Mint’s Note: The Digerati Life is a fun-to-read personal finance blog from the perspective of a software engineer/mommy/blogger. Check out today’s interview to read up on Silicon Valley Blogger’s view on the dot-com bubble burst; living in the high cost region of Silicon Valley; and finances in regards to family and kids.

Name: Finnegan Lane
Age: 40
Profession: Software engineer
Website: The Digerati Life

Seeing the dot-com bubble bursting from the inside perspective will always be different than those of us not in the industry, can you describe a little bit about what you saw during that time?

Oh yes, this brings back memories of extreme elation, when everyone at one point was dreaming of new beginnings away from the rat race. I saw how people were giddily tallying up their paper money on a daily basis and drawing up plans for their first big purchases from what sports car to buy to planning where they’d move to. I also saw the frenzy get wilder after every new announcement that a new startup just had an IPO, especially when we had friends in such companies. Commute traffic became unnerving and unbearable and housing scarce as the Bay Area attracted more and more transplants. People day traded every day while I argued with these people that they were practically throwing away their money on margin. When the bubble popped, I saw some friends lose half their net worth to the markets. Others left and returned to their home lands. Everyone got laid off (I am not exaggerating here). But people remained optimistic about their next ventures while coasting on severance (when available) and unemployment benefits so it wasn’t as bad as you’d think, except perhaps accepting the loss of those paper millions.

You’ve mention that a disproportionate number of personal finance bloggers are engineers. Do you think that’s merely a coincident or is there something more to it? Perhaps engineers (in all fields) are more interested in knowing how things work, having control over how things work, and maybe this includes personal finance?

I’m going to venture a guess on this one. Finance is math based and involves some strategizing — perfect for logical thinkers who receive a decent amount of disposable income, as many engineers make. The idea of budgeting, investing and even arbitrage may be something that they could be drawn to since a lot of finance deals with discipline, control (as you’ve mentioned) and maybe even creative thinking to some extent. Finance is a fascinating subject on its own which I’ve enjoyed for a long time. It was natural for me to get into it. But I’m also going to suggest a more sober reason for why engineers do financial blogging: they’re on the lookout for additional income; they’re technically inclined and comfortable with the internet so they can exploit its opportunities quite easily. Plus they know that financial blogging can be easily monetizable. How’s that for a different angle? What I’m surprised about is how talented a lot of these engineers are as writers. The engineers I know personally abhor writing exercises of any sort. Good luck with trying to make them do design and technical documentations with a smile.

Silicon Valley is definitely not a cheap place to live; do you have any special budgeting tricks to handle the higher cost of living?

I will admit that for a long time I lived very simply and frugally to the point of being teased about it. I started investing very early and really saved up during the high salaried days of the dot com boom. I knew it wouldn’t last and really “made serious hay while the sun shone.” My best tip is to never take for granted what you have and receive so no matter how much money you make, think twice before spending it. Also, to survive in the Bay Area, one needs to seek opportunities to grow their money along with tightening their belt. Budgeting or being frugal alone may not be enough to live comfortably in SF.

Having a young family can be quite challenging. You’ve mentioned that having two children changed your financial mindset significantly, what are some of the steps you’ve taken in meeting these financial challenges?

In the past, I was admittedly pretty tight with money. I was very careful how I spent and consumed, believing that there will be a time when my expenses will grow greater. I realized that those days of higher expenses came when my kids were born. My financial mindset changed in the sense that I had to be more relaxed about how to spend money because raising kids takes a lot of resources. My spouse and I were glad that we had built up enough financial resources to handle these changes. We also delayed having children until our mid 30’s in order to provide our family a stable and secure financial life. Choosing to become older parents was the sacrifice we took to achieve a solid financial foundation for ourselves.

One of your dreams is to become a Certified Financial Planner (which is totally awesome in our book), is there a particular reason why you want to be a CFP?

There were occasions when I’ve helped out friends and family with some advice regarding their finances. I was surprised at how many people I knew who weren’t familiar or comfortable with personal finance. I realized how much I enjoyed helping them out via discussions and informative exchanges. Now that I’ve become a finance blogger, I’ve also realized how much there was that I did not know about finance that I am now learning. So it may be the case that I hold my tongue on this for now. I’m just glad to have found a place in the financial blogosphere where I can both learn and hopefully help people in this arena.

A common question to personal finance blogging parents: how do you plan to teach your kids about finances?

My kids are still quite young so they aren’t yet privy to the whole concept of money. I’m probably going to approach this in a moderate fashion. I won’t be a tightfisted parent but probably one who will lead by example. I will educate them with stories and basic information as they grow older and may withhold allowances until a much later age. I hope to see them build some ambition even while they’re young and will be encouraging them to take jobs once they’re ready.

Current Financial Strategy:

Keep a solid and hopefully flexible job, save, invest, diversify and run a business. Employ prudent asset allocation. Also, we’re hoping that our home business will fly in the next couple of years in order to relieve me of my 9 to 5 job. My husband is currently working on this startup and has sacrificed a full time income to focus on this at this time. Currently, he’s one year into this venture.

Best Financial Tip:

Never take your money for granted. Educate yourself in the areas of finance and business, stay reasonably frugal and invest your savings in index funds.

Worst Financial Move Ever:

Emotional investments in independent stocks. Shorting stocks and participating in overly complicated schemes that involve money. I realized that the more complicated a money making scheme or venture was, the worse my returns were. Getting scammed (a few times!).

Financially, I need help with:

I don’t have any issues financially, except perhaps to run my finances more efficiently. I really need to be more organized and am yearning to learn even more about certain aspects of finance that I’m not as familiar with ( e.g. real estate and other alternative investments; loan industry, etc).

What personal finance tools do you currently use to track and manage your money?

Morningstar.com tools, my spreadsheets, custom reports I’ve built for our use. I’m planning to purchase my first financial organizational software soon. Yes, I’ve been managing our finances for almost 20 years on my custom, self-developed tools.

What are the problems in your personal finance tools?

Since my spreadsheets are simple and custom, they’re probably inferior to these fancy personal finance tools that are out there.

How would your ideal personal finance tool work?

This remains to be seen. I need to review a few tools before I can comfortably answer this question.

How much do you think you currently spend on eating out?

There are 5 members in my family, so each time we go out, our bill could run up to around $75 to $100 a pop. We don’t eat out too often though. And we don’t skimp on food as much.

How often do you want to know about your personal finance?

Very often. Every day?

What is in your wallet?

I’ll pass you my wallet’s picture sometime! My wallet has one personal credit card, one business credit card, driver’s license, med insurance cards, a bunch of calling cards and around $100 and change.

Mint’s Note: TeXtra is a technology news show with a lot eXtra! It is technology meets culture, analysis, and humor! Host Natali Del Conte follows the what’s what, who’s who, and WHY of technology news that goes beyond the Silicon Valley. She is an established technology journalist, having written for PC Magazine , TechCrunch, MarketWatch, and more.

Name: Natali Del Conte

Age: 28

Profession: Journalist

Websites: TeXtra @ Podshow.com; Natali Del Conte @ Podshow.com

Current Financial Strategy:

I have a pretty low-tech way of managing my finances. I have an Excel spreadsheet that I use to balance my checkbook every month. I’ve tried Quicken and other financial tools but I like my old way that I’ve been using since I was 18 years old. I balance my checkbook to the penny – yes I am anal – and then lay out a budget for the rest of the month, depending on what I’m saving for and what I have planned for the month. All of this comes after my contributions to my savings accounts and Roth 401K. This monthly session lets me know how much I’ve saved, how much I need for bills, mortgage, etc., and how much elbow room I have to spend with.

Best Financial Tip:

My mom read a book called “The Richest Man In Babylon” when I was a child and she told me that I should always save at least 10 percent of every paycheck. So I always have. I’m a pretty strong saver. Unfortunately, I’m a strong spender too but even if I go through my spending money for the month, I stay away from that 10 percent until it’s time to buy houses or cars or things like that.

Worst Financial Move Ever:

Leasing a car. What a waste of money for a car that I can’t even drive at my leisure! I’ll never do that again!

Financially, I need help with:

Investing my money. I have a financial adviser but I don’t always understand where he’s put my money and whether it is growing or not.

What personal finance tools do you currently use to track and
manage your money?

My own homemade Excel spreadsheets, which are password protected! It’s so antiquated compared to what is available online now but I still like it.

What are the problems in your personal finance tools?

Its low-tech. I wish there was a better way that I could get real-time information from my bank’s Web sites and integrate it into my system. I’m sure it wouldn’t be hard but if it isn’t broken…

How would your ideal personal finance tool work?

It would be a bit more portable. I know that mobile browsing will get better though so I can be patient for that.

What more do you want to know about your personal finances?

I wish my investment firm had clearer statements that gave more forecasts for the future. They don’t really do that.

How much do you think you currently spend on eating out?

Not very much. I usually prefer to cook. It relaxes me. If I had to guess, I would say I spend less than $40 per week eating out.

How often do you want to know about your personal finances?

I will check my bank information every few days but then I do the full checkbook balance and strategizing session once a month. I love that night of the month actually. I plop down on the couch with my statements, checkbook, laptop, and a glass of wine. It’s not always good news but its good alone time for me. Plus, it is so satisfying to have it done and know that you’re in control of your finances.

What is in my wallet?

Two Visas that I try not to touch, an ATM card, a Victoria’s Secret credit card, grocery store club cards, Starbucks cards, and my MAC discount card. Oh sometimes cash, but I usually don’t carry that much. My sister is always lecturing me about that.

Name: Chanpory Rith
Age: 26
Net-worth Range: Just above $0
Profession: Interaction Designer
Websites: LifeClever.com

Current Financial Strategy:

For a brief period, I tried tracking all of my expenses on my trusty Sidekick phone. Any transaction, even as little as a candy bar purchase, went into my phone. I thought this would give me an idea of what I should budget and cut back, but it just ended up being tedious. I’d always forget one or two transactions.

Instead of creating a super detailed budget, I now use the 60% solution by MSN Money’s Richard Jenkins. My income breaks down like this:

• 60% Committed regular expenses: rent, utilities, food, taxes, gym membership.
• 10% Retirement: 401(k), IRA.
• 10% Long-term savings: Stocks, future vacations, major furniture purchases.
• 10% Irregular expenses: Repairs, Unexpected medical expenses,
• 10% Fun money: Anything I want.

Best Financial Tip:

Most utilities and credit card companies will allow you to adjust what day of the month your bills are due. If you get paid twice a month, adjust the due dates of your bills so that they don’t fall on the same half of the month.

The goal is have every paycheck break down the same way each time. It’s just easier to remember. You also avoid a situation where most of one paycheck goes to bills, leaving you little for other expenses during that half of the month.

Worst Financial Move Ever:

Getting too many credit cards.

Financially, I need help with:

• Resisting the urge to buy gadgets and designer furniture.
• Learning how to cook
• Retirement planning
• Investing

What personal finance tools do you currently use to track and manage your money?

I use Google Spreadsheets to calculate my income and expenses using the 60% solution.

What are the problems in your personal finance tools?

Google Spreadsheets isn’t directly connected to my online banking information. So it’s difficult to see if I’ve truly made my budget goals.

How would your ideal personal finance tool work?

Although I hate manually recording every purchase, I could see how seeing itemized transactions would be useful. Ideally, this would be done automatically through some clever analysis of debit/credit card and bank statements.

What more do you want to know about your personal finances?

A clearer idea of how much money I’m wasting on interest for student loans and credit card interests. Calculating that stuff is such a pain.

How much do you think you currently spend on eating out?

Too much! I barely cook, so I’d estimate about 400-500 bucks a month.

How often do you want to know about your personal finances?

Every couple of days. I check my online banking account about that much.

What is in my wallet?

State ID, Debit Card, Sandwich card for the deli near my work. That’s it!

Mint’s Note: Golbguru’s Money, Matter, and More Musings is a can’t-miss, daily updated personal finance blog. You will find popular post such as Extreme Frugality: Growing Tomatoes in a Bra (pictured below). Read on to find out more about Golbguru and his thoughts on personal finance!

Name: Golbguru
Age: 25~30
Net-worth Range: 20K-50K
Profession: Graduate Student – that’s hardly a profession, but that’s what I do full time (for now).
Websites: Money, Matter, and More Musings

Current Financial Strategy:

Save-Save-Save. I try to keep my financial life simple. Generally, most financial transactions are a “returns vs. headache” deals for me and at times, I tend to minimize headache rather than maximize returns. I used to budget our finances to the penny, but of late, I have realized that such micromanagement tends to harm productivity (at least in my case) so I don’t do that any more.

Of course, I spend less than I earn. But that’s not a strategy, it’s a way of life.

Best Financial Tip:

Keep an open mind towards financial ideas. Don’t bias against (or in favor of) a certain idea without thoroughly analyzing it. Always take financial advice with a grain of salt…whether it comes from the guy next door or the latest financial guru.

Worst Financial Move Ever:

The first ever investment in my life was in WorldCom not long before it crashed ! Enough said.

Financially, I need help with:

Taxes. Our taxes are getting a bit complicated (by the virtue of different filing statuses for me and my wife, and for other reasons that I won’t mention here). I don’t think I have fully understood how to maximize our tax returns yet – but I will get there.

As a graduate student, what are some financial challenges you face?

Fortunately, throughout my graduate studies, I have always been supported on research (or teaching) grants and hence there haven’t been many financially challenging situations yet. However, the source of income is not steady – things vary every semester (for example, in our university, a grad student can lose his/her teaching assistantship if less than 30 students register for that particular class; or someone can lose a research assistantship if the funds from the funding agency do not arrive on time). Such situations make it necessary to have reliable contingency financial plans in place.

Another indirect financial challenge is the academic stress due homeworks, exams, teaching workload, research progress pressure, and such. Most of the times, such stress causes financial matters to take a back seat, which subsequently results in “Oops! forgot to pay my bills (or rent)” and other similar situations.

Do you have any suggestions to other graduate students regarding finances?

As far as possible, try not to spend your own money on graduate studies. There are a lot of financial opportunities (more than what are available for undergraduate studies), and you should attempt to avail as many as possible. Academic pressure can cause you to neglect your financial responsibilities ~ to counter that, it helps to be financially organized ~ use things like automatic bill pays, etc., and put your financial life on an autopilot.

Also, read a good personal finance blog once in a while.

You have been blogging about personal finance for almost a year now, still enjoying it? How long do you think you’ll continue to blog about personal finance?

Yeah still enjoying it. I will continue as long as continue to learn more things out of the activity (which just might be forever). However, blogging is not my profession, so a more practical answer would be “as long as it’s possible to continue blogging within the available resources of time and money”

When I tell people I blog about personal finance, they give me a weird look. Is there a specific reason why you started to blog about “money, personal finance, frugality, and debt?”

There is no specific reason; it’s just that those are the general topics I connect with (at present). I am sure, as time progresses, topics like – taxes, retirement, investment, etc., will come into picture.

A more rational reason to write a blog about finances is that no one is going to take me seriously in real life as far as personal finance is concerned. It’s like you mention in the question – people give me weird look if I even mention money in real life. So I let it out in the form of blogging.

Here’s a question that may get you into some trouble depending on the way you answer. What do you think about the personal finance blogging community?

When I started blogging, I used to think that it’s a very close knit community and newcomers are not welcome. However, as time progressed, I realized that it was just a misconception. Honestly, I have met better people in this community than I have met in real life. Seriously, people are not that supportive (and/or open) in the real world. Probably, it’s easier being nice in the virtual world than in the real world, but I would rather not think that way. So, to summarize it, I don’t have any complaints about the personal finance blogging community and I am proud to be a part of it.

What personal finance tools do you currently use to track and manage your money?

I have been using Yodlee for about 6~8 months now and I have been exceedingly happy with it (so far).

What are the problems in your personal finance tools?

Occasional mis-characterization of expenses and lack of multi-parameter login security are some of the not-so-minor issues. I won’t term them as problems, but I would like to see some improvements in these areas.

How would your ideal personal finance tool work?

It should work like Yodlee – plus, it should allow me access to my credit score and warn me about changes to my credit file. That way I will have all the information I want through just one portal. Right now, all of Yodlee’s security is managed by a single password as an authentication factor ~ an ideal finance tool should have multiple authentication factors, so that if one of them breaks down, the critical parts of my financial data would still be secure.

Ideally, it should also guarantee my accounts against fraud.

Now all this will not come free and I am willing to shell a few bucks, if it gives me additional peace of mind.

What more do you want to know about your personal finances?

I thought hard about this, but I don’t have anything to write here. I think I know pretty much everything. Probably there are things I want to know, but they are obviously not very important because they can’t readily recall them.

How much do you think you currently spend on eating out?

Varies. More around crunch time (semester ends). On an average, I would say about $80 (for both me and my wife combined).

How often do you want to know about your personal finances?

Everyday!

What is in my wallet?

OK, this is a tough one. I usually don’t carry any cash (absolutely none whatsoever); and today is no different — as reflected by the picture of my wallet. Thanks to this question, I think it’s time to clean my wallet. Seriously, I can’t believe all that stuff came out of my wallet.

Mint’s Note: What is No Limits Ladies, you ask? From their blog: No Limits Ladies is a blogging community for women of all ages, shapes and sizes (etc.) who want resources to increase their financial education and have fun at the same time!

Name:
Kimber
Erin (E) aka Prlinkbiz

Age:
Kimber: 36
Erin 30 in Sept.

Net-worth Range:
Kimber: Our passive income exceeds our expenses.
Erin: Same

Profession:
Kimber: New Business Development/Investor/Writer
Erin: Entrepreneur/Mom

Websites:
clientK.com
FreePhotoOfTheDay.com
NoLimitsLadies.com
AZ Super Bowl Blog

Kimber: Semi-retire at 34. Wow! Question: How did you do it?

The goal was to have passive income equal or exceed expenses, so I approached it from both sides of the equation, reducing expenses and increasing passive income. I am extremely fortunate as my hubby was willing to walk this road with me. We are both frugal but he is a more cautious investor (having invested for fewer years than I have). That ensures that I have a solid grasp of new investments before I pitch them to him.

Kimber: Did you ever have a goal to retire at such a young age? Or did it just sort of “happen.”

Growing up dirt poor, I told my hard working Mom that I’d be a millionaire someday. That’s been my goal since primary school. I was also told by a university professor that full time jobs would be difficult to keep past the age of 40 so Freedom 40 was bumped up in priority.

Kimber: Do you feel that people don’t push themselves as hard as they could to achieve and reach their goals faster? If so, what are some ways a person can change their mentality?

I think that if people truly want to achieve something, they will. The hard facts are that most people don’t truly want to be wealthy. Not enough to change their habits, buck peer pressure and take action.

How did No Limits Ladies got started?

Erin: Kimber and I met through the Rich Dad forums. We had been “friends” there for a while, always supporting each other in our crazy new ventures! When I had the idea for No Limits Ladies, I emailed Kimber, knowing she was a not only an amazing writer but had lots of real life experience to contribute. She said yes, we got it going last year!

Question for both: Do you think there are specific, unique financial problems women may face that men don’t?

Kimber: I think the biggie is society’s expectations. Men don’t feel guilt when they make more than their spouses. Men don’t feel like they’re questioning their wives’ competence when they ask questions or take the lead in financial discussions. Men aren’t normally shy about asking for salary increases and promotions. Women have to deal with all that AND take care of their finances.

Erin: I completely agree with Kimber, not only with society’s expectations of women, but of the expectations many women have for themselves. Whether we are brought up that way or we learn it, many women expect to be taken care of on some level. First by a father and then by a husband or the government. I think the most dangerous part is that many women never learn how to provide for themselves and manage their own money, so when they find themselves without a man, they are literally handicapped from years of being taken care of.

Erin: Two boys must be quite a handful, were there any big changes in your finances after the boys came along?

There were lots of changes. I never expected to be a stay at home mom, having been raised by a single working mom, but due to circumstances, that’s what happened. When the boys were 3 months and eighteen months old, I ran across a book called Rich Dad Poor Dad- and for me it was a “when the student is ready the teacher will appear” moment! We already had our own paint business, but I started my own online business at home with my kids and that’s how I was able to “keep in the game” but still be with my kids.

Erin: Do you have an idea on how you’ll education your boys on financial matters? If yes, what are they? If not, why not?

They are 4 and 5, and I already teach them, just but talking about different things with them. They know how to buy and sell things, because they have watched me. They are starting to learn the value of money, since I make them figure out how to earn it themselves. I think it is best to set a good example and guide them- but not aid with things allowance (unless it is over and beyond normal duties). Kids are creative and they pick up on things quick. I want to encourage the little entrepreneur in them!

Erin: As a parent, do you believe financial education is the responsibility of the parents, school, or a little bit of both?

I fully expect to teach my kids most everything they will need to know about money and investing. Money is not taught in school and what is touched on is horribly outdated. School has its place, but my kids will learn finance from me.

Erin: You worked with Kim Kiyosaki in developing RichWoman.com, was there a particular reason why you decided to contribute?

Rich Dad Poor Dad started it for me, and I have been a long time member on the forums. But I didn’t meet Kim until Rich Woman had just finished printing and she was getting ready to launch it. I am passionate about women, especially, becoming financially independent- so I offered to help with whatever I could. Since then, I have helped with Rich Woman.com.

Current Financial Strategy:

Kimber: The hubby and I employ a financial advisor for the bulk of our wealth. He is there for advice, to serve as an extra check, and to implement our decisions.

Erin: Bookkeeper keeps me in check; I work on creating income via online ventures, roll excess money into income producing investments, rinse and repeat until I reach my financial goals.

Best Financial Tip:

Kimber:
Look to synergies to both increase income and reduce expenses.
Shop constantly? Think about becoming a secret shopper.
Read 100’s of books? Set up a book review site with advertising.
Walk your dog every morning? Offer to walk another for cash.
Pass the grocery store on the way home from work? Pick up your groceries then and save the gas money.

Erin: Don’t spend first fruits. So you make some money from your investments? Great! Don’t spend it; don’t even save it… tie that money back up in more income producing assets. (Hard learned recent life lesson)

Worst Financial Move Ever:

Kimber: I’m a take action kind of gal, so often I’ll move too quickly on investments. I’ve put the financial advisor in place as a check. If I can’t convince him that it’s a good buy, I likely don’t know enough about the investment.

Erin:
Worst move #1: Quitting job to start business without business producing any income.
Worst move #2: Getting comfortable, start spending, and stop growing money.

Financially, I need help with:

Kimber: As we progress up the wealth levels, different investments are available. We recently changed financial advisors to one specializing in high wealth.

Erin: Agree with Kimber – finance is a an ongoing area of growth- there is always something new to learn.

What personal finance tools do you currently use to track and manage your money?

Kimber: I’m an excel girl. I love playing with the numbers. ‘Course I have stock trackers, etc.

Erin: Tried to use MoneyPants.com, terrible with doing it myself, so hired a bookkeeper.

What are the problems in your personal finance tools?

Kimber: Nothing. Excel is flexible.

Erin: Problem was me!

How would your ideal personal finance tool work?

Kimber: I like flexibility and being able to tweak it myself.

Erin: Ideal personal finance tool would be someone doing it for me! (but me keeping an eye on things)

How much do you think you currently spend on eating out?

Kimber: The hubby and I get weekly cash allowance for items such as eating out. As a result, we don’t track it. However, I usually eat out about twice a month (unless you consider eating at Mom-In-Law’s eating out, then that would be twice a week).

Erin: Eating out varies depending on whats going on and how tight I am financially. When I’m in bootstrap mode, like now, I eat out maybe once a week…maybe…

How often do you want to know about your personal finance?

Kimber: I report to the hubby on a monthly basis for the bulk of our portfolio and on a quarterly basis for the entire portfolio. I reconcile the bank weekly. A credit check at least annually.

Erin: I check my bank accounts everyday, and I pull my credit once a month.

What is in your wallet?

Kimber:
3 Personal credit cards (Mastercard, Visa, American Express).
1 Business credit card.
2 Club cards (one for Costco, one for Sam’s Club).
2 bank cards (one personal, one business).
A photo of the hubby. Driver’s License, Library Card, Birth Certificate, Health Card, Donor Card
Currencies from 3 Different Countries.

Erin:
1 Debit card, 1 credit card, 4 store club cards (including Costco)
Drivers License, business cards (other people’s), and two bucks!

Mint’s Note: No Limits Ladies is a regularly updated, can’t-miss-blog that should be in everyone’s feed (regardless if you’re male or female). Awesome posts can be found within categories such as More Money Mondays; Mom and Money; and Starting and Building a Biz. We encourage you to check the No Limits Ladies out!

Name: Gary Foreman
Age: 54
Networth Range: Only my wife and the IRS know for sure.
Profession: Founder of The Dollar Stretcher.
Formerly a financial planner with Smith Barney and Raymond James.
Websites: TheDollarStretcher.com

Current Financial Strategy:

The same as it’s always been. Accumulate wealth on a steady, continual pace.

Best Financial Tip:

Don’t try to get rich quickly. You’re much more likely to end up getting poor quickly.

Worst Financial Move Ever:

A combination of greed and not doing sufficient homework before making an investment while I was in my 20’s

Financially, I need help with:

Good advice is always worthwhile. I seek it wherever I can find it.

What personal finance tools do you currently use to track and manage your money?

Quicken

What are the problems in your personal finance tools?

The tools are not posing any real problems. A lack of time to use everything that’s available to help manage money is the problem.

How would your ideal personal finance tool work?

It would have to be able to think the way I do. So we’re probably a few years away from that.

How much do you think you currently spend on eating out?

More than we should. But we both work long hours and neither one of us is particularly interested in cooking.

How often do you want to know about your personal finances?

I track them often enough to know that things are going according to plan. I’m not obsessive about it.

What is in my wallet?

Pictures of my lovely wife and family, some cash and membership cards.

Mint’s Note: The Dollar Stretcher is an excellent website for everyone that strives to “live better for less.” At the Stretcher, you’ll find an informative weekly personal finance newsletter that’s read by over 200,000 readers. Can’t miss article categories includes “Debt” and “One Income Family.” If you dig a bit further, you’ll also find an active personal finance community. If you’re interested in living better… for less, you should definitely consider subscribing to The Dollar Stretcher’s weekly newsletters!

Name: John M.
Age: 29
Profession: Litigation Paralegal/Freelance Writer
Websites: Queercents.com

Current Financial Strategy:

I’m on aggressive campaign to pay off all my credit card debt in five months or less. I track evey expense I make so that I’m forced to think more consciously about how I spend, where I spend it, and how to cut costs. Every effort is made to live more frugally, but I do it without setting suffocating boundaries that could otherwise discourage a healthier relationship with money. After the credit card debts are cleared, earned income will be split among: student loan- 50%; savings for a house- 35%; savings for opening a business- 15%. Self-employment is the main goal, but I’m getting other financial obligations out of the way first.

Best Financial Tip:

View every dollar you earn and spend as cash. Especially view credit cards as somebody else’s cash that you have to pay back with interest. Had I followed this advice, I likely would have never gotten into credit card debt, and I would have learned to live below my below means to accumulate wealth.

Worst Financial Move Ever:

Graduating college without a financial plan. I had no idea what to do with my life after college, but over time I learned that wasn’t really the bad part. The bad part was jumping from one craptastic job to another with no savings goal in mind. I would have had an easier time tolerating jobs I hated if I felt I was working towards something. A savings plan would have been a simple goal, and it would have served me much better in life, as I’ve learned now that I’m trying to save money for a business.

Financially, I need help with:

Investment. Ever since my personal finance “re-birth”, I’ve been concerned only about expense tracking, debt reduction and emergency savings. Once my debts are cleared, I’ll be doing lots of research (and hand-wringing) about making money grow.

What personal finance tools do you currently use to track and manage your money?

I use an excel spreadsheet I customized. Check it out on Queercents.

What are the problems in your personal finance tools?

I’m pretty savvy with Excel because of my job training, so my expense tracker works fine for me. If anything, adding expense entries does get tedious, and you have to be really committed to updating the spreadsheet everyday. I carry a notepad to write down my expenses and transfer the info to my spreadsheet later, and that gets a little annoying too.

How would your ideal personal finance tool work?

In an ideal world, I would be able to capture expenses on my spreadsheet in realtime. That way, I wouldn’t have to re-write expenses I jotted down in my notebook, and I would never miss tracking an expense because of error or time-crunches.

What more do you want to know about your personal finances?

I’m not quite sure how to figure out my net worth. I’m good with knowing all about my cash flow and liabilities, but the topics of personal net worth and assets always trip me up.

How much do you think you currently spend on eating out?

Too much. I keep going over my monthly budget of $200. I live in a neighborhood surrounded by all of my favorite restaurants and bars. It’s a blessing and a curse.

How often do you want to know about your personal finances?

It’s all I think about. If anything, I’d like to think about my finances less often.

What is in my wallet?

Assorted transportation passes; driver’s license; cash; debit card; three credit cards (only 2 of which I use, depending on bonus points); random business cards and my own; frequent customer bonus cards; my Entertainment card; several membership cards, cab and bank receipts.

Mint’s Note: Along with other top-notch bloggers at Queercents, John writes about sensible personal finance on a regular basis. Recent spiffy articles includes “When Renting is Better Than Buying” and “Using Coupons on a First Date.” You can read more about John from his bio at Queercents.com. If you have a moment, you should definitely consider subscribing to their feed!

Name: Leo Babauta
Age: 34
Networth Range: Under $20K
Profession: Writer
Websites: Zen Habits

Current Financial Strategy:

At the moment, I’m working on paying off my debts while saving up an emergency fund. A couple of years ago, I was in financial trouble, and only started turning things around about 18 months ago. Now, I have cut up my credit cards, I use cash for everything (as well as online banking), I live below my means, I am very frugal and I am well on my way to being out of debt. My strategy has been to live as frugal as possible (while still enjoying life!), making savings a habit and increasing my income. I’ve been successful at all three so far.

Best Financial Tip:

Don’t get into debt. Cut up your credit cards, live below your means, save your money, and try to pay cash for everything (yes, even your next car).

Worst Financial Move Ever:

Quitting my day job to free-lance, while my wife wasn’t working (she was pregnant), and living off my retirement fund. Yikes! That was a bad move. That’s how I got into debt.

Financially, I need help with:

I’m actually pretty good … I’d like to have a bigger emergency fund, but I’m on my way there.

You have six kids! What are some of the financial challenges you and your family face?

Well, having a family of six kids is definitely a financial challenge, especially as my wife and I made the decision that she should stay home with our two youngest babies (one is almost 3, the other just turned 1) for a few years.

That means that my income supports us all, and as I mentioned before, we’re also trying to save money and eliminate our debt at the same time. So what that means is that we’ve had to live very frugally in order to accomplish all of that and still have money to feed our kids. We live pretty comfortably, however, and the way we’ve accomplished that is to find ways to feed our family and be entertained without spending a lot of money.

We also only have one car, and recently sold our SUV and bought a used van for cheap. I’m always looking for ways to cut costs: on utility bills, on gas, on entertainment, on a lot of things. We cut out cable TV, we rarely go to the movies now (DVDs rule!), and do a lot of cheap family activities that create a bond for us as a family without breaking our budget.

Do You have any suggestions to other families regarding finances?

The key is for you and your spouse to be on the same page in terms of your financial goals and plan, and for you to work as a team instead of working against each other. Finances are a tough issue for many couples, and if you’re not working together, it’ll be your downfall.

A great way to do that is to have some conversations about what you want in life, and how to get there financially. What kind of house do you want, and how soon do you see yourself buying it? How much do you want to provide your children for college? Talk about retirement, and travel, and cars and shopping and entertainment.

It’s also good to involve your children in the discussion a bit. They’re usually too young to handle the details, but at least make them understand why you can’t buy them super expensive things for Christmas, or why you can’t go to the movies every single weekend. Kids are much more likely to be on board if they’ve been included in some of the decision making.

Also have weekly money meetings with your spouse, where you balance your checkbook and review your budget and talk about expenses that are coming up. Above all, curb impulse spending, the enemy of all budgets. Stay away from the mall or Costco or Walmart or other places designed to have you spend. Freeze your credit card (or cut it up like we did) so you don’t buy stuff automatically online. Create a 30-day list where you put all impulse buying on hold, write down the item you want on a list, and after 30 days, you can revisit buying it if you still want it. And find ways to have fun as a family for free or cheap.

Do you have any specific idea on how you’ll teach your children financial skills?

We’re already working on that. We could do more, but we’re off to a decent start. Like I said, we include them on discussions about ways to cut back, or ways to have fun without spending a lot. We are teaching them the value of saving for a goal, instead of just spending on little things.

I’m also considering an allowance, which isn’t something we’ve been able to afford yet, and if we do it I’d like to make sure that they save a percentage and donate another percentage instead of just spending it. Also, as they become teen-agers, I plan to have them work to understand the value of a dollar, and to learn about budgeting, saving, investing, paying bills and avoiding debt. I’ve already begun talking to my oldest daughter (14 years old) about this stuff.

Do you think habits affect finances? If so, what are some positive or negative ones?

Habits are the key to finances, in my opinion. One of the worst habits is impulse buying. It’s really a habit that we must break, and replace with more positive habits. Another related habit is spending more than we have — I’ve been replacing it with the habit of spending less than we earn, and automatically saving the rest.

Savings is a great positive habit, as is investing for retirement. Habits such as budgeting, and balancing your checkbook, and paying your bills on time, and having one place for your incoming bills, are great positive habits, while doing the opposite are negative ones that many people have. Another negative habit is the frequent use of credit cards, which are way too easy to use and hard to keep track of as you spend (until you see the bill later in the month).

What personal finance tools do you currently use to track and manage your money?

I do all my banking online, and have automated my bills and savings. I use Microsoft Money, only because it came with the computer I bought, but it works fine. I also use a spreadsheet on Google Docs for my spending plan and another for my net worth calculation.

What are the problems in your personal finance tools?

They don’t coordinate well with each other. They’re also not that fun to use.

How would your ideal personal finance tool work?

It would interact with my bank, pay my bills, download statements, reconcile itself, and have my custom spending plan in it. Money is supposed to work that way, but it doesn’t work exactly right, and tweaking it is too much trouble, so I do a lot more manually than I should. Also, the ideal tool would be simple and fun to use.

What more do you want to know about your personal finances?

I’m happy with my current level of knowledge.

How much do you think you currently spend on eating out?

About $150 a month.

How often do you want to know about your personal finances?

Once a week.

What is in my wallet?

My ID, my debit card, and a laminated card with contacts on it. Binded with a clip. The ultimate simple wallet.

Mint’s Note: Leo’s website, zen habits, focuses on achieving goals, creating productivity, being organize, practicing sound financial lifestyle, and writings on many other numerous spiffy subjects. While emailing Leo for the interview, we noticed that he definitely practice what he writes about, as his emails and responses were on-time and well organized! With over 4,500 feed subscriber, you should definitely consider adding zen habits to your reading list!

Current Financial Strategy:

Pay off my student loan debt, contribute more to my retirement accounts. Keep investing in stable, good companies.

Best Financial Tip:

Live below your means. You do not have to spend your entire paycheck once you get it. If you do, either you need to make more money, or cut some of your expenses/debt. Once your expenses are under control do not get back into the habit of creating more debt. Avoid consumer debt if possible.

Worst Financial Move Ever:

Financed my first car and signed a balloon loan. 3 years later it was repossessed. I guess I did not read the fine print. In my twenties I had trouble with delaying my gratification. Whatever I was approved for there was a 99.9% chance that I would use it to the max.

Financially, I need help with:

Creating income streams, I thought about prosper but I cannot pull myself together with loaning people money and charging them interest. I guess morally I do not feel comfortable.

What personal finance tools do you currently use to track and manage your money?

No tools I just login to my checking account online and pay bills from there. I do not have a credit card, so everything is done with my check card –groceries, dining out, b-day gifts, etc. You can learn a lot about yourself by just looking at where your money goes to. My paycheck is direct deposit to my checking and a portion of it is already taken out for my savings/investment accounts. I pay all of my bills either online or over the phone with electronic check. I love the 21st century~ woot !

What are the problems in your personal finance tools?

They don’t differentiate some bills. The categories seem to be limited. They sometimes create confusion for me.

How would your ideal personal finance tool work?

To show only the finances that I only allow when I log in. A shortcut view of my progress.

What more do you want to know about your personal finances?

I would like to know how every day people become sooo successful. I also want to find ways to spend less money without sacrificing my current lifestyle. I always look for deals and ask for discounts whether it be car service, traveling, or shopping. I tend to go to upscale stores and find the discount racks and find last minute travel bargains online. I want the best for less.

How much do you think you currently spend on eating out?

About 7 dollars a day on lunch. Sometimes we have free lunch at work. For the hours that I work, it makes no sense to cook because I get home late. My husband usually does the cooking since he is the first to get home.I tend to spend more on dining out on weekends about $20-$40 for dinner each day. It’s just something about the weekend that makes me spend more.

How often do you want to know about your personal finances?

As much as I can, I never stop learning. I’m truly a personal finance addict. It is always something I do not know. I frequent Barnes and Noble on weekends and read to my daughter. I also read a few personal finance magazines/books while I’m there.. When I have free time at work I roam through pf finance sites. I sometimes listen to Dave Ramsey callers on my car radio going to lunch or coming from lunch. I mainly love to hear stories of everyday people. It is more real than reading magazines articles on families that are always doing good. I also tune in to Suze Orman show when I can.

What is in my wallet?

My Driver’s License, a delta skymiles card, auto insurance card, debit visa card, health insurance, Sams Club card . I keep my cash in my pocket, usually less than $20 bucks.

Mint’s Note: MoneyMonk’s blog is a recent addition to the personal finance blogsphere. She’s able to save a hefty 45% of her take home income and one of her goals is to retire at 50. We believe she’s right on track!