Sherrian Crumbley, Author at Faithful with a Few

The One-Page Financial Plan Book Review

I enjoy learning and discussing personal finance. The day-to-day things like budgeting, credit decisions, debt repayment. Where I start to get a bit intimidated is matters of investing. So, I admit, when I learned that The One-Page Financial Plan was written by financial planner, Carl Richards, I was a bit apprehensive about reading it.

Once people start talking stocks, bonds, derivatives (blah blah blah), I totally shut down, and I had no clue how to avoid the ‘shut down’ when I have to review the book!

I think I spent a few days just poking it with a stick. Once I finally got over my fear of touching it, upon a quick glance, the first thing that stood out to me was that One-Page Financial Plan was around 200 pages long. That alone made me feel a little less intimidated.

Also, as I flipped through the pages, I noticed there were a lot of very simple sketches and some on napkins (Yes – even less reading) and I felt even a little more comfortable taking it on.

What was really helpful was actually reading the books tagline: A Simple Way to Be Smart About Your Money. As I read through the pages, the one thing I felt very confident about, is that the author delivered on the tagline.

The author says:

My goal in writing this book is to pull the curtain back a bit: to show you how real financial planning works, to give you an experience of what it’s like to work with a real financial advisor. Whether you’re working with an advisor or on your own, this book will help you understand the basic steps for creating a personalized plan that takes into your account your unique values and goals.

One-Page Financial Plan Review

Boy was I pleasantly surprised and never more happy to be wrong! It is evident from my fear that I had no idea how real financial planning works … I mean, they don’t just start talking about stock options? Firstly, I really like the author’s writing style. It is very simple, making the subject matter approachable.

Secondly, he does a great job of walking the reader through the steps of making an individualized financial plan without making it seem like a rudimentary to-do list. Each step is wrapped in relevant stories and makes sure to delve into the reasoning behind making choices.

In One-Page Financial Plan, the author talks about his own financial missteps, and I really appreciated the humility and openness. And I have to tell you, he does eventually get to the bad ‘i’ word – investments, and it wasn’t painful! I didn’t scratch my eyes out and I didn’t just close the book and figure I’d ignore writing about it in this review.

Just like the rest of the book, what he does share is done in such a way that anyone can understand. It wasn’t bogged down with jargon and really helped me to feel more confident with investments going forward. Also, he doesn’t tell you what to do, but he does give the reader really good guidelines to do what’s best for their unique situation.

One-Page Financial Plan – Takeaways

A couple of things I learned:

1. It is important to know why money is important to me. (And not in a generic way, but to really get to the root of it)

2. I want to make sure my values and my goals align. It’s clear to me know how those bump up against each other in my life.

3. As with everything else … as we’ve always known … discipline is key.

If You Need Some Guidance

A lot of times, in areas like finances, the problem is that we know we need to get to point B but we just need some guidance to get there. For anyone, in any financial state, One-Page Financial Plan will help you to do that. After reading it, I felt like some of the jumbles in my mind got sorted out. I guess that’s what a financial advisor is supposed to be able to do for a client. Mission accomplished.

Carl Richards is a CERTIFIED FINANCIAL PLANNER™ and the director of investor education for the BAM ALLIANCE, a community of over 130 independent wealth management firms throughout the United States. He is the creator of the weekly Sketch Guy column in the The NY Times, and a columnist for Morningstar Advisor. Carl has also been featured on Marketplace Money, The Leonard Lopate Show, Oprah.com and Forbes.com.

#MoneyChat THE BOOK by Dorethia Conner Kelly – Book Review

By // by Sherrian Crumbley

I was excited to read and review my copy of #MoneyChat having been a part of the author’s twitter chats in the past, anonymously following the ‘money chat’ hashtag as the conversations rolled down my screen.

#MoneyChat The Book, by Dorethia Conner Kelly, is the result of the recurring topics that have come up in the twitter chats and the other venues where Mrs. Kelly has engaged with and taught others on financial matters.

The book is written in a very straightforward, no nonsense style, that I found easy to follow and I enjoyed the pacing of the writing.

From the website, the book will teach you:

How to create a financial plan for yourself
How to create an emergency fund when there’s no money left over
How to save for college in under 10 years
Why you should invest and how to begin
How to come up with extra money when you need it without a payday loan

#MoneyChat The Book Review

I was happy to see a chapter that talks about gambling addiction, and what a prevalent problem it is in our country with internet gaming sites – and even more so now with phone apps. The ease of access and secrecy makes it a great threat to our financial security and also to stability in our relationships. The book does a great job of tackling some of these intricacies and offering resources for help and support.

Dorethia also includes a really informative chapter on dealing with the IRS and tax repayment. Her navigation of this topic, as well, really gave me the impression that she was listening to her clients and participants. This is not something I’ve found in your run-of-the-mill personal finance books, and so there must have been a number of questions and situations the author has come across why it made its way into the book.

Throughout the chapters are examples of people who have gone through corresponding situations. These cases are really helpful in highlighting the topics she is exploring, and I am sure the reader will be able to relate directly or know someone who can. There are also resources given at the end of each chapter so that the reader can be further informed.

If you need help in your financial journey, regardless of your income level or financial knowledge, this book is relevant and essential to help you achieve your goals. I recommend this book for someone who is ready to hit the ground running and begin doing what it takes to get their money in order.

You can purchase the book here from Amazon.

Dorethia Conner Kelly, MBA is the president of Conner Financial Coaching, LLC, providing results-oriented personal finance and business coaching services. She is also the founder of the popular #MoneyChat personal finance blog, themoneychat.com and online Twitter chat.

Dorethia’s financial expertise has been featured in various national media including Black Enterprise, U.S. News and Nerd Wallet. She lives in Detroit, Michigan with her family.

Connect with Dorethia at @MoneyChatLIVE & @DorethiaKelly Visit www.themoneychat.com and www.connercoaching.com

3 Old School Tips to Save on Heating Costs This Winter

By // by Sherrian Crumbley

Before the days of the internet, where one could find out how to do just about anything, there were things that were passed on by tradition, word of mouth, and trial-and-error.

As I think back, there were a few things people did in their homes to keep them warm in the colder months that I didn’t appreciate at the time. I mean, eh, I was young and wasn’t paying the electricity bill!

Now that I am considering those energy costs, I am preparing to do some of these things I remember and just wanted to pass them along to you. Some of the items weren’t done with finesse in the past, but there are kits and the like available on websites like Amazon or at your local home improvement store. Half the fun of going through these, though, is the ingenuity of using everyday items.

1. Garbage bags to cover the windows – Unless the windows are newer, there can sometimes be a draft that comes in through them. I have seen people take thick garbage bags and cover their windows with them, sealing them with duct tape.

Instead of garbage bags, it is easy to buy a kit that uses a clear film and mounting tape.

2. Towels/cloths to block drafts – I’ve seen towels, blankets, socks (yes, socks) stuck underneath doors, on window sills, around pipes, attic entrances, and in all types of crevices where air is seeping through.

Instead of cloth, there are options like caulk and weather stripping which will take care of gaps in windows, doors, and other areas that can be sealed of from air leaking through.

3. Cracked oven door – I have been in homes where people have used the heat from the oven to help warm a space. I am NOT recommending that.

What does help, is after using the oven for a meal (and turning it off), leaving the door cracked so that residual heat can help lighten the load of your furnace.

Necessity is the mother of invention, and even though you may not do these tips in the “old school” way, the solutions are solid with some new school products!

A few other things to consider in keeping heating costs down are:

– Is the filter clean to your furnace? Check directions to see how often the filter should be changed.

– Are you keeping the temperature reasonably low? You can always bundle up with sweaters and socks.

– Are you heating the space you’re using? You can close the vents to rooms that aren’t frequently being used or use a space heater for the area you spend the most time.

Solar Energy: A Viable Option

By // by Sherrian Crumbley

In a world that is racing to slow down the effects of global warming, solar energy has quickly become a contender in alternate energy resources. While not a perfect solution, it is one that the individual can take into his/her own hands, and it is beneficial to quell the rising cost of electricity and gas. There are many factors to determine solar energy’s true cost and benefit, but here are some of the reasons why it is worth further exploration.

Monetary savings on utility bills. The average American household uses 920 kWh per month. Some solar installation companies guarantee an average of >800 kWh per month. In conventional relationships with utility companies, the customers are totally dependent on them for electricity and gas needs. Solar power users are able to gain a measure of independence from their utilities with utility bills possibly being lowered by 50% or totally eliminated.

The average 20 year savings were estimated to be a little over $20,000 for Americans who went solar in 2011. This number went up substantially in heavily populated cities. Even if the solar panels aren’t able to supply all their power needs, they will be relying on conventional power a lot less. In the chance that a customer produces more power than they need, the utility company may pay them for it. Solar energy has the possibility of changing from a saving mechanism to an income stream.

A reduction in carbon footprint. Through the use of an energy conversion calculator, studies have shown that the average American household generates 7.4 tons of carbon dioxide per year through electrical use. Carbon dioxide has been shown as a major cause of global warming, along with other emissions such as methane and additional particulates.

The production of solar panels does produce some substances that are unsafe to the environment, but the impact is minimal. Also, it pales in comparison to fossil fuel emissions and does not require any mining or drilling as found in more conventional energy sources. Also, solar panels and stations carry a much smaller physical footprint than conventional or nuclear power stations.

Although controversial, government subsidies have helped to make solar power cheaper and more available. There has been some benefit from this since the cost of a solar-power plant has dropped by 22% in 2010-13. In sunnier places, solar power is providing electricity to the grid as cheaply as standard coal- or gas-fired power plants.

Reduce reliance on foreign and nonrenewable energy sources. The sun is a reliable resource. We do not have to worry about sunlight running out as we do with oil and coal. With the sun’s reliability and the simplicity of solar panels, a country gains the benefit of energy security. No one country is able to monopolize the sun’s energy which creates independence from home owner to their nation.

Some countries have been noted to have saved billions already in lowered imports of oil and gas from neighboring nations. The technology has the potential to eliminate questionable treaties with nations that would otherwise consider each other to be hostile. In the long run, such progress could boost the economic security of citizens as a result.

Solar energy does have some disadvantages. It is not a perfect solution. For instance, we can only harvest solar energy while the sun is shining. Due to this, we may always need to depend on an alternate energy source or means of storing energy. Also, solar power stations presently produce less energy than conventional ones, and they are more expensive to build and run. Although these and other factors exist that need to be worked out, it is too soon to throw the baby out with the bath water. We are seeing many benefits with solar energy that shows there is value in working through the difficulties.

Window Shopping and Sher’s Blog Medley #8

By // by Sherrian Crumbley

I am really not sure what you call it when you go on Amazon and start piling up a wish list into the hundreds, but I consider that my window shopping.

I figure I might as well keep track of things I would like to buy, so that when I have the money I can revisit the items that caught my eye.

I also enjoy going on Craigslist and looking for cheap or free decorative things for the house.

My husband doesn’t care too much for this habit. I think the problem is when I constantly send him links of things to look at in hopes that he will feel it’s a deal too good to pass up 😈 . The problem is since I have no money for “wants”, expecting him to magically pull money from somewhere isn’t too helpful. And I definitely don’t plan on staying in debt one moment longer than I need to because of a painting or a lamp.

I do think it’s a bit therapeutic, though, just to look. And I figure, if anyone wants to know what I’d like for Christmas or my birthday, I’ll have a quick answer!

Do you spend anytime window shopping like this?

Now on to some great posts!

Has a company ever tried to pull a bait-and-switch on you? Derek from Money Ahoy experienced this regarding his home insurance policy. Unfortunately, a few people recently had this dishonest practice happen to them.

It’s amazing what employers will pay for services – or rather, what they won’t pay. Over at Prairie Eco-Thrifter, Stefanie shares her struggles with being underpaid for “serious” work while sometimes being paid well to just “stand around and look pretty”.

Kennedi at Life and My Finances shares three ways to pay off debt. I think any of the options given are good. What’s most important is sticking to whichever works for you so you can be debt-free.

We could all use some motivation and inspiration. Sydney from The Untemplater gives some great quotes to give you a boost! There are some good nuggets here to constantly keep in mind.

Brian gives, at Luke 14:28, a much needed warning that all that glitters isn’t gold. It is a great reminder, and reason to search, within yourself to question your motivation for the things you want to obtain. Everything that looks good, isn’t good for us.

Here’s a few more cool things:

In case you’re into following by example, here’s an article on the schedule wealthy people keep daily.

The government found a new use for those dreaded TSA body scanners. Check out where they are being used now.

I can’t resist these things – here’s what happens when the elderly get on social media :-).

Have a great week!

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