Money and Such has been in existence for just over three months. My first post was published on February 27, and explained why stock picking is a bad idea. Since then I have written posts on everything from credit cards, to real estate, to my favorite financial topic, retirement planning.
I am taking this opportunity to pause for a minute and to give myself a self congratulatory pat on the back. When I started this project, I did it as an experiment. I published a few websites in the past, but none had a regular posting schedule, and none required daily attention. I didn't know whether I could write a blog, and I wanted to find out.
At this point I have proven to myself that Money and Such is a project I can sustain and enjoy for the long term. I post about six times a week, unless I am traveling on business, in which case my posting schedule is a bit more erratic.
I have developed a small but loyal group of readers - about 30 in all - of which I am very proud, and recently I noticed that about 30% of my blog visitors get here through Google, when searching for financial information. I guess it's true - if you build it they will come. One of the ways I measure the success of Money and Such is by the number of the people that subscribe to my RSS feed, and by the end of the year I hope to reach the 100 subscriber mark. Help me out and subscribe, hint, hint.
So, what's in store for the future? I am going to strive to do even better. I will try to maintain a high standard of original and thoughtful content. Occasionally, I will try my hand at humor (hopefully the pain will be minimal). I will continue to write in favor of free trade; against most government intervention in the free markets; against stock picking; and very much in favor of long term financial planning. Most of all I will continue to really enjoy getting on my own personal soap box every day.
Starting next week, I will also periodically run theme weeks - an entire week of posts dedicated to a single theme. I noticed that many of my readers get to this blog looking for information about how to deal with financial challenges in their 20's, so that will be the theme for all my posts for next week, starting on Monday. Although I am now in my mid-thirties, my posts next week will discuss some of the financial decisions and mistakes that I made in my 20's. I will publish posts about:
1. Asset allocation in your 20's
2. Insurance in your 20's
3. Developing your career in your 20's
4. Buying vs. renting a house in your 20's; and finally
5. Planning for retirement in your 20's
I think it's going to be an interesting series.
Thank you for sticking with me for the first 100 posts. Hopefully, you'll continue to come back for more.
Friday, June 15, 2007
Fraud Alert from Citibank
Earlier this week we received a fraud alert letter from Citibank. The letter explained that the company's fraud detection system found a strange pattern of activity on our card and that we should contact them urgently.
I found it a bit strange that an urgent fraud alert would come to us via the U.S. postal service which, while very reliable, is not known as the most expedient method of communication in the 21st century.
Regardless, I picked up the phone and called the number that was given. As you pretty much expect when calling any corporate service center in America these days, I was greeted by an automatic system that asked me to say my account number aloud. The system recognized my spoken words without any trouble and connected me to an agent without any delay. Of course, the first question the agent asked me was to repeat my account number. There's gotta be a law against that.
Generally speaking, the agent was polite and professional, she even waited while I took a business call on my cell phone. I thought that keeping a customer service representative on hold for once was a deliciously ironic turn of events. She took it in good spirits though.
At the end of the day, the "fraud alert" was easily cleared up. It turns out that the automated system spotted what it thought was a double payment to my son's day care center, and wanted to clear that transaction with us. Unfortunately, this was not a double payment, it's called parents paying for summer camp.
All in all, this was a very good experience. Kudos to Citibank for being both vigilant and courteous in their service.
I found it a bit strange that an urgent fraud alert would come to us via the U.S. postal service which, while very reliable, is not known as the most expedient method of communication in the 21st century.
Regardless, I picked up the phone and called the number that was given. As you pretty much expect when calling any corporate service center in America these days, I was greeted by an automatic system that asked me to say my account number aloud. The system recognized my spoken words without any trouble and connected me to an agent without any delay. Of course, the first question the agent asked me was to repeat my account number. There's gotta be a law against that.
Generally speaking, the agent was polite and professional, she even waited while I took a business call on my cell phone. I thought that keeping a customer service representative on hold for once was a deliciously ironic turn of events. She took it in good spirits though.
At the end of the day, the "fraud alert" was easily cleared up. It turns out that the automated system spotted what it thought was a double payment to my son's day care center, and wanted to clear that transaction with us. Unfortunately, this was not a double payment, it's called parents paying for summer camp.
All in all, this was a very good experience. Kudos to Citibank for being both vigilant and courteous in their service.
Thursday, June 14, 2007
Last Comic Standing & Taxes on the Financially Challenged
If you read my post from this morning, you know that it was prompted by last night's Last Comic Standing's use of text messaging joke scheme. If I had any doubts that this scheme was a money maker for the show, it's gone now...
After publishing my post this morning, fully one third of my blog's visitors who got to this website through Google, got here because they were searching for some variation on the theme of "Last Comic Standing text jokes"... If so many people are looking for the answers to these horrible jokes online, I bet that there is a substantial portion of the population that spent their money on text messages to do the same thing.
After publishing my post this morning, fully one third of my blog's visitors who got to this website through Google, got here because they were searching for some variation on the theme of "Last Comic Standing text jokes"... If so many people are looking for the answers to these horrible jokes online, I bet that there is a substantial portion of the population that spent their money on text messages to do the same thing.
Taxes on the Financially Challenged
Last night I was watching an episode of Last Comic Standing. I don't know, I had nothing better to do, I guess. Watching television is a great thing to do if you want to learn about the latest and greatest in scams, schemes and useless innovations. Last Comic Standing introduced me to a brand new one. Just before each commercial break a slide appeared on the screen with the first part of a joke. Viewers were then asked to send a text message to a specific number to receive the punch line for that joke. Naturally, those text messages are subject to standard text messaging rates.
One example of a joke: "What's orange and sounds like a parrot?". If you are curious, the answer is "carrot". I Googled it. I am sure that at this point you are on the floor laughing.
First of all, what kind of a lame, 2nd grade joke is that? I could understand if the show was being aired at 8PM and was aimed at grade-schoolers, but the show ended at 11PM. I am pretty sure that anyone who would find that joke funny was already tucked away safely in bed with their teddy bear.
Second, isn't it weird that there are people who would spend a dime on a text message to get that horrible punch line? I am guessing that the show is making several thousand dollars or more on each of these five second spots. You find a large enough audience and there is always someone who will fork over some cash, regardless of what you are selling. My thinking is that this is one of many "taxes" levied on the financially challenged.
Here is a list of five other "taxes" that are levied on the financially inept:
1. The Lottery - according to Wikipedia, the odds of winning the California State Lottery jackpot are 41,416,353 to 1. Compare that to your chances of getting hit by lightning that are about 700,000 to 1, depending on who you believe.
2. Extended Warranty - this one is clearly a tax on the uninitiated. Extended warranties are often a company's biggest money maker. In many cases vendors make more on the warranty than they do on the product itself...
3. Credit Card Balances - I am not talking about those PF bloggers taking advantage of 0% teaser rates on new cards. I am talking about the folks who pay 18% APR to finance the new garden gnomes they just have to buy.
4. Time Shares - This one is a classic. My friend's father once purchased two, count them, two time share units. He bought the first for the family vacations, and the second... as an investment. Several years later, when he figured out that the time share units were costing him more money than they were saving him, he sold them both. Naturally, he lost money on the sale.
5. Keeping Large Balances in a Checking Account - talk about giving away money... why would people keep large positive balances in their checking acounts when they could be making about 5% in a high-yield money market account, with very little risk and complete liquidity?
Know about any other taxes on the financially challenged? Add them to the list.
One example of a joke: "What's orange and sounds like a parrot?". If you are curious, the answer is "carrot". I Googled it. I am sure that at this point you are on the floor laughing.
First of all, what kind of a lame, 2nd grade joke is that? I could understand if the show was being aired at 8PM and was aimed at grade-schoolers, but the show ended at 11PM. I am pretty sure that anyone who would find that joke funny was already tucked away safely in bed with their teddy bear.
Second, isn't it weird that there are people who would spend a dime on a text message to get that horrible punch line? I am guessing that the show is making several thousand dollars or more on each of these five second spots. You find a large enough audience and there is always someone who will fork over some cash, regardless of what you are selling. My thinking is that this is one of many "taxes" levied on the financially challenged.
Here is a list of five other "taxes" that are levied on the financially inept:
1. The Lottery - according to Wikipedia, the odds of winning the California State Lottery jackpot are 41,416,353 to 1. Compare that to your chances of getting hit by lightning that are about 700,000 to 1, depending on who you believe.
2. Extended Warranty - this one is clearly a tax on the uninitiated. Extended warranties are often a company's biggest money maker. In many cases vendors make more on the warranty than they do on the product itself...
3. Credit Card Balances - I am not talking about those PF bloggers taking advantage of 0% teaser rates on new cards. I am talking about the folks who pay 18% APR to finance the new garden gnomes they just have to buy.
4. Time Shares - This one is a classic. My friend's father once purchased two, count them, two time share units. He bought the first for the family vacations, and the second... as an investment. Several years later, when he figured out that the time share units were costing him more money than they were saving him, he sold them both. Naturally, he lost money on the sale.
5. Keeping Large Balances in a Checking Account - talk about giving away money... why would people keep large positive balances in their checking acounts when they could be making about 5% in a high-yield money market account, with very little risk and complete liquidity?
Know about any other taxes on the financially challenged? Add them to the list.
Wednesday, June 13, 2007
Can Money Buy You Happiness?
A couple of days ago I read this article on Blue Print for Financial Prosperity. The title says it all: can money buy you happiness? I have three answers to this question. Two are smart-alecky and one is serious:
1. They say that money can't buy you happiness, but at least you can choose your own kind of misery. I can't remember exactly who said this, but I agree.
2. My uncle used to say: "it is better to be rich and healthy, than to be poor and sick". Can't argue with that one. Unfortunately, my uncle passed away last year. Guess he knew what he was talking about.
3. Personally, I subscribe to the following notion: money buys you freedom. Freedom is happiness. Well, at least to me it is. I agree that there are a few things that money cannot buy you, and without those it is often very hard to be happy. Health and family are two examples that come to mind. However, even for these two your prospects are much better if you have money. Just ask any one of the 46 million or so Americans without health insurance.
One of the things that I enjoy most in life is travel. Surprisingly, travel costs much less than most people think, especially if you are willing to rough it and spend your nights in a youth-hostel or even camping in someone's back yard. I spent two separate six month periods traveling around the world in this manner, and those were the happiest days of my life. The true cost of travel is the opportunity cost: money unearned, career opportunities missed and so forth. If and when I have enough money to bear these costs indefinitely without financial pain, from my perspective I will have achieved freedom, and will be well on my way to happiness.
So my answer is: no, money can't buy you happiness, but it can buy you freedom. For me, freedom to do what I love is the road to happiness.
1. They say that money can't buy you happiness, but at least you can choose your own kind of misery. I can't remember exactly who said this, but I agree.
2. My uncle used to say: "it is better to be rich and healthy, than to be poor and sick". Can't argue with that one. Unfortunately, my uncle passed away last year. Guess he knew what he was talking about.
3. Personally, I subscribe to the following notion: money buys you freedom. Freedom is happiness. Well, at least to me it is. I agree that there are a few things that money cannot buy you, and without those it is often very hard to be happy. Health and family are two examples that come to mind. However, even for these two your prospects are much better if you have money. Just ask any one of the 46 million or so Americans without health insurance.
One of the things that I enjoy most in life is travel. Surprisingly, travel costs much less than most people think, especially if you are willing to rough it and spend your nights in a youth-hostel or even camping in someone's back yard. I spent two separate six month periods traveling around the world in this manner, and those were the happiest days of my life. The true cost of travel is the opportunity cost: money unearned, career opportunities missed and so forth. If and when I have enough money to bear these costs indefinitely without financial pain, from my perspective I will have achieved freedom, and will be well on my way to happiness.
So my answer is: no, money can't buy you happiness, but it can buy you freedom. For me, freedom to do what I love is the road to happiness.
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