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  1. #1
    CC Grandmaster ER's Avatar
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    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!
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  2. #2
    CC Grandmaster ER's Avatar
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    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.
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  3. #3
    CC Grandmaster ER's Avatar
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    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!
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  4. #4
    CC Grandmaster ER's Avatar
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    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.
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  5. #5
    CC Grandmaster ER's Avatar
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    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.
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  6. #6
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    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 Adamski's Avatar
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    Quote Originally Posted by JaK
    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!
    Sadly, your funds won't be doing so well this year. Neither is mine. GFC.
    Edit: Just having read your previous post, maybe you public servants are luckier than the general population in this respect.
    Last edited by Adamski; 10-08-2011 at 11:36 PM.
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  8. #8
    CC Grandmaster road runner's Avatar
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    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

  9. #9
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    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.

  10. #10
    CC Grandmaster ER's Avatar
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    Quote Originally Posted by Saragossa
    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.
    I agree, brilliant thinking by Marcus!
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  11. #11
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    An ''Unaustralian'' but a healthy way to save is to eat at home rather than to eat out.
    I keep spoiling myself by visiting various coffee shops around the city almost every day (tried nearly all of them) and it costs me about $23 a week only! Therefore, week-long entertainment and social life comes at a price of 1 unhealthy dinner!
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  12. #12
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    Quote Originally Posted by MichaelBaron
    An ''Unaustralian'' but a healthy way to save is to eat at home rather than to eat out.
    I keep spoiling myself by visiting various coffee shops around the city almost every day (tried nearly all of them) and it costs me about $23 a week only! Therefore, week-long entertainment and social life comes at a price of 1 unhealthy dinner!
    Great point. I have a similar instance in regards to lunches. I could buy a roll of sushi at a local eatery for $3.50 or I could produce my own at home for around $0.70-1.50 depending what I use for fillings. The same goes for subway sandwiches which are really expensive and a lot of things I should imagine. I read a thread on a skateboarding site which had $5 lunches as its speciality. There were some really good ideas.
    And still, no one has satisfactorily proven, that it isn't opposite day.

  13. #13
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    Quote Originally Posted by Michael
    I keep spoiling myself by visiting various coffee shops around the city almost every day
    You have been seen in various places indeed but hardly by yourself! You 're doing fine, since you wouldn't really ask those beautiful Asian young ladies that usually accompany you to share your home catered lunch with you would you???
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  14. #14
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    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!
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