A penny saved is a penny earned - we’ve all heard the phrase. There’s lots of variations on it too:
The Penny Saved is a penny earned

and some funny ones too:
A penny saved is a penny plus interest earned
A penny saved is a penny earned — and taxed.

Ok so the truth is, I don’t even like the phrase, its pretty cliche. But I figured after all this time calling this site that, I should probably do a little blurb to explain it for a little bit of Monday fun and start a little experiment. The original quote is indeed “A Penny Saved is a Penny Earned” by Benjamin Franklin. After looking up some quotes pages apparently a lot of the cheesy quotes we hear on a day to day basis came out his mouth.

So what does a penny saved is a penny earned mean exactly?
The general gist is pretty easy. Every penny you can save on something, is one less penny you have to earn, thus it is a penny earned. It could be extended though: for every penny you save and then invest, in 45 years that penny has turned into a dollar (assuming 11% interest rate).

If I saved a penny a day and invested it at 11% interest, how much would I have in 40 years?
$2,357.27

I read somewhere that the average american goes by 6 cents per day just laying around. I dont know if that includes in penny holders at gas station counters or driving in your car or what, but if you were to save that 6 cents a day, that would be $21.90 in one year, and if invested yearly at 11% that would be $14,143.61 after 40 years.

Well, I am going to test this out.  Thats right, I am going to start picking up pennies, and actively watching for them.  I am curious exactly how many pennies we pass by or throw out or get rid of per day.  I am going to track this  and post it in a nice little graphic.

Oh and I just found my first one laying on the ground, no joke.

So I find that there are a lot of great articles in the PF world and a lot of terrible, boring ones about topics that are more overplayed than “Crank that” in the clubs.  So here are articles I actually like or found entertaining for the week.  And no its not just link love, because you can bet your ass some of these dudes haven’t/probably won’t ever link back to me (though admittedly there are a lot of my closer associates on the list):

Obtain a copy of your credit report for free at Blogging Away Debt

Mrs MiniDucky is cleaning out her Wallet (just like I did, except probably more thoroughly than me)

This is right up my ally: Stick figures explaining the subprime mortgage crisis at My Money Blog

Mrs Micah and her Cash Register problems 

Patrick has some sweet Salary Negotiation Tactics at Cash Money Life…also check out my Guaranteed way to get a raise

The Honest Dollar has an interesting article on Date-targeted retirement funds (these are offered at my company: I do not use them)

PTM has the first money hack carnival (no, yours truly didn’t submit anything this time around)

Mighty Bargain Hunter has I know whats wrong with my trumpet which I feel obligated to mention since I play a good amount of musical instruments (including trumpet) and I had a similar experience with my trombone.

Lazy Man and Money has a pretty funny article on the worst finance book of all time

JD tackles money social situations (and who HASN’T run into this)

Saving on TV from Free Money Finance

Words of Wisdom from Warren Buffett at five cent nickel and trust me, when Warren Buffet talks, you should listen.

Breaking the cycle from NCN

My Two Dollars has a great article that I like to paraphrase as Take care of your crap 

Lynnae has a good point with Budget Evolution (so true)

Debt free Revolution is finally debt free (in fact she will be doing a guest post coming up sometime here)

Probably one of my favorites of my favorites for the week is Digerati life’s Getting to a mill with small change too bad a million isnt enough 

At blueprint, bad breeds more bad Wow Im a jerk, I don’t even bother to give details, guess you have to read the article

And finally not even personal finance related but I saw this:

Are meme’s helping peoples blogs?  at My investing blog.  Apparently it works.  I have some real reservations about this and my current stance is “@#$% that, I am not artificially inflating my rank, if people like stuff here, they will link here” I do this for the people and to break up the monotony in a topic that is as traditionally dry as a bad white wine, and for emails like:

“Dear Jesse,
This is a wonderful thing that you are doing!  You are really changing lives, mine included…”

Except wait you have to wait for the Monday contest update to see the rest, but that being said I’m occasionally tempted.  My technorati link average compared to my reader count is almost comical.  Over 10-1 visitor count per day compared to link count (last I checked) and my advertising revenue suffers because of it.  For now, I’m sticking to my guns.

Alright, site is fixed! Thanks for the support everyone!  And heres some of my favorite articles for the week

When Buying on sale isn’t frugal at BeingFrugal.net

Managing Debt in college years at TheSimpleDollar

Handling Credit Card Receipts at IWillTeachYouToBeRich

What could you have sued over? at MrsMicah

Should you keep cash under the mattress? at Pinching Copper

P2P Lending at Cash Money Life

Changing Payment Due Dates at Prime Time Money

Easily Confused Money Terms at Mighty Bargain Hunter

Tax the Unhealthy? at Lazy Man and Money (some controversy for the day)

Wednesday Challenges at Money Managed

Start a website, Make Half Mill at Free Money Finance

I am giving away the following two ipods (and some other great stuff). Check back MONDAY for details.

There are some things in life you should save money on. There are other things you most definitely should not try to save money. These are those second things:

8] Toilet Paper
I really shouldn’t have to explain this, but for anyone that has ever worked in an office, if you buy that same stuff for your house, you are a masochist. I promise you the extra two dollars you spend on angelsoft or whatever will be probably the best two dollars you have ever spent in your life.

7) Mouse
Whats more annoying than a new cher album? More aggravating than waiting in line at the DMV? How about a cheap mouse. Unless of course you like choppy scrolling all over the page, clicking the wrong buttons, and carpal tunnel. All fun. And people who used photoshop during the time of ball mice deserve some sort of lifetime achievement award for patience.

6) Pens
I could never understand the obsession some people have with pens. I borrow a pen from a coworker or another student and they would say “make SURE you bring that RIGHT back” and I smile and say “sure” and think “HAHAHAHA whatever” because I am a jerk like that. Turns out, as i’ve been writing more, I hate bad pens. And ever been writing a check in a hurry, say because you need to mail your mortgage and the mailman is outside and your pen stops working? Oh and then you look in the drawer, no pen there either. Ok you get the picture.

5) Mattress
Good night sleep means productivity. A good mattress means a good nights sleep. Use your logic skills to figure the rest out.

4) Beer
Because if you are going to drink it, make it worth it.

3) Laser Eye Surgery
Seeing ghosts and funny colors for the rest of your life sounds sort of psychotic break inducing. Oh heres some other possible problems: double or triple vision so severe patients can’t watch TV or read, light distortions so blinding they can’t drive at night and eyes so dry that goggles must be worn outside. “Hey, your goggles are fogged up man” “Yeah its ok though, even if they weren’t Id see three of you anyway….assuming of course Im not blinded by the light.” Dear Lord.

2) Engagement Ring
Nothing preps you for a life of unhappiness and the label of “cheapskate” like a cheap engagement ring, perhaps bought online on an ebay auction. Thats like having a “shoot insult here” target painted on your butt for your entire marriage ….and in case you don’t remember, marriage is a long time, like life (well for 50% of the population). Oh and its great feeling like a chump when all her friends check out her teeny little rock and scratched up gold.

1) Skydiving lessons
For nearly everything, there is a reason that it is cheaper. And after all: what is the difference between a bad golfer and a bad skydiver? A bad golfer goes “whack……….damn” and a bad skydiver goes “damn……whack”

Remember, personal finance is managing your money, not being cheap.

Yeah, I really did probably save a guys life last night.

Last night I worked kind of late when at the last minute I decided I would go hide my girlfriend’s early Valentines day present in her desk at work (we work at the same company) so that I wouldnt have to get up TOO early to sneak in and do it before people came in to work. Well, I went ahead and did and drove back to my house. By this time its pretty late so I am tired and want to go to bed. I pulled up into my driveway but was suddenly struck by the thought that the gas station by my house always has good deals on the extra large redbull, which I am addicted to. I normally just go to the gas station by work but I figured hey, Im up and two blocks away, I may as well just go do it now since its late and I don’t want to make a stop in the morning and I can save some money. So I drive over to the gas station and the place is dead, no one around. Well, I walk in and walk over and grab a redbull and a monster and head for the counter. I put my drinks down on the counter and I notice immediately there is something wrong with the attendant, he is bent over the register. I asked him if he was ok and he goes “I…dont….”

And then he starts having muscle spasms and says “Im diabetic, call 911.” I call 911, sit him down, and the ambulance is there within literally 30 seconds. They come in and give him a shot of something. In the meantime I put back the energy drinks and head for the exit and the guy tells me on the way out “thank you so much brother.”

Wow.

At the career fair I attended today yesterday. I really wanted to take a camera with and photograph the worst dressed interview candidates but I couldnt quite figure out how to 1) do it without getting caught and 2) ethically justify it to myself. Ok mostly #1. Anyway I couldn’t do that so there went idea number 1 for funny random post of the day. The good news is there are enough stories to make an entire post! (And let this be a lesson to act professional)

Conversation with one computer science major:

me: “Hey hows it going? So what kind of employment are you looking for”
kid: “well I want a summer internship doing no more than 5 hours a week.”
me: “Why only 5 hours? I spend 5 hours a week washing my car in the summer”
kid: “I hate working”
…

Then there was the kid walking around in the always classy flannel pajama pants, flip flops and a tshirt with messy hair wandering around asking for interviews. hmmm.

Another great conversation. A girl comes up to me very professionally dressed with a nametag that reads “mathematics”. Ok a math major that wants to talk to a software/consulting firm interesting, but Im game for listening to her pitch. “Hi, so what kind of employment are you looking for”
“well Im not really sure but I saw your website and I had a dream that I fit in perfectly with your company I can’t quite explain it, I felt a strong core attraction to your company. I feel something telling me to work here.” “Well we have development openings, some marketing openings, etc etc do you have any experience with anything there?” “No” “Do any of those things interest you?” “No” “How do you see yourself fitting in at our company” “I dreamt you would know” “Huh. Well, let me pass you off to our recruiter” Wherein I took great joy in seeing him go through the same thing. There is something cathartic about torturing friends/co-workers.

Here are a couple bonus career/finance related quotes:

baseball great Yogi Berra, on the Broadway show Biloxi Blues:
“It reminds me of being in the Army, even though I was in the Navy.”

Overheard:
“I like investing. Mostly money.”

“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”
JP Getty.

“I’ve been rich and I’ve been poor: Rich is better.”
Sophie Tucker

“Part of the $10 million I spent on gambling, part on booze and part on women. The rest I spent foolishly.”
George Raft.

And Ill leave you with:

“Beyond its entertainment value, Baywatch has enriched and, in many cases, helped save lives. I’m looking forward to the opportunity to continue with a project which has has such a significance for so many.”
- David Hasselhoff, Actor

Baywatch saved my life, how bout yours?

There was a new carnival of frugality today, so I figured in honor of super fat tuesday Id post some super phat links for the day to stuff that I use all the time.

First the blogs I read every day: I will teach you to be rich, Mrs Micah, Get rich slowly, John Chow, No Credit Needed

Next some useful links: Credit Card Ratings, MSN Money, EOpinions, Adult Facebook errr LinkedIn, Google Finance

And finally a bunch of financial links:

AUTO

CarBuyingTips.com, www.carbuyingtips.com

-Free information on buying new and used cars, leasing, and avoiding auto scams.

CarFax, www.carfax.com

-See the history of the car you are considering

Edmund’s Publications, www.edmunds.com

-Consumer information experts. Easily run comparisons on new and used vehicles.

Fighting Chance, www.fightingchance.com

-For $34.95, you receive complete pricing data on the vehicle you’re considering, plus its record in the market place, available cash incentives, negotiating tips, and access to a “live” purchasing coach.

J.D. Power & Associates, www.jdpower.com

-Automotive marketing research

Kelley Blue Book, www.kbb.com

-New and Used vehicle pricing reports

LeaseSource, www.leasesource.com

-Automotive research with calculator to lease or buy a car

EDUCATION

Finaid, www.finaid.com

-A comprehensive site that covers all aspects of financial aid.

National Center for Education Statistics, www.nces.ed.gov/ipeds/cool/search.asp

-Information on past three years of college/university costs

Salliemae, www.salliemae.com

-Calculators for estimating college costs, savings needs, and student loan payments as well as a great deal of financial aid and scholarship information.

INCOME TAX

IRS Website, www.irs.ustreas.gov

-The IRS Website, information on forms, publications, and frequently asked questions.

INVESTMENTS - Discount Brokers

ShareBuilder, www.sharebuilder.com

-Discount broker with auto building plan. I really like this one.

TD Ameritrade, www.tdameritrade.com Updated!

-View account balances, market news, and other services offered by the discount broker.

INVESTMENTS - Financial News & Quotes

Bloomberg, www.bloomberg.com

-Financial market news and stock/mutual fund quotes

CBS MarketWatch, www.cbs.marketwatch.com

-Financial market news and stock/mutual fund quotes

CNN Financial News, www.cnnfn.com

-Financial market news and stock/mutual fund quotes

Google Finance, finance.google.com/finance

-Everything you need

Money Central, www.moneycentral.msn.com

-Financial market news and stock/mutual fund quotes

Yahoo, finance.yahoo.com

-Keep track of your overall portfolio and get detailed charts on your individual stocks and funds

Welp, lunch break is over, back to real work. Enjoy.

…and by that I mean either obvious or just plain wrong. I have seen a lot of career advice on the internet and quite frankly a lot of it is BS. Here are some of the gems I found from various blogs, msn articles, and webzines:

“Be innovative” aka “Be creative” aka “Try new things” aka “..introduce new ideas”
-Written a thousand ways, and always I respond: ‘Ya think?’
“Volunteer for boards”
-Im not sure about you but there are no ‘boards’ at my work to volunteer for. Oh and the kind of companies that have boards generally SELECT people for them.

-”Don’t ruin your reputation”
-And here I thought getting super drunk and dancing around on the table at the company Christmas party was a good idea.

-”The best strategy is to just be the best in your area. That makes you indispensable”
-Wrong. In fact, I’ll give you a bunch of reasons why:
1) I worked at Hewlett Packard for six years. During the first threeish years I worked there, I did very little more than I was asked. Sometimes not even that. For the last three years I worked there I worked my ass off. During the last year I was there I was working on a large project and people around me were dropping like flies during the layoffs. I was originally supposed to be support for the project but because of the layoffs I turned out to be the only engineer on the project. Keep in mind I was in college, and so receiving college level pay, I was not a huge liability. Just as we finished the first phase of the project I was laid off. I was the ONLY engineering resource left on the project and the only one who knew fully how it worked. And I was let go before I could finish completely or do any documentation . There is no such thing as being indispensable. It doesn’t matter what you are doing or what you are getting paid or where you are on the ladder.
2) Now, its a good idea to be an expert in one area but you should also understand as much as possible in all aspects. Being rounded is a good thing. What if your area of expertise goes away, what then?
3) Getting pigeonholed into doing one thing all the time sucks. You know Bob in department B thats been doing the same thing for 30 years….do you really wanna be him?

“Do what you were good at in school”
When my dad was in college he was pushed hard by councilors to go into physics because he was REALLY good at it. As it turns out he hated working in a lab and went on to do other things. Just because you are really good at something doesn’t mean you should do it. This problem is particularly big when still in college. I switched majors somewhere in the range of four times before I finally settled on something. Just because a class is fun and you are good at the subject does not mean you should bank your life on it. Being good at something in college does not equate to real life success. Plus, there are very few jobs directly related to drinking beer.

Unfortunately in my line of work there are occaisons where I have to be on a customer site for extended periods of time.  Last month was one of those times and by the time I got back to the hotel at night I had no desire to open my laptop at all.  In any case during some of the time I was out there I did a lot of thinking and have a lot of pieces of articles.  There will be probably be a flurry of posts in the next few days as I “catch” up and get back to speed.