Comments on: The Elephant on The Red Carpet

By: J. Money

J. Money — Mon, 09 Aug 2010 19:05:52 +0000

It truly is WHAT you do with all your money, over HOW MUCH money you make every year. There are plenty of people bringing home $200k+ but live a lifestyle that still forces them to live paycheck to paycheck. It’s crazy… now if you’re TRULY happy, that’s one thing, but most people I know who are honestly that happy has a good chunk stored away in savings.

Money may not buy happiness, but it sure does give you options ;)

By: Greg McFarlane

Greg McFarlane — Mon, 09 Aug 2010 06:09:11 +0000

Can you back up your claim that the Duchess of York is getting “help” from the Queen? I couldn’t find it anywhere, and it seems odd that the Queen would cut checks to her ex-daughter-in-law.

Juliet Schor, author of The Overspent American, concluded that each hour of weekly television viewing correlated to an increase in spending of $200 annually.

What do you mean by “weekly” viewing contrasted with “annual” spending? Do you mean that if I watch 1 hour of TV a week, I’ll spend $200 annually that I wouldn’t have otherwise? If that’s the case, using identical time periods would have made it less confusing – e.g., watching 1 hour a week means spending an extra $4 a week. Which means watching 1 hour means spending an extra $4, regardless of time period.

By: John@Financial Elite

John@Financial Elite — Mon, 09 Aug 2010 04:43:09 +0000

I agree with all the suggestions. I have quit using my credit cards and pay cash for everything now. No dinero, no buy. I have also put many of my cards on balance liquidation programs and have had my rates reduced to zero percent. Several of my accounts will be paid off within 3 years. The rest within five, if not sooner. I share my debt on my blog and many of my readers hold me accountable. I have reduced all of my utility bills either by a balanced payment plan or eliminating some of the bells and whistles. I have my emergency fund in place and will continue to increase it after my debt is paid off.

By: myfinancialobjectives

myfinancialobjectives — Mon, 09 Aug 2010 00:13:58 +0000

Great post. I particularly liked the beginning where you listed the stats of celebs who have no idea how to manage their money. I was kinda shocked about Nicholas cage to be honest – he seems like a relatively wise guy…

I guess I am “telling others about my goal” through my blog! I will without a doubt admit however, that since starting my blog, not only have I continued to learn a lot about personal finance, but I feel that I began managing my money better as well!

By: Molly On Money

Molly On Money — Sat, 07 Aug 2010 22:09:47 +0000

I agree that #4 can be very effective.
Last night I went out with a bunch of girlfriends. One friend kept introducing me as ‘the woman that has this blog were she writes about all the wacky ideas how not to spend money’. Even if I wanted too I was pressured into being the cheap girl for the night! Hey, a few people bought me drinks- I’ll take being the cheap girl!

By: Debt Vigilante

Debt Vigilante — Sat, 07 Aug 2010 15:05:22 +0000

I cannot believe celebrities like that are going broke. They are the biggest losers in world. You don’t really see that happening to wealthy business owners because they have to slowly build their businesses from the ground up. Drs and lawyers as well, they have to slave through medical and law school, so when they start to get the large paycheck, it means more to them. most celebrities hit it big when they are too young to realize what kind of assets they have. They squander all their money on lavish possessions and vacations and a lot of them are bankrupt before they are 40. I read an article the other day that said 80% of ex-nba players file bankruptcy by the time they are 50. I don’t know if those numbers are right, but I am sure its a higher percentage than it should be.

Pathetic.

Great topic!

By: Mark Lawrence

Mark Lawrence — Fri, 06 Aug 2010 20:26:39 +0000

Seriously great stuff here. I think this can all be summed up by “stop living above your means!” Stop living the live of an illusion in an effort to prove something that will end up slowly ruining you. Life is awesome. Rock it out. Just not with unnecessary spending. Don’t be TI!

By: Evan

Evan — Fri, 06 Aug 2010 15:44:03 +0000

I think a lot has to do with being flush with cash after an event or movie. Just because Tyson made lord knows how many hundreds of millions from 88 to 95ish…didn’t stop hime realizing he can’t spend the same way when made NOTHING in 2001ish

Great post!

By: SAFTM

SAFTM — Fri, 06 Aug 2010 13:45:58 +0000

Number 4 is definitely the key, but be careful not to listen to too much negativity. People are crazy. They think their way of doing things is the only way or that credit card debt is “normal” or that “such a low interest rate can’t be beat, you’re crazy to pay it off.” WRONG! I told a bunch of people (technically the world) about my plan to pay off my student loans that are at 2.5% and they told me I was nuts. One of my buddies tole me he would borrow money at 2.5% “all day long” if he could (http://www.stepawayfromthemall.com/2010/07/i-must-be-on-to-something.html).

So telling people is a great idea, I believe, to hold yourself accountable and to get support from those who care about you and appreciate that you made a decision to get out of debt. But don’t let people talk you out of doing something that’s right for you.

By: Techbud

Techbud — Fri, 06 Aug 2010 13:05:38 +0000

I think #4 is a key. Telling other about your goal or your debt issue. If family and friends are aware, they are less likely to ask you to spend $ on things you cant afford.