Richer by the Day

Richer by the Day
Ongoing ramblings about personal finance, and all related topics. If it has to do with money, it will be covered here.

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Welcome to Richer by the Day. Take some time to read my latest blog posts, browse the categories and archive, and subscribe to my feed. Congratulations to Tyler, Leslie, and Melissa who each won a copy of The Richest Man in Town in the latest free book giveaway.

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Stop Acting Rich Book Review

Oct 7, 2009 43 Comments

Welcome to Richer by the Day, a blog about personal finance, investing, and all things money. Take some time to read my latest blog posts, browse the categories and archive, and subscribe to my feed via RSS or Email. You can also stay up to date by following me on Twitter. If you find the information here useful, you can help support this site by visiting our advertisers and sponsors. Thanks for visiting!

The latest book review here on Richer by the Day is Thomas J. Stanley’s Stop Acting Rich … And Start Living Like a Real Millionaire.  Those familiar with Stanley’s other notable books, namely The Millionaire Next Door and The Millionaire Mind will see many familiar themes in Stop Acting Rich.  That’s not a criticism though, since this niche is where Stanley is at his best.  The differences between the three could be summarized as follows: The Millionaire Next Door described the typical millionaire, The Millionaire Mind revealed what they believe made them a success, and Stop Acting Rich explains why so many non-rich hyperspend and fail in their rich-emulation attempts.

Stop Acting Rich begins with an overview of the phenomenon whereby people try to emulate the rich, but fail miserably.  The problem, in simplified terms, is that they either emulate those with nearly limitless resources (whom they will never become) and/or the habits they believe the rich follow.  Unfortunately their beliefs of the rich are incorrect and so they act in many ways that are detrimental to their wealth.  The disheartening situation that many seem to find themselves in is a preference for appearing rich, rather than actually becoming rich.

Hyper-consumption and a desire to highlight our “wealth” through the showcase of status symbols

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Cash for Clunker Taxation Clarified

Aug 28, 2009 16 Comments

There has been a ton of confusion about whether money received through the Cash for Clunkers program is taxable.  What follows is my opinion of both the cause of the confusion and the reality of the situation.  Much of the confusion is based on a news article quoting Minnehaha County (South Dakota) Treasurer Pam Nelson.  In the article Some Surprised by ‘Clunker’ Tax, she is quoted as saying (regarding CARS participants)   “They didn’t realize that would be taxable. A lot of people don’t realize that. So they’re not happy and kind of surprised when they find that out”

When people started hearing that the Cash for Clunkers credit was taxable, they may have falsely concluded that it was subject to federal income tax.  This does not seem to be the case.  The official CARS website specifically states that the credit is not taxed as income to the consumers that participate in the program.  So you will not have to pay federal income tax on the credit as you might for a forgiven or canceled debt.

That is not to say that the Cash for Clunkers’ credit is free from tax.  In many states

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More on this topic (What's this?)
(AN) Cash for Clunkers Program Expires
Read more on Cash for clunkers, Taxes at Wikinvest

Finding the Best Reviews of Personal Finance (and other) Books

Aug 14, 2009 10 Comments

Richer by the Day regulars know that I read a lot of books.  I often review relevant books here and host book giveaways as well.  In the course of those efforts, I was surprised to learn that there really isn’t a centralized place for people to collect, share, and discuss various book reviews.  There are many book review sites, but they are generally for user’s own reviews or discussions of the books themselves.  I envisioned a site where many reviews for a book could be submitted and users could vote for the best review.  Then, others considering the book could find reviews and opinions all in one place.  They could limit themselves to the best ranking review, or view them all.  Since this type of social bookmarking for book reviews didn’t seem to exist, I took it upon myself to create such a site.  The result is

The site is still in beta testing, but I’d be thrilled if any Richer by the Day readers would give it a try.  To help entice you, I’ll be hosting another giveaway to coincide with the beta testing period.  I will be giving away 5 personal finance or investing themed books from my large collection on October 1st.  All users of Book Review Mark will be eligible.  Each book review you add to the site or vote you cast for other reviews will count as an additional entry.

Thanks for your help in this effort and happy reading!

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