Thanks to We’re In Debt for hosting the 98th edition of the Carnival of Personal Finance. Here’s a taste of some of the great articles that were submitted this past week:
My Current Bank Account Setup To Maximize Interest
Jonathan from My Money Blog simplified his savings to make the most out of high savings interest rates.
Buying a Sandwich and Soda at Work Costs You $2000 a Year
Here’s another reminder that I need to start disciplining myself to stop going out for lunch with my co-workers every day. The cafeteria’s even more expensive, but if I could just get myself to make my lunch at home ahead of time, I could save a good bit of money.
Always Go to Lunch With the Big Boss
While we’re on the topic of lunch, PT Money has this advice. It’s a short article, but good advice. I generally eat lunch with people not in my direct hierarchy.
Buying Real Estate Without A Source of Income Or When You Are Changing Careers
Dan from Searchlight Crusade tackles a reader’s question about obtaining a mortgage without a steady stream of income. There is a way, and the way is called a “no ratio loan.” Sounds risky to me.
3 Steps Towards Solid Financial Freedom Planning
Here are the three steps from Aridni: Setting goals, creating behaviors, and discussing plans, progress, and reasons for working so hard. Too bad there’s no verb-noun two-word combination for the last step. Of course, Aridni expands on these steps within the article.
The King of Debt was kind enough to include my submission as well, My Next Step: Two-Bedroom Condo or More Renting.
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12:13 am (reply)
A lot of the mass-market personal finance texts like to keep saying “it’s not what you earn it’s what you keep”. That’s true to a point but essentially a dumb statement. If you earn more you can keep more. The problem with mass-market personal finance books is they coddle the readers too much, they are designed to have mass-market appeal and that means not containing any advice that might be difficult to swallow. Someone earning $40,000 per year would much rather hear someone tell them to save an extra 10% of their paycheck than hear someone tell them to work harder and try to make $60,000 or $100,000 a year. I know a few high income earners with little to show for it, but the vast majority of the high-income earners I know also have a great deal of savings and high net worths.