I am not going to start this post with the words “Due to the recent economic downturn…”

I am not going to start this post with the words “Due to the recent economic downturn…”

I am not going to start this post with the words “Due to the recent economic downturn…”

I have already written about my financial priorities and my annual goals – and now I think I’m ready to put together a comprehensive plan for the next decade (or two).  Thinking about the future, I couldn’t help buy wonder -

How Far Out Are You Planning?  Are you thinking about future, or are you just trying to get through the month?  I’d love for you to vote in the poll – and leave a comment, explaining your vote.

By the way, when I say “planning” – I mean – “thinking about, running the numbers”.  In other words, do you have a vision for the future and a real plan to get there?

Edit:  To clarify – If you are planning for 5 years out, then I’ll assume that you are ALSO planning for next month and next year.  What I’d like to know is, how far out do your plans go, at their maximum.  For the purposes of the poll, let’s assume that, if you are thinking long-term, you are also thinking short-term.

Thanks so much for participating.

If you are viewing this via Email or RSS, you’ll need to click through to vote.

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Reader Poll – How Far Out Are You Planning?

Today, I was hauling off some trash in my old pickup truck.  The radio in the truck barely works and will only receive AM stations.  As I was bumping down the dirt road, headed to the landfill, I hit the seek button, and the radio stopped on a talk show, hosted by some dude I’ve never before heard.

He said, and I quote – The reason most folks overspend is that they care too much what other people think.  They’re trying to keep up with the Joneses, so they spend and spend.

The station faded before I could find out more about the dude or his radio program, but his statement got me to thinking.

Do I really care what other people think, about the things I own or the car I drive or the clothes I wear?

It’s an interesting question.

On the one hand, I’d like to think that I’m secure enough, happy enough, and strong enough, and that I don’t need the approval of other people, especially when it comes to ’stuff’.  But, at the same time, I do conform to certain social norms, and I do so, quite honestly, so that I’ll fit in and be accepted.  Does this conformity reach past social behaviors and into my wallet?  Do I buy things so that I, or my children, or my spouse, will fit in and be considered normal?

I really don’t know how this post should end… So I guess I’ll just open the floor for discussion.

Do you really care about what other people think, when it comes to the stuff you buy?  If so, why?  And, if not, what do you mean by “No, I don’t care.”?

By the way – I realize that there is a certain segment of the population that doesn’t “care” what anyone thinks about anything.  That’s not, really, what I”m writing about.  I’m thinking more along the lines of – Do the opinions of others, people you love and respect, alter or change your spending habits?

(If my posts seem a bit more abstruse this week, I’m sick and I’ve stopped counting the cough syrup doses, as evidenced by my use of the word abstruse – and, what I fear is, an extreme over usage of commas)

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Do You Really Care What Other People Think?

Back in January, I purchased a new high definition television.  In order to get high definition channels, I signed up with Dish Network.  Our monthly bill is $92.73.  We live in a very rural area, and there aren’t any stations available via over-the-air antenna.  We also live in area where cable is not available.  So, if we want high definition content, we are pretty much stuck with choosing one of the satellite providers.

How much do you pay for television?  Do you watch television?  What about some of the online options like Hulu or Miro?

When we were getting out of debt, we radically reduced our bills and we only had the most basic satellite package.  But, over the past couple of years, we’ve upgraded our package.  The high definition content looks stunning – but I’m not sure it’s worth what we are paying.

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How Much Do You Pay For Television?

A month ago, I asked my readers to share their ideas about emergency funds, how much money it takes to cover 6 months worth of expenses, and the best place to stash emergency fund cash.  I’ve been amazed by the response to the poll.  More than 1000 readers have voted – and almost 50 left detailed answers in the comments section!

Here is a quick summary of the poll results, as of July 22, 2008.

For most folks, six months worth of expenses is somewhere between $8,000 and $25,000.  But, for many, their goal is more than $30,000!  That’s pretty interesting.

As for where to keep the emergecny fund, most opt for an online savings account, a few use a regular savings account, and still others use money market accounts from their local banks.

Because of the poll’s popularity, I’ve decided to keep it up for another month.  So, if you haven’t already, head over, cast your vote, and leave a comment.

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Reader Poll Results – 6 Months Worth Of Expenses And The Emergency Fund

I’m home from a week at church camp.  This year, I served as camp director.  As you can no doubt imagine, I’m exhausted!  But, the camp was, by all accounts, a success.  The kids had fun, no one was seriously injured, and the nightly worship services were phenomenal.  Now that camp is over – it’s time to get back to my regular blogging schedule.

While I was away, I spent some time thinking about the people who have inspired me – my personal finance heroes.  I’ll list mine, and then I’d love to hear from you.  Who inspires you?  Who motivates you?  Who helps you?  (If your hero has a website, feel free to link to it in your comments, but please don’t comment spam the site!)

• Dave Ramsey – What can I say?  The man’s radio program changed my life.  If you read my first post, you’ll see that I mention Dave’s site in the very first paragraph.  While some find him to be a little abrasive, I think he does a great job of motivating people.  Do yourself a solid and read Dave’s best book -  The Total Money Makeover: A Proven Plan for Financial Fitness.
• Larry Burkett – Before he passed away in 2003, Larry hosted a radio program and managed Crown Financial Ministries.  Larry was like Dave – but dialed-down, just a bit.  His book – Complete Financial Guide for Young Couples: A Lifetime Approach to Spending, Saving and Investing inspires me, every time I thumb through it. I really miss listening to Larry on Christian radio.
• Nickel – A must read, Five Cent Nickel is one of my favorite sites.  And, it’s author, Nickel, is one of my best pf blogging buddies.  I cannot tell you the number of times he’s helped me out, given me tips, and encouraged me.
• My Papa Harper – My great-grandfather was born January 1, 1900.  He lived 92 years.  The last few years of his life, he lived with our family.  He taught me the value of hard work and honest business dealings.  I’ll never forget riding in his old car as he went from business to business, paying his bills.  He was gentle, kind, thoughtful, and patient.

There you go – my list of personal finance heroes.  Now, it’s your turn!  Who has inspired you?

Side note:  I want to thank all of you who visited the site while I was away.  And, I want to thank those of you who subscribed to the site’s RSS Feed.  As of Saturday, No Credit Needed now has more than 4000 subscribers!  Thank you so much.  (For those who are interested, you can subscribe via RSS or daily email.)

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Reader Poll – Who Are Your Personal Finance Heroes?

I have been so impressed with many of the responses to this recent Reader Poll About Emergency Funds.  Next week, I’ll write a post, summarizing many of those responses, and share the final poll results with you.

Some of the comments (and a couple of emails that I received) really got me to thinking.  So, I turn, once again, to my loyal readers.

If you had a chance to talk to a personal finance ‘newbie’ – What would you say to them?  Imagine advising a recent high school or college graduate, a young married couple, a single-parent, a teenager working at her first job.  What advice would you have for them?

I’d love to read your practical tips for newbies – simple, everyday choices which will lead to successful futures.  Your comments can be as detailed as you’d like, but what I’m looking for are tips that are easy to understand, realistic, and universal.  I’m thinking about things like – managing a checkbook, reducing fees, managing credit cards, understanding interest, things to avoid, building better budgets, etc.

Once several of you leave comments, I’ll summarize the results and present the ‘best-of-the-best’ in a post.

I don’t really do “contests”.  But, for the first 200 people who contribute a practical tip, I’ll donate one dollar to a local charity.  So, your comments will not only help those who read the blog, they’ll also help a local child go to camp!

Side note:  A few months ago, I asked my fellow personal finance bloggers to submit their very best personal finance tips.  If you are a blogger and your best tip is not listed, leave a comment here (or over at the ‘very best tips‘ post) and I’ll add your link to the original list.

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Reader Feedback Request – Practical Tips For Personal Finance Newbies

Many popular personal finance ‘gurus’ suggest maintaining an emergency fund with enough money to cover 6 months worth of expenses. I thought it might be interesting to see what my readers thought about this advice. If you are reading this post in a feed-reader, you will need to click through in order to leave a comment and vote in the poll.

Now that you’ve voted, a few questions -

Question 1: Where do you keep you emergency fund? In a savings account, money market, checking account, or under the mattress?

Question 2: What about six months worth of expenses? Is this too much… or too little?

Question 3: Would you sacrifice a fully-funded emergency fund in order to fully-fund a Roth IRA (or other retirement / education savings account)?

Question 4: What is the smallest emergency fund with which you wold be comfortable?

Thank you for your participation. Your answers will help me write a future post. If you are a blogger and you write a post about this subject, click the contact button at the top of this page and let me know about it. I’ll be more than happy to link to your post.

Related Posts -
Building An Emergency Fund – Where Do I Keep It?
Reader Poll – Short Term Savings
Updating My Non-Retirement Savings Chart

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Reader Poll – Just How Much Is 6 Months Worth Of Expenses?

This month’s poll is pretty straightforward -

Do You Use A Written Budget?

(By “written” – I mean an actual budget – one that is written down, or typed into a spreadsheet, or entered into some type of budgeting software.  In other words, the budget actually “exists”  – somewhere besides “in your mind”.)

I’ll leave this poll up for a few weeks.

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Reader Poll – Do You Use A Written Budget?

Here are the results from last month’s poll – Are You Debt Free?

Number of votes – 590

57% of voters are ‘working on it’. If you add both “yes” categories together, 40% of voters are either debt free with a mortgage, or debt free without a mortgage! Awesome. (3% of voters are not focused on debt reduction…)

I also asked folks to share their stories – click here to read about their awesome progress!

I have decided to leave this poll up for another month, so please click over and vote!

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Reader Poll Results – Are You Debt Free?

Did you happen to see Oprah today? (I rarely watch her show – but my wife was watching and she called today’s show to my attention.) Oprah interviewed a woman who had hidden – wait for it – more than $50,000 in debt from her husband. (I was going to write an article about the show, but Dedicated to Financial Freedom has already done a nice job of recapping.) If you want to see clips of the show, click here to visit Oprah’s site. (By the way, I’m not a big fan of Suze Orman, and I think she was a little harsh on the husband – but she does a very good job of setting this couple straight.)

After watching the show, I was left with huge questions -

Do you hide money / purchases / debt from your spouse?

How could she spend thousands of dollars a MONTH and her husband never notice?

Is there really THAT much pressure to “keep up with the Joneses”?

Is the fact that my wife and I sit down and discuss our finances THAT rare of a thing?

Do we have an entire generation of couples / individuals / students who are addicted to credit and debt?

I know that folks struggle with debt, but I figured (naively, I’m sure) that most couples were struggling together – for richer, for poorer and all that jazz. Wow.

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Are You Hiding Debt From Your Spouse? Yikes! Suze Orman On The Oprah Show