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Personally, I've been getting a lot of cash from work in the form of tips, and I like the idea of using it and being off the grid.

Also known as tax evasion? I'm assuming tips are taxable income.

"All debts are wiped out in Chapter 7 bankruptcy."

You wish. Certain types of debts cannot be discharged (erased). They include child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud. It's also very unlikely that a judge will discharge legal settlements you've been assessed, such as money you've been ordered to pay to someone who sued you. 12 myths about bankruptcy

Changes in the law have made liquidation under Chapter 7 much more difficult: Bankruptcy filings fall to lowest level in 5 years

FICO acutally has released a good deal of that information, I posted in another thread the breakdown of the report, but if you google for it is not hard to find. Heck, there is even a credit estimator at bankrate.com that I have found is very accurate. You just fill in your credit history, and it generates your FICO score:

http://www.bankrate.com/brm/fico/calc.asp

I have found that it is REMARKABLY close in my case, and has been over the last few years.

Pretty much the only way Alaska could come up with that money is to increase taxes.

On some level that's true, but is it an informed opinion? Are you aware that basically Alaska doesn't have any taxes?

In fact, Alaska gives away money to residents due to its huge oil surplus.

But they still want everybody else's money for their pork.

Try bankrate.com

Your best bets if you want no-risk are probably money market accounts and CDs.

CDs will give you a higher interest rate, but will not allow you to take the money out early without forfeiting some or all of the interest you've gained.

--The Rizz

"Money is just something to make bookkeeping convenient." --H.L. Hunt

Bankrate.com keeps track of the highest yeld savings accounts in the country, along with many other rates, like mortgage, credit card, car loan, etc.

Being a paranoid type, I tend to overreact to things, but consider the following-
Given the US Governments current plans to consolidate all the data they hold about you into ginormous centralized multi-agency databases-
http://www.whitehouse.gov/omb/egov/c-6-9-ioi.html
They then intend to secure this data with biometric-containing RFID equipped tokens-
http://www.whitehouse.gov/omb/egov/b-1-information .html#is
But they intend to use Microsoft MIIS as the security engine-
http://www.microsoft.com/technet/technetmag/issues /2005/11/PostMortem/default.aspx
And to save cost they are going to let BANKS issue the RFIDs (the same places that routinely send pre-approved credit cards to your dog)
http://www.bankrate.com/brm/news/cc/20040420a1.asp
http://www.thriftyfun.com/tf209806.tip.html
Put all this together and it becomes frighteningly plausible that the government has little interest in securing citizen data, and a lot of interest in assembling data it can use to control its citizens.
http://www.rense.com/general15/happy.htm
But nobody will complain, becuase totalitarian control of our lives will be, like having a chip implanted, *just so convenient*.
However, for those who are still conscientious, it is possible to comment on the government's plans. But please be restrained and responsible in doing so, ranting and raving will just discredit opposing viewpoints.
http://www.estrategy.gov/lineofbusiness/docs/ioi_r fi.doc

Interest on a home is amortized annually. The numbers you are using assume that the interest rate if quoted for the lifetime of the loan.

  For instance, let's say you purchased a $400,000 dollar home @ 10% interest. This loan is setup so you pay interest only for the 1st year. 10% of $400,000 is $40,000 for the year or $40k/12 per month. $40k/12 is $3,333 per month. This is just a rough example, however. Because the interest is always accruing it makes computation of interest payments rather difficult (for me, anyway.)

I found a few links that might be helpful for you. The first is a rather elaborate site that really gets to into the particulars of loan payment..

http://www.bankrate.com/brm/popcalc2.asp

The second site has some simple but useful financial calculators. I would recommend you plug some numbers in either site and see what different interest rates and loan lengths do to the total interest paid.

http://www.davebuyshouses.net/calc_index.htm

It is my understanding that you can't deduct volunteer services, only expenses that you incur as a result of those volunteer services. Expenses might be office supplies and mileage (not exactly big ticket items). This site seems to agree with me: http://www.bankrate.com/brm/itax/tips/20010402a.as p

Good governance is a side-effect of affluence

Cart before the horse, I'm afraid. Wealth doesn't buy good governance. Example, the Middle East nations that contain a good deal of the world's oil. Good governance can, however, create wealth. Example, South Korea. In 1954, it was one of the poorest nations in the world, on par with the poorest in Africa. Today, it's a first world nation with the world's 12th largest economy. Democratization, in the case of South Korea, proceeded slowly, but good governance, and the sociological factors were there in 1954, and wealth followed

It was when the European middle-class began to develop that democracy began to sprout in Europe.

Um, no. The Magna Carta didn't come about because a bunch of burghers were pressing for their rights. It was a squabble between rich nobles and an even richer king. And yet, it's one of the most significant democratizing documents in human history. And has absolutely nothing to do with a middle class.

Another significant democratizing influences were things like the Protestant Reformation. Again, had nothing to do with the middle class. Once you have a group of people with some free time on their hands, they can start hassling their government, getting involved in politics, giving money to the right people to fund the right initiatives, etcetera.

Affluence breeds democracy, and democracy preserves affluence. A quick look at the history of the US should demonstrate that to you.

Absurd, and obviously false given the facts.

You seem to think it's like a recipe. Have some wealth, bake for a period, and voila! Democracy! Good government! Um, no. The Roman Empire had a large, vibrant middle class for much of it's history, enabled by good governance..and, ultimately, grinded down to serfdom by bad. For the first 100 years, most people in the United States were essentially peasant farmers. The difference between a peasant farmer who owned his land in Pennsylvania as opposed to a peasant farmer who "owned" his land in Africa, however, were little things like established property rights, the rule of law, and a well functioning government. Take out the rule of law, and a well functioning government and the US would not have made it this far.

Good governance preserves and builds wealth, and bad governance destroys it. Affluence, in and of itself, does nothing positive. A good example of this is looking at the result of windfalls, either at an individual level or a national level. On an individual level, look at lottery winners. Or a national level, look at what happened to Spain and its New World fortune. Squandered. Or Saudi Arabia's oil wealth. It's in the process of being squandered. And again compare them to South Korea. South Korea had good governance before they had wealth.

Good governance, btw, isn't the same thing as democracy. You can have a poorly run democracy (which won't last, of course), and a well run autocracy. South Korea, for much of it's history, was a well run autocracy.

Wealth will not be built and sustained in the developing world until those countries build a culture and society that is capable of sustaining a well run government first. The last and only experience most of these countries have with that is, unfortunately, the colonial administrations that ruled over them briefly in the 19th and early 20th centuries.

Nowadays, that depends on whether it's long-term capital gains tax or short-term capital gains tax. Long-term capital gains are usually taxed at a much lower rate.

Literacy helps when reading those tricky credit card offers. However, no matter how literate a person is, he or she needs BankRate.com.

I find it shocking that some people commenting here believe they can evaluate credit card offers without help. Remember, the credit card companies have hired sleazy $300/hour lawyers to prepare the most sneaky language possible. It's you against an army of low-life credit card company executives.

Somehow people who would never think of stealing a candy bar from a convenience store become completely immoral when they are part of a corporation.

It wasn't the size of the business, it was the size of the car. It's reduced now, but not before many took advantage of it.

http://www.bankrate.com/brm/news/mtg/20000714.asp

The sad thing is that with nobody using cash these days he probably thought you were into something illegal ;) If you have the discipline to pull it off it can be amusing to take them up on their offer and stick the cash into a CD for the length of time that your loan has no interest and payments. A $4,000 six month CD at 4.33% (from Bankrate) would earn over $80 in interest. Of course this requires the discipline to pay it off right away when that CD matures and you also need to look over the contract and make sure you aren't screwing yourself (early payoff fees and the like).

Of course, now all students have to be IQ-tested for the "no student left behind" act. Perhaps we should test the teachers, too, and leave some of them behind.

That's nifty if you can get it, but my state isn't participating:

http://www.bankrate.com/brm/news/cc/20030613c2.asp (updated as of July 2005).

So if you are in a state that allows it, I think this is an excellent idea. For the rest of us, I guess we will have to fend for ourselves.

Historically low interest rates coupled with bankruptcy "reform". Also, the popularity of new and exciting financial instruments like balloon mortgages and interest-only mortgages, which allow people to live way beyond their means. They get loans to do this because their creditors know that, thanks to changes in bankruptcy law, they'll get the money, even if they have to garnish it for the rest of the sucker's natural life.

(Did You Know that "mortgage" literally means "death pledge"? Fun!)

Banks don't pay 10% interest, but banks are a lousy place to invest your money. Mutual Funds tend to be a relatively safe investment which usually yield higher returns... of course there are no guarantees. My friend's family is investing in real estate. They just put down a $40,000 down payment and renters are meeting their mortgage + tax + insurance. This translates into $1200 per month straight into their equity and because of their set up, they're probably not going to have too many overhead expenses. So $1200 * 12 = $14,000 per year on a $40,000 investment... and that's not even counting the increasing value of the property. Higher risk, higher reward.

The best bank rates I see are close to 5%. That's long term cds. If you just put your money in a normal savings account, you're probably actually losing money because very few savings accounts pay interest matching the rate of inflation.

Seriously, if you're interested in investing, you should be looking into work options like 401Ks, maximizing your Roth or Traditional IRA contributions and in general maximizing your pre-tax investments. I think a book like Wealthy Barber is a good place to start. It's an easy read covering basics and it can be read in a couple of hours.

...the Titanic - so from an insurer's point of view, it makes perfect sense to ascertain they bet on something that's really unsinkable this time.

This assumes the companies are passing the savings to the consumer, which is DEFINITELY not happening. My ATM fees have gone up over the last few years, as have most types of insurance (too many links, just google it), bank fees are out of control for both checking and credit cards, among others, and while low-end computer comonents have gradually gotten cheaper, the high-end ones are going up in price ($1000+ CPU anyone? How about a $500 video card?).

Try calling a major computer vendor's tech support some time, and enjoy the outstanding ineptitude of the Indian tech who can barely pronounce the words he's reading off his screen in English. This is not good return on the dollar.

I don't live in California, but I see they have a state income tax that may top 9%. You're also omitting property tax (in Seattle it amounts to another mortgate payment per year, down there it might be worse) and health insurance....

US federal Income tax:
Rate: 25%
Income Band: $29,051 - $70,350

UK income tax:
Rate: 22% + (1-3% for National Insurance)
Income Band: £2,091 - £32,400 ($4k - 60k)

Sources:
http://www.bankrate.com/brm/itax/2004taxrates.asp
http://www.adviceguide.org.uk/n6w/index/life/tax/i ncome_tax_rates/index/life/tax/income_tax_rates.ht m
http://www.hmrc.gov.uk/rates/nic.htm

Mandatory, expensive and mediocre health care.
That comes out of of the 1-3% mentioned above. What does your government do with that 1-3%? Invade countries? Build space weapons systems? Subsidise cotton farmers? I think I'd rather have my free health service, ta.

Cameras everywhere
Not sure what you mean by that.

A sensationalistic press that makes Fox look bi-partisan.
Umm... not really. Having read both US and UK papers, I've seen nothing in the US to compare to the Guardian or the Independent. People take as much notice of the Sun and Mirror as they do of the National Inquirer.

Out of control, bureaucratic utilities
BT is the last one, but yes.

Television licenses along with warrant-less searches of homes suspected of running an unlicensed television.
TV licenses pay for the largest (ad free) news site on the web, plus a whole bunch of programs that wouldn't get made otherwise (The Office, HHGTTG, Little Britain, The League of Gentlemen, etc). Warrantless searches is bollocks. The TV License people have no more right to enter my house than you do, or the police do, for that matter.

Speed traps everywhere, set to excessively low limits and with giant fines.
Speed traps yes, they are a fucking pain in the arse, but not in their self a reason not to live here. "Excessivly low speed limits" is a bit rich coming from a yank. What's the interstate limit? 55mph? jebus!

Cameras monitoring every meaningful inch of public space.
I guess that's a repeat of No. 2 above. Don't know where you got that from. Don't believe everything you read on slashdot.

wtf does libertarian mean in the US?! I can't believe you put up with the possibility of being shot by the police after being stopped for traffic incidents; a transparently corrupt political system; unrestricted development on a beautiful countryside; blatant society-wide racism; a massively powerful religious right-wing movement; advertising on every inch of spare space;

Now THAT is taking up the arse.

On a serious note, it is very expensive to raise a child these days. You can count yourself lucky actually making a net gain, not 100 000 dollar loss, as most parents suffer ;-)

http://www.bankrate.com/brm/calc/raiseChild.asp
http://www.babycenter.com/costofchild/

Surur

Actually, core inflation is closer to 3% or so.

Of course, inflation varies by market -- home price inflation has been higher than the overall inflation rate, for example, as was inflation on some grocery goods last year (e.g. milk).

Also, although you're right about most banks' savings accounts, if you shop around, it is possible to beat that current inflation rate using a mere savings account (although, this was not the case about 2 years ago). EmigrantDirect, for example, currently has a 3.25% APY (though note that only a few weeks ago, they were offering only a 3.00% APY, while inflation was at 3.26%).

But overall, you're right... Month-to-month variations show that savings accounts and MMAs, even the highest-returning ones, are not a smart way to beat inflation, assuming it's possible at all without major micromanagement. Using one's savings as investments (bonds, stocks, index funds, etc.) is a much better idea...

www.bankrate.com Has you covered already.

I check there money market accounts weekly if not daily, and always have my money in on of the top 5 banks on there MMA list. Currently the best rate is 3.25%. Great for people who don't have a lot of money and don't know how long its going to be there.

MMAs are more liquid than CDs and, if you look at the rates, actually provide a better rate of return unless you are willing to lock your money away for a year or more in a CD and often requiring at least 5 or 10 thousand dollars for a CD.

Also to all the paypal users out there, the money market fund they have is only pulling 2.4% and its uninsured. Move your money out of paypal as quickly as possible to a bank with better returns.

Paypal will draw from your bank account if you don't have enough funds, so you might as well keep them in a place where they earn more interest.

You are probably correct. The Governor of the state of California is personally responsible for the existence of the Hummer on US roads.

A source: http://www.bankrate.com/brm/news/auto/car-guide-20 04/hummer.asp

As for making it harder to get mistakes corrected... As if it's a walk in the park now. Try having your identity stolen; You're looking at two years friend. How about having the same first name, middle initial, and last name of someone who has filed bankruptcy. That will take a bit longer. The latter is something my brother has been dealing with for the better part of a decade. Apparently, the good folks at the credit agencies don't understand that he didn't have a $15,000 credit line at age 4.

Frankly though, I'm against the whole process. It would be unconstitutional/unlawful for the US Government to do this, so they just farm it out to private industry. I don't get it. Slashdotters bitch and moan about TIA or MATRIX, yet "Oh FICO? That's grand!"

The downfall, though not in my mind, any time you apply for a large credit item, the credit agencies will call you to verify information with you.

I put my information on fraud alert long ago. You need to renew it every two years. It will keep anyone from getting credit cards in your name and such. Since my father has my SSN, my mother's maiden name, and my DOB, this comes in handy.

Also, when you get a credit card, put a password on it. Call them and request this, since your mother's maiden name is just too easy to find out.

http://www.bankrate.com/brm/green/cc/crdt2e.asp has all the numbers you should need.

I went to buy a car recently and experian and transunion both called me to verify it was me getting the car. Maybe a hassle to some, but something I enjoy having done personally. I know no one is going to royally screw me over.

OK, so I did a quick Google search for you to give you an idea of some stories that talk about workers dropping off the lists. It's worse now than it was at the start of the Bubble era, and I cannot believe there is anyone out there looking for work who disagrees with that.

One sample story

Second sample story

Third sample story

The idea is so obvious and self-evident that I'm going to stop here. It's just a waste of time. All those looking for work know what I'm saying. They're living it.

there are no Bush supporters - only people who hate Kerry are voting for Bush

You, sir, are a troll. You moderaters are whacked.

A whole lot of people have given a whole lot of money to support Bush. $260M in individual contributions by last count. Add this story today. I'm no great Bush supporter, but it is impossible to deny that are out there.

There is something wrong when wealth can be concentrated into so few people, that the rest of the USA is left with less.

Some of those people (as in 24%) Built wealth through hard work, by living below their means and taking moderate risks. The same study also showed that they "enjoy making a difference through charitable efforts". So if you like to buy a new car, computer, and various other toys every fews, you have no one to blame but yourself for not being able to build wealth.

Someone mentioned earlier that the previous generation could survive with one income. Today many families need two incomes to make ends meet.

And were the "previous generation" in love with plasma TVs, cable, high speed internet with ultra fast computers, cell phones, gas sucking SUVs, using their houses as ATM machines (i.e. HELOC), and charging everything on high interest credit cards? I'm willing to bet that many families won't need two incomes if they stop pretending that many of their "needs" are actually "wants" and start doing some cutting.

I think there is an optimum speed for cars and it's probably different for each car. I just can't imaging the a car engine being as efficient when it pushing a car at 100mph as it is at 50mph.

there are several sites on the net that talk about fuel usage going up dramatically with relation to increasing speed past a certain point. BP has this to say The most efficient speed for driving varies from vehicle to vehicle. However, over 90 km/h, fuel consumption increases dramatically with increases in speed. Also, according to Bankrate.com For example, driving at 55 mph rather than 65 mph can improve your fuel economy by two miles per gallon.

I don't know how much I trust the second link but I do trust BP, there are many more sites out there to explain this, try a Google search.

With that said, I used to use the same logic as you until some people at my internship started explaining things to me.

Regarding intelligence failures:
Off the top of your head, tell me how many intelligence successes occur annually? No, don't go looking to the media (not even FoxNews...). No, don't even ask Congress.

Can't think of many, right?

By unofficial definition a true "intelligence success" will never be public knowledge. We, as the general public, have no idea of the staggeringly high number of times intelligence has saved our lives. Ironically, we know all too well a sickening amount of detail from such clusterf$%@s that led to 9/11, the U.S.S Cole bombing, etc.

If we had any clue as to how many "intelligence successes" have saved us from destruction/distress we would probably be scared to get out of bed. We should all be thankful that people are out there working to make sure we don't have to hide under the covers quaking in fear.

You wanted some sources? OK:

• Bureau of Labor and Statistics lists plenty of information on employment/unemployment. Take a look at the historical unemployment rates and whip out a calculator. For '92 to '00 I calculate unemployment to an average of 6.1% -- Nothing wrong with that. That's a very healthy unemployment rate and I couldn't complain, but when you compare that with the current rate quoted at 5.6%, a lot of complaints about the current administration's unemployment rate lose their ability to hold water.

• I see 214,000 jobs added last month. That's bad?

• As for the economic theory, I am a firm believer in Keynesian economics as well as the ideas of John Hicks.

• Bankrate.com has some great information and graphical representations of historical rates and economic indicators. Take a look and let me know how you feel about the current indicators?

• If you want a look at how other people are thanklessly putting their lives on the line for my safety and yours, and hence why they command my utmost respect and gratitude to the extent that I refuse to acknowledge intelligence failures, read Book Of Honor by Ted Gup.

Sorry, no references to anything on the Washington Times, FoxNews, the Washington Post, PBS.org, antiwar.com, or thenation.com. Call me crazy, but I like my data unbiased.

That's all for now.

Here's an updated list I think based on Consumer Report's more realisitic testing of mileage and the top 10 cars they tested (these are their tested numbers for 2004 models not EPA estimates): Top 10 fuel efficient cars. The VW turbo diesels fared pretty well but not a whole lot different than the hybrids, and certainly not even close to 60 mpg. I want to believe some of claims I keep hearing from Europe about 80 mpg diesels and such but the TDI VW's we have in the states now (Jetta, Golf) while putting up respectable numbers, are not exactly blowing away the compitition when it comes to fuel economy. I know our diesel fuel here sucks but it can't be that bad. But hey diesel's cheaper right now though so it probably is still more economical.

It depends. The title says "used cars" but the price the parent gave is more of a new car price. Dealer finacning is often a lot lower, almost to rediculous levels (0.00% is common right now). or a used car, it is 6.31% right now for a used car now, though.

Hmmm... I've found a couple of things on the net that suggest that a hybrid just isn't cost effective right now. Like this. Maybe down the road...

I guess I'll drive my truck until it falls apart...

would probably be the underwriter of choice, not Geico. They have insured almost anything. For instance, some examples .

Parent Article

The above is the link to the parent of the article I mentioned. It does describe other types of wealthy people, and does include the types that you've mentioned, like people who got wealthy by inheritince and business.

It's nice to read a refreshing post like this instead of the usual:

1. I put $3000 on my credit card to buy a phat stereo system for my car/home and it's the credit card companies fault that I'm in debt.

2. You can't be rich unless you cheat. (even though 24% of the wealthy population became wealthy simply due to hard work, by living below their means and taking moderate risks.

3. Everyone should be taxed higher (esp. the rich) to support the poor. I don't want to lead the way by donating my time or money because I want to spend them on gaming.

4. I don't have three to six months worth of emergency fund saved up but still have money for beer, games, and other usless toys. If I get laid off, the government should simply extend the unemployment benefits because I didn't care to save.

People generally have to make a conscious effort to share their credit card number

Unless you eat at restaurants, then it take you no conscious effort at all.

All banks process withdrawals before credits, in order of greatest withdrawal to greatest deposit, and all banks ding you as many times as possible along the way.

The original poster was correct, assuming that you are not carrying a balance. Most credit card providers will not charge you any interest on purchases if you pay 100% of your balance when it is due. Thus, your money remains in your checking account until you pay the credit card bill earning a whopping 1.5% - 2.2% APY interest on a money market account or 0.5% - 1.5% APY interest on a interest-bearing checking account.

The original poster was correct, assuming that you are not carrying a balance. Most credit card providers will not charge you any interest on purchases if you pay 100% of your balance when it is due. Thus, your money remains in your checking account until you pay the credit card bill earning a whopping 1.5% - 2.2% APY interest on a money market account or 0.5% - 1.5% APY interest on a interest-bearing checking account.

Nearly all states impose 'use tax' which is an analogue to their state's sales tax. If you buy something from out of state, regardless of how you buy it (including an Internet purchase), you owe the use tax. Many people don't pay use tax and fly below the radar; but states have become more aggressive at enforcement and have nailed plenty of violators.

Some links: this, this, and this for example.

The issue at hand here is about whether states can require COLLECTION of such taxes on Internet purchases. They already impose the tax. To date, there has been a moratorium on collecting it, as we all know. However, YOU STILL OWE YOUR STATE THE USE TAX, and not paying it is a form of evasion.

I hate this too, but that's just the way it is. By the way, most businesses cannot escape this -- enforcement of use (and other) tax collection is more aggressive with businesses -- and so they generally DO pay taxes on their out-of-state Internet purchases. It's a big part of my company's accounting process.

You can also get a tax benefit if you buy a gas guzzling SUV. Any SUV over 6000 lbs curb weight will qualify for a very generous deduction.

FYI, you can get a free report everyear if you live in Colorado, Georgia, Massachusetts, Maryland, New Jersey, Vermont. See this areticle.

On the plus side, you're very likely eligible for a free credit report (due to being unemployed). You'll most likely have to write a real paper letter to get it (they won't let you do it for free if you do it online -- stupid but true). Here is a nice informative article about that.

By the way, I'm not just relying on the info in that article. I myself was unemployed and managed to get free reports from the agencies. It was kind of a positive thing because, being unemployed, I had free time but no money, and this fit with both those. Also, it was nice to get something constructive done, even if I couldn't get a job. (Which I eventually did...)

Imaging[sic] if the Honda insight made it to market first, the image of hybrids would have been ruined. People would think a small impractical ugly car every time someone said hybrid and wouldn't like the idea of hybrids.

I imagine that you meant "imagine" and not "imaging." However, though you idea was kinda right, your facts were flat-out wrong. The Honda Insight DID in fact hit the market before any other hybrid vehicle in the USA. And it got rave reviews, and continues to get rave reviews. Admittedly, most people don't like the aesthetics that much, but I think the novelty appeal appeases most owners anyway.

I don't think Mitnick is such a good representative for this issue. Probably a better example of 'hacker' turned security expert is that guy who the 'Catch me if You Can' movie is based on ( Frank Abgnale). The FBI sprung him from jail in order for him to help them combat check fraud. Apparently, he's now responsible for designing many of the anti-counterfitting mechanisms built into our checks even today.