Richer by the Day » Carnival

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.

Archive for the 'Carnival' Category...

Filed under Carnival, Consumer Protection, Investing, Making Money

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!

This post is part of the latest Carnival of Personal Finance. Be sure to check out the other great entries as well.

Tough economic times, coupled with soaring gold prices, has led to a growing number of ways to sell gold.  Two particularly terrible ways to sell both share a common trait: convenience and a lack of comparison pricing.

The first, is online gold buyers like, which had

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More on this topic (What's this?)
Has Gold & Silver Finally Bottomed?
Read more on Gold at Wikinvest

Filed under Carnival

Two of my latest posts were included in blog carnivals recently:

How Many Mustangs Could The $800 Billion Stimulus Buy? was included in the Carnival of Government and Money.

Fixed Rate Mortgage Comparison: 15 Year vs 30 Year was included in the Carnival of Personal Money Management.

Filed under Carnival, Credit and Debt, Investing, Lending Club, P2P Lending

There’s no doubt that social lending is gaining in popularity and growing in numbers every day. More and more you hear of P2P lending being described as an investment because of the sizable returns that are often possible. Opinions vary about whether or not it is a good investment, but I’d like to consider whether it’s a socially responsible investment.

For anyone who hasn’t heard of socially responsible investing, here’s an excerpt from a post I wrote on the subject:

“The practice involves trying to maximize financial return while investing in companies that are deemed socially good. Such companies tend to favor policies of environmental friendliness, workplace diversity, fair treatment of workers, etc. Many socially responsible investors also avoid companies involved with alcohol, tobacco, and gambling as well as big oil or military contractors.”

The difficulty in determining whether social lending is socially responsible is the fact

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Filed under Carnival, Credit and Debt, Reaction, Saving

In the past, I have advocated building a cash emergency fund. By “cash” I mean a liquid form of money which could be actual currency, but preferably would be savings in a high yield direct bank account. There has been some insightful commentary recently that has caused me to re-evaluate my position and add some justification to it. Of the many posts on the subject, two were my inspiration for this post. In the first one, Mike from four pillars discussed why a HELOC can be used instead of an emergency fund. In the second one, the money gardener explains why he doesn’t need an emergency fund.

In most cases, an emergency fund is really just a method to avoid debt. If a true emergency arose, which exhausted our cash reserves, most of us would just use credit cards, a home equity loan, or a P2P loan. All of those methods are nearly as liquid as cash and easily obtained, with a cost association in the form of interest.

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More on this topic (What's this?)
Are There Cracks in Your Foundation?
Do I need an emergency fund?
Read more on Emergency Fund at Wikinvest

Filed under Carnival, News, Reaction

The Carnival of Everything Finance 15 was released today. My post, Financial Rules of Thumb Stink, was included in this event.

My favorites from the other entries were as follows:

Is “cheap” the new “green”? posted at Early Retirement Extreme
Living frugally doesn’t mean we should buy junk. I’ve noticed a lot of good material coming out of Early Retirement Extreme. The site is definitely worth a look.

6 Reasons to Live and Work in Rural America posted at Cubicle Dropout
I was glad to see telecommuting on this list

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Filed under Calculations, Carnival, Rant, Rules of Thumb

Everyone loves a good rule of thumb. Knowing that the number of cricket chirps in 15 seconds plus 37 is the approximate temperature [1] is great . I usually do the old 100 plus my age comparison when I get my blood pressure checked as well. These ballpark estimates are easy to remember and give a close enough approximation for many things in life. Unfortunately, there are often way too many variables for a rule of thumb to be of any real value for personal finances.

There are some financial rules that are valuable, but they tend to be the ones that are math based. An example would be “Double your hourly rate and add three zeros to get approximate yearly salary.” Of course, even such a rule makes the assumption that you work 40 hours per week. These “rules of thumb” are what I generally file under Quick Calculations. They are more mathematical approximations

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Filed under Carnival, News

The third Money Hacks blog carnival is now live on My Dollar Plan. My recent post Is Prepaying Your Mortgage a Mistake is part of the event.

Filed under Carnival, Credit and Debt, Investing, Mortgage, Real Estate

As someone who is debt free in all other aspects of my life, it’s probably not surprising that I prepay my mortgage. By prepaying, I mean paying more than the required payment each month. This will allow me to pay off my mortgage in about a third of the time. I’ll save a ton on interest and it seems like good financial sense, but there are some opposing views to consider. The fact that opinions vary so widely on the subject is a good indication that the right answer is highly dependent on your personal situation. Statements like “prepay 10% extra each month and you’ll be in a great position” are of no real value to anyone. There are simply too many other factors:

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More on this topic (What's this?)
Oh God! You knew this was coming
Read more on Mortgage at Wikinvest

Filed under Carnival, News

The fourth installment of a blog carnival on the subject of P2P Lending is now available at Prosper Lending Review. My recent post, P2P Borrowers: The Greatest Tenants You Can Find, is a part of this event.

Filed under Carnival, Investing, P2P Lending, Real Estate

I keenly remember the excitement that surrounded my first read of a book that has become a financial classic: Rich Dad, Poor Dad by Robert T. Kiyosaki. It wasn’t just the philosophical difference in how assets are traditionally defined (things you own with perceived value) versus the author’s new definition (things that put money into your pocket each month.) No, the real excitement came from the practical application that accompanied that definition: investing in rental property.

For all of the benefits that come along with finding a rental property with positive cash flow, the downsides (even if only perceived to be so) hold people back from such an investment. Even though the author provided many solutions (such as hiring a property manager) to the typical complaints of those opposed to rental property (such as “I don’t want to fix toilets”) there were still some things that were holding me back too. I liked the idea of investing in something that paid me back regularly, but the overhead and management of a rental property business dissuaded me from the investment.

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