Personal Finance News Friday 8/17

Phil's Personal Finance Tip of the Day:

Videogames? Nah. He Scrimped for a Stratocaster

By ELIZABETH BERNSTEIN The Wall Street Journal

When Luke Flottman was 8 years old, he got tired of not having any money to buy videogames. So he lobbied his parents for chores—yard work, dishes, making all the beds in the house—to earn some cash. "I knew they weren't just going to hand it to me," says the 13-year-old eighth-grader from Cold Spring, Ky.

He made a few dollars a job, sometimes scoring as much as $15 for counting money his dad, Peter, brought home from the soda machine at the printing company he owns. To eliminate inconsistency, Luke and his parents settled on a standard $4 a week.

It's not much. (In five years, he hasn't gotten a raise.) But it all goes to the same thing: his passion for rock 'n' roll. A big fan of Ozzy Osbourne's "Crazy Train" and anything by Metallica, Luke got his first acoustic guitar at age 5 and started weekly lessons at a local music store the same year. A few Christmases later, his guitar arsenal had grown to three.

To read the entire article by ELIZABETH BERNSTEIN from WSJ:
http://online.wsj.com/article/SB10000872396390444318104577589160748644758.html?mod=WSJ_FamilyFinance_MoreHeadlines

Scripture of the Day from Dave Ramsey.com:
Psalm 91:11 — He will command His angels concerning you to guard you in all your ways.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.