Millions of people work ungodly hours to earn less than a dollar a day. This small salary must feed not just the worker but also their family. Fighting starvation and disease, these families manage to live on and continue working in dangerous conditions. This of course is not by choice.
In North America, there are labour laws protecting us from unethical work environments and low incomes so it’s hard to empathize with labourers in 3rd world countries based on our own personal experience.
(5)
After watching video #3, you should all be debt experts, or debtxperts (sounds better than it looks).
If you’ve been doing real work at the office and need to catch up, here are parts one and two of my interview with Jeremy Kroll of A. Farber & Partners.
In this final video, Jeremy outlines the ways we should budget our money and provides us with a creative way of doing so (it involves envelopes!). He also talks about the “R Plan”; a method for managing one’s financial problems. The video concludes with Jeremy’s last word on coping with debt in the Recession.
If you have any more questions or anything at all to say on the topic of debt, leave a comment!
(13)
Okay, so that’s a little bit untrue. I actually care a lot. Too much, even.
That’s why I lament the terrible things in the world that people cause and the very few things that still exist that everyone of all ages can enjoy. (Shoot me, I’m a cynic…) Anyhoo, the truth is, there are a few things that everyone can enjoy- and music is one of them. (more…)
(2)
The first response I get from people when I ask how to get the best bang for your buck on a date is to hit up a buffet. In good concious, I can’t recommend this solution as I’m quite weary of the qaulity of food used in buffets and you should be to. There are far better options than stuffing yourself with the lowest grade of food possible. Plus, buffets are bloating and date killers.
As a generation, we have a habit of bringing back the old and making it new so my first suggestion is that we should start calling this the Summer of the Picnic. Picnics are a nostalgic throwback to earlier times when people enjoyed nature more and weren’t overburdened by a plehtora of fast food options. The picnic, more importantly, is a great way to save some serious money while not giving the impression that’s your main intention. I don’t have to tell you how much cheaper it is to buy you’re own food but if you need hard evidence, use the nifty calculator to the right to see how much you’d save over just a month if you started packing food from home whether its your daily meal or the many picnics you’re going to be having.
Of course, packing your own food or going on a picnic is not always possible so we need to tackle ‘going out’ solutions. The first piece of advice I’m going to give you isn’t that sexy but I assure you that its solid: research. The absolute worst question you can ask someone is “where do you want to eat?” Doing this makes you vulnerable to variables you cannot forsee and will almost always have you saying ” I’m not that hungry, this basket of bread is all I need”. So to avoid this unfortunate situation, use one of the many research tools online (e.g. Yelp, Urban Spoon, etc.) that will help you find a place that best suits your budget. Not only will this lead you to some great affordable options, but it will also give you some talking points after reading the review. The best date is often the smart date.
Finally, if you don’t have time to plan, steer the situation in your favor by suggesting that you play a game. The name of the game isn’t important but the general idea should be “let’s set a max spend for our date and see if we can make it under”. At first you might sound cheap but if you position it as “we’re so fun that we don’t really need to spend money to enjoy our time together”, you’ll be golden. Everyone likes a challenge and you’ll find yourselves uncovering new ways to have fun and eat out that you may have never considered before. All of a sudden, ordering water makes you more of a teamster than a cheap-o.
I’ve framed this piece for the dating crowd but any of these ideas will work with your friends. Naturally, having a picnic with a bunch of your dudes might feel odd but include a frisbee and you’ll put the ‘man’ back in ‘romantic’.
(5)
A few weeks ago, I made the analogy that seeing a sporting event live is just not the same as watching it on TV and I immediately realized that it had been a while since I’d seen any sport live. I’m not alone, however, with attendance to sporting events declining by 40% during the recession. That’s a lot of un-eaten hot dogs (although, given the inputs to a hot dog, that’s probably a good thing). But therein lies part of the problem – when you factor in ticket prices, exorbitant concession prices and additional auxiliary charges like parking or foam fingers, a sporting event could run you some serious dime. It’s really a shame because there’s nothing quite like being intoxicated by the energy of an enthusiastic crowd and having a good laugh watching awkward couples kiss and dance for the cameras.
Kiss-cams aside, you’ll likely get plenty of excitement if you start looking at the minor league teams in your area. Sure it won’t be as skilled an affair but minor league players are essentially playing for their professional livelihood so there’s always a sense of urgency in their game. This always seems to overcome a lack of skill. What I also really enjoy about minor league sports is that you don’t need to spend much time lamenting about how much the players are earning. That might sound petty but seeing a guy strike out three times and get paid more than your annual salary to do it can really sting at a time like this. For the record, Alex Rodriguez makes $37,145.65 per at bat. Nuff Said.
Speaking of baseball, if you happen to be living near the Big Smoke, the Blue Jays are back and are providing a highly entertaining brand of baseball. Going to a Jays game has those expensive concession issues, but you can get tickets for as low as 12.00 and enjoy the day sitting in the sun sipping on your flask. Okay, so I’m not encouraging you to bring a flask because it’s not allowed but for the sake of painting a vision, let’s roll with that.  Addressing a more national audience, the CFL will be back soon and from what I found, it’s a good and cheap time. As I write this, it’s dawned on me that it would be really helpful is someone created a site that aggregated cheap sporting events (any takers?).
If spending money is entirely out of the question, the next best option is to do it yourself. There’ s nothing more free and probably gratifying than throwing the Frisbee or ball around with your friends at the park or making new friends by checking out sport networking sites like Sportaholik. With gym memberships on the decline, you’ll be surprised to find that many people are hungry for free opportunities to be active and social at the same time.
Speaking of hungry, I’m getting there but this toonie in my pocket isn’t going to get me very far….or will it? I think I have my idea for next week, see you all then.
Â
(8)
So Tax Time is here again. Aside from the joy of realizing just how much money you give to the government each year, you might also get a little bit back. If you don’t, then I’m sorry I brought this up and please skip to the next post or something. If you do, then awesome - forget about those no-tax-refund-getting losers - they’re not even reading this anymore anyway. At least I hope not.
So what are the smartest things you can do with that influx of extra cash. CNN Money has the low down…
1. Pay off credit card debt.
Across the board, financial planners said that using refund cash to pay down high-interest credit card debt was a win-win. “You pay off your debt first, no ifs, ands or buts about it,” said Drew Tignanelli, president and CPA at the Financial Consulate.
“Psychologically, it seems like a good idea to have money in the bank,” said Tignanelli. But if you’re carrying high-interest debt, having money in the bank “is more of a psychological crutch than an economic benefit,” he said, because keeping money in the bank when you are paying higher interest on debt just doesn’t make financial sense.
If you have been procrastinating paying down credit card debt, then Tignanelli suggests using the refund from Uncle Sam as a “stake in the ground,” representing a commitment to turn the tides on your credit card balance.
2. Build up emergency savings.
Given the precarious labor market right now, building up a reserve fund of cash ought to be a top priority.
“If you have lost or think you are going to lose your job, then just put that money in the bank,” said Beth Gamel, CPA/PFS at Pillar Financial Advisors. “If you are not in that situation - you have a job, and it looks pretty secure - you still should look at your cash reserve,” she added.
Gamel said that risks associated with living paycheck to paycheck are higher now than before the recession, because banks are more reluctant to extend lines of credit to people with less-than-perfect credit histories.
So which should you do first - pay off debt or save for emergencies? Greg Plechner, CFP with Modera Wealth Management, said that while he recommends people have 6 to 9 months of expenses available in cash, the decision to pay down debt or accrue a reserve fund is a matter of interest rates.
“Any interest rate over 10%, in my mind that almost takes precedence over the emergency fund,” said Plechner.
3. Invest for the long term.
While stocks have started to climb back from multi-year lows, the major indexes still have a lot of growing room, and now is the time to take advantage.
Gordon Bernhardt, CFP and CEO at Bernhardt Wealth Management, recommends that if an individual has no credit card debt, this is a very good time to get into the market, by opening up a brokerage account or a tax-advantaged retirement account like an IRA.
If you’ve got at least 5-10 years before you’ll need the cash, then investing for the future - particularly for your retirement - is a smart move today.
“I am extremely positive that 5 years from now, the market is going to be a lot higher,” said Bernhardt.
To protect yourself from volatility, Bernhardt recommends you “take that money and buy an index fund - that is going to be the easiest way [to] get diversification at a low cost.”
4. Treat yourself.
If you’re on top of your debt, feel secure in your job, and have a cushion of cash built up for emergencies, then even professional financial advisers are ok with you splurging on that new TV or vacation.
“We need to balance our long-term planning with our short-term planning, so I have no problem with my clients doing something fun, or an extravagance, and I encourage them to do that occasionally,” said Tignanelli.
Gamel echoed the sentiment. While it may be a year when few consumers feel comfortable splurging, “if you don’t have any problems, your job is secure, you have your debt in order, and don’t foresee any demands from that cash cushion, then buy what you feel like,” she said.
(5)
This week Mandi and I went to the ultimate Recession store - Ikea. It was epic. So epic that we decided to film it. We went Scorsese-styles all over it. Behold the world premiere of “9 Tips On How To Survive A Trip To Ikea Without Killing Yourself.”
Check out the full vid. If you’re the impatient type (or just want shorter versions to send to your friends… because I’m sure you will) we’ve also broken it down into a three-part miniseries. We’re just nice like that.
(P.S. Mandi swears like a sailor, it’s really embarrassing. So there are a couple of NSFW words in here. If you work someplace uptight, listen with your headphones in.)
Credits:
Total Win Editing Wizardry by: Alina Kouznetsova
Super Rad Music by: Kevin MacLeod (incompetech.com)
Transportation To And From Suburbs by: Co-Op Cab
Written and Randomly Improved by: Mandi and Jeremy
Swedish Meatballs by: Ikea Chef Dude
Mandi’s Hair, Styling and Make-up by: Jason McPhail
Assistant to Mr. Elder: Andrew Bridge
Assistant to Ms. Ashford: Nathan Rosenberg
(12)
Â
Â
Why buy, when you can borrow? According to Metro News, Keira Knightley is curbing her “footwear fetish” by renting shoes for the day and returning them, for a fraction of the price of buying a new pair. It’s a trend that’s gaining popularity faster than the Sunggie.
Â
Dress Vault is a great example of this burgeoning borrowing frenzy. A “fashion-based service of mutually-beneficial relationships,” Dress Vault operates in the women’s-used-apparel-goods market, and facilitates lending and borrowing of dresses between its users. It’s kind of like a sexier version of E-Bay, except you’ll never be stuck with something you thought was going to be stellar-fantastic and turned out to be eight sizes too big and have a hole in the crotch. Not that I’m speaking from experience or anything. Check it.
(10)
So those of you who know me know that my idea of a perfect first date is to start with a gift of cupcakes (for me), followed by a trip to the Toronto Zoo (or alternately a park with some squirrels in it), then to hit up a cheap roti place for dinner and a make out session in the car. Lately I’ve been trying to perfect a really complex glance-back/hair-flip/wink combo to finish it off (very bend and snap) but it always seems to end up with my heel stuck in a crack on the sidewalk and a half-stumble/half-gasp as I try to regain my balance while still looking cute. Work in progress.
Anyway, I’ve always been a fan of the cheap date. I figure, if you need to throw a pile of cash down on a fancy dinner then you likely haven’t got much of anything else to offer.
So for those of you who really haven’t got anything else to offer, or those who just need some inspiration, here are the top five first/second/third cheap dates that I’ve been on in the last while.
1. The coffee date – I love this one since it’s a max 45-minute/$10 commitment. You no like, you go home. On the flip side, if it’s going well, you can extend to dinner/lunch, whatevs. You can spice this staple first date up by Googling a boutique coffee stop instead of a pricey chain and checking out the ambience before hand. Or you can pick one next to a park, so you can suggest a romantic stroll afterwards.
2. Cooking something together – best for a third or fourth date, and best if neither one of you knows how to cook. Pick the trickiest recipe you can find, meet at the grocery store and go from there. Trust me, it’s a riot. The messier the better.
3.Get a massage – best for those with health benefits, so you can get your money back. You can still claim a massage even if you happen to get it in the couples suite with your date next to you. You can also stretch it out a bit by taking advantage of the spa facilities…steam room or hot tub, etc. When you’re finished, you’ll be so relaxed, all you’ll be up to is a night on the couch. What you do on the couch is your business.
4.Go somewhere with animals – boys, this is a really underutilized form of foreplay. Most girls like cuddly animals, and like guys who like cuddly animals. Spend an afternoon at a petting zoo and she’ll end up ready for some petting of another variety. Or try the full zoo for an extended version.
5. Go to a gallery. I know we’ve all heard this one before, and I’m surprised at how few people take advantage of it. There’s some crazy stuff at galleries. There are dead people, pictures of naked people, and dinosaurs. Dinosaurs! If you can’t keep the conversation going with that material, then you need more than just first date inspiration. Most galleries have a free night…usually Thursday or Friday, and they’re typically open (relatively) late.
So there you go. Give them a shot and let me know how it works out.
(9)
Here’s something you don’t hear much anymore: tips on what you should be spending cash on right now. Unfortunately, it’s not Grey Goose and Nikes, which is what I was hoping for. It’s much more practical than that. And, yeah, this is a good time to be practical. Damn…
Check out Consumerist’s five tips on where you should be putting your money during the pinch:
1. Pay For Expert Advice: Google can’t replace your lawyer, tax advisor, or financial advisor. Open your wallet to professionals who are familiar with your particular situation.
2. Pay To Reduce Debt: Now isn’t the time to take on more debt, and that’s what happens if you stop paying off your existing obligations. Debt also affects your credit score, making other financial services more expensive, so stick to your debt repayment schedule and work with creditors if you need extra help.
3. Pay Into Your Savings Accounts: Keep saving for your future by continuing to take advantage of employer matches while they still exist.
4. Spend On Yourself: It’s ok to spend on yourself, but only for things that have a substantial impact. We also think it’s important to keep giving yourself little gifts here and there to help maintain your sanity. Just don’t overdo it. Think chocolate, not diamonds.
5. Pay For Some Things You Can Do Yourself: Keep focused on the big picture and figure out which spending is actually worthwhile. Sure, you could shovel the driveway, but if your hip’s been hurting and your 60th birthday is around the corner, give the teen next door $50 instead.
Ok, it’s back to me now. I gotta say, Tip #5 is good but $50 to clean the driveway? What kind of recession-proof fantasy neighbourhood are these people living in? Forget the teen next door, send that job my way. Hell, I’ll do the driveway and the dishes for $50. When I was living at home payment for cleaning the driveway was getting to hear my mother stop screaming at me to clean the driveway. Yes, even silence has it’s price…
(0)
The blog owner requires users to be logged in to be able to vote for this post.
Alternatively, if you do not have an account yet you can create one here.
Powered by Vote It Up
