Author: MoneyWatch101

Summer Fun On a Budget

This is a guest post by a moneywatch101 reader.

Remember when we were children and played in the backyard for hours during our summer vacations? Even though this wasn’t much, we stood entertained by the simplest things such as a piece of chalk or a jump rope.

Well, the summer is upon us and our kids will be out of school soon which means more free-time and spending a bit more. As a single parent, I know I’m working on a tight budget so I did some research and came up with a few money-saving activities on how to enjoy this summer. I think it’s time to show our newer generation how to have cheap (often free) summer fun. I have enjoyed a few on this list so far and I’m hoping you can too!

SUMMER MOVIE PROGRAMS

Did you know that most cinemas run summer promotions with big discounts? Yup ALMOST free movie tickets at your local theaters. Here are a few listed below.

Cinemark -Summer Movie Clubhouse: A 10 movie show pass for $5, or one movie show for $1. (Cinemark.com)

Regal -Summer Movie Express: Selected PG or G rated movies for $1 on Tuesdays and Wednesdays. (regmovies.com)

Marquee cinemas –Kids Summer Movie Program: A special selection of family films brought to you each week during the summer at no charge. (marqueecinemas.com)

LOWES FREE KIDS CLINICS

Enjoy building a FREE wooden project with your kids that will keep them entertained for hours. Not only do they get to take these home but they can also take home the free apron, goggles, and patch to make them feel like real “handymen”. (lowesbuildandgrow.com)

ZOOS/MUSEUMS

These are always fun and often provide free admission. Check out the websites below to find a list of zoo/museums near you.

(Pettingzoofarm.com) (www.museumlink.com/states.htm)

SUMMER READING PROGRAMS

We often forget about education during the summer. With free programs provided by local libraries and book stores such as Barnes and Nobles, our kids can enjoy several books and activities.

One of my favorite is, being read to for free. Contact your local library/ book store and ask about “circle time” where your kids can enjoy a book or two with a group of friends.

They can also participate in the Barnes and Noble Summer Reading Program. This consists of reading eight aged-related books, writing them down on a list, and then receiving a FREE book as a reward.

This is a guest post by a moneywatch101 reader and she wanted to share how to save and have fun locally.
Thanks for the guest post, Mrs Real. Its great to have many affordable options for the kids. Also if you are in the NY area Wednesdays I believe the Bronx Zoo has free admissions for kids. Go to their website for more details. Be safe and watch those kids.

RichUncle EL

The Fresh Prince of Bel Air





Hello As I think back I have seen many episodes of the Fresh Prince of Bel Air, and frankly who hasn’t. But I started to think how to incorporate what I saw on the show with finance, business and entrepreneurship. One of the important factors on the show was Will’s ultimate desire to succeed with his business ventures.

Will Smith:
-He never stopped striving to succeed
-He had multiple business partners-Carlton / Jazzy Jeff / His Uncle-Phil
-If he failed, that didn’t stop his drive, he tried again and again
-He mixed hard work with a little bit of fun
-He saw opportunities for a business idea that people overlooked
-Even though he lived comfortably he did not give up to make his own path

What is your take on how you perceive the ideas that are hidden within you. Do you write them down and take a few action steps towards attempting to achieve them or do you just have that great idea and forget about it. Things cross my mind for a split second and I for the most part make a reference somewhere as to record it so that I will never forget it. Even if you feel that an idea is not good enough now then maybe when the time is right you can and should act on it. It all boils down to how much motivation you have and how you can embrace it to better yourself. I have a couple of ideas in the works on how I can find my own path and make a mark in this world. Success can be measured by what you have accomplished in life that you set a goal for and it doesn’t have to be publicized for all to see.

Maybe you do not have sufficient capital to begin a project or maybe lacking in the knowledge to make it happen, but that shouldn’t stop you from taking the first steps to attempt them. Well first you can figure out how much it will take and begin saving as soon as possible. Next thing you can do is to find a mentor who will provide you with some value added feed back for the business you want to see yourself doing in the future. See below for the common barriers I noticed for anybody looking to break into a business.

Common Barriers to Entrepreneurship:

  1. Capital or Invest-able Assets
  2. Experience Limitations
  3. Difficulty in Establishing a Business Plan
  4. Hiring a team of Legal, Accounting, and other experts
  5. Finding the right Marketing Plan
  6. Time Restrictions

Comment below if you have hidden business Ideas that you would like to succeed at? Also if you remember a few of the crazy business ideas that you saw on the fresh prince of Bel Air.

RichUncle EL

Mazda 3

In this post you will learn why I might consider buying the new Mazda 3 with Skyactiv technology. I recently read a review in Car & Driver magazine about the Mazda 3 with skyactive technology. It stated it is a fun, fast, reliable car with fuel efficiency to boot. But am I really ready to trade in my car and get this car? Will I be better off waiting a year or two and getting it used as this is a new technology that was recently released this year. As you can see from the picture the car is sharp looking and it comes with some stylish accessories also. The car and driver review rated the Mazda very high in its ride, handling, and fuel efficiency. It placed 2nd out of 6 compact cars in a recent comparison test. One of the editors even described it as a budget based BMW due to it’s excellent ride and feel. Consumer reports also gives this car two thumbs up with high reliability marks. This just makes me happy that my radar is on point in picking high quality yet frugal products. On the other hand I definitely do not want another car payment and I do not want to add to my car Timeline total . What a dilemma I am stuck with?

How much Fuel Efficiency:

  • Realized 40-45 MPG in Highway

  • 14 Miles per gallon better than my current car in the highway

  • 28 MPG in the City

  • 8 Miles per gallon better than my current car in the city

 

As you can see the fuel savings will be far superior to what I am currently getting. But is the trade off better? I will be getting a new car and not have to worry about it breaking down on Interstate 95. But on the other hand higher insurance costs and a monthly payment. I think I have to find a few hundred dollars in the budget to finally update my 14 year old car that was given to me by the Mrs. I can probably get a good 4 grand for her car as it is the color green like money and it even sports a cool moon roof which will not hurt the trade in value.

Here you can see the car’s Specs:

2012 Mazda3 i Grand Touring SkyActiv-G Sedan

Base price (with destination): $23,095
Price as tested: $24,495
(Options include $1400 tech pkg)
Engine: 16-valve DOHC I-4
Displacement: 2.0 liters
Power: 155 hp @ 6000 rpm
Torque: 148 lb-ft @ 4100 rpm
Drive: Front-wheel
Transmission: Six-speed automatic
Fuel economy: 28/40 mpg (city/highway)

Car Review provided by Automobile Website: Mazda 3

As you can read I am leaning towards getting it because it will be a better / safer mode of transportation and I can recoup some of the costs by driving with great fuel efficiency for many years. My current commute is about 25 miles each way to work and home and if this car really puts up the numbers as mentioned by Car and Driver I can most likely cut my gas bill in half. After doing a fuel savings test for both cars I will list a few money savings stats below:

Camry
Mazda 3
Fuel / Price per gallon
3.15
3.15
Average MPG per Car
27
40
Miles Driven per Year
13,000
13,000
Plan to own my car 5 yrs
Annual Fuel Costs
1,517
1,024
Cost Savings per Yr
0
$493
Cost Savings for 5 yrs
$2,464

After 5 years I will save $2,464 in just fuel costs at the $3.15 current price at the pump. If gas happens to sky rocket to $4 dollars per gallon my savings will also increase with the new car. In addition if my commute time goes up in the future I will not be worried as I have a more modern, reliable, and greener car. On top of that I will be going back to my roots of Mazda products, as my first two cars that I ever owned were the Mazda RX7 and the 626. In part two of this post I will discuss negotiation figures with Mazda dealers to give you more details on the new car development and also I want to test drive it soon.

 Here is a link to another Mazda 3 Auto guide car review: MZ3 Skyactiv

Comment below and let me know what are your thoughts on this car and anything else you might recommend to me as a mode of transportation.

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Friday Quotes VI

I wanted to share with you a few quotes today and hopefully this will get you motivated to start the weekend right. These financial quotes will help you get motivation in your life, whether it may be you are working a part-time / side job, looking at growing a business, taking care of a real estate property, or attempting to save a number of pesos this weekend by not making it rain in the clubs. Either way I wanted to share with you these excellent quotes and you guys can take the message any which way your mind desires.

Friday’s Best Quotes:

-If money was my only motivation, I would organize myself differently. -Placido Domingo

-For me I save money to be secure and to give in life not to be greedy. -RichUncle EL

-If saving money is wrong, I don’t want to be right! -Wiliam Shatner

-Spend an hour a day learning about Personal Finance and you will reap rewards with returns-RichUncle EL

All of these quotes have excellent meanings behind them. Who knew that Placido Domingo and William Shatner quoted these awesome money quotes. Hopefully one day I can create a few quotes that will compare with such excellence to their quotes mentioned above. These quotes are becoming a great motivation for me and I hope for my readers as well. All you can do in this life is strive for better security and freedom while being a philanthropist in your own way.

For example in my first quote above my 1st priority in life is to take care of my family and to provide, but when I have accomplished this I will look for as much opportunities to help others if it may involve donating time, money or advice. I feel like I already do give my time and advice through this blog. But if I have the freedom to do it on a full time basis then I would feel more complete in life.

Best PF Posts of the Week:

  1. Best Dividend Stocks 2012– @Dividend Growth Investor
  2. The Number One Way Car Owners- @Careful Scents
  3. Theres More than 1 way out of Credit Card Debt- @AskLizWeston
  4. Networth Update – @Iam1percent (click on the link in this post to see the numbers)

The posts above offer some great simple and practical advice so get your read on.

Thanks for reading.

RichUncle EL

Personal Finance

What does this title mean to you? Do you want to know what it means to me? It means being in control of your financial life. The standard definition by Wikipedia is:

Personal finance is the application of the principles of finance to the monetary decisions of an individual or family. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.

I think that definition in its entirety said exactly the same thing I said in the sentence above just with a bit more fluff. Being in complete control over your finances is proving to be an extremely difficult task, as people every day are taking a step forward and two steps backwards. A shift in how we handle money needs to be taken into serious consideration because people still have not gotten the memo. Granted nobody is perfect and we all make mistakes in life, you and I are included. I am still paying for student loans that I did not want to take out, but did allow me to graduate within 2.5 years from beginning to end. Those student loans are the only thing left on my list of life debts and they are not cheap as interest charges are 6.8% of the total. I hope I can stick to my goal of paying it off in two years.

Continue reading Personal Finance

10 Companies that might go bankrupt in 2013

In this Daily Finance Article the writer after many hours of research done on all of these companies has determined that all or most of them will be going under in the foreseeable future. Some of them are newcomers to the scene and some have been in business for decades but the sentiment and emotions are the same for all. What is it you ask? Nobody or at least very few people want to be their customers. That is by all means the only reason that a company is established. A company can have a year or two of operational cashflow reserves, but after that point then chapter 11 or 7 follows.

Daily Finance Bankruptcy List:

-AVON
-Metro PCS
-Oakland Raiders might become LA Raiders
-Salon Website
-Suzuki Motor Co.
-Pacific Sun Website
-RIM aka Blackberry
-Current TV Channel
-Talbots Retail Stores
-American Airlines
-JC Penny

All of these might go under and I would not invest in any of these right now. In addition to the list provided by daily finance I will make a prediction that in 3 years a few companies I will mention below will also go under. The list below is my guess by seeing a shift in consumer spending, agressive competition and just my own feelings based on the brands current marketing failures. All of the predictions above and below are based only in the U.S. consumer market space.

My Bankruptcy prediction of Companies:

-Best Buy
-Sprint
-Mitsubishi Motors
-Panasonic
-Nokia
-Sears
-A&P Supermarkets

Well their you have it, how do you feel both lists compare and do you support any of these companies, let us know. Also comment if you agree or disagree with both lists. In any event it is just to risky to buy any stocks or bonds from these companies in the future. If things turn around for them I will be the first to admit I was wrong but do not bet on me as my track record has been pretty good in predicitng companies from going under. Also Check out the bankruptcy rate in the U.S. from 2006 to 2008 how suprised are you now that you see the numbers of people applying. I think it is sad and unfortunate. So many problems arise from bankruptcy that you do not need the headache, unless it is a last resort and only option.

*Update the graph above states 4 thousand people daily filings.

Watch your Money!

Friday Quotes V

I wanted to share with you a few quotes today and hopefully this will get you motivated to start the weekend right. These financial quotes will help you get motivation in your life, whether it may be you are working a part-time / side job, looking at growing a business, taking care of a real estate property, or attempting to save a number of pesos this weekend by not making it rain in the clubs. Either way I wanted to share with you these excellent quotes and you guys can take the message any which way your mind desires.

Friday Best Quotes:

-Time is money and money can buy you time.- RichUncle EL

-Many people are in the dark when it comes to money, and I’m going to turn on the lights- Suze Ormon

-Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones. – Benjamin franklin

-Take proper steps now to fund anything you desire later by using money to make more money- RichUncle EL

These quotes are great because they can teach you how we all can use money to excel all of us to a new level of financial progress. Take it for exactly what the message is and Suze O. said it best in her quote that many people have to be guided because frankly they are making a ton of financial mistakes. Benjamin Franklin’s quote is more based on harnessing your good habits and letting go of the bad ones. Even though it has nothing to do with money, sometimes bad habits can lead you to lose money. Either way you look at it all the quotes can inspire motivation to do good.

Best PF Blogger Posts of the Week:

  1.  How Much is Too Much Savings  – @Financial Samurai
  2. The Number 1 Reason for Wealth Today – @Life and my finance
  3. How to Host a Cheap Backyard Party – @Frugal Dad
  4. Break it Down to Daily – @ Money Life and More

Comment below if you enjoyed the quotes and how they motivated you to think differently today.

Always Watch your Money- RichUncle EL

Gifts and Money

gifts and money
Pic by Canada Website

 

Hey don’t we all like to receive some cool gifts and money? I for sure love to be surprised with something I currently do not have or didn’t know I needed. Gifts are a fun and cool way to say to somebody hey I think you are somebody special in my life. The tricky part of this is will the person need or even appreciate the gift. In addition to this how much should you spend on said gift? Well I will give you some insight as to why I decided to write this unique and fun post. The best gifts in life do not costs tons of money. The gifts may be a cool experience like a baseball game or a concert that you want to share with someone or it may be a something out of the ordinary that the gift-ee will treasure for ever.

Examples of the Best Gifts I have recieved:

-Tickets to a US Open Tennis Game- The Mrs.
-A hand painted Cigar Box- My Daughter
-A Wallet- The Mrs. and My Brother
-A Comfy Sweater- My sister and the Mrs.
-Dinner – The Mrs.
-Shoes for Work- My Father
-A Suprise Party- The Mrs.
-A Benjamin to help with computer purchase-My Mother
-A Cool Watch- The Mrs. and My Cousin
-Free Software- Two of my cousins
-A weekend getaway- The Mrs.
-A handpainted drawing-My Daughter
-NJ Nets Game and a Basketball- The Mrs.
-Tickets to a Yankee Game-The Mrs., My Father, My Cousin

As you can see some of these cost some pennies but nothing too crazy. Experiences as I mentioned before go a long way because our memories are timeless. In the end, hopefully thats all we can take with us. I hope to surprise the family with many more experiences like skydiving or a cruise around the world. If you can think back to what you recieved for christmas three years ago you win a prize because most people forget. But I bet you remembered where you celebrated it and with who. In the future I will focus my money and energy on gaining more experiences with my loved ones as that is what matters to me now a days.

Comment back if you have a cool gift and money that you recieved by surprise. It can be an experience or a actual product as long as you cherished it and actually used it.

Rich Uncle EL