Archive for June, 2011

The Benefits of a High Credit Score

June 20th, 2011

 

Ever since I was young, I was taught the benefits of establishing a high credit score.

My parents taught me to purchase things on the credit card since the first day that I got my first credit card, but they also pounded into my brain that I should pay it off every month.  Since I didn’t carry a balance, it probably took a longer time to build up my credit rating, but since I didn’t need it for any big purchases at age 18, it didn’t affect me.  That said, today my rating it’s over 800, so even by paying off my balance each month, I was still able to move my credit score up!

Credit Score Benefits

If you have a high credit score, you have some leverage to get better deals… if you know how to use it.

  • This is one time where it is good to brag!  Tout your high credit score by asking for a better interest rate on loans for cars and mortgages.  The bank know that you are valuable since you are unlikely to default on the loan, and the bank wants your business because of this fact.
  • You can get special discounts on financial products such as the various types of insurance.  Apparently being a safe, responsible driver and having a high credit score are highly correlated.
  • You will receive the premium credit card offers in the mail.  I typically get the premium credit card offers, including a black card in the mail.  I’m sure this is because of my high credit score because my salary sure doesn’t warrant it!!!
  • Prospective employers can check your credit score rating before hiring you.  While this may not be done much in practice, it’s an option that an employer has.

Okay, now that we know that there are obvious benefits, the trick in receiving those benefits is to ask for them!  For instance, if you’re looking to buy a car and need a loan, the company loaning you the money isn’t going to say “hey, based on your credit score we’re going to shave an additional quarter of a percent off of our current rate”!  You’ll  have to know what you are worth before you go in to get the loan!

If you have a high credit score rate, congratulations!  Just make sure you use your credit score power wisely!

MR

MR Cache: Vacations Changes

June 19th, 2011

Weekly Thoughts

I had planned on going to Hawaii this year, but my family had other plans.  My wife said that Hawaii would cost us around $10,000 and that it’s too big of a financial expense for us at this time.

Oh we could put the vacation on our credit card and pay it off over a few months, but we never carry credit card balance.  So instead we are going to an island in Florida for some days in the sun.

While in Florida, we are going to swim with the dolphins.  That sold my kids, and wife for that matter.  We also plan on spending a day or two at Sea World.

Since I’ll be at a location where being in shape would help with the heat, I’m going to accelerate my “Losing Weight Frugally“, expanding it to include body shaping and maybe even fasting.  To date, I’ve lost a total of  around 15 to 16 lbs. 

Since today is father’s day and I’m late with my weekly update, I’m just going to put links in this article.  This way I can spend time with my family and not get in trouble (lol).

Interesting Reads from Other Financial Bloggers

Moneyreasons.com a Second Look at the Week

Carnivals

 Yakezie Carnival – Happy Father’s Day Edition 

Conclusion

It’s father’s day and time to do father day things!  Make the most of it, I’m of to spend time with the family!!!

Have a great day!

MR

Nurturing Young Creativity

June 18th, 2011

My 7 year old daughter is always doing things that make me go “Wow, I never thought of that“.  In fact, she does things that I’ve never seen anyone do before!  Today I’m going to describe some of her more creative accomplishments.

paper dollhouse

paper dollhouse

Inventing

Her latest invention has been to create a doll house out of a shoebox and a slightly larger box.  With tape and what she has cut out of paper, she has created beds, swings (for the backyard), sinks, and other dollhouse furniture out of the paper and tape so that the furniture is 3D instead of 2D.

She has a lot of pride with her latest invention.  There are girls in the world that can’t afford to have a fancy wooden dollhouse (which my daughter does own too), but if they were to follow my daughter’s design or just get encouraged and try to do as my daughter has done, I’m pretty sure they would have a great time with it.  Of course, my daughter has also created paper people for her paper dollhouse too.

Books

Since my daughter was about 4 years old, she has been creating books.  She took a count of the ones that she didn’t give away and that are still in her room.  I wasn’t surprised when she told me that she had over 100.  It just so happens that one of my wife’s ancestors was a famous author, perhaps she has that same vein of creativity in her blood too.

The Youngest Blogger

My daughter thinks being an author would be cool, but she also likes the idea of having a blogsite after watching me and having one of her comics uploaded (click on: Like Father, Like Daughter: J Comic #1 – Mr Plate Runs to check out her work).  She also created a second comic called “J Comic #2 Mr Plate Meets a Lion” which is pretty good too.

I know that at first, I would have to do most of the work, but this might be the perfect opportunity to create a internet diary/scapebook to record her life.  That way my parents and other relatives could check what was going on with my daughter and indirectly my family, via her site.  I’ll probably use more video and pictures than I do at moneyreasons.com.

By creating such a site, I would be teaching her that it’s possible to do such things and I could use the site to encourage her to continue with her creative ideas.

Cheers,

MR

Memories of Poor Friends In My Distant Past

June 17th, 2011

 

Coal

Coal

 

When I was a young kid, I remember being at my neighbor’s house and experiencing a lifestyle that was very different from where I lived.  I didn’t realize that they were poor at the time though.  I’m going to describe the setting and lifestyle of this charming couple from my memories.

One of the most vivid things that I remember wad that their heating system was a coal furnace in the basement (which had a dirt floor).  It was kind of hard to breath in the house, it has a distinct smell that I will never quite forget.  One time, I remember riding in a pickup truck to pick up some coal.  The coal was literally poured into the back of the truck through a metallic chute of some sort, or so I believe.

Next my neighbor drove the coal home and we feed the coal through another chute that open down to his basement.  He had a pile of coal in his basement in some kind of large bin.  I helped shovel for a little bit, but I was so young that I didn’t last long… so I went home.

Another thing I remember is Jesus paintings and pictures and bible quotes throughout the house.  This family was minimalist before the term became popular… although not by choice.  I remember a couple of mini-statues of Jesus throughout the house too, along with other religious symbols.

The other things that I remember in the house was a very small TV, a second hand small couch and a non-matching chair, a beat up dinette set (used of course), and a bed that was small and appeared lumpy.  In their 2 bedroom house, they had a small lumpy bed in the guest/storage/sewing all-in-one room.  The other bedroom was the one that they slept in.  I never went into that room.  The total size of their house was less than 1/2 the size of my current house.

So what did they do for entertainment?

Mostly free stuff, they had a garden where they grew their own food and they also socialized with family and friends.  I remember that church was a very important function in their life.  The wife went two or three times a week, mostly riding with other women since I don’t believe she had a car.  The husband mainly watched TV while chewing tobacco.  Most (if not all) of their cloths were either made by the wife or bought second-hand.

You might think that they were miserable, but actually they seems fairly happy, especially the wife.  I only live in that neighborhood for a few years, so I’m not sure how they did as they aged.  I think not having money in your later years would mean it would be hard to get decent health care.  So their retirement might have been rough.

At the time I didn’t realize how hard they had it financially, but as an adult, I now realize that they were quite poor.  The husband had injured his back and was on some form of disability, while the wife didn’t work.  They had a frugal lifestyle so they were able to get by though.

They weren’t rich or even middle class, but they were charming in their own way.

Being wealthy doesn’t make you a better person, but it does make life easier.

MR

Summary of My Soccer Coaching Experience

June 16th, 2011

Well, after all the makeup games from bad weather, the soccer season has finally ended for my U7 Girls soccer team.

After a slow start, the girls came through with flying colors.  While we did lose our previous game, it was very close and I believe if we played them again, we would have been able to defeat them too.

Was it my outstanding skills as a coach that made the difference?

No.

Was it because I had a superstar that made all of the goals?

No, well sort of… we actually had at least 4 or 5 superstars.

What it really came down to was the determination of each of the girls to win.  The drive to win is very important in life, and when you get a group of driven girls or boys that all want to win, you have a great team.  Even if the team doesn’t have the skills that the other teams have that have played together for years.  This “Killer Instinct” or Drive is what makes great things happen in life.  It’s pinpoint focus that makes change happen!

If I decided to coach in the fall, I’m confident that we will win practically all of our games if I have the exact same team.  Most of the girls are quick to pick up whatever they are taught.  Since I have such a fast driven team, I believe that anything I teach them will be learned and applied quickly.

Here is where I have a problem.  While I’m sure my girls would do fine again, wouldn’t it make more sense to let another experienced soccer coach take over and develop the team?  I need to make a decision quickly to keep my team together or not.

Was it worth it?

Yes, in many ways that I hadn’t expected.  I’ve also gained respect for the existing coaches, but also think that some of them exhibit too much favoritism with respect to their own daughters and friends.

Decisions, decisions…   What would you do?

MR

 

 

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