Yakezie Carnival November 17, 2014

yakezie carnival Nov 2014 Messy MoneyWelcome to the Yakezie Carnival brought to you to by the network of personal finance bloggers of the Yakezie. If you would like to participate in a future carnival, you can submit articles at Blogger Carnivals.

I decided to do something a little different with this carnival.  Rather than providing a list of all the posts, I have tried to weave them together in a Personal Finance Adventure.

Before we start our PF journey, I wanted to highlight my favourite carnival submission.  It comes to us from JC @ Passive-Income-Pursuit.  He takes a look at the ever elusive crossover point at The Intersection of Dividend Growth Investing and Financial Independence and how it relates to dividend growth investing. How long until you’ll get there?

*Spoiler: JC has the spreadsheet to help you answer that question.


Our Adventure

Meet our protagonist Ziggy Calamity.  Ziggy has made plenty of mistakes with money and it trying very hard to find his way in a complex financial world.

After finishing college, Ziggy met the girl of his dreams at a Nickelback concert.  Her name was Jane Ridinghood and after a whirlwind courtship they eloped during a wild weekend in Las Vegas.

After their wedding the two settled into married life.  Their first priority was setting up the matrimonial home.

They needed to decide

or would they

After they settled in to their new digs they went on to make many common money mistakes that could have been avoided. They also were also Guilty of These 5 Personal Finance Sins.

They also went out and bought two brand new car without even asking themselves How Much Car Can I Afford?

 

Money Problems

After a few years they found themselves in serious debt and their marriage was suffering.  It was time to take action but because they did not have a solid understanding of financial concepts they did not know where to start.

Should they:

  1. File for bankruptcy when they didn’t know the Facts to Consider before Filing for Bankruptcy
  2. Find out How Cash Advances Work and use the money to cover their bills…
  3. Try and Sell their House for Top Dollar
  4. Withdraw money from their IRA based on the recommendation of a friend that shared with them 4 IRA Withdrawals that Actually Make Sense
  5. Use a balance transfer to pay off their credit card debt?’ 

Or

Call it quits and file for a divorce. They wondered if the could avoid  the Money Mistakes Couples Make When Divorcing.

 

Could they turn it around?

They had hit rock bottom financially and they decided that no matter what they were going to get control of their money.

The first thing they decided to do was:

Find out about Credit, Credit Scores, and Credit Reports.

Once they understood their credit standing they realized they need to get organized and they implemented 7 Money Saving Organizing Systems.

It became clear that they needed to bring more money into the house so both of them decided to take on some freelance work and follow the 10 Survival Money Rules for Freelancers

 

Spending Control

Next they needed to tackle their spending.

Debt

Once they understood where they stood financially and gained control of the spending they started to tackle their debt.

They worked hard to Pay Off Their Debt Smarter and Faster and they found 7 practical idea’s to finally To Pay Off Their Student Loans.

Once their debt was paid off  they would consider applying for a credit card again.

 Saving

 

Investing

Ziggy and Jane knew started to build quite a nest egg and they knew if they wanted to become financially independent one day – they needed to learn about investing.

They asked around for some advice.

  • Their financial planner looked over their portfolio and saidYou’re Handling Retirement Savings All Wrong!” 
  • So they talked to friends that were investing in the stock market. Marissa told themYou Should Always Seek Value. – To get yourself financially free, to make good investments and to get through life in a calm and relaxed manner – you should always seek value.”
  • Their neighbour Hadley shared with them Stock Investing Myths and Truths Part 4 of 4, because even though there’s plenty of information about what works and what doesn’t when it comes to investing in the stock market, many myths still refuse to die.
  • Their cousin Matt told them that Investing Doesn’t Take Genius Intelligence, Just Common Sense and quoted Albert Einstein, “Insanity is doing the same thing over and over and expecting different results.”
  • To cultivate the right money mindset their friend Kalen told them about The Slight Edge and How it Can Make Them Rich.  Ziggy and Jane had not heard of The Slight Edge and found out that it’s a profound, yet simple and applicable way you can improve every area of your life, especially your finances.
  • After learning as much as they could about investing they searched for an online brokerage account.  They had heard about E*TRADE and they Make Investing Simple. They searched for E*TRADE reviews that covered the online broker and the tools it uses to set itself apart from other brokers. They also heard that if you open an Etrade account you can get up to $600 cash back!
  • Finally they tried out Personal Capital to Manage Their Investments for Free.  The thought Personal Capital would be a good tool to use to view of your financial accounts in one spot.

~Ziggy and Jane Lived Happily Ever After~

Thank you for reading.  If your post has been included in the carnival, please remember to link back.

13 Comments







  1. Nice story! Investing is the scary part for most people because it puts your hard earned savings at risk. I overcame my fears by testing the waters with very safe choices and learning a great deal about it.
    krantcents recently posted…Win or LoseMy Profile

    Reply

    1. Thanks – I tried to get away from the usual carnival format and have some fun. Not easy to tie all of the posts together. 🙂

      Reply

    1. No problem. I wanted to do something different – we will see how it goes. Thanks for stopping by.

      Reply

    1. Thanks Myles. Glad you like it. There are so many Ziggys and Janes in the world I could not resist. LOL

      Reply

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