Ah, the cold has arrived. There’s a two-week window at the end of January and the beginning of February during which the Portland/Salem area usually gets the coldest weather of the year. It’s not tremendously cold so far, but temperatures are expected to drop to about -5 celsius tonight. That’s cold enough! Here are a few personal finance stories from elsewhere to keep you warm:
Jonathan at My Money Blog — one of my favorite personal finance blogs — recently wrote a fantastic post that explains why a dollar saved is two dollars earned. This concept is familiar to those who have read The Wealthy Barber. Roughly speaking, we each have to earn two pre-tax dollars in order to obtain a single post-tax dollar. As a result, whenever we save a dollar (through frugality and thrift), it’s the same effect as earning two.
Meanwhile, The Mighty Bargain Hunter recently reviewed Getting Started: The Financial Guide for a Younger Generation. This book has been in my to-read stack for several months, but because MBH has reviewed it (he likes it!), I may set it aside.
Ben at Money Smart Life offers seven steps to investing in yourself. In brief:
- Realize you are an under-priced asset.
- Gather advice.
- Understand that tuition is expensive, but ignorance is a lifetime liability.
- Make two asset lists: financial and personal.
- Review your career map.
- Consider outsourcing specific tasks.
- Confer with your family.
For more details, read the entire article.
Finally, Jeremy at Gen X Finance is flabbergasted by the new 401(k) debit cards, which he calls “probably one of the worst ideas ever”. I’ve read a couple articles featuring interviews with the folks behind these. I can’t say their arguments are convincing. Jeremy does a great job discussing the drawbacks.
GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, GE Capital Bank, and more.
This article is about Spare Change