Carnival of Personal Finance: Live From Monticello!

(Thomas Jefferson's Monticello)

I'm working on this carnival from my hotel room just down the road from Thomas Jefferson's famous home of Monticello, where I have spent the weekend at the fantastic Heritage Harvest Festival. Considering Jefferson was a bit of a profligate and died deeply in debt, his may not be the best example of good financial practices. Nevertheless, Jefferson was an incredibly resourceful, inventive man who had a lot of sensible things to teach us. So, after spending the weekend enjoying what he created, I've themed the carnival for this one of our founding fathers. Like the rest of us, Jefferson had his flaws and weaknesses but they do not take away from the value of his wisdom and the power of his words.

The photos are from Monticello and the quotes are Jefferson's.

Saving

The glow of one warm thought is to me worth more than money.

Trying to decide where to put your money? American Banking News takes a look at the relative BankRate scores of banks with online savings accounts. The Safest Online Banks: Is Your Online Savings Account At Risk? If your bank didn't score a 4 you might want to do a little research into the criteria BankRate uses before you start moving your money around.

Banker, Saver shares a neat little calculator to help you figure out when, given a set of saving criteria, you will save a million dollars. In When Will I Be A Millionaire, Banker, Saver reveals that it will be about 20 years for him. This might be a good tool to help you see if you're on track.


(The vegetable gardens at Monticello. They run for 1000 feet.)

Frugality

It is neither wealth nor splendor; but tranquility and occupation which give you happiness.

Oil and Garlic is struggling with the Battle Between Frugality and Simplicity and how to chose between the two. I'm not sure it's always a battle but it certainly can be!

If you've got kids you probably know that kids under the age of two fly free. Beyond Paycheck to Paycheck reminds us to Take Advantage of The Rules to Save a Few Bucks. Your baby probably won't get much out of the trip but at least you'll get to go!

The Realm of Prosperity takes a look at The Art of Having a Family Phone Plan With Your Friends as a way to save money. All I can say is, better trust your friends!

Do you call hotels directly or do you book through a third-party service? Foreigner's Finances relates an incident where he saved $65 with a 5 minute phone call. Good advice!

Single Guy Money has some tips for Thrift Store Shopping. Admittedly he doesn't have the patience for thrift store shopping but his tips are worthwhile, nevertheless.

Tackling one of my personal bug-a-boos, Pay Less For Food asks, “Are You Leaving Money Behind at the Grocery Store?” She's talking about checking the prices of your items as they are scanned at the checkout. Errors are pretty common.

Are you planning to start on the road to frugality? Modern Tightwad wants to make sure you have a Meeting of the Minds with your financial partner for the best chance of success.

PennyJobs suggests that you make frugality a competition to make it easier. How to Think Like a Frugal Person to Tackle a Challenging Financial Situation offers a unique idea for succeeding at this tricky game.


(The view from Montalto, Jefferson's "Big Mountain")

Investing

Do not bite at the bait of pleasure, till you know there is no hook beneath it.

Why Invest in Index Funds? The Oblivious Investor keys us in. Index funds are my first choice too!

Making a comparison between the relative values of slow growth hardwoods and quick growth pines, Dividends Value suggests Seeding a Forest of Dividend Stocks. Good advice!

Trying to decide where to put your investment funds? Bargaineering clearly and concisely explains the Roth IRA. He'll help you make up your mind!

Dividend Growth Investor shares with us Six Things I Learned From the Financial Crises; give it a read!

Clearly The Financial Blogger has some issues with HR departments. That notwithstanding, Is My Pension Plan Dead? 6 Killer Questions to Ask HR About Your Pension Plan contains good advice for everyone with a company pension plan.

The Digerati Life takes a look at Peer to Peer Lending. It's working for her! I'm about ready to give it a try.

Are you thinking about day trading? Investing Tookit has some Tips Before You Start. Here's a tip – don't do it! Investing Toolkit's tips are more helpful than mine.

Bad Credit Advisor takes a shot at predicting the future price of gold in Gold Price Direction. I suppose his guess is as good as any!

Did you ever wonder how banks make money? Narrow Bridge Adventures lays it all out in How Banks Make Money and How You Can Make Money Like a Bank. NBA is a fan of peer to peer lending organizations but advises us to tread carefully.

Are you an ETF investor? The Dividend Guy thinks ETF Marketing is Hurting Investors. It's an interesting read.

A little confused about what to do with your 401k? Teach Me Finances has a 401k Rollover Guide. Very informative!

Go To Retirement is looking at New Options for Investing in Inflation Protected Securities. This is the best explanation I've read about TIPS. I think I get it now!

In Investing – A Matter of Trust, Money Chronicle urges us to trust in ourselves, the financial markets, time and a good financial advisor.


(The vineyards at Monticello. Did you know Jefferson was an accomplished vintner?)

Reviews

Personal Finance Software Reviews takes a look at MySpendingPlan. If you're considering MySpendingPlan, I urge you to take a look at this in depth review first.

Have you tried Bing.com Cashback Rewards Program? Christian PF takes a look.

Need to send money overseas? Money Help for Christians explains How to Use XE to do the job. I'm glad to know about this program!

My Dollar Plan takes a look at ING Direct and explains Why She Likes It. I like it too!

Another vote for ING comes from Couple Money who is Finding a Good Checking and Savings Account. They sure make it easy!

Money Management

When you reach the end of your rope, tie a knot in it and hang on.

The Chief Family Officer offers some excellent advice on Creating the Illusion of Scarcity to Accelerate Financial Goals. This is a great tip!

Growing Money tackles the touchy area of How to Collect Money You're Owed. Do you lend money to friends? Maybe this article will help you with your collections.

Budgets are Sexy takes an interesting look at Cigarettes vs. Coffee – Which is Financially Worse for You? Happily I suffer from neither of these vices but unfortunately, there are plenty of others!

Have you looked back on your financial year? Sound Money Matters takes a look at Our Financial Status One Year After the Collapse and, financial crises aside, she's doing okay!

Man Vs. Debt gives us 42 Ways to Simplify Your Financial Life. Should be something for everyone on this good list!

Are you suffering from financial clutter? Fiscal Fizzle explores the High Cost of Financial Clutter. I struggle with this problem myself from time to time. Do you?

Guest blogger Redeeming Riches has an excellent article over at Suburban Dollar on Navigating Your Finances. Plugging your goal into your GPS gets you where you want to go geographically. Do you have your goal plugged in for where you want to go financially?

Tough Money Love reminds us not to spend everything that's left after paying our monthly bills. The One Thing Not To Say After You Pay Your Bills recalls the wonderful advice to pay yourself too!


(Another view from Montalto)

Career

I'm a great believer in luck and I find the harder I work, the more I have of it.

Are you just entering the workforce? Darwin's Finances takes a look at the Best Places to Work: Surprising Survey Results and Analysis. Accounting and finance top the list. That is surprising!

Although I find nothing startling about it, Free Money Finance reminds us To Proofread Your Resume if you expect to get a job with it!

Are you out of work at the moment? Well-heeled With A Mission finds a bright side in Unemployed or In Between Jobs? 4 Ways to Keep Moving and Groving. She certainly has the right attitude. When I lost my job I chose adventure and moved 2,000 miles and took a job caretaking a small farm. It's all in how you look at it! Love her masthead.

In another look at unemployment, One Money Design has some tips on How To Find A New Job. Good advice here. When you're out of work, your “job” is to find a job and that's how you should treat the process.

It's no surprise that in this economy people are thinking about their jobs. Make Money Lessons has an article on finding the perfect job. Even during tough times you shouldn't assume you can't get a better job.

Debt

Dependence begets subservience and venality, suffocates the germ of virtue, and prepares fit tools for the designs of ambition.

Modern Gal does some straight talking in her “Financial Advice for 20-somethings”. I think it's good advice for everyone, no matter your age!

Credit

Never spend your money before you have earned it.

What sort of credit card user are you? No credit cards; put everything on a rewards credit card; only for emergencies? Mike at Gather Little By Little is definitely a “put everything on a rewards card” person and lays it out in Get a Day-to-Day Credit Card and Make Money! I've been dabbling with this model since I moved to the farm. The jury is still out.

Looking for a credit card? The Smarter Wallet explains How to Get a Credit Card That's Right For You. No matter what you're looking for, it's always good to shop around!

Still confused about credit scoring? PT Money takes a stab at it with Improve Your Credit Score With These 5 Tips. Does that help?


(One of the flower gardens at Monticello)

Budgeting

Whenever you do a thing, act as if all the world were watching

Money Under 30 generously gives us A Really Simple Budget Worksheet. Having trouble getting started with your budget? Download his worksheet and see if it helps!

Bret Frohlich wonders, “What Would You Do With A Million Dollars?” I guess I'd have to drop it right in my oh so small retirement fund!

How do you rein in your impulse spending? Bible Money Matters offers up 5 Roadblocks to Help Prevent Impulsive Spending Decisions. What helps you?

Seems like everything is harder during a tougher economy. Paying your child support is no exception. American Consumer News says Scrimping Child Support Harder for Family Budgets. Whatever you do, don't just stop paying!

Fiscal Geek takes a look at the ever popular envelope system for budgeting. In the article, Cash Envelope Budgeting System, we are reminded that we might also save on overdraft fees if we adopt this method.

Real Estate

In his submission, Searchlight Crusade explains why sometimes a Low Asking Price means an Unfinanceable Property. Good to know!

Green Panda Treehouse is buying a home and shares some of the keys of mortgages in House Hunting: Mortgages and Interest Rates. This is a good primer if you are a little shaky on the basics.

The Economy

Don't Quit Your Day Job asks, “Does Increasing Tax Rates Increase Revenue?”. While I don't necessarily agree with his base hypothesis that increased tax rates automatically create a disincentive to work, I'm looking forward to part two of his article.

Other

Over at Get Rich Slowly, Baker is talking about phishing scams. They're not as obvious as they used to be. Check out Gone Phishing: How to Avoid Being Caught by Scammers for some refresher tips!


(TJ himself!)


That's it for this week's Carnival of Personal Finance. I hope you enjoyed Jefferson's musings as well as this week's articles. Please remember to link back to the carnival from your blog and help promote the carnival through your favorite social networking avenues.

Thanks to Taking Charge for hosting next week's carnival. You can submit your article here - http://carnivalofpersonalfinance.com/submit.php

Have a great week!