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Monthly Archives: January 2008

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Taliban is Helping my Budget

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(Written with all facetiousness put right up front)

So for those who may not have heard the news, there was a pretty big incident here in Kabul. The Taliban stormed the only five start hotel in town with suicide bombs and spraying bullets. Six people were killed, including an American, a Norwegian, a Filipino, and three Afghans. While terrorist attacks are nothing new in Kabul, it was the first attack aimed at westerners since the supposed fall of the Taliban in 2001.

While the incident itself was quite horrific, the consequences afterwards are even more dire. The Taliban has issued a warning that they will be targeting western frequented restaurants and shops.

This means that we are now and lock-down, and can’t even leave the house for toothpaste. I was disgruntledly ruminating on the reality of being on house-arrest, I realized that the Taliban has actually done my wallet a great favor. This means that I’ll certainly spend at least two to three hundred dollars less each month simply by not being able to leave the house.

The irony is that this gives no comfort to not being able to leave the house. Another reminder that money isn’t any good if you don’t have freedoms.

Be appreciative for each step you take in the free air.

Regards,

Miel

Debt Project

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Hi Folks,

As James mentioned, I’m off for travel until the 2nd of February but wanted to share a post about an interesting project that one of our readers is working. If folks want to read a bit about Kelley’s project and get involved that would be great.

“I am a documentary photographer and am doing a project on debt in this country to try to shed light on the difficulties of living on today’s working and middle class salaries – as well as to shed light on some of the problems with the credit card/lending industry. I am looking to connect with middle class people and families who find it difficult to live without debt – whether they need the help of credit cards or whether they are in debt from medical bills, paying for school, etc.

I know from personal experience that debt isn’t always something you want to share with the world so anyone who participates in the project can remain anonymous. I am very sensitive to the privacy concerns that people may have when they talk to me about their debt situations. In fact, my idea is to photograph things that represent people’s debt – but not necessarily the people themselves (e.g. groceries, cars, medical bills, school loans, clothes, etc… anything you have gone into debt to pay for).

As I am based in New York City, I am particularly looking to meet people in the NYC metro area; although I’d love to hear from you wherever you are. If you would like to see more of my work to get an idea of my style, you can look at my website: www.kellyshimoda.com If you think you might be interested in participating – or just hearing more about the project – please email me at: debtphotoproject “at” gmail “dot” com Thanks very much!”

Postponing Until the 27th

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Hi All,

We wanted to let our readers know that we’ve decided to postpone our regular updates of Dual Income No Kids until the 27th of this month. We reached this decision largely because of two reasons. First, James has a make or break final examination at the University of Maryland that requires intensive preparation. Second, Miel will be jetting back and forth between Dubai and Kabul and won’t be able to provide updates.

In the mean time, we’d like to urge you to take the survey on our left sidebar.

Also, please feel free to visit our sponsors websites.

We’re looking forward to seeing you again on the 27th!

Warmest Greetings,

James & Miel

Bush Visits Dubai

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I’m currently visiting the United Arab Emirates to handle getting visas for a group departing to Singapore at the end of the week. I had the divine fate of showing up on the eve of Bush’s appearance in Dubai. They ended up declaring it a national public holiday and thus the Singapore consulate was closed. I thought I’d share my adventures in Dubai with a few tidbits I thought might be of interest.

The United Arab Emirates, in the eastern part of the Arabian Peninsula, extends along the southern coast of the Persian Gulf and is a very wealthy nation. UAE is the size of Maine but has a GDP of $74.67 billion; per capita $29,100.

After the Sept. 11 terrorist attacks on the U.S., the UAE was identified as a major financial center used by al–Qaeda in transferring money to the hijackers (two of the 9/11 hijackers were UAE citizens). The nation immediately cooperated with the U.S., freezing accounts tied to suspected terrorists and strongly clamping down on money laundering.

Dubai, the financial center of the UAE, is known for it’s glitz and glam. They boast some of the largest malls in the world including the Mall of the Emirates, famous for the indoor ski slope (headed there after this post). You can find sections of town dripping in gold and plenty of sky scrapers. Dubai is littered with high class hotels. It was hard for me to find one under that government per diem rate of $362 a night.

Hunger is getting to my head. Enjoy your day while I enjoy dinner!

Miel

Further updates; post trip to the mall.

1) I found it interesting that there were many kiosks in the mall selling real estate.
2) They are building a mall here that has parking for 10,000 cars! Plus the line for the taxi at the mall last night was an hour wait if you wanted to leave before midnight.
3) The enormous mall was packed with folks of all ages at ten o’clock on a Monday night!

Some Tips For Talking About Money

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Hello All,

Today’s posting is on one of the trickier parts of being a couple – communication. While I’m not an expert, its clear that communication, how its done and its effectiveness, can have a big impact on your both your relationship and your new worth.

In talking about money its important to realize that money isn’t just about money. It has “psychic currency”, that finances often impact emotional needs like commitment, love, power, or may represent deeper psychological issues such as self esteem or regard for others.

Building good communication skills is challenging, but it can pay dividends. Here are some tips that might help you improve your communication when you are talking with your partner.

Listening: Here are two ways to think about listening. First, slow down and be prepared to fully take in what your partner has to say. Don’t finish their sentences for them. Second, be aware of your body language. If you are multitasking when you’re talking it will come through in the quality of your conversations. For example, it annoys my wife Miel when I multitask when were talking. Also, its generally a better idea to face your partner and not have your arms crossed when you’re talking. – Use open body language.

Acknowledging: This works. Try paraphrasing. This essentially means repeating back to your partner the essence of what they said to you. This is helpful because it means that you’ve heard and understand what the conversation is about. Developing this kind of active listening skill can be tricky, but it its important for both people to feel they’ve been heard. Otherwise, old issues can pile up and affect your situation later.

Timing: If you’re going to discuss finances, there are a couple of contexts in which you might not want to bring things up. Probably its not a good idea to talk about financial problem when you’re in public. Nobody wants their disagreements and dirty laundry out where everyone can see it.

Instead, consider setting an informal time to discuss your finances. You might consider blocking out an hour or two every week or two and using this time to pay bills, prioritize issues or plan the next stages in your financial life.

Finally, good luck. Communication can be a difficult but rewarding skill set to develop. To help you on your way, here are more tips from Iowa state and the University of Delaware.

Best,

James

More on Marriage from Warren Buffett

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“Marrying for money is probably a bad idea under any circumstances, but its absolutely nuts if you are already rich.”

“A friend of mine spent twenty years looking for the perfect woman; unfortunately, when he found her, he discovered that she was looking for the perfect man”.

– Warren Buffett

Please Take Our Poll

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Hi All,

A couple of weeks back, we reached the decision that despite our busy schedules we wanted to make this blog more interactive for our readers. If you have a spare moment, might you be so kind as to answer our survey questions on the right side of the page?

The widget we are using does not record any personal information, so your answers are totally confidential. We’re looking for the information so we can better target our content for what you, our reader, is interested in hearing about.

It shouldn’t take more than a few second!

Thanks,

James

Bob Carlson’s Eight Steps to Seven Figures

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As James’ comprehensive exams are fast approaching todays posting is a rerun. We’re reviewing Charles Carlson‘s Eight Steps to Seven Figures. Charles Carlson is the CEO of a small investment firm, an author and newsletter editor who writes prolifically on the topic of investing in common stocks. Carlson’s book, Eight Steps to Seven Figures is a handbook on how to achieve a million dollar stock portfolio.

I initially came across Carlson’s book at O’Hare Airport in Chicago. I didn’t think much of the book at first, but given that I had some time to kill, I started leafing through it. I was both surprised by the quality of the advice and the easy, accessible writing style Carlson uses. The book is based on the results of a survey that Carlson did on 170 of his millionaire clients.

Carlson says there are 8 steps involved in gaining a stock portfolio worth a million dollars.

1) Begin investing NOW
2) Establish a goal
3) Buy only stocks and stock mutual funds
4) Take limited, calculated risks
5) Invest every month
6) Buy and hold
7) Utilize tax sheltered retirement accounts
8) Avoid shocks to your finances

I’m giving Carlson’s book an A+.

Carlson’s advice is basically this, buy quality stocks, keep doing it, and hold onto them for a LONG time. In his view, this is the way to build wealth. I think this is good advice because it seems consistent with other good books such as Stanley and Danko’s The Millionaire Next Door. What the real sale is, for me, is that I’ve made money using Carlson’s method. On his recommendations, I bought shares in Exxon Mobil (XOM) and Johnson Controls (JCI). My buys in both of these companies made money. Its hard to argue with that.

If you want a strategy for making money in stocks, you should definitely pick up a copy of Eight Steps to Seven Figures.

Best,

James

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