A 7 Year Car Loan?

Posted by random olio

I saw this recent article about how having a car loan for 7 years. I like the poll at the end of the article: “Would you pay $1,600 more over a seven-year period to get a 50% lower monthly payment now?” The chart shows that for a 3 year loan you would pay $588 a month, and for a 7 year loan it would be $271 a month. The seven-year loan means that you are only paying an additional $1600 in interest. I am never one to pay interest if I do not have to, but it is nice to know that you could have a more affordable payment for a longer term.

The question that they bring up at the end, which I think is also worth thinking about, is if you wanted to sell your car in 5 years, and had a 7 year loan, then likely you will owe more than the car is worth. That is definitely something to think about and research. I like that it is possible in their more financial tight times. Having said that, I like it with one caveat. If the car you are purchasing is to ritzy and expensive that you have to go for the 7 year loan. To me then it is not worth it. If you are stretching yourself for the visibility of a luxury car, then you should buy a less expensive car.

I guess it depends on how you choose to spend your money, your interest rate, how long you drive your car (in years), how long you drive your car each day, and your thoughts on putting your income into your car. Suze Orman would tell you to get rid of the car payment completely. She would likely say if you are making less on the money you are putting away (separate from 401ks, 403bs, and IRAs) than you are paying for a car loan, then pay off your car loan. If you can make more on the money you invest than the car loan interest rate, then keep your car loan. Look to where you make more for your money.

What do you think?

“The Law of Two-Thirds”

Posted by random olio

I love to share a good thing. Whether that is my new favorite restaurant, or a referral for a hair stylist. It does not matter. Sharing a good thing feels good. So thank you, John, for sharing this great blog, and the idea of the two-thirds rule with me.

The full blog post is from “Start from Why.” The blog post explains that out of these three, we can only have two:

Quality
Speed
Price

He explains that if we want fast food, we are not after quality, but we want it quick and cheap. If we are buying a new luxury car, we want quality and price, but want it done well, so we do not care as much about speed, and are willing to wait. What areas of your professional and personal life follow The Law of Two-Thirds? Are there projects you are working on that you know you will have to sacrifice quality because you are asked to do it quickly and cheaply? Or do you have projects where quality matters, and so you sacrifice speed?

It makes me think about the many times where it is hard for me to sacrifice quality. When my name is attached to anything I am working on, I want quality to come first. We do not always have that choice. Many times money is the driving force to how we have to approach what we do. Yet, so is speed. In this world of now, now, fast, now, speed tends to be the focus. So does that mean that many of the times what is lost is quality?

I hope not. I hope that quality eventually becomes the most important aspect of The Law of Two-Thirds. What do you think?

West Wing Is Back For 4:04 Minutes

Posted by random olio

I was a die-hard fan of West Wing. I still get nostalgic of the show. I mentioned a bit about West Wing in this recent blog post. Last week I came across this video on getting out and voting. The video was created as a campaign ad for Bridget Mary McCormack. Bridget McCormack and Mary McCormack (who played Kate Harper on West Wing) are sisters.

It is a great bipartisan video, encourages individuals to vote, and has a positive take (instead of the many snarky political ads we keep seeing). The added bonus is to see the West Wing cast back in action. Although I could not help but think about how Leo was missing (played by John Spencer who died in 2005).

Enjoy all of you West Wing fans!

Separate Finances? Shared Finances?

Posted by random olio

I was inspired by this article: “Separate Money Sane Marriage,” and it leads me to ask a question for those of you that might read this blog post. Separate finances vs. Shared finances? What are the pros and cons? I have resisted from doing a google search for everything the experts say. Partly because I think that the experts will be on both sides, and honestly I think that it is different for each couple or partnership. What works for one might not work for another.

I lean on the side of shared finances. I say that because it has worked for us. Maybe it is because of our communication style to talk about everything, including our finances. Maybe it is because when we got married we were broke, in debt, and we worked together to get out of debt, pay off credit cards, and student loans. It evolved into the idea for every facet of our lives: “What is yours is mine, what is mine is yours.” There are ebbs and flows when things we decide for Chris are more expensive or vice versa. That is part of marriage, part of life.

I can respect those that keep their finances separate, but I want to understand more about why. I know for some they might get married when they are older, and just prefer to continue to live their financial life as they have throughout the years. Why do others make that choice? What are the pros and cons?

I am curious to hear what you think! Feel free to leave a comment with your thoughts.

Sophia Grace and Rosie’s Comment on Ellen

Posted by random olio

Have you heard of Sophia Grace and Rosie? The eight- and six-year-old British music fans and mini singers frequented “The Ellen Degeneres Show” quite often last season. I loved watching them. They were always so excited, happy, and thrilled to chat and sing. They are also Nicki Minaj fanatics. Ellen has had them interview musicians on multiple award shows, and both girls know all the stars, as well as their songs. And, yes the always are dressed in tutu’s.

While catching up on personal emails, online reading, and Great Dane web cam watching over the weekend, I also caught up on Ellen. One of the episodes in her first week of the season had Sophia Grace and Rosie on. Simon Cowell and Britney Spears had been on earlier in the show promoting “The X Factor.” When Sophia Grace and Rosie came on, Ellen asks them if they watched Simon and Britney, and Sophia Grace (dark hair) says: “I met him backstage, but I do think he needs to put his trousers down a bit.” If you fast forward the video to :40 seconds, you’ll see the specific moment (click first image to watch).