Happy Memorial Day

Just wanted to wish you all a happy Memorial Day and we'll put up an article later this week. In the meantime, check our newsreader on the right and see what others have up right now. If you read an article on another blog, please take a quick moment and tell them that you were referred by Wealth Weekly in the visited blog's Comment Section. Take care, and remember, as you digest/eat your meals today those who have fallen and who still fight to defend our freedom.

Change Your Comfort Level

News Flash: People don't like being made uncomfortable.


In the wake of the two boycotts from last week--one by the e-mail chain letter many of you probably received (and will get next spring) and one by rapper-now-blogger Twista, the price of fuel responded in kind—by going UP last week. Note that the two actions are probably not linked at all, but what this shows is that one-day boycotts generally don't work. The most famous boycott I can remember was the Birmingham Bus Boycott, and it lasted over a YEAR.


Thing is, in order for major change (of any type) to happen, people have to change their behavior over a long period of time. Let's use some finance examples. Generally, people don't mind making changes to their financial behavior as long as it doesn't involve a lot of work. So people who haven't really developed spending plans on paper in the past won't do it moving forward. Oh sure, they'll start and may get a couple months into it, but sooner or later it gets annoying and they stop.

Oftentimes, this refusal to change behavior can be taxing to your finances but the perceived cost is not worth the behavior change. A one month gas boycott, for instance, sounds as if it could work... Maybe.

However, people may not be very conducive to using mass transit, biking, or even carpooling to work because it would require a major lifestyle change, even if it saves money. It removes you from your comfort level.


So, what to do? Well, a disciplined lifestyle is the foundation needed. Make a decision and set a goal-meeting timetable. You should also visibly track yourself, which will keep you inspired to go on. More specifically, try to take the tough decisions on how to better manage your money, or try to generate extra funds for saving purposes by taking on more work. Let's face it—gas prices probably won't be coming down any time soon. It's probably best to adjust and adapt while others complain.

Can We Stop with the Gas Boycotts?

So it's that time again. Summer is approaching, and school is letting out--which means trips to theme parks, cookouts, family reunions, and the requisite increase in gas prices.

It's no surprise that the e-mail boycotts are back. This one calls for a strike on May 15th that for that day we don't buy gas, which will apparently (and inexplicably) lead oil companies adjust their prices down for the American consumer. From the Charlotte Observer:

A one day "gas out," the note claims, will cost oil companies billions of dollars and tempt them to lower fuel prices. A similar campaign 10 years ago led to a 30-cent drop, it alleges.

Of course, the 30-cent drop is unproven. More from the Observer:

Boycotting gasoline at the pump for a day is analogous to the fat guy who boycotts the "Biggie Fries" for one day as a means of dieting," said Tom Kloza, chief analyst for the Oil Price Information Service. "It accomplishes nothing."

Mr. Kloza is right. Boycotting gas for 1 day will accomplish nothing, especially when you consider most people will fuel up the day before or the day after, making virtually zero impact to any oil company's balance sheet. The money they didn't get on the 15th they get on the 14th or 16th.

Another newspaper states that the boycott is high on symbolism, and less on effect.

My advice?

- Consider purchasing some stock in these companies. They have a product that is always in demand, and the demand GOES UP as they raise the price. If demand stayed flat or went down, I could understand, but apparently people have too much "stuff to do" to bother changing their driving habits. Which also leads to...

- Consider changing your driving habits. Carpool once a week. Try talking your employer into teleworking once a week (or every other week). Use mass transit if you have access to it. Plan better driving trips. Slow down. All these can be helpful.

Ok, that's my rant.

I'd be interested if anyone is going to boycott on May 15th. Let's pay attention to keep note how the 15th Boycott impacts anything. I'm not holding my breath.

The Price of Milk - An Udder Shame?

So says the New York Post at least. They released an article lamenting the price increases coming in Milk. It seemed to bring doom and gloom to those poor families who are expected to feel the pinch. To wit:

"I have a 10-year-old daughter, and all she drinks is milk. We drink at least two gallons of milk a week in the family," said Rachel Harkel, 49, an actress who lives in Boston but is often in New York for work.

But she said the increase in price, along with the rising cost of gas, taxes the family budget.

So how much is the price supposed to increase? Two Bucks a gallon? Five bucks a gallon? From the article we find that in New York that "...the state-set price of a gallon of milk in New York rose 16 cents to $3.54." Sixteen cents. Even if you buy four gallons a week (most families average 1-2) that means you'll be paying $2.56 more per month. I'm pretty sure you can find $2.56 to continue to pay for milk the family! I think the media is being a bit alarmist here, but maybe it's just me.

Now, I understand when it comes to businesses who use large amounts of milk regularly, however we cannot expect the price of goods to remain stagnant. Those costs may be passed along to the consumer, but I think they may be able to handle a ten- or fifteen-cent increase in their family budgets.

The key here is to avoid panicking or using irrational measures because of the increase. If the Wal-Mart/Target/BJs location near you offers a lower price for milk yet its 15 miles away but the local grocery store is 3 miles away, it will not be in your best interest to drive 12 extra miles (wasting gas) to save twenty cents on milk.

What do you think? Am I missing something big here?