It’s that time again, boys and girls, when I put a spotlight on one of my fellow personal finance bloggers to show off some of the other fine writing in this field. After all, man cannot live by bread alone, and I hardly expect that you, my readers, will only be following my blog. This week, we’re going to look at ToughMoneyLove.
If you’re unfamilar with the site (and it is fairly new, although not nearly as new as mine), you should be aware that Mr. ToughMoneyLove is rather blunt. He has numerous opinions, and isn’t afraid to share them. Roll those characteristics together, and you get a blog that reminds me of talking to a gruff uncle. He’ll tell you when you’re being an idiot, and won’t pull any punches when he does so, but if you listen to what he’s saying, you’ll be much wiser for it.
And speaking of words of wisdom, here are some of the highlights from the last week of his blog:
Measuring and Wasting Financial IQ – A good post, detailing what many of us already should understand: you can know a great deal about personal finance, but if you don’t apply that knowledge, you are as doomed to financial failure as someone with no financial education. As Mr. ToughMoneyLove notes, it’s behavior that determines how successfully we will be financially. Financial knowledge, while important, just isn’t enough.
Quarterly Investment and Net Worth Review – I thought this was pretty interesting, and not just because I have been doing the same thing (albeit, on a weekly schedule). Mr. and Mrs. ToughMoneyLove kept their losses to a minimum in the continued market downturn with some healthy investments in inflation protected government securities, including TIPS and I-Bonds. Given the current economic climate, it seems to have served them well.
Consumer Credit Counseling and the Law – In one of the rare shows of good sense on the part of state governments, there is a law that has been passed in several states called the Uniform Debt Management Service Act (or UDMSA). The UDMSA sets up regulations as to what credit counseling services can and cannot do, most of which will go far in protecting the credit counselees. I only wish that Pennsylvania would snap to it and pass the UDMSA here.
My Life as a Volunteer Tax Preparer – Week 10 – Mr. ToughMoneyLove has been volunteering for the past few months to help prepare taxes, and has gotten several interesting stories out of the deal. This week was a bit slow, although with taxes being due incredibly soon, the next (and final) column on this subject should be very interesting.