Hope for your financial life and beyond

How to Play the “Take This Money – No Thanks – I Insist” Game

June 27, 2014 by 13 Comments

Hidden Nuggets Series #46 – “But the king replied to Araunah, “No, I insist on paying for it. I will not sacrifice to the Lord God burnt offerings that cost me nothing.” – II Samuel 24:24

I insistNo doubt at one point or another, you’ve been caught up in the verbal posturing known as the “Take this money” game.

The conflict in this game centers around one person’s refusal to take a sum of money being offered. The format can be played in two directions. In one scenario, you are the person offering the money. In scenario two, you are the person receiving the money.

In either configuration, the person being offered the money refuses it, thus leading to some tricky verbal exchanges:

“Here, take this.”

“No thanks.”

“I insist.”

“No really, that’s not necessary.”

“No, I have too…you went through so much trouble” (said while thrusting the money at the other party).

“I don’t want it…really, it was no trouble” (said with hands held head high and palms outward in the “stick-em-up” position).

“Here, you must…” (said with a hyper voice while trying to physically put money in the person’s hand or jacket pocket).

“No, please…I’m not taking it…” (tone starting to get defensive).

And on the exchange can endlessly go.

As a child, I watched several of these exchanges devolve into heated arguments. I never understood why either side would be so stubborn. More than anything, it boggled my mind that someone would refuse money of any amount being offered them. Why? “It’s money for crying out loud. Take it already!” I remember thinking.

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Filed Under: Hidden Nuggets Series, Random Fun Tagged With: , ,

The 3 Money Topics Teenagers Most Like to Discuss

June 25, 2014 by 3 Comments

Today I’m guest posting at The Heavy Purse, a blog that focuses on parents teaching their kids about money. Click the link below to read the rest of this post.

Teenage student holding credit card

Image at FreeDigitalPhotos.net

I’ve had the privilege for the past 17 years to be engaged in a challenging and never-dull career, the educational instruction of teenagers. Until giving up my high school teaching position recently to become a stay at home dad, part of my instructional responsibility was teaching Basic Economics and Personal Finance classes. I used some really good material over the years, including the high school curriculum published by Dave Ramsey’s team.

My economics classes were enjoyable enough. The students were able to understand the historical trends of economics, the basic concepts of supply and demand, and how governments can promote or hinder economic growth. I would say as a whole, that class was met with only average, C+ levels of enthusiasm.

But mention the words “Personal Finance” and the kid’s eyes would light up…

Continue reading at The Heavy Purse…

Next Post: How to Play the “Take This Money – No Thanks – I Insist” Game

Prior Post: How I Increased My Facebook Reach For Blog Posts By Over 700 Percent

 

Filed Under: Kids and Money Tagged With: , , ,

Four Big Money Issues For Couples to Settle Before Marriage

June 19, 2014 by 2 Comments

Today I am guest posting and commenting at Young Adult Money. Please follow the link below and enjoy the rest of this post.

My wife and I spent a lot of time getting ready for marriage. We dated for several years, attended pre-marriage counseling, and talked for countless hours about likes and dislikes, our families, children and careers.

We didn’t talk a lot about money though. We might have touched on it briefly during our counseling sessions but I cannot remember sharing deep discussions about our views on debt, spending, or saving. It simply wasn’t on our radar.

I believe our experience is representative of many couples…

Continue reading at Young Adult Money…

Next Post: The Two-Faced Giver: When It Looks Like Rain It’s Supposed to Pour

Prior Post: How Being Flexible Saved Our Vacation

Filed Under: Marriage Tagged With: , ,

Why We Don’t Give Our Kids Allowance

May 13, 2014 by 30 Comments

My wife and I are not giving our kids allowance simply for existing. We’ve chosen a different path to reward them with money.

kids allowanceDoesn’t it seem our culture has lost the passion for hard work? I look around and see adults taking risky, unnecessary shortcuts in an attempt to get ahead in their career. I see people playing the lottery to get rich quick instead of choosing to build wealth over time.

Then there are those people in tough financial situations that won’t take certain jobs because they consider the position beneath their standards. Really? Must not be that desperate.

Our mindset has changed to thinking we should be given things simply because we deserve it. Someone else (like the government) will provide for me, right?  So why work?

Sad thing is, these attitudes are being scooped up by our young people. We have a generation of kids who bristle at the idea of doing a 30-minute homework assignment on a Tuesday night. Cuts into their Snapchat time. If they do muster the desire to attempt the work, they only put in half the effort. They shut down if the answer to a problem causes them to think for more than two consecutive minutes.

More and more kids are refusing to push themselves to work. They are opting out of excellence. And when they fail, someone or something else is to blame.

If we are going to succeed in life and with money, we have to clearly embrace a concept found in the Bible – “In all labor there is profit but idle chatter leads only to poverty.” (Proverbs 14:23)

That’s why we are not giving our kids allowance.

Giving Kids Allowance Doesn’t Teach the Value of Work

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Filed Under: Kids and Money, Work Tagged With: , , ,

A Student Debate: Are There Absolute Truths About Money and Personal Finance?

April 30, 2014 by 42 Comments

 

Truth written on notebook paperA philosophical debate in the existence of absolute truth sounds like a discussion for theology class. In fact, that’s what has been taking place in one of the Bible classes I teach at our private Christian school. The questions we have been exploring are polar opposites of one another:

“Is there an absolute truth that is valid for all people regardless of era, culture or circumstance?”

Or…

“Are all things relative? Does truth exist only in the person’s individual experience and based in their view of reality?”

Deep, I know.

I’ve been thinking about this for some time in relation to personal finances. To fully disclose, I do believe in absolutes and think they can be found in many areas of life, especially in mathematics and the sciences. Absolutes do not have to be limited to theological discussions.

So why can’t there be absolutes about money and the personal finance world – things that are universally true for all people no matter the culture or circumstance?

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Filed Under: Biblical Money Truths, Managing Money Tagged With: , , , ,

7 Unfortunate Reasons People Spew Hatred at Dave Ramsey

April 7, 2014 by 92 Comments

Dave RamseyIt could be argued that Dave Ramsey has become the most influential financial voice of this generation. His radio program draws nearly 8 million listeners every week, placing him third in the talk radio genre behind Rush Limbaugh and Sean Hannity respectively. Clearly he has developed an enormous following and has helped millions of people develop restraint, follow a plan and get their financial lives back.

Count me among those people.

Despite his influence and popularity, I continually read of people skewering Dave Ramsey for the message of hope that he brings. I’ve tried for the life of me to figure out why someone who has been so helpful would be the target of such outrage. In some cases, I’m sure it’s simply people taking a contrarian opinion to draw some attention to themselves. However, I think the main issue is much bigger than that and it’s something everyone says when it comes to the area of personal finance.

The Reasons People Hate Dave Ramsey

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Filed Under: Leadership, Managing Money Tagged With: , , ,

March Madness: Avoiding the Budget Busters

March 12, 2014 by 10 Comments

2014-ncaa-tournament-bracketOur oldest daughter was born during the first weekend of the NCAA basketball tournament. At the hospital, my wife groaned through labor pains as the midwife who assisted in the delivery was tracking a Notre Dame game on the TV in the room. I’m not sure the midwife appreciated Mrs. Luke1428 telling her to turn off her beloved Fighting Irish when there was under four minutes to go in the game. But birth was only about 15 minutes away so I guess that took precedence.

Needless to say, my wife has despised March Madness ever since.

Basketball junkies like myself however, love everything about it. The drama…the intensity…the finality of it…and the upsets that bust up the tournament. Mostly though, this time of year means one thing – the tournament bracket. There’s nothing like putting a plan together and testing your knowledge of the teams in an attempt to pick a winner. If only I had a time-traveling DeLorean to find me a Grays Sports Almanac.

No matter how we think the tournament will progress, there are always upsets and surprises that bust our brackets. These usually come from the underdogs, the little schools that we are not really paying attention to.

Over the years, the same type of thing has happened with our budget. Small things we didn’t anticipate, ignored or simply loved doing would bust our monthly plan. After experiencing the financial drain of these on multiple occasions, we had to make some decisions so they wouldn’t disrupt our life any longer.

The following is a list of five things that used to bust our budget, along with the path we now take to avoid it from happening any longer.

Movies/Entertainment

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Filed Under: Budgeting Tagged With: , , ,

Price Limits, Blow Money and the 24 Hour Rule

February 26, 2014 by 33 Comments

24 hour ruleDo you have a 24 hour rule on big purchases? This strategy, plus two other strategies helped my family spend less and produce massive amounts of savings each month.

I’ve mentioned before how I’m a recovering spend-a-holic. In another life, I spent to my heart’s content, undeterred by any financial damage it would cause. I wrecked our ability to save and follow any semblance of a budget.

My wife and I would have frequent “discussions” about our my spending patterns. The discussions were mostly one sided, with me downplaying the extent of our my struggles. I got so good at deflecting any negativity about our my poor spending habits that I usually ended up getting what I wanted at the end of those conversations. Kudos to my wife for putting up with me…I was a mess.

Clearly I had convinced myself there was no problem.

It’s very easy for spending to spiral out of control. Much of the time, we do damage simply by not developing a system of checks and balances to monitor what’s going on. We end up waking up one day with a mess on our hands, wondering how we got there.

The biggest step that had to take place for my spending habits to change was a shift in my attitude. Thankfully for me, that did take place through a series of well-timed events that occurred at a point when my mind was open to improvement. Only after I willfully chose to get my act together and develop some discipline could my wife and I move forward with some strategic practices to curb spending.

Two such practices we implemented proved valuable for us. Those were setting price limits on spending and following the 24 hour rule.

Price Limits

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Filed Under: Spending, Vices Tagged With: , , ,

How to Save Money and Cut Taxes by Hiring Your Kids

February 13, 2014 by 15 Comments

The following post is by Kim Fourman. Please note that this article is intended to discuss general tax topics. Consult your own tax advisor regarding your specific circumstances.

hiring your kids

Boy at a weaving station – circa 1908

One of the most overlooked ways for small business owners to save on taxes is by hiring your kids in the business.  Here’s how it works:

Consider What Work Can be Done

The first thing to consider when hiring your kids is the work that your child can do. Their work must be age appropriate and must be legitimate work for your business.

For example, having your child do household chores would not count as working for your business, but picking up trash and cleaning up the yard at your rental property would. The IRS has accepted employment by a child as young as seven. You do not run afoul of any federal child labor laws when you employ your own children, but make sure to check with your state department of labor.

You Must Do the Paperwork

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Filed Under: Kids and Money, Taxes Tagged With: , , ,

18 Ways to Reduce College Costs, Plus One Huge Bonus Tip

February 12, 2014 by 20 Comments

In case you missed it, in Part I of this series covering college costs, I talked about the five most popular ways students pay for college.

college costsThe focus today will be on reducing the total college costs in whatever way possible. Of course things like scholarships, grants and military funding are all givens as I discussed in Part I. But what other practical things can a student do to bring down college costs?

I’ve divided the cost cutting topics into three categories: things that can be done in high school, things that can be done in the preparation phase and things that can be done while enrolled in college.

And at the end I’ll provide one bonus tip on how to dramatically reduce the cost of college.

Cut College Costs While in High School

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Filed Under: College, Saving Tagged With: , , ,

The Basics of How to Pay for College

February 10, 2014 by 21 Comments

how to pay for collegeIn my years as an educator, I’ve always enjoyed the months of February and March. Basketball tournaments are in full swing, winter mercifully comes to an end and spring (break) is right around the corner. These are also the months when high school seniors begin to solidify their plans and make THE DECISION on where to attend college.

It’s quite a relief to finally answer with certainty the two big questions everyone has been asking – “Where are you going to school?” and “What are you going to major in?”  I was never so glad to put those questions to bed and that uncertainty behind me.

However, the question nobody asks is probably the biggest of them all – “How are you going to pay for that?”

Unfortunately, many high school students and their families haven’t adequately thought about how to pay for college. They’ve spent so much time on the other two questions they’ve left out the most fundamental aspect of going to school – the fact that it costs money. If they haven’t thought about it until the last minute it can be a very daunting challenge to figure out.

Heck, it’s daunting even if you’ve been planning for years. Have you seen the cost of a four-year degree recently? It’s enough to make even the most financially sound shudder. We started setting aside money for college when my oldest turned five and I still don’t know if there will be enough to cover the costs of four years for four children.

The Basic of How to Pay for College

Whatever your situation – whether you’ve been saving for years or have just begun to think about it – you have to develop a plan. With that in mind, here is Part I of two on how to pay for college and reduce the costs of a higher education. These are the six top things you can do:

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