Showdown #5: Matt Jabs vs. Adam Baker Showdown #4: Flexo vs. Jim Wang Showdown #3: Lazy Man vs. Silicon Valley Blogger Showdown #2: Stephanie vs. Squawkfox Showdown #1: J.D. Roth vs. Trent Hamm

Labels: blogger showdown

Tuesday, January 19, 2010

Blogger Showdown #9: Clever Dude vs. Frugal Dad

PF Blogger Showdown #9: Clever Dude vs. Frugal Dad! This might be one of my favorites as it features my long-time mentor, and now friend!, Clever Dude :) I met him at one of our happy hours during month 2 of starting this blog, and he's steered me in the right direction ever since. I am forever grateful to that guy...even if he does like pink fruity drinks!

And on the other side today, we've got another well-respected blogger: Frugal Dad - who's not only blown up the finance world these last 2 years, but who's got to be one of the most sincere guys around. If you've ever worked w/ him or been on his blog, you'll know exactly what I'm talkin' about. Really appreciate you hangin' with us today bro! Here we go...


Clever Dude 3,020 Readers Clever Dude @cleverdude	Frugal Dad 10,642 Readers Frugal Dad @frugaldad
How long have you been blogging for?
I started in June 2006, so 3.5 years. I didn't even know what blogging was until a friend introduced me to it. My wife said I needed a hobby, so I took up blogging. Who knew I would eventually have thousands of subscribers!	I started FrugalDad.com near the end of December 2007. I wrote for about a year before that at Associated Content and other article directories before finally realizing I could publish thoughts on my own site.
Have you found any secrets to rockin' it out?
Write about something you enjoy. If you just write to make money, you won't have the passion to get you past the first 3 months, then the first 6 months (which is when you tend to start earning a few bucks). I still consider Clever Dude as a hobby, not a business, because the minute it becomes a business, then it becomes an obligation. Here's 50 more tips too.	Don't be afraid to tackle controversial topics. People read blogs to learn your opinion on a variety of subjects related to your niche. If people wanted regurgitated financial news stories minus the human story they could read traditional media.
What are the first 3 sites you check in the morning?
I check my Gmail (I consolidate all my accounts into one), I check Google Reader to keep up on other PF blogs and other sites. The last is probably My Yahoo homepage for news, comics, weather, etc. As you can see, I like having everything in one place as much as possible!	FrugalDad.com, to make sure it is up and running. FoxNews.com for the latest headlines. My bank account online. Yes, I balance my bank account online every morning - it's an obsession.
As a married guy, how do you & the fam manage your money?
While I don't recommend this model because of the risk if something happens to me, I handle all the finances including paying bills and investments. However, that doesn't mean the wife is out of the picture. She has even more say in purchases than I do because I recognize that she has a better sense of judgement and patience. We talk anything over that costs more than about $50, but we don't really spend much money anymore so it doesn't really come up often. For managing money, I use Quicken (just upgraded to Quicken 2010) and an Excel spreadsheet. I've gotten it all down to just a few minutes per week.	My wife and I make all financial decisions together, but it hasn't always been that way. Most of the past mistakes were made because I didn't listen to my wife's intuition.
Do you use a budget? If so, what format?
I use a budget, but not really the way that many people teach. My budget shows when I owe what to whom, and repeats each month, rather than just lump totals by category. I do this all in Excel so I can have full control of the layout, and it's worked great for about 5 years, in combination with tracking and reporting from Quicken. I might give Quicken another chance to manage it for me now, but it's not a high priority. Our personal finances are almost on cruise control now.	We have really relaxed the budget since getting our spending under control. I used to track infinite categories of spending, which became tedious and was taking too much life energy. I'm old school. I have a custom Excel worksheet that I use to plan out our income and expenses, but just the larger categories. I'd rather spend time playing ball with the kids than updating elaborate budget programs.
What's one of the EASIEST ways to save money?
The BEST way is to track where you're spending it so you're empowered with knowledge, but I guess the EASIEST way would be to not be afraid to ask for discounts and shop around, including after the purchase. I saved $1400 per year with one call (but not to Geico), even though I was happy with my existing insurance company. I saved hundreds recently between cable and cellphone by changing plans and asking for discounts. I consider these things "low-hanging fruits" ready to be picked.	Leave home without it. Seriously, spending too much money at stores is often a crime of opportunity. Something catches your eye, but you don't have the money so you whip out a credit card. If this sounds like you, make things easier on yourself by leaving credit cards at home, and only taking along enough cash to cover things on your shopping list.
What's the most you've ever been in debt?
$113,000 in credit card, student loan and auto loan debt and $400,000 between two mortgages. Total about a HALF MILLION DOLLARS. Now we're down to about $370,000, which is just mortgage.	At our highest point (or our lowest point, I should say) we owed nearly $30,000 in combined credit cards, automobiles, student loans and other school expenses I accumulated after returning to school to finish my degree. After a couple years of sacrificing, clawing and scratching our way back to even we're now debt free besides the house. Our family motto when it comes to debt is... "Never Again!"
Would you give up blogging for a fancy sports car?
You know I'm a car guy. It depends on the conditions. If someone gave me a used, beat up Miata, then no, but I do have a price and it wouldn't take a Ferrari to coax me out of blogging.	No way. If someone gave me a fancy sports car I'd sell it, buy myself a used pickup truck and invest the rest.
True or False: Personal finance is easy.
The fundamentals are stupidly simple (cut expenses, live frugally, earn more, manage money), but applying them to your life adds so many complications. "Finance" is logical, but "Personal" is emotional and psychological. Even an "emotional wasteland" like myself has problems like emotional spending on cars and electronics.	True. The basic concepts of personal finance are easy. It's common sense, really. Spend less than you earn and save the difference. I believe most of today's economic problems can be blamed on making personal finances too sophisticated. It's time to get back to the basics.
What would you do if I gave you $20k?
Give it back so you can handle your own debt. But assuming I didn't have that option, I would donate it. If I didn't have the option to give it away, then I would pay down our mortgage, although the wife might like a vacation overseas. Ahh, to dream...	I'd probably use $5,000 to take the family to Disney World (we've never been) and then the mountains (the latter trip is more for me). I'd maximize Roth IRAs for my wife and me with another $10k, and I'd find a local family or two to bless with the remaining $5,000.
BONUS What's smarter - Being clever or being frugal? ;)
You can be clever, but many a "clever dude" (and dudette) has gotten into financial trouble with schemes and scams. You need to be both clever and frugal, but also wise. Being wise means you've learned from your own and others' mistakes and apply the lessons learned to your own life.	As a frugal dad, I'd have to go with being frugal. However, cleverness and frugality are closely related. Looking at life's challenges with a frugal mindset often leads to clever solutions as we challenge ourselves to find creative ways to save money.


There ya have it! Two influential bloggers spreading the good work with us today :) Did you enjoy it? Please let us know by voting for your fave! There's no real "rules" here, just gotta go with the one you enjoyed the most. And as always, huge THANK YOU to Clever Dude & Frugal Dad for dropping by! I'm proud to be in the mix w/both of these classy guys. --------------- Previous Showdowns: Showdown #8: Madame X vs. Generation X (Gen X wins) Showdown #7: Liz Weston vs. Kathy Kristof (Kathy wins) Showdown #6: Fabulously Broke vs. Krystal at Work (Krystal wins, by 1 vote!) Showdown #5: Matt Jabs vs. Adam Baker (Jabs wins) Showdown #4: Flexo vs. Jim Wang (Flexo wins) Showdown #3: Lazy Man vs. Silicon Valley Blogger (SVB wins) Showdown #2: Stephanie vs. Squawkfox (Squawkfox wins) Showdown #1: J.D. Roth vs. Trent Hamm (J.D. wins)

Labels: blogger showdown

Tuesday, December 22, 2009

Blogger Showdown #8: Madame X vs. Generation X

PF Blogger Showdown #8: Madame X vs. Generation X (aka Jeremy Voh)! AKA two bloggers who use my favorite letter in the entire alphabet! Makes me wonder why I didn't call myself "X" Money actually ;) Though that does sound kinda dirty...

It's another round of Blogger vs. Blogger, friends! In the left corner, hailing all the way from Brooklyn, NY, and famous for her Reader Love Matchups, give it up for my main girl Madaaaaaaaame XXXXXXX! And in the far right corner, representin' Northern Indiana, and the king of award-winning chile, put your hands together for Jeremey Vohhhhhhhwinkle!

Two totally different blog-stars, with two totally different backgrounds - here on the same page to dish out the goods. And boy do they go back! Does Wide Open Wallet and Generation X Finance ring any bells?! Well either way we're ringing them now, baby! Let's get to it.


Madame X 3,022 Readers My Open Wallet @myopenwallet	Jeremy Voh(winkle) 5,376 Readers Generation X Finance @jeremyvoh
How long have you been blogging for?
Since July of 2005-- it's amazing how much the personal finance blogosphere has expanded and changed since then.	I've been blogging since late 2006. I've been running and maintaining various websites since around 1998, but they were not what you'd call a blog today.
Do you find you're running out of things to say?
Lately I've been posting much less frequently because I was very distracted by family matters and I've been extremely busy at work, and for some reason I have found it harder to write about money. But there's always something to say on the topic, and I have way more ideas than I have time to write posts about! That is one of the reasons I started a personal finance blog in the first place-- I wasn't just interested in the basic how-to's of managing my finances, but more in how money affects every single aspect of my day to day life.	I'm not really running out of things to say, but rather running out of interesting ways to say things I've already said. After talking about personal finance on almost a daily basis for over three years I find it can be hard to find the motivation to write about some of the more basic topics with a new spin.
What are the first 3 sites you check in the morning?
My personal email via AOL, Facebook, and MyYahoo to check the latest headlines from various blogs I follow. This is probably a really boring list but unfortunately my work computer is blocked from accessing p()rn and gambling sites.	This might seem odd to some, but since I'm a big weather nerd the first site I check in the morning is my local National Weather Service office at http://www.crh.noaa.gov/iwx/. After I get a good idea of what lies ahead in terms of weather I typically hit up the WSJ online to scan for the latest business and finance headlines, and then I usually fire up my feed reader so I can start making my way through all the new blog posts for the day.
On a scale from 1-10, how happy are you financially?
I'd say I'm somewhere around 8.375. I'm very happy that I live within my means and am constantly saving for retirement while still managing to splurge a little on things I enjoy. But I'm not immune from feeling like it's never quite "enough." I'd like to be making a bigger salary so I could feel a bit less anxious about the future, and I certainly haven't been happy about the way the economy has affected my investments and home equity. But overall, I think I'm in a pretty good place, barring any unforeseen catastrophes!	Right now I'd have to say I'm at an 8. We just bought a new house but have yet to sell our old house, so until we can unload the burden of a second mortgage I don't think I can go any higher than an 8. Once we sell the house and I get my last student loan paid off I'd easily be at a 10.
Do you use a budget?
Yes, I keep a pretty detailed budget in Quicken. I seem to have pretty regular habits and my spending is quite consistent year to year, so I can usually just budget pretty much what I spent the previous year, plus a little extra just for inflation. There was one year when my budget and actual expenses only differed by $12!	These days I don't follow a strict budget like I used to. Back when my wife and I were just getting started, had lower paying jobs, and were trying to pay off consumer debt we followed a very strict and detailed budget. But these days most of our finances are on autopilot-utilities, the mortgage, car payments, etc are all typically paid automatically and remain relatively consistent from month to month. So our budget now just consists of having ballpark figures for other expenses such as groceries, travel, discretionary spending, etc. As long as we're close to our budget for those items I don't go overboard and track every single penny.
What's one of the best moves you've ever made?
I bought an apartment with a partner in the mid-90s, just before the start of the big real estate boom. Its value at the height of the market was 5 times more than what we'd paid.	The best financial move I've ever made was the decision to NOT declare bankruptcy many years ago. I ran into some major financial issues towards the end of college when I had a business that was funded primarily by loans and credit cards go under. With an almost insurmountable amount of debt the only option that seemed to make any sense was bankruptcy. That was even what various accountants and tax professionals recommended. But I really didn't want to go that route. I know that being a young college kid with nothing to lose could have used bankruptcy to easily wipe the slate clean, I just felt like I had an obligation to pay back the money I had borrowed. This decision motivated me to change my career path a bit, find more, and higher paying work, and even start my own businesses on the side and do whatever I could in order to come up with the money to repay all that debt. It worked. Instead of declaring bankruptcy I worked my butt off, learned new skills, made new connections, and learned how to be extremely frugal and do whatever it takes to save money when times are tough. Over $60,000 in debt was repaid in about three years. Bankruptcy would have actually been much cheaper and wouldn't have hurt my credit much more than it already was at the time, but the lessons I learned during that period of my life would have never been possible.
What about one that pisses you off just thinking of it?
I sold my half of that apartment in 2001-- I made a bit of a profit but not as much as I would have if I'd cashed out a bit later, as my ex- did! And what's worse, I then rented for 6 years and didn't end up buying again until close to the height of the bubble! I was focused on other things at the time, but in retrospect, I wish I'd done things differently.	Bad drivers. Need I say more? People who wait until the last second to merge, fail to use turn signals, hog the passing lane while going under the speed limit, idiots no their phones not paying attention, and of course, those who can't seem to park their car between the clearly marked lines in the parking lot and take up multiple spaces. See what you did? Now my blood is boiling just thinking about it.
Do you think the Dow hitting 10k means anything?
10,000 is a number like any other, but it's bigger than the 9,999 numbers before it! Perhaps that extra 5th digit has some psychological effect. But I try to have a pretty hands-off approach to the stock market. I try to put money in and leave it alone unless a particular investment is really tanking.	The Dow at 10,000 is meaningless. It's a nice round number that people can associate with and something the media can talk about, but in the end that's about all it's good for.
What's better - $50k in the bank or $50k off your mortgage?
Given the crappy interest rates banks are paying these days, it probably makes more sense to put $50k into paying off your mortgage. But if that $50k is all the savings you have, then I'd leave some of it in the bank for emergencies and not tie all of it up in home equity, especially in an economic climate when it might not be as easy to get a home equity loan.	In most cases, $50k in the bank. Liquidity is nice, and you can do a lot more with $50k in cash than you can with a $50k paper gain on your balance sheet. Life is unpredictable, so having the money in the bank will help you get through a period of unemployment, financial, or even medical emergency without leaving you to resort to more drastic measures to come up with the money in a time of need.
Any cool side gigs or projects in the works?
Kind of-- I have another blog and I'm working on what will hopefully be my first novel (ack!) but unfortunately those will be under my real name, not Madame X, so I can say no more... [pulls cloak over face.]	Hmm, well I always have a ton of ideas floating around in my head, but very little time to actually put most new projects into action. There is one new project I'm going to be a part of in the coming months. I'm one of the community editors for a new finance startup, but they haven't officially made the announcement or launched the site yet. But I can tell you it's coming very soon and I'll be posting updates about it on my site when I have more information.
BONUS Which are cuter - puppies or lolcats?
Both are cute, but I think there's a great untapped audience that really wants to see more turtles.	Lolcats, without a doubt. I love those guys! In fact, here's a useless bit of trivia. I love lolcats so much that in the Guitar Hero and Rock Band games on Xbox I always name my band "I CAN HAS CHEEZBURGER".


Much respect to both of these classy bloggers. To be in the game for that long and still be rockin' it out is simply awesome. Thank you both for taking the time and chatting with us :) Everyone else - don't forget to vote for your favorite! --------------- Previous Showdowns: Showdown #7: Liz Weston vs. Kathy Kristof (Kathy wins) Showdown #6: Fabulously Broke vs. Krystal at Work (Krystal wins, by 1 vote!) Showdown #5: Matt Jabs vs. Adam Baker (Jabs wins) Showdown #4: Flexo vs. Jim Wang (Flexo wins) Showdown #3: Lazy Man vs. Silicon Valley Blogger (SVB wins) Showdown #2: Stephanie vs. Squawkfox (Squawkfox wins) Showdown #1: J.D. Roth vs. Trent Hamm (J.D. wins)

Labels: blogger showdown

Tuesday, December 8, 2009

Blogger Showdown #7: Liz Weston vs. Kathy Kristof

It's PF Blogger Showdown #7, baby! Featuring Liz Pulliam Weston - aka "the web's #1 personal finance columnist" and Kathy Kristof - LA Times finance guru and one of my new favorite people! Yup, we've gone to the actual experts today my friends and their answers show it.

Two finance stars with the blogs & knowledge to back up their talk (imagine that?). We'll return to non-journalist bloggers for the next round, but for now give it up for Liz Weston & Kathy Kristof!


Liz Pulliam Weston Books published: 3 Ask Liz Weston @lizweston	Kathy Kristof Books published: 3 Devil in the Details @kathykristof
How long have you been promoting personal finance?
A loooooong time. One of my first stories as an intern for the Seattle Times business section in the mid-1980s was about refinancing your mortgage. Another was about banking using your computer, which was a real gee-whiz story back then. I've been writing about personal finance full time, though, since 1994. (See Ask Liz Weston, and Liz's column on MSN Money)	Since birth (we don't need to reveal when that was, do we?) by immediately illustrating to my parents the economic folly of having a child. In seriousness, I have been writing a personal finance column since 1990. Six months later, I took over Sylvia Porter's syndicated column, which leads to my main claim to fame: I was once a Jeopardy question. "Kathy Kristof replaced what famous syndicated financial columnist when she died in 1991?" I'm relatively new to blogging, writing my first post in April for CBS Money Watch, which is also new. The site didn't go live until August or September of this year.
What are some of the projects/books you've been involved with?
My book "Your Credit Score" is still the best-selling book on this topic; it recently came out in a third edition. I've got two other books, "Deal with Your Debt" and "Easy Money," that were also published by FT Press. I just made a deal with Hudson Street Press, an imprint of Penguin, for another money book that will likely come out in 2011.	I've written three books. Investing 101, (recently updated, but first published in 2000 by Bloomberg); Taming the Tuition Tiger (2002, Bloomberg); and Kathy Kristof's Complete Book of Dollars and Sense (1997). I'm not sure if I understand what you're asking for with projects. I am extremely old..I mean "experienced." I've written massive project pieces on college students getting creamed by high-cost private loans; how colleges sucker students in to high-cost programs with misleading statistics; hidden fees in retirement plans; as well as a whole series of stories about how Angelo Mozilo (former chief executive of Countrywide Financial) played games with SEC filings so that he could sell $140 million of his company's stock before his shareholders and customers knew that the subprime mortgage crisis was about to crush them.
Do people ever stop you in the streets and ask for advice?
I only seem to get recognized when I look my worst, like after a long airplane flight or when I forgot to put on any makeup, so most people seem to decide after getting a closer look to just say "Hey, I'm a fan," and then back away. Where I really get tackled is at parties, especially those attended by artists (my husband is an artist).	No, but they definitely stop me at cocktail parties. Give me a glass of wine and I might try to solve all of your financial problems, too.
What are the first 3 sites you check in the morning?
MSN, of course, and then Gmail and then Facebook.	I start with gmail to see if anyone's sent me a breaking news story that I have to jump on immediately (or if any of my friends have passed on any good gossip). I've set up a home page on Yahoo that gives me stock market news; world news and money news, including a number of money-oriented blogs. And then I check CBS MoneyWatch to monitor and respond to comments on my blog.
Are you a fan of the budget?
Yes and no. A detailed budget can really help you dig out of debt or deal with a financial crisis. As you get your finances more under control, though, I think a "track and adjust" method works fine. In our household, for example, I make sure that enough money is going into various savings "buckets" every month. (Our buckets include retirement accounts, our daughter's college savings plan, and online savings subaccounts to cover less-regular expenses, including property taxes, insurance payments, car and household repairs, vacations and holidays.) I then monitor our transactions online to make sure we've got enough to cover our spending after all the monthly bills are covered. If we start to overspend, we cut back.	I think that everybody needs to do a budget once just to see where they are spending their money. That's usually pretty shocking because most people don't realize that they're spending a fortune on lunches, or shoes or baseball cards--or whatever their little personal money pit might be. But once you realize that you're setting priorities for your life by how you spend your money (cuz if you spend here, you don't have enough to spend there too), I think the point has been made. After that, I find day-to-day budgeting boring and annoying (like a nagging spouse), so I'd only do it if I wasn't sure why I'd gotten into debt, or if I was having trouble paying my bills.
What's one of the worst financial products ever invented?
Variable annuities inside of retirement accounts.	Whole life insurance. It's expensive, impossible to understand (mainly because no one would ever buy it if they could understand how it works); and it's beneficial to about one person in 100,000. Everybody else should buy level-premium term insurance when they're young and broke and stop buying insurance when they have enough assets to protect their heirs without it.
What about the best?
FDIC insurance. It put a foundation of stability under our financial system at a critical time during the Depression and again during the recent financial crisis.	Index mutual funds. They give you the ability to earn the average returns of the stock market (which aren't half bad if you look beyond these past 10 years) without the time, trouble and expense of buying a bunch of stocks on your own.
Do you think we're out of this recession?
Technically, the answer may be yes, but I think it's going to be awhile before we see significant improvement in the unemployment rate. As long as joblessness is still high, people are going to feel like we're in a recession, even if we aren't.	That depends on how you define it. I definitely think things are getting better, but they're getting better really slowly (and better is a relative term). I've been saying for the past year that we were going to start seeing signs of life this Christmas, but we're definitely not out of the woods yet.
How should college kids be preparing for the "real" world?
Carrying credit card debt is one of the worst financial habits to get into, so the best thing college students can do is avoid it. If they already have some, they should strongly consider taking a semester off to work and pay it off. (See - A debt payoff plan that works) I'd also suggest researching the field and the jobs they're preparing for, and finding out how much those jobs tend to pay in the first year. That first-year salary is a good guideline for how much student loan debt to take on. If you have to borrow more than your first-year salary, you'd better be entering a field where salaries grow rapidly (you're studying to be a doctor or an attorney, for example) or you might want to think how much you're spending on your education.	They should get jobs. Even a part-time job will teach you that (1) life isn't always fair (2) your boss doesn't care and doesn't want to listen to you whine (3) if you don't show up, you don't get paid (4) cleaning the restrooms at McDonald's is a lot harder than getting an A on your English essay (5) one pair of "7" jeans will cost you 50 hours of cleaning restrooms at McDonald's, which makes them look a lot less cute.
Any favorite pieces of advice to leave us with?
Financial planning is all about balance. It's just as possible, though not as common, to save too much as to save too little. You want to make sure you're enjoying your life at the same time you're providing for your future. Going too far in either direction-oversaving or overspending-is a recipe for eventual unhappiness.	Live like the Fisherman in your blog. Money is a means to and end, not an end itself. Know who you are, what you want, and use money as a tool to get it. Don't let money --or competition to get it-- control you.
BONUS Who's feistier: Suze Orman or Dave Ramsey?
When it comes to feisty, nobody beats Ramit Sethi. We don't agree on everything, but I really enjoy his stuff.	That's a toughie. I've never seen SNL do Dave Ramsey, so I'll vote for Suze--or maybe Kristen Wiig impersonating Suze. The problem with picking one over the other is that they say a lot of the same things. On substance over form, are they different? In fact, I think Dave Ramsey could be Suze in disguise or vice versa. (You never see them together.)


Time to crown Showdown winner #7! Submit your vote above and let us know who your all around favorite is. Base it on the funniest, most inspiring, knowledgeable, whatever you want! They're both bad asses in my book, and I can't thank 'em enough for coming out and sharing with us - it's not everyday you get professionals up in hurrr ;) ----------------------- Previous Showdowns: Showdown #6: Fabulously Broke vs. Krystal at Work (Krystal wins by 1 vote!) Showdown #5: Matt Jabs vs. Adam Baker (Jabs wins) Showdown #4: Flexo vs. Jim Wang (Flexo wins) Showdown #3: Lazy Man vs. Silicon Valley Blogger (SVB wins) Showdown #2: Stephanie vs. Squawkfox (Squawkfox wins) Showdown #1: J.D. Roth vs. Trent Hamm (J.D. wins)

Labels: blogger showdown

Tuesday, November 10, 2009

Blogger Showdown #6: Fabulously Broke vs. Krystal at Work

PF Blogger Showdown #6: Fabulously Broke vs. Krystal At Work! AKA two of the feistiest bloggers around ;) And even more intriguing since they're both anonymous.

I've just recently started following FB from Fabulously Broke, but Krystal's Give Me Back My Five Bucks (otherwise known as "Krystal At Work") has been on my list before I even started blogging myself! What's great about these two is that they just spill it right from the heart, no matter what's on their mind. Sometimes it generates a little ruckus, but they stand by their words and keep on truckin'. Probably a reason they have such a cult following. Enjoy!


Fabulously Broke 1,580 Readers Fabulously Broke @brokeinthecity	Krystal At Work 1,154 Readers Give Me Back My Five Bucks @krystalatwork
How long have you been blogging for?
Is it sad that I actually had to look this up and find the first post I ever wrote? Never mind, don't answer that. December 2nd 2006. Final Answer. (But I of course, haven't aged a day...) I started blogging as a way to save money. I thought it'd suck up all of my free time (which it did and still does), and stop me from craving retail therapy by posting what I wanted to buy and ogling it... without buying it, (which it sort of works, but avoiding even going out to those stores, is even more effective than blogging).	I've been blogging for 6 years, and PF blogging for 2.5 years.
Do you ever consider going un-anonymous?
Haven't I already? Check out my awesome head shot in the header! Seriously, I have considered it, but I think staying in the closet helps my writing. It might be a mental thing, but I can't be as honest or as forthcoming on my blog, if I reveal who I am to the world. It's not that I am scared of backlash, it's more that I don't want my two worlds colliding: FB Online and FB Real World. You saw what happened to George Costanza! That would really suck if I went to a client and they know all the intimate details about me, my life and my finances during an interview. Can you imagine? "So, tell me about yourself. How in the hell did you manage to get $60,000 into debt?". Or if my parents called me and said: "What the HELL are you writing on the internet about your family acting like that? Don't you know that dirty laundry..... *blabeddy bla bla for 5 hours* " Ugh. Not good. With that being said, there are a handful of people who know who I am in both worlds.	I have considered it, but don't think that I will. That being said, I have nothing to hide. I'm very open with my writing, but I don't mention specific names of people or anything about my job. So if someone who knows me in my real life were to ever stumble across my blog (it's happened a few times), I'd be fine with it.
What are the first 3 sites you check in the morning?
It kind of varies day to day, but this is it: 1. Gmail ---- for all my email accounts 2. Bank Account ----- to check to see if someone transferred in a million bucks as a generous gift. So far, nada. 3. Fabulously Broke in the City --- to moderate comments, etc. As for blog stats, etc... I am not really obsessed about it. I mean, don't get me wrong, it's cool, but what does it really mean to me as a blogger? It doesn't drive why I blog.	Gmail, Facebook, Google Reader.
Do you have any blogger crushes?
OH MY GOSH YES!!! There are so many amazing bloggers online that I have so much respect and admiration for. For one! -------------------------> How much space do you have on this blog? You know what, forget that. Just go to FabulouslyBroke.com and check out my Blogroll.	Over the weekend I had a dream about Punch Debt in the Face and J.Money. The three of us were at a bar, and both of them were walking around with blurred out/pixelated faces. No joke.
If I lent you $1,000, how long would it take for me to get it back?
It depends on what I am using the money for. Wait a minute. That reminds me, don't YOU owe me some money? Like say, around $1000? :)	I'd never borrow that amount of money from a friend.
What's the best financial advice you've ever gotten?
Actually, it was the first and only money advice my father ever gave me. He told me to never carry any credit card debt and always pay the balance in full. I'm glad I listened. I've never paid a single red cent towards my credit card debt and I never will. (I'm pretty sure Mastercard hates me right now.)	When I was in debt - really struggling to make ends meet, and thinking it was completely hopeless ... an old friend said "when you think you can't, you CAN." There's always a way out of a tough situation if you're willing to stop complaining, stay positive and work hard.
Do you believe in budgeting?
Heck no, don't you read my blog!? Just kidding. Big fan. HUGE. HUUUUGE FAN. I definitely believe in budgeting because really helped me get out of $60,000 of debt. When I first started, I thought it was a load of crock. But 18 months later, I am a full-fledged, die-hard convert and I will probably do it until I croak. Now my budgeting style is more flexible, because I just budget for my basic expenses like rent and use my ..errr... sound judgment to try and stay at a reasonable amount each month for everything else. The most important thing for me is daily, rigorous tracking of expenses. I am a bit of a nerd for numbers, and even now, it still slaps me in the face and reveals things about me that I would sometimes rather stay in denial about.	If it weren't for budgeting, I'd probably still be in debt. 3 years ago, I was very very strict with my budget because of my debt load and my wild spending ways. But now that I'm more confident in my ability to spend and save, my monthly budget acts more like a guideline.
What's your all-time most popular post?
Judging from my Popular Posts widget, it'd have to be The FB Story. It really goes over the history of how I started and my journey through the past 3 years from being $60,000 in the red to being $70,000 in the black in 18 months. (Well, after those tax pirates got a hold of me last month to shake me down, it's at a ~$50,000 net worth now).	Unfortunately, it's probably the one where I got completely ripped apart for buying a new car. I'm all for constructive criticism, but it was more about insulting me than anything else. Ahh, memories.
Why the fascination with Swagbucks?
Are you sure you're a PF blogger, J.? ;) Who doesn't love free money and gifts?!?! It almost feels illegal to be using it. Since I started, I've made around $15 a month.	It's pretty much the easiest way to make money online, because you don't really have to do anything. Since the summer, I've made about $400 worth of Amazon gift cards.
If you had to give one up: Twitter or Facebook?
Facebook. I try, but I fail at being a good Facebooker, even though we have a kinship of the same initials "FB". (Which by the way, totally confuses me sometimes and makes me think my friends in real life, have somehow outed me). Twitter is way more fun and interactive for me. I get to enable people to shop or eat chocolate, and pass on really weird and cool posts all with a click of a button! P.S. I think Krystal (the unofficial PF Facebook stalker) would die if she couldn't snoop Facebook profiles. ;)	Why are you making me choose!? Twitter, I guess. But only because it's easier to snoop on Facebook. That's right, I said it.
BONUS Prioritize these in order (1-3): Shopping, Sex, Blogging ;)
1. Sex --- For obvious reasons, and you even get a righteous nap out of it afterwards. 2. Blogging --- Love, love, LOVE it. And it's a free activity. Me likey. 3. Shopping --- Meh. I got sick of it last week for 2 hours. It's not as fun without girlfriends.	#1 - Sex. Because, well. Isn't it obvious? #2 - Blogging. While not as great as #1, it's still pretty fun. #3 - Shopping. Comes in last because I'm usually too busy with #1 and #2! :)


Thank you girls! Always a pleasure hearing from you :) Now it's time to vote! Who would you like to win Showdown #6 - battle of the feisty bloggers? Submit your vote now and let us know. And as always, it's just for fun. Both are genuinely awesome people!

Labels: blogger showdown

Tuesday, October 20, 2009

Blogger Showdown #5: Matt Jabs vs. Adam Baker

Get excited for PF Blogger Showdown #5: Matt Jabs vs. Adam Baker! What I love about these guys is that they're both so inspirational AND down to Earth. And if you haven't been following the PF circuit lately, they're everywhere! haha...You've got them messaging like crazy on Twitter, blogging out their hearts on Debt Free Adventure and Man vs. Debt respectively, and even moonlighting for heavy hitting blogs on top of it! (Five Cent Nickel or Get Rich Slowly ring any bells?) Needless to say, these guys are good. What's more, they're quick to help their friends out.

So sit back, grab your coffee, and watch 'em spill it all out on the table! (the honesty, not the coffee) It doesn't get more sincere than this, my friends.


Matt Jabs 725 Readers Debt Free Adventure @mattjabs	Adam Baker 2,457 Readers Man vs. Debt @manvsdebt
How long have you been blogging for?
I started a personal/tech blog in 2007 but did not step onto my personal finance soapbox until January 4th, 2009.	I started my blog in the last week of March of this year. I wish I had some cool story about how I've always wanted to do this from a young age, but it's not true. I've always hated writing in any shape or form, but somehow managed to find myself blogging. Who knew?
What's so great about personal finance?
I think gaining control over money is sexy. Also, because our culture has largely starved us of the knowledge to manage our personal finances properly, taking this issue on is beneficial to me and hopefully to those reading DFA. Oh yeah... and I'm a total math/money/numbers geek.	Personal Finance is one of a handful of topics that everyone has to deal with. There's a million different sub-topics and a million different opinions, haha. Keeps things fresh. Most importantly, though, getting a grip on your finances unleashes a ridiculous amount of potential for freedom.
What are the first 3 sites you check when you wake up?
Crap. I knew you were gonna ask this question. I am going to honest and say: Gmail, Adsense (there... I said it), and either Analytics or DFA.	1) Gmail 2) Man Vs. Debt (moderate comments, trackbacks, and check for major links/mentions) 3) TweetDeck (so effectively Twitter.com) Does it get any more boring than that? I don't think so ;-)
You two seem to be BFFs on twitter. Are you guys really pretty close?
To any who know him this will come as no surprise. Adam Baker is a winner. Period. And I love to surround myself with people are bound to succeed. Beyond that, I prefer friends who are brutally honest and who push me to succeed. I have definitely found that person in Adam. We chat nearly every day in an effort to motivate, encourage, and keep each other on track. I highly value his friendship and am a huge fan of what he is doing.	As far a e-friends go, I'd say we are fairly close. I'm a huge believer in what Matt is doing and have absolutely no doubt in his long-term success. His resolve towards his goals is very addictive to be around. Not only that, but he's been a huge supporter of me from very early on and is constantly pushing me towards bigger and better things.
What's your all-time favorite article you've written?
Ha! Nickel is gonna love this. Ironically enough... my all-time favorite post does not reside on DFA, but on FiveCentNickel.com. It is a post title, "Is Personal Responsibility Dead?" It is my favorite because it embodies so much of what I believe and stand for, and really gives readers a solid perspective of where I am coming from. If you haven't already read it... check it out.	That's really, really hard actually. I would have to say the Debt Tsunami post I wrote. When I read back through it, I see that I was just starting to find my 'voice' in the post. It's still my second highest traffic post ever, and was one of the first to be universally linked to by many other pf blogs. The success of the message/tone really fortified my resolve to put myself (and my passion) out there and people would connect with it. It changed the direction of MvD.
On a scale of 1-10, how big of a role does religion play in your writings?
Religion? 0. Bible? 10. I strive to filter everything through the judicious principles of the scriptures - and that definitely includes my writing. I fail miserably because I am human, but I try hard to judge myself, my views, and my advice against its matchless wisdom. Heck... I figure any book that has sold over 6 billion copies can't be all bad... right?	2. I would say 1, because I never ever think about it when writing, but I know that spirituality in general effects 'everything' we do. So, I'll go with 2 ;-). To be blunt, religion (or spirituality in some form) just isn't a priority in my life right now. Hopefully, that we change soon. :-)
You both have "debt" in your blog title - What's the damage at now?
Around $10,000 at Lending Club. Around $65,000 in student loans. Around $160,000 in mortgage debt. Despite these high numbers my wife and I have incredible peace in relation to our finances. Why? Because we have a plan. Having a plan to eliminate your debt and build wealth is almost as peaceful as having no debt at all. Now, the only thing standing between us and debt freedom is time and patience.	Approximately $52,000 in student loans left. We've destroyed all of our 'consumer' debt and live without credit cards. Right now we decided to spend a little time on long-term travel and income generation. I'm itching to turn back up the heat and kick out the rest of these loans in the coming year.
Do you use any form of budgeting?
Though I am a computer technician, my wife esteems computers about as highly as PF bloggers do credit card debt! So - because I need her on board - I accommodate by using the old school pen and paper method - which I know Adam and Courtney favor as well. I have tried many budgeting programs and while some are very cool, for us nothing beats the simplicity, thoroughness, and flexibility of individual spending journals and hand written budgets. Budgeting took about 8 months to really "take hold" in our lives, so those who are just starting out need to be patient and have fortitude.	Yep, we track every penny we spend (publicly actually on MvD) and normally do a simplified budget by hand every month. When budgeting by hand, we round to whole numbers, use very few categories, and shoot for zero-sum budgeting. We concentrate on 'discretionary' spending the most, but also regularly review our subscriptions and fixed monthly bills. Lately, we've began using PocketSmith (in order to share everything online) and I absolutely love forecasting my spending using their calender system.
What's the stupidest financial mistake you've ever made?
Buying our current home. We put zero down and are now upside down. The bright side? We do have a fixed 30 year rate and our payment is only 21% of our NET income - Phew! Would love to hear any solid advice from the commentators about ways to sell when you're upside-down.	Becoming addicted to gambling. I spent a couple years in the industry. I dealt poker, ran a local poker room, and even played professionally for awhile. Ultimately, though it's a losing game. Even though I was 'making' more money than I ever had, my spending was ridiculous. I gained 50 pounds, became depressed, and squandered any dollar I made (even though I didn't go into debt for it specifically).
Which is worse: Not blogging for a month, or losing $1,000 in cash?
Not blogging for a month would cost me more than $1,000 and then I would have all kinds of pent up financial geek speak that would fall on the ears of my beautiful wife. She wouldn't appreciate that - so I'll go with losing a $1,000.	While losing a $1000 dollars would have much more of an immediate impact on our finances, over the long haul not blogging for a month would probably end up costing me more. If I was given the choice today, I would lose the $1000 and keep pouring myself into the blog. That either makes me crazy or genius... I'm not sure which.
BONUS Who would save more money, Batman or Superman?
Oh this one's easy. Though it would appear Batman has much more... Superman has lived simply and below his means for many years. While Batman was busy buying every gadget that came through the bat-cave, Superman was keeping the peace with nothing more than a cape and a public phone booth - stashing money away in the safest place he could find... the Fortress of Solitude!	Are you joking? Wayne Enterprises could have Superman on the payroll and not even notice it. Bruce Wayne rulez, Clark Kent droolz.


So who are you voting for? I realize I may have given Baker a head start here w/ the duplicate insertions of his baby, but do your best to look at the content ;) Although there really aren't any scientific methods for voting here - just pick the one you like the most! They're both bad asses in my view, so I commend each of them for their continued support in spreading the good financial word. Keep on rockin' it out guys. ------------ Previous Showdowns: Showdown #1: J.D. Roth vs. Trent Hamm Showdown #2: Stephanie vs. Squawkfox Showdown #3: Lazy Man vs. Silicon Valley Blogger Showdown #4: Flexo vs. Jim Wang

Labels: blogger showdown

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Tuesday, February 16, 2010

Blogger Showdown #10: MB Hunter vs. PT Money

Tuesday, January 19, 2010

Blogger Showdown #9: Clever Dude vs. Frugal Dad

Tuesday, December 22, 2009

Blogger Showdown #8: Madame X vs. Generation X

Tuesday, December 8, 2009

Blogger Showdown #7: Liz Weston vs. Kathy Kristof

Tuesday, November 10, 2009

Blogger Showdown #6: Fabulously Broke vs. Krystal at Work

Tuesday, October 20, 2009

Blogger Showdown #5: Matt Jabs vs. Adam Baker

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