HARRISBURG (AP) — A new law is on the books that could eventually lead to the return of the production of industrial hemp in Pennsylvania.Democratic Gov. Tom Wolf on Wednesday signed a bill that would let the Agriculture Department and institutions of higher education grow the plant for research purposes, directly or through approved contractors.It also sets up a board to work on regulations.The sponsor, Lebanon County Republican Rep. Russ Diamond, says large [...]
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الأربعاء، 20 يوليو 2016
MCTI 2016 Senior Awards and Certifications
Monroe Career and Technical Institute in Bartonsville, recently held its senior awards program at East Stroudsburg University Abeloff Center, East Stroudsburg.Auto Collision & Repair: Kevin Beers, East Stroudsburg High School-North, PA Certificate, Competency, S/P2 Automotive Safety Certification; Richard Bernard Jr., Pleasant Valley High School, PA Certificate, Competency; Kyle Burke, East Stroudsburg High School-North, Outstanding Senior, PA Skills, S/P2 [...]
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3 Super Annoying Airline Fees — and How to Avoid Them
I know, I know: Travel is awesome, but flying is just too expensive.
I’ve heard it time and again, and even said it myself. (And to be honest, I probably do spend more on travel than I really should.)
But as it turns out, flying is actually less expensive now than it has been in recent memory.
Summer airfare for 2016 is the lowest we’ve seen in seven years, according to research from flight price-finding and -optimizing app Hopper.
But even when fares go up, you’ve got lots of ways to minimize the price of your ticket, even on the those annoying “hidden” fees (which might not be so hidden — or annoying — after all).
How to Save Money on Flights and Avoid Hidden Airline Fees
Our very first suggestion?
Start finding ways to travel for free and avoid paying for your ticket altogether.
Yep, we’re talking frequent flyer miles, and if you don’t know where to start, don’t worry: We’ve got a guide.
But if you’re still working on accruing enough miles for your dream destination, you can get a lot of air travel for less than you’d expect… if you know how to work the system.
Lifehacker’s Kristin Wong points out five common airline fees you’ve probably run into before — and expert tips for how to minimize or get around them entirely.
Here are three of the most common of those fees and some of our favorite bits of her sage advice.
1. Baggage Fees
grinvalds/Getty
Yes, it costs money to check a bag. And yes, apparently there was a time when this wasn’t the case.
“If I think hard enough, I can remember when checking luggage was free,” writes Wong.
But when even one checked bag can cost up to $100 depending on your airline, it literally pays to travel light.
Luckily, the internet is packed with efficient ways to… pack.
“The most obvious way to get around this fee is to not check luggage at all and pack everything into one carry-on,” writes Wong.
She also points out one helpful packing method, the “skivvy roll.” Although it looks a little intimidating, “if you do it right, you’ll avoid wrinkles, too.”
Just think of your vacation preparations like a game of Tetris. And your prize for getting to level 10 is not having to wait at the baggage carousel or lug a 50-pound suitcase through the airport.
If you absolutely have to have your whole wardrobe for your journey to Paris, consider applying for your airline’s proprietary credit card. In many cases, it’ll waive the price of your first checked bag.
2. Seat Selection Fees
Izabela Habur/Getty
I despise flying in anything but a window seat. Yes, even if the flight’s 10 hours long and I’m going to have to annoy my two new “friends” to empty my tiny bladder six times.
But you can save some serious cash by sucking it up and leaving your seat up to chance.
“Yes, some airlines even charge for the luxury of picking a seat,” reports Wong. Worse yet: “It doesn’t even have to be a fancy First Class seat. Spirit charges between $1-$50, depending on the route. Allegiant charges up to $80 for some flights.”
The best way around it?
Make like Elsa and let it go. Besides, who knows? You might get a free upgrade if the rest of the plane fills up.
3. In-Flight Wi-Fi Fee
lovro77/Getty
This one’s probably the most bougie, optional fee on the list.
But sometimes, in-flight Wi-Fi is a hard luxury to pass up. If you’re traveling during a work day — or you’re alone and want to be able to say “I love you” to someone on the ground when things get turbulent — you can’t really do it without internet.
But you don’t have to pay $10 for a single hour of it, either.
“Most browsers let you change your user agent, so you can identify as a mobile device,” explains Wong.
“This is meant for developers to test stuff, but you can also use this option to get cheaper in-flight Wi-Fi. Change your user agent, get the lower mobile price, then switch back after you pay.”
The mobile version of the in-flight WiFi is almost always cheaper, making this a neat hack. Here’s a guide on how to do it, because I have absolutely no idea.
Otherwise, Wong suggests checking around for in-flight Wi-Fi coupons at outlets like RetailMeNot.
Or make the most economical decision and purchase a long-term pass ahead of time if you know you’ll decide to get the pricier option in the air either way. With Gogo, for example, you “can nab an all-day pass for $16, and that’s typically much cheaper than purchasing your pass in-air.”
A secret of my own? Find a credit card that automatically offers a statement credit for in-flight Wi-Fi purchases as a perk. (Thanks, Discover it Miles — and they’re not even paying me to say that!)
“Hidden” Fees? Not So Much
When it comes down to it, these “hidden” fees are only assessed on choosable, itemized extras — and prices are usually well advertised on the airline’s website.
Plus, by making extras optional, airlines can afford to lower the cost of the flight itself, which can help you save money in the long run if you choose to fly as frugally as possible.
But doing without a checked bag or even ditching in-flight Wi-Fi might not be an option if you’re traveling long-distance, long-term or while you’re still responsible for getting work done.
So to get the full details on how to minimize those extra charges, check out Wong’s full article at Lifehacker.
And if you want even more ways to save on airfare, some of our other posts might help. Check them out:
Here are the cheapest days to fly, so you can optimize your trip. But whatever you do, make sure you don’t actually purchase your flights on this day.
If your summer plans are already booked, but you’re looking ahead to Thanksgiving, here are some tips for getting home for the holidays on the cheap.
And if you’re already good at saving money while you travel, think about this: You could be making money while you’re on the road, instead.
Bon voyage!
Your Turn: How do you get the most bang for your travel buck?
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at Word Riot, DMQ Review, Hinchas de Poesia and elsewhere. Find @JamieCattanach on Twitter to wave hello.
The post 3 Super Annoying Airline Fees — and How to Avoid Them appeared first on The Penny Hoarder.
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Would You Pay $230 for a Toaster?
Unpopular opinion time: I don’t really understand the breakfast food craze.
Don’t get me wrong; bacon is awesome. But I’d rather have it wrapped around dates for lunch, or crumbled over roasted brussels sprouts with dinner.
Plus, toast.
Like, how did that even become a thing? It’s just rapidly staled bread, guys. Just give me the avocado and go away.
That said, I’m willing to change my mind if I’m given a good enough reason… and it’s look like I may have found just that.
Because people are paying 24,000 yen (US$230) for this toaster — after being patient enough to last through a three-month wait list.
Apparently, I’ve never had really good toast, because that is some serious commitment.
The Quest for the Perfect Toast, and the High-Tech Toaster that Makes It
Gen Terao is the mind behind Balmuda, and the company’s $230 device that delivers crunchy-on-the-outside, soft-on-the-inside toast — every single time.
He and his employees discovered his extraordinary toasting technique accidentally, while grilling bread at a company picnic.
The group worked for hours to recreate the perfect toast that had serendipitously appeared over the flames before realizing the key was steam, which keeps the bread moist inside.
Add a sudden burst of heat at the end to give it that craveable, crusty crunch — and there you have it.
The perfect toast.
Gen Terao’s Surprising Path to Founding Balmuda
The Balmuda steam toaster oven went on the market late last year, and despite its high tech (and accompanying price tag), business has been very good.
“Despite Terao’s goal of shipping 10,000 units a month, there haven’t been enough to keep stores stocked,” Bloomberg reports.
And that’s only in Japan and very recently South Korea. With the company struggling to keep up with such rampant demand, it’s unlikely the Balmuda toaster will come to American markets anytime soon.
But perhaps the most interesting part of the story is Terao’s unlikely success story — and I’m not just talking about how much cash he fetches for such a common appliance.
Gen Terao’s path is different than the one you probably imagine most design firms’ CEOs take. He dropped out of high school before spending the money that was supposed to fund his college career on an epic journey across Spain, Morocco and the Mediterranean.
Then, he led a rock band called the Beach Fighters for nine years, while working at a pachinko hall to pay the bills.
He was nearing 30 when he changed direction yet again, using borrowed manufacturing equipment to create small appliances. He named the operation Balmuda, and soon enjoyed enough success to hire on help — and get his own machines.
Today, of course, the company’s busy fulfilling the orders of those eager to taste the perfect toast.
And while we’re unsure of how much money the company’s made so far, at $230 a pop, it’s safe to say they’re in the black. (Or golden-brown, as it were.)
As for me, I might have to find a way to get my hands on some Balmuda’d bread. With such a loyal fan base, I can only imagine eating it is akin to a spiritual experience.
Your Turn: Would you pay $230 for a toaster?
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at The Write Life, Word Riot and elsewhere. Find @JamieCattanach on Twitter to wave hello.
The post Would You Pay $230 for a Toaster? appeared first on The Penny Hoarder.
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Leather tailor pins hope on Bartonsville
Tailor Felix Fermin packed up his van and left New York for Aspen in 2000, taking his established custom leather business to the tourism-heavy town. But his van broke down in Poconos, and Fermin hasn’t left the state since.Fermin, 63, just opened Penn Leather on Route 611 in Bartonsville. After many moves within the state, he chose the Poconos because it has what his product attracts: tourists who want a custom-made garment.He makes garments using dozens of leather [...]
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He Slept in a Tent on His College Campus, Until Strangers Gave Him $184K
College, and its steep financial requirements, can be difficult in the best of circumstances.
Affording tuition is a huge challenge in itself, and many students go deeply into debt even with help from their families.
Then, of course, comes the actual college part: finding the time, energy and motivation necessary to balance rigorous coursework with the job(s) that foot the bill, while still occasionally finding an hour or two to eat, sleep or socialize.
That’s what makes Fred Barley’s story even more impressive.
Although this Gordon State College student had nothing to his name but a couple of gallons of water and a borrowed bicycle, he gave everything he had to the pursuit of his higher education.
And happily, the small town of Barnesville, Georgia, showed him just how much they admired his determination — to the tune of gifts, a job and a crowdfunding campaign worth more than $184,000.
A Small Town’s Generosity Towards a Homeless College Student
On July 9, Barnesville police officers Dicky Carreker and Maria Gebelein approached a tent pitched near a Gordon State College parking lot. As commanded, 19-year-old Barley came out with his hands up — holding his Gordon State I.D card.
He told the officers his heartbreaking story.
Carrying nothing but his tent, two gallons of water and a box of cereal, Barley had ridden a borrowed bike 50 miles to get to campus early, hoping to find a job before classes started on August 5. He had no money, so he planned to camp until the dorms opened.
The ride had taken him six hours, and he’d spent all of that Saturday in search of a job.
Shocked and inspired, Carreker and Gebelein handed Barley the money in their wallets and each paid for a night’s stay for Barley at the local Sun Inn motel, reports Barnesville’s Herald-Gazette.
That was just the start of the town’s massive outpouring of generosity.
Moved, Carreker posted the story on Facebook… and Barnesville’s citizens responded, purchasing Barley food, school supplies and clothing. He even got a new mountain bike, and “has a couple community members working together to get him a car,” according to the Herald-Gazette.
Better yet, local pizza shop owner Debbie Adamson gave him a job as a dishwasher — before she even knew his name.
“I created a position for him before he walked in my door,” she told WSB-TV News, Atlanta. “I didn’t know his name. I didn’t know the color of his skin. I didn’t care. I’ve been there so I guess I had a soft spot for anyone who is that determined to succeed in life.”
Another community member, Casey Blaney, started a “Success for Fred” Facebook page, which spawned a GoFundMe campaign that raised more than $184,000 before it was closed.
Best of all, Gordon State College agreed to open its dorm early so Barley could move inside.
It’s safe to say Barley will have a great shot at fulfilling his dreams and attending medical school — a bright future for the second-semester biology major.
He couldn’t be more grateful: “I was shocked by how much support people will give,” Barley says.
“Even people from across the country that I’ve never met just wanted to help so much in my life. I was just so shocked and grateful.”
And considering 2016’s rash of distressing headlines, we’re grateful, too. Turns out there is still such a thing as good news.
Your Turn: Did you go to crazy lengths to afford and complete college? Let us know in the comments!
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at The Write Life, Word Riot and elsewhere. Find @JamieCattanach on Twitter to wave hello.
The post He Slept in a Tent on His College Campus, Until Strangers Gave Him $184K appeared first on The Penny Hoarder.
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TradeStation Review – The Active Investing Platform
TradeStation may be the most robust investing platform available. It does have a large number of sophisticated investing tools that will help even the most experienced investor up his or her investing game.
The platform offers a number of paid subscription services, that will make most sense to very active traders. If the platform has a limitation, it’s that it’s probably not the best choice for less active traders.
About TradeStation
TradeStation began operations in 1982 as Omega Research, Inc., and launched the TradeStation name in 1991. In its early days, TradeStation was a trading software provider, but in 1999 it transformed into an Internet-based brokerage trading platform. Shortly after, TradeStation acquired OnlineTrading.com, a direct access securities brokerage firm. From there, the company began rolling out a series of innovations, including the integration of direct access options execution and self clearing of stock trades for active traders in 2004.
After that, the company continued to advance and gained notoriety in the financial press for innovation and efficiency. It also grew quickly in international markets.
Today, TradeStation is a wholly owned subsidiary of Monex Group, Inc., which is one of the largest online financial services providers in Japan.
The company continues to draw favorable reviews from the financial media with the following happening just in 2016 :
- Highest Rated in “Best for Frequent Traders” Category by Barron’s
- Rated “Best Trading System – Stocks” and “Best Trading System – Futures” by Technical Analysis of Stocks & Commodities readers
- Rated “Best Platform Technology” and “Best in Class in Mobile Trading” by Stockbrokers.com
- Ranked “Top Five” Online Broker and #1 for Equity Trading Tools by Investor’s Business Daily”
The company is widely recognized for its customer support, online education, community of traders, fast market data, execution technology, competitive pricing and its award-winning trading software.
The TradeStation Platform
TradeStation’s platform delivers power, speed, and flexibility that serious traders demand in order to help their investing performance. Some of the tools and features offered by TradeStation will require the payment of monthly subscription fees.
Finding Trading Opportunities. This uses a combination of tools. One is the RadarScreen (paid subscription, see fees and waiver criteria below), that provides customizable market tracking, scanning and advanced pattern-recognition capabilities. It enables the user to see what’s really moving the market in real time.
Hot Lists enables you to act on unusual activity. You can select from more than 100 high-level hot lists of unusual market moves, that way you can see which stocks, funds, and options are moving so that you can identify today’s biggest winners and losers.
The Scanner tool allows you to literally scan the entire market of stocks and exchange traded funds (ETFs) in just seconds. This is not limited to a few pre-set scans. It provides technical and fundamental analysis using hundreds of fundamental fields, options related data and built-in technical analysis indicators. You can also set it up with custom scanning criteria.
The OptionStation Search tool allows you to search for new options trading opportunities. It ranks positions using multiple criteria, and gives you the ability to select a pre-built strategy from the tools library of commonly used pre-built options strategies.
Analyze the Markets. You can employee fully customizable charting, backtesting and analysis capabilities for stocks, options, futures and Forex. The OptionStation Pro (subscription service, see fees below) provides fast and intuitive options trading. It provides enhanced options search with results ranked by spread characteristics, configurable spread-specific options chain views, and dynamic options pricing and Greek calculations.
The Portfolio Maestro This feature enables you to integrate fundamental analysis into your portfolio strategies. It provides precise portfolio analysis using the approach that most closely simulates the actual performance that could be achieved if the portfolio were traded in real time. It also provides portfolio-wide constraints that allow you to manage exposure, protect profits and the limit downside risk of your portfolio. (This feature is a paid subscription service, see fees and waiver criteria below.)
TradeStation Trading Tools
The TradeStation Platform is a paid subscription service, but the monthly fee can be waived if you meet the minimum activity fee waiver requirements (see fees listed below, including the waiver). The Platform provides an incredible number of trading tools, including:
Simulator. This tool enables you to test risk-free trading simulations, so that you can learn if your strategies will work without risking real money. You can test your own trade ideas in real time and get real-world trading experience, all before you put any of your own money at risk.
Matrix. This enables you to view and trade the market from a single window. It provides lightning-fast, one click order entry, and enables you to have automatic stop loss and profit target orders. You can also track your profit or loss in real time.
Chart Trading. This feature allows you to intuitively place and edit orders directly on a charge in real time. You can place single and multiple leg orders with a simple mouse click. You can view position details and easily close or reverse a position. You can also place commonly used orders – including hit/take, market, OCO, and trailing stops – with the click of a button.
Quick Trade Bar. This is a fast order entry tool that enables you to get in and out of the market quickly with single click order entry. You can also cancel your open orders with just a single click, as well as track profit and loss.
Basket Trading. This feature enables you to place trades for multiple symbols with a single click. You can place a single order for an entire basket of stocks or futures. You can also scale in and out of baskets, by managing the percentage of the basket trade.
TradeStation Features and Benefits
TradeStation packs a lot of features and benefits into a single platform. This list will include most of them, but certainly not all.
Minimum initial deposit/balance requirements. The minimum account balance for a non-day trading account is $5,000. A pattern day trading account must maintain a minimum daily balance of $25,000. If the account balance falls below $25,000 trading is restricted to closing transactions only until the account balance is increased to $25,000.
An account is permanently deemed to be a pattern day trading account if four-day trades are placed in a five day trading period within the account.
Account types. With TradeStation you can open individual and joint brokerage accounts, traditional and Roth IRA accounts, SEP and SIMPLE IRAs, custodial accounts, and business accounts for corporations, partnerships, limited liability companies, and sole proprietorships.
Lightning-Fast Trading. The proprietary TradeStation Network ensures reliable, lightning fast, best execution for both individual and institutional clients. It combines speed, price improvement per share and net price improvement per share to assure you the fastest trading times possible.
Account funding. You can transfer money into or out of your TradeStation accounts by wire transfer, check deposit, and electronic transfer (ACAT).
Checks must originate from a US bank, and are subject to a three business day hold for trading purposes, and a six business day hold for cash withdrawals. Deposits through wire transfers are immediately available for next day trading and withdrawal.
Electronic transfers from other financial institutions are free of charge, but will require from 7 to 10 days for broker-to-broker transfers. Transfers from banks, mutual fund companies and transfer agents can take between two and four weeks.
TradeStation does not accept cash, money orders, or third-party checks.
TradeStation University. This is a 12 step video tutorial that will show you how to understand and use the TradeStation trading platform. For example, it will show you how to make best use of order entry, chart analysis, the RadarScreen feature, Option Station Pro, and the online and mobile platforms. The videos can be in excess of one hour each, so it will require an investment of time in order to get through the entire tutorial.
TradeStation Mobile. The app is available for iPhone, iPad or Android. It gives you access to all of the tools and features that are available on the TradeStation platform. You can use your mobile device to analyze markets, place trades and manage orders, and do it all in real time.
TradeStation Forum. This is an online forum that includes thousands of topic posts by TradeStation users. It’s an opportunity to interact with other investors on the platform, so you can benefit from their insight and experience.
Customer service. You can contact TradeStation customer service by toll-free phone, Monday through Thursday, 7:30 AM to 6:30 PM Eastern time, and Friday, 7:30 AM to 5:00 PM Eastern time. There are different phone numbers available for futures and Forex trading, and both are available 24 hours a day on most days.
Asset protection. Your account is protected by SIPC, which will insure securities and cash of up to $500,000 per depositor, including $250,000 in cash. There is also additional protection through Lloyds of London, which insures each account for up to $24.5 million, including up to $900,000 in cash.
Account security. TradeStation uses state-of-the-art 128 bit data encryption (TLS/SSL) on their secure websites and applications. They also use advanced hardware and software firewalls to prevent unauthorized parties from gaining access to the platform and to your personal information.
TradeStation Fees
Pricing and fees for TradeStation are more involved than they are with other trading platforms, mostly because TradeStation provides so many options and paid upgrades. These look something like this:
Monthly Access fee. TradeStation charges $99.95 per month as a minimum activity fee, plus fees for real time exchanges to which you are subscribed. This fee applies to equities and futures accounts.
The fee is waived if you meet the minimum trading volume criteria for the previous month. In order to qualify for waiver of the minimum activity fee, you have to have any one of the following:
- 10 round-turn futures and/or futures options contracts, or
- 50 options contracts traded, or
- 5,000 shares traded, or
- $100,000 account balance
Stocks and ETFs. You have the option to trade for either $0.01 per share ($0.006 per share after the first 500 shares per trade), or a flat rate of $4.99 per trade. This puts them in direct competition with TradeKing and gives them a price advantage over the $7 that Scottrade charges. Broker assisted transactions require a fee of $50 per trade.
Mutual Funds. There is a commission fee of $14.95 per trade
Options. TradeStation has two commission arrangements for options. The first is $1.00 per contract, with ticket charge, a minimum of one contract, place as market or limit.
The second option is a tiered pricing schedule for options that looks like this:
- 1 – 9 trades per month, $9.99 per trade, plus $0.70 per contract
- 10 – 29 trades per month, $7.99 per trade, plus $0.50 per contract
- 30 – 99 trades per month, $6.99 per trade, plus $0.40 per contract
- 100 – 199 trades per month, $5.99 per trade, plus $0.30 per contract
- 200 or more trades per month, $4.99 per trade, plus $0.20 per contract
There is a fee of $14.95 for options exercise or assignment. Exercise or assignment expiration fee is $1.20 per contract, plus any applicable exchange and regulatory fees. Index options incur an additional fee of $0.35 per contract. Direct routing orders have an additional fee of $0.50 per contract. There is no charge for cancel orders.
Margin interest rates. TradeStation has a sliding scale on margin interest rates, with lower rates for higher account balances. The range is as low as 6.25% on account balances of at least $10 million. However the rate is 8.50% if the account balance is less than $25,000.
Futures. Unbundled futures work on a tiered schedule as follows:
- Less than or equal to 300 contracts per month, $1.20 per side, per contract
- 301 – 1,000 monthly contracts,$1.00 per side, per contract
- 1,000 – 10,000 monthly contracts, $0.65 per side, per contract
- 10,000 – 20,000 monthly contracts, $0.45 per side, per contract
- More than 20,000 monthly contracts, $0.25 per side, per contract
Standard exchange, regulatory, and overnight fees may apply.
On Futures+ transactions, the fee is $1.20 per side, for contract for futures options and futures contracts traded through the Futures+ platform. Once again, standard exchange, regulatory, and overnight fees may apply.
Additional fees on futures are available on the futures pricing webpage.
Software subscriptions. Monthly fees apply to certain software subscriptions, including:
- TradeStation Platform, $249.95 per month for non-professionals, or $299.95 per month for professionals
- RadarScreen, $59.95 per month (waived if you meet the minimum activity fee waiver listed above)
- Portfolio Maestro, $59.95 per month (waived if you meet the minimum activity fee waiver listed above)
- OptionStation, $59.95 per month
Other TradeStation fees. Other fees that you are likely to see at some point in your investing activities include:
- Hardcopy statements/confirmations, $1 each
- Transfer and ship physical certificates, $500 plus overnight fee
- Sending wires, $25 equities, $35 international
- Outgoing account transfer, $150
- IRA annual account fee, $35
- IRA termination, $50
- Margin liquidation, $50
- Option liquidation, $50
TradeStation Caveats
TradeStation offers an impressive platform, and we can come up with only one negative factor.
Fees are high for inactive traders. Since so many of the fees on the platform are contingent upon the level of trading activity, it can be an expensive platform to operate on unless you are an active trader.
Will TradeStation Work for You?
TradeStation may be the consummate investment platform for very active traders. It has every tool imaginable that will help you to improve your investment performance. In fact, the sheer volume of features, tools and services can be somewhat overwhelming. But you only have to use the ones that you need. And if you are an active trader, you may find that TradeStation is a lower cost platform than some other brokers who offer lower flat trading fees.
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Earn 2.5% interest on your savings - if Man Utd win the Premier League
The new ‘Champions Bond’ is a one-year savings account offered by Virgin Money, after the bank announced earlier this week that it has partnered with the Red Devils.
Even if the reds don’t reach the top of the table the account will pay 1.25% AER, which is better than you’ll get on most one-year savings accounts.
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Time to change bank? Current account switchers flock to Halifax
More than three million people have moved bank account using the guaranteed switching service since it launched in 2013, and Halifax has gained the most customers.
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Santander launches '123 Lite' bank account paying 3% cashback
Current account switchers have more choice over where to move their money following the launch of Santander’s new ‘123 Lite’ account.
Like Santander’s popular 123 account it pays cashback of up to 3% on certain bills paid by direct debit from the account.
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10 Questions to Ask Yourself About Any Purchase
For me, and for a lot of other people, shopping can be a very impulsive exercise. When something you want is on your radar, you’re often pulled very strongly toward making that purchase. Your mind comes up with tons of reasons why it makes sense and, beyond those reasons, there’s still a strong nameless desire to acquire the item.
Perhaps the best financial move I’ve ever made in my life is to get that sense of impulse under control. That’s not to say that occasional spontaneity is bad – it’s not and it can be quite fun – but that routine impulsiveness with one’s money leads directly to financial ruin.
So, how did I get this sense of impulsiveness when it comes to money under control? For me, the most useful strategy was to mentally adopt a routine where I strongly question every single purchase that I make. If I’m considering spending money on something that isn’t very clearly a need (like very basic food staples) or an already-considered routine buy (like the type of hand soap that I buy whenever we need a refill), I question it.
I run that potential purchase through a minefield of questions. Many of these questions require at least a little bit of homework in terms of shopping around or evaluating my needs or figuring out my financial state. If a product survives these questions, it becomes much more likely that I’m going to buy it.
But, again, what about spontaneity? Each month, I budget a small amount for myself to spend on whatever I’d like. I don’t have to ask these questions about purchases that come from that money. However, because I use these questions so often with other purchases of my life, I often still use these with my “fun” money, even though I don’t have to. Why? These questions end up improving the quality of my spending decisions drastically. I end up with a lot fewer wasteful expenses and a lot more good buys and meaningful purchases.
Here are the 10 questions I ask myself about almost every purchase.
Is there a place where I could get this same exact item for less money?
Not all retailers offer the same exact price for a specific item. Am I sure that this retailer is offering me the best price for this item that I want? Have I actually done some homework to find out if the item is cheaper elsewhere?
At the very, very least, you should cross-check the price of the item you’re looking at against Amazon. That’s just the starting point, however; you should also discover discount specialty retailers and use them as a price comparison for the type of item you’re looking at, such as Newegg for computer parts.
Paying less for the same item – or, at the very least, being aware of the option to pay less – directly saves you money and helps you to make a smarter purchase.
Note that this doesn’t always mean I walk away and go for the lowest possible price. Sometimes, I’ll pay more in order to support a local business or because that business offers other free services that I don’t want to go away. A great example of this is my local game store: I can often get lower prices on board games online, but I sometimes buy from the local store anyway because they provide a ton of free table space for games and for group meetings.
Do I need this item?
Will my life truly be worse if I don’t have this item?
For me, this question is a check on reality because, truthfully, my life won’t get worse if I go without almost any purchase that I make in a given year outside of very, very essential staples.
I don’t need a cell phone. I don’t need a gourmet food item. I don’t need a particular appliance. Those are wants, not needs.
Understanding that I don’t actually need this item that I desire and that my life won’t actually be negatively affected if I don’t buy it often makes a potential purchase seem a lot less urgent, and when it seems less urgent, it becomes less likely that you’ll pull the trigger.
Have I budgeted for this item that I want?
In other words, will buying this item increase my credit card debt or cause me to experience some other kind of financial failure (like an overdraft or a late bill or a smaller contribution to my retirement savings or not enough money to shop normally for groceries)?
If you don’t have enough clear space in your budget to support such a purchase, then you shouldn’t be making such a purchase. If you go ahead with that purchase, you’re going to be putting a surprising amount of strain on other areas of your life, strain that you won’t want to deal with in the coming weeks and months.
Credit card balances? Overdrafts? Difficulty buying the groceries or paying the bills? Missing out on savings? None of those are good things and none of them are worth this purchase.
Could I buy this used?
Many of the things that a person might consider buying can be found used at a great price if you shop around. Things like automobiles, books, video games, sports equipment, clothing, children’s toys, and so on can easily be found used if you look at secondhand shops, used game stores, secondhand sporting goods stores, Craigslist, and so forth.
Buying a used item significantly cuts back on the sticker price for you and often turns that item into a wonderful “bang for the buck” purchase, especially considering how many used items are practically new when you look closely at them.
If an item can be purchased used, start by looking at the used options before you ever look at places to buy those items new. Start your video game purchases at the secondhand game store. Start your book purchase at the used bookstore. Start your clothing shopping at the consignment shop.
Do I need to own it, or could I borrow it from a friend or from the library (or elsewhere)?
This simple strategy has kept me from buying piles of books, many audiobooks, many one-time pieces of equipment, and countless other odds and ends over the years.
The truth is that between the library, the rental service at the local hardware store, and friendly neighbors and family members and friends, I’ve been able to skip over purchasing many items over the past few years. I just ask to borrow them instead.
If you are interested in a book or an audio recording, check the library first. If you’re interested in a piece of small equipment, consider your neighbors and friends first. If you’re thinking about a bigger piece of equipment, look at renting it first. Don’t immediately turn to buying it.
Will this improve my life enough to be worth the cost?
It’s really easy to get caught up in the benefits of the latest smartphone or a particular grooming item or something you might really want for your favorite hobby. You latch onto the benefits of that item and you can’t help but see how great it is.
When you do that, you’re often ignoring how much it costs – and that cost is often high. Is it really providing that much benefit to your life if the cost is that high?
I like to translate the cost of items into the number of hours I have to work to pay for that item. I figure out my “true hourly wage” by dividing my annual salary by my working hours, but before I do that I subtract out costs like taxes, equipment, travel expenses, and so on, and I add in hours for things like sending emails, meeting with people, negotiating contracts, and so on. My actual “true” hourly wage is much lower than I might have initially thought, so the cost of an item in terms of hours of my life sacrificed often seems really painful. It’s not worth it most of the time, as I’d rather reclaim those hours by saving that money for retirement.
Will a store brand suffice?
Is this item I’m looking at the “name brand” version of the item and, if so, would a store brand version work just as well?
I almost always use store brands for items that are small or inexpensive enough to not require a warranty – things like computer cables or food staples or so on. Virtually always, store brands work just as well as name brands at a much better price.
Even if you later find out that a store brand wasn’t good enough, all you have to do is not purchase the store brand for that particular item next time; you’re not really “out” very much. On the other hand, if the store brand works just fine 99% of the time, you’re going to consistently save money by going that way.
Are there similar items that could fulfill my want?
Maybe I’ve found myself desiring the latest and greatest smartphone, but when I’m honest with myself, what I really want are a few specific features on that phone. I want a good camera, for one, and the ability to support a few key apps that I use all the time.
Do I really need the latest and greatest smartphone for those things? Honestly, I don’t. You can get a very good camera and a good app platform on a midrange phone, not the newest and most expensive phone.
Recognizing what features I actually want and sticking with those features helps me keep my purchases sensible.
Why do I want this item at all?
What am I really hoping to get out of this item that doesn’t already exist in my life? Is it providing anything in my life that I don’t already have access to? Is this just a substitute for something else that I want, like buying a boardgame because I lament not having the time to play?
If you ask yourself honestly what it is that you want from this item, you’ll often find that you want things that have little to do with the item at all, like more time to enjoy a particular hobby. Often, the item in hand won’t help at all with that true desire.
Another poor reason for wanting an item is to impress someone else. Even if that positive impression were to occur, it’s the most fleeting type of impression, something that won’t help you a bit in terms of a long term real relationship with that person.
What else could I do with this money?
In the end, any purchase comes down to an exchange of money for an item or a service. When you agree to that purchase, you “lock in” that money to that particular good or service, meaning you can no longer use that money for anything else. This is the “opportunity cost” of that purchase.
It’s well worth your time to consider the many other things you could do with the money you’re about to spend. Aren’t there better uses out there for that money? Isn’t there something more in line with your life goals that you could do with the cash?
Even if you can come up with other possibilities to merely consider, it’s usually worth your while to wait on that purchase.
Final Thoughts
I don’t use these questions as a formal checklist. Instead, I’ve found that these questions just naturally come out of my head when I’m critical about my potential purchase of an item.
At first, it might actually be a good idea to use this list – or a very similar list of your own modification – as a “checklist” for purchases, but you’ll find that once you get into the practice of really questioning your purchases, you won’t need a formal checklist any more. Your mind will do it for you.
When you reach that point, you will have turned the corner from an impulsive buyer into a discriminating buyer, and at that point you’ll be well along the path to financial success.
Good luck.
Related Articles:
- Why Shopping Is the Enemy of Your Wallet …and Eight Strategies for Reducing Your Shopping Trips
- Some Thoughts on Shopping with Children
- Five Big Reasons Why It’s So Hard to Make Financial Progress – and Strategies for Overcoming Each One
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FTSE 100 storms to 11-month high
A raft of positive data announced this morning has turbocharged the FTSE 100, sending it through the 6,700 level.
At the time of writing, the index of the UK’s 100 biggest companies stood at 6,716.96, which is the highest it has been since August 2015, when it touched 6,764.
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How One Man Lives in His Truck to Turbocharge His Savings
Late last year, a blog called Thoughts From Inside the Box started to attract a lot of attention. The media had picked up on the fact that a young employee at Google was living out of a 16-foot box truck. Fanning the flames of interest was the fact that he parked his truck in Google’s parking lot and basically lived at his job rent-free.
Also, this is not just any old truck. The young man living inside, Brandon, retrofitted the back of a 10-year-old Ford to make it cozy and livable — well, livable if all you need is a bed, a dresser, and a sunroof. He affectionately calls it “The Box.”
I was intrigued by this lifestyle. I used to think I was being frugal when I lived in a 12′-by-10′ room in a shared apartment. Turns out I was a wimp — I had easy access to a bathroom and a kitchen. Plus, I had a big window that provided light and air. Total overkill, apparently! I was living like the King of England compared to Brandon.
I tracked down Brandon to learn more about his situation. Had he found the secret to avoiding high Bay Area rents? Does his family think he’s crazy? Was he punishing himself for something? Did he lose a bet? I had to know more.
It turns out Brandon is quite happy with his situation, and we can all probably stand to learn a little something from his unique attitude, unparalleled hustle, and ingenuity.
How It All Started
Brandon told me that it didn’t take much deep thought to kick-start his new lifestyle. He was moving to one of the most expensive places in the country, and there was a whole lot of fun to be had outside of his apartment.
“I had a couple of realizations all at once,” he told me. “The big one was that I was never home, because there was so much to do in the area, and all the interesting things were happening outside the walls of my apartment. The other one is that it’s outrageously expensive to live in the area, and having an apartment does nothing to further my goals or happiness.”
Can Anyone Do It?
While it’s clearly helpful that he worked at Google — the big-pocketed tech company ranks No. 1 on Fortune’s “Best Companies to Work For” and offers many of the legendary benefits Silicon Valley is known for, including the use of a gym and laundry services — Brandon insists that it’s more about the old saying, “mind over matter.”
“It’s more about mindset than what resources you have available,” Brandon said. “The biggest things my employer provides… could be replaced pretty handily by meal replacement bars or shakes, a gym membership, and any run-of-the-mill laundromat.”
Furthermore, Brandon is adamant that you don’t need to be some kind of engineering savant to pull off “box” living. For him, part of the beauty of living in an old truck is that there’s not much risk in ripping things apart and experimenting.
His attitude when it comes to interior design is enough to make most homeowners drool with envy. He didn’t need any permits to install his sunroof or make any of his other modifications. “The truck is all mine, and who cares if I manage to make it look even worse?” he pointed out. “A lot of times, I’ll totally screw something up, and it’s not a big deal.”
Truck Living = Serious Savings
Besides his newfound appreciation for stuff most of us take for granted, Brandon is also seriously turbocharging his savings goals. He hopes to have enough money to retire by age 30, and he wouldn’t be on pace to reach that goal if it weren’t for living in the truck.
It’s helped him pay off all $22,000 of his student loan debt this year, while also allowing him to stack up $80,000 in his savings and retirement accounts. His goal is to save roughly a million dollars by age 30 — and because of the Box, he’s well on his way.
- Related: How to Retire Quickly
The Social Aspect
Brandon was initially worried that people might see him as a weirdo because of his lifestyle choices, but he was pleasantly surprised to find just the opposite. In fact, he said, his experiment with the Box inevitably leads to many unique conversations.
“Because the Bay Area is so expensive, housing always comes up over the course of conversation, and once I explain my situation, it normally leads into interesting conversations about priorities, goals, and motivation,” he said. (As a Bay Area resident, I can confirm that housing is so outrageously expensive that it actually does come up in almost every conversation I have.)
Another benefit is his almost limitless flexibility when it comes to travel. “Since pretty much everything I own fits into a small gym bag, it’s not a big deal to pack a bag and head out of the area for the weekend with some friends,” Brandon explained.
He’s in it for the Long Haul
While you’d imagine that Brandon is dying to get this whole experiment over with, make his million bucks, and live the good life, that’s not at all what he’s after. In fact, he feels quite the opposite — the whole experience has made him realize that he doesn’t need a whole lot to be happy.
“Everything is so much easier when you don’t have room after room full of useless junk you don’t need,” he said.
Amen to that.
Summing Up
While I don’t think I could ever pull off what Brandon is doing at this point in my life (my girlfriend and I may be simple folk, but we definitely like having windows), learning more about his situation makes me think it could have been worth a try when I was fresh out of college. The challenges are real, but the savings are undeniable.
My biggest takeaway from talking to Brandon is the power of setting goals. If he didn’t have a specific savings goal in mind, it would be much harder for him to motivate himself to give up the creature comforts that so many of us take for granted.
“Having an apartment does nothing to further my goals or happiness,” he told me. “I can spend my money and time on experiences and personal progress instead of rent and traffic, and still be able to hit all my financial goals.” If that’s not a reason to take a bold step in the opposite direction of owning an apartment, I don’t know what is.
I can only hope there are other young people out there who are inspired by his story and realize that being unconventionally frugal is a fun way to get out of your comfort zone and accelerate your savings goals.
Related Articles
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What’s the Best Way to Save Your Money? We Did the Math
If you’re following along, you probably understand the importance of saving for retirement by now.
And you know how little it could cost you to do it.
But where is actually the best place to put your money?
This question isn’t necessarily so complicated that you need to have a vast understanding of the markets or hire an advisor who does. If you’re like most of us, you just want to understand how different types of savings accounts can affect your money over time.
Earning money from your savings and investments is actually pretty easy — put money in an account, and it grows.
But why that happens is kind of complicated. That can make choosing the best account pretty difficult.
So we’ve broken it down. Here’s what happens when you save money in certain ways, why it happens and what that means for long-term savings and retirement planning.
For our example, imagine you’re 30 years old, earn between $36,000 and $91,000 per year (the most common tax bracket) and plan to retire at 67.
To keep things simple, say you save $100. Let’s see what happens to that money when you pick each of six common strategies.
1. Under the Mattress: $100
The simplest and, some believe, safest way to save your money is under the proverbial mattress.
I’d be remiss if I didn’t point out that, at this point, the mattress has got to be the first place any thief will look for cash, so maybe get more creative. But that’s neither here nor there…
If you avoid investing or savings accounts and tuck your money in a safe space somewhere today, what will you have when you retire?
You can do this math in your head: In 37 years, you’ll have $100 in cash.
2. Average Free Savings Account: $102
If you want a little more security, you could stick your $100 in an FDIC-insured savings account at the bank.
If you go with your bank’s basic free account, you’ll probably earn interest at the average rate (APY) of 0.06%.
After 37 years, you’ll have… $102.24.
That 0.06% is not very much, not even when compounded over time.
On any savings account, you’ll also pay taxes on the interest you earn each year. In this case, it would be almost nothing, but note it in case you’re working with a larger amount of money.
3. High-Yield Savings Account: $531
How much difference can a better savings account make? It might surprise you!
While your returns on a typical savings or checking account will be minimal, a high-yield savings account could actually move the needle.
Deposit $100 into a 5% APY savings account today, and in 37 years, it will be $608.19 with interest. If you avoid bank fees and pay 15% in taxes on the interest each year — $76.23 total — you’ll be left with a total of $531.96.
Use this calculator to see the impact of compound interest on any amount you plan to save.
You could also deposit the money into a high-yield checking account. But we generally assume you’ll regularly spend and withdraw money from a checking account, which would have a huge impact on the interest it will yield over time.
4. Traditional IRA: $1,039
Now let’s talk about retirement accounts.
Your workplace 401(k) or individual retirement account (IRA) are more complicated to forecast, because their return is dependent on the markets and they fall under special tax rules.
Most calculations assume a typical return on investment of 7% (adjusting for inflation) for any of these accounts, so that’s what we’ll use.
Traditional IRA contributions may be tax-deductible, so you wouldn’t pay taxes over time on the money you’re saving for retirement.
To stick with our example, let’s say you make a $100 one-time contribution to your retirement account today.
By the time you retire, a traditional IRA could turn your $100 into $1,222. After 15% taxes on any gains, which you’ll pay upon withdrawal, that’s $1,039.
Plug in your own contributions to see how much your money can grow.
5. Roth IRA: $1,222
The Roth IRA is similar to the traditional IRA but for a few details.
The major difference is your contributions to a Roth IRA are after-tax dollars. So you’ll pay taxes on that money as you earn it and no federal tax when you withdraw in retirement.
Invest your $100 in a Roth IRA at a 7% return over 37 years and it will be $1,222 when you’re 67.
Enter your contributions into this calculator to see your own potential return.
6. 401(k): $1,271
There’s one major reason everyone you know says you have to contribute to your workplace 401(k): free money.
Commonly, if your employer offers a 401(k) plan, it comes with a match. When you contribute to the account, your employer will contribute the same amount, up to a set percentage of your paycheck.
And as with an IRA, that money grows over time.
Let’s say you contribute $100 today, and your employer matches 4%. Your starting balance will be $104, and you won’t contribute anything else.
When you retire, your $100 will have become $1,271.
Use this tool from FinMason to discover whether your 401(k) contributions will get you through retirement.
What’s the Best Choice for You?
These numbers offer a stripped-down overview of a few common options. Which is best for you will depend on a lot of lifestyle and financial factors.
If you want to learn more, here’s a more in-depth overview of the details of each type of retirement account.
What you can see from these hypothetical cases is how important it is to understand where your money is going.
The difference between an IRA and a 401(k) may not seem striking when you invest $100 one time… but imagine what it looks like when you invest $60,000 over the next 37 years!
It’s more than a shocking number — it could mean the difference between comfort and struggle in retirement.
If you’re not ready to make the decision on your own, we encourage you to consult a financial advisor. Just keep an eye out for these red flags to make sure you’re getting the best advice you can find!
Your Turn: How are you saving for retirement?
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
The post What’s the Best Way to Save Your Money? We Did the Math appeared first on The Penny Hoarder.
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