tag:blogger.com,1999:blog-4402283548766807872.post8033195647529596948..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: How Not To Move Back In With Your Parents - Book Review and GiveawayThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger32125tag:blogger.com,1999:blog-4402283548766807872.post-66965031205146406682012-12-19T13:31:10.561-05:002012-12-19T13:31:10.561-05:00But then I'd have to spend money. Maybe I'...But then I'd have to spend money. Maybe I'll find a way to win a copy of Quicken. ; )<br />Bet Crookshttp://financialcrooks.comnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-42670338034540668782012-12-15T13:47:30.951-05:002012-12-15T13:47:30.951-05:00Thx Bet, you are setting a good example. Nothing w...Thx Bet, you are setting a good example. Nothing wrong with excel spreadsheet, however, you may want to purchase Quicken to do the job and provide greater analysis and other options.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-60517890170942702342012-12-14T20:20:19.402-05:002012-12-14T20:20:19.402-05:00As a parent of (very) young adults, I'd be int...As a parent of (very) young adults, I'd be interested in reading the book. We try to teach by example so far, and by making sure we explain what we are doing.<br /><br />The kids see me put each monthly bill into a spreadsheet so we can track our water/hydro/heating/insurance/(formerly mortgage)/tax/cable/internet/telephone/gasoline spending. We actually talk about what things cost. I track the changes over the years, looking for problems. (You can spot water leaks etc if you do this.)<br /><br />I think they need to know that owning a house is expensive, so that they will understand why a low-paying job = no house. There's nothing wrong with renting your whole life, either, they know people who do, but they need to see that home ownership is not something given to you by others.<br /><br />My advice to uni students is the same as given above: don't get a credit card. If plastic is needed for a job, get a card that MUST be paid in full each month. I think AMEX still has cards like this?<br /><br />signed,<br />Bet C<br />Bet Chttp://financialcrooks.comnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-76136889040096879262012-12-14T08:22:48.931-05:002012-12-14T08:22:48.931-05:00@Jamie K -Great advice, I do that using Quicken ev...@Jamie K -Great advice, I do that using Quicken every month-- only I feel sick when I see what I spent my money on :)<br /><br />@Bob- based on my monthly quicken summary I note above in my comment to jamie, I need to take your advice as an old adult, let alone a young adultThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-83952573162393724472012-12-13T22:14:57.456-05:002012-12-13T22:14:57.456-05:00Great Blog. As a young adult just starting my care...Great Blog. As a young adult just starting my career my advice is to keep a budget. It only takes about 15 minutes a month to categorize and add up all expenses on your credit card statement to see where the money goes each month. It also helps you plan for future expenses. There a ton of great free templates on the web to help you do so. Jamie Knoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-86476436490079846462012-12-13T13:54:27.423-05:002012-12-13T13:54:27.423-05:00Best tip for young adults-----don't eat out or...Best tip for young adults-----don't eat out or buy expensive coffees etc. on a daily basis. <br /> <br />Love to get a copy of the book!<br />Bob S.noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-37533895011905194102012-12-13T07:57:31.241-05:002012-12-13T07:57:31.241-05:00Paul, great advice, but more importantly, great pa...Paul, great advice, but more importantly, great patience if u can wait up to two years to pull the trigger.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-73186245233216045392012-12-13T00:05:19.055-05:002012-12-13T00:05:19.055-05:00As a young adult, I'd say the most important p...As a young adult, I'd say the most important piece of advice is "do the math" - it's too easy to spend and not figure out the actual cost of things, thinking "yeah, I deserve my smartphone and my 60 inch TV, I work hard all day".<br /><br />When considering a purchase, I price it out over a couple of years - the result is always very different from the initial "sticker price".Paul G.noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-22816485942094465782012-12-12T22:40:04.830-05:002012-12-12T22:40:04.830-05:00Thx Susan. It sounds simplistic, but I like the id...Thx Susan. It sounds simplistic, but I like the idea of starting with a budget for clothes and then moving the concept up to university spending.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-82864606997443365352012-12-12T13:39:42.371-05:002012-12-12T13:39:42.371-05:00Hi, I have a 12 year old and 16 year old. My advic...Hi, I have a 12 year old and 16 year old. My advice is to give the kids their own clothing budget to manage. <br /><br />Susan MSusan Mladenovichhttp://taxes4u.canoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-54440772210644441012012-12-12T07:28:28.389-05:002012-12-12T07:28:28.389-05:00Thx Leanne and Be*en
@ Leanne- saving vs spending...Thx Leanne and Be*en<br /><br />@ Leanne- saving vs spending, a fairly common theme, but not one adhered to by most.<br /><br />@Be*en -Nice work, you have done what you can, hopefully if your kids roll their eyes like mine, some of the advice they pretend or actually do ignore seeps into their brainsThe Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-66677980550270395862012-12-12T02:15:07.220-05:002012-12-12T02:15:07.220-05:00Bhaskar N.
I am a parent of 2 university-going ki...Bhaskar N.<br /><br />I am a parent of 2 university-going kids. I have been pressing them to become financially educated before they graduate and embark own their own. I advise them to learn the process of personal financial planning/management now, before making major mistakes, and have showed them how to create a budget. Hopefully, when they start earning money, they will draw up a financial plan, and budget on a regular basis.Be*enhttps://www.blogger.com/profile/10573175666860874425noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-75825150157879362582012-12-11T19:40:12.405-05:002012-12-11T19:40:12.405-05:00I would say to live below your means and save the ...I would say to live below your means and save the difference. Coming out of a dorm room, do you really need a penthouse? You don't have to get a dump, but get a modest place (keep sharing if necessary) and save as much as possible. Leannehttp://www.sensiblemoneysolutions.comnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-40707768437133364062012-12-11T17:44:45.855-05:002012-12-11T17:44:45.855-05:00Thx, Paul, Steve and Stewart
@Paul--I agree with ...Thx, Paul, Steve and Stewart<br /><br />@Paul--I agree with you regarding trying to build practical financial skills. I see far too many parents who absolve themsleves of this responsibility and become the bank of daddy/mommy. <br /><br />@ Steve- It really is simple in the end, isn't it. Spend less than you earn. But the I want, I need, my friend has attitude seems to win out.<br /><br />@Stewart- and did it work? <br /><br />The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-50641623846211690242012-12-11T15:17:37.473-05:002012-12-11T15:17:37.473-05:00RE free book offer.
Stewart S. Parent: parents n...RE free book offer.<br /><br />Stewart S. Parent: parents need to encourage their children to adopt a discipline [saving versus spending – reasonableness and time frames and really NB is budget development] in line with and to achieve their financial goals and the parents must also help their children to achieve these goals. This sets a precedent for the future success. This is what we did for our two kids.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-83843965725010492392012-12-11T15:03:45.072-05:002012-12-11T15:03:45.072-05:00I'm a fan of David Chilton's advice - spen...I'm a fan of David Chilton's advice - spend less than you earn and squirrel away at least 10% in a pay yourself first account. Have 2 young kids at home myself and certainly hope they learn from my experiences!Stevehttp://www.steveonline.canoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-29355609472506364022012-12-11T15:00:47.665-05:002012-12-11T15:00:47.665-05:00As a parent, the key truism is "Live within y...As a parent, the key truism is "Live within your means".<br /><br />Of course, this is easier said then done. Also, how each person does this will be a bit different. Having said that, books like the one here are a great way to build good lifelong financial skills and habits that allow you to live within your means. As well, one of my favourites is the "I Will Teach You To Be Rich" book by Ramit Sethi. Ramit is quite young so it is a peer-to-peer book focused at a young demographic and is filled with workable techniques and excellent advice. The key is being self-aware and working on building the right financial habits from an early age.<br /><br />As parents, it is our responsibility to find various ways to build practical financial skills and good habits in our children from an early age.<br /><br />Paul W.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-83497296798771784112012-12-11T13:26:59.891-05:002012-12-11T13:26:59.891-05:00Thx Derek, Perry and Theresa
Derek, good advice, ...Thx Derek, Perry and Theresa<br /><br />Derek, good advice, except if you save nothing, there is nothing to compound :)<br /><br />Perry, I like the financial actions you are undertaking; very wise words in your last sentence.<br /><br />Theresa, good advice. Rob gets into credit cards in his book also. The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-29490629949433707612012-12-11T10:11:58.021-05:002012-12-11T10:11:58.021-05:00As a parent, the best tip i can offer is not to ge...As a parent, the best tip i can offer is not to get sucked into getting a credit card during university.<br /><br />the banks hunt kids down and make offers when they are at their most vulnerable....and then often quickly max it out and spend years afterwards trying to free themselves of the debt.<br /><br /><br /> <br /><br />Theresa Pnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-30678457155897294752012-12-11T09:30:30.102-05:002012-12-11T09:30:30.102-05:00I'm a young adult, working as a writer and edi...I'm a young adult, working as a writer and editor. Salary is still not so great, but it has caused me to do two things. First, rid myself of as much student loan debt as quickly as possible. Secondly, I try to keep my expenses low — brown bag it, public transportation, etc.<br /><br />At the end of the day, financial empowerment is hard work. It has to be earned, regardless of what field of work you're in. Making wise short term decisions can make long term ones easier and more reachable.Perry K.http://flavors.me/perrykingnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-136406816230840092012-12-11T09:29:16.259-05:002012-12-11T09:29:16.259-05:00Hi Mark. Thanks for all you do for us and for hig...Hi Mark. Thanks for all you do for us and for highlighting Rob. I've found him to be a level headed wealth of information.<br /><br />I am the parent of a twelve year old so we are just passing from the "generalities" phase into more specific areas of finance.<br /><br />My one piece of advice to a young person today would be to fully embrace the power of compounding. Hey, if it impressed Einstein, it must be worth a closer look!<br /><br />Thanks.Derek Wnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-54230642077046064162012-12-11T09:03:16.951-05:002012-12-11T09:03:16.951-05:00Thx, Steve, Rob, Remi & Chris
Steve, you have...Thx, Steve, Rob, Remi & Chris<br /><br />Steve, you have your hands full, 3 at home and teenagers at work. Wow, you must sleep well<br /><br />Rob, interesting point. $80k in rent, wow where did you live at school, in the penthouse? My kids rent is $6-7k a year sharing a house with their friends. So maybe you are assuming at least two kids get the use of the condo. In any event, I have had a few clients undertake that strategy while their child attended University and it has worked out fairly well, especially these last few years of rising house prices and restricted student housing. Could be more risk going forward if interest rates spike.<br /><br />Remi, I call that the Holy Grail second bank account <br /><br />Chris, great advice. Its amazaing how ones lifestyle and expenses expand to pay raises.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-5152408166741891722012-12-11T08:59:59.631-05:002012-12-11T08:59:59.631-05:00Young adult here (also a parent, but my 1 year old...Young adult here (also a parent, but my 1 year old doesn't need any financial advice...yet)<br />Best tip as a young adult is to realize that you'll generally be starting the ladder and getting a few raises and promotions as you gain experience. Get a raise and promotion? Great! - put it towards savings or paying down debt, don't let it creep into a more expensive lifestyle. The key to retirement is having enough savings to cover your expenses. If your expenses are low, your savings rate is higher and the nest egg you need to retire is smaller.Chris Cnoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-37337587318085397812012-12-11T08:48:16.388-05:002012-12-11T08:48:16.388-05:00I'm a parent of two little ones, but also not ...I'm a parent of two little ones, but also not long out of young adulthood, being in my early 30's (still there?). <br /><br />The best way I ever saved money was to use a second bank account. Transfer as much as you can to that account, and leave it there until you really need it. Decide how much you think you need left in your current account until the next pay day / loan cheque etc. to figure out how much to transfer out. Then transfer out another $100-200 because you probably over-estimated luxuries. Much like the 'pay yourself first' idea. Even if you use the account to cover future (known) expenses, like future months' rent, etc - keeping the balance away from your prying eyes at the ATM directs a more careful focus to spending.<br /><br />It may be that you need it for travelling etc., but had you not used this account, dependence would be the only other way to enjoy an 'independent' trip.<br />Remi Snoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-25239132256862860502012-12-11T07:38:40.165-05:002012-12-11T07:38:40.165-05:00Hey Mark. Good advice. I'm surprised that the ...Hey Mark. Good advice. I'm surprised that the book and nobody else here mentioned to maybe BUY the condo that a son / daughter can use when they attend school. It saves approx $80K in rent and chances are it will increase in value over that time. And anon should note that only FOOLS buy diamonds... Diamonds are a social convention for weak minds.robhttps://www.blogger.com/profile/14934159418646747117noreply@blogger.com