Refinancing now is generally a wonderful idea as jumbo loans are back to all time lows.  That said, what happens if you are so underwater on your mortgage that you feel it doesn’t make sense to continue paying anymore because you don’t think value will ever recover?  Banks have become so annoyingly stubborn regarding allowing underwater homeowners to refinance, that you might have a better way.

Have you ever wondered why there have been so many foreclosures in states such as California, Nevada and Flordia?  I’ll tell you.  If you live in one of the 12 “non-recourse” states of Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington you are in luck!  If you so happen to own property in one of these states, and have substantial assets elsewhere, you can legally hand over the keys to the bank and exonerate yourself from the mortgage with no penalty against your other assets!

AN EXAMPLE ABOUT GETTING IN OVER YOUR HEAD AND BAILING

You have a million bucks in the bank and you bought a house for $800,000 several years ago by taking out a $750,000 mortgage.  Real estate market crashes and the value of the home is now $400,000.  You’ve already paid $50,000 of the mortgage principal over the years.  $300,000 of your mortgage is now unsecured ($700K mortgage balance – $400K value of property), which means your house is now an under-secured debt.  Because you live in a non-recourse state, if you turn over the collateral (your house), your lender cannot collect on the $500,000 unsecured debt.  The lender assumed this risk when they approved your mortgage application, and you can walk away with your $1 million in cash and live happily ever after.

However, say you bought the house for $800,000 with a mortgage of $300,000, and then a few years later took out a second mortgage worth $500,000.  Real estate market crashes and the house is now worth $100,000, leaving you upside-down on the house by $300,000.  If you turn over the house, you can walk away from the first $300,000 mortgage, but you’re still liable for the second $300,000 mortgage.  Since you no longer have the collateral, the second mortgage is now an unsecured debt.  Unsecured debts can be discharged in bankruptcy.

BANKRUPTCY OPTION

If you want to file for bankruptcy, the $1 million cash is a problem.  Since you’ve got the cash on hand, the court is going to say you have to pay back your second mortgage.  But who has $1 million cash in this economy?  More realistically, you have $1,000 cash.

If your income is above the median, you are eligible for a Chapter 13 bankruptcy.  In a Chapter 13 bankruptcy, the debt is not completely erased, but is instead consolidated and restructured into an affordable monthly payment.  The debtor creates a three to five year affordable repayment plan to pay off a portion of the total debt.

If your monthly income is below the median for the state you live in, you are eligible for a Chapter 7 bankruptcy, which is a total liquidation and discharge of all of your debts, including the $300,000 second mortgage.  The slate gets wiped clean and you get a “fresh start” to start rebuilding your credit.  You are eligible for a new FHA home loan 2 years after your bankruptcy is discharged.

If your creditors are harassing you or if a creditor has served you with a court summons, if you’re facing a repossession or foreclosure, or you are only making the minimum balance on your credit cards, you should seriously consider filing for bankruptcy.  If you feel like your finances are way outside of your control, bankruptcy is the “fresh start” you need to get your financial health back in your own hands.

Most bankruptcies are caused by one of three events: loss of job/failed business, medical emergency or family emergency.  You may have been living within your means just fine, but then you lost your job and defaulted on a payment.  One missed payment can change your interest rate from 8% to 39%, causing your debt to quickly mushroom out of control.  Perhaps you or a loved one suffered a heart attack, resulting in thousands and thousands of dollars of medical bills that you simply cannot manage.

IS IT RIGHT OR WRONG TO WALK AWAY IF YOU CAN AFFORD IT?

There are actually plenty of people in California who have substantial assets who are simply walking away from their mortgages.  Financially, it makes sense, especially if they’ve put very little down.  Legally, they have every right to walk away as well.  After all, the banks performed due diligence and made the decision to lend you money.  Nobody forced the banks to do anything, as perceived profits are what drove them to lend.

Sure, for the first 5-10 years, your stellar 770 credit might get trounced to 570.  But, if you have another fine property you are living in, and another vacation home down in Malibu, what do you care whether you can’t get more credit or not?  You’re already living the dream and catching a break from an investment property that went sour!

Readers, do you think it’s wrong to walk away from a mortgage if you can afford to pay?  How much do you value your credit and how would you value your credit given the negative implications of walking away?

After sharing your thoughts, go check out a guest post I wrote on Untemplater entitled, “The Best Place For Online Entrepreneurs To Live And Work“.  It’s what I discovered after blowing my tax refund!

Regards,

Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”

In good old fashion political jockeying, the House finally agreed to a budget and unknown to many, they also passed a Renters Tax!  The idea is for all Americans to participate in our simple tax system and shore up our huge deficit.  The new law states that starting October 1, 2011 all renters shall pay a Renters Tax equal to half the value of their rented home as determined by the government every year.  Landlords equally pay the other half.

Example: A nice 3 bedroom, 2.5 bath property is assessed at $500,000.  A taxation of 1.2% = $6,000 must be paid once a year.  Since the renter benefits from living in the home as well as the public parks, roads, libraries, and schools, the renter writes a check for $3,000 to the local state county tax board.  Meanwhile, even though the landlord does not enjoy any of the benefits of living in the home, s/he receives rental income, potential long term asset appreciation, and the option to move back in at his or her choosing.  As a result, the owner pays for half the annual property tax by sending in a check as well.  Perfect equality.  Both renter and owner have “skin in the game” and look to better their surrounding community.

THE GOVERNMENT BELIEVES WE SHOULD ALL PITCH IN TOGETHER

Are all renters pissed and shocked for having to chip in and help out our debt-laden economy yet?  Well don’t be, this is my April Fool’s post!  One of my most unpopular posts, “Renters Should Pay More Tax” engendered a lot of criticism from renters who say they already pay taxes.  My response was of consistent stubbornness to not recognize that landlords charge a rental price that bakes in all costs, or at least tries to.

One could argue that renters pay more than their fair share of property taxes because landlords pass their entire costs to tenants if they are at least cash flow break even. Although I physically write the check to California for my rental property taxes, I definitely charge a rent that covers all costs and then some to reward me for the trouble of landlording. Otherwise, I might as well put all my money in CDs in kick back.

I’m sure I got many of you riled up due to my stubbornness.  I have to admit, that was kind of the point.  I aimed to create an understanding, and perhaps an empathy that singling out any particular group to pay more taxes than they already are is a very offensive and annoying thing to do.  To vote to raise taxes on individuals in the 33% and 35% tax bracket, while you yourself aren’t willing to pay more taxes is wrong. It’s especially wrong since the top 25% of earners pay 87% of all taxes already!

A GOOD PERSPECTIVE

Jason from My Money Minute had a great comment which cuts to the point:

Stop calling it a Renters Tax, and just label it an Occupancy Tax, like governments do on hotels. Hotels factor in their property tax into how much to charge to rent a room for the night, then the government tacks on 10% or more to the renter to occupy the space.

So if you want a “Renters Tax”, then charge 1% of rent and have it collected by the landlord each month.

I don’t even think Sam is for a Renters Tax. What he’s probably for, is all citizens feeling the hurt of paying taxes. When we buy goods at a store, we physically SEE the added sales tax. When we register a car, we FEEL it when we write a check each year. But when taxes are “included” in a cost (rent, for example), that ‘hurt’ is absent, making it easier to blame or pass responsibility for taxes on to another subset of people (the “rich”, property owners, etc.).

If renters had to physically SEE property taxes they are paying each year separated from their rent, they have that proverbial “skin in the game” mentality, and would be less apt to endorse raising taxes on property owners, the ‘rich’, and any other group of people they feel can afford paying more taxes.

I think Sam’s point is the “skin in the game” argument — More people who have to contribute to each type of tax (sales, income, property, use, vehicle, etc.) = Less class warfare, less nanny-state reliance, less pass-the-buck mentality, and greater empowerment of the individual.

The bigger the government, the smaller the individual. “Skin in the game” empowers individuals while decreasing the role of government.

Am I on to something here, Sam?

Very good perspective Jason!  It’s about everybody pitching in and visibly seeing where their money is wasted.  It’s also a lot of semantics. In the end, know that it is ludicrous to try make others pay more to the government when you aren’t contributing more yourself.  Stop finger pointing at others, and just focus on what you can do to contribute more.

Sorry for winding you guys up!  I’m against tax increases in general, except for those who consistently make money and don’t have to pay anything.  That’s just ridiculous.  Just think though, you can always argue whichever way you want.  That’s why there’s always so much gridlock in the government!

If you enjoyed this article, please sign up for my RSS Feed or E-mail Feed to keep in touch.

Best,

Sam

Yale law professor and mother of two Amy Chua penned an incredibly fascinating article entitled, “Why Chinese Mothers Are Superior” on the WSJ.  Professor Chua is a first generation American who went to Harvard undergrad and then to Harvard Law School.  As a tenured professor teaching at the most prestigious law school in the world, I feel for her kids first and foremost!  Think about all the expectations that are put on them since her husband, Jeb, is also a tenured law professor at Yale.

Let’s say you had parents who walked 10 miles to school every day.  Do you think there’s a snowball’s chance in hell that you will have a car in high school?  You might, but you’d feel guilty every time you get behind the wheel and your parents will likely remind you as well.  In the end, you’d probably compromise and either bike to work, have your parents drop you off, or walk yourself.

Here’s a non-offensive excerpt from her article where she justifies calling kids names such as “lazy”, “fatty”, “worthless”, “stupid”, and “disgraces” when they aren’t performing up to par:

“As a parent, one of the worst things you can do for your child’s self-esteem is to let them give up. On the flip side, there’s nothing better for building confidence than learning you can do something you thought you couldn’t.”  Amy Chua

I agree with her quote, but I definitely don’t agree with calling one’s kids names to shame them into conforming.  The main issue I have with Amy’s view is that she pits Asian mothers against “Western Mothers” who are by default deemed inferior.  I would be incredibly insulted if I was a Western Mother because who is Amy to impose her dictator-like ways on me.  Amy talks in stereotypes all article long about how Asian children always seem to be gifted in math & sciences and music.  Amy argues that it is in fact no coincidence since Asian mothers are such master motivators and disciplinarians.

NATURE vs. NURTURE

I’ve always wondered how I’d turn out if my parents hadn’t been there for me.  I got into a lot of trouble growing up because I had little regard for personal property or the law frankly.  I remember my friends and I would trespass onto this farm in the mountains so we could have firecracker wars and sneak a smoke.  We were in the 5th grade.

There were other times where my friends and I would skip school to go movie hopping and chase girls.  We’d go around town with our illegal mopeds.  Another time I remember punching my friend in the face because he pushed me over while I tied my shoe.  That was in the 9th grade and I got suspended for a couple days.

My parents weren’t super strict, but they laid down the law when I didn’t obey.  With enough disciplinary action, I grew out of my rebellious teenage stage and started hitting the books hard.  They basically told me if I didn’t do well in academics and sports, I would severely lessen my chances of making a comfortable living for myself because no good school would accept me.  They somehow instilled in me the absolute fear of ending up on the streets.

I’m almost certain that if my parents weren’t there to set me straight, I would end up struggling financially and be stuck in a job that I hated.  Then again, I wonder if nature would have eventually kicked in to set me straight on my own.  Perhaps it would, but if it kicked in at age 22 instead of 14, it may have been too late.

PERHAPS IT’S A LOT OF NURTURE AND A LITTLE BIT OF NATURE

I used to think that I would always send my kids to public school because I experienced both and didn’t feel private school was any better.  I used to believe that my kids would be able to discern what’s right from wrong and not hang out with the bad crowd.  Now I have my doubts.

Private school administrators know parent’s insecurities and therefore skillfully market to their fears.  “Why risk your child’s future?“, is a favorite line to convince parents to spend $20,000 a year in 7th grade tuition vs. $0 for a public education.  And you know what?  I’m starting to get nurtured by their propaganda as well.  If I’ve got the money, why risk sending your kid to a less nurturing environment, even if you have all the confidence in the world your kid is good.  Why risk tarnishing your star?

Parental guidance, phenomenal teachers who inspire, and good peers are instrumental to the development of a child.  Not everyone can be a success, however you define the world.  But, with the right environment, there’s no doubt in my mind that a child’s potential will be maximized.

Readers, how were your parents growing up?  Do you wish they pushed you harder?  If they pushed harder, do you feel you would be more successful?  What percentage does nurture play in the part of a child’s development?  Are Asian parents superior as Amy Chua believes?

Regards,

Sam

There seems to be a camp that believes that New Year’s resolutions are a waste of time.  Are you kidding me?  If you have no resolutions for the next year, you’re going to have a very unfocused way of making progress in whatever you want to do.  There’s another camp that says you should have very few resolutions so that you succeed in achieving your goals.

Well that’s fine if you have a difficult time tying your shoelaces and juggling more than several things at once over 365 days.  Wow, 365 days……. did you know that people have built billion dollar companies and cities in that time period?  You do right?  Well, what’s stopping you from making resolutions?

* You’re afraid to fail. No goals, no failure!  Very simple.  Easy to talk about how New Year’s resolutions are a waste of time instead.

* You’re lazy. You don’t want to put your goals out there because once you do, you know that you’ve got to try and accomplish them.

* You’re embarrassed. Who gives a damn what other people think?  And if you are embarrassed, just write them down in private.  Nobody is going to kidnap your bunny if you fail.

I have a lot of goals for 2011 because I have a lot of things I want to do.  Call me a motivated I guess.  But, each year that goes by is one less year I have to live.  Time gets more and more valuable the older you get.  Some goals are more important than others, such as seeing my parents 4X in 2011.  I’m not going to start crying if I still dress too casually for my own good.  But, I will be disappointed that I didn’t make a strong enough effort to look sharper.

USE “SAM” TO HELP YOU SUCCEED

* (S)pecific. Your goals should be as crystal clear as possible.  Don’t leave room for you to wing it and make soft interpretations such as “I will lose weight.”  Instead, write “I will lose 10 pounds by June 1 and if I don’t I will run 10 miles a week for the remainder of the year until I do.”

* (A)ctionable.  You’ve got to be able to do something about your goal in order to succeed because if you achieve the goal with no action, you will feel empty.  Goals that require no action are just dreams.

* (M)easurable. If you have no way of measuring your progress, then you might as well not have a goal.  You should set checkpoints through the year to see your progress.  The best check points I find are after every quarter i.e. April 1, July 1, Oct 1, and finish out the rest of the year strong.

Bet you didn’t realize that I’d always be with you on your resolutions journey now did you?  If you have a journal or a blog, your New Year’s resolutions should get you excited!  Part of the whole reason why you have a journal or a blog is because it allows you to record your thoughts and review them at a later date, while holding you accountable for your decisions.  Go out there and write down your resolutions for 2011 and prioritize.  You can have 1 or 10.  Whatever the case may be, it’s a personal decision.  Just don’t have none!

Readers, what are your excuses for not making any yet?  Do you need a kick in the pants or a nipple twist to get you going?

Best,

Sam

I clicked the 2 minute super nuke button on my microwave before leaving to park my car.  Moose was left outside after a late night of partying and I didn’t want the parking crazies to give me a lovely $70 ticket for blocking my own driveway.

Two minutes should have been enough sizzle time to keep my food toasty before I got back.  Eight minutes later (checked and read the mail too), I came back to ravish my leftover Pad Thai.  Oh, how disappointed I was and so I tweeted:

“If room temperature is considered warm, why does my food always get cold? #Deepthoughts as I ponder the meaning of life while writing.” via @FinancialSamura

My question was sincere, in the moment, and with no time to think.  I got a couple sincerely interesting responses.

“@Financialsamura Is room temperature warm? I thought it was just “eh” :)”

Wrote the lovely @MarenKate with one bagillion followers.  Good clue there as my mind started processing.  Perhaps inappropriately, but always with honestly I responded,

“@marenkate Room temp is definitely at least lukewarm in my mind, but gets hotter when you tweet. Whuh?”

Not as lovely, but equally as intelligent @DrDeanBurke then pitched in and wrote:

“@financialsamura What is the temp of your tongue? Anything cooler, will taste cool…..No charge!”

How should I know what the temp of my tongue is Doc?  I shoulda become a doctor, I’d kill it if I could make money with that advice!

Seconds later, @IWP responds with the lightning bolt answer:

“@Financialsamura Ha, cause it’s because room temperature is colder than you like your food when eating.”

That, in a nutshell is the answer to all suffering, happiness, and disappointment!  You see, not only is everything rational, everything is also relative!  I like my food hot – hot to the point where my tongue and top of my mouth almost burn off.  Anything less is displeasing.

EXAMPLES OF DESIRE & SUFFERING

Back in college, I used to think making $30,000 a year was awesome, and retiring with a million bucks was a monumental achievement.  After working for more than a decade, I no longer think this way.  What a shame, but something at least I recognize.

I used to think my inner tube was the best way to enjoy the ocean.  Not anymore after I witnessed the 150+ yard long mega-yacht called “A” the other month!

So you see, the clear answer to happiness is having low standards (cold food, soggy waffles, inner tubes, one pack gut, low income) and being satisfied with what you have.  Who would have thunk that a key question could be found so instantaneously on Twitter?

Readers, shall I start a series called “Deep Thoughts on Twitter”?  What do you think causes suffering?

Cheers,

Sam

The reason why Warren Buffet is so great is because he’s able to distill the most complicated financial topics into very simple terms.  Lucky for us, there is someone like Warren in the economics world.  Regular reader, Investor Junkie who disagrees with the government’s unemployment insurance extension, but agrees with the cessation of rising taxes, highlights a fantastic video by the great economist Milton Friedman about four different ways of spending money.

Professor Friedman’s examples are simple and perfectly to the point.  In an environment where we are spending other people’s money on someone else (deciding how other people’s tax dollars are spent), we don’t maximize the value of the dollar because we simply don’t have much at stake.

Professor Friedman highlights that people spending someone else’s money on others is a “distributor of welfare funds.”  Strong words with a certain amount of truth wouldn’t you agree?  In “The Ultimate Solution To A Fair Tax Policy In America”, I discuss the concept of limiting the voting ability of the 47% of non tax paying Americans on raising taxes for the other 53%.   Don’t worry, voting rights for everything else is status quo.  The reason why I suggest this rational solution is because it makes sure the country isn’t overrun by those who have their cake (don’t pay taxes) and get to eat it too (enjoy the benefits).

One can easily see an America where 90%+ of citizens don’t pay taxes and stick it to the 10% rich because it’s rational to look out for your own interests.  It’s up to balanced people who believe in equity to continue fighting for those who perpetually get unfairly blamed for our economy’s problems.  It really is ironic, because if everybody studied hard in school, volunteered their time to help others, and were self-sufficient (doesn’t have to be wealthy), America wouldn’t have nearly the amount of problems we have now!

The 4 Ways Of Spending

1) Spend your own money on yourself.

2) Spend your own money on somebody else.

3) Spend somebody else’s money on yourself.

4) Spend somebody else’s money on somebody else.

Readers, do you agree or disagree with Professor Friedman’s thesis that the 4th way of spending is the worst way of spending?  If you do agree, why do you think people feel it’s OK to spend other people’s money as they wish?

Regards,

Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”

Follow on Twitter @FinancialSamura and subscribe to our E-mail or RSS feed.

With the Bush tax cuts set to expire next year, there’s going to be a big debate during the mid-term elections this November!  But, should there really even be a tax debate?  It’s obvious that we should NOT raise taxes on small business owners and higher income, hard working Americans in a nascent economic recovery!

Everybody knows roughly 47% of Americans pay no federal income taxes.  Hence, the ultimate solution for tax legislation is to strip away tax voting rights for the 47% of Americans who pay no tax, but who still get to enjoy the benefits of other people’s contributions.  If you’re one of the 100+ million Americans who pay no income tax, isn’t it good enough to enjoy free public schooling, nice roads, friendly firemen and police officers protecting your neighborhood?  Being thankful is a great disposition to have.  Being greedy is not.

An Example Of A Family Making $120,000 Paying No Taxes:

“Say you’re married with salary income of $120,000, 401(k) contributions of $12,000, two under-age-17 kids, and a college student with $4,000 in education expenses. Assume you also bought a home this year that qualifies for the now-defunct $6,500 credit for existing homeowners. Finally, assume you’re eligible for the $1,500 credit for energy-efficient home improvements. Believe it or not, your 2010 federal income tax bill will be zero even if you only claim the standard deduction.

Your tax bill of $11,950 is completely wiped out by $13,300 in credits ($2,000 child credit, $2,500 education credit, $6,500 home buyer credit, $1,500 credit for energy-efficient improvements, and the $800 Making Work Pay credit). In fact, you’ll get a $1,350 check from the government because some of your credits are refundable ($13,300 of credits – $11,950 of tax = $1,350 of free money),” writes Bill Bischoff of SmartMoney.

VOTING TO RAISE TAXES ON OTHERS WHEN YOU PAY NO TAXES IS LIKE……..

* Dr. Phil writing a book and telling someone to lose weight.

* Suzie Orman telling you to invest in the stock market when only 2% of her wealth is invested in equities.

* A recent college graduate teaching you how to be rich.

* A hardcore vegetarian who wears leather shoes.

* A priest who preaches acceptance but expects you to burn in hell when Armageddon comes if you don’t convert.

* The United States implementing economic sanctions against emerging countries for polluting.

* A boss who tells you to work hard but goes and plays golf every other day and takes long lunches.

* US Treasury Secretary Geithner saying raising taxes is “the right thing to do” but cheats on his own taxes.

CONCLUSION

Some may argue that voting is a fundamental right as decreed by the 15th amendment of the Constitution.  I agree, go ahead and vote on whether the government should implement a flat tax on those who pay nothing. It’s only fair.  Just don’t go around pretending as a non tax payer, you have the right to vote on persecuting others to pay for your own free government benefits.

It’s so obvious to any rational person that if you pay no taxes, you can’t possibly be able to vote for people whose agenda it is to raise taxes on others.  Yet, millions of non tax paying Americans continue to support tax increases for the rich, who may very well be the ones who help keep the millions who don’t pay taxes employed!

Friendly Americans who pay no taxes, please have a heart and enjoy your spoils and stop punishing others further.  For the 53% of Americans who do pay taxes, let us decide what is the right level of income taxation to help support the economy and you guys.  We might vote to raise our own taxes and dis-incentivize ourselves to work hard.  So be it.  At least we get to vote on our own destiny!  Thanks!

Readers, do you think it’s right that the 47% of Americans who pay no taxes can vote on raising taxes for others who already pay?

Why do you think the government and the people of America allow this type of double standard?

Any suggestions on how to stop the persecution of hard working Americans?

Any other examples of “voting to raise taxes on others when you pay no taxes”?

Regards,

Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”

Follow on Twitter @FinancialSamura and subscribe to our E-mail or RSS feed.

Author: Phil Villarreal was a syndicated film critic (one of the best jobs on earth) and is a general reporter for the Arizona Daily Star.  Phil contributes to OK! Magazine and blogs at becauseitoldyouso.com.

Publisher: Skyhorse Publishing, Inc.  244 pages in soft cover.  $12.95.

Summary: “Secrets of A Stingy Scoundrel” is a hilarious book that has been reviewed by many personal finance sites already.  Hence, I’ll take a slightly different approach.

First of all, Phil is one proud cheapo who is potentially helping millions of Americans (if they buy his book) save thousands of dollars a year.  Second of all, the breadth of stinginess is impressive, with nine chapters: Personal, Eating, Relationships, Household, Finance, Leisure & Entertainment, At The Workplace, Corporate Cataclysm, and Gross, Mean and Just Plain Wrong.

My favorite chapters are Relationships and Gross, Mean, and Just Plain Wrong.  Interestingly, the Relationship portion only has 3 tips vs. 30 tips in Gross.  Why is this Phil?  I think the main reason for the brevity is because Phil doesn’t want to totally ostracize the female reader and get the feminist movement on him!  Phil is also married, and I can see his wife shaking her head in disapproval with every tip he writes.

Come on Phil, you and I know there are at least 10 ways to really save money in a relationship!  You know, like forgetting your credit card, making a b-line to the restroom due to food poisoning, and asking the parents to pay for the wedding.  But wait, I think you touched on some of those already!  Can I be your guest contributor in your next book?  The titles of the three relationship tips are: Yay WNBA, The Dutch Are A Wise And Just People, Art Of The Well-Timed Fight/Breakup.

The Gross and Mean chapter is simply vicious. We’re talking “stealing” the bartenders tips, pretending you’re a clairvoyant on Craigslist, and never getting married (which should be in the relationships chapter!).  The chapter is full of ethical dilemmas which can be argued either way.  Maybe that’s the secret of saving a ton of money?  If you can consciously never tip the pizza man or your waiter, you’ll save 15-20% of your annual eating out expense.  In my case, that’s around $6,000 X 17% = $1,020 a year in savings!

CONCLUSION

Secrets Of A Stingy Scoundrel is a finance and humor book wrapped up into one.  I’m pretty sure we’ve done many of the things in his book already.  I remember when I was a kid, I’d go to 7-11 and fill my entire Big Gulp Slurpee cup with candy and then add in the slush!  I was poor, so don’t hate.  The book is a fantastic gift to friends, offering 100 “practical” ways to save money.  If I got this gift for my birthday or Christmas, I’d be pumped!

GIVEAWAY GUIDELINES – 2 Books, Feb 6 Deadline:

* Share with us your one ethically challenged money saving tip.

* Sing up for our RSS or E-mail feedback and comment that you’ve done so.

* Tweet this post and follow on Twitter.

To Buy Click: Secrets of a Stingy Scoundrel: 100 Dirty Little Money-Grubbing Secrets

Keiju,

Sam @ Financial Samurai – “Slicing Through Money’s Mysteries”

Follow on Twitter @FinancialSamura and subscribe to our RSS or E-mail feed.