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Squawk Box Portfolio Challenge Update 3

There’s only 21 days left.  Where’s your squawk box portfolio challenge portfolio at?  I managed to lose a little ground over the last few days.  I screwed up actually.  I’m fairly heavily invested into Google.  I bought in at about $404 and ignored the desire to sell when it hit nearly $425 last week.  Well, chalk it up for a lesson learned.  GOOG is now down below $394 and doesn’t appear to be going back up anytime soon.  There goes about $30,000 in portfolio value.

On a brighter note, I’ve managed to keep my portfolio above the 1 million mark almost the entire time. It’s currently sitting at 1,013,378.00.  Not great, but good enough to be in the top 40% of the contest.  My feeling on that is that there were a few people who lost big right away and abandoned their portfolio and that there are a few who signed up and never bought anything so they sit at 1 million still.  At this point, the leader of the game is well over 2 million and I’ve given up hope of winning the Mazerati, but I’m gonna stick with it and see if I can’t keep growing the portfolio a little.  Maybe I’ll buy more Google. ;) read more

What is a Bank?

What makes a Bank a Bank?

Banks are generally for-profit.  What this means to you is that a bank will generally have the business’ best interests in mind along with yours.  What it also means is that most banks will not give out a higher interest rate then they have to and will try and get as high of a interest rate on a loan as possible.

Carnival of Personal Finance Mayday Edition

Flexo, the founder of the Carnival of Personal Finance is host this week.  Looks like there are a lot of fun posts to sift through.  Flexo did a pretty good job this week and even gives a little commentary on each post.  My post on Why you bank where you bank is included this week.  I find it interesting to see why people choose the institution that they do.  Flexo for instance has an account at his employer because it is required, but never uses it.  Instead he banks at the bank he’s had an account at since he was a teenager.  Says something about that bank’s customer services doesn’t it!

If you’ve come here from the carnival, please take a moment to peruse the most popular posts on the left hand side of the page.  I think you’ll find something worth reading. If you haven’t taken a look at the carnival you can take a look at the rest of the inclusions at Consumerism Commentary.

Why Do You Bank Where You Bank?

A recent conversation prompts me to ask the question.  What are the reasons that you bank where you bank?  In my particular case, the Credit Union that I do my financial dealings was the only place in town who would give me a auto loan when my first college care gave up it’s ghost.  I’ve heard some say that they bank where they bank through convienence.  Perhaps your company requires that you bank with the company bank?  Perhaps you switch all the time in search of the best services?  Why do you bank where you bank?

Please let me know!

On being Debt-Free

I happened over to pfblogs.org and happened to notice a post by Mighty Bargain Hunter( who has recently joined the Money Blog network) entitled “Why is being debt-free so unpopular?”.  I just couldn’t resist commenting.  At the end of the post, MBH asks a question and that is what I will address here. The question?

If you are trying to become debt-free, why? If you’re not, why not?

Well, I am far from debt-free.  I have 5 figure college loans hanging around and low 5 figure credit card debt.  Add that all together with a mortgage and everyday expenses and you have one very not debt-free scenario.  Short of it is that I am trying to become debt-free.  As hard as I can.  There are days that it seems impossible.

So why do I want to become debt-free?  One of the tenets of this site has been to learn as much as possible about personal finance and how to improve the way we all operate our finances.  I began rather poorly early in my financial life and as a result, I have a mountain of debt that I must get rid of.  When I add up all the interest that I pay on a monthly basis, it could very nearly pay my mortgage payment.  That makes me sick.  Slowly but surely it will go away and as each debt goes, my available cash for investment and true wealth growth increases.  That is why I want to become debt-free. read more

Educational Money Savvy Pig

Money Savvy Generation has a product available called the Money Savvy Pig.  It’s a piggy bank with 4 chambers each labeled for that money’s purpose.  Invest, Donate, Save, Spend.  It’s a tool to teach children proper spending and saving habits.

I’d love to see it do a sorter at the top such that it automatically distributed the money based on preset percentages, but a very good tool anyways.  I would also have liked to see it be opaque as I feel that children may become distracted by being able to see the money through the sides.

There are six variations on color and lettering available and it retails for $14.99 + s+h without white lettering and $15.99 + s+h with white lettering.

Your Savings Strategy(Part 2)

The Savings Ladder:

The savings ladder is made up of several “rungs”.  The first rung is the most liquid of the rungs and consists of “emergency” savings.  This rung should be in a high-interest savings or money-market account.  How much you ask?

There are several factors to consider when deciding how much your “emergency” savings should have in it.  If the only people it will support are yourself, you can probably get away with 3 months of living expenses.  Married?  With children?  The more dependants you have, the closer you need to be to 6-7 months of living expenses.  Think of this savings as the “I lost my job” fund.

The next rung on the ladder is the mid to long range semi-liquid savings and investments. These are savings instruments that are tied up for a period of time, usually no longer than 3-5 years.  Generally, these savings instruments include Certificates of Deposit, Bonds, Stocks, and Mutual Funds.  Generally, all of these should be held for a period of time for maximum gain.  In the case of CD’s and Bonds, there is usually a set period of time before they “mature” and, in most cases, significant penalties for early withdrawl.  Because of the time restrictions these savings instruments usually have a higher rate of return than even the highest paying savings and money-market accounts. read more

Squawk Box Portfolio Challenge Update 3

There’s only 21 days left.  Where’s your squawk box portfolio challenge portfolio at?  I managed to lose a little ground over the last few days.  I screwed up actually.  I’m fairly heavily invested into Google.  I bought in at about $404 and ignored the desire to sell when it hit nearly $425 last week.  Well, chalk it up for a lesson learned.  GOOG is now down below $394 and doesn’t appear to be going back up anytime soon.  There goes about $30,000 in portfolio value.

On a brighter note, I’ve managed to keep my portfolio above the 1 million mark almost the entire time. It’s currently sitting at 1,013,378.00.  Not great, but good enough to be in the top 40% of the contest.  My feeling on that is that there were a few people who lost big right away and abandoned their portfolio and that there are a few who signed up and never bought anything so they sit at 1 million still.  At this point, the leader of the game is well over 2 million and I’ve given up hope of winning the Mazerati, but I’m gonna stick with it and see if I can’t keep growing the portfolio a little.  Maybe I’ll buy more Google. ;) read more

What is a Bank?

What makes a Bank a Bank?

Banks are generally for-profit.  What this means to you is that a bank will generally have the business’ best interests in mind along with yours.  What it also means is that most banks will not give out a higher interest rate then they have to and will try and get as high of a interest rate on a loan as possible.

Carnival of Personal Finance Mayday Edition

Flexo, the founder of the Carnival of Personal Finance is host this week.  Looks like there are a lot of fun posts to sift through.  Flexo did a pretty good job this week and even gives a little commentary on each post.  My post on Why you bank where you bank is included this week.  I find it interesting to see why people choose the institution that they do.  Flexo for instance has an account at his employer because it is required, but never uses it.  Instead he banks at the bank he’s had an account at since he was a teenager.  Says something about that bank’s customer services doesn’t it!

If you’ve come here from the carnival, please take a moment to peruse the most popular posts on the left hand side of the page.  I think you’ll find something worth reading. If you haven’t taken a look at the carnival you can take a look at the rest of the inclusions at Consumerism Commentary.

Why Do You Bank Where You Bank?

A recent conversation prompts me to ask the question.  What are the reasons that you bank where you bank?  In my particular case, the Credit Union that I do my financial dealings was the only place in town who would give me a auto loan when my first college care gave up it’s ghost.  I’ve heard some say that they bank where they bank through convienence.  Perhaps your company requires that you bank with the company bank?  Perhaps you switch all the time in search of the best services?  Why do you bank where you bank?

Please let me know!

On being Debt-Free

I happened over to pfblogs.org and happened to notice a post by Mighty Bargain Hunter( who has recently joined the Money Blog network) entitled “Why is being debt-free so unpopular?”.  I just couldn’t resist commenting.  At the end of the post, MBH asks a question and that is what I will address here. The question?

If you are trying to become debt-free, why? If you’re not, why not?

Well, I am far from debt-free.  I have 5 figure college loans hanging around and low 5 figure credit card debt.  Add that all together with a mortgage and everyday expenses and you have one very not debt-free scenario.  Short of it is that I am trying to become debt-free.  As hard as I can.  There are days that it seems impossible.

So why do I want to become debt-free?  One of the tenets of this site has been to learn as much as possible about personal finance and how to improve the way we all operate our finances.  I began rather poorly early in my financial life and as a result, I have a mountain of debt that I must get rid of.  When I add up all the interest that I pay on a monthly basis, it could very nearly pay my mortgage payment.  That makes me sick.  Slowly but surely it will go away and as each debt goes, my available cash for investment and true wealth growth increases.  That is why I want to become debt-free. read more

Educational Money Savvy Pig

Money Savvy Generation has a product available called the Money Savvy Pig.  It’s a piggy bank with 4 chambers each labeled for that money’s purpose.  Invest, Donate, Save, Spend.  It’s a tool to teach children proper spending and saving habits.

I’d love to see it do a sorter at the top such that it automatically distributed the money based on preset percentages, but a very good tool anyways.  I would also have liked to see it be opaque as I feel that children may become distracted by being able to see the money through the sides.

There are six variations on color and lettering available and it retails for $14.99 + s+h without white lettering and $15.99 + s+h with white lettering.

Your Savings Strategy(Part 2)

The Savings Ladder:

The savings ladder is made up of several “rungs”.  The first rung is the most liquid of the rungs and consists of “emergency” savings.  This rung should be in a high-interest savings or money-market account.  How much you ask?

There are several factors to consider when deciding how much your “emergency” savings should have in it.  If the only people it will support are yourself, you can probably get away with 3 months of living expenses.  Married?  With children?  The more dependants you have, the closer you need to be to 6-7 months of living expenses.  Think of this savings as the “I lost my job” fund.

The next rung on the ladder is the mid to long range semi-liquid savings and investments. These are savings instruments that are tied up for a period of time, usually no longer than 3-5 years.  Generally, these savings instruments include Certificates of Deposit, Bonds, Stocks, and Mutual Funds.  Generally, all of these should be held for a period of time for maximum gain.  In the case of CD’s and Bonds, there is usually a set period of time before they “mature” and, in most cases, significant penalties for early withdrawl.  Because of the time restrictions these savings instruments usually have a higher rate of return than even the highest paying savings and money-market accounts. read more

Who is
Penny Saved?

From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.

We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.

We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!

lady holding Free Government Phone
lady holding Free Government Phone

Who is
Penny Saved?

From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.

We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.

We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!

Copyright © 2021 Penny Saved. All rights reserved