Credit Card Daily Periodic Rate Calculator

Ever wonder how much interest you would be racking up for each day that you are late in paying your credit card bills? Well, wonder no more. This calculator will help shed the light on the matter.

I punched in the figures for my outstanding bill amount (and yes, I was late paying my credit card bill this month) and after punching in the figures, and seeing how much I owed the bank with each day that I am late, I was motivated to get out there as soon as possible to pay the bill! Why let the bank make money out of me (with an 18% interest rate slapped on credit card debt, banks are getting a return that is way higher than what they can get in the stock market!).

Anyway, I just found this calculator to be a nifty tool to get me motivated to not be late in paying my credit card bills.

The Automatic Millionaire by David Bach

I've been reading a load of books ever since carting back loads of books from the most recent Big Bad Wolf Sale. I haven't been doing a great job at updating my blog with reviews of the books that I've read though...

So, I hope to play catch up with my book reviews within the next few weeks. So here goes...

The Automatic Millionaire presents you with the idea of a financial plan that is automated, one that you can forget about once you have set it in place.

I like the idea how this book presents the idea that you can even make giving to charity (something that is often overlooked when making financial plans) automatic (apart from the other obvious aspects of financial planning that you should automate such as you retirement plan, savings cushion for a rainy day, home ownership and paying off debts).

Make Money Not Excuses by Jean Chatzky

This is another book which I picked up at the last Big Bad Wolf warehouse sale.

This is a personal finance book written by a woman for women. Most women make excuses as to why they are not actively involved in the management of their money and what this book does is tell women to stop being passive and start taking an active interest in managing their money.

This book is full of financial advice that are do-able. She gives a breakdown on how you should funnel your expenses according to the various expense categories:
Housing               35%
Saving                 10%
Living                  25%
Transportation     15%
Debt Repayment   15%

Housing includes not just the mortgage payment for your home but also the cost of living there such as taxes, insurance, utilities and repairs.

Living expenses include things like clothing, food, donations, entertainment, gifts, travel, etc.

Transportation includes not just payment for your wheels but also gas, insurance and maintenance.

Debt Repayment are payments for debt which don't include payment for your home or your car.

There are also maps to a million throughout this book that illustrates how much you'd earn if you put in a certain amount of money away to invest each month and shows what the amount will be in 10, 20, 30 and 40 years' time.

For example, if you could save $10 a day, which is $70 a week, and you put it away to invest at 8 percent, it would be 55,615 in 10 years, 179,062 in 20 years, $453,069 in 30 years and $1,061,266 in 40 years. Amazing, huh?

I'm inspired to save!!!

And oh, by the way, she has a website (click on the link) where you'll be able to find more money advice.

I Will Teach You to be Rich by Ramit Sethi

To be honest, I had absolutely NO idea who Ramit Sethi was when I purchased this book. I only discovered that he's big in the US when I visited his website and youtube and found a bunch of his video clips which were aired on TV in the US.

This is a book which I stumbled upon in the last Big Bad Wolf Warehouse sale. I'm really glad I purchased it.

Okay, the title of the book is kinda corny, but the RICH in the title has more to do about having enough $$$ to lead a rich life doing what you love instead to being RICH in just the monetary sense.

This personal finance book explains in simple terms many things I didn't know before reading the book --- the difference between mutual funds, index funds, lifecycle funds, stocks and bonds, the importance of diversification, asset allocation, dollar cost averaging, etc.

He also offers a lot of common sense advice (but as you and I both know, common sense is not so common anymore) such as why you should have a credit card (it's not all bad, as many people think), the importance of having your investment portfolio diversified and typical asset allocations by age.

He even gives you a script for what to say when you call up your credit card company to negotiate with them for a late fee waiver (note: this is only if you've been paying your bills on time and have missed a due date once and not for repeat offenders!).

He also asks, "How you're going to spend your next $100?" --- now that's a question that forces me to think about how I've been spending my money and how I would like to change my spending habits to include my plans for my future.

I particularly loved the way all the information was presented in the book which made it enjoyable to read and not dry like most of the other personal finance books out there. This is a must have personal finance book if you're clueless.

Here's the first chapter of this book which is entitled Optimize Your Credit Cards (click on the link) which you can download FREE!!! My guess is that you'll be hooked once you've read the first chapter and will want to purchase the book.