Financial Advisor Websites With Blogs

Financial advisor websites are often little more than an online brochure explaining the qualifications and services of the financial planners that run them.  Of course these advisors are busy watching over the personal finances of their clients so it makes sense that they don’t have a lot of extra time to write articles for their website about investing, retirement, cash flow, etc.

However, there are a growing number of financial planners and advisors that are sharing their thoughts on personal finance on their websites, often in the form of a blog.  Not only does it help potential clients get to know a little more about them and their financial philosophies, it’s also useful for the rest of us since they sometimes share some valuable personal finance insights.

I’ve put together a list of the financial advisor blogs that I’ve run across over the past few years online.  When you have a few minutes check out the financial topics they’re discussing on their blogs:

You can also catch up with some of them on Twitter:

  • Carl Richards – @behaviorgap
  • Cathy Curtis – @curtisfinancial
  • Jeff Rose – @jeffrosecfp
  • Jean Keener – @JeanKeener
  • Jim Blankenship – @BlankenshipFP
  • Michael Zhuang @ @mzhuang
  • Neal Frankle @NealFrankle
  • Neil Vannoy @neilvannoy
  • Rich Feight – @RFeight
  • Rick Kahler – @RickKahler
  • Russ Thornton – @russthornton

If I’ve left anyone off the list, feel free to let me know.  You can contact me or twitter me.

Posted on July 27th, 2009 in financial advisors, Personal Finance | 14 Comments

Written by Ben Edwards · Filed Under financial advisors, Personal Finance 

How to Get a Cheap Massage

Getting a professional massage isn’t cheap.  I’ve bought a few massage gift certificates for my wife over the last few years and the cost of the massage around here usually runs about a dollar a minute. 

I could never bring myself to spend that much money on a massage for myself but I’m glad to spend it on my wife to say thanks for things like putting up with living with me (anniversaries) and going through months of constant discomfort (pregnancies).

I’ve only had one professional massage in my life, that was thanks to my sister who bought gift certificates for my wife and I one year for Christmas.  It  was pretty relaxing and I remember thinking to myself as it ended that it was too bad I’d never get another one (since they cost a dollar a minute).

Then yesterday my friend called me up to tease me about our prank caller, while he was waiting for his wife to get a massage and gave me hope that I may someday get another relaxing massage. It turns out that people in the latter stages of massage school need to earn “hands on” hours giving massages before they can get their license.

They’ve gone through all their training so they pretty much know what they’re doing but they need experience on “real people” in order to become official.  Since they’re still students, you can go into the massage school and pay only $20 an hour to get a massage from them.

I did a little poking around the web and it sounds as though there are other massage schools around the country that offer this cheap massage option as well. I haven’t tried it out myself but it sounds like a pretty good way to relax for cheap.

Posted on July 25th, 2009 in Other | 2 Comments

Written by Ben Edwards · Filed Under Other 

Prank Callers Are Costing Me Money

The no call list was great for consumers, it really cut down on the number of unsolicited callers that interrupted your dinner or your afternoon.  Too bad for us there’s not a no call list for prank callers.

Attack of the Prank Caller

We’ve been having the same person prank calling us for the last several weeks and the calls are starting to get ridiculous.  Last weekend they called at 7 AM on Sunday morning and then proceeded to call several times throughout the day.  When they first started I thought they were just wrong numbers because all they do when we answer is ask to talk to Steve or some other common name.

The calls came randomly but after a while I noticed it was the same person’s voice.  Once they started coming more frequently I realized it was more than cooincidence and then last weekend the blitz of calls confirmed it was someone pranking us.

Spending More Money on Phone Service

This week I called up AT&T to see what they could do about the calls.  Their answer was to upgrade to a new package that had caller id and call blocking for up to 10 phone numbers.  We’v always had the cheapest, base package because we didn’t need all the various options they’ve offered.  Plus all the taxes and fees they charge jack the price up high enough all on their own.

So I upgraded to a more expensive package that will allow us to see the number the person is calling from and then block that number from calling us again.  Of course, we’re still using the phone we got for a wedding gift about nine years ago and it doesn’t have a display to show the caller’s numbers.  So on top of having to upgrade service I’m also going to have to spend money on a new phone that handles caller id.

Spending, Spending, Spending

I’m glad that there’s at least a way we can stop the calls from coming but I’m really irritated that I’m having to spend more money each month because of a prank caller.  Since my wife left her teaching job to stay at home with our kids we’re trying to find ways to save money but it seems lately like we keep taking on more expenses rather than trimming them.

What I’d really like to do is ditch the home phone and just use the minutes on our cell phones for all our calling but my wife is adamant about having a home phone.  What can you do ….

Posted on July 24th, 2009 in Other | 9 Comments

Written by Ben Edwards · Filed Under Other 

How to Save Money on Car Maintenance

Regular car maintenance can be a great way to save money on your auto expenses. Expensive car repairs can often be avoided, or at least postponed for years, if you take steps to maintain the health of your vehicle. 

Smart Money magazine recently ran an article on affordable tips for car maintenance.  While some of them don’t really apply to me (using the recommended gasoline grade for luxury cars like BMWs or Mercedes) or aren’t something I have the time or tools for (changing my own oil) there were some valuable ones.

Do It Yourself Auto Repair

Air Filters
Often when I get my oil changed the service manager brings by air filter to show me the dirt and dust it contains and asks if I want them to replace it. I always say no because it’s really easy to replace and there’s always a markup on it, sometimes up to 30% more according to the Smart Money article.  Every car that I’ve owned has the air filter under a piece of plastic in an easy to reach spot.  Usually you just open a plastic or metal clasp and lift the cover to pull out the old and put in the new filter.

Tails Lights
I’ve replaced both the headlights and tail lights on our cars. You tell the people at Autozone or a similar store your make, model, year; and they’ll sell you the right lights.  Your car manual will often have a diagram and description of how to access and replace the burnt out bulbs.  The light bulbs average from $4.50 for a tail light up to around $11 for a head light according to the article, however, you may be charged $30 to have a mechanic change it for you.

Paint Scratches
A few years ago I took our CRV into a local shop to get a quote for fixing a few rusty spots on the hood.  The estimate came back at over a hundred dollars so instead I got the right paint match from a car paint store for a few bucks, removed the rust with sandpaper, and touched up the spots myself.

The Smart Money article explains that estimates to touch up scratches are often so high because “many shops are likely to paint an entire door or section (wherever the scratch is), so the color blends in.” Instead of paying the hundreds to paint a whole section, save money by touching up just the scratch yourself.

Cheap Auto Repair

Antifreeze
Overheating can be very damaging, and very expensive, for your vehicle.  I speak from personal experience; a cracked head gasket put a former car out of commission when we had a cooling system failure.  The car was paid off and likely had several more good years left so it was a costly mistake on my part.

Keep a spare bottle of antifreeze in your trunk, it’s not expensive and it just what you car might need on a hot day to avoid overheating.  In addition to checking antifreeze levels and keeping it full, it’s worth the money to have a mechanic drain, flush, and check your cooling system periodically to keep your car running cool.

Window Cracks
This is a tip I didn’t know about until I read the Smart Money article. If you have a crack in your windshield you can have it sealed someplace like Jiffy Lube so it won’t continue to grow and require you to get a whole new windshield.  The article estimates that you can have the chip or crack sealed for around $40 – $70, which is much cheaper than a new windshield.

Oil Changes
The article actually lists the equipment you need to change your own oil but I don’t have the time or desire to change it myself.  I do take our cars in every 3,000 miles to have the oil changed.  Just like the antifreeze, the cost of keeping the engine lubricated is much less than the potential cost of damage if you don’t have enough clean oil.

I’m on the mailing list of the Honda dealer, JiffyLube, and Valvoline so I get postcards in the mail announcing discounts on oil changes.  Sometimes JiffyLube or Valvoline will offer an early bird special where you get a decent discount if you come in first thing in the morning.

Posted on July 20th, 2009 in Personal Finance | 8 Comments

Written by Ben Edwards · Filed Under Personal Finance 

No Air Conditioning Weekend

The weather has been so nice this weekend that we’ve just shut off our air conditioning and opened up all the windows.  I can’t believe it’s the middle of July and the weather’s this nice.  Just a few weeks ago it was so brutally hot that our neighbors on both sides had their air conditioning units working so hard they went kaput.

One neighbor was only without air for a day, the other family didn’t have air for almost a week!  As soon as I heard their story I made an appointment to have some maintenance done on our air conditioner.  He cleaned out all the cottonwood that was stuck in the unit, apparently that causes them to overheat since they can’t suck in enough air to cool off.  Luckily for us, our air has been up and running and we haven’t even needed to use it this weekend.

Needless to say we spent all day outside enjoying the gorgeous weather but here are a few articles I ran across last night:

Posted on July 18th, 2009 in Personal Finance | 1 Comment

Written by Ben Edwards · Filed Under Personal Finance 

Avoid Foreclosure Rescue Scams

The struggling economy has left many people facing the potential of foreclosure and has created a wave of scam artists that are taking advantage of the fears of desparate homeowners. The Federal Trade Commission is on a mission to help stop foreclosure rescue scams around the country.

Here is the FTC Chairman Jon Leibowitz’s warning about avoiding foreclosure scams:

“These con artists see the high foreclosure rates as an opportunity to prey on people in distress,” FTC Chairman Jon Leibowitz said. “They promise to rescue homeowners in troubled financial waters, but after they take their money they throw them an anchor instead of a lifeline. People facing foreclosure should avoid any company or individual that requires a fee in advance, guarantees to stop a foreclosure or modify a loan, or advises the homeowner to stop paying the mortgage company.”

It’s a sad article, it tells of people who paid companies a fee to stop foreclosure and then lost their homes because the company never had the intention or ability to help the homeowners.  As part of their campaign against the scams the FTC created the public awareness video below where they talk to homeowners who have faced foreclosure and had to deal with the decietful companies.

 

Posted on July 16th, 2009 in Debt, Home Owner, Real Estate | Comments Off on Avoid Foreclosure Rescue Scams

Written by Ben Edwards · Filed Under Debt, Home Owner, Real Estate 

Home Inspection Tips When Buying A House

Buying a house is never easy and you’ll likely come across some snags during the process. One of the most common problems that can delay closing on a real estate deal is a home inspection full of problems.

Home Inspections

I recommend that everyone get a home inspection.  I thinks its always worth paying for since you want to know exactly what you are getting when you put your signature on a six figure deal.

Home inspections typically cost anywhere from $250 to $500. Most home inspectors can do a termite inspection as well, but they’ll charge a little extra for it. I also recommend inspecting for termites no matter where you are or what type of construction the house is.

If you personally know someone in the real estate business, ask them for a referral for a good, thorough home inspector. Another option is to check out Angies List reviews of local inspectors. There is a small fee for the service but here are some Angies List promo codes.

You must prepare yourself when the inspector comes back with his report. Remember that no house is perfect (even new construction), and some home inspectors take it upon themselves to talk you out of the deal. In a weird way, it’s their job to make you re-think what you are doing. Your job as the homeowner is to analyze what defects are minor and major. Here are some deal breakers:

  • Foundational issues. Is the foundation sinking? Are the footings properly installed? How many cracks are in the foundation?
  • Major termite damage. Unless the seller is willing to pay for the repairs, this damage is costly.
  • Major plumbing or electrical issues that will cause walls and/or floors to be ripped open. Is the plumbing and electrical up to code?
  • Roof issues. Is the roof older than the seller thought? Does it have more wear and tear than its age indicates? A new roof is a big expense for a new homeowner.
  • Major mold growth. If you have over 100 square feet of mold growth in a particular area, or multiple rooms are affected, I would stay away from this property, unless you already planned on ripping out drywall.

You may get the inspection report back with a 100 red flags, but 95 of them might be minor stuff. Make sure you can filter out what is a deal breaker, and what can be fixed easily by you or the seller. Don’t let a home inspection ruin the deal unless there are major red flags like the ones specified above.

Tomorrow we’ll finish out the series on home buying by taking look at closing costs.  You might also want to check out the posts on mortgage pre approval, mortgage interest rates, down payments, and home equity lines of credit.

Posted on July 15th, 2009 in Erik, Home Owner, Real Estate | 6 Comments

Written by Erik · Filed Under Erik, Home Owner, Real Estate 

Enjoying Free TV Shows Online

I didn’t get much done last week because I was watching our kids in the evenings after work while my wife was away.  One thing I did get to do was catch up on the shows from last season’s “The Office”.  Over the course of a few days I stood and watched 12 episodes from last season while I fed our little girl her bottle in the evenings. One of my favorite lines was when the boss was planning his own roast and commented, in the typical clueless Micheal Scott manner, “I’ve got to get YouTube down here to tape this”  : )

My wife was able to take advantage of the free shows on the Web as well, she caught an episode online that she missed of The Bachelorette. We won’t be cancelling our cable anytime soon, at least not until the day we can get ESPN for free online : ) but there is certainly a trend of more and more people watching video online.  Maybe your favorite shows are available free on the web.

Money Articles

It’s been a while since I’ve shared money articles from around the web so here we go:

 

Thanks to the sites below for hosting money carnivals and including Money Smart Life:

Posted on July 14th, 2009 in Personal Finance | Comments Off on Enjoying Free TV Shows Online

Written by Ben Edwards · Filed Under Personal Finance 

Split Loans & Home Equity Lines of Credit

Buying a home is a dream of many families, unfortunately, not everyone is in the position financially to buy the house of their dreams. A big hurdle to many families is coming up with money for a down payment. Yesterday we talked about how a low down payment on a home can effect how much private mortgage insurance you have to pay. Today we’ll take a look at two methods people use to buy “above their pay grade” and how they can be financially dangerous.

80/20 Split Loan

Some people get the housing itch after they get married, but they don’t have any money to use for a down payment. Others just don’t want to tie up cash in real estate, so they try to get a “no money down” loan. I will guess that there are no mortgage companies that will give someone a 100% single-mortgage loan, but instead, they will split the loan into two different mortgages.

The first mortgage will be your 80% of the purchase price, and the second mortgage will cover your 20% down payment for the remaining amount of the purchase price. These were very common in the early 2000’s and the housing boom, because so many people had housing buying fever. These loans are very hard to get right now, and I don’t recommend them to anyone. The second mortgage will be a horrible interest rate, and paying two mortgages isn’t fun.

If you have house fever and you don’t have much to put down, wait until you can save up 4 to 5% for a down payment, then apply for an FHA loan. They’ll loan up to 96% of the purchase price with a stellar credit history, low debt ratio, and high income. This is a great option for young professionals with high incomes that haven’t had much time to build up a pile of cash.

HELOC: (Home Equity Line of Credit)

Some people buy houses with the intent of fixing them up, adding on square footage, or just upgrading the kitchen and bathrooms. But very few new homeowners, have much extra cash after the down payment to put money towards home improvements or upgrades. Mortgage companies offer HELOCS to allow homeowners to borrow against their home’s equity.

So let’s say you bought a house for $200,000, and it appraises for $250,000. The mortgage company could allow you to borrow up to 50% of that “equity”, or $25,000. I don’t like these loans at all, because equity and home appraisals are so subjective. A house is only worth what someone is willing to pay for it, and HELOCS make it very easy to get upside down on your home loan.

For example, if you took the $25,000 HELOC, and you need to move two years later due to a job transfer, but now you can only sell the house for $215,000. Now you are $10,000 upside on the home. HELOCS are also considered as an additional lien against the home, so if the lender of that HELOC could technically foreclose on your home for non-payment.

These are a few things to consider when going through the home buying process. The bottom line is to be prepared when buying a home. Save up as much money as possible without jeopardizing your basic needs. The more you put down on a home and the more “equity” you start out with, the better shape you’ll be in. Don’t let your new home turn into a burden. Do everything you can to make sure it is a blessing.

Posted on July 13th, 2009 in Real Estate | 4 Comments

Written by Ben Edwards · Filed Under Real Estate 

Buying A House: Down Payments and Private Mortgage Insurance

Buying a house can be confusing if you don’t have someone you trust explaining the process to you. Fortunately for my wife and I, my my mother-in-law is a real estate agent and my dad is a real estate broker, so we haven’t had to play the guessing game with our first two property purchases.

Mortgage lenders and real estate agents sometimes try to push different programs on buyers that may not be in your best interest. So let’s take a look at your down payment and how it effects private mortgage insurance.

Private Mortgage Insurance

This is an insurance policy that the mortgage company will force you to pay on a monthly or yearly basis that covers them in the event that you don’t pay back the loan. All mortgage companies will require you to pay this if you don’t start out with at least 20% equity in the home.

That means you either need to contribute either 20% or more for a down payment, or the combination of your down payment and equity from a higher appraisal value than the purchase price equals 20% or more. The premium typically runs about $100 a month for a $200,000 to $300,000 house.

You basically have three choices when it comes your down payment for a real estate purchase if you plan on getting a partial loan for the property:

20% down or more: You’ll be eligible to apply for a conventional loan from lenders such as Bank of America, Citi Group, and Wells Fargo with prime interest rates. You’ll also avoid paying private mortgage insurance. This is the most ideal down payment to make, if you are able to save up a 20% or more down payment.

10% to 20%: You won’t avoid PMI, but you’ll still qualify to apply for a conventional loan through traditional lenders and credit unions.

10% or less: You’ll pay private mortgage insurance, and you’ll have to apply for loans through wholesale lenders and programs such as an FHA loan that is backed by the federal government and allows as little as a 4% down payment if you have a good, clean credit history.

You can still get a prime interest rate with little money down if you have good, stable income and clean credit. The only problem is that these loans are harder to qualify for nowadays. The sub-prime mortgage meltdown has put many wholesale lenders out of business, and the ones that are doing well have drastically tightened up their underwriting guidelines.

This post is part of our home buyer series.  We started off by looking at mortgage pre-approvals and next we’ll take a look at a few different types of loans.

Posted on July 11th, 2009 in Erik, Real Estate | 5 Comments

Written by Erik · Filed Under Erik, Real Estate 


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