Lately, this site has seen a lot of interesting and insightful commentary on various posts. While I am passionate about writing (and I hope it shows), the real value here is in the insights left behind by my readers. Here are five that really caught my eye that I’d love to share with you. For once, I’ll pack away my own logorrhea and let my wonderful readers speak for themselves.
From Five Essential Money Quotes and Related Thoughts, a comment from Keter:
A dollar is a piece of paper…or, more commonly, an electron or two…worthless unless the belief in its value is held by many — and you and I as workers and consumers have no real say over whether that will remain true. We could all wake up tomorrow and find our hard-earned money worth nothing if the money men so declare.
I think it all starts when we’re kids, all the cool kids have the coolest stuff. They’re admired for it and when we get older we think that’s the best way to get positive attention. It’s taken me close to 10 years of being in the working world to realize that I don’t need to have a fancy car or 9 pairs of dress shoes. I liked when people thought I made a lot of money and respected me for it. I was doing ok but spending my money faster than it was coming in and leing about it. Never a happy place.
From Extra Mortgage Payments Versus Investments: Which Is The Right Move?, a comment from Phil:
As a mortgage broker and financial planner, I believe that most people would be better off investing than paying down the mortgage. Why? Even if you are a conservative investor (say you are earning 6% in a mix of cash and bonds) with a fixed mortgage at 6%, investment is preferable because of the tax advantage of the mortgage….even if you are in the 10% tax bracket.
From The Simple Dollar’s Detailed Tipping Strategy, a comment from lazlo pink (note that this comment wasn’t directed at my post, but to another commenter; there was good discussion here):
your basic understanding of the economics of restaurants is false. food service is highly labour intensive. staff turnover is high, good staff is hard to find and harder to keep. profit margins are low and much of the inventory is volatile. there are very good reasons why the mojority of new restaurants don’t make it. increasing server wages to appease your peculiar notion of “entitlment” would be a cost passed directly back to you, the smug doofus at the corner table. your food would cost more, your drinks would cost more and you’d have nothing to bitch about. right? because you’d be free of the burden of gratuity, the loathesome bugbear of civility and culture.
Finally, from What Exactly Is A Certified Financial Planner, And Why Should I Care? comes this tidbyt from Bob:
Too say that a Certified Financial Planner “has at least gone through some form of training and passed an exam that indicates at least some knowledge of basic personal finance issues” is a little generic. If a person has taken the courses and passed the exam then they know more than “some knowledge”. I’ve completed the courses. However, I have not taken the exam yet. The exam is about 10 hours and has a 60% pass rate. And from what I’ve heard the board keeps trying to make the exam harder to decrease the current pass rate.
Yes, some bad (unethical/immoral) Financial Advisors “slip” through or “green” to the industry Financial Advisors have passed the requirements. Overall, the CFP designation is a good thing to look for, but not the only thing. If you combine the CFP certification, with references and then agree with their form of compensation (there is a big wave of fee based or ala carte financial planners, compared to commission based advisors); that should be a good start.
Thanks so much to all of my readers; I love you guys!