Alternative Strategies for Saving on College Tuition

Mr. ToughMoneyLove is a regular critic of colleges and universities.  There is lots of hard truth to be spread about the deficiencies in our system of financing higher education.  First, many colleges are what one writer has called failure factories because they graduate so few of the students who attend.  Second, the out of control budgets at many universities is a driving factor in the ridiculous amount of student load debt incurred by too many students. Read more

If I Promise to Spend it, Will Obama Send Me Stimulus Money?

Neither Obama nor Congress have any desire to send Mr. ToughMoneyLove any part of the gazillion dollar stimulus packages that are being discussed.  No tax cut, no tax credit, no check in the mail, nada, none.  No, the government wants me on the outside, looking in on the stimulus plan for two reasons: (1)  I make too much money;  and (2) I’m not broke.  (I probably should qualify “I’m not broke” by adding “yet.”  I’m afraid that after the government gets finished stimulating everyone but me, I will go broke through a combination of higher taxes and inflation destroying the value of the dollars we have stashed away in savings.) Read more

If Hyperinflation Strikes, What Would You Use as Currency?

If there is one thing we have learned about economic experts in the past year, it’s that most of them are terrible at predicting if and when the economy will enter a period of high inflation.  Ever since it became apparent that the federal government would be using extreme measures to inject liquidity into the credit markets followed by various forms of deficit-building “stimulus” packages, most experts assumed that an inflationary spike would follow close behind.  However, that has not happened (yet) and now there are concerns about deflation. Read more

How Long Can Our Bear Market Last?

Money Magazine published some interesting numerical data this month comparing the present state of affairs in our stock market with historical (and present data) pertaining to other market conditions.  The data is kind of scary for baby boomers like Mr. ToughMoneyLove.  Let’s take a quick look, then find something else to think about that might elevate our mood. Read more

Save on Investment Expenses and Losses: Fire Your Financial Planner

If you read a lot of the right things about investing, you will be regularly admonished to minimize your investment expenses.  This includes choosing mutual funds with low expense ratios and finding ways to trade with little or no transaction costs.  In markets where gains are hard to find (like today), controlling these costs is even more important.

Depending on how you interpet and react to survey data, it seems we should add ”firing the financial advisor” to the list of investment cost cutting moves. Read more

My Financial Epiphany: Change to Survive

For many in the Christian church, today – January 6 – is celebrated as the Feast of the Epiphany, commemorating the arrival of the Magi who traveled a great distance to visit and offer gifts to the baby Jesus in Bethlehem.

In secular terms, an “epiphany” is a sudden perception or insight into reality or essential meaning of something.   Usually, an epiphany is prompted by some simple thought, experience, or event in your life. Read more

My Year End Financial Performance Review

Mr. ToughMoneyLove has spent a good part of the past five months being critical of others who use poor judgment in matters of personal finance.  Many of my targets have been politicians, Wall Street investment bankers, and disciples of the almighty credit score.  Depending on your own attitude about these subjects, I may come across as an arrogant know-it-all.  There is no question that I infuse my writing with heavy doses of skepticism and sarcasm.  However, none of my targets have been you personally.  When I write, no offense is intended to any of you and, I hope, none taken.  (There have been a few obnoxious comments left but I use the ultimate weapon on those folks:  I delete their comment.)  Read more

It’s Time to Estimate the Market Value of Your Home

We’ve all been avoiding the scary task of checking on the current market value of our home.  We have read that the median price on sales of existing homes fell 13.2% in one year, the biggest drop in 40 years.  We also know that new housing starts in November were 624,000 units, down from 1,178,000 units a year ago.  (Source: Barron’s)  All of the housing news is bad except for mortgage rates which have fallen.

Mr. ToughMoneyLove thinks it’s time for all homeowners to face the music and find out what has happened to our own home valuations.  The numbers won’t get any better if you avoid looking at them.  I promise. Read more

Ways You Should Not Save Money This Year

The popular media are chock full of ideas on how consumers can save money this year.  The frugalists who write personal finance blogs are particularly good at identifying clever and unique ways of saving money on almost anything you can think of.

Unfortunately, I have been reading articles in my local paper and elsewhere that some people are saving money in ways that are shortsighted and financially risky.  That got me thinking that maybe someone should point out those mistakes and perhaps prevent others from doing the same things.   So I appointed myself – Mr. ToughMoneyLove – to do that job.
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Start the 2009 Work Year Right for Your Money and Your Life

If you are like Mr. ToughMoneyLove, January 2 will be your first work day of 2009.  Your New Year’s Resolutions are fresh in your mind.  Perhaps on that list of resolutions are goals such as “keep your job”  and “make more friends.”  If not, maybe they should be.  In fact, these two goals/resolutions can work nicely together to make your 2009 better for both your money and your life. Read more

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