No, Not Everyone Needs a Budget (guest blogger – Dan)

This week, MikedUp Blog is attempting to answer the question, “What are personal finance bloggers collectively wrong about?” My contribution posted Tuesday, while Dan from Pennies and Dollars has provided his take below. Here’s a link to the intro post (from Monday) if you’re looking for more details. And as always, thanks for reading!   -Mike   The personal finance community is obsessed with budgets. And for good reason.   Budgets are the roadmap for our finances, and most people tend to go astray without a budget in place.   However, there’s a tendency in the personal finance community to deliver budget ultimatums. To be clear, not everyone is guilty. Some personal finance writers take a balanced and measured tone to budgeting. But I’m certainly guilty of budgeting ultimatums! I’ve stated in no uncertain terms that everyone needs a budget. And I know I’m not alone. The kind host of this blog […]

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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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This week: What are personal finance bloggers wrong about?

No question, some of the best things about starting a blog that dabbles in personal finance are the relationships I’ve formed with other bloggers. I’ve never been one to hold virtual friendships in high regard, but these are new times, and these are some knowledgeable and, at times, like-minded individuals. The other thing? They also think talking about numbers sounds like a good time.   With these friendships made through Twitter, Google searches, or other social media platforms come the opportunity to discuss topics we’re passionate about, comment on each other’s posts, and guest post occasionally on other sites. It’s good for the readers to get exposed to other points of view and, let’s be honest, it’s nice to share some clicks now and then, too.   I say all of this to introduce a new approach to this week’s posts.    One of the bloggers I’ve talked with recently […]

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Do what you love (financial pillar #1)

Check out the complete list of Financial Pillars Here   Do what you love…   It may not start out this way. You may do what’s necessary to get your income rolling in a positive direction but eventually, wouldn’t the ideal goal be to do what you love rather than to do what you have to – just to get by?   I believe that happiness in life rests in the freedom to do the things that bring you the most joy, professionally and otherwise. This could be spending time with family, hiking, working for yourself, painting, writing, or any number of activities that you enjoy. Some view this as their retirement goal… Work all of your life eyeing up the last 20 or so years. Man, retirement will be so sweet, but the first 65 will be… a bear. That’s no way to live.   There have been scores of […]

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