Help!! I’m Proposing and Need Some Financial Advice!!

Help!! I'm Proposing and Need Some Financial Advice!! #creditcards #proposing #highyield #savings #personalfinance

Hi, Team! From time-to-time, I’ll do a mailbag post where I’m literally answering questions from readers just like you! So if you’ve got a burning question or would like a second set of eyes on a financial, business, or fitness situation, please feel free to reach out on Twitter or via email and my answer to your question may be featured in a post!   (Photo courtesy of Justin Montemarano)   Today, I’m responding to Jake, who asked a few things about credit cards and online savings accounts (my comments are in bold italics here):   1- What’s the best way for me to pay for a wedding ring that I don’t currently have the cash for but will in the next 12-15 months (he’s proposing in the next 2 months), and what are some things I need to be thinking about? Is going with a 0% APR for a year […]

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Wins and Losses Series: Tom from MapleMoney – “I spent the way I thought rich people did”

Wins and Losses Series: Tom from MapleMoney - "I spent the way I thought rich people did"

Hi, Team!   Welcome to another edition of MikedUp Blog’s Wins and Losses Series, where we interview a generous participant about 4 of the best and worst moments of their life. The point? To learn from the past so that we can improve in the future!   If you’re interested in participating in the Wins and Losses Series, please send me a note here (you don’t have to be a blogger to participate!).   Check out the complete Wins and Losses Series Here   This week we have: Tom Drake from MapleMoney!     I was so excited to have Tom volunteer to participate in the Wins and Losses Series. As you’ll read below, he’s been doing this blogging thing for 10-years!! Thats like 52.5 blogging years (when converted) and I can’t wait to share his wisdom and experience with you! But more than blogging, he’s been making financial decisions, […]

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Burning, shredding, and other ways we throw away credit card rewards points

As of this writing, credit card rewards are a tax-free kick back from various credit card companies for using their services. The various credit card companies offer rewards incentives in an effort to bring you under their umbrella, put their card in your hands, and thus have you spend cash using their services.   They have the ability to make money a few different ways:   Annual fees, Interest they charge you if your balance is not paid in full at the end of each month, and Merchant fees (we’ve seen this one as business owners).   If you’re not familiar with merchant fees –   every time you swipe your card, the store owner is charged a negotiated percentage by both the credit card company the customer is using and the credit card machine company the store owner is using. This is sometimes why certain stores only take certain types […]

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“Cut up your credit cards!!” – (Wait… what? Why?)

This week, MikedUp Blog is attempting to answer the question, “What are personal finance bloggers collectively wrong about?” My contribution is below, while Dan from Pennies and Dollars will provide his take on Thursday. Here’s a link to the intro post (from Monday) if you’re looking for more details. And as always, thanks for reading!   -Mike     Dave Ramsey recently tweeted, “The credit card is the cigarette of the financial world. When we look back in the years to come we will shake our heads at the stupidity.” Additionally, some PF (personal finance) bloggers have written recently, echoing the “cut up the cards” sentiment.   You should also know that the current interest rate for credit cards is 15.07% – and that’s if you have good credit. The bad credit rate: 22.73%.   As an example, if you buy a $1,000 couch using a store credit card via payments for 60 […]

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Mailbag – do I track cash transations?

“Mailbag” is a new wrinkle to the blog. As our subscriber and reader numbers continue to grow (thank you!), so do our shares and site visitors (click here if you’d like to join the team). With this, I’ve received some questions and comments in response to past articles.   If a tweet or quick response isn’t enough for me to sufficiently answer, I’ll write about it on the site. Mailbag’s first installment is below.   One last thing. I’d love to hear any questions or comments you have, blog related or – dare I say – otherwise… Let me know. Who knows, you could be referenced in a post!     Question   Ok, so you talked about keeping track of all the money you spend down to the very penny. Using a money app on my phone is how I had done this, manually logging every purchase with a date and not […]

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10 Financial musts before age 20 (3 of 5)

This is the third of five posts (in our Financial Must series) where we’re aiming to provide you with a tremendous foundation to achieve your financial goals. We will be posting 2 musts every Friday until the list is complete. If you are enjoying the posts, please take a minute to subscribe to MikedUp Blog. Just click on the ‘subscribe’ button in the bottom right corner, enter your email, and you will get every post as soon as it’s published.   We have the previous four Musts listed below to remind you what we’ve covered. If you’d like to read about those in detail, check out Must Post 1 or Must Post 2. Thanks for reading!   1) Find a way to earn an income and do it at an early age. 2) Set goals for yourself financially, and make sure at least one is attainable in the short term. 3) Open a […]

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