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A Poor Joe Biden Roundup

Let’s start this week’s roundup with Oblivious Investor’s Social Security Do-Over Options. The rules regarding when you can start collecting your benefit and how and when you are permitted to put it on hold have changed since last year, and this is a great primer to help you understand these rules.

At The Simple Dollar, Trent shared Some Thoughts on Dinner With My Family, an interesting read on how to keep the meals full of variety and avoiding the boredom that comes with the same few dishes week after week. Trent keeps an eye on the cost while he’s cooking, too.

Know what an RMD is? Well, it’s time you found out, and Neal Frankle at Wealth Pilgrim is the guy to show you. He explain the when, how much, and how to of this sometimes confusing process.

The financial buff discussed Behavioral Economics Explanation for Sensitivity on Service Fees. TFB offers a great recent example (Debt Card fees) as well as some older ones (Airline Baggage fees) and discusses why we feel the way we do when we’re asked to pay more.

Free Money Finance shared Smart Money’s Six Steps to Making a Successful Low-Ball House Offer.  In this market, it pays to plan and have a strategy ready if you are looking to buy a house.

At Five Cent Nickel, a reminder that You Can Only Spend Each Dollar Once. While this may stand to reason, Nickel’s story of how we use some faulty mental accounting to justify overspending is an eyeopener, a unique read.

And last, Kevin at Thousandaire tells us why Joe Biden’s Net Worth is Embarrassing!  I’ll give you a hint, the more famous Joe while earning a decent salary, doesn’t save, and has managed to blow through nearly all of his income over the last 50 years. Say it ain’t so, Joe. As Kevin said,” Now I know why this administration can’t balance a freaking budget!” Indeed.

  • Elle December 5, 2011, 11:26 am

    The many sites commenting on “Joe Biden’s net worth” never report his actual net worth. Like the article linked above, they give a range. Furthermore, Biden has a sizable pension lined up.

    Biden’s wife and baby daughter died in 1972, and his two sons had critical injuries, when a truck crashed into the car his wife was driving. Biden was a single dad of two sons for the next 4.5 years. Wiki entry: “To be at home every day for his young sons, Biden began the practice of commuting every day by Amtrak train for 1½ hours each way from his home in the Wilmington suburbs to Washington, D.C., which he continued to do throughout his Senate career… Biden left standing orders that he be interrupted in the Senate at any time if his sons called.” Biden re-married in 1977 and had a daughter with his second wife.

    Three kids to put through college and graduate school. A long commute for nearly all his working life. If the guy has a positive net worth; managed to put his children through graduate school; and has no mortgage; then given the pension, he is wealthy.

    That the author of the Biden attack at the link above claims the Executive branch balances the budget is evidence he does not know what he is talking about. (It’s both the Exec branch and Congress that work to balance the budget.)

    Furthermore, I’ll take a low income VP or senator, who’s scrambling like most of the U.S. to make a living, over a wealthy one (especially those who inherited) anyday. The low income ones are more likely to “get” what’s going on.

  • KC @ PsychoMoney December 6, 2011, 9:28 pm

    Great stuff. Thanks for sharing and helping me find some more really good blogs to follow.

  • JOE December 9, 2011, 12:29 am

    Thanks, Elle. I’m publishing an apology to my fellow Joe. Thanks for the research, I really didn’t know his history.

  • Elle December 9, 2011, 2:51 pm

    Biden and his wife appear to still have a mortgage. The tax deductible interest they pay on it is discussed on sites that go over politicians’ tax returns. They had around $30k in 2010 for mortgage interest. Sounds like they may be close to having the house paid off but this is just a guess. Still I can’t knock the guy. (Even if he were a Republican, I do not think I would say what Kevin says. Facts are facts.) The Bidens sound financially responsible to me, along with being a good father and husband.

    I appreciate your putting this out there to debunk what I think is a bit of internet unfairness.

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