Free Money Finance

How Much $100 is Worth in Every State

This video shows the value of $100 in every state. As you might imagine, $100 goes a lot farther in some places than others.

$100 is worth the least amount in:

• DC - $84.67
• Hawaii - $85.62
• New York - $86.43
• New Jersey - $87.34
• California - $88.97

$100 goes the farthest in:

• Mississippi - $115.34
• Arkansas - $114.29
• Alabama - $113.90
• South Dakota - $113.64
• Kentucky - $112.74

States that pretty much break even (where $100 gets you $100):

• Florida - $100.91
• Illinois - $99.30

Other facts:

• $100 goes fastest in the Northeast
• $100 lasts longest in the Midwest

Of course, cost is only one side of the equation. How much you earn is the other.

Many people will argue that the higher cost-of-living states make up for costs because you earn more in those states. This is not true.

Here's a list of the best and worst states to make a living. The conclusion is that higher earnings in high-cost states do not make up for the expenses.

The fact is that where you work has a big impact on your finances. If you live in a high cost-of-living area, consider moving. Your finances will thank you for it.

Best of all worlds is to have a high income in a low cost-of-living city. If you can do this, you can become wealthy.

Star Money Articles for the Week of January 23

Welcome to this week's edition of Star Money Articles.

Barbara Friedberg gives the recipe behind a housewife’s 1,000% stock market return.

Retirement Stewardship asks if an “early” retirement is good stewardship.

Physician on Fire says he's just an average guy.

Ideal REI lists three steps to find a great property manager.

ESI Money has an interview with a millionaire.

Debt Free Guys list 65 blog posts to solve any money problem.

Finally, my book of the week is Debt Destroyer: A Proven Plan to Get Out of Debt, Make Money Online & Achieve Financial Freedom. It's written by an FMF reader and looks like a beauty! I can't wait to read it!!! 

Have a GREAT weekend!!!

Successful People Share Smartest Thing They've Done with Money

Business Insider posts on nine successful people. They list the smartest things they're ever done with their money.

The list:

• Build an emergency fund.
• Pay yourself first.
• Invest in real estate.
• Bought a computer (which led to a career).
• Invested in ideas.
• Made my money work for me.
• Started a business.
• Lived below my means.
• Invested in myself.

It's a pretty good list. Hard to argue with any of these.

But for most people, there's a different list of the best money moves you can make.

I've had several good moves. Most notably:

• I worked on growing my career.
• I controlled my spending.
• I invested in index funds and then real estate.

Those three things alone helped me reach financial independence.

How about you? What are the smartest money moves you've ever made?

Do You Have Multiple Streams of Income?

Here's an interesting comment from Rich Habits about the wealthy having multiple streams of income:

Multiple streams of income, therefore, are a common denominator in building wealth. If you want to become rich, you must create multiple streams of income. That’s what self-made millionaires do. One stream of income is just not enough, if you want to be rich.

So, do you have multiple streams of income?

When I was working I had (at various times):

• Salary from job
• Part-time job as soccer referee
• Side businesses (this blog and freelance writing)
• P2P lending investments
• Real estate investments
• Dividends
• Interest

Only a few of my multiple streams were significant, but every little bit helps.

Now that I'm retired, a handful of those streams are helping me do quite well despite not having a salary.

How about you? Do you have multiple streams of income?

Five Fun Things to do When You Retire

This post is from FMF contributor Peter Shannon.

As we come to the end of our working lives, the prospect of having some time to ourselves can be exciting. Many look forward to living out their dreams without career or financial constraints. For some however, the end of their career can spell uncertainty and the prospect of having a lot of free time without a strict schedule can be quite daunting. A great way to ensure that your retirement is enjoyable and fulfilling is to take up a new hobby or pastime. Here we'll take a look at some ideas that will help you to relax, meet new people, stay active or possibly gain a new skill.

Sport

Age doesn't stop people from staying active and many athletes and enthusiasts are continuing to play well past retirement age. Low impact sports like cycling, cricket and rowing are great for maintaining cardio fitness whilst enjoying a team atmosphere. If you can still handle rough and tumble sports like rugby and football, there are many 'veterans' teams where you can play against similar age groups and still enjoy a decent level of competitiveness. If you're after a slower pace, sports like golf, bowls, swimming and tennis are very popular with retirees and there are hundreds of clubs and groups across the country

Online gaming

Online gaming is a fun pastime that is often not classed as a hobby or pastime. Casino games require mental skills and quick thinking, with mathematics, knowledge of odds and probability and a bit of luck required to be successful. Instead of heading out to an expensive casino, why not try your hand at the selection of great online casino games operators’ offer, playing against people around the world from the comfort of your own home. You can also enjoy a bit of nostalgia by playing online slot machines over the internet, with some excellent bonuses and jackpots on offer that will keep you entertained for hours.

Get creative

Hobbies like knitting, sewing and crocheting are stereotypical hobbies that people take up during their twilight years, but don't be limited. Try something different like 3D design or digital painting. There are also thousands of art clubs that cater especially for amateurs looking to improve their techniques and style, whether it's painting, pencil drawing, watercolour of mixed media. Art galleries are a great place for a bit of inspiration and many offer free entry or reduced tickets for retired people. Or even try writing -- you could earn some extra money while sharing your thoughts.

Traveling

Now that you don't have to work, it may be tempting to book a five star holiday to a far-flung destination. Although this is a great way to see the world if you have the money, you don't have to leave the US to enjoy a relaxing break or to explore something new. Plan a driving trip to see all the sites in your state or those nearby. Or if you want to go the more "established" route, maybe some time at Disney World is in the cards (lots to do there for all ages).

Volunteering

Giving up your free time to help someone else is very fulfilling. Whether it's helping a local youth group or working in a charity shop, there are hundreds of ways to give something back to those less fortunate. Doing something as simple as chatting with someone who is lonely over the phone can really help them out and it doesn't take a lot of effort or resource to make a huge difference.

Even though having a lot of free time can be boring or possibly even scary for some, staying mentally and physically active is proven to ensure a happy, long life. Try out something new so you can enjoy some of your most important years without stress and worry.

Star Money Articles for the Week of January 16

Welcome to this week's edition of Star Money Articles.

Budgets are Sexy says not to touch it.

Mighty Bargain Hunter tells why you don't want to keep up with the Joneses.

Coach Carson shares some simple math.

My Money Blog offers a free estate planning guide.

ESI Money says Blue Apron is too expensive.

The Retirement Manifesto asks if Baby Boomer retirements doomed.

Finally, my book of the week is The Simple Path to Wealth: Your road map to financial independence and a rich, free life. I checked this out from the library, read it, then ordered a copy for myself! Very good!

Have a GREAT weekend!!!

Boost Your Personal Finances Online

This post is from FMF contributor Peter Shannon.

After all the excitement and celebrations of Christmas and the New Year, January can be a month that leaves many people feeling rather flat. And it’s not just our moods that could do with a lift, it’s or finances too after all the expense of the festive season. So here are five ways that you can give yourself a financial boost online.

Get selling!

Maybe one of your new year resolutions was to de-clutter your life and make it more simple – and, even if it wasn’t, this could be a great plan. So take a look at all the stuff around you, from old furniture to CDs that you don’t need or want any more and get ready to sell, sell, sell. It’s easy to do on eBay or other more local sites like Gumtree and, before you know it, you’ll have less clutter and a healthier bank balance too.

Turn yourself into a You Tube Star

Lots of us like to while away a few minutes every day watching You Tube videos but why not use it to make money too? For example you could become a vlogger and launch your own You Tube channel. If you’ve got interesting things to say and a good handle on using social media then your followers will soon sign up – and the more that you attract, the more you could earn. Alternatively, if you can capture some comedy gold on your phone, you too could also get nearly 16 million views.

Try your luck at online gaming

If you’re in for a bit of fun with a small chance of earning some money, you may want to consider entering the many eSports competitions there are with some pretty big prize money to be won. Alternatively, head for one of the many online casino sites out there and try your luck at everything from mobile roulette to slots. Lots have pretty generous joining bonuses to attract new players and are as easy to play on a mobile phone as they are on a laptop or tablet.

If you have to buy, get cashback too

If you shop online then you could be missing out on a sure-fire way to save. By registering on a cashback site like Quidco you’ll get guaranteed cashback every time you shop. What’s more, they work with every conceivable kind of business from the big supermarkets to fashion retailers and from electrical stores to utility companies so pretty much everything you buy online will earn you a reward.

Become a website tester

UserTesting is a company that pays you $10 for testing out websites on behalf of their clients. You’ll be asked to complete some simple tasks like searching for particular pages while giving a spoken commentary on what you’re doing and how easy you’re finding it and each test lasts between 10 and 20 minutes. You need a PayPal account to take part and the money’s paid in automatically for each test you complete.

Hopefully there’s at least one practical idea for you amongst these five and just a little searching online will give you plenty more. So here’s to a very prosperous 2017 for you, all from the comfort of your own sofa!

Sears Dying a Death They Deserve

This will be short and sweet today.

First, here's some news from CNN:

[Sears] lost $748 million in the most recent quarter, up from the $454 million loss in the year-ago period. Revenue tumbled 12.5%, due to both the store closings and a 7% drop in sales at the stores that remained open. Hollar acknowledged that the company has "fallen short" of its own turnaround plans. Indeed, Sears Holdings has lost $9.8 billion since 2011 thanks to six straight years of losses.

Second, hahahahahahahahahahahahahahahahahahahahahahahaha.

I wonder if it's because they STINK at customer service.

For background on my war with Sears, see Dear Sears, This is Why I Hate You.

For even more, scroll through the Sears posts in my company experiences category. There are several of them. Sears actually makes Comcast look good.

Six Habits of Successful Investors

Fidelity lists six habits of successful investors as follows:

• Develop a long-term plan—and stick with it.
• Be a supersaver.
• Stick with stocks, despite volatility.
• Be diversified.
• Buy low-fee investment products that offer good value.
• Focus on generating after-tax returns.

This is a pretty good list and it's hard to argue with Fidelity. Here's what I'll add about investing success:

1. Go with low-cost index funds. They will give you the best overall return (once expenses are factored in) for the least amount of time and hassle.

2. Save as much as you can for as long as you can. Time is your greatest investment asset.

3. Stick with it! Even when the market goes down (or especially when it goes down), stay with your strategy.

It's really that simple IMO. Anyone want to add anything else?

Star Money Articles for the Week of January 9

Welcome to this week's edition of Star Money Articles.

ESI Money has three simple money resolutions to help you prosper.

Money Boss details five lost early retirement years.

Centsibly Rich has an exciting vision for the new year. 

Mighty Bargain Hunter lists seven odd uses for old computer books.

Be Net Worthy has a financial quiz.

Finally, my book of the week is Peak: Secrets from the New Science of Expertise. Heard a podcast on this topic and can't wait to dig into the book!

Have a GREAT weekend!!!

Spend Your Money with Purpose

Warning: This is NOT a political post, so do not turn it into one. I'm simply highlighting a statement from a very wealthy individual/family which demonstrates a solid financial principle.

One of the blogs I regularly read pointed to this article which features a story about Ivanka Trump.

She said she learned a valuable lesson about money when she was 14. Her mother booked a trip, reserving coach seats for Ivanka and her brothers. Her mom had a first class seat.

Ivanka's mother told her she could use her own money to pay for an upgrade if she wanted to sit in first class.

Now here's the gold nugget. Here's what Ivanka said she learned from the experience:

"Be judicious when deciding where and how to spend your money. Invest wisely and splurge selectively.”

Exactly!

As long as you make a relatively decent income, you can buy what you want as long as 1) it's in moderation comparable to your means and 2) select what to spend on and what to save on.

To me, this is EXACTLY the formula to apply so you both control over-indulgence but also spend on what you want to so you can enjoy life.

I think it's best described as moderate and selective frugality and even the top 1% of the top 1% (like the Trumps) use it.

Perhaps this is one way they built their wealth...

How Much Did You Spend on Christmas?

Here's a piece talking about Christmas spending Some interesting info from it:

The average shopper is planning to spend $929 on gifts this holiday season according to the American Research Group. With the average U.S. family income of $55,775, according to the Census ACS survey, this means, on average, that families spend 1.66% of their total income on presents for Christmas.

We spend about $800 a year on Christmas and have for a decade or more. Since we've made substantially more than $56k per year, we are well below the national average.

Even in early retirement, our income is almost twice the national average, so we're still well below the average spent on the holiday.

How about you? What did you spend on Christmas this past season? And did you get any really cool gifts? ;)

Star Money Articles for the Week of January 2

Welcome to this week's edition of Star Money Articles.

ESI Money says the gap is the key to wealth.

Be Net Worthy offers three career resolutions to make you millions. 

The Green Swan offers a FIRE-side chat with ESI Money.

Debt Discipline continues his great interview series.

Rich habits says consistency drives success.

Financial Samurai says it's better to be lucky than good.

Lyn Alden offers thoughts on international investing. 

Finally, my product of the week is Proctor Silex Fresh Grind Coffee Grinder I LOVE this little baby! Grinds my single-serve coffee up in no time!

Have a GREAT weekend!!!

Final Call for New Site Details

Hey, gang! I hope this message finds you having a great weekend!

Last time I posted about my new site I still received several requests for it, though far fewer than in the past. As promised, I'll keep posting now and then as long as people ask for the new site, but this might be the final call for it.

If you want an email sent to you with my new site listed, you have two options:

• You can send me an email asking for the details
• You can leave a comment below like "please send me the URL to your new site". Include your email address in the email box when you leave your comment. I will get both the message and the email address, but no one else will be able to see the email address (no one wants their email to be public, right?)

And if you're wondering why you need to do that instead of me just posting it here, you can read this.

Have a happy New Year!

The Poor Gamble More than the Rich

Here's an interesting piece from Rich Habits which says the poor gamble more than the rich. Some details:

6% if the rich gambled regularly on the lottery vs. 77% of the poor and 16% of the rich gambled on sports at least once a week vs. 52% of the poor.

Someone (was it Dave Ramsey?) used to say that the lottery was a tax on people who were poor at math. Really, all gambling is. The odds are not in your favor. For each dollar you wager, you get back less than $1 on average. In many cases, much less.

I prefer to invest $1 and get $1+ back. I particularly like index funds and real estate but there are other ways to grow your money of course.

The poor seem content to take their money and lose it while the rich are content to take their money and grow it. Seems pretty intuitive, doesn't it?

I've never been a big gambler. In fact I can't remember if I've ever bought a lottery ticket or gambled at a casino. I have bet on games, but that was usually "$1 a game" with my dad around college bowl season.

If you look at gambling as entertainment, money you "spend" to have fun, then there is some justification for it. But most people go into it expecting to win more than they put in. This desire to get rich quickly is often their undoing. After all (again), the odds are not in favor of making more than is put in.

What's your take on gambling? Is it harmless entertainment or something that's keeping people from becoming wealthy?

Resolve or Not Resolve: That is the Question

Here's a topic for discussion: do you make New Year's resolutions each year or do you think they are a waste of time?

I'll be interested to hear your responses.

Personally, I'm a big resolution maker. I break my resolutions down by subject (like "family", "finances", etc.) and make commitments that are both daily (i.e. "workout") as well as bigger-picture (i.e. "take three trips with family this year").

I then track them all via a spreadsheet each day and hold myself accountable to accomplish a vast majority of them (I actually have a point system that scores my efforts and I need to be above a certain goal to be "successful" for the year. Yes, I'm a resolution geek/nerd.)

I credit setting resolutions with helping me achieve financial independence. It's those day-by-day goals I've worked on for years and years (decades really) that have added up and created a large enough net worth for me to retire in my early 50's. Without them, there's no way I would be as far along as I am today.

How about you? Resolutions or not?