Sell in May and Go Away?

The Big Picture has an article that suggests long term the axiom "sell in May and go away" may ring true. The site claims that it also holds true for world markets. During "good periods" (Nov-Apr) the S&P 500 has historically returned 8.5% per year during , while the "bad periods" (May-Oct) returned 3.2% per year. Still not terrible, but not great either. Head over to see the full story @ The Big Picture.


Link
Sell in May @ The Big Picture
Image James & Viliga @ Flickr

The Rich Don't Save Either

Market Watch has an article this week claiming the lower and middle class aren't the only ones finding it difficult to put money away. The article cites a study conducted by HSBC bank that surveyed people making over $250,000 per year. Over a third of respondents said they had difficulty saving money because of a "need to pay everyday bills".

You won't find a shoulder to cry on here. If you are pulling down a quarter million a year, even if you are getting eaten alive by taxes, you should be able to at least max out your retirement savings accounts. You might not get that beach house on Florida or that new Porsche you had your eye on last year, but sometimes life just isn't fair.

Link
Sophisticated Investor @ MarketWatch
Image James & Vilija @ Flickr

Keep The Junk Mail Away and Maybe Identity Theft Too

Tired of getting a pile of new credit card, student loan, or home equity loan offers each day? Yeah me too. So with that in mind, here's a list of places you can go to cut down on the junk and save some trees.

The Direct Marketing Association
Write them at: Mail Preference Service, P.O. Box 643 Carmel, NY 10512 (free) or you can pay $5 to do it online at www.dmaconsumers.org/cgi/offmailinglist

Pre-Approved Credit Cards
Registering here online will opt you out of mailings for credit cards and insurance provided through Equifax, TransUnion, Innovis and Experian mailing lists.

List Brokers
According to Junkbusters writing to the following places using their form letter can significantly reduce the amount of junk mail you receive.

Abacus: PO Box 1478, Broomfield, CO 80038 or Email at optout@abacus-us.com

InfoUSA: Product Quality, PO Box 27347, Omaha, NE 68127 or 888-633-4402

Metromail: Consumer Services, 901 West Bond, Lincoln, NE 68521 or 800-228-4571 ext 4633

If phone calls interrupting your peace and quiet are the problem you can visit

National Do Not Call Registry
Call from the phone you want to register 888-382-1222 or visit www.donotcall.gov

Your state may also have a do not call list if you search on Google.

Your credit card company and bank may offer you perks if you are willing to go paperless with statements. Citibank offered me $5 when I used to have an account with them. HSBCDirect will donate money to plant some trees.

Link
Image jparise @ Flickr

Do You Make Less Than Your Dad?

A new study is showing that in real inflation adjusted terms 30 year olds today make less than their fathers in the mid 1970's. In 2004 the median wage for a male in his 30's was $35,010 which is about 12% less than men at the same age in 1974. This finding is a departure from what was going on in the 1990's when adjusted wages were 5% greater than in 1974, clocking in at at $32, 901.

Unfortunately, the study couldn't pin point why the wages are now lower. Personally, I don't think it's a bad thing that they couldn't. Economists can't take all the variables into effect and shouldn't try to. With the magic of statistics the researchers could have probably molded the results to achieve whatever result they wanted too.

More interesting than the article itself for me were the comments after the article which encompass a wide array of stereotypical views on both sides of the political spectrum. The comments can be loosely categorized as 1) I wouldn't want to be a young person today they have it rough, 2) people need to try harder, kids these days are afraid of hard work, 3) the government needs to be like ________(fill in socialist European country) and start leveling the playing field.

I'm very supportive of a free market system and think government meddling has probably caused some of the problems like astronomical health care costs that are happening right now. However, I wouldn't mind seeing the government subsidize student loans a little more in the form of lower interest rates (not by doling out grants). While many corporations are started by risk-taking college dropouts, the people they hire may be equally qualified but stomach risk worse. The economy is better off with more educated people in it whether it is at a tech college, university, or professional school. I think it's probably better to invest in people than it is to change the tax system to concentrate and perpetuate wealth.

Link
30 Year Old Man Never to Be as Rich as Dad @ ABC NEWS
Photo From Paul Goyette @ Flickr

Minimum Wage to Rise

Congress has voted to raise the minimum wage in the U.S. by passing the "Fair Minimum Wage Act of 2007". The Act bumps the minimum wage up more than $2 to $7.25. The rise from $5.15 per hour to $7.25 will be phased in over a two year period and offset by more than $4.48 billion dollars of tax breaks to employers.

Link
US Minimum Wage to Get Boost @ BBC News

Hybrids Take Over The Big Apple

The common yellow cab will begin to look a little different in NYC in the future. Mayor Bloomberg has made a push to go green. He decided to require all NYC taxis to be hybrids by 2012. Although I'm all for programs that improve the environment, even if slightly, my gut reaction was that these added costs were going to be passed right along to consumers. The Mayor says that the costs will be offset by increased fuel savings. The hybrid power train is perfect for the stop and go traffic of NYC, but I'm thinking that those of you in the city may see increased cab fares in the near future.

That is of course assuming there isn't a cap on them. Living in the public transportation backwater of the Midwest, I'm not sure if that is the case in NYC.

Link
NYC Taxis to Be Hybrid @ AutoBlog
Picture - Seth W @ Flickr

XM Radio Customer? Pick Up The Phone For Your Credit

A software glitch knocked out XM radio service in at least a few parts of the country for two days this month. The company has announced that it will give customers credit for those two days outages, but the catch is you have to call them to get it. At $13 per month, that will leave you with a credit of about 87 cents on your next statement.

XM Radio Customer Care: 800-967-2346

Link
XM offers credit @ Detroit Free Press

If Banks Were People... Which Would Be a Deadbeat Dad?

Okay, so it's far from scientific, but if you are interested in marketing or branding this poll might be worth a look. Currently in the lead for the hypothetical deadbeat is Bank of America. You can get in on the action and vote too if you want here.

I'm going to guess that BOA is overpaying some consulting marketing guru's as I type this. This is one time where it isn't the marketer's fault. I doubt a marketing VP decided that it would be a great PR move to get entangled in the very polarizing illegal immigration debate.

Cool (Inexpensive) Projects to Do With Your Kids

If you are looking for interactive things to do with your kids or other children you may have in the family that don't involve a TV or XBox you might want to check out GeekDad. It's a pretty neat website. I'm all about activities that encourage creativity and cleverly disguise learning as fun.

For the most part these activities can be completed with a few inexpensive items and some reading material for the adult supervision. Here's a small sample of the type of projects available on the site.

• Model trains
• Painting with a 6 point perspective
• Ant farms
• Kite launched skydivers
• Electric model airplanes
• Build your own radio

The site is only a few months old, but they have a few more contributors now so I expect there to be a steadily increasing number of posts.

How Much Would You Pay To Have Lunch With Warren Buffett?

A Chinese business man recently paid $600,000 for lunch with Warren Buffett. The money will go to support the Glide Foundation of San Francisco and was auctioned off over eBay. What does that $600k buy you? Well aside from a good meal at Smith and Wollensky you get to pick the Oracle of Omaha's brain about whatever you want. Hmm, 2nd richest man in the world... owner of 60+ companies... where do you even start?

Morning Round-up: What's Hot in the PFBlog-o-sphere this week?

The Consumerist has an article about a person who emailed Progressive after their credit score had improved (apparently the company checks your credit every 3 years by default) and the company dropped his premium about $70 for the 6 mo period. Not too shabby.

Frugal for Life has a nice run down of common renting laws and tips to prevent you from getting screwed by the landlord.

If you want to see the problem of overspending perpetuated in America check out the new version of the "Life" board game being co-sponsored by Visa called "Twists & Turns" over at the Consumerist.

Free stuff is always good, especially if it's good free stuff. The Five Cent Nickel is giving away iPods and well boxes of bricks in celebration of it's two year anniversary. Everyone can use a free iPod. You just need to make a comment on the page.

The Washington Post has a thorough article about how to fight back against the subprime fallout and keep your house (I know it's not a blog, but hey - it's relevant).

Sites I'm Visiting: FiveCentNickel

If you are looking for another good personal finance read like me you may want to head over to FiveCentNickel from time to time. It has a good mix of both basic and complex PF topics. Plus, since I haven't exactly been great about updating my blog with finals, a new job on the horizon and moving shortly - it might feed your personal finance blog fix until I can post on a more regular basis. The site is also celebrating it's 2nd anniversary by giving away a slew of prizes.

I'm not sure how he has time to write and update as much as he does, but... anyways just go check it out already.

Link
Five Cent Nickel Front Page

Review: E*Trade Complete Savings Account

Now that I have been using E*Trade's Complete Savings Account for a couple months the time has come to give a little review of the service.

For a little background, E*Trade introduced the Complete Savings Account in the not-so-distant past and it operates VERY similar to the other online savings account providers out there like HSBCDirect, INGDirect, or Emigrant. The account offers a 5.05% APY compounded monthly and can be linked to outside bank accounts or any account you may already have with E*Trade. I have had, or currently have, accounts with HSBC and ING so I will compare them to E*Trade as I go in this post.

Opening an Account

It took about two weeks for me to open an account. I filled out the online form and about a week or week and a half later had the registration forms. You sign the form and mail it back to the bank within 7 days and you are all set. Not as sleek and fast as ING, but a lot better than HSBC.

The Interface

(click the picture to enlarge)

E*Trade's Complete Savings Account has a nice clean interface. Things are easy to find and it is painless to add linked accounts. Those of you who have or have had E*Trade accounts in the past (regardless of how unhappy you were with customer service) will likely enjoy it.

Transferring Funds

(click to enlarge)

This is where the E*Trade Savings Account really shines. The company has chosen not to nickel and dime people by putting a hold on transferring money. While companies that hold transfers don't really cost you anything in real terms, the are profiting off the float on your money that could be going to you. The transfers I have made are done within 1 business day! Zero days of lost interest. ING is usually pretty good around 2 business days, and HSBC is pretty terrible taking substantially longer.

It's also really easy to add linked accounts. I should be with any service, but you can instantly validate accounts with E*Trade if you are willing to divulge your online user name and password for the account.

The Rate

E*Trade is paying 5.05% APY which isn't terrible, but there are plenty of other players in the mix now. ELOAN is consistently above 5% (5.25% right now) and many of the traditional banks like WaMu are offering similar services with competitive rates. The company has been offering a $25 sign-up bonus which as far as I can tell is still effective. Check out my former post on the bonus and try some of those codes to see if you can still snag the $25. UPDATE *I found a link to the bonus and it is now at the end of this post*

Fees

None, just keep at least $1 in the account.

Overall

I have had some bad experiences with E*Trade as a brokerage which I will write about some other time. However, I'm happy to say my experience with E*Trade's Savings Account has been good so positive. Of course I haven't had to use the customer service for much which has been the brokerage's main downfall.

Pros:

• No minimum, $1 to open, no fees, sign-up bonus of $25, FDIC insured.
  
• No hard credit pull to open the account.
  
• 5.05% APY is good but not the best.
• Blows competition away when it comes to transferring funds in an out of the account.
• Links to other E*Trade accounts if you choose
• If you have $5,000 or more in deposits you can get a checking account with ATM card as well.
  

Cons:

• Variable rate (but it is with any of the online savings accounts so far as I can tell).
• You can get a better rate other places if you look around, especially if you have more money to park in one of these accounts.
• When dealing with E*Trade brokerage I have run into some of the worst customer service experiences I have had anywhere. I'm not sure if they share customer service departments, but keep this in mind. With HSBC I have had decent customer service and INGDirect has some of the best I have ever had when I have contacted them.
• You might be able to get a comparable rate at a local banking branch where you already do business, especially if you have a significant amount to invest.

Link: E*Trade Complete Savings w/ $25

CitiBank Direct Ultimate Savings Bonus

I just saw an Adsense advertisement that CitiBank is currently offering a $50 bonus to people opening up a CitiBank Direct Ultimate Savings Account. While the rate isn't that stellar at 4.65% APY, the $50 bonus is pretty nice. Might be worth it to open an account with $1 to get the bonus. You can always close the account later or transfer the bonus out and leave the $1 seed money there.

The bonus is credited within 90 days. I couldn't find anything that says you need to keep the account open "x" number of months. I haven't used CitiBank's online banking service so I can't tell you how the interface or transaction speed is.

Direct link to the promotion page here.

Top Adsense Earner Ranking List

Surprisingly, there are a select few people out there who make gobs of money by monetizing their websites with Adsense (note: I am NOT one of them). I can't give you advice on how to do it, but I did stumble across a list from 2006 of the top Adsense money makers and it's pretty mind boggling. It helps you understand how Google can make it's ridiculous numbers quarter after quarter.

1. Markus Frind (PlentyofFish.com an online dating site) $300,000 per month. I know that sounds ridiculous, but then he shows of a $900,000 check from Google.
   
   
2. Kevin Rose (Digg.com online news aggregator) $250,000 per month.
   
   
3. Jeremy Shoemaker (Shoemoney.com search engine marketer) $140,000 per month. He shows off his check here.
   
   
4. Jason Calacanis (Weblogs.com network of blogs) $120,000 per month.
   
   
5. David Miles / Kato Leonard (Freeweblayouts.net myspace templates) $100,000 according to the Washington Post, but the figure is not all Adsense - not that it matters because 100k is pretty good.
   
   
6. Tim Carter (Askthebuilder.com carpenter advice) $30,000 per month.
   
   
7. Joel Comm (get rich quick guru and author of "What Google Never Told You About Making Money With Adsense) $24,000 per month.
   
   
8. Shawn Hogan (Digitalpoint.com ISP software) $10,000 per month.
   

I guess I need to get moving...

Links
Top Adsense Earners @ John Chow

10 Ways to Save on Gas This Summer

With gasoline rising by the day and major media spreading rumors of $4 gas on the horizon. Here's a few things you can do to make the most out of the car you have and stretch your gas dollar.

1. Drive cautiously and avoid unnecessary acceleration and breaking: Common sense here.
   
   
2. Check your tire pressure and don't over or under inflate your tires. This can rob you of 1% fuel efficiency for every 2 psi your tires are under inflated.
   
   
3. Check your air filter and replace if dirty. This can save you 1/2 to 1 mpg.
   
   
4. Keep your car maintained and tuned up: This can save you 4% according to my car owner's manual, but varies between makes and models.
   
   
5. Avoid idling and turn your car off if you will be sitting for an extended period of time.
   
   
6. Remove excess weight from your car and avoid transporting items on top of your car on the roof rack or roof top carrier if possible. Extra wind resistance cuts down on fuel efficiency.
   
   
7. Keep the outside of your car clean to save on air resistance.
   

Fuel consumption myths

1. Buy bigger tires: Bigger tires weigh more and don't necessarily buy you any fuel efficiency. Wider tires can create more drag as well.
   
   
2. Run your air conditioner less: Depending on your car make and model, you may actually create more drag and use more fuel by driving with your windows rolled down.

If all else fails you can always start shopping for a hybrid or learn about "hypermiling" (@ Washington Post)

Sources:
K&N Air Filters
Summer Gas Tips @ LifeHacker
Gas, Money & the Environment @ Carnegie Mellon

Buying a House? Here's a Way to Save a Fistfull of Cash

Hot on the heels of Iggy's House (previous post Iggy's House) trying to shake up the real estate market on the seller's side, it's sister company BuySide Realty is trying to mix it up on the buyer's side. It's a pretty radical approach and something that I can guarantee will be fought tooth and nail by brokers everywhere.

Here's how it works. John is selling his house, he hires an agent, Bob, to show his house to people, list it on the MLS and negotiate. John's paying the broker a commission of probably around 5 or 6% for his services. What a lot of people don't know is that commission gets cut in half if another agent comes along representing a seller in the transaction. No so good for Bob, but John doesn't care because his house is getting sold at the same price and the more people out there looking for buyers the better. This buyer's agent commission fee is the reason why real estate agents love for you to sign that form that says they are representing you looking for a home.

BuySide Realty (and I'm sure as I write this other people are drawing up similar business plans), lets you keep the majority of the buyer's agent commission fee, 75% to be exact. Let's do a hypothetical. Say you are in the market for John's home which is selling for $250,000 and he is paying his broker a 5% commission. The total commission John pays is $12,500 and Bob will keep that if you aren't represented by an agent yourself. If you were represented, your agent would get around $6,250 for their services. If you do a little more legwork and find the home yourself then you can keep 75% of the buy side commission or $4,687.50. I don't know about you, but sounds good to me.

I know that I will get at least a few emails about the indispensable services that real estate agents provide and how buyers using the service will be left unprotected. I don't dispute the fact that agents offer valuable services, but the market has changed. I think the service and others like it are valuable because 1) there is a lot of market research out there now even if imperfect like Zillow (previous post Zillow) 2) real estate agents can't warrant the habitability of homes or conduct inspections for the buyer 3) the buyer is doing the leg work finding properties 4) BuySide provides an agent for the process even if the agent provides reduced services.

Link

BuySide Realty
Image: Creative Commons Karen Apricot

CNBC Million Dollar Challenge Answers 5/2/07

Here are the daily bonus buck trivia question answers for those of you playing the CNBC million dollar challenge.

Q: Blockbuster sold its UK video game retailer, Game Station, for how much?
A: 150 million

Q: The Royal Bank of Australia has decided to keep interest rates on hold at what percent?
A: 6.25%

Should Spouses Combine Finances?

I think I have posted before that I'm getting married soon. Since read recently that money is the number one conflict in most marriages. In preparation for my wedding I have been reading up on whether spouses should combine their finances.

My fiancee and I have similar spending habits and stay on the same page about most things, so I assume we will end up combining things to keep everything consistent and easier. It looks like it is getting more common for couples to keep everything or most everything separate. According to MSNBC, about 1/3 of women now have a brokerage account of their own separate from their husbands.

I've compiled a list of pros and cons that I think my fiancee and I should consider when talking it over.

Pros:

• All about the "we": Of course this can also cause fights in a relationship, but staying on the same page and working toward the same financial goals can be rewarding. Even if there are occasional bumps. If you're working together the finger pointing can be kept to a minimum.
  

• It's easier: As a matter of efficiency, I think it is easier to combine your accounts. There should be at least a few things that become more efficient when you get married. You only rent one place instead of two, can sometimes get away with one car, and I don't want to deal with two brokers who don't think I have enough invested with them to take time out of their day to manage my investments.
  
  
• Consolidate for better returns: If you combine your funds into a few accounts you might be able to reduce fees by having higher balances, get better returns, have better service from your broker. Some brokers have accounts with $2,500 or $3,000 balances which can be met sooner if you combine funds. There are also a lot of companies that have sliding scales that have rates that are higher as balances increase.

Cons:

• Probate Problems: If your spouse dies (depending on what state/jurisdiction you live in) any accounts may be frozen in their name. It's really important that you have some money in your name to pay a month or two of expenses if tragedy strikes. Probate is a painfully slow procedure. A good attorney can minimize problems, but it won't be immediate more than likely.
  

• You Credit History: When one partner handles all the financial issues things can go smoothly, but then again if you ever separate or your partner dies - you won't have much of a credit history. If you do combine finances you should at the least keep a credit card or two in your name to keep your credit healthy.
  
  
• A Jealously Issue: Some people look at keeping finances separate as a lack of trust. While this can be the case for people who think their spouse is a poor money manager, it isn't always the case.
  
  

Whatever you decide talk things through. What works for other people doesn't for others. The Simple Dollar has tips for talking to your spouse about combining finances. Another possible solution would be to direct deposit the vast majority of your paycheck into a joint account with a small fraction to a separate personal account for each spouse. This way you stay on the same page, but each have some freedom to save, invest or spend your share as you please.

Links
Separate Accounts Save Love Life @ Guardian Unlimited
The Color of Money (realplayer) @ NPR
Marriage till Debt Do Us Part @ USAToday
Q&A Couple Finance @ LongRelationships

Free Joost Invite No Strings Attached

*** UPDATE 5/2/07: I now have 900+ invites as of 9:00AM this morning so request away ***

I recently began toying with Joost. If you aren't familiar with the service you aren't alone. Joost is an IPTV service (think VoIP but for TV). Basically you can watch TV over your computer for free. The service is ad based and actually has a lot better picture quality than you would expect. The only potential downsides are 1) you need a broadband connection 2) there isn't a tremendous amount of content out there right now on the service 3) you need an invite to use the service.

Well, I have ONE invites available. For those of you who have yet to receive one and want to try it out here's your chance. Make a post in the comments and make sure you leave your email address so I can contact you and send you the invite.

America's Hottest Jobs

A new list of the top 50 hottest jobs has been circulating on the web lately, below are the top 50 (of jobs that make more than the U.S. median and are growing faster than average). Of course none of these lists are perfect. There are typically three reasons these lists are problematic
a) job demand varies tremendously depending on geography,
b) the lists has some general job titles like "lawyer" or "financial analyst" that can run the gamut from entry level workers making 30k to people on the top end making millions and everything in between,
c) "hot" occupations change faster than the lists can keep up with - so like everything they are outdated as soon as they are published. Take a look and see if your occupation is "hot."

1. Registered nurses: $52,330

2. Postsecondary teachers: $51,800

3. General and operations managers: $77,420

4. Elementary school teachers, except special education: $43,160

5. Accountants and auditors: $50,770

6. Business operation specialists, all other: $53,460

7. Computer software engineers, applications: $74,980

8. Maintenance and repair workers, general: $30,710

9. Carpenters: $34,900

10. Computer systems analysts: $66,460

11. Secondary school teachers, except special and vocational education: $45,650

12. Computer software engineers, systems software: $79,740

13. Physicians and surgeons: $145,600

14. Network systems and data communications analysts: $60,600

15. Automotive service technicians and mechanics: $32,450

16. Licensed practical and licensed vocational nurses: $33,970

17. Management analysts: $63,450

18. Computer support specialists: $40,430

19. Lawyers: $94,930

20. Network and computer systems administrators: $58,190

21. Police and sheriff's patrol officers: $45,210

22. Middle school teachers, except special and vocational education: $43,670

23. Plumbers, pipefitters, and steamfitters: $41,290

24. Financial managers: $81,880

25. Computer and information systems managers: $92,570

26. Sales representatives, services, all other: $47,000

27. Fire fighters: $38,330

28. Dental hygienists: $58,350

29. Paralegals and legal assistants: $39,130

30. Sales managers: $84,220

31. Chief executives: $140,350

32. Self-enrichment education teachers: $30,880

33. Physical therapists: $60,180

34. Pharmacists: $84,900

35. Medical and health services managers: $67,430

36. Sales representatives, wholesale, manufacturing, techn, scientific: $58,580

37. Employment, recruitment, and placement specialists: $41,190

38. Property, real estate, and community association managers: $39,980

39. Child, family, and school social workers: $34,820

40. Heating, air conditioning, and refrigeration mechanics and installers: $36,260

41. Real estate sales agents: $35,670

42. Special education teachers, preschool, kindergarten, and elementary school: $43,570

43. Legal secretaries: $36,720

44. Training and development specialists: $44,570

45. First-line supervisors/managers of housekeeping and janitorial workers: $29,510

46. Administrative services managers: $60,290

47. Public relations specialists: $43,830

48. Radiologic technologists and technicians: $43,350

49. Sales and related workers, all other: $31,380

50. Personal financial advisors: $62,700

The list was compiled based on stats from Bureau of Labor Statistics and published by MSN and Career Builder. You can check out the full article over at MSN.

List:
MSN Careers - American's Top 50 Jobs

Crash Course In Personal Finance: The Basics

I recently was reading an article over at The Blueprint For Financial Prosperity that lists 10 basic personal finance concepts everyone should know. I think it is a great list. I will list the first 10 here and add a couple of my own. Of course I encourage you to check out the whole list here.

1. Spend less than you earn.
2. Thinking about money sucks, but it can be easy.
3. You don't have to follow the crowd.
4. Retirement savings order: 401k with match, Roth, 401k, everything else.
5. Avoid debt unless it is for a house, car, or education.
6. Showing off either breeds either jealousy or annoyance.
7. Scrap the latte factor.
8. If it's too good to be true, it is.
9. Life is about enjoyment, not money.
10. Always act morally, ethically, truthfully, and legally.

I generally like everything on the list (although as many comments said on the blog, I too am not into taking on much debt for a car purchase). Here is what I would add aside from modifying #5 slightly.

• Make a will and health care power of attorney:
• It doesn't matter how much you dislike attorneys, these documents save your family lots of hassle and potentially money in the long run. Your state may even have fill in the blank forms you can do yourself.

• Save young & retire early
• Compounding is a wonderful thing
  
  
• Pay debts in this order:
  
• credit cards, other high interest short term debt (payday loans etc), financing company loans (i.e. cars), private student loans, mortgages & federal student loans.
  
  
• Owning a home is not always better than renting
• A large portion of the time it is, but if you are taking on more mortgage than you can afford or will only be in the home a short time the transaction costs will eat up your equity.
  
  
• Keep your paperwork in order
• If you have some sort of filing system or at least can keep tabs on your bills, statements, and other important paper you will be in much better shape.

Link
Blueprint For Financial Prosperity - Basic Personal Finance Concepts