Archives For Corey

5 Questions to Ask when Hiring an Attorney

Corey —  May 4, 2010

       If you’re looking for an estate planning attorney, it’s smart to have a few questions to ask before hiring one. A standard set of questions will help you compare several attorneys before making a choice. These five questions will help you find an attorney who is capable of handling your situation successfully.

1. What’s Your Background & Experience?

       There are numerous fields of expertise in the practice of law. Real estate, business, family, and estate are some of the major ones. Obviously, you’d prefer an attorney who specializes in the area where you need help – estate law in this case. Find out how long the attorney has been practicing in this area, where they went to school, who they’ve worked for previously, and how much of their time is currently spent on situations similar to yours.

2. What’s Your Process?

       Ask how the attorney will be working with you. How is information gathered? How are revisions made to my documents? How many revisions are included in my fee package? Are there any ways I can lower the costs by being more prepared/doing things myself? The answers to these questions will help you know what to expect and also uncover some ways you may be able to pay less.

3. Will You Do the Work Yourself?

       Attorneys often pass off some of their work to paralegals or junior attorneys within the firm. Find out how involved the attorney will be with your situation. If other people will be working on the matter, your fees should reflect that fact. The time that paralegals and junior attorneys work on your situation should cost less than the attorney’s fee.

4. How Do You Charge?

       Does the attorney work on an hourly basis, for a flat fee, on retainer, or on some combination or other method? What are the fees involved for the attorney’s time? How are expenses (like copying, filing fees, mailing, etc.) handled and charged? What are my payment options? How will I be billed? Be sure you understand the attorney’s compensation and what expenses you’ll be responsible for before hiring the attorney.

5. What Will This Cost Me?

       The attorney should be able to give you an estimate for the total cost of the services you need. If you’re getting a will, power of attorney, and advance medical directive, the attorney should be able to provide you with a general cost for these documents. If the attorney is unwilling to provide you with an estimate or remains vague, move on and find someone who will be more upfront. Understand that while it can be difficult for the attorney to know what the total cost will be, they should be willing to provide you with a possible and reasonable range of fees.

Your Thoughts

       What other questions would you ask before hiring an attorney? Share your thoughts in the comments.

In Estate Planning
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6 Cheap, Homemade, Natural, & Organic Weed Killer Recipes

Corey —  May 3, 2010

       Looking for a cheap, natural way to kill weeds? Here are 6 recipes you can use.

1. Boiling Water

       No recipe here. Simply pour boiling water over the offending weed and it will die. Be careful though. Boiling water can’t tell the difference between a good plant and an evil weed, so pour with discretion. This can be the cheapest weed killer by far if you use boiling water left over from cooking. (If you need to drain the food, simply catch the hot water in another pot.)

2. Vinegar

       Vinegar mixed with a bit of liquid soap is quite effective as a weed killer. The general ratio is one ounce of soap (a good squirt) to one gallon of vinegar. If you’re mixing up a smaller batch, just use less soap. The vinegar is made of acetic acid, which will remove the moisture from the plant. The soap just helps the vinegar stick to the plant’s leaves. Vinegar that’s 5% acidity will work OK, but 10% or 20% acidity is better. You can find the stronger vinegar at garden supply stores.

       This solution works best on a hot, sunny, dry day. You’ll kill anything you spray, so be careful around the plants you want to keep. Vinegar as weed killer will only kill the foliage of the plant – not the root. So repeat applications may be necessary for success. But hey, it’s cheap so it won’t cost much to do it a few times.

       Finally, don’t add salt to the solution. Some recipes tell you to do so, but you’ll make the ground unsuitable for just about any growing thing for quite some time. You don’t need it to successfully kill the weeds. (Although salt would be great if you never want anything to grow there again for a while. Cracks in the sidewalk or your driveway come to mind.)

3. Bleach

       Personally, I wouldn’t use this because it’s toxic and not best for the groundwater. (That matters to me because we get our water from a well.) But you won’t be using much, so I’m not sure it’s that big of a deal. Simply put some bleach in a spray bottle with a little soap and mist your weeds. Again, it’ll kill everything so aim carefully. (On second thought, this doesn’t qualify as natural or organic but it’s cheap and homemade.)

4. Rubbing Alcohol

       Rubbing alcohol will also draw out moisture from weeds. Mix about one tablespoon of rubbing alcohol for every cup of water in your spray bottle. Apply just like the vinegar or bleach solutions above.

5. Corn Meal

       Corn meal isn’t really a weed killer, but it can be used to keep weed seeds from sprouting. Actually, it’ll keep any seed from sprouting. Technically, you want corn gluten meal but that can be expensive if you get it from a garden supply store. Here’s a hint: go to an animal feed store. You can get corn gluten meal much cheaper there.

       You can use cornmeal that you buy at the store as well, but it won’t be quite as effective. On a different note, regular cornmeal is also useful as a fungicide. You can get regular cornmeal much cheaper (and in bulk) if you buy agricultural grade cornmeal. Just don’t eat it.

6. Elbow Grease

       OK, so this one doesn’t really count but it works. You don’t have to buy anything, and you don’t have to worry about harmful side effects on the environment, your kids, your pets, or yourself. Plus, it’ll help you get some exercise and relieve stress (maybe…). You’ll have to spend your time pulling the weeds, but if you get the roots you’ll be very effective.

In Gardening
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Extreme Early Retirement or Extreme Generosity?

Corey —  April 29, 2010

       I recently discovered Jacob at Early Retirement Extreme. I’m not sure how I got there – maybe from this post at Monevator – but I’m glad I did.

       Jacob is a bit of an anomaly in our culture – he’s a retired 34 year old, but he’s not rich (based on typical standards). He was able to retire early by saving 70-80% of his income for five years. He did not make a ton of money during that time. I think his salary was around $40,000-50,000/year while he was saving. He simply lived very frugally and saved the rest. Now, he still lives frugally but no longer needs to work to cover his expenses. Despite the fact that he doesn’t need to work, he does – and he makes enough to cover his expenses.

Cheap Living

       Jacob lives on about $7,000 per year. He’s able to do this because he’s learned to live cheaply – especially when it comes to the major areas of most budgets (housing, transportation, food, etc.). He doesn’t have a car, finds cheap/free forms of entertainment, and eats healthy meals with little to no meat. He currently lives in an RV with his wife, but he admits it’s not a necessary choice to duplicate his results.

Should We Retire Extremely Early?

       I don’t highlight Jacob as an example to be followed for extreme early retirement. I don’t think early retirement as a goal in and of itself as admirable or desirable for a Christian. (I also don’t dismiss it as a goal because I can see how God could use a person in this situation for full-time volunteer work or missionary work – a self-funded missionary if you will.) I’m highlighting Jacob and his choices because he offers insights that Christians can use to question the cultural norms and make choices that can lead to extreme generosity.

       For example, Jacob’s views on housing, insurance, and “sacrifice” greatly coincide with my own. (I don’t really agree with him on investing, but that’s irrelevant.) He doesn’t see money as necessary to have fun or live comfortably. He avoids waste. He learns new skills so he can make and do more stuff himself. His approach to living cheaply so he could retire extremely early can be adapted by Christians who want to give generously.

       If you want to get a better feeling for what Jacob did and why, check out his frequently asked questions, about himself page, and about Early Retirement Extreme. You can also see his best posts of 2008 and 2009.

How Can We Use Jacob’s Examples to Honor God?

       What I ask is that you read his articles from the perspective of how they can help you better serve God in your finances. Unless God has a specific purpose for you retiring early, that’s probably not a goal that will glorify Him. But we can use the same ideas Jacob used to enable extreme generosity in our lives by reducing our expenses and questioning the cultural norms. If you find something particularly insightful or helpful on his website, please feel free to share it in the comments below.

In Budgeting, Contentment, Frugality, Giving, Retirement, Work
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Don’t Put Up with Bogus Fees

Corey —  April 28, 2010

       A couple months ago, my wife and I canceled our phone, Internet, and satellite service (via Dish Network) through the local phone company to switch to Comcast. We did it to get faster internet and to cut out the TV service (which we replace by watching online videos). This saved us some money over the monthly costs and provided better Internet service (a big plus for me).

       There were no cancellation fees, and I asked to make sure. I had to talk to a different person to cancel the Dish Network subscription and she explained the return process. (They want the receiver, remote, card, and satellite dish “eye” back to reduce theft of their service. I can understand that.) She said they’d send me a box with prepaid postage and a list of instructions. If I didn’t send the stuff back, they’d hit me with major charges (anywhere from $200 to $500). If I did send it, no charges. Or so I thought…

The Bogus Fee

       I opened a bill in the mail a couple weeks ago from Dish Network. They wanted to charge me a $15 “return fee” plus $0.90 in taxes. Apparently, this is to cover the cost of the prepaid postage for the box to return their hardware. They’re supposed to tell you about this fee when you’re canceling your service, but they never told me. So I called them up to complain.

The Phone Call

       Honestly, I didn’t expect much cooperation since I’m no longer a customer. Dealing with bogus fees is a lot easier when you can threaten to cancel your service or stop being a customer. Not an option for me, so my hopes were not high. Surprisingly, the representative cleared out the charges after I explained the situation and he conferred with his manager. Score 1 for Dish Network customer service.

Don’t Put Up with Bogus Fees

       Here’s my point. Don’t put up with bogus fees. If you get hit with random fees that you’re not expecting (from any service or business), call and complain. Be nice but firm. Patiently and calmly explain the situation, tell them why you don’t believe you should pay the bogus fee, and listen to their response. I didn’t have to haggle much with Dish Network, but it’s not always that easy. Be prepared to keep (calmly) discussing the problem until you get the resolution you want.

It’s Worth Your Time!

       Why do this? Because it will save you money, and it might not take much time. For example, my phone call with Dish Network took a total of 8 minutes. I saved $15.90 by refusing to pay that bill and making the phone call. My time dealing with this annoyance was worth nearly $120/hour. Does your job pay that much?

       It might not seem like much, but a small savings over a small amount of time translates to a high hourly rate. So assuming you have the time, it’s worth your effort.

       What about you? Have you had an experience like this? How did you handle the bogus fees, and what was your outcome? Share your experiences in the comments!

In Frugality
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Debt Is Not Evil

Corey —  April 27, 2010

       A while back, I wrote an article titled “Is Debt a Sin?“. I explained that God never condemns those who borrow money, but He provides several cautions against debt. I took a strong stance against debt in that article, but I want to make something clear to you.

       Most Christian financial ministries are very opposed to debt of any kind. There is almost a sense of debt being evil – something that no Christian should be involved with. But the Bible never says that, and God nowhere forbids the use of debt. God warns against the dangers of debt, but there are prudent uses of debt that Christians should consider.

Good Debt or Bad Debt?

       The personal finance world often tries to make a distinction between good debt and bad debt. But that’s pretty stupid. Debt doesn’t have inherent qualities of being good or bad. It all depends on how you use it and why you go into debt. In truth, there are only two kinds of debt: smart debt and dumb debt. That’s really what people mean when they’re talking about good or bad debt.

Smart Debt

       Smart debt is the kind of debt that’s used wisely and prudently to achieve your goals. When you’re reasonably sure you can repay the debt, don’t overextend yourself, and will get a good value for the cost of borrowing, you’re making a smart debt choice. We can use smart debt to buy a home, get an education, start a business, or (occasionally) buy a car.

Dumb Debt

       Using debt to pay for vacations, shopping sprees, or unplanned, unnecessary purchases is never smart. Going into debt we know we can’t afford to repay is dumb. And borrowing money for risky ventures that are unlikely to succeed is just plain gambling.

       But some of the “smart debts” can be dumb as well. Borrowing to buy more house than you need is not necessarily smart. Getting $50,000 in student loans for a degree in a low-paying career field is not very smart. And going into debt to start a business where you have no experience, have done no research, and just have a “feeling” about is flat out stupid.

God Warns Against Dumb Debt

       What you’ll realize as you read what the Bible says about debt is that God is mainly warning against dumb debt. Dumb debt can put us in situations where it becomes nearly impossible to serve God as He desires. It can make us worry, drain our finances, and enslave us to our lenders.

       But using debt wisely as just another tool in our personal finance belt is fine. In fact, it can often be very wise. Without debt many successful businesses would have never started, many people would never own homes, and many would never be able to get the college education that leads to a successful career.

       Obviously, I’m not recommending that you use debt foolishly to start buying everything you want but can’t afford. However, you shouldn’t be completely opposed to using debt either. If you think you’ll be able to repay the debt, don’t get more debt than you need, and ensure you’re getting value for the cost of borrowing, debt can be a good and wise financial choice. But dumb debt will always be dumb – so please avoid it for your own sake.

In Debt
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Advice to a Young Professional

Corey —  April 22, 2010

Benjamin Franklin by cliff1066TM on Flickr       In 1748, Benjamin Franklin wrote a great little letter entitled Advice to a Young Tradesman. It’s packed with wise advice, but the language is outdated for most readers today. So without much ado, here’s an updated version of Ben Franklin’s “Advice to a Young Tradesman”.

TO MY FRIEND, Y.P.:

       You asked me for my advice, so I’ve written these tips for you. They worked well for me, and they’ll work for you if you’ll follow them.

       Don’t forget, time is money. Let’s say you can earn $200/day. Now if you sit and watch TV for half the day, you can’t count the $3 you spent for cable as your only expense. You’ve really spent – actually, you wasted – $100 besides that.

       Don’t forget, credit is money. If a man is late collecting the money I owe him, he’s giving me the interest that can be earned on it. This extra interest can add up if we’re talking about a lot of money.

       Don’t forget, money can compound. Money can give birth to money, and its babies can give birth to more, and so on. A hundred dollars used well can become two hundred. That two hundred can become four hundred, and so on until you have ten thousand dollars. The more money you have, the more you can make each time you use it well. Then your profits will increase faster and faster. But if you kill the goose that lays the golden eggs, you destroy all the eggs you would have gotten in the future. If you murder a hundred dollars, you destroy all that it might have produced, even ten thousand dollars.

       Don’t forget, that $1,825 a year is only $5 a day. For that small amount (which you can easily waste in time or money) a man with good credit could cover the interest on a personal loan of $20,000. That much money put to quick work by a diligent man gives a great head start.

       Remember this saying, “The man who pays his loans on time owns another man’s bank account.” If you always pay on time and as you promised, you’ll never have trouble borrowing more money. This can be very useful. After hard work and frugality, nothing brings more success to a young man than punctuality and justice in all he does. So never keep borrowed money an hour longer than you promised. A bad mark on your credit history could close the bank for a long time.

       Pay attention to even the smallest things that can affect your credit. If your creditor knows you’re working hard, he’ll give you a break. But if he sees that you’re being lazy and not trying to pay him back, he’ll be demanding you pay him back all of his money tomorrow.

       Your diligent work and long hours will show that you remember what you owe. It also makes you appear to be a careful and honest man, and that will improve your credit as well.

       Don’t live like everything you have belongs to you. Too many people with a credit card make this mistake. To avoid it, carefully track your income and expenses for several months. If you take the time at the beginning to track even the smallest things, you’ll have great results. Here’s why. You’ll see how tiny amounts pile up into larger amounts of money. Then you’ll know where you’ve wasted money and how you can save it in the future with very little inconvenience.

       Here’s what it boils down to. The way to wealth, if you really want to know it, is as clear as the way to Target. It depends mainly on just two things – diligent work and frugality. Waste neither time nor money. Make the best use of both. Without hard work and frugality you’ll get nowhere. But with them, you can go anywhere. The man who gets all he can honestly and saves all he gets (except what he needs to live) will definitely become rich. Provided, of course, that God (whom everyone should ask for blessing on their honest work) doesn’t have other plans for that man.

An Old Pro

In Budgeting, Debt, Frugality, Investing, Miscellaneous, Saving, Work
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Raising a Cow for Beef: Month 8

Corey —  April 21, 2010

       Last month, I posted an update about how my wife and I are raising a cow for beef. This is a summary of our activity and costs for month 8. As always, let’s first check Bambi’s growth. Here he is at seven months old:

Bambi - 7 Months Old

       And here he is at eight months old:

Bambi - 8 Months Old

       Bambi continues to gain weight at a steady rate. He’s up to at least a quarter of a ton now. I’m hoping he’ll reach 1,000 pounds by November, but I’m not sure he will since he’s 75% Jersey. We’ll see!

Costs & Time

       Now that spring is here, I’ve been able to let Bambi graze. While it saves me money on hay, I have to spend a little more time than normal to take him out from the barn along with his grain and water. However, it takes very little additional time.

       As I mentioned last month, we won’t be spending as much from here on out for hay and straw. We still have to buy feed (grain) every month and that will continue until Bambi goes to the butcher. Here are our costs for this past month:

  • Feed – $40.62

    •        

  • Time – 9 hours

       And here are our total costs over the past eight months:

  • Cost of Bambi – Free!

    •        

  • Castration & Dehorning – $16.00

    •        

  • Milk Replacer – $45.54

    •        

  • Miscellaneous – $46.87

    •        

  • Feed – $241.78

    •        

  • Hay – $88.00

    •        

  • Straw – $20.00

    •        

  • Medicine – $5.00

    •        

  • Total Spent – $463.19

    •        

  • Time – 72 hours

       After eight months we’ve spent a total of $463.19 and 72 hours raising a cow for beef. Bit of an expensive experiment, huh?

       My idea to clean out Bambi’s pen a little every day helped when I cleaned the whole thing out one Saturday. It wasn’t nearly the struggle it usually is, so I’m happy about that. But now that he’s not eating as much hay and is spending more time outside the barn, I expect the cleaning to go quite a bit quicker.

       A side benefit of mucking Bambi’s stall is the material I get for compost. I suppose I could consider that on the plus side of the equation, but I don’t want to complicate things too much. Compost is valuable and should help in my garden, but it’s probably not worth a whole lot.

       That’s it for this month. If you have any questions or comments, please leave them below. And make sure you sign up for free updates to Provident Planning if you’re interested in knowing what it takes to raise a cow for beef!

In Miscellaneous
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