Charges for Physical Therapy Reduced

As I mentioned the other day, the physical therapists called and said that they needed to redo the paperwork for the charges. The reason is that they figured in a charge for a treatment the insurance wouldn't cover. So, without that charge my total bill will be $665. Plus the 5% processing fee that brings it up to $698.25. With the payments being $29.09 for 24 months.

Of course, I hope to have this paid this year as well. With my larger paycheck (even though by the hour, it's lower) I should be able to get all three of the small debts paid off this year. Then, my hope is to get both the car and the IRS (currently deferred) paid off by the end of 2009.



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Fantastic Live Event Was Largest Ever

On Saturday May 3 (2008), I drove to Kansas City. My purpose was to attend financial guru, Dave Ramsey's Total Money Makeover Live Event. The day started eventfully. To start, before getting out of the driveway, I realized, I had forgotten the directions to Kemper Arena. Once, I was on the interstate and barely past the last free exit, I realized that I had forgot my ticket and camera. So, I had to take the next exit, which cost me 30 cents to get back into Topeka.

Now, with everything I needed I was on the road again. Seventy-five minutes later, I was pulling into the parking lot at Kansas City's Kemper Arena (45 minutes before the doors opened).

Last years Live Event sold 10,000 tickets, making it the largest Live Event in Dave Ramsey history. That record stood until this past February when the Dallas Event sold 11,000 tickets. However, Kansas City, once again regained the title of the largest Total Money Makeover, by selling 12,000 tickets.

When Dave came out on stage, he said that everything he teaches, he stole from God and his grandmother. As last year, I thoroughly enjoyed the event. As I have over the past 2-years, I will continue to compare him to other financial guru's.

To those that I met at the event, and who are reading this blog, perhaps for the first time, welcome. If you were at the event, please leave a comment and share your thoughts. If you have attended any of his Live Events, please feel free to comment and tell us your thoughts as well.


Finally, once again, here is the video of the Saturday Night Live skit, that Dave plays every year during his Live Events.


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Pay Raise

I received word tonight, that when I return to work on Sunday morning, I will have a new job title. I will no longer be a shift supervisor. Instead, I will be the Assistant Manager. Which means I will be getting a nice pay raise. However, it also means I will be salaried. Which as you know, means I will be working 50-60 hours instead of 40.

I am excited, I finally made it, to the position that I have been after for a long time. My job search, will now be put on hold. The income level is finally at a level, that I like. It's not $60,000, but it's realistic for an industry that there isn't much profit in (1 cent out every dollar, is profit , according to industry statistics).

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Financial Literacy and Children

I recently received an email, suggesting I talk about teaching children financial literacy. That is something I view as very important, the younger they learn the better off they will be, when they grow up. However, it boils down to being the parents responsibility. If the parents doesn't teach them, their inaction will speak louder then anything the kids learn in school. Let's face it, kids learn by watching what their parents do. I am a great example of that. I knew from school and church the right way to handle money, but seeing my parents bad habits spoke louder then the head knowledge I was given.

Everyone knows that young people are pros at spending money; millions of dollars are spent annually on advertising aggressively directed towards them. They know how to use ATM machines to take money out. But, in these uncertain economic times, do they know how to save it? And do they know how to think long-term – beyond the weekend – about their finances? What about credit card debt? Or investing for the future?

The National Council on Economic Education (NCEE), a nationwide organization that serves to promote financial literacy with students and their teachers, has this to say on its website: “NCEE surveys show that nearly half of our young people don't understand how to save and invest for retirement, nor how to handle credit cards, don't know the difference between inflation and recession, nor how government spending affects them. If we fail to act now to improve economic literacy in this country, our children will be at risk for crippling personal debt, costly decisions at work and at home, and lack competitive skills in a fast-paced global economy.”

- Education.com

Even Robert Duvall, PhD, President and CEO of NCEE, agrees. In the above article he says, “We know that the skills of managing your money well, are not skills that you’re born with. It’s learned behavior.”

So what can parents do?

1. First and foremost, set a good example. Because kids, as I said above, watch everything their parents do. It doesn't matter what a parent tells their kids, it's what the kids see their parents doing.



2. Start saving – at any age. The earlier a person starts building their savings, the better off they will be financially in their future.



3. Budget sense. The article suggests including the kids in on the budget discussions with you and your spouse. This way the kids get a better understanding of their families financial situation and how to handle money properly.



4. Make it a long-term conversation.

   Financial matters can get complex pretty quickly. But kids who learn basic principles of earning money and saving it, of what things cost and how to budget for their expenses, will be in a much better position as young adults to understand the more complex issues of mortgages, credit cards and interest rates. Parents who introduce their kids to solid financial principles early on are providing an important part of their children’s preparation for the "real world."




5. Shop Together. This is the perfect time to talk finances. It allows the kids to see and understand the prices of things. Why does this item cost 50 cents more than the other one? What does that extra 50 cents buy you? Is it worth it?

April was Financial Youth Literacy Month, which means it's as good a time as any to start talking to kids about money. Lori Mackey, the "Money Mama" and author of "Money Mama & The Three Little Pigs," a read-aloud book that teaches the basics of sound money management, visited "Good Morning America" to explain how to teach kids about saving and spending.

In an article that ABC aired in 2007, Mackey discussed kids and money.

Mackey said it's never too early to start talking to kids about money.

"It's never too late, but if you can start early, you teach them to give, invest, spend and save wisely, they learn the habits of wealth," she said.

One of her first suggestions is to teach the kids the 10, 10, 10, 70 rule.

10% Charitable giving

10% savings

10% Invest

70% Spending

And their are money banks (aka piggy banks) that are designed to do this from various organizations. Off hand Crown Financial Ministries as such a bank that they sell. In addition, if memory serves me, Dave Ramsey does as well. Perhaps, one of his staff members (like Chris) that reads this blog can confirm this. I have also seen other organizations promotes such banks, but the names of those organizations escape me at this time.

Mackey also suggests playing such board games as Life or Monopoly as tools to teach kids about money. These games can helps kids learn about investing and stocks and even how money compounds and grows in a fun and entertaining way.



Photo courtesy of Shirleys-Preschool.com
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News of the Day

There are several news items today, that are of interest to personal finance readers. Instead of writing two different articles, I thought I would combine it into one (1) article. So without further ado, lets get started.

Congress & Higher Food Prices

This is the story that has the quote of the day.

"Why are we putting food in our gas tanks instead of our stomachs?"

That is what Richard Reinwald, a bakery owner, asked a Congressional panel investigating rising food prices.

An Agriculture Department economist told the panel that the use of food crops for alternative fuel is one reason for higher prices. He says other factors include global weather patterns and the declining value of the dollar.

But the White House downplays the role of ethanol. A spokesman points to the increasing cost of energy that makes it more expensive to get food to the table.
- KGAN 2 CBS

No matter the reason, people in supermarkets and grocery stores all over the United States are seeing their grocery prices rise. Here in Topeka shoppers, this week, seen a 48 oz bottle of Wesson Oil go from $3.69 to $6.59.

Government launches crackdown on unfair credit cards

WASHINGTON - The Federal Reserve and other regulators are moving Friday to crack down on "unfair and deceptive" practices in the credit card industry that have added billions in debt to people already struggling to cope with the economic downturn.

In the most far-reaching crackdown on the credit industry in decades, the Fed and two government agencies are proposing rules that would stop credit card companies from unfairly raising interest rates and make sure they give people enough time to pay their bills.

The banking industry is expected to fight the new rules.

- from the AP Newswire

Wow, I really like this idea. At least part of me does. The part of me that fights for consumers rights and protection of the consumers. Then there is the part of that supports smaller government, and I wonder why the government is getting involved. Still, though the smaller government part of me is overshadowed by the desire to protect the consumer from those business' that wish to take advantage of the poorer consumers. I am for "free trade," if you will, but at the same time, business' must be fair in their business practices.



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Dave Ramsey in KC Tomorrow

Filling up the gas tank last night was a pain. I paid $3.49/gallon. With gas prices that high, I wonder, if I can even afford to drive to Kansas City tomorrow for the Dave Ramsey live event. The $20 of gas I put in the tank only brought the the tank to 3/4 full. If I remember from last year, it will take me about half a tank to make the trip. Of course this year the arena, he is in will be about 2 miles closer, which means I would save about 8 miles. Last year, I drove to to the arena, found where it was then drove to Wendy's for a late breakfast. The Wendy's is accross the street from this years event location.

The event is an awesome time. At least it was last year, and I expect it to be again this year. However, can I really afford to make the drive? Do I really need to go? I certainly could use the money elsewhere. Perhaps, the $300 dividend check will arrive today.





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April Was a Terrific Month Financially

April was a terrific month financially. I managed to pay off $1,107 in debt. An amazing amount considering my net income is only $852. Now, I know some may ask how I managed to do that. The answer is simple. I received a quarterly distribution from the Telephone company, I own a piece of. In addition I used the money from the roommate to help get this debt reduced. I am still waiting for the annual dividend check from the telephone company. That check will be $300 and I will use that to help pay off the last $400 of my home improvement loan with AmeriFirst Home Improvements.

While, I had hoped to have this debt paid off by today. it just did not happen, because the phone company has mailed the dividend checks yet. So now, I am looking to getting the debt paid off by May 31st (or June 1st, if you will). No matter, what I can't see any reason this debt won't be paid off in this time. According to AmirFirst's automated system, my next payment due date isn't until August 10th, and the payoff in late May is $404.22. Once, I get that paid off, I can turn my focus to the Fingerhut debt.

The downside, is today I entered another debt. A medical debt, for Physical Therapy. The portion that the insurance won't pay after the completion of 12 treatments will $1,315 of the $2,280 bill. The Physical Therapy center tacks on a 5% processing fee for financing the "interest free" billing, bringing my total debt to $1380.75. The cost per treatment is $109.58. My monthly payment beginning on June 23 will be $57.53. Which means 3 of my weekly payments to AmeriFirst will be going to this new debt.


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