Comments on: Ask Me Anything You Want!

By: BARB

BARB — Sun, 18 Apr 2010 13:41:46 +0000

Stupid me lent my sister $7500 because she was crying on the phone about not being able to get her money from her Money Market Account until January. Promised to pay back the whole amount in January. Asked her to do a Promissory note confirming the loan and that she would pay the entire amount back in January. After weeks, she sent me a letter saying she would pay me $250 a month for the next 2 1/2 years…and that she thought this was fair and equitable!!!!! I was/am furious and let her know…that I would never have lent her the $7500 under those terms and asking that she stick to what she had promised when she originally asked me for the loan. She ignored my letters and e-mails. I got ONE CHECK for $250 in February..and nothing else. It’s almost May now. Called a relative who is a lawyer in LA. He said I’d have to come out to LA and represent myself in small claims court to ask for the $7500 be repaid. That means me flying out and back for a 12-13 hour round trip, paying for hotel and food, etc., and not knowing if the court date might be rescheduled or if she’d even show up. I am writing all this to warn others about making loans to family members. After the fact…I looked at the Clark Howard Show..and he said that 46% of loans made to family members are NEVER paid back vs 4% of loans made from commercial sources. SO!!! If you make a loan to a family member…there is nearly a 50% chance that the loan will never be paid back to you!

By: Penny Squeaker

Penny Squeaker — Wed, 27 May 2009 13:10:25 +0000

Dear Trent,

What are your One Hour Projects for 2009 & 2010?

That was a great topic from the simple dollar blog!

By: elizabeth

elizabeth — Sun, 24 Aug 2008 10:37:26 +0000

can you tell me why small businss is encouraged greatly ie SBC, chamber of commerce, ect. would it be better to be a small business rather than a larger one. or are there other options. i am researching on becoming an entrepreneure. any suggestions is greatly appreciated.
the yearling

By: Jess

Jess — Sun, 03 Aug 2008 07:38:17 +0000

Have you considered doing this kind of post by topic next time? For example, personal situation (retirement or credit card debt), investment opportunites, graduate starting out, costs of living (children or medical, etc)?

‘Cause it was kind of hard to get to the bottom of 319 posts, and I can’t imagine being expected to reply to all of them.

Ditto on hearing from Mrs Trent, btw, although she may not want to become an interenet celebrity :P

My question is about the pros and cons of living out of home and at home while going to college (university). I’m planning to live at home, but it’s going to be a issue of quest for freedom vs. natural frugality.

That, and the fact my brother owns a drum kit.

I was wondering what you, or people you know, or people on the site, have to say about the pros and cons of each. This includes things like car insurance- I’m in Australia though, so student loans are interest-free-ish, and healthcare is taken care of in a basic sense. This is just the best frugality site I’ve found so far, and I know I’ll good advice about reconciling two basic- and equal- instincts.

By: Lyndy

Lyndy — Fri, 14 Mar 2008 02:07:25 +0000

you asked for questions and this will be quite a different one for you.

I have always been an avid fan of garage sales and thrift stores and have saved a bundle over the years along with the thrill of the hunt that goes with it. Lately I have become concerned with the thought of acquiring bed bugs. Am I being ridiculous?

By: meg

meg — Thu, 13 Mar 2008 23:10:40 +0000

i’m moving abroad. what’s the best way to save money overseas but still have cash accessible for when visits back in the US? know of any banks that work in both europe and the US?

By: susan

susan — Thu, 13 Mar 2008 01:06:55 +0000

What did you major in in college? Can you tell us what line of work you were in before you recently gave it up>

By: gretchen

gretchen — Wed, 12 Mar 2008 02:44:15 +0000

Hi Trent,
Great site! My husband and I read it all the time. I would also like to hear from your wife. My husband is obsessed with paying down our student loans (which is good), but sometimes I feel a bit alone in my feminine perspective.

Anyway, we are thinking about getting a new car in 1-2 years. I was wondering your thoughts on hybrids: do you think they are the frugal choice? I know they are not quite cost effective yet, but would you buy one anyway? In light of the rising gas prices, do you think there is a gas price per gallon that would make hybrids worth it? I have been trying to compare the standard civic with the civic hybrid to determine if it is worth the extra money. Your opinion on hybrids would be greatly appreciated. Thanks!!

By: Erin

Erin — Mon, 10 Mar 2008 00:06:52 +0000

Dear Trent,

I am trying to start a blog to bring in a little cash to help pay off debt and start some savings. (Like you, I am a frustrated wanna-be writer.) The focus will be time- and budget-conscious beauty advice for busy mothers. My question is, what are the very first things I should do, besides writing a few posts so I have a blog to show?

PS–Sorry I missed the deadline, but I hope you are still sifting through your replies. Good luck!

By: Amy

Amy — Sun, 09 Mar 2008 21:35:41 +0000

What is your hair color?

By: Kimberly

Kimberly — Sun, 09 Mar 2008 18:49:10 +0000

WWTD (What Would Trent Do)?

Reformed shopaholic seeks to finally start saving at age 45. Here’s the scoop:

)Left a much hated high paying job to take the job of my dreams for which I get paid pennies ($23,000 per year).
)I cashed out everything to leave my previous job, and used it to pay off all of my debt except for my home.I no longer even own a credit card(too tempting for a shopaholic)
)My current savings is $5 in an ING account.
)Monthly mortage is only $780 with escrow
)I’m single but my mother now lives with me, however, she is unable to contribute to monthly bills due to her medical and insurance payments.More often than not, I have to help her out a bit with her expenses.Also, she was recently diagnosed with a tumor on her adrenal gland. We are currently awaiting a visit to an endocrinologist~so it is a worry of what will happen & I want to be able to be there for her, monetarily as well as supportive.
)My monthly expenses consist of only basic bills. We do not eat out or make unnecessary purchases (I haven’t bought anything new in 2 years, simply because of the lack of money) My only splurge is the basic satellite service (mostly for my moms entertainment).
)I have recently started a 401K at work.
)I do have a pet sitting service on the side, but it provides a spotty, minimalistic income, however with my current work and home situation, it is all I can afford the time to do.
)I am going back to school soon to get my BS in Criminal Justice to hopefully boost my income, but this will be several years in the making.
)I have had numerous yard sales already and have sold all of my more expensive, frivolous items on Ebay. I am down to the bare bones & feel I have run out of options.
)More often than not, after the bills are paid each pay period, I only have less than $5 left to get me to the next paycheck.
)I know I am one paycheck away from disaster, and that is what keeps me awake at night.

So Trent, can you see anything I may have missed? Something that I can do that will allow me to start putting away something each month so I won’t be constantly worried something will break or tear up that I can’t fix. Not too mention, I will need additional savings for when I do retire.

Thanks for any wise ideas you may be able to come up with.

By: Joanna

Joanna — Sun, 09 Mar 2008 16:54:20 +0000

I have just paid off my credit card and have 15k in student loans left. I am okay with paying them off at the rate my bank wants me to, but my parents really want me to pay them off sooner. I am 30 years old and just starting to get stable jobs with good pay. I have not started saving for emergencies or retirement yet. Is it better to take $500 a month to pay off that loan, or should I just make the minimums and put that $500 to other uses?

By: Tordr

Tordr — Sun, 09 Mar 2008 14:48:40 +0000

My situation is that I am 34 years old, single, living in a flat (that I own) and my monetary assets now are roughly equal to all my debt. So financially I am in excellent shape. I am currently finishing a Ph.D., and I am expecting to earn about $100 000 per year in the not too distant future. (High salary by Norwegian standards)

There is a lot on this blog about monetary freedom and choice makes you happy. But I am still not happy, for all my wealth, good friends, intelligence, and possibilities in life, I seem to not be able to attract a girl, and with nobody to share my wealth, there is nothing to be happy about. Any thoughts on this matter? Do I have a life situation that is enviable and should I just shut up whining about it, or do I really have some concern? Is wealth equal to happiness?

By: Lisa

Lisa — Sun, 09 Mar 2008 07:51:44 +0000

What practical, step by step, things do you do to live off of only 35-40% of your income? Would you consider posting your monthly budget? Thank you

By: Ron

Ron — Sun, 09 Mar 2008 03:37:34 +0000

I’m very sorry for the double post. I tried to stop the first one when I realized I made a spelling error. Didn’t work.

By: Ron

Ron — Sun, 09 Mar 2008 03:35:25 +0000

Trent,

Here is a general comment and question. I’ve been reading PF blogs for a while now and I have noticed that there is a tendency towards Environmentalism or “Green Living”. Why? Why is it so universally accepted that global warming is occurring when the climate change theory is, well, just a theory? And why are “Greenies” so damn smug and self-righteous about their “faith”?

By: Ron

Ron — Sun, 09 Mar 2008 03:34:46 +0000

Trent,

Here is a general comment and question. I’ve been reading PF blogs for a while now and I have noticed that there is a tendency towards Environmentalism or “Green Living”. Why? Why is it so universally accepted that global warming is occuring when the climate change theory is, well, just a theory? And why are “Greenies” so damn smug and self-riteous about their “faith”?

By: Anne

Anne — Sun, 09 Mar 2008 01:37:57 +0000

1. What is the most romantic thing you’ve done for your wife in the last year? What’s the most romantic thing she’s done for you?
2. How big is your wife’s wedding/engagement ring? Since that was before your financial turnaround, do you wish you had done something more economical? (I ask because I see a lot of young couples drop big bucks on multi-carat diamond rings that lose their value faster than a new car.) When you first started paying down debt did you ever consider selling it? Did she?

By: Amy T.

Amy T. — Sun, 09 Mar 2008 00:57:27 +0000

I am a klutzy, clueless Newbie in Second Life, but other players seemingly accomplish miraculous things. I have looked for a guidebook, or any other way to *learn* to play Second Life, to no avail. I would especially like to learn how to make new objects. How can I do this?

By: Valerie

Valerie — Sat, 08 Mar 2008 20:42:16 +0000

Would it harm my FICO score to ask creditors to reduce my available credit? I’ve started to focus on my credit score (est. 730), because of the national credit crunch.

Banks frequently increase my credit line and I fear my FICO score may be lower as I don’t use that much credit. (An important part of the FICO score is based on responsible use of available credit.) At times, I have requested reductions from credit card companies. I use about 10 – 15% of my current available credit; that is, about $1,500 – $2,000 in a given month of $21,000 available.

I have two credit cards with a good payment history that I have had for over seven years, and a new 1-year, interest-free revolving account for furniture I recently bought. I pay the credit cards balances off monthly and am using the furniture account interest free until paid in full.

How do we find out more about the effects of elective actions on our credit reports and FICO score?