Personal Finance News Thursday 7/26

Phil's Personal Finance Tip of the Day:

Let Your Imagination Fuel Your Success

July 26, 2012 By Harvey Mackay

Take a close look at the back of a dollar bill.  On the left side is a pyramid, with an eye at the top.  Over the pyramid is the Latin inscription “annuit coeptis.”  It means:  “Providence has Favored Our Undertakings.”

The pyramid symbolizes the strength of the union of the states.  The top of the pyramid is unfinished, meaning there is still work to be done to make our system even better.  The eye stands for the all-seeing God, Supreme Builder of the Universe.  Benjamin Franklin chose this motto because he believed imagination was the singular characteristic of the people he helped to forge into a new nation.

I think Ben Franklin would be pleasantly surprised where imagination got this great nation.

“The most interesting people are the people with the most interesting pictures in their minds,” said Earl Nightingale, one of the pioneers of the motivational movement.

I’m always fascinated listening to people who see the world through a different lens.  Most of us have ideas of what we’d like to change, but not necessarily the vision to make it happen.  People who can clear the negative clutter from problems will always be successful.

The famous inventor Thomas Edison used to say his deafness was his greatest blessing.  A blessing because it saved him from having to listen to reasons why things couldn’t be done.

Curtis Carlson, founder of the Carlson Companies and one of my mentors, spent his life building and expanding.  When asked what personal qualities contributed to the building of his successful empire, Curt responded, “I think my success is the result of my ability to see and to imagine how things can be.  I’m not distracted by how things are.”

It’s never too late to develop your imagination, although I believe that the longer you suppress it, the more challenging it will be.  Consider this lesson that was shared by Gordon McKenzie, a well-known creative force at Hallmark Cards.

To read the entire article from Harvey Mackay:
http://harveymackay.com/column/let-your-imagination-fuel-your-success/

Mackay’s Moral:  The only person who can put limits on your imagination is you.

Personal Finance News Wednesday 7/25

Phil's Personal Finance Tip of the Day:

 

6 Ways to Save on Home Energy in the Heat of Summer

 

By Money Crashers | U.S.News & World Report LP – Wed, Jul 25, 2012 12:04 PM EDT

David Bakke lives in Atlanta and frequently experiments with various ways to save money at home. He shares his tips and insights on the finance blog, MoneyCrashers.com.

 

Summer is upon us, and while I'm sure we all hope for mild weather, chances are that your home energy costs may be rising--especially if you live in an area of the country affected by the recent heat wave. However, it's always a great idea to save money any way you can. So even if your energy costs aren't skyrocketing, consider the following ideas to make your electric bills more manageable this summer:

 

1. Adjust the Thermostat

Air conditioning costs a fortune, and if it runs around the clock, you can surely expect a huge bill. To reduce the expense, gradually raise the temperature of your thermostat by at least three degrees. Doing so will save you approximately 20 percent on your summer electric bills.

2. Request a Home Energy Audit

Many power companies can come to your home and perform a home energy audit for free. Providers have to borrow power from other companies at peak usage times in order to meet demands, which cost them a lot of money. Therefore, they have just as much motivation as you do to save energy at home. The audit typically takes about an hour, and the tips and advice provided can help you save a significant amount.

3. Switch Providers

If the power industry has been deregulated in your state, you have options of where to purchase your electricity. Therefore, check out the competition. Review your bill and find out what you're paying per kilowatt-hour, and see if you can find a better rate. However, be sure to look for any extra charges or hidden fees before you make the switch.

To read the entire article from David Bakke(Moneywatchers):
http://finance.yahoo.com/news/6-ways-save-home-energy-132949061.html

 

Scripture of the Day from Dave Ramsey.com:

Proverbs 29:20 — Do you see someone who speaks in haste? There is more hope for a fool than them.

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.  

 

Personal Finance News Tuesday 7/24

Phil's Personal Finance Tip of the Day:

Struggling to pay your cell phone bill?
By Clark Howard

Are you like two-thirds of Americans who, by their own telling, are struggling to pay their cell phone bill each month? I've got solutions for you.

A new poll finds that 68% of Americans have trouble making their monthly cell phone bill because it's so high, according to what I read in The Orange County Register. The survey, done by CouponCodes4U.com, took into account the responses of 1,623 Americans from the age of 18 to 35.

Wow! That's a real wake-up call, particularly for those with AT&T and Verizon. I hear all the time from people who say they can't leave their cell phone carrier because they're "under contract" or "have a family plan."

The reality is you have to start planning your exit strategy now, regardless of where you are in your contract. If you have a fancy smart phone, especially an iPhone, you can sell it on eBay and probably get enough money to cover your early termination fees.

Leave AT&T and Verizon to the big fat cats in corporate America! If you need to watch your wallet, you need to migrate away from them. (Sprint and T-Mobile are in their own orbit and can in fact offer some deals for families.)

In general, you'll get a better deal from any of the Big 5 discounters: Straight Talk, Boost Mobile, Virgin Mobile, Cricket, and Metro PCS. They offer smartphone service that's effectively less than half the cost per line than AT&T or Verizon.

If you're still using AT&T or Verizon, you are throwing away maybe $1,000 a year. Check out these other companies and you'll have a great shot of saving big dough.

Please listen to the Clark Howard show live from 1-3 EST daily:
http://www.clarkhoward.com/

Scripture of the Day from Dave Ramsey.com:
Psalm 9:12 — Blessed is he man you discipline, O Lord, he man you teach from your law.

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.

Personal Finance News Monday 7/23

Phil's Personal Finance Tip of the Day:

Save Your Way to $1 Million
By Donna Rosato | Money – Mon, Jul 23, 2012 11:45 AM EDT

Research shows that people who practice so-called burst saving are far more likely to sock away enough money for a comfortable retirement than those who don't.

According to a study by the research firm Hearts & Wallets, 64% of burst savers were able to build a nest egg equal to at least 10 times their annual pay, a common benchmark for a financially secure retirement.

They were also likelier than non-power savers to hit that goal no matter what age they started their savings regimen.

Says Laura Varas, a principal at Hearts & Wallets: "Once you've got a base of assets that really matters, it puts a tail wind at your back."

Part of a special report on How to reach $1 million, this story explains how saving aggressively for a decade can help you reach millionaire status by the time you retire.

KEY MOVE: Aim to save at least 15% of your income for a period of ten years or more.

HOW TO GET THERE

Get the timing right. Burst savers most commonly funded a ramp-up in their savings rate with money they received from pay hikes and bonuses, according to the Hearts & Wallets study. That way you don't feel the pain of living on less; you still take home more money, just not quite as much.
Power savers also often timed bursts to periods when their expenses fell or their income spiked. For example, many substantially increased contributions to their 401(k) or other retirement accounts after their children left home or during periods when both spouses were working.

To read the entire article from Money:
http://finance.yahoo.com/news/save-way-1-million-124900798.html

Scripture of the Day from Dave Ramsey.com:
James 1:22 &mdsah; Do not merely listen to the Word, and so deceive yourselves. Do what it says.

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.

Personal Finance News Friday 7/20

Phil's Personal Finance Tip of the Day:

Millionaires in the Making
By Carolyn Bigda, Lisa Gibbs, Elaine Pofeldt and Donna Rosato | CNNMoney.com – 4 hours ago

These five people are well on their way to amassing seven figures. Here's how they're making it happen.

Retire on rents

Name: Paul Attar, 41
Home town: San Antonio
Occupation: Property and small-business owner
Net worth: About $550,000

Though Paul Attar is a scientist who co-founded a medical research company in 2006, the primary vehicle he's using to amass wealth for himself and his family is actually real estate.

He owns two rental properties on his own, and with his business partner formed a company that buys homes in the $150,000-$300,000 range, using 10-year loans.

He views these properties as a "long-term investment to provide wealth to our families after we are gone." Any distributions he gets from his medical company that he doesn't need go straight into his real estate venture.

His long-term goal: Own 10 properties generating $15,000 per month by 60.

To read the entire article from CNN Money:
http://finance.yahoo.com/news/millionaires-in-the-making.html

Scripture of the Day from Dave Ramsey.com:
Hebrews 13:6 — We say with confidence, "The Lord is my helper; I will not be afraid."

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.

Personal Finance News Thursday 7/19

Phil's Personal Finance Tip of the Day:

Clear Thinking Is In Critical Condition

July 19, 2012 By Harvey Mackay

A Midwest university professor complained: “We are now focusing more on how to use the tools of communication than we are on how to effectively communicate … As a result, we are turning out computer and internet gurus who can’t write and think creatively.”

You bet they are. Making your points to your boss or anyone else requires more than information. It demands the critical thinking that convinces them of your point of view.

I would venture as far as saying that technology has set us back in the general field of thinking, trusting gadgets to do some of our thinking rather than using them to enhance our lives.

Critical thinking has never been more important – or more challenging. With so much information bombarding us 24/7, sifting through the content to find factual, legitimate and useful material is no small task. Do you believe everything you read or hear? Do you check sources?

Thomas Edison, the genius of invention, had a way of thinking that was both critical and creative. Fortunately, it isn’t only a natural-born talent. It’s a habit you can cultivate. Take some lessons from Edison’s thinking processes:

• Question all assumptions. Don’t accept the conventional wisdom without first examining and challenging it. It’s said that Edison, when hiring a new employee, would invite the person to have some soup with him. If the candidate salted the soup before tasting it, he didn’t get the job because he assumed it would require salt without testing the theory first.
• Generate as many ideas as possible. The more ideas you have to test, the more likely you’ll find one that works, as long as you keep at it. Edison is reported to have conducted more than 50,000 experiments before perfecting the alkaline storage cell battery.
• Analyze your failures. When an experiment fails, take some time to consider what you can learn. Keep detailed notes so that when an idea works, you can go back and re-examine your efforts in light of your success.
• Adapt other ideas. Edison often used the inventions and ideas of other people as a mental springboard. Keep up with what’s going on in your organization and industry – what people are doing, where others have failed. Look for ways to take policies, systems, or ideas that are already working somewhere else, and turn them into something you can use in your own department.
• Record all your ideas. Keep a notebook for writing down ideas whenever they occur to you. Go back over the notebook regularly, looking for connections between ideas or new ways of thinking about the same problem.

To read the entire article from Harvey Mackay.com:
http://harveymackay.com/column/clear-thinking-is-in-critical-condition/

Scripture of the Day from Dave Ramsey.com:
Matthew 6:34 — Do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.

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.

Personal Finance News Wednesday 7/18

Phil's Personal Finance Tip of the Day:

Things You Need to Do While You're Unemployed

ForbesWoman | Secrets to Your Success – Wed, Jul 18, 2012 6:24 PM EDT

By Jacquelyn Smith

If you're unemployed and worried that employers will turn you down for taking on unimpressive work during the recession or for the large employment gaps on your résumé-you needn't panic. A new survey just released by the careers website CareerBuilder.com reveals that the vast majority of employers are sympathetic to such circumstances.

The nationwide survey was conducted online by Harris Interactive, on behalf of CareerBuilder, among 3,023 hiring managers and human resource professionals between November 9 and December 5, 2011. Not only does it offer unemployed job seekers some hope, but it also provides tips to help them land a new position.

"More than 40% of unemployed job seekers have been out of work for six months or longer," says Rosemary Haefner, vice president of human resources for CareerBuilder. "There's a sense that such a long gap on a résumé negatively affects a candidate's chances, but the survey shows that is not true.

That's very positive news for this group of job seekers. If you fill the gaps with activities and experience that illustrate how you are still developing your skill sets, the overwhelming majority of employers will look past your unemployment and focus on what you can bring to their team."

To read the entire article by Jacquelyn Smith:
 http://shine.yahoo.com/secrets-to-your-success/10-things-while-youre-unemployed-222400584.html

Scripture of the Day from Dave Ramsey.com:
Psalm 65:9 — You care for the land and water it; you enrich it abundantly. The streams of God are filled with water to provide the people with grain, for so you have ordained it.

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.