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Happy New Year: Shall We Make Some Resolutions?

posted by Nathalie Martin

Welcome to 2013 Credit Slips Readers! It’s time to think about our debtor/creditor future, what to keep and what to leave behind. Sometimes I ask my fellow bloggers if they made any financially-related resolutions but usually everyone say no, so this year, we’ll just make a nice list of resolutions through your comments!   My List:

1. I resolve to read less about the financial crisis (leave it behind, all) and more about other juicy financial news. First, I want to get my hands on Pound Foolish, a new book by Helaine Olen slamming the financial advice industry. Ms. Olsen claims that advisors are not generally on the side of clients but rather on the sides of various people who buy their love. Yes we knew that, but this still might be a good read. Olen exposes the fallacies spun by some of America's current personal-finance celebrities, including  David Bach, a former senior vice president at Morgan Stanley, and his Latte factor theory. Olen also takes on Robert Kiyosaki (Rich Dad, Poor Dad), apropos since one of his companies (Rich Global, LLC) filed for Chapter 11 back in August.

2. I resolve to simplify. To do less retailing, thus buying the one thing money can’t buy, my own time. I’ll save time trying to find, buy, store, maintain, and ultimately dispose of these items.

3. I resolve to put all bills on autopay (except credit cards) and pick a day of the month to pay the credit cards and stick with it. We endured some late fees this fall when I took on some new responsibilities. Come to think of it, we have a few more credit cards than we need, so I resolve to cancel all but a couple.

4. I resolve to visualize the money actually saved and how I’ll enjoy it in my retirement, a trip, a fine meal or bottle of wine, gifts for people in my family, and maybe I’ll even check out a retirement calculator or two for motivation.

I am interested if readers (or fellow bloggers) made any debtor-creditor resolutions they’d like to share. Please add them below if you would. Thanks! 

Comments

Nathalie,
My only financial resolution is to contribute more to retirement accounts. I already contribute 6 percent of my income to my 401(k), but I'd like to get 4 more percent into a Roth IRA.

To do so, I plan to work more.

-Christian L. @ Smart Military Money

I haven't read it, but I think the author of _Pound Foolish_ is Helaine Olen, not Olsen.

No resolutions.

No html in comments? Sads.

You are right about poor Ms. Olen's name, which I'll fix.

and here is an html sorry!

http://www.nytimes.com/2012/12/30/business/pound-foolish-eyes-problems-of-personal-finance-advice.html?_r=0


Another newly published book that readers of Credit Slips might appreciate is POLITICAL STICKY WICKET, the novelistic but all-too-true story of Robert Allen Stanford as told by longtime financial reporter (and friend of mine) Chidem Kurdas.

I resolve to educate people on how to live within their means. Part of the reason why we are in a financial crisis is that individuals were purchasing homes well outside of their means and had a flawed perception of the future of the real estate market. We need to educate more and borrow less.

I wrote a blog article on it if anyone is interested. It is entitled, "Avoid Another Foreclosure Crisis – Take Matters Into Your Own Hands" at http://www.bankforeclosuressale.com/wp/article-01044142.html

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