Are you drooling over the new iPhone 3G S, anxious to get your hands on Apple's latest creation this Friday? If you plunk your money down for the shiny new toy, maybe you need to take another look at your finances.

At least that's what suggested by the blogger who runs Free From Broke, which he bills as "A Personal Finance Blog for Regular Folks." In a recent post, FFB collected his observations on 25 traits of the "not-so-well-to-do." I had a laugh going through his list. He argues that, individually, the traits aren't bad per se, but if you spot too many in some people, there's a good chance they're blowing through cash they might not even have. And number 7 on his list is always buying the latest cell phone.

Some others:

• Subscribing to too many premium cable channels ("When you mention that it’s expensive they insist that it’s cheaper because of a package.")
• Always buying the latest gadgets and newest computers ("[They] go through computers like my two year old goes through diapers!")
• Not having an online savings account ("…they don’t trust online banking, or so they claim. Yet they seem to be able to use their computers to shop online without trust issues, hmm.")
• Eating out often and expensively ("It’s great going out with these people because they are quick to pick up the tab and/or leave a ridiculous tip.")

He makes some sense to me. The temptation to buy every latest technology is strong, but giving into it ofen produces a short-lived high — and only leaves you wanting more. And unless you've got a healthy disposable income, keeping up is not easy on the wallet. Some of his other assessments seem like common sense (buying holiday gifs you can't afford is never going to be a financially sound idea), while others discourage indulgences (hey, I like my HBO).

What do you think? Is FFB's list right on, or does it just boil down to the most basic rule: Don't spend what you don't have? Share your thoughts in the comment section below.

by JEANNE FLEMING, PH.D. and LEONARD SCHWARZ

Question: I love my wife, but her inability to keep her mouth shut about money has become a real problem. She’s got a couple of relatives whose hands come out whenever they hear that I’ve gotten a raise or that we’ve treated ourselves, for example, to a big screen TV. I handle our finances, and I’m beginning to think I shouldn’t be telling Heather as much about them as I do. Under the circumstances, would this be wrong?

Answer: As any 19th century novelist could tell your wife, a family without secrets is a family without money. It’s too bad Heather hasn’t yet figured out that discretion is a virtue, and for this you have our sympathy.

Unfortunately, the solution you propose – keeping Heather in the dark – while tempting, isn’t kosher. Knowledge is power, which is why spouses have a right to know as much as they want to know about their household’s financial situation. Plus, your plan is impractical: What are you going to do, misrepresent to your wife the cost of every expensive thing you buy or hotel room you stay in?

What needs to change here is not what you’re doing, but what Heather’s doing. She should stop sharing personal financial information with the wrong people. Especially given what you’ve said about her family, her immature behavior is inviting trouble as surely as if she were blowing every paycheck on a high-end hobby or insisting that you invest your savings in penny stocks.

We know, we know: Persuading a spouse to change is easier said than done, and you’ve probably already tried. All we can say is, don’t give up. This is important.

Questions? Email Money Magazine’s ethicists – authors of “Isn’t It Their Turn to Pick Up the Check?” (Free Press) – at FlemingandSchwarz@right-thing.net.

by JEANNE FLEMING, PH.D. and LEONARD SCHWARZ

Question: When I needed money to get my restaurant started, my good friend Dave lent me $12,000 with the proviso that I hire his son, who hopes to be a chef someday.  The kid’s been working in the kitchen for three months now, and he’s all thumbs.  Is there anything wrong with firing Ryan, or am I stuck with him until I pay off the loan, which won’t be for another year?

Our answer: A deal is a deal.  So whether you’re stuck with Ryan hinges on exactly what the deal was you struck with his father.  If, in return for the twelve grand, you promised to give Dave’s son a try-out in your kitchen, then you’re free to tell the Platebreak Kid to turn in his toque. 

But if you effectively promised to give Ryan the opportunity to learn his craft - and it sure sounds as if that’s why Dave lent you the money – then the fact that the kid’s a disaster doesn’t get you off the hook. 

Were Ryan stealing from you, of course you could fire him.  Were he lazy and disrespectful, you’d be within bounds to insist that he shape up or leave.  But being a klutz isn’t sufficient grounds for letting Ryan go - not if Dave believed the loan guaranteed an apprenticeship for his son.

And what if you and Dave never discussed the exact terms of Ryan’s employment?  In that case, try to err on the side of keeping the kid.  After all, your friend did you a big favor.  You should try to do him one in return.

Questions? Email Money Magazine’s ethicists – authors of the upcoming book “Isn’t It Their Turn to Pick Up the Check?” (Free Press) – at FlemingandSchwarz@right-thing.net.