Ten Tips to Improve Your Finances
By Trish Milburn

First and foremost, I want to make clear that I am not an accountant, a financial analyst or any type of financial counselor. I do, however, credit myself with some financial common sense. That, combined with my husband's background in economics, is what led me to write this article. Below, you'll find ten tips that we've discussed and believe will help you have a more comfortable relationship with your personal balance sheet.

1. Cars and computers are not investments. It's wise to look at finances in terms of assets versus liabilities. Assets (things of value) minus liabilities (what you owe) equals your net worth. Those assets, however, need to be things that hold or increase in value over time, not depreciate. Therefore, items such as cars and computers, which depreciate, are not investments. Cars depreciate as soon as a buyer drives them off the lot. They, as well as computers, may be useful, but they won't be worth anywhere near as much in ten years as they are on the day you buy them. Education and a home, on the other hand, are investments.

2. Live on less than you earn. The lure of easy credit gives the false illusion that you can "afford" more than you really can. Charging items you want and "need" can lead to huge piles of debt before you realize it. Mortgage companies often tell borrowers they can "afford" a certain mortgage, but think of it this way-if you or your spouse unexpectedly lost your job tomorrow, are you living so close to the edge that you'd be in real danger of not being able to make the next mortgage payment? What good is a $250,000 house if you're always a hair's breadth from losing it?

3. Be aware that you want to keep up with the Joneses, the Smiths and whoever else moves in next door and resist the urge. Constantly comparing what you have to what neighbors, friends or family members have is a dangerous mindset. It can cause you to buy things you can't really afford, things that you might not even think about if you didn't compare and feel like you're being left behind. This type of comparison starts early in life, as soon as you start school and want all the stylish clothes, hot toys and expensive gadgets as your classmates. This mindset needs to be left behind though, especially when you reach adulthood. Common sense is much more valuable than an in-ground pool or expensive SUV. If you want and can truly afford (as in, pay cash for them) these luxury items, fine. But if you're just adding to an already large debt load, resist the urge. Instead, start setting aside money for extras you'd like to have.

4. Pay off your credit card(s) each month. It is so incredibly easy to get the things you want now by using a credit card. It's also easy to pay those minimum payments. But this is a vicious cycle that will get you into financial trouble in a hurry. Before you know it, you're so far in debt you can't get out, at least not without taking a second job. What's particularly bad about this problem is that it often starts in college when young adults are on their own and making their own decisions for the first time. Credit card companies set up on campuses and sign up students by the boatload. So, college graduates are often graduating already in debt up to their eyeballs, not including their student loans.

5. Pay cash when you can. This is related to No. 4, above. When you pay cash, it hurts more and you'll be less likely to buy things you don't really need to. It's easy to slap down the plastic for that new outfit, but it's a whole lot harder to hand over six new twenty-dollar bills. We have an emotional response to cash, not to credit cards.

6. Take advantage of compound interest at as young an age as possible. Investing a small amount early is more beneficial than investing more later in life. For example, if you invested $1,000 a year for 10 years, from age 25 to 34, and invested not a penny more, you'd have $334,499 at age 65 if you earn a 10 percent return on your investment, which is the rough, long-term, stock market average. By comparison, if you invested $1,000 every year from age 35 to 65, three times as long, you still wouldn't catch up. At age 65, you'd only have $200,138.

7. Take advantage of 401(k), 403(b) or other employer retirement savings options. Capital gains accumulate tax-free, and many employers also match a certain percentage of your contributions. It's a good idea to save at least 10 percent of your income toward retirement if possible.

8. Have life insurance. Most people need life insurance, especially if you have a spouse and/or children. Consider term life insurance instead of cash-value life insurance because you can get a lot of coverage for not very much money. And if you buy the term policy, you can invest the rest of your money in other ways.

9. Have a budget or forced savings plan. If you don't, you are tempted to just spend until you run out of money. 401(k) plans are a type of forced savings. Plus, you don't miss the money if you never see it.

10. Focus on income. Sometimes the problem isn't the spending side; it's the income. If you're making too little, take steps to improve your career prospects. Even the most frugal person will have a hard time on $12,000 a year.

Bonus tip: My husband and I are big proponents of being debt-free. Most people can't pay cash for a home, and we're no different. But if at all possible, don't carry any debt load other than a mortgage. And even with the mortgage, pay it off as quickly as possible. Make extra payments on the principle if at all possible. Often, we don't get each other Christmas presents and instead make an extra house payment or pay for a necessary home improvement. That's hard, however, if you're also shipping off monthly payments on two new vehicles, a boat, multiple credit cards and school loans.


Trish Milburn detested her one economics class, so what did she do? She married an economics major and got her degree in journalism. She is, however, frugal by nature and hopes to have her house paid off by age 40.

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Our Favorite Actors and Actresses
by the Wet Noodle Posse

My favorites are Johnny Depp and Meryl Streep. I love how they change their mannerisms, speech patterns and accents for their roles. Some actors and actresses let pieces of themselves poke through their characterization or they play different characters the same way. But Depp and Streep seem to lose all sense of self and become the characters they play. - Maureen Hardegree

I just saw Will Smith's biography. He and Jada Pinkett make an adorable couple, so I'm going with them. - Dani Collins

Actor-Johnny Depp. He can take any role and make it totally his own. Actress-Meryl Streep. She's phenomenal. - Pam Payne

Favorite actor-I really want to say Gerard Butler, but he's not a wonderful ACTOR, you know? Hmmm. I'll debate. Actress-Sandra Bullock. I've never not liked one of her movies! - Mary Fechter

Since seeing Pride & Prejudice for the FOURTH time, I have to say my current favorite actor is Matthew Macfadyen and my favorite actress is Keira Knightley! I'm a sucker for a good Regency era love story, especially one based on Jane Austen's masterpiece. - Diane Perkins

Favorite actor? What a delightful question to ponder! While certain actors are auto-rents for me (Kevin Spacey, Johnny Depp, John Cusack), fabulous acting isn't enough to be my favorite actor. For that, I want a wonderful actor who also absolutely does it for me on the sexiness scale. I'm tempted to say Russell Crowe because no one inhabits a character as thoroughly as Russell does, and I so enjoy watching him while he does it. In the end, though, I have to go with Ed Harris. A more nostalgic choice, to be sure, but Ed still does it for me! My favorite actress is Susan Sarandon, but Frances McDormand is a close second. - Norah Wilson

I've got lots of favorites, but I have to go with Harrison Ford for actor. Ever since I fell for Han Solo, I've loved the guy. Yes, I know he's old enough to be my dad, but I try not to think about that. I loved Eric Bana in Troy (liked him better than Brad Pitt, and I like Brad Pitt), and I bet he gives an awesome performance in Munich. I have to toss Russell Crowe and Tom Hanks in there too, both very talented guys. As others have said, Meryl Streep is amazingly talented, as is Jodie Foster. Julia Roberts and Sandra Bullock are favorites. I also really like Native American actress Irene Bedard. - Trish Milburn

It's no surprise to anyone who knows me that my favorite actor is Matthew McConaughey. I adore him! And, yes, his abs and dimples make me totally biased. However, I think Johnny Depp is one of the greatest actors of all time. His range of characters is amazing! When it comes to actresses, Angelina Jolie pops into mind. I think she's fabulous and plays the kind of characters a lot of women dream of being like. - Janice Lynn

Kevin Kline is my favorite actor though Johnny Depp is very close as well as Michael Caine. The actresses were hard now that Kate Hepburn is dead. I like Sandra Bullock, Jean Stapleton and Maggie Smith. - Lorelle Marinello

I'm going to play the nerd on this one and pick my favorites according to actual ability to act. I'm going to ignore the abs and boobs, although when it comes to actual draw, I'm as susceptible to a good-looking guy as any woman. Johnny Depp wins it, hands down. There is no modern actor who is his equal. Many fine actors do a fabulous job of bringing a character to life, but most of them do it by making the character into themselves. Johnny Depp makes himself into the character. I actually cried for him when he didn't win the Oscar for Jack Sparrow in Pirates of the Caribbean: The Curse of the Black Pearl. That was truly the most innovative piece of acting I've ever seen in my life, and I find it sad that humor is so often not given credit for being deeply valuable and difficult work. I'll give Russell Crowe second place, though. I'm amazed at his ability to go from A Beautiful Mind to Master and Commander: The Far Side of the World. One other long-time favorite, though just because I love his disgusting characters, is Alan Rickman. Meryl Streep as the best actress I've ever seen, although her work is often disturbing and difficult to watch. That unfortunately means she has done her job well. She's the one actress I can watch and forget who she is. She was unforgettable in Out of Africa and Sophie's Choice. Cate Blanchett comes in right behind her for her awesome performance in Elizabeth, and Emma Thompson is fast catching up. I can't wait to see her in Nanny McPhee, and not just for the makeup. - Delle Jacobs

Actor: Johnny Depp blows me away. I think he was totally robbed by the Academy when they didn't award him the Oscar for Pirates of the Caribbean. Robbed! He gets inside a character's head, oozes under their skin and becomes that person. Oh, to be so talented. But if we're going for HOT... I'm still not over Gerard Butler in Phantom of the Opera. Oh, the wounded hero, needing the love of a good woman. Sigh. Actress: Meryl Streep would be an old standard. Can't say she's done anything badly. More current actress? Jodie Foster, maybe. - Priscilla Kissinger

My favorite actress is Sigourney Weaver and actor is Nicholas Cage.

- Jill Monroe

My pick is Angelina Jolie, not because she's such a great actress, but because I want her life. She's a mom who loves her kids, but she also finds time to make blockbuster movies, do humanitarian work in Pakistan and go motorcycle racing with Brad Pitt. What's not to like about that? Even the fact that she's a home-wrecker doesn't blow it for me (although it should!). "Boom! I got your boyfriend. Boom! I got your man!" Favorite actor is much harder. They're all skinny pretty boys these days. Orlando Bloom - seriously? I doubt he could do any heavy lifting. I guess I'd have to pick Russell Crowe, circa Gladiator. Strength and honor, baby. - Jennie Lucas

My all-time, favorite actress is Olympia Dukakis. I've never seen a movie of hers I didn't love. In fact, I want to BE Olympia Dukakis when I grow up. The best actor on the planet is Nicolas Cage. Okay, maybe that's a stretch, but there's something about that guy that makes me crazy. The eyes, maybe? No, it's his delivery. He frequently plays the anti-hero or the guy trying to do the right thing but getting slammed for it. I want to marry him when I grow up. So, to review, I will be Olympia Dukakis-Cage, deliver wickedly funny lines in a deadpan manner to my wickedly hot husband and live happily ever after. - Stephanie Feagan

The first two that immediately came to mind were Cary Grant and Katherine Hepburn, two of my all-time faves. If I have to come up with someone more contemporary, hmmm...that's a tougher choice. There's talent and skill, and then there's box office draw and drool to consider here. I'd have to say Harrison Ford, because I've seen him do just about everything well (and I love the twinkle in his eye) and Cate Blanchett, because when she's onscreen, I can't look at anyone or anything else.

- Terry McLaughlin

Veronica Mars is currently my favorite TV show. The concept, writing and execution are brilliant, and the cast includes two of the most talented up-and-comers I've seen in a while. Veronica Mars, a savvy, street-smart teenaged sleuth, is played by Kristen Bell. Her troubled and tortured classmate, Logan Echolls, is played by Jason Dohring. I'm certain we'll see these talented young actors in many more roles in the future. Veronica Mars is definitely worth checking out, Wednesdays on UPN. - Lee McKenzie

I'm going to go with Christian Bale and Gary Oldman for actor. It's not a Batman Begins fetish. I have loved Gary Oldman since seeing Dracula (don't ask) and Immortal Beloved. The love was cemented with True Romance and The Fifth Element. I just think he is one of the best actors working. Kate Winslet and Sigourney Weaver for actress (Sigourney won me forever after doing Galaxy Quest). It's hard to pick just one though (or even two). And I still pine for River Phoenix. - Anne Mallory

I loved Colin Firth in Pride and Prejudice so much that I'm going to nominate him as my favorite. When I need a romance fix, I haul out the last two videos and just play them. I'll take Mr. Darcy and Pemberly any time. My favorite actress is Jennifer Garner. I love her versatility and kick-butt ability on Alias. But she does other roles well, too. This afternoon, I debated about buying the Alias DVDs but decided to wait until the end of the show in March and buy them all at one time. - Debra Holland

Actor-Tom Hanks. Actress-Nicole Kidman. - Merrillee Whren

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