The Money Hacks Carnival #25 – The Olympic Edition

There can really be no other theme for this edition of the Carnival hosted here, at The Personal Financier, other than the Olympics. This edition will focus on the economic and financial aspects of these glorious games. If we drop the mask of cynicism that many of us usually wear as a protective measure a beautiful gathering is revealed, both of the world’s top athletes and the world itself. I believe the Olympic Games truly serve as a small ray of sunshine to our usually torn world. I sincerely hope you will find this edition of the Money Hacks Carnival insightful and resourceful.

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The Olympic Games at Beijing have cost over $44 Billion setting yet another record expenditure. The Brits have their work cut out for them. The total cost of the games is expected to run as high as $46 Billion. That’s more than the totaled expenditure on the past 5 Olympic Games together! With the bar set so high only a handful of countries in the world will be able to host the Olympic Games.

The following are my editor’s picks. As we had a lot of quality submissions I’ve taken the liberty to add a (*) by other posts I’ve personally found more interesting:

Editor’s Picks

Money Blue Book discusses in great detail the painful topic of How To Kill Roaches And Get Rid Of A Home Cockroach Infestation – I read through the post with one eye shut as the mere sight of them in the posts’ photos is too much for me. This post is very informative and deserves a place in the editor’s picks. I usually call a professional once a year and buy my peace and quiet.

The Digerati Life examines Your Free Credit Score: (and asks) Is There Such A Thing? In this in-length and informative analysis The Digerati Life looks at the credit score and offers tips on getting your credit profile and credit scores.

The Financial Blogger continues his discussion of the Basics of Estate Planning. This is a very important series of articles in which The Financial Blogger discusses, in length, the basics of estate planning. In this part he discusses how to assess if you have enough money to cover your last wishes. I recommend reading the entire series.

Free Money Finance discusses The Best Way to Get a Raise – I agree with the point made wholeheartedly. I myself am practicing it though it does get a bit harder as you grow older.

Save and Conquer discusses Sniping on eBay using auction snipers, a very interesting approach to eBay bidding. I’ve done some shopping on eBay (mostly stamps) and I would have welcomed a tool like this. The problem is that eBay acts much like an efficient market. With common knowledge of auction snipers their advantage disappears. When I bid on eBay I decide on the maximum price I’m willing to pay and let eBay do the work. I still believe this would work if you have the patience as many people don’t trust automatic bidding and enjoy the manual process.

The Chinese have spent these $46 Billion relatively wisely. 75% of the expenditures were made in the last seven years mostly in infrastructure that will serve Beijing for years to come. When speaking in relative terms the expenditure on the Olympic Games amounts to only 0.5% of The Chinese public expenditures during those years.

Career

(*) Greener Pastures presents The Psychology of Money: Competing with Sociopaths and deals with a less pleasant aspect of our careers. Fortunately, I’ve yet to encounter one but I certainly expect their numbers will grow should I succeed.

(*) Ready to be Rich offers to Use The Theory Of Multiple Intelligence To Know The Right Freelance Job For You – An interesting theory which contests the consensus around I.Q tests and the “standard” concept of intelligence and offers an array of different types of intelligence. Ready to be Rich gives advice on how to choose a freelance job according to our niche intelligence.

Tip Diva offers Top Ten Tips for Preparing Yourself For A Job Search – A short and to the point list. A good list to skim through to make sure you haven’t forgotten anything.

Revenues are expected to set records as well but will come no where near expenditures. TV broadcasting rights sold for approximately $1.8 Billion and advertising revenues are expected to reach another Billion. Tourism is expected to generate additional revenues of $4.5 Billion.

Frugality and Saving Money

(*) Erica Douglass @ erica.biz asks Is Extreme Frugality A Waste of Time? And wonders whether frugal activities like making your own laundry detergent worth it for entrepreneurs? I’ve already answered this question in one of my previous posts. I believe extreme frugality is not a long-term solution. Investing the time in personal finance and economic knowledge and know-how pays much higher dividends in my opinion.

(*) Lazy Man and Money explores the ultimate frugal question: Can I Pay Less for Something of Similar Value? My intuitive answer is most definitely as some of the links offered do indicate.

(*) Sound Money Matters tells us how to Eat Well for Less: In-Store Deals and the Grocery Price Book – A good post though I have my doubts as to cost/efficiency.

(*) Budgets are Sexy asks whether there is a best place to pick up your college books from in The Half.com, Amazon, Overstock, College bookstore challenge – Interesting results.

(*) Art of the Coupon presents How to Save Energy (and impress your friends!) Using X10 Home Automation. Looks like it’s even cost effective!

(*) Christian PF continues the discussion on Getting out of Debt (Part 5) and offers 15 ways to cut your expenses. A good overall roundup of saving tips to implement in all aspects of life.

(*) The Happy Rock offers A Guideline For Your Budget And Spending Plan and links to a nice tool which helps in checking how reasonable your expanses are compared to the average.

(*) Frugal Dad gives very sound advice in Easy Way to Save Money and Calories: Eat Before You Play. Eating out is one of our major budget busters.

(*) Cathy Stucker presents Save Money without Feeling Deprived adopting an interesting point of view of savings techniques which doesn’t involve giving up on things.

(*) KCLau presents an interesting discussion of why Frugal living doesn’t mean cheap. Why is that that frugal individual often feel the need to explain the difference from cheap?

Penny Jobs advises to Trick Yourself into Saving Money – Surprisingly it has worked for me at my earlier stages of saving.

Bargain Briana offers 7 Ways to Save on Prescription Costs – Apparently prescription costs are on the rise.

Mind your Decisions presents How My Friend Outsmarted a Car Salesman with an interesting argument for an additional 0.25% discount. You need a certain character to pull this off.

With more on pharmaceuticals Passive Family Income tells us How he made money Shopping at Pharmacy’s and quotes some numbers for our convenience.

Shop Little Gifts presents How To Manage Your Gift Budget: 3 Easy Tips. Gifts bite a hefty chunk of our monthly budget. Personally I try to avoid being frugal when it comes to gifts but that doesn’t mean you can’t shop smart.

No Debt Anymore offers Tips on How to Teach Your Kids to Save Money – She claims the concept of buying something tomorrow instead of today is a difficult concept for kids to master. I personally think kids don’t master it but we can ease their frustration. I’m pretty grown-up and I’ve yet to master it myself.

Harvesting Dollars created an interesting game in this short post on Inflation Iron-Man (Finance Game #5) – Not a bad idea to try and offset inflation in our budgets.

Personal Finance Analyst tells us of AT&T Wireless Coupons & Promotions.

How I Save Money discusses Mint’s Three Principles Of Personal Finance.

Chow Spice offers 4 Simple Ways to Save Money on Food.

Penny Pinching presents How To Save Money On Cars.

Effortless Abundance (No such thing in my opinion) offers The Idiot’s Guide to Saving – 4 basic tips for new aspiring savers.

Real Estate

(*) Really Better Real Estate presents 3 Bogus Real Estate Statistics - Know Them Or Be Burned By Them – Some figures just get stuck in our heads. Refuting them makes room to innovative thinking and a better understanding.

Surfer Sam claims All Interest Rate Quotes Are Not Alike – A pretty basic introduction to mortgages with a good detailed list of closing costs (very important to get familiarized with or you’ll have a surprise in store for you).

Tammy Powell discusses How to get your Security Deposit for your rental home.

The Chinese stock market has flourished in the past 5 years generated next to imaginative returns of hundreds of percents. This past year, however, the market has cooled down and lost approximately 50% of its gains. Last Friday the market lost another 4.5% while the opening ceremony was held.



Investing

(*) Dividend Growth Investor gives us The ultimate passive investment strategy – A very promising title indeed. The research discussed is quite interesting. You can’t really beat buy and hold.

(*) Roth IRA Explained suggests Keeping Non-Deductible Traditional IRAs Separate to avoid unnecessary headaches.

Trees Full of Money (Where!?) discusses why Contributing More to Your 401k Is Not as Difficult as You May Think due to certain incentives.

Savings Tool Box reviews IGO Banking’s Online Savings Account.

The Olympic Games served China as a gateway to the west. In the past 4 years China’s exposure to the West has increased dramatically. Many choose to send their kids to learn Chinese as they expect the awakening Chinese dragon to quickly become a formidable world economy. China still has many challenges to face but so far they are overcoming them in an aspiring manner.

Debt and Credit

(*) Fire Finance warns us of Sneaky Credit Card Trick #10 - Beware of Disability Coverage & Card Theft Insurance – Useful and straight to the point.

Two Pennies Earned presents Credit Card Signup Bonuses and My Credit Score.

Blueprint for Financial Prosperity reviews FNBO Direct High Yield Savings Account.

Daily Money Hack rounds-up August 2008 High Yield Savings Account Rates with rates moving up approximately +0.1% on average.

Best Interest Rate Banks asks whether CD’s are worth it.

Cash Money Life supports his favourite card in 200+ Reasons Why I Love My Chase Freedom Rewards Card.

The Post Olympic Games China is not expected to feel any significant slowdown. The Chinese economic growth is a force to powerful to be countered by any measure. Urban development and the switch to an advanced economy will most likely continue and in full blast.

Other

(*) Can I Get Rich on a Salary displays a half full attitude in Personal Finance Lemonade.

(*) Living Almost Large tells us more of their Family Financial History and giving back to community.

(*) Praveen @ My Simple Trading System discusses Making Money Online Through CPA Offers – For those of us looking to further diversify online income and explore other revenue channels.

(*) The Shark Investors presents an idea at Alternative Income: Selling Illustrations, Photos or Videos. Like blogging I believe you should go there onlyu if you enjoy it. Good Luck.

(*) Prosper Australia presents The Great Capital-Gains-Tax Hoax, an interesting analysis and discussion of capital gain taxes.

Think your Way to Wealth presents Are Gas Guzzlers and the Suburbs Equally to Blame for America’s Current Fuel Crisis? Which discusses the trade-off between travel distance and gas-guzzlers. I ask: who actually needs an SUV? It is comfortable but is it worth the price?

My Dollar Plan presents Cashbaq $5 Signup Bonus.

I've had a lot of fun (and hard work) hosting this edition of the carnival. I do hope you found it enjoyable and educational.

Images by: Tama Leaver, kk,