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September 19, 2007 at 8:21 AM in reply to: How to protect against massive inflation and upcoming fall of dollar #85166September 19, 2007 at 7:46 AM in reply to: How to protect against massive inflation and upcoming fall of dollar #85163
CoronitaParticipantBecause unless you understand how some of the international laws in other countries work, you'll realize that despite all the wacked things about U.S., it probably is one of the countries that offers the most stable legal and financial systems. Coupled with the plethora of lawyers and litigation, you have recourses if there is fraud or foul play. Countries like china will be the wild wild west for average investors. Good luck getting anything back if the government whimsicially decides they don't like you.
Also, everyone right now is probably think the same thing you are and rushing either into international funds and/or gold. Iwould say this will push the prices of those instruments up beyond fair value, making domestic equity relatively cheap again in the long term. But that's just my contrarian viewpoint. I think the time to get in to international was 2 years ago.
CoronitaParticipantwon't matter, the dollar's decline is going to make purchasing a home still unattainable unless you take out an ARM or LEG
I'm just kidding….. Seriously, the dollar's devalue is starting to concern me a bit though.
CoronitaParticipantIn the past, Arco was considered Craptane. I think bad rep was
1) because arco gas was blended with ethanol (which resulted in lower gas mileage
2) the use of it's additives, or lack thereof.
These days, most gasoline has some blend of ethanol in it (burns cleaner) at the cost of fuel efficiency. So #1 is a moot point.
#2, I don't believe there's really factual information about one gas companies additive are "better" than another.
Also, Arco was bought by BP.
Lastly, Costco buys gas from everyone, who ever is cheaper. Therefore, it could be BP,Shell,Valero,etc.
CoronitaParticipantLook at it this way.
You need enough not-so-savy financial people to keep the economy going and pay you when they screw up. It's a balancing act between you and every other american. The way I look at it is like the law of energy, neither created nor destroyed, just converted to one form or another.
Likewise, some americans spend more than earn. Some earn more then spend. Just make sure you're one of those people thats taking in more from others than you are giving to others, and you'll be fine.
BTW: I think I was asleep in my chemistry/therodynamics classes.
CoronitaParticipantInteresting! How much discount do these stores give you for cash purchase? I remember some small computer stores advertising 5% cash discount. And ARCO gas doesn't take CC. But even if I buy, say, $200 per month at these stores, that would save me $10 for cash discount. Isn't that rather small for all the haggling you may have to endure?
not if you're talking about auto service for beater cars, handyman service, dry cleaning, or if you're a regular customer…5-10%, depends on what.
Of course there are things that I would never do, like take my German car to see my beater mechanic. But I'll give you the price difference. Previously I posted an OffTopic here about recommendation for a Audi/VW specialist to do a timing belt. Even though I'm supplying all parts, fluid, labor alone was quoted around $500-$800 by a few places I called. My beater mechanic offered to do it for $200. Of course, taking my German (non-beater) car there would be car abuse.
September 18, 2007 at 10:40 PM in reply to: How to protect against massive inflation and upcoming fall of dollar #85142CoronitaParticipantCanadian dollars
Wrong currency! Select Chinese Yuan. Should easily double (against $, in real terms) in about 10 years.
A country that has a government that has that much influence on it's economy and can change the rules overnight is to me is a sure sign of impeding disaster for speculative investments. That said, my wife a former citizen there, has put some speculative investments in the yuan and real estate there, with the understanding that it can all disappear the next day if the Commy government whimsically has a policy change the next day.
China lacks regulation and oversight. The the same time, the government has way to much power over what it can do to "fix" any perceived issues. That in my opinion is a recipe for foreign investors getting screwed. I'm surprised there is so much interest in investing in china from foreigners. Because it will take just one bad storm for everything to eat sh!t in my opinion. This mortgage fiasco here is nothing compared to the level of corruption and red tape that exists over there. Until that is fixed, I'd rather gamble on a depreciating U.S. dollar. Lawsuits are virtually nonexistent. As a foreigner, good luck recovering any losses (if there was fraud, corruption etc).
Just look at how all the product recalls are being handled? Why is the Chiness gov involved in the private sector of toy companies? What's astonishing is how much influence the government has in what a company can and can't do. And to some extent, the Chinese government was shifting the blame on U.S. Corporations for lack of oversight. Doesn't this bother anyone? Compare that to the way the Taiwanese and Japanese in the past have done business. It's a completely different ballgame.
Maybe it's just foolish to think this way. But I think despite a lot foolish things about the U.S. financial systems, it definitely has more rules and regulation than China. And a contrarian viewpoint, I have faith in the system here, more so than overseas.
CoronitaParticipantCan't you use debit cards for that? My local grocery doesn't take CC, but they take Debit card. Between CC, Debit Card & ACH (Automatic electronic bill pay), I rarely write checks even, let alone pay cash.
Actually, bsrharma, you need to read between what I was saying.
Lot's of small businesses (not to stereotype, but the ones I see typically are asian), give "special" pricing for cash transaction. I don't know the exact rationale, but I would surmise that's because there technically wouldn't be a trace of the transaction has taken place from an income perspective.
Of course,this isn't probably available to you if you're not of the same ethnicity. And even if you are, you sometimes have to ask multiple times as part of bargaining. IE: "How much would it be if I paid cash? Same price? Are you sure? Really, seriously, how much would it be if I pay cash? No, I mean I understand it would be more "convenient" for you, and I wouldn't mind, but how much would it be???, etc,etc,etc,etc".
Also, some places do it to avoid convience charges of credit cards/debit cards. Techincally, it's against CC company policies. There are rules from the CC companies that says a merchant can't offer a good/service at discounted price if they pay cash (it's part of the deal when you sign up to take a CC card). Also it is not typically allowed that a merchant says "minimum $$$$ charge on a credit card". Techincally, if you hated the merchant, you could call the CC company and complain. But merchants still do it, and the CC company is lax in enforcing their own rules.
CoronitaParticipantATM tip … (need debit visa or MC)
Get the free cash back at Costco, AM/PM (costs .45), most grocery stores, and other retailers with similiar free or very cheap cash back policies.
Usually a $40 or $60 limit, but w/ that gas, cup of coffee and weekly trip to CostCo/Grocery Store, I rarely pay ATM fees.
Minus the places that "prefer" cash, I use my CC's exclusively because of the cash back.
1) American Express Costco card at costco
2) Citibank Shell card for gas (when I'm out of the vicinity of a costco with a gas station)
3) Citibank Dividend card for everything else.
Everything that I can pay with a CC without being charged a convenience fee, I charge it. Bills, DMV fees, etc. I put about $5k on my last new car purchase. Too bad I can't charge property tax without convenience charge.
CoronitaParticipantFLU,
Why do you use the ATM so much? (just curious!). I rarely make more than a couple of trips per month. Even @ $3 (which I do feel is a bit much), isn't it less than a c-o-c @ Starbucks?
A few places I go "prefer" cash. I get a discount using it versus CC. I'm guessing either (1) avoid CC transaction fee or (2) avoid taxes. It's an asian thing.
For example, a mechanic i use to see for a beater car would give me 10% off his already cheap rate if I paid him cash.
Also, I like to keep about $200 in my wallet. When my wallet is empty, the stock market goes down that day. (Yes, I know. It's superstitious)
CoronitaParticipantNot a teaser, no mortgage required, no strings.
Less than $10K it's only 4% APY (3.92% APR)
$10k-$250K is 5.50% APY (5.35% APR)
Over $250K is 5.65% APY (5.49% APR)
(Retirement accounts have FDIC coverage of $250K)They may lower the rate soon, will see. If I request transfer by 4pm, it is in my WAMU acct the next morning. It's worked great.
It was 5.40% APY, they raised it a few weeks ago.
They need the deposits, and it's better and cheaper for them than the discount rate. It's the highest liquid rate that I know of, and I haven't had any problems.
Seriously don't understand why anyone with $10k-$100K wouldn't use them with the FDIC insurance.
Some of the "big banks" are paying like 3%…
https://bank.countrywide.com/Am I missing something ???
I'm surprised someone with $10k-$100k wouldn't open a EmigrantDirect account and link it to a primary checking at a local branch. Emigrant offers 5.05%.
CoronitaParticipantAlex_angel,
Why are you griping over $3 atm fees that you can avoid just by going to an ATM that is in your institution? And besides, all banks are doing the same thing.
As far as lost mortgage money. BofA has one of the most stringent loan requirements. To my knowledge they don't fund sub-prime or alt-a, even when everyone else was. I seriously doubt the $3 charge is really meaningful revenue for them. Its' probably more of a inconvenience ploy to get you to bank with them. Think about it. On one hand, they'll launching tactics to try to get you to refinance with them. Next they're trying to make it inconvenient for you to use one of there widespread ATMs if you're not part of BofA. Put the pieces together…They're trying to get customers to switch. Wells fargo has the same tactic.
WaMu on the other hand i think is scrwed. Because I do believe they got into some interesting mortgages.
FYI: I bank with Bofa and wells fargo, namely out of ATM convenience. Plus with a mortgage with Bofa, I get a free safety deposit box.
CoronitaParticipantMuch needed relieve rally for me….Major short squeeeeeze today and probably tomorrow. Thank you Fed!
September 18, 2007 at 8:54 AM in reply to: FYI – realtytrac – Find out how poorly your hood is doing! #84949CoronitaParticipantwelcome to yesterday 🙂
And it's free if for the first couple of days, each time you sign up.
CoronitaParticipantBugs,
For my own benefit, I really don't want BAC to skimp 🙂 Quality customers that add to their bottom line only, please……
.Actually, from personal experience.. BAC i found was pretty stringent. I have a jumbo mortgage there..And they were pretty anal even back in 2004 when everyone else was pretty lax….In hindsight it probably was a good thing.
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