Comments on: Personal Finance Decisions: The Good, the Bad, and the Ugly http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html The offbeat personal finance blog for responsible people. Thu, 16 Feb 2012 20:41:50 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Garen http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-23094 Garen Sat, 30 Apr 2011 05:46:19 +0000 http://lenpenzo.com/blog/?p=662#comment-23094 Hey Len, First of all I would like to commend you for being witty of categorizing common words like good, worse and much worst and replace these with a Clint Eastwood movie title. Anyone in his right mind would heed to good advice. It is never too late or never too early to have a good backup plan for your retirement especially in a financially challenging world that we have now. It is better to be properly prepared than sorry when you do not have the physical strength that you once have. It is also wise to properly stock your cupboards when you need it. I always make a list for things that I may be running out of stock with like milk, coffee, etc. It saves me time too instead of running back and forth in the grocery for essentials. As for the old credit card with a large limit I disagree on cutting this up since it can give me a better credit score if I use these once in a while for something that I really need. Just needs to be sure though that payments would be made on time so that I get the best of what I have. With regards to the emergency fund that needs to be set aside this will entail much frugal ways of spending but these same funds can also help with saving for the future and not just as an emergency fund. Garen Hey Len,

First of all I would like to commend you for being witty of categorizing common words like good, worse and much worst and replace these with a Clint Eastwood movie title. Anyone in his right mind would heed to good advice. It is never too late or never too early to have a good backup plan for your retirement especially in a financially challenging world that we have now. It is better to be properly prepared than sorry when you do not have the physical strength that you once have. It is also wise to properly stock your cupboards when you need it. I always make a list for things that I may be running out of stock with like milk, coffee, etc. It saves me time too instead of running back and forth in the grocery for essentials.

As for the old credit card with a large limit I disagree on cutting this up since it can give me a better credit score if I use these once in a while for something that I really need. Just needs to be sure though that payments would be made on time so that I get the best of what I have. With regards to the emergency fund that needs to be set aside this will entail much frugal ways of spending but these same funds can also help with saving for the future and not just as an emergency fund.

Garen

]]> By: Susan Earl http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-638 Susan Earl Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=662#comment-638 I totally agree with number 4. It seems like a lot of people recommend between 3 to 6 months salary for an emergency fund, but that really is tough to do for most people. When you instead make the goal living expenses, it becomes a much more reasonable goal to shoot for. I totally agree with number 4. It seems like a lot of people recommend between 3 to 6 months salary for an emergency fund, but that really is tough to do for most people. When you instead make the goal living expenses, it becomes a much more reasonable goal to shoot for.

]]> By: Michael http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-639 Michael Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=662#comment-639 It is important when you get a raise to immediately apply some part of it toward your 401k. It really is much easier to do it that way because you never see the effect on your paycheck and so you don't feel like you're sacrificing. By just allocating a few percent of your raise each year, it won't be long before you are making some significant contributions! It is important when you get a raise to immediately apply some part of it toward your 401k. It really is much easier to do it that way because you never see the effect on your paycheck and so you don’t feel like you’re sacrificing. By just allocating a few percent of your raise each year, it won’t be long before you are making some significant contributions!

]]> By: Len Penzo http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-640 Len Penzo Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=662#comment-640 @Susan: Yep. The "3- or 6-months salary" rule of thumb is among the most widely quoted, and ill-advised, of the ones I seem to come across. @Michael: Well said! I reached my before-tax contribution limit within a relatively short amount of time by simply adding a couple of extra percent to my 401(k) contribution each year after receiving my annual raise. It's a completely painless way to build your retirement fund (because you never miss the money in the first place) and the benefits were/are enormous! :-) @Susan: Yep. The “3- or 6-months salary” rule of thumb is among the most widely quoted, and ill-advised, of the ones I seem to come across.

@Michael: Well said! I reached my before-tax contribution limit within a relatively short amount of time by simply adding a couple of extra percent to my 401(k) contribution each year after receiving my annual raise. It’s a completely painless way to build your retirement fund (because you never miss the money in the first place) and the benefits were/are enormous! :-)

]]> By: Carnival of Twenty Something Finances: Personal Finance Communities Edition | Realm of Prosperity http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-641 Carnival of Twenty Something Finances: Personal Finance Communities Edition | Realm of Prosperity Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=662#comment-641 [...] Penzo presents Personal Finance Decisions: The Good, the Bad, and the Ugly posted at Len Penzo . [...] [...] Penzo presents Personal Finance Decisions: The Good, the Bad, and the Ugly posted at Len Penzo . [...]

]]> By: CAITLYN http://lenpenzo.com/blog/id662-personal-finance-decisions-the-good-the-bad-and-the-ugly.html#comment-642 CAITLYN Wed, 20 Apr 2011 20:48:56 +0000 http://lenpenzo.com/blog/?p=662#comment-642 Hey man.. real good post + super !!! Hey man.. real good post + super !!!

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