Money for nuthin' and chicks for free

[Johnny Lupara]

....I don't worry too much about this; just review each month's bills very carefully to ensure that nothing extra is on there.......it also helps to have a good Polish name that many folks don't match up well with......would suck to be a Jones or Smith when it comes to ID protection.....

[Alloy Dave]

Thanks for your insights.

[Alloy Dave]

Some interesting ideas on changes to 401(k)/retirement plans in the US. A bit on the liberal side, but overall not too bad.

Rescue America's retirement - Feb. 16, 2009

[Dad's72Mach]

Originally Posted by Alloy Dave

Some interesting ideas on changes to 401(k)/retirement plans in the US. A bit on the liberal side, but overall not too bad.

Rescue America's retirement - Feb. 16, 2009

Good info AD. Unfortunately my current retirement plan is to work till I die, it's for sure Social Security won't be there.

[Alloy Dave]

Originally Posted by Dad's72Mach

Good info AD. Unfortunately my current retirement plan is to work till I die, it's for sure Social Security won't be there.

Not sure of your situation, but social security is meant to be one leg of the 3-legged stool these days. Of course if you're a business owner or something not in the mainstream, that goes out the window.

Anyone planning to live on SS alone is not going to have a good retirement, that's for sure.

Dave

[Alloy Dave]

I'm not a big pbs fan, they are too liberal for my tastes...always blaming industry and not holding citizens accountable for making good decisions. However, in spite of this, they do informative documentaries in many cases, such as the one below.

The answer is simple, people should stop using credit cards as a source of cash...instead pay off the balance every month....and always pay on time. Easier said than done, but discipline in spending is the key...LBYM (Living Below Your Means). IMO credit card debt is a nasty addiction.

Yes, the credit card companies mislead, lie, deceive, and so on....as do most companies (When you see an auto commercial, what gas mileage figure do they always quote? Answer: The highest one. Typically that's the highway mileage, so they quote that. But if you watch a hybrid commercial, they quote the city mpg...because it's higher. I see this as the type of deception that nearly all companies use.). However, people need to learn that a bit of skepticism is healthy....don't trust anything someone says when they are on the receiving end of your hard-earned money.

The below website has 5 videos of about 10 minutes each...so it's lengthy. But highly informative.

frontline: secret history of the credit card: watch online | PBS

[Johnny Dangerously]

Explanation of the economic stimulus bill

Shortly after class, an economics student approaches his economics professor and says, "I don't understand this stimulus bill. Can you explain it to me?"

The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you." The student agreed.

At the agreed-upon time, the student showed up at the professor's house. The professor stated that the weekend project involved his backyard pool.

They both went out back to the pool, and the professor handed the student a bucket. Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can." The student did as he was instructed.

The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it." The student was naturally confused, but did as he was told.

The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool.

The confused student asked, "Excuse me, but why are we doing this?"

The professor matter-of-factly stated that he was trying to make the shallow end much deeper.

The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough.

However, after the 6th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad. The student finally replied, "All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"

The professor put down his bucket and replied with a smile, "Congratulations. You now understand the stimulus bill."



`

[Alloy Dave]

New definitions for stock market terms:

CEO --Chief Embezzlement Officer.

CFO-- Corporate Fraud Officer.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has been disconnected.

MARKET CORRECTION -- The day after you buy stocks.

CASH FLOW-- The movement your money makes as it disappears down the toilet.

YAHOO -- What you yell after selling it to some poor sucker for $240 per share.

WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

PROFIT -- An archaic word no longer in use

[Alloy Dave]

Don't want this to be a downer, but it will probably come across that way. Each year the EBRI (Employee Benefits Research Institute) publishes a survey about retirement attitudes. I've summarized some of the key findings here. You're welcome to read the full report at this location.

The 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows; Many Looking to Work Longer | EBRI

• Record low confidence levels regarding retirement (how young they can retire, how well they'll be prepared financially, etc.)
• Biggest concerns are the economy, inflation, and cost of living
• 28% of workers say their estimated retirement date has changed in the past year...and 89% of those have said it has changed to a LATER date
• 72% of workers say they plan to work in retirement (this is up from 66% just 2 years ago)
• only 25% of workers are confident they'll have enough money in retirement to meet basic expenses (down from 40% in 2007)
• In regards to how people are dealing with all this, 81% are trying to spend less, 43% are changing their investment style, 38% are working more hours or a second job, 25% are saving more money, and 25% are seeking advice from a financial counselor
• Ignorance is still a big factor: Only 44% of workers have actually even tried to calculate how much money they will need in retirement (most of them simply guess according to the study)

I am hopeful, although not yet convinced, that many Americans will see our latest financial troubles in this country as a wake-up call. We cannot continue to spend more than we make, save little or nothing, borrow on credit cards to pay for luxuries, and ignore planning for the future.

Now, where is my VISA card....I need a throttle body.

[Johnny Dangerously]

So the Prez has decided that the budget is too big, and we must act quickly to save our world. So I want you to cut 100M from the budget. OMG, can it be done!! Wait, that's 100M out of 3.5T. Let's do the math.
100,000,000/3,500,000,000,000 = 2.8E-5 = .00028


So he wants to slash $1 dollar out of every $35,000

Program Manager: The engineering budget is bloated, we can't afford it, you are killing the program...
Engineering Manager: Yeah, I know we quoted 35,000 hours, but I have convened a budget summit to slash the quote. Good news, our new quote is 34,999 hours!!!!

Obama Orders $100 Million in Budget Cuts, Worries About 'Confidence Gap' - First 100 Days of Presidency - Politics FOXNews.com




`

[Alloy Dave]

You have him pegged.

[Alloy Dave]

This is good news IMO and something I've mentioned elsewhere. I hope we recalibrate ourselves to the fact that you should spend less than you earn and save for the future.

Changing values: How the crisis is changing you - May. 4, 2009

The key quote:
"A new set of American values is emerging from the ashes of 600,000 layoffs a month, a lost decade in stocks, and the worst housing crash ever. These values may ring familiar to anyone who lived through the Great Depression. But for most of us it amounts to a large-scale makeover of the way we think about money and life."

[Alloy Dave]

Recession take a hit on Social Security and Medicare - May. 12, 2009





The term "exhausted" means that it will only be able to pay out 76% of intended benefits. So, if Congress simply makes a rule change that we all get 76% of what we were previously entitled to, then the problem is fixed. See how easy it is to fix these things?

[Alloy Dave]

I have mixed emotions about this bill. While mostly I believe gov't should stay out of our lives, sometimes the system is so stacked against the consumer that the average person can find no way out. I guess on this one I think Congress should have stayed out. If people use credit responsibly, pay off balances each month, and follow the rules, such legislation would not be needed. Ok, now for the facts:

What credit card legislation means for you - Money Features

CCARDA (Credit Card Accountability, Responsibilyt, and Disclosure Act) passed the Senate today by a 90-5 margin. The house also passed a similar bill by a wide margin, and Oblama is likely to approve it soon.

The basic protections are no retroactive rate hikes, allowance to go back to a low rate if you "behave" for 6 months, increase to 45 days the notice period for card changes, minimum 6 months on teaser rates, payment allocation over minimum to highest rate amounts, 21 day mailing prior to due dates, Opt-in for "over the limit" process, gift card minimum life of 5 years (Senate version only), elimination of "universal default", and 30 days notice on account closure.

I think the universal default is the most contentious issue.

Fortunately I've not had issues with any of the above. I hope to keep it that way.

[Ebonee Princess]

Originally Posted by Alloy Dave

Identity theft is a major issue these days. Below are some ways to protect yourself. A few are my own, but then some I've simply pasted in from an email going around, so you may have seen it. I agree with most of it, and have added bold comments where I've inserted my own info.

My own ideas:

1. When you charge anything with a credit card, look carefully at the receipt to ensure your card number is 'truncated'. This means only the last 4 digits of your card should show on the receipt. If the entire number shows, use the pen before you sign to mark out all but the last 4 digits. This prevents the store employees from having access to your entire card number. (In England, it is illegal for a business to take a credit card out of the sight of the owner....like in a restaurant when you give them your card...they bring a personal device to your table and scan it - this would be even better in my view than what we do here...any restaurant server could easily write down your info in the back room). This "truncation" is a state by state law, and there are various levels of allowed flexibility. In Indiana we are behind the times, and I have to scratch out the numbers on about 10% of my receipts during a given month....your state may have a full ban on non-truncation.
   
2. Get your credit report free every 4 months. Note that you cannot get a free credit report at FreeCreditReport.com | Free Credit Report and Credit Score Online by Experian. They make you buy their fraud monitoring service to get a 'free' credit report. However, there is a website where you CAN get them free. It's www.annualcreditreport.com. It is a lengthy process, sit down in your office and be ready to answer many questions to verify you are the legal account owner. They will ask you questions online like "I had a loan through the following bank that was paid off in February 2008. A) citigroup B) Bank of America C) Chase D) First national . You'll need to answer about 5 such questions correctly to gain access. Once you're in, you have choices. You can get your credit reports from all three agencies at once. Or...you can get one of them now, then log back on and get another in 4 months, then the third one 4 months later....thus allowing you to get a free credit report every 4 months...this is the option I choose. The first time you do this, it will take some time to go through and understand the report, but after a few cycles it's easy.

**** pasted in
A corporate attorney sent the following out to the employees in his company.

1. Do not sign the back of your credit cards. Instead, put 'PHOTO ID REQUIRED.' The store SHOULD then ask for your ID...although they don't always

2. When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the 'For' line. Instead, just put the last four numbers. The credit card any knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won't have access to it.

3. Put your work phone # on your checks instead of your home phone. If you have a PO Box use that instead of your home address. If you do not have a PO Box, use your work address. Never have our SS# printed on your checks.. (DUH!). You can add it if it is necessary. But if you have it printed, anyone can get it.

4. Place the contents of your wallet on a photocopy machine. Do both sides of each license, credit card, etc. You will know what you had in our wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place.

I also carry a photocopy of my passport when I travel either here or abroad . We've all heard horror stories bout fraud that's committed on
us in stealing a Name, address, Social Security number, credit cards.

Unfortunately, I, an attorney, have first hand knowledge because my wallet was stolen last month. Within a week, the thieve(s) ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record formation online, and more.
But here's some critical information to limit the damage in case this happens to you or someone you know:

5. We have been told we should cancel our credit cards immediately. But the key is having the toll free numbers and your card numbers
handy so you know whom to call. Keep those where you can find them .

6. File a police report immediately in th e jurisdiction where your credit cards, etc., were stolen. This proves to credit providers you
were diligent, and this is a first step toward an investigation (if there ever is one).

But here's what is perhaps most important of all: (I never even thought to do this.)


7. Call the 3 national credit reporting organizations immediately to place a fraud alert on your name and also call the Social Security fraud line number. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the
Internet in my name.

The alert means any company that checks your credit knows your information was stolen, and they have to contact you by phone to authorize new credit.

By the time I was advised to do this, almost two weeks after the theft, all the damage had been done. There are records of all the credit checks initiated by the thieves' purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them dead in their tracks.

Here are the numbers you always need to contact about your wallet, if it has been stolen:

1.) Equifax: 1-800-525-6285
2.) Experian (formerly TRW): 1-888-397-742
3.) Trans Union : 1-800-680 7289
4.) Social Security Administration (fraud line): 1-800-269-0271

Great info..

[Alloy Dave]

Originally Posted by Ebonee Princess

Great info..

[Alloy Dave]

Middle-Class Retirees Worse Off

Save for your future.

[JTB]

Originally Posted by Johnny Lupara

....I don't worry too much about this; just review each month's bills very carefully to ensure that nothing extra is on there.......it also helps to have a good Polish name that many folks don't match up well with......would suck to be a Jones or Smith when it comes to ID protection.....

The Polish make the best Vodka on earth, IMO.

WYBOROWA flows freely at FORT JTB.

[Alloy Dave]

Given the financial crisis we're in, here is some educational material for all of you.

jaywalking - Google Videos

[Alloy Dave]

Watch out for ID thieves, they are getting smarter.

Protect yourself from identity theft - Aug. 18, 2009

There are lots of tips out there to protect yourself. One that I used to struggle with is how to remember all my passwords without writing them down. I finally found an answer that works for me, although my wife thinks it's a bit complicated.

I keep an Excel spreadsheet with a format somethink like this (Joe, all the info below is made up, it's just an example )

Item name = Bank Account #1
website = Bank.com - Your Resource For Internet Banking
username = 5 color + first two fruit + favorite raider#
password = 2 year of wedding + wife's dad's middle name + best man first two

ok, so let's say my favorite color is purple, my favorite fruit is pears, Jack Tatum was my favorite football player from the '60s and his number was 32

Let's also say I was married in 1994, my wife's dad's name was fred, and my best man at my wedding was Gary

Therefore, my username is purplepe32, and my password is 94fredga

Once you decide on a few key parameters, it's pretty easy to do. Some of you might say just use the same password for everything, but some passwords are 6 characters, some are 8, some expire and some don't, etc.

This way, if anyone hacks my computer and is able to open the password protected Excel file, they still wouldn't have my passwords unless they knew nearly every detail of my life....and I trust the only person who knows that much about me.