Comments on: Ten Nasty Money Habits http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Khyron http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-5073 Khyron Sat, 20 May 2006 19:57:01 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-5073 Good list. Except I think 2 is bogus. HOWEVER most people don't manage the balance. Why do I think this? Because of the nasty habit that most CC issuers have taken of closing accounts w/o enough activity. It is a business, after all. Example from my own life. I have a Brooks Brothers card with a $700 limit. Do to a funeral, I had to buy some clothing. I maxed the $700. Now, I could have paid it in 1 shot. I split the payments in half over 2 months. Why? Because I don't use the card much, but it looks good on my credit report. I want to keep it. So the issuer makes some money, I get the benefit of a good report back to the agencies from the issuer ("pays on time") and the debt doesn't last any longer than it reasonably needs to. You can't forget about the debt. But you can and should manage it. I figure 1 - 2 uses of the card per year, and let them make some money somewhere along the line, works for everyone. Good list. Except I think 2 is bogus. HOWEVER most people don’t manage the balance. Why do I think this? Because of the nasty habit that most CC issuers have taken of closing accounts w/o enough activity. It is a business, after all. Example from my own life. I have a Brooks Brothers card with a $700 limit. Do to a funeral, I had to buy some clothing. I maxed the $700. Now, I could have paid it in 1 shot. I split the payments in half over 2 months. Why? Because I don’t use the card much, but it looks good on my credit report. I want to keep it. So the issuer makes some money, I get the benefit of a good report back to the agencies from the issuer (“pays on time”) and the debt doesn’t last any longer than it reasonably needs to. You can’t forget about the debt. But you can and should manage it. I figure 1 – 2 uses of the card per year, and let them make some money somewhere along the line, works for everyone.

]]> By: How Small Costs Add Up / Personal finance and money information, tips and links / Money Watch http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-4934 How Small Costs Add Up / Personal finance and money information, tips and links / Money Watch Fri, 19 May 2006 14:23:07 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-4934 [...] One of the ten nasty money habits posted on AllThingsFinancial was “failing to see how little purchases add up”, which gives the following formula for showing how much an amount spent now could be worth in the future, if invested: [...] [...] One of the ten nasty money habits posted on AllThingsFinancial was “failing to see how little purchases add up”, which gives the following formula for showing how much an amount spent now could be worth in the future, if invested: [...]

]]> By: Andrew http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-4918 Andrew Thu, 18 May 2006 21:56:29 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-4918 Number 1 is the most important. Without a written budget how can a person possibly know if they are spending too much. Make sure and have that written budget. Having a written budget has been so critical to my financail life. Once that is in place then you can apply some of the other tips on the list. Number 1 is the most important. Without a written budget how can a person possibly know if they are spending too much. Make sure and have that written budget. Having a written budget has been so critical to my financail life. Once that is in place then you can apply some of the other tips on the list.

]]> By: Tom Obay http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-4862 Tom Obay Wed, 17 May 2006 14:31:06 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-4862 Very nice. The Richest Man in Babylon is one of my favorite books. Very nice. The Richest Man in Babylon is one of my favorite books.

]]> By: Jim L http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-4861 Jim L Wed, 17 May 2006 14:17:29 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-4861 After reading this list, I feel pretty good about our finances...with one major, major problem: We haven't addressed No. 1 adequately. I know, that's huge. Time to check out http://online.wsj.com/public/page/booktools.html After reading this list, I feel pretty good about our finances…with one major, major problem: We haven’t addressed No. 1 adequately.

I know, that’s huge. Time to check out http://online.wsj.com/public/page/booktools.html

]]> By: Wayne http://allfinancialmatters.com/2006/05/17/ten-nasty-money-habits-2/comment-page-1/#comment-4853 Wayne Wed, 17 May 2006 11:22:12 +0000 http://allthingsfinancialblog.com/2006/05/16/ten-nasty-money-habits-2/#comment-4853 This is a great list. I will share this with my kids. This is a great list. I will share this with my kids.

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