Comments on @whatupwilly!: Managing My Money

@Peter - definitely still a big moneycenter user (...

2010-01-18T21:17:43.818-08:00

@Peter - definitely still a big moneycenter user (since 2000 when it was OnCenter on my Palm VII :). I've been brainstorming about how Moneycenter could be enhanced to help me manage my accounts better. It does a good job of networth snapshots. But what I find it doesn't do a good job is actual performance. For instance, my networth in 2010 might have gone up 5%. But I just can't tell if that 5% is from good investments or from my income. I think that's why I'm constantly struggling on not really knowing if my money is working the smartest it can for me.

@Jordan - very interesting. The Automatic Millionaire actually calls out Lattes: "His discussion of the "The Latte Factor" shows that, to find money to start a retirement plan, a person with a modest income needs to make an up-front commitment to stop accruing debt and to reduce spending on such "wasteful" items as lattes and cigarettes." Whereas Ramit's book does in a different way: "Forget lattes — these super-tactical tips save you hundreds of dollars per year." and he links to a site that gives other savings tips. He also talks about in his book...if you love lattes, get one everyday. But cut out the things you don't love.

I was given the Automatic Millionaire by David Bac...

2010-01-18T21:09:54.230-08:00

I was given the Automatic Millionaire by David Bach (http://www.amazon.com/Automatic-Millionaire-Powerful-One-Step-Finish/dp/0767914104). After reading it I thought, "hey! I already do that." When I got to financial advisors they say, "you should spread your money across more stuff." Bah!

Willy, Glad MoneyCenter still works for you... bu...

2010-01-18T18:04:29.063-08:00

Willy,

Glad MoneyCenter still works for you... but I agree, it's so hard to figure things out... especially with unscrupulous FAs that when they quit their job attempt to take their account with them to their new employer (as happened to me this week!).

P

This is fantastic: definitely a move in the right ...

2010-01-17T22:47:47.968-08:00

This is fantastic: definitely a move in the right direction! I have also been amassing accounts left and right since moving to Asia (they like to do that, and see no harm in setting up a free account even if you assert that you'll never use it).

With HSBC (Premier, Direct, etc.) alone, I have at least 1 checking, 1 savings, 1 investment, 1 credit card ... in each of 3 countries. Craziness.

It's my goal this year to consolidate my stuff as well, as much as I can.