Hello!
The comments on this profile are unclaimed and thus are unverified.
Do they belong to you? Claim these comments.
Mr. ToughMoneyLove
Is this you? Claim Profile »
1 month ago
in making money with a credit card on brip blap
The rewards card "I never carry a balance" advocates and defenders also overlook the repeated studies that show that people who buy with plastic spend more (including on the same goods and services) than do people who use cash. (I wrote about the most recent of these studies not long ago.) Everyone says "not me" but those studies don't lie. The card companies know about them so if you think you are the winners and the card companies are the losers, you are fooling yourself.
Let's be honest - lots of bloggers make lots of money pimping credit cards. As long as readers understand that, they can make their own decisions. It just so happens that most of those decisions are lousy ones.
show all 4 replies
Let's be honest - lots of bloggers make lots of money pimping credit cards. As long as readers understand that, they can make their own decisions. It just so happens that most of those decisions are lousy ones.
4 replies
Ruth
I'm sorry, but I have to take strong issue with this. My husband and I have had credit cards for over 30 years, and we have NEVER carried a balance. We were "charter" Discover card members and have gotten cash back on that for many, many years. We got a VISA card when we didn't even know what VISA cards were, but we figured out very quickly how to "float" payments to our advantage, while fully paying off our balance every month. My Marriott Visa gives me points toward hotel stays. We fully fund our retirement, we have much more than adequate savings, a substantial portfolio of stocks (well, we did before last year!!!!), we have pensions, we own two homes, etc. etc. And no, we have never--NEVER-- carried a balance, NEVER. And we don't overspend. We are parsimonious people. Just because it's an all-you-can-eat buffet doesn't mean you have to gorge yourself. Just because buying power is available, it doesn't mean you have to spend. This is what is wrong with America. YOU are responsible for what you do. The world has always been full of temptation, but it's up to YOU to resist temptation. Sorry, your "pimping" accusation is groundless. BripBlap is stating the facts: If you have self-control, you can make a little money with credit cards--not lots, but a little. Why not? Have some discipline! What you do is up to you and not to anybody else on earth. Stop blaming other people! And by the way, I'm 60 years old, and I've been resisting the temptation to spend all my life. Now I'm reaping the benefits--and with credit cards!
Steve @ bripblap
@Mr. TML: I'm afraid I have to disagree. Not me. I am a frugal guy. I shop for bargains. I have no cable/satellite, I live well below my means and I have no debt. I have a net worth which (until recently) clearly marked me as a PAW per Millionaire Next Door.
And I have to disagree. The credit cards have profited off the merchants who accept my card. I have paid nothing for my credit cards. This year I paid $0 in fees. I paid $0 in interest. I received $640 cashback. How was I fooled?
And sure, lots of bloggers make lots of money pimping a lot of things. Google Adsense - used by almost every blogger - routinely pimps "make $10K a day working from home" type sites. Check any site that uses Adsense. But saying a "lot of bloggers" make money pimping credit cards - even if you didn't mean me specifically - is offensive. Pimping implies that the blogger is forcing someone into an illegal act (like a pimp who "pimps" a prostitute to a john) which is a crap statement.
And I have to disagree. The credit cards have profited off the merchants who accept my card. I have paid nothing for my credit cards. This year I paid $0 in fees. I paid $0 in interest. I received $640 cashback. How was I fooled?
And sure, lots of bloggers make lots of money pimping a lot of things. Google Adsense - used by almost every blogger - routinely pimps "make $10K a day working from home" type sites. Check any site that uses Adsense. But saying a "lot of bloggers" make money pimping credit cards - even if you didn't mean me specifically - is offensive. Pimping implies that the blogger is forcing someone into an illegal act (like a pimp who "pimps" a prostitute to a john) which is a crap statement.
2 months ago
in how to pay less income tax on brip blap
You have hit upon one of the biggest reasons to pay-off a mortgage. A home that you own (and not the bank) can provide you shelter services month after month, i.e., imputed income, but it's all tax-free. As tax rates go up and investment returns remain uncertain, this benefit becomes even more valuable.
1 reply
bubelah
I disagree with you. Try not to pay property taxes on your house (even when fully paid off) and see WHO really owns your house!
7 months ago
in rebuilding the idea of elitism in America on brip blap
I like the concept. Can we start with making sure those who vote have some minimal level of knowledge of American institutions and language?
1 reply
Steve @ bripblap
@Mr. ToughMoneyLove: Personally I have no problem with that at all. Totally off subject, I stood in line this election behind someone who - seriously - asked the poll worker who he should vote for. I have no problem giving someone a pop quiz before voting: "can you name the current president?" or "how many states in the US?" Doesn't seem like much to ask.
7 months ago
in why you’ll be richer without kids on brip blap
It's too late for me. We put three kids through private school. Not sure why you are opposed (except for maybe the cost) but there are benefits if you can afford it. (My adult sons thank us regularly.)
And yes, I feel "richer" for having kids. But they are not for everyone, as we read daily in the news.
And yes, I feel "richer" for having kids. But they are not for everyone, as we read daily in the news.
1 reply
Steve @ bripblap
@Mr. ToughMoneyLove: I guess I'm opposed to private school for the simple reason that you've already paid for public schools through your tax dollars. Private school is doubling up on your education payments. I live in a horrible - HORRIBLE - public school district so if I had to stay here I would pay for private school. I just don't see the point, unless you're committed to a certain methodology of education only offered in private schools (Montessori or Waldorf, for example) or a religious education. I'm also, in general, a fan of the democratic nature of public schools as opposed to parochial schools, but that's just my personal political/religious view.
8 months ago
in the math hurts on brip blap
If you are down 65% you need to revisit your asset allocation. As for the 10% rule of thumb for long term geometric mean returns, that went out the window before the current crisis.
2 replies
Steve @ bripblap
Mr. TML, absolutely - my asset allocation in my 401(k) is harshly, HARSHLY limited by the choices available. My asset allocation is not in funds I would choose in an open market. Of course that begs the question of why I'm investing in my 401(k) at all, and I'll beg the usual excuses: matching, tax advantages, etc. All wiped out by the loss, of course...
Richard
If you hypothetically bought an imaginary stock in a fictitious country for $1500 when it was really worth $900-$1000, getting a 10% return would be much, much less likely than if you bought that same imaginary stock for $800. If that stock somehow went down to $700 as you waited (because the stock was being held by martians who were prone to throwing out reason and logic and selling based on emotion alone) and you bought it then, your future returns would look much better. In the very unlikely event that something like this were to happen, you might enjoy the reduction in the price because it made possible returns that you had thought weren't possible due to the (previously) high price. But that's just a story with no basis in reality :)
9 months ago
in have MBAs been devalued by the crisis? on brip blap
I agree. MBA programs have sprouted like weeds in colleges around the country and on the Internet. They are first and foremost cash cows for their sponsors. The education provided has been watered down with concentrations like "leadership." Save your money and start a business.
1 reply
bubelah
I totally agree. I've been debating for years now wether I should get my MBA or not. And so far it's all against it. I even took GMAT but still not convinced it's the best thing to do.
10 months ago
in under pressure on brip blap
You will decompress much faster if you do more fishing and spend less time on the Internet so just shut down that WiFi connection.
1 reply
Steve @ bripblap
Ironically enough until about 20 minutes ago, that's what happened - the internet connection was down all day yesterday and today so I spent a lot of time boating on the lake and walking along the shore with my son. Now the internet is (intermittently) back...
