Len Penzo dot Com

The offbeat personal finance blog for responsible people.

The Penner Awards: The 10 Craziest Money Blunders of 2010

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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. ...

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Why Baseball’s Jayson Werth Is Worth $126 Million (and You’re Not)

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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. ...

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Black Coffee: Celebrating Two Years of Len Penzo dot Com

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… Two years ago today, I launched Len Penzo dot Com as a little hobby to help fill all the spare time I had at my disposal after stepping down as a Little League president several months earlier. When I started, I had absolutely no idea what I was doing really.   Come to think of it, I still don't! Anyway, after my first full month of writing, only 72 unique visitors had stopped by to check out one of my first sixteen articles -- most of them close relatives, I'm sure.     Kind of depressing -- not the number of visitors, the quality of those first sixteen articles. The good news is that, since then, over a quarter-million unique visitors have dropped in to have a look at this little ol' blog at one time or another, in the process making more than a half-million page views! I know.     I can't explain it either, but the gurus at Google stand by their numbers.   So thank you all for reading!     I really and truly appreciate it.     :-) You know, if I could make this a full time job, I surely would.     Maybe someday. Blogs I've Been Following This Week Pop Economics - The Characteristics of a Successful Entrepreneur. What I found most disconcerting about this article was not that I lack one of the three vital components that would make me a successful entrepreneur. Nope.   It was that Pop considers folks who are 39 years-old to be, well -- and maybe I'm being just a bit oversensitive here since I am 46 -- old. The emphasis is his, by the way, which I can only assume means he thinks 39 is old-enough-to-wear-adult-diapers old. I'm sorry, but I am certainly not old.   If you'll excuse me now, I think I'm going to go downstairs and grab me an ice cold Ensure. Car Negotiation Coach - How to Find the Best TV Price. This article was terrific. You know, in applying for my dream job as a feature writer for the Consumerist, I submitted an article to them on this very topic and it went something like this: 1) write down the prices of all the televisions you are interested in buying; 2) pick the lowest price. Genius, huh? I didn't get the position. First Gen American - Babci's Rules of Personal Finance. Do you ever get behind a car with a vanity license plate and think to yourself, "What the heck does that mean?" That's how I felt when I read the title of this post.   Is "Babci" pronounced "Baby-C?"   Or is it "Baby 101?"   Or maybe it's just "Babsee."   I don't know.   I don't know.   And while I don't agree with all of these rules, I thought this was a really fun and informative read! Fiscal Fizzle - Don't Lock Yourself Into an Expert's Advice. It's been awhile since I've featured Wojo and the pecuniary pepper here. I have to say, I found this particular post to be full of, well, sage advice. Of course, after I thought about it, I was more confused than before I read it. I mean, the article is an enigma, wrapped in a riddle, engulfed in a conundrum, and shrouded by a mystery. What do I mean? Well, assuming Wojo is an expert -- and he must be because, after all, he has a blog -- then do I follow the advice in his post and, therefore, ignore what he says?   Then again, what if I choose to ignore his advice?   That would mean I should actually follow his advice, which is to, um, ignore his advice. Huh? What? Hold on, I think I forgot to take my meds again. And Here's Some Other Posts You Might Enjoy... Millionaire Nurse Blog - Tax Compromise and You! Money Crashers - What Hurts and Affects Your Credit Score? Darwin's Money - Donation Requests at the Checkout Counter Annoy Me -- Do You Give In? Investor Junkie - You're Still an Idiot Even After College Bucksome Boomer - Keeping Your Financial Health Intact After Divorce Little House in the Valley - Beautiful Bungalows Everyday Tips and Thoughts - Which is Better? Living Debt Free in A Modest Home Or Having A Large Home and Large Mortgage? MomVesting - How to Avoid Work at Home Scams Military Wallet - Christmas Gift Ideas for Military Members Frugal Confessions - Frugal Gift Giving Ideas on a Small Budget Wealth Pilgrim - What Is My Small Business Worth? 3 Easy Steps The Way-Back Machine: Past Posts Of Mine You May Have Missed From November 2009: A Primer to Help You Unravel the Meaning of a Dollar - No magic here. Just some fun facts about the dollar bill. By the Numbers Here are some traffic numbers to mark my second anniversary here at Len Penzo dot Com: 520,324 Total page views since my first blog post on December 11, 2008. 262,137 Total unique visitors over the same period. 381 Articles written. 4776 Total blog comments posted, not counting spam. 116,439 Spam comments received and destroyed. 1.81 The average number of pages people looked at each time they visited during November. 207 The average time (in seconds) people spent here per visit last month. Credits and Debits Debit: The Associated Press reports that a confidential US cable predicts that Cuba will be insolvent within two years, if not sooner. Debit: According to the AP: "It is no secret that Cuba's financial situation is increasingly dire. Raul Castro has warned that the state can no longer afford to subsidize nearly all forms of Cuban life. The government provides free health care and education , and nearly free transportation, housing and utilities. All Cubans also receive a ration book that provides them with some basic food, though not enough to live on." But it all sounds so, well, Utopian. Credit: For a first-hand account of life in Cuba from a reporter who visited it earlier this year, check out this outstanding piece in The American Thinker. Debit: Meanwhile, back here in the US -- which seems to be trying its level best to move toward the Cuban economic model -- the federal government ended the month of November by spending $150-billion more than it collected. That's the 26th consecutive monthly budget deficit, which is a record. Debit: For his part, incoming House Speaker John Boehner has said he will cut Congressional office budgets by five percent, saving the taxpayer about $25 million. Really? A whole five percent? I understand the symbolic nature of the move, but this is not exactly the type of cuts I had in mind from our newly-elected politicians. Credit: If we're going to save this country from an eventual financial collapse, the cuts are going to have to really hurt. So unless we want to continue in this economic malaise, things are going to have to get worse before they get better. That means our federal government needs to be drastically scaled back, commercial and investment banks -- along with the stock and real estate markets -- need to stop being propped up by the Fed's reckless and deceitful monetary policy, and certain states who have promised much more than they can ever hope to deliver will need to go into bankruptcy so they can void their government union contracts and get a fresh start. Debit: Until then, I will continue to fear for the future of America and, especially, my children. Other Useless News In other news, here are the Top 10 referring sites over the last 30 days whose readers checked out the most pages per visit (minimum of 50 referrals): 1. Everyday Tips and Thoughts (3.2 pages per visit) 2. Wisebread (2.41) 3. Kiplinger (2.38) 4. The Simple Dollar (2.32) 5. Get Rich Slowly (2.17) 6. Time Magazine: It's Your Money (2.12) 7. Mint (2.10) 8. The Millionaire Nurse Blog (2.06) 9. Money Help for Christians (2.05) 10. MSN: Smart Spending (2.03) Thank you to everyone who refers their readers to this little ol' blog! I really really really really really really really appreciate it! :-) Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters Crystal from Budgeting in the Fun Stuff said: "Is it just me, or have you seen a million posts and articles on holiday tipping this week? Not only are there about 20 people you are supposed to tip, but 10-15% is considered cheap?! It seems silly in an economy with 10% unemployment that you should fork over more cash than ever to salaried people like your kid’s teacher." Those aren't tips parents are giving their kids' teachers, Crystal.   It's grade insurance. Meanwhile, Candy wrote in regarding a guest article that ran here earlier this week entitled "Donate? Humbug! 8 Reasons Why My Favorite Charity Is Me," saying: "Ebenezer sounds like a real horse's (derriere). Tell me you didn't pay him for writing that article." I didn't pay him, Candy. He donated it. If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ Prairie EcoThrifter (Editor's Pick - Hooray!) I'm Len Penzo and I approved this message. ...

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Black Coffee: A Little Fun with Bono and the Banker Bullies

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… I hope everybody had a great week.   It's hard to believe we're three weeks away from Christmas.   I mean, it seems like only two months ago when all the stores started putting up their holiday decorations.     On second thought, I guess it was. Blogs I've Been Following This Week Enemy of Debt - Final Results: No Restaurants Equal Big Savings.   I love Brad and his approach to debt.   We are both cut from the same cloth; we're both big on personal responsibility and abhor owing money to anybody for anything.   I was impressed with his experiment to stop eating out last month -- it yielded some very big savings.   So, not to be outdone, I've decided to just stop eating.   For two months.   I'll keep ya posted on how that works out for me... The Financial Blogger - TFB 4th Anniversary - Who Wants to Win an iPad? Wow.   Four years of steady blogging -- congratulations TFB!   Best of all, the Financial Blogger is giving away a free iPad (that's iPad with an "a," as opposed to an iPod with an "o") and some cool other gifts too.   Now hop over to his site, send your best wishes and enter his give-away!       Who knows, you may just win an iPad -- with an "a," not an "o." Wisebread - 6 Simple Ways to Safeguard Against Bank Bullying.     What, you thought banks weren't capable of bullying people?     Are you really that naive?   Please.   Banks are ruthless, folks.     Cold, heartless bastards, that's what they are!     Surely I'm not the only kid who got their lunch money taken away under the threat of a fat lip by roving bands of rogue bankers.     Or am I? Canadian Finance Blog - Silly Mistakes Can Be Costly.     I'll say -- like walking to school alone in a neighborhood infested with marauding gangs of foul-mouthed filthy financiers.   Yes, I've got issues. And Here's Some Other Posts You Might Enjoy... Kiplinger - Last Minute Tax Savings for 2010 Personal Finance by the Book - 5 Ways to Stretch Your Christmas Budget. Ironclad Finances - Planning For Christmas Shopping Green Panda Tree House - Important Fees That Come With a Mortgage -- Are You Ready? PT Money - Tips for Sticking to a Budget Money Reasons - Getting Paid for Aluminum Cans Update Barbara Friedberg Personal Finance - Are You Wealthier Than You Think? Budgeting in the Fun Stuff - Top 5 Songs About Personal Finances Live Richly - Stranger in His Own Land, Pt. 9 The Way-Back Machine: Past Posts Of Mine You May Have Missed From December 2009: Yes, Al Gore, There Is Such a Thing As Global Warming - My global-warming climate change parody of the famous "Yes, Virginia, There Is A Santa Claus" letter. Credits and Debits Debit: Don't look now, but climate change global warming scientists zealots are now saying that, if we want to stave off ecological disaster, the world's industrialized nations need to go back to draconian rationing similar to what was done during World War II. Credit: The truth is, anthropogenic (i.e., man-caused) global warming climate change is a farce. Credit: I've been saying for years that the main impetus behind this movement is actually a small group of anti-capitalists who misrepresent and/or distort climatological data in a back-door effort to try and institute their own twisted idea of a socialist utopia.     It's true. Debit: These are the same people who used 1200 limos and 140 private jets to attend last year's Copenhagen climate summit.   I know.   As for the number of electric or hybrid vehicles the environmentalists ordered up to get to the summit?   Um, that would be five.   As in, er, well, five. Debit: Meanwhile, another rabid environmentalist, Bono, is doing his part.   By the way, I'm not talking about the late Sonny Bono.   I'm talking about the self-absorbed dude from the rock band U2.   Anyway, U2's 360 Degrees tour, running through 2011, requires six Boeing 747 jets and 55 tractor trailers -- and that's just for Bono's ego. Debit: This is the same guy whose band's carbon footprint in 2009 was equivalent to the carbon created by a passenger plane traveling the 34 million miles from Earth to Mars.   Says Bono, "My prayer is that we become better in looking after our planet."   Rest assured, when Bono says we, he really means you. Credit: Last week, President Obama endorsed a two-year freeze on the salaries of federal employees as a sign that he is serious about reducing the annual trillion-dollar (yes, trillion) budget deficits he has run up since coming in to office. Debit: Unfortunately, as the Washington Examiner deftly points out, the president "might as well be using a milk jug to bail out the Titanic; the freeze is estimated to save only about $5 billion in an annual federal budget of more than $3.5 trillion, including a $1.3 trillion deficit." Debit: To put that in perspective, if your household income is $50,000 per year, that would be equivalent to you reducing your annual spending by $25. Credit: The Examiner also noted in the same opinion piece that there are bolder proposals out there including a proposed across-the-board 10 percent federal pay cut by Rep. Jason Chaffetz, (R-Utah), and another proposal by Rep. Mike Coffman (R-Colorado) calling for federal workers to be furloughed without pay for two weeks in 2011. Credit: Meanwhile, Coffman and Rep. Ann Kirkpatrick (D-Arizona) are calling for -- are you sitting down? -- Congressional salary cuts of ten and five percent, respectively. Credit: Even more drastic cuts are needed though to begin scaling back our monstrous federal government.   The president can start by abolishing the Departments of Labor, Education, Agriculture, Energy, Housing and Urban Development, and Health and Human Services -- all of which do NOTHING to improve America's, labor, agriculture, energy, housing, and health, respectively. By the Numbers Numbers regarding the proposed environmental Cap and Trade bill sponsored by John Kerry (D-Mass.) and Joe Lieberman (I-Conn.): 83 The percentage reduction of greenhouse emissions in America by 2100 as a result of punitive taxes imposed on the economy by Cap and Trade. 0.077 The reduction in global temperatures, in degrees Fahrenheit by 2050. 0.2 The reduction in global temperatures, in degrees Fahrenheit by 2100. 3 million According to the conservative Heritage Foundation, the estimated number of job losses in America's manufacturing sector by 2029. $5 trillion According to the Heritage Foundation, the amount of money that will be transferred from the private sector to the government in the first 20 years of Cap and Trade.   This represents a net destruction of 4.8 trillion of GDP over that same period. 1.1 The projected reduction in the overall rise in the world's sea level by 2010, in centimeters.   In other words, it's insignificant. Other Useless News Hey, I'm getting hungry.   This not-eating thing may be harder than I thought. In other news, here are the Top 25 referring blogs during the month of November... 1. The Simple Dollar 2. MSN: Smart Spending 3. Time Magazine: It's Your Money 4. Kiplinger 5. Get Rich Slowly 6. The Globe and Mail 7. Wisebread 8. JoeTaxpayer 9. Mint 10. Green Panda Tree House 11. Frugal Dad 12. Money Help for Christians 13. LifeHacker 14. Political Calculations 15. Swagbucks 16. Wealth Pilgrim 17. Canadian Finance Blog 18. Simply Forties 19. Oblivious Investor 20. The Millionaire Nurse Blog 21. Hope to Prosper 22. Monevator 23. Everyday Tips and Thoughts 24. Frugal Hacks 25. Budgeting In the Fun Stuff Thank you to everyone who refers their readers to this little ol' blog!   I really really really really really really really appreciate it!   :-) Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters SlickRick384 wrote in to say: "Is that a booger I see in the photo on your About page? " Absolutely not!   I even zoomed in on the photo in question and I still didn't see one.   Well, that is unless you're referring to the Honeybee.     She can definitely be a booger sometimes. If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ Realm of Prosperity I'm Len Penzo and I approved this message. ...

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Black (Friday) Coffee: Thanksgiving Roundup & Remodel Photos

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… As promised, I'm including a picture of our modest kitchen remodeling project.   Thanks to a bit of requirements scope creep -- we had enough granite left over for the powder room and kids' bath -- this ended up costing us a little more than expected.     But in the end it was worth it.   Here are a few photos showing the new granite counter tops, tile back splash and color change from blue to deep crimson.   We got a new garbage disposal and a deeper sink too - and I absolutely love it! We also had most of house painted from top to bottom too.   That was planned though.   It's amazing how a fresh coat of paint can make a house feel so completely renovated and new. Anyway, we are very happy with how all this turned out!   Next year it will be time to renovate our master bedroom and bath.   That will probably end up costing us as much as what we spent on all the renovations we did this year.   Sigh. Yes, I could have tried to save money by doing this all by myself, but age and wisdom allows me to now recognize my limitations, and so I wisely choose to pay the extra money and let the professionals do it. By the way, if you were hoping to see a bit more detail in the photos of the granite and kitchen hardware, just drop me an email and I'll send you a couple. Blogs I've Been Following This Week Fabulously Broke In the City - Holiday Gift Guide for Her: Gifts Under $100.   Every year I fret about what to get the Honeybee for Christmas.   Especially those stocking stuffers -- last year I briefly found myself considering a 8-pack of white board markers before the Rational Fairy poked me in the face with her tiny wand and brought me to my senses.   Thanks to FB's creative gift guide, that little fairy won't be visiting this year. Out of Debt Again - How to Make Homemade Beef Jerky.   Speaking of creative Christmas gifts, Mrs. Accountability recommends homemade beef jerky!   What a great idea!!   Come on, folks, who doesn't like beef jerky?   Best of all, you can make it at home for a fraction of the cost of the store-bought stuff. Control Your Cash - Scrooge Had the Right Idea.   Meanwhile, Greg shares a little of his own gift-giving advice -- especially for those of you drowning in a sea of credit card and other debt. ...And Here's Some Other Posts You Might Enjoy: Financial Highway - 10 Surprising Ways A Small House Saves You Money. The Digerati Life - Want More Jobs?   Cut the Red Tape! Car Negotiation Coach - How to Find the Best TV Price Wealth Pilgrim - Need To Borrow Money? 5 Tips to Keep You Safe JoeTaxpayer - Rangle's   Ethics Simply Forties - Yoga Resource The Way-Back Machine: Past Posts Of Mine You May Have Missed From November 2009: Talkin' Turkey: Evaluating My Thanksgiving Dinner Scorecard - Unlike this year's Thanksgiving dinner, which was a relatively quiet -- and inexpensive -- affair with only seven people at the dinner table, last year we served dinner for 16 including my sister and her family, my mom and dad and the Honeybee’s folks.     Guess how much that cost!   Well, in this article I broke down all the expenses. Credits and Debits Credit: Instead of turkey this year, we had a ham.   No muss, no fuss, and it was a nice change of pace from the usual turkey. Debit: Despite the easier kitchen duty this year, I still managed to over-steam the green beans a bit.   I got distracted talking with the family and the next thing I knew, the beans had lost that snappy texture I usually like. Credit: My twice baked potatoes came out awesome though.   Absolute perfection! Credit: I've got to give props to the Honeybee's mom, who put together another delicious fruit salad. Debit: Are the Detroit Lions one sorry football team or what?   They lost again this Thanksgiving, this time to the New England Patriots who pummeled them 45-24. Debit: The Lions have now lost seven straight times on Thanksgiving and have been outscored in those games by an embarrassing margin of 258 - 98.   Maybe I shouldn't be so hard on my green beans. By the Numbers A few of the many fun Black Friday facts, that can be found at Time's It's Your Money Blog: 6.4 Percentage of all holiday shopping sales that occur on Black Friday. 24 Percentage of Americans that plan to shop on Black Friday. $343 The amount of money spent by the average shopper last year over Black Friday weekend.   0 The amount of money I'll be spending on Black Friday.   (No, that one wasn't in the Time article.) Other Useless News Here are the Top 10 states in terms of pages viewed per visit during the month of November (so far)... 1. Montana (2.87 pages per visit) 2. Missouri (2.61) 3. Louisiana (2.36) 4. New Mexico (2.14) 5. North Carolina (2.10) 6. Rhode Island (2.03) 7. Washington (2.02) 8. Mississippi (2.01) 9. Nebraska (1.98) 10. Tennessee (1.97) Thank you to everyone who refers their readers to this little ol' blog!   As always, I highlight the Top 25 referring blogs (in terms of total visitors) in the first Black Coffee column of every month. Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters Crystal from Budgeting in the Fun Stuff has stayed true (so far) to her pledge to write a letter every week: "Am I the only one who thinks flying snakes sound and look really awesome as long as they are thousands of miles away?   Hehehe." Geez, I can't hear or see anything that far away.   I guess old age is really starting to take its toll on me. If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ Sweating the Big Stuff I'm Len Penzo and I approved this message. ...

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Consumer Alert: Qualia Free Coffee E-mail is a Scam

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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... ...

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Black Coffee: The Lasagna Hogs & 119 Weeks of Unemployment Benefits

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… It's cold and rainy in Southern California this weekend.   That's just as well because I'm helping the Honeybee put up all our wall hangings today on our freshly painted walls. The house turned out terrific.     I'll post a picture of the finished kitchen remodel in next week's Black Coffee column. Let's get down to business! Blogs I've Been Following This Week Everyday  Tips and Thoughts  - Doing What You Love, Or Loving What You Do? When I first saw the title, I incorrectly thought it was one of those palindromes.   You know, words or phrases like "Bob," "Madam I'm Adam," and "Sit on a potato pan, Otis!" Money Help for Christians - How to Deal with Criticism. (No It Doesn't Involve Brandishing Any Weapons.) Craig recently wrote an article for a journal that got some harsh criticism.   I know how you feel, Craig.   In fact, most critics hone their craft by sharpening their teeth right here at Len Penzo dot Com.   As an aside, did you know Craig has over ten years in ministry-related work and is currently a missionary in Papua New Guinea, so I bet he knows the answer to this question: "Do geese see God?" Frugal Dad - Time for a Virtual Reality Check.     In this article, Jason ruefully wonders if things were better back in the good old days.   Specifically, he wonders if all of the virtual "advancements" afforded to us by technology and the Internet have actually made us all "a little lazy, a little soft."   I'm with Jason 100 percent on this.   Are we not drawn onward, we few, drawn onward to new era? (I know.   Save your letters.   It's not perfect, but it's close.) Out of Your Rut - Is the American Dream Dead? Well, it's certainly not as strong as it was back when Teddy Roosevelt was out there walking softly and carrying a big stick.   You know Teddy, the inspiration behind the phrase, "A man, a plan, a canal, Panama!"     In any event, this was a very inspirational post by Kevin. Don't Quit Your Day Job - Silly Thought Experiments: Bringing Lunch vs. Buying Lunch at Work Who knew buying lunch everyday will cost the average guy $568,741.19 over the course of his career? I told that to a coworker who buys his lunch every day at an Italian restaurant down the street, but he brushed me off and told me to, "go hang a salami, I'm a lasagna hog."     Whatever, dude.   But that sure is some expensive lasagna.   ;-) ...And Here's Some Other Posts You Might Enjoy: The Saved Quarter - Wanted: A Blog Make-Over! I'm terrible with both home decor and blog design but, if you are good at that stuff, hop on over to the Saved Quarter and propose some changes for their upcoming make over! Consumerism Commentary - Patriotic Americans for Fiscal Strength. Wealth Pilgrim - Laid Off? How People Survive. Darwin's Money - US Deficit Panel Recommendations: Cuts, Cuts, Cuts Budgeting in the Fun Stuff - My Pay Stub Deductions. Hope to Prosper - Watch Out for Walmart Credit Cards Watson Inc. - What Are Your Financial Regrets? Faithful with a Few - Kardashian Debit Kard — Ripoff or Teen Teaching Tool? Money Obedience - Life Without Life Insurance Is Like... Green Panda Tree House - Hunting for Scholarships The Way-Back Machine: Past Posts Of Mine You May Have Missed From October 2009: Drive-By Movie Review: Vicky Cristina Barcelona - Oh yes, people, that says "movie review."   Some of my newer readers may be surprised to learn that I do movie reviews too at times - or to be more precise, the Honeybee and I do movie reviews.     At least we used to until she got tired of the gig.   After looking back at these, I can't understand why. Credits and Debits Credit: On Thursday the House of Representatives failed to pass a bill that would have extended unemployment benefits to a record 119 weeks.     The bill - which would have cost $12.5 billion to implement -   required a two-thirds vote to pass but was blocked by House Republicans. Debit: The federal government already extends unemployment benefits to 99 weeks.   The total tab so far for those extended bennies: $319 billion. Debit: Extending benefits for almost two whole years or longer acts as a powerful disincentive for many to not look for work.     And before anybody who is unemployed gets their feathers too ruffled, please note I said "many people,"   not "all people." Debit: Unfortunately, there has to be a line drawn in the sand somewhere.   We simply cannot afford to provide unemployment benefits to people indefinitely.   Earlier this month, the Los Angeles Times reported that California's unemployment insurance fund is flat broke.   To keep those unemployment checks coming, the Big Government Golden State is currently borrowing $40 million per day from the US Treasury.   By the end of 2012, the debt California owes for all of those unemployment checks will be $16 billion. Debit: Never mind that the majority of citizens in California, who haven't met a business-killing regulation or government "service" they didn't like, are currently facing a budget shortfall of over $25 billion - now more than 20 percent of the state's general fund.     With the state's liberal majority unable or unwilling to cut government spending or force renegotiation of onerous government union pensions, pay and/or benefits, a deficit of almost $20 billion is planned for next year too. Debit: Meanwhile, the cost of doing business in California gets even more expensive than it already is.   As the Los Angeles Times reports, state employers face automatic payroll hikes of $21 per year for each worker in their federal unemployment insurance taxes because of the continued borrowing.     And the wheels on the bus go round and round. Credit: The Washington Examiner notes that the results of 2010 census shows continued migration from union-dominated high-tax states to right-to-work states with lower taxes and less government spending.   As the Examiner pointed out: "Nothing sends a message like voting with your feet." By the Numbers More migration data from the same Washington Examiner piece: 8 States projected to gain at least Congressional seat. (Texas, Florida, Arizona, Georgia, Nevada, South Carolina, Utah and Washington) 2.8 The average top state personal income tax rate of those states. 10 States projected to lose at least one Congressional seat. (Illinois, Iowa, Louisiana, Massachusetts, Michigan, Missouri, New Jersey, and Pennsylvania) 6.05 The average top state personal income tax rate of those states. 7 Of the eight states that are gainers, the number of states where workers cannot be forced to join a union.   In eight of the ten states losing seats, workers can be forced to join as a condition of employment. Other Useless News Hey!   Here's a cool statistic.   These are the Top 10 referring blogs and aggregators over the past 30 days whose visitors browse the most pages each time they come to Len Penzo dot Com (minimum of 20 visits): 1. Money Index (5.88 pages per visit) 2. Money Crush (4.06) 3. Enemy of Debt (4.01) 4. Hope to Prosper (2.96) 5. Frugal Confessions (2.84) 6. Everyday Tips and Thoughts (2.72) 7 (tie). Oblivious Investor (2.62) 7 (tie). Kiplinger (2.62) 9. Get Rich Slowly (2.52) 10. The Globe and Mail (2.51) Thank you to everyone who refers their readers to this little ol' blog!   As always, I highlight the Top 25 referring blogs (in terms of total visitors) in the first Black Coffee column of every month. Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters Apparently, The Car Negotiation Coach from The Find the Best Car Price Blog wasn't the only one having his house painted last week: "I'm painting this week too!   Would you consider painting your house or a room within your house using IdeaPaint?   I can certainly see how it encourages creativity.   Of course, it also may encourage your kids to believe that any wall can be scribbled on." Well, Coach, when my kids were younger they certainly didn't need IdeaPaint to encourage them to write on the walls.   Believe me. Meanwhile, Crystal from Budgeting in the Fun Stuff has stayed true (so far) to her pledge to write a letter every week: "Did you see this article about man-cave makeovers?   Do you have a $1500 bright red leather recliner in your man cave?   I think not..." I don't have a man cave.   When it's time for fun I like to visit the Honeybee's hive. If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ Simply Forties   (Editor's Pick - Hooray!) Carnival of Money Stories @ Barbara Friedberg Personal Finance I'm Len Penzo and I approved this message. ...

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Black Coffee: Caution. Wet Paint. Lots of It.

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… I'm in a surly mood today.   My house has been in complete disarray all week long.     Most of our home's interior is getting repainted and the painters have all our furniture moved into the center of each room and covered by plastic.   As such, I have been writing most of my posts from my master bathroom. That has it's pros and cons, of course. The biggest pro is that I no longer need to stop writing to address nature's call.     Of course, one of the biggest cons is that I do have to stop writing when the rest of my family  has to address nature's call.    It's also a con that I have to resume writing after they're finished.     (I know, that was bad.   I almost deleted it, but then I decided "what the hey!") You see, my family of four - plus our dog, Major -  has been holed up in  our master bedroom for the past four days.   That is wearing on all our nerves; I know I'm no picnic to live with in close quarters either. Happily, this is all over later today. I hope. Blogs I've Been Following This Week Financial Samurai - How to Overcome Poor Grades and Get a Good Job.   Growing up, I was very close to a 4.0 GPA student.   In fact, from seventh through tenth grade I never received any grade other than an 'A' in any of my classes.   I found college and  the engineering curriculum I signed up for  to be a lot  tougher than anything I ever had to study in high school.   In fact,  I even failed one class in college (electromagnetic theory, thank you very much) and had to retake it.   I  only got a 'C' the second time around.  I ultimately graduated with a GPA that fell far short of   'A' territory.   Still, I managed to land a great job.   It can be done, it's just a lot harder to do.   Darwin's Finance - Should We Extend Unemployment Benefits Again?   Who thinks 99 weeks is not enough time to find a job?   Anyone?   Here's an idea:   let's just eliminate the ceiling on unemployment benefits entirely!     Don't laugh.   A lot of people feel that way. Deliver Away Debt - Manage Your Money Like a Politician.   What would your finances look like if you ran them like the government?   Please, don't try this at home. Millionaire Nurse Blog - Kardashian Kard Kauses Kontempt!   Only in America, people.   You, too, can have Kim Kardashian and her, um, assets, on your credit card for the low low price of just $10 per month! Get Rich Slowly -  The Kardashian Kard: A Credit Card Targeted at Teens.   Another great take on this rip-off credit "kard."     I think the most shocking aspect of the whole post, though, is that J.D. actually never heard of Kim Kardashian.    Unlike me, apparently J.D. has a life.   ...And Here's Some Other Posts You Might Enjoy: Everyday  Tips and Thoughts  - Lessons Learned from Working and Staying at Home. Budgeting in the Fun Stuff - Sneaky Pay Cut. The Simple Dollar - Low-Cost Methods  for Stress Relief. Monevator - Know Your Investing Risks. Military Wallet - The History of Veteran's Day. Online Investing AI - The Truth About Government Statistics. Little House  in the Valley  -  Budgeting on Percents Rather Than Whole Dollar Figures. Money Reasons - Do movies and TV Shows Affect Your Purchasing Decisions? Mighty Bargain Hunter - Value of Gold-Filled Jewelry. Investing Thesis - Interview with Jonathan Spall of How to Profit in Gold The Way-Back Machine: Past Posts Of Mine You May Have Missed From October 2009: Why Low Cost or No-Fee Products May Not  Be Such A  Good  Deal - In this guest post, Mr. Credit Card highlights some instances where “low cost” may not necessarily be the best option for  individuals and, in certain cases, society as a whole. Credits and Debits Debit:     Earlier this week the San Francisco Board of Supervisors passed a measure that bans the sale of high-calorie meals packaged with toys - like the McDonald's Happy Meal - unless they  include fruits and vegetables.     In a symbolic move Frisco Mayor Gavin Newsom vetoed the measure, but  his veto will be overridden next week by the supervisors. Credit: According to Newsom, he vetoed the measure because, "The government should be in the business of educating, not dictating or prescribing exactly how you can provide a meal.”   Clearly, the uber-liberal  mayor was not feeling well when he said that.     Maybe he was suffering from the effects of a recently-eaten Quarter Pounder with Cheese value meal. Debit:     Ironically, Newsom is the same guy who recently signed an executive  directive banning soda pop,  sports drinks and artificially sweetened water from city vending machines.       Presumably because the citizens of San Francisco are too stupid to make their own decisions regarding what they should and should not drink.   Just sayin'. Credit: How out of touch is the People's Democratic Republik of San Francisco with the rest of America?   A recent survey by Rasmussen found that 82 percent of Americans oppose a ban on Happy Meals like the one under discussion in San Francisco. Debit:  Finally, members of a panel created by the $814 billion  stimulus  bill  to consider ways to prevent "fraud, waste, and abuse" of stimulus funds will be holding hearings in a couple weeks in Phoenix, Arizona.     At the super-posh Ritz Carlton  hotel.     I know.     Debit:     At least the massive stimulus bill managed to successfully keep unemployment under 8 percent as promised. What?   By the Numbers As I already mentioned, most of our house was repainted this week.   Here are  few of the dirty details: 21  Gallons of paint used. 8  Rooms that were painted. 7  Colors used. (Warm butterscotch, summerville brown, deep crimson, black tie, arctic paradise, sanctuary spa, Swiss coffee.) 2 Rooms that were not painted. (The master bedroom and bath, which will be remodeled next year.) $75  Cost to repaint the kitchen a  second  time after the Honeybee changed her mind  regarding the color. Other Useless News One of the more interesting statistics I enjoy looking at regarding my blog are the search terms that people entered into Google that steered them to Len Penzo dot Com.   Here is a brief sample of some of the more, um, interesting search terms people used during October: wife won't tell herself no   (14 searches)     And if the wife always tells hubby no, then it's double trouble. sex carnival (10) tiger woods yacht (5)     Maybe the same folks who Googled "sex carnival"? 1984 cadillac fleetwood   (4) christian walking away mortgage (4) sex on Len (2) 29.95 markup 20% and tax 2% what is the answer (1)   Too tough for me.   Try asking JD Roth. blind taste test or sex (1)   Let's go with the latter. i hate old luxury car owners (1) 457-55-5462 (1)   crazy Len (1) duct tape thank god (1) how did gerald hosier get the salary of 40 million dollars? (1)   Yeah!    Psst, who is Gerald Hosier? how to make a commute not suck (1)     Telecommute. talk about finances, Honeybee, blog (1) tooth fairee exhchage rate (1) whats a gift that costs $87 (1) would you pick a fruit rollup or a pencil (1)   The fruit roll everytime. would you date a deadbeat (1)     That depends on how cute she is. Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters Howard  writes: "Your answer in last week's email regarding Jerry Brown sounds like sour grapes." I'm all puckered up, Howard. Crystal from Budgeting in the Fun Stuff wrote in to ask: "So, do you totally have to have the new Kardashian Prepaid Debit MasterCard?!   I mean, it's only like $100 plus a host of other fees a year for a credit-like card geared to the highly emotional teen...what's not to love, right?" Who needs the Kardashian girls in my wallet when I've already got the Honeybee?   ;-) If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ PT Money   (Editor's Pick - Hooray!) I'm Len Penzo and I approved this message. ...

Continue reading Black Coffee: Caution. Wet Paint. Lots of It.

Black Coffee: The Fed’s Disgraceful War on Average Americans

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It's time to sit back, relax and enjoy a little joe… Welcome to another rousing edition of Black Coffee, your off-beat weekly round-up of what’s been going on in the world of money and personal finance. Here’s what caught my attention over the past week… Better check your clocks, people!   In the United States, the time is pushed back one hour on Sunday, November 7, at 2 a.m. For those of you counting at home, that means a glorious extra hour of sleep for everyone.   Hooray!   Well, at least it does for those who remember. Blogs I've Been Following This Week Well Heeled Blog - The $10,000 Dating Budget.   In this post, Well Heeled tells the story of a single woman named Anna whose annual dating expenses totaled over $9000.   One expense that caught my eye was, of course, $600 for Brazilian waxes.   Hold on while I ponder that for a second.   Okay, where was I?   Oh yes, $9000 ain't cheap when it comes to dating.   Still, I'm not sure why Anna was complaining.   Marriage is definitely more expensive - even without the Brazilian wax jobs which, believe me, eventually go the way of the dodo once the wife says "I do."     What?     I'm just sayin'. Inexpensively - I first heard about Heather's site when I read her introductory post at Yakezie.com.   According to her website, "Inexpensively is a national network of frugal bloggers whose goal is to share their knowledge of living inexpensively. From dining, to travel, to grocery shopping, the Inexpensively network shares their ideas..." Hey!   I bet Anna never checked out Heather's site.   Maybe she should, huh?   I bet she could find a really great deal on a Brazilian wax job.   Hold on while I ponder that again.   I know, I'm bad. My Personal Finance Journey - Who Can Be A Life Insurance Beneficiary? A tarot card reader once told me Warren Buffett was going to leave me a lot of money in his will.   So imagine my disappointment when I read last year that Buffett decided to give his vast fortune away to charity.   I guess he doesn't believe in fate.   So what's this story got to do with life insurance, you ask?   Nothing. Kiplinger - Young Millionaires.   It's no secret that Buffett is a very old rich guy.   But if you want to feel like a real loser, make sure you check out this slide show of people who all became millionaires at a very young age.   Very depressing. MSN: Smart Spending - Should You Trust Leaked Black Friday Ads? The first Black Friday ads are already being leaked to the masses.   The question is:   are the incredible deals being advertised the real deal?   I wonder if there are Black Friday specials on Brazilian wax jobs. ...And Here's Some Other Posts You Might Enjoy: Darwin's Money - Black Swan Investing — Making a Fortune off Rare Events Oblivious Investor - Simple Investing is Better Investing Couple Money - Buying a Car with Cash- Crazy or Crazy Smart? Budgets Are Sexy - Side Hustle Series: I'm a Restaurant Server Canadian Finance Blog - Tips to Prevent Running Out of Money in Retirement Fiscal Fizzle - Understanding Compound Interest Momvesting - Hidden Money: How to Find Miscellaneous Fees Yes, I Am Cheap - One Disaster Away Wisebread - How to Build Wealth in a Depressed Economy Green Panda Tree House - Don't Be Intimidated By Money Management The Way-Back Machine: Past Posts Of Mine You May Have Missed From September 2009: Notes From a Car Mechanic: 6 Simple Money Saving Tips - In this guest post the Honeybee's dad - who just so happens to be a retired car mechanic - shares several simple but very important tips to help minimize your car operating and maintenance costs. Credits and Debits Debit: On Wednesday the Federal Reserve announced it is implementing another round of quantitative easing, as it will buy $600 billion in long-term Treasuries through June of next year. Credit: Instead of quantitative easing, Congress should be enacting massive spending cuts that will reduce the size and scope of the Federal government behemoth, and cut taxes to put more money into the pockets of businesses and consumers.   This is crucial for an economy that depends on consumers for 70 percent of its activity. Debit: I'm not the only armchair quarterback questioning the wisdom - if not the motive - of the Federal Reserve's quantitative easing decision.   Even real experts are now warning that the already-devalued dollar is now at a significantly increased risk of collapse. Debit: One thing is certain, a further weakening of the dollar will most certainly push the prices of oil, food, and other commodities up - perhaps dramatically. Debit: Americans should be up in arms over the continued unrestrained money printing. For every additional dollar the Fed creates out of thin air, it makes every dollar we have worth less. This can be a real problem for people who have spent most of their lives sacrificing and diligently saving money for their retirement. The purchasing power of thirty or forty years of savings can easily be wiped out in less than a year. Debit: Meanwhile, those who have spent like drunken sailors and are awash in a sea of debt - including, for example, the Federal government - may eventually find themselves blissfully bailed out by the effects of hyperinflation. Debit: This latest act by the Fed is nothing less than an attack on the American citizens themselves; they are stealing from each and every one of us! If this outrage is not addressed soon, millions of Americans' retirement savings will soon be wiped out, not unlike the fate of Germans' savings during the early 1920s in the Wiemar Republic. Debit: If nothing else, I find the Fed's latest policy move to be an utter disgrace.   Essentially, Ben Bernanke has just taken his middle finger and stuck it in the eye of every average hard-working American. Debit: Why would the Fed do such a thing? It's simple, really.   Say what you will about such a move helping Wall St. - it's true, at least in the short term - but in the end it ultimately comes down to this: quantitative easing allows our massive bloated government to continue its unrestrained spending spree. Credit: For his part, Ron Paul (R - Texas), a long-time critic of the Federal Reserve, has vowed to investigate the Fed's reckless monetary policies when the new Congress convenes in January 2011.   That's nice, but I doubt it will result in any real reforms. Credit: Finally, a Minneapolis woman is refusing to pay $1.5 million in damages awarded to several large record companies for illegally downloading 24 tunes in 2005.   I don't think I have to tell you that copyright violations are essentially a form of theft.   Apparently stealing is only legal when it's done by the Federal Reserve. By the Numbers A statistical recap of my daughter Nina's recent Halloween excursion: 203 Her total take (in terms of items collected). $2 The total amount of cash she received (all of it from one house). 120 Minutes spent walking the neighborhood. 444 Houses in my neighborhood.   (No, Nina didn't hit them all.) 16 Whoppers mini-packs she received, the most of any candy. 4 Bags of pretzels received. 2 Halloween pencils. 1 Goodie bags. 1 Glow sticks. 0 Candy apples, caramel apples, and popcorn balls. For the complete breakdown of everything in her bag, along with some additional candy commentary from yours truly, click here. Other Useless News Here are the top 25 referring blogs for the month of October. Thank you to everybody who was kind enough to link to Len Penzo dot Com! :-) 1. MSN: Smart Spending 2. The Simple Dollar 3. Kiplinger 4. Wisebread 5. Get Rich Slowly 6. Time Magazine: It's Your Money 7. Oblivious Investor 8. Frugal Hacks 9. Frugal Dad 10. Green Panda Tree House 11. Punch Debt in the Face 12. Mint 13. JoeTaxpayer 14. Lifehacker 15. Money Help for Christians 16. Consumerist 17. Wealth Pilgrim 18. Everyday Tips and Thoughts 19. Swagbucks 20. Provident Planning 21. The Canadian Finance Blog 22. Enemy of Debt 23. Monevator 24. The Millionaire Nurse Blog 25. Personal Finance by the Book Here's a friendly reminder for ya: if you happen to enjoy what you're reading - or not - please make sure you follow me on Twitter. And, if you'll be so kind, don't forget to subscribe to my RSS feed too! :-) Letters, I Get Letters Crystal from Budgeting in the Fun Stuff wrote in to ask: "Do you think a $1.5 million penalty for 24 illegal song downloads is fair?" I don't know if it's fair, Crystal, but it's big enough to ensure that I'll keep on paying $1.29 per song on iTunes! If you have a question you'd like to ask, or a comment you'd like to make regarding some of my irritating opinions, please feel free to drop me an e-mail at: Len@LenPenzo.com I'll feature the most interesting question or comment I get each week here on Black Coffee — assuming I get one, that is. If you're lucky enough to be the only question in the mailbag I'll highlight your letter, whether it's interesting or not. ;-) Carnival News This week I had articles featured at the following carnivals: Carnival of Personal Finance @ Consumerism Commentary The Yakezie Carnival @ The Saved Quarter I'm Len Penzo and I approved this message. ...

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My Daughter’s Halloween Take for 2010

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In case anybody is interested, here is Nina's Halloween take this year. I had her itemize everything in her bag when she got home Sunday night. Isn't that terrible? Actually, she didn't mind at all. She happily put this together for me in no time really, all the while munching away on the stuff in her bag. All candy bars are the "fun size" variety -- no big bars this year. The Reese's peanut butter cups are single count. 13 Kit Kats 8 Almond Joys (Amazingly, 0 Mounds) 6 Nerds 8 Snickers 3 Three Muskateers 5 Milky Way (Ever have the "After Midnight" variety with dark chocolate?  The best!) 13 Laffy Taffy 4 Air Heads 3 Heath Bars  (Heath ice cream, yes. Heath candy bar, no thanks.) 8 Butterfingers 16 Whoppers (no, not the Burger King variety) 4 Nestle Crunch 9 Reese's peanut butter cups  (My personal favorites!) 2 Hershey milk chocolate bars 6 Twix 4 bags of pretzels 12 Smarties 5 Candy sticks 1 Milk Duds (These were big when I was a kid - not any more.) 1 Rice Crispy treat 4 Now and Laters 13 Tootsie Pops 3 Tootsie Rolls 3 Sweet Tarts 1 Bottle Caps  (My favorites are the root beer ones. I wish they were all root beer!) 11 Sour Punch Licorice 2 Fun Dip 1 M&Ms  (I can't believe this number was so low!) 1 Baby Ruth  (Quite possibly the worst candy bar ever invented.) 1 Take 5 1 Hot Tamale 1 Starburst 1 Skittles 1 Twizzler 2 Life Saver Gummies 2 Fruit Jelly's 1 Lemon Gummy Heads 1 Gobstopper 1 Rolo  (And now a message from our sponsor...) 2 Jolly Ranchers 1 Bazooka bubble gum 9 generic hard candies 2 pencils 1 glow stick 1 goody bag $2.00 (Can you believe one house was actually giving out $2 per kid?  We got 96 kids which means, assuming he got the same number, this guy passed out almost $200 to the kids! Wow.) ...

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