Monthly Archives: June 2009

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    Gilbert Stuart painted the George Washington portrait on the $1 billThe most brilliant portrait painter in America after the Revolution was Gilbert Stuart (1755-1828).

    Every American is familiar with his “Athenaeum” portrait of George Washington, which is reproduced on currency.

    Gilbert Stuart was born in Rhode Island Colony December 3, 1755.

    His father, a Scottish immigrant, was a snuff grinder until his business failed in 1761. Then he moved to Newport, living in a house his son later described as “a hovel on Bannister’s Wharf.” [A snuff grinder, huh? Maybe they could have elaborated on that a bit? I checked out volume 21 and there isn’t a “Snuff Grinder” entry. I mean, I can figure it out, but did they really need to include that?]

    When he was about 13, Gilbert Stuart became a pupil of a mediocre Scottish portrait painter, Cosmo Alexander. [Poor Cosmo. I’d hate to be called mediocre in an encyclopedia.]

    At 19, he sailed alone for London. After two years there he wrote to the artist Benjamin West, begging for help because he could not support himself. West took him on as his pupil and assistant.

    Five years later Stuart married Charlotte Coates, an English girl. Twelve children were born to them.

    Stuart’s Later Life
    In London, and later in Dublin, Stuart enjoyed a large and fashionable patronage, owing partly to his gaiety and wit. [Okay, so why’d he need Benjamin West’s help?]

    He charged high prices but lived luxuriously and went deep into debt. [I know the feeling…]

    In 1793 he was back in the United States [land of the bailout], hoping to make a fortune by painting portraits of George Washington.

    Between 1794 and 1796 Washington sat for three portraits: the bust-length “Vaughn” type, the full length “Lansdowne,” and the familiar bust-length “Athenaeum.” He also painted other famous Americans. [Okay, wait a minute… There must be something missing here… I mean, let’s say I want to make a fortune making Barack Obama tie-dye t-shirts. Is Barry going let me come over, snap a few photos, and then profit off of his image? Of course not. Things must’ve been so much simpler in the 1700’s…]

    Stuart spent his later years in Boston. He was in debt when he died, July 9, 1828. [This seems so unfair. In this day in age, his estate would be recieving a cut everytime a $1 bill is printed.]

    Gilbert Stuart should get more credit for this portrait.

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    PIAC is Straight Outta ComptonStraight Outta Compton:
    This is an idea that I’ve been toying with sharing on PIAC for a few months.

    Growing up, while the living room sported the 1970 edition of the Encyclopaedia Britannica, my bedroom contained the complimentary set of Compton’s Encyclopedia — essentially a dumbed-down version of the Encyclopaedia Britannica semi-geared towards children.

    I used to read through each volume randomly and often cited them for book reports and research projects in grade school (long before the internet and the ever reliable Wikipedia.)

    Recently, I’ve been flipping through their pages again only to laugh at the choice of words, the tone of the message, the blatant racism, and the “women should always be pregnant and in the kitchen” slant of many of the entries — most of which have nothing to do with women, pregnancy, or the kitchen.

    Things were perceived *much* differently in 1970.

    It’s some pretty comical stuff so when an entry peaks my interest, and it’s brief (or related to money), I’ll share it here (with my commentary in blue.)

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    Screaming SmurflingEver since the smurfling was born (that’s him on the right), I’ve been driving my wife’s car.

    I suppose that since we’re married, it’s my car too, but I pretty much never drive it unless I have to.

    These days, I have to drive it so…I guess, now it’s my car.

    Not such a big deal, really, once you can drive one car, you can pretty much drive them all provided, of course, you’re not one of those folks that can’t drive stick.

    (Your numbers shock me.)

    There is one place, though, where a different car can really trip you up.

    The gas station.

    Yep, as you pull in you begin to think, “Oh crap… which side is the tank on?

    In the old days — like maybe 10 years ago — you could glance in the side mirrors and see the little finger hold on the gas tank door to get your answer but cars these days are all sleek and smooth.

    On my Scion, the gas tank door is perfectly flush with the side panel. You can’t see it in the mirror.

    Same thing goes for my wife’s car.

    Now, coincidently, also back in the 1990’s, you could pull up to a gas pump on the wrong side and the hose was still long enough to wrap around (or over) the truck to get the nozzle in the tank. It didn’t really matter how you pulled in…

    Can’t do that anymore — the hoses are barely long enough as it is these days…

    So after a lucky guess, driver’s side, I ended up pulling in on the correct side.

    Embarassing moment circumvented. Phew!

    While telling my wife about the traumatic moments I’d had at the gas station she said, “You know the gas indicator on the dashboard tells you which side the pump is on, right?”

    What?

    I had to see for myself…

    Gas Tank Indicators

    Yep, she was right… See the little arrows?

    On her car, the message isn’t even subtle… Hey stupid — the fuel door is on the left.

    Of course on my 1998 BMW (that will now surely get very little use because there isn’t anywhere to put the smurfling), there is no indicator…

    BMW Gas Indicator

    Sheesh, you spend all that money for the blue and white logo (plastered all over the car in NINE places) and they can’t even tell you which side the gas tank is on… (It’s on the passenger side.)

    So, the next time you find yourself driving an unfamiliar car up to a gas pump, chances are, the dash board can tell you which side the gas tank is on.

    Provided it’s not a BMW.

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    While I don’t really have any complaints about John Hancock in general, I do have a problem with their website.

    See, the website is supposed to benefit the customers and account holders — that’s its sole purpose!

    So instead of waiting three months for an already outdated statement to arrive via snail mail, I can just log in and see what’s going on right NOW.

    Round-the-clock service…

    Really, that’s why most businesses have set up websites. On the web, they can serve their customers even when they’re not open! It’s pretty simple.

    This is where the problem lies with John Hancock.

    Their website is not open round-the-clock. Their website works, well, sorta like an online version of the often envied bankers’ hours.

    That, my friends, is not convenient.

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    So this morning I was doing the nerdy spreadsheet thing and, while fiddling around, I came across an old macro that I’d set up right when I first became an ING Direct Orange Saver to calculate the interest that I’d earn.

    A poor man’s interest calculator of sorts…

    I plugged in my current ING balance and was thrilled to see that I should be earning over $50 per month in interest…

    …using today’s balance and January 2007’s interest rate…

    Of course, well documented here on PIAC, ING’s interest rate has dropped over 300% since then.

    When I started way back in January 2007, with dollar signs in my eyes I might add, I was targeting a balance of around $8k so that I’d be earning around one dollar per day in interest.

    That just seemed exciting for some reason.

    So here I am currently around the $13k mark, well in excess of that $8k target, and I’m only bringing in around 50-cents each day.

    Boooooooooooo!

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    DOMO Attack!I’m not really certain what prompted it but I’ve already committed to spending over $3300 this month… and we’re only one week in.

    Ouch!

    So much for the budget!?

    Last month, I *so* wanted to increase my savings by $1000, decrease my mortgage balance by $1000, and somehow manage to pad my checking account with another $1000 too…

    Doing the math (while keeping regular monthly expenses in mind), technically, that doesn’t even seem to be possible. But, man, I came darn close in May.

    So far, the new baby isn’t costing us anything more than we expected or could handle.

    Of course, with child care looming in the future, I’m well aware that that’s going to change in a hurry so I’m going to do my best to put the biggest dent in the mortgage that I can while I can still afford to.

    So, this past week (I’m already one payment in!), I increased my weekly additional mortgage principle payment from $75 all the way up to $230.

    Wow, Brainy! How can you afford $230 per week extra?

    That’s a great question, and really, if you asked me if I could afford to send between $920 and $1150 extra towards my mortgage each month, I’d immediately say “No freakin’ way…

    That’s why weekly payments are the only way to go.

    You can afford to deprive yourself of more than you think you can.

    Doesn’t Suze Orman say something like that?

    I’m pretty sure it’s her.

    She’s right.

    Though I’ll just be scraping by, I somehow can afford to send $230 each week to CountryWide, or Bank of America, or whatever they’re called this month…

    While making this budgetary change, which all but ensures that my mortgage balance will fall by over $1000 each month, I decided to make sure my savings account balance would grow by at least $1000 per month too.

    It just seemed like a good time to go all out.

    Five minutes on the computer and another modification of weekly auto-transfers — an increase from $165/per week all the way up to $250 per week.

    There are always at least 4-weeks per month, so I’m guaranteed to increase my balance by $1000 plus interest.

    That wasn’t so painful…

    So, putting it all together, I essentially increased my weekly outflow by $240.

    Considering that I was totally accustomed to my previous outflow, this almost feels like I’m eliminating $1k worth of debt and amassing $1k in savings for just $240 per week.

    That’s a pretty good return.

    I know it’s not as simple as that — it’s actually costing me double — but it certainly feels like I’m getting a great deal.

    The only spot that I’ll tank each month will be in my checking account. I can live with that.

    Now I know what some are saying, “Must be nice to have a 14-figure salary… I could do that too if I made as much as you…

    I’ll be the first to admit that $240 per week is not a small number. And it’s certainly not an amount that everyone can afford — and that’s okay.

    I started with a $25/week auto payment to Countrywide back in June of 2007.

    Twenty five bucks.

    At minimum wage, that’s just a half day’s worth of work. You smokers out there probably spend more than that on cigarettes each week. Think about it.

    Point is, $25 is do-able.

    And it makes a difference. A HUGE difference — see for yourself.

    Whether it’s for debt repayment, savings, or even investments. Automatic weekly (not monthly) payments and transfers are the way to go.

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    PIAC Factoid: Setting the record straight, I don’t make a 14-figure salary.

    I may be a multi-thousandaire but I got there on a 5-figure salary…

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    So I may have tripped up and become one of those parents that shows way too many pictures of their kids but I will never, I repeat, NEVER be one of those parents that takes my children to places that they can’t possibly comprehend or even enjoy because they are far too young…

    Sorry, infants and zoos don’t really work well together… They just don’t.

    So, while I may be on the sidelines for the next couple of years, you don’t have to be!!!

    If you’re a Bank of America card holder, you can get into tons of museums and zoos and things for FREE this weekend!

    Basically, if you have a Bank of America credit, check or ATM card, you can present it at any one of 100-plus museums across the country and your admission fee will be waived.

    Apparently this is case on the first weekend of EVERY month, but this is the first I’ve heard of it.

    Click here for all of the details.

    In short — in another couple of years, you can bet I’ll be at the gates of the Bronx Zoo.

    Or maybe on the deck of the USS Intrepid? Ooooohh. That sounds exciting.

    Hmmmm…maybe we’ll pack the stroller up tomorrow morning…

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      Sorry…

      I don’t want to turn this in to a “Mommy” blog and I’ve always kinda been turned off by people who go overboard with pictures of their kids (especially when they’re kinda goofy looking) but I just couldn’t resist…

      The novelty will wear off soon, right?

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      Keeping a keen eye on the baby while still at the hospital...So last month I curbed my spending all the way down to my self-imposed $2500 ceiling.

      This month, I decided to toss that out the window so that I could aggressively attack my mortgage balance without feeling any sort of guilt.

      I’m setting the stage for a dismal and embarrassing spending report…

      Or am I?

      Here’s how I spent my money in May 2009:

      • $1860.00 : Mortgage
      • $254.42 : Business Expenses
      • $208.00 : eBay (yes… another game worn hockey jersey)
      • $109.26 : Cable/Internet
      • $106.62 : Electricity
      • $96.62 : Water/Sewer
      • $84.41 : Natural Gas
      • $69.36 : Gas
      • $48.46 : Phone
      • $40.00 : Cash
      • $10.00 : Car Wash (so the car would look nice when we brought the smurfling home)
      • $2.12 : RedBox Movie Rentals

      Total spent was $2889.27.

      Over last month, that’s an increase of $389.27.

      Not great, but when you consider than before last month’s success, I was consistently spending over $4000 each month, well, it makes me feel pretty good.

      Sure, the warmer weather and the related lower utility bills are a big help. (I used my savings there to treat myself on eBay. Bad, I know.)

      But if I can continue to throw that much “extra” at the mortgage and still manage to keep my other expenses relatively low, well, things can only look up.

      Can You Dig It?

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