Guess I’m way to mean to MP Dunleavy for her financial moves. Although I am not the only one. She apparently has her defenders, one of whom is Karen Datko over at Smart Spending. In this post, they defend MP’s financial choices.
Here’s the scoop on MP, she’s a 40-something writer with $40k saved for retirement. Anyone else who put it out there would be slammed, but since she’s trying to get out of debt it’s okay. She still has $5k of debt after 3 years of “paying” it off. She used to have $25k. But the last $5k keeps hanging around.
Think I’m crazy? here’s a bunch of posts about her financial shenanigans.
These are her more recent articles. But having read her articles for a long time, I used to read it because I love hearing about normal women getting out of debt, her Women In Red. But she hasn’t updated us on those great women in a long time. She always seemed the one not getting out of debt. But those were the best articles.
Thanks for the mention smart spending.
10 responses so far ↓
1 debtdieter // Jun 18, 2008 at 3:00 am
I hadn’t seen this writer before, thanks for bringing her to my attention.
Here’s something we CAN agree on! (I too like big dogs by the way). *lol*
I’m an almost 40 something (39), with heaps of debt (that I’m currently paying off) but I have over $125K in retirement savings & I’m still contributing to that fund during the debt pay off process.
I’m also setting money aside for planned purchase/expenses & have $2K in an emergency fund for when ‘life’ happens.
2 Barb1954 // Jun 18, 2008 at 11:19 am
Well, at the very least, you’ll draw some new readers to your blog. I do agree, however, that you do come down very harsh on her choices. She’s no better or worse than you, however, in her qualifications to write a blog about personal finances. She’s just a regular person blogging/writing about her financial life — not a financial expert of any kind giving qualified advice. So I agree with Fletcher Slate (? I think that was who made the comment) that she falls short of what a personal finance journalist should be. If I want advice, I’ll turn to someone like Suze Orman who is at least a certified financial planner. Blogs, meanwhile, are just for fun reading and shared experiences.
3 Livingalmostlarge // Jun 18, 2008 at 2:41 pm
LOL, at least I don’t charge $300 to attend a seminar with MP Dunleavy. She had a seminar for finances charging $300 for a few hours. Great draw.
She writes columns not a blog for NY Times and MSN.
4 Jim ~ mydebtblog.com // Jun 18, 2008 at 3:10 pm
This lady and the Women in Red is a column editor not a normal blogger. People could read her stuff for advice, personality, or even amusement. There are tons of blogs out there with stories just like hers, and if normal is broke, she fits right in. Would I pay $300 to listen to her story and advice? I doubt it but that doesn’t mean I wouldn’t want her to succeed just like anyone who diligently reads her material.
The real question here is why she can’t get over that 5k hurdle. Maybe something along the lines of what Al Gore is doing with global warming, she has to keep her ‘trying to get out of debt’ going as long as possible. I think she eventually will move on past it in a matter of time, because she needs to get going on retirement at 40. I really don’t care how someone gets out of debt, just that they’re reaching for some sort of goal instead of giving up.
5 Jessica // Jun 18, 2008 at 3:14 pm
I thought it was interesting that while I was reading this blog about poor financial choices there is a link on the sidebar encouraging me to get a payday loan. Talk about poor financial choices.
6 Mrs. Micah // Jun 18, 2008 at 6:34 pm
I need to start charging.
7 LivingAlmostLarge // Jun 18, 2008 at 7:02 pm
LOL, I have no issue with payday loans. I actually prefer them to CC cash advances. You take the hit with the cash upfront rather than accumulating % on the cash advance. Besides people who do payday loans do CC advances.
8 Barb1954 // Jun 18, 2008 at 10:29 pm
LAL, are you aware of the interest charged for payday loans. In the old days, those people were called loan sharks!
9 Livingalmostlarge // Jun 20, 2008 at 1:00 am
I thought that with a payday loan you just cash advance your check and pay up 20% and it’s a done cash deal? And not rolling interest?
10 Jessi // Jun 20, 2008 at 1:16 am
Well like any form of loan, I think payday loans can be used responsibly. I think if you pay it off exactly when it’s due, then it is as described- an incredibly high interest loan. But if you’re able to do that, then it’s likely that you’d be able to do the same with a credit card, pay it when it’s due- and then there is no interest at all.
But most people get caught in a vicious cycle. They can’t pay it back on time (because the money has been spent. So when the paycheck comes- they need it for all the regular things, not to pay a loan they used it as collateral for.)
There is a lot there about the predatory practices of payday loans. They are banned in some states. IMO, they are not a good financial product.
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