Tertiary Series: Money in Your 20s

Here's something I wish I knew earlier..

10 Financial Commandments for Your 20s

My Contribution to Society

I want to share with you the student debt clock by Debt 101. You can check out here...
It's currently at 13 billion dollars, do you know how much of it is mine? It's nice to know that I contributed to society without lifting a finger.


Editor's Note: Sorry for not posting for the past couple of days. I have been sick; congrats to all those who wish for me to be sick, you win.

Frugal Tip - Grow your own hair

A new fad of mine is browsing personal finance blogs and I am currently following a couple of great sites. They usually give some excellent tips on budgeting, debt & savings, as well as other tips that will hopefully prevent you from financial disasters. One common theme shared by many bloggers is the importance of frugality. Frugality is the practice of spending as little money as possible. After reading some of these tips, I feel compelled to share one of my own with you.

Frugal Tip 1: Grow your own hair
That's right! Instead of a fancy toupe or wig, we should grow our own hair. It's really easy - let me show you how:

Ingredients:

1. Water
2. Fertilizer
   

Directions:

1. Slap some fertilizer on head
2. Water
   

Savings: $$$$$

Feel free to share this with anyone you know.. enjoy!

Editor's note: Male patterned baldness is not funny, frugality is. GO CARDS!

Flaherty Needs Credit Counselling

A girl goes to the bank to borrow money and said she absolutely needs it because her family is going through a rough time. Her dad was recently laid off by the car company that employed him for the past twenty years. She claimed that she only needs the money for a couple of years because she will get a higher paying job after upgrading her degree.

The bank approved her because she had pretty good credit in the past and seemed to be able to manage money. She thanked the loan officer, left the bank, and went shopping for a new pair of shoes.

Photo by: Blair Gable / Reuters

Article of Interest: "Ottawa needs to stimulate economy: Flaherty"

"Flaherty spent $141.09 -- with tax -- to buy a pair of black work shoes, a sign perhaps that his budget will help put Canadians to work."

All I have to say is, those shoes better not be in the budget.

Ted Rogers Rips Us Off From the Grave

Article of interest: Rogers hiking basic cable rates 5.2%

Ted Rogers continues to rip us off from the grave as he raises basic cable fees by 5.2%.

"Despite the weakening economy, all of Rogers’ 2.3 million basic cable customers will see the price of their basic Cable rise from $28.49 a month to $29.999 per month, an increase of 5.2%.

I mean it's basic cable; the reason why people have basic is because they can't afford (or prefers to save) the cash. It's no wonder why people download TV illegally. If there was more competition in Canada, then they wouldn't be so damn arrogant. I personally don't see the point in saving Canadian companies just because they're "Canadian". After all, money is more of a universal language than English. If you can't keep up, then beat it. It's not like Ted Rogers would rush to the aid of Canadian culture since he was the one who renamed the Skydome, "Rogers Centre" (At least he spelled it Canadian/British).

Is my Degree Worthless? (Part II)

This is the second of a two-part series on your education and money.

Article of interest: Is your degree worth $1 million -- or worthless?

"Some degrees are a step back. Thinking of a master's degree in a liberal arts or social sciences field? Let's hope you're in it for the love of learning, because on average there doesn't seem to be any financial payoff."

Thanks for the heads up. I really wish someone had told me sooner (I apologize to my friends who are still doing their MA, keep fighting the good fight). I mean, I'm all for learning, but a man's gotta eat (well) and live (in a huge ass house).

For those of you who are still planning your life though, you have been warned.

The Declining Economy Conspiracy

Sure, the stock market is falling like crazy and GM may go bankrupt, but I have never been more convinced that the average Canadian family is okay (despite "economic data" that prove otherwise). As usual, I think a picture is worth a thousand words...

I took this picture the day after boxing day at a Tommy Hilfiger in a not-so-affluent part of Toronto. I found one size large shirt - needless to say that it wasn't the best looking one either.

But for those of you who believe in something more astronomical...

In case you can't read it, the fortune reads, "The stock market may be your ticket to success."

I rest my case. The economy is fine - so go out, spend and be merry.

University, a Financial Choice (Part I)

I know quite a few people who are applying for university this year. Let me begin with a piece of friendly advice, choose a financially sensible location. If you're unconvinced, just spend two minutes playing around with the OSAP Repayment Calculator and enter the following

Estimated total expected debt on graduation: $30,000 (7500 x 4) (I know that seems a lot right now, but it should be that much in four years)

Click "Calculate Monthly Payment" and voila. Assuming your prime interest rate is 6% (fat chance), you will be paying $393 per month after graduation FOR NINE AND A HALF YEARS.

Trust me, that's a lot of coin. Let me show you what 400 bucks a month for 9.5 years can buy you...


That's right - it's like buying the A3 you never drove. Did I mention that it's fully paid and loaded?

Note 1: Part II to come...

Two Magic Words to Get Rid of Your Debts

If you know me, I sometimes stay up late and watch TV infomercials while surfing on the web. (Talk about multitasking in the 21st...) There have been many greats such as The Magic Bullet, which is a personal favourite of mine. But this one really got to me...



You can find out the technique to eliminate your debt here:
Debt Cures Book Review - Is Kevin Trudeau's Latest Book A Scam?

Anyways, Trudeau was saying that there are two words that can help you clear out your credit card debt. You probably know which two words I was thinking of at first, but I looked it up out of curiosity and found out that the two words were identity theft.

I don't need to tell you that lying to your credit card company is fraud and you can't cure your debt by going to jail. If you're going to lie to your credit card company, you might as well call them up and say the two words I was thinking of ... At least you will have the satisfaction of releasing your anger in an explicit yet legal manner.

That being said, I feel bad for the poor suckers who bought his book (please do not buy this book).