I wrote this post last night while it was fresh on my mind.

I feel like I'm being selfish and I feel like a jerk. I also feel angry and frustrated.  I don't know what to do; well I do know what to do but it doesn't feel like it's the right thing to do. This past weekend, I had 2 family members and a good friend ask me for money.

All of three of these people are very close to me and know I am very particular with money. They know I have a good, stable job and they know that I'm a big saver. After all,  I am always telling them about how important it is to save for a rainy day. They know that I write a personal finance blog but none of them have ever asked for the address. They know I have money in the bank so when they ask me to borrow money, I feel bad about saying I don't have it or saying no.

Granted, I can afford to help them out but none of them have a track record for making wise financial decisions. I hate to say it but they will continually be broke because of their behavior and the way they handle money. They feel that they will always be broke and struggling financially and just accept it as a fact of life. Not one of them is taking any initiative to improve their finances. Unfortunately, if I were the one that needed help financially, they would not be able to help me. 


It would be different if this was the first time I was asked to borrow money. Nope, it actually happens pretty frequently. I don't want to do it anymore. I can't continue to be a financial crutch to my family and friends. 

This sucks and I hate this feeling. Why should I feel bad for getting upset when I'm asked for money? What do you guys think? Should I feel bad? Am I being selfish?

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It's been quite awhile since I've posted a networth report. I used to post an update every month but decided to quit posting them for awhile. The last report was posted in August 2008. 

As of that report, my networth was over $77,000. Due to several factors, it looks like I'm down a little over $20k. Namely, the decrease was caused by decreases in my home values, decreases in my 401k value and small increases in my debt. 

As of February 28, 2010, my networth is as follows:

Assets:

• Primary Home - $183,000.00
• Rental Property - $130,000.00 
• Car - $17950.00
• Retirement - $34,955.23
• Cash (checking & savings) - $40,703.84
• Total Assets: $406,609.07

Liabilities:

• Primary Home Mortgage - $179,757.53
• Rental Property Mortgage - $143,067.44
• Student Loan - $23,570.51
• Credit Card Debt - $2,914.37
• Total Liabilities: $349,310.05

Total Networth ending February 28, 2010: $57,299.02

Summary:

• Primary Home Value determined by appraisal obtained from my refi in May 2009. 
• Rental Property Value determined by neighborhood comps. 
• Car value from NADA. 
• Credit card debt composed of debt for rental property flooring and new MacBook Pro. Both are at 0%. I will pay both of these off before the promo period expires. 
• Yes, I know I have enough in cash to payoff my student loan but I choose not too. I am a cash hoarder and explained the reasons in this post. 
• I just started tracking the numbers again last month so I don't have any data for the changes in the prior month. Next month's report will show monthly changes in the numbers. 

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If you are looking for some extra cash to add to your savings accounts or if you're in need of money for an unexpected bill, believe it or not, there's a pretty easy way to come up with the cash. Really, the only things you need are an internet connection, a computer and a digital camera. If you have these things, you can list a few items on Craigslist and make some quick cash. This is a good way to make money without having to take on an a second job and you don't have to pay taxes on it!!

Stop for a second and take a look around your home. I'm absolutely SURE there is something that you don't use anymore and it's sitting in the corner gathering dust. Like the old saying goes, one man's trash is another man's treasure.  

 Image Courtesy: Orin Zebest

I recently sold a laptop and a TV stand on Craigslist. The laptop was just sitting around not being used since I bought a new MacBook. The TV stand was out in the garage taking up the precious bit of space I have left. In fact, if I wasn't paying attention when I got out of the car, I  would sometimes bump into it with the door of the car or my knees.  

If you want to sell your item quickly and for top dollar, remember these tips:

Description. Give a good, clear and accurate description of the item; including the item condition. For electronics, make sure you list the model number and specs of the item. For example, if you are selling a digital camera, make sure you tell how many megapixels it has and what the zoom is. If you are selling an item of furniture, make sure you include measurements. You don't want a potential buyer to get to your home and not buy the item because it was not the size they were expecting. Make sure your item title is specific and eye-catching. Make sure your buyers know how to contact you. If you are going to list your email address, you should probably create a secondary email so you aren't giving your primary email address out to total strangers (think spam). 

Pictures. Take good, clear photos of your item. I personally would not buy anything if there was no picture of the item. Putting up a stock photo is better than nothing but a photo of the actual item is preferable. 

Condition. Take a few moments to cleanup the item you are selling. My TV stand was all dusty and dirty and it didn't look good at all in that condition. I took a little time to clean and dust it and it looked good as new. I would much rather buy an item that is clean and in good condition instead of one that may be in good condition but needs cleaning. 

Price. This is very important if you want your item to move quickly. I'm not saying you should give the item away but it does need to be priced accordingly. If a new item is selling for $50, you don't want to list your used item for $55. If you aren't sure how to price your item, do an internet search and see what other similar used items are selling for. 

Using the tips above, I was able to get rid of 2 items I was no longer using and bring in about $500 in additional cash. I need to take some time to go through my closets and find more stuff to put up for sale. Not only can I declutter my home; I can make extra cash doing it. 
 
Have you recently used Craigslist to make a little extra cash?

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Historically, February has always been a good month for me, financially speaking. This is the month that I usually receive my tax refunds, the rest of my bonus from the prior year and the month my pay increase goes into effect. 

This month was no different and was actually a better month than the one's prior. 

Here's where the money came in:

Interest: All interest paid on my bank accounts. Not very impressive and I'll be so happy when interest rates go back up on savings accounts. My credit union is currently paying .75% APR on checking and 1.50% APR on my money market account.

Other Income: This category includes rental income and any other miscellaneous income that comes in during the month.

Salary: I received an additional bonus of $500 this month which bumped my salary up a little bit.

Not included in this amount is my Georgia state tax refund of $2489 which went into my rental property savings account since my tenants lease ends in a few months and I'm not sure if she will be renewing the lease.  I want to be sure my rental income is covered in case it takes me a little while to find a new tenant. I also received $500 from a family member towards repayment for a loan I made them last year.

Here's where the money went:

The chart above only shows my top 5 spending categories. 

Mortgage: This is the total mortgage payment on my primary home and my rental property. This amount also includes additional principal payments of $25 to each mortgage. 

Utilities: Normally, my expenses run less than $400 a month but thanks to the cold winter, my gas bill is a but higher than usual.

Loan: This includes payments for my student loan. 

Food: Total amount includes dining out and groceries. My eating habits are weird since I don't usually eat dinner. The majority of the food amount comes from dining out for lunch during the week.

Other: Monthly HOA dues of $173, Misc of $151.33, $50 cash and $18.33 insurance co-payment. 

Summary:

February Income: $5434.52

February Expenses: $3894.75

*********

Total Amount Saved in February: $1539.80

How'd your budget do in February?

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Do you ever remember playing a game as a kid and someone messed up? The way the kids in my neighborhood played was that if someone didn't quite understand the rules of the game, you were able to get a "do-over".

It was simple back then. If you didn't quite understand the rules of the game, you simply got a "do-over" and everything was good. No harm, no foul. Screwing up back then didn't mean getting stuck with a car you couldn't afford or mean you bought too much house for your income. As a kid, you could simply start the game over again.

Image Courtesy: John Morga

You aren't a kid anymore!! As an adult, it's not so easy to just start the game over again. Sure, some people choose to file the big "B" and start over again but not everyone chooses that route. For some of us, those bad decisions will stick with us and haunt us for a long time.


Although it's not easy, you can give yourself financial "do-over". If you find it hard to make ends meet, look for ways to cut your spending or find ways to increase your income. If you have a mountain of debt over your head, reallocate your extra income towards paying it down as soon as possible. If your credit score is low, work on making it better by paying your bills on time and keeping your credit usage below 30% of your credit limit.

There's a few financial mistakes I've made in the past that I wish I could "do-over". I wish I didn't buy new cars every 2 years, increasing my negative equity time. I wish I didn't take out the maximum amount of financial aid I was given each year; or at least I wish I had saved some of it. I wish I didn't have a huge weakness when it comes to electronic gadgets. That one is still getting me in trouble to this day. Did I tell you I bought a MacBook Pro a few weeks ago?


What financial nightmares do you wish you could do over??

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There are good aspects and bad when it comes your finances as a bachelor. One of the best financial aspects of being a bachelor is that there is no one there to tell you what to do with your money. You are the number one decision maker and you can decide how cheaply or how extravagantly you want your living situation to be. This means that you can choose to dress fashionably and drive a fancy car while living in a $300 a month, cracker box apartment, or live well below your means when it comes to food and entertainment, but put your feet up at the end of the day in a palatial palace. It's up to you!

The down side of being on your own is that there may not be anyone at your side to help you out with expenses when things go bad. There's no dutiful wife to help share costs or discuss investment options when it comes to what to do with your money. And if you aren't one that is particularly savvy when it comes to your paychecks, you might find it difficult to discipline your bachelor mentality when attempting to reign in your spending. You don't want to end up playing big man only to live like a miser in your golden years.

To help you avoid such an existence, here is a guide to investing for bachelors that might help you when it comes to your personal financial situation.

1. Understand your finances

Since you'll likely have no one else to do it for you, it is critical that as a bachelor you fully understand your investments. Doing so means that you may have to be a jack-of-all-trades when it comes to your money. To fully focus on your investments though, you will likely have to perform other functions such as balancing the checkbook, paying bills, keeping up with your retirement account, making investment decisions, and avoiding overdraft and credit card fees. To make sure that you are up to the task, it is important to understand the tools and resources that are available to help you with organizing and having a working knowledge of your money and investments.

2. Resources

Being a bachelor doesn't mean you are completely on your own when it comes to investing. Friends, family, and co-workers can be helpful resources when it comes to discovering investment options as well listen to a few good investment horror stories. Then you have the analysts and consultants out there ‘managing' your 401k, 403b, or IRA, but you never know what ulterior motives they might have when it comes to where you put your money. So what other resources are out there when it comes to investing?

Amazingly, that thing called the newspaper still offers business and investing information. And if you can't stand getting some ink on your pretty little fingers, the internet offers up a slew of research tools and options. Blogs and online investing communities can be great places to read about and discuss investment ideas and strategies, and there are a variety of tools and tracking devices available with which you can measure your investment progress.

3. Invest in what you know

Putting money into investment vehicles you don't understand can lead to exasperation and frustration, especially if you start losing money. While your bachelor lifestyle might be conducive to a little risk taking and wild streaks, when it comes to your money, you may want to tone down your strategy. Just because you don't have a family to provide for yet, doesn't mean you have to go crazy when it comes to risky investments. A bachelor with a guaranteed four or five percent return on his money might not sound exciting, but it's better than being a broke bachelor. Choosing sound investments that you understand and that have a reasonable expectation of return can provide peace of mind and steady income streams.

4. Diversify

Even a bachelor with few responsibilities should be responsible when it comes to his investments. Remember, you may not be a bachelor forever, and it can be nice to go into a relationship with a little nest egg stashed away for the future. A diversified portfolio that spreads your money over a variety of investments with various risk levels can help keep big swings in your returns to a minimum. Spreading money over stocks, bonds, mutual funds, savings accounts, CDs, real estate, commodities, tangible assets, and other investment options can help you ensure your investment eggs aren't all put in one basket.

5. Realise your goals

When making investments as a bachelor, it's important that you understand your goals as well as your money. Having not only an idea of where you're going, but how you're going to get there will make it easier to evaluate your successes and failures along the way. Writing some short and long term goals, even if it's just jotting your ideas down on a sheet of paper, is a great reminder of the direction in which you want your investments, and in turn, your life to proceed.

This is a guest post from Mark Brown who writes for www.moneycompare.com.au, an Australian website offering people an easy way of doing comparisons of online savings accounts offering a good return on investment.

No matter how prepared you think you are for life's emergencies, unfortunately things happen that are beyond your control. Sometimes the emergencies are minor inconveniences and sometimes, they are big headaches that cost major dollars. Usually, emergencies that require a nice chunk of change are rare, but when they happen (and they do happen), they can wreak havoc on your finances. 

Image Courtesy: ckroberts61

Before these major emergencies happen, it's best to sit down and make a roadmap for your plan of action to handle the emergency. Having a plan ahead of time can keep you from making an irrational decision in a panic. Everyone's plan of action will not be the same due to different financial circumstances.


My plan of action to handle a financial emergency would be as follows:

• Emergency Fund. Having a fully funded emergency fund can save you from a lot of headaches and worry. It's easy and quick to access your money and usually without any fees. And the best part, you won't pay any interest since you are using your own money. I currently keep my emergency fund in a money market account at my local credit union. 
• Irregular/Sinking Fund/Random Fund. The second line of defense against emergencies would be to hit this fund. This is the savings account I set aside to cover those irregular expenses such as auto insurance, auto repairs, home repairs and to cover those small emergencies that may pop up. Just like my emergency fund, this fund is kept at my local credit union but in a regular savings account. 
• 401k. This certainly would not be my first place to go for money. Borrowing money from your retirement account affects the future growth of the account.  Taking money out of the account now can result in a smaller retirement fund when you are ready to draw from the account. The other downside is that you are paying back the loan with after-tax dollars. If you were to leave the company, the money would be due in full or you will be subject to penalties and fees. The upside is that it is pretty easy to get a loan from your 401k and there is no credit check. You will also be paying interest to yourself and not to the bank. 
• Family/Friends. I would hope I would be able to cover the emergency with the above 3 choices since borrowing from family and friends can cause a strain on your relationship. If you want to lose a friend or family member, borrow money from them or loan them money. I personally would probably skip to the next step before I would think about borrowing from family and friends. 
• Bank/Credit Union Loan. Usually not an easy way to get money in a pinch. You'll have to have good to excellent credit for an unsecured loan. In addition, interest rates on these loans are usually in the double digits. 
• Credit Card Cash Advance. This would be one of my last places to get cash in an emergency. The interest rates are astronomical and there are usually no grace periods. 
• Title Pawn/Payday Loan. No comment other than to say that I would have to be a life or death situation before I would consider borrowing money from these guys. 

So do you have a plan of action to get cash in an emergency?

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