Lifestyle Inflation – Total Cost of Ownership

Lifestyle Inflation – Total Cost of Ownership

Lifestyle Inflation is the greatest inhibitor to creating wealth.  Last week, I discussed how debt is the biggest lifestyle mistake.  Today, we are going to talk about how lifestyle inflation creeps into our decisions without our knowledge.

Two of the major purchases that we make in our life is the purchase of a home and a purchase of a car.  Our credit score and our debt to income ratio are critical in getting the best interest rate for our purchase.

Additionally, there is the decision when making those purchases of how long will I make payments?   It seems simple, yet the longer the payment the more you are paying someone else and making them rich.  Take a moment and go back to last week’s blog and see the example of how to cut down the interest you are paying someone else.

(more…)

Five Ways to Beat the Heat Financial Olympian™ Style

Five Ways to Beat the Heat Financial Olympian™ Style

We are in the middle of a Texas heat wave and it is just unbearable.

For those of you that have migrated to Texas in the last five years, I say welcome to Texas heat.  We have had “mild” summers over last five summers and just so you know and understand, we have not gotten to the hot part.  That comes in August.

I was scrolling through my Facebook feed yesterday and I saw that Chris Gescheidle had several posts where he was selling bicycle gear and helmets.  Chris is a great cyclist and triathlon coach.  I called him to make sure that he was not giving up cycling.  I still believe that there is a day in my future where I will be the windshield and he will be the bug on one of our rides.  (Take a moment and ponder that)

Chris assured me that he was not giving up cycling but that he and Dana, his better half were focused on decluttering their lives.  I totally understand how he feels and I have experienced the freeing feeling of making life simple.  With the idea from Chris and Dana, I give you my Top Five Ways to Beat the Heat Financial Olympian™ Style and make life simpler.

(more…)

20 Weeks till Black Friday

20 Weeks till Black Friday

Worse than New Year Resolutions or being over served NYE is the Christmas spending hangover.

When it comes to holiday shopping, the good news is 65% of Americans set a holiday budget, according to Coinstar’s 2017 Holiday Survey. On the negative side, 77% of the 2,000 people surveyed expect to exceed their budget and only 37% will put a post-holiday budget plan in place to recover.

Of the 77% of those surveyed who expect to go over budget, most only expect to do so by modest amounts. In fact, combining those who expect to go over by no more than $50 (31%) and those who plan on being $51-$100 over (21%) accounts for more than half of consumers. Another 15% plan to be $101-$250 over their budget while 10% will spend more than $250 more than they planned.

It may be 20 weeks until Black Friday, however, today is the day to take the steps necessary to eliminate the January 2019 blown budget and have another overspending hangover.

Here are five money tips from the Financial Olympian for Christmas, Hanukkah, or whatever the holiday is that you and your family celebrate.

(more…)