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Stewart for the People

Read the articles if you missed this last week. Seriously it was some good stuff and there are many videos on Youtube that cover the situation. Personally, I watch CNBC and the Daily Show. Please tell me which one do I feel speaks the truth more often? Yes, God bless America. But thank you Cramer for standing up and doing the right thing.

Jon Stewart's scathing rebukes of the financial news network, one after another, on "The Daily Show" underline much of the public's anger toward Wall Street... And with that, the network now has the challenge of convincing the public that it's serving as a watchdog for investors, and not the establishment lapdog that it's seen to be.
Jon Stewart clarifies CNBC's conundrum -- MarketWatch

Jon Stewart's Jim Cramer interview was a pivotal moment -- not just for Stewart, Cramer, and CNBC but also for journalism. It was a bracing reminder of what great research and a journalist more committed to getting to the truth than to landing the big get -- and keeping the big get happy, and ensuring future big gets -- can accomplish.
Jon Stewart: Media Powerhouse or Rank Partisan? -- The Washington Post

Find work with Jambi!

I just signed up to the website, myJambi.com. I will let you know if I ever find work through it, but I like the concept. Definitely needs more users though.

"Tap into your trusted network of friends and colleagues to buy and sell services! On myJambi, service providers turn their talents into income and buyers find providers they can trust. Our goal is to make a site that helps both buyers and providers liberate their potential."


Via Walletpop

CNBC finally gets it!

Jon Stewart Eviscerates CNBC and Rick Santelli - March 4, 2009


Thank you John Stewart! I try and watch this channel a lot, because of my interest in becoming a fund manager. I have it on at work and I watch "Squawk" in the morning but seriously MOST of the time its like watching ESPN when all of the professional sports are in the off season at the same time. We're stuck in a 10 minute loop that changes every 12 hours!

So please stop trying to constantly remind us of the bad news. They were wrong. We were wrong. And best of all, you were wrong. I get it. Now let's move on, you money hungry jerks.

Student Loan Payback Based on Earnings... PURE GENIUS!

"Instead of paying upfront or taking loans with repayment schedules unrelated to income, students would accept an obligation to pay a fixed percentage of their income for a specified period of time, regardless of the income level achieved. Suppose a university charged $40,000 a year in annual tuition. A standard 20-year loan in the amount of $160,000 (40,000 times four) would produce an immediate postgraduate debt obligation of $1,228.50 per month, or $14,742 per year, not sustainable at a salary of $25,000 or anything close to it. Under a smart loan program, the student could pay about 11 percent of his income, with an initial payback of $243 per month, or $2,916 per year, which is feasible at a job paying $25,000. If, after five years, the student’s salary jumped to $100,000, payments would jump accordingly and move up over time as income increases. After 20 years, assuming ordinary income increase, the loan would be paid off."
Superb Idea: Student Loan Payback Based on Earnings -- GOOD


My student debt is very close to this and I have a decent job for someone my age with a Comm degree but still I don't make enough to live and pay student loans. Its the 800 pound gorilla sitting in my room. At some point its going to get up and kill me. Well this concept sounds very reasonable. I hope someone looks into it.

Dear Ms. Ann White

Okay so this was going to be about position trading but I couldn't find a decent video on YouTube where an idiot wasn't manipulating his data. Saying one thing and only showing us scenarios when it works. I've just started reading "Trade Your Way To Financial Freedom" and hopefully I'll remember to write a review when I'm done, but so far so good. His ideas center around setting and understanding your objectives, creating a REALISTIC system that works for your objectives and cutting your losses short and lettings your profits run. Seriously come talk to me about it. I'm 2 seconds short from moving to NY to work on Wall Street.

So... instead I'm reflecting on my life today. (Boring! You can stop reading now.)

Well Monday night, I went to see Mos Def at the 9:30 Club and thanks to Continental Airlines the show was delayed 3 hours (Yes you suck! Fly Southwest). The 6:30 show started at 9 and my 9:30 show started at 11:30. Minus the cold weather it was going to be an unusual night.

Well since I hate going to shows by myself, I invited the biggest Mos Def fan I knew. She'll be Ann White for today. She's the girl from your first year in college who you spent all your time with but nothing ever really happened. You were inspired by her, you were captivated by her and some could say you were in love with her but nothing ever happened. You just lost touch over the years.

Anyways, it's always good to catch up with old friends. It helps you see what's really important in life and how you have grown over the years. It's a fruit salad of mixed emotions, feelings, dreams and truths. Overall, it was a fun night. We grabbed a couple of drinks at the Velvet Lounge as we waited for the show to start. We were on the floor for the show and Mos Def even performed an extra hour. Unfortunately since it was a Monday night, the metro closed early and there are few cabs driving around DC at 3:30am, so I went back to Ann's place down the street. She heated Celeste's Vegetarian pizza and we chatted about our current relationships and college. I took a nap on the couch with the cats until 5:30 when I took the metro home. Yes, I did die the next day but it was a trip into a past life.

So what do I have to say about all of this? Life is good. That's why I'm writing this letter of encouragement! Ann, you have a job and a sweet pad with clean roommates. Your life interests and passions may have shifted and how you spend your time has changed but that's a part of growing up. There's a quote (I'm going to get this wrong) that says, "the dream of young men are not the same goals of old men." Time changes things and what you want to do changes. If you really want to reconnect with your college self, at the very least you can pick something that you were into back then and hold on tight. I think auditioning for plays is a great thing to do and if you get into one. I'll come see it.

So keep your head up and stay young. Stay beautiful.

The Miseducation of the American People (Part 2)

"To educate improperly," is the definition of miseducation.

Well after watching "House of Cards" by CNBC and listening to numerous Obama speeches about mortgages, these videos just take it a step further and really teach you how we got here. Learn something, because its everyone's fault!

The Crisis of Credit Visualized - Part 1


The Crisis of Credit Visualized - Part 2

The Miseducation of the American People

"To educate improperly," is the definition of miseducation.

As I grow older, my understanding about life and the world around us becomes clearer. One of the topics that rests upon my heart... is about finances. My mind is racing and I've been reading anything and everything about global finance, micro economics and business. I can't get enough, because I feel that we as a people have failed to teach anyone the proper way of doing things. We borrow and spend and it has become such a norm that we should switch out the word "God" on our money with "Debt".

"Everything is permissible"—but not everything is beneficial. "Everything is permissible"—but not everything is constructive. Nobody should seek his own good, but the good of others. - 1 Corinthians 10:23-24

I'm not one to preach or use scripture but I think it makes a good point about how we ask for things we don't need and how people are willing to sell us things we don't need. The line between our needs and wants have been grayed out and everyone is out for themselves. What good does it do? Why is okay for 90% of the population to only have 10% of the wealth. Shouldn't those at the top look to help others? It's an idea not a solution.

So what is the answer to this economic problem? Are we as a nation running to hard, buying too much and living too fast? Is our standard stand living too high? I believe yes and so many of us have forgotten to stop and smell the roses. We've sailed to far out to sea chasing fishes that in the end hold no nutritional value.

The financial collapse has really crushed people from all economic levels. I nearly cried at work after watching this video.

A Town In Crisis


So one of my new goals for 2009, isn't just about getting my finances in order but also helping others through these difficult times. So bare with me, whenever I post anything about finances or money. I don't know shit, but what I've learned so far... is that its simple. The answer is simple. Things like "spend less then you make" and "save for a rainy day" really do carry more weight then anything else. That your worst enemy is your self, especially if you lack the patience and diligence to do the right thing.

"Shit happens; it's how you clean it up that matters." - Saving Grace

So let's begin the clean up and let's learn something from this. It kind of reminds me of a story...

In a field one summer’s day a Grasshopper was hopping about, chirping and singing to its heart’s content. An Ant passed by, bearing along with great toil an ear of corn he was taking to the nest.

“Why not come and chat with me,” said the Grasshopper, “instead of toiling and moiling in that way?"

“I am helping to lay up food for the winter,” said the Ant, “and recommend you to do the same."

“Why bother about winter?” said the Grasshopper; “we have got plenty of food at present.” But the Ant went on its way and continued its toil. When the winter came the Grasshopper had no food, and found itself dying of hunger, while it saw the ants distributing every day corn and grain from the stores they had collected in the summer.

Then the Grasshopper knew: “IT IS BEST TO PREPARE FOR THE DAYS OF NECESSITY.”

We Print Our Money

GOOD News: Make Money to Make Money - The idea that a city can just print its own money to keep local business in business is crazy, but it just might work.

When Your Bank Goes Broke...

With the IndyMac fiasco we had a couple of weeks ago I've been looking into what happens if your bank fails. This Washington Post article does a great job explaining things. Basically not having all your eggs in one basket is a good idea but there are safety measures in place.

"If you have $100,000 or less in your name in any one bank, you have nothing to worry about. The Federal Deposit Insurance Corp., an independent agency of the federal government, will insure up to $100,000 per depositor per insured bank or savings association."
What to Know About Your Accounts -- The Washington Post

New York, New Broke

So I'm supposed to be moving to New York City in 2010 to continue my pursuit of this "dream job." And my sister and one of my ex's have already made their way into the city chasing their personal plans for success. Well its just a little depressing to read about how unbalanced the living situation is in the big city since I've recently have become interested in my personal finances. I think 2009's motto will be about saving money. Though living in Washington DC (which was in the top five) might be a good training ground for frugal living.

"New York's diverse economy and highly-educated residents couldn't save it from sinking to the bottom due to its high cost of living and paychecks that just aren't "inflated" enough to make up the difference, the report stated."
New York is worst city to build wealth (survey) -- Yahoo

Bush's Stimulus Plan - Is it really free money?

I've been doing some research on this topic lately and like most people I never take a second to read over the fine print because when I do the language is too complex to really understand anything. So when the Stimulus Plan was put into effect I thought I was getting free money from the government. Then I started hearing about how this is all one big joke and in reality its a loan and will effect my 2008 tax return. Oh crap! Again, the media has lied to me.

Well I felt flustered and was sure things didn't add up. Luckily one of my co workers found an article from the wise Michelle Singletary of the Washington Post who finally gave me an honest answer.

"First, this money is not taxable. And your stimulus payment will not reduce or increase any refund you are entitled to when you file your 2008 return. The stimulus payment -- some call it a rebate, others refer to it as a refund -- is based on your 2007 tax return, but it is considered an advance on a 2008 tax cut...payments will range from $300 to $600 for individuals and $600 to $1,200 for joint filers."
Rebate Fact and Fiction -- The Color of Money

So from what I understand...its not free money and will not affect your 2008 tax return. Basically they're giving us the extra money we would have received back from a tax cut in '09 this year. Well I hope this help clears things up and that your check arrives today. I'm either paying off some credit card debt or dropping the whole thing into savings. Either way, thank you.

Pink Floyd - Money

Tips and Tricks

In today's world of Web 2.0 sometimes your neighbor's blog offers you the best advice about your finances, investing and money issues. Here is a collection of some great post that we all should review.

149th Carnival of Personal Finance
Chasing Dreams Edition
www.thehappyrock.com