Penny Can

The Lobby => Off-Topic => Topic started by: Chiprocks1 on May 22, 2012, 07:49:58 am


Title: All Things Money
Post by: Chiprocks1 on May 22, 2012, 07:49:58 am
Post anything relating to the evil that is money, be it investment opportunities, stocks, bonds, counterfeits and monopoly money if need be.
Title: Re: All Things Money
Post by: Chiprocks1 on May 22, 2012, 07:50:26 am
Facebook shares fall far, fast: Why?

http://www.youtube.com/watch?v=01yhKOdX5R8

Title: Re: All Things Money
Post by: Mac on May 22, 2012, 09:15:47 am
Not surprised in the very least. I’m not a day trader, but do try to watch finances and I’m interested in the good and bad of investments. I try to learn from it all.

Facebook doesn’t make sense to me as an IPO. What is it? There is no product. What are you buying? I do understand how big Facebook is and its importance and position at this time. Facebook I think comes in as a volatile company. With volatility comes uncertainty. I think it’s very easy to imagine Facebook getting replaced by something else in the future.  These kinds of so-called ‘products’ come and go to easy.

Maybe you see I’m a tad conservative with my thoughts on finance. I have to be… at my age.

Good thread
Title: Re: All Things Money
Post by: Chiprocks1 on May 22, 2012, 09:37:22 am
I initially thought about investing a little pocket change in FB, but in the end it didn't make any sense at all because as you pointed out, the shelf life for the company will dry up pretty fast. Think about it. First it was Myspace, then Twitter, then Facebook and now it seems to be Tumblr. All of these will be in the dust bin within a couple of years if not sooner, being replaced by something that has yet to be invented.

As for the steep drop in FB stock, I'm not surprised one bit. Everyone that became an instant millionaire was smart to cash out now when it would be at it's peak financially. This isn't G&E or IBM where it's gonna have legs to go the distance.
Title: Re: All Things Money
Post by: Mac on May 22, 2012, 09:40:43 am
Right, thus all the discussion from the experts on valuating it so high. WTF... all hype.
Title: Re: All Things Money
Post by: Chiprocks1 on May 23, 2012, 08:43:23 am
Investors File Lawsuit Against Facebook, Underwriters

http://www.youtube.com/watch?v=OdTxQIHEu94

Not good. This is gonna get ugly.
Title: Re: All Things Money
Post by: Mac on May 23, 2012, 08:48:06 am
Duh, there's huge sums of money here. Attracting lawyers to this like flys to s hit
Title: Re: All Things Money
Post by: Chiprocks1 on May 23, 2012, 08:51:42 am
I'm shocked that Gloria Allred hasn't tried to make the facebook debacle about sexual harassment yet. She's the biggest opportunist there is.
Title: Re: All Things Money
Post by: Mac on May 23, 2012, 09:27:26 am
I imagine Zuckerberg is kicking himself silly about now

"Why did I go public.... why, why, why?"
Title: Re: All Things Money
Post by: Chiprocks1 on May 23, 2012, 09:29:47 am
I imagine Zuckerberg is kicking himself silly about now

"Why did I buy Instagram?.... why, why, why?"

Fixed for ya.

Dumbest acquisition ever!
Title: Re: All Things Money
Post by: Mac on May 23, 2012, 09:36:52 am
Quote
Fixed for ya.

Dumbest acquisition ever!

Sorry, I don't know what your saying or what Instagram is.
Title: Re: All Things Money
Post by: Chiprocks1 on May 23, 2012, 09:39:25 am
He paid $1 Billion for it, which is an Photo Filter App. I think he overpaid for it by 7 zero's.
Title: Re: All Things Money
Post by: Mac on May 23, 2012, 09:42:23 am
Good lord (http://i74.photobucket.com/albums/i266/Chiprocks1/Smilies/0%20All%20Smilies/slap.gif)
Title: Re: All Things Money
Post by: Mac on May 24, 2012, 09:38:47 am
One in three mortgage holders still underwater (http://economywatch.msnbc.msn.com/_news/2012/05/23/11835006-one-in-three-mortgage-holders-still-underwater?lite)

Now this pisses me off. We are in this category. We are paying on a loan that's valued more than the house. I don't get it. How'd this happen? We are stuck to stay in the house until things stabilize and we get to that balance point of not losing money.

Thus our thinking also limits our spending in many other ways.

Until we see consumer confidence improve, we (America) will stay in this stagnate position for quite some time.
Title: Re: All Things Money
Post by: Chiprocks1 on May 24, 2012, 08:44:13 pm
SmartMoney: Beware the Dividend Fakers

http://www.youtube.com/watch?v=rDAfMN9DXA0
Title: Re: All Things Money
Post by: Mac on May 29, 2012, 09:41:24 am
Money, Facebook... Robbery

I know stories about Facebook's dark side is very small in percentage, but it does seem like every time a story is written about Facebook, it's never good.

Family robbed after teen posts photo of money on Facebook

Quote
On Thursday, a teenage girl posted a photo of a "large sum of cash" on Facebook. About seven hours later, two robbers arrived at her family's home. Unsurprisingly, this incident prompted local authorities to issue a warning about the dangers of posting photographs online.

According to BBC News, the 17-year-old girl was helping her 72-year-old grandmother count her cash savings when she decided to snap a photo of the money and post it on Facebook. A press release by the local police force explains that this social media activity occured in Sydney, Australia at about 4 p.m. on Thursday. At 11:30 p.m. on the same day, a house about 75 miles south-west was invaded by two armed men. The girl's mother, a 58-year-old man and a 14-year-old boy were home at the time.

Brandishing a knife and a wooden club, the two men "allegedly entered the home demanding to speak with the girl about the cash" seen in the Facebook photo. After the girl's mother explained that she no longer lives at that address, the men proceeded to search the house and "took a small amount of cash and other personal property before leaving."

It is unclear how the robbers connected the girl's social media activity to her mother's home address, but authorities are nonetheless urging "users of social media to take extreme caution when posting photographs and personal information." I suspect that's a polite way of saying "Use some common sense, folks!"

Title: Re: All Things Money
Post by: Chiprocks1 on May 29, 2012, 10:42:29 am
Ah, those kids make me laugh......
Title: Re: All Things Money
Post by: Mac on May 29, 2012, 01:34:35 pm
Quote
Ah, those kids make me laugh......

It's sad but grown ups are doing stupid stuff too now on Facebook.
Why do people feel the need to post everything and I mean everything about their life and their thoughts to the world?
Title: Re: All Things Money
Post by: Chiprocks1 on May 29, 2012, 02:05:17 pm
Why do people feel the need to post everything and I mean everything about their life and their thoughts to the world?

"They just want to be loved, is that so wrong"?

Jon Lovitz
Title: Re: All Things Money
Post by: Chiprocks1 on May 30, 2012, 08:11:46 pm
401k Hidden Fees?

http://www.youtube.com/watch?v=t05d3mqYIyk

Not something you should take lightly.
Title: Re: All Things Money
Post by: Chiprocks1 on June 21, 2012, 09:03:25 am
After Facebook, Lawmakers Push for IPO Changes

http://www.youtube.com/watch?v=U1cKscuxtJE
Title: Re: All Things Money
Post by: Mac on June 21, 2012, 09:27:28 am
Quote
401k Hidden Fees?

Thanks for highlighting this. I will keep an eye out for this in July.

I can only hope I'm not getting screwed
Title: Re: All Things Money
Post by: Mac on June 29, 2012, 10:10:50 am
more news on hidden fees

Your family is probably losing $155K from 401(k) plan, and why new rules won't help

Quote
A two-income American family with an average income that dutifully invests in a 401(k) plan using typical strategies will lose $155,000 – or about 30 percent of what they should have saved for retirement -- to Wall Street fees, according to a study by an economic justice advocacy organization.

The Demos study, released last month, is just the latest in a long string of research showing 401(k) plans are a better deal for Wall Street than for you. Many show that people lose about one-third of their retirement money to fees that they don't even know they're paying. The actual lifetime impact of fees is a matter of widespread debate, but it shouldn’t be. In one dramatic example, John Bogle, the inventor of index funds, demonstrated how fees can consume 80 percent of an investor's money through something he’d dubbed “the tyranny of compounding fees.” (Click on the link to see his proof.)

But some relief may be on the way. Regulations first set in motion in in 2007 (!) will finally kick in next week. Soon, 401(k) statements will include a fact box -- similar to the new info-boxes on credit card bills -- that lists the fee rates (“expense ratios’) associated with fund selections and shows in dollars how much the investor paid.

The disclosure box is a welcome change, but it's probably not going to make much of a difference, laments Robert Hiltonsmith, author of the Demos study.

More...  (http://redtape.msnbc.msn.com/_news/2012/06/29/12465334-your-family-is-probably-losing-155k-from-401k-plan-and-why-new-rules-wont-help?lite)
Title: Re: All Things Money
Post by: Chiprocks1 on June 29, 2012, 10:14:25 am
Sometimes I ask myself why even put money in the bank or any other loan institutions. I think it makes more sense to keep money under a mattress these days than have to deal with all these hidden fees.
Title: Re: All Things Money
Post by: Mac on June 29, 2012, 11:23:39 am
It can get depressing, can't it.
Title: Re: All Things Money
Post by: Chiprocks1 on June 29, 2012, 11:28:06 am
I invested money in a bunch of James Bond DVD's when they first came out. But with Blu-ray now the standard of home entertainment, that basically made all my DVD's worthless or more accurately....Junk Bonds.

Thank you. I will be performing for the next 2 months at Caesar's Palace in Vegas. Tell all your friends.

Two drink minimum. (http://i74.photobucket.com/albums/i266/Chiprocks1/Smilies/0%20All%20Smilies/ThumbsUp.gif)
Title: Re: All Things Money
Post by: Mac on June 29, 2012, 11:39:57 am
And Please Tip the waitresses.
Title: Re: All Things Money
Post by: Chiprocks1 on August 14, 2012, 09:25:34 am
How to Avoid Cash-for-Gold Scams

http://www.youtube.com/watch?v=z3bZseKZrp8
Title: Re: All Things Money
Post by: Mac on August 14, 2012, 11:31:52 am
I don't have gold to be swindled... (http://i74.photobucket.com/albums/i266/Chiprocks1/Smilies/0%20All%20Smilies/banghead.gif)
Title: Re: All Things Money
Post by: Chiprocks1 on August 14, 2012, 11:47:11 am
Start panning down by the river......next to the White Van.
Title: Re: All Things Money
Post by: Mac on August 14, 2012, 01:03:31 pm
lets not be joking about the lovemobile
Title: Re: All Things Money
Post by: Chiprocks1 on August 16, 2012, 01:27:16 pm
Facebook Stock Hits New Low

http://www.youtube.com/watch?v=PEzmcTHJbcI

Why doesn't this surprise me?
Title: Re: All Things Money
Post by: Mac on August 16, 2012, 02:53:51 pm
Didn't surprise me. I thought this the minute I heard about the offering. The downfall of Facebook. It was this or something else going to do it. Facebook is just one of those volatile bubbles. I know its enormously popular, but think about it. What is it. What value does it hold. It's not gold

Facebook will be an asterisk like Napster. It was good while it lasted.
Title: Re: All Things Money
Post by: Chiprocks1 on August 16, 2012, 03:01:30 pm
Facebook isn't tangible. It's nothing but a place to park ads from other coporations. If Facebook increases its yearly subscribers as well as it's daily use, that means more eyes per ad, which means they can jack the prices up higher. And here's the rub, in theory this would be great.....if this was 20 years ago. But this being the digital age, everything on the Internet has a short shelf life. Wasn't Myspace suppose to revolutionize social media? Yup. Where are they now? The same place Facebook will be, followed by every other new fad that replaces it. In the end, if I can't hold it, I ain't buying it.
Title: Re: All Things Money
Post by: Chiprocks1 on November 13, 2012, 09:38:54 pm
Has anyone here ever done their own Tax Returns instead of letting a professional do it? I'd like to know if it's as complicated as my brain has made it out to be over the years. It's the reason why I've always had a pro do it. I was thinking of doing it myself this year, but I don't know what I'm stepping into. Yes, I know there are books for this, but I'd like to know your experiences in the matter. Good and bad.
Title: Re: All Things Money
Post by: Mac on November 14, 2012, 04:05:14 am
The complexity lies in what you invest and how you make your money. I did mine for years, because it was fairly straight forward. I made X, and I had no investments, except the house. The quicken software leads you down a linear path. Fairly easy.

Today it's very different with my investments and other expenses, etc. I use a tax expert.
Title: Re: All Things Money
Post by: Chiprocks1 on November 14, 2012, 05:54:13 am
Thanks for the heads up. I may have to rethink the notion of doing it this year on my own. I might just go ahead and read up on it and try doing a test run or two between now and the time Tax Returns need to be in just to see how the numbers add up.
Title: Re: All Things Money
Post by: Mac on November 14, 2012, 03:28:55 pm
Use to be Quicken or some online site like a tax prep place had that trial run available. Might want to check that out.

H&R Block, Jackson Hewitt, Quicken (Turbo Tax)
Title: Re: All Things Money
Post by: Chiprocks1 on November 14, 2012, 03:34:58 pm
Thanks. Will definitely look into it.
Title: Re: All Things Money
Post by: Chiprocks1 on November 28, 2012, 03:35:06 pm
Say Goodbye to $1 Bills?

http://www.youtube.com/watch?v=4yo9w5GYoOU

Oh hell no! If you think I'm gonna start tipping strippers with anything higher than a Dollar bill, you're sadly mistaking!!!
Title: Re: All Things Money
Post by: Mac on November 28, 2012, 07:10:37 pm
THAT will never happen. In fact the opposite, if we are going to talk about physical currency. The idea of carrying around a ton of coins is far more unattractive than paper money in so many ways.

Actually I'm surprised at how physical currency still is sooooo much used. There is nothing about it I like. I have a couple of twentyfold stashed only for the remote need. Coins just bug the living crap outta me. Supply and demand. If people are not going to like it (demand), they are not going to use it.
Title: Re: All Things Money
Post by: Chiprocks1 on November 28, 2012, 07:56:51 pm
Well, they already tried replacing the Dollar Bill back in 2000 with that "Gold Dollar Coin". How did that work out? Exactly. Coins just weigh too much as it is and it becomes cumbersome to have it in a wallet and then trying to sit down wherever you may be. I think most people just ended up hoarding them thinking it would be "worth" something beyond it's initial face value.
Title: Re: All Things Money
Post by: Mac on January 11, 2013, 09:35:49 am
Bieber to promote prepaid debit card

Holy mother of gawd, this sounds like a very bad idea...

Quote
If Justin Bieber endorses a product, will teens buy it or convince their parents to get it for them? BillMyParents, a financial services company focused on teens, is banking on it. They’ve signed a deal with the pop star to endorse a new prepaid debit card to his legions of loyal fans.

With 50 million Facebook fans and more than 32 million followers on Twitter, Bieber has enormous marketing power. As a “brand ambassador” for the SpendSmart card, the 18-year old performer will promote the card via social media and develop a series of videos that will promote responsible spending.

Then go to the rest of the article that balances out ideas of why is might work, but probably is not a good idea for parents and kids (http://lifeinc.today.com/_news/2013/01/10/16448005-baby-baby-baby-bieber-to-promote-prepaid-debit-card#comments)
Title: Re: All Things Money
Post by: Chiprocks1 on January 11, 2013, 09:42:42 am
I don't think it will go very far. If these kids are signing up for this and are under 18 years of age, they are going to need the parents to cosign for them to activate whatever the account or thing is and from what I would surmise, most parents will not cosign knowing they will be held financially responsible for it. Only way they go along with it is the parents are fans of his and if that is the case, then those parents are already lost from reality and deserve whatever bill comes their way.
Title: Re: All Things Money
Post by: Mac on January 11, 2013, 09:51:03 am
Yea, so far previous attempts haven't worked.
Title: Re: All Things Money
Post by: Chiprocks1 on February 08, 2013, 05:49:23 pm
Man Says IRS Agent Coerced Sex Over Audit

http://www.youtube.com/watch?v=qJ8eQMh3dVE

The ensuing discussion was indeed funny.
Title: Re: All Things Money
Post by: Mac on February 09, 2013, 06:46:17 am
That was funny. It's pretty interesting to see them talk out the double standard... In front of a woman and everybody. We know it exists, just people shy away from talking about it.
Title: Re: All Things Money
Post by: Mac on February 15, 2013, 04:17:44 pm
Elizabeth Warren Embarrasses Hapless Bank Regulators At First Hearing (VIDEO)

Quote
WASHINGTON -- Bank regulators got a sense Thursday of how their lives will be slightly different now that Elizabeth Warren sits on a Senate committee overseeing their agencies.

At her first Banking, Housing and Urban Affairs Committee hearing, Warren questioned top regulators from the alphabet soup that is the nation's financial regulatory structure: the FDIC, SEC, OCC, CFPB, CFTC, Fed and Treasury.

The Democratic senator from Massachusetts had a straightforward question for them: When was the last time you took a Wall Street bank to trial? It was a harder question than it seemed.

"We do not have to bring people to trial," Thomas Curry, head of the Office of the Comptroller of the Currency, assured Warren, declaring that his agency had secured a large number of "consent orders," or settlements.

"I appreciate that you say you don't have to bring them to trial. My question is, when did you bring them to trial?" she responded.

"We have not had to do it as a practical matter to achieve our supervisory goals," Curry offered.

Warren turned to Elisse Walter, chair of the Securities and Exchange Commission, who said that the agency weighs how much it can extract from a bank without taking it to court against the cost of going to trial.

See Video Here... (http://www.huffingtonpost.com/2013/02/14/elizabeth-warren-bank-regulators_n_2688998.html)
Title: Re: All Things Money
Post by: Chiprocks1 on February 17, 2013, 08:46:43 am
Yeah, I caught this yesterday and it was awesome.
Title: Re: All Things Money
Post by: Mac on February 19, 2013, 10:21:34 am
This really should be under WTF!!!

World's Most Exotic Rental Cars - slideshow (http://www.executivetravelmagazine.com/slideshows/worlds-most-exotic-rental-cars/1)

(http://www.executivetravelmagazine.com/images/amexpub/0001/5470/201301-ss-most-luxurious-rental-cars-bugatti-veyron.jpg?1357157028)

Quote
Bugatti Veyron 16.4
Holders Vehicle Contracts, London

When you’ve finally landed that big promotion and you’re feeling like a million bucks, why not drive a million bucks by taking the wheel of the most powerful (16-cylinder, 1,000-horsepower), most expensive ($1.5 million, give or take a couple hundred thousand bucks) and fastest (top speed: 254 mph) street-legal ride on the road? You may not be able to open it up for full bravado cruising over Westminster Bridge and past Big Ben, but at least all the folks in the double-decker bus will know you made it. From $26,470 per day.
Title: Re: All Things Money
Post by: Chiprocks1 on February 19, 2013, 10:29:15 am
And people wonder why the 'Rich' are universally despised as "people". Give to a charity, don't waste it on stroking your ego.
Title: Re: All Things Money
Post by: Mac on February 19, 2013, 02:48:09 pm
Amen brother
Title: Re: All Things Money
Post by: Mac on March 19, 2013, 09:35:56 am
Unbelievable

‘It’s theft’: Cyprus residents furious over bank deposit tax

Quote
To help pay for the $13 billion European bailout, the government plans to take up to 10 percent from all savings accounts, angering those who say they aren’t responsible for the economic crisis.

http://www.youtube.com/watch?v=vQAO3kGQORc
Title: Re: All Things Money
Post by: Mac on March 19, 2013, 09:48:55 am
Cyprus bailout deal looks set for collapse amid fear of run on banks

Quote
The widely criticized Cyprus bailout deal looked set to collapse despite a last-minute compromise attempt Tuesday, plunging one of the smallest European states closer to financial oblivion.

Lawmakers appeared likely to reject the unprecedented overnight tax on all bank accounts, CNBC reported, even after the government said smaller savers would be exempted.

The European deal could also be scuppered by a furious Russia, which is one of the biggest foreign investors in Cyprus and which stands to be among the biggest losers.

Reuters said the situation had “potentially severe consequences for the rest of the troubled euro zone.”
Title: Re: All Things Money
Post by: Chiprocks1 on March 20, 2013, 07:39:03 am
The fact that Cyprus was even being talked about p*sses me off. Why? Well, we know how much Obama is a follower and he would gladly try to implement something like this on American soil. Come to think of it....it's already happening. If I were a resident of Cyrprus, I would be pulling my money out right now and just stuffing it under the mattress. I wouldn't trust the banks not to do something discreetly to still skim off accounts.
Title: Re: All Things Money
Post by: Chiprocks1 on April 18, 2013, 04:41:37 pm
What's a Bitcoin?

http://www.youtube.com/watch?v=XhFjfVQK3G8

Man, my head must be buried deep in the sand because I'm just NOW hearing about Bitcoin. Sounds too far fetched to have it's survival based on the "honor system" of strangers. The name Bitcoin has more value as the name of a Boy Band....or something...

Title: Re: All Things Money
Post by: Chiprocks1 on May 15, 2013, 01:42:10 pm
IRS Tea Party, Conservative Groups Scandal Now Center of FBI Criminal Probe

http://www.youtube.com/watch?v=TBTKrudC6Oo

I think the fair thing to do would be to pay back all the taxes we paid over the last 50 years and then discontinue Taxes all together from here on out.
Title: Re: All Things Money
Post by: Mac on July 14, 2013, 03:30:28 pm
Samsung pays Apple $1 Billion sending 30 trucks full of 5 cent coins

Quote
Thirty trucks filled with 5-cent coins pulled up to the Apple headquarters in Cupertino, California. Initially, the security team at Apple, who protects the tech giants facility, told the trucks that they were in the wrong place. But, just minutes later, Tim Cook, the CEO of Apple, received a phone call from the Samsung CEO explaining how the billion fine was being paid in the form of coins.

(http://www.nextventured.com/wp-content/uploads/2013/07/samsung-pays-apple-1-billion-sending-30-trucks-full-of-5-cents-coins.jpg)

Quote
Thirty trucks filled with 5-cent coins pulled up to the Apple headquarters in Cupertino, California. Initially, the security team at Apple, who protects the tech giants facility, told the trucks that they were in the wrong place. But, just minutes later, Tim Cook, the CEO of Apple, received a phone call from the Samsung CEO explaining how the billion fine was being paid in the form of coins.

samsung-pays-apple-1-billion-sending-30-trucks-full-of-5-cents-coins

The funny part is that the signed document does not specify a single payment method, so Samsung is entitled to send the creators of the iPhone their billion dollars in the way they deem best.

This dirty but genius geek troll play is a new headache to Apple executives as they will need to put in long hours counting all that money, to check if it is all there and to try to deposit it crossing fingers to hope a bank will accept all the coins.

Lee Kun-hee, Chairman of Samsung Electronics, told the media that his company is not going to be intimidated by a group of “geeks with style” and that if they want to play dirty, they also know how to do it.

    You can use your coins to buy refreshments at the little machine for life or melt the coins to make computers, that’s not my problem, I already paid them and fulfilled the law.

    A total of 20 billion coins, delivery hope to finish this week.


Quote
Let’s see how Apple will respond to this.
Title: Re: All Things Money
Post by: Chiprocks1 on July 14, 2013, 07:41:51 pm
Hahahahahahahahaha! This is awesome!!!
Title: Re: All Things Money
Post by: Chiprocks1 on August 29, 2013, 07:26:32 am
Credit Card Skimmers

http://www.youtube.com/watch?v=G_aH50Tn8Fo

This is why I NEVER use Machines at Gas Stations. I always pay inside and it's with cash only. I don't trust Gas Stations as far as I could throw them. I didn't know about the 'Universal Key' or about those 'Gas Guzzler' trucks that hijack the gas and then resell to other.......Gas Stations. Don't the dishonest Gas Station owners ever worry about those Gas Guzzler's turning around one day and stealing their "own" gas from them? WTF.
Title: Re: All Things Money
Post by: Mac on August 29, 2013, 08:14:41 am
good gawd
Title: Re: All Things Money
Post by: Mac on August 30, 2013, 10:28:42 am
Uh, isn't making poor decisions... stupidity... especially when it's done all the time?

Why do these 'research' articles try paint a different picture.

and then to make this statement "Policymakers can take actions to help, they say."

WTF, are you kidding me. I don't even begin to know where the start on that one.


Poor people aren't stupid; bad decisions are from being overwhelmed, study finds

Quote
By Maggie Fox, Senior Health Writer, NBC News
Being poor affects your ability to think, a new study shows. Those coping with severe financial stress don't have the mental bandwidth to deal with all of life’s troubles, a team of researchers reported Thursday.

They’ve done a series of tests that show when people are flush with cash, they can stop worrying and make better decisions. But having financial woes takes up so much attention, they often make poor decisions.

“When you are very, very focused on what you don’t have enough of, you do all you can do to get more of it, at the expense of other stuff,” says Eldar Shafir of Princeton University, who worked on the study published in the journal Science.

When people don't have enough money they're so focused on ways to get more that they don't make good choices, a new study has found.

Poorer people make bad decisions, such as using pawn shops to raise cash, according to the study

The team’s been trying to figure out why people who are poor seem to exist in a vicious cycle of poverty. Much of it seems to boil down to what is taking up their attention, the international team of researchers found.

"Imagine you're sitting in front of a computer, and it's just incredibly slow," says Harvard economist Sendhil Mullainathan, who worked on the study.

"But then you realize that it's working in the background to play a huge video that's downloading. It's not that the computer is slow, it's that it's doing something else, so it seems slow to you. I think that's the heart of what we're trying to say."

More... (http://inplainsight.nbcnews.com/_news/2013/08/29/20247880-poor-people-arent-stupid-bad-decisions-are-from-being-overwhelmed-study-finds?lite)
Title: Re: All Things Money
Post by: Mac on September 27, 2013, 09:32:41 am
and they keep coming.

Ways banks are trying to make money off the customer

Fees to talk to tellers

I am soooo glad I left banks.

http://video.today.msnbc.msn.com/today/53121445
Title: Re: All Things Money
Post by: Chiprocks1 on September 27, 2013, 09:37:17 am
Not completely out of the question. My bed mattress charges fees for putting money there...alongside my latest copy of playboy.  ;D
Title: Re: All Things Money
Post by: Mac on November 12, 2013, 09:28:36 am
I haven't carried cash for years. I've got mad money, but I've only had to tap that on the rare occasion. Money is dirty.... yuck

Cash-only business owners risk $100 billion mistake

Quote
As American consumers begin to embrace tap-and-pay smartphone apps, relegating plastic to a deep recess in the pocketbook or wallet, more than half of U.S. small business owners continue to live in the past—forget mobile apps, they don't take American Express, or anything other than cash.

For nearly 10 years Joe Coffee, a small chain of artisan coffee shops in New York City, accepted only cash. Not only was it a more profitable scheme—Joe's average sale was $2.75 and credit card processing would eat up about 3 percent of each transaction plus add a laundry list of fees—but being cash-only was part of the company's ethos.

"We thought of ourselves as the little mom and pop place with the owner behind the counter making coffee. Our signs were hand-drawn, our small coffee was $1.63, we'd only take cash—all those things went together," said Jonathan Rubinstein, Joe's owner.

Six years in, Rubinstein began to notice a shift in customer behavior. "We started reading our Yelp reviews—75 percent of the negative comments about Joe were about us not taking credit cards," he said. "We were losing a lot of sales in terms of people not having cash and going to a competing coffee shop but also people spending less money who wouldn't buy a $17 bag of coffee [beans] or a $75 grinder."

Joe started accepting credit cards at its new outpost in 2011, a shop near Columbia University, where customers—mostly students—tend to pay with debit cards. The experiment went well enough that as of mid-October, nine in 10 Joe Coffee locations now take plastic. "Welcome to 1999," the company tweeted on Oct. 23. "All of our stores (other than GCT) now take CREDIT CARDS! Our Yelp ratings about to skyrocket #sorryittookustenyears," it said, referring to Grand Central Terminal.

Time to wake up, smell coffee
If cash has an added cost for the consumer reaching into the hundreds of billions annually—as one recent study found—the jury is still out on the lost sales opportunity among cash-only merchants. Sales from new customers may sustain the offsetting of expenses incurred by card processing fees. Joe Coffee is betting that by rejecting its cash-only ethos it's in line for a snowballing sales channel in an age where cash is no longer king. According to a report by Javelin Strategy & Research, 27 percent of all in-person point-of-sale purchases were made with cash in 2011, while payments made with plastic cards—debit and credit—comprised 66 percent, and that is expected to rise.

"It's the way of the future," said Rubinstein. "Even though I was the one who came to this kicking and screaming for eight years."

Rubinstein's initial reluctance mirrors that of a broad swath of U.S. merchants. Fifty-five percent of the nation's 27 million small businesses don't accept credit cards, according to Intuit, the Silicon Valley software firm that develops financial and tax prep solutions for small companies. By not accepting cards, those 15 million businesses are missing out on $100 billion in sales annually—roughly $7,000 per company a year in either new sales or sales that go to competitors that do accept cards, said Intuit.

"I don't understand the small businesses that don't take cards," said Jason Richelson, a former grocery and wine store owner in Brooklyn who founded ShopKeep POS, a purveyor of cloud-based point-of-sale software, in 2008. "In my opinion, as a grocery and a wine store owner, if you don't take credit cards, you suffer—you could be increasing your sales 20 percent and you're going to make your customers happier."

Richelson points to another positive of accepting cards: Customers spend more money with them. Across ShopKeep's merchants—more than 7,000 brick and mortar shops around the U.S.—the average spend per transaction is 120 percent higher when customers pay with credit card compared to cash.

The merchants of menace, and margin
Given the benefits of plastic, why don't they take Amex? For many small business owners, it's about solving a two-part math problem: Are profit margins big enough to absorb the cost of the credit card fees? And if they aren't, would the new business that's brought in via credit cards make up the difference?

For companies like Peters' Bakery in San Jose, Calif., whose best-selling products are 70-cent donuts and $2.65 slices of burnt almond cake, the answer is no: "I get more business than I really need right now," said owner Chuck Peters, who'd rather not take the chance of losing any of his loyal customers by raising prices.

Some well-established companies aren't seeing a customer demand for plastic. "We try to stay old school as much as possible because we have a formula that's worked—our restaurant has been here in the same spot since the 1950s," said Kellie Cobern, co-owner of the Peculiar Drive In, a burger and pork tenderloin institution in Peculiar, Mo.

With an average lunch ticket price of $7, the drive-in doesn't have many customers turning away because they can't pay with credit or debit cards. "We keep our prices as low as possible to try and help out our community," said Cobern, adding that handwriting tickets, honoring regulars and accepting only cash and checks add to the appeal of her company's culture. Business is up 30 percent since she and her husband took it over from his mother last year. "If we were to accept credit cards, we would have to raise prices across the board to cover those fees," Cobern said.

Calculating the fees isn't easy. According to Jeff Shanahan, president of payment technology firm CardConnect, there are roughly 700 interchange levels that credit card companies use to determine what they charge when a card is swiped. The fees generally run 2 to 3 percent per swipe, but there are additional costs that banks, credit card companies and merchant service providers—the folks who are liaisons between the merchants and the banks—tack on.

"Besides the fee on every card swipe—it's different depending on the type of card being used—there is a yearly fee just to use the [card processing] company," said the owner of a small yarn shop 25 miles outside of San Francisco. "Then you can either buy or rent the credit card machine, there are access fees based on how many charges you have per company, and there's a license fee that is only a small amount per month, but it adds up. They give you free paper for the machine but you pay for postage, which is more than the cost of buying paper at Costco."

According to the National Retail Federation, merchants pay about $30 billion each year for debit and credit card purchases, most of which goes to the banks issuing the cards. "It always relates back to the fees," said Shanahan. "You have to give up about 3 percent. If your margins are 4 to 5 percent, that's a pretty large portion of your profits."

The cost of remaining cash-only

Despite these costs, "as everyone becomes a lot more familiar with doing things on their phones, if the next store over offering the same set of products accepts electronic payments, then you'll be losing business," said Bhaskar Chakravorti, senior associate dean for international business and finance at Tufts' Fletcher School and co-author of a recent study, "The Cost of Cash in the United States."

New payment technologies like Square, Intuit's GoPayment and PayPal Here—card readers and software that integrate with smartphones and tablets—make the switch to accepting electronic payments easier by eliminating most of the fees. Merchants pay one of two rates, either a per-swipe fee (2.75 percent for Square) or a monthly fee ($275 for Square). Joe Coffee's Rubinstein says he saves 30 percent by using Square over the traditional credit card system he started with. To offset Square's fees, he said, "we have to make 1 percent more [in sales]." So far, at the shops where credit card processing is new, "the last three weeks have been among the best weeks [in terms of sales] in history."

Until a significant percentage of their customers demand to pay via mobile or credit cards, an acceptable substitute for many small companies is proximity to an ATM. For customers who arrive without cash, the staff at the Peculiar Drive In will start cooking their orders while they cross the street to take out money.

Scott Alderman, owner and captain of tour boat company Rusty Anchor in Mount Dora, Fla., will allow his customers without cash to take one of his two-hour tours and hit the ATM a few blocks away after the boat ride if time is tight. "I haven't lost more than one or two customers a year because I don't accept cards," said Alderman, whose pontoon rides, located 20 miles northwest of Orlando, attract tourists looking for day trips.

Some companies just aren't interested messing with the familiar flow of their cash-only system. For the one remaining cash-only Joe Coffee store in Grand Central Terminal, Rubinstein isn't yet looking to add credit card readers.

"It's our fastest shop—we do about 250 transactions an hour there and we have it down to a science," he said. "Most customer are regulars; they're holding their $2.25 in their right hand and loyalty punch cards in their left. If we try credit cards in there and it adds four seconds to the transaction, it will dramatically change our sales." And not for the better, he said.

Title: Re: All Things Money
Post by: Chiprocks1 on November 12, 2013, 10:01:49 am
I hate Credits Cards. It it sooooooo much easier to buy things when you have plastic in hand. You don't mentally keep track of what you are spending in a given month. Sure, you can keep a running tab in your head, or even write it down. But when that statement comes in the mail, it's a punch to the gut when you see just HOW much you really did spend in a given month.
Title: Re: All Things Money
Post by: Mac on November 12, 2013, 12:20:57 pm
Word....

Still wrestling with that b itch.
Title: Re: All Things Money
Post by: Chiprocks1 on November 26, 2013, 10:22:52 am
Banks Ready to Charge to Hold Your Money?

http://www.youtube.com/watch?v=_lk3sL4xF4g

F*ck this sh*t! If this happens, there will be so many people (myself included) pulling money out that it would cause an economic meltdown for all Banks.
Title: Re: All Things Money
Post by: Mac on November 26, 2013, 08:55:11 pm
Wow... I knew banks are continually looking out for themselves and will continue to screw their customers... Without a kiss.

They will not stop.

I had to leave and it was by far, one of the best financial moves I made.
Title: Re: All Things Money
Post by: Chiprocks1 on November 26, 2013, 08:56:29 pm
I had to leave and it was by far, one of the best financial moves I made.

Explain, Sir!
Title: Re: All Things Money
Post by: Mac on November 27, 2013, 05:26:54 am
I was at Bank Of America for years. I even held their stock. Everyday, I felt their greed, personally and in the news. The last straw was their online banking. It took sometimes (note I said 'sometimes' = randomness. I believe, and there was talk, BoA, deliberately held back deposits, thus creating overdrafts) 3 days or more to recognize the money. Yet, BoA had no problem of instantly of recognizing money withdrawals.
Title: Re: All Things Money
Post by: Mac on January 30, 2014, 10:09:35 am
Just saw this commercial today and it home....

... I so have retirement in my brain.

ING - Grill

http://www.youtube.com/watch?v=BuXtPE-uBbs
Title: Re: All Things Money
Post by: Mac on June 02, 2014, 01:44:00 pm
What's the point of browsing all the time with no interest in purchasing what your looking for? Don't understand that. I browse, but fully intending a purchase.

Fauxsumerism

Quote
They'd rather browse than buy.
That, at least, is the word from 14-to- 34-year-olds surveyed by The Intelligence Group, a youth-focused research firm, for its quarterly Cassandra Report.
This is the kind of stuff that drives retailers absolutely crazy. The report finds that young folks, increasingly, find the act of researching and browsing for a purchase far more compelling than the purchase itself.

"Millennials are forcing tectonic shifts in purchasing patterns," says Joe Kessler, president of the Intelligence Group. One-third of respondents said that browsing for items is actually more "fun" than purchasing them. And nearly half of those surveyed said they regularly browse for items that they don't necessarily plan on buying. Essentially, e-commerce has become "its own form of entertainment," the report, which surveyed 1,300 14-to-34-year-olds concludes.
What to call such behavior? Well, retailers call it frustrating. But the Intelligence Group has dubbed it "Fauxsumerism."
Ah, but there is a ray of light for retailers. Some 40% of young consumers said that while they are browsing, they also are making "wish lists" of products they want to buy.
But even then, they don't necessarily want to own. Some 35% of respondents said they'd rather pay full price to access an item only when they need it as opposed to actually owning it. Call them "NOowners." They prize access over ownership and prefer renting, sharing and bartering above buying things.
"Marketers need to shift their mindset," says Jamie Gutfreund, chief strategy officer at the Intelligence Group.
Title: Re: All Things Money
Post by: Chiprocks1 on June 02, 2014, 05:13:20 pm
I browse like a muthaphucka, but it's always with the intent of getting the absolute best bargain I can. It may take me a bit longer than the average Joe, but it's worth taking the extra time just to make sure you don't get screwed over a week later with a sale that says 50% off. Ack!
Title: Re: All Things Money
Post by: Chiprocks1 on August 11, 2014, 09:50:37 am
Last Week Tonight with John Oliver: Predatory Lending (HBO)

https://www.youtube.com/watch?v=PDylgzybWAw&index=26&list=PLp2e7UfInEgmB-5r4rtQOEsq-H-mNmQhk

Epic public shaming followed by an even more epic commercial.
Motherf*ckers!
Title: Re: All Things Money
Post by: Mac on August 11, 2014, 01:04:37 pm
That "Anything Else" commercial was awesome.

So to me, John Oliver just suddenly materialized. Which I know can't be right. Where'd he come from?
He's just skyrocketed.
Title: Re: All Things Money
Post by: Chiprocks1 on August 11, 2014, 01:23:00 pm
So to me, John Oliver just suddenly materialized. Which I know can't be right. Where'd he come from?
He's just skyrocketed.

The Daily Show. He's been around for quite some time. He had a highly successful fill-in stint recently for Jon Stewart when he took time off to go do his directorial debut, leaving the chair for Oliver to occupy until he came back. But Oliver was always great in the role of a reporter long before that. Very solid alumni from TDS that includes Stephen Colbert and Steve Carell. The rest as they say is.....history.
Title: Re: All Things Money
Post by: Mac on August 11, 2014, 03:50:28 pm
OK, there ya go. Thanks for the background.
Title: Re: All Things Money
Post by: Mac on September 26, 2014, 10:07:16 am
I found these survey results suprising in just about every way. To give up so much for cell coverage.

The Surprising Feature Millennials Insist on When Buying a Home

Very short interview (http://time.com/money/3432540/millennial-home-buyers-top-priority-real-estate/)
Title: Re: All Things Money
Post by: Mac on December 30, 2014, 04:27:35 pm
Gas prices are hitting an all time low around these parts.

Currently $1.78/gallon

I'm happy and will take it. We all know one day it will go back up.
I'm one of those who look at... I have more money to spend on other things. Which I would think, more consumer confidence, which stimulate growth.
Title: Re: All Things Money
Post by: Chiprocks1 on December 30, 2014, 04:47:26 pm
It has been hovering around $2.70 - $2.80 for the past few weeks here. This may seem like a lot compared to what your currently paying, but this is a huge drop for us. The average for the past year here has been around $4.20. It's literally the reason why I walk more than I drive.
Title: Re: All Things Money
Post by: Mac on January 13, 2015, 11:02:40 am
$1.66 today  :o
Title: Re: All Things Money
Post by: Chiprocks1 on January 14, 2015, 09:18:31 am
$2.45 yesterday here.
Title: Re: All Things Money
Post by: Neumatic on January 14, 2015, 03:59:52 pm
I haven't been paying attention.  I don't even think I've driven my car more than five minutes since before Christmas.  I need to take that tin can for a spin.
Title: Re: All Things Money
Post by: Mac on September 11, 2015, 09:45:43 am
I thought we had a gas thread... I guess this is it.

$1.93 this week. Take that Tesla


Wait... I like Tesla.
Title: Re: All Things Money
Post by: Neumatic on September 11, 2015, 11:19:45 am
Well, there's the environmental cost of gas, so...
Title: Re: All Things Money
Post by: Mac on September 18, 2015, 03:28:20 pm
Are wallets becoming a thing of the past?

I say this because I just saw a "card" holder for men. It hit me. I haven't used money in forever. My wallet holds some cards an vital info like doctors card, insurance info and my card for strip joint of the month. Which reminds me, I need to renew.

I'm going to look into this. I've always tried to keep my wallet as thin as possible. I never use the inside sleeve.

Hmmmmmmm
Title: Re: All Things Money
Post by: Mac on January 11, 2016, 10:13:00 am
Gas @ $1.49 spotted this morning.

Gas Buddy (http://www.gasbuddy.com/)
Title: Re: All Things Money
Post by: Chiprocks1 on January 11, 2016, 10:31:31 am
F*ck, I hate living in a city that has been rated as one of the highest markets for gas in the US. As of 3 days ago when I last hit the gas station, we were still at $3 per. Sigh.
Title: Re: All Things Money
Post by: Mac on January 11, 2016, 12:15:21 pm
Quote
F*ck, I hate living in a city that has been rated as one of the highest markets for gas in the US. As of 3 days ago when I last hit the gas station, we were still at $3 per. Sigh.

Your f*cking with us... right?
Title: Re: All Things Money
Post by: Chiprocks1 on January 11, 2016, 12:24:04 pm
Nope. All true. It was about $3.30 a couple of weeks ago. We are in fact rated one of, if not the highest priced Gas prices in America.
Title: Re: All Things Money
Post by: Neumatic on January 11, 2016, 02:27:20 pm
Check for that yellow gas cap, my friend!  Find out what kinds of fuel your car can actually take.
Title: Re: All Things Money
Post by: Mac on January 11, 2016, 03:31:01 pm
My ex always suggested, no told me, to put in premium in mine and hers.

Ya right, not gonna happen. If I own a car that requires premium, I've got the wrong car.
Title: Re: All Things Money
Post by: Neumatic on January 11, 2016, 03:37:54 pm
Seriously, watch Pump and get really annoyed that you're paying so much to fill up your car.
Title: Re: All Things Money
Post by: Chiprocks1 on January 15, 2016, 09:37:46 am
Ugh! Every day for the past week the DOW keeps falling. As of right now, another -526 points this morning. F*CK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Title: Re: All Things Money
Post by: Mac on January 15, 2016, 09:48:42 am
This is taking a huge hit to my 401. But I've been doing this long enough to not panic.
Title: Re: All Things Money
Post by: Chiprocks1 on January 16, 2016, 01:03:34 pm
Lottery veterans question Tennessee family’s behavior before claiming Powerball winnings (http://news.yahoo.com/lottery-veterans-question-tennessee-familys-escapades-before-claiming-powerball-winnings-165008074.html)



God, these people are stupid!!! Ya know, when Powerball mania was running wild and I allowed myself to dream my "What if" scenario should I win, the first thing I said to myself was I would limit my exposure as much as possible within the law. There's no way in hell I would do press on any show, small market or large market. I wouldn't even brag to anyone I knew that I had millions. They are bringing a world of hurt on themselves now. Enjoy your millions of dollars and millions of relatives and friends you thought you never knew existed. IDIOTS! FYI, if I could accept my money through an intermediary, that's how I would do it.
Title: Re: All Things Money
Post by: Mac on January 16, 2016, 09:50:58 pm
Dumbf*cks
Title: Re: All Things Money
Post by: Mac on March 23, 2016, 09:35:02 am
Tax credit with electric cars... I did not know this.

Is Tesla Rethinking Its Model 3 Reservation Strategy?

Quote
According to the Teslarati, Tesla may have changed course when it comes to accepting reservations for the Model 3. An e-mail went out to existing Tesla owners just a few days ago telling them that Tesla stores would not start accepting reservations until 10 am Pacific time and that they would get priority in the reservation queue. Now, it seems that may have changed.

(http://gas2.org/wp-content/uploads/2016/03/Tesla-Instagram_grande.png)

Cesar Deschamps told Teslarati late on Tuesday, “I was told they will open here in Miami [Dania] Beach Store at 10 am to take reservations. They thought they would be opening at 1pm [ET] to coincide with California, but they confirmed that they heard this morning from Corporate that they will be processing reservations immediately upon opening.”

Not only that, but the priority Tesla thought it was going to give existing owners seems to have gone out the window, also. “I spoke to two people at the store together, at the same time. They said the info came from their briefing. One said that Elon got a lot of emails complaining about the owners getting preference. This was their way of placating owners whilst pushing loaded cars.”

What’s all the kerfluffle ahout? Basically, it comes down to this. The Model 3 is expected to blow away the competition in its price class. An electric car with 200 mile range that costs just $35,000 and is a Tesla? Who wouldn’t want one of those? Production won’t even begin for 18 months — if it starts on time — and no one even knows what the car will look like yet. But that hasn’t prevented interest in being one of the first to own a Model 3 from rising to a fever pitch.

Then there is the money. Many observers think Tesla will be bumping up against the 200,000 car limit in total sales by the time the Model 3 hits the streets. That’s the point at which a manufacturer’s electric cars begin to lose their federal tax credit. If you want a Model 3 and the full $7,500 tax credit, you need to get one of the first cars built. Since $7,500 is a fair chunk of change, that’s a powerful motivation for people interested in buying a Model 3 to shove their way to the front of the line if they possibly can.

Already on the Tesla  Motors Club blog, people are talking about when they plan to start camping out in front of their local Tesla store in order to be first in the door on the morning of March 31. Some are predicting the company will take 100,000 reservations in the first 24 hours. Things could get ugly. This may turn out to be like the hordes outside of Walmart on Black Friday, champing at the bit to get in.

So here’s how it’s going to work. First and foremost, the most expensive cars are going to get built first. That is standard procedure with Tesla. If someone in Portland, Maine is the first in the US to reserve a car but decides to order an entry level model while someone in Portland, Oregon strolls in to reserve a car three days later but ticks every box on the order form when it comes time configure the car for production, the Oregonian will be driving his or her Model 3 long before the Mainiac.

Deschamps explains it further. “Each region in the country will have their own queue and yes owners will receive priority first, but only after optioned cars first. In other words, the optioned cars are grouped first (highest will be delivered first) but inside this sub-list owners will get theirs first. So, it will be possible to get my car before an owner if my car has more options and a higher list[price].”

Keep in mind that the car will not even be revealed to the public for the first time until the evening of March 31. All this excitement is over a car no one has ever seen. The guess is that there will be more people watching the live video stream from the unveiling party than watched Neil Armstrong take that giant step for mankind in 1969. I know I will be one of them!
Title: Re: All Things Money
Post by: Chiprocks1 on March 23, 2016, 06:34:03 pm
I don't have money.....will continue to walk and dream of the lottery.
Title: Re: All Things Money
Post by: Neumatic on March 23, 2016, 07:08:07 pm
If it helps any, the Bolt sounds better, and far more affordable.  I saw a recent episode of The New Screen Savers, the host had pre-ordered a Tesla but after comparing it to the upcoming Bolt, he started to get second thoughts and seriously considered cancelling his order.  That's  a h3ll of an endorsement.
Title: Re: All Things Money
Post by: Chiprocks1 on September 07, 2016, 07:35:20 pm
A couple that saved $1 million to retire at age 43 shares the first steps they took (http://finance.yahoo.com/news/couple-saved-1-million-retire-135650907.html)

Interesting read.