As many of you have noticed, my book is making its way into stores. Your Money: The Missing Manual is now shipping from Amazon, and should find its way into brick-and-mortar bookstores over the coming month. I’m excited (and scared) to have this let loose upon the world. I’ve done my best to create a book that can help people improve their financial lives, and I know I’ve packed it with great information, but there’s always a part of me that worries that I could have done even better, you know?
Though the book is out now, the “launch” ceremonies aren’t officially underway. My publisher is putting together a PR push for early April, and I’ll start doing more marketing myself in the next week or two. To start, I’ve contributed 5 practical tips for saving money over at O’Reilly Answers. (O’Reilly is my publisher.) Go take a gander — and while you’re there, feel free to leave a comment with your tips for saving.
In non-J.D.-related news, here are some other interesting financial articles I’ve found recently:
I mentioned the new blog Pop Economics about a month ago, but I’m going to mention it again. I like it. A lot. The author tends to stay on the economics side of personal finance (as you might guess from the blog’s title), but his articles are informative and interesting. I particularly enjoyed the recent rant about the problem with gold bugs. I’ve considered writing an article about gold myself, but don’t have the guts. (I’m not a fan of gold as an investment, and I know saying that will make some people cranky.)
Earlier this month, Steve at Brip Blap wrote a post called “How to Make Money on Facebook”. But the post is really about how to lose money in a negotiation. When you’re buying something — especially a house — you put yourself at a disadvantage when you let the other side know how much you want to buy. I learned this lesson the hard way when I bought my Mini Cooper (I gushed about the car to the salesman, who could then get me to pay even more). When you’re negotiating, let the other side do the talking.
In her article about the myth of the $18,000 wedding, Laura Rowley argues that people think they’re supposed to spend that much because they’ve been told that’s how much people spend — even though that might not be the case. While researching my book, I was frustrated to find that a lot of the figures we financial fanatics hold dear are actually based on myth. (For instance: Can anyone show me the purported Dun & Bradstreet study that shows people spend more with credit cards than without?)
How did I miss this when it was first posted at The Consumerist last November? I don’t know, but this is awesome. Here’s a video from a former Bank of America customer-service rep that explains why she was fired: because she stopped denying people who needed help:
If you can’t (or don’t want to) watch the video, The Consumerist has a complete transcript.
Finally, I’ve been very busy for the past few months. Or years. Which may be why Marissa Bracke’s post about why she stopped working with busy people hit home with me. Maybe I need to change my outlook.
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I take that woman as an inspiration. I work at a bank (thankfully, not collections but deposits) and when deciding what fee’s to waive or refund, I think about what is fair for the circumstances.
I still say no a lot, but there’s some nickle and diming I refuse to do. I’m a top performer as well. I consider it the reason for my top performing. I’m training new people right now and I teach the same ideas.
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Loved the BofA lady on the Daily show the other week.
I can tell you that Dun and Bradstreet can’t find the mythical 1993 credit card study. They sent my research assistant an email saying it did not exist and *they* think it is a lie. We’re still pushing on it though.
Are you going to do any book signings? I was bummed that Cakewrecks never made it out near us on their world tour.
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oooh good point, Nicole. J.D., you want to travel, right? Come sign books! I don’t know if that would really make you any money but it might be fun.
I use the word “busy” to fill in for my crappy memory. I am very socially active and sometimes I really can’t remember right away what I did last night or last weekend or last month. I have yet to figure out a cure for that. Am I relying on my calendar too much, or am I delegating to off-site storage?
Final comment: that Bank of America former-employee post should be the final nail in the coffin for anyone considering closing their accounts with a big bank. I’m so glad I moved to credit unions ten years ago. That story makes me feel sick.
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J.D., post your rant about gold! We need more spirited debates on this site.
You have to remember that there’s a spectrum involved: in general, 10% will strongly agree with you; 10% will strongly disagree…it’s the other 80% who will actually be helped by the debate (and those folks comment least!)
The last big debate on your blog, started by me, drove tons of traffic to your site, tons of traffic to *my* site, and heck, one guy even found out he had Celiac disease (which I only mentioned offhand.) Had I to do it all over again, I’d write that post again. I had a blast with it.
-Erica
P.S. I own physical gold and it’s been a great investment, appreciating some 35% since I bought it…but even I think this reeks of a bubble. I plan to sell and use it as part of a house downpayment…whenever I actually do that…no concrete plans yet.
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Your book just showed up today from Amazon. I’m eager to get started on it.
Congrats! So neat to actually hold the thing in your hands, isn’t it?
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Never heard of the Dun & Bradstreet study, but there have been a few academic studies about people with credit cards spending more.
“Effect of payment transparency on consumption,”Dilip Soman, 2001.
“Always leave home without it,” Drazen Prelec & Duncan Simester, 2001.
“Effect of payment mechanism on spending behavior,” Soman, 2001.
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Good work on the ex BOA employee!
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Something about the supposed ex-BoA employee doesn’t seem right. It just seems a little off to me.
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I’m sorry, but the BOA story was like someone blaming a gun store owner for letting them buy and criminally misuse a weapon. Yes, there are sad stories out there and yes, I would agree that 30% interest is steep. But honestly, that is not BOA’s problem. I’m sure a lot of people would disagree; but they are a corporation that exists in a capitalist society. Churches, family, charity, etc. are there for situations like this. I do not work for a corporation, but I am sick of Americans blaming every woe on the “evil capitalist corporations”. The sob story is the same tool being used to try implementing the Health Care bill. Drag some kid in front of the cameras and try to tug the ol’ heartstrings. The BOA employee was fired for not doing her job…period. If she really wanted to help maybe she could have contacted some charitable organizations, etc. But people please….there will always be poor, there will always be hungry. But corporations and companies are not responsible for their well being.
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Congrats about your book. I hope to buy when it becomes available here in Brazil…
I also write about finances, and I am always reading your article.
Congratulations again.
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Thanks for pointing to the gold story. I’m always impressed not only by the quantity of readers you send over but by the quality of the comments and notes they send my way. It really speaks highly of the community you’ve built here.
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The video is very disturbing and a good reminder about why I don’t have a credit card any longer. I refuse to support the credit card industry, and fortunately I’m a position to make that stick.
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Congrats – just bought your book last night J.D. from amazon.com – this is the first nonelectronic book that I’ve bought in ages and I cannot wait to read it! I used the advice in your blog to pay off all our debt before we started building a much smaller house to move to in the spring and look forward to keeping our finances in better order going forward.
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Congrats on your release and good luck!
Good lists of posts too! I’m also hesitant about buying gold as an investment…
The $18,000 Wedding article sparked a bunch of posts elsewhere as well (like Frugal Confessions, which led to my post)…it’s amazing what things cost and the amount of people willing to splurge since it’s their wedding day.
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For anyone looking for great cheap or inexpensive wedding ideas, head over to offbeatbride.com . My weddings (yes I had two) were featured there. It’s just ripe with people having wonderful days without spending TONS of moneys and doing things that matter to them. Vegan weddings, Rockabilly weddings, you name it, it’s there.
JD- I love this site! I was referred here by a friend and am here daily now. I am having a hard time getting and navigating around here today because I think the amount of traffic coming here is shutting down the servers. Not a bad problem for you! Gratz on the new book, I look forward to picking up a copy in the next few months when my budget allows
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JD – will any electronic versions of your book be available for purchase?
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Ben, it is Bank of America’s fault when it fails to treat people fairly. What other type of organization can change the terms of contracts around at will just because they feel like it. If you bought a car from me on a loan at an agreed upon rate, you certainly wouldn’t’ be happy if there were special laws that allowed me to change the payment around at will. Yet, that is what banks are allowed to do.
As an example, there were thousands of people who were paying their credit card bills on time. Then Congress started talking about passing laws that forced Credit Card companies to stop arbitrarily changing their policies. Credit Card companies, Bank of America included, responded by significantly upping rates on current accounts. Where one might have been paying fifteen percent, he or she would now paying thirty percent. If you are living on a fixed income, that could be a huge matter.
Further, what other type of organization is allowed to borrow money at zero percent from the government [e.g. the tax payers], and turn around and charge the same tax payers thirty percent interest? Bank of America is such an organization.
The issue is one of basic fairness. I feel no sympathy for banks like Bank of America. It is a myth that if you are facing financial trouble, the banks will work with you. They will not. They essentially force people who are willing to pay their debt into bankruptcy.
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“Studies show” is the biggest crock phrase ever. So many bloggers and mainstream media use it to make their ‘opinion’ seem more credible.
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I always spend more carefully when using the credit card. Why? Because there is much more accountability in knowing that my husband will see everything when the statement comes. It’s far too easy for me to let cash just slip through my fingers, but knowing that every penny I spend will be there for both of us to see is a good reminder to exercise self-control. We are on the verge of paying off our home in our thirties and I can guarantee I would not be enjoying this financial security without my dear husband’s conservative nature.
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Thanks for sharing that video. Just last week I opened checking, savings, and a holiday CD account at my local credit union. I was sick of dealing with Bank of America’s practices. I’m glad I did. (Now to just get everything moved over there…). This video just underscores my feelings on the subject. I want out.
The rep I worked with at the credit union sent me a hand-written card just days after I’d been in saying “Welcome! We’re glad you found us.” A quick and easy gesture, but I appreciated it.
(Meanwhile, a credit card payment I’d made online with BoA — transferred internally from one account to another, a process which was supposed to take just a few hours — did not post until the day my bill was due, despite sending it SIX DAYS earlier.)
Congrats on the book release!!
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Got my copy from amazon and added it to library thing
(as have two other library thing members). Looking forward to it!
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I think this blog is great and I have learned a great deal in a short period of time…thank you. The point that resonates in these blogs is that we need to be responsible for ourselves and the way we spend and manage our money. We need to make a commitment to changing these habits. The video about Bank of America bothers me because this is not the spirit of this blog. We should not blame, we don’t have time for that. If you don’t like the integrity of the organization then leave, move on, there are many banks you can apply to. Everyone is going to find something wrong with any business they work in; you don’t have the right to make decisions on your own volition because you don’t like a policy. I am an exec and I would never hire that person if I knew they did that. They will do it again, just like the person said. We need to get rid of this type of thinking and be proactive for ourselves. Why spend your time complaining? We have choices, do not get stuck blaming or complaining, spend your energy increasing your knowledge to make yourself better.
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