Alpha Consumer
-
Secret Stash, Part II
Continue reading… 2 CommentsHere's one more take on the debate over whether women should keep secret stashes of cash. My grandmother says yes, but many of the male commenters disagreed. I received this note from Pat from Washington, with her own perspective:
I say we should all thank grandma for her advice. My dad always took care of my mom and us kids and we never had to worry. But my mom always said, "Make sure you have some money of your own." I told my daughter to always have money of her own, as well as a car and to never let anyone take it from her. She needed my advice more then I needed my Mom's. I'm sure she will pass it on down to her daughter too.
-
Podcast: Simplifying Your Finances
Continue reading… 0 CommentsI interviewed the personal finance guru Liz Pulliam Weston, author of Easy Money, for this week's Alpha Consumer podcast. She explained how to simplify money management, which online tools to use (and which to stay away from), and even shared her own financial goals. You can also pick up the Alpha Consumer Tip of the Week on the latest Starbucks deal. Listen now, download in
iTunes, or subscribe via 
RSS feed. -
Best Buy's Policy Snares Customer With New TV
Continue reading… 13 CommentsEarlier this week, I heard from Jennifer, a Best Buy customer who bought a new, 40-inch, flat-screen television for $1,100 at a store in Wheaton, Md. When she brought it home in its sealed box, she found that the entire screen had been smashed. So, as irritating as that would be, you would think that at least the store would exchange it for an undamaged one, right?
Wrong. When Jennifer took the television back to the store, customer service representatives told her the store could not replace it, because the company can't be responsible for what happens after products leave the store. Eventually, the store offered to pay for half of the repairs on the damaged television—which still leaves her out $500 and without the brand-new set she paid for.
-
Matching Spending to Bigger Goals
Continue reading… 7 CommentsAbout a decade ago, Melissa Tosetti worked in public relations. She was surrounded by people who dressed stylishly, but she felt like she could barely afford to pay rent, let alone keep up with the latest fashion trends. "I couldn't figure out how everybody looked so great and still paid bills," she says. She started learning to find clothes at thrift stores and other secrets to looking good without spending a lot of money.
She realized she wasn't the only one who struggled to live the luxe life on a budget. When she was laid off, she used the opportunity to start a magazine about how to live well without going broke. Now, that publication has taken the form of Budget Savvy, an online magazine.
-
Audio: Making Money with Blogs
Continue reading… 5 CommentsOver the weekend, I spoke with WTOP about making money with blogs. Listen now, download in
iTunes, or subscribe via RSS feed -
Becoming Content With Less
Continue reading… 4 CommentsWhen I received a copy of The Way We'll Be by pollster John Zogby, I couldn't believe some of his predictions. First of all, he says that we'll become more "Zen-like" as we learn to work at home and realize we don't want to spend hours of each day stuck in traffic. In his world, yoga may become as ubiquitous as McDonald's is now. In terms of spending, Zogby says Americans are learning their limits. Instead of fantasizing about owning a mansion, we're learning to be content with the two-bedroom condo that we can actually afford. (I recently wrote about how living more simply has also become "cooler," which seems to be a related phenomenon.)
I wish I could say that I embrace that new attitude in my own life, but for me, it's a struggle. I still want what I can't have. I'd really like to be able to afford a house, such as the three-bedroom one my parents bought when they were my age, but that will likely elude me for years. Still, I check online listings once a week and watch "for sale" signs in my neighborhood closely, even though the homes are all out of my price range.
What about you—do you feel content with what you have, or do you find yourself wanting more? If you've achieved this "Zen-like" existence that Zogby describes, please give me advice on how to join you.
(My full interview with Zogby will be posted tomorrow.)
-
Weekly Blog Roundup Offers Financial Tips
Continue reading… 0 CommentsCheck out this week's Carnival of Personal Finance over at Broke Grad Student. It highlights online savings accounts, leaving the workforce at age 29, and special financial advice for college students.
-
Retailers' August Discounts: Deal or No Deal?
Continue reading… 7 CommentsWith back-to-school shopping season sneaking up and consumers still feeling pinched for cash, retailers are doing what they can to grab our attention. Some of the deals are worth taking advantage of, but others are just gimmicks. (You can watch me talking about some of these offers with Carmen Wong Ulrich on last night's On the Money on CNBC.) Here's an overview of what to watch out for:
Apple
The deal: Students can buy a new Mac and get a free iPod. In practice, it's a little bit more complicated than just picking up your free mp3 player—you have to shell out for both the Mac and the iPod, before Sept. 15, and then you are eligible for a rebate up to $299 for the iPod.
-
One Blogger's Money-Making Secrets
Continue reading… 11 CommentsThe recent discussion about how much money bloggers make prompted a comment that intrigued me. Miranda Marquit wrote to say that most of her income comes from blogging for companies who want regularly updated blogs but don't have time to write them themselves. I asked her a few questions about how it works:
How do you find clients?
Job boards from mediabistro.com to Problogger have job listings seeking bloggers. I found most of my clients by applying after seeing a listing on a job board. However, I got my job writing for GFT Forex through a networking connection. -
Managing Michael Phelps's Gold
Continue reading… 0 CommentsMichael Phelps, who became the first person to win eight gold medals at a single Olympics earlier this week, also became a richer man: He automatically earned $1 million for his accomplishments through his contract with Speedo, and his agent told the Wall Street Journal that he expects Phelps's performance in Beijing to earn him $100 million over the rest of his life. (Phelps already pulled in $3 million to $5 million a year through endorsements.)
But a life of luxury isn't a foregone conclusion. Plenty of celebrities, including MC Hammer and Kim Basinger, have raked in millions only to run into financial trouble later. I spoke with Alby Salaman, chair of Holland & Knight's private wealth services group for the mid-Atlantic region and lawyer to several NBA and NFL players, about what Phelps should do to protect his windfall. Excerpts:
-
Debt Reduction for 20-Somethings
Continue reading… 1 CommentToday's guest post comes from Debbie Dragon of creditorweb.com:
Leaving high school or college and entering the "real world" is sometimes a lesson in reality for young adults. Up until that point, it's possible that you really haven't had to concern yourself much with your financial responsibilities. Once you head out on your own, though, you may suddenly find that using credit cards and getting loans may not have been your best options.
-
The High Price of Breakups
Continue reading… 2 CommentsCheck out this thought-provoking article over at Tango about the financial side of breakups. The author points out that sometimes, you need to have a stash of cash in order to make the right relationship choice. No one wants to have to continue living with someone post-breakup, as she was forced to do. Here's an excerpt:
As far as financially sound strategies for urban living goes, it doesn't get much smarter than falling in love. Make the commitment, move in together, save hundreds of dollars in rent (and therapy, if you're living in New York). All of this only works, of course, if you stay together. Some 11 million Americans who live with a partner outside of marriage are keen to this option and the advantages that come with it. But what happens when the love withers? True love may be priceless, but breakups have their cost as well.
-
How Much Do Bloggers Make?
Continue reading… 44 CommentsFor an upcoming story on how to make money with a blog, I spoke with several bloggers who were willing to share their own financial successes (and struggles). The bottom line seems to be that while making a side income with a blog is possible, it takes a lot of effort—so much that many people will decide it's not worth pursuing. Here's a snapshot of four different bloggers, all of whom are at different stages:
1) The Beginner: Squawkfox, who launched her blog in January, started running ads about three months ago. She says it's too early to report any financial data, but she has been pleasantly surprised with the number of blogger friends she has made and the readership she has cultivated. She was also surprised by the amount of work involved, including time spent answering reader E-mails and learning technical skills to improve the look of her blog. "There is no easy path to blogging for bucks. It takes time, effort, commitment, constant learning, a love for people, communication, and the desire to want to help in some way," she says.
-
Vote on Best Frugal Idea
Continue reading… 3 CommentsIt's time to vote for the best idea for frugal living from the great ideas submitted last week. The winner gets a copy of David Blankenhorn's Thrift: A Cyclopedia.
Which idea do you like best? (Responses have been slightly edited.)
-
The Great Wine Debate: Screw vs. Cork
Continue reading… 19 CommentsBefore reading any further, ask yourself this question: Would you prefer your wine capped with a cork or a screw top?
I'm guessing you opted for the cork option. There's something about a screw top that seems, well, cheap. But parts of the wine industry are promoting a massive marketing campaign to remove any lingering stigma about bottles that can be opened with the twist of the wrist, because they say screw tops are actually superior to the traditional cork.
-
Podcast: How to Live the Simple Life
Continue reading… 1 CommentWhen I first interviewed Tim Kasser, author of The High Price of Materialism, his research, along with his life choices, fascinated me. He avoids television and grows his own food. He works part time so he can spend more of his days with his young sons. And in his research, he has found that people who shun materialism are actually happier. In this week's Alpha Consumer Podcast, Kasser shares more details about his lifestyle and the research behind "voluntary simplicity." You can also hear the Alpha Consumer Tip of the Week on how to get student loans forgiven. Listen now, download in
iTunes, or subscribe via RSS feed. -
How to Overcome Shopping Addiction
Continue reading… 15 CommentsIn a comment on my recent post about shopping addictions, Grace from Virginia said she used to struggle with that problem. "When I was going through a particularly difficult and unhealthy dating relationship, I was into splurging on clothes shopping. A new outfit always makes me feel a little better about myself, but in this case, I was trying to prove to myself and to [him] that I was desirable and beautiful," she wrote. Now, as a happily married woman, she has gotten control over such impulses, and realizes the spending was driven by deeper issues than simply a tendency to waste money.
-
Share Your Best Ideas for a Frugal Lifestyle
Continue reading… 12 CommentsIn an interview that was cut from the final version of my story on the end of credit card consumerism, Simple Prosperity author David Wann explained how he sees a huge shift happening in our culture at the moment. He calls it a move to a "restoration economy," where people want to stop working 40-hour weeks and instead start focusing on what is most important to them. For example, more people are growing their own food, trading in their SUVs for bikes, and choosing to spend their time on activities that energize them.
So, how can one go about simplifying one's life? There are many resources online to help, from Frugal Village to Zen Habits. If you've developed your own techniques, please share them below, or E-mail photos demonstrating your newfound frugality to alphaconsumer@usnews.com. The best idea will receive a copy of David Blankenhorn's Thrift: A Cyclopedia. (And congratulations to Drea, the commenter who was randomly selected to receive a copy of David E. Shi's The Simple Life.)
-
Audio: Why We Are Spending Less
Continue reading… 17 CommentsOver the weekend, I spoke with WTOP about why people are behaving more frugally and whether we're all going to start spending again as soon as we have the money. (My answer was: maybe not, because by then we'll have discovered that avoiding materialism can actually make us happier.) Listen now, download in
iTunes, or subscribe via RSS feed -
Roundup: Top Personal Finance Blogs
Continue reading… 5 CommentsFinancial Ramblings posted a helpful roundup of personal finance blogs, in case you're looking for more inspiration from fellow budgeters.
