There are so many sites that are happy to give you strategies to get the most out of your emergency fund or how to best save for your emergency fund, but the simplest and quickest way to give yourself a cushion is revealed in this minute and a half video. (I must confess, it was on my mind because it was the topic of episode #2 of the Personal Finance Hour)
It’s very important that you draw a financial network map and in this video, I briefly discuss why it’s important and some pointers on how you should be drawing this map.
Remember, this map should be designed to give you and your loved ones a clear picture of how your finances are set up and interconnected. You can use whatever conventions you feel are most intuitive and remember to provide a legend!
I received an email earlier this week from Tomas, asking what daily compounding meant, and I thought it would best be answered with a video post. The video discusses, in very basic terms, what compounding is as well as two common acronyms you see when talking interest rates: APR and APY.
This episode of the Bargaineering VideoCast will discuss a concept I call Bank Account Firewalls.
ING Direct no longer has the top interest rate among online banks but no other bank makes it easier for you to start new accounts. They are the ideal candidate for a bank account firewall because of this simplicity but you can use any account at any bank.
The idea behind certificate of deposit ladders is pretty simple, explaining it in only words is fairly difficult. If you’ve ever tried to understand how a certificate of deposit ladders worked by reading it off a piece of paper, it probably took you a long time or you quit because it was too complicated. With the power of video, we’re able to bring the explanation to life and, if you’ve ever had trouble understanding, clear those things up for you.
If you’re unsure what a certificate of deposit is, take a few moments to read my Basics of Banking post. Under account types, I explain what a certificate of deposit is.
I mentioned how ING Direct made is easier for you to create a CD ladder, there’s more about that on my post explaining how to ladder CDs at ING Direct. As is typical of most banks, they only offer 6-, 9-, 12-month CDs (for CD maturities of less than or equal to 12 months, they offer longer maturity terms though) but you can open multiple CDs through the one form, simplifying things. They don’t have the best CD rates though.
The topic of the third Bargaineering VideoCast is a three-minute product review of the NURU Personal Finance Cards.
Since I read a lot of personal finance content, from blogs to magazine articles to Google Finance bboard pump-and-dump spammers, I’m not the target audience for these Nuru cards. My wife, who is also quite knowledgeable by osmosis, doesn’t spend all day reading this stuff so I asked her what she thought about the cards.
The cards are really good for someone who wants to learn basic personal finance, simple enough not to confuse and they’re good to educate you enough to get you on the path on learning. They’d be good for young people about to graduate college because you need to know all that information and you probably don’t know where to go to find it. It lets you know what you don’t know.
I posed my concerns about the $6.99 price point to Crystalee, one of the members of their marketing department, she made a good point:
One of the salient features of NURU knowledge deck cards is the fact that their hand-held size and key ring make them easily portable. They fit in virtually any pocket of a bag, jacket, jeans, etc. and are meant to be used as a quick-glance knowledge source, like a mini Personal Finance 101 class for anyone willing to pay a $6.99 tuition.
Although an introductory book could include the same information that is presented in our deck, it would not be in the same helpful portable shape/size, and nor would it have the upbeat tone that we make sure to use in NURU cards. We want our decks to reach people at different stages in life and commit to distilling the world’s best information for them.
Like I said in the video, leave a comment and I’ll give away the deck to one lucky commenter next Sunday (March 22nd)!
Please let me know what you think and thanks for watching!
This video talks about how there seems to be an aversion to “sitting on the sidelines.” You have money burning a hole in your pocket and you want to invest it so it can grow right? Well, when the rules of the game are changing, sitting on the sidelines may be the smartest thing you can do. Remember Rule #1 – don’t lose money!
The next video will be a product review, something where video adds value over an audio-only podcast.
I’d love to hear what you all thought, please give me more tips! (and my next video won’t have quite so much crap in the background, my wife made sure of that!)
I spent the last week out in San Francisco and couldn’t sleep the other night so I thought I would, in my sleepy yet unable to sleep haze, put up a video blog post to kick off the Bargaineering VideoCast (BVC) series. This one will talk about how you should always take what personal finance experts say with a grain of salt. Whether it’s an advisor or some talking head, the adage still holds true. If you don’t follow it, then you deserve everything you get.
Word of warning, the camera does have a little bit of shake (I’m holding it) and I’m new at this so I hope to improve it. Please don’t get sick!
Here’s the Wikipedia page for Suze Orman, ranked number 1 by Google (through some fine SEO I’m sure!) for personal finance expert. I have nothing against Suze Orman (unlike James Scurlock), I merely pointed her out because she’s one of the hot names in personal finance right now. At times I think her abrasive attitude is a bit over the top (but for some, it’s absolutely necessary) but that’s hardly a fault.
I’d love to hear your thoughts on this little experiment, on what I have to say, on pretty much everything!