Dave's Tips to Get Back on Track

Now that summer's over, it's time to refocus.

It's really easy to let the budget slide during the summer break. Hey, we've all done it before?taking that extra day of vacation, going to the pool too many times or sending the kids to the movies because they're "bored." Many people find themselves back in debt or struggling with money when fall comes around.

And then you have the fall expenses. Back-to-school supplies are being marketed everywhere we turn. Mommy, I want that Hannah Montana backpack!... and the glow-in-the-dark pens and the 1,000 crayons! ... sound familiar? What happened to the days when eight crayons lasted for a whole year?

Have you noticed how the car dealerships have increased their marketing, trying to get you to buy the "perfect" vehicle so they can get the new models in? And of course, all the retailers are screaming, "Come buy some new clothes for your fall wardrobe because you deserve it!" Really? You deserve it? No, you don't.

Now, more than ever, is the time to refocus and get back on track with your money. It's so important to have a plan for your money every month or you could easily fall into the no-good debt trap.

Here are some tips to get you back on track with your money:

Sit down and evaluate.

Take a few minutes to look at your bank accounts and really understand what you see. If you don't, you run the high risk of living these next few months like Gomer Pyle on Valium, with no clue about your money. You don't want that, do you?

Update your game plan or start one for the first time.

A budget is your game plan, where you tell your money what you want it to do. This isn't rocket science! Just give every dollar a name on paper before you get your paycheck so it won't all be gone in a week. Get free budgeting forms here.

Put cash in envelopes.

Since you spend 12-15% more when you use plastic than when you use cash, try the envelope system. Take some envelopes, write the budget categories on the envelopes, and use only the allotted money to purchase specific things. If an envelope is empty, don't buy anything else in that category for the month. It can wait.

Set boundaries for yourself and your family.

A lot of this centers around the ability to say the word NO and really mean it! Sometimes you're going to have to tell yourself, your spouse, and your kids "NO! It's not in the budget!" so be prepared. It's a phrase you'll be glad you know how to say.

Start saving NOW for Halloween and Christmas!

Now is the time to start planning and setting aside any money you want to spend around these huge retail seasons. Make a list and commit to sticking to it! If you start now, you can keep these holidays from following you into next year!

Commit now to making your budget a priority over the next few months. Just by incorporating these seemingly small changes into your daily habits, you will reap many rewards in all areas of your life. It's time to get back on track, and we're here to help you along the way!

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Source: http://www.daveramsey.com/article/daves-tips-to-get-back-on-track/lifeandmoney_budgeting

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Read This Anecdote From A Former NFL Player If You Think The Preseason Matters At All

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This story that former player Ephraim Salaam told on a Grantland podcast last week really makes us think the preseason is worthless.

The short version: When Salaam was playing in Houston, he called Cardinals player Bertrand Berry the night before a preseason game and the two agreed not to try against each other. Salaam was an offensive lineman, and Berry was the defensive lineman he was supposed to be blocking.

But they basically ended up just playing patty-cake until the second-stringers came in.

Here's the long version:

"I believe it was my second year in Houston, I had a buddy play with me in Denver, Bertrand Berry, who's in Arizona now, they're star Pro Bowl defensive end. ... So I look on and the schedule and I say, 'Okay we go to Arizona in our second preseason game.'

So when we get to Arizona, I call Bertrand the night before the game, and say, 'Hey man, how you doing?' And he says, 'What's up B?'

I said, 'So how we doing this tomorrow?' And he said, 'Come on man you know how we do.' So, you know, that was enough said. ...

So I line up against Bertrand, we wink at each other, and literally for the first quarter and a half, we are literally dancing. Literally Dancing With The Stars, with each other. I tell him, 'Hey, it's a pass play.' He comes off the line making all the sound effects, '[oohs and ahhs].' We engage but we're literally just chopping our feet in front of each other."

Salaam also added this, "I'd say about 80% of veteran guys are really going through the motions trying not to get hurt."

We've long suspected that the preseason means nothing to players. And this little anecdote just hammers that home.

Listen to the whole thing here >

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Source: http://feedproxy.google.com/~r/businessinsider/~3/OL6fV5lXYSI/nfl-preseason-doesnt-matter-2012-9

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Facebook Stock Down More Than 50%, Schadenfreude Still Rising

8-31-2012 2-54-20 PMFacebook stock has reached a new low following news that analysts at Bank of America/Merrill Lynch and Bank of Montreal have lowered their price target for the stock. "Revenue pressure from growing mobile usage, a larger-than-expected social gaming revenue slowdown, higher spending and lock-up expiration are overhangs that, in our view, will continue to impact [...]

Source: http://consumerist.com/2012/08/facebook-stock-down-more-than-50-schadenfreude-still-rising.html

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Tokyo Population To Halve In The Next 90 Years

tokyo japanThe population of Tokyo - at present one of the most densely inhabited cities in the world - will fall by half by 2100, with nearly 46 percent of those residents past retirement age.

A study group set up by the Tokyo Metropolitan Government and including academics and city officials estimate that the census figure for 2100 will see Tokyo's population standing at about 7.13 million people. In the last census, in 2010, there were 13.16 million residents of the city, with that total predicted to rise to a peak of 13.35 million in 2020 before beginning a relentless slump.

Japan is on the brink of a population crisis, experts are warning, with one of the most rapidly ageing societies in the world - thanks in part to medical advances enabling people to live longer than ever before - but young couples having fewer and fewer children.

In 2011, some 1,057,000 children were born, a decline of 14,000 on the previous year.

The situation is so critical that the National Institute of Population and Social Security Research has warned that there will be a mere 49.59 million Japanese by 2100, a decline of more than 61 percent on the 2010 figure.

Added to the concern over the falling birth rate are the obvious economic consequences of a huge imbalance in the ages of the population. In the not-too-distant future, experts warn, there will be too few working-age people paying for the health care and pensions of the elderly population.

"The number of people in their most productive years will decline, while local governments will face severe financial strains," the experts said in a statement.

"So it will be crucial to take measures to turn around the falling birthrate and enhance social security measures for the elderly."

The panel said the 7.13 million residents of Tokyo in 2100 will include 3.27 million people over the age of 65.

"The working population, concentrated in Tokyo, will be rapidly graying," Akihiko Matsutani, a professor at the National Graduate Institute for Policy Studies, told Kyodo News.

"If the economies of developing countries continue growing, the international competitiveness of major companies in Tokyo will dive," he added.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/f5Kna4Fo-Nk/tokyo-population-to-halve-in-the-next-90-years-2012-9

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The Middle Class Are Blaming The Wrong People For Their Three Lost Decades

The Pew Research center ponders The Lost Decade of the Middle Class.

Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future.

These stark assessments are based on findings from a new nationally representative Pew Research Center survey that includes 1,287 adults who describe themselves as middle class, supplemented by the Center’s analysis of data from the U.S. Census Bureau and Federal Reserve Board of Governors.

Median Income

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Median Net Worth

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Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say “a lot” of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot.

Who Is To Blame?

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Three Lost Decades! 

Median net worth is back to a level first seen in the 1980s. By that measure, the US has had three lost decades. Wow. 

62% Blame Politicians, Only 8% Blame Themselves

Note that 62% blame politicians and 54% blame financial institutions, but only 8% blame themselves.

Five Questions

Median net worth is back to a level first seen in the 1980s. By that measure, the US has had three lost decades. Wow. 

62% Blame Politicians, Only 8% Blame Themselves

Note that 62% blame politicians and 54% blame financial institutions, but only 8% blame themselves.

Five Questions

  1. Did banks force people to take out loans they could not pay back, or did people do so voluntarily?
  2. Who elects congress? 
  3. Do people make enough effort to understand interest rates, debt, the economic policies of politicians, exponential math and its implications, the untenable nature of public union pension plans and promises?
  4. Do a significant number of people (if not the majority) get their economic views (assuming they have any economic views) from The View, Oprah, The Talk, or CNBC?
  5. Why did PEW leave off the Fed and Fractional Reserve Lending from the list of answers?

Two Bonus Questions

  1. Would the majority of respondents know anything at all about the Fed and Fractional Reserve lending had the PEW listed those options?
  2. Who is really to blame for what is happening?


Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Source: http://feedproxy.google.com/~r/businessinsider/~3/JtCZunFZ-wQ/the-middle-class-is-ignoring-the-real-culprit-for-three-lost-decades-2012-9

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