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Tuesday, April 29, 2008

Are you Twittering?

For a number of weeks now, I have had a Twitter account, but I haven't seriously tried this application out. Over the last few days, though, I have decided to really try this social "marketing" tool out and see what it can do.

Short explanation of twittering: they are "mini-blog" type posts about what you are doing at certain times during the day, such as:

just woke up; preparing to go to work...

The key is that the tweets and twitters are short and sweet, without any real care for correct grammar, etc.

This is what I see in the beauty of twitter:
  1. Let others know what is happening to you on a regular basis. You can post the humdrum to the dramatic.
  2. You can twitter on the go with mobile phones, blackberry's, palms, etc. (I haven't really got this going quite yet).
  3. You can stay up with other friends and acquaintances by checking out their tweets and twitters.

On the left side of my blog, check out my twitter updates.

You can also create your own free Twitter account at http://www.twitter.com/. If you do, come follow my world at https://twitter.com/larryjones2001.

Monday, April 28, 2008

Financial Peace University Update (Session 9)

On Sunday afternoon, we had our ninth session of Financial Peace University. Session 9 is on the topic of “Of Mice and Mutual Funds: Understanding Investments.”

Here's what Dave Ramsey's organization has to say about this ninth session of FPU:


Week 9 - Of Mice and Mutual Funds

Dave explains the difference between stocks, bonds, mutual funds, CDs, annuities, and where we can get the very best return on our hard-earned money.

Key Points
  1. The best way to invest is to be OUT OF DEBT first.
  2. Don't put all your eggs in one basket - diversify.
  3. Only work with investment advisers who have the heart of a teacher.

Thursday, April 24, 2008

Book Review - Thou Shall Prosper (Part 2)




In a previous post, I wrote an brief "overall" review on the book Thou Shall Prosper by Rabbi Daniel Lapin. This book comes highly recommended by both Dave Ramsey and Dan Miller.

Now, over the next several weeks, I would like to go through each commandment in more detail, so let's review Lapin's 10 Commandments for making money:

  1. The First Commandment - Believe in the dignity and morality of business

  2. The Second Commandment - Extend the Network of your connectedness to many people

  3. The Third Commandment - Get to know yourself

  4. The Fourth Commandment - Do not pursue perfection

  5. The Fifth Commandment - Lead consistently and constantly

  6. The Sixth Commandment - Constantly change the changeable, while steadfastly clinging to the unchangeable

  7. The Seventh Commandment - Learn to foretell the future

  8. The Eighth Commandment - Know your money

  9. The Ninth Commandment - Act rich: give away 10 percent of your after-tax income

  10. The Tenth Commandment - Never retire

OK, so here's some more detail on The First Commandment - Believe in the dignity and morality of business.

Lapin suggests in this chapter that making money is more difficult to do if, deep down, you suspect making money to be a morally reprehensible activity. Jewish tradition views profit and wealth creation as a moral activity if, of course, your occupation is a moral one to begin with!

Step one in increasing your finances is to begin mentally and spiritually accepting these two beliefs:

  1. you are in business

  2. the occupation of business is moral, noble, and worthy

Lapin asserts that if you feel really good about your profession, that you bring others along with you because of your enthusiasm. Making more money changes you as a person. You become a slightly different person, and people notice this change.

This could be expressed in a mathematical equation:

Old you + More money = New you,

or to put the equation a different way:

More money = New you - Old you

In order to acquire more money, you need to work on far more than merely learning new skills. You need to work on changing yourself and belief system.

Society teaches today that if you own a business and are earning an incredible amount of money, you must be cheating or stealing from others. Lapin totally rejects this notion. Are there bad, corrupt business out there? Sure, there are a few bad apples, but the majority of businesses are providing valuable goods and services to people and their communities.

In our business and occupations, we all must believe that we are providing valuable goods and services to others. This is a morally excellent way of life!

Tuesday, April 22, 2008

The Gas Bubble

I'm sure all of us have noticed over the last several weeks, that gas prices keep slowly and steadily getting higher and higher with no relief in sight. Along with gas prices, we have seen the cost of goods and services go up as well due to the cost of gas and diesel fuel.


As I was driving to work this morning, I was listening to one of our local talk shows on the radio (The Darla Jaye Show), and there was a special guest expert on this particular program giving his take on the current gas price rise.

He mentioned that there were 2 main factors driving up the cost:
  1. A declining dollar value
  2. Oil speculation by commodity traders

This particular expert believes that if the dollar begins to strengthen, again (and it is showing signs that it will soon), then oil speculators will get out of the market, and "The Gas Bubble" will burst, causing gas prices to dramatically fall.

Let's hope this bubble busts, soon!

To read more of this story on Darla Jaye's show blog, follow this link.

Monday, April 21, 2008

Financial Peace University Update (Session 8)

On Sunday afternoon, we had our eighth session of Financial Peace University. Session 8 is on the topic of “That’s Not Good Enough: How to buy only big, big bargains.”

Here's what Dave Ramsey's organization has to say about this eighth session of FPU:


Week 8 - That's Not Good Enough!

Dave teaches us his personal techniques on how to negotiate and get the very best deal when buying something. This is a fun lesson because it helps open our eyes to the advantages of being able and WILLING to negotiate, especially on big-ticket items.

Find a Deal!
Looking for a deal? Check out these great places online for good prices and peer reviews!
  1. www.froogle.com - Google’s search engine for hot deals!
  2. www.pricegrabber.com - Comparison shopping from all over the web!
  3. www.epinions.com - Great real-world product reviews and opinions.
  4. www.ebay.com - You can find just what you need—in someone else’s attic!


Key Points:

  1. Don't be afraid to negotiate. Be willing to walk away.
  2. Always use the power of cash.
  3. Remember the places where you can find great deals.

Thursday, April 17, 2008

Getting your financial life organized

Over the last several months, I've been spending a little time each week trying to get my family's financial life organized.

Now that we're completely debt free and now focused on trying to "win" with our money, I want to double back and be sure that my family is now on a solid, financial foundation as we move forward.

Here's some of the activities I've been involved in over the last several months to shore up our foundation:
  1. purchased a medium-size fireproof safe to have a safe, secure place to put all the important legal documents I would be putting together for a strong financial foundation.
  2. purchased will and other legal documents online; my wife and I filled these out and had them officially signed and notarized.
  3. purchased more disability and life insurance to protect my family if I should become injured or pass away unexpectedly.
  4. secured copies of my wife's and my birth certificates.
  5. secured copies of our marriage license.
  6. secured miscellaneous additional legal documents important to the family.

What I have remaining to complete in this area:

  1. secure my daughter's gift certificates
  2. purchase a portable hard drive to store important documents, files, photos, and store this in our safe.
  3. be sure all my paper legal documents (will, listing of assets, etc.) is completely clear and complete
  4. write down instructions to my wife or family members so they know exactly where to go and what to do in case of my death or both of our deaths.
  5. put together my personal notes, journals, and instructions to access my 2 personal blogs for "posterity" purposes to my family.
  6. put together any and all recordings I have ever created with my playing trumpet, conducting, and music arranging for "posterity' purposes for my family
  7. put together any original music and arrangements I have ever written for "posterity" purposes.

As you can see, this will probably be a continual, ongoing projects for my family!

Larry

Wednesday, April 16, 2008

Financial Peace University Update (Session 7)

On Sunday afternoon, we had our seventh session of Financial Peace University. Session 7 is on the topic of "Clause and Effect."

Here's what Dave Ramsey's organization has to say about this seventh session of FPU:

Week 7 - Clause and Effect


There are tons of different types of insurance: health, homeowner, car, life, disability, among many others. You have to make insurance a priority for you, learn what you need, and get it now. One of our best tips is to shop for a policy with a higher deductible and bank the extra for an emergency.


Dave recommends Zander Insurance for your term life, disability, and health insurance needs and also for Identity Theft Coverage.



Key Points:

  1. Make insurance coverage a priority to avoid a financial disaster.
  2. Learn the types of insurance you really need and get them NOW!

Tuesday, April 8, 2008

Financial Peace University Update (Session 6)

On Sunday afternoon, we had our sixth session of Financial Peace University. Session 6 is on the topic of "Buyer Beware: The Power of Marketing on Your Buying Decisions." I think this DVD is the most humorous so far that we have viewed, but it was also very eye-opening to how marketers prey on our emotions.



Here's what Dave Ramsey's organization has to say about this sixth session of FPU:

Week 6 - Buyer Beware!

You are being marketed to and you need to develop power over purchases and the various marketing methods that businesses are using on you. Phrases like "90 days same as cash" and "No interest until 2009" are meant to lure you into debt and you could end up paying substantial stupid tax - mistakes with ZERO's on the end! Also, for major purchases (larger than $300) ALWAYS wait 24 hours and if you are married, ALWAYS communicate with your spouse.

Thursday, April 3, 2008

The Church of Oprah - an Idea Virus is spreading throughout the Christian world right now

I admit from the beginning that this blog post is totally off-topic from personal finances, but I think it's important enough to spread the word.

You may have already had someone send you this YouTube video link via e-mail. Yesterday, my wife received 5-6 emails alone from friends and family regarding this YouTube video about The Church of Oprah. This is seriously scary stuff. If you haven't seen this, yet, I would encourage you to watch the video below.

My wife has watched Oprah for years, and even subscribes to the O Magazine. My wife is discerning and totally understands and comprehends when the opinions she expresses on her talk show don't always "jive" with what we believe as born-again believers. I've always believed she (Oprah) was a "new ager" and never a true born-again believer, in spite of all the loving and generous things she does around the world to help needy people. Just remember that the Bible speaks of Satan as being an "angel of light." Hmmmm, that sounds familiar; anyone ever heard of The Angel Network!

Anyway, check out this video about Oprah, and pass the word on to other believers. Keep this Idea Virus moving!

Larry


Tuesday, April 1, 2008

Book Review - Thou Shall Prosper (Part 1)

Over the last several weeks, I've been reading the book Thou Shall Prosper by Rabbi Daniel Lapin. This book comes highly recommended by both Dave Ramsey and Dan Miller.

I'll say this from the beginning, this is a deep book and not an easy read (it was written by a Rabbi!), but I'm so glad I persevered and made it all the way through. The last 2 chapters were the best of the entire book.

For today's post, I'm just going to give a quick overview of what the book is about.

Introduction: This book is essentially a Jewish outlook on making money and creating wealth.

Lapin contends that God's chosen people have long been known to be excellent business people and good money managers, due to certain fundamental principles detailing how the world works being deeply ingrained in the Jewish people since the time of Abraham. These certain fundamental principles all come from the Bible and Jewish oral tradition.

The essential "framework" in which Lapin constructs his book is his Ten Commandments for making money.

  1. The First Commandment - Believe in the dignity and morality of business
  2. The Second Commandment - Extend the Network of your connectedness to many people
  3. The Third Commandment - Get to know yourself
  4. The Fourth Commandment - Do not pursue perfection
  5. The Fifth Commandment - Lead consistently and constantly
  6. The Sixth Commandment - Constantly change the changeable, while steadfastly clinging to the unchangeable
  7. The Seventh Commandment - Learn to foretell the future
  8. The Eighth Commandment - Know your money
  9. The Ninth Commandment - Act rich: give away 10 percent of your after-tax income
  10. The Tenth Commandment - Never retire

I'll post more on this book over the next couple of weeks.

Larry