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What’s In Your Wallet?

Eric — Mon, 30 Jan 2012 14:00:27 +0000

I recently upgraded my wallet from a back pocket “Costanza” wallet to a front pocket, minimalist style wallet. Slimming down my wallet has been great for me, but it really made me think about what I needed to carry around and what was just taking up space.

How Wallets Get So Big

It is easy to carry a giant wallet in your back pocket if you are not careful. First you have your driver’s license, insurance cards, credit cards, and a little cash. Then you throw in some receipts that you will need later. Then you let those receipts start growing into a big pile.

While your receipt pile continues to develop, you go grab a burrito and take a frequent diner card to get your 10^th burrito free. Then the loyalty punch card from the taco place for the 12^th meal free joins the stack. All of a sudden, you have ten of those cards which you use, at most, once every few months.

Just like George Constanza, it is easy to let your wallet get out of control. If you are a man, bi-fold and tri-fold wallets can easily fit more than you need. I didn’t realize I had a problem until my butt started to get sore on long car rides. If you are a woman, you might not even notice your wallet growing inside your purse. It is a problem that we don’t all realize we have.

What to Take Out

When my butt got soar from sitting on my wallet while driving to work every day, I knew I had to change something. First, I took out every single receipt. I threw out most of them and kept the important ones in a manila folder in my file cabinet.

Next, I took out every single frequent dining card and put them in the storage spot under the radio in my car. I rarely go eat without my car, so I will always have the cards I need with me.

After that, I took out all but two credit cards. There is no reason you need more than a primary credit card and a backup at any given time, so there is no reason to carry six credit cards. If you like to use store credit cards when you go specific places, which may not be a good idea anyway, keep those in a safe place in your car.

Forced Downsize

I was able to cut down, but I knew I was not doing enough. I wanted something slim and easy to deal with. I decided to head over to the store and took a look at the wallets. I kept coming back to the slim, front pocket style wallets.

This wallet forced me to make the tough decisions. I am down to two credit cards, one debit card, one insurance card, one student ID, and one driver’s license. Honestly, I don’t miss carrying any of that stuff around. I have it in my car, which is rarely too far away, if I ever need it.

Minimalist Wallet

The nuclear option is to find a minimalist wallet and carry only the bare necessities. These wallets will force you to live on just a few cards and a little cash. Here is one of the best I have found:

What’s In Your Wallet?

What type of wallet do you carry? Do you have a Costanza or a minimalist? Do you feel like you need to slim down? What are you waiting for? Share your thoughts, ideas, and experiences in the comments.

Image by smays.

What’s In Your Wallet? is a post from: Narrow Bridge

Tax Time Strikes Again – Preparing for Your 2011 Taxes

Eric — Mon, 09 Jan 2012 14:00:00 +0000

Now that we are a full week into 2012, it is time to start thinking about the dreaded tax season. Taxes don’t have to be difficult. For most of us, they can be a quick and painless process.

Gather Your Tax Forms

This is both the hard and easy part of taxes for me. Most of what I need just shows up in the mail, but I have to be patient and diligent to get everything I need.

Your employer will supply you with a W-2, which is the most important input on an annual tax filing for most people.

Your banks and brokerages will send you 1099 forms for interest and investment income.

Companies that paid you money, such as freelancers and online advertisers, may be required to submit a 1099-MISC or related form.

Schools and student loan servicers provide you with forms for deductions on education expenses. Schools give you a 1098-T and student loan providers give you a 1098-E.

If you have a mortgage, you will get a 1098 to list your mortgage interest deduction.

If you itemize your deductions, gather receipts from donations to eligible charities so you can list those as deductions. You can add those up to be input on one line on your form 1040.

Compile Everything by Category

As my files come together, I throw them in a big manila envelope by my file cabinet, but as it gets thicker, I know it is time to sort.

I organize my forms by income type. I create a bundle with my work income (W-2 forms). I then create a bundle with my banking and investment income and another bundle for 1099s for freelance and online income.

Behind that, I put my deduction information into bundles by category for education, home, and donations.

If you own a small business that has pass through income to your 1040, you have to create a unique income statement for each business with supporting documentation. I put those in separate folders with the income statements on top for easy reference.

Get the Files to Your Accountant, or Do It Yourself

Now that everything is easy to sort through, I fill out a form for my accountant. This summary allows the accountant to quickly move simple totals to my 1040 (saves him time and me money) so he can focus on the more complex parts of my filing.

If you have a simple and easy financial setup with only one job and few deductions, you can easily use an online program to save money. Just make sure that you are very thorough and accurate if you do it yourself.

Submit and Move On

After all those hours of compiling, adding, filing, and filling out your forms, it is time to submit. Double check your return to make sure there are no surprises. If all goes well, you will be able to file online and get a refund directly deposited to your account.

Questions

If you have any questions about organizing your taxes, let me know in the comments. I will make sure to answer everyone.

Image by MoneyBlogNewz.

Tax Time Strikes Again – Preparing for Your 2011 Taxes is a post from: Narrow Bridge

Carnival of Personal Finance #321 – The Fraud Edition

Eric — Mon, 08 Aug 2011 11:00:13 +0000

Welcome to the 321st edition of the Carnival of Personal finance. I had a lot of fun reading everyone’s submissions and added a few new folks to my reading list. I am excited to host this carnival for my first time. If you are new to Narrow Bridge Finance, be sure to check out some of my best posts and read about why you should listen to me.

This month I dealt with the single most bizarre experience of my life. I became friends with someone, started a company with him, and found out he was not who he claimed to be. It made me think about the millions of people who have been in similar situations. From Bernie Madoff to Frank Abagnale, this week we are going to highlight some people who used finance for a very different purpose than the bloggers of today.

Image from Dreamworks film Catch Me if You Can

To begin, the con artist that makes fraud sound sexy. Frank Abangale Jr. was the subject of the popular film ‘Catch Me If You Can.” Based on the life of Abangle, Leonardo DiCaprio makes fraud look fun as he travels the world as an airline pilot, saves lives as a doctor, and eludes an FBI agent hot on his trail as he cashes fake checks and finds beautiful women.

Editor’s Picks:

Sustainable PF examines ways to make money online over four decades. Starting in the 1980s, SPF used innovative methods to create income streams. Some of them have died off and others are still applicable today.

The Financial Blogger thinks that debt is a good thing. How timely can an article be? As Fannie and Freddie are posting losses, the US Government is struggling with its own debt, and I am looking at buying a home, TFB takes a look at things from the other angle.

Mike, aka Oblivious Investor, reminds us that owning a bunch of mutual funds is not the same as diverse investing. Many mutual funds own the same stocks and some even own other mutual funds. Mike helps you dissect your portfolio to balance your investments.

Lindy at Minting Nickels made a few mistakes when she had her first baby. She shares her non-frugal moments in her post How We Didn’t Save Money with Our Babies.

Squirrelers has five easy steps to increase your savings. Sometimes it is good to get back to basics with personal finance.

Budgeting:

My blogging buddy Well Heeled has seven tips for buying an engagement ring at Costco. These are great tips when you are making such a big and important purchase.

Career:

Adam at Rabbit Funds continues a series on starting a home business. This post focuses on important accounting and marketing tasks that most bloggers and entrepreneurs can learn from.

Clint at Accumulating Money put together a list of different types of jobs for finance professionals. As a finance guy myself, I can attest to how important having a direction can be to your finance career.

Mike at Green Panda Tree House wants to help you make a plan to quit your job.

Control Your Cash reminds you that your time is worth something and you should give it a value. Do not give it away for free.

Bret at Hope to Prosper has the secret to success for working stiffs.

Your Life Their Life looks at George Costanza as a case study for how you can succeed at work.

Image via Wikipedia

Don’t forget the infamous Charles Ponzi. Yes, he is the guy Ponzi schemes are named after. Charles pioneered the genius pyramid marketing scheme that has cost so many people so much money. The Italian immigrant swindled people and governments by engaging in mail fraud and investment fraud.

Credit:

Jake at NerdWallet examines the different benefits of American Express cards. From Clear to Centurion, AmEx has a lot to offer, if you are willing to pay the fee.

Jeff from Good Financial Cents reminds you to avoid store credit cards. It is not worth it.

Janet at Credit, Eh thinks you should use income diversity as a insurance for your credit card payments.

Glen at Free From Broke found the best credit cards for college students.

Philip shares ten tips to stay out of credit card debt at Deliver Away Debt.

Debt:

Jeff at Sustainable Life Blog takes a look at what happened so far this year in his finances.

Cathy at Money Health Central has ideas for what to do after your debts are paid off.

Image from US Department of Justice

Bernie Madoff is a new edition to the list of fraudsters. Madoff admitted to operating the largest Ponzi Scheme in history. It is estimated that he cost investors $18 billion when his Manhattan investment firm went bust. He is currently serving a 150 year prison sentence. Sadly, many non-profits were dramatically impacted when Madoff’s house of cards collapsed.

Economy:

My University Money explains the implications of the rising Loonie compared to the US dollar and gives a brief FOREX lesson discussing why exchange rates vary.

Darwin from Darwin’s Money shares what the media did not regarding the debt ceiling vote.

Money Thinker has his own ideas for fixing the national debt.

Finance:

Money Beagle thinks having health insurance can be hazardous to your health. If you are considering a new addition to your family, this post has great insights.

Crystal shares her retirement checklist at Stupid Cents.

Image from US Department of Justice

Kenneth Lay is responsible for the largest corporate collapse from fraud in history. Lay lied to investors and cooked the books at Enron while being paid over $42 million per year to manage the company. The company with a $60 billion market cap with $100 billion annual revenue was exposed in October 2001 and now does not exist.

Frugality:

Kim at Blogging for Change noticed that her child’s school supplies were far more expensive than they needed to be, but most people just pay for convenience.

Free Money Finance takes a look at extreme couponing and wants to know your take.

Britney at TotallyMoney wonders if cost and expectation go hand in hand.

Hunter at Financially Consumed writes about caffeine addiction and how it impacts you, and your finances.

Glen at Parenting Family Money has 9 inexpensive ways to keep your kids entertained over summer vacation.

Jacob from My Personal Finance Journey has five great ways to reduce your car insurance.

Investing:

The Dividend Growth Investor looks at master limited partnerships and the implications of owning these investments.

The Div-Net takes a deep dive analysis into the high dividend yield of Kinder Morgan.

Intelligent Speculator things that Google might have a chance at social media after all. It is not going to happen automatically, but Google is taking steps in the right direction.

The Dividend Growth Stocks blog is on the never ending quest for the perfect dividend stock.

Matt the Dividend Monk will help you build a $150,000 portfolio by the time you are 30.

John at Stock Market Basics helps you discern the many gold ETFs you can purchase.

Ricky at Qwoter can help you decide on the best company for an IRA depending on your needs.

Growing Money has comments on CNBC’s recent list of 20 stocks about to pop.

Jim at the Retire Happy Blog has found the science of building a diversified investment plan.

John from Wallet Blog discusses the difference between money market funds and money market accounts.

Outlaw Finance gives tips on where to invest your money.

Image from ABC's Lost via Wikipedia

Okay, so this one was not a real guy, but I could not make a list of con artists without including James Ford, more commonly known as Sawyer. Sawyer taught the world about the “long con” on ABC’s series Lost. Sawyer also lived under the alias Jim LaFleur. Of course, Sawyer would not have been such a great con man if he had not learned from the man who stole his parent’s life savings.

Money Management:

Ricky at Qwoter discusses financial priorities. Learn about ideas ranging from the popular emergency fund to less known tips for building your own value.

Jen at Master the Art of Saving is taking an extreme couponing reality check. It is important to remember that behind the trendy “glamour” of feeding your family for twenty cents for four weeks that there are big costs. She also notes that guys (such as myself) may not appreciate your fifty boxes of tampons in the garage.

Anabelle at The Year of Shopping Detox wonders why so many financial experts and mean and yell-y. My personal opinion of Suze Orman is not so good, by the way.

Eric (good name!) at DollarVersity reminds us that bank account bonus offers are not always as good as advertised.

RJ at Gen Y Wealth thinks you do have enough willpower to make a difference in spending decisions. He also has strategies to make it easier on you.

MD at Studeneconomics explains why online banking is more popular than ever.

Canadian Finance Blog thinks it is time to start thinking like a wealthy person.

Jason from One Money Design asks the readers if they can live well on less than $40,000 per year.

Elizabeth reminds us to remain calm despite our volatile economic situation at Modern Gal.

Real Estate:

Nicole at Grumpy Rumblings shares her August mortgage update and the broken window hypothesis.

Sarah helps you find out how much your home is really worth at Money Under 30.

Saving:

Chris at Stumble Forward helps you set up a savings account for your child. This is an important step in your child’s financial education and future, so be sure to get them started young.

Mike at Cards Canada examines loyalty programs worth joining.

Ben at Money Smart Life has the best rental car deals for road trips.

Phil at PT Money, our great organizer for the upcoming financial bloggers conference, tells us how to save like a madman.

Other:

Boomer from Boomer & Echo is learning about caring for elderly parents and shares stories from difficult moments.

Junior at Consumer Boomer helps you decide whether funeral insurance is right for you.

Briana at Personal Dividends never travels without travel insurance. She lists of the major benefits of having your trip insured.

No Debt MBA helps you decide if admissions consulting is worth the cost.

Asking About Money interviewed No Debt MBA and had some interesting answers.

Next Week:

Next week the Carnival of Personal Finance will be hosted by Financial Uproar. You can submit your posts by visiting the Carnival of Personal Finance homepage.

Carnival of Personal Finance #321 – The Fraud Edition is a post from: Narrow Bridge

Selling Out: Do Business People Have a Soul?

Eric — Mon, 11 Apr 2011 14:00:27 +0000

“You sell your soul for an econ degree.” –Mr. Kraft, my AP Microeconomics teacher

A long time ago in a galaxy far, far away… I mean, more like ten years ago about twenty minutes south on I-25, I took my first business and economics classes. Those classes changed my life and my outlook.

Roots in Business

I set my business roots at an early age. Investing and finance has run in my blood for generations. [Insert Jew joke here] My Grandfather was a marketing professor and started teaching me about the stock market, personal finance, investing, and money management at a young age.

My Grandpa Joe grew up during the Great Depression and earned money the old fashioned way. He worked hard, lived a thrifty lifestyle, and built up significant savings and investments during his life.

My Dad was in the business world my whole life as well. When I was younger, my Dad was involved in merchandise management and retail. That path led him to purchase a video store when I was about six. We had that store for nearly ten years.

I grew up exposed to the entrepreneurial world and the investing world, but I did not realize the impression it left on me until high school.

Boy Scouts and FBLA

You know those Boy Scouts that sell popcorn, Gold C books, and Entertainment books? I was the best.

I don’t mean to brag… well, yes I do… but I was the top seller in my troop every year that I put in my best effort. I would go pick up five cases of books and sell every single one. Those book sales paid for my summer camp, ski weekends, and other Scout activities.

Again, I never realized the significance of this until later in life.

My junior year at Cherry Creek High School, I took my first business class. Students were required to take either fine arts or business credits to graduate, and I spent my three semesters in the business side of the world.

My first business class, appropriately named “Introduction to Business Management,” gave me a basic view of business fundamentals. I learned about income statements and balance sheets and real life business situations that impacted the development of the business environment in the United States. From there, I went on to join the school’s Future Business Leaders of America club, compete in the district and state competitions, and became Treasurer of the club.

Selling My Soul

It was around that time that I took Mr. Kraft’s class. That teacher, with a different tie every single day of the school year, left more of an impression on me than my fashion sense. We learned about competitive advantage through examples involving pizza, robots, and widgets. We learned about labor markets and management incentives. We discussed the Milton Friedman version of business. Friedman, of course, is famous for his view that the purpose of business is solely to create value for its shareholders.

I went on to receive and undergraduate finance degree led by those principles. The purpose of business is to make money. The purpose of charity and non-profits is to make the world a better place.

In my MBA program at the University of Denver, known nationwide for its emphasis in sustainability and responsible business management, we were given a different twist on the business world. In the feel good world of the “Triple Bottom Line,” where we focus on profit, people, and the environment, more comes into focus than just making money.

The Middle Ground

At the end of the day, I am still a follower of Friedman’s philosophy. If a business is not making money, it goes out of business. If it makes more money than another business, the other one goes out of business. Survival of the fittest is a concept that goes far past nature.

That is why I have no problem owing stock in oil, tobacco, and other controversial industries. Someone is going to be making money; it might as well be me.

However, business does not have to be bad for the world. Corporations have solved many of the world’s biggest problems and make a major contribution to society. Walmart installed skylights and tested rooftop wind turbans on a handful of stores. The skylights have been adopted nationwide. They save electricity and make a major impact on fossil fuel use and greenhouse gasses, but also save the company millions of dollars per year in energy bills. That is a win-win. I am a proud Walmart shareholder.

There are dozens of examples like this. At the end of the day, a company’s first responsibility is to its shareholders. At the same time, however, that company can do amazing things for the planet and society. From small acts like adding recycle bins to major campaigns to cut carbon emissions and production waste, companies can make more money by “doing the right thing.”

But the next time you see a protest against a company’s policies, remember its roots. Even Walmart started as a small drug store across the street from city hall in Bentonville, Arkansas. Berkshire Hathaway was an investment fund started by an ambitious young man named Warren. Dell came from a dorm room. Amazon used to be headquartered in a garage.

Every business started somewhere. They came from an idea in the pursuit of profit.

Selling Out: Do Business People Have a Soul? is a post from: Narrow Bridge

No related posts.

Good Debt and Bad Debt

Eric — Mon, 21 Mar 2011 21:47:40 +0000

In the personal finance world, we have a little mantra you might have seen before. Debt is bad. But is that always the case? I would argue no. Of course, it is better to be debt free than have debt, but sometimes it is necessary to improve your life.

Really Bad Debt – Credit Cards

There is one type of debt that is always bad. That is credit card debt. If you use credit cards regularly, like I do, pay them off in full every month. If you follow that rule and keep your utilization ratio under about 20%, credit cards are not bad. If you carry a balance and make interest payments, that is bad.

Credit cards serve a purpose but can be dangerous when abused. If you can’t handle paying your card off in full every month, I would suggest avoiding credit cards. If you can handle it, use them for the rewards and credit score building.

P.S. Include overdraft lines of credit in this category. They usually have unreasonably high interest rates, just like most credit cards.

If you are in the UK this article on the different types of debt may be useful.

Bad Debt – Interest Only Loans

Interest only loans are self explanatory. They are loans, such as a mortgage or line of credit, with a minimum payment each month that only covers outstanding interest. This is bad.

Interest only loans are built for the banks to make a ton of money while providing virtually no benefit to the consumer. You are making no progress toward paying off the debt. These are designed to be long term debt traps for the average consumer and are incredibly profitable for banks.

If you have a loan like this, make sure to pay well over your interest only amount each month. The more you pay, the faster the loan goes away. If you can, it could be a good idea to re-structure the loan as a standard installment loan to give you a solid repayment schedule.

Not Good Debt – Second Mortgages and Home Equity Lines of Credit

Putting an extra lien on your house is probably not a good idea unless absolutely necessary. By adding a second loan, such as a second mortgage or home equity line of credit, backed by your primary residence, you are giving yourself two opportunities every month to screw up and end up in foreclosure.

For some people, these are truly short term loans to make a home improvement that will increase the value of their home in the long run. In that case, these are not bad as long as you are responsible and make full payments every month.

Neutral Debt – Student Debt

Student loans are not necessarily good or bad. It depends on how you treat them and how you got them. If you spent $80,000 at a private school to get a masters degree in social work that will return about $20,000 a year in salary, your big student loans will put you under pressure. If you need an extra $20,0000-$40,000 to pay for an undergraduate degree or masters degree that will lead to a job that pays well, you are using debt to your advantage.

Whatever your current situation is with student debt, always make the minimum payments. Commonly, student loans are your first interaction with installment loans with fixed monthly payments. It is an opportunity to start your credit on the right track. Make good decisions and build up your credit for long term success.

Maybe Good Debt – Auto Loan

Cars are depreciating assets. When I worked at a bank, I noticed that the hourly employees often had the nicest cars in the lot. The people making $10-$14 an hour had cars worth more than those making well over $50,000 per year.

This happened for the same reason the hourly people made less money, there were not as smart with their money for the long term, they focused on short term happiness. The managers had invested in education, which led to a higher paying job. They invested in homes (long term incentives) over flashy cars. At the same time the hourly workers had nicer cars, they also lived in small apartments rather than nice homes. (This is a generalization, not every employee on the management side or hourly side fit this description. Well over half did fit this description, so don’t yell at me in the comments for it.)

If you are buying a reasonable car that you need and you can’t afford a cash payment, auto loans are not necessarily bad. I had a car loan when I got my Toyota Corolla after my old hand-me-down car died. I could not purchase a reliable and safe vehicle without a loan, so it was worth it.

Good Debt – Principle Residence Mortgage Loan

Home ownership is a great way to build equity and stop paying rent to someone else, but only if handled responsibly. Missed payments, late payments, and payments that go beyond your means are all problems with mortgages.

However, if you have a loan on a home you can afford and you are responsible, mortgages are good debt. They build up your credit score and can lead to financial freedom. Always look at every angle in depth, but don’t shy away if the situation makes sense for you.

Bonus: Turing Bad Debt into Good Debt

If you own a home and are well on the way to paying it off, you might benefit from a debt rollup loan (I just made that term up). I have helped people structure loans like this in the past.

For example, a woman came in with $20,000 in credit card debt, $7,000 remaining on her auto loan, and $40,000 remaining on her home mortgage. That is $67,000 in total debt. It would have taken her about ten years and tens of thousands of dollars in interest to pay it all off.

Her home was worth about $250,000, which is well over her total debt load. She was able to pay off all other debt and have just one mortgage loan payment instead. This refinance and debt rollup saved her hundreds of dollars a month in payments and thousands of dollars in long term interest.

The math is not complex, so you can look at your own debt structure and find out if this is a good idea for you.

What do you think? Is all debt bad? Do you disagree with my categorizations? Please share your thoughts in the comments.

Legally Required Disclaimer: Consideration received for some post content

Good Debt and Bad Debt is a post from: Narrow Bridge

Finding and Getting Hired for a New Job [Career Transition]

Eric — Wed, 10 Nov 2010 13:00:11 +0000

I recently told you about my experience finding a new job. While my story is a textbook example of networking to a new job, it is far from the only career change method. Having sat through many career workshops during my time as a student, and having tried many of them myself, I have many insights to share on how to get into a new job.

Preliminary Steps – What Do You Want?

Why are you looking for a new job? Only you can answer that question. You are also the only one who knows what you want out of the new job. Are you looking for more money, advancement opportunities, work-life balance, a great location, or one of many other criteria we look for in future jobs?

If you are looking for more money, as many of us are, you should stop by sites like salary.com, glassdoor.com, or payscale.com. Those sites all have free salary information for your location, title, experience, and education. You may have to give your current compensation information for access or pay for premium data, but the free versions have always been great for me.

The rest is subjective to your situation. Do research and know what you are looking for before you start looking. It will save you time and frustration in the long run.

Active Job Search: Job Boards

The first thing most people do when the look for a new job is head to sites like Monster.com and CareerBuilder. These sites have massive quantities of data, which can be very valuable but also overwhelming. The key is to set up a profile and be very specific on what you want. Otherwise, you may be contacted by undesirable companies and will not find anything of value.

Professional associations also have jobs boards. If you are a Certified Financial Planner, for example, you have access to a network of CFPs through the CFP trade association. The same is true for many certifications. You may also be eligible to join a trade association even without a certification. These networks have job boards and e-mail lists where you can learn about career opportunities.

If you are an alumni of a major university, you can still contact the career office at your old school. I have contacted business career offices for both my undergraduate and graduate schools. I have used their resources a handful of times since graduating.

Active Job Search: Recruiters

Recruiters are an interesting asset in an active job search. They are paid if they are able to help you find a position, so they have the same goal as you. However, their goal may be less focused on the right fit than the first fit that comes along.

The best benefit of working with a recruiter, in my experience, is that a recruiter can get you in the front door and coach you as to what the prospective employer is looking for in a candidate. Recruiters generally know many people across multiple industries. Just make sure your goals align with their goals and only work with people who seem trustworthy and legitimate. Go with your gut.

Active Job Search: Online Applications

I have put many applications into the black hole of a company’s HR website during my career searches. You will often not hear back at all, or your will get a form e-mail that your information will be kept on file.

Online applications are discouraging, but persistence is key for success. Set up a “job search agent” that will e-mail you when a relevant job opens up. Apply again and again. Repeat until you have a job. Make sure you applications are 100% error free and follow the directions closely.

I found my most recent job through a company website. They called me about three weeks after I input my application and, after an in person interview and a phone interview, I started about a month later.

Active Job Search: Career Fairs

Career fairs can be a great way to network and find a job if you are well prepared. Go in with a plan of attack. Research the companies in attendance ahead of time, seek them out, and show that you have knowledge and interest in the company. Bring a copy of your resume on nice resume paper and wear a suit and tie (or woman’s equivalent) to show that you are serious.

You do not have to talk to everyone. Don’t waste your time or the company’s time if you are not interested in working there.

Active Job Search: Networking

80% of job openings are not posted on any sort of job board. In my experience, 66% of jobs were found through someone I knew. Build your network and don’t be shy. Connect to people on LinkedIn. Go to local social events and professional events and ask people about their companies and open positions. The worst thing that could happen is you don’t get a job. However, you are more likely to find a job through someone you know than any other method.

The tough part about networking is that there is no specific procedure or formula to follow. Just talk to people, send “it was good meeting you” e-mails when someone gives you a business card, and stay in touch with the people you have met in the past.

Passive Job Search: Recruiters

If you already have a job, but may be in the market, recruiters may be more valuable than if you are unemployed and looking for a new position right away. Because recruiters keep files of people they have worked with in the past, you might come up when an interesting, relevant opening comes their way.

I have been contacted by recruiters several times, and I am almost always willing to listen to what they have to say. I have interviewed for positions from recruiter referrals. So far, no luck, but I have several friends with recruiter success stories.

Passive Job Search: Networking

Networking is never over. The networking steps above apply whether you are looking for a job or not. My new job came to me through passive networking.

Always help people out when they ask, but only if the request is reasonable and you feel comfortable attaching your name to the person. When you pass on someone’s information, you have to trust that they will do a good job and will not hurt your reputation. If it is someone you trust, though, it is always worth doing something good for others. Aside from the warm fuzzy feeling for helping a friend, you never know when you will be on the other side of the table. Karma works in mysterious ways.

Your Tips and Experiences

I have done this a few times, but I know there are people much better versed in career searches than I am. Please share you experiences in the comments.

What next?

Telling you what happened next would take more words than I can fit into this post, so over the next two weeks, I am going to continue this series on career transitions. To make sure you don’t miss these posts, which are sure to help you navigate the path to a new career and navigate the process of leaving a job gracefully, be sure to sign up for RSS or e-mail updates.

Finding and Getting Hired for a New Job [Career Transition] is a post from: Narrow Bridge

Two Years of Narrow Bridge

Eric — Thu, 07 Oct 2010 07:00:41 +0000

Two years ago today, I made my first post on this site. At that time, it was on Blogger and looked like every other blog on Blogger. How things have changed.

This is the 449^th post on this site. It took a while to get going, but readers have made 223 comments and Akismet has weeded out another 856 spam comments.

Over time, I have written about many topics. Some posts were personal, some offensive, some comedic, hopefully all helpful. I try to be honest, say what is on my mind, and help you all save money, time, and headache.

I have written a book. You can get your own copy of the Personal Finance Arsenal at its own dedicated website.

The greatest part of this blog has been the people I have connected with, helped, and learned from. I was inspired to start this site while reading the musings of three bloggers: Well Heeled (another Yakezie), Fabulously Broke, and Poorer Than You. I loved what those girls had to say, and I figured I could give my two cents as well.

The most dramatic impact on my blog has been joining the Yakezie. Thanks to the dozens of new friends I have made at the Yakezie, the readership of this blog doubled in a month and has continued to grow rapidly.

It has been quite a ride, but I think the best way to express my thoughts on the blog is to return to my roots. Here is the text from my first post:

Rabbi Nachman Me’Uman wrote a beautiful, inspiring song. Kol Ha’Olam Kulo, Gesher Tsar Me’od. The whole world is a very narrow bridge. Veha’ikar – veha’ikar lo lefached klal. The most important thing to remember is not to be afraid at all.
It is true, this world is a narrow bridge. We all have something that scares us. We all have something that excites us.
Something that scares a lot of people is money. I happen to know a lot about it. I graduated with a finance degree as an undergraduate. I spent time working as a bank manager. I spent time (and still work) as a financial analyst. I am an MBA student. Needless to say, I have some training.
What do Rabbi Nachman and money have in common? Not much. However, while living on my narrow bridge, I am trying to get by one day at a time. Part of that is dealing with my money.
I use a system of budgets, auto-payments, auto-deductions, and more to manage my money. All the while I am accumulating student loans (private school). Making money, spending money, it can be stressful. What is important is not to be afraid.
This is my journey. Enjoy!

Two Years of Narrow Bridge is a post from: Narrow Bridge

How To Buy Expensive Stuff

Eric — Wed, 08 Sep 2010 20:08:21 +0000

I am currently considering a few expensive purchases. I am looking at a new flat screen HDTV to replace my old analog TV. I am considering Lasik eye surgery. I am considering a new road bike. I like nice things and experiences, and I am happy to spend the money if it is something I will really enjoy.

However, I can’t just go out and spend $500 on a TV without thinking twice. I cannot justify spending nearly $2000 on my eyes when I still have about $13,700 in student loans. I surely will not spend $800 on a bike when I have one that works just fine and I have other priorities.

The keys to making expensive purchases are to be able to afford what you buy and be sure it is what you really want.

Be able to afford what you buy

This is pretty self explanitory and obvious to many of us, but a lot of people go out and buy new things on credit that they really can’t afford. A $500 TV can cost thousands if you buy it on a credit card and only make minimum payments. I don’t even want to think about the cost of Lasik on a credit card over 10%.

If you have a big purchase in mind, save up ahead of time. I will still buy everything on my card to get my 2% cash back, but I will pay it off in full the same month. To save, you may want to put a certain amount in a savings account every month or just let your checking account grow if you have the will power to avoid spending. You can set up a goal with Mint.com

Make sure it is what you really want

Buyers remorse is a bad feeling. When you buy something that you didn’t really need or want, you will probably regret it later. If I buy something that costs more than $100, I always sit on it for a day or two to make sure I really want it. For bigger purchases, like the TV, I wait a month or more. If you still want it after a waiting period, go for it!

Prioritize

If you are in debt, don’t be stupid. Pay your loans off before you go buy a luxury item. If you want a bunch of expensive things, it is a good idea to decide which is most important and slowly work your way down the list.

How do you prepare for a big purchase? What are your steps and criteria? Please give your thoughts in the comments.

How To Buy Expensive Stuff is a post from: Narrow Bridge

Make a Bills Calendar to See What Owns You

Eric — Mon, 16 Aug 2010 16:31:28 +0000

In Fight Club, Tyler Durden famously said that “the things you own end up owning you.” I have written about how hard you have to work for your possessions once before, but I decided to take it a step further and find out how much time I have to work every month to pay bills.

It turns out that I spend nearly 75% of my time at work for recurring bills, including rent, student loans, and utilities. That means only about ten hours every week are for the things I like to do, such as eating and entertainment.

Click to See Full Size

You can also build a calendar like this. I have put together a free spreadsheet on Google Docs to help you figure out how much of your paycheck goes to fixed bills. From that spreadsheet, I created a second Google Calendar that I used to input the work days per month. It turns out that my biggest fixed expenses are taxes, rent, and student loan payments.

This was an eye opening exercise. Take a run through and let me know how it goes in the comments.

Make a Bills Calendar to See What Owns You is a post from: Narrow Bridge

SCHOOL’S OUT FOREVER!

Eric — Wed, 10 Mar 2010 19:50:50 +0000

Over the last eighteen months, you have read about my education many times. I have discussed student debt. I have discussed working while going to school at the same time. Well, my tone is about to change a bit. About 2o minutes ago, I finished my MBA program!

SCHOOL’S OUT FOREVER! is a post from: Narrow Bridge