No-Thanks-giving: The Things You Hate The Most

Before we get into being all thankful for family and friends and caffeine and stuff, let’s complain about all the stuff you hate dealing with.

From a WSJ article on why we still hate the airline industry (shocker!), here is a list of what good and services Americans are least satisfied with. Based on the American Consumer Satisfaction Index survey.

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Let’s see what I think about the top 5:

  • Internet Service Providers: Well, they do charge a lot for very mediocre speed and the reliability has been spotty recently. Not to mention they keep fighting Net Neutrality. I wish I had Google Fiber.
  • Internet Social Media: I’m not really sure what this means. I am not very active on Twitter nor Facebook. MMB commenters are all smart and good-looking, but reading the internet comments on major news sites like CNN does make me sad about humanity.
  • Subscription Television Service: My inability to let go of live sports is certainly costing me a bundle, but cable TV hasn’t actively pissed me off… this year. Well, wait, my laggy DVR does appear designed in 1994 with a 386 processor.
  • Airlines: I know that there are hardworking folks in the airline industry, but I just had an entire conversation with a Delta gate agent and they didn’t make eye contact even once. Why provide good service when everyone hates you anyways seems to be the attitude. The problem is that selling cheaper airfare with lots of gotcha add-ons is that it works and they are now making good money. Sigh. I can’t believe people haven’t revolted yet on how seat pitch keeps decreasing every freakin’ year.
  • Wireless Telephone Service: I have no real complaints. There are many options now if you want to avoid full-price, full-service cellular carriers. Basic cell phone service can be pretty darn cheap these days. I guess I’m just still amazed by what my smartphone can do with a data plan while I’m in the middle of nowhere.

Chart: The Reason You Never Get Anything Done

This highly scientific chart shows why many of us are so inefficient. I’m definitely guilty of this one.

efficiency

Another insightful comic from XKCD, via Abnormal Returns.

Top 10 Best Dirt Cheap Beater Car Models?

volvo240

In 2006, Jay Lamm organized the first 24 Hours of LeMons (official site, Wikipedia) in which cars picked off the street that cost under $500 (not counting safety equipment) raced each other for 24 hours straight. The name and format parodies the legendary and prestigious 24 Hours of Le Mans racing series. A penalty might involve welding a huge metal sculpture on your roof to increase weight and air drag. Racing accessible to the masses and a sense of humor? Awesome.

In a recent Car and Driver article, they listed the most successful models after 8 seasons and 104 races. I figure, if you want to know if a car model is durable, race it for 24 hours straight. Here are the top 10:

  1. Volvo 240
  2. 1984–1993 Mercedes-Benz 190
  3. ’90s RWD Lexus (SC300/400, LS400)
  4. Alfa Romeo Milano
  5. Mazda Miata
  6. Acura Integra
  7. 1984–1991 BMW 3-series
  8. Ford Taurus (mostly SHOs)
  9. Ford Festiva
  10. Mazda B-platform (Mazda 323/Protegé, 1991–1996 Ford Escort/1989–1994 Mercury Capri)

The Volvo 240 has gained a near-mythological reputation for reliability, with many claims of 300,000+ miles and 20+ years. (Start noticing how many you still see on the road, even though the last model year was 1994!) Forget owning a Prius, roll up in a 240 and you’ll have some frugal cred. No longer Swedish-owned and losing market share, Volvo’s most recent commercial is still trying to live off the reputation of this model:

I’m not familiar with the Alfa Romeo listed, but otherwise these are older cars that appear to have been designed and engineered with tolerances such that they can take a lickin’ and keep on tickin’. Older Benz and Lexus models were known for this. Given the race parameters, perhaps it also means that they can be fixed with a standard tools and parts that don’t cost a fortune.

Awesome Travel Hack That Turned Economy Seats into a Flat Bed For Two

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Ever watch those commercials for Singapore or Emirates Airlines with beautiful people sleeping on luxurious beds while flying across time zones? Jason Blum, a film producer known for the Paranormal Activity franchise, figured out a way to get ‘er done without paying over $10,000 a seat, via Businessweek.:

When Jason Blum and his wife flew to Morocco last year, they could have gone first class. The cost, though, was $22,000. And Blum, possibly the most profitable movie producer in Hollywood, never pays full price when a cheaper alternative will do.

Instead, Blum bought a row of seats in coach for $1,800. He obtained the measurements of the legroom void in front of these seats and had a custom, trapezoidal air mattress built for $500. He packed this contraption into his carry-on. Once airborne, he inflated it, creating a combined seat/air-mattress surface large enough to sleep next to his wife. Estimated savings: $19,700.

Unfortunately, I couldn’t find any photos by Blum. It was probably similar to the SkyCouch from Air New Zealand:

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But that has very limited availability, so I think it’d be cool if he started selling those custom air mattresses to the rest of us!

Yale Professor Subtly Threatens High-Cost 401(k) Plans

Speaking of how to deal with bad 401(k) plans… Yale Professor Ian Ayres decided to write letters to thousands of 401(k) plan sponsors that have high costs and fees according to data from website Brightscope. I’m totally paraphrasing and adding humor (although I already found it amusing), but Ayres basically wrote:

“Hey.

I’m a Yale Law prof. Your 401(k) plan ranks among the most expensive. I’m writing a paper about how expensive plans suck money from employees. You do know that you have are required by law to act solely in the interest of participants, right? Oh, by the way, I’m going public with your company name in Spring 2014. You might want to make some changes to your plan before then.

Have a nice day!”

You can read a PDF scan of one of the letters here. Here is a draft of his paper titled “Measuring Fiduciary and Investor Losses in 401(k) Plans”.

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MyMoneyBlog.com in Economics Textbook!

Years ago I was contacted by an author named Gary Clayton who wanted permission to feature me in the next edition of his book. I said certainly, and pretty much forgot about it as it wasn’t published yet. The book was (is?) the bestselling high-school economics textbook in the country – Economics: Principles and Practices published by McGraw-Hill. Then a couple weeks ago a student named Cameron from South Adams High School in Berne, Indiana left a surprise comment on my blog:

So our economics class just read about your money blog in our book and we wanted to see if blog still existed. It does! You should definitely give a shoutout to our class in your next update!

Again, I said certainly, and asked for a scan or photo of the sidebar article as I’d never seen it before. Well, here is the blurb mentioning MyMoneyBlog.com and picture of Cameron’s Economics class!

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Billboard #1 Song In The US is about Frugality?!?

For the 4th week in a row, the #1 song on the Billboard Hot 100 is “Thrift Shop” by Macklemore & Ryan Lewis featuring Wanz. It’s also currently the #1 download on Amazon MP3 Top 100. The song is about… frugality? …buying clothes from Goodwill? …how paying $50 for a brand-name t-shirt is stupid? From Wikipedia:

Macklemore spoke to MTV News about the meaning of the song: “Rappers talk about, oh I buy this and I buy that, and I spend this much money and I make it rain, and this type of champagne and painting the club, and this is the kind of record that’s the exact opposite,” he explained. “It’s the polar opposite of it. It’s kind of standing for like let’s save some money, let’s keep some money away, let’s spend as little as possible and look as fresh as possible at the same time.”

Here’s the YouTube version (some explicit NSFW lyrics!) and also a link to the clean version. Is this a sign? Or is it just a catchy beat like Gangnam style?

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Book Review: Bossypants Memoir by Tina Fey

I have a goal this year to read and review more books, ideally a book per week on average. Recently, I’ve been into reading biographical books about interesting people pursuing their passions. Feel free to send me some suggestions.

Tina Fey’s Bossypants seemed like a funny auto-biography about someone who grew up in a “normal” working-class family and took a little while to become a respected writer, actor, producer, and comedian. Wealthy, too: Fey reportedly makes $500,000 per episode of 30 Rock and has an estimated net worth of $45 million. I should add that I have never seen a full episode of 30 Rock, although I have seen some SNL Weekend Updates, all the Sarah Palin skits, and a few of her movies.

The book was definitely Tiny-Fey-style funny and a quick read, but it wasn’t very revealing. I should have known, as the book is crosslisted under both “Humor & Entertainment” and “Biographies & Memoirs”. Indeed, I get the impression that she’s actually quite a private person and is reluctant to share anything truly intimate. She considered herself an ugly, unpopular nerd in high school. Well, that applies a lot of people. She worked a menial job at the YMCA while supporting her improv education. Eh, okay. Besides the funny bits, here are my highlighted quotes:

On being a leader:

It is an impressively arrogant move to conclude that just because you don’t like something, it is empirically not good. I don’t like Chinese food, but I don’t write articles trying to prove it doesn’t exist.

On discrimination:

When faced with sexism or ageism or lookism or even really aggressive Buddhism, ask yourself the following question: “Is this person in between me and what I want to do?” If the answer is no, ignore it and move on. Your energy is better used doing your work and outpacing people that way.

On teamwork:
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How Do I Tip The Trash Collector?

Ah, holiday tipping. This little post still gets a steady stream of comments, even several years later…

Invariably this time of year, all the “tipping experts” of the world unite and tell us ignorant folk what to do. Is it just me, or is it a cushy job to tell other people how they should spend their money? I think they all just secretly copy each other. I’ve made a little collection of links below, and all of them say that you should tip the trash collector if your municipality allows it:

I appreciate the idea of tips as an annual “Thank You”, but my question is how do I tip the trash collector? I’m never around during pickup. Tape an envelope to the bucket and hope it doesn’t blow away or get overlooked? Nobody even gets out of the truck these days, it’s just a driver and a robotic arm. Am I supposed to wait around for when they come, which varies from 6 am to 1pm on a weekday and jump out when they finally arrive? Sorry, but I don’t like them that much.

I’ve read conflicting reports about USPS mail carriers. According to USPS.com, they aren’t allowed to receive cash or cash equivalents, although physical gifts worth less than $20 are okay. Technically, gift cards that are not redeemable for cash and only good at a single store are also acceptable. Now I’m thinking lottery tickets (if they win, they’ll have broken the rules, but then they don’t need the job anymore :)). I don’t really have anyone else – nannies, gardeners, personal trainers…

Where I used to live, people left out a case of beer or soda for the trash collector. No idea why, but maybe because it’s pretty easy to spot. People have never heard of it here. Does anyone else do that?

Ally Bank Commercial With Nobel Prizer Winner

Ally Bank has an amusing new commercial using Nobel Prize-winning economist Thomas Sargent to promote their Raise Your Rate CD. Currently the 2-year CD pays 1.05% APY but has the uncommon feature that allows you to bump up the rate once during the term if rates rise. They also have a 4-year CD at 1.30% APY that allow two bump-ups during the term. Via MR, it’s short and sweet:

I actually prefer their 5-year CD with short early withdrawal penalty, which offers a higher rate but no rising rate protection.

Dilbert Teaches You About Investing

The Dilbert comic often dispenses good investing advice, but sometimes it’s either so spot on or so subtle that I think it’s worth repeating to makes sure everyone gets the lesson behind the joke.

Perils of market timing explained:


Alternate title: Momentum investing explained, via Abnormal Returns

Survivorship bias explained:


This actually happens!

Financial advisors with high costs and bad incentive structures explained:


Buyer beware…

Subprime mortgage crisis explained:


Diversification!

On a more serious and practical note, don’t forget about Dilbert’s One-Page Guide to Everything Financial.

This Is What I See When I Look at Shopping Mall Directory Maps

Here’s my attempt at humor that came to mind while being dragged shopping again, in the name of baby gear research. (I get really whiny when made to shop…)

500 stores, and nothing to buy. Am I the only one?