Weekend Links
Oops, looks like I forgot a link round-up last week. It’s so nice outside today I almost skipped it again, but I’ve managed to force myself to stay inside long enough to type one up. You’re welcome.
Carnival Of Personal Finance #245
J Money at Budgets Are Sexy did a superb job of hosting Carnival of Personal Finance #245, dollar doodles edition. He also showed excellent taste by choosing my post Does Money Prevent Happiness? as an editor’s pick. Hurrah hurrah. Here are a list of posts that are only slightly less awesome than my own.
Did The Banks Force You To Sign Your Mortgage? by Money Beagle. Money Beagle makes a case that walking away from your mortgage is morally wrong. I respectfully disagree, and I’ll explain why. In short, when you sign a mortgage contract you are agreeing to either a.) pay the mortgage in full (if not early) or (and this is a very important or) b.) forfeit the property to the bank instead of making monthly mortgage payments. Either course of action fulfills the legal and moral requirement associated with non-recourse mortgages (you do have a non-recourse mortgage, right?). What other obligation do I have to the bank? I’ve done exactly what I agreed to do by walking away and handing in the keys.
Would You Out A Friend’s Spending Habits On Facebook? by Mighty Bargain Hunter. Facebook is getting creepy and out of control. People just need to mind their own business, if you ask me.
How Much Money Will You Need In Retirement? by The Oblivious Investor. My answer to this question is always “more,” but Mike goes into slightly more detail than that.
Why 20-Somethings Don’t Have An Excuse For Not Investing For Retirement by Personal Finance Ninja. Worth checking out just for the picture of the bearded ninja.
Carnival Of Personal Finance #246
Dan at CreditCards.com also showed excellent taste by featuring my post about spending more on credit than with cash in this week’s edition of the Carnival of Personal Finance. I actually didn’t think that post was all that great when I wrote it, but I’m glad somebody disagrees.
Raising A Cow For Beef: Month 6 by Provident Planning. I initially parsed that title as “Raising A Cow For Beer” and was immediately intrigued. Beef-flavored beer? Awesome! Turns out you can’t make beer from a cow (…so far), but raising your own food is a pretty cool concept.
The Price Of Automation Is Awareness by Gen Y Wealth. This is very true, and the message jives well with an ebook I juts read by Baker at ManVsDebt (you should buy it when it comes out this Tuesday). It’s hard to stick to a budget when everything is automated.
Need Financial Help? Consult A Psychologist by Red Stapler Chronicles. Indeed, personal finance isn’t all about the numbers. It’s about finding a balance between getting the best results for the effort you’re willing to put forth. Yeah, I could end up $531.12 richer by refinancing my mortgage right now. But is it worth the effort? Not even close. I value my time far more than that.
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I guess I could try to feed Bambi some yeast and see what happens.
Thanks for including me in your round-up and for the commentary. I’ll respond by saying that, while you are technically correct, I still don’t agree. First, the intent of a mortgage is to agree on the terms of a loan. The intent of a loan is to be paid back as stated in the terms of the mortgage document(). What you’re referring to is one of many terms, and it gives the bank rights to the property in the case that the payments aren’t made. I believe that this term exists with the implicit understanding that it would be exercised with rare case, and it’s my personal belief that these cases are to where people cannot afford the payments anymore. Second, putting the argument of my first point aside, I argue that for the economy as a whole to recover, the real estate sector must stabilize. We can never ever get stability as long as people are walking away because they ‘feel like it’, because every time that happens, it lowers values further and that brings someone else underwater. This cycle is never-ending if not broken, and the only way to break it is for responsible, morally apt homeowners to resist this temptation and consider the greater good.
You had a most excellent article good sir!