Bad Spending Habits All Around Me...

So I am back living in the house I grew up in; a big town just outside of New York City.

The house had been empty for years...Not because it's in a bad neighborhood.

Empty because the cost of maintaining this house is too high.

Old-world construction is very strong and sturdy, but the cost of heating + cooling this place is extreme.  It's the kind of house that OK during the cool months, but feels hotter than the outdoors during the summer, and colder than outside when the weather gets frosty.

And then there is the property tax.  Extremely onerous, and it never goes away.  And if the bill goes unpaid for a long time, as it has here, a lien can happen, then a tax sale...💰😭💸😭💸

Student-loan debt is pure evil.  Many years ago, when I was really struggling, I defaulted, and "they" were able to access my bank account and take every penny I had.  It was less than $1,000, and they just took it without warning.  I wasn't able to pay my rent.  It was hell.

Losing control with credit-card debt? MUCH worse.  Did that when I was young and stupid, but eventually get my act together and paid it all down to $0.

But credit-card debt is unsecured. A bank can't take your home away from you, no matter how much credit-card debt you have.  BIG difference.

So my cousin decided to move into this house and give living here a shot.  Made sense to her, because she landed a great nursing job in NYC.  Great pay, A+ benefits and all the overtime she wants. Only problem was that she lived in Massachusetts. This house solved that.

So now my cousin has two places that she calls home, in two different states.  She commutes back and forth a lot, but the 3-hour drive goes by fast, especially on weekends.

My mother (RIP) spent lots of money on repairs and renovation.  Other members of my extended family pitched-in too.  While empty, thieves and/or squatters did bad things.

There are young children here, but the house is big, and the walls are thick.  Noise is contained, and the kids have plenty of room play, without disturbing anyone. The situation here is cool and calm and drama-free, which is very, VERY important to me. After all I've been through over the past 22 years, I have no tolerance for ugly behavior of any kind. ZERO TOLERANCE!

There is, however, a nagging concern here: my cousin and her husband are both shopaholic-spendaholics.  There is more footwear dumped all around this house than I have EVER seen in any home.  There must be at least 300 pairs of shoes...In every corner, and every room.  Moreover, there are more daily deliveries from Amazon than I used to see in the retail outlet I managed years ago.  Stacks of boxes, all shapes and sizes, and from all over the world, waiting outside, every day. Crazy....😱📦🥴📦😱📦😵‍💫📦😱

The mother of my child was REALLY GOOD at wasting money, and doing so in the most despicable way. Tantamount to just flushing it down the toilet.  So yeah: these things bother me...😑😒😐🫤

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www.FedPrimeRate.com: Emergency! Can I Borrow Your Phone SCAM

www.FedPrimeRate.com: Emergency! Can I Borrow Your Phone SCAM...

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www.FedPrimeRate.com: Banking SCAM ALERT, Part 1

 www.FedPrimeRate.com: Banking SCAM ALERT, Part 1

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Make GREAT MONEY Online with Twitter

Make GREAT MONEY Online with Twitter.

The sweet and VERY lovely #AshleyDCan does it, and does it well.

And so can you....

       >> https://bit.ly/Make-Money-Online-Twitter <<

#Adults #AdultsOnly #Money #MakeMoney #MakeMoneyOnline #MakeMoneyBlogging #MakeMoneyVideoBlogging #Adults #AshleyDCan @Ashley #Twitter #Elon #ElonMusk #OnlineIncome #Blogging #VideoBlogging #MakeMoneyOnTwitter #MakeMoneyWithTwitter

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Calling a Super Bubble: Front Row With GMO's Jeremy Grantham

An honest and insightful video interview: Calling A Super Bubble: Front Row with Jeremy Grantham, co-founder and chief investment strategist at investment management firm Grantham, Mayo, & van Otterloo (GMO), headquartered in Boston, MA.  This clip is a little over 37 minutes:

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Best Egg "Pre-Approved" Loan Offer: Why Not Say "Pre-Qualified?"

Best Egg Pre-Approved Loan Offer

After all these years, I can't believe that lenders are still allowed to use this language:

"Pre-Approved"

I'm old, and I've done plenty of borrowing in my time, so I know that the phrase "you're pre-approved" is a very unethical trick lenders use to make you think that your financial background has already been vetted, and your loan application is virtually guaranteed to get a green light. I know better.

But what about the young, first-time borrower with a limited or nonexistent credit history?  They see the "pre-approved" hook, they apply, they get turned down, and the lender ends up getting something very valuable: all of the rejected borrower's most sensitive, identifying information (name, address, Social Security number, age, etc.) Not good.  Not good at all.

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OK, so here's an explainer of a mortgage "pre–approval letter," by the good folks at TheMortgageReports.com:

"...Having a pre–approval letter gives your offer a lot more clout, because the seller has solid evidence you’re qualified for a loan to purchase the home.

Realtors generally prefer a pre–approval letter over a pre–qualification letter, because a pre–approval has been vetted to prove your eligibility.

Note: getting “pre–qualified” is different from getting a “pre–approval.”

Both terms mean a lender is likely willing to loan you a certain amount of money. But Realtors generally prefer a pre–approval letter over a pre–qualification letter.

That’s because pre–qualification letters are not verified. They’re just an estimate of your budget based on a few questions.

A pre–approval letter, on the other hand, has been vetted against your credit report, bank statements, W2s, and so on. It’s an actual offer from a mortgage company to lend to you – not just an estimate.

You are NOT required to stick with the lender you use for pre–approval when you get your final mortgage. You can always choose a different lender if you find a better deal..."

And this is exactly what ALL banks should do: use the term "pre–qualified" instead of "pre-approved," and include a detailed explanation of what it means, not in tiny, eye-straining text and the end of the last page, but in bold, and right next to the first use of the term.  Amen.

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My Uncle Got Sucked Into A "Home Depot" Phishing Scam

So, I am on WhatsApp, checking out some family conversations, when I receive a message from my uncle.  Message reads:

"The Home Depot 40th Anniversary.  Click to enter to participate in the survey.  Have a chance to win $ 8,000! BeneficialYear.TOP"

Right away, red flags go up.  Looks extremely suspicious, but I click the link anyway, because I want to see what the scam looks like, so that I can warn others.

Here's a capture of the URL, and the page it took me to:

www.FedPrimeRate.com: Phishing Scam Image 1

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When I reloaded the page, I was taken to a totally different URL:

www.FedPrimeRate.com: Phishing Scam Image 2

First of all, if this is a survey from The Home Depot, then why on Earth would I be redirected to 2 different URLs? And why would one of the domain names use a .CN top level name, meaning it's registered in China?

Moreover: all the navigation links don't work, and the same if you try to "up" or "down" vote in the comments section.

As I investigated further, I found that Firefox is aware, and warning folks:

www.FedPrimeRate.com:
Mozilla FireFox Warning
- Deceptive Site Ahead

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Please people: don't forward suspicious messages to friends and family without checking them out.  You could end up doing serious harm to people you care about.

>>>   CLICK HERE FOR MORE SAFETY WARNINGS   <<<

>>>   CLICK HERE for SCAM ALERT: HOW TO AVOID BANKING AND OTHER TRENDING SCAMS; KNOW THE RED FLAGS   <<<

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FRONTLINE: The Power of The Fed

FRONTLINE: The Power of The Fed

>> https://www.pbs.org/wgbh/frontline/film/the-power-of-the-fed/ <<

>> https://twitter.com/FedPrimeRate/status/1455635748217044994 <<

via @frontlinepbs

#TheFed #Fed #Money #MonetaryPolicy #FedPrimeRate #USA #FederalReserve #HowTheFedWorks #HowTheFedReallyWorks #Rates #InterestRates #FedFunds #FedFundsRate #Frontline #PBS

www.FedPrimeRate.com - FRONTLINE: The Power of The Fed

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Pandemic Prepared: My COVID-19 Pandemic Diary

Pandemic Prepared
My COVID-19
Pandemic Diary

Just bought a bunch of supplies from Walmart:  Lysol, 91% isopropyl alcohol and toilet paper.

I order from Walmart so often that I decided to join their Walmart+ program.  Free (and faster) shipping, special discounts and other very nice perks.  There was a Walmart+ new signup promotion so I am paying an introductory $9.99 per month to be a Walmart VIP.

I live in a house with 3 strangers and 2 relatives.  My aunt, and her 22-year-old son, both got COVID last year, and both recovered.  I don't have it, and I never contracted it. So both of my housemate relatives have beautiful antibodies coursing through their bodies.  I don't.  Moreover, since I have a long history of bad reactions to vaccines. I am not inoculated. 

So I am quite obsessed with keeping everything -- and I mean everything -- 100% germ-free.  I spray / wipe doorknobs, refrigerators (we have 2 here), toilet seats, toilet bowls, faucets,  desks, chairs, tables, etc.  If I make any kind of contact with it, it suffers the full brunt of my germicidal ways, all day, every day.

My mother was taken by COVID early last year.  It was fast.  From diagnosis to death took 5 days.  She was in East Africa at the time.

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What makes me really mad is that all too many are not taking this pandemic seriously.

I attended my nephew's wedding a few weeks ago.  Not only did I wear a mask, I also brought a brand new box of masks as backups, and to give away to anyone in need.

Out of all who attended, only 2 people wore a mask: me, and one other guest.  Some guests even looked at me like I was being ridiculous.  Yup.

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And here's another reason why I shop at Walmart.com so often: I earn free gift cards in return for using the Microsoft Bing search engine.  I make my living online, and I'm searching all the time, so this is simply perfect for me.

>>> https://rewards.microsoft.com/ <<<

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Masks and Gloves

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This Is How Much It Costs To Drive A Car

This Is How Much
It Costs To
Drive A Car

This story originally ran on >> KBB.com. <<

Owning a car in 2021 costs nearly $10,000 a year, according to AAA.

Driving is getting more expensive. This year, the average driver will spend $9,666 to own a car. That translates to $805.50 a month. The annual figure is $105 higher than 2020’s number, largely because cars are more expensive.

Americans Are Choosing More Expensive Cars

The average cost of the new vehicle studied is $32,903, nearly 5% more than last year. The change reflects a change in buying habits. AAA explains, “Models in the small sedan, medium sedan, medium SUV and hybrid categories averaged an increase in vehicle price of $3,064, led by hybrids as consumers opt for larger (hence more expensive) models in this category. Pickup trucks saw an increase of $4,684 (an average of 11%).”

The motoring club’s annual Your Driving Cost study reviews the cost of ownership for 45 car models. It includes the five bestselling vehicles of each of nine types. AAA then examines fuel, maintenance/repair/tire costs, insurance, license/registration/taxes, depreciation, and finance charges for each vehicle to find the average cost.

Depreciation Costs Most; EVs Save On Fuel and Maintenance

Depreciation is the largest cost buyers face, accounting for 40% of the total.

Fuel costs an average of 10.72 cents a mile, though that expenditure varies widely based on the vehicle’s fuel efficiency. Electric vehicle owners pay an average of 3.66 cents a mile traveled, compared with 15.81 cents a mile for pickup truck owners.

Maintenance and repair costs work out to 9.55 cents a mile. EV owners again pay less, averaging 7.77 cents a mile in maintenance and repairs. Medium sedans, somewhat surprisingly, have the highest average maintenance and repair costs, at 10.43 cents per mile.

It’s not all bad news. The cost of financing a car is down slightly, thanks to a drop in the prime lending rate. The average interest rate in 2021 is 4.12%, 1.056 percentage points lower than in 2020.

Minivans Dropped From Study, Subcompact SUVS Added

Americans’ car buying habits have changed, necessitating a change in the study. AAA dropped two categories of car – large sedans and minivans – “both of which no longer offer enough new models to be tracked.” In their place are subcompact SUVs and midsize trucks for the first time.
Car shopping recommendations

The rising costs led AAA to make a few recommendations to its members. Among them, it cautions against signing up for longer-term loans, even though these are growing in popularity. Recent research from credit rating agency Experian shows that auto loan terms are getting longer.

“Initially, a loan like this may be attractive to a buyer since it helps lower the monthly payment. However,” AAA warned, shoppers “should know that with long-term loans comes a period when the vehicle will hold less value than what is owed due to depreciation.”

They also recommend that shoppers consider buying a slightly used vehicle rather than a new one so that “the original owner has absorbed the majority of the depreciation cost, while the vehicle still has quite a few of the latest features and a manufacturer’s warranty.” Sales of certified preowned cars are growing even as overall used car sales have begun to slow.

Finally, AAA reminds consumers that a car purchase can be as many as three separate negotiations – one for the price of the new vehicle, another for the trade-in value, and possibly a third over financing cost. “Consumers should take their time and negotiate them individually,” the organization said.

This story originally ran on >> KBB.com. <<

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Quantitative Easing Explained

 Quantitative Easing Explained:

How Quantitative Easing Works

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Beware of LendingTree® Loans

So, I decided to try and consolidate my credit card debt via a LendingTree® loan.

Bad idea. I did not get approved.

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They lure you in with words like "No hidden fees," "No points," "No collateral required," and "Borrow up to $35,000."

Then, when you initiate the loan request at LendingTree.com, you'll be asked to submit all kinds of personal information, like:

• What's your employment status?
  
  
• What do you need the money for?
  
  
• How much do you want to borrow?
  
  
• Estimate your credit score
  
  
• How quickly do you need the money?
  
  

And they'll want you to submit your most sensitive personal information too, like your Social Security number, your address, your current and former employers, etc.

You'll be presented with a list of potential lenders and their terms (maximum loan amount, interest rate, monthly payment, etc.) 

So, despite having a very good FICO® credit score (780), the bank I chose, First Midwest Loan (www.firstmidwest.com) did not approve my application.

Why?  Well, 1) They did not like the fact that I am self-employed and 2) They asked me to submit 2 years of tax returns, which I did not have (The online tax preparer I used promised to save all my returns, but they didn't.) 

So, If you're going to apply for a loan online, be sure you are ready to submit your tax documents.

And if you are self-employed: good luck.

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Of course, applying for this loan resulted in a hard inquiry, so my credit scores will almost certainly experience significant dings.

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Does LendingTree sell your personal / sensitive information?

Well, there's a link at the bottom of the First Midwest Loan homepage that reads, "Do Not Sell My Personal Information."  When you click this link, you are taken to a page that says:

"...Residents of California have certain rights regarding the sale of personal information to third parties. First Midwest Bank, our affiliates, and service providers use information collected through cookies or in forms to improve the experience on our site and pages, to analyze how our site is used, and to present personalized advertising.

At any point, you can opt-out of the sale of your personal information by selecting Do Not Sell my Personal Information.

You can find more information and how to manage your privacy choices by reviewing our California Consumer Privacy Disclosures located on our Privacy information page by following the link on the bottom of any page..."

In other words, unless you visit the bank's opt out page and waste a significant amount of time filling out the opt out form, your personal / sensitive information can be sold to...Whoever....

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Borrowers: Beware

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Nearly Two Dozen Cities Are Handing Out Cash With No Conditions

Free Money

Los Angeles is working on a plan that would offer $1,000 per month to 1,000 families using public funds.
 

Income inequality intensified by economic hardships brought about by the coronavirus pandemic has spurred cities across the country to take action by offering some residents a guaranteed income.

The idea of guaranteed income was made popular by former presidential candidate Andrew Yang, who wanted to give $1,000 a month to every American.

But before Yang brought national attention to the fringe idea, Aisha Nyandoro had her own project up and running in Jackson, Miss.

Income inequality intensified by economic hardships brought about by the coronavirus pandemic has spurred cities across the country to take action by offering some residents a guaranteed income.

Nearly two dozen U.S. cities have started to adopt the idea of no-strings-attached income, which was a popular tenet of former presidential candidate and now New York City mayoral candidate Andrew Yang’s campaign. Yang wanted to give $1,000 every month to every American.

But before Yang brought national attention to the fringe idea, Aisha Nyandoro had her own project up and running in Jackson, Miss., NPR reported. Nyandoro started Springboard to Opportunities in 2018, which began giving $1,000 monthly to 20 mothers.

"Unfortunately, without COVID and without the pandemic and the economic downturn, I don't know if we would be having the conversations with the intensity that we are regarding guaranteed income,” Nyandoro told NPR. "But we are. So we'll take it."

Now, cities like Los Angeles are entering the mix, but a city program in LA would be different from Nyandoro’s program. LA is working on a plan that would offer $1,000 per month to 1,000 families using public funds, according to NPR.

America is changing faster than ever! Add Changing America to your Facebook or Twitter feed to stay on top of the news.

President Biden has proposed various programs outside of guaranteed income to target poverty. The president introduced the American Jobs Plan during a joint session of Congress in April, which includes free community college education for all Americans, $85 billion in federal Pell Grants and universal preschool for three- and four-year-olds.

The Bureau of Labor and Statistics recorded an unemployment rate of 6.1 percent in April, but a study from researchers at The University of Chicago and The University of Notre Dame estimated the April poverty rate at a pandemic-high 11.2 percent.  

Isabel Sawhill, senior fellow in Economic Studies at The Brookings Institution and a member of former President Clinton’s welfare task force, told NPR Yang’s highly visible push was a major benefit to the movement. Sawhill noted that the burgeoning movement can be viewed as a reaction to policies under Clinton that effectively slashed payments to needy people in order to promote work-based programs.

"One of the things that surprised me is that a lot of welfare moms really don't like welfare,” Sawhill told NPR. "It's not their first choice. They'd much rather be working."

The theory of “welfare queens” became popular as Republicans voiced the idea that some women on federal welfare programs were found to be living lavish lifestyles.

"In Chicago, they found a woman who holds the record," Ronald Reagan said in a radio address in 1976, before his presidency. "She used 80 names, 30 addresses, 15 telephone numbers to collect food stamps, Social Security, veteran's benefits for four nonexistent deceased veterans husbands, as well as welfare. Her tax-free cash income alone has been running $150,000 a year."

But critics on both sides of the political aisle agree that the success of current programs can only offer so much insight into how they will translate on a larger scale and might not adequately reflect conservative concerns.

"The kinds of concerns that most conservatives have about the impact on work are not going to typically show up one year into the experiment," said Scott Winship, director of poverty studies at the American Enterprise Institute. "They're going to show up five years into the experiment, ten years into the experiment."

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Source: https://thehill.com/changing-america/respect/poverty/553562-nearly-two-dozen-cities-are-handing-out-cash-with-no

By Adam Barnes | April 14, 2021

 

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Free Online Credit Reports Until April 2021

In response to the COVID-19 pandemic, the three major credit reporting agencies -- Equifax, Experian, and TransUnion -- are offering free access to online credit reports, weekly, until April 2021.

Free Online Credit Reports Until April 2021

You can Start Here.

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Transunion and Equifax Credit Score Update - May 29, 2020

Transunion and Equifax Credit Score Update - May 29, 2020

I'll be doing a lot of traveling soon, and I was feeling quite insecure about my Dell laptop.  Still works, but the hard drive started to get noisy -- a strong signal of impending drive failure -- and it does this sputtering lockup thing often enough to be totally annoying. So I decided to buy a new one.

I bought another Dell for a bit over $800.  I put the purchase on my favorite rewards credit card, which has the highest credit limit in my card arsenal ($30K), with plans to pay it down to zero within two or three months.

Credit scores still looking OK.  Stay tuned.

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New Dell Laptop with Sony Wireless Headphones

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How People View Economic Fairness in Their Nation

From the New York Times: Percent of respondents who agree that economic differences between rich and poor are unfair in their country:

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Japan

30%

Czech Republic

39%

Indonesia

39%

Philippines

42%

Cambodia

53%

Peru

53%

Australia

56%

Venezuela

56%

Sri Lanka

57%

Rwanda

57%

United States

57%

Canada

58%

Mexico

59%

Switzerland

60%

Norway

61%

Colombia

61%

South Korea

63%

Tanzania

63%

Ecuador

63%

Vietnam

63%

Netherlands

64%

Malawi

64%

China

65%

Estonia

65%

Bangladesh

65%

Cameroon

66%

Germany

66%

Kazakhstan

66%

Algeria

67%

Bolivia

68%

France

70%

Kenya

70%

Britain

71%

Iran

72%

Israel

72%

South Africa

72%

Croatia

73%

Zambia

75%

Italy

75%

Spain

76%

India

77%

Portugal

77%

Thailand

77%

Brazil

78%

Zimbabwe

78%

Uganda

78%

Pakistan

80%

Nigeria

81%

Hungary

81%

Russia

81%

Argentina

83%

Ukraine

83%

Chile

84%

Greece

84%

Turkey

85%

Morocco

87%

Ethiopia

87%

Jordan

88%

Egypt

95%

Afghanistan

97%

 
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Source: Gallup World Poll By The New York Times

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New Breed of Banks

New Breed of Banks; a segment by the exceptional folks at Nightly Business Report (NBR.) "Tech companies, big and small, are getting into the banking business...":

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Romance Scams

Romance Scams

How can a woman willingly drain her life saving down to nothing, and send huge sums of cash to someone she has never met in real life?

It's easy to just dismiss these women as stupid, but it's not that simple.

Loneliness is a very negative and very powerful force.   It's a lot like alcohol, in that too much of it can make a smart and reasonable person do very stupid things.

It's nice to come across a story in the news about a romance scammer getting caught and punished.  But catching these predators is the exception, not the rule.  I think the global law enforcement community can do a lot better...

From this Federal Trade Commission article:

"...People looking for romance are hoping to be swept off their feet, not caught up in a scam. But tens of thousands of reports in Consumer Sentinel show that a scam is what many people find. In 2018, Sentinel had more than 21,000 reports about romance scams, and people reported losing a total of $143 million – that’s more than any other consumer fraud type identified in Sentinel.1 These reports are rising steadily. In 2015, by comparison, people filed 8,500 Sentinel reports with dollar losses of $33 million...

...Once these fraudsters have people by the heartstrings, they say they need money, often for a medical emergency or some other misfortune. They often claim to be in the military and stationed abroad, which explains why they can’t meet in person. Pretending to need help with travel costs for a long-awaited visit is another common ruse...

Scammers can reap large rewards for time spent courting their targets. The median individual loss to a romance scam reported in 2018 was $2,600, about seven times higher than the median loss across all other fraud types.2 People often reported sending money repeatedly for one supposed crisis after another...

...Help stop these scammers by reporting suspicious profiles or messages to the dating or social media site. Then, tell the FTC at www.FTCComplaintAssistant.gov..."

• Learn more at FTC.gov/Imposters.
  
  
• FBI: Romance Scams Online Imposters Break Hearts and Bank Accounts

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Income Sharing: An Excellent Alternative To Student Loans

As a person who suffered with extremely oppressive student loan debt for many years, I found this NBR segment out of Purdue University very cool:

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Amazon Is Raising Its Minimum Wage To $15 Per Hour For All Its U.S. Employees

What Amazon's new minimum wage means for inflation and the future; a segment from MSNBC:

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