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الثلاثاء، 20 سبتمبر 2016

This Pizza Calculator Puts an End to the Debate: Two Mediums or One Large?

I know what you’re thinking.

“Pizza calculator? What’s there to calculate? The right answer is always the same: more pizza.

And listen, I agree. Wholeheartedly.

But as a Penny Hoarder, I always keep an eye trained on how to get the best deal. And math is not my strong suit — especially when I’m hungry.

Add in a group of friends quarreling ever-more fervently over the topic of stuffed-crust Meat Lover’s versus hand-tossed Bacon Spinach Alfredo, and you’re looking at a serious problem.

Enter: The Pizza Calculator.

How to Get the Best Deal on Pizza, Every Single Time

Here’s the thing: Because of some nifty math stuff I don’t want to think too hard about, a bigger pizza is pretty much always a better deal. (Luckily enough for this English major, another of our talented writers already tackled the topic here.)

But in real life, the pizza-procuring process is rarely so parsimonious.

Let’s return to that group of otherwise-pacifist friends of mine, huddled around a game of D&D (shut up), getting more heated about their respective pizza choices.

The Bacon Spinach Alfredo and Meat Lover’s pizzas are both $12.49 for a 12-inch medium at my local Pizza Hut, in their default, hand-tossed crust.

But since some of my friends out-and-out refuse to do without stuffed crust, we face a conundrum: You can only get that option on a large pizza.

Say we compromise and do a large Meat Lover’s with stuffed crust (normally $17.49), and customize it to get as close to a perfect half-Bacon Spinach Alfredo, half-Meat Lover’s pizza as possible.

Right off the bat, the bacon-spinach people are giving up a little bit more in the negotiations: Their choice normally comes with a special pretzel-salt crust, as well as a balsamic drizzle, which you can’t specify to a specific side on the customization screen.

And I don’t think the meat folks are going to be down for balsamic glaze on their seasoned pork and pepperoni.

Pizza Hut also won’t let you go halfsies on the sauce — probably a wise move, since the slices down the middle of a parmesan-tomato-sauce pie would be strange indeed.

But it means that either the meat-loving folks will have to settle for a white pie, or the bacon-spinach people will have to give up their creamy garlic parmesan for red sauce. What a mess!

Either way, after making all the customizations possible to get the closest approximation we can, the large, stuffed crust, Meat-Lover’s-bacon-spinach pie rings up at $18.84. Pizza Hut’s large, like most outlets’, is a 14-inch pie.

So let’s crunch some numbers.

Stuffed_Crust_Comparison

Using the calculator, we can see that we do actually get more pizza — and keep the party at optimum happiness levels — if we order two mediums. The large only offers 68.1% of the area of the two mediums, which means the smaller pies will feed everyone over 30% more pizza.

(Note: This assumes an even split of spinach-bacon folks and all-the-meat folks. If one group’s an extreme minority, you’ll end up with a few really well-fed people and a bunch of people only getting a slice, or less, apiece).

Now: What about cost?

Before delivery, drinks, sides and tip, the large costs $18.84, as opposed to $24.98 for the two mediums. That means it’s about 75% of the price — for less than 70% of the pizza!

It’s not exactly cost effective… but it’s also probably not worth it to mangle two totally respectable pizza options to save such a small percentage of the cost.

So the good news is, it looks like everyone at the party can put down their pitchforks. The bad news? I’m out an extra six bucks.

Also worth noting: If we’d all been able to agree, it really would have made more sense to just buy the bigger version.

Check out the comparison on two medium Meat Lover’s versus one large, both with hand-tossed crust.

One_for_one_Comparison

That’s right: We’d be getting 68% of the pizza for just 62% of the price.

Yes, it’ll feed fewer people — but it costs less, inch for inch! And since we now know it’s the better deal, we could totally justify ordering two larges and enjoy the nothing-like-it pleasure of cold pizza for breakfast tomorrow morning.

Looks like I’d better get those finicky spinach and stuffed crust people to cough it up.

How to Order the Best Pizza at a Party

So, now that I’ve defused the situation at my nerdy party — what’s the takeaway for you?

Bottom line: Our original advice still stands. The bigger the pizza, the better the deal, in almost every case.

But if the group can’t agree on one set of toppings, you never know. It might just make more sense to swallow the upcharge and get two mediums.

Either way, admit it — being able to tell the resident “stuffed crust only” aficionado exactly how much of a markup his pickiness costs?

Priceless.

Your Turn: What pizza topping do you refuse to compromise on?

Jamie Cattanach is a staff writer at The Penny Hoarder who won’t stay friends with people who don’t like pineapple on their pizza. Her writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.

The post This Pizza Calculator Puts an End to the Debate: Two Mediums or One Large? appeared first on The Penny Hoarder.



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Ask GFC 011 – Rebuilding Your Finances After Identity Theft

Identity theft is a certifiable financial disaster. When it strikes, it affects virtually every corner of your financial existence, which of course spills over to your personal life. We received a comment and several questions from someone who has experienced this nightmare firsthand:

“My name is Marlon and I’m currently attending college. I’m 30 yrs. old with 2 kids, so let’s start with I’m an Identity theft victim. I haven’t had a bank account due to fraud committed with banks and chex system. Recently I disputed and showed proof those accounts weren’t mine, with legal documents. Now chex system has cleared my name and record. But now I have been working on my credit score, calling places, showing proof, and some don’t believe me and don’t help. Others help once the requested paperwork is provided.

Now my questions:

1. Now that I can open and have a bank account, should I open one and if so, what kind?
2. I want to start something for the kids while they are young that would benefit them in the long run financially (ira, cd, bonds, 401k,etc.).
3. How can I improve my credit score? I have contacted all 3 credit companies but most work is done by me, sad to say.
4 What can I do about those creditors that refuse to accept it was a fraud account and refuse to remove it from my credit report? I have a police report.
5. I’m at the age where I want to own my place; I currently rent and it’s hard for me do to the ID theft – any advice?

Well, that’s all bro, hope all’s well and thanks for your time and advice.

–Marlon”

Marlon asks a series of questions, which goes to prove how deep into your financial life identity theft and cut. I’m not credit expert by any means, but I’ll try to address each of his questions from a financial standpoint.

Ask GFC 11 - Rebuilding Your Finances After Identity Theft

1. What Type of Bank Account to Open

Marlon asked, “Now that I can open and have a bank account, should I open one and if so, what kind?”

To the first part of the question – YES(!), you absolutely should and must open and have a bank account. To not have one robs you of the ability to transact business in the usual ways that it happens. In addition, not having a bank account is giving the identity thief power over your life. Opening a bank account is a way to strike back and say I’m in control over my own life, and over my own financial affairs.

The alternative is to rely on check cashing services or on the goodwill of other people to help you with your banking needs. That will not only restrict your financial activities, but it is also very expensive (the check-cashing services, at least).

So yes to opening a bank account. As to what kind? Any kind you want!

You’re not permanently damaged goods just because you were the victim of identity theft. You can open a bank account anywhere that you want, and any type of account that you choose. It can be a checking account, a savings account, or a money market account. You can choose a bank or credit union. It can be a large bank, or a small bank. Just choose one, and go forward with confidence.

At the same time, I fully understand your reluctance to open up a bank account because of what happened to you with the identity theft. But you can reduce the chance of becoming a victim a second time around by setting up online banking. Once you do, you can check your activity on a regular basis. This means that you will be able to catch identity theft very early in the process.

My recommendation is that you open up both a checking and savings account, set them up with online banking, and then monitor them daily.

2. Saving for the Kids

Marlon should start saving money for his kids for all of the same reasons that he should open up a bank account for himself. Though he mentions IRAs, Roth IRAs, and 401(k) programs, none of these will be suitable. In order to participate in those plans, his kids will need an income. If they don’t have it, they will be ineligible.

He does mention CDs – certificates of deposit – and bonds. He can look into US Savings Bonds, which he can purchase for as little as $25.

He can also begin investing in CDs for them through a bank account. He can do this under the Uniform Gift to Minors Act (UGMA), which is simply a process that you can set up at the bank, putting the account in your child’s name. The advantage of any of these methods is that the money can be withdrawn for virtually any purpose.

If you want savings specifically for college, then a 529 Plan is probably the best way to go. You can save up to $14,000 per child per year (actually more, but it gets complicated). There is no tax deduction for contributions to the plan, but investment income is earned tax-deferred. Money can be withdrawn tax-free as long as it is used to pay for qualified education expenses, such as tuition and room and board.

3. Improve Credit Scores with All 3 Credit Bureaus

There’s no easy answer when it comes to improving your credit scores. Marlon writes: “I have contacted all 3 credit companies but most work is done by me, sad to say.” Unfortunately, that’s exactly how it works with the credit bureaus. You’re guilty until proven innocent when it comes to credit, and the burden of proving that is on you.

No matter how much information you supply to the credit bureaus, they will continue to rely on what’s reported to them by the individual creditors. That means that in order to improve your credit score, you have to make your case with each creditor.

You should provide a letter of explanation, and include a copy of the police report and any other documents that support your claim of identity theft. This is a long slow process, and you have to dig in and be prepared to work through it.

Fortunately, time heals all when it comes to credit problems. Since most credit problems will fall off of your credit report after seven years, eventually the mess will disappear. Otherwise you have to fight your way through to clear your name with each and every creditor.

4. Dealing with Creditors Who Refuse to Remove Fraud-Related Credit

This is not an uncommon problem! There are actually two victims when it comes to identity theft. In this case, the first victim is Marlon, but the second victim is the creditors. After all, money was drawn on those accounts illegally, and the creditors have sustained financial losses as a result. Despite the fact that it was not Marlon’s fault, some creditors may still attempt to collect the losses from him.

The only way to get around this problem is to hire an attorney. It should be an attorney who specializes in credit law. Naturally, this will cost money. But if the creditors are hounding you for large amounts of money, the fee paid to the attorney may be money well spent to get rid of the implied liabilities. Just be aware that in extreme cases, the attorney may recommend that you file for bankruptcy, which will legally wipe away all of debts.

5. Buying a Home With Badly Damaged Credit

This is one area where Marlon may get a break. If at least a couple of years have passed since the identity theft, you may be able to get an FHA insured mortgage to buy a house. FHA will generally grant mortgages if your credit problems were caused by extenuating circumstance. The identity theft certainly qualifies as such a circumstance.

This is where Marlon’s police report and other documentation will be especially important. In order to get the mortgage, Marlon will have to provide documentation proving the identity theft. It sounds like he already has that documentation, particularly the police report.

You also have to find a mortgage lender who is willing to work with you. Many mortgage lenders today are gun-shy about granting mortgages to people with credit problems, regardless of the cause. But there are lenders who will work with you, and you have to find out who they are in your area. Checking with local real estate agents, or a credit attorney, will be a good place to start.

Marlon’s in a difficult position, no matter what he does. But with patience and persistence, he’ll eventually get to a better place with his finances. Keep going forward Marlon, and don’t let the bad guys win!



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OMG. This Harry Potter Job Lets You Work From Home (and Pays $32K/Year!)

Send out the owls: US Quidditch (USQ) is hiring!

No matter whether you’re a Muggle or a half-blood, a Slytherin or Ravenclaw — if you’re passionate about Harry Potter and event planning, you might be able to land this dream gig.  

USQ needs an events manager — and you’ll be able to work from home!

That said, you must be able to travel to USQ events several times a year. Not really a hard sell, though… “Sorry, guys, can’t come to bowling next week; gotta fly to the Quidditch Cup for work.”

If turning that sentence into reality gets you more excited than a chocolate frog, keep reading.

How to Become an Events Manager for US Quidditch

I still don’t really understand how you can play quidditch without flying — but honestly, who cares? This job lets you work from home and pretend Harry Potter is real.

Still TBD whether Cedric Diggory will be one of your coworkers — a girl can dream, right? Speaking of, have you SEEN Neville Longbottom lately? Okay, I digress.

Back to the job.

As the events manager for USQ, you’ll be responsible for “supporting the planning and execution of all USQ events and related programs, including nationals and regional championships.”

The position entails a wide array of duties — everything from event support and logistics to volunteer management and marketing.

Sounds like the perfect gig for someone as well-rounded as a snitch.  

To be eligible, you need at least three years of event organizing experience, as well as excellent project management, communications and time-management skills.

Since you’ll be working with volunteers, staff and vendors, you must have the ability to “motivate others” and “form productive relationships.”  

It’s “100% remote, with some travel to events throughout the country,” USQ executive director Sarah Woolsey confirmed in an email.

You’ll earn $32,000-$38,000 per year and receive vacation days, paid holidays, health benefits and a professional development allowance.

I don’t know about you, but this job is sounding sweeter than butterbeer.

Heck, I might even apply by sending a resume, cover letter and writing sample to jobs@usquidditch.org before Sept. 30, 2016.

P.S. If you know where I can get any black market Felix Felicis beforehand, tweet me…

Your Turn: Do you love Harry Potter? Will you apply for this job?

Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.

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Hate Trump or Clinton? This Site Will Use Your Hate to Help You Lose Weight

We’ve made it to the home stretch of 2016. What kind of progress did you make on your New Year’s resolutions this year?

No one likes hearing that question, do they? Somehow the months slip by, and your goals just sort of get away from you, taking a back seat to other priorities.

But we know one thing to help keep you focused on achieving goals, though: money!

Whether you’re trying to lose weight, quit smoking or finally start a blog, putting cash on the line can certainly up the ante.

Not enough for you? Alright, what if smoking one more cigarette meant supporting the worst possible candidate for president?

In the name of civility, I won’t weigh in on who that (obviously) is.

But you have the name in your head now, and I’m going to tell you how your hatred of that really ugly, malicious person can guide you to an 11th-hour victory over your 2016 goals.

How to Get Motivated by Your Dislike of Clinton or Trump

New website TrumpYourGoals.com (from the creators of the Flight: Habit and Goal Tracker app) knows just how motivating money can be — and amplifies it with political passion.

The website adds real-world stakes to your goals through an “anti-charity” model. If you don’t achieve the goal you set, it will donate your money to your least-favorite presidential candidates.

Here’s how it works:

  1. Choose the goal you want to achieve — and a deadline.
  1. Set any amount of money you want to put on the line, at least $5.
  1. Choose your anti-charity: Either Donald Trump’s or Hillary Clinton’s presidential campaign.
  1. Commit to your goal by entering your email and credit card information. You also have the option to set an accountability partner, who will vouch for you. You’ll receive an email confirming your commitment.
  1. On or before the deadline, respond to TrumpYourGoals.com via email to confirm you’ve achieved your goal. If you selected an accountability partner, they’ll also have to email to verify.
  1. If you don’t confirm you achieved your goal, TrumpYourGoals.com will send your donation to your anti-charity.

Is This Legit?

Intriguing as this service is, we don’t advocate sharing your credit card information willy-nilly around the internet. We reached out to the website’s creator DatsuSoftware to clarify a few things.

First, is your credit card information safe? DatsuSoftware co-founder Dan Fine says yes. You’ll enter your information through the payment service Stripe, so “credit card information is completely encrypted and never touches (their) servers.”

How does the site know whether you’ve actually met your goal? It sounds like it relies on the honor system. You can hold yourself accountable with the optional partner, or simply email confirmation yourself.

Because you can only benefit from achieving the goals you set for yourself, we encourage you to hold yourself accountable.

If you think you’ll be tempted to give up on your goals, enlist an accountability partner. And, let’s be real: It’s September — you’re probably going to want the extra nudge.

Finally, how do you know where your money is actually going? “If the user fails their goal, they receive a follow-up email confirming that their money has been donated to their selected anti-charity,” Fine explains.

So, that part is kind of on the honor system, too.

But the real point is to find motivation to achieve your goals, and saving your money sounds like motivation to me!

“Hatred towards politicians strikes many people as wasted energy,” says Jason Martin, CEO of DatsuSoftware and developer of TrumpYourGoals.com, “but, in this case, it can serve you well.

“If abandoning a goal could help the worst candidate in U.S. history reach the White House, that might very well be the nudge you need to keep you committed to the very end.”

Your Turn: Will you risk donating money to a political candidate to achieve your goal?

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).

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This Museum Tour Startup is Filling 3 Work-From-Home Jobs (Up to $16/Hour)

Think museums are just for grandmas or nerds?

Then stop reading right now.

On the other hand, if you think museums are super rad — and want to spread your love of these hallowed institutions while working from home — I’ve found the job for you.

Well, several actually: Museum Hack, a startup offering “sassy” tours of museums around the country, is now hiring for three remote positions.

3 Work-From-Home Jobs with Museum Hack

For all of the jobs, you must have excellent communications skills, be based in the U.S. or Canada and able to work during Eastern time zone hours.

My favorite requirement, though? “Be fun and exciting without using too many exclamation marks!!!!!!!!!!!”

Here are the specific positions available…

1. Personal Assistant to the CEO

Want to support the founder and CEO of Museum Hack, Nick Gray (whom we profiled here)? You’ll help with managing email, scheduling, copywriting and other special projects.

You must be tech-savvy and detail-oriented, as well as have excellent writing and organizational skills. You’ll work 10-15 hours per week and earn $13-$16 per hour.

2. Marketing Associate

In this fast-paced role, you’ll assist with things like proposal writing, content creation, Facebook ad campaigns and “new marketing experiments.”

To demonstrate your marketing and web savvy, you should already have a website and active social media accounts.

You’ll work 2-6 hours per day during the week, as well as a few hours on the weekends, for a total of 10-25 hours weekly.

“If you consistently deliver great work,” the listing states, “we can eventually provide up to 30 hours of work per week.” The position pays $12-$15 per hour.

3. Sales Support Representative

This is a customer-facing role, so you’ll make sales and respond to customer questions via email, phone and chat. You must be flexible, efficient and proactive, with great phone skills.

Like the previous role, you’ll work several hours a day during the week, for a total of 10-30 hours — “occasional weekend availability is a major plus.” You’ll earn $12-$16 per hour, with the opportunity for “performance-based rewards and incentives.”

You can apply for all of these positions online — but if you’ll be in New York City soon, the website notes you’ll get bonus points by taking a Museum Hack tour at the Metropolitan Museum of Art and asking your guide about job opportunities afterwards.

Your Turn: Do you love museums? Will you apply for any of these positions?

Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.

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Tesco Bank extends 0% purchase credit card to unprecedented 28 months

Tesco Bank has extended the offer on its 0% purchase credit card, charging no interest for an unprecedented 28 months.

Tesco Bank has extended the offer on its 0% purchase credit card, charging no interest for an unprecedented 28 months.

The card is only available directly from Tescobank.com. Tesco’s best deal through aggregator sites is 17 months interest free purchases, with a 1,000 Clubcard boost (worth £10). 

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Attentional Bias: Why You Talk Yourself Into Buying the Thing You’re Obsessing Over in Your Head… and How to Stop It

Every few days, my attention will be grabbed by some new thing (or, on occasion, some old thing that had slipped my mind). Maybe it’s a movie. Maybe it’s a board game. Maybe it’s a new gadget. Maybe it’s a book.

Whatever that thing is, something about it sucks in my attention. I’ll read an article about it or watch a video related to it and suddenly that item is on my mind.

I’ll think about it as I go through my day. When my mind wanders, often it’s that book or that game that slips right into my conscious thought. I think about the topic that it covers and the fun I would have reading that book or playing that game.

The more I do this, the more strongly I feel about that item. The positive impact that the item would have on my life grows and grows in my mind, often to ridiculous proportions. This book would literally change how I think about the world. This gadget would completely alter how efficiently I can work and get things done. This game would be a huge hit with my game group, bring many hours of fun, and get played over and over again.

Over time, those consistent thoughts start overinflating all of the positive traits of the item and completely washing away all of the negative traits. I’ll notice more and more people having that item or similar items. I’ll find more and more offhand references to that item in the things I see and do. I become more and more convinced that I must have this item.

More often than I’d like, all of that winds up with a purchase. More often than I’d like, after I make the purchase, the item really wasn’t all that life-changing after all.

A few days or a week later, the whole cycle starts again with something new.

Sound familiar? This is something called attentional bias at work. Here’s a description:

Attentional bias is the tendency of our perception to be affected by our recurring thoughts. For example, people who frequently think about the clothes they wear pay more attention to the clothes of others.

In other words, if you have recurring positive thoughts about something, your overall impression of that thing is going to become more and more positive and you’re going to become more and more aware of it in the world. (The same thing is true – if you have recurring negative thoughts about something, your impression is going to grow more and more negative and you’re also going to be more aware of it.)

As you can imagine, this doesn’t just pop up in our desire to buy things or own things. It pops up in things like our political beliefs, our intellectual interests, and so on.

If we give something our mental attention, our perception of it is going to change due to that prolonged attention, with that perception often becoming very exaggerated based on small details. The things we give our attention to – often the positive things if it’s something we’re interested in or that we desire – tend to blow themselves completely out of proportion.

People will often do this when they first fall in love with someone and develop a small crush on that person. They’ll take the positive traits they see in that person and grow and grow and grow them until that person is put on an unrealistic pedestal.

I’ll give you another example using my hobby of playing board games. I might read about a particular board game online that sounds interesting. In my head, I’ll imagine playing it with my game group. If the description is particularly interesting, my thoughts about the game will be very positive. If the thoughts start recurring, meaning that they pop up in my casual thinking, it won’t be long before I start to imagine the game getting played over and over and over and how it will be a huge hit with my game group and with my family and how it will lead to a lot of great social and intellectual experiences. Eventually, if I don’t recognize what’s happening and do something to correct it, it begins to seem like a no-brainer to spend some of my hobby money on that game. When I do it – and I often will if I don’t do something about my attentional bias – I’ll almost always find that it isn’t the mega-hit that I hoped it would be.

Another example: I have a friend who is obsessed with playing his guitar. He has spent absurd amounts of money on various instruments and various items to accompany those instruments. He perceives these giant differences between different guitars and different strings. Sure, I can hear differences between them sometimes, but he’ll spend hundreds of dollars on a new guitar or modifications to an old guitar only to have the change be so minor that I literally can’t hear it. To him, the differences are huge and highly important; to me, since my attention is not focused on those differences, they’re essentially nonexistent.

Think about your own life. Have you ever fallen prey to attentional bias? Think about some of the things you’ve wanted the most in your life. Did you exaggerate the positive traits of that thing completely out of proportion? Did you end up talking yourself into making a purchase or taking an action that you probably wouldn’t have done had you not blown those positive traits out of proportion?

That’s the challenge of attentional bias, and it crops up more often than you think.

It’s well worth your time to try to combat attentional bias when it crops up in your life. It’s perfectly fine to have a deep interest in something, but when that deep interest is skewing your buying habits into an area where you’re spending lots of extra money on that interest, you may want to check whether or not attentional bias is affecting your spending and put that attentional bias (and that extra spending) in check. Here are some ways to do just that.

Talk to Trusted People Who Aren’t as Focused

If you’re considering spending your hard-earned money on something you’ve been talking yourself into, stop before you buy and talk to someone you know that you trust first. Ask what they think, but try not to load the question. Seek out their unvarnished opinion on whatever it is you’re considering doing or buying.

Make sure that you use a person that you truly trust for this, because you’ll need to trust what they tell you, even if it doesn’t match what you want to hear. Remember, they’re not succumbing to attentional bias as you might be, so they’re often seeing things outside of the distorted funhouse mirror that attentional bias can create.

One difficulty with this is finding someone who knows a little about your area of interest, but isn’t as focused on it as you are. Find someone who is casually interested in the item you’re talking about. If you find someone with zero interest, there’s a good chance that they will have little idea of what you’re talking about. If you find someone with a very deep interest, they’re probably subject to many of the same attentional biases that you are.

For example, I often use my wife for these things. She has some interest in the things that I am passionate about and knows about them, but she doesn’t hold the same burning passion in many of those areas. Thus, she’s a good person to help me figure out whether something makes sense as a purchase or not.

Do Research and Look Primarily for Criticism

Whenever I find myself locked into that cycle of hyperinflating the quality of an item, I choose to start doing more research on the item. In particular, I look for negative reviews and criticism of that item.

What’s not good about it? Are there other options that are better choices (I particularly like these, especially if the other options are ones that I already own or have experience with)? In what areas is this product not up to snuff?

I’ve found that, time and time again, a negative review of an item can shatter that funhouse mirror quite effectively. It can bring me right back down to earth about an item and make me see that perhaps it would not be a good idea to spend a lot of money on that item.

Give Yourself a Thirty Day Waiting Period

I’ve referred to this concept in the past as the “thirty day rule,” and it definitely holds true when combating attentional bias. Giving yourself thirty days before you take any action regarding that purchase gives your mind plenty of time to move onto other things – and it often will.

What I’ve found is that many of the things that grab my focus for a while tend to hold onto it for a week or two and then, if I don’t take action on that desire, it will naturally start to fade out and my mind will move onto other things. What happens, I think, is that a mix of the other strategies plus my own subconscious mind come together to cause me to subconsciously realize that I’m overinflating that item, and when it comes back down to earth I no longer have that overwhelming interest in it.

Thus, when the thirty days are up, it becomes pretty easy to say “no” to that item. I’m no longer hyperinflating the positive traits of the item and I have a much more realistic grasp on what the item is and what role it would fill in my life.

Time is one of the most effective responses to attentional bias. If there’s a true quality factor involved there, time won’t sand it away, but if it’s just an inflated perspective due to your short-term focus, time will cause those inflated traits to disappear.

Intentionally Explore Other Interests

Whenever I find myself focused on a particular item, it’s usually because that particular area of my life has been receiving a lot of my attention lately. For example, if I’m becoming unduly focused on a board game, that means I’ve been strongly focused on board games as of late, for better or worse.

Like many people, I wish to lead a balanced life when it comes to my hobbies and personal interests, so whenever I see attentional bias coming to the forefront, it’s a call for me to focus on other things for a while.

I’ll spend some days hiking. I’ll spend a few hours reading a book when I might have spent it organizing or reading board game rules. I’ll do anything other than touching on that area of interest that has driven me to obsess over that one purchase.

Almost always, intentional flcos on those other areas of life quickly causes my attentional bias to cool off. I take that object that I was so focused on off of the pedestal and it quickly returns to normal proportions, which means I’m quickly much less interested in buying it.

Look at the Realities of Your Life in Unbiased Ways

How much time do I really spend playing board games? How much time do I really spend watching movies or playing video games or reading books? The truth is that, as much as I love doing those things, the time devoted to each in a given month is actually fairly small.

Now, how much time can I free up for this new purchase? It will take away from the time spent on the things I already have. I have board games I haven’t played nearly enough to explore the strategic corners. I have movies that have only been watched once or haven’t been watched at all. I have several unread books and a library full of more unread books.

The reality is that my life really doesn’t have much room to enjoy many of the things that I would buy, so I owe it to myself to be very careful about additional purchases. I don’t have tons of free time as it is, so finding free time for this new thing is actually pretty tough.

Consider the Opportunity Cost

The phrase “opportunity cost” simply refers to the fact that whenever you spend time or money on something, that means that you’re simultaneously unable to spend that time or money on anything else, which is a hidden “cost” of using that time or energy.

For example, if I spend $1,000 on a new television, that means that I’m unable to spend that $1,000 saving for retirement or paying off debt or buying a new pair of hiking boots (and $800 worth of other stuff).

When you’re obsessing over something due to attentional bias, you can still be aware of the opportunity cost of buying that item, and quite often that knowledge is enough to create a seed of doubt about your purchase. Sure, you could buy this item you’re obsessing over, but look at the things you can’t buy now as a result of that purchase.

It’s a great little trick to use to talk yourself out of all kinds of purchases.

Take a Different Action

Quite often, the pressure that you put on yourself to buy this item due to your continued focus on it can be punctured if you simply take a different action related to that item.

For example, you might choose to add the item to your Amazon wish list rather than buying it, or you might choose to take a picture of it and send it to a friend who may someday buy it for you as a gift. You might choose to write about it in your pocket notebook or your journal.

Often, taking some tangible action beyond merely thinking about the item can burst that bubble of intense focus that you have regarding the item. By simply doing something about it, you can create a sense of relief from all of that focus. You did something, so that’s often enough.

I personally like the “Amazon wish list” strategy myself. I’ll put stuff on there and, quite often, my desire for that item fades very quickly.

Clear Your Mind

One of the best practices I’ve ever added to my life is that of focused meditation. I do this at least twice a day and it has done an incredible amount to help me clear my mind from distraction and help me focus on the task at hand.

Whenever I am regular in my practice of focused meditation, I find that attentional bias is much, much less severe in my life. I don’t simply lock into one thing and become obsessed with it. Instead, I find that I’m able to hold my attention and focus on things without quickly falling into a trap of overinflating the positives.

In other words, focused meditation enables me to be much more rational about evaluating the positives and negatives of something I’m thinking about. It provides something of a subconscious safeguard against falling into the trap of attentional bias.

If you want to give focused meditation a shot, I recommend starting at Calm.com. It works on almost any device and provides great guided meditation for focusing.

Final Thoughts

All of these strategies serve one purpose: they help fight against attentional bias. Attentional bias is what happens when you become overly focused on a single thing, as you begin to distort the true features of that item. You inflate the importance of some features far beyond their actual importance compared to other features or other things in the real world, and it can easily lead to incredibly strong desires to purchase that item.

Attentional bias is something that happens to all of us. For me, it can happen pretty frequently if I don’t stay ahead of it, so I use these strategies constantly to keep it at bay. I don’t want to fall into that mindset of excessive expectations, because not only is it expensive, it usually ends up with disappointment – the money’s gone and I’m holding something that didn’t live up to what I expected of it once the “honeymoon” wears off and I no longer have that attentional bias.

If you find yourself in that cycle – obsessing over a particular item, eventually talking yourself into buying it, and then feeling disappointment when the newness wears off and you realize it wasn’t everything it was cracked up to be – use some of these strategies. They really help in combating one of the primary ingredients in that recipe for overspending.

If I had to suggest one tactic above all the others, try focused meditation. I find that it cleans up my thinking incredibly well and helps me see when I’m falling into the trap of attentional bias. It also simply helps me get through my day-to-day life and greatly helps me with my focus on workplace tasks.

Good luck!

The post Attentional Bias: Why You Talk Yourself Into Buying the Thing You’re Obsessing Over in Your Head… and How to Stop It appeared first on The Simple Dollar.



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Filling Up with Premium Gas? Why You May Be Wasting Your Money

Filling Up with Premium Gas? Why You May Be Wasting Your Money

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Car insurance prices rise 13.5% ahead of tax increase

Car insurance premiums rose by 13.5% across Great Britain in the year to August, new data from Consumer Intelligence shows.

Car insurance premiums rose by 13.5% across Great Britain in the year to August, new data from Consumer Intelligence shows.

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This Really Rich Guy Owns Only 15 Things — and We Love His Reasons Why

If you had millions of dollars, what would you do?

Your answers would surely be varied, but I bet very few of you would say: Get rid of all my stuff and my home and live with only a duffel bag.

But, that’s exactly what successful author and entrepreneur James Altucher is doing. And it’s not a publicity stunt, either. From his blog, I’m convinced he truly believes in his lifestyle.

Who is this guy? And why does he do this? I had to know more…

Who is James Altucher?

In a Reddit AMA, Altucher introduced himself as the “founder of 20 companies (17 of which failed), author of 11 books, and writer.”

“I’ve made millions, lost it all, made it back, and written about everything I’ve learned along the way,” he continued. He’s perhaps best known for “Choose Yourself,” an entrepreneurial self-help book.

As for how rich he is, it’s anybody’s guess.

Though one website estimates his net worth at more than $20 million, he answered the question on Quora by saying: “Infinite and 0. No matter what, I’m going to die. Then it’s zero. Right now, I have everything I can ever possibly want. So it’s infinite.”

Bottom line: We’ll probably never know — but from his past and current successes, I think it’s safe to say he’s a multimillionaire.

So, Why Does He Only Have 15 Things?

A few months ago, Altucher “dumped or donated virtually everything he owned” and let the lease expire on his apartment, the New York Times reports.

He now stays with friends and at Airbnbs, traveling with a duffel bag that includes a “laptop, iPad, three sets of chinos, three T-shirts and a Ziploc bag filled with $4,000 worth of $2 bills.” (Apparently, people remember you when you tip with $2 bills.)

That’s the how, but what about the why?

“My brain is not so big,” he explains on his blog. “So now I can think about other things. I can explore other ways of living more easily” — like not going to college or getting trapped in a mortgage, both of which he believes are scams.

And minimalism, but not necessarily the minimalism you’d expect.

“Love is minimalism,” he writes. “Desire, possession, and control are not minimalism.”

It’s not necessarily a minimalism of things he espouses, but a “minimalism of fear, anxiety, stress, mourning.”

Before you click away because that sounds way too woo-woo for you — or because you could never live as he does — take a second to think about what that means.

Even if you can’t (or don’t want to) give up your house and all the things in it, you can reflect upon what’s truly important; upon what composes a rich and stress-free life for you.

Because it might not be the same as everybody else.

When you have fewer resources than Altucher (as most of us do), it’s even more important to figure out how to use them.

For me, a rich life is void of clutter and full of travel.

I would never choose to live with only 15 things, but I understand Altucher’s motivation — and appreciate his desire to live an unconventional life.

Rather than letting the river of societal norms determine your journey, make sure you’re actively choosing what you spend your time and money and energy on.

Or, as Altucher says, “Figure out the 10-15 things you want in your bag before you die tomorrow.”

Your Turn: What 15 things would you take in your bag?

Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.

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Financial fraud occurs every 15 seconds: protect yourself

More than 1 million incidents of financial fraud were reported in the first six months of 2016, according to the latest figures published by Financial Fraud Action UK (FFA).

More than 1 million incidents of financial fraud were reported in the first six months of 2016, according to the latest figures published by Financial Fraud Action UK (FFA).

This is a 53% increase in the number of incidents reported in the same period in 2015, when just over 660,000 cases were reported.

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Business Credit Score Basics

If you’re a business owner, especially a small business owner, there are likely many concerns that occupy your mind on a day-to-day basis. Business owners wear many hats, so you may be used to handling payroll, figuring out your taxes, managing employees, dealing with customers, fussing with inventory, and a host of other daily activities. However, amidst this whirlwind of activity you may have overlooked the fact that you should probably be paying attention to your business’ credit as well.

Business Credit Reporting Agencies

Just as you have personal credit reports, your business likely has credit reports as well, especially if you’ve ever opened a business line of credit or a business credit card at some point in the past. Credit reports are compiled and generated by companies known as credit reporting agencies. Some credit reporting agencies will focus on individuals, on businesses, or on both.

Equifax, Trans Union, and Experian comprise the three major personal credit reporting agencies in the United States. Similarly, there are three major business credit reporting agencies – Dun & Bradstreet, Equifax, and Experian.

Since different lenders will not always access the same business credit report whenever you apply for new business financing, it is a good idea to periodically check all three of your business’ credit reports to ensure that they contain accurate information. Reviewing just one of your business’ credit reports is not going to be enough, just like it isn’t enough to check only one of your three personal credit reports.

Business Credit Reports

Thanks to the Fair Credit Reporting Act (FCRA), you have the right to claim a free copy of all three of your personal credit reports once every 12 months at no cost. These reports can be easily claimed online at AnnualCreditReport.com. Unfortunately for business owners, there is currently no law that requires any credit reporting agency to provide you with a free copy of your business credit report. Instead, if you want to take a peek at your business credit reports, you’ll be required to pay one of the following fees:

  • Dun & Bradstreet: Approx. $60 to $190
  • Equifax: Approx. $100 to $400
  • Experian: Approx. $40 to $50

Another significant difference between personal credit reports and business credit reports is the privacy of those reports. Your personal credit reports are federally protected and are only available to companies who are deemed to have “permissible purpose” to access those reports under the Fair Credit Reporting Act. Conversely, your business credit reports can legally be accessed by anyone who is willing to pay for a copy.

Business Credit Scores

Whenever you’re applying for personal financing, most lenders choose to rely upon some version of your FICO or VantageScore credit scores to help them assess the risk of doing business with you. When it comes to an application for business financing, lenders may choose from several different options to determine your business’ creditworthiness. Some of the most popularly used business credit scores are as follows:

  • Dun & Bradstreet’s PAYDEX Score (Range: 0 to 100)
  • Dun & Bradstreet’s Commercial Credit Score (Range: 1 to 670)
  • Dun & Bradstreet’s Financial Stress Score (Range: 1001 to 1875)
  • Equifax’s Payment Index Score (Range: 0 to 99)
  • Equifax’s Commercial Delinquency Score (Range: 101 to 662)
  • Equifax’s Business Failure Risk Score (Range: 1001 to 1722)
  • Experian’s Financial Stability Risk Score (Range: 1 to 100)
  • Experian’s Intelliscore Plus (Range: 0 to 95)

Earning Better Credit for Your Business

Many of the actions that will earn you great personal credit scores can be beneficial to your business credit scores as well. While all of the scores above may measure the aspects of your business credit differently, keeping your business credit card balances low and making sure that all of your business’ payments are made on time can certainly improve your scores.

Of course, there are other factors considered in some of your business credit scores, such as the number of years you’ve been in business, the presence of any collection accounts on your business credit reports, how many lines of credit your business is currently utilizing, and the size of your company – just to name a few.

Your Personal Credit Still Matters

While working to earn better credit for your business can certainly pay off in the long run, it would be a mistake to believe your personal credit is not going to matter during any of your future business credit applications. It’s very common for a lender to consider both your business’ credit and your personal credit whenever you apply for new financing. Additionally, even if your business is approved, you may be required to sign a personal guarantee acknowledging that you will accept liability for an account in the event the business fails to pay the lender as agreed.

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This Quiz Will Tell You If You’re Any Good at Saving Money on Groceries

Are you a grocery superstar? Select the cheapest item, and see how you stack up against our readers. At stake? Bagging — I mean bragging — rights!

Note: All prices are from our local Walmart in Florida.

The post This Quiz Will Tell You If You’re Any Good at Saving Money on Groceries appeared first on The Penny Hoarder.



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Best Work-at-Home Jobs for Nurses

By Holly Reisem Hanna When I decided to sign up for nursing school, I knew that I wanted to work in a clinical environment. But after working a grueling year on a pediatric unit at a hospital, I started to look for other opportunities. As I began my search for something non-clinical, I was amazed […]

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