5th Edition of the Finance Fiesta!

by Rocket Finance

Welcome to the 5th Edition of the Finance Fiesta! I wanted to write this post in Spanish, but the only words I know from our neighbors to the south is what I have picked up from my kids watching Dora the Explorer. Plus my keyboard doesn’t have any of those funny diacritical markings that are used in Spanish. I do love to roll my r’s, however, hopefully that counts for something. The FF features some great selections this time and I encourage you to read them all. And remember Just because I personally don’t agree with an author does not mean that the article is bad.

Enjoy!

Editor’s Picks:

Adam Beck wrote a thought provoking article entitled, The Could Samaritan. I think the underlying question is why are you building wealth? To what purpose? To what end?

Kevin from the Red Stapler asks, Do we need a salary camp for CEO’s? His answer is “yes” and he gives a plan to do it. I could not disagree with Kevin more and his proposal made me check his About page to see if the “red” in Red Stapler was a communistic allusion. I hope he realizes that both John McCain and Barak Obama earned more than the average CEO last year. Furthermore, Obama is a trial lawyer – trial lawyers are also awash in cash – I wonder why he has not proposed to cap their income?

Jim at Blueprint for Financial Prosperity posts that a study of the wealthy confirms a classic joke. I had never heard the joke before. BFP is one of my favorite blogs, but I think it is important to point out that if everyone followed the example of the fisherman, our world would be in sorrier shape than it already is. No one cured a disease, freed a people, cared for his family longterm or invented the light bulb by sitting on the beach. I think it all goes back to the question, “Why do you want to be rich?” The pursuit of wealth motivates people to take risks that often result in great benefit to society. What if Henry Ford had never set out to efficiently build and automobile? We would be living in a country where the poor ride donkeys and the rich would still be driving cars.

I love lists and that is why I love the Silicon Valley Blogger – in a platonic way, of course – both of us are happily (at least I am) married and not to each other. By the way, the word “silicon” is a reference to this. (I know what you were thinking) Anyway, she gives a great list of ways to save money by paying bills. I am doing most of them already, but there might be a suggestion that will work for you on the list.

Wide Open Wallet likes high gas prices. Good for her, I wonder if she would love to pay $10 a gallon. If that is the case, she could send $5 a gallon my way every time she fills up. That would solve a lot of problems for me. Turns out that she does not commute to work . . . We love you, Ashley, but just because high gas prices work for your situation does not mean that it is a good idea for everyone else. What if you were a single mom who could only find a job that was 20 miles away? You now have to drop your children off at a daycare, drive to work, drive back to the day care and drive home every day. High gas prices infringe on our freedom to make choices about what is best for us. High gas prices allow us to be controlled by an elite few who don’t think anyone needs and SUV. High energy costs are a hardship for those least able to pay. Sounds like I have a post here. . .

Anand Dillon gives us 25 ways to create more value. It is a good article and if you are looking to invent something or change career paths, read his list.

And all the rest:

Budgets are Sexy asks, “Would you rather have $500K right now, or $1M in ten years?“. He does not give the answer, so leave a comment and solve the dilemma for him.

Money Blue Book is starting to rethink his slavish devotion to shopping online.

Another article on CEO compensation posted at Can I get rich on a salary? Yes, some people are dumb and some people are over-compensated, but let’s not put the government in charge of determining who is smart and who is wealthy, okay?

The DINK at Living Almost Large admits to not being perfect. I admit no such thing about myself.

The Frugal Homesteading Blog asks if the Debt snowball really works, but doesn’t really answer the question. No matter, the positive evidence seems incontrovertible. I think it is interesting that her children are aware of and participating in the debt reduction. My family never really talked about money “in front of the kids”.

Personal Finance Analyst recommends that you purchase Savings Bonds. I have no opinion on the matter. Read the article.

Passive Family Income is blogging about the places that only accept cash (no credit cards, no debit cards). There aren’t too many of those left and it usually means that I don’t shop at them. I do find it annoying that vending machines don’t accept cards.

Jonathan from The Limelight posts about his 6 month journey to debt freedom. Kudos to him, but can we really call 6 months a journey?

My Retirement Blog mentions a Traditional IRA to Roth IRA conversion loophole. I love tax loopholes.

If you invest in stocks, you may want to check out Daily Money Hacks and his article on Excess Capital Loss rules. I’m sure he did a great job of explaining the details, but most of that kind of stuff is over my head. I guess I would care more if I had any capital to lose.

Personal Finance Basics wants you to invest in the stock market. Sure glad that I didn’t follow that advice twelve months ago.

Young with Bux tells us that headhunting one’s friends and relatives can be tricky.

The Shark Investor discusses how do-it-yourself projects are sometimes a good idea and sometimes a bad idea.

Potential to Success helps you learn how to network like a pro. Lot’s of good ideas and suggestions.

Master Your Card ( the owner of the Finance Fiesta) article is entitled with a Shakespearean, “To Cosign or Not to Cosign“. He leaves the question open-ended, but if my opinion is worth anything: don’t do it!

The question at Debt Smackdown: “Is debt just a fact of life for the current generation?“. The practice of targeting college students for credit cards is deplorable, but I don’t think that calling on the schools themselves to start teaching responsible use of money and credit is going to happen. What would happen to enrollment if every student refused to pay for tuition with credit?

Broke Grad Student posted a list of 8 Cheap Summer Fun Ideas. There are some good suggestions in the post and pretty much all of the Rocket household leisure activities are on the list.

KClau want’s to know “Do you have the assets to pay for your liabilities?” In a word, no.

Carpooling is the subject of an article at Increase Revenue, Decrease Costs. We are looking for our kindergardener to carpool this fall. Anyone interested?

Funny about Money asks a questions that no one wants to think about: What happens if next payday does not come? It is a good article if you can bear to think about losing your job.

ChristianPF teaches us how to make the best of car depreciation. Lots of good info in this article. You really have no reason to buy a new car, do you?

Credit Card delinquencies are increasing. Tell us something we don’t know.

That’s it, that’s the list. Thanks to all the authors for their hard work on the articles and for taking the time to submit. I enjoyed reading all of them and trying to think of ways to make snide comments about them.

Enjoy your 4th of July weekend and don’t blow any fingers off!

Photo by jmbead.

  1. 25 Responses to “5th Edition of the Finance Fiesta!”

  2. By passivefamilyincome on Jul 3, 2008 | Reply

    Thanks for including my article and hosting this week’s carnival!

  3. By Maria - Frugal Homesteading on Jul 3, 2008 | Reply

    Thanks for hosting, and for including my post! I did say that the debt snowball “is working for us” but you’re right, I could have shared anecdotal evidence of the scores of Dave Ramsey fans who have been successful with their debt snowball plan. Great carnival, thank you!

  4. By Anand Dhillon on Jul 3, 2008 | Reply

    Thank you for hosting this blog carnival. I’m glad you enjoyed my article and I hope the other readers enjoy it as well.

    Thanks!

  5. By Kevin on Jul 3, 2008 | Reply

    Thanks for making my post an editors choice if though you completely disagree with my plan.

    I probably will still invite you to my annual May Day celebration 🙂

    Kevin Marx

  6. By rocketc on Jul 3, 2008 | Reply

    Ha! Glad that you have a sense of humor. I will be glad to attend your party.

  7. By Budgets are Sexy. on Jul 3, 2008 | Reply

    Thanks for including my post good sir – mighty kind of ya 🙂

  8. By Jonathan on Jul 3, 2008 | Reply

    Thanks for including me in your carnival, however, I am not sure about this comment:

    “Kudos to him, but can we really call 6 months a journey?”

    I don’t know, can we? I ask because I never called it a journey in my article, not even once, so you are thus far the only one that has referred to it as a journey, which makes me wonder why you are asking the question.

    Thanks again.

  9. By rocketc on Jul 3, 2008 | Reply

    Hmmm, I wonder where that word come from as well.

    In my late night stupor, I must have inserted it by mistake. My apologies. I can change the comment if you like.

  10. By Ashley @ Wide Open Wallet on Jul 3, 2008 | Reply

    Thanks for the editor’s pick! What I like about the gas prices are the changes that are occurring. Believe me, I’ve been a single mom, I feel their pain. We also pay over $400 a month for gas, so it’s not like I haven’t been affected by prices.

  11. By Jonathan on Jul 4, 2008 | Reply

    No need to change if you don’t want to, I was just curious about it, that’s all.

    Thanks again!

  12. By The Digerati Life on Jul 5, 2008 | Reply

    My my! I was slightly speechless and definitely blushing with your mention of my article and your accompanying description. 😉 Thanks for such a wonderful job with this carnival! And yeah, I love your work as well and I so appreciate the Editor’s Choice.

    I see you’ve offered incredibly interesting insights to this carnival, which I am now going to read very slowly and carefully….

  13. By rocketc on Jul 6, 2008 | Reply

    Just trying to get people to click through. 🙂

    My wife says that I was too grumpy when I did this post. I’ll have to get more sleep or drink better coffee next time.

  14. By The Digerati Life on Jul 6, 2008 | Reply

    Rocketc,

    I just noticed that your link to my post is actually pointing to Living Large’s post! 😉 Anyway just wanted to point it out.

    THANKS!!
    SVB @ The Digerati Life

  15. By rocketc on Jul 6, 2008 | Reply

    How embarrassing!

    Will change it right away.

  16. By Funny about Money on Jul 8, 2008 | Reply

    Thanks for including Funny in this excellent carnival. Sorry I didn’t spot this sooner–busy 4th of July weekend! Will include a link in today’s “Moments of Fame” post.

  17. By Funny about Money on Jul 8, 2008 | Reply

    P.S. The link to Wide-Open Wallet appears to be incorrect.

  18. By rocketc on Jul 8, 2008 | Reply

    Good grief! What is my problem? I have updated the link. Thanks for pointing it out.

    This post has become a comedy of errors.

  1. 8 Trackback(s)

  2. Jul 3, 2008: Do we need a salary cap for CEO’s??? | The Red Stapler Chronicles
  3. Jul 3, 2008: Carnivals of the Week | LivingAlmostLarge
  4. Jul 4, 2008: Fourth of July Roundup — Broke Grad Student
  5. Jul 6, 2008: Carnival Round-Up - #1 | Personal Finance Analyst
  6. Jul 7, 2008: Links for July 6, 2008
  7. Jul 8, 2008: PFI Weekly Updates - July 8 (2008) | Passive Family Income
  8. Aug 18, 2008: Moments of Fame « Funny about Money
  9. Sep 3, 2008: Carnival of Financial Goals | rocket finance

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