Page 1 of 28 12311 ... LastLast
Results 1 to 15 of 416

Thread: Money matters

  1. #1
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884

    Money matters

    We live in an age where money and its management plays a very (if not the most) important role.
    Chess players, particularly those who devote a great amount of their time for their improvement, occassionally neglect or sometimes even completely ignore the financial factor.
    I am talking about those who do not belong to the rich, or well off, or financially comfortable category.
    I am talking about those who don't work and survive on Centrelink , or have under paid p/t jobs, or are students with no much money to spare.
    I propose this thread to be of help in regards to offer financial advice to people thus giving them ideas which might help them in their financial dealings.
    So please use it to either offer or seek advice!
    I start with my most important tip:
    Saving
    By saving one dollar a day, it makes $365 a year - good enough for your entry in at least 6 strong tournaments for the duration of the year!
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  2. #2
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    Improve on that!
    You can pay for your annual subscription at the MCC that's $100.00 ok?
    By doing so you have access to the Club's facilities on a 7 days a week basis, plus take advantage of the various free services to the Club's members.
    That leaves you with still enough money to play in 5 tournaments throughout the year.
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  3. #3
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    Saving
    Again to saving which is very important.
    Make sure you don't spend money which you have won from chess prizes in areas other than Chess! That's your working capital. Use it for Chess purposes only!
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  4. #4
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    Don't spend money in chess books and magazines if you can't afford it. If in Melbourne, use the Anderson's Collection in the State Library. They have EVERYTHING there!
    Also use your public libraries. You will find treasures of Chess related material there!
    You can also ask the librarians to order material that you might need. Ask them nicely but insist on it. They will eventually give in! I know it works, I 've done it!
    Also if you don't have Internet at home, use the free service provided by libraries and other community organisations.
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  5. #5
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    and some of my own news! My superannuation fund (PSS) performed at a rate of 9.2% during last financial year. I was happy as Larry with that because it kicked butt anyway!
    then then ,then and yes THEN! came the biggy
    my other fund (ANZ OneAnswer PS) performed at a very solid 11.24%

    Moral of the story is: Never Neglect your Super! it has worked miracles for me even in hard times.
    Don't forget that thanks to Johny, but mainly to Peter with his magnificent touches, and now to Julia my super is safe!
    In other words, money is above politics as long as the politicians do the right thing, (they did for me) but I am on the ball all the time. after all it's my money!
    Last edited by ER; 21-09-2010 at 04:39 PM.
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  6. #6
    CC International Master
    Join Date
    Aug 2008
    Posts
    1,184
    I binge save. I can get by with $30p/w on food so, plus my rent, I only have to spend $220 a fortnight. This allows me to put $200 dollars away in the bank. It has been useful, but I don't think it is very wise compared to long term small savings.
    And still, no one has satisfactorily proven, that it isn't opposite day.

  7. #7
    CC Grandmaster
    Join Date
    Apr 2006
    Location
    Melbourne, Australia
    Posts
    12,982
    It is investment that makes us more secure financially rather than saving..For years, real estate has been the best way to invest but right now it is of course not the right time!~
    Interested in Chess Lessons?
    Email webbaron!@gmail.com for more Info!

  8. #8
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884

    on binge and long term

    Quote Originally Posted by Saragossa
    I binge save. I can get by with $30p/w on food so, plus my rent, I only have to spend $220 a fortnight. This allows me to put $200 dollars away in the bank. It has been useful, but I don't think it is very wise compared to long term small savings.
    Hi Lawrence, yes you are right. Don't forget that binge saving can become a bit of a bulimia / anorexia thingy since it tends to push people to spend less and less (or save more and more) to the point of depriving themselves of important needs and wants.
    In my opinion for young people like yourself balance is important but logical excess is also forgivable.
    I know that you, like James, Michael, Laurence, Eugene, Deniz and other kids are very mature and logical for your ages; however, learning through experience is also very important, some times even as important as learning from theory alone.
    Coming back to money I think that since you 've already binged for your savings to make sure not to also binge in spending! That means that when you go to long term smaller savings period to have the binge saved bucks as a mega bonus!
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  9. #9
    Monster of the deep Kevin Bonham's Avatar
    Join Date
    Jan 2004
    Posts
    37,858
    Quote Originally Posted by Saragossa
    I binge save. I can get by with $30p/w on food so, plus my rent, I only have to spend $220 a fortnight.
    $30/pw on food is quite impressive. I could get by on that fifteen years ago. These days it would be more like $100.

    Student days can be a good opportunity to build up $$$ because there is the stable study allowance (or later on, scholarship) and anything you earn on top of that is profit.

  10. #10
    Reader in Slood Dynamics Rincewind's Avatar
    Join Date
    Jan 2004
    Location
    The multiverse
    Posts
    21,570
    Quote Originally Posted by Kevin Bonham
    $30/pw on food is quite impressive. I could get by on that fifteen years ago. These days it would be more like $100.

    Student days can be a good opportunity to build up $$$ because there is the stable study allowance (or later on, scholarship) and anything you earn on top of that is profit.
    For good students in their later years at uni, part time or casual work may be readily available in the forms of marking and tutoring (private or class) as well as other discipline related activities (laboratory assistant or specimen identification, etc). Vacation scholarships are another way for undergraduates to pick up some research skills and earn some spare cash over the holidays.
    So einfach wie möglich, aber nicht einfacher - Albert Einstein

  11. #11
    CC International Master
    Join Date
    Aug 2008
    Posts
    1,184
    Quote Originally Posted by Kevin Bonham
    $30/pw on food is quite impressive. I could get by on that fifteen years ago. These days it would be more like $100.

    Student days can be a good opportunity to build up $$$ because there is the stable study allowance (or later on, scholarship) and anything you earn on top of that is profit.
    I intend to do extra work in year 12 simply because it has taken me a whole year to wrap my head around college. Summer is usually my working season with cherry farms etc. This week, due to holiday spending, I had $7. Vegetable sheds are great for this situation. I got 5kg potatoes and 3kg brown onions which allowed me to live on mashed potatoes.

    I think I can get away with this unfazed because of my physique or something like that. I eat quite a bit but as I pointed out, veggies are so cheap. I take protein supplements. Lentils and grains are pretty cheap as well.
    And still, no one has satisfactorily proven, that it isn't opposite day.

  12. #12
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    Quote Originally Posted by Lawrence
    I got 5kg potatoes and 3kg brown onions which allowed me to live on mashed potatoes.
    I was expecting something like that which is not the best diet for a developing 15-16 yo and I am not exactly happy with this!
    No intention to mother you around though, it's your life, you are the boss and you know best!
    I know you are good in cooking and home economics and so I am, however you have to think more seriously about your food intake. Apart from lentils and grains which are great you need your eggs and dairies as well.
    Coming back to money matters with your vegetarian lifestyle $30.00 a week is an achievable goal provided you buy more than two vegetables. (at least 5)! Legumes cost next to nothing and your buy_and_keep_for_quite_a_while supply of oils, herbs, curries etc is not that expensive either!
    Quote Originally Posted by Rincewind
    For good students in their later years at uni, part time or casual work may be readily available in the forms of marking and tutoring (private or class) as well as other discipline related activities (laboratory assistant or specimen identification, etc). Vacation scholarships are another way for undergraduates to pick up some research skills and earn some spare cash over the holidays.
    Excellent advice and a student is encouraged to go and ask personally if there is something available in faculties, canteens, maintenance offices etc. I got various jobs as those referred by Barry, particularly in language tutoring as well as more hard yakka like helping with removing stuff from the old Education Building (before it was magnificently refurbished) - yes I am talking University of Melbourne here!
    I also worked early shifts at the AGE despatch along with the late Vic Pateras and other Melbourne Chess Club boys, which I consider as the hardest job I 've ever done. No sleep either since we went there straight from the Club - you couldn't sleep at the Club either because the late Mr Raipalis (God bless his soul) who 'd come early morning to clean the club wasn't well known for keeping his mouth shut for whatever violations committed by the night owls! He kept on confusing "terrific" with "terrible" ("Terrific, terrific, chairs and blood everywhere" I heard him saying while describing a mild incident at the time)! It paid well though (the AGE job) and the times were really hard then.
    Quote Originally Posted by Michael
    It is investment that makes us more secure financially rather than saving..For years, real estate has been the best way to invest but right now it is of course not the right time!~
    Michael, I know and thanks for the contribution! If you have noticed from my postings in other threads I am investing too! But, in order to invest you need to save first, don't you think? Not all people (chess players included) have mum and dad - i am not talking about anyone personally here, to carry the weight for them!
    Last edited by ER; 22-09-2010 at 04:35 PM.
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

  13. #13
    CC Grandmaster road runner's Avatar
    Join Date
    Apr 2006
    Location
    on the skin of the pale blue dot
    Posts
    12,568
    Quote Originally Posted by JaK
    We live in an age where money and its management plays a very (if not the most) important role.
    Chess players, particularly those who devote a great amount of their time for their improvement, occassionally neglect or sometimes even completely ignore the financial factor.
    I am talking about those who do not belong to the rich, or well off, or financially comfortable category.
    I am talking about those who don't work and survive on Centrelink , or have under paid p/t jobs, or are students with no much money to spare.
    I propose this thread to be of help in regards to offer financial advice to people thus giving them ideas which might help them in their financial dealings.
    So please use it to either offer or seek advice!
    I start with my most important tip:
    Saving
    By saving one dollar a day, it makes $365 a year - good enough for your entry in at least 6 strong tournaments for the duration of the year!
    I don't think that a dolllar a day type statements are particularly good for savings strategies, but they might be OK for foxtel or income protection advertisements.

    You want to save money as you receive it, so if you get paid fortnightly you save $14 on each payday.

    Expecting someone to find change every single day and put it in a jar is probably just about the worst way to promote savings.
    meep meep

  14. #14
    CC International Master
    Join Date
    Aug 2008
    Posts
    1,184
    Quote Originally Posted by JAK
    I was expecting something like that which is not the best diet for a developing 15-16 yo and I am not exactly happy with this!
    No intention to mother you around though, it's your life, you are the boss and you know best!
    I know you are good in cooking and home economics and so I am, however you have to think more seriously about your food intake. Apart from lentils and grains which are great you need your eggs and dairies as well.
    Coming back to money matters with your vegetarian lifestyle $30.00 a week is an achievable goal provided you buy more than two vegetables. (at least 5)! Legumes cost next to nothing and your buy_and_keep_for_quite_a_while supply of oils, herbs, curries etc is not that expensive either!
    I totally agree. It was just an absurd situation in which taxis etc drained food money. $30-50 supplies me with way more than 5 types of fruit and veggies. Back to money matters.

    My brother withdraws all the cash he is willing to spend that fortnight and transfers the rest into a higher interest account which he can't withdraw from. Along with summer work he is nearing $5000 which I think is excellent.
    And still, no one has satisfactorily proven, that it isn't opposite day.

  15. #15
    CC Grandmaster ER's Avatar
    Join Date
    Jul 2006
    Location
    Melbourne - Australia
    Posts
    11,884
    Quote Originally Posted by Boris
    I don't think that a dolllar a day type statements are particularly good for savings strategies, but they might be OK for foxtel or income protection advertisements.
    OK I knew you were from QLD!

    Quote Originally Posted by Boris
    You want to save money as you receive it, so if you get paid fortnightly you save $14 on each payday.
    And if you' re paid weekly $7 on each payday, right?

    Quote Originally Posted by Boris
    Expecting someone to find change every single day and put it in a jar is probably just about the worst way to promote savings.
    OK I knew you were from QLD!

    Jokes aside, don't knock money jars. Just emptying my change there each time I walked in the door, I ended up with some $1200+ last year only... I use this trick since my godson pressurised me to do it! "You always have money that way" he says!

    BTW this kid has something special in money matters! He was like 12 or 13 a couple of years ago when he started nagging me non stop to take him to see my bank manager! I asked Nigel if it was ok for the kid to come along with me when I visited he said OK. And there comes PP, all dressed up, handshakes with Nigel and demanding to have a private talk with him. They had a talk while I was waiting a few meters away not able to listen to their conversation, but it looked serious. "He knows what he is talking about"! Nigel said after their meeting... "Nigel is a top guy"! PP said. Well, we see!

    Just in case you 've forgotten:

    Savers should be aware that the government guarantee on deposits runs out next October – (Oct 2011),

    We don't wanna get caught in high exit costs from term dposits do we? So think of your maturity dates!
    ACF 3118316
    FIDE 3201457

    https://aus2020.chesschamp.net/

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Photo caption contest
    By Alan Shore in forum Non-Chess
    Replies: 2273
    Last Post: 22-03-2019, 09:43 PM
  2. Does God Exist?
    By Paul S in forum Religion and Science
    Replies: 5602
    Last Post: 18-07-2018, 09:19 PM
  3. Replies: 102
    Last Post: 29-08-2006, 07:50 PM
  4. Couple Of Questions For Dion
    By Basil in forum Non-Chess
    Replies: 47
    Last Post: 22-08-2006, 04:25 PM
  5. How is money created?
    By firegoat7 in forum Non-Chess
    Replies: 76
    Last Post: 29-03-2004, 04:32 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •