Wear some financial underpants

I graduated from BYU with a Master’s degree in accounting. BYU’s accounting program is regularly ranked as one of the top three schools in the nation.

Whoa. Go, John. I ought to be some kind of financial superstar, right? You’d think I would have come out of that program with all my crap put together, living within my means, investing wisely, making a bundle of moo-lah. I’d have a tidy stash.

Yeah, nope.

That program taught me how to account for money, but not how to use it. Or maybe I was just too dumb to get it. We came rolling out of school with thousands of dollars of debt. So instead of graduating and building our wealth, we worked to pay off the man.

Dumb, dumb, dumb.

I can tell you right now my daughters aren’t going to do the same. They will pay as they go. I’m not co-signing any loans. They’re not going to use credit cards. If it takes them a few years longer to graduate, then it takes them a few years longer.

But they’ll be free when they finish. No shackles for my girls.

I always thought it was a good idea not to send them out into the world without underpants. Or knowing how to brush their teeth. It’s equally important I don’t send them out there not knowing how to build wealth and reap all the security and peace that comes with it.

This is why every child of mine is going to get a copy of Dave Ramsey’s The Total Money Makeover. It’s a goofy title, but the principles in it are sound. I can’t tell you how much I wished I’d known and followed the steps he outlines there on how to build wealth when I was just starting out.

1. Save $1,000 in an emergency fund
2. Pay off all your debt except the mortgage using the debt snowball (and don’t go into debt)
3. Complete your emergency fund by saving three to six months’ expenses
4. Maximize retirement investing
5. Save for your kids’ college
6. Pay off the home mortgage early
7. Build wealth and give like crazy
8. Live like no one else

The book starts out by talking about the debt myth, i.e. debt is a great tool and should be used to create prosperity. Sometimes a little debt can be helpful. But in the vast majority of cases “debt adds considerable risk, most often doesn’t bring prosperity, and isn’t used by wealthy people nearly as much as we are led to believe.” Ramsey goes on to say, “Your largest wealth-building asset is your income. When you tie up your income, you lose. When you invest your income, you become wealthy and can do anything you want.  How much could you give every month, save every month, and spend every month if you had no payments? Your income is your greatest wealth-building tool, not debt. Your Total Money Makeover begins with a permanently changed view of the Debt Myths.”

After tackling debt, Ramsey outlines other money myths and wealth-destroying attitudes and then explains each of the principles of the steps outlined above.

I love this book so much it’s part of my gift package to every couple that invites me to their wedding reception. I hope those new couples follow his recommendations. It will bring them peace. If you want to give your children the gift of financial peace, if you want that peace yourself, I recommend you buy this book today and start following those baby steps. You can get the book for a mere $10 bucks at his website http://www.daveramsey.com.

While you’re waiting for it to come, you might want to go over to Larry Correia’s site (another accountant and fiction author), and read his hilarious comments on some real folks who actually were sent out without any financial underwear: http://tinyurl.com/3zx9tbo.

Thick and Creamy

I love thick, creamy yogurt.

Mix it with some raisins or fresh fruit, and I’m in heaven.

The problem is that most of the yogurt on the shelves today is weird Splenda- or NutraSweet-filled crap. Or it’s full of sugar. And none of it has that thick mouth feel.

I had some great yogurt up in Oregon a few years ago, but could never find anything like it here. Then a little while ago I hit the jackpot.

Hello, Brown Cow Greek Yogurt.

Thick. Oh, baby is it thick. Creamy. And full of goodness: 23 grams of protein, 9 grams of sugar, 0 grams of fat, and active cultures of more of our belly friends than any other yogurt I’ve found—give a big welcome to S. Thermophilus, L. Bulgaricus, L. Acidophilus, Bifidus, and L. Casei.

I get the plain style. This allows me to mix it to my taste with fruit, granola, or a little bit of sugar or honey.

If you’ve been looking for some good yogurt, let me recommend Brown Cow.