I'm Sick of Spending Money

WARNING: I want to apologize from the start about this post. It is going to be filled with rants and raves in a stream of consciousness that would make Faulkner himself blush. Call it buyer's remorse or just plain bad luck, but I am literally sick of spending money after shelling out $170 for raw duck last night for dinner.

You will have to wait for my restaurant review for the complete details of the fiasco of a dinner at one of the "top" restaurants in the country, but on the ride home I started thinking about the value of a dollar. My fleeting thoughts turned into an obsession this morning when I read that retail sales were up almost 2%. Why is everybody spending so much money?

Obviously there is no correct answer for this rhetorical question. However, I began to ponder the reasons why I spend money. It didnt' take long to realize I spend money to create a feeling or emotion. Shortly after, I came to the conclusion that everybody spends money to create a feeling or emotion. I'm not going to get anymore philosophical on this point, but think about it. Even when we buy things considered necessities (food, shelter, clothing, etc.), we buy them to create a feeling. We spend a wide range of money of clothes to feel comfortable or pretty. We buy certain foods that give us a feeling of satisfaction or to make us "feel" full. People buy homes made of different materials to feel safe or in different locations to be convenient.

The problem with spending money is we often fail to identify the feeling we desire and how much we are willing to sacrifice for that feeling. I went to dinner last night with my wife for a "date" night. We both wanted the feeling of connecting with one another. The choice we made was to go to a fancy restaurant we wanted to try as part of this connection. However, was the few hours we got to spend alone eating raw duck with terrible service and leaving the restaurant sick worth $170? Would it have been worth $170 if the dinner was fantastic? The answer to both of these questions is an emphatic, "No". The reason why is connecting with your spouse costs absolutely nothing. If our objective for last night was to experience a night of fine dining than the money I spent would be linked to the "feeling" we were chasing.

The next time you make take your wallet out or are planning on making a purchase, spend a moment to think about the emotion or feeling you are trying to get by spending the money. Often times you will see a disconnect between the two or at the very least think of a more affordable alternative.

Sorry for the diatribe, tomorrow I will get back on track of giving more practical advice. However, I am going to be testing this theory in the days and weeks to come. I hope you do too. Let me know some of the things you do to stop spending money. Post a comment below.

Restaurant Review: Pei Wei

I love Chinese food. The way it is cooked (quickly in a wok), the spices (chilis, ginger, garlic) and the variations of veggies and noodles (rice noodles, bok choy, snow peas). Unfortunately, the land I live in is filled with down right awful fast food Chinese.

When a P.F. Chang's finally opened a couple of years ago, I was excited at the prospect of quality food. Unfortunately, this particular outlet served the same slop as the mom & pop establishments at twice (or three times) the price.

I wasn't even going to give P.F. Chang's little sister concept, Pei Wei, a chance when one opened around the corner a couple of weeks ago. However, my insatiable appetite for Chinese food overtook me (especially since my wife has banned our standby Chinese restaurant after a bug, no a beetle, was found in the vegetable lo mein).

In preparation for our feast, I went online and checked out the menu. I was extremely disappointed to find out the menu is exactly the same as P.F. Changs, but scaled way down. You see, Pei Wei is designed as a quick meal establishment with more than half their business as take out. It has plenty of seating and an open kitchen for those wanting to eat on-site, but no waitress service. You approach the counter, order, given a number and wait 15 minutes for your food.

All my biases were set aside when I actually tasted the food. It was fantastic (a feat difficult for most new restaurants). We started off with the appetizer that has made the mothership famous, minced chicken lettuce wraps. Absolutely perfect. Crisp leaves of iceberg lettuce that you stuff with chopped chicken that has been simmered in a variety of spices, mushrooms, water chestnuts and scallions. The balance of textures is amazing with the crisp lettuce and chestnuts contrasting with the soft chicken and mushrooms. The other appetizer was their version of crab rangoon called crab wontons. This was the first time ever that there was more crab than cream cheese. Better yet, these fried treats tasted great even after sitting for quite some time.

For main courses, we shared the following:

• Shrimp & Scallops in Asian Coconut Curry. I am a huge fan of curry and this hit the spot with a silkiness of the coconut milk against the gentle spice of curry.
• Beef & Ginger Broccoli. The beef was thinly sliced, almost shaved and incredibly tender. I am not a huge fan of ginger, but the flavor was incredible. The broccoli was crisp and well seasoned.
• Spicy Korean Beef. If you like pepper sauces, this is the entree for you. A great level of heat (even the kids will enjoy this one). The long beans were perfectly cooked, still crunchy with a nice selection of other vegetables.
• Pei Wei Spicy Pork. This was the only let down. The pork was breaded a little too much and there was nothing spicy about it. Instead, the vinegar sauce overpowered the dish. Oh well, 3 out of 4 isn't bad.

The great think about this place is you can get any of the entrees or noodles with your choice of shrimp, scallops, pork, chicken, beef, vegetables and tofu. You can also choose between white and brown rice. We went with the brown rice (it still contains the important fiber husk).

In short, I was so excited about our dinner that I cannot wait to try other menu items. The menu is so affordable (most dishes cost around $7) it may become a weekly outing. Shoot, I may even give P.F. Chang's another shot. They are opening locations all over the country so check this place out. Let me know some of your favorite Chinese restaurants or recipes. Post a comment below.

How to Become a Landlord

Despite the downturn in the real estate market in most of the U.S., people are still interested in investing in real estate. And they should be. Every balanced portfolio needs to include real estate investments (REITs, home builder stocks, mortgage backed securities, rental properties, etc.). The hard part is deciding which real estate investment suits your risk and reward tolerance.

One of the more challenging, but rewarding real estate investments is owning a rental property. As a landlord myself, there are certain rules to live by. One of the best articles on this topic is available from the Fool.com (one of my favorite websites-I will blog on this another time).

If you have ever wanted to become a landlord, this is the time to do it. Here's why:

• Historically low interest rates allow for lower monthly payments. The lower your monthly payments, the lower rent you can charged and still make money.
• The booming real estate market over the past few years has made home buying impossible for many.
• The influx of immigrants has created a large demand for rental homes since most mortgage companies only give loans to U.S. citizens.
• Over the past few years, many apartment complexes have been converted into condos leaving a shortage of rental properties.
• The recent sub-prime lending crisis have forced lenders to make it harder for everybody to get a mortgage.
• Many recent home buyers have adjustable interest rate mortgages that have risen quickly, making their mortgage payments too much for them to afford. In response, these home owners are unloading their homes for bargain basement prices to avoid foreclosures.

In addition to the great tips in the Fool.com article from above, here are some of my insider tips to becoming a landlord:

• Buy a rental house that you, yourself would live in. This not only helps you market the home, but may help you avoid some taxes if you actually move into it for a couple of years before selling it (check with your accountant for more info on this).
• Simply your life by buying a home warranty through a company like American Home Shield or Old Republic. The cost is less than $400 a year and will save you (and your tenant) time and heartache. If there is ever a maintenance issue, the tenant calls the home warranty company (not you) and pays the $40 service fee. This way you aren't fixing toilets at midnight.
• Give your good tenants a reason to stay. It is a lot easier to keep a good tenant than to find a new one. When it is time to renew, tell your good tenant you will get a new refrigerator, blinds, carpet, landscape or something for the house in exchange for them signing on for another year. The cost of this little gesture will not only improve YOUR rental property, but it will save you money you would lose through advertising and vacancy costs while you find a new tenant.
• The easiest way to determine if a house for sale will make a profitable rental is to make sure the monthly rental amount is equal to or greater than 1% of the purchase price. For example, if the house for sale costs $180,000 than you should get $1,800 a month in rent to make some money. This isn't an exact science, but it is a good rule of thumb.

Make sure to do your homework before you become a landlord. If you have any questions or stories, post a comment below. I will be happy to help any way I can.

Singer Island/Palm Beach Trip Report

After searching and searching for a relaxing, yet luxurious Memorial Day weekend jaunt, I discovered the Resort at Singer Island. This Starwood Hotels resort is located just a couple of miles north of Palm Beach.

Upon arriving, we were pleasantly surprised at the beautiful lobby and efficient check-in. The lobby is decorated in beautiful marble and travertine stone with colorful, plush leather furniture. The decadent accouterments continued as we arrived at our room, or better described as a sprawling 2 bedroom corner suite. Our eyes expanded as we entered and delighted in the modern furnishings, replete with a kitchenette featuring stainless steel appliances (including a full size refrigerator, dishwasher, washer, dryer, futuristic microwave, tea kettle, coffee maker with complimentary Starbucks and a two burner stove top).

The high end appliances carried over into the family room and bedrooms with super sized 42 inch LG plasma flat screen televisions, Bose stereo system and Dream Machine alarm clocks featuring a sound machine.

The furnishings were equally sumptuous with fine linen bed coverings and sheets and a wrap around balcony featuring cushy chairs and expansive views of the ocean, Peanut Island (more on this later) and Lake Worth.

The bathrooms complimented the rest of the accommodations with a separate walk in shower and soaking tub. The bathroom was well stocked with plush terry cloth towels and Gilchrest & Soames products. Needless to say, I would put this hotel up against any Four Seasons, Ritz Carlton or Mandarin hotel any day. The best part is this hotel was only $369 per night for a 2 bedroom suite. Grab another couple or a large family and you would be hard pressed to match these accommodations ANYWHERE IN THE WORLD.

The only complaints about the hotel would be:

• Valet parking is mandatory at a cost of $2o per day.
• Housekeeping didn't show up on the 2nd day and when called, just did a quick clean. In their defense, they did wash the dishes everyday. They did forget hand towels on one day though.
• Beach chairs, lounges and umbrellas are for rent only. $10 for each lounge chair and $25 for the fold over umbrella. Bring your own chairs.
• Like most resorts, food was unbelievably expensive. $18 for a cheeseburger with fries. Drinks, poolside also ran about $12 per drink. Since you have a kitchen, bring food with you. There is an amazing Italian grocery store just a mile or so away called Carmine's and some great restaurants, but more on those later.

After settling in and finding out the exorbitant beach chair rental fee, we decided to sit poolside. There are 2 pools at the resort. One pool with a nice rock waterfall and waterslide, perfect for the kids. The other pool is more subdued with a couple of cabanas flanking a large expanse of loungers. These aren't your ordinary lounge chairs, but feature thick padded chenille covers that felt like you were laying on a cloud. The pool was well attended by waiters/waitresses and getting drinks and food was never a problem. This pool overlooked the ocean.

Speaking of the ocean and the beach, the recent hurricanes have reduced the beach to a mere 30 yards wide and there were many rocks just offshore in the water. In fact, we spent most of our time poolside. Who could leave those loungers anyways? After getting our full of sun and Stoli Doleys (Fresh pineapple chunks soaked in Stoli vodka for 2 weeks), we headed upstairs to clean up for dinner.

Dinner was a local joint called Max & Eddie's Cucina in a non-descript shopping center on Singer Island. This is my kind of place. Quick and efficient service by Sean was only topped by the private wine tasting session he provided us. Forget the normal 2 oz. pours you normally receive, these were twice the amount. We tried some amazing, but affordable wines. These included:

• An Arneis by Ceretto from Langhe in southern Italy. The perfect crisp, dry white.
• A fruity Pinot Grigio from outside Venice, Italy. Nice bouquet with a smooth finish.
• The reds were big and bold. The Tuscan Sangiovese held up perfectly to the rich Veal Osso Bucco I enjoyed. The Escudo Rojo, from Chile, is the brainchild of none other than the Baron Rothschild. Try this one immediately, it is liquid gold.

Unfortunately, we didn't order any appetizers. The foccacia they provided was overcooked, but the dipping sauce of freshly grated parmigiano-reggiano cheese, spices and olive oil softened it up some. The salad was hearty and the dressing was amazing. Finally, for dinner my friends had the grouper, one had it Mediterranean style and the other was similar to a salsa verde. My wife had the veal romano and I had one of the house specialties, the Osso Bucco. Cooked for 9 hours and buttery soft. The only complaint was all of the food was overdone. Not overcooked, but overdone in the sense of too much stuff on the plate. Maybe if they chopped the ingredients smaller, it would work better. We were too stuffed for dessert, but the options looked pretty basic. Although I didn't get to sample them, the beer menu was amazing (Chimay, Hoegaarden, La Fin du Monde) and the pizzas and calzones looked scrumptious. I will definitely return here some day.

Day 2-Singer Island

We woke up early and headed over to Sailfish Marina on Singer Island for some breakfast. This is where most of the charter fishing boats, water taxis and shuttles to Peanut Island leave. They have a breakfast buffet on the weekends, great seafood selections for lunch and dinner with a nice view of the intercoastal and a sunset celebration that rivals Key West's Mallory Square on Thursday nights. The breakfast buffet (and a la carte menu) feature some great items: fresh fruit, crab omelet, grits, biscuit, made to order omelet, french toast, pancakes, etc. The food was really good, as was the coffee.

After breakfast we left on the "Now & Then Boat Tour" of the area. We had the large boat to ourselves (besides one other couple) and enjoyed the narration of our knowledgeable guide. You pass by the incredible mansions of Palm Beach and learn the history of Peanut Island. Peanut Island was a man made island that houses a bomb shelter originally built for President Kennedy during the Cuban Missile Crisis. Today it is a popular destination for boats, sun bathers and day trippers with its shallow sand bar and sandy beaches surrounded by calm waters. We went past numerous yacht clubs, marinas and country clubs and enjoyed the 90 minutes on the water for only $24 per person (adult prices).

After the boat tour, we returned back to the Resort at Singer Island to soak up more sun and cocktails. We rested up for awhile and thought about the unlimited options for nightlife in the area. There is Clematis Street in West Palm Beach with numerous bars, nightclubs and restaurants. However, we wanted something different. The men on the trip opted for a night aboard the Palm Beach Princess, a former cruise ship turned gambling boat. The boat has both day and night trips (about 6 hours each time) and features and all you can eat buffet that is often themed (Friday Night Seafood, BBQ, Chinese, etc.). The casino portion is a little smokey, but there are tons of options for the non-gambler, including live bands, relaxing on the deck, entertainments, promotions & give-aways. The night of our cruise was the Ultimate Fighting Championships Pay-Per-View event. It was great to watch and wager on the fights. Cocktails are free while you are gambling and are reasonably priced if you are not. This is a great option for a rainy day or night. It was quite windy, but the ride was relatively smooth. If you are prone to sea sickness, you may want to consider medicine (check with your doctor first).

The girls went to Fort Lauderdale to the outlet malls at Sawgrass Mills, about an hour from Palm Beach. This is a shopper's paradise with all sorts of high and mid end stores, restaurants, movie theaters, big box retailers, etc. They ended up eating at Legal Seafood, a national chain with a good reputation for solid seafood. It is a little pricey, but consistent.

Day 3

Our last full day on Singer Island was spend relaxing in the sun, taking naps, reading magazines and just unwinding from our hangovers from the night before (both drinking and shopping). For dinner, I had read about this incredible local seafood place in Juno Beach (about 3 miles up the road from Singer Island), called Captain Charlie's Reef Grill. It is located in a small, non-descript shopping center. When we arrived, we were pleasantly surprised to hear there was only a 20 minute wait. We went down "3 doors" to their overfill place to have a glass of wine and some beer. They have some local brews on tap, but I would avoid them (the lighthouse and "11" were barely quaffable). They do have a pretty nice, albeit basic wine list. Some Fume Blancs, Sauvignon Blancs and other light, fruity whites that pair well with seafood. We had a chance to glance at the menu over our drinks and I began to salivate immediately. The menu was huge with all kinds of choices: curry fish, thai style fish, grilled, panko crusted, etc. The list went on and on (especially the appetizers). Best of all, the prices were really reasonable. We were seated within the 20 minutes as promised in a dining room with basic wood furnishings. It was packed and loud and the servers were hustling (my kind of place). We order appetizers: a salad with blackened scallops (pretty good-scallops cooked perfectly) and panko crusted wahoo medallions (too dry). They brought coleslaw for everybody and it was excellent. Then the main course comes. This is where it goes down hill fast. I ordered the hog snapper. The waitress recommends it sauteed so that is how I get it. The plate arrives with a huge pile of weird veggies cooked into oblivion and not seasoned at all. The other half of the plate is rice and beans, also recommended by the waitress and also not seasoned. Both the veggies and rice and beans are disgusting piles of mush and quickly discarded. I didn't come here for tasteless veggies and rice and beans so I could care less. I want fresh fish. Unfortunately, I get a good portion of fish that is covered so heavily in dill, that I can no longer smell it without getting sick. Nothing else on the plate was seasoned so why in the world would they take a fresh catch of fish and smother it in one of the world's most pungent spices? It had no flavor besides dill. My wife had the seafood curry. It smelled and tasted like a NYC taxi. My friends had blackened grouper and some other type of grouper that they liked okay. I don't know if I ordered the wrong thing or what, but I'm not going back. Sorry.

That night we were going to go to the Breakers in Palm Beach for a nightcap, but my wife was too sick to go. We decided to go the next morning. This place is a destination hotel. The grounds and lobby are beautiful and luxurious. It is the only 5 star, 5 diamond hotel in the U.S. I would love to go back and stay one day, but at no time would I trade the Resort at Singer Island for the Breakers. We didn't eat or drink at the Breakers, but supposedly valet parking is $30 (we self parked for free). You get the $30 fee waived if you spend $30 or more inside. There are some stores (Burberry, Ralph Lauren) and a sundry market on the property. Go check it out, it is practically a landmark.

Since it was Memorial Day, most of the shops on Worth Avenue were closed. We drove around and were going to eat lunch at Daniel Bolud's restaurant in the Brazilian Court Hotel, but it wasn't open at 11:30 so we decided for a less serious restaurant at E.R. Bradley's Saloon in West Palm Beach. This is a huge watering hole hangout overlooking the intercostal and serves a variety of food. I started with a watered down version of lobster bisque and had fish tacos as the main course. Everybody else went with blacked grouper, grilled chicken or salad. Pretty basic stuff. They do give you piping hot soft pretzels to start off which was a nice touch. Service was friendly and efficient. This is more of a drinking place than fine cuisine. It is at the end of Clematis Street so next time we will go eat at Cabana and then experience the nightlife and shops of this area.

I hope you enjoyed the trip report. I would love to hear about your recent travels. Go ahead and submit a comment below.

Learn How to Apply Sunblock

I have a bad habit of not reading directions. Most of the time it isn't a big deal, but when it comes to protecting yourself against the sun, reading directions is necessary. This weekend, we celebrated Memorial Day like many other families with a day at the beach. For the first time in my life, I actually read the directions on how to apply sunscreen lotion. I was surprised to learn I have been doing it wrong my whole life. What makes it worse, recent studies from the University of North Carolina have told us that applying sunscreen incorrectly can be more harmful than not using any sunscreen at all.

Here are some interesting insights into the world of sunscreen:

• SPF (sun protection factor) indicates the time a person can be exposed to sunlight before getting sunburn with a sunscreen applied (compared to the time they can be exposed without sunscreen). For example, if you burn after 12 minutes in the sun, you would expect to burn after 4 hours if protected by a sunscreen with SPF 20.
• Conventional sunscreen does not block UVA as effectively as it does UVB, and an SPF rating of 30+ may translate to significantly lower levels of UVA protection according to a 2003 study. The best UVA protection is provided by products that contain zinc oxide or mexoryl.
• You can still get sunburned no matter what your ethnic background, whether or not you have a "base" tan and even on a cloudy (or in the shade).

Read the directions on your particular sunscreen lotion, but here are some recommendations:

• Apply sunscreen at least 30 minutes prior to exposure, about one ounce should cover an average human being.
• Make sure your skin is clean and dry (no sweat) before applying.
• Re-apply sunscreen 30 minutes after being in the sun regardless of physical activity or circumstance.
• Re-apply every two hours after that (more often if you are swimming or sweating).
• Sunscreen should be applied anyday you are going to be exposed for more than 20 minutes.
• Apply sunscreen underneath make-up. Don't forget about lip balm with SPF of at least 15.
• Sunscreen should last 3 years under ideal conditions.

In case you forget to cover up and apply sunscreen, the resulting sunburn can be painful as well as dangerous. It may take up to 24 hours before the full damage of overexposure is visible.
The two most common sunburns are first-degree burns and second degree burns.
First-degree sunburns cause redness and will heal, possibly with some peeling, within a few days. These can be painful and are best treated with cool baths, aloes, moisturizers and hydrocortisone creams. Avoid the use of “-caine” products (such as benzocaine), which may cause sensitivity to a broad range of important chemicals. Aspirin taken orally may lessen early development of sunburn.
Second degree sunburns blister and can be considered a medical emergency if a large area is affected. When a burn is severe, accompanied by a headache, chills or a fever, seek medical help right away. Be sure to protect your skin from the sun while it heals and thereafter. Most studies have found an association between sunburn and enhanced risk for melanoma, particularly if you suffered severe childhood or adolescent sunburn since there is more time for melanoma to develop over your lifetime.

Here are some great websites to that offer amazing skincare products:

Skin Info

Sephora

Veridien

Skin Care RX

Have a great summer, just remember to slather it on before you step on out.