From time-to-time, I like to highlight GRS-reader projects. Chett wrote to share an idea he’s trying to get off the ground. 5k5k is a fitness and financial challenge. He’s looking for people to commit to completing a 5,000-meter (3.1-mile) run and saving $5,000 (or paying off $5,000 in debt). As you know, I think personal finance and physical fitness have many parallels. If you’re working on these aspects of your life, I encourage you to visit Chett’s site.
Here are a few other miscellaneous tidbits:
The U.S. Federal Reserve cut the federal funds rate to 1% today, dropping it to a level last seen in 2004 (and before that, 1958!). Officials hope that this will lead to an increase in consumer and business spending. This makes me tense. I realize I’m not an economist, but this seems like the opposite of what they should be doing. Some people — and I’m one of them — believe that low interest rates are partly to blame for the trouble we’re in now.
This hurts savers (high-yield savings accounts will drop their rates again) and encourages inflation. And I have to say: inflation scares me. I feel like it’s one part of this economic crisis that’s being completely ignored, but has potential to cause huge damage. I hope I’m wrong. (Update: Please see the comments for a discussion of this topic. Those who know more about the subject say I’m way off-base — which is why I try to avoid these sorts of rants!)
Last week I wrote about how to compute your real hourly wage. Today Trent at The Simple Dollar explores the connection between time an money in a slightly different way. I’m striving to improve my time management, so I found this article helpful.
Several readers wrote to point out that schools here in Oregon may resurrect mandatory personal finance education. When I was in school, state law required a semester-long class on the subject, but that vanished during the late-nineties “back to the basics” movement.
Finally, Cap from Stop Buying Crap took a break from his cynical ways to share 10 simple ways to feel rich without materialistic means. It’s a short, sweet piece, but I think it gets to the heart of what real wealth is.
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