daguti + money   283

Economists at investing giant Vanguard predict over the next 10 years annual U.S. stock market returns will likely average 3% to 5% : financialindependence
"Hey there, I am 22 years old almost going on 23, and am curious if you have any financial advice or anything along those lines, I understand if you don't feel like it as well. Thank you in advance and hope you have a great rest of your year."

"I'd tell you to read the free booklet "If You Can" by William Bernstein. It tells you the path to financial independence. It doesn't promise you will retire early, but it doesn't tell you to save 80% of your salary either.

This booklet has a reading list. If you read those you'll be more informed than most of the people around you and if you follow through with the advice of the booklet (and of the books if you bother to read them) you'll be fine.

This is not a short course in choosing the best stocks. It's about buying the whole market (through index funds) and following course consistently. It won't turn you into Jeff Bezos. But you'll have FU money and the liberty to choose a job you want and not any job because you need to pay the bills."
https://old.reddit.com/r/financialindependence/comments/dmnrf8/economists_at_investing_giant_vanguard_predict/f54ndot/
investing  books-to-buy  money  money-retirement 
19 days ago by daguti
Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud - The New York Times
"Big banks are making it easy to zap money to your friends. Maybe too easy.

Zelle, a service that allows bank customers to instantly send money to their acquaintances, is booming. Thousands of new users sign up every day. Some $75 billion zoomed through Zelle’s network last year. That’s more than twice the amount of money that customers transferred with Venmo, a rival money-transfer app.

But the same features that make Zelle so useful for customers, its speed and ubiquity, have made it irresistible to thieves. Hackers and con artists have used the system to steal from victims — some of whom had never used Zelle or even heard of it until someone used it to clean out their bank accounts.

Interviews with more than two dozen customers who had their money stolen through Zelle illustrate the weaknesses that criminals are using in targeting the network. While all financial systems are susceptible to fraud, aspects of Zelle’s design, like not always notifying customers when money is transferred — some banks do; others don’t — have contributed to the system’s vulnerability. And some customers who lost money were made whole by their banks; others were not.

For the banks, Zelle is a big — and must-win — bet on where money is headed. As consumers become increasingly accustomed to splitting dinner checks, paying for their coffee and hailing an Uber without touching paper money, banks are rushing to stake their claim on the wallet of the future.

■ Take our quiz to find out how often your personal data has been exposed to hackers.

■ What to do if your email has been hacked.

■ How to protect yourself from ransomware attacks.

In recent years, apps such as Venmo (which is owned by PayPal), Popmoney, Square Cash and Apple Pay made digital cash transfers quick and simple. Banks were falling behind. So they joined up to create a rival product, run by Early Warning Services, a Scottsdale, Ariz., consortium that is jointly owned by seven large banks.

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Last June, Early Warning introduced Zelle. It is built directly into each bank’s mobile app, making the system easy to use for customers — or thieves who gain access to their accounts.

The scale of the problem is hard to pinpoint, because Zelle is fairly new and banks do not report much data about it. But banking analysts say they have seen some alarming incidents.

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“I know of one bank that was experiencing a 90 percent fraud rate on Zelle transactions, which is insane,” said Genevieve Gimbert, a partner in PwC’s financial crimes unit. Most banks have strong authentication and fraud-detection controls for Zelle, she said, but some “just implemented it without any protections” like two-factor authentication and user-behavior monitoring.

Zelle said the problem was under control.

“There are very few incidents,” said Lou Anne Alexander, Early Warning’s head of payments. “When there is a problem, we and the banks are proactive. It’s not something we’re putting our heads in the sand about.”

Eighteen banks in the United States, including most of the biggest players, are using Zelle, and 70 more are in the process of setting it up. Collectively, they connect about half of the traditional checking accounts in the United States. Cash transfers within the network often take place within seconds — much faster than on most of its rival payment services. That has made it more difficult for banks to halt or reverse illicit transactions.

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Security is a cornerstone of Zelle’s marketing campaign. In one TV commercial, Daveed Diggs, an actor and rapper known for “Hamilton” and “black-ish,” is encouraged to pay for playoff tickets through Zelle by another actor who raps: “You can send money safely, ’cause that’s what it’s for, and it’s backed by the banks, so you know it’s secure.”

But the system has had problems. Brian Kemm, a Bank of America customer in Pasadena, Calif., lost $300 because of a misdirected payment.

Brian Kemm, 31, a Bank of America customer in Pasadena, Calif., lost $300 last November because of a misdirected Zelle payment.
Credit
Melissa Lyttle for The New York Times


ImageBrian Kemm, 31, a Bank of America customer in Pasadena, Calif., lost $300 last November because of a misdirected Zelle payment.
Brian Kemm, 31, a Bank of America customer in Pasadena, Calif., lost $300 last November because of a misdirected Zelle payment.CreditMelissa Lyttle for The New York Times
To transfer money through Zelle, the sender enters the recipient’s phone number or email address. Zelle is built on the assumption that each of those identifiers is unique to one person.

Last November, Mr. Kemm tried to send cash to his mother, Carol Kemm, who is also a Bank of America customer. He typed in the mobile phone number Ms. Kemm had been using for at least three years and hit “send.”

“She told me she didn’t get it, and my first thought was, ‘Mom, you’re not being very tech-savvy,’” Mr. Kemm said. “Eventually, after a few days, I realized it really didn’t get there.”

When he called Bank of America’s customer service line, he learned that the $300 had been transferred — to a JPMorgan Chase bank account, whose owner had registered the same phone number Ms. Kemm used. He said he was told that there was nothing Bank of America could do to get his money back.

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Mr. Kemm filed a police report and a fraud claim with Bank of America. On Nov. 30, the bank sent him a reply: “Our records indicate that we initiated the transfer in accordance with your instructions. As a result, your account will not be credited for this claim.”

After being contacted for this article, Bank of America said it would refund Mr. Kemm.

“In general, in cases in which the mobile number was previously registered to another person and directed to that account, we’ll work with the receiving bank to reverse the transaction,” said Betty Riess, a bank spokeswoman.

Another Bank of America customer, Heather Pocorobba, went hunting on March 18 for tickets to a Justin Timberlake concert. On Craigslist, she found two good seats for $260. The seller suggested she pay with Zelle.

“I naïvely believed that since my bank uses it, the accounts must be connected to real people, with some sort of protection built in,” Ms. Pocorobba said.

As soon as she sent the cash, the seller stopped answering her text messages. She never got the tickets — or her money back. She reported the fraud to the police and her bank.

Bank of America’s fine print about Zelle tells customers: “You are protected by the same security you’re used to where you will not be liable for fraudulent transactions.”

The catch is that the bank, like all the others that use Zelle, only considers transactions fraudulent if the customer did not authorize them. When a customer knowingly sends money to someone, the bank offers no protection against rip-offs. (Credit cards, by contrast, protect users against such scammers.)

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“We’re committed to ensuring consumers are aware of potential scams, including reminding them that Zelle is intended for sending funds to friends, family or people they know,” said Ms. Riess, the Bank of America spokeswoman.

Bob Sullivan, an author who specializes in cybercrime and consumer protection, said he was stunned by how poorly the banks had communicated Zelle’s risks — and by their failure to learn from the painful lessons of the past.

Jane Butler, a Wells Fargo customer in Downingtown, Pa., said she first heard of Zelle when it was used to steal $2,500 from her bank account.
Credit
Bryan Anselm for The New York Times


Image
Jane Butler, a Wells Fargo customer in Downingtown, Pa., said she first heard of Zelle when it was used to steal $2,500 from her bank account.
Jane Butler, a Wells Fargo customer in Downingtown, Pa., said she first heard of Zelle when it was used to steal $2,500 from her bank account.CreditBryan Anselm for The New York Times
Craigslist, PayPal and Venmo faced early criticism for leaving users vulnerable to fraud. In response, each made changes. Craigslist, for example, added a warning about scams on every sale listing. PayPal increased the protections it offers on some digital sales and provided a detailed disclosure about what transactions it will and won’t protect.

And Venmo — which, like Zelle, does not protect users if a seller does not deliver what they promised — upgraded its security policies in 2015 to better detect fraud, including by notifying customers when someone adds an email address or new device to their account. This year, the Federal Trade Commission criticized the company for not having those protections in place from the start.

Customers have to hunt on Zelle’s website to get to this red flag: “Neither Zelle nor the participating financial institutions offer a protection program for any purchase or sale conducted using Zelle.” Some banks, such as JPMorgan, don’t notify customers when new recipients are linked to their Zelle accounts.

David Nowicki, a BB&T customer, discovered in March that someone had gained access to his online accounts and used Zelle to steal $4,000. Mr. Nowicki said he had never received any email or phone notifications about the transactions, or about a new computer accessing his account.

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After he filed a fraud claim with BB&T, and a police report, the bank refunded his loss.

“We have multiple layers of security measures… [more]
warnings  money 
july 2019 by daguti
Is there a FIRE personal savings flowchart? : financialindependence
archived at: http://archive.is/KmnaX

This page links to:
https://www.reddit.com/r/personalfinance/comments/4gdlu9/how_to_prioritize_spending_your_money_a_flowchart/ (archived: http://archive.is/Q7lOo)

which links to:
https://i.imgur.com/u0ocDRI.png (archived: http://archive.is/MDYHg)

I saved the flowchart in \dave\media\pictures\money & finances\F.I.R.E. financial planning flow chart.png

There is another chart in there that is similar, but slightly different, I believe.

=============

UPDATE 2019-10-14:
Someone is trying to create one for FIRE principles:

https://old.reddit.com/r/financialindependence/comments/dhr5kp/an_attempt_at_the_fire_flow_chart/
investing  money  Reference  me-stuff 
june 2019 by daguti
The preachers getting rich from poor Americans : TrueReddit
https://old.reddit.com/r/TrueReddit/comments/buh2b0/the_preachers_getting_rich_from_poor_americans/

Quote from the comments:
"Mark my word, if and when these preachers get control of the [Republican] party, and they're sure trying to do so, it's going to be a terrible damn problem. Frankly, these people frighten me. Politics and governing demand compromise. But these Christians believe they are acting in the name of God, so they can't and won't compromise. I know, I've tried to deal with them...

Barry Goldwater, 1964 Republican presidential candidate"

source page archived here: http://archive.is/oxYqI
religion  religion-christianity  corruption  anti-something  money  money-as-a-corrupting-influence 
may 2019 by daguti
inheritance problem : financialindependence
books-to-buy = "A Simple Path to Wealth" JL Collins

A lot of other great advice: "If you can" by William Bernstein, also "The Four Pillars of Investing" by the same author

Read all the comments, especially this one below:

Reference = A great set of tips for dealing with an investment advisor in the top comment by ExtraneousQuestion:

"Hi, licensed financial advisor here at a wealth management firm. I will give you no securities advice due to regulations on public forum.

But I will give you some tips at dealing with advisors, and what to look for.

1 ask how they are compensated.
You can do this on the phone even. Any advisor worth their salt will be comfortable explaining this, and a good one will bring up possible conflicts of interest ahead of time. I don’t personally think you need to limit yourself to fee only, but I understand the rationale behind that sentiment.

2 if an advisor tells you what to do or not do with your money, like it’s theirs - fire them on the spot.
A good advisor does not remove your agency in decision making. I started in the industry seeing a lot of these types of guys and I have no idea why anybody would do business with them. A good advisor should be able to challenge you without being aggressive or confrontational, for the purpose of understanding and strengthening your investment philosophy, not to belittle you. Beware the short tempered advisor, this guy is entitled and will be a pain in the ass.

3 if you tell the advisor what you need help with, and they start talking about products, just leave. Especially if they say bring up a “variable annuity” anytime at all within the first meeting.
A good advisor should have a process in place involving asking plentiful questions about your preferences, past experiences, concerns, objectives, risk tolerance, family, etc - it should feel like it’s not JUST about money but about YOU as a person., and what YOU want.

They should also create some personalized analysis based on this information, that they show you and interpret. And they should get through the themes, issues, opportunities in your plan at a high level BEFORE ever mentioning a specific product. Product early means product pusher. Don’t bother.

4 if the advisor gets annoyed when you ask questions, leave. As advisors it is our privilege to serve you, and present you insights to improve your situation. If you feel talked down upon, intimidated, shamed, or god forbid you are yelled at. Give them the finger. Mind you a good advisor may also have some hard questions for you, but a difficult question and a surly attitude are not the same thing.
5 it should feel like working with your estate planner. To solve a problem, and walk you through their rationale. Professional. Transparent. And they should advocate for you and recognize discomfort before you have to voice yourself - and pause to check in with you.
You should feel like a human interviewing someone for a partnership, not a piece of prey.

I know advisors are not popular on this sub, but I get upset listening to your story. You deserve better than what it seems you’ve received. I’m sorry."
money  investing  Reference  books-to-buy 
march 2019 by daguti
Compare Top CD Rates - NerdWallet
2019-02-25: 2.7% to 2.8% from Discover, Marcus, Capital One, and PurePoint
Reference  money 
february 2019 by daguti
Alexandria Ocasio-Cortez's 'Corruption Game' Speech Is Now the Most Viewed Twitter Video of Any Politician : politics
I've noticed the last few years have brought about a tremendous increase in the awareness of income inequality & "the 1%" and so forth.

Forces:
- Bernie Sanders, Elizabeth Warren, Alexandra Ocasio-Cortez

- The increasing interest in socialism: https://old.reddit.com/r/politics/comments/asip0s/socialism_is_gaining_in_popularity_and_todays/

- Occupy Wall Street

- The Dutch economist who went to Davos and told billionaires their taxes need to go up
https://www.news.com.au/finance/money/wealth/dutch-historian-who-called-out-billionaires-at-davos-goes-viral-becomes-social-media-star/news-story/45d75de96d5161ed3bf9205d79a0c063

https://www.theguardian.com/business/2019/feb/01/rutger-bregman-world-economic-forum-davos-speech-tax-billionaires-capitalism


I've struggled with whether this deserves its own tag or if the combination of capitalism-greed, taxes-as-a-concept, wealth-income-distrubtion, and a few others is enough....
people-alexandria-ocasio-cortez  paradigm-shifts  paradigm-shifts-new-or-emerging-things  economics  wealth-income-distribution  money 
february 2019 by daguti
Navigating the “experience economy” on the way to FIRE : financialindependence
"I wanted to write this post because I’ve seen a lot of posts from young people (late teens to mid-20s) who are on their journey to FIRE, who are struggling with finding the balance between “living now” and “saving for later”. There are a lot of posts from young people who want to save for their futures and build a financially stable life for themselves, but also worry that if they don’t travel/attend concerts/experience enough while they’re still in their 20s, they’ll live a life full of regret over what they’ll never get back.



I’m not trying to tell anyone what they should or shouldn’t spend their money on – it’s a personal decision that will be unique from my own. But it concerns me that I see so much marketing out there, and so much social media pressure from professional influencers, encouraging young people to spend their money on experiences. The message always seems to be: “You’re only young once! You can never relive your 20s! You can’t afford not to do this! You’ll never get this time back in your life and you’ll regret not doing it when you’re younger!”



For context – I’m an older “millennial” (always preferred “Generation Y” myself). And when I was a young person, the whole “experience economy” just wasn’t the same. Everyone spent time with their friends, of course, but there wasn’t so much emphasis on doing expensive things with your friends. Music festivals were a once-in-a-lifetime experience – not something you go to all the time. Activities like escape rooms didn’t exist. Vacations were something you would take annually with your family – maybe if you wanted to go nuts, you would take a cheap road trip with your friends, and go camping. Or something. But there wasn’t as much pressure to spend money on experiences.



It’s not like what we were pressured to spend money on was better – when I was young it was all about the brand name clothes, latest tech gadgets, and other materialistic things that I don’t think people care as much about anymore. And that’s a good thing. But my point is that, even though we didn’t spend as much on experiences, the time we spent with our friends was still valuable. We didn’t have to spend a bunch of money on concerts or travel or go to exotic destinations to have real friends. Real friends were the people who you could talk to about real life, who you could do stupid stuff with, who would go out for cheap beers with you, who had your back. And you can’t put a price tag on that kind of friendship.



So my concern is, I feel like the “economy of experiences” is trying to make you feel like if you don’t spend money on experiences in your 20s, you can’t be a well-rounded, content person with a strong friend group and good memories of your youth. And I think that’s as much bullshit as saying you can’t be happy unless you spend a bunch of money on shiny gadgets when you’re in your 20s, like we were told. Friends are friends and you can’t buy them. You can’t replace them. You don’t need to be rich to have them – you need to be a good friend yourself to have them.



I know that the concern is that once you hit your 30s, you’re going to be stuck in life, restricted, forced to focus on your career, and potentially dealing with declining health. But how much of a concern is that really? I’m in my 30s, as are most of my friends, and most people I know are happier than they’ve ever been. Most of my friends make more money than they made in their 20s. They get more weeks of holidays than they got in their 20s. They’re in just as good of health as they were in their 20s.



Hell, do you know what most people I know in their 40s regret not spending their money on? Cheap things. Because a cheap hostel is only comfortable enough when you’re still young. A cheap road trip is only manageable when you have the time and don’t have family/friends/job needing more of you. No one wants to go to cheap restaurants when you’re in your 30s and 40s. The thing is, older people I know only want to go to nice restaurants, take luxury holidays, and have more expensive experiences. The only people I know who love and have a great time with cheap experiences are young people. So why spend all of your money on expensive experiences when you’re young? Save some of that for when you’re older and can appreciate it more, and you and your friends are in a better place to afford it.



And yes, it’s true, while the average life expectancy nowadays in a developed country is very high, there is the possibility that you won’t live a very long life. And no one wants to live a life they regret because they died before getting to do anything that they wanted to do. I understand that. But do you really have to spend your whole 20s spending your money and time on expensive experiences to avoid regret? Do people who built a really solid financial base by partying a little in their 20s, instead of a LOT, really die with nothing but regret? I’ve known several sick and terminally ill people, and I’ve never met one who wished they spent more money partying in their 20s. They usually regret things like their parents living to see them die, or that they won’t leave their spouse with enough money to live comfortably, or not getting to talk to their friends enough.



So, again – I’m not telling you what to spend your money on. And I’m definitely not saying you shouldn’t spend any money on experiences – some experiences are a good thing. I loved my first international trip with friends, my first concert – these are things I will never forget. But there are marketers out there who are paid to try to convince young people that spending money in your 20s on experiences is a “need”, not a want – that otherwise they will not have “authentic” experiences, and that you will regret it if you don’t spend as much as you can on experiences while you’re still in your 20s. So I wanted to post that in my experience, you don’t have to spend a ton of money on experiences with your friends just to have genuine friendships. Spending more money on an experience does not necessarily mean it is a better experience. And when people get older, they thrive when they have a solid financial base and genuine connections with family, friends, and loved ones, not because of how much they spent partying in their 20s.



TL;DR – having great experiences when you’re in your 20s is fantastic, but marketers are happy to convince young people to overdo it, and you don’t need to overspend on experiences any more than you need to overspend on material things."
money  children-teens  money-retirement  money-retirement-early-fire 
february 2019 by daguti
Update to "Early Trick to Teaching Your Kid to Save" : financialindependence
"Since the original post was so well received I thought I'd share an update. We recently started giving our older two an allowance of $1/ week. The first week went as you might expect: we went to the grocery store, they found some candy that cost exactly $1, they spent all their money. They did bring it home and split it with the littler two because they "didn't want them to feel left out", but that's just a side bonus.



The real win came a few weeks later. We'd been giving them their allowance but hadn't had an opportunity to take them to the grocery store in a few weeks (we normally shop at restaurant supply shops for cheap bulk foods, not many lower priced things there). When the time did come for the grocery store, I warned each of the bigger girls to make sure they brought their purses. After a few minutes I checked on them and in a moment of absent-minded parenting noticed that they had left most of their money on their shelves.



Me: "Girls, don't forget this money here, you'll want it at the store."

One of my girls: "No, we talked about it and we decided to leave most of it here so we wouldn't be tempted to spend it. We're only each taking one dollar so we don't feel like the other has more."



I'm not paraphrasing. I was floored, and immediately quoted them in an email to their Dad so he could also jump up and down like I was doing mentally. They are miles ahead of where I was in any of my first two decades; it really is possible to teach prudence guys!"

ALSO SEE THIS COMMENT:

"I think that the best trick to get children to save, and understand the concept of saving, is what my grandfather did for me. For every dollar that I saved, he would double it.

Of course, in actuality, that only came to about ten dollars or so, but it planted the idea in me that saving was seriously important. If he was willing to spend that much (potentially), then it really had to be a good idea to save in the future (as an adult).

And indeed, I became better at it.

But much of this really depends on the child, as it didn't work for my sister, and I believe every child might have a different way of interpreting any kind of saving plan."
money  money-retirement  children  childrearing 
december 2018 by daguti
Thoughts on FIRE and Friendship : financialindependence
"I've read this subreddit for years and never felt that I had anything of substance to post. I value the ethos of FI tremendously and came across it while already doing some of the things anyways (cooking my own meals, paying down debt, investing in index funds, etc.) but wasn't truly on the FIRE path because I was wasting a lot of money on things without realizing it (cable TV, eating out at crappy restaurants too much, ordering crap from Amazon that we didn't need, etc.)

So I realize none of this is really all that unique. What I wanted to share is that my wife and I had some friends that also discovered FIRE around the same time, and went much more hardcore into it. They stopped going out to eat for any reason at all; would never go get a drink for any reason; would never buy something new for any reason; moved 10 states away and now live like hermits. In essence, if an activity cost any money at all, they just wouldn't do it. While they are definitely going to achieve FIRE earlier than we are, they've sacrificed a lot of things along the way like friendships and relationships, and it has led me to much contemplation about the differences in our paths. Some of the relationships I've kept by doing things like going out for the occasional drink have led me to conversations about jobs and career choices that catapulted me into interviews and new jobs that have ended up tripling my income, while these friends of mine are still scraping by earning the same amount they always have. Our savings rate of ~40% is nowhere near theirs and certainly not bragging rights on this sub, I realize, but we still have a rich social life and enjoy ourselves along the way, while our ultra-FIRE friends have faded completely from our social circle and live a pretty spartan existence.

I realize that in itself is worth considering, too; perhaps they've chosen to remove themselves because they feel that these social connections to people that don't understand their FIRE motivation are hampering their journey. Maybe they really are happier without having friends or ever going out for a drink. I don't mean this post to say that they are wrong and I am right; or vice versa. The roots of this movement were about giving up consumption and I recognize that I really haven't been able to completely do that. The point I was really trying to make with all of this is that however you found yourself on this path, it's important to remember to think through these kind of considerations - is it worth giving up your friendships because of your dedication to FIRE? To us it wasn't, and to our friends it was. I wish them the best and I am a bit jealous that they'll be truly FI earlier than we will. But I've also had a lot of really good times along the way with the friends we all shared, and there is a hole there where they are missing from it all.
Has anyone else had these kind of thoughts or experiences along the way? Am I going to get downvoted to oblivion for not belonging here? I'm more curious than anything."
money  money-retirement  relationships  relationships-friends 
december 2018 by daguti
The Financial Copywriting Academy - Jake Hoffberg
"Personal finance tools...

I've been using quickbooks for a long time to manage my business P&L and want to get some discipline around my personal finance stuff as well.

Currently, I just track all my spending in an excel spreadsheet and scan my receipts (you'd be amazed at what a difference tracking your spending each day makes).

But I'd like to move to a more efficient system or otherwise get a strategy in place for personal finance that doesn't create a bunch of unnecessary paperwork.

Suggestions?

I used Mint once upon a time and might go back to it."
money  personal-development  me-stuff 
december 2018 by daguti
Money Order Prices and Locations - frugalhack.me
List of places to get a money order and their cost. Surprisingly, the post office is not the cheapest.

NOTE: A bank check is $10 at Bank of America unless you have one of those high roller accounts, so avoid that if you can.
Reference  frugality  money 
september 2018 by daguti
I thought I was paranoid, but I got phished. Read my shameful account of said phishing so they don't get you too. : personalfinance
The basics always apply:
If someone calls you, it's on THEM to prove who they are - not the other way around. (i.e. don't give out personal information, including codes texted to your phone)

If someone is trying to rush you, they're a fraud.

Also, no one from a legitimate organization will call you to settle a debt or get immediate payment. Again, they're trying to rush you, it's fraud. (i.e. "your electric will be shut off in 30 minutes if we don't get payment" or "deputies will come to your house in 30 minutes if you don't settle this tax bill")

Also see gmail:
subject:"fraud alert" before:2018-03-02 after:2018-02-28
crime-fraud  crime-scams-or-ripoffs  warnings  money 
march 2018 by daguti
Create an LLC for your kids when they're in high school...
Text from the image:
"Create an LLC for your kids when they're in high school. File taxes on it for 4 years.(start business history) pay them on the business payroll checks. (set their salary) Get a business credit card. Make them an authorized signer (establish business credit) GRADUATION GIFT! Let's break the cycle."
childrearing  children  babies  money  wealth 
november 2017 by daguti
Burt Reynolds Isn’t Broke, but He’s Got a Few Regrets | Vanity Fair
I had no idea he made such bad choices. I thought this kind of thing was the domain of former NBA and NFL stars.

keywords: burt reynolds
money  warnings  celebrities 
august 2016 by daguti
Reddit - /r/personalfinance Financial Flowchart
Really great financial planning flowchart. I saved this as "financial planning flowchart.jpg" ---

UPDATE 2019-09-05-: It disappeared and I changed the link, but this must have been the FIRE flowchart, of which there are a few versions.
One is available here under "Graphical Version"
https://www.reddit.com/r/personalfinance/wiki/commontopics#wiki_graphical_version
Direct link to the image: https://i.imgur.com/lSoUQr2.png
money  visualization  reference  childrearing  children-teens  money-retirement-early-fire 
june 2016 by daguti
4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford
Notice how the "poorer" two don't plan about money - it "happens" to them, while the other two are all about planning, thinking ahead, making their money work for them. Certainly highlights Earl Nightingale's quote: "You become what you think about."
wealth  poverty  analysis  money  society  culture  money-retirement 
june 2016 by daguti
New device lets Oklahoma cops seize cash without due process
capitalism-greed = "According to a contract obtained by Oklahoma Watch, ERAD Group charges $5,000 for each machine and $1,500 for training on how to use the device — a glorified card reader.

If that wasn’t enough, it also charges a processing fee of 7.7 percent on each transaction. So, if the state seizes $100,000 from a suspected drug dealer, ERAD Group pockets $7,700 in addition to the initial sale, training and any on-going need for maintenance and additional support."
police-abuses  money  money-as-a-corrupting-influence  capitalism-greed  business-ideas-niche-abusing-the-law 
june 2016 by daguti
Household Expenses App Splittable Raises $1.2M Funding | TechCrunch
I have been using spreadsheets to split expenses with roommates for ages. I even have spreadsheets that automatically split things two or three ways or weigh certain extended 60/40 or whatever. I can't believe that some mundane idea like this resulted in a company that gets funding of $1.2MM.
ideas-stolen  money  budget 
october 2015 by daguti
How to ask for a raise
#3: stay hungry: I've known this one for a long time. I've always worked better, done more, been more productive, etc when I'm hungry.
money  career  communication-negotiation 
september 2015 by daguti
The public has no idea the deficit is shrinking | MSNBC
"But the truth is, Republican apoplexy and reality are often out of sync. In fact, it’s not just the deficit – the same Bloomberg Politics Poll asked respondents, “On immigration, do you think the Obama administration has sent more or fewer undocumented immigrants back to their home countries, compared to ten years ago?” By a nearly two-to-one margin, a majority of Americans believe Obama has deported fewer undocumented immigrants. The truth is the exact opposite. There’s plenty of blame to go around for such widespread confusion – the public has to take some responsibility, as does the media – but I don’t think it’s an accident that bogus Republican talking points are too often accepted as fact by the American mainstream. GOP politicians and pundits excel at salesmanship, to the point that they can convince people to buy transparent nonsense."
people-barack-obama  politics-philosophies-republicans  politics  economy  money  hypocrisy  corruption-disinformation-propaganda 
september 2015 by daguti
(2) Investment Strategies: I inherited around $10M, and am looking at investment possibilities with a long time frame (15 years). Taking into account commissions/fees, and that no fund consistently beats the market, it seems to make sense to just buy 3 o
"I inherited around $10M, and am looking at investment possibilities with a long time frame (15+ years). Taking into account commissions/fees, and that no fund consistently beats the market, it seems to make sense to just buy 3 or 4 Vanguard funds and sit on them. Is this a wise investment strategy?" ................... ANSWER --------------> "As a former private banker, I can say you are the dream client of many private banks and investment advisors. My advice is: Stay away from them! Stay away from hedge fund managers, portfolio managers, private wealth managers, investment advisors and anyone else who charges you a percentage of your invested assets."
investing  money  warnings 
april 2015 by daguti
Marriage duration is inversely associated with spending on the engagement ring and wedding ceremony : science
Be sure to read the first comment: "Very Misleading Title... FTA's Conclusion, "We find that marriage duration is either not associated or inversely associated with spending on the engagement ring and wedding ceremony.""
relationships-marriage  relationships-marriage-wedding  money  counterintuitive 
october 2014 by daguti
How Scarcity Trap Affects Our Thinking, Behavior : NPR
This is Butler to a T: "In a study looking at poor farmers in India, for example, the researchers found that farmers tended to be better planners and thinkers when they were flush with cash. But right before harvest, when they were strapped for cash, Mullainathan says their brains focused only on short-term goals."
books-to-buy  resources-scarcity  time  money  brain  psychology 
february 2014 by daguti
BBC News - 'Money reduces trust' in small groups, study shows
""Using money does help large societies to achieve larger levels of co-operation than smaller societies, but it does so at a cost of displacing normal of voluntary help that is the bread and butter of smaller societies, in which everyone knows each other," said Prof Camera. " ................This reminds me of the book (I forgot which; maybe it was a blog post) where I read that if you treat clients with a personal touch and try to introduce some kind of "impersonal" rule (like, if you dip below a $50 daily balance, you get penalized), suddenly the personal relationship they felt they had with you is displaced by the "business" relationship-- and its' hard or impossible to win back the "friendly/personal" relationship.
money  groups  relationships  warnings  trust  psychology 
january 2014 by daguti
Holy Freeloading! 10 Ways Religious Groups Suck on the Public Purse | Alternet
IMPORTANT: ===========================> I've come to realize that the tag "hypocricy" is a fertile ground for bureacratic-jesus material.
religion  corruption  money  projects-w-matt-bureaucratic-jesus  hypocrisy 
september 2013 by daguti
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