There are times when I think that a nomadic lifestyle would be great. I know a lot of people who enjoy nomadic or semi-nomadic lifestyles. Sometimes I think that, because I love travel, a nomadic lifestyle might be just the thing for me.

However, the more I think about it, the more I realize that, in a lot of ways, I might not be suited to a nomadic lifestyle — especially as a parent. Here are some of the downsides I see to being a nomad (at least at my current situation in life):

No Place to Call Home

One of the things I realized is that I like to have a “home base.” While I enjoy traveling, I also like the feeling of “coming home” to something familiar. A stable place that I can count on. Once you become a nomad, you might have to give that up. Sure, I could make my parents’ home my “base” but that doesn’t appeal to me either. Because it’s not really “mine.”

While I’m not a huge “things” person, I nevertheless have a few items that I am quite attached to, and that I like to have around me. However, I can’t haul these things around. Some of them are too valuable or too delicate to be traveling around the world. Others are too bulky. Having a “home” to keep them in is important to me right now, even though I am whittling down my possessions.

Education for My Son

I have a 10-year-old. If I’m traveling the world, what will my son do for his education? I know that there are nomadic families that don’t have this issue. They tutor their kids while they travel, and their kids get a “real world” education on culture, life, customs, and more just by being exposed to new experiences.

However, I’m not that patient of a person. There’s a reason I don’t homeschool, and it has to do with the fact that, even though I love my son, I don’t have the temperment for teaching. I’m a good swimmer, but he takes his lessons from someone else. I could teach him the piano, but past attempts have been disastrous.

My son would get nothing like regular instruction if I were in charge of his education in a foreign country. When you have kids, making sure they learn what they need to is a big disadvantage of being a nomad.

Other Downsides

There are other things to take into consideration when it comes to living a nomadic lifestyle. Some of these include:

• Loneliness and isolation
• Difficulty in learning your way around a new place
• Trouble communicating if you don’t know the language
• Hard to make money if you don’t have access to reliable Internet and other work requirements
• It can be expensive when it’s time to move on, especially if you plan to fly

I can see myself considering a nomadic lifestyle later on. Or, perhaps, I would be better suited to a semi-nomadic lifestyle or long-term vacation arrangements. I picture living in one place for two or three months before heading back “home,” or taking a month-long backpacking trip through a specific area.

What do you think? Is a nomadic lifestyle your thing?

Image: Nomads Hostels

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Have You Thought about Your Preferred Lifestyle?

 

Wardrobe Series: What is your lifestyle like?

 

Benefits to a Minimalist, Zen Lifestyle

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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Last weekend, my family and I headed a couple hours north to visit my parents. This was my first real trip with my new iPhone. I’ve been trying to get used to carrying it around with me, since it is the replacement for my home phone.

However, I’ve found that a smart phone is so much more than just a phone. I can run a quick check of my email on it, and I can even update my Facebook status. While the Facebook status updates aren’t something I actually do from my phone, I do check my email.

At one point, though, I realized that my mom was looking at me while I checked the phone.

“Um, I get nervous if I haven’t checked my email for a little while,” I explained, somewhat lamely. “What if there’s an emergency?”

Yeah. Because at this point a client is going to have an emergency on a Saturday evening. Not likely.

This experience forced me to take a step back. Is this smart phone starting to take over my life? Do I need a tech break?

Creating Tech-Free Zones

One of the items that came to my attention recently was the idea of creating a tech-free zone in your home. This is, apparently, something that is starting to become a Big Deal. At certain places and times in your home, you gather up all the gadgets and put them away for a little “real” interaction with your loved ones.

While this is not something that we have in our home, I do recognize the need to stop spending so much time on the computer or on the phone. There are times when I look up in the evening, and realize that my husband and I are both on our laptops — and we haven’t spoken to each other for more than two hours.

In order to connect on a personal level, we put all the distractions away when we realize that they are creeping up on us. Look at your own life. Are you becoming consumed by gadgets? Taking some time away from the constant demands of technology, whether it’s checking Twitter or answering an email you just received, can help you relax and spend quality time with the people who are most important to you.

One of the things I love about the summer is that I go camping two or three times. Usually, for at least one of the trips, we are in such a remote area that it is impossible to use the cell phone — much less check email. This is a nice break for me because the situation requires that I have no tech available to me. I relax much more, and I don’t worry about emailed emergencies or the latest meltdown on social media. Since I can’t do anything about it, I truly have a break.

Finding ways to take a tech break can be a real help in your life. Take a deep breath, and realize that the email can probably wait a few hours (or even for a day or two). And Facebook, Twitter, and Pinterest aren’t going anywhere.

Image: from_ko via Flickr

Related Posts

 

How to break up with a friend, and reasons why you would

 

It’s TCB time! (Taking care of business)

 

Review: Taking the MegaBus from Montreal to Toronto

 

All I will ever say about the new Apple iPad

 

Phishing Alert: This one is pretty good…

 

Social Rules to not making empty promises and to mean what you say

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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What’s in a name?

A rose by any other name may still smell as sweet, but it’s not going to get you into that C-Level suite, nor will an unwieldy name do you any favors when it comes time to negotiate your pay.

According to data analyzed by The Ladders, it appears as though your first name makes a difference in how much money you make, as well as the level of success you achieve.

In fact, those with relatively short names — and whose names are rather commonplace — are more likely to earn more. As the number of letters in your first name increases, your salary drops. In fact, The Ladders insists that each additional letter in your name leads to a salary that is lower by $3,600 a year.

The data even held up for those with nicknames. “Steve” makes more than “Stephen”, and “Sara” even makes more than “Sarah”. The very strong implication here is that you should also consider your nickname. If you want to be more successful in your career, it might be a good idea to adopt a professional name that is short and easy to remember.

Where There Exceptions to the Longer Name Rule?

As always, there are exceptions. The Ladders found that the name Lawrence resulted higher pay than its shorter counterpart Larry. Additionally, if you look at the chart above, you’ll see a decline in pay versus number of letters in a first name — except at the number seven. If your name has seven letters, you get a little bump in pay. A good example is the name “Melissa”, which appears on the list of top five highest paid female names. (Incidentally, my own name has seven letters. Corporate success, here I come!)

Another interesting aberration is the fact that Christine (nine letters) shows up on the list of top five C-Level names and in the top five when it comes to pay. No other name — male or female — showed up on both lists.

The Ladders says that the top 10 highest paid C-Level executives are names that earn 10% more than other names. That’s a pretty big difference, and one that might make you think.

Help Your Kids: Pick a Short, Boring Name

Looking at the lists compiled by The Ladders also yields another interesting pattern: The names are rather conventional. You see names like Cathy, Shannon, Rob, Bob, Tom, Marc, Lynn, and Martin on these lists. No mention of oddly-spelled names or exotic names. I live in a state full of names like Jessyka, Gavvyn, Joyellen, Moroni, and SheriDawn. I’m no stranger to “unique” names.

However, no matter how cool you think your child’s name is now, the reality is that an unusual name that is hard to spell or confusing to pronounce won’t do you child any favors. Not only does he or she risk a long and difficult childhood, but you may be condemning him or her to a life of lower pay and career failure.

What do you think is in a name? Do you think the analysis from The Ladders makes sense?

Related Posts

 

Thinking of leaving your career?

 

Think you’re in a career rut?

 

Career Strategy: How Marketable Are You?

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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If you were a client at a business meeting, dinner or .. whatever, with a company you were doing business with, would you be highly offended if they kept texting during your meeting, or half-paying attention to what you are saying or what’s going on around them?

I’m pretty sure your answer would be: HELL YES. They are doing business with my money, and they should darn well pay attention and show some respect!

Unless it’s a personal emergency where something happened there isn’t anything all that important that should be texted/tweeted/written about this very second, rather than waiting until you’re alone.

So why do it with friends or family?

Are we supposed to be more tolerant of your rude behaviour when we’re friends or family?

Why would you treat acquaintances or strangers with a lot more respect than the people you love or are there to perhaps form a friendship with?

Is it just because they write your cheques or pay you, that you feel obligated to be more respectful and considerate of them?

It is the utter opposite for me.

I find it extremely rude and annoying when people I am meeting with, whom I haven’t seen for years, or I’ve just met as friends, whip out their crackberries or their iphones and start texting to friends, keeping up an instant messaging repartee with 3 other people while trying to sit down and have dinner with me.

I know I am not the most qualified person to be annoyed by this, seeing as I don’t place a lot of importance on cellphones (I forget to bring it with me about 90% of the time), but it is extremely rude to do so.

I can forgive/understand checking your phone once in a while because it’s really time-sensitive, or you’re waiting for friends to get back from the washroom, so you quickly check your messages.

Or maybe we’re waiting for a third friend to arrive, so we’re checking to see if he/she is just running late and has texted us with their time of arrival.

But otherwise, PUT THE #$(@!&$ SMART/STUPID PHONE AWAY. PERIOD.

Think about it this way, if I started pulling out a book to read in the middle of our conversation or I was SO engrossed in my novel that I only give you half answers or my attention half of the time, wouldn’t you feel absolutely slighted and think I was the rudest human being on earth?

It tells you that I’d rather be reading a book than talking to you.

So why is constantly checking or reading a phone instead of talking to people you’re with, any more acceptable?

It’s even worse when you’re out with very social-media-intense people who tweet all the time and facebook like crazy. They’ll start taking pictures and uploading it to twitter RIGHT AWAY, and tweeting about the great dinner and friends they’re with…. while they’re with them.

Why can’t you do it AFTER we’re done meeting? That’s what I would do, because I want to spend actual face-to-face time with you, talking and being together.

Not talking to other people about us meeting up and  being together and how much fun YOU are having!

It’s like talking about your living your life rather than actually living your life in the moment.

Frankly, with those friends who are CONSTANTLY on their phones without being apologetic or aware of it, I just don’t meet up with them again.

If they met up with me and did the constant every-5-minutes cellphone checking/texting thing, I just assume they and their cellphone would rather be together alone, or they’d rather be ANYWHERE ELSE ON EARTH but with me and talking to me.

I don’t want to meet with people only to be ignored for other people.

In that case, don’t call me and I won’t call you.

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© FB @ FabulouslyBroke.com for Fabulously Broke in the City, 2013. |
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As humans, we often like to measure our progress and assure ourselves that we are improving. This is true in the realm of finances, as well as in other areas.

If you are trying to measure your financial progress, one way to keep track of how you are doing is to use your net worth as a metric.

Figure Your Net Worth

Your first step is to determine your net worth. This calculation is fairly straightforward. You simply add up all of your asset, and once that’s done, you subtract your liabilities.

Assets are items that represent positive cash flow. The value of your bank accounts, the value of your investment accounts, the market value of your home (if you own it), and the values of other significant items you own can be considered assets.

On the other hand, liabilities represent outstanding obligations. For most consumers, debt is the main culprit when it comes to liabilities. You need to add up all of your loans, including credit cards, student loans, what you owe on your mortgage, and other obligations.

If you have more assets than liabilities, you have a positive net worth. If your liabilities outnumber your assets, though, your net worth is negative. The goal when you have negative net worth should be to work toward turning things around so that you have positive net worth.

Measuring Your Financial Progress

Your net worth is a snap shot of where you stand at a specific moment in time. It doesn’t take into account your income and expenses; it deals with your financial picture right now. Over time, your net worth changes, depending on your financial situation.

Use your net worth to check in with your finances on a regular basis. I like to look at my net worth every quarter. On the same day every three months, I take a look at my net worth. If investments in my retirement account are doing well, and I’ve paid down some of the principal on my home loan, my net worth improves. However, if I’ve used my credit cards and I haven’t paid of the balances yet, my net worth shrinks.

For those who are trying to get out of debt, or for those who are trying to reach a certain goal, regularly assessing net worth can provide quick insight into what’s happening with the finances. You can watch your debt decrease and your net worth move closer to the black, or you can watch your net worth grow toward a level that allows you to meet your definition of financial independence.

Don’t rely entirely on your net worth for indications of your financial health, though. There are other things to consider, including your cash flow. Also, you can’t let fluctuations in your investment accounts bring you down in the short term. Even though net worth isn’t everything, using it as a measuring stick can be helpful as you formulate future goals, and as you measure your success thus far.

What do you think? Do you figure your net worth regularly as a way to measure your financial progress?

Image: Images_Of_Money via Flickr

Related Posts

 

What should your Net Worth be? Net worth by age and by income.

 

Reaching “financial independence”

 

Jaywalking out our Financial Stupidity

 

Financial Priorities In Order And Disorder

 

Calculating your net worth..

 

Short Financial Update before I go

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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Big thanks to FruGal for letting me guest post: How minimalism improved my finances. Thanks for the opportunity and congratulations on the redesign!

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Went to buy some knives the other day.

I want to point out that we aren’t delusional chef-like people here, we just want good knives from a good brand.

So we did a little research.

First, we stopped by The Bay and found the exact knife we wanted but the handle was metal (we want plastic).

We saw this extra long one that could do the job in that really awesome German brand Zwilling J.A. Henckels:

But let’s just zoom up on that price now shall we?

That’s right. $162 dollars. $162!!!!!

Before 13% tax. So really, we’re looking at $183.05 taxes included for one knife.

So we decided to go the frugal route and check out Chinatown.

We still wanted the same brand, but we specifically wanted a plastic handle. Metal slips too easily, and wood gets ruined after washing.

Plastic lasts.

My parents have had the same sort of knives with plastic handles for a good 25 years now.

In contrast, our nice wooden-handled knives haven’t lasted quite as well.

Sorry, I’m green but I’m practical.

In Tap Phuong (a store in Chinatown, location here) we came across the exact same brand of knives:

From that wall, we almost bought the entire set of knives with the yellow handles:

Guess how much we paid for all of these knives, including tax?

$149.89!!!

That is $33.16 cheaper than the one knife we wanted in The Bay, and we got 6 of them.

(Wait, that little red one is a cheap one, and not J.A. Henckels, but same difference.)

Granted, the handles aren’t metal or “cute”, but this worked out to our favour in the end.

Know what else we also got? A 10% discount.

How did we score that 10% discount?

BF’s tip? Don’t look cute.

We were about to go buy the knives in Chinatown after touching them and checking the prices the day before, and we had a little joking conversation.

BF: Don’t look so cute today. If you look cute and well-dressed then they won’t give us a discount. Go in like a hobo.

Me:…. I don’t have hobo clothing.

BF: I can lend you some.

Me: You keep hobo clothing?

BF: Everything I have is hobo clothing.

Note: He’s a minimalist guy. Think of a guy and how little he has in his wardrobe. Now cut that half taking into account his minimalist nature.

Me: ….How about I just not wear makeup? Is that acceptably un-cute?

BF: Not really. But maybe if you smeared some dirt on your face. Put on your sweatpants. Muss up your hair a little.

Me: This better get us a really awesome discount.

(And yes the above conversation is a joke that really happened.)

In reality, we just asked for the discount.

Here’s a transcript you can use next time:

Me: Hello. I’d like to buy these 6 knives.

Note: You cannot ask for a discount for only one item. Has to be 2 or more. Or the item has to be damaged in some way.

Girl: Okay. *starts counting and wrapping*

Me: Since I’m buying 6 knives from you, can I get a discount?

Girl: Sure, no problem. 10% off.

Me: Excellent. *whips out credit card*

That’s it. It was that simple.

12 seconds of conversation for a $12 return.

That’s $1/second, or $3600/hour.

But you know what?

During my time there, I saw 5-10 other people buying more than us in bulk (not knives), like plates, glasses, and who knows what.

Not a single one of them asked for a discount.

I know you think this is an ethnic-only sort of situation, but it isn’t.

You can negotiate for prices anywhere, and in any store.

If you go into Old Navy, and you see a shirt in blue you like but the button is missing, point it out and ask for a discount.

If they don’t give you one, either buy it anyway, or walk away.

Just the other day when I was going nuts buying Packing Cubes in a non-Asian store , I asked the guy if he would give me a discount since I was buying so much.

He immediately gave me a 10% discount.

So ask. Just ask!! PLEASE!

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© FB @ FabulouslyBroke.com for Fabulously Broke in the City, 2013. |
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More than five years ago, as my husband and I shopped for a home, the real estate agent told us over and over again that our home would be a huge asset, and that it would be a great investments.

While this has proved true in some ways, one of those ways isn’t in terms of finances.

Your Mortgage is a Liability

We like to think that we “own” our home, but the reality is that the bank really owns most of it at this point. We think of homes as assets, and they can be, since they are there, and sitting on a plot of very-tangible land.

However, the mortgage on your home is a liability. It’s a loan, and you are paying interest on it. If you have a mortgage, you have a liability. When you figure your net worth, you have to subtract the amount of money you owe on your mortgage from its market value.

If you are underwater on your home, meaning that it has lost value since you bought it, your mortgage is higher than your home’s value, and your home isn’t even a true asset.

How Liquid is Your Home?

One of the things to consider when you invest in something is its liquidity. How quickly you can convert something into cash matters when it comest to investing. Most stocks are fairly easy to convert into cash: You just have to sell them.

A home is a different matter. Sure, if you have equity built up in your home it’s possible to borrow against it and get cash that way. But if you are borrowing against the equity in your home, you aren’t actually investing. That’s not liquidity in the sense that you can easily sell your asset.

Often, it is difficult to sell your home and realize a profit. You have to go through an entire process to sell your home, and it can take months. A home really isn’t a very liquid asset, and that can come back to haunt you later if you view your home as an investment.

View Your Home as an Emotional Asset

A couple of years ago, my home value was low enough that we were about $3,000 underwater. Now home values in my area of improved a little bit, and the home is worth more than we owe for it. However, by the time we figure maintenance and utilities, and taxes, and interest, even with appropriate tax deductions we probably wouldn’t break even if we sold today.

Instead of thinking that our home is going to provide us with a tidy return on our financial investment, we view it as an emotional asset. It’s nice to be settled in one place, and to know that a landlord can’t end our lease and require us to move. Our son enjoys living in a house with a nice backyard. The house provides with a sense of safety and security, and that is valuable in its own way.

What do you think? Do you view your home as an asset?

Image source: James.Thompson via Flikr

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid.

A. Einstein

Related Posts

 

Appearances do count for something, but not for everything

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

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One of the more interesting things I read recently was a story from The New York Times web site. The post, titled, “Sometimes, We Want Prices to Fool Us,” deals with anchoring and the idea that we want fake prices to help give us an idea of what we should be paying when we make purchases.

The post mentions the recent move by J.C. Penney to try and focus on its regular low prices, rather than make it all about the sales and the deals. Unfortunately for Penney, the strategy has backfired, and resulted in profitability problems.

Because customers want to feel like they’re getting a deal. And they need those artificially marked up prices to let them know that they are saving money.

Price Anchoring

In behavioral economics, this is known as price anchoring. You are provided with a price so that you know what it’s supposed to be like. One example is when you go to a restaurant and ask for the wine list. There is a high-priced bottle, designed to set your expectations of high prices. Then there are very low-priced bottles. In the end, you pick something at the high-end of the middle, since the anchoring makes you think you are getting good value. You aren’t paying for the highest-priced bottle, but you are paying for something you feel is high quality, and you feel that you are getting your money’s worth because it’s not the most expensive item.

This psychology also works with sales at retail stores — as J.C. Penney discovered. Customers like to see that there is a high price on the clothing. Seeing the high price on the tag, and then getting 50% off, or seeing a red slash through the price and seeing a much lower price below, makes a big difference. The higher “original” price on the tag cues shoppers as to what something should cost. Then, shoppers feel great when they pay much less than they’re supposed to.

I notice this tactic all the time with Kohl’s. There’s a sale happening at least once a month, purporting 15% or 20% off everything in the store. There’s a big deal about this regularly, so you know that you are “saving” money when you go in. Penney got rid of those cues, and there wasn’t the hype to draw shoppers to the store.

What about Your Own Money Decisions?

Chances are that you need price anchors in your own life as you make money decisions. Many of us look at the highest-priced items, then at the lowest-priced items, and choose something in the middle. That anchoring gives us a sense of what we’re supposed to be paying, and provide us with a point of reference.

Without that point of reference, it can be difficult to know whether or not we’re getting a good deal. Even when the deal is artificial (like furniture stores marking up items a couple weeks before a holiday, just so they can say they marked it down big for the sale), it appears that we prefer the price anchoring.

What do you think of the post from The New York Times? Do you let price anchoring influence your money decisions?

Image source: My name’s axel via Flickr

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© MMarquit for Fabulously Broke in the City, 2013. |
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Congratulations!

You’ve scored a face-to-face interview after months of nailbiting and countless telephone interview screenings.

So what should you do to prepare for it?

1. Make a list of things that have to get done before that face-to-face
2. Make a list of interview questions and your answers — memorize lightly, not word-for-word
3. Practice with someone pretending to interview you (have them videotape it so you can improve)
4. Book time/excuses off work (if you have a current job)
5. Know where you’re going, who you’re meeting and how long each interview will be
6. If it’s relevant, ask if it will be an interview to test skills (e.g. technical interview)
7. Try on your interview outfit and ask for outside opinions — first impressions matter
8. Iron your interview outfit, polish your shoes and make sure you wear proper underwear
9. If applicable, practice wearing makeup if you don’t normally put it on, so you don’t flub it & freak out
10. Day of: Shower, brush your teeth, apply no-smell deodorant (some people are sensitive) & have minimal jewellery
11. Pack a small bottle of water just in case you need to sip it during the interview because of a dry throat
12. Bring your resume in hard copy format (2 of them!)
13. Bring 2 pens (1 may not work or leak) and a pad of paper, including your list of questions to ask the company
14. Leave half an hour earlier than you normally would; better too early than not early enough, you can always chill in the lot
15. Jump up and down 20 times to get the nervous energy out
16. Pretend you already have the job, they’ve already screened you through the phone, you’re almost IN!

That’s seriously what I do each time I go through an interview, and while most of mine are over the phone, there may be the rare occasion you have to meet them face-to-face and it’s better to be safe than sorry.

Related Posts

 

Interviewing: Before the Interview (Part. 1)

 

Interviewing: At the end of an interview (Part. 4)

 

How to thoroughly prepare for an interview

 

Interviewing: During the Interview (Part. 3)

 

Have You Ever Had a Mock Interview?

 

Skirt Suit vs. Pants Suit for Interviews

You can contact me here or find me on Twitter via @brokeinthecity.

Come and visit my other blog: The Everyday Minimalist where I am living with less, but only the best!

© FB @ FabulouslyBroke.com for Fabulously Broke in the City, 2013. |
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