While my personal investment style is conservative and focused largely on index funds, one of my goals for this site is to learn about and introduce some of the lesser-known investment opportunities available. With the proliferation of internet access and the rise of the “online broker” over the last decade, even those opportunities that seemed reserved for professionals and the elite are becoming available to the common investor.
One example is the upcoming launch of the Facebook IPO, which will reportedly be made available to investors with accounts at E-Trade and TD Ameritrade.
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When it comes to keeping expenses under control and spending within our means, regularly evaluating your ongoing expenses is a big part of the equation. Making sure that you have the cheapest car insurance at all times is one area where it pays to keep a watchful eye on your life and your options.
The College Years
I grew up in New York and later relocated to Florida, and as a result I didn’t have a license until I was 19, and didn’t own my first car until 22. I had limited use of my parent’s car and limited need to be on their insurance, but when I hit 22 and received ownership of my first ride, it was time to look at insurance for the first time.
Even with a perfect driving record, this 22-year-old male had a fun time finding any insurer that was willing to give coverage for anything less than an arm and a leg. After quoting 3-4 providers, I finally settled on GEICO for more than $200 a month, and stayed with them for the next few years.
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Do you pay other people or companies for the privilege of dealing with even the simplest areas of your finances? If so, it may be time to re-evaluate whether you’re getting your money’s worth with these expenses.
Let’s look at three of the most common financial management areas where people often spend money for things where free alternatives exist:
Free Checking
About 5 years ago, right around the time that online banks were just coming into the mainstream, it seemed that you could get a free checking account anywhere you looked.
To some extent, that’s till the case today, but banks are increasingly turning to paid accounts that require specific minimums to avoid the “maintenance fees.” Some examples include:
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For a lot of good reasons, the first question on my list of 72 when evaluating where and what you want to buy deals with the type of home.
Generally speaking, the options are single-family homes and condos, though with the second type, the selection gets more complicated. Whatever the setup, a condo is essentially ownership of a “unit” within a larger building and ownership interest in the common property shared by all the condo owners.
While an unspoken assumption on our family’s part has been that a single family home was our intended buying target for later this year, we’ve been finding ourselves talking about condos more and more in the last few months.
The more we think about it, the more sense it’s starting to make with respect to where we are financially and in our life progress.
Overall Cost
We’ve run the numbers. Our current estimates include the cost of buying a decent-sized, 2 or 3-bedroom condo in our area, including the mortgage, taxes, insurance, and HOA fees. We think that the monthly cost comes to about $800-$1,100. This is marginally lower than the cost to rent the same size unit in a similar location, which is a major plus.
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