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Daily Links: 200 Comments Edition
Friday, 10th October 2008 (by J.D.)This article is about Spare Change
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Wow. What the heck got into you guys? Nearly 200 comments on the cash stash question? Amazing! I wish I could bottle that energy for future posts on topics like 401(k)s or certificates of deposit. Perhaps your response is just a reminder that the most interesting part of personal finance is the personal aspect.
Speaking of personal finance, here are a few articles you folks have sent me recently:
First, Mark Cuban (owner of the NBA’s Dallas Mavericks) has some thoughts on how to get rich. There’s some great advice here:
- “There are no shortcuts. NONE…Always remember this. If a deal is a great deal, they aren’t going to share it with you.”
- “Save your money. Save as much money as you possibly can. Every penny you can.”
- “The 2nd rule for getting rich is getting smart: Investing your time in yourself and becoming knowledgeable about the business of something you really love to do.
- “This is not a short term project. We aren’t talking days. We aren’t talking months. We are talking years.”
Cuban frowns on a “buy and hold” approach to the stock market (I disagree), and he’s big on certificates of deposit. I think each has its place, and plan to cover both next week.
Meanwhile, here’s an article from last fall that says giving makes your rich. “Emerging evidence—crunchy statistics from real data, not the mushy self-help stuff—supports the contention that giving stimulates prosperity, for both individuals and nations. Charity, it appears, can really make you rich.” Interesting stuff. (And, again, look for more on this subject next week.)
Next, here’s a lecture from Professor Elizabeth Warren on the coming collapse of the middle class. I haven’t watched this whole thing yet (though I will later in the weekend), but I’ve read through some of the comments — it’s a fascinating discussion. I’d be curious to hear what you folks think of Warren’s talk.
Finally, Blunt Money is looking for volunteers to participate in her Friday Inspiration interview series. Go take a look at past interviews, and if you’d like to participate, drop her a line.
15 Responses to “Daily Links: 200 Comments Edition”
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October 10th, 2008 at 4:53 pm
it was in interesting topic about money management philosophy… No offense, but it seems to me since you went “full time” the “meat” in your blog has gone down…a lot of fluffy redundant posts for the most part. a lot seem like things someone would post on their personal blog as an aside about one of their goals. “yikes i spent 20 bucks on nachos at movie…not good use of money” throw in generic guest posts from here or tither and I’m almost ready to remove grs feed from my rss reader…
October 10th, 2008 at 4:59 pm
People like to contribute, but only when they have something to say. Pretty much everyone can answer the question “How much money is in your wallet?” so you’ll get a lot of comments. Unfortunately, it doesn’t really do anyone any good to hear a lot of answers to the same question that they could have answered themselves.
If you talk about how to choose 401k assets, you’ll get fewer comments, because fewer people will have a lot to add to the conversation. At the same time, because less people knew a lot about this subject, you will have taught people more by posting it.
I mean, despite lots of people knowing how much money they stash at home, that information isn’t going to be useful or helpful to me in the slightest. The 401k info might be.
October 10th, 2008 at 5:01 pm
No offense taken, b-bo! I always appreciate feedback like this. I strive to find a balance of all sorts of posts (personal anecdotes, how-to, frugality, investing, etc.), but I’m well aware that sometimes the balance is way out of whack. (I haven’t had much on investing lately, for example.) Also, certain people prefer certain types of posts. But it’s often hard for me to tell if I’m posting too much personal stuff, or too many book reviews, etc. It’s feedback from readers that helps keep me on task!
October 10th, 2008 at 5:26 pm
I think that people tend to comment more on issues where they have more knowledge or personal experience as Tyler said.
A good informational posts will tend to not have many comments because there may not be anything more to say…
October 10th, 2008 at 6:06 pm
There are so many get rich type of books and blogs these days that I am totally tired of it. It’s like everything is about becoming a millionaire. How to make millions, how to become a millionaire, how to become a millionaire on the weekend, what’s inside a millionaire’s mind, etc, etc. The reason I like GRS because it does not teach the secrets to becoming a millionaire overnight.
Cheers,
A Dawn
http://www.adawnjournal.com
October 10th, 2008 at 7:12 pm
I understand advocating a buy and hold approach with stocks. However, that’s EXACTLY what has screwed me over in the stock market EVERY time.
I can pick winners. I’ve picked some REAL winners that gave me 20, 30, even 60% returns in very short (like a couple weeks to a month) time periods. Nine out of 10 stocks I’ve invested in have given me a minimum of 20% return every time I’ve put money in. However, I have resulted in either losing money or merely breaking even on EVERY one of those same stocks when I cashed out. Had I stayed in, I would have lost even more money on the majority of them.
Why? Because I pick a good stock, then get gambler’s fever when I get a return and keep fantasizing about how much bigger of a return I can potentially get. Then I hold on until the stock drops like a rock. Then I kick myself.
Buy and sell after 15-20% return is the policy I should keep. I would have a good, steady gain if I did that.
October 10th, 2008 at 10:25 pm
JD, I really loved the talk with Elizabeth. She’s also in the documentary Maxed Out. The speech is filled with PowerPoint presentations with graphs. It’s a very natural speech filled with the umms and ahh. Basically compares the middle class of the 1970s with 2006ish, what we spend more and less on and how we’re less well off from then.
October 11th, 2008 at 4:51 am
I thought the article about $20 in nachos or so was lame
…I was like “JD, is that you?!” but otherwise I always find the blog interesting and not so redundant as b-bo says.
A. Dawn is right. I like the philosophy behind GRS, which shapes all the rest. It’s about being financially safe, prioritizing and overall enjoying life in a smart way.
October 11th, 2008 at 5:11 am
I too loved the talk with Elizabeth Warren! I’ve been saying that to my dad (a retired carpenter) for years, when he tells me (an accountant/bookkeeper) how “rich” I am with the amount of money I make. Housing costs are horrendous these days. I was a single mom for a while, and found out in my early 30’s that I had a bachelor’s degree, but barely qualified to rent a 2 bedroom apartment on my own. My dad has always said that in the 1960’s, rental apartments never even considered the wife’s income towards qualifying to pay the rent, because “she could get pregnant” and have to stop working.
Elizabeth Warren put the existing data into real charts & graphs that show exactly why we feel squeezed so many times.
It was definitely worth the nearly HOUR of time it took to watch.
Thanks JD, I love your blog and all the little snippets you post. So maybe (like b-bo) I don’t get as much out of EVERY post, but you have such a great variety of material, it keeps me coming back
October 11th, 2008 at 9:05 am
I have to say I get something out of this blog almost everytime I read it. Everyday stuff or “meaty” things apply to this huge contingent of readers you have. I’m always amazed at the wealth of knowledge you share and the time you put into researching topics. Thanks for being willing to educate those of us who can use it!
October 11th, 2008 at 2:15 pm
I enjoy reading Mark Cuban’s blog too. Here’s a great entry where he sort of gives a history of his work life and how he started out.
http://blogmaverick.com/2007/12/24/success-and-motivation/
October 11th, 2008 at 9:24 pm
Personally, I find the idea of the collapse of the middle class to be a bit silly and fear-mongering. Income mobility is at an all time high, and people view “The Rich” in a manner that will almost certainly lead to higher taxes in the future.
We’re about to see a near collapse in numbers for the rich, and an almost eradication of the poor.
October 11th, 2008 at 10:36 pm
I have to agree with b-bo.
…and I don’t think b-bo was suggesting that GRS is a waste of time, just that it seems to have less bite since the author’s switch. I find that the range of topics is interesting enough, but the ideas haven’t seemed as well developed lately. But then again, how much depth can we expect from a single author publishing this frequently?
At any rate, I always watch the topics and keep coming back regularly.
October 12th, 2008 at 11:33 am
Thanks for the link to Elizabeth Warren’s lecture. I think the information she presented is very timely with regards to our country’s current economic situation, though it looks like she gave the lecture about 18 months ago. In the first 15 minutes or so she summarizes, using inflation adjusted dollars, which expenses have gone up for families (cost of housing, cars, health insurance, child care), which have gone down (clothing, food, cost PER car, household appliances), and why it’s important (everything that has gone up are things we can’t do without and can’t adjust in the short-term to changing circumstances). It gives a valuable perspective on why people aren’t saving instead of just lamenting the fact of it. It helps us know why people are so in trouble with their mortgages, even if you factor out greedy, unscruplous lenders and greedy, imprudent buyers. I highly recommend the video to anyone interested in a greater understanding of the personal economic changes that have shaped the last generation.
October 12th, 2008 at 2:17 pm
Don’t remember where I heard it: Tithing is your rent for occupying space in society…
That is a great way of thinking.
I pay myself first 20% then put the next 10% to a separate account w/checkbook and I have to empty said account every month.
The check book is if I have a balance and someone says…I’m running a marathon and need donations or whatever comes up I can cut them a check.