6 Reasons why your Next Car Should be a Ford Fiesta
March 11, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
Buying a new car typically doesn’t make the list of best personal finance practices. That being said, we all know that, and whole bunch of us still end up doing it. IF you’re going to buy a new vehicle in the coming years, look no further than the Ford Fiesta. Here’s 6 reasons why:
1. The Ford Fiesta’s Price is Incredibly Competitive
A while back, I highlighted the top 10 cheapest new cars of 2010 (with automatic transmission). In case you missed it, here’s a brief recap of MSRP’s.
- Nissan Versa: $12,710
- Hyundai Accent: $13,715
- Toyota Yaris: $13,905
- Kia Soul: $13,995
- Kia Forte: $15,390
- Kia Rio: $15,390
- Scion XD: $16,270
- Honda Fit: $16,410
- Scion XB: $16,420
- Nissan Cube: $16,750
The Ford Fiesta wasn’t on this list because it debuts as a 2011 model. The MSRP for the 2011 Ford Fiesta sedan model (with auto transmission) is $14,390. Should the above list stay about the same, that would put the Fiesta firmly in the #5 spot with its price point, and only $600 out of the #2 spot. For an American car, with all of its legacy costs usually included in the price, that is unusually affordable.
2. American Made Quality is Back
In last year’s JD Power Survey, Ford was even with Toyota (long viewed to be superior to American manufacturers) for initial quality. More recently, Ford surpassed Toyota in overall quality perception in a survey of 150,000 potential car buyers. Of the top 7 (shown below), Ford also owns a controlling share of Mazda, who made #3 on the list. 5 years ago, who would have imagined the 4 out of the top 7 non-luxury vehicle brands in terms of quality perception would be American?
1. Honda
2. Buick
3. Mazda
4. Volkswagen
5. Saturn
6. Ford
7. Toyota
3. Ford Fiesta is the Most Fuel Efficient
My look at the top 10 cheapest cars also included EPA mileage estimates. If EPA estimates did not change from this model year to next, the Ford Fiesta would be the #1 most fuel efficient vehicle at 30 mpg city and 40 mpg highway, of the top 10 cheapest cars.
4. Ford is Profitable Again – your Warranty is Good
Ford is back in the black. They ended 2009 with a profit of $2.7 billion, which blew away estimates. Market share is gaining, and the company appears to be on the right path. Unlike GM and Chrysler, Ford did not need to be bailed out by the U.S. Government. Their prospects for surviving, and even thriving are excellent at the moment. You do not need to worry about Ford’s business being in trouble and them not being able to honor your warranty.
5. Did I Mention Ford is American?
Yes, I know that many foreign vehicles sold in the United States are actually made in the United States. However, that doesn’t mean that profits are kept and re-invested locally. What’s good for Ford is good for Detroit and is good for the American economy.
Believe it or not, I have zero affiliation whatsoever to Ford. No friends, no family, no monetary relationship. The closest affiliation I’ve had with Ford is that I used to work for a non-profit in Michigan, and the #1 and #2 corporate givers and volunteers were Ford and GM, even in the years when their futures both looked very bleak. How much did we receive from Toyota, Hyundai, Honda, and others? Nothing. Score another one for Ford.
6. The Fiesta is a Cool, Sexy Little Car
We’re not chatting about a bugly little piece of crap. The Fiesta doesn’t evoke thoughts of vomiting such as the Chevy Aveo, Honda Civic, Toyota Camry, or just about anything from the Hyundai/Kia lines. It’s a pretty good looking little car with a cool look to it. I wouldn’t feel the least bit ashamed or embarrassed to drive one.
Interested in Buying a Ford Fiesta?
If you reserve a Ford Fiesta before April 2 of this year, select models will come with Sync, navigation, and premium sound at no extra charge. When you reserve, you are under no obligation to purchase and don’t have to put any money down.
Ford Fiesta Discussion:
- Have you reserved a Fiesta? Are you planning to?
- If you’re going to be getting one, why did you decide to?
- If not, what vehicle are you going to be purchasing instead and why?
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American Paternity & Maternity Leave vs. The Rest of the World
March 9, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
Work/life balance in the form of supportive national and employee benefit plans is something that the United States has sorely lacked, especially in comparison to other developed economies. Corporate lobbies have made it so.
Nowhere (other than health care benefits) is that more apparent than when looking at maternity and paternity leave. Let’s take a look at how we stack up against the rest of the world.
Here are Some Interesting Parental Leave Figures to Consider:
The U.S. is the ONLY country in the Americas without a national paid parental leave benefit. The average is over 12 weeks of paid leave anywhere other than Europe and over 20 weeks in Europe.- Zero industrialized nations offer no parental leave other than the U.S.
- Canada recently passed legislation to boost paid parental leave (shared between paternity and maternity) from 10 to 35 weeks, in addition to 15 weeks for maternity.
Depressed yet? Let’s Travel to Europe to See how they View Parental Leave.
- Lithuania offers 52 weeks at 100% pay plus 52 weeks at 80% pay to be split between the parents however they would like!
- Denmark – 52 weeks.
- France – 16 weeks at 100% pay for first child and up to 26 weeks for third child. That’s on top of an amazing 104 weeks of unpaid leave (your employer is required to let you come back to your job).
- Norway – 56 weeks paid.
- Sweden – 480 days paid.
Yikes. OK. What About Impoverished African Nations. Surely they Don’t Offer Paternal Leave, do they?
- Ethiopia, with its gross national income of $859 per person – 90 days at 100% pay.
- Madagascar, with a gross national income of $911 – 14 weeks at 100% pay.
- Somalia…. gross national income of $600 – yeah…. 14 weeks at 50% pay.
Wait, I Got you! Afghanistan! There is no Way Afghanistan Offers Better Benefits than us, Right??
Afghanistan offers 90 days at 100% pay. I kid you not.
What to Make of All This:
If you’re an expecting mom or soon to be father in the United States who is actually getting paid leave from your employer – be thankful and take it. Take all of it. And enjoy it. Do not feel guilt as a result of backwards cultural values. You deserve that time to enjoy your new family and settle.
If you’re thinking of having lots of kids some day. Well, start writing your congressman/congresswoman or begin looking into green cards.
Maternity & Paternity Leave Discussion:
- What’s the longest maternity/paternity leave in the United States that you’ve seen? How long?
- What about the shortest?
- Have you actually considered moving to a different country to enjoy the benefits of things like paid paternal leave or universal health care?
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Oops! I Broke the Site. It’s Fixed Now. Let’s Have a Good Time.
March 7, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
I won’t lie, the back-end of 20somethingfinance has been JACKED UP over the last few months. I haven’t been able to focus on content as much as I would like, but things should start picking up, as I have done a lot of fixing up and I’m nearly done. Ultimately, the changes should result in a much better reader experience. If you’re curious, here’s what went wrong and how I’ve fixed it.
You may have noticed:
Broken links: I altered my permalink structure on the site, which shouldn’t have, but did result in a number of broken internal links. I went through every single post I’ve written, and all broken links should now be fixed.
Slow site speed: I upgraded to a dedicated server from shared in order to speed up the site and prevent it from going down (which it had done twice in the last few months). I have also done a lot of website optimization in order to speed things up.
The two most popular caching plugins, W3 Total Cache and WP Super Cache, both resulted in making my site buggy. The site is image and plugin heavy to add to the user experience, so it’s never going to be lighting fast, but it should be fast enough. I’m addicted to speed though, so if you have any recommendations on caching or other site speed optimization plugins, please share in the comments.
Site was down this week, 3 days of comments wiped out: My web host made an error in the transfer from their shared server to a dedicated server. In the process, the site was down for a full day. The host had to go back and use an earlier version of my website, which wiped out about 3 days worth of comments this week (hence, some of my newer posts having no comments). I apologize if your comments were wiped out.
Broken looking posts: I changed the theme layout a bit, which resulted in the flow of a lot of the posts looking like crap, so I went back and re-sized all images in all posts to make it reader friendly.
RSS feed was not re-directing to FeedBurner: If you had problems subscribing to the RSS feed before, you should not any longer.
Despite all That:
Site comments, readership, and visits are higher than they have ever been. And I’m looking for more. I will be doing some heavy guest posting in the blogosphere in the coming months – and as always, I could use your help in growing the site. If you get value from 20somethingfinance, recommend the site to your friends and family by sharing some of the ‘connection’ links below.
If you See Anything that Looks Broken:
Please contact me and copy the URL and the problem that you noticed. Thanks!
Connecting:
If you like the site and want to connect further, there are a number of ways to do so:
Become a fan on Facebook (I just started this page, so I need fans! Expect more new content there soon!).
Get Content Delivered to You:
Other than coming to the site, there are 3 ways to get new content delivered to you:
Ready to rock and roll!
How to Avoid Getting Burned by the Magazine Industry
March 3, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
Maybe I’m in the minority here, but I still do (and proudly) subscribe to a few magazines – and I won’t be stopping unless the magazines close shop. My personal favorites are Kiplinger and Backpacker.
That being said, I get awfully tired of magazines and magazine agents that rope you in with a low introductory offer (usually 12 issues for $12 – or something similar) and then ‘conveniently’ increase your subscription price for you through auto-renewal.
What’s worse is that a lot of these introductory offers are through non-legit distribution channels, and you might not even know it. What follows is a simple process that I follow to keep my magazine subscription prices low and avoid magazine scams.
How the Magazine Subscription Industry Works
I have some personal experience with the magazine industry and here’s a little background on how they and some of the other players in their industry work:
- Magazines make almost all their money from advertisements. No big surprise here.
- Advertising revenue is driven by subscription numbers which influence how much a publication can charge for ads and what advertisers the magazine can attract.
- In order to drive up subscriptions (and ad revenue), magazines are often willing to completely subsidize the cost of the subscription itself. They work directly with a number of agents who will usually get most or all of the cut on the subscription user cost.
- There are ‘rogue’, or unauthorized, magazine agents out there who go through subscription clearing houses. Go through these guys and you might not see your subscription for months, or ever. They generally give the industry a bad name.
When Signing up for your Magazine Subscription:
Order either through the magazine’s site directly, or through a legit magazine agent. How do you know if an agent is legit? They have direct, authorized relationships with the magazine publisher and offer live customer support. Magazines.com and Magazineline.com are two good ones that clear both of these hurdles. The last thing you want is to have your personal information sold and/or not receive any subscription at all for the false promise of saving a dollar or two.
How to Get Cheap Magazine Subscriptions (and Keep them Cheap):
Finding discount magazine subscriptions is not that hard. Usually the publisher will offer the lowest authorized price on the magazine subscription that is out there. If you see someone offering lower, there is a good chance they aren’t legit. This should be your starting point.
Now that you have your cheap subscription, the challenge will be to keep it cheap. The magazine publisher usually will automatically begin scaling up your subscription price with each passing renewal. Most of the time they don’t even tell you that it is an increase.
This REALLY makes me mad. Why? For starters, the publisher is saving money by the fact that you are subscribing through them versus elsewhere (remember my earlier point about agencies taking almost all of the cut?). In subscribing directly through them, you are raising their subscription margins. How do they thank you for that? Through higher subscriptions!
Avoid the Magazine Subscription Renewal Bump!
So when your magazine renewal subscription price gets bumped, what should you do? Cancel. And go with an agent, or just re-subscribe through the publisher with another introductory offer (they never stop offering them). And when they raise your price on renewal? Cancel and start fresh again.
It only takes a few minutes of time and it keeps your cost low. Magazine subscription costs can add up quickly if you don’t keep things under control. The only downside to this technique – you might miss an issue. Oh well, most magazines are online for free these days if you’re that upset about it.
Cheap Magazine Discussion:
- How have you kept your magazine subscription costs down?
- Have you been scammed by a rogue magazine agent? What happened?
- What agents have you been happy with?
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55 Marketable Hobbies that you Love & Can Get Paid For
February 28, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
This is the third installment off my ‘Start Retiring Now, by Getting Paid to do what you Love’ Series. In the first post, I offered up a bit of motivation to start exploring your own interests and in the second offering we discussed the concept of marketable hobbies and what it takes to get paid for doing them.
In this post, I’ve provided a list of 55 services broken into 11 different categories where there is a heavy demand that originates from common human priorities. I think you’ll find a common theme in all 11 categories – these are all things that people value highly and pay good money for. If you’re good at it, you could turn it into a successful business. Even if you’re just average at it, it could result in a nice side income.
But let’s take baby steps here. I think the main point that I want to get across is that you love doing things, others need people to do these things for them, why not you – even just as a trial?
You’re not going to love all 55, but I can bet that you love doing at least a handful of them.
Some may require formal education and training, others require certification of some sort, but many do not require any formalized training or certification at all. I purposefully included services that do not require a 4 year degree. Enjoy, share, and comment below!
Pets: They provide so much joy in our lives that many of us are willing to pay good money for things that we think will keep them happy and healthy.
- Pet comforting (visitation and feeding while owner is away)
- Dog training
- Dog walking
- Pet grooming
- Pet psychology
Autos: One of our most cherished possessions. We are willing to spend a lot of money on a very frequent basis to keep our autos healthy and looking good.
- Auto mechanic
- Auto detailing
- Auto customization
- Taxi/limo/chauffeur
- Auto restoration/build
Food: We all need to eat. And we want to eat food that tastes good and adds to our overall life satisfaction.
- Growing and selling produce
- Personal Chef
- Coffee
- Restaurant
- Specialty gourmet offerings
Website Services: Website production and marketing is a necessity in today’s business landscape. Skills in this area are highly desirable.
- Website design
- Search engine marketing
- Search engine optimization
- Website optimization
- Development/coding
Skilled Arts: From brochure promotion to pottery to 5 and 6 figure canvas paintings – if you’re really good at it, someone is willing to pay for it.
- Graphic design
- Computer aided design
- Screen printing
- Painting/drawing
- Ceramics
Homes (Indoors): Our houses are our highest ticket material possession, and we are willing to spend good money to repair, clean, improve, restore, and sell and buy them.
- House cleaning
- Home repair
- Real estate sales
- Interior design
- Home staging
Homes (Outdoors): Ditto as above, but this time on the outside.
- Landscaping
- Master gardening
- Snow plowing
- Growing/selling plants/flowers
- Siding/Roofing/Sidewalk/Powerwashing
Health: Many of us see view our health as our most valuable asset. We are willing to spend a lot to lose weight, become healthier, fight disease, and prolong our lives.
- Fitness/personal trainer
- Martial arts trainer
- Yoga instructor
- Nutritionist
- Rehabilitation
Recreation: Closely tied to health, recreational activities have an enormous impact on our life satisfaction and fulfillment.
- Backcountry guide
- River guide
- Canoe/kayak rental
- Hunting guide
- Bicycle maintenance/sales
Event Planning & Service: We want to enjoy life and our biggest life events can be even better with the help of others.
- Photography
- Wedding planning
- Travel agent
- Catering
- Travel guide
Other: OK, so I ran out of categories. I don’t think it’s hard to imagine why there is a need for the following.
- Writing
- Life Coaching
- Financial Planning
- Accounting
- Catching and selling wild game
Self Employment Income For what you Love Discussion
- What are the top 5 things on this list or on your own list that you think you’d like to make self employment income from?
- Have you started a successful business or made income in any of these areas? Has a friend or family member? How did you or your peer do it?
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What you Need to Know About the Credit Card Act
February 24, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
The Credit Card Act Goes Into Effect
The Credit Cardholders Bill of Rights, aka the Credit Card Act, aka the Credit Card Accountability Responsibility & Disclosure Act of 2009, aka House of Representatives Bill 627, aka the Credit Card Reform Act has gone into effect this week.
Whatever you want to call it, the White House referred to it as the Credit Card Accountability, Responsibility and Disclosure Act, so I guess we’ll go with that one from now on. The multiple names were confusing enough, so I’ll try to cut through the fluff and give you a basic rundown of the major changes that will go into effect.
Credit Card Interest Rates
- Interest rates can’t be raised during the first year of an account (with a few exceptions, including teaser rates).
- Customers must be over 60 days late on payments before their interest rate can be raised on balances. If the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
- If your card has more than one interest rate on balances, then payments must be applied to the highest interest rate first.
Credit Card Fees
- Bills can be paid online, through mail, or over the phone without incurring a processing fee – unless expedited service is requested.
- Over limit fees can’t be charged unless cardholders are notified that the purchase will put them over their limit and they authorize it to go through anyway.
Card availability to Minors/Under 21
- Individuals under 21 will need a co-signer on their cards unless they can prove that they have the means to make payments on their own.
- Creditors are prohibited from providing credit to consumers under age 18. (unless they are emancipated under state law, or the consumer’s parent or legal guardian is designated as the primary account holder).
Gift Cards Changes
- Gift cards can’t expire for five years, and issuers can’t charge dormancy fees for unused amounts left on the card.
Receipt of Credit Card Statement
- Credit card statements must be mailed out at least 21 days before they’re due.
Disclosures on Account Changes
- Creditors are required to post their written credit card agreements online.
- Creditors need to provide a 30-day advance notice of an account closure.
- Cardholders must get at least 45 days notice of any change in terms.
What Does the Credit Card Act Mean for you?
- Which of these changes will have the biggest impact on you?
- Have you been burned in the past by any of the credit card business practices that will now be prevented by the Act?
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Getting Paid to Do What you Love: A Close Look at Marketable Hobbies
February 21, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
There was a really positive response to the ‘marketable hobby’ concept in my post about shifting the perception of what retirement is and should be, so I thought it would be great to explore it a little further with everyone and give it a post of its own. What exactly is this ‘marketable hobby’ thing?
Marketable Hobby: A definition
Let’s first start off with the hobby part of the definition. Wikipedia defines a hobby as:
“An activity or interest that is undertaken for pleasure or relaxation, often in one’s spare time.”
I think that sums it up just about right. Doing something that we choose to do because we are interested in it, it makes us feel good, and it adds to our life satisfaction. Sounds great!
But not just any hobby will do.
The 3 Types of Hobbies
A line needs to be drawn here. You can really lump hobbies into three different categories when considering whether or not one can make an income doing them.
1. Hobbies that everyone loves that nobody is willing to pay for: Sorry if you love these things (I do to), but couch surfing, eating, long showers, walks on the beach, and reading books might just fall into this category. It’s the kind of stuff that most of us love doing and wish we could do more of. Since you’re gaining all the benefit from the activity, you’re going to have a hard time convincing others that they should pay you for it.
2. Hobbies that top professionals get paid for: This is the stuff that a lot of us really like doing that a few elite performers do actually get paid for doing. Professional sports, musicians, actors, comedians, and other specialized professionals can make a good living from these things. But since everyone kind of secretly wishes they could fall into this category, you have to be REALLY good to make a respectable income in one of these areas.
Unless you are extremely naturally gifted, you must invest a huge about of time in order to compete for the few paying spots that are available. You have to make it your only hobby. Because of that, time and the opportunity cost of lost income from investing that time to get that good at it is a huge barrier of entry in this group. You usually have to have someone else supporting or sponsoring you, and even then there are no guarantees. You’ll also notice that those who rise to prominence typically have a hard time staying there.
3. Hobbies that a lot of people can get paid for, because there is a huge demand for – the marketable hobbies, if you will: This is the stuff that a lot of you alluded to in my retire now post. Just think of all the possibilities out there! I’ll list a few that you brought up in that last post and a few of my own ideas:
Auto: Everyone who owns a vehicle needs maintenance at some point. There are a lot of people out there who absolutely love working on mechanical things. There’s also a lot of people out there who feel a need or desire to ‘baby’ their cars. Hence, the auto detailing industry. And there’s also a group that Tuan mentioned, that love customizing vehicles.- Cooking: I have a friend who made a decent income from being a ‘personal chef’. He basically was hired to come in and do holiday parties, cocktail parties, dinner parties, and even in-home meal preparation. On the latter, there is definitely a market of wealthy people out there willing to spend good money for you to make them some home cooked meals that they can heat up over the week.
Writing: From blogging to freelance writing and even publishing your own book, writing is always going to be a marketable hobby that a lot of good and even average writers can get paid for. A lot of businesses need help producing content, and if you enjoy writing, you can make a decent income at it.- Financial Planning: Many of us have money to manage but little knowledge about how to do so. Financial planning is an entire industry built around this need.
- Photography: Just about any special event – from press events, to weddings, to sporting events needs a photographer. Someone is going to get paid to do it, and if you’re honed your craft and enjoy doing it, why not you? This hobby can also result in passive income if you license your photos for sale online or elsewhere.
We’ll stop there, but I think you can see where I’m going with this… There’s a lot of opportunities out there based on the needs of individuals and businesses. The key, I believe, is that you have to save someone else the time and trouble of learning how to do it and then actually do it on their own.
Think About Work Hobbies – Or at Least Tasks you Like Doing
Work hobbies? Yep. The stuff at your 9-to-5 that you gravitated towards because you really enjoyed doing it. The stuff that you lost yourself in and made the time fly by. Maybe you just loved typing, talking to customers, working on the company’s web design, or playing with numbers.
Even if you absolutely hate your day job, I’m sure that there is something about your job that you really don’t mind doing, and actually kind of look forward to. Well, if you’re getting paid to do it already, why not make more of your day that activity and get paid to do it on your own? If your company has a need for it, odds are that others will to. Find enough of them, contract with those companies, and do the activity you like for as much time as you want on your own.
The Catch (Hint: It’s in the ‘Marketable’ Part)
That’s right, there is a catch to all of this. And it’s the part that really does separate the dreamers from the doers. It’s the marketing part of ‘marketable’. Yes, there is a lot of really cool work out there that you can get paid for, even with average skill, but unless you know how to market yourself, you’re going to have a hard time finding it and winning it.
You’re going to have to fight for the right to paaa… kidding…. to close the deal. And it’s the part that a lot of people get tripped up on. Your writing isn’t going to sell itself when you’re first starting out. You have to get out there and sell it. You have to network, you have to have an online presence, you have to find out where the opportunity is. That’s an entirely different topic that we’ll touch on in an upcoming post, but I wanted to get the point across.
If you want to follow your dreams, you’re going to have to sell your product/service and sell yourself. There’s nothing sleazy in that, and in fact, the sales process can be highly rewarding, but you’re going to have to be open to it.
Marketable Hobby Discussion:
- Have you turned hobbies into your main source of income? Tell us how!
- What ideas do you have for ‘marketable hobbies’ that others are willing to pay for?
- Have you ever actually been paid to do any of these things?
- What kind of things have you paid others to do that you could have done for yourself?
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Perkstreet Financial Review: A Free Debit Card with Rewards
February 18, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
PerkstreetSM Financial Review – A Free Checking Account with a Visa® Debit Card
With the impending Credit Card Act looming, a large number of credit card providers are starting to charge annual fees for the use of their cards for the first time in a long time. I find this problematic, since the only reason I use credit cards for right now is for the perks that they provide, and annual fees deeply cut into that benefit.
That’s why I’ve been looking for a debit card with comparable benefits. Debit cards typically don’t offer good rewards programs, however.
But I just discovered PerkStreet Financial and I’m still trying to figure out what the catch is. It really does seem like a great deal.
What is Perkstreet Financial?
PerkStreet Financial offers a FREE checking account with a Visa® Debit Card that actually offers rewards comparable to or better than a lot of credit cards. You get your option of the following with Perkstreet: coffee, music, or 1% cash back. I think I’d opt for the cash.
And Perkstreet’s cash back is definitely better than most debit cards. The average debit card offers .04% rewards vs. PerkStreet at 1%. 17% of debit cards offer rewards (Source: BAI/HItachi 2008 Study of Consumer Payment Preferences).
Special Perkstreet Offer
It looks like PerkStreet Financial is currently offering a special promotion of 2% cash back for the next 6 months. Additionally, you are eligible for a bonus $50 just for funding your account with $250 and making 25 transactions in the first 90 days.
Other Perkstreet Financial Benefits
- your first box of checks are free
- no fees for using your account
- nationwide network of 37,000 ATM’s (largest in the nation)
- FDIC insured up to $250,000
- free online banking and bill pay
- no account minimums
The Drawbacks on Perkstreet
The only I could find was a $4.50 fee if your account is completely inactive for the month (which shouldn’t happen if you pay any of your bills or make any charges with your card). Standard overdraft charges apply ($30), less than most banks.
PerkStreet Financial definitely seems like it’s a great alternative to credit cards!
Share and Enjoy (and comment below):
The First Steps to Stop Dreaming & Start Retiring – NOW!
February 15, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
Fantasizing about retirement is a favorite past-time for just about anyone who has ever held a 9-to-5. But that dream of what lies ahead is starting to look a whole lot different these days.
How I was Looking at Retirement
I used to look at the end goal of retirement as something off in the distance. Something that would happen around the age of 65, and maybe, just maybe, if I was a good little worker, maxed out my 401K every year, and played all my cards right I could get lucky and bump that up 10 years or so.
But then I started to think… OK, so I work and save and retire and then sit around. Is that what I really want? That may sound great to some, but I want a whole lot more out of life than earning the right to sit on a couch all day long. OK…OK, so I can sit on the couch all day, but use my retirement money to travel the world and sight see. Nah, that’s not quite it either. That is not living a fulfilling life, it’s preparing for death!
Shifting my Perception of Retirement
Retirement can be an exceptionally motivating goal in your life if you simply look at it in a different way. I’m starting to look at retirement as ‘the freedom to do something I like that others have a demand for… and get paid to do it’.
How is that different, you may ask?
Destroying the ‘No Obligation’ Retirement Dream
I think the main difference is that the traditional view of ‘retirement’ is that you become 100% free of obligation and never have to work to make another dime in your life.
But how much fun is that? To slave away during the most productive, healthy, and demanding years of your life just so that you can say you don’t owe anyone anything. Should that be anyone’s goal? Wouldn’t you like to bump up your retirement 20, 30, or even 40 years?
The Opposite End of the Spectrum – Just Do what you Love, Dude
At the opposite end of the ‘no obligation’ spectrum is another group, who, ironically, thinks that your entire life should not carry any obligation. It’s those who say, just do whatever you love the most and the money will come.
If your favorite activity is hiking or riding a bike, well, there’s a ton of people out there who also love those things and will never see a dime from doing them. You have to be realistic. Don’t use your love of a hobby as an excuse to live off the scraps of others. We all know people in our lives who fall into this category.
Find your Marketable Hobby
But there’s a happy medium between the two. You see, there’s hobbies, and then there’s marketable hobbies. I love writing and I love personal finance. I’ve found both to be marketable hobbies because a lot of people need help writing and marketing and a lot of people love to chat about personal finance. I like my day job, but in creating this blog, I know that should I ever decide to leave my day job, I could probably carve out a pretty respectable living on my own doing a variety of different things. I’ve also discovered 5-10 other peripheral skills/activities that I like doing that others are willing to pay for.
And you know what? That makes me like my day job even more! That piece of knowledge takes the pressure off. It gives me more flexibility to focus on what I like doing at work versus doing something that I don’t like to impress someone else.
Now doesn’t that sound a whole lot more achievable and appealing than sitting on a couch all day?
My Challenge to You
Let’s try a little exercise. I’d love to see your responses in the comments and have a great discussion about this. Use this as an opportunity to throw some ideas out to the community and get feedback or advice. More on this topic in posts to come.
- What do you like to do with your time? Are others willing to pay for that? (let’s keep this clean).
- What are you good at that others are willing to pay for and you’d probably like doing more than what you’re doing now?
- Now, what barriers do you need to eliminate to ‘retire’ and pick and choose from what you just listed?
- What examples of following their natural interests (and getting paid) have you seen from others in your life who have been successful?
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Never Hire a Contractor without Following These 5 Steps First
February 14, 2010 by G.E. Miller
Filed under Saving Tips, The Hotness
How to Find a Good Contractor & Save Money
If you’re like me, your home is your baby. You wouldn’t hire the first babysitter that you found in an ad without first asking some questions and doing a little research, would you? So why do the same with your home?
When you hire out a contractor to do work on your home, you want things done right and at a reasonable price. Over the years, I’ve seen a number of people get screwed by hiring a ‘jack of all trades handyman’ who said they could just about everything. In reality, they could do a lot…. of destruction, that is (oh snap)!
No, really folks – to protect yourself from getting ripped off by a contractor, make sure you take these steps:
1. Verify the Contractor’s Insurance
A contractor’s workers compensation insurance protects you if a worker is injured on your property. Liability Insurance protects you if any of your property is damaged. Call the insurance company to ensure that the contractor’s insurance it is up to date. You can also request to have your name on the insurance certificate. By having your name on the certificate, you will be notified if the contractor cancels the policy during your project.
2. Verify the Contractor’s License
Every state should have a licensing database. If a license is applicable for your project, the state may help protect you in case of faulty workmanship. If a permit is needed, ensure that the contractor gets it. To verify licenses in your state, try Googling “(your state.gov) licensing and registration”. If you hire a contractor without insurance or a license, you’re playing with fire.
3. Get at Least 3 Quotes from Contractor’s
Whatever you do, don’t just rely on first Google result or the first ad in the Yellow Pages. I always get estimates from at least three contractors for every job that I’ve done. You’ll be amazed at the price differences between them. Don’t always go with the cheapest quote, just because it’s the cheapest. Reputation should carry a lot of weight, especially if it is a difficult project.
In order to help you compare, I usually ask the contractor to break the total price down by line item. It helps you make sure that the contractor knows exactly what you’re looking for and it helps you compare them against each other. If one contractor is vastly overpriced on a particular part versus the others, it can help you keep them honest and weed out the ones trying to rip you off.
4. Get Estimates & Warranties in Writing
Get all warranties and estimates in writing. Again, it’s very important for both you and the contractor to avoid any confusion over exactly what you want done. Also, you want to make sure that there are no hidden charges or fees. EVERYTHING that the contractor is charging you for should be in writing. You also want to know what is included in the warranty, how long the warranty is good for, and what form of payment the contractor will accept.
5. Check their References
Before you even start your search, it’s good to ask for referrals. However, the key here is to not feel obligated to use someone that your peer recommends just because they recommended them (this particularly holds true with their friends and family).
Ask the contractor for referrals from past clients and peruse ratings in Google local business or elsewhere. Talk with previous customers and ask them if they would use this contractor again, did they honor their warranty, did they get the job done on time, and would they highly recommend them. Also ask if there was anything they didn’t like about the contractor.
If you just follow these five simple steps, you’ll be a lot better off than most people hiring a contractor. And you’ll save money on the cost of the job now and in the future.
Contractor Discussion:
- What rules do you follow when hiring a contractor?
- Do you have any contractor horror stories that you have learned from?
- Where have you been able to find the best contractors?
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