I recently met with Joe Saul-Sehy to talk about his new money podcast, Stacking Benjamins, which debuts this week. We had just finished recording his final Two Guys and Your Money show, and I figured it would be clever to conduct the interview via Skype instant messaging -- that way I could reduce my workload by cutting and pasting our conversation directly onto my blog. Bad idea. Unfortunately for Joe, I have really poor typing skills. Thankfully, he's a patient guy. -- Len
Len Penzo: How ya been, Joe?
Joe Saul-Sehy: Fantastic, Len! How you been? This is weird sitting here talking with each other and typing stuff back and forth at the same time.
LP: Say ... How did you type that so fast?
JS: I took a typing class in high school. Sixty words a minute, baby. Eat it, Mr. Morris! (Mr. Morris was my typing teacher.)
LP: That's great, Joe. You know, I learned how to type from two boobs named Hunt and Peck.
JS: I can see that. Don't give away all your trade secrets, dude.
LP: Right. So we had another fun Two Guys and Your Money podcast today. You're going to spend a lot of time editing my, um, contributions this week.
JS: I'm a little sad it was our last one! At least we'll have a competent new contributor to save our sorry butts on the new show; Kathryn from Makin' Sense Babe agreed to join. I'm really not sure why. When someone says "Sure, I'll join!" I don't ask too many questions.
LP: I think everybody wants to be a part of your show. As you mentioned, you're putting the kibosh on Two Guys. It's being replaced by a brand new podcast that debuts later this week called Stacking Benjamins. Care to tell all six of my loyal readers about it?
JS: You're too funny. The Stacking Benjamins podcast is a magazine-style show. That means that although it runs about 60-70 minutes long, every segment is only about 10-15 minutes, so the time flies. This isn't a hard-hitting financial show. Think more along the lines "Car Talk"; if you don't really like cars but like to laugh, you listen to the hosts, Click and Klack. In the same manner, if you like finance but would rather be entertained as we discuss trends, interesting financial stats and interview fun guests, I think our show is for you.
LP: Unlike me, you're not some two-bit hack masquerading as a personal finance expert. You've got real credentials.
JS: I'm not sure about the "two-bit hack" thing. You're more savvy than most pros I worked with over my career! I was a financial advisor for 16 years working with about 150 families to reach their goals. I helped people manage about $60 million dollars in-house and then another $120 million-ish that were in 401k plans and elsewhere. I know that makes me sound like some kind of money savant, but I was a lot like our listeners. I knew very little about money before I entered the field. I had huge credit card debt and solved it. I spent one year without much income at all -- my family of four lived on about $8000. So, I know the strain people feel who are just starting out and need good firm advice.
LP: What do you think sets your podacst apart from other personal finance shows?
JS: We're the only show that broadcasts from my mom's basement! I love comedy podcasts, and while we aren't comedians, I think that influenced me to keep it light. We have quick segments; during the hour, if you don't like one segment, you might like the next. Each episode starts with an interesting statistic. (On our second Stacking Benjamins episode we discuss a Bank of America stat that says 91% of people aren't worried about the stock market this summer, and think there isn't a risk of interest rates going up quickly). Then we talk to a cool guest. In the past we've chatted with Pat Flynn, Jean Chatzky, Adam Baker and Luke Landes, just to name a few.
LP: So far so good. Of course, there's more.
JS: It only gets better from there! Yes, PK from DQYDJ and Kathryn (Makin' Sense Babe) both have segments, and finally our roundtable of finance bloggers, including you, Dominique Brown from Your Finances Simplified, and different guest bloggers each week discuss a topic, like "Is All Debt Bad?"
LP: Well, I'm glad to see you saved the best for last! But seriously, your podcast format is extremely easy to digest and I think the pace of the show is terrific.
JS: Thanks! The longer we talk the more conceited I sound! Seriously, though, it's a blast. More than anything we want a listenable podcast. I want to make a show I'd listen to. Although there's definitely an audience for hard-hitting financial shows, that's just not me.
LP: Do you have an old Two Guys podcast you're particularly fond of?
JS: I thought we all did our best work on the Pat Flynn episode.
LP: Interesting. Of course, I wasn't on that show, Joe. I'm sure that's not a coincidence. Ahem. You know, one thing I really like about your podcast is that you've got a real gift for money talk. You make complex topics easy to understand.
JS: Don't you hate talking head jargon? I do. I don't want to talk about "large caps and QE2" ever! Let's just stick with big company stocks and how interest rates work. I'm not a car fix-it guy. My mechanic is awesome because he can tell me in my terms how it all works without boring me to tears. I want a money podcast that talks the same way.
LP: I know. When listening to the show, your past experience working in broadcast media is readily apparent too.
JS: For nine years I was on television as the Detroit WXYZ "Money Man," appearing twice weekly on the news. (Note from Len: Here's a thrilling clip of Joe from back in the day.)
LP: And you're no stranger to print media either.
JS: I hate doing the laundry list of "Joe's media resume."
LP: I know you do, Joe, but just play along with me. There's a method to my madness.
JS: OK. My advice has appeared in magazines like Bride, Child, and Best Life, in newspapers like the Los Angeles Times, Chicago Sun-Times, and Baltimore Sun. I've been on WSJ.com too. So, I'm used to working with the media on financial topics.
LP: Ah, yes, the Los Angeles Times. I started blogging because I got tired of the LA Times continually rejecting my op-ed submittals. Hey, do you ever worry about one of your podcasts being a real train wreck?
JS: I’m neurotic about it. Here's the way it works: Every week as we're putting together the next week's podcast I think it's just a horrible pile of trash. That's confirmed when I edit the show and send it to iTunes and Stitcher. There's a huge knot in my gut. I think I should just throw it away instead of sending it out. Then the reviews pour in and they're generally really good. I think that's confirmed by the numbers because our audience has grown quickly. The following week? I think that last week's show is a brilliant piece of art that we'll never, ever achieve again -- so you learn to ignore your feelings and just put it out there.
LP: Speaking of neurotic, let me just say that I consider myself fortunate to be a part of your show. But you've got to level with me: Do you ever get tired of having to heavily edit my contributions to your podcast?
JS: I thought it was awesome that you agreed to be on our show! I'll ignore your question and tell everyone the story of "How We Suckered Len To Be On The Podcast." I'd asked a mutual friend of ours, Dr. Dean Burke (now Georgia State Senator Burke -- we both rub elbows with influential people) -- and he replied, "Did you ask Penzo if he'd be on?" I thought, Why the hell would Len "effing" Penzo want to be on my little podcast? Then Dr. Dean said, "Tell Len that I said that he can't be on the podcast if I'm on it. He'll get the humor and agree to come on. So I wrote you an email that said, "I have this podcast and Dr. Dean said that he would only appear if you promised NOT to be on it." And you immediately fired back this reply: "Well then, I'm on it!" The rest is history. It's been a fun ride through 53 episodes so far.
LP: That's funny.
JS: That is a funny story.
LP: No, not the story, Joe. I'm talking about the fact that you typed that big ol' paragraph in just 26 seconds. Amazing. Anyway, so does this mean you're still going to let me take part in your live Stacking Benjamins podcast at FINCON13 in St. Louis this October?
JS: Won't that be awesome? I'm very happy that Philip Taylor (PT from PT Money, who is the conference organizer) is allowing me to help organize the entire podcast area. We'll have live broadcasts during the conference breaks so everyone can hear shows in progress. So it'll be you, Dom, OG & me onstage, along with appearances by Makin' Sense Babe and PK. That could get ugly.
LP: Ugly? I see you're a glass-half-full kind of guy -- I think you're being way too kind. So if there isn't really a big change in the format, why change the podcast name to Stacking Benjamins?
JS: Three reasons. First: Two Guys & Your Money is a decent name but doesn't speak to the fact that we're SO laid back. PT said that if he'd known how fun it was going to be, he'd have had two beers before coming on the show! So, Stacking Benjamins is a much more relaxed name that better fits the show. Second, we never had a real "launch" and although we get wonderful reviews from our listeners, this will give us the chance to reach the iTunes "New and Notable" section. Finally, we keep lying to ourselves, saying that we have all the kinks worked out and the show is finally ready for prime time.
LP: That's easy for you to type.
Stacking Benjamins debuts this week with three shows! Shannon Ryan from The Heavy Purse will be on the first show, PK from DQYDJ and Makin’ Sense Babe debuts on May 22nd, and the roundtable panel (including yours truly) makes its curtain call May 24th. You can subscribe to Stacking Benjamins on iTunes now and it should be available on the Stitcher, Blackberry and Windows Phone apps in the next few days. ...
Continue reading A Fun Interview with Stacking Benjamins’ Host, Joe Saul-Sehy
How I Stupidly Got Ripped Off by Not Getting Multiple Estimates
Whether we realize it or not, we manage financial risk whenever we take the time to get multiple price estimates from competing contractors. Those who do often get rewarded for their efforts.
As for those who don't, well ... they often end up ...
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100 Words On: How Smart People Make High Risk Ventures Pay Off
Risk and reward are inextricably intertwined. Of course, the richest rewards come to those who are willing to take the biggest risks. The oft-forgotten corollary to that strategy is that, by its very nature, high risk endeavors also have a greater ...
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Why Financial Success Often Depends on the Road Not Taken
Decisions, decisions. Like it or not, our lives are defined by them.
It's no secret that a big part of our financial success is based upon the decisions we make in life.
Just ask any person who has jeopardized their financial future by, say, ...
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Why I Refuse to Get Upset By Subtly Deceptive Advertising
Last weekend I was lured to an online calendar website with the following promise: "Everything up to 60% off!"
Sixty percent!
While I was visiting there I found a calendar that was on sale for $13.49 -- $1.50 off the regular price of ...
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100 Words On: How to Avoid Burning Out
It takes real drive to turn our biggest dreams into reality, but sometimes the relentless passion that fuels our inevitable push for success becomes counterproductive. When personal expectations finally exceed what we can reasonably achieve on our ...
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The Olympics: More Proof Those Given Everything Appreciate Nothing
Am I the only person in America with a working television that hasn't watched a single minute of the Olympics on the boob tube?
It's not that I'm not interested in them; I am. It's just that I've been really busy doing research and getting ready ...
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What Does ‘Flare’ Taste Like? When Swanky Marketing Goes Too Far.
Last week my boss and I were sitting in a conference room when he spied a pack of gum that someone had left on the table.
"Hey, Len! You want some gum?"
"Well, that depends," I said. "What flavor is it?"
"Five."
"Five? What the heck does ...
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My Daughter’s Latest Business Venture (A Car Wash? That’s So Last Year!)
This is another post from my 12-year-old daughter, Nina.
Hi everyone! My dad asked me if I would write another article to tell you about my latest accomplishments so far in 2012.
My last post received a lot of attention because it was put on ...
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Len Penzo dot Com Surpasses One Million Page Views!
When I wrote my first article for Len Penzo dot Com way back on December 11, 2008, one milestone I never considered reaching was the magical one million page-views marker. It's a good thing too, because during the first nine months of this blog's ...
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If It Feels Good Do It: Maybe Strategic Defaults Aren’t So Bad After All
I bought my first home in 1990 at the top of the Southern California real estate market and promptly found myself with an "underwater" mortgage. And although I owed more than the home was worth over the next seven long years, I never walked away from ...
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The Penner Awards: The 10 Craziest Money Blunders of 2010
As 2010 comes to a close, I think it is only appropriate that I share my picks for the ten dumbest money stories of the past year, highlighting some of the most dumbfounding displays of numismatical naivete and financial ineptitude known to man.
That's right, folks. Welcome to the inaugural edition of the Penner awards! Ba-da-bing!
Now I know what you're thinking: Hey, Len, so why on earth should you be the one to give out such a prestigious award?
Well, as I see it, I have two very good reasons: 1) I've made plenty of stupid money mistakes myself over the years; and 2) It's that barren no-man's land between Christmas and New Year's Day where precious readers are few and far between, and so I'm really desperate for any angle right now that might bring in an extra pair of eyeballs or two. (So please tell your friends all about this piece, would ya?)
Now let's give out some Penners!
1. The Bucket List Blunder
Recipient: Dave Ismay
Background: The 64-year-old comedian wasn't amused after being told by his doctor that he had an incurable liver disease and only three months to live. Undaunted, he prepared a bucket list and was well on the way to spending his life savings -- including a $40,500 Mercedes -- when 10 weeks later he got the news that the original terminal diagnosis was in error and that his condition was treatable. Oops.
The Moral of the Story: Always be sure to get a second opinion before spending your life savings.
2. The Curse of the Cursed Money Curse (or Something Like That)
Recipients: Laura Santini, Rose Santini, an unnamed woman from Park Ridge, Illinois, and an unnamed couple from South Holland, Illinois
Background: A mother-and-daughter fortune telling team were arrested after allegedly convincing two, well, to be kind let's just say "unwitting," parties to turn over a combined total of more than $100,000 because their money was supposedly cursed. The fortune tellers promised that they would "cleanse" the money and then return it. Instead, they allegedly absconded with the cash and took off to Scottsdale, Arizona. Imagine that.
The Moral of the Story: P.T. Barnum was right.
3. The $10 Million Dollar Man (Not)
Recipient: Nick Martin
Background: Man inherits $10 million (after taxes) and immediately goes on a spending binge -- for the next ten years. Today, at age 59, he is now essentially broke and on the verge of bankruptcy.
The Moral of the Story: Apparently, ten million dollars doesn't go as far as it used to.
4. And You Thought Government Pensions Were the Bomb
Recipients: Robert Rizzo, Randy Adams, Angela Spaccia, Oscar Hernandez, et al.
Background: This past summer, in a stunning example of government corruption run amok, the Los Angeles Times revealed that Rizzo was drawing a salary of $800,000 per year as the city manager of tiny Bell, California -- a 2.5 square mile town in Los Angeles County. The Times also found that Adams was earning $457,000 per year as the police chief, and Spaccia almost $400,000 as the assistant city manager. Even the city council members were generously paid, with most members earning $100,000 per year for the part-time positions.
The Moral of the Story: In a democracy, people get the government they deserve.
5. The IRS Finally Puts "Passenger 57" on Hiatus
Recipient: Wesley Snipes
Background: After being convicted in 2008 for federal tax evasion, Snipes finally began his three-year prison sentence. The actor failed to pay any income taxes for a decade, including $38 million in income earned between 1999 and 2004 alone.
The Moral of the Story: You can protest the federal income tax law all you want but, if you're smart, you'll still pay up.
6. The Man Who Gambled On His Life -- and Lost
Recipient: Jon Matthews
Background: After being diagnosed with mesothelioma in April 2006 and told he would be dead by the end of the year, Matthews placed a $160 wager with a British bookie that he would still be alive in June of 2008. He made it and, at 50-1 odds, won $8000. Matthews then made another $160 wager, with the same odds, that he'd live to see June 2009. He did, winning another $8000 in the process. Feeling pretty good about himself, Matthews then decided to press his luck with another $160 bet -- this time with odds of 100-1 -- that would net him a cool $16,000 assuming he could make it to June 2010. Unfortunately for Matthews, he died a month short of the payoff date.
The Moral of the Story: Kenny Rogers wasn't kidding when he said "you've got to know when to fold 'em."
7. One Focked Up Movie
Recipients: Everybody and anybody who was stupid enough to buy a movie ticket to see Little Fockers
Background: My father-in-law, Tony, warned us that the movie reviews for Little Fockers were terrible. Did the Honeybee and I listen to his sage advice? Nooooooooo! After plucking down a pretty penny at the theater, we got to see for ourselves that Little Fockers was, indeed, an absolute and embarrassing stink bomb. At press time, Rotten Tomatoes' tomatometer for Little Fockers was only at 11 percent. Eleven percent! In hindsight it's all so obvious; a movie franchise usually jumps the shark by the second sequel anyway. I think movie reviewer Matt Brunson said it best when he noted that, "Enough is enough. This franchise has run its course and made its millions, but now it's time for it to fock off." Amen, brother.
The Moral of the Story: When it comes to movie reviews, never doubt the tomatometer -- or your father-in-law. Never.
8. Creative Ways to Lose Your Life Savings (Part 1)
Recipient: An unnamed 68 year old man from Southend, Essex, Britain
Background: A man lost approximately $120,000 when he placed it on the roof of his car and then drove off. The man used to keep the money under his bed, but eventually decided the car was more secure. According to the man, "We found some of the small bags empty in the street, so it’s pretty certain someone found it. I don’t hold out much hope of getting it back." Heh. Ya think?
The Moral of the Story: It's official. Storing your life savings under the bed is definitely much safer than keeping it on the roof of your car -- especially if you plan on driving anywhere.
9. Creative Ways to Lose Your Life Savings (Part 2)
Recipients: An unnamed elderly couple from Melbourne, Australia
Background: A man sewed his life savings of approximately $90,000 into the lining of an old suitcase, but didn't tell his wife. His wife ultimately donated the suitcase to a Salvation Army store. By the time the husband found out what happened, the suitcase was already sold. Thankfully, most of the money was eventually recovered.
The Moral of the Story: It never pays to keep secrets from the wife. Just sayin'.
10. The $1500 Wiener Wager
Recipient: Colin Moffatt
Background: This past May, Moffatt lost a $1500 bet after his friend successfully downed 450 hot dogs in a single month. For the record, his friend ended up spending about $400 on hot dogs and buns.
The Moral of the Story: It's probably safe to say Moffatt didn't relish paying the money but, hey, a bet is a bet. ...
Continue reading The Penner Awards: The 10 Craziest Money Blunders of 2010
Why Baseball’s Jayson Werth Is Worth $126 Million (and You’re Not)
This is a guest post from my good friend, Mr. Credit Card, from www.askmrcreditcard.com. For the past three years, his Philadelphia Phillies have been the nemesis of my beloved Los Angeles Dodgers.
I certainly feel we can learn a lot from how baseball teams run their franchises and how they develop, buy, and trade players, and then apply that to our financial lives.
The Rumors and Free Agent Market - Baseball season is over and fans and aficionados are now eagerly watching the free agent market to see which players go where and who buys who. There are several top free agents in the market, but I want to highlight two in particular.
Firstly, Jayson Werth, who is the right outfielder for the Phillies the last three years is a free agent this season. Actually, he was a free agent until he signed a $126 million, 7-year contract with the Washington Nationals earlier this month. As the top right-handed outfielder in the free agency market this year, folks justifiably expected him to demand top wages and a fat contract, and he got it. As a point of reference, Matt Holiday landed a seven-year, $120 million contract the Cardinals last off season.
Cliff Lee is also another huge free agent in the market this year. He was acquired by the Phillies in 2009, but was traded this past season because it was perceived he wanted to test the free market! He moved to the Seattle Mariners and was later traded to the Texas Rangers before the trade deadline this year. He was obviously a big factor in the Rangers charge to the World Series.
Over the past three seasons, Lee was 48-25 with a 2.98 ERA, 17 complete games in 93 starts, five shutouts, 667 1/3 innings pitched, a 1.122 WHIP.
Lee is 7-2 with a 2.13 ERA, three complete games in 10 starts in the post season.
Although Werth is now off the market, baseball clubs still have to make a decision as to whether or not to bid for Cliff Lee and, if so, what they're willing to pay him. As I eagerly watch the free agent season play out, I can't help but see the parallel between the financial decisions baseball clubs make and personal finance decisions us fans make. Here's my take.
Never Settle For Being Average - Because Top Guys Get Paid A Lot More - Some of you might be astounded by the numbers that Werth and Lee can command. Well, that is reality folks. The top guys in any industry, whether it is the CEO, company founders, music artist, make a heck of a lot more than the average Joe in the same industry.
The top hedge fund owners with billions under asset management take home a lot more than the small ones with a "couple of hundred million in assets." Likewise, top music artists rake in a lot more than than average ones, and the top movie superstars make lots more than their supporting cast mates and even the people actually producing the films! Yes, that's life.
Open a pizza shop in your neighborhood and you are still an employee for yourself and making employee wages! Open a few more stores, and your rewards go up! Franchise your restaurant nationwide and you will become a really wealthy -- and if the world world likes your product, then the gap between your wealth and that of the common folks widens to astronomical levels.
So never settle being second best. Always strive to be the best in your work, your career because the rewards for moving up the ladder are exponential indeed.
Live Within Your Means - From the players, let's move back to the baseball organizations. Yes, Jayson Werth got a huge contract. So why didn't my Phillies sign him? It's because they already have a $146 million payroll. Even they need to "budget" just like the rest of us. If they signed Werth, they would almost certainly have had to sell or trade a highly paid player to make room for Werth's salary.
On the other hand, the Pittsburgh Pirates are not exactly an elite team. In fact, their payroll was only $36 million for 2010. Contrast that to the New York Yankees ($200 million) and there is a vast gap in their resources. Since the Pirates are certainly not playoff contenders, they have to settle for much less if they want to operate with their finances in the black.
The bottom line here is, whether we are millionaires, a billionaires or thousandaires, we all have to live within our means because, unlike the federal government, we cannot print money!
Always Consider Long Terms Costs And Obligations - There is always considerable debate as to how long a contract any club should offer a free agent. Lee and Werth are obviously valuable now, but the big question is will they still be good players down the road.
In our own personal finance lives, we have to consider long-term expenses as well. For example, trying to decide how big a house can we afford. Even if we can "afford" one based on our "present income", bear in mind that our "future income" may not be the same. It could be lower!
This is not to say you should not take on any long term financial obligations. But you have to make sure you are getting great value out of it and not overpay for these items.
There Are Different Paths For Different People - The Yankees are the biggest franchise in baseball. Their huge fan base allows them to get even bigger, spend more on very good free agents and keep winning. Their strategy has always been to be the biggest franchise. This is the same strategy followed by other big sports club like the Los Angeles Lakers and Manchester United.
The Yankees do not mind paying up for a free agent because they dislike trading their farm system.
Compare them to the Pittsburgh Pirates, who are obviously not a household name. For them, being the best baseball team and having the largest franchise is not realistic. So their approach on free agents is different from high-payroll teams like the Yankees and Phillies. Since the Pirates cannot afford top-tier talent they rely almost soley on their farm system.
We as individuals also have to plan our personal finances around our goals, objectives and means. For instance, should we open a joint account? Should we save our money or use it to pay down debt? How much should we put aside for retirement? No one can answer those questions for us; we have to do what is right for us. For example, some people can afford the annual fees and perhaps benefit from carrying an American Express Platinum or a Chase Sapphire credit card, while other folks may simply choose not to carry one at all because it might lead to overspending and credit card debt.
Be Creative And Seek Value - The Phillies didn't decide to sign Werth to a long term contract, but they can still be creative and perhaps find a way to offload another player like Raul Ibanez, and then rely on Ben Francisco and Dominic Brown to platoon right field.
We face similar decisions in our financial lives as well. Which house should we buy? Which car should we buy? Should our kids go to public or private school? If money is no object, then there is no decision to make, but for most people money is a constraint, so we have to prioritize and decide which choice provides the most value.
Treat Your Household Finances As A Business - When a baseball player gets traded against his will, or if a club does not want to renew his contract, he usually says "it's only business." Yes, it is business; a baseball organization has to do what is right for the franchise. It is the same with our household personal finances. We have to approach them like a general manager of a baseball club. We need to plan ahead and make decisions that are right for our individual situation. ...
Continue reading Why Baseball’s Jayson Werth Is Worth $126 Million (and You’re Not)
Consumer Alert: Qualia Free Coffee E-mail is a Scam
Any time I get an email offering me a free anything just for clicking on a link, I get suspicious.
I know. I'm just paranoid that way, but it usually saves me a lot of heartache down the road.
Not five minutes ago I got an email from "J" who sent me a free coffee from Qualia coffee courtesy of "The Home Run Team." All I had to do was click on the link!
The first flag was that I never even heard of Qualia coffee. The second flag was the guy (or gal) who supposedly sent me the email had an email address that I didn't recognize.
So I instantly googled "Qualia Home Run scam" and I discovered that, guess what? It's essentially a scam!
Whatever you do, please don't click on the link or you'll be started down a process that ultimately ends up launching a program that contacts every member in your email address book with the same slimy deal - and that's really no way to treat your friends, people. You'll also be asked to give your credit card number. (Why would you need to do that for a free coffee?)
I'll spare you the dirty details, but the bottom line is you should just stay away from this "deal" -- whether you might ultimately end up with a free coffee or not.
If you're interested in reading a little more on this topic, click on this helpful link: What's the Deal with Home Run?
We now return you to our regularly scheduled program... ...
Continue reading Consumer Alert: Qualia Free Coffee E-mail is a Scam
What Would YOU Be Willing to Do for a Million Dollars?
Several years ago I wrote a very popular post highlighting the seven deadly sins of personal finance. Of course, one of those seven deadly sins was greed.
Greed often makes people do some really crazy things they wouldn't otherwise ...
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The 5 Worst Jobs For Teenagers
With summer here, schools are now on hiatus for vacation in most places around the country and teenagers are scurrying to find temporary jobs to earn some extra money. With that in mind, some parents may be interested to know that the National Consumers League (NCL) has once again selected their Five Worst Teen Jobs that teenagers are advised to avoid at all possible costs.
With the help of the Child Labor Coalition, the League bases its rankings on government statistics, reports from state labor officials and news accounts of injuries and deaths.
Parents living in the heartland of America may be particularly interested to know that an agriculture job tops the list for the third consecutive year.
According to the League, here are the Five Worst Teen Jobs:
5. Landscaping, grounds keeping and lawn service
4. Door-to-door sales
3. Driving forklifts, tractors and ATVs
2. Construction, especially at heights
1. Crop harvesting
Just how dangerous are these jobs? Well, according to the NCL:
"... (in the US) a worker under 18 dies every ten days. In 2006, there were an estimated 52,600 work-related injuries and illnesses among youth 15 to 17 years of age requiring treatment in hospital emergency departments -- that’s a hospital visit every 10 minutes for a teen worker."
By the way, the League also took the liberty of including a "Bonus Worst Teen Job" this year. Their dubious selection for this category was "working in illegal meatpacking plants." Call me crazy, but doesn't this selection fall squarely into the duh! category?
Of course, this got me to thinking. I would be doing my readers a disservice if I failed to include several other "Bonus Worst Teen Jobs" of my own (obvious as they may be) that I believe the NCL has egregiously managed to overlook.
And so, parents, it is probably best if your teens also stay away from these extremely dangerous summer jobs as well:
- Tornado Storm Chaser Intern
- Police Explorer Cadet: Bomb Squad Division
- Apprentice line-cook for Chef Gordon Ramsey
I'm sure I'm overlooking a few others. Let me know if you think of anything else.
In the meantime continue to encourage your kids to look for a summer job. Just make sure they stay away from the local meatpacking plant.
If you liked this article, please be sure to subscribe to my RSS feed! ...
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Inflation: Your Four Best Defenses For Preserving Your Wealth
I kicked off this series on inflation with a warning about why all of us should fear inflation and why the US government needs it to take root in our economy. But I'm not the only one who thinks so.
Forbes posted an excellent article on the coming ...
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Inflation: Why You Should Fear It, And Why The US Wants It
Ronald Reagan accurately warned us in 1984 to be vigilant against inflation because it can come, "like a thief in the night to rob our savings, rob our earnings, and take the bread off our tables."
For this reason, the government is usually on guard against the threat of inflation. In the simplest terms, this is normally done by controlling the amount of money in circulation. It's really a matter of supply and demand. If everybody has more money in their pocket to spend, then too much money chases too few goods and the currency becomes devalued. This, in turn, drives up the cost of everything from gasoline and furniture to food and the price of a ticket to Disneyland.
President Obama's proposed budgets over the next two years call for spending on an unprecedented scale. His proposed budget has a funding shortfall of almost three trillion dollars over the next two years, an amount equal to a staggering 12% of the entire US gross domestic product and twice the size of the worst deficits on record. Indeed, President Obama's own budget people are predicting budget deficits during his time in office to exceed that of all the other presidents combined from George Washington.
So, Len, just how does the government plan on paying for all of this?
In essence, the government has two choices, massive tax increases or high inflation. Naturally, the government is going to take the political path of least resistance.
Indeed, in order to pay its massive bills the United States will have no choice but to abandon its commitment to fight inflation and ramp up the output of the Treasury printing presses. This, of course, will end up flooding the economy with trillions of additional dollars that will not only drive up the prices of goods and services, but also punish fiscally responsible individuals by diluting the value of their dollar-denominated savings and retirement accounts.
Simply put, inflation is taxation without representation. Alan Schram uses the example of a man earning 5% on his savings account, who ends up in exactly the same financial position whether he pays 100% tax on his interest income with zero inflation, or zero income taxes with 5% inflation. And Schram correctly observes that if Congress tried to pass a 100% tax on anything, the public would be marching on the Capitol steps with pitchforks and torches.
The US government's unfettered spending plan is clearly unsustainable with respect to current taxation rates. But instead of suffering the consequences that would come with overtly increasing the taxes necessary to support these insane budgets and associated bailouts, Congress will be content with letting inflation do its dirty work. For that reason I believe inflation rates exceeding those seen during the mid to late 1970s are inevitable.
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