Milk Your Money » Ben

Should I buy BP?

Ben — Mon, 14 Jun 2010 14:49:41 +0000

BP Exec by Mike Mitchell

This is an interesting question, for a number of reasons. I won’t go into too much detail here on BP (BP); you should make your own decisions…but consider this:

Yes.
- Stock is already at 50% of it’s highest value for the year.
- Might get bought by another company which will immediately make the value more.
- Over the long term, oil is only going to increase in value.
- Crowd seems to think its a good buy: you see a bounce after every big drop, thats from others scooping it up.

No.
- They haven’t even made a dent in the leak.
- Company is literally hemorrhaging billions of dollars.
- Lawsuits against BP.
- Obama’s oil fund is going to be expensive.
- Rebuilding their image is going to be expensive.

What do you think?

Hottest Deals of the Season

Ben — Thu, 17 Dec 2009 14:44:24 +0000

If you are going to do some serious shopping, do it smart and do your homework!

Top Deals:
• 13.3″ Toshiba Satellite T135-S1310RD for $599.99 plus free shipping (normally $699).
• Battle Fantasia (360) for $9.99 plus free shipping (normally $22).
• Match.com 3 days fo r $0

Home Entertainment:
• 55″ Samsung LN55B650 1080p HDTV for $1,479.00 plus free shipping (normally $1640 – use coupon code LN55B650).
• 47″ LG 47LH85 1080p HDTV for $1,199.99 plus free shipping (normally $1549).
• 40″ Samsung UN40B6000 1080p HDTV for $1249.00 plus free shipping (normally $1399 – use coupon code EMCMNMS34).
• 32″ VIZIO VL320M 1080p LCD HDTV for $379 with free shipping (normally $480)
• 24.6″ Samsung P2570 1080p LCD for $248.99 with free shipping (normally $312 – use coupon code 40693M3916H1CP)
• 19″ VIZIO VA19LHDTV10T ECO 720p HDTV for $174.84 (normally $208).
• Energy Take Classic 5 Pack 5.0-Ch. Home Theater Speakers, plus Polk Audio PSW10 Powered Subwoofer for $199.99 plus free shipping (normally $250).
• Planet Earth-Complete Collection Blu-Ray for $31.99 plus free shipping (normally $39 – use coupon code XB692).
• Band of Brothers (DVD) for $29.99 plus free shipping (normally $44.83).
• Superbad 2-Disc Unrated Extended Edition (Blu-ray) for $12.99 (normally $22.70).
• Sylvania NB530SLX Blu-ray Disc Player for $124.99 plus free shipping (normally $149.99).

Personal Portables and Peripherals:
• Ultimate Ears 700 Noise Isolating Earphones for $136.02 plus free shipping (normally $180.17 – use this form).
• Magellan Maestro 4700 4.7-Inch Widescreen Bluetooth Portable GPS Navigator for $149.99 plus free shipping (normally $199.99).
• Flip MinoHD Camcorder, 60 Minutes for $119.99 plus free shipping (normally $166.99).
• Griffin Simplifi Dock, Media Reader & USB Hub (iPhone 3G, iPod) for $37.99 with free shipping (normally $49.99)
• Garmin nuMaps Lifetime Map Update Card for $79.99 with free shipping (normally $96.49)
• AT&T Option GT Ultra Express Card (unlocked) for MC/Mac for $29.99 with free shipping (normally $40)
• Sandisk 4GB MicroSDHC Card for $7.95 plus free shipping (normally $15).

Hobomodo:
• Match.com 3 days for $0
• Team Fortress 2 Free-Weekend(PC) $0
• Pitter-Pat Acoustic AmazonMP3 Exclusive Version (MP3) by Erin McCarley for $0 (download here).
• 7 Cities (iPhone) for $0 (normally $2.99).

Thanks to the new intern David at Gizmodo for helping out with today’s list. If a deal looks too good to be true, investigate the store and see if it’s a good, reputable place to buy. Safe shopping!

[Thanks also: TechDealDigger, Dealzon, Logic Buy, GamerHotline, Cheap College Gamers,CheapStingyBargains and TechBargains.]

2009 Black Friday Deals Leaked

Ben — Fri, 13 Nov 2009 13:56:45 +0000

This is one of those moments where you should be wary of impulse buying: corporations created this pseudo holiday and are enjoying every minute of it … especially when you say

Wow, I wouldn’t normally buy this, but its too cheap not to!”

Be sure you are buying what you can afford. Oh yea…and don’t trample anyone….
Sam’s club
Acer Aspire One 10.1″ Netbook – $197.00
HP G71 17″ LED Notebook w/Blu-ray – $499.00
Olympus FE-4000 12 MegaPixel Camera – $98.00 ($30 savings)
JVC 1080p Blu-ray Player – $129.00
Garmin Nuvi 255w GPS Navigation System – $119.00 ($10 savings)
Hitachi 42″ 1080p LCD HDTV – $598.00
Phillips 52″ 1080p LCD HDTV – $1198.00 ($50 savings)
Vizio 47″ 1080p 240Hz LCD HDTV – $997.00

Staples

Target

KMart

I’ll update these as I find them. Just got my Google Wave invite…be back in 3 hours.

Droid vs iPhone vs Palm Pree vs MyTouch: Total Cost of Ownership

Ben — Tue, 03 Nov 2009 14:08:48 +0000

Wow, that was a long title, but this is exactly what it says, a comparison of all these phones and what it might end up costing you in the long run.

Its hard to really condone some of these phones simply because, not only are they wicked expensive, but in order to fully realize their potential, you have to buy into data plans that (per MB) are way more expensive than the data connection going to your house. [Remember this?]

Billshrink.com has put together a nice little huge image that captures a lot of the finer details of what these devices shake out at.

(Click to enlarge)

Deep Savings at Swoopo.com

Ben — Sun, 01 Nov 2009 05:19:34 +0000

Update: I have some more current findings I would like to share…let me type them up. Check back soon. (Or subscribe)

I received a link from a buddy of mine the other day to a site that kind of blew my mind. Swoopo.com is a discount shopping site with lightening fast auctions that seems to work really well.

My first thought in seeing a site like this is to try and figure out the sites angle in how they make money. Usually if thats not apparent, then there is usually something amiss, but Swoopo makes it clear how it operates:

Register with the site, supply your contact info and purchasing information. (Site uses https, but you may get a flag that not all content is secure. Check your browser)
Purchase credits in order to bid on items. Each bid costs about $.60 (cheaper if bought in bulk, natch), and every time a bid is placed, a small amount of time is added to the ending auction time.
There is no ‘reserve price,’ so if you found a rediculously expensive item, like a MacBook Pro or 47″ plasma and you are the winning bidder when time runs out, thats what you have to pay. Could even be $100.
The average savings are listed across the site as well as the MSRP of the item and it seems exciting.
Here’s their video:

Ok, so there must be a catch right? How can all these items be let go for so cheap? I am not sure to be honest with you. My first thought is that they are making money on so many people bidding at about $.60 a pop but I haven’t done the math yet.

The other hold back I see is that unless you have budgeted for something specifically, yit would be very easy to fall into the trap of “It’s just too cheap NOT to buy this.”

A few weeks ago, Frank and I went to Harbor Freight to look around and it was the same sort of thing: you had to really be sure that what you wanted to get you knew you were going to get somewhere else any way. Otherwise it was very possible that you would end up coming home with tools that you had no business owning. Deals are incredible there as well…might write about that too sometime.

So take it slow and do lots of window shopping and be aware that this site feeds of the compulsion to buy things you don’t need. For those things you do need, take a look and see if you can swoop in.

Free Boston Market Coupon!

Ben — Tue, 27 Oct 2009 21:36:07 +0000

Print the image below and present at any participating Boston Market for a $1 Chicken Meal!

Expires on November 1, 2009.

Hulu Will No Longer Be Free in 2010

Ben — Mon, 26 Oct 2009 18:18:16 +0000

It was too good to last let alone be true…Hulu will be a paid subscription service as of 2010. While we all are enjoying this free service kicking the shorts of cable, it seems that the rumors are true and Hulu isn’t able to survive on ads alone.

I am going to make a forecast that this will be the end of Hulu as we know it, not only in its format but in its usage. People like Hulu for two primary reasons: its completely free and it works well. Now its just going to work well. That’s great but after having unadulterated access for so long, how can we go back?

Hulu claims that some content will remain on the free side of the fence but the quote from News Corp doesn’t exactly exude hope:

“It’s time to start getting paid for broadcast content online. I think a free model is a very difficult way to capture the value of our content. I think what we need to do is deliver that content to consumers in a way where they will appreciate the value. Hulu concurs with that, it needs to evolve to have a meaningful subscription model as part of its business”

Most seem to think that it would be better to simply increase commercials. And with Netflix having such a strong hold on the content subscription purchase, its going to be tough going.

Perhaps a compromise? Ad driven and free, or no ads with a paid subscription? Guess I’ll get back onto the torrent train…

[Editors Note: I thought that perhaps Fancast.com would make for a great alternative but after looking into it, theres a major problem: Its videos are pulled from Hulu!! Dammit Beavis...]

Five Reasons to be Skeptical About Your Finances

Ben — Thu, 22 Oct 2009 15:03:27 +0000

This is a guest post by Al Jacobs, the author of OnThe MoneyTrail.com.

A running debate continues over the use of credit cards. Much of the controversy involves matters like annual fees, interest rates on the unpaid balance, and the use of an account to establish credit. Articles abound on charge strategies to secure tax deductions for otherwise nondeductible interest payments. There are even dissertations explaining how balances due on one card can be financed for prolonged periods through borrowings on another. Much of the information is of marginal value, and some is preposterous.

Here’s the straight word: The lower the annual fees and charges, the less you pay each year. Some banks and other organizations offer a card without a fee. If so, grab it. In case you cannot find a free one, shop around for the lowest price. In this regard, let me offer the philosophy of “Cheap Charlie,” a one-time Huntington Beach, California, shopkeeper who operated on the stated principal: “You can’t beat cheap” certainly words to live by. As an aside, Charlie closed up shop during an economic downturn; perhaps his prices rose too high. Nonetheless, make certain it’s not merely the first year’s fee which is waived. Also give thought as to whether the card is sufficiently usable. MasterCard and Visa are universally accepted; American Express, Diners Club, and others are of less value because fewer businesses accept them.

Does it surprise you interest rates charged on credit card balances generate dissention, resulting in litigation and legislation? This is understandable when comparing interest paid on bank savings accounts, currently at or below 2 percent, to the interest that credit cards incur, often running to 21 percent and higher. It’s true some issuers around the country offer credit card rates more in the 10 percent range, but these are the exceptions. Worst of all is what happens to those unfortunates who get tagged at the default rate, which can be triggered by any sort of contrived infraction such as exceeding an arbitrary credit limit or a single late payment. Default rates as high as 31.99% are not uncommon.

To add a second whammy, the federal Tax Reform Act of 1986 phased out tax deductibility on personal interest payments. Consider the ramifications of credit card debt at a 30% default rate on a taxpayer in the 28% federal income tax bracket, forking out an additional 7.65% in FICA withholdings as well as state income taxes (at 9.3%, if a Californian like me). This poor devil must earn $1,817 to retain $1000 after taxes to pay on the credit card. This calculates out to an effective annual interest rate of 54.5%. Such thievery would have caused Al Capone to blush.

In passing, be aware of other wrinkles. Many credit card issuers impose charges on users who avoid paying interest. They also collect fees, often retroactively, on a variety of pretexts. They rationalize these practices as necessary costs of maintaining the account, as if a reason to charge a fee is needed. Perhaps some relief is in sight. In an April 23rd radio address, President Obama called for legislation from Congress to reign in the credit card industry. He declared: “Rate hikes and late-fee traps have to end. No more fine print, no more confusing terms and conditions. We can’t tolerate profits that depend upon misleading working families. Those days are over.” What will come from all of this is uncertain. The bank and credit card lobbyists constitute a powerful interest group.

This finally gets us to the bare bones of the matter. My belief is a credit card serves a single purposea convenience when neither check nor cash is handy. Most importantly, when the monthly statement arrives, pay the full cash balance before the date interest is charged. Follow this rule and the interest rate means nothing. If for any reason you cannot regulate your credit card use in this manner, destroy your cards, swear off cold turkey, and fashion your life accordingly.

Do you regard yourself as a skeptic? Does a clever advertisement or plausible testimonial convince you to buy a product, or do you normally suspend judgment until you can check it out? If you fall into the latter category, you’re a skeptic—and if so, it’s a good thing, particularly in managing your money. The world of finance is a hazardous place, perhaps more so today than ever before. You’ll need to be extra cautious if you want to avoid losing your shirt. Let me describe five areas in which you must exercise skepticism.

1. Dealing with Marketers. A person’s possessions speak volumes on what that individual regards as important. The advertising industry is devoted to identifying what the citizen considers significant. Even more so, the market manipulator creates those choices. There are massive sums to be spent and the competition is as fierce as it is grotesque. It’s for this reason you avoid the overpriced junk foisted off regularly on the consumer: lottery tickets, $300 per ounce bottles of perfume, timeshare projects, Las Vegas weekend getaways, $8,000 wrist watches, and any variety of items which serve no other purpose than to proclaim your affluence. The point is, sharpen your buying habits with a healthy dose of skepticism. In most of our purchases we are less familiar with a product than are its vendors. We can overcome this disadvantage by educating ourselves. The results are cumulative and your performance will improve with time. Remember always that if a vendor must buy a dozen pages of advertising to say how wonderful its product is, it can’t be.

2. Dealing with Financial Advisors. It’s the rare citizen with an ability to invest wisely. This takes a talent few possess. So, with billions of investment dollars in the hands of Americans, professional investment advisors occupy a position of prominence. Unfortunately, many practitioners who offer their advisory services are equally devoid of investment expertise. The result is predictable; huge sums are woefully misdirected. To protect yourself, you may try to prequalify your counselor. However, don’t expect credentials, such as certification, ensure proficiency. Comedian Mel Brooks provided this classic definition of certified: “You’re a nice guy . . . we like you . . . you’re certified.” Understand, as with many other products, financial planning is an exercise in pure marketing. You’ve seen the newspaper and television advertisements guaranteeing each client will prosper. A sense of skepticism suggests the persons who write the ads are unrelated to those who recommend the investments. A final warning: You cannot depend upon a hired advisor to responsibly invest your money. You must develop an understanding of what constitutes an acceptable investment so that the final decisions are yours.

3. Dealing with Mutual Funds. How do most Americans invest their money? In mutual funds, of course. Quite simply, a mutual fund controls a pool of money provided by its shareholders which it invests in a portfolio of securities selected by the fund’s managers. Because of its universality, it is an industry devoted to investment by default. Though in theory the mutual fund meets the intended needs, those of knowledgeable selection of securities and advantageous portfolio diversification, theory and reality do not always coincide. There is no particular magic involved. These vehicles merely rise and fall with the general fortunes of the market. Recognize this is an industry in which the placing of investors’ money is, at best, a secondary consideration. The primary justification for their existence is to enable the operators to regularly skim a percentage of the gross assets of the funds while performing little more than marketing activities. It’s my belief if you choose to invest in the securities market, you’ll fare better if you select individual stocks.

4. Dealing with your Banker. Over the past decade or so, banking officials made a fascinating discovery. They found their customers to be an untapped source of bounty, with depositors willing to accept minuscule interest on their savings while tolerating the payment of fees and assessments limited only by the imagination of the bank hierarchy. Now, in the third year of what appears to be a prolonged recession, interest rates paid on bank savings accounts can be seen as low as one-twentieth of one percent annually. However, those ultra-low rates are not reflected in the charges your bank may impose for any variety of “services.” Should you issue a check for one dollar over your account balance, or pay your credit card bill one day later than the deadline date, you’ll be slapped with a penalty which can calculate out to annual percentage rates of twenty percent or higher. My advice: Regularly scrutinize your bank statements to see what might be slipped in. Only your active participation will protect you.

5. Dealing with Government. The most frightening words you will ever hear are: “Hello, I’m from the government, and I’m here to help you.” Let’s wade into the center of what government is all about. It can be summed up in one word: Taxes. Regardless of location, party denomination or political structure, just as an army reputedly “travels on its stomach,” a bureaucracy travels on its citizens’ billfolds, and everyone who enters government service sooner or later comes to share this attitude. Left to the devices of the officials, there is no limit to the amount to be collected, and any attempt by the payors to minimize the tribute will be met with the usual warnings of dire consequences that never end. It’s for this reason you must be cautious in your dealings with government. Do not fail to respond to notices from them. Do not accept their offer to calculate your income taxes. Keep records of all contacts with officials. And above all, never entertain any doubts about what the government expects from you. It wants your money.

Al Jacobs has been a professional investor for nearly four decades and a nationally syndicated columnist. He is the author of Nobody’s Fool: A Skeptic’s Guide to Prosperity. Subscribe to his financial column, “On the Money Trail,” at no cost or obligation at www.skepticsguidetoprosperity.com.

Ally: New Bank on the Block

Ben — Wed, 21 Oct 2009 14:35:28 +0000

There is a new bank on the block that seems to be making waves as all the other banks flounder. Some are starting to recover but Ally Bank was able to jump in when the getting was good. They also have the unique position in having a perfect traffic record if only because they are younger. That’s not necessarily a bad thing, its actually a great place to be.

Ok, maybe its technically not a new bank, they used to be GMAC and changed the whole brand last May, but the whole new persona and semblance of being a younger, nimble, “hip” bank is probably going to do wonders for them. Older more “wiser” banks have been shown to be full of greed and malice and Ally hopes to stay away from that.

The data sheet on what you can get through them as far as services aren’t necessarily mind blowing but they are definitely competitive. And since they have few competitors, they aim to stay around. At this time, their Ally Bank" href="Ally Bank" target="_blank">online savings account has a higher interest rate than most money markets. Worth a look!

[Edit: Below are the brand new rates]

GOOD’s Complete List of the Best Infographics on the Financial Mess

Ben — Tue, 20 Oct 2009 13:58:27 +0000

If you have never been to Good.is, take a second and head over there right now. I’ll wait here. Patiently. It’ one of my favorite sites, not only for the excellent content on sprinkling of design items but for the business information I get from it as well. Careful, its a time suck.

They are putting together a $500 contest for the best infographic based on this financial mess and its a great opportunity to learn something interesting and enjoy excellent design work. You might have realized that I really dig these things from earlier posts, like this one. Natch, I picked this winner months ago. :)

Use Your Cell Phone to Make Unlimited Free Calls

Ben — Mon, 19 Oct 2009 16:21:05 +0000

I know that the regularity of this site has been somewhat “light,” but would like to ensure our readers that we are still alive, just reorganizing. With that said, here is your latest tip on how to milk the most with what you have…

If you are one of the lucky few who have an invite to Google Voice, you may have the ability to milk a loop hole in the way your carrier treats your select few of free call numbers.

[Note: This has not been released to the masses yet, but check out the video below, and roll the dice on an invite.]

Many providers offer the ability to preselect a few numbers that you can call at any time, free of charge. What this tip [via Lifehacker.com] does is have you set your Google Voice Call settings so that your caller ID number is through Google, then setting that number amongst your “circle.” Use this to make your calls and presto, free calls!

I have a feeling that if this catches on, carriers are probably going to either remove this “My Circle” ability or have a conniption. Maybe both. In either order.

This may or may not work so leave a comment and let others know of your experiences…

Getting the Most Out of Selling Your Car

Ben — Fri, 18 Sep 2009 20:14:03 +0000

These are a selection of tips from the experts at AutoTrader.com.

Tips For Creating Online Ads When Selling Your Car
Post quality photos. The picture you take of your car is the first and possibly only thing a potential buyer will see. Make sure you:

Photograph your car in daylight. Photos taken at night tend to make people think you’re hiding visible defects.
Avoid reflections and shadows from the sun and trees.
Photograph your car from the corner of the front bumper. This angle gives a good view of the entire car.
Park your car against a flattering backdrop. People look at the entire photo, not just the car so take your car to an empty, clean parking lot if necessary.
Ensure your car is clean and neat in appearance. Getting a $4 car wash before you take the photo can make a big difference.
Post multiple photos which showcase any special features about your car.

Create interest with your ad details. The average shopper sees up to 5,000 marketing messages a day. Make sure yours stands out with the right details, and put the most important ones up front. Consider giving some of the following details:

Appeal to a buyer’s lifestyle. For example, describe a van as a “great family car,” an economy car as a “great commuter car,” and a truck as a “dependable work truck.”
Use key phrases that typically signal you’ve taken care of your car, like “one owner,” and “maintenance records available.” But be honest.
Mention any non-standard modifications and improvements, such as stereo, speakers and specialty wheels.o List any recent replacements, like new tires or battery.

Research the prices on similar cars so you’ll know the value of your car when you advertise it for sale. It’s important to price your car realistically, because buyers will certainly be doing their research. Remember:

Price it too high, and buyers may not even look at your listing. Price it too low and buyers may think the low price means there’s something wrong with the car.
Make sure you set a price within a realistic range. Set your price toward the lower end of the range if you’re looking for a quicker sale or toward the higher end of the range if time is less important than getting the most money from the car, but pricing too far out of that range in either direction may mean you don’t sell it at all.

Tips For Preparing Your Car for Sale

Get your car’s appearance in great shape. Appearance is everything. That means you should thoroughly clean your car inside and out before having a potential buyer look at it. Your car might run perfectly and be in excellent mechanical condition, but you may turn off some buyers if your car has a dirty exterior, odd smells or a back seat crowded with old newspapers, animal crackers and other junk. Here’s a laundry list of things you can do to improve your car’s appearance:

Wash, wax and vacuum your car.o Wipe down the dashboard and other surfaces.o Gloss up the tires and polish the wheels.
Clean all glass inside and out, including mirrors.
Clean out any junk from inside your car and the trunk.o Replace any burnt-out lights or fuses.
Top off the fluids.

Fix any small items that might reduce your car’s value in a buyer’s eye. In addition to cleaning up your car’s appearance, consider any other maintenance issues that may need fixing. Is a brake light or headlamp out? Are the floor mats worn? Are there nicks or chips in the paint? Most of these items cost very little to repair, but from a buyer’s perspective, even these little things can be enough to try and negotiate the price down.

Gather your car’s repair records. Smart car shoppers want to know how well maintained your vehicle is and will ask for maintenance records. Being able to prove your car has had regular maintenance and that any potentially big ticket repairs or upgrades (new tires, new brakes, etc.) have already been made may allow you to command top dollar. Consider putting these records in a binder for easy review or scan them into an electronic form for easy sharing with potential buyers via email (just be sure to black out or otherwise obscure your address, credit card number and other sensitive information that may be on these documents).

For more information, check out www.AutoTrader.com/research for more information.

Family Financial Strategies: Credit Card Use

Ben — Thu, 13 Aug 2009 16:49:14 +0000

This is a guest post by Al Jacobs, the author of OnThe MoneyTrail.com.

Here’s the straight word: The lower the annual fees and charges, the less you pay each year. Some banks and other organizations offer a card without a fee. If so, grab it. In case you cannot find a free one, shop around for the lowest price. In this regard, let me offer the philosophy of “Cheap Charlie,” a one-time Huntington Beach, California, shopkeeper who operated on the stated principal: “You can’t beat cheap” certainly words to live by. As an aside, Charlie closed up shop during an economic downturn; perhaps his prices rose too high. Nonetheless, make certain it’s not merely the first year’s fee which is waived. Also give thought as to whether the card is sufficiently usable. MasterCard and Visa are universally accepted; American Express, Diners Club, and others are of less value because fewer businesses accept them.

Does it surprise you interest rates charged on credit card balances generate dissention, resulting in litigation and legislation? This is understandable when comparing interest paid on bank savings accounts, currently at or below 2 percent, to the interest that credit cards incur, often running to 21 percent and higher. It’s true some issuers around the country offer credit card rates more in the 10 percent range, but these are the exceptions. Worst of all is what happens to those unfortunates who get tagged at the default rate, which can be triggered by any sort of contrived infraction such as exceeding an arbitrary credit limit or a single late payment. Default rates as high as 31.99% are not uncommon.

To add a second whammy, the federal Tax Reform Act of 1986 phased out tax deductibility on personal interest payments. Consider the ramifications of credit card debt at a 30% default rate on a taxpayer in the 28% federal income tax bracket, forking out an additional 7.65% in FICA withholdings as well as state income taxes (at 9.3%, if a Californian like me). This poor devil must earn $1,817 to retain $1000 after taxes to pay on the credit card. This calculates out to an effective annual interest rate of 54.5%. Such thievery would have caused Al Capone to blush.

In passing, be aware of other wrinkles. Many credit card issuers impose charges on users who avoid paying interest. They also collect fees, often retroactively, on a variety of pretexts. They rationalize these practices as necessary costs of maintaining the account, as if a reason to charge a fee is needed. Perhaps some relief is in sight. In an April 23rd radio address, President Obama called for legislation from Congress to reign in the credit card industry. He declared: “Rate hikes and late-fee traps have to end. No more fine print, no more confusing terms and conditions. We can’t tolerate profits that depend upon misleading working families. Those days are over.” What will come from all of this is uncertain. The bank and credit card lobbyists constitute a powerful interest group.

This finally gets us to the bare bones of the matter. My belief is a credit card serves a single purpose a convenience when neither check nor cash is handy. Most importantly, when the monthly statement arrives, pay the full cash balance before the date interest is charged. Follow this rule and the interest rate means nothing. If for any reason you cannot regulate your credit card use in this manner, destroy your cards, swear off cold turkey, and fashion your life accordingly.

Al Jacobs has been a professional investor for nearly four decades and a nationally syndicated columnist. He is the author of Nobody’s Fool: A Skeptic’s Guide to Prosperity. Subscribe to his financial column, “On the Money Trail,” at http://www.onthemoneytrail.com. Receive your free Life Stages report at http://www.onthemoneytrail.com/lifestages.html.

Check Out the Collective Buying Power of Groupon

Ben — Wed, 12 Aug 2009 16:48:23 +0000

Groupon is a relatively new site that aggregates new deals at awesome prices with an element of community involvement. Not only is it great for consumers, but it is great for business as well. Want to find deals that are more tailored to where you live? They have that too. The ability to discuss with other users is a nice feature and seems to have a very clear approach as opposed to others. Send deals to friends quickly or simply tweet the deals.

You can learn more here, as well as subscribe to get their deals everyday in your email.

Let us know what your experiences are in the comments below!

26 iPhone Apps to Save You Money in Your Small Business

Ben — Wed, 15 Jul 2009 13:00:18 +0000

FastUpFront.com has created a list of the best iPhone applications that can save you both time and money in your small business. Some of the topics are personal assistance, time management, news, business tools, finance, information, file management, and travel tools. I could list them out here with all the links and what not, but I don’t want to take away from the hard work they did, so a link will just have to do. You have any to add?

PS – I am still not entirely convinced if the iPhone is a good deal or not; that monthly bill is heavy. What are you experiences? Worth it?