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Have You Frozen Your Credit Yet?

November 5, 2009 – 5:57 am

In speaking with friends it still surprises me how many have yet to freeze their credit reports. I know it seems like a bit of a hassle, but it’s not and the protection it provides is remarkable. It will take you less than 30 minutes and will cost $30 per person to fill out the forms and mail in your credit freeze paperwork to the three credit bureaus.

Then if you need to apply for new credit you simply have to call the necessary credit bureau, pay $10, and “thaw” the credit freeze for a day or two.

It’s painless, and it could save you from major pain in suffering if someone were to apply for credit in your name. Do you really check your credit reports every few months? I bet most people don’t even order their free credit reports once a year. Therefore someone could easily apply for credit in your name a full year before you ever know about it. Good luck getting all of those charges removed. It will take you hours and hours to clear all of that up.

If you’re prone to signing up for new credit offers and know that you shouldn’t this will slow down the process as well. You can’t just walk into a Costco and sign up for a new American Express card. By having to wait a second, think, and call the credit bureau you my just have enough courage to skip signing up for yet another credit card or car loan.

Give it a try!

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Posted in Debt | No Comments »

Paying For College & Avoiding Estate Taxes

November 2, 2009 – 5:09 am

Today I came across a bit of information that I had not heard before. According to Ric Edelman in his book “The Lies About Money“, he mentioned that there is no gift tax limit when you make a check payable to an institution (like a college). I’m no estate tax attorney, so please verify this information before giving it a try.

I think it’s an interesting idea though. This means that when I’m old and famous (and perhaps wealthy) I’ll be able to write a check to help pay for my kids or grandkids college without having to worry about gift tax coming into affect. At the rate college costs are rising, the current $12,000 per year per person limit won’t even cover textbooks by the time I have kids in school!

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Posted in giving | No Comments »

At Your Means, Above Your Means, or Below Your Means?

October 29, 2009 – 5:05 am

Have you ever thought through your budget and tried to figure out how your spending compares to others by category? Are you living at your means, or above/below your means in the big categories that count? This thought crossed my mind the other day and I haven’t been able to shake it.

I think for my family, we are status-quo from a housing perspective. Our home is just about at the mid-point for what we could have afforded and what we need, and is comparable to many of our friends homes in the area. It’s probably about 10% below the mean when compared to most of my coworkers.

My wife and I probably spend a bit more than most of food ($100-$125 or so per week). I’m still not sure why this is the case, as I judiciously use a price list, shop multiple stores, and purchase store brands for commodity-type items. Nonetheless I think we’re probably near the average.

In all of the other categories, I think we spend much less than others that are near our income level. Clothing, cars, entertainment, travel & vacations, gift giving. We enjoy all of these things but we definately don’t go overboard. Perhaps this is why we can spend a little more on housing and food.

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Posted in Frugality, budgeting | No Comments »

The Pathway

October 26, 2009 – 5:04 am

I read a new book recently called the Pathway. I was actually published a few years ago, but it’s new to me! I find the essential premise of the book to be straight-forward, but perhaps I never thought through the implications.

The premise of “The Pathway” is that many of us do a crappy job of dealing with our feelings. We fail to identify our true feelings and provide for our own needs. This failure on our part eventually leads us to engage in external solutions. It could be overeating, it could be over-shopping, drugs, alcohol, or any number of things.

The book walks you through the steps of completing a “cycle”, which is a set of brief questions to help you recognize how you feel, what you need, and what support you need if any. There is also a limits cycle that asks if you have reasonable expectations.

Here’s the thing that struck me: I always knew I was an emotional over-eater, but I never connected the dots that I need to resolve my emotional issues to improve in this area. I’ve sought out behavioral solutions that require more thinking that feeling, and although I’ve made progress I’m still not “cured”.

If I didn’t know anything about nutrition, then I could think my way out of this problem by gaining new knowledge. But I can’t think my way out of emotional issues. They require a different tactic. That’s where The Pathway comes in.

Do you have any problems in your life that you’re trying to think your way out of? Could it be an emotional issue rather than a rational or behavioral issue?

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