I feel trashy even mentioning Tiger Woods right now, but I honestly can't help it.

This question popped out to me over on WSJ's FiLife.com, and I'm mesmerized by the possibility of answers!

Think about it for a few... What would YOU do (financially) if you were Tiger Woods? Would you be working your ass off to fortify every last possible cent? Or would money be the farthest thing on your mind? One of the commenters (a guy named Kees) stated it quite simply:

He does not need financial advice from us. With a 1B net worth, he will be OK.

Hah! Indeed there is some truth to that ;) Or maybe it's completely true, I don' t know. In fact, I don't know a single thing about Tiger other than he's a bad ass on the green. But even so I'm fascinated by the fact someone can be worth such a huge chunk of money! And even more so that a few dick moves could taketh away said billions or millions of dollars - just like that. He may be worth a lot now, but after all this $hit who knows what he'll be left with.

Personally, I'd start hoarding as much of the money away as possible and paying off alllllll the houses, cars, big screens, whatever that pimp daddy still has debt on. I'm certainly no legal professional here (or financial one for that matter) but it only seems smart to make sure you're clean full of any and all liabilities at this point. It's not like he'll ever lose all his sponsors and/or the capability to make more in the future or anything - I mean, he's TIGER WOODS! - but wiping away as much debt as you can never hurt.

Who knows, perhaps Mr. Woods is a financial genius who scoffs at superstars who blow through $100 mil, or who "can't feed their family" on $62 million. We hear about these numb nuts all the time, but do we ever get schooled by the fiscally smart athletes in the media? Not that I can recall, and it's really unfortunate if you ask me. If you happen to be both a millionaire AND a professional athlete (who holds onto their money) be sure to let me know. I'll see what I can do about lining up MC Hammer or Mike Tyson for the biggest Blogger Showdown ever! ;)

In all seriousness though, I do sincerely hope Tiger and his family comes out of this stronger and smarter than before. Regardless of fault it can't be easy seeing it splattered across the entire world (says the guy talking about it on his blog). But unfortunately that's a part of being a celebrity, eh? So while we could care less about his social life, let's hear more about the financial side of it. If YOU were Tiger Woods, what sort of financial advice would you give him?

Labels: celebrity finance, randomness 3000

Happy Friday everyone! From birds pooping on my head, to my latest interview over at eBillme today: Budgeting Can Be Attractive, today's shaping to be a most excellent day. I even saw my homeless friend & inspiration Carlton this morning! Absolutely brilliant. I hope today's luck rubs off on you too friends :)

Favorite articles this week:

1. Nicolas Cage loses 2 homes to foreclosure @ MSN Money - Want to NOT be like somebody? Make Cage your man. He claims his former business manager "sent him down a path toward financial ruin." What?! You didn't notice $20MM missing over time? Come on now, take some responsibility. (like not buying 22 cars in 1 year)
   
2. Reader Story: A Very, Very Fine House @ Get Rich Slowly - An awesome account of a couple making $170k (combined) but living in a 450 sq ft. home. A perfect example of using your money for things that truly make you happy! Watch for the 30-day-challenge at the end, too.
3. Being Dumb is a Good Thing @ Punch Debt In The Face - This line sums it up perfectly, "Being dumb has its benefits...namely an opportunity to learn." Well done, sir. Well done.
4. We're free of consumer debt!!! @ Clever Dude - Help congratulate my blogger friend (& mentor) Clever Dude and his wife for kicking $113,000 of debt in 3 years!!! Incredible. Can't wait to read *how* they did it next.
5. List of the Top Personal Finance On-Going Series @ My Next Buck - Who knew there were so many ideas brewing out there! From "Mail Box Monday", to "Friday Financial Foul Ups" there's a lot of blogger greatness going on :) And I'm happy to say my PF Blogger Showdown & Net Worth updates are also included.

Carnivals I participated in:

1. Carnival of Money Hackers - "My Money Success" ed. hosted by Gather Little by Little.
2. Carnival of Debt Reduction - hosted by Mighty Bargain Hunger.
3. Best Of Money Carnival #25 - hosted by Managing Money God's Way.
4. Carnival of Personal Finance #231 - "Financial Fables" hosted by M is for Money.
5. Carnival of 20 Something Finances - "Puppy" ed. hosted by The Amateur Financier.

Labels: celebrity finance, weekly roundup

Some Favorite Articles:

1. Have you been spending or saving? @ Broke Grad Student -The old "now vs later" debate. Big fan of the way Broke Grad relates his ideas on these topics.
2. 7 Lame Reasons people spend more than they make @ Master Your Card - Enough said.
   
3. Things I wish I would've known in my twenties @ Well-Heeled, With A Mission - It's all about the comments!
4. Celebrity Financial Meltdowns @ DINK'S Finance - I feel a bit wrong forwarding this around, but it's just so damn interesting! Anytime you mix celebrity status with money there's always something juicy to read.
5. 50 Ways to Love Your Money (PDF). Haven't gone through them all of them yet, but It's through AARP and there are a TON of good stuff in there - esp if you're a graphs person, or you're looking for some night time reading (it's pretty long). Thx goes out to James from DINKS for linking to it.
6. New eBook: Recession-Proof Your Career. Brought to you by #1 best seller Ramit from I Will Teach You To Be Rich. Need I say more? (more)
   

Carnivals from the week:

I'm hosting the next Carnival of Money Stories on Monday too, so if you haven't already go ahead and submit a post! Just make sure it has to do with a personal story re: financing ;)

1. Best of Money Carnival - "Bento Food Art" ed. by The Digerati Life
2. Carnival of Personal Finance - "Famous Money Quotes" ed. hosted by Christian Finance
   
3. Carnival of Money Stories - hosted by Funny About Money
4. Festival of Frugality #189 - "Extreme Heat" ed. by Modern Tightwad
5. Carnival of Debt Reduction - "The Federal Debt & Deficit Problem Issue" , Ask Mr. Credit Card
6. Carnival of Money Hacks #76 - "Fun Money Facts" by Moolanomy
7. Carnival of Pecuniarities #19 - "My Poor Dead Garden" by Financial Nut
8. Carnival of 20 Something Finances - "Aug. 3rd" ed by How I Save Money

Labels: celebrity finance, weekly roundup

Cuz I gotta tell you, I'm not that against pawn shops these days. The whole thing seems fairly legit to me: Person A needs money fast. Person A goes to Pawn Shop with valuable stuff. Pawn Shop gives Person A money in return for valuable stuff. Person B comes in and buys goodies at a cheap cost. What's so bad about that?

The fact that they have a bad rap makes it all the more interesting to me. This month's Kiplinger's Mag featured a story on a "Pawnbroker to The Stars" (April, page 88) and it really caught my attention. Not only is business booming, but celebrities and big ballers are using them more and more too! Here's one of my favorite clips from the interview, in response to the embarrassment factor:

"I think there is a stigma attached to going to a pawnbroker. But coming to us for a loan against your beautiful six-figure diamond is no different than getting a loan against your beautiful six-figure home. They're both tangible assets that you own and that you're leveraging to get cash."

Yes, I agree! I'd like to think I'd have no problem visiting one if it really came down to it. But then again, my only experiences with them date back to when I was a kid oooh'ing and ahh'ing at all the fancy video games and electric guitars in the place. I've never actually purchased, nor sold, anything there - nonetheless taken out a loan. In all honesty I've just never needed money *that* bad. Sure I've borrowed and taken out loans for stuff like the first month's rent of an apt. or my college moped, but fortunately life has never demanded I come up with alternative methods.

But let's pretend it did. Why WOULDN'T I hit up a pawn shop? What's all the fuss about? I came up with a list of reasons why they seem so bad, and thus why most people probably steer clear. No science behind it, just me comin' up with my own thoughts on it:

• They look and feel scary.
• They're filled with smoke and scruffy men.
• The neon signs are reminiscent of Vegas sin-ness.
• You get less $ for your stuff.
• If you take out a loan it's probably at a crazy high %.
• You'll probably want to take a shower when you leave.

Put it this way - visiting a pawn shop won't make you feel all warm and fuzzy inside. Then again, if you're in dire need for fast cash, it's probably the last thing on your mind. You just wanna run in, get your money, and slip out. That leads us to all the GOOD stuff about pawn shops....or at least the only ones I can conjure up right now :)

• You can get fast cash!
• You can take out a loan against some collateral.
• You can pick up some items at a bargain price!
  
• They track serial numbers to help cops catch thieves. (so if you're going to steal, which i'd punch you in the face for, don't sell the goods to the pawns! Fox news just did a story on it and they will catch you mr.)

All of these play a key part in the success they have - well, at least the first 3. It's the one place you can get your hands on fast cash w/ not much work. Is it better to sell stuff on eBay or Craigslist, or even take a loan out from a bank? Hell yeah! But again not everyone has the time or options for this. So in these cases the pawn shops play a key role. Plus, you may only need a loan for a short amount of time. So dropping collateral to back up a loan for a few months may be just the thing you need. And the odds you'd pay it back quicker HAS to be in your favor knowing that those scruffy men would keep your stuff and/or go after you! *shiver*

So would I recommend using Pawn Shops? No. But that's not to say they could come in handy as a last resort. The truth of the matter is that some people DO need money at times, and they need it fast for whatever reason. I can certainly see their importance to society.

Labels: celebrity finance, fast cash, reviews

I don't know, but I sure would like to try it! According to my good friend Kim Kardashian though, it works like a charm ;) Any of you remember that whole hoop-lah about her saying she takes showers w/ her BF to save water?

For whatever reason i'm only now coming across these articles, but it's freakin' hilarious. What a helluva PR stunt though, eh? And HOW did i miss it? Man...

But in all seriousness, I don't think it would do the trick. Here's what I gots ta say on it:

• When 2 people get in the shower together, it usually isn't to "save water". (it's to talk)
• It still takes you the same amount of time to wash all your body parts. Only now there's the two of you in there, so it'll still take doublish the time. Esp. with all that talking going on!
• Logistically, it's a nightmare. Unless, of course, you have double-sided shower heads!
• The average person doesn't try to take quick showers in order to save money. You might believe so before jumping in there, but usually at that point it's so refreshing you try and enjoy it as long as possible.
• All that "talking" could result in a baby. And babies cost money! And then you'd have to shower with 3 people to save even MORE money! haha....

And to help back up my no-fact hypothesis, here's what FOXNews.com says about it:

"The Department of the Interior, U.S. Geological Survey & Water Science for Schools found that the average American uses two gallons of water per minute while showering, so obviously cutting that in half is helpful. But some experts argue that sharing the faucet with someone you're pretty fond of could lead to activities that prolong the time spent in the shower, therefore doing even more damage."

Of course, I'm always up for the challenge! Ya hear that Mrs. Budgetsaresexy? Wanna do a month-long test case? haha...unfortunately I already know the answer to that and it's not a Yes. I've been told that I need to buy her a shower with TWO shower heads in it (1 for each wall) before we can satisfy this dream of mine...something about getting "too cold" in there? Must be a girl thing ;)

Labels: celebrity finance, cockamamy indeed, saving

If i became a celebrity, i'd be an outcast. There's no way i could muster up enough balls to take on a multi-million dollar mansion out in The Hills...

Even IF my man Beckham lived next door! Or even Britney Spears for that matter - and that's saying something ;)

Of course, money is crazy and it can steer the best of us down the wrong path at times. Just take a deeper look at the whole Ed McMahon debacle. The poor guy can't even pay his mortgage :( I swear, if you ever see or hear me getting like this, STOP ME in my tracks and call me out, okay? Good, good.

I know the whole Ed thing is old and played out (the news, not the guy...meanies) but I find the whole thing incredibly interesting. I guess cuz it just goes to show that no matter how rich you are, or think you are, you are SCREWED w/out good money management!

Here's a clip from Ed's interview w/ Larry King:

"King: And the payments, you can't make -- what's the problem?

Ed McMahon: Well, if you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen. You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together."

His wife also joins the convo and adds that they probably should have paid more attention to managing it all earlier, and that "Because you're a celebrity, people think you have a lot more than you have." Hmm...yeah okay i can see that. But, and i'm kinda being harsh here, if you KNOW you're not great at watching your financials, find someone who is! Or even hire a professional money manager. Doing any of that would save you a great deal of money in the long run, not to mention your sanity.

Of course, this is all easier for me to say since a) i'm not in their situation, and b) i'm not dealing with millions and millions of dollars ;) Whatever happens with their situation though (the foreclosure process had already started as of June '08), I do hope that it all gets worked out. No one deserves to go through all that pain and suffering, no matter what the situation.

I'd also like to give them MAD credit for stepping up to the public platform and spilling all their details to the world!

It's hard to measure how helpful that could be to others, but i can tell you that it def. made ME stop and think twice about stuff. It's easy to get complacent and think you're on the right track all the time, but it's hard to know 100% until you're actually tested in battle. Or perhaps that's when you know you're okay - When you basically never get INTO battle?

Whatever the case, I'd like to think that when i become a celebrity (aww yeahhh) I'll have all my ish together and be ready to start saving that money! Now i just gotta figure out how to go about being one :)

Labels: celebrity finance, debt, foreclosure, money management

How insane is that? I can't even fathom $1 million, nevermind $14, and it's apparently the most expensive celebrity pictures ever sold. W-O-W, I guess that's pop culture for you - it's not like i'd turn it down ;) What's pretty bad a$$, though, is that they're donating the $ to a foundation they created that focuses on helping children around the world. I tip my hat to you good sir and madam.

Labels: celebrity finance, charity, cockamamy indeed