"Faith and Finance" = A Duel Review

Lord willing, over the coming weekend, I hope to read Faith and Finance by Jim Palmer. Jim works for Focus press and writes monthly in THINK magazine about the Christian and money. His book is not long, but seems to be filled with important information and Scripture.

I am calling this a "duel review," because I plan on putting a longer, chapter-by-chapter review on this blog, and a quicker, more "overall," review on my personal blog.

If you wish to order Faith and Finance from Focus press, click here. (You will need to scroll down a bit. The cost is $12.)

2008: The Year That...

When Leah and I got really serious about getting out of debt, we looked at "the numbers" very closely. We added up our debts from Turner's birth and the debts we already had, and looked at our income and any other variables we could think of.

While things change and some numbers change, we are still focused on getting out of debt on our target date. That date?

December 31, 2008.

We are happy to say that, since April of this year, our debts have continued to go down. We have not added a penny to them. While we do not know if we will "hit" that target date, we are going to do our very best.

Hopefully we can keep you up-to-date on this blog as to how we are doing.

In other news...

Where Your Treasure Is has been added to pfblogs.org. This site is a reader--much like an RSS feed--of scores of personal finance blogs. However, to be added, a site has to be reviewed and approved. I am proud to announce that we were approved yesterday and added late yesterday. Check out the site for literally hundreds of great articles from dozens of blogs and watch for articles from Where Your Treasure Is!

"The Automatic Millionaire" (Chapter Four)

"Now make it automatic."

That's the overriding theme of this chapter, and the idea from which the book gets its name. David Bach is a firm believer in putting as many things on "autopilot" as possible. In fact, for the rest of the book, nearly every step includes the idea of making it automatic.

If you work for a company that will move money from your paycheck before you ever see it, get in touch with them and enroll in a 401(k) plan, but make it automatic! As we mentioned in the last chapter review, Bach also says that, whatever percentage you think you can put away, add one or two percent to it. After just a couple of weeks, you won't miss the money, anyway!

The chapter also contains a very easy-to-understand comparison of the traditional IRA (Individual Retirement Account) and the Roth IRA. As with most financial gurus, Bach teaches that, if at all possible, one should work in a Roth, but only after taking a company match in a 401(k) plan.

This quite lengthy chapter (it's 54 pages in length) also takes the time to show you the names and contact information for some companies that can help you get started with an IRA.

There is one major "plus" to this chapter. Bach takes quite a bit of time to share with the reader the importance of compound interest and of getting started as soon as possible. As you, no doubt, know, compound interest, over time can make thousands of dollars worth of difference if the same amount is invested. A chart on page 97 shows what investing just $100 per month will grow into. If you invested $100 at 10% for 20 years, you would have 76,570. However, if you invested that same $100 and only got 9%, but started 10 years earlier, you would have $184,447! That's almost twice as much, despite making less in interest!

I feel there is one major "minus" to the chapter, too. Bach is a firm believer in the "pyramid" way of investing. He says that, over time, one should move money from investment to investment, getting a little more "safe" (or conservative) as time goes by. For my money, I agree more with Dave Ramsey on this one. If you will take you time and do your research, you can keep your money in good stock mutual funds for your entire life and still be quite safe.

This chapter is long, but it is informative. While I feel that Bach gets off the subject just a bit (or, maybe, he just tries to explain too much about investing in one chapter) the overarching theme is still to pay for your retirement automatically. If you decide that you can write out checks every month, if you are like me, you will fail. "Something" (whatever that is) will "come up," and keep you from putting money away regularly. Save yourself from yourself and make it automatic.

5 Days Until Dave on TV

Dave Ramsey, whose "Baby Steps" have helped thousands get out of debt (and are helping many more--me included!)--will soon be on television.

For a long time, a local Nashville station has aired some of the Dave Ramsey radio show on its local market, but that failed to reach many people. So, in just five days, Dave will be on a new network, Fox Business Network, in a primetime slot.

It is worth checking with your local cable network to see if the network will be on in you area. GREAT NEWS: If you have DirecTV, you will be getting the network (channel 359). I enjoy hearing Ramsey's radio program, but don't get to hear it much (since I'm usually at work when he is on). A prime-time TV slot would let me see him (or record via DVR) the program and get a little "help" each day.

Click here for the link from Dave's website, which also features a short video about the move.

Here is the new network's website.

WYTI Links: 08.30.2007 (PtP Edition)

I've been at the BJCC in Birmingham all week for Polishing the Pulpit. If you've never attended, you need to seriously look into it for 2008. It should be the last week of August, and they are thinking it will likely be in Sevierville, TN. If you are able to get away for a week or two devoted to a lectureship of some sort, this should be toward the top of your list.

Here are some links to suffice for the week...consider it an "emotional" edition:

• The Emotional Impact of Debt (via One Million and Beyond)

• Personal Finance Isn't Rocket Science, It's Personal Motivation (via SavingAdvice.com)

• Money Mistakes to Avoid: Procrastination (via Money $mart Life) This is huge for me...I'm a big procastina

• It's Okay to Spend Money (via Five Cent Nickel)

• The Weight of Stolen Money (via Money, Matter, and More Musings)

• Considering the Cost of Things I Took For Granted (via I've Paid For This Twice Already...)

• Getting Over the "Taboo" of Generics and Store Brand Names (via The Simple Dollar)
  

WYTI Links: 08.24.07

It's Friday!!! Here's some material to check out...

• Life is Like a Game of Chess (via Money, Matter, and More Musings) I love a good analogy...this is nice.
  

• What Does an Insomniac Who Has a Personal Finance Blog Do at 2 AM? (via No Credit Needed) Very simple--but helpful--guide to making purchases.

• 20 Great Nuggets of Personal Finance Advice (via Get Rich Slowly) Nice collection of quotes...

Car Corner:

• Free Crash Test Videos from Consumer Reports (via Get Rich Slowly) I personally think safety is the most overlooked aspect in considering the cost of a car. These are helpful if you're in the market for a vehicle.

• You Can't Trust That CARFAX Report! (via Clever Dude) This is a little scary, actually. We just bought a car back in May, so we went through the whole CARFAX process. It's a shame it might be unreliable.
  

WYTI Links: 08.22.07

Wednesday's Links...a practical edition: (I had these ready to go on Tuesday night, but silly dial-up kept timing out when I tried to post them this morning. Sorry...blame Bellsouth...or the new AT&T.)

• Are Personal Finance Magazines Worth the Cost? (via Get Rich Slowly)

• The Simple Dollar Guide to Shaving (via The Simple Dollar) Every man's gotta do it...here's Trent's plan for doing it cheap(er).
  

• Tackling Breakfast: Healthy, Inexpensive, And Easy Meals to Get Me Started In the Morning (via The Simple Dollar)
  

• 100 Things You Can Make Yourself (via $imply Thrifty) ...with links and instructions!
  

• 10 Ways to Cut Your Restaurant Bill Big Time (via Money $mart Life) Eating out is our biggest weakness, so these suggestions are helpful.
  

• Five Things Parents Can Do to Avoid Lead Poisoning (via Consumer Reports) Despite the ambiguity of the title, it's about avoiding lead poisoning in children not in parents ;).
  

August Financial Goals

We currently are working on several financial goals that have taken some time, and may take more time.

1. Pay Immediately - we are working on building up our checking account so that any time a bill comes in we will be able to immediately pay it. Right now we could do this, but we'd have to take money out of savings. We always pay our bills on time, but usually near the end of the on-time period! I've seen family members with this ability to pay immediately, and it generally helps lower financial stress.
   
2. Give More - Stacey's internship has turned into a paid internship, and as we begin receiving some income from this, we intend to give back to God more!
3. Pick Up Long Term Savings - This probably won't happen this month. We've already contributed a significant amount towards our IRA's this calendar year. Right now with both of us in Grad school, our student loans are all in deferment, and only one of three is even gaining any interest (the smallest loan :). So this comes after goal number one and of course number two, meaning it will probably be next month before we are again able to contribute to the IRA's.

WYTI Links: 08.03.07 -- Lifehacker Edition

Here are some links from my favorite online blog--Lifehacker (most are links to other resources):

• A Free Personal Finance eBook Library (06.30.2007)
• Simplify Your Finances (07.16.2007)
• Five Steps to Organized Finances (04.8.2007)
• Yahoo! Launches Personal Finance Site (01.19.2007)

Have a great weekend...

Our August Goals

Amanda and I took some steps backward financially when we made the move from our apartment into the church-owned house last month. For us, August will be an opportunity to get back on track and essentially re-build some things:


1. Use only cash for purchases. Exceptions include: gas (card), contribution (check), and bills (online and checks). We have done this before with success; the emotional connection to cash helps us make much better decisions.

2. Keep track of every single penny spent. This is something we have attempted to do on several occasions, but have not completed it to satisfaction. Our regular expenditures have changed some with the move, so we need to re-evaluate what all is currently going out.

3. "Pay ourselves" $50 a week. We have a long way to go with our savings goals. It has been several months since we have saved like we are capable (and need to).

WYTI Links: 07.02.07

• A Guide to Setting and Reaching A Net Worth Goal (via Simple Dollar)

• Starbucks to Downsize Drink Menu... (via Consumerist)

• 10 Most Caffeinated Diet Drinks (via Diet Blog) Not necessarily a finance link, but with Diet drinks becoming more and more popular, it's relevant. Of course, we're all drinking water like James' suggested...
  

"The Total Money Makeover" (chapter 11)

While it is just coincidence, it is odd that the chapter on home mortgages is "chapter 11." So many people default on home loans every year. The numbers are staggering.



While I am certainly no expert on buying a house (I've bought a grand total of...1), I do know a couple of simple facts that one needs to keep in mind when purchasing.

• Don't buy too much house! Many people decide that, since they have 2 kids, they need a four- or five-bedroom house. Then we make sure it's in an upscale neighborhood. Then we make sure we can just move in without having to fix anything. Before you know it, you have a house that it too big and you simply cannot afford the mortgage!


• Figure out the actual cost of owning a home. It's not only the mortgage. If you are paying for the house, you are also paying for all maintanance; and taxes; and lawn care; and additions; and.... well, you get the idea. So many people think, "We can afford $700 a month for a house," and so they get a house that has a mortgage of $700 each month. When the pipes bust, or the lawn needs to be mowed, where's the money going to come from?

Why all this real estate talk? Because the sixth baby step, and the focus of chapter 11, is Pay Off the Home Mortgage.

If you've been following this series, you'll remember that baby step 2 required you to pay off every debt, except the mortgage. Now it's time to rid yourself of that debt, too.

Many people think it is a good idea to keep a mortgage because you get tax help. While that is true to some degree, the tax help is not as big a deal as having no house payment!

If you have a home with a payment of around $900, and the interest portion is $830 per month, you have paid around $10,000 in interest that year, which creates a tax deduction. If, instead, you have a debt-free home, you would in fact lose the tax deduction, so the myth says keep your home mortgaged because of tax advantages.

This situation is one more opportunity to discover if your CPA can add. If you do not have a $10,000 tax deduction and you are in a 30 percent [tax] bracket, you will have to pay $3,000 in taxes on that $10,000. According to the myth, we should send $10,000 in interest to the bank so we don't have to send $3,000 in taxes to the IRS. Personally, I think I will live debt-free and not make a $10,000 trade for $3,000. (page 187)

It is also true that houses--nearly every time--are a great investment. But, if you pay six-figures worth of interest, you have lost much, if not all, the "investment" part of the house.

Of course, paying off your mortgage early will require a great amount of discipline and (here's that word again) focus. But, keep in mind that you have no other debt and you are also no longer feeding your emergency fund--it's fully funded.

You also have your retirement building, and your children's college fund is building (and, depending on how young your kids are, you may build it all the way and be able to "add on" that money to paying off the house!).

So, how do you pay off that major amount of money?

STEP 1: Get a 15-year fixed rate mortgage that equals no more than 25% of your take-home pay. Note a couple of things from this recommendation:

• 15-years. The most common type of mortgage is 30 years. Yes, a 15-year mortgage is more expensive per month, but the amount it saves is amazing. On page 191 of the book, Ramsey illustrates with a $110,000 mortgage at 7%. If it were a 30-year fixed, it would cost about $732/month and you would pay a total of $263,520 over the 30 years. However, if it were a 15-year fixed, you would pay a total of just $117,840 (over $85,000 less), and it would only cost you $256 per month more ($988).


• Fixed-rate. Mortgage rates move up an down, and sometimes quite dramatically. Many people got ARMs a few years ago and are now wishing they hadn't. They have two choices: pay the new, much higher, payment or pay a large fee to refinance. Even if you go with a 30-year, get it at a fixed rate!


• No more than 25% of your take-home pay. I would like it to be more like 20%, just to give some wiggle-room. Especially if you are building up a college fund (or funds!), you simply cannot afford more house than that. One thing Dave doesn't spend much time in the book on, but that he mentions often on his radio show, is that it you need to make a down-payment of at least 20% (and more is always better). The more you pay down, the bigger (and, presumably, nicer) house you can own for this percentage of your income.

STEP 2: Pay off the mortgage faster than 15 years. Attack the mortgage with the same intensity with which you attacked that debt. Squeeze out every extra penny to put on the mortgage. People who truly follow Dave's plan say it takes about 7 or 8 years to pay off a mortgage...

...and then???

...can you imagine???

ABSOLUTELY NO MORE PAYMENTS!!!

"The Total Money Makeover" (chapter 10)

If you have been reading this series from the beginning, this is the step where many of us start to worry a bit. I know what you are thinking: "How can I worry? I've got an emergency fund in place and I'm automatically saving for retirement!"

It's because the kids are getting older and college is--last time I checked--not getting any cheaper!

In chapter 10, "College Funding: Make Sure the Kids are Fit Too," Dave discusses how to pay for college. At the outset, let me say that I agree with his premise (no debt), but I do not agree with everything he teaches in this chapter. You'll see why soon.

The first part of the chapter deals with the basics of college. Why do we want our kids to go? Simply put, an education is one of the best investments anyone ever makes. I know men and women who didn't go to college and make a tremendous amount of money. But, I know many more who did go and are making great amounts of money. As you well know, many employers are now requiring a college education.

College is fun, but Dave teaches--and I agree--that our kids need to understand the real purpose for their attendance in those classes. They are not going to school to learn how to party, meet girls/guys and live off-campus. They are going to school to get an education and learn better how to work.

Most people think that, to attend college, you have to have student loans. Dave's plan wants us to think otherwise. How can we send our kids to college debt-free? Here are a few suggestions from the book:

1. Start young. As soon as you reach this baby step, no matter how young the kids are (if you have kids), start a college fund. If you don't have kids, start a fund the day they are born!


2. Contribute to the fund automatically and take advantage of tax shelters. The point of this article is not to discuss specific plans, but 529s are a popular choice, and provide tax advantages.


3. Teach your kids to work and to pay for part of their education. My parents did this with my sister and me. We didn't have to pay for our entire education, but we did have to pay for part of it. This gives the student a sense of importance and responsibility. He/she is less likely to waste money when it's his/her own!


4. Work on scholarships...over and over and over. Get as many as possible. Dave loves to talk about how to get lists of unclaimed scholarships. While those are great (and should be explored), I like to urge young people to start applying for scholarships well before their Senior year of high school. Build them up. Apply for as many as you can.


5. Live in the dorm, not off campus. Many students get deeper into debt because they are living off campus in high-rent apartments and eating out every night. That's not the purpose of school!!!

The final way Dave suggests going to college debt-free is to only attend community colleges and state schools. He strongly suggests staying away from private institutions. Obviously, I disagree with this, seeing as how I sent to a private university--and did so without student loans.

It's not easy to do, but you can even pay for a school like Freed-Hardeman (where all four writers of this blog went to college) if you will plan ahead. And, as much as you are going to hate this sentence, student loan debt is not the worst kind you can have. If you use the loans to pay for school (and not for pizza and off-campus living) and if you use it for a solid Christian education, it's worth it.

Use the points listed above, but, if you want to attend a school like FHU, do it. Go as debt-free as possible, but don't miss out on the opportunity to meet Christian friends in a great environment. That's an eternal investment!

But, if you will plan ahead, you can even go somewhere like that without one dollar of student loan debt when you graduate.

And then? Step 6.

"The Total Money Makeover" (chapter 9)

It's an amazing concept, when you stop and think about it. If you follow Dave Ramsey's plan and work hard, this is the step where you get to breathe a little easier. Think about it: you have gotten completely out of debt (except the mortgage) and you also have a great buffer against "life" with your fully-funded emergency fund.

I'm not there yet, but I think about it every day. What a great day!

As I've said in this book review series, and as Dave says in the book (several times), this isn't some "get rich quick" scheme. This system takes time, dedication and great focus. But, when you get to this point, you begin to see the system really working for you. No more interest payments (except the mortgage). Life's financial problems taken care of. And now...?

Baby step four: Invest 15 Percent of Your Income in Retirement.

How can you afford 15%? That depends. I think that's a great number to shoot for, but Dave teaches tithing. While many teach that as well, I think we should aim for giving more than just 10% to the Lord. If you are giving more than 10%, you might have trouble attaining the 15% level at first.

However, you also now have no payments! You are not sending money to GMC or MasterCard or...well...anyone else! You have now freed up all that money you were sending to your creditors.

15% seems like an aggressive number, but, sadly, many of us are not starting at 18 years old. We have fought for several years to get out of debt and, now, we need to "ramp up" the number a bit, so we can make up for lost time.

So, when I get to this step, where do I put the money? As with other things, Dave has a simple rule. First, he teaches that we need to get a good financial planner; one who has the "heart of a teacher." If you don't understand the investment, don't make it. If your planner is calling all the time asking you to move your money, it's time to change advisers. Get a good planner and stick with him or her.

On page 157 of the book, Ramsey gives a "Reader's Digest" version of where you and your planner need to put your money:

I select mutual funds that have had a good track record of winning for more than five years, preferably for more than ten years. I don't look at their one-year or three-year track records because I think long-term. I spread my retirement investing evenly across four types of funds. Growth and Income funds get 25 percent of my investment. (They are sometimes called Large Cap or Blue Chip funds.) Growth funds get 25 percent of my investment. (They are sometimes called Mid Cap or Equity funds; and S&P Index fund would also qualify.) International funds get 25
percent of my investment. (They are sometimes called Foreign or Overseas funds.) Aggressive Growth funds get the last 25 percent of my investment. (They are sometimes called Small Cap or Emerging Market funds.)

There is far more in this chapter, but this system does two things:

1. First it puts money into retirement automatically. If you work for a company that allows you to put money in before you see it, take advantage of that. Set up the system and put the money in. Every month.


2. The system also diversifies the money enough to where you can feel safe. You may want to select individual stocks or another type of fund, but Ramsey (and I) would recommend only doing that above and beyond these investments--and only when you finish steps 5 and 6, as well. In other words, if you want to speculate a bit, that's okay, but wait until you actually have money you can afford to lose. Even at this baby step, you're not there...yet.

15% for the rest of your life will add up quickly. Compound interest is a beautiful thing. Are you beginning to see how Ramsey's plan, combined with a great amount of focus, will pay off? Near the end of the chapter, Ramsey writes:

After completing this step, you have no debt, except the house, around $10,000 cash for emergencies, and you are taking steps to make sure you will retire with dignity. I think I see a smile broadening. (page 166)

WYTI Links: 07.23.2007 (Back from ICYC Version)

Top 25 Personal Finance Myths (via Ask the Advisor)

The Best Time to Buy Everything (via Smartmoney)

8 Ways to Save for a Short-Term Emergency Fund (via Getting Finances Done)

Earn $1 Million by Not Watching TV (via Free Money Finance)

Handle Your Online Life After Your Death (via Lifehacker)

5 Great Ways to Leave a Tip (via Personal Finance Advice)

WYTI Links for July 19

Today's links are a true "mish-mash," but all the articles are helpful.

1. Christian PF (for Personal Finance) has a brief article discussing one way you can build up your emergency fund more quickly. This same system could be used for other parts of your finances, as well.

2. An amazing story (with links) dealing with a family that paid off (are you sitting down?) over $70,000 in just 19 months! This article comes from No Credit Needed.

3. Get Rich Slowly offers us this article, written from his wife's perspective, on a company that still has good customer service. Please read "Good Customer Service Still Exists." (Just an additional thought: today I had to contact DirecTV about our bill. This is the 2nd time I have had to do so in just a few months. Both times I have been promised a certain amount "off" the bill, but then had to call back and actually get the credit. I wish they had the same ethic as the people mentioned in the article above!)

The Total Money Makeover (chapter 7)

This 7th chapter is the one that contains the principles which have made Dave Ramsey as famous as he is. His disdain for debt is probably the number one reason why people listen to his show and read his books. Simply put, people are in debt, so they listen to Ramsey for help.

Chapter seven, "The Debt Snowball: Lose Weight Fast, Really," outlines how to finally pay off all those nagging debts that continue to strain your budget and, in turn, your life.

One of the key words in the chapter title is "fast." Ramsey, over and over, suggests doing anything legal and moral to get out of debt. Paying interest is a killer, financially, so the faster one is out of making payments, the better off he or she is in the long run. If it takes selling stuff, do that. If it means cutting way back on certain "extras" (like cable or internet), do it. If it means taking a 2nd or even a 3rd job, take that step. The idea is that, if you are willing to make those sacrifices now so you can remove the debt quickly, you can then begin to enjoy more things. It doesn't mean you don't still sacrifice (especially when it comes to paying off the mortgate); it just means you don't have to cut back to nothing once you are out of debt.

How long this step takes is really dependant upon two factors: (1) how much debt you have, and (2) how disciplined you are to pay off those debts.

So, baby step #2 is Start the Debt Snowball. Before giving the facts of how it works, let's define what we are paying off.

Anything and everything that we owe, except the mortgage. That means those medical bills with 0% interest. It means the $75 we owe to our sister. It means the car payment. It means the home equity loan and the 2nd mortgage. It means credit cards, store/charge cards and bills that are overdue. Everything that is not your regular mortgage (if you have one) goes on this list. Then, you start paying them off. How?

1. List everything (as we just mentioned) that is debt.


2. Organize those debts from the smallest amount you owe to the largest. We are not worried about interest rates unless they are totally outrageous (like from a PayDay loan).


3. Make and stick to a budget that, simply put, has almost no "extras." Your focus should not be on what movie is playing this weekend, it should be on getting out of debt!


4. Stay current on bills in your budget. Cut up credit cards. In other words, don't add any more debt!


5. Using your budget, put every extra penny on your smallest debt, while paying minimums on everything else. Here's a brief example of what a list might look like: ($75 owed to sister--pay $75 this month; $450 owed to hospital--minimum payment of $65; $875 owed to MasterCard--minimum payment of $35; $9875 owed to GMC--payment of $278/month; $35000 for home equity line of credit--payment of $410/month).


6. Once you have a debt paid off, cancel the account (if necessary). Make sure you get something in writing saying that the amount owed is $0 and the account is closed.


7. Take what you were paying on that smallest debt, and add it to the next smallest debt. In our example from above, the smallest debt would be eliminated in the first month, so that $75 would now be added to the $65 (for a total of $140) to be paid to the hospital. When that is paid, take the $140 (from both debts) and add it to the $35 for Mastercard. From this small example, it is easy to see how the "snowball effect" works!


8. Repeat this process until all debts are eliminated.

This step may take you a long time to finish, but the feeling is amazing. We are getting closer every day to being debt free, and it is a joy to watch those "amount owed" lines keep getting smaller!

The Total Money Makeover (Chapter 6)

Having finished with the "attitudes" section of The Total Money Makeover, Dave Ramsey now turns our attention to his famous "baby steps." For the next several chapters, Ramsey will teach us how to follow these not-so-simple (by his admission) steps to wealth.

Chapter 6 is entitled Save $1,000 Fast: Walk Before You Run. It is actually the subtitle to this chapter that underlies the entire theory behind the Total Money Makeover. So many try to retire wealthy while they are still deeply in debt. We have to walk first, so we can, eventually, begin to build wealth more quickly--and safely.

The reason Ramsey wants us to save $1000 is to begin a small emergency fund. Many people begin their "run" to wealth--and begin making progress--but, then, as Ramsey would put it, "life happens."

Before even starting the savings process, though, Ramsey preaches that we must (must, must) live on a budget. While we may not like it, it is absolutely necessary. We need to know where every penny is going to go for the month, so we can put every possibly dollar toward building up this $1000.

Some of you may have $1000 laying around in a CD (or a savings account). If you do, then you simply need to put that money in an account (such as a money-market account, savings account, or online savings account) where you can get to it--BUT ONLY IN AN EMERGENCY. (Page 104 has a humerous paragraph discusses what is and is not an emergency.)

If you don't have $1000, you need to get that amount of money as fast as you can. Sell something. Get another job. Do whatever it takes to put a barrier up between you and "life."

For most, this step won't take that long. For others, it may take a month or more. But, do whatever it takes to get that barrier up! Then.....

....well, wait for baby step 2.

WYTI Links for July 16

Joey is away at Indian Creek Youth Camp, so I thought I'd pass along a few links this week. Hope you enjoy them!

• A guest article on Get Rich Slowly entitled "Why Religion is an Important Part of Personal Finance" caused me to do some thinking. Hope it does the same for you.
• Clever Dude presents an article detailing the actual costs of owning a swimming pool. If you've ever thought about putting one in your backyard, please read "Pools are Expensive."
• The Mighty Bargain Hunter (love that blog name) presents a humorous article entitled "Late Night TV and Debt Reduction."