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Len Penzo dot Com

The offbeat personal finance blog for responsible people.

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Drive-By Movie Review: Crossing Over

By Len Penzo

This is a movie review of the 2009 movie Crossing Over starring Harrison Ford, Ray Liotta and Ashley Judd... Plot Synopsis: Crossing Over is a multi-character canvas about immigrants of different nationalities struggling to achieve legal status in ...

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August 27, 2009

How Much Would You Pay to Save Your Pet’s Life?

By Len Penzo

A friend of mine recently told me a sad story that I wanted to share with you. About five years ago, he drove his dog to a dog park across town for their usual Saturday morning romp. Unfortunately, on that particular fateful morning, when he ...

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August 25, 2009

Drive-By Movie Review: Taken

By Len Penzo

Today's Drive-By Movie Review is on the 2009 movie Taken, starring Liam Neeson and Maggie Grace... Plot Summary: A former spy relies on his old skills to save his estranged daughter, who has been forced into the slave trade. Me: I miss the days ...

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August 20, 2009

Drive-By Movie Review: Defiance

By Len Penzo

Today's Drive-By Movie Review is on the 2008 movie Defiance, starring Daniel Craig and Liev Schreiber... Plot Summary: Jewish brothers in Nazi-occupied Eastern Europe escape into the Belorussian forests, where they join Russian resistance fighters ...

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August 13, 2009

Drive-By Movie Review: Killshot

By Len Penzo

This is a review of the 2009 movie Killshot, starring Mickey Rourke, Diane Lane, and Rosario Dawson. Plot Synopsys: Carmen Colson (played by Diane Lane) and her semi-estranged husband Wayne are placed in the Federal Witness Protection program after ...

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August 6, 2009

Personal Finance Decisions: The Good, the Bad, and the Ugly

By Len Penzo

Regular readers know that I absolutely love Clint Eastwood movies. The other day I was watching for the umpteenth time one of my all-time favorites: the classic Sergio Leone spaghetti western The Good, the Bad and the Ugly. While I was watching the ...

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August 3, 2009

Drive-By Movie Review: Knowing

By Len Penzo

This is a review of the 2009 movie Knowing, starring Nicholas Cage. Plot Synopsis: Astrophysicist and grieving widower, Professor John Koestler, studies a sheet of paper from a time capsule that has been dug up at his son's elementary school; on it ...

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July 30, 2009

Evaluating the Cost of Extreme Frugality

By Len Penzo

Earlier this month one of my favorite personal finance bloggers, Bret Frohlich, wrote a terrific piece where he declared war on frugality and explained why frugality doesn't always pay. In fact, Bret's post got me thinking about those who choose to take on a life of extreme frugality. Keep in mind that I'm not referring to people who dutifully cut coupons and grow their own vegetables. Instead, I am talking about people who bring home roadkill for dinner, read by candlelight, and/or eschew heating regardless of how cold it is outside. Why would anybody ever choose such a punitive lifestyle? As I see it, there are three predominant reasons: 1.   After living far beyond their means for too long, they discover themselves to be deeply mired in debt, like this college student who chose to live out of a pick-up truck. 2.   They are committed environmentalists that are determined to try and "save the Earth", like this lady. 3.   They are fanatical, committed anti-capitalist knuckleheads that are determined to try and "save the Earth" - like the Freegans. By the way, on their website, the proudly-unemployed Freegans unabashedly proclaim to us uninformed working-class sheep that not only does   "working suck," but it is "dehumanizing" as well. Interestingly enough, in the very next sentence the Freegans go on to espouse, without the slightest hint of irony, the joys of dumpster diving.   Go figure. Just Remember... Those who practice extreme frugality do not have a monopoly on making life harder than it has to be. And while it is important to invest in your financial future by doing everything you can to stick to a strict budget and stay out of debt, please don't go so far overboard that you forget to invest in your quality of life as well.   :-) Life really is too short to live like a refugee if you don't have to. Hey! If you liked this article, please be sure to subscribe to my RSS feed! ...

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July 26, 2009

Drive-By Movie Review: The Women

By Len Penzo

This is a review of the 2008 movie The Women, starring Meg Ryan, Annette Bening, and Eva Mendes. Plot Synopsis: A group of close-knit women try to figure out how to help their friend when she finds out that her husband of 13 years is having an ...

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July 23, 2009

Drive-By Movie Review: Gran Torino

By Len Penzo

There is nothing more irritating for me than eagerly settling down with the Honeybee to watch a movie we've rented that, ten minutes after the opening credits, makes me realize I should have chosen to do something a lot more entertaining with my ...

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July 16, 2009

Bernard Madoff Starts His 150-year Sentence

By Len Penzo

Good. ...

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July 15, 2009

Kids and Money: Our Decision to Let Our Impulsive Spender Fail

By Len Penzo

I've written in this space before about just how difficult it is to teach kids financial literacy. For every kid, that seems to have a natural ability to grasp the value of a dollar and a real determination to save as much as they can, there is ...

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July 8, 2009

Parents: Before You Name Your Baby, Learn How to Spell.

By Len Penzo

Igor: Dr. Frankenstein... Dr. Frederick Frankenstein: It's "Fronkensteen." Igor: You're putting me on. Dr. Frederick Frankenstein: No, it's pronounced "Fronkensteen." Igor: Do you also say "Froaderick"? Dr. Frederick Frankenstein: No... ...

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July 3, 2009

18 Facts You Didn’t Know About The Federal Reserve System

By Len Penzo

1. The Federal Reserve System is the United States' version of a central bank. Central banks, also known as reserve banks, are the entities responsible for the monetary policy of a country. The United States has not always had a central banking system. In fact, three separate central banks have operated in the United States at one time or another since 1791. 2. Secretary of the Treasury Alexander Hamilton was a proponent of a strong central government with a central bank. Hamilton dueled  with James Madison and Thomas Jefferson, who both argued that the new Constitution did not explicitly allow the federal government to form a bank.   However, despite their best efforts neither Madison or Jefferson were able to prevent Hamilton from founding the First Bank of the United States in 1791.  Hamilton wasn't as successful in his famous duel with Aaron Burr on July 11, 1804; he died from the resulting gunshot wound a day later. 3. As president, Madison finally got his way when let the original 20-year charter for the First Bank of the United States expire in 1811. Surprisingly, Madison had a change of heart four years later, and asked Congress for a new central bank. In 1816, The Second Bank of the United States was granted a 20-year charter to provide the government two services: 1) establish a national currency, and 2) meet interest and principal payments on the National Debt run up during the War of 1812. 4. In 1832 Andrew Jackson campaigned on a platform opposed to charter renewal for the Second Bank of the United States. With the National Debt on target for being paid off by 1835, Jackson saw little reason for a central bank. After Jackson was reelected, the Bank's president, Nicholas Biddle, unsuccessfully tried to pressure Jackson to renew the bank's charter by contracting the money supply, but it was to no avail. In 1835 Jackson officially retired the National Debt. He retired the central bank one year later. 5. The period from 1837 to 1862 is known as the Free Banking Era because the US had no formal central bank. Instead, state authorities directed the printing and registering of bank notes and issued them to banks in amounts equal to deposited designated securities. In 1863, a system of national banks was instituted by the National Banking Act. Despite its passage, a series of bank panics in 1873, 1893, and 1907 could not be avoided. 6. The third and current central banking system of the United States, better known as the Federal Reserve System, was born in 1913 when, after many painful months of hearings, debates, and amendments, the Federal Reserve Act was passed by Congress.   On a Sunday.  Two days before Christmas.   When most of Congress was on vacation.   For the record, Democrats supported the bill while Republicans were against it. 7. Interestingly enough, nowhere in the title or anywhere else in the Federal Reserve Act were the words “central bank.” According to the Concise Encyclopedia of Economics: The primary reason for this omission was the term’s unpopularity with the populist wing of the Democratic Party. Republicans had accepted the label, but, after 1912, no longer controlled either Congress or the White House. That term, many congressmen objected, implied monopolistic control by Wall Street bankers, who would keep interest rates high and conspire with speculators to cause panics. 8. The main motivation for the third central banking system came from the Panic of 1907, which renewed demands for banking and currency reform. A majority of the American public believed that the Federal Reserve System would bring about financial stability, so that a panic like the one in 1907 could never happen again. 9. Don't tell that to Ron Paul: Paul believes that the Fed's ability to print money without any controls is actually the main cause of inflation and the economic bubbles that  occasionally plague the country.   Paul advocates reduced government spending, lower taxes, and letting the free market manage monetary policy as the proper alternative to the Fed. 10. Ironically, the presence of the Fed could not keep the United States from entering the Great Depression of the 1930s. Many prominent economists including the late Milton Friedman believe that the Fed was directly responsible for causing the Great Depression because they willingly allowed the money supply to slowly decline after the 1929 stock market crash, thereby preventing recovery and economic expansion. 11. The current Federal Reserve System is a quasi-private institution. That is, it is an independent government institution that has private aspects. The System is not a private organization and does not operate for the purpose of making a profit. It is owned by the 12 regional Federal Reserve banks, which are each in turn owned by a combination of regional and commercial banks. 12. In addition to maintaining the stability of the financial system and containing systemic risk that may arise in financial markets, the Federal Reserve Banks have several other functions including clearing checks, providing economic education, establishing economic policy, approving bank mergers and acquisitions, and researching and issuing reports on the regional economy which they publish eight times a year in a report known as "the Beige Book." 13. The Beige Book, so-named because the cover of the Fed's internal hard copies are, well, beige, is based upon reports from regional Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The report's more formal name is the Summary of Commentary on Current Economic Conditions. 14. Back in 1970, when it began as an internal report for people at the Fed, the report actually had a red cover and was known as (you guessed it) the "red book." But the color and the name changed with the report's first public release in 1983. 15. The Federal Reserve also puts out "Green" and "Blue" books with appropriately colored covers that forecast, respectively, economic activity for the immediate future, and forecasts and analysis of monetary policy alternatives. Unlike the Biege Book, however, the Blue and Green books are not made available to the public. 16. The Federal Reserve is also responsible for issuing and destroying the nation's coin and paper currency. The U.S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing, actually produces the nation's cash supply and, in effect, sells it to the Federal Reserve Banks at manufacturing cost, currently about 4 cents per bill for paper currency. The Federal Reserve Banks then distribute it to other financial institutions in various ways. Critics believe that the Fed's charter to issue money violates Article I, Section 8 of the US Constitution. 17. The bills in your wallet are officially known as Federal Reserve Notes; they are a form of fiat currency and are not backed by tangible assets such as gold or silver. Alphabetic notations on the front side of each bill identify which of the 12 Fed-bank headquarters issued the note: Boston (A); New York (B); Philadephia (C); Cleveland (D); Richmond (E); Atlanta (F); Chicago (G); St. Louis (H); Minneapolis (I); Kansas City (J); Dallas (K); and San Francisco (L). 18. Conspiracy theorists believe John F. Kennedy was assassinated because of Presidential Executive Order 11110.    The theorists argue that was because  the executive order was a direct attempt to usurp the Federal Reserve's power.   Of course, there are others who find that particular conspiracy theory and supporting argument to be pure poppycock.   ;-) If you liked this article, please be sure to subscribe to my RSS feed! ...

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July 1, 2009

Does Anybody Know the Going Rate for the Tooth Fairy?

By Len Penzo

My 9-year-old daughter, Lenina, lost another tooth today! Of course, most everyone knows custom dictates that when a child loses a tooth they dutifully place it under their pillow knowing that the Tooth Fairy will come and take it in exchange for ...

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June 22, 2009

Celebrating My 100th Post!

By Len Penzo

You know, they say a milestone is anything that gives you a personal sense of accomplishment and helps you move forward. Amazingly enough, after just over six months I reached an important blogging milestone of my own today: post number 100! ...

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June 17, 2009

The 5 Worst Jobs For Teenagers

By Len Penzo

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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June 12, 2009

Paying Off the Mortgage Early? Not So Fast …

By Len Penzo

In January 2009 I wrote one of my most popular posts to-date entitled Paying Off Your Mortgage Early Is A No-Brainer. In that post I did a detailed analysis that justified why paying down my mortgage was the right thing to do. That Was Then, This ...

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June 1, 2009

9 Personal Finance Lessons I Learned from Watching The Simpsons

By Len Penzo

Twenty years ago the series premier of arguably the greatest cartoon ever, The Simpsons, debuted in the United States. Over that time I have watched countless episodes chronicling the lives of Homer, Marge, Bart, and Lisa Simpson and all of their ...

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May 26, 2009

How to Avoid Neighbor Conflicts When It’s Time for a New Fence (Part 2)

By Len Penzo

This is the second part of a two-part series. Click here for part one. As I noted in part one, over the years I have personally talked to several friends of mine who told me they would rather spend a couple hours in the dentist chair having their ...

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May 23, 2009

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