My Dollar Plan

Downsizing It All - Your Work, Your House, and Your Life

We’re back! Although the popular thing to do right now is a staycation to avoid high gas prices, we still went on our vacation. And it was wonderful!

It’s always so hard to switch back from vacation mode to work mode after a long break. I’m just starting to get caught up on email.

Thanks to all the guest posts while we were gone: Rich, Ben, and Tisha.
If anyone ever wants to guest post in the future, feel free to contact me.

Working

While I was on vacation, I couldn’t help but think about unplugging permanently from the real world…

Work-life balance is a false choice
Clearly, I’m struggling with this right now. Hopefully I’ll get it straightened out soon!

Building Multiple Income Streams As A Career
Look at where the job ends up - very active. I need to reassess and make sure that I’m focusing on some more passive income streams.

Who’s Your Favorite - Meet the Money Smart Life Writers
I think Ben has a great idea, he’s hiring some writers to help him out on his site. Maybe I should learn something from him and get a little help here at My Dollar Plan. Anyone interested?

Downsizing Your House

Sell Your House, Downsize and Give The Proceeds To Charity?
Interesting story about a family downsizing their 6,500 square foot mansion. They’re off to travel the world for charity work with half the proceeds.

Living Like Millionaires: Day 12
This family is moving to a resort. I pitched a similar idea to my husband over dinner last night, but he wasn’t real keen on the idea… back to the drawing board.

The Final Tally - Moving Costs And Our Cost of Living Differences.
See how much David saved by relocating from California to New Mexico. While it would save us money to relocate, we’re close to my family here, so I wouldn’t consider this option right now.

Downsizing Your Stuff

I guess everyone out there saw my eyes get wide on vacation, thinking we might want to purchase a boat again, maybe a vacation home, and a bunch of junk. Luckily many articles stopped me in my tracks!

How To Avoid Buying Things You Do Not Need!
The way to avoid ending up with a big cluttered house is to not buy the junk in the first place. Here is how to keep yourself from spending.

Detaching From Material Possessions a Sign of Emotional and Financial Maturity
Since I sold my sports car and bought a cheaper minivan, I guess I’m growing up in the world of financial maturity….

28 Unique Bits of Financial Brilliance
Stop buying stuff you don’t need is the first tip. I’m sensing a common theme here about my crazy spending thoughts I had on vacation!

Bank Failures

Banks Taken Over by FDIC in 2008
Our construction loan on our house was with IndyMac when we built, so I was closely following the FDIC takeover.

FDIC Insurance Q&A: Businesses, Joint Accounts, CDARS, WaMu, and More
Everything you need to know about bank failures and how it affects your accounts.

4 Things to Consider When Picking the Right Investments

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This article is a guest post by Rich Leverage, author of Rich Credit Debt Loan. Rich focuses on leveraging debt instead of eliminating it… clearly a strategy that I’m fond of. If you enjoy the article, please consider subscribing to his feed.

Why do some people succeed in the stock market like crazy and other people lose their shirts? It’s always a gamble when you’re dealing with stocks, but it does seem as though there are select people that always make the right decisions when it comes to picking the right investments. How do you know which investments are right for you? Is investing in real estate a good idea? While there is no one answer to this question, there are some general questions you can ask yourself before you put any money into any investment.

1. Will it create a stream of income?

The best investments will create a stream of income that will allow you to be less dependent on your primary income. This is a goal that many people have, but few know how to achieve it. If you are looking for a low risk investment that will keep paying you back, you may want to consider a high yield savings account or even a CD with the bank. Figure out how much extra money you would like to make each month and then try to find an investment that will provide you with that return.

2. How much risk is actually involved?

The top stock rating company may be shouting BUY BUY BUY – but is it really a good idea? Although these companies do know what they are talking about, they can still make mistakes. You owe it to yourself to do your own research and figure out whether it is a buy for YOU. The plus side of this is that you’ll feel much more informed and you may be able to spot an opportunity that may not be as promising as it looks on the surface.

3. How long will it take to start returning money?

If you need money right now, then a bond is probably a bad idea. You’ll need to consider how quickly you want to see a return when it comes to figuring out which investments are best for you. Just keep in mind that some of the fastest performers may also be the riskiest. Always remember to balance out your risk so that you don’t end up regretting your decision.

4. How will this one investment enrich your portfolio?

If you are finding that you have a lot of similar investments, your portfolio probably lacks the diversity it needs to start performing well. The best investors always diversify since it reduces the overall amount of risk that you face.

For example, let’s say that you have ten different stocks and they are all involved in the paper industry. Suddenly, a new virus starts wiping out the trees and paper takes a big economic hit. Your entire portfolio would feel the brunt of this news.

Now, that’s pretty dramatic, but it shows how risky putting all of your eggs in one basket can be. Replay that same scenario, but this time, you only have 5 stocks in paper, and 5 in oil. Your portfolio will be able to handle the hit a lot easier when you are diversified.

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Posted July 22, 2008 in Investing | 2 Comments »

Sticky Situations: How Much Do You Tip?

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How much to tip - that’s what we’re trying to find out today. People usually tip on a percentage basis of the service they are provided. But what if you provide some of the service yourself, or what if the employee is also the owner?

Let me know what you think!

How Much to Tip at the Buffet?

That’s what Frugal Parent asked recently in 10 Ways to Eat Out For Less:

My family and I frequent a local Mongolian Barbecue in our neighborhood. The set-up is such that you gather your own food buffet style and bring it to the cooks who cook it up on a large wok in the center of the restaurant. The waitress simply brings your drinks, rice, and some flat bread.

Since we do much of our own serving is the standard 15% tip still suggested? I suppose this same question would apply to anyone dining buffet style…I’ve always been unsure how to tip in this situation…can anyone help?

How Much to Tip at a Vacation Rental?

I ran into another sticky situation last week on vacation. Instead of staying at a hotel, my husband’s family rented one big cottage. The owners live in the cottage across the street.

Typically at a hotel, we tip the maids. However, we were left with a list of chores to complete before we left (emptying all the trash, putting towels in hampers, etc.) and it appeared that the owners would do any remaining work. Should we have left a tip and if so, how much?

How Much to Tip a Hairdresser?

The owner question reminded me of my hairdresser. She owns her own business and rents a chair. I always tip her, but since she is the owner, I probably shouldn’t tip her, right? I wouldn’t feel right without tipping her though. What do you think?

Leave your thoughts in the comments below and hopefully we can get to the bottom of some common tipping situations!

More on Tipping

How Do You Decide To Tip Or Not? at My Two Dollars
Should the Current Economy Affect How Much You Tip? at Cash Money Life
Tipping When on Vacation at Fabulous Financials
How Much Should You Tip? Divide by Six at Cash Money Life

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Posted July 21, 2008 in Savings | 7 Comments »

The Best Airline Rewards Credit Cards

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It’s our last week of vacation and we’ll be heading home this weekend. In Free Money Friday fashion, here’s a vacation themed money saver for you: airline rewards credit cards!

I’m a big fan of frequent flier miles. We used miles for our honeymoon to Hawaii. What better way to travel, than for free?

As with all the credit cards I highlight, I’ll keep the list updated so you can bookmark it and check back in the future.

Airline Rewards Credit Cards

Gold Delta SkyMiles® Credit Card from American Express

Earn Up to 25,000 Bonus Miles - Enough For a Total of $250 Off Delta Flights
Use Miles to Pay For Any Delta Seat, Anytime - No Black Out Dates and No Seat Restrictions
25,000 Miles May Also Be Redeemed for a Domestic Econnomy Award Ticket
Earn SkyMiles® for Every Eligible Dollar You Spend
No Annual Fee for the First Year, Then $95: $45 If You Are a Qualified American Express Cardmember
Express Approval. Get a Decision in Less Than 60 Seconds

JetBlue Card from American Express

Get 50 TrueBlue(R) Points After Your First Purchase - That's Half Way to an Award Flight!
TrueBlue Points Don't Expire
Earn One Award Dollar for Virtually Every Dollar You Spend
Earn Double Award Dollars on Entertainment, Leisure, Travel, and Dining
200 Award Dollars = 1 TrueBlue Point and 100 TrueBlue Points = One Round Trip Flight
Express Approval. Get a Decision in Less Than 60 Seconds

Platinum Delta SkyMiles® Credit Card from American Express

Earn 20,000 Bonus SkyMiles® (Including 5,000 Medallion Qualification Miles) After First Purchase and Another 2,500 for Adding an Additional Cardmember
Earn One Companion Coach Class Ticket Each Year Upon Renewal
Earn at Least 1 Mile for Every Eligible Dollar Spent
Miles Never Expire and There is No Cap on the Miles You Can Earn
Pay with Miles: Pay for All or Part of Your Flight with Miles and Put the Rest on Your Card
Express Approval. Get a Decision in Less Than 60 Seconds

WorldPerks® Visa® Platinum Card

Sign Up Now and Get a One-Time, Up To 10,000 Mile Enrollment Bonus
No Blackout Dates for Award Travel
Up To 5 Miles Per $1 Spent at Over 10,000 Restaurants and Hotels Nationwide
Acceptance at Millions of Locations Worldwide

WorldPerks® Visa® Signature Card

No Pre-Set Spending Limit
Signature Exclusive 24-Hour Customer Service
Double Miles for Purchases Direct From Northwest Airlines®
No Blackout Dates for Award Travel
Up To 5 Miles Per $1 Spent at Over 10,000 Restaurants and Hotels Nationwide
Free Rental Car Collision/Loss Damage Insurance
Sign Up Now and Get a One-Time, Up To 20,000-Mile Enrollment Bonus

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Posted July 18, 2008 in Credit cards, Travel | 2 Comments »

Career Skills: Tips and Strategies for After Your Job Interview

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The following is a guest post from Ben at Trees Full of Money. Ben’s personal finance story revolves around his realization that he was over $90,000 in debt in 2003. They developed a plan, and paid off the debt within two and a half years. Way to go Ben!

For more great articles from Ben, subscribe to Trees Full of Money.

Making a great impression with a prospective employer goes well beyond the formal interview. A quick search on the Internet will reveal a virtually unlimited number of tips, some good and some bad, on how to “nail” your job interview. However, landing your dream job goes well beyond a nice suit and good grades. Here are some suggestions to remember after the interview to raise your stock as a prospective employee.

Maintain Your Professionalism

There have been many cases of recruiters being blown away by a candidate’s curriculum vitae and interview performance only to be discouraged later by his lack of manner in follow-up conversations.

An anonymous writer in a recent letter to “Dear Abby” suggested candidates refrain from slang such as “when does this gig start” when communicating with a prospective employer. She also cautioned against using personal email accounts such as “hotchick99”. If you haven’t already, get a more appropriate email account such as your initials and last name @yahoo.com (for example).

Write a Thank You Letter

To this day, 10 years later, I am convinced the main reason I landed my current job is because immediately following my interview I sent the recruiter a respectful “thank you letter” with a reaffirmation of my interest in the company and my future with them.

As an added touch, I included a bumper sticker from my school, Maine Maritime Academy. It didn’t make my GPA any higher but I believe it gave my name more recognition.

Unfortunately, the recruiter left the company shortly thereafter and I never got a chance to formally thank him (Kevin O’Flaherty if you are reading this, thank you!).

Clean Up Your Online Profile

The Internet has become a powerful tool for recruiters looking to dig up information on a prospective candidate. You may not mind a recruiter discovering that you were an all conference athlete in school; however, that picture of you doing a “keg stand” at your friend’s bachelor party might be a detriment to your job prospects.

A general rule is to remove anything from your MySpace or Facebook page, or other social networking sites, that you wouldn’t want your grandparents to see.

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Posted July 17, 2008 in Career | Comments? »

Downsizing It All - Your Work, Your House, and Your Life

Working

Downsizing Your House

Downsizing Your Stuff

Bank Failures

More articles I liked this week:

4 Things to Consider When Picking the Right Investments

1. Will it create a stream of income?

2. How much risk is actually involved?

3. How long will it take to start returning money?

4. How will this one investment enrich your portfolio?

Sticky Situations: How Much Do You Tip?

How Much to Tip at the Buffet?

How Much to Tip at a Vacation Rental?

How Much to Tip a Hairdresser?

More on Tipping

The Best Airline Rewards Credit Cards

Airline Rewards Credit Cards

Career Skills: Tips and Strategies for After Your Job Interview

Maintain Your Professionalism

Write a Thank You Letter

Clean Up Your Online Profile