Another way I've seen businesses burn through money unnecessarily is to pay much more for services instead of taking a little time to find free and low-cost solutions that get the job done even better.
I have a whole page of tools & resources on my blog devoted to just that: free and low-cost business tools, ranging from phone service to web hosting to printing. My favorite is paying $60 per year (yes, per YEAR) for unlimited phone service with my own phone number.
With all the technological tools available--and the always short supply of cash--it's imperative to be smart about what you spend money on.
This is a great list, and I love your idea on using it to save plants! It's like a little tanning booth for your ficus! The great thing is, foil is inexpensive, will last you about a year, and clearly is pretty versatile. Thank you for the creative post, Wisebread!
Philip -- I always appreciate your posts helping me understand economics and their social ramifications, so I'd love to hear more of your thoughts on the Occupy movement.
There seems to be a lot of steam behind this movement, in spite of its unclear goals; we seem to have crossed some threshold on the popular anger scale.
Can you help put the current events in perspective for us? Is this is the next French or Russian Revolution? Have we reached the end of the Capitalist Era? What would Marx say?
I could say that I hope the post offered not so much political insight as economic insight. And that I'm not so much trying to convince you that the Occupy Wall Street folks are correct as simply to provide a more accurate report of what they're saying than I've seen in the main stream media. Both of those statements would be true, but they'd be kind of a cop out. The fact is, I do find myself much more in the camp of the 99% than in the camp of the 1%. From the Great Depression through the 1970s, the economic returns to economic growth were broadly shared with the middle class. Since then, the returns to growth have ended up in the hands of the top 1%. The result has been not only political problems, but also economic problems. (See the post I linked to right at the top Peak Debt and Income for details.)
Not Wisebread's finest work---
Unfair Foreclosure process- Some firsthand examples of people losing their homes that weren't delinquent would strengthen your point here. I think I have heard of exactly one in the news, and it was overturned by the courts. While I know numerous people who have lost their home, I don't know a single one of them who was not woefully behind on their mortgage. Banks in our part of the country don't want your house. A couple of months ago, I had a friend who went to the bank to tell them he just couldn't pay and was bringing them the keys. They tried to talk him into staying in it.
Government Bailouts- The only purpose this serves is to calm public hysteria. It is rarely a good option.
Unrelenting efforts to strip workers of the right to organize- Again, some examples of this would be useful. Having lived in several places over the years, it is really nice to live in a state where I am not REQUIRED to pay union dues to work in my chosen profession. Unions certainly have done good work in this country, but membership should be voluntary. In many places here, it is not.
A system of higher education that saddles students with decades of debt- Give us a break. A good education may not be cheap, but you can do it and graduate debt free if you shop around and are willing to work along the way. Five in our family did it and we were not just in the 99% but in the lower 25%
Healthcare is not cheap. Neither is insurance, but you can get it. You can thank lawyers, freeloaders, deadbeats, and government interference for this. When my brother was born, the doctor came to the house and charged $25, which my dad paid off in six installments. That was a long time ago. When our youngest graduated, we found her an affordable catastrophic health insurance policy. It was more than she wanted to pay, but buying it was the responsible thing to do. Otherwise, she'd fit in the freeloader or deadbeat category, which would add to the problem.
I would like to thank you for writing this piece. While I disagree with much of what you say, it was at least useful in making me think through all the things that I felt like you got wrong.........
I read wisebread for personal financial and frugal living tips, not political insight. This one just missed the mark for me.
Well, said! Consumers end up paying for everything in the long run. I've heard from many B of A customers who are looking to get out. Many like those who have commented are going to credit unions.
I'm sticking with them because I've managed to avoid their fees although I don't have a minimum balance of $20,000. I'm sticking to cash... hope this helps cut my expenses!
It's always a hassle when someone posts fraudulent transactions to your account, but the solution is not to try to keep your account number secret. That's hopeless.
The solution is to check your statement, and report any fraudulent transactions to the bank. Happily, there are fairly strong laws requiring that they give you your money back, if there's a fraudulent transaction.
Long after this article is written I got here brought by a Google search. I did purchase Applecare for both my iPod and my wife's iPhone on eBay (boxed product), and used them for cable replacement and for a battery replacement on the iPhone (all after the standard 1 yr warranty has expired) and we have had no issues whatsoever. Now I'm still wondering however where these applecare plans come from and whether it's a good idea to rely on them for new 4Ss that we are getting.
The difference between Social Security and a Ponzi scheme is the fact that a Ponzi scheme is voluntary and illegal and Social Security is mandatory and federally sanctioned. That's about it.
Foreclosures are supposed to follow a process set by law, which requires (among other things) that the foreclosing bank show that it has the mortgage. The courts have been quite slipshod in actually following that process.
There are several ways to ensure workplace safety, one of which is for organized workers to demand it. I think that's probably at least as good as government regulations requiring it. (I think we agree on the problems of excess government regulation.)
There are a lot of issues with higher education, but I don't think saddling up 18-year-olds with more and more debt is the solution to any of them.
On health care, I think we're go to find that we disagree. As I said in the linked post (health care reform: good for people like me), I think our current system of health insurance is terrible. At least, it's terrible for people like me—people who want to making a living doing something other than working at a regular job.
While your article is mildly interesting, I found your points as to why the protesters are occupying most dumb.
1. Unfair Foreclosure Process - A financing home-owner signed a contract that if violated gives the mortgager the collateral. What is wrong with this?
2. Government Bailouts - I agree with this point. They should have failed.
3. Organizing and safe work places have nothing in common. This is a fallacious argument.
4. Higher Education - The cost of higher ed is because of government being involved. As long as the government finances education the cost will continue to go up.
5. Health Care - This is also a casualty of government interference.
These protesters want more government interference. This will lead to disaster.
I think this post also fits into the first category. This is a sign of a great injustice. The demands may be unclear to some, but as you point out, it also points to the huge gathering of diverse voices. Great article.
As far as using a check, people may want to be aware as checks have routing numbers on them. They were fine to use before Internet allowed online payment of bills but if your account # and routing # get into the wrong hands you could have some major problems.
Seriously, how many times a person goes to a branch physically? Everything can be conducted online. Just like Amy V., I also left a big bank many years ago and joined a credit union, never looked back. This is just in case I need to go into a branch. I've also opened up another checking account at PerkStreet, which gives me cash back for using my debit card + a savings at ING.
ATM? Credit union, get cash at stores and Allpoint Network (which ING is part of) are sufficient for me. I don't even need to look for a specific branch to get money out. Customers, LEAVE big banks now! They'll beg for you to come back when they're losing customers.
Switch to a local credit union! We left B of A several years ago when all the mortgage stuff hit the fan, and have never looked back. Our credit union even gives us dividends in addition to interest, based on how much you have deposited or on loan. Awesome!
I loved, LOVED your speech, Will! I was cracking up.
I didn't get to meet half the people I wanted to meet -- next year, for sure!
My favorite memory has to be (in addition to meeting all my blogging buddies) was when Krystal (Give Me Back My Five Bucks) and Cathy (Fiscally Chic) and I were sitting in the main conference room and they started streaming live tweets on the screen. We wanted to get up there so badly, so Krystal sent out a tweet about us and it was the next one up on the screen. We all fist pumped and screamed excitedly. We received a few weird looks, but that's okay. :) Can't wait for next year!!
great list! though much of it sounds like work to me - which is what I get caught up in when it's rainy out and I have to stay in the house. So, I would like to add... read a book - I don't think I saw that listed. And buy rain gear - which is what I intend on doing. I'm tired of rain keeping me indoors. (we don't get it too often and makes me wonder how those people in Seattle get anything accomplished outdoors?! :) Happy Fall!
I think this is better described as an Ignorance Tax. It doesn't matter how much money you have, if you fail to do your homework someone will find a way to take your money.
Random aside:
I just read your article on hopelessness and found it to be amazingly insightful. I have always have similar thoughts but it was great to see someone articulate them. I think hope and a long-term outlook are what is needed to change the course of a person's finances.
Customers who have premium accounts with BofA will not have to pay the $5 monthly fee. I'm not going to move my account for $3, I have a Wells Fargo Account, but I'll probably close my BofA account and move it to Wells Fargo. It's not that big of a deal since I have bill pay and can change account numbers easily.
Another way I've seen businesses burn through money unnecessarily is to pay much more for services instead of taking a little time to find free and low-cost solutions that get the job done even better.
I have a whole page of tools & resources on my blog devoted to just that: free and low-cost business tools, ranging from phone service to web hosting to printing. My favorite is paying $60 per year (yes, per YEAR) for unlimited phone service with my own phone number.
With all the technological tools available--and the always short supply of cash--it's imperative to be smart about what you spend money on.
Greg Miliates
http://www.StartMyConsultingBusiness.com
This is a great list, and I love your idea on using it to save plants! It's like a little tanning booth for your ficus! The great thing is, foil is inexpensive, will last you about a year, and clearly is pretty versatile. Thank you for the creative post, Wisebread!
i keep up with my credit report every 4 months or so and check my score once a year.
Philip -- I always appreciate your posts helping me understand economics and their social ramifications, so I'd love to hear more of your thoughts on the Occupy movement.
There seems to be a lot of steam behind this movement, in spite of its unclear goals; we seem to have crossed some threshold on the popular anger scale.
Can you help put the current events in perspective for us? Is this is the next French or Russian Revolution? Have we reached the end of the Capitalist Era? What would Marx say?
Easy questions, right? :) Thanks!
Sorry this post didn't hit the mark with you.
I could say that I hope the post offered not so much political insight as economic insight. And that I'm not so much trying to convince you that the Occupy Wall Street folks are correct as simply to provide a more accurate report of what they're saying than I've seen in the main stream media. Both of those statements would be true, but they'd be kind of a cop out. The fact is, I do find myself much more in the camp of the 99% than in the camp of the 1%. From the Great Depression through the 1970s, the economic returns to economic growth were broadly shared with the middle class. Since then, the returns to growth have ended up in the hands of the top 1%. The result has been not only political problems, but also economic problems. (See the post I linked to right at the top Peak Debt and Income for details.)
Not Wisebread's finest work---
Unfair Foreclosure process- Some firsthand examples of people losing their homes that weren't delinquent would strengthen your point here. I think I have heard of exactly one in the news, and it was overturned by the courts. While I know numerous people who have lost their home, I don't know a single one of them who was not woefully behind on their mortgage. Banks in our part of the country don't want your house. A couple of months ago, I had a friend who went to the bank to tell them he just couldn't pay and was bringing them the keys. They tried to talk him into staying in it.
Government Bailouts- The only purpose this serves is to calm public hysteria. It is rarely a good option.
Unrelenting efforts to strip workers of the right to organize- Again, some examples of this would be useful. Having lived in several places over the years, it is really nice to live in a state where I am not REQUIRED to pay union dues to work in my chosen profession. Unions certainly have done good work in this country, but membership should be voluntary. In many places here, it is not.
A system of higher education that saddles students with decades of debt- Give us a break. A good education may not be cheap, but you can do it and graduate debt free if you shop around and are willing to work along the way. Five in our family did it and we were not just in the 99% but in the lower 25%
Healthcare is not cheap. Neither is insurance, but you can get it. You can thank lawyers, freeloaders, deadbeats, and government interference for this. When my brother was born, the doctor came to the house and charged $25, which my dad paid off in six installments. That was a long time ago. When our youngest graduated, we found her an affordable catastrophic health insurance policy. It was more than she wanted to pay, but buying it was the responsible thing to do. Otherwise, she'd fit in the freeloader or deadbeat category, which would add to the problem.
I would like to thank you for writing this piece. While I disagree with much of what you say, it was at least useful in making me think through all the things that I felt like you got wrong.........
I read wisebread for personal financial and frugal living tips, not political insight. This one just missed the mark for me.
Well, said! Consumers end up paying for everything in the long run. I've heard from many B of A customers who are looking to get out. Many like those who have commented are going to credit unions.
I'm sticking with them because I've managed to avoid their fees although I don't have a minimum balance of $20,000. I'm sticking to cash... hope this helps cut my expenses!
It's always a hassle when someone posts fraudulent transactions to your account, but the solution is not to try to keep your account number secret. That's hopeless.
The solution is to check your statement, and report any fraudulent transactions to the bank. Happily, there are fairly strong laws requiring that they give you your money back, if there's a fraudulent transaction.
I wrote about this a while back in this post:
http://www.wisebread.com/check-your-statements
Long after this article is written I got here brought by a Google search. I did purchase Applecare for both my iPod and my wife's iPhone on eBay (boxed product), and used them for cable replacement and for a battery replacement on the iPhone (all after the standard 1 yr warranty has expired) and we have had no issues whatsoever. Now I'm still wondering however where these applecare plans come from and whether it's a good idea to rely on them for new 4Ss that we are getting.
People are tired of getting the shaft.
The difference between Social Security and a Ponzi scheme is the fact that a Ponzi scheme is voluntary and illegal and Social Security is mandatory and federally sanctioned. That's about it.
Foreclosures are supposed to follow a process set by law, which requires (among other things) that the foreclosing bank show that it has the mortgage. The courts have been quite slipshod in actually following that process.
There are several ways to ensure workplace safety, one of which is for organized workers to demand it. I think that's probably at least as good as government regulations requiring it. (I think we agree on the problems of excess government regulation.)
There are a lot of issues with higher education, but I don't think saddling up 18-year-olds with more and more debt is the solution to any of them.
On health care, I think we're go to find that we disagree. As I said in the linked post (health care reform: good for people like me), I think our current system of health insurance is terrible. At least, it's terrible for people like me—people who want to making a living doing something other than working at a regular job.
While your article is mildly interesting, I found your points as to why the protesters are occupying most dumb.
1. Unfair Foreclosure Process - A financing home-owner signed a contract that if violated gives the mortgager the collateral. What is wrong with this?
2. Government Bailouts - I agree with this point. They should have failed.
3. Organizing and safe work places have nothing in common. This is a fallacious argument.
4. Higher Education - The cost of higher ed is because of government being involved. As long as the government finances education the cost will continue to go up.
5. Health Care - This is also a casualty of government interference.
These protesters want more government interference. This will lead to disaster.
I think this post also fits into the first category. This is a sign of a great injustice. The demands may be unclear to some, but as you point out, it also points to the huge gathering of diverse voices. Great article.
Curious Internet maintains a list of viable, active media providers for TV, Movies, Radio, etc. along with reviews. You can get to the list at: http://www.curiousinternet.com/p/project-replacement.html
Say bye bye to your cable provider!!
As far as using a check, people may want to be aware as checks have routing numbers on them. They were fine to use before Internet allowed online payment of bills but if your account # and routing # get into the wrong hands you could have some major problems.
I do know my credit score and can proudly say it is excellent. Thanks to Dave Ramsey!
Seriously, how many times a person goes to a branch physically? Everything can be conducted online. Just like Amy V., I also left a big bank many years ago and joined a credit union, never looked back. This is just in case I need to go into a branch. I've also opened up another checking account at PerkStreet, which gives me cash back for using my debit card + a savings at ING.
ATM? Credit union, get cash at stores and Allpoint Network (which ING is part of) are sufficient for me. I don't even need to look for a specific branch to get money out. Customers, LEAVE big banks now! They'll beg for you to come back when they're losing customers.
Switch to a local credit union! We left B of A several years ago when all the mortgage stuff hit the fan, and have never looked back. Our credit union even gives us dividends in addition to interest, based on how much you have deposited or on loan. Awesome!
Very useful advise. I have an interview today- and I will be sure to use it. Thanks!
I loved, LOVED your speech, Will! I was cracking up.
I didn't get to meet half the people I wanted to meet -- next year, for sure!
My favorite memory has to be (in addition to meeting all my blogging buddies) was when Krystal (Give Me Back My Five Bucks) and Cathy (Fiscally Chic) and I were sitting in the main conference room and they started streaming live tweets on the screen. We wanted to get up there so badly, so Krystal sent out a tweet about us and it was the next one up on the screen. We all fist pumped and screamed excitedly. We received a few weird looks, but that's okay. :) Can't wait for next year!!
great list! though much of it sounds like work to me - which is what I get caught up in when it's rainy out and I have to stay in the house. So, I would like to add... read a book - I don't think I saw that listed. And buy rain gear - which is what I intend on doing. I'm tired of rain keeping me indoors. (we don't get it too often and makes me wonder how those people in Seattle get anything accomplished outdoors?! :) Happy Fall!
I think this is better described as an Ignorance Tax. It doesn't matter how much money you have, if you fail to do your homework someone will find a way to take your money.
Random aside:
I just read your article on hopelessness and found it to be amazingly insightful. I have always have similar thoughts but it was great to see someone articulate them. I think hope and a long-term outlook are what is needed to change the course of a person's finances.
Customers who have premium accounts with BofA will not have to pay the $5 monthly fee. I'm not going to move my account for $3, I have a Wells Fargo Account, but I'll probably close my BofA account and move it to Wells Fargo. It's not that big of a deal since I have bill pay and can change account numbers easily.
I've got some reading to do this weekend! Thanks for the great list Ashley. :)