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Round up for week ending 6 March 08

Posted By fathersez On March 6, 2008 @ 6:28 pm In Round Ups

These are the posts, I found interesting, useful or different, from the blogosphere this past week. They are listed in no particular order. 

The Dough Roller wrote about [1] the 7 habits of wealth, where he lists the 7 things if done by us repeatedly should make us wealthy. I   strongly suggest that we should all take a look and rate ourselves. (I am very low on some of DR’s rules. I really should buck up.) 

My Money Blog, in turn speaks about the [2] 9 traits of the middle class millionaire. These 9 traits summarized from a book “The Middle Class Millionaire” make interesting reading. As a working stiff, I may identify more with this list than the DR’s list above.

 Sometime back, a number of selfless bloggers ([3] here’s the full list of the bloggers and their respective articles) worked on a group project laying down suggested ground rules for managing money for people at various age bands. These series of posts have now been condensed into an E-Book which is being distributed free.  

As a not too financially competent father of 5 children from ages 9 – 22, this book will be a great help and guide for me personally as well as my children. 

I downloaded mine from [4] Ana’s blog (yep, she’s the one from the “I’ll climb mountains and swim oceans, but credit cards and debts never!!!” school).   Thanks again, guys! 

Steward at My Family’s Money makes an [5] astute comparison between NINJAS and Ninjas. Most of us would immediately think of the invisible at will Japanese fighting machines armed with an array of odd weapons. Pop over and find out what the other NINJA means. I am sure you would agree with Steward’s observations.  

Flexo at Consumerism Commentary made an observation that [6] his net worth was increasing, and at the same time the US$ was falling. I have no idea what the economists would say or do about this. However, when working in Ghana, I was told that 9,500 Ghanaian Cedis could have bought a house around 1980 – 85. In 1998/9, it could not even buy a bag of cement. 

A falling currency, if not managed, can extract some serious financial pain. 

Is there a bug going around?  Hot on the heels of the Simple Dollar and The Digerati Life, [7] One Snarky Chica with Issues also seems to decided to do away with her full time job. In her case, it may have been a little involuntary, so she is addressing being a problogger with caution. Her academic qualifications seem so right for being a problogger. I have every belief that she may decide to remain pro.

The Mighty Bargain Hunter suggests we [8] approach high priced seminars with caution and instead invest time. I do agree with him. No amount of seminars and books will be of any help if we do not invest time and energy putting into practice what we have learnt. However seminars do have the added advantage of meeting like minded people, and perhaps joining a network or peer group. I took the calculated risk of sending my daughter for a property investment seminar to learn as well as to meet people. (And this was after reading some of the presenter’s books and deciding that this guy was all right.)

Jeff of Wise Money Decisions talked about [9] how his dad paid him and his siblings allowances. I liked the way that his dad had a family meeting when the allowance was distributed. It also seems that Jeff’s father had a secret formula for calculating the allowances….rounded to the nearest cent. 

Jeff also mentions another family that used an open bid system to determine amounts to be paid for chores.  

Compared to Jeff when he was younger, my children seem to be having a gala time. Since we started the allowance system, only one child has ever done any extra work for additional money. Hope my kids change their thinking. 

The 4th of March is going to be special for Mrs. Micah.  On this day in 2008, [10] she became a member of the M-Network. On this same day, she launched her [11] Finwikian, a wiki on all things dedicated to personal finance on the Internet. This is a great undertaking, and I am sure, all of you will join me in offering our heartiest congratulations to Mrs. M.  

The 142nd Edition of the [12] Carnival of Personal Finance was hosted by [13] the Baglady. A gifted writer, she has interspersed a number of little known facts about the homeless amongst the many great posts that are being exhibited at this Carnival.  

Even if you are too busy to read blogs daily, I would strongly recommend that you read the Carnivals, at least.        

This is all for this week. I am looking forward to the weekend when my wife and I will be casting our votes as part of the process of choosing our next Gomen.

To all of you, have a great and enjoyable weekend.

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URL to article: http://www.fathersez.com/round-up-for-week-ending-6-march-08/

URLs in this post:
[1] the 7 habits of wealth: http://www.doughroller.net/2008/02/29/the-seven-habits-of-wealth/
[2] 9 traits of the middle class millionaire: http://www.mymoneyblog.com/archives/2008/02/nine-traits-of-the-middle-class-millionaire.html
[3] here’s the full list of the bloggers and their respective articles: http://www.mydollarplan.com/money-matters-for-all-ages-the-complete-guide/
[4] Ana’s blog : http://www.debtfree-revolution.com/2008/02/29/free-ebook-and-813-less-per-month/
[5] astute comparison between NINJAS and Ninjas: http://myfamilysmoney.blogspot.com/2008/02/ninjas-vs-ninjas-who-is-cooler-and-why.html
[6] his net worth was increasing, and at the same time the US$ was falling: http://www.consumerismcommentary.com/2008/02/29/my-wealth-in-usd-is-increasing-but-the-dollar-is-fal
ling/

[7] One Snarky Chica with Issues: http://www.chicawithissues.com/?p=368
[8] approach high priced seminars with caution: http://www.mightybargainhunter.com/2008/02/27/be-skeptical-of-high-priced-seminars-invest-time-inste
ad/

[9] how his dad paid him and his siblings allowances: http://www.wisemoneydecisions.com/2008/02/24/using-allowance-to-teach-kids-about-money/#comment-22
[10] she became a member of the M-Network: http://www.mrsmicah.com/2008/03/04/mrs-micah-joins-the-m-network/#comment-13411
[11] Finwikian: http://finwikian.com/index.php?title=Main_Page
[12] Carnival of Personal Finance: http://carnivalofpersonalfinance.com/carnival-of-personal-finance-142-197/
[13] the Baglady: http://baglady.dreamhosters.com/2008/03/03/carnival-of-personal-finance-142-the-homeless-edition/#co
mment-1206

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