Thursday, December 13, 2007

Welcome MSN Smart Spending Readers


Special Thanks to Karen Datko of MSN Smart Spending Blog, who recently featured my Bubble Head post in this article: 10 ways the Frugal Duchess was asleep at the switch. This weekend I'll follow-up with a post about the 10 career fixes I've made.

I appreciate the mention and I welcome new visitors from MSN Smart Spending Blog


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Special Welcome to NBA.Com/Heat Fans

Welcome to Miami Heat Fans !!

The Miami Heat (www.heat.com ) recently posted my piece about Dwyane Wade & Money (Financial Points from D-Wade's 31-Pt Eclipse of the Suns) on the team's website.


I appreciated the link and if you're new to this site, please look around and visit again.

Recent Posts:

Today:
Typing Class Regrets: My 10 Career Goofs: An English Major's Lament!
Permanently Parked: How & When to Ditch the Old Car
Frugal Gift Guide: Pretty DIY Baskets (Last-Minute Specials)

Yesterday:
What's More Than a Hummer, Beemer or Mercedes? Why We Ditched Our Old CarDon't Shake & Eat: A Holiday Health Guide to Save $500 & Up





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Typing Class Regrets: My 10 Career Goofs: An English Major's Lament!

* ETA: Special Welcome to new visitors from MSN Smart Spending Blog. Please look around my blog! Thanks for stopping by!


My list of Bubble Head memories is long: I took a typing class in high school. I knew, of course, that only big-hair girls who wanted to be secretaries took that class. Now, I wish I had paid more attention to the typing drills.

So here's my list of 10 Bubble Head Career Errors:

1. Typing Class. In the mid-70s, as a honors high school student, (one of the smart girls!) I pictured handing off hand-written, rough drafts to a secretary, who would type all of my memos and corporate reports. Who knew that computers (with email life-lines) would come along and I'd be typing everything myself?

Oh, I'm a decent typist, but I'd like to go back in time and whisper in the ear of my teenage-self: 1) Pay attention to the typing instructor!! 2) Take this class seriously. 3) This is the one of the few high school classes that you will need every day of your adult life.

Bottom line: I'd be richer now, if I paid more attention to typing class.

2. Take a business class!! Okay, Miss English Major: Could you have taken at least one business management course? Can we please trade a little bit of Beowulf or Chaucer for Self-Employment 101?
The Liberal Arts are great, but I'd have more time for the arts today, if I made more time for a business education in college. By the way, I loved Georgetown University, which has great business, law, foreign service, medical & liberal arts programs. Yeah! That's a plug for my school.

Bottom line: Even my inner poet wishes that I had a better head for business.

3. Internships: I had my first internship shortly after graduating from Georgetown. (CAS '80) Why did I wait? I received a great education, but I should have taken more time to find an internship program during my undergrad years.

Bottom line: Internships provide professional head starts.

4. The big Duh!?! factor: I've wanted to be a writer since I was eight years old. I became a journalist. Why didn't I join the staff of any of my school papers?

Bottom Line: Duh!

5. Graduate School: I've always loved going to school, but I waited until I was almost 50 years old before going to grad school.

Bottom line: Don't get me started on this one. Don't get my mother started. She will give you an earful. My folks have been urging me to go back to grad school since I left college.

6. Wall Street: I became a financial writer. In hindsight, I wished I had spent more time reading the business section of newspapers during my early 20s.

Bottom line: There is always a bottom line, even in poetry.

7. Beauty obsessions: Why did I act like a supermodel? Can I take back all of those hours I spent getting my hair "fried, dried and laid to the side." And what about all of those hours getting manicures, facials, etc? Why did I waste those billable hours?

Bottom Line: What was I thinking? Clearly nothing: I was an air-head in training.

8. Self-help relationship books: OMG! Do you have an hour for me to vent? I had a stack of books with different titles, but the same themes: 1. Please make him love me; 2. How to Find Prince Charming 101; 3) How to Fix Your Broken Heart and finally, my least favorite: 4) How to Break His Heart. OMG!
Those books only made me stupid, because while I was reading about my low-self esteem, I was lowering my IQ. I should have been reading about business plans, self-employment and career goals.

Bottom line: You are what you read.

9. Computers 101: In the mid 80s, a dear friend introduced me to an Apple computer and insisted I learn a few basics about computers. Ha! I should have paid more attention. What's more, I should have taken a course after later realizing that computers were becoming essential to the writing profession.

Bottom line: Don't ignore technology.

10. The geek at my dinner table. In 1991, before the World Wide Web was such a big deal, a really cool, but somewhat geeky scientist came over to dinner. He raved about how scientists and researchers all over the world all chatted to each other over some kind of electronic highway.

I listened, yawned and continued eating.

Bottom line: Don't be narrow-minded. Listen to geeks and pay attention to dinner guests. And above all: Recognize prophecy when it's served at your own table.

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Frugal Gift Guide: Pretty DIY Baskets (Last-Minute Specials)

Pre-packaged gift baskets: $45 and up. DIY: $10 and under. I once made gift baskets that were placed in a little gift shop in an area hospital and a little boutique. I kept my day job, but I learned a lot about gift baskets.
BTW: This post was prompted by a post called: Lack of Time = Crappy Christmas Presents? From Make Love Not Debt .

Cheap, Easy and Pretty Gift Baskets
(aka Last-Minute Gift Ideas):
1. Pick a theme: Movies? Home Spa? Cheese 'n Fruit? Candy? Coffee and Tea? Gardening?

2. Shop for ideas. Get visual tips from magazines, catalogues, floral shops and online.

3. Buy inexpensive baskets: Dollar stores have festive baskets for a buck a piece. Thrift stores also have lots of baskets (new or in good condition) for super cheap prices. Also craft stores have periodic sales on baskets.

4. Shop the sales. Hit the clearance section for high-end treats at low prices. For example, at Marshall's I've found gourmet coffee beans, candies and designer bath supplies at super cheap prices. These items look elegant and expensive when arranged in a pretty basket. Also shop the sales at high-end gourmet food shops and natural food stores. Even Starbucks has discounted mugs and trinkets at the sales table.

Other specialty stores also feature rotating sales of chocolates, wines, cheeses and other gourmet treats that are perfect for holiday baskets.

6. Consider the recipient. If a friend is really into baking or gardening, create a special basket with accessories or treats based on their hobby. For instance, for a gardener: seed packets, garden supplies, gardening gloves or a small-how to book on gardening.
7. Buy pretty wrapping supplies: Cellophane paper, ribbons and tags (homemade or otherwise) can really make or break a gift basket. It's not hard to make it look pretty and professional. I have found super cheap wrapping supplies on eBay.com

8. Set up an assembly line: When we make gift baskets, we line up the supplies on our dining room table and set up an organized system for filling, stuffing and wrapping. This division of labor is efficient and everyone gets very professional about filling their specific function.

Here's a proposed shopping list for a bath spa gift basket:

1. Basket $1

2. Pretty soaps: $1-$3. On amazon.com, I spotted gift soaps with prices starting at 72 cents. I have also found great deals at Walgreens, CVS and Marshalls.

3. Bath crystals: Available for under $1.50 in pretty packets.


4. Bath oils (see photo): I found a set of 12 for $3.75 (use all or split up the package and use for several baskets).

5. Bath brushes & other trinkets: Here's a pretty set for $5.25 and I have seen lower prices.

6. Scented candles: $1 . We once found a great sale on scented votive candles for 20 cents each.



Other gift ideas:

1) a mixing bowl packed with fresh baked cookies, recipes and assorted kitchen tools.

2) a large clear cosmetic bag stuffed with body creams, elaborate soaps and other day spa treats.

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Permanently Parked: How & When to Ditch the Old Car


Our old car is now scrap metal and spare parts. We parked the mini-van forever after repairs totaled more than a lease for a BMW. Here's a short guide for ditching your car from ShopSmart's December/January 2008 issue.

When to Ditch the Car:


1. Repairs vs market value. Check the market value of your car. When repairs exceed market value, it's time to permanently park the old car.


2. Look for rust spots. If the floor or the frame are really rusty, this damage "can compromise its structural integrity," according to ShopSmart.


3. Unreliability. I have a friend who drove her car on prayers. The vehicle had become so undependable (and potentially dangerous) that the family prayed while driving.


4. Serious damage. After a flood or serious accident, a car may be fundamentally stalled.


source: ShopSmart --a Consumer Reports publication

My extra cash tip: In good faith, we really couldn't sell our car to another family and the trade-in value was a joke. But it's possible to sell an old clunker for spare parts. Some shops will buy old cars for $250 to $300. It isn't much, but instead of paying to get our car towed away (after a fender-bender), we earned a little extra cash and the chop-shop buyer came to pick up our otherwise worthless car.


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Wednesday, December 12, 2007

What's More Than a Hummer, Beemer or Mercedes? Why We Ditched Our Old Car


The Repair-or-Replace Matrix for our old mini-van was off the track! I crunched the numbers: We could have been driving around in a Hummer, Beemer ( see photo) or Mercedes based on our 12-month auto repair bill.
Our so-called frugal repairs on our paid-for car were more than the lease bill for a luxury vehicle. So after a recent fender-bender, we ditched our old car and purchased a replacement: a later model mini-van in excellent condition!
Here are the numbers: In the last 12 months, we've faced a steady money leak, with a total repair bill of $3,500. That figure is very conservative and does not include smaller repairs. After each big-ticket repair, we figured: This is the fix that will keep this car running forever. Ha!

We were delusional. We were penny smart and pound foolish. I visited LeaseTrader.com (just to get prices) and here's what we could have snapped up for $291 a month, which is the conservative cost of our repairs.
2006 Chevrolet Malibu SS : $191 per month
2006 BMW 325i Sedan: $266 per month
2005 Mini Cooper S Styles Convertible: $271 per month
2005 Jeep Grand Cherokee Laredo 4WD: $279 per month
2006 Hummer H3 Sport Series: $282 per month.
2005 Mercedes CLK320 Coupe: $299
And there were other tempting deals. But the bottom line: At a certain point, the repair-reward matrix of old cars no longer makes sense.
For tomorrow, I plan to post a piece based on a Consumer Reports-affiliated report about when to replace and when to repair an old car.
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Don't Shake & Eat: A Holiday Health Guide to Save $500 & Up

A few Decembers ago, medical costs sliced (at least) $500 from our budget, excluding lost wages. To avoid seasonal germs, I have a long list of tips for holiday parties, public events and travel.

The Back Story: Several Decembers ago, three out of the five members of my family became very ill. Walking pneumonia/bronchitis and other ailments struck our home. One of my kids missed a month of school and was almost hospitalized. It was during that period when SARs was big in the news and my mom suspected that we may have had a taste of that bug.

In my case, an all-night marathon of work clearly weakened my immune system. But my sons and I became ill after going to the movies. I think we must have picked up germs from the handrail or other contact with a contaminated surface. I was always a big hand washer, but I must have fallen down on the job during that movie visit. Going forward, I've been even stricter about washing hands. Here are my rules:

1. Don't eat while shaking hands: Either socialize or eat. But don't eat after you've shaken hands with anyone. Here are the options at cocktail parties, holiday gatherings and other events: 1) Network & starve or 2) Wash hands, eat & be a hermit. Don't try to do both options at the same time. But if you must eat while networking: Feed yourself with the (clean) hand that no one has touched.

2. Don't eat after touching money: When buying snacks at a mall or movie, don't touch your food until you've washed your hands, especially if you've handled money. And never, never accept food from a vendor who touches money and then touches the (unwrapped) food that you will eat.
3. Don't touch any surface in a public restroom: Take a paper towel to touch door handles, faucet handles, dryers, etc.

4. Use handle railings with care. If possible, I try to avoid holding onto the handrails on stairs and escalators in stores, malls and movie theaters. If I worry about falling, I lean on the railing with an elbow or I'll use a tissue as a barrier.

Likewise, these health guidelines from the Dec. 24 issue of First for Women magazine are great, especially for the high-contact holiday season.


1. Don't use other people's cell phones.
2. Avoid makeup testers at stores ("germ hot spots")

3. Don't use public pens at banks, stores or the Post Office. Nearly 3,000 people may hit the checkout counter during a typical shopping day in major stores.

4. Clip your nails. The list of potential germs under long nails sounds really awful, according to one study cited in the magazine article.

5. Zip then flush in public toilets. I don't know how to say this politely, but get fully clothed before flushing in public bathrooms. Hint: Beware of spraying toilets.

6. Avoid putting personal possessions on public bathroom sinks. I try to avoid public surfaces altogether.

7. Carry handwipes.

8. DIY cleaning service: Use wipes on airline trays, even before you put down your laptop. Even before you touch the little "release knob." Consider this factoid: "Research presented at this year's meeting of the American Society for Microbiology found that 60 percent of airplane tray tables harbored the antibiotic-resistant superbug MRSA."--Dec. 24 issue of First for Women

9. Avoid the mini-fridge in your hotel room. Not only are the prices expensive, but so many people may have touched that mini-fridge and handled the food/beverage items.
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Financial Points from D-Wade's 31-Pt Eclipse of the Suns


* ETA: Special Welcome to Miami Heat Fans! Let's Go Heat!!

My sons and I are big fans of Dwyane Wade, the All-Star guard for the Miami Heat. I learned a lot about personal finance from tracking D-Wade's total eclipse of the Phoenix Suns earlier this week. The Heat won 117 to 113 ("Scintillating finish") and the game provides a good playbook for financial management.

Here's what I learned:


  • Recovery requires hard work and rehap: D-Wade aka "the Flash" had knee and shoulder surgeries over the summer, following devastating injuries during the 2006-2007 season. With hard work and rehab, Wade plays better with each game and has had a string of 30-point-plus games. The Lesson: Even if I have serious setbacks (financial, professional or personal), I can rally back with proper exercise, good judgement and discipline. Credit scores can be improved; accounts can be balanced. Tomorrow, I will write a piece about sports, money & rehabilitation.) In the meantime, here is a helpful article about sports injuries.

  • Adversity is an excellent teacher: Quite frankly, the Miami Heat b-ball team was off to a horrible start this season. I cringed when I listened to the games on the radio. My sons and I averted our eyes when we glanced at the sports sections. But the Heat have finally put together a two-game winning streak. "We found out a lot about ourselves in these last two games," said Udonis Haslem, who plays forward. The Lesson: I've made some stupid mistakes (personal, professional and financial) in my life. I've had some horrible starts. But being stupid taught me how to be smart. Sometimes from a pit, I have a great view of the world and the motivation to climb forward.


  • Consistency is important: Now that they have won a few games, the Heat need to keep the drive going. Here's what Shaq (#32 Shaquille O'Neal ) said in the Miami Herald: "This was a good game for us...Now, we just need some consistency." The Lesson: Consistency and strong performances (financial and otherwise) are a daily struggle. Saving money is a daily drill.


  • Assist others: Phoenix guard Steve Nash is not one of my favorite players, but I admire him. I sort of understand why he has been named MVP in past years. He moves the ball well; he manages the floor and he gets his team involved in the action. For instance, over the last 7th games (as of December 11), Nash has earned at least 14 assists per game. He feeds the ball to his teammates. (He had one great behind-the-back pass, that was one of the Top 10 Plays of the night on NBA.com.) The Lesson: It's not enough to just score points. You have to play defense and you have to help other people score. Likewise, I've really made an effort to get my children involved in frugal living. From Nash, I see the importance of assisting others and giving back.

  • Seize the moment: "You have to take opportunities," said Miami Heat Coach Pat Riley, according to a quote in the Miami Herald. "When you have an open shot, take it and make it."

By the way JLP at AllFinancialMatters recently ran a great post (The Top Ten Endorsement Income Athletes for 2007) that mentioned LeBron James and money. LeBron -- a good friend of D-Wade -- is also very smart about money and about giving back to others.

Frugal sports tip: NBA.com has terrific game highlights, post-game shows and other video clips that are excellent. We don't have standard or cable TV in my house, but through the Internet we watch many entertainment and sports programs.

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Tuesday, December 11, 2007

Steroid Sale Prices: Bogus Sales at Big Name Stores


Steroids have hit the sales racks. Many so-called sales (even at well-known stores) are a total fake-out, according to the ShopSmart's December/January 2008 issue.


ShopSmart --a Consumer Reports publication --has put together a sharp analysis of holiday sales. And the results confirmed some of our suspicions: Some discounts are fake.



"The next time you find yourself salivating over a 60-percent-off sale, don't scramble over to the store so fast. Those deals may not be as good as they appear," ShopSmart reports.

The magazine discovered that stores will inflate a price tag and THEN take the discount. As such, the so-called "original price," may be pumped up higher than even the manufacturer's suggested retail price (MSRP).


ShopSmart tracked advertisements for three stores -- Kohl's, Macy's and Sears -- and, YES! there were some true bargains, but there were also many examples in which the discount seemed larger because of an inflated original price. The best shopping protection: Check out the prices online through a shopping portal before you go shopping.


Here are a few examples of sales on steroids.


Kohl's

Item: 12-pc knife set
MSRP: $130
Store Price: $220
Sale Price: $99
Store Discount: 55 percent
Actual Discount on MSRP: 24 percent



Macy's

Item: iron
MSRP: $30
Store Price: $50
Sale Price: $25
Store Discount: 50 percent
Actual Discount on MSRP: 40 percent


Sears
Item: Blender
MSRP: $20
Store Price: $23
Sale Price: $20
Store Discount: 13 percent
Actual Discount on MSRP: 0 percent


source: ShopSmart's December/January 2008 issue.



Previous Posts Today:

5 Reasons Why I Have a Crush on My Parents' Retirement Magazines

What to Do After Losing a Job or Before the Pink Slip Arrives

Holiday Family Activities & More at Carnival of Family Life



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Holiday Family Activities & More at Carnival of Family Life




Limiting the holiday advertising pull on our kids is one of several excellent posts at the Carnival of Family Life #3, which is hosted by The So Called Me. It's a fun lineup of stories, including several with a holiday themes and frugal holiday activities for families. Thanks to the host for including one of my posts.



Here are a few articles that caught my eye. Please visit the carnival, there are really some super holiday stories in the mix.

From Being Frugal.net: 5 Ways to Keep the Gimmes Away This Christmas. I like the tips about limiting kids' exposure to marketing pitches on the TV. Being Frugal even recommends tossing the toy catalogues that are stuffed everywhere like Thanksgiving turkey.


Isabelle Boulay presents The 5 Warning Signs of Staph Infection Should be Known by All Parents posted at Medopdedia. This one touches a nerve. My daughter had a few blisters on her thumb. Of course, with the recent bout of staph infection in our region of the country, she was sent right to the pediatrician's office. Not to worry; her thumb was just bruised. But we should all be familiar with the symptoms. This is a helpful post.



Tiffany Colter presents Don’t know what you’ve got, till you get it back. posted at Writing Career Coach.This is another keeper, I really enjoyed this refreshing post. It made me really think about all of the people, circumstances and gifts that I have taken for granted.

The Baglady presents The Cost of Living in Paradise Redux - A Financial Project All Young People Could Do posted at The Baglady. This post involves a school project in Hawaii, but the lessons in budgeting are applicable to all of us.




Previous Posts Today:
5 Reasons Why I Have a Crush on My Parents' Retirement Magazines
What to Do After Losing a Job or Before the Pink Slip Arrives


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What to Do After Losing a Job or Before the Pink Slip Arrives




How we deal with a job loss could mean the difference between a short-term setback and a financial meltdown. I found these helpful tips from Consumer Credit Counseling Service (CCCS) of Palm Beach County and the Treasure Coast. Some of the suggestions also apply if: 1) you already have a job; 2) are self-employed or 3) suspect that a pink sheet will soon be landing on your desk.

I especially like the first tip. I believe in diversified income sources. I've seen too many employees (ages 20-something to 50-something) who have been let go without much warning.





  • "Look for potential sources of additional income. If you have more than one wage earner in your household, look for opportunities to earn additional money through overtime. To help sustain your finances while you look for your next job, consider taking on part time or seasonal employment—it can provide both extra money and flexibility to go on job interviews.


  • "Contact local temporary agencies," suggests Christina Harrison, a certified credit counselor with CCCS. "They will match your skills with temporary employment available in your area. Some temporary assignments may also lead to full-time employment opportunities." Other industries that can provide quick employment include retail and food service, where training times are relatively short and schedules are somewhat flexible.


  • Review your budget. Take a realistic look at your monthly expenses and identify areas that can be reduced or eliminated. Entertainment costs are easiest to eliminate—skip lunches and dinners out and rent movies instead of going to the theater.


  • Review your cable and cell phone plans to see if the cost can be reduced. Consider foregoing them altogether—there may be a fee to cancel a contract, but it will likely be much less expensive than having monthly fees, late fees, and interest building up over time.


  • Prioritize expenses. After adjusting your budget, if you still can’t cover your monthly bills, pay the most important bills first. Your mortgage or rent payment should be the top priority, followed by car payments, insurance premiums and food. Notify your creditors right away if you are unable to make the minimum payments due on credit cards or other revolving credit. You may be able to get your interest rate reduced or your payment plan modified.
    Even if you can’t make a full payment, Harrison suggests paying something toward the debt. "Deferring or skipping payments increases the debt, extends the life of the debt, and will likely result in quickly mounting fees."


  • Try and avoid incurring any new debt. Resist the temptation to take cash advances on credit cards or to do business with small loan retailers, many who charge astronomical interest rates on the money they lend. While a home equity loan may help create a temporary cash flow, it has long term implications and is not recommended. If possible, avoid tapping into retirement accounts or your 401K, as the significant penalties and tax implications may far outweigh the temporary financial benefit.


  • Seek help. Utilize community resources to help bridge the gap. Emergency assistance for your utility bill may be available, and local food banks can help provide basic necessities. Contact your local United Way or your local 211 Information and Referral Service (dial 211) for information on emergency services available in your community.

  • Look into unemployment benefits. If you are unemployed through no fault of your own, you may qualify for unemployment benefits. The U.S. Department of Labor website has helpful information about qualifying and requesting unemployment benefits.


  • Plan for the unexpected. Even if you haven’t lost a job, it is a good idea to create a savings plan now that will help financially prepare you for any potential life-altering event. Make saving part of your budget, and set aside a portion of your income in a savings account until you have at least 3-6 months living expenses.


  • Work now to reduce and eliminate your debt and strive to maintain a budget that doesn’t involve spending more than you make. While it may not take away the pain that comes from losing a job, it can certainly provide peace of mind during a very stressful time."

Previous Posts Today:

5 Reasons Why I Have a Crush on My Parents' Retirement Magazines

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5 Reasons Why I Have a Crush on My Parents' Retirement Magazines


Postcard from my parents' home: I love the hot spa. I love the affordable movie theater and I love how they love us so much. And I love all of the retirement magazines my mom and dad share with me when I go to visit. Here are my:
5 Reasons to Love Retirement Magazines

1. They're all about thrift. Retirement publications are geared toward those who are trying to get the most out of a pension fund, investment securities or other retirement accounts. They want to conserve capital and preserve their resources. And even though I am a mother with three school-age kids, I have the same goals: conserve and preserve. Therefore, I like the nuggets of info in retirement publications, which are loaded with tips about thrifty living. For instance, I read a great how-to article about refurbished electronics in a retirement magazine. From organic food clubs to cheap drugs, I've learned plenty from retirement publications.

2. Conservative and meaningful investment strategies: The articles about stocks, bonds, real estate investment trusts (REITs) and other securities are usually in language that I can easily understand. The text is written in plain English and without hype.

3. Great advice from Depression Era savers: Confession: A large portion of the material for my blogs and my newspaper columns has come straight from my folks and their friends. They were all children during the Depression Era and during the early 1940s. They know how to save. My mother has told me amazing stories about how she and her brother (My Uncle Frankie) walked miles to attend free art classes at the Philadelphia Museum of Art when they were children. My father has shared stories about earning money by washing marble steps for a nickel when he was a kid. I've learned to listen and read when Depression Era babies speak.

4.The Ads are uplifting. I really, really enjoy fashion magazines. I love Vogue, Harper's Bazaar and other high-gloss publications. But after I read them, I always feel that I need more lip gloss and stuff in my life. Sometimes, I even feel vaguely dissatisfied with my life after I close the pages. I feel struck by a bad case of the gimmees: I want a face peel and super-sized lips. I want to be 10 inches taller and 10 pounds lighter. I want my Jimmy Choo shoes and my Prada fashions. Basically, I don't want to be me anymore. But when I read a retirement magazine, I feel wonderful and I want to look like one of the silver hair models. Very glossy!

5. Great health tips. I value health and well-being tips from senior citizens and older experts who have actually survived a few health scares. They know a bit about getting the most out of the U.S. health care system. What's more, some of the magazines have great tips about new age medicine and longevity. And I have read great pieces about mindful living in publications written for an older audience.

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Monday, December 10, 2007

Zen Approach to Frugal Living: All Women Blogging Carnival is Up

Teaching children how to be economical about thought, speech and action --the Zen approach to life -- is one of several posts in The All Women Blogging Carnival at Barmus. Thanks to the host for putting together an excellent mix of posts.

Here are a few that caught my eye:

From Healthy Living Lounge: The only zen gift to give your children (A great piece on the value of teaching our kids to sit still and to just be.) Personally, I find that I make better decisions (fewer mistakes) about money, career and relationships when I'm in Zen mode.

From I've Paid For This Twice Already: Reaching Our Debt Crossover Point is Harder Than I Thought (This is a very helpful piece about debt reduction).

From Parenting Squad: Timeshare a Nanny (An interesting option for reducing childcare costs.) Share a nanny. Get high-quality care by splitting the costs.


Thanks again to the host for providing the space and time. Thanks for including my post in the mix.
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Yeah, I Work in Pajamas Too! But I'm Not Rich; Just Efficient


I'm not rich like Millionaire Mommy Next Door, but I'm in my pajamas too. I've been a home-based worker since February of 2002. Of course, I miss certain aspects of my former post as a full-time, well-paid staff writer, but I love the freedom of being my own boss. In this post, I wrote about how I turned my hobby into a career: Do's and Don'ts of Turning a Hobby into a Career


Here are the bonuses and deficits of working from home:

1. Diminished fashion sense: I used to be a sharp dresser and when I really focus, I can still pull myself together. But as a home-bound worker, I often wake-up, shower and put on a fresh pair of PJs for the work day.
And when I actually dress up, I've been a fashion Don't. For example, I have left my house wearing two different pairs of shoes, unmatched clothing and inside-out garments.

The Bonus: I spend less money on clothing, make-up and dry cleaning. I can't remember the last time I seriously read or studied a fashion magazine. And I spend less time in the mirror, in my closet and in my head.

2. The 24/6 office: I don't work on Saturdays (my sabbath), but otherwise, I work, work, work. If I'm not careful, I will work through breakfast, lunch, dinner and even through the night. Sometimes, however, I don't work harder; I just work stupid.

The Bonus: I am focused and efficient. When I'm in the zone, I move mountains of copy.


3. The fat factor: When I sit all day, quite frankly, I end up with more to sit on. I have to make an effort to get up and move.

The bonus: Dressed in sweats (aka PJs), I'm already dressed for exercise. So it's really easy to just pop in a yoga tape and exercise.


4. People Phobia: Lunch dates, even coffee outings, unnerve me. I used to be so outgoing, but now I cringe at the idea of leaving my home for a meeting. It's not that I've become shy, but I keep thinking about all of the money I'm not earning while having lunch or chatting with peers, friends or even industry contacts.

The bonus: I've become very selective about lunch dates and coffee dates. When I was on the corporate payroll, I randomly accepted lunch dates. But now, even if the other person is paying, I'm very mindful of the time and labor cost.


By the way, I highly recommend the hot debate over at Get Rich Slowly because of this guest post: How I Became a Millionaire While Working in My Pajamas. It's about Millionaire Mommy's PJ, money and her choices. Grab the popcorn. It's great reading!

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4 Cheap Safety Fixes for the Home from Washington Post



It doesn't have to cost a lot to make your home safer, according to the Washington Post. Cheap fixes include non-skid pads under the rug.
(The AARP also has super cheap solution for slippery carpets; see below). Here's the link to the full article, (Washington Post),which was based on information from The National Center for Healthy Housing (NCHH).

My own list includes:

1. An extended (higher) metal lip near sliding glass doors. A higher lip prevents water from leaking in from a sliding glass door during a storm.
2. Decals on glass doors. Prevents major accidents.

3. Constantly monitor batteries in smoke alarm.

4. Have a fire extinguisher in the kitchen to quickly put out pan fires.

Here are a few helpful links:



The AARP list includes 10 low-cost safety tips. Here's a sample:

  • Install handrails on both sides of all steps (inside and outside);


  • Secure all carpets and area rugs with double-sided tape;


  • Install easy-to-grasp shaped handles for all drawers and cabinet doors;


  • Use brighter bulbs in all settings;


  • Install nightlights in all areas of night activity


  • Add reflective, non-slip tape on all non-carpeted stairs
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Package Deals: Shipping Cheap; Shipping Fast




I've had a busy afternoon trying to get a five-pound package from Miami Beach to Brooklyn during the holiday season. Fortunately, there are many options, ranging from $3.50 to $95 for the same package.


My advice: Ship early and ask questions. The various shippers, including the U.S. Postal Service, provide online calculators. (Calculate Postage) However, keep the various toll-free numbers handy for your inevitable follow-up questions.



To find the cheapest rates you have to exercise a bit of patience and persistence. For example, when I phoned Federal Express and United Parcel Service, I had to select additional voice-mail options to get the expanded menu of prices and deadlines and, even then, my questions weren't answered. I sought out human operators and requested their cheapest rates for ground shipping.


The U.S. Postal Service offers a ''media mail'' package rate that is available for shipping books, music, scripts and other forms of media. Those rates begin at $2.13 for a one-pound package but shipping can take several weeks.


Allow extra time for the holiday crunch. For example, cards have to be mailed by Dec. 20 to arrive by Christmas Eve.


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Sunday, December 09, 2007

"So When You're Rich, You Won't Have To Be Frugal," He Told Me

I was on a street corner, when a reader stopped and offered kind words about one of my newspaper columns in the home & design section of the Miami Herald. Very nice man! But he concluded his praise with the comment: "What are you going to write about when you're rich and don't have to be frugal anymore?"


I laughed and tried to explain that even if I were very wealthy, I would still live frugally. In fact, many of the wealth management books that I've read -- including the The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996, ISBN 0-671-01520-6) by Thomas J. Stanley and William D. Danko-- are filled with examples of very frugal millionaires. Here's a snippet from The Millionaire Next Door.

Here are the reasons why I'd still be frugal even if were a millionaire:

1. My children. Quite frankly, I don't want my kids to be brats. If we spent, spent spent, I'd worry about the message that I would be sending to my children. I also worry about affluenza--a financial illness that strikes spoiled kids from affluent homes. As a banking reporter, I once interviewed a very wealthy man who sold his bank for about $300 million in cash. He spoke about the issue of affluenza in harsh tones.

This is the advice he gave me. He told me that it is important to raise your kids with good thrifty values. "You can spend money to fix everything: their teeth, nose, skin. But you can't fix their personalities if they're brats." I really took that advice to heart.


What's more, I've noticed that some of my very, very high-net worth friends are very serious about making sure their kids work for a living. They find part-time jobs, internships and other money-earning enterprises for their kids or they encourage their kids to find those opportunities on their own. It's not about the money; it's about character.


2. My Children: I want to leave them with the means to live comfortably after I've gone to the next world. But if I spend it all now, I won't have anything to leave them later.


I've heard horror stories about families who have lived a luxurious life, but have been reduced to low-income status after a main wage earner suddenly died. Why? The family was living above its means and the lofty lifestyle was really only a fat paycheck-to-fat paycheck existence.

Also, if I were very wealthy, I'd live frugally in order to have enough money to share with my extended family and to pay them back for all of the years of hard work and support.


3. My own sanity. I've gone on marathon shopping sprees that have filled my arms with packages, but have depleted my heart and bank account. The worst shopping trip: In Manhattan during my late 20s, I once went went to every Ann Taylor store on the island (from the Upper West Side to the Lower Manhattan). I was searching for one shirt that was on sale for $20. I found the shirt and purchased one in every color.


Obviously, something was really missing from my life. But definitely, that missing piece of my heart was not in my shopping bag. And clearly, I was clueless. Frugal living, in contrast, keeps me more honest about what's really going on in my life.

4. Environment: When I live very frugally, I conserve energy, money and other resources. I just pay more attention to the world around me.


5. Good Karma: Now this logic may not apply to everyone: but in my heart of hearts, I think that if I save and spend money wisely, I'll have more funds to donate to charities, cultural organizations and to the homeless. And that cycle of giving will enhance the quality of my life.


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Britney Steals Lighter: Other Items the Rest of Us "Borrow"

Britney Spears has allegedly stolen a lighter from a Chevron gas station store, according to People magazine. She's not alone: Many of us, aware or not aware, have tapped into the five-finger discount. Here's how:



1. Borrowed, but did not return a pen or pencil at a bank, customer service desk or grocery store. For me, this little theft works like this: "May I borrow that for a minute?" I sign the card, check or document and then mindlessly slip the pen or pencil into my pocket. Oooops. I am now making a big effort to return a pen right after I've used it.



2. Buffet extras: Sure it's all you can eat, but not all you can take away. Taking a to-go platter from a buffet is stealing unless you've asked the manager for permission or have paid for take-out. Amy Dacyczyn addresses this issue in the Tightwad Gazette.



3. Condiments and sugar to go. A few restaurants in Florida have a lock-down on their Splenda. When the yellow packets are out on the table, people swipe Splenda by the fistfuls. Putting lots of sugar/sweetener in your coffee is fine, but preparing a sweet take-out package may also qualify as a five-finger discount.



4. Unfair use of children's discounts: It's so expensive to go to out. For example, at Disney, adult prices kick in at age 10 or 11, which means that I pay adult fares for my sons, including my 12-year-old, who still looks very young. But it's wrong to pass kids, teens and tweens off as younger in order to qualify for cheaper tickets for theme parks, movies or other events.



5. Under the radar cable hook-ups or electric connections. A few families were busted in South Florida a few years ago for using a bypass connection for their electricity. Somehow, they were able to rig-up some connection or fix the meter so that they could light up their homes without paying for the juice. Ditto with cable connections. Personally, I prefer to watch tv on the Internet. (How I Get Cable Shows For Free)



6. Jumping the line: When we cut into any line: at a theme park, bank or movie, we are actually stealing time from the people behind us.



7. Goldbricking. Okay, most of us have done this. But if you're shopping on company time or writing the Great American Novel when you should be proofreading a company report, you are stealing time from the company.

Here is another version, with photos, of the alleged lighter theft:
Britney Spears Steals A Lighter From The Gas Station

Here are links to my other Britney stories:



Britney & Celebrity Economics: The Perfume & Cents of Fame

Britney's DIY Haircut & $500 Emergency Funds: My Weird & Frugal News Wrap

Advice for Britney Spears: Go Frugal; Cover Your Assets & Learn from JLo

Off Topic Rant: Leave Britney Alone



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Saturday, December 08, 2007

Salvation Army Request, "Please no more used toys!"

The ongoing recall of defective or hazardous toys has prompted the Salvation Army to take a stand against used toy donations. Here are details from the local Salvation Army outlets in the Miami area:

"Effective immediately, the Miami Salvation Army, Adult Rehabilitation Center Thrift Store will no longer be accepting any used or previously owned toys. This action is a national Salvation Army directive, and includes following all recommended guidelines of The U.S. Consumer Product Safety Commission for recalled products from China.

"Due to expenses incurred by having to pay for the disposal of hundreds of toy from our four Miami/Dade stores, it is essential that we don't accept further items that will result in even more disposal expenses," said Miami Division Captain Eric Nickell."During this season of giving, toy donations are well intended, but simply not an option at this time. We will continue to accept clothing, used furniture and household items," said Nickell.

"We are always appreciative of the positive intentions behind all donations." The action was initiated early last week after the Salvation Army issued a state-wide directive resulting from Consumer Product Safety Commission findings of unsafe levels of lead in numerous Chinese-made products. Consumers are encouraged to donate other items that provide tremendous benefit to the community and store visitors."
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Kiplinger's: 25 Green Investments: Good for Earth & Good For Your Wallet

Can green investments keep your investment accounts green with dollars? That's possible, according to this guest post from Kiplinger's

"25 Ways to Invest in a Cleaner World

——How Thinking Green Can Benefit Your Financial Well-Being——

Cleaning up the planet isn’t just a feel-good phenomenon. It’s big business—with plenty of opportunities for making money while promoting environmentally-conscious technologies. Kiplinger’s Personal Finance magazine identifies 25 solid companies that should profit big from international efforts to find alternative energy sources and clean up the atmosphere.

Some of the names on the Kiplinger Green 25 list may come as a surprise—the nation’s largest industrial conglomerate and a railroad, for example. Selected companies include:
Honda Motor
American Standard
General Electric
Burlington Northern Santa Fe
McDermott International

Additionally, Kiplinger’s profiles five up-and-comers—small, more-speculative companies that someday could grow into giants:
Nova Biosource Fuels
Fuel Tech
FuelCell Energy
Echelon
Orbcomm

Link for complete listing of the Kiplinger 25."
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Friday, December 07, 2007

Do's and Don'ts of Turning a Hobby into a Career

I know the peaks and pits of turning a hobby into a career. Here's how I left the corporate world, including the mistakes I made:

Do:

  • Transition carefully, thoughtfully: I was a midnight poet, writing before and after, my work day (a financial writer for a small business publication). On the side, I dabbled with freelance essay writing and other creative projects. My big break-through came when my employer decided to launch a new column about business people & their hobbies. I gladly volunteered to research and write those pieces. That extra work eventually gave me the samples and experience I needed to become a columnist.
  • Network: One of my former managers became a business editor at a major newspaper. I was able to sell her on the idea of a fun piece about the weekend activities of high-powered deal makers. That opportunity led to other high-profile assignments. Likewise, many former managers and co-workers now work at other national, regional and local positions. Those contacts and friendships have led to revenue for me.
  • Work for your old job: When I first started freelancing, my former employer was one of my first clients. The steady assignments initially provided a financial cushion.
  • Be Flexible: Be open to different kinds of clients and different types of assignments. I've written restaurant reviews and I've tutored high school students.
  • Pace yourself: Learn to say no. Taking on too many assignments or too much too soon will harm your reputation if you can't deliver. I learned this the hard way: A few years ago, I agreed to an unrealistic schedule for a small niche publication. What's more, I had competing professional and personal commitments that were already pushing me to the limit. Ultimately, I disappointed one niche publication editor. We have not worked together since. I should have been realistic and just declined the project.
  • Establish a support team: Get the right legal, tax and tech support help. In hindsight, I should have nurtured better ties in those areas before I went out on my own. Hint: There's no MIS team when your computer crashes in your home office.

Don't

  • Forget the numbers: It's all about the money. Don't turn a hobby into a career if you lack the capital. Every business has start-up costs and lean periods. You need seed capital and a realistic business plan to get past early difficulties. Don't fly without a net. I've had my share of hard landings and I recommend nets & cushions.
  • Price yourself too low. Be competitive, but set rates that will support you and your business. Don't give away your services.
  • Overwork yourself: Once I worked non-stop for about 36 hours straight, with a small break for a family event. My work marathon led to bronchitis and lung damage. The extra work cost me a lot in terms of medical expenses and lost work. Don't pretend that sleep is optional.

In this post: Silly Goofs That Tank A Small Biz or Self-Employment, I featured advice from Ruth King, president and CEO of ProfitabilityChannel.com. I promised to follow-up that post with her tips for "turning a hobby into a business." Here's her list:

  • Be a Shadow/Intern: Find a mentor in your field. Learn the about the nuts and bolts of your business from someone who operates a similar business. Many people are surprisingly generous with their time, talent and advice.

  • Study the back office. Learn and try-out all of the back-office bookkeeping functions that you will have to master as a business owner. There is a lot of paper-work. It's not just about the craft, your services or the products.

  • Learn about your suppliers and industry contracts.

  • Research, research, research.

  • Consider a part-time schedule: Keep your hobby part-time or on weekends only until you have developed enough contracts and contacts to make it worthwhile. Consider working part-time at a salaried post. Think about a part-time job that offers great benefits, such as Starbucks: 10 Reasons Why I'll Work at Starbucks: Late Bloomers Guide to Saving: Pt. 3

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