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If you turn on the TV these days then you know the US economy is in trouble.
Over the next few quarters, as the dirty laundry is aired out, we will be learning more and more about the depth and severity of our problems.
Many of the banks and lenders, with the most blood on their hands, have already started to report record losses and write offs.
Housing bubble
The problems in the real estate market stem from the housing bubble that has been created (and over inflated) in the last five years or so. And like any bubble, eventually it goes pop, with the shrapnel dispersing far and wide. And the size of this bubble looks to be extraordinary.
Whenever there is a lot of money to made (and quickly), as there was in the mortgage lending market, then greed factors heavily into the equation. And one of the ways greed manifested itself in the housing market was through unscrupulous lending practices, also referred to as predatory mortgage lending.
When I first started writing this blog in no way did I have the word frugal on my brain.
I knew what the word meant, but it wasn’t until I became a part of the PF (personal finance) blogging world that I really started to appreciate and understand the significance of this simple word.
“Some of the main strategies of frugality are the reduction of waste, changing costly habits, suppressing instant gratification by means of fiscal self-restraint, seeking efficiency, avoiding traps, defying expensive social norms, embracing free (as in gratis) options…”
A deeper meaning
I think that definition is pretty accurate. I also think it’s kind of ironic how I used to attach a negative connotation to that word (which I think most of the general public still does) and how I now look at it in a completely new light.
The weekend is upon us once again so it’s time for my favorite flavors of the week.
Yesterday marked the end of the ‘Money Matters for All Ages‘ series which ran over the past 10 days on the blogs of M-Network members and friends.
Last Saturday I highlighted the first 6 posts in the series, so today I bring you all the action from week 2 of the money project.
If you didn’t get a chance to read them all, I highly recommend doing so. There’s a little something for everybody in there, whether you’renew parentsor easing into the golden years.
I’d also like to try something different here today. Let me explain…
A few weeks ago my friend Pinyo, over at Moolanomy, invited personal finance bloggers to submit their best posts from 2007. Instead of giving a short summary of each article, he included a snippet directly from each post, including one written by yours truly. I really liked that format and would like to try it out here for the flavors of the week.
I think there’s a misconception that once you hit 60 (and beyond) it’s time to kick back, put your feet up, grab a beer and relax. That’s not always the case.
For most people, their 60’s are a time where they experience a tremendous amount of change which takes some getting used to.
At this point in their lives, most Americans are nearing full retirement age after having worked the majority of their adult lives. Many of the daily routines that they’ve grown accustom to are about to change, big time.
Out with the old, in with the new
Their kids are probably all grown up and out of the house, the mortgage is paid off (or nearly paid off) and pretty soon you won’t have to crawl out of bed, slap the alarm clock and head off to work any longer.
Yes my friend, it’s time to start preparing to cross over and make the leap from pre-retirement to bonified retiree. If you’ve planned for retirement most of your working life, then transitioning into retirement starting in your 60’s should be relatively smooth.
If you read this blog regularly then you know I’m a huge proponent of ETF’s or Exchange Traded Funds. It was love at first sight and I’ve been a faithful partner since the days of Y2K.
Back then very few people were familiar with this strange 3 letter acronym, but that has slowly changed over the years; these days many of the personal finance blogs I come across talk openly about the benefits of investing in exchange traded funds.
From my perspective, there is a lot of anecdotal evidence to support the increasing popularity of exchange traded funds but the empirical evidence is undeniable. I think it’s fair to say the cat is out of the bag.
I found this article a few days ago on financial-planning.com and want to share it with you:
Every week I’m becoming more and more comfortable in my blogging skin.
Each day I’m becoming more and more comfortable with the responsibility that goes along with writing this blog. And trust me it’s a responsibility, but one I am more than happy to accept.
This blog is now officially my baby! And like having a baby there comes a few little side effects…
Most nights I go to bed with email requests, post titles and blogging ideas swimming through my head, often waking up in the middle of the night. But I’m learning to deal with the sensory overload and I realize it can only get better as time goes by. (I hope;)
I’m here to help
One of the blogging responsibilities, that I hadn’t thought of early on, is reading and answering email. For me, it certainly sets me back (time wise) but it’s also what I enjoy doing most; it makes me feel good to know visitors are getting something out of Chance Favors and that I can genuinely help them.
The day has finally arrived. My first roundup of ‘cracking good’ articles that I enjoyed from other personal finance sites around the web.
Going forward I commit to publishing my favorite posts each Saturday. To borrow from the US Postal Service’s motto, “neither snow, nor rain, nor gloom of night will keep me from the swift completion of my appointed rounds…”
What do you think of the title? I was just sitting here thinking, ‘what am I going to name this?’ and like a lightening bolt it came to me.
We shall see if the name survives, I will wait for feedback from others.
Strength in numbers
Over the past month, I have become a big fan of many of the blogs that make up the M-Network. Originally I wrote a review of Moolanomy (back in November) and through Pinyo’s site I came to know many of the M-Network sites that now dominate my blogroll.
I’m still acquainting myself with the nuances of each blog, but from what I can tell, the network provides thought-provoking, practical ideas that come from the unique experiences of each member.
I promise you there is something for everyone there, and we can all apply some of these helpful tips to our everyday lives.
Here’s a YouTube video clip documenting Bill Gates’s final day at Microsoft. If you haven’t seen it already, then I recommend watching it.
I’ve watched it 3x and each time it gets funnier.
Bill Gates is only the richest man in the world, so leave it to him to enroll the help of a bunch of C and D list celebrities and politicians to help him celebrate his last day…
Enjoy! and let me know which is your favorite part…
Every time I’m on the internet or watching TV I hear much of the same investment rhetoric over and over and over.
I’ve written about this kind of thing in the past, in a post titled CNBC and Me. Well, in this post I’d like to peek into the retirement arena, where the needle seems to be stuck on repeat; specifically the Roth vs Traditional IRA debate.
When it comes to IRA planning, commentators are always delivering the same soggy, watered down message, often speaking out of both sides of their mouth. Here’s a good example of something you might hear…
‘When it comes to picking an IRA, sometimes investing in a Roth IRA makes the most sense, and sometimes investing in a traditional IRA makes the most sense.’
Want some visual evidence? Please take a minute to watch the above video produced by Vanguard and you’ll see what I’m talking about.
Yesterday I compiled a list of Roth IRA facts and opinions that I felt were important for you to be aware of for 2008.
Well the following list is a bit different.
Most of these points are fun, little obscure facts about the Roth IRA (I know I’m such a geek) that you may find interesting, but probably won’t influence your decision making one way or the other for 2008.
Unlike Friday, today I won’t bombard you with flowery, circumlocutory language. Let’s get to it…
Ciaran McKeever is a CERTIFIED FINANCIAL PLANNER™ professional.
Chance Favors hopes to educate, encourage and empower those in their 30's and 40's to achieve financial independence. There's a heavy focus on all things Roth IRA and 401k, with special attention given to the upcoming 2010 Roth conversion event.
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If you turn on the TV these days then you know the US economy is in trouble.
When I first started writing this blog in no way did I have the word frugal on my brain.
The weekend is upon us once again so it’s time for my favorite flavors of the week.
I think there’s a misconception that once you hit 60 (and beyond) it’s time to kick back, put your feet up, grab a beer and relax. That’s not always the case.
If you read this blog regularly then you know I’m a huge proponent of 
Every week I’m becoming more and more comfortable in my blogging skin.
The day has finally arrived. My first roundup of ‘cracking good’ articles that I enjoyed from other personal finance sites around the web.
Here’s a YouTube video clip documenting Bill Gates’s final day at Microsoft. If you haven’t seen it already, then I recommend watching it.
Yesterday I compiled a list of Roth IRA facts and opinions that I felt were important for you to be aware of for 2008.
