May, 2008:

Rental Property Update May 2008

home-repair.jpgI have a rental property located in Philadelphia, PA. It is a rowhouse, 2 stories high, and has a basement. My previous tenants were good and they had hardly bothered me. Unfortunately, they moved out during the summer of 2007.

I had new tenants in September 2007, after going through much trouble. I had to hire a real estate agent to find tenants, after lackluster results of trying to do it myself.

My current tenants pay rent every month, but they barely make it by the due date. They have on occassion miss the due date but I have excused them, hoping they would send the next rent payments out earlier in return. They never did.

Recently, my current tenants had been calling me often and reported several issues. There were problems with the house.

Issues:
1. The toilet tank was overflowing nonstop and they had to switch off the water and only switch it on temporarily whenever they use the toilet. The toilet tank needed to be replaced.
2. The front door did not close properly. The door may need to be replaced.
3. The sink pipes in the kitchen were leaking.
4. The sink pipes in the basement were leaking.
5. The pipe connecting to shower head was broken and needed to be fixed.
6. The pressure on the hot water pipes were weak.

I hired a repairman from Philly, referred by a friend to fix all the issues in the house. Since the repairman lives in Philly, we communicated by phone and I mailed him a check.The total bill came out to $930. He reported that he fixed all the problems.

Read more:
Rental Property

Carnival of Personal Finance #154

Carnival of Personal Finance #154 on posted at Canadian Dream: Free at 45, and it includes my post, Salary Review: Year Over Year Comparison 2008.

Salary Review: Year Over Year Comparison 2008

This year, I have reached my goal of achieving a $100,000 income for the fiscal year of 2008.

Since I am a contractor, I am get paid on an hourly rate, but I will list all the numbers here as annaulized amounts, so that it’s easy to read and compare. This year, I negotiated aggressively to get a higher rate. My client initiailly was unwilling to provide a higher than 10% increase, however, my client finally settle with an annualized salary of $100,000, provided that I sign on a two-year contract with no further salary negotiations until the contract is over. I agree and signed on a two-year contract.

Below is the latest main income comparison table. Some of the rates below are annualized.

Fiscal Year : Salary : Percentage Increase Over The Previous Year
2002 : $37,000
2003 : $38,500 : 4%
2004 : $40,500 : 5%
2005 : $45,000 : 11%
2006 : $50,250 : 12%
2006 : $70,000 : 39% <– New Job
2007 : $85,000 : 21% (annualized)
2008 : $100,000 : 18% (annualized)

annualized_salary_over_time_2008.jpg

Related Posts:
Salary Review: Year Over Year Comparison 2006
Salary Review: Year Over Year Comparison 2007

Sneaky Fees from American Express Charges

I recently accepted an offer to receive the American Express Business Gold Card and was told that I can link the points to my existing personal American Express Blue Card. I thought it would be a great idea to have two credit cards linked to one rewards point system.

It turns out that American Express (silently) charges a $10 Linkage Fee for linking the two rewards programs together. I called up the customer service in American Express and asked about the charge.

The customer service department immediately transferred me to the Membership Rewards program. I explained the situation to the representative from the Membership Rewards department, but the lady had an attitude and transferred me to another department.

Finally, I ended up speaking a representative by the name of Michael. I told him that I was not aware of the charge for linking the two membership rewards together and was never informed about it. I asked to have the Linkage Fee reversed.

Michael said that he would have to unlink my membership program for my personal American Express Blue Card to reverse the Linkage Fee. After a few minutes, he was successful in unlinking my personal American Express Blue Card, and left all the reward points in the new Gold card.

I questioned about the reward points staying in the Gold card and he answered that the Gold card has more membership rewards. I think the real reason is that they want to trap me in keeping the Gold card, because it has an annual fee.

I had always been very impressed with American Express and their customer service, but they have let me down this time. I was not happy that American Express is charging a fee to have all the membership reward points together. It is really to their benefit, and both parties would benefit. Moreover, I was not satisfied with their customer service and how they handle this situation.

Carnival of Personal Finance #152

Money Under 30 is hosting the latest Carnival of Personal Finance, the 152nd edition. This week’s Carnival is full of excellent articles from all over the web. Here are the host’s Editor’s Picks:

You Don’t Need That! 8 Tricks for Impule Control
10 Steps to Avoid Becoming a Millionaire
From a Yield of -99.79% to +9.99% This Year So Far
The Problem of Accounting and Budgeting For Cash Expenses
Are You Ready for a Disaster?

My article, My Goals and Progress May 2008 is posted on Carnival Of Personal Finance #152.

My Goals and Progress May 2008

I had jury duty service on May 1st and May 2nd. As a contractor, the company I work for would not compensate me for the time I spent on jury duty service. However, the government would pay me $40 for each day I served for jury duty service, for a total of $80. Unfortunately, the government’s pay would hardly match my contractual pay, but at least I can use the $80 for lunch and dinner and feel good that I have done my civic duty.

As some of you know, there is a lot of sitting and waiting on jury duty service. I made use of the time and thought about my goals for this month and evaluate my progress thus far this year. Unfortunately, I did not have a laptop with me, so I had to resort to the traditional pen and paper method of taking notes.

Microsoft Money
I want to clean up and update the data in my financial tracking software, which is Microsoft Money. I made tons of trades in my brokerage account from Fidelity, but only some of the trades were recorded. In my effort to keep my account balance up to date, I plan to spend some time to reconcile the transactions for 2007. I estimate it would take 5 – 10 hours to get this job done.
Status: Fidelity Brokerage Account needs to be reconciled
Goal: Reconcile the transactions in Fidelity Brokerage Account by May 31st, 2008

Stock Market
I still monitor the stock market from day to day. I have made several trades last month. The stocks I traded last month were AMD, QID, and more. The stocks on my current watch list are NVDA, WFR, NE, DO, and more.
Goal: Make $2000 in profit for the month of May

e-Commerce Site
I encountered a little set back on this project, because one of my two partners dropped out at the end of April. He was the one with in-dept technical skills and who was responsible for building and programming the website.
My remaining partner and I have little web programming skills. We would have to resort to a third party service to support e-commerce features, such as web templates, shopping card and payment processing. The goal is to have a fully functional website by the end of this month.
Status: One of my partners dropped out of the project.

Goal: Look for a third party service to bring website live by the end of this month.

Related Posts
My Goals and Project Statuses April 2008

Carnival of Personal Finance #151

The 151st edition of the Carnival of Personal Finance is now online at Alpha Consumer, a blog authored by Kimberly Palmer for US News & World Report. Kimberly selected these articles for “Editor’s Choice:”

Money Management in Marriage
Real Life Example of Why You Need an Emergency Fund

Gen Xers, Ys: Are We a Bunch of Spendthrifts?
Ten Things You Must Carry in Your Purse or Wallet
Saving For Your Kids’ College

My article, Stock Challenge Results for April 2008 is posted on Carnival Of Personal Finance #151.

Stocks Challenge Results for April 2008

The results for the Stock Challenge April 2008 are post below. There were four stocks that were picked: AMD, C, SGP, and RIMM. SGP had the highest percentage gains in April however, the contestant did not fulfill the requirements and link back to the blog.

Therefore, the official winner is The Dividend Guy. His pick Citigroup (C) opened at $22.61 on April 1, 2008 and closed at $25.27 on April 30, 2008, netting a percentage gain of 11.76% in a month. The Dividend Guy will receive the first prize. Vaughan will receive the second prize. Since Siddharth was one of the earlier participants, I will also send him a prize.

I have sold my shares of AMD in April. I lost confidence in the stock, at least for the short term, and have been looking at other stocks.

Transactions
3/18 Bought AMD 500 6.42 $3218.00
4/28 Sold AMD 500 6.05 $3016.98
Total Gains of -$201.02

Updated 5/3/2008
1st Prize of $20 cash was sent via PayPal to The Dividend Guy.
2nd Prize was unclaimed. No contact information was given for Vaughan.
Other Prize was unclaimed. No contact information was given for Siddharth.