The Best of Money carnival is different than every other personal finance carnival in that it limits the amount of those bloggers that can be featured. Thus in ensures that each article is going to be fantastic! This past week I received and read way over 60 entries. Considering some of the bloggers that participate in this carnival it was tough narrowing down the field to a select 10 posts!
Just because I don’t agree with the post doesn’t mean it isn’t well written and interesting!
The 103rd Edition of the Best of Money Carnival
The 10th Best Article
Michael presents Avoid Paying Unnecessary Car Insurance posted at Dough Roller.
When I saw the title of this post I groaned with annoyance about another cheesy post about how to shop around have good credit, but Michael took me for a loop as he discusses his decision to carry only the minimum liability insurance on his car. I think he is absolutely nuts. One accident will completely wipe out all the progress he has made over the years.
The value in collision and comprehensive car insurance comes only if your car is damaged or stolen. After all, it’s insurance, and the only time a customer receives value in insurance is when something bad happens. For a guy like me who never drives, the odds of getting into an accident are slim to none. Also slim is the chance of this car being stolen, as it’s garaged in an “odd” location. Justifying a $200 expense each month, means justifying a $2,500 expense each year and it’s just not going to happen.
The 9th Best Article
Glen Craig presents Home Businesses You Can Start in Your Underwear posted at Free From Broke.
Finally a post that discusses real ways to make money while wearing your tighty whities cool boxers from the Armani Exchange. Who doesn’t want to work from home?
The recent recession forced many people to get creative about how they make money, and technology has provided the means for many entrepreneurs to start businesses from home.
The 8th Best Article
The Financial Blogger presents Thoughts from the silent partner posted at The Financial Blogger.
The Financial Blogger has recently taken a left turn on his blog talking about the business side of his empire, and I have to tell you I freaking love it. This particular post is from the view of his silent partner (although one has to ask if he is writing a post is he all that silent?). From the comments:
I think that the very first thing that needs to be clear is what each partner will bring to the project. If this doesn’t sound fair, one partner will eventually get greedy and will claim more than his 50% of profit.
You also need to establish how decision will be taken and what will happen if you can’t agree on something. Opinion divergence is a cause of a lot of trouble among partners
The 7th Best Article
Ken presents Why You Should Fight For Every Percent You Can Get on Your Finances posted at Spruce Up Your Finances.
For the most part I disagree with Ken, but damn it he makes a great argument and even provides an explanation of the Rule of 72,
Have you ever heard of the Rule of 72? It is a simple estimation to determine the number of years your money would double given a certain rate of return. The concept is that if you divide 72 by the rate of return on your savings, the resulting amount is the number of years your money will double.
So why do I disagree? Even if I had $100,000 of cash in the bank 1% (3% vs 2% difference) is just an extra $1,000 or less than $100 per month before taxes.
The 6th Best Article
Jacob @ My Personal Finance Journey presents Does The Market Perform Better When Democrats or Republicans Are President? – An Update On Recent Results posted at My Personal Finance Journey – Personal Finance, Intelligent Investing, And Frugal Living Tips.
Jacob first takes a look at previous studies and then provides illustrations of stock market growth since the end of the study.
Now, I definitely don’t want to make this a big political battle, because I am not a very “involved” political person.
However, it is no secret that the stock market in general reacts better to Republicans than Democrats. Republicans pride themselves on being champions for lower capital gains taxes and supporting the businesses that make up the stock market.
The 5th Best Article
Intelligent Speculator presents Do you control your retirement date? posted at Intelligent Speculator.
IS has an interesting conversation going on about who really controls retirement. Is it the government? is it you? is it the company you work for?
So as we live longer, it’s to be expected that we’ll “want” to work for longer as well. That being said, the vast majority has little control over their age of retirement. They depend both on their company’s policy, on the government policy and of course on their own finances
The 4th Best Article
RJ Weiss presents Finding a Financial Planner That Puts Your Interests First posted at Gen Y Wealth.
Probably because of his chosen profession, but RJ is one of the few financial bloggers I can read when the words “financial planner” are brought up. In this post RJ provides the first 2 steps when meeting with a financial planner.
The following ten questions [should be asked when you first meet a financial advisor]…
The 3rd Best Article
Mike Piper presents Assessing Your Risk Tolerance: Need and Ability posted at Oblivious Investor.
I think risk tolerance is one of the most overlooked topic on financial blogs. Too many bloggers and even main stream financial writers provide blanket statements like, “your bonds should equal your age” but if that keeps me up at night and not in line with my goals then the advice is not only worthless but incorrect.
When determining your ideal asset allocation, by far the most important question is what portion of your portfolio should be in stocks and what portion should be in bonds (or cash).
The 2nd Best Article
Joe Morgan presents How to Survive (and Possibly Thrive during) Stagflation. posted at Simple Debt-Free Finance.
Not only does Joe explain what Stagflation is, he provides specific historic examples of what ‘worked’ during the last economic period of stagflation.
Looking back at the 1970′s makes it pretty clear that very, very few people got rich after accounting for inflation. In fact, it was considered a victory just to keep pace with inflation and not lose “too much” of your wealth.
The average American was much worse off by the time stagflation ended in the early 1980′s.
Here are some of the ways people were able to maintain their savings, if not prosper at least a little.
The Best Article of the Week
Control your Cash presents Why pay someone when I can do it myself? posted at Control Your Cash: Making Money Make Sense.
An entertaining post about Comparative Advantage…it has to be the post of the week! They even sneak in the word “fortnightly” lol.
It’s called Ricardo’s Law of Comparative Advantage. It says that things work best when everyone does what they’re best at. Ignore it, and you’ll hurt yourself financially.
Alternative for Number 10
The blogging gods might strike me dead but I also really liked
Suba presents Target retirement funds compared posted at Wealth informatics.