Ten More Stupid Things People Do to Mess up Their Money

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 264-September 21 “Courage is being scared to death but saddling up anyway.”—John Wayne After I was set to appear on the Dr. Laura Show, they decided to add another segment—they wanted me to do a “man-on-the-street” type interview à la Jay Leno. I had to think up some questions to ask people about money that they might have funny responses to. My research team of poker players came up with: “Whose picture is on the $10 bill?” (Alexander Hamilton); “What does ‘FICA’ stand for?” (Federal Insurance Constitution Act—this is your contribution to Social Security); “What does the ‘k’ in ‘401k’ stand for?” … [Read more...]

Ten Stupid Things People Do to Mess up Their Money

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 263-September 20 “Money in the bank is like toothpaste in the tube. Easy to take out, hard to put back.”—Earl Wilson “Chellie, call this producer right now!” Felicia said. A producer named Lori was looking for a “money expert” for the Dr. Laura Show, and Felicia had told them about me. I thanked her profusely, called Lori, and faxed her my information. An hour later, Lori called me back and said yes, they wanted to have me on the show. Great! Then she said, “Think up something fun to do with Dr. Laura for six minutes. Call me back at six o’clock tonight.” It was noon, and I was leaving for Las … [Read more...]

Credit Card Management

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 262-September 19 “I’m living so far beyond my income that we may almost be said to be living apart.”—H.H. Munro Credit cards can be wonderful, useful tools of convenience when used correctly. Toni Morton, an office manager at my bookkeeping service, shared a great way to manage credit card expenditures and stay debt-free. Every time she used her credit card, she deducted the amount of the charge from her check register, just as if she had written a check. She never used the card unless she had the money in her checking account. By deducting the amount when she made her purchase, she always had the money … [Read more...]

Major Money Malady—Buying on Time

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 261-September 18 “The quickest way to double your money is to fold it in half and put it back in your pocket.”—Unknown We don’t pay for anything up front any more. When we want something, we get it. If we don’t have the money, we charge it. We buy everything on time. The longer the time, the more money we pay for the item. But the payments are so small, we forget. Rennie Gabriel, in his book Wealth on Any Income, gives an illuminating example of the total amount we end up paying for products purchased on credit. He states that a dining set on sale at a department store for $648 (including tax) costs … [Read more...]

Hey, You! Pay You!

Updated insider information by Chellie Campbell, author of “The Wealthy Spirit: Daily Affirmations for Financial Stress Reduction” 260-September 17 “When a man begins to think seriously of saving for a rainy day, it’s probably a rainy day.”—Anonymous The savings rate in the United States has been on a downward trend for many years, even during times of a robust economy. U.S. households save far less than those in most other industrialized countries. Here are the savings rates from recent years: South Korea 18.0% France 13.6 Italy 11.7 Japan 11.2 Germany 11.0 Britain 10.8 United States 3.8 People neglect to save because we wait until the end of the month when we’ve spent all the money to try to save. Then we vow we’ll … [Read more...]