Be Brave Not Safe

Remember, sharks need to earn a living too.

As a result, there are many “schemes” and “programs” that will be brought to the marketplace for sharks to take our money, even though we might actually be able to acquire the services for free.

Let’s get high-tech (again) by going wireless, the old fashioned way!

Ever considered what one of the first wireless service offerings was, which is still available today?

The answer: Television broadcasting.

Did you know that MANY channels broadcast over the airways – for FREE! And, they are broadcasting the same high-quality digital signal that we can choose to pay for from a cable provider?

Make no mistake, cable is going to die, as it should. Subscribers are unplugging in droves as people are acknowledging the reality that they can obtain programming via other (much less expensive) means. In a prior post I covered my family’s experience cutting this cord, many moons ago. And, we have survived quite well 🙂

If you’d like to determine how many and which channels you can receive for free, over the air, go to: www.antennapoint.com. Simply plug in your zip code and voila!

Identity theft / fraud protection

Another hot topic these days…

As you may know, there are companies that will offer identity theft and fraud protection services, for a fee. Here is what I’ve learned, and done…

First, what is one of the most scary forms of identity theft? Someone taking a loan out in our good name, that we are “expected” to pay back. Ouch.

Did you know that we can stop this activity dead in its tracks for next to nothing? All we need to do is contact the 3 credit bureaus (Equifax, Experian and TransUnion) and follow their simple instructions to put a FREEZE on our credit report. To learn more, or get started, simply click on each of the 3 credit bureau names provided above.

Once setup, if/when anyone attempts taking out a line of credit in our good name it is immediately refused.

And, they offer a simple method that we can use to quickly / temporarily “thaw” our credit report, if/when we were seeking to establish a new line of credit – for real.

In closing, why pay $100+ per month for air (I mean cable) when digital signals are being broadcast over the air for free? And, why pay $100-$200+ per year for a 3rd party to “monitor” our identity (i.e., watching for new lines of credit being established in our name) when we can stop that activity dead in its tracks (“almost” for free)?

Rest assured, there are other things that we can choose to pay for, if we are too lazy to seek out the “for free” alternative. Sharks realize this and feed heartily.

All the best!

During my daily check-in to Yahoo! Finance I came across a fantastic article that I felt compelled to share…

The title: 16 Things That Make You A Financial Adult

In summary, the article (a very short but extremely valuable read) shares 16 things (I’d refer to as puzzle-pieces) that are necessary to become a financial adult. Click here to learn how to create financial maturity in your life.

One puzzle-piece that I’d suggest is missing from the article is that of giving. Giving to the local church, charities and causes that help those who are less fortunate.

To be clear, this is much more than chucking some pocket change (and the accompanying lint) into the Salvation Army’s bucket on the way into the grocery store. While this is good, try anonymously donating an amount that will blow somebody’s mind away. The reward (the feeling) from doing so is absolutely amazing. And, it can put a whole new perspective on things as we consider our daily grind (punching of the clock). That is, we can make a big / huge difference in someone else’s life.

The rewards go far beyond “the feeling.” Demonstrating that we have faith by the willingness to participate in the flow (vs. hoarding) of resources makes room for much more to come into our lives.

Makes me think of the lyrics to a classic rock song:

The good book says it’s better to give than to receive. I do my best to do my part. ~ Triumph

In closing, there are a handful of puzzle pieces that must be put together to become a financial adult. And, there is no better way to close-the-loop, demonstrating financial maturity (competence and confidence), than by giving – the 17th piece to the puzzle…

There are a number of reasons why a young adult should acquire a (single) credit card:

• To begin establishing credit history (which will provide lower rates on loans and/or the ability to borrow at all, for a home, etc.)
• For “true” emergencies (i.e., my car broke down and I need to fix it so that I can get to work)
• To rent a car when traveling for business or pleasure (or if our car will be in the shop for an extended period of time)
• Etc.

For those considering dipping their toes into these waters, there are a number of factors to consider when determining which credit card / bank you will do business with.

Sharks (I mean credit card companies) have a number of teeth. Some, more than others.

For instance, a couple of teeth (I mean fees) to avoid related to credit cards include:

• Annual Fees – This is unnecessary, as there are no-fee credit cards available. Read carefully, as some will say (in small print) no annual fee for the first year. No, no, no – We don’t want an annual fee – ever! The reality is that, as much as the other benefits might be enticing, the annual fee (for year 2) will sneak up on us, and before we know it we’ve been bitten with the charge…
• Foreign Transaction Fees – If you travel outside the country (which is a LOT of fun) you’ll want to be able to use your credit card – without incurring extra fees. Many credit card companies add a fee to each transaction you make outside the country. If you do (or plan to do) any travel outside the country, you’ll want a card that doesn’t bite you with these…

Some benefits that credit card companies can provide, that you’ll want to look for / confirm, include:

• Cash Back – Receive a small % of cash back on purchases. In a prior post we covered how we can take advantage of shark tactics to earn “free money” via the disciplined use of a credit card assuming the complete payoff of the balance – EVERY MONTH. It actually feels good to be an “honest” shark 🙂
• Fraud Protection – If someone unlawfully uses your card (at some point, this WILL happen), most credit card companies will remove the transaction(s) from your balance. Make sure this is the case on the card / bank being considered.
• Auto Rental Liability Coverage
• Extended Warranties on purchases
• Etc.

Another feature that can be very enticing is the balance transfer option. That is, the ability to use your credit card to pay off other debt (i.e., loan, another credit card, etc.) for a lower (introductory period) interest rate. This “may” be a VERY good short term strategy to knock down the cost of debt. But, we MUST pay the balance off prior to the introductory rate expiring, or we will end up paying the extremely high percentage rate – outlined in the small print…

And, finally, an enticement that they may also include is 0% APR (no interest on outstanding balances) until a specific date in the not-to-distant future. To me, this doesn’t matter at all. Why? Because we are already paying off the balance EVERY SINGLE MONTH.

The shark tactics relate to the fact that the credit card companies are hoping that we’ll enjoy their card by buying some new clothes, shiny objects, taking a vacation, etc. Then, when it comes time to pay the bill, we will be unable to do so and they get to take their monthly bite (once the introductory period of 0% APR expires).

Don’t give the sharks the pleasure. Instead, bite back with the disciplined use of a cash back credit card 🙂

More to come!