The Chesney Park NIA blog will be coming soon.

Last Day

I am heading to bed, but I wanted to remind everyone that today is the last day to vote. Please help the only PF blog to win the award. We need 70-100 votes to win. Click here to vote for "Debt Free 4ever."

Interesting Reading

I finally finished reading Dave Ramsey's Financial Peace Revisited. As such, last night I began reading a book that I have had on the shelf for sometime. The book's title (Die Broke) makes me cringe and my first thought is that I don't want that in my life. However after reading the first page, I don't think the author is being litteral.

Die Broke. Turn the phrase over in your mind. At first it sounds insane. Instinctively it's something to avoid at all costs, not something to pursue with a vengeance. It immediately conjures up images of Dickensian poverty; of Depression-era families having their mortgages foreclosed on by Lionel Barrymore. But fight off those instinctive responses and reflex images and think about it for a minute, really think about it.

What's wrong with dying broke? What good will money do you when you're dead? Isn't there something ironic about hoarding money for a time when you can't spend it? But what about your family, you worry; how will they get by? Well, why can't you take care of them when you're alive? Isn't it daft for them to have to wait for your death to be taken care of? Okay, you say, but what about those images of poverty the concept instantly brought to mind. You just can't shake them. Don't. In fact, look at them really closely. There's something very important about them you need to focus on. They're from the past.

Could it be, that this author is using this image teach you to save and like dave Ramsey pay cash for everything. I already know that in chapter 3 he says to cut up and get rid of ALL credit and debit cards. Ye, you read that right. I actually wrote that this author suggests getting rid of evrey card, including the debit and atm cards. I am looking forward to reading what his thoughts are and comparing them to Dave Ramsey's.

Has anyone read this book? If so what are your thoughts.

Voting Extended

The voting for the blogs of summer have been extended. "Debt Free 4ever" was the only personal finance blog that was nominated, so I am asking all of you if you haven't already voted to help make a personal finance blog the winner of the random blogs, by going here. According to Lyn Perry the time is fluid, but voting is through Saturday with winners annouced Sunday.

Nominations Are In

The nominations are now in. It is now time to to vote. "Debt Free 4ever" is the only personal finance blog to be nominated. Please go here and vote for "Debt Free 4ever." Remember voting started Monday the 24th and ends tomorrow the 27th. Thank you.

Saving For My Next Car

Over paying over the life of the loan can shave several years off the life of the loan, it is a very good idea. I intend to do the same with my car loan, at least as long as I have the car. If I decide to sell it to get rid of the loan and be debt free faster then that will be much better, as long as I am not upside down in the loan at the time I sell and I can afford to get another car (that I can actually afford) to replace it. Either way, I have a mutual fund thAt I will put most of thse monthly payments in, for a future car down the line (10-15 years) that I will pay cash for with that saved money. Eventually I will be able stop putting money in that fund because I will have enough cash saved to buy 2 or 3 cars, keeping them each at least 10 years. Anotherwards, lets say I only fund this fund for 10 years. Considering my payments alone, after 10 years of saving those payments I would have enough to buy 2.5 cars or put another way I would have enough to buy a good used car once every 10 years for 25 years. By which time I will be in my 60's with not much need to buy another car after that. Add in the rate of return, that fund would last many more years then the principle alone.

Tips for Keeping Track of Your Money

I have heard a tip to save money, that at first I didn't really agree with. However, the more I have thought about it, the more it makes since. In John Cummuta's TDIW series he says to avoid writting checks for more then the purchase price when going through the stores checkout. The same would apply when using your debit card. Why does he say this? Because then that money is gone, and you lose track of where that money is. I am now convinced that is why Dave Ramsey recomend's using cash rather then checks. Checks should only be used to pay bills, and I use online bill pay instead. Which means about the only thing I should be using checks for is the tax man.