Becoming & Staying Debt Free

Spending: I think I can see some waste

2008-05-17T21:05:00.000-05:00

One thing that is strongly encouraged in many personal finance classes, especially Christian Financial Concepts (now Crown Financial Ministries), is to keep a spending diary. Keeping track of every thing that you spend through out the day, no mater how small. So, beginning today, I am going to be doing that on this blog. It should ensure, that there is at least one post every day. Of course, I hope to get back the regular financial posts that made this blog as popular as it has been over the last 2-years.

Biscuits & Gravy (from the Eagles Nest at the Harley Davidson Shop) $2.15
Pint of milk (from work) $1.17
Bottle of pop (from work) $1.32
Groceries $22.14

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The Great Ask Me Anything of 2008 Giveaway 1

2008-05-15T08:19:00.000-05:00

A while back, Trent over a the Simple Dollar asked his readers to ask him anything.

you can ask any question you’d like in this thread - a specific personal finance question, a philosophical question, a personal development question, a pop culture question (maybe you have a video game related one you’d like to get off your chest), a cooking question, even a personal question about me. The only guidelines are to keep them family friendly and to avoid asking for personal information that, well, no sane person would provide. If you’ve ever had a simple question you want answered, now’s the time.
- Trent

Well, I am going to start the same project, or at least one similar. There will be a twist though. I am going to conduct a giveaway. I have been given three (3) books to giveaway, and so I will do just that give them away. Very simple to enter. Make a comment to this post. The winner will be chosen at random. However, your entry will be disqualified if (1) you have already entered previously in the current drawing cycle, and (2) if you fail to ask a question. The winner for the 1st drawing (to be held May 31st, 2008) will win a copy the workbook, "Living Financially Free," by James L. Paris. In addition, their question will be the first one I attempt to answer.

Can you stump me? What would you like to read about? What do you want to know? I’m listening!

The remaining questions, I will work on in subsequent posts. The other two winners will also have their question answered (or at least attempted) before the others.

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other 2 books will be:
Learning How To Invest by Beatson Wallace
-and-
The Financial Planning Workbook by Larry Burkett

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Humor: Having a Bad Day

2008-05-15T08:10:00.001-05:00

FOR ALL WHO MAY BE HAVING A BAD DAY..

It Can Always Be Worse
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Closer to getting another loan pad off

2008-05-14T10:00:00.003-05:00

I am getting closer to eliminating the home improvement (AmeriFirst) loan. I received my dividend check, last week, and set the folks at Amerifirst $205.19 (of the $405.19). I hope to be able to payoff the last $200 by the end of the month. However, I had forgotten it was time for my quarterly insurance payment. So we will see, how it works out. Since my paycheck is now bi-weekly, I have to wait another week, before I get paid again. That date, will be, one day before the insurance payment is due. Still, I am excited and am looking forward to getting rid of this debt. Stay tuned, perhaps you will see me succeed in getting rid of this debt, pay the insurance and the utilities in this month.

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Success is More Than Dreaming

2008-05-12T14:46:00.002-05:00

One of my long time dreams has finally come true. Even though, some of my readers, friends and acquaintances don't think it is a good move. For them it may not be. For me, however it is. For many years, I have wanted the position of Assistant Manager, in fact for nine years. For the past, 3 or 4 years I have been actively seeking it. Every manager, I have worked for, those 4-years has known of my interest. Some, have even known of my interest to own my own store(s). That is the case, of the manager and owner of a store in a small town. A manager, who even though, I left employment with him some 9-years ago, I have kept in contact with. It is because, of this dream, that I am motivated to get debt-free so that one day, that dream can come true also.

A friend of mine, recently mentioned a book, he seen in the library. A book, entitled "How come that idiots' rich and I'm Not" by Robert Shemin. It reminds me, that I must remember that the only way to achieve my dreams, whether it be promotion, owning my own business, or simply being debt free is hard work. I haven't read this book, but after looking up the authors website, I can quickly see that is the jest of what he is teaching. Which, is what personal finance guru's, Dave Ramsey, Larry Wingett and John Cummuta teach also.

I cannot say how long it will be, before I will see my dreams become a reality. However, I will continue to work hard, to see those dreams become a reality. Yes, it may mean 50 or 60 hour weeks, but it is something I am willing to do, to accomplish my dreams and make myself more valuable.

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Three Most Admired on Forbes 400

2008-05-06T08:45:00.002-05:00

Forbes annual list of the 400 richest people in the world is out. Guess what. Bill Gates, the man, who was the richest man in the world for the past 13 years, is now number 3 on the list. The number 1 spot, is once again held by the guy who was number 2, for the past 13-years. That of course is the Oracle of Omaha, Warren Buffett. As most of my readers know, he is one of the people I most admire.

In fact, three of the men that I most admire, are on the top 400 richest people list. All three are people I would love to meet, but realistically, probably never will. Still, one can dream, and dreams sometimes do come true. So without further ado, let's take a look at the profiles of those three people.

#1 Warren Buffett

America's most beloved investor is now the world's richest man. Soared past friend and bridge partner Bill Gates as shares of Berkshire Hathaway climbed 25% since the middle of last July. Son of Nebraska politician delivered newspapers as a boy. Filed first tax return at age 13, claiming $35 deduction for bicycle. Studied under value investing guru Benjamin Graham at Columbia. Took over textile firm Berkshire Hathaway 1965. Today holding company invested in insurance (Geico, General Re), jewelry (Borsheim's), utilities (MidAmerican Energy), food (Dairy Queen, See's Candies). Also has non-controlling stakes in Anheuser-Busch, Coca-Cola, Wells Fargo. Insurance operations flourished in 2007. "That party is over. It's a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008." The Oracle of Omaha issued a challenge to members of The Forbes 400 in October; said he would donate $1 million to charity if the collective group of richest Americans would admit they pay less taxes, as a percentage of income, than their secretaries. Had long promised to give away his fortune posthumously. Irrevocably earmarked the majority of his Berkshire shares to charity in 2006, mostly to the Bill & Melinda Gates Foundation. Gift was valued at $31 billion on day of announcement; donation will far exceed that sum so long as Berkshire shares continue to rise.
Forbes Magazine

#307 Ronald Burkle

Son of a grocery store manager spent childhood stacking bread, chasing shopping carts. Joined union local as a box boy at age 13. Tried college, returned home to stock shelves at dad's Stater Bros. store. Rose to store manager, eventually vice president of Stater Bros.' parent, Petrolane. Tried to purchase company via leveraged buyout; failed, was fired. Severance: $8,450. Founded investment company Yucaipa 1986; made fortune buying and selling supermarket chains Fred Meyer, Jurgensen's, Ralph's. Often buys distressed operations in poor neighborhoods to pay low prices, avoid bidding wars. Worker friendly: uses union sources to find hidden value in possible takeovers. Internal rate of return from 1985 to 2003: 43% a year. Failed to buy Tribune newspaper company with fellow Los Angeles billionaire Eli Broad; advised Dow Jones' union during company's negotiations with Rupert Murdoch over sale of Wall Street Journal, other assets to News Corp. Close friend of Bill Clinton; former president became Yucaipa adviser in 2001, reportedly cashed out recently for perhaps $20 million.
- Forbes Magazine

#368 Donald Trump

Son of Brooklyn developer borrowed heavily, built big, lived large, became a billionaire during 1980s. Eviscerated in 1990 real estate crash; stayed flamboyant, embraced reality TV. Now other builders pay him millions to license "Trump" brand. Despite looming housing woes, the Donald's retail, office and hotel business is up. Recently signed Gucci in record lease in New York's Trump Tower; Trump Chicago hotel opened January. Annually disputes FORBES' net worth estimate: "I'm worth $7 billion."
- Forbes Magazine

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Charges for Physical Therapy Reduced

2008-05-05T11:51:00.001-05:00

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

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

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Fantastic Live Event Was Largest Ever

2008-05-05T07:55:00.003-05:00

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

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

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

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

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

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

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Pay Raise

2008-05-02T17:37:00.001-05:00

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

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

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Financial Literacy and Children

2008-05-02T12:44:00.000-05:00

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

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

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

- Education.com

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

So what can parents do?

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

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

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

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

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

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

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

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

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

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

10% Charitable giving

10% savings

10% Invest

70% Spending

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

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

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

2008-05-02T11:22:00.003-05:00

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

Congress & Higher Food Prices

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

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

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

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

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

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

Government launches crackdown on unfair credit cards

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

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

The banking industry is expected to fight the new rules.

- from the AP Newswire

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

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Dave Ramsey in KC Tomorrow

2008-05-02T08:21:00.001-05:00

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

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

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April Was a Terrific Month Financially

2008-05-01T11:01:00.002-05:00

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

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

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

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Extreme Pain, I Need to call the Doctor

2008-04-28T07:56:00.001-05:00

Thursday, I woke up with an extreme stiff neck. However, it finally subsided and although the pain in my neck was still greater then my daily neck/back pain (for as long as I can remember), had been in the past. Then this morning, I woke up around 5 am with extreme neck pain again. So bad, I wasn't sure if I was going to be able to get out of bed.

I know, I know, the neck aren't my legs, but to roll over onto my side, so I could swing my legs over the edge of the bed was so excruciating painful on my neck. I have been using a "contour" pillow all weekend, to give proper support to my neck. However, it seems that it isn't helping much. As much as I hate it, because I don't have the $2,000 to cover the deductibles and co-pays, before my Blue Cross Insurance would kick in 100%, I think I may have to go ahead and try to get into see the doctor today, while I have a day off from work.

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See Maxed Out Free

2008-04-25T09:18:00.001-05:00

Have you seen the documentary, "Maxed Out," yet? If you haven't, did you know you could actually watch the whole thing online via Google Video? I have found the video, or at least one of the online copies, and am embedding it here.

This is the documentary that Dave Ramsey was briefly interviewed in.

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When Is My Stimulus Check Coming?

2008-04-24T08:49:00.006-05:00

Do you know when you will be getting your stimulus check from the government? Most people would answer, May. However, that may not be the case. It all depends on how you filed. Not only that, but if you got a refund did you request a direct deposit or a paper check. If your refund came by direct deposit, you will gt your stimulus payment before anyone getting a check.

Take a look at the two charts below, to see when you will get your cash. The processing order will be done by the last two (2) numbers of your social security. For example, mine is 50, so a direct deposit would be May 9, while a paper check will be June 13.

DIRECT DEPOSIT

Last two SSN digits:	Payment will be transmitted:
00 through 20	May 2
21 through 75	May 9
76 through 99	May 16

PAPER CHECK

Last two SSN digits:	Payments will be mailed by:
00 through 09	May 16
10 through 18	May 23
19 through 25	May 30
26 through 38	June 6
39 through 51	June 13
52 through 63	June 20
64 through 75	June 27
76 through 87	July 4
88 through 99	July 11

source: IRS website

Now, that's news you can use!

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$300 Gone

2008-04-24T07:03:00.003-05:00

I am excited. This week, the current balance on my mortgage was almost cut in half. A week ago today, my payoff balance was $725. Then I sent AmeriFirst Home Improvement a payment of $300, which was posted on their automated summary this morning. My new balance is now $423.28, based on a payoff for May 23. Of course, my goal is still to pay it off by May 1st. If only the $300 check I am still waiting on would arrive, so I can sweep that into this payoff amount. Once that happens, I would only need to come up with an additional $120 and some change to officially get it eliminated.

In fact, looking at the figures in Networth IQ, in the past month I have paid 50% of what I owed at the beginning of the month.

Realistically, at this late stage in the month, I may have to move the goal back to June 1st, but I believe in miracles and am going to stick to my May 1st goal, as long as I possibly can.

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My Social security Statement

2008-04-23T10:44:00.002-05:00

I received my social security statement in the mail yesterday. I found it interesting. If I retire at age 62, I would receive $640/month. Like I would really be able to be live on that. So, we will move forward and look at going until full retirement (at age 67) when I would receive $914/month. That amount is still less then my take home pay. Of course, I would have my 401-K (which currently only has $3,000). However, if I wait until I am 70 to retire (a thought that I despise) my estimated benefits would be about $6 less then my take home at $1,133/month.

Now looking at the unthinkable, if I were to become disabled today, I would get an estimated $900/month. Again, certainly not a number I could really live on.

Below is a chart of my earnings from the time I begin working at age 19 (my 1st job, I was self employed).

Year	Earnings
1988	$327
1989	$3,353
1990	$4,365
1991	$8,611
1992	$10, 708
1993	$10,878
1994	$12,972
1995	$802
1996	$3,503
1997	$12,857
1998	$14,202
1999	$14,793
2000	$17,839
2001	$15,103
2002	$13,295
2003	$17,734
2004	$17,984
2005	$12,960
2006	$19,559
2007	$18,542

As you can see on the chart, my income took a drastic dip in 1995. That was the year I spent as a missionary (or full-time volunteer if you will). In 1996 I returned from the mission field in June and didn't find a job until September. Other highs are brought about by selling stock, with another huge drop in 2005, when I took a demotion (and pay cut) at work.

All in all I have paid $14,270 in social security taxes and $3,328 Medicare taxes.

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Job Interview

2008-04-23T07:01:00.002-05:00

OK, I thought I would try some new features out that Blogger has introduced. The features are only available if you log into what they call Blogger Draft. The 2 features that caught my eye was the ability to now be able to schedule a post for the future. While I am actually writing this post at 11:41 PM (Central Time), it will (or is suppose to) post at 7 AM on Wednesday morning. Even, if I am still in bed, it will be able to post.

The other feature that blogger has created is a blogroll. I have already noticed one thing I don't like about it. That is that if you are linking to a specific page in a blog, it won't let you. For example, my list of blogs that aren't in the side bar. At the bottom of the link list I created, I had a link to a specific page within this blog, however when I put that link in the Blogger blogroll, it became a link automatically to the front page. In addition, the blog I write for the newspaper, it changed the link from my blog to a link to the front page of all the blogs on CJonline. Obviously, I don't want that. I think, I might just keep the link list and delete the blog roll feature. Anyway, this post is suppose to be about a job interview, so let get on with it.

This week I was called for a job interview. The guy who was doing the interviews, emailed me and made the joke that he was Dave Ramsey. When I arrived for the interview on Tuesday morning and meet him, we talked briefly about Dave Ramsey and my two blogs and then moved into the interview process. I must say, it felt very comfortable. It is a family run operation that owns 20 convenience stores in the area. I am not sure what will happen, but I will know within a week. Meanwhile, at my current job, there are things in the works there, that is to early to discuss.

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My Debt Albatross

2008-04-21T11:19:00.001-05:00

I was going through my bills, and I found that I have been underpaying the electric bill. As a result, I have to come up with an additional $90 this week to bring it up to date. That results in me being about $40 over this weeks budget. Still though, I am trusting God and believe I will be able to pull it off. Although, I am in part counting on an annual dividend check, that I really don't know when it will come. The same check, I am expecting to use to nearly wipe out my AmeriFirst (home improvement) loan. I am still eager, and hopeful that I will be able to get rid of that loan by May 1, although this newest realization, may damper that a bit.

While, I am still struggling, it would seem that I can actually see the light. This debt will be gone soon, and I am so freaking eager to see it happen this month. Although, if it doesn't happen this month, it will happen next month. Then I can turn my focus on that annoying Fingerhut,which is the debt that is my albatross.

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Dave Ramsey is Coming

2008-04-21T10:45:00.001-05:00

Good morning. I just looked at the calendar, as I was sitting down to write the new schedule for work and realized next Saturday (May 3) was fast approaching. What's so special about that Saturday? Well, that is the day when Dave Ramsey will make his 2nd visit to Kansas City, MO. A city about 75 miles from where I live. I again have a ticket for the Live Event that day. Last years event was at Municipal Auditorium and was sold out. It was according to the Dave Ramsey folks, th largest Live Event in Dave Ramsey history. This year, they have moved the event to Kemper Arena. Kemper, is the stadium where the Kansas City Kings played, before they moved to Sacramento. From what i last heard they have sold 9,000 tickets thus far.

The Total Money Makeover LIVE in Kansas City is only a couple of weeks away and already close to 9,000 people have bought tickets! Why don't you join them? Come be a part of the largest event on personal finance in the nation where you'll learn a lot and have fun at the same time! Learn, laugh and live...debt free.
- from an email sent by Dave Ramsey

I am looking forward to this event. When I took my last vacation, I didn't take a full week, so I will put in for a vacation day on that day. That will leave 2 more weeks that I will have to take at some point. But, that's another story.

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Worshiping At The Altar of the FICO

2008-04-17T11:16:00.007-05:00

This past weekend, the Today show on NBC, had a story entitled, "7 ways to improve your credit score." It is clear from not only the title, but also their guest that they are worshiping at the altar of the FICO score.

So what are the 7 tips?

Fix your credit report

The fastest way to raise your score is to fix errors on your credit report. Go to www.annualcreditreport.com to get a free report from each of the three credit bureaus every 12 months. It’s important to fix mistakes on all three credit reports. You have a separate credit score based on each bureau’s report, so your scores could be very different if one report contains errors.
- Kiplinger’s Personal Finance magazines, Kimberly Lankford on NBC's Today Show

Pay your bills on time
About one-third of your credit score is based on your payment history. If you’re having trouble paying the total balance, pay at least the minimum by the deadline. Making that deadline is more important to your score than the amount you pay (although the more you pay off, the less interest you’ll owe). If you do miss the deadline, pay up as soon as possible, the later you are, the more you’ll hurt your score.
- Kiplinger’s Personal Finance magazines, Kimberly Lankford on NBC's Today Show
This is a commonsense no brainer. If you are late paying your debts, utilities and other bills, it is going to negatively affect your credit. Always, let me say that again, always pay your bills on time.
Keep your balances low
Another big part of your score is the share of available credit you’ve used. Lenders get worried if it looks like you’re maxing out your cards. Keep card balances below 25 percent of the credit limit, 10 percent is even better. It’s the amount you charge that counts, even if you pay the balance in full every month.
- Kiplinger’s Personal Finance magazines, Kimberly Lankford on NBC's Today Show
If we are going to be debt free, why do we need to keep low balances? This is one area, where this lady and the banks are trying to keep you in debt, by trying to tell you closing the account will negatively affect your credit. The only reason banks want you to keep any balance at all, is so they can relieve you of your hard earned money and make themselves richer.
Don't close old accounts
Keeping old accounts with a good record can help because the age of your oldest card and the average age of your cards are key elements of your score. Closing accounts also lowers your overall credit limits, which makes it look like you’re closer to maxing out your available credit. If you do want to close some accounts, especially ones with high annual fees, close only one every few months and don’t close any accounts within six months of applying for a loan.
- Kiplinger’s Personal Finance magazines, Kimberly Lankford on NBC's Today Show
I pretty much answered this one in my last response. As Dave Ramsey has repeatedly said on his show, the only thing a good FICO score shows is that you love debt. If we are going get out of debt, we don't need a score at all. Plus, if you want to get a mortgage and don't have credit, you can still get that mortgage. Mortgages being the only debt Dave Ramsey, backs away from being critical on, can be obtained by using a mortgage broker that uses manual underwriting.
Pay off old debts
Even a small library fine or disputed electric bill can crush your credit score if the debt goes into collection, dropping a high score by as much as 100 points. Now that more municipalities and utilities are sending small, old bills to collection agencies, I’ve been hearing from many more readers whose scores dropped significantly because of a very old bill for less than $100. Even if you pay off the bill after it’s gone to collection, the damage is already done. Negative information generally remains on your credit report for up to seven years, but the impact on your score lessens through time. Don’t lose track of small charges that can come back to haunt you, and pay the bills off quickly before your score suffers.
- Kiplinger’s Personal Finance magazines, Kimberly Lankford on NBC's Today Show
Yes, I agree. Going back and paying off debts that may have gone to collection is not only a legal obligation but us a moral one, because we are to honor our agreements.
Order your credit score
You can’t get your score for free, but you can order it when you get a free copy of your credit report at www.annualcreditreport.com. Or you can go to www.myfico.com and get your score directly from Fair Isaac, which created the popular FICO score. Some credit bureaus also offer their own versions of credit scores, which can give you a general idea of how your record stacks up, but most lenders use the FICO score when setting your rates.

I have even heard Dave Ramsey talk on his radio show about going to www.myfico.com and checking his FICO score. In his case it is 0 on all three credit bureaus. Meaning he doesn't have an "I love debt score," because he doesn't.
Don't ignore your score
Buying or refinancing a house is the biggest reason to be concerned about your score. But your credit score also affects your credit-card rates and terms, car-loan rates and auto and homeowners insurance premiums. Insurers found that people who have low credit scores are more likely to have insurance claims, and your score can have a big impact on your premiums in most states. Potential employers and landlords may also check your record. Don’t worry about micromanaging your score, you’ll usually look good with anything above the high 700s. But your score can affect your personal finances at any time.

OK, I have gave my thoughts on this. Unless you are going to make the banks richer and go into debt again, I strongly urge you to ignore your score. You can get a mortgage by using a manual underwriter rather then a bank that leans purely on the FICO score.

With that said, I do know my scores. Last Month, the last month WaMu checked my credit from the old Providian Credit Card that i just paid off, they put me at a 688 with TransUnion.

However, on April 14th of this year I logged into and got all 3 FICO's. I must say there is quite a bit of difference and I haven't been late on anything recently nor have I applied for any new debt.

*** TransUnion 619 *** Equifax 550 *** Experian 624 *****

Two of the three did however, have a public record on them that even though it was paid and the lien released had not been removed from my credit reports. In fact, the state actually just sent me the court papers dated some 3-years after they were to have been filed. Go figure.

Finally, Suze Orman who most recognize as a person who worships at the altar of the FICO score, has a product called, the Suze Orman FICO Kit Platinum that is available when you sign up with myFICOscore.com. The video below is from VideoCreditScore.com, and is an intereting review of the product. While I certainly to hold to the belief of fixing your "I love debt score," unless you want to put yourself into debt further (or again as the case may be), it is certainly worth viewing.

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Miscellaneous Thoughts - Writer Troubles, Retirement, Etc

2008-04-16T09:28:00.001-05:00

I have been working the last couple of days trying to get comments from certain individuals for a post, that I had planned to post here and on my Capital Journal online column. Due to them being to busy to get a response back, being out of town or whatever, I have not been able get a response. I will continue trying to bring you the post with the comments, but if no comments come today, I will have to run it without them. However, I won't be able to post the article on my CJ online column.

On another note, I received my 1st quarter statement for my 401-K and everyone of my investments, except two lost money. Of course those two are both smaller investments, within my retirement plan. Those two are JP Morgan Stable Asset Income Fund-Select and the other is First American Real Estate Securities. All-in-All my retirement investments took a $251.51 loss, while I infused $534.80. So much for diversifying. Over the life of the retirement I have lost 8.71%. The thing is, it appears these funds may be bing transfered again to yet another broker/account so waiting out the down turn in the market doesn't appear to be much a possibility.

The commentary that came with the quarterly report, said

Equity markets suffered their worst quarter since 2002 as the credit crunch intensified and more evidence began to point toward a looming U. S. recession.

At work it appears some things are in the works and I am excited about the future.
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Ebay Results

2008-04-14T18:41:00.001-05:00

Ebay results. I have sold 1 of the VHS tapes on Ebay. However, I actually lost money, since I did free shipping to entice more bidders. Problem is, I only got one bid, for the $1.99 starting price. It cost me $2.13 for postage alone. IE: that didn't include the cost of the padded envelope, ebay listing fees or Ebay final selling fees.

I did get a couple bids on the brand new DVD that sold for a final price of $6.66. That basically paid for most of the cost to buy the 6 (8x11) padded envelopes that would hold either of the VHS or DVD. Finally a friend of mine had me list a used DVD (Surface TV series) set that for him and that went for a buy it now price of $20. After subtracting all the expenses for selling that DVD for him he received $8 and I pocketed $6.

All in all, my Ebay has been a total wash. I still have items for sell (with no bids), but really should I list anything more? The idea is to sell items so that I can pay off my debts.

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Free Tax Filling Help for Procrastinators

2008-04-14T18:04:00.001-05:00

Most of us have already filled our taxes, but for those of you who have procrastinated here is a something you might look at. Since the filling deadline is tomorrow, Michelle Shildkret with H & R Block emailed me to let my readers know.

I hear you about gas prices-- I just filled up in Brooklyn, NY and I was paying $3.45 a gallon. Ouch!

I see you're basically done filing, but tax day is tomorrow (ack) and I thought you might like to share the news that H&R Block is now offering TaxCut Basic + efile for the low, low price of FREE:
http://hrblock.com/cmpgn/online/free_online_lp.html

In addition, anyone that files with TaxCut is automatically entered to win a Cancun family vacation: http://www.facebook.com/HRBlockonline

Feel free to share with your readers- hope this makes their last minute filing a bit easier.

Thanks,
Michelle

So if you are one those that have procrastinated, hurry up. You are runny out of time and this online program, may be just the thing for you to get those taxes done.

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And that's my view, what's yours?

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