My First Book Review

You probably noticed that I haven't been writing a whole lot lately.

It's no coincidence, and yes, I'm still alive. I've just been busy. Besides doing some writing for Divorce 360 and my own blog, Single Dads (although that's been suffering recently - I need to go back to my roots), I've been hanging out with the four year old, working quite a bit, and now... reviewing books. As a member of the website LibraryThing (you'll see the widget over there on the side, there,) I signed up for the Early Reviewers program. It has its perks.

So, here's my first review - that I'm going to put with my first freelance paycheck stub and my first volunteer freelance letter. Be kind, because God knows that I have no idea what I'm doing.

Yet.

But all is falling into place. I think.


--


To say that I fancy myself a poet is not exactly accurate; somewhere in a trunk at home there is a folder with Lord only knows how many pieces of poetry that I wrote in the 80’s and 90’s, when things for me were much bleaker and introspective. I even had some success writing a poem that was published a very long time ago.

Therefore, I looked forward to reading How To Write A Suicide Note by Sherry Quan Lee, a multicultural woman writing about her grappling with suicide, growing up different, and finding herself. To say that I “liked” the series of “poems” (many of which read more like prose than poetry to me – that seems, in retrospect, apt) is not quite the correct word. This was a great series, but in some ways, was so emotional and passionate, that I actually had difficulty reading them. But then again, I’m often dramatic when it comes to topics of this nature.

This was a very good book that I would recommend to people interested in mental health issues, multiculturalism, self-help, poetry or real-life essays, and if you are a parent, read this and learn.

--

Let me know what you think. The curiosity is killing me.

Jaw Dropping 401(k) Surprise

Speechless.

WASHINGTON - The Supreme Court ruled Wednesday that individual participants in the most common type of retirement plan can sue under a pension protection law to recover their losses.

The unanimous decision has implications for 50 million workers with $2.7 trillion invested in 401(k) retirement plans.

James LaRue of Southlake, Texas, said the value of his stock market holdings plunged $150,000 when administrators at his retirement plan failed to follow his instructions to switch to safer investments.

The issue in the LaRue case was whether the Employee Retirement Income Security Act permits an individual account holder to sue plan administrators for breaching their fiduciary duties.

Yahoo.

I... am amazed.

I'm going to have to think about this and get back to you.  I'm so stunned that the Supreme Court actually ruled in favor of an individual over plan administrators, I might have to change my worldview.

The Consolidation Of Ultimate Power Has Begun

In what can only be bad news for the average consumer, Bank of America is about to grow, one subprime lender at a time.

CHARLOTTE, N.C. (AP) -- Bank of America said Friday it will buy Countrywide Financial for $4.1 billion in stock, a deal that rescues the country's biggest mortgage lender and expands the financial services empire of the nation's largest consumer bank.

The acquisition will make Charlotte-based Bank of America Corp. the nation's biggest mortgage lender and loan servicer.

Via Yahoo News.  Egads.

Want more good news?  I suppose that if you have WaMu stock, you should keep it.

Washington Mutual, the U.S. savings and loan slammed by slumping mortgage markets, has held "very preliminary" merger talks with JPMorgan Chase, CNBC has learned.

No deal is imminent but the talks were held fairly recently.

Also on Yahoo.

There was a time, not too long ago, it seems, that a merger could be said to bring economies of scale to the larger company, and that those savings would inevitably come back to the consumer. 

I'm thinking that time is long since past, since the advent of the MegabankTM.  Both WaMu and Countrywide have huge shares of the mortgage market, so both purchases can be interpreted as "market saviour" type purchases.  You can also be certain that in the present regulatory environment, it would be a miracle for either of these mergers to be stopped.  So some might think that in the end, these mergers are good things.

No.
Be afraid.
Be very afraid.

I've Got The Gotta Go Into Bankruptcy, But The Debts Are Still There Blues

People, people, people.  You might as well accept the fact that you really want to avoid credit cards.  Don't think that bankruptcy will help you, either.

It's not as easy to get a Chapter 7 bankruptcy anymore due to recent legislation that was bought and paid for by the banking industry. In most cases you'll have to pay back some part of your debt under a Chapter 13 bankruptcy repayment plan. The banks weren't happy with just forcing almost everyone into a Chapter 13 bankruptcy in which they have to repay all of their debts through a payment plan and are now going after people who already filed Chapter 7 bankruptcy and trying to collect on debts which have been legally bankrupted away.

That's from American Consumer News.  Consider reading the whole article.

I'm going to tell you a story about credit cards that you might not believe and might find difficult to conceive.  Did you know that there was a time in the last fifty years that credit cards didn't exist?  No, really, it's true!  There was NO such thing as credit cards!  Wow!

Strangely enough, people still were able to buy things with money.  Oddly, when people couldn't afford things they didn't buy them.  Shocking.

As it turns out, a fine way to spend yourself into bankruptcy is to buy things that you can't afford, which is exactly what credit cards allow you to do.  If you can avoid the trap that credit provides, then your chances of overspending decrease significantly.

The message seems pretty clear, doesn't it?

Something That I Didn't Know About The Housing Crisis

The news is full of information about the problems in the housing market, but the most interesting thing that I've read so far is something that I read in a recent article about the current crisis in foreclosures - that might have an impact on you, gentle and harried adults that you are (or might be):

According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.

MBA Report Summary

 

• The foreclosure rate recorded in the last quarter has increased beyond the highest point seen in the history of the MBA survey, which dates back to 1953.
• 14.82 percent of subprime borrowers are currently behind on their home loans.
• The highest percentage of foreclosures are on homes with 2/28 adjustable rate mortgages.

I found this on Homeguide123.  Shockingly, though, this is not the part that I'm referring to in the title.

These lines are the ones that shocked me.

'Many blame subprime lending for our current real estate crisis, but rampant speculation, even by those with great credit, played a leading role,' said O'Toole in a press release. 'The subprime market took the first hit as those borrowers had the least to lose when they walked away. Now that nearly half of foreclosures represent non-owner occupied properties, it is clear that speculators are walking away too.'

It is true that non-owner occupied properties have been hitting the auction block in record numbers. Of the 9,477 properties auctioned in California last month, 44.3 percent of them were speculator owned properties.

Another shocker: 90.3 percent of the homes were bought or refinanced in 2005 and 2006.

90.3 percent of the homes were bought or refinanced in 2005 or 2006.

I rent.  I'm very glad that I do at this point. 

Mid-2008 is sounding like a pretty good time to buy, however.

Financial Quote Of The Day

...yes, that said Financial Quote of the Day.  Believe it or not, I'm not kidding.

Like many who have jobs and kids, I am one of those that actually has a 401(k).  Unlike many that have jobs and very young kids, though, I have taken the bizarre (and poverty inducing) step of actually starting a 529 plan for my little honey's college education.  I figure that hey, if she doesn't go to college, I'll buy a boat, and give it my daughter's name or something.  But I do believe in being prepared, thanks to a little peach of a post that I caught some time ago.

 

Lately, though, I've been a little in the dumps, because I actively LOOKED at what my various little investments were doing, in light of the recent ups and downs in the stock market.  Ugh.

 

Then came this article on the market from the Washington Post, which actually not only handed out some good advice, but provided the title to this here post, above.  Here's a bit from the article:

 

The recent stock market plunge has whiplashed many investors and left them wondering what to do about their portfolios.

But in times like these, don't panic. Instead, you want to think about the three D's, says Erik Davidson, a chartered financial analyst and senior director of investments at Wells Fargo Private Bank in Denver.

Good advice in there, but the key thing that the article mentioned was this gem of a phrase:

 

Whatever you do, "have a programmed approach that keeps you buying during the downturns," Seely said. "Think about something other than what the market did today."

 

Think about something other than what the market did today.

 

I like the cut of that phrase, and I would like to subscribe to your newsletter.

 

Google: We're In Ur Store, Mappin' Ur Stuff

I haven't made a post about Google in a while, so imagine my surprise when I saw how you can be an independent contractor for them , especially since it's not April Fool's Day.  Requirements include the power of speech and a camera.  From the FAQ:

 

1. Why should I become a Google Business Referral Representative?
   
   Joining the Google Local Business Referrals (LBR) program is a great way to earn some money while connecting people to the businesses in your neighborhood. The information you collect could be seen by millions of people who use Google every day. And you'll be helping the businesses you refer attract new customers while also making it easier for people in your community to find the products and services they're searching for.

2. What will I be doing as a representative?
   
   As a Google Business Referral Representative, you'll visit local businesses to collect information (such as hours of operation, types of payment accepted, etc.) for Google Maps, and tell them about Google Maps and Google AdWords. You'll also take a few digital photos of the business that will appear on the Google Maps listing along with the business information.  After the visit, you submit the business' info and photo(s) to Google through your Local Business Referrals Center, and we'll pay you up to $10 for each listing that is approved by Google and verified by the business.

   All you need to be a successful Business Referral Representative is a passion for helping local businesses succeed, a love for the Internet (some knowledge of Google is great, too), and access to a computer and a digital camera.

Say again?  Google will pay me for taking some pictures of some local businesses?

Wow.  Where do I sign up?

By the way, I found this via Reddit, so you'll probably never see this article again, so take some notes. 

 

Seriously, I'm thinking that Google is:

- Rich as all get out, and

- Preparing for world domination.

Dear God In Heaven - The Wal-Mart Card

NOOOOOOOOO!

 

Check our Walmart's awesomely evil deal: Cashing your check costs $3.00, but if you put the money on a Walmart MoneyCard, they'll waive the $4.64 "loading" fee. Neat! After that it's only $4.94 a month to keep your money on the card.

Want to know how much is left? That'll be $0.70 to check your balance .This card, in essence, takes people who don't have access to the banking system in this country and makes Walmart their "bank." Except it's a "bank" where it costs $1.95 to get money from an ATM, but getting "cash back" from Walmart's POS is free! If you deposit more then $1,000, Walmart will generously waive the monthly maintenance fee on the card. Want to speak to a teller? That'll be $3.50. Your paper statement? $2.00.

The Consumerist, of course.

 

What's so notorious, so demonically clever, so gloriously evil about this idea is this:

 

People WILL do it.  Why?

 

Banking is expensive, and bank accounts become harder and harder to get.  Although I'm not a gambling man, I'd wager that in many ways, getting a credit card is easier.  The "unbanked" market will continue to grow, and as it does, you'll see more of this - because it's a cash cow that preys on that middle-lower-middle class market.  Just wait.

 

Excuse me, my brain is hurting.

Do It Yourself Background Checks

Yes, I'm aware that this is two Consumerist posts in one day.  However, this couldn't be more useful unless you had a handy clone willing to punch the keys or dial the phone.

 

The real post is here, however, via the Privacy Rights Clearinghouse.

These are the unspoken questions asked by employers, landlords, creditors, insurers and banks as you – the consumer – make your way through the normal affairs of adult life. To the company that may give you a job, write an insurance policy, or rent you an apartment, you represent a risk – the unknown – and companies feel a need to assess their "risk" in dealing with you. Of course, you won't be asked these questions outright, but those who want to rate your "risk level" are turning more than ever to specialized "consumer reports" to find out more about you.

The federal Fair Credit Reporting Act (FCRA) covers reports about your overall financial health. Credit reports allow a lender to see whether you pay your bills on time, have filed for bankruptcy, have an outstanding judgment or collection action against you.

However, despite its name, the Fair Credit Reporting Act covers a lot more than simply credit reports. Credit reports are just one of a broader category of consumer reports covered by the FCRA.

To learn more about your credit reporting rights, see PRC Fact Sheet 6, How Private Is My Credit Report?, www.privacyrights.org/fs/fs6-crdt.htm .

Consumer reports can also include reports about you made to employers, insurance companies, banks, and landlords. In recent years, many new companies have sprouted, compiling reports specifically targeted at employers, insurers, and landlords. The companies that compile reports for targeted users are "consumer reporting agencies" under the FCRA, just like the three credit national credit bureaus: Experian, TransUnion, and Equifax.

Do yourself a favor.  Real both the Consumerist post and it's comments, and read the Privacy Rights Clearinghouse information.  It might be the smartest thing you'll do all month... and it's only June 1.

 

Wine Tips

Via The Consumerist, here are some tips on the best wines under $10 from the Dr. Vino blog .

 

Why is it only a list of nine wines under $10 instead of the usual ten under ten? Because I'm grumpy. It's increasingly difficult to find good wines with character under ten dollars. Blame part of it on the weak dollar (though my list here is heavy on eurozone wines), blame it on producer greed–they're all just excuses! Good wines, easy on the palate and on the wallet are what consumers want. Sure, there are lots of great wines for $12-$15 and many more from $15 - 20, but these are out of reach for a lot of people to have with dinner on a given Tuesday. Producers take note of this market opening, ready to be filled! Meanwhile, we can fill up our wine storage areas with this value vino.

No one with a wine storage area should be grumpy.

 

 

The Credit CARD Act

Usually, I have a natural suspicion of obviously-named bills (see: Patriot Act, No Child Left Behind, etc.).  Not in this case.  I bring you... The Credit CARD Act if 2007 .

 

 

A BILL

To amend the Consumer Credit Protection Act to ban abusive credit practices, enhance consumer disclosures, protect underage consumers, and for other purposes.

 

Where discovered?  Why, The Consumerist, of course.  It's easier to buy into a bill when they are into it.

 

The Credit CARD Act Of 2007 is a bill currently before Congress aiming to end some of the credit card industry's anti-consumer practices. Among H. R. 1461's proposals:

• Advance notice of interest rate increases
• End universal default clauses, the premise that they can raise your credit card interest rate if your credit score changes
• Prohibit credit cards being issued to minors without a parental signature

Here's your chance to stem unadulterated evil, people.  Don't blow this.  Support positive changes in the things that drive you crazy in your everyday life, then marvel at the improvements in your daily existence.

Mow A Lawn, Or Have A View?

If you are one of those lucky, lucky individuals who finds themselves in the enviable position of having enough money to either rent OR buy your own home, you might want to take a look at this handy app from the New York Times that lets you know, as of today, whether it is better for you to rent or buy based on a few criteria.

 

At the moment, I have a view.

 

But it's a beautiful view.

 

 

Stop That!

What an interesting post.  Presenting...Productivity 501 - 17 things that you should stop doing.

I personally enjoyed these nuggets:

 

Losing Telephone Numbers -- Your cell phone should sync with your computer.  We are past the days where a phone only held 25 numbers.  If someone calls, take the few seconds to record their name in your phone, so it will be transfered next time you sync your computer.

 

Manually Depositing a Paycheck -- That is what direct deposit is for.  If you spend 15 minutes every two weeks dealing with depositing your paycheck that is 65 hours over the next 10 years. Put this time to better use.

 

and...

 

Watching Commercials -- Use Tivo to skip them.  Use Netflix and just skip television all together.  Buy the shows you want to watch off iTunes.  If you had a friend who spent 20% to 30% of your time trying to sell you things you didn't really need, would you put up with it? (If you have a friend in network marketing, you may have already experienced this.)

 

I have to say, on many of the items listed in the article, I have to agree.  I can add some suggestions to this, though, quite easily.

 

- Stop giving every perceived illness, sickness, order or general disorder an acronym.  ADD.  ADHD.  EDD.  EPMD.  Gak.  Call things what they are.  In fact, overall, acronyms are a bane on mankind; instead of telling someone exactly what something is, the vastness of humanity is supposed to decipher an acronym every time someone says something.  Not everyone is an expert on everything, and people that insist on using acronyms imply that they are experts, when in most cases they are most certainly NOT.

 

- Stop over medicating.  Let's be honest with ourselves, you and I.  Everyone is sick, somehow - depression, overweight, allergies, , insomnia, inability to concentrate, etc.  What's not true is that all medications hold the answer, and ingesting a bunch of chemicals into your body for whatever reason isn't always the lifesaver it's cracked up to be.  If you don't believe me, find a friend that's on antidepressant medication and read the list of possible side effects.

 

- Stop under tipping.  I think that this might be a mostly American problem, but does anyone actually know what your average server makes?  I've been one, and I'm here to tell you; it isn't much.  Not only that, but waiting table can be HARD.  If you can't afford the 15%, perhaps you should eat at home.  Please, tip your waitress.

 

- Stop Making Sense.  Ok, I added that just to make sure you are paying attention.  But feel free to pick up that flick - perhaps by using one of the handy ad links to your left.  I doubt you'll be disappointed.

Shakadoo.com

Recently I've been doing a little guest posting on a website called Shakadoo.com.  What do they do?  Take a look at their first page:

 

Shakadoo is a site written and created for those who love their home. Whether you live in a condo or a castle, Shakadoo has a place for you.

 

Shakadoo has several different "shaks": the LoanShak, WorkShak, ShakYard, Shaktronics, Shak In Style, Shakhammer and the Love Shak, Baby (love that title).  It's an interesting community that they are trying to build there that I would recommend that you check out.

 

However, don't think that my "pro" blogging job will decrease my regular blogging output.  You see, I know how to use Google.  Ah, the Internet is a wonderful place.

 

There are some single dads out there that I owe a post to, though.  I haven't forgotten about you.  Expect it tomorrow.

 

 

 

 

Most Overlooked Tax Deductions

The remarkably dependable Consumerist comes to bat for you and reminds you about tax deductions that you should NOT miss.

 

1. State sales taxes.
2. $250 educators' expenses.
3. College tuition.
4. Student loan interest paid by mom and dad.
5. Out-of-pocket charitable contributions.
6. Moving expense to take first job.
7. Military reservists travel expenses.
8. Child-care credit.
9. Estate tax on income in respect of a decedent
10. State tax you paid last spring.
11. Refinancing points.
12. Reinvested dividends
13. Jury pay paid to employer.

 

Kiplinger's published this first.

 

This seems like a fine time to post this as well; here's the information on the Telephone Excise Tax Refund that a shocking amount of American taxpayers will be able to get this year.  Please don't just let this slide, follow up.  Additional information on this refund is all over the Internet.

 

Fix Those Finances

Our good friends at Lifehacker have come out big for your personal finances again.

The Simple Dollar weblog ran a series during January called 31 days to fix your finances, tackling finances one step at a time so that by the end of one month, your money ducks should be sitting in a nice, streamlined row.

Oh, Gina.  How we love you.

Check out The Simple Dollar for the details.  They managed to squeeze together a mess of posts into one cohesive unit.  Now pay off that Christmas spending.

Stolen ID Search = What A Cunning Plan!

Let's pay attention, here.  There will be a test immediately after this post.  For multiple choice responses, only more one (1) of the letters A, B. C, or D with a number two pencil.  Essays should be legible, if you need additional paper, raise your hand and your test proctor will issue extra paper to you.  As this is a midterm exam, it will only count for 35% of your final grade. 

 

Shall we begin?

 

I'd like to introduce a new service:  Stolen ID Search.

 

Has someone stolen your social security or credit card number? StolenIDSearch is a new site aims to answer this question that has tickled the back of most American's minds at some point, especially in light of the recent spree of retailer breaches and stolen laptops containing reams of personal information.

StolenIDSearch provides a free online search engine. All you have to do is enter your Social Security Number or credit card number into the box and they'll look it up to see if it's on the stolen list.

Thanks be to The Consumerist.  See?  They are on the sidebar!  Also, I should show some linkage to the new service themselves:  StolenIDSearch.

 

Now for the bad part.  If you're paying attention, you can see this coming.

 

Is Stolen ID Search attempting to insinuate that in order to check and see if my social security number or credit card numbers have been stolen, I actually should enter my social security number or credit card number online?  Again?  Really? 

 

Clark:  Gee, Bob, does that seem prudent?

Bob:  Hm.  Somehow, I don't think you've thought your cunning plan all the way through.

 

 

 

 

 

 

 

Know Your Realtor

You should always remember - in many cases, your realtor is not necessarily your friend.

 

Productivity blogger Jay at Dumb Little Man has compiled a list of questions that he recently used to interview four different real estate agents.

Not all real estate agents work the same way, so it's best to get your expectations right out on the table from the beginning.

Found in Dumb Little Man.  Hat tip:  Lifehacker.  Of course.

 

Anyone that's ever dealt with real estate buying or selling real estate should be completely aware that it truly IS about the money.  The original link deals more with selling, but the same idea goes for buying.  Due diligence.  Live it.  Learn it.

 

Myths On Personal Finance

Not a bad finance article here.

 

Someone once said that if you were to make a list of your 10 closest friends and acquaintances and order your earnings and theirs from smallest to greatest, you'd probably find yourself somewhere near the middle. All that this means is that we are subtly influenced by our friends, even when we're not aware of it, especially in matters of money. Being somewhere in the middle is probably more comfortable for the average person.

If you are that rare person at the high end of the list, then you probably don't need to read this article. If you are not, then find out what's holding you back. There are hundreds of personal finance myths which are either misunderstood, taken out of context, or just plain incorrect. Here are our top 25.

From Your Credit Advisor.

 

Take a look at the article.  Read it, process, and your mileage may vary.  Check on the section on Investing.  I found it more than mildly interesting.

 

 

 

Save Interest Dough

Lower your credit card interest rate.

 

Financial weblog Sound Money Tips says that chances are you can lower your credit card interest rate with one simple phone call, especially if you've done your homework.

 

Lifehacker.

 

Notice how I've been posting all of these things about credit, consumerism, and shopping lately?

 

Why, you ask?

 

'Tis the season.  Save some cash, and don't let the holidays bankrupt you this year.