Gather Little by Little

I spend a great deal of time with college students. Over the past decade, I have observed a phenomenon – very few students work their way through school anymore. I know that there are exceptions, but I remember when the college student stereotype was a guy who drove an old beater (if he had a car at all), worked all night, wore old clothes and was always  hungry. Today’s college student drives a current year SUV, brand name clothes, does not have a summer job and goes out to eat in order to avoid cafeteria food.

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Okay, a little shorter post today with the holiday weekend and all. I do not want to make anyone think too hard but I was reminded recently that “frugal” does not always mean “cheaper”. My wife and I sometimes review some of the purchases that we have made over our lives where we spent little money, but wish we had spent a little more.

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A long time reader named Bobbi sent me an email recently. The email contained a list of 45 lessons that life taught Regina Brett, a 90 years old resident of Cleveland, Ohio. The list inspired me to share my own list of lessons, but from a personal finance perspective.

Of course I’ve learned far more than 40 lessons, and the list grows daily, but here’s the top 40 I’ve learned so far. Hope you enjoy and if you think it will help others, feel free to share.

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1. Mange your money, don’t let it manage you.

Last week, I wrote about my belief that when it comes to giving and tithing, the Bible does not prescribe an exact percentage of giving for the New Testament believer. The idea that the ten percent tithe is a hard and fast command to the church goes against the spirit of the New Testament, and it is nowhere expressly stated by any New Testament writer.

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A frequent subject on personal finance blogs is the discussion relating to tithing. If you conduct an internet search on that topic, you will find a colorful variety of opinions scattered throughout cyberspace.

What is a tithe?

Some of the controversy centers around the word “tithe” itself. The Old Testament Jews had a strict definition of what tithing meant. The first tenth of all their “increase” belonged to God. In fact, one passage made it clear that neglecting to pay the tithe was considered robbery by God. Tithing was not an option and the most faithful Jews tithed everything – livestock, money, garden goods, spice, and more.

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Last Friday, I was informed that the wife of a friend I work with passed away in her sleep unexpectedly. She came home from work not feeling well, went to bed and never woke up. It reminded me of just how quickly your life can be taken from you. The article below is an article I wrote in 2007 about a good friend and co-worker who passed away that same year. I thought it would be beneficial to share Rich’s story with you again.

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A few weeks ago, I shared with you a great service I found for creating a financial plan. I also shared the importance of having a plan and how if you didn’t you were basically driving around without knowing where you’re headed. Having a financial plan in place can make a significant difference in whether or not you achieve your financial goals or not.

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Johnny Carson once said, “Scientists have discovered a powerful new weapon that leaves buildings standing, but destroys people . . . it is called the 17% interest rate.” Another famous quote about interest may or may not have been uttered by the famous physicist, Albert Einstein, who was once asked about the most powerful force in the universe and answered: “compound interest”.

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A few pictures from my reef tank

One of my hobbies is maintaining a 75 gallon saltwater reef aquarium. I’ve mentioned this a few times before in some other articles I’ve written. A number of you have written asking me about my aquarium and saying you’re in the hobby as well. So I thought I’d share a money saving article that applies to saltwater aquariums.

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Solomon most famously wrote the Book of Proverbs. Thoughts about money are prominent in both Proverbs and his other book of wisdom entitled, “Ecclesiastes”. We might even say that King Solomon was the first “personal finance blogger”.

My pastor recently spoke on the following passage from Ecclesiastes 11:

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