genericfeaturephoto

At a certain point in my young adult life, I reached a crossroads of intense poverty. Although I was working and going to school, I literally had no extra money to spare with the engines of tuition, supplies, and rent grinding me down. I lived in a tiny apartment with only running water, a hot plate, and a small number of pans for supplies, and I had reached the point where I was literally looking for money in the streets …

Continue Reading
Written by

As I read Make Your Kid A Millionaire this week, I found myself stunned at the huge amounts of money that the book assumes that you will give to your child. I can swallow a 529, but a Roth IRA for your child? Buying a home for them? These concepts seemed like utter fairy tales to me. When I was eighteen, I was basically pointed out the door at home. My parents never paid for a dime of college outside …

Continue Reading

Saving Money For A Rainy Day

November 30 2006

I have a “rainy day” fund that I don’t include in any of my normal financial calculations. It just sits there, quietly accumulating small deposits and interest. In fact, I don’t even look at the account unless I am considering a major purchase or am coming across dire straits. How is this different from an “emergency fund”? An emergency fund exists for the sole purpose of maintaining my family’s way of life in the event of a major disaster. It …

Continue Reading

#14: Paying for College

November 30 2006

This is part of a series in which we re-evaluate Money Magazine’s “25 Rules To Grow Rich By”. One “rule” will be re-evaluated each weekday until the series concludes; you can keep tabs on the action at the 25 Rules index. How Much College Should I pay for? Rule #14: Aim to accumulate enough money to pay for a third of your kids’ college costs. You can borrow the rest or cover it from your income. This rule is utter …

Continue Reading

This week, The Simple Dollar is conducting a detailed review of Kevin McKinley’s Make Your Kid A Millionaire. This title focuses on the role parents play in building a net worth for their child, both financially and psychologically. Does this book provide some interesting insights, or is it merely a repeat of the power of compound interest? This week, we aim to find out. As your child becomes an adult and leaves the nest, you might be in a financial …

Continue Reading

#13: Emergency Funds

November 30 2006
Written by

This is part of a series in which we re-evaluate Money Magazine’s “25 Rules To Grow Rich By”. One “rule” will be re-evaluated each weekday until the series concludes; you can keep tabs on the action at the 25 Rules index. How Big Should Your Emergency Fund be? Rule #13: Keep three months’ worth of living expenses in a bank savings account or a money-market fund for emergencies. If you have kids or rely on one income, make it six …

Continue Reading

This week, The Simple Dollar is conducting a detailed review of Kevin McKinley’s Make Your Kid A Millionaire. This title focuses on the role parents play in building a net worth for their child, both financially and psychologically. Does this book provide some interesting insights, or is it merely a repeat of the power of compound interest? This week, we aim to find out. As your child grows older, the book begins to assume that you’ve done a few fundamental …

Continue Reading

I finally bit the bullet and ordered a new laptop. 2.0 Ghz Core 2 Duo with 2 GB RAM, 256 MB video RAM, and a 80 GB hard drive (not counting my external one) should take care of my needs for a long while. Closed Down ING Direct Account Memo to ING: your customer service and interface are great, but if you can’t keep your rates competitive, you’re going to lose customers. That’s all there is to it. (@ get …

Continue Reading
Written by

If you’re going through the process of buying an automobile (as I am right now), there are many thoughts that are likely to pass through your head – and none of them should involve kicking tires. To avoid being suckered into buying a certain car when you get on the dealer’s lot, it’s a good idea to sit down and do a little decision making and research before you even begin to look. Here are five questions to ask yourself …

Continue Reading

Recently, my niece was trying to calculate how much money would be in her savings account in six months. She was using the APY as a simple interest rate and thus was coming up with a number larger than what would actually be in her account. It was a small difference, but she seemed to believe the bank was “ripping her off” and was quite upset over the matter. Although people who astutely follow their own personal finances are quite …

Continue Reading

Our Featured Contributors