I hate dust.
Okay, maybe hate is a strong word for all types of dust - common household dust is annoying, but I don't harbor any major resentment to it, I suppose. Sawdust, on the other hand - yeah, I pretty much hate that right now. I've just spent the day cutting down ten bifold doors - bifold doors are largely constructed from MDF, or medium density fiberboard. MDF is made from mixing glue with...you guessed it...sawdust to make something resembling wood. So, when you cut it, you're basically making sawdust from sawdust - it's light, and fine, and goes absolutely everywhere but mostly in the direction of the person cutting it, so at the moment I'm covered in it, and I'm not happy.
I'm not happy. I haven't been happy much lately (and by lately I mean the last twenty years or so), but I've continued on the path laid out before me day by day nonetheless. Now, don't get me wrong - there have been spots of joy along the way. My wife, for example, who has stuck faithfully by my side and made the better part of those last twenty years bearable; my kids, who are a major source of happiness for me, and of course the friends that I have managed to hold onto throughout the years are valued possessions (except maybe for Fluffy, who as of late has had some major bug squarely lodged up his backside, but I love him anyway - the bug I wish would go, but Fluffy's still cool).
So not all bad - wife, family, friends - all good. That leaves me. What the hell am I doing? I mean really - is this where I'm supposed to be right now? Is this who I'm supposed to be right now? I got into this business because I'm good with my hands and I could make some money at it. I spent twelve years before that in a corporate job that I despised because I was good at what I did there and I could make some money at it. When I was a "struggling actor" in NYC, I waited tables because I could carry a tray and make some money at it. It's always come down to the money, and I've spent the better part of my life chasing that dollar so that I might have enough cash left over after the bills got paid to enjoy the other things in my life - my interests, my passions, and my dreams. I know; I'm not a special case. More than likely, the vast majority of us do the very same thing on a daily basis - put our dreams on a shelf as we run out the door to join the pursuit of the dollar, chanting our mantra with every breath we take - "gotta make the money, gotta make the money, gotta make the money..... "
So, here's my question - WHERE'S THE GOD DAMNED MONEY?????? I've done what I was supposed to do - what society tells me to do. I put my dreams on hold and have been the good little worker bee for-frigging-ever, and where has it gotten me? No where, mon frere. No matter how hard I work, no matter how hard I try, the finances only seem to get worse, while at the same time I see my life following much the same path as my father's, and he died at 62. What were his dreams for retirement? Damned if I know - he died before he could tell me. I do know that he worked like a dog until the disease got so bad that he just couldn't get out of bed, and I'll tell you - that had to be one major bad ass mother of a disease to keep my Dad from working - he was, and will always be, the hardest working man I've ever known. As hard as I work, I could never come close to him in that regard. I am not my Dad.
Okay, so I'm not my Dad - that much has been established. And, if I am not my Dad, perhaps I should step off of his path, seeing as it's not my path and also seeing as his path ends in early death - yeah, let's step off that bad boy right now. Okay, I guess that's a start. We're not gonna do what Dad did. So.....what are we gonna do? It's usually at this point that I start looking back through my magical lens of regret - "I should've gone to law school"...."I should've saved more money when I was younger"......"I coulda been a contender"....... Yeah, yeah - woulda, coulda, shoulda - all that noise just gets you down on yourself and never helps anyway unless you got a mad scientist friend with a DeLorean hanging around. If not, then the past is past, and regretting it won't help anything, so let's just shatter the magical lens of regret, shall we? Good. Excellent. We're making some headway here. Famous Amos started his cookie empire in the worst store on the worst corner of the worst neighborhood, and he made it work. He says, "Start from right where you are". So....where am I? Well, I'm standing beside a well worn path, with shards of broken magical lens all around me. Great, now I have sawdust and glass shards - let's throw in some roofing tar and I'll just have a crap filled trifecta. Oh yeah...and where's the money? I don't see any of that lying around, so I probably don't want to just stand here. No, that would be stagnation, and stagnation for most of us equals death. We're active beings - we need to get out there, move around, make things happen.
Get out there...hmmm....Houston, we may have found a clue. I don't get out anymore. I go from house to house, and sequester myself in there until the job is done. From my house to the job to the bank to my house. Lather, rinse, repeat. That ain't good. I've always considered myself somewhat of a lone wolf, but even the Debt Daddy needs the occasional human contact. Living in the city made that easier. I didn't drive to work - I walked. And in fifteen minutes, I probably saw more people on the street than I see here in a week. I miss the city, but when I go back there now, I feel more like a tourist than a former, card carrying resident. It almost feels sometimes like I left a part of myself there. I moved back here. I accepted normality. I accepted the suburbs. I did so because I wanted to raise a family, and family life is better here than there. But it was hard. Growing up in these same suburbs, I never really felt connected to it - square peg, meet round hole - I just didn't feel right in the 'burbs. At first I didn't feel right in the city either - it was scary, it was new, I didn't know all the rules - but eventually, we just clicked. In the city, I had no history - no one knew me there, so I could be anyone or anything that I wanted to be. If I tired of being that particular person, I could go across town and be someone else. I was empowered with an anonymity that gave me the ability to re-invent myself at will. Sadly, I didn't take advantage of that as much as I should have or perhaps could have because it wasn't long before the old mantra started dogging me again - "gotta make the money, gotta make the money, etc." The money train led me to an office, and the lure of more money kept me there for ten more years than I should have stayed. I had not re-invented myself - the need to pay my bills had done it for me. I had been molded into that which I swore I would never become - a corporate drone. Still, it paid better than waiting tables and I could still pursue my acting career - that was the rationale anyway. But money is like that piece of tail that you eventually leave your wife for - you start spending more and more time chasing it and, before you know it you've moved out of the house and the divorce papers are in the mail. Acting and I didn't exactly get divorced, but we saw far less of each other than we used to. When we did manage to hook up again, it was fantastic, but those times were few and far between.
This is going to take me more than one post to get through, so I'm gonna take a break here. To all of my regular readers (okay - both of my regular readers), I know this isn't exactly what you're used to reading here, but who knows - perhaps the dissection of my apparent mid-life crisis may in some way give up some sage financial advice. Speaking of sage advice, I've been eating fortune cookies as I've been typing this last bit, and it's very interesting what they have to say. These particular cookies have the fortune on one side of the paper, and an english word with the chinese translation on the other side. The first fortune read, "What great things would you attempt if you knew you could not fail." Word on the other side? "Excuse me." The second fortune read, "You will be traveling and come into a fortune." Word on the other side - "Disease." Not sure what to make of that one. The third fortune read, "A purpose is the eternal condition for success." Word on the other side - "Cheap". Perhaps success comes cheap if you have a purpose? I don't know. I don't know much of anything right now. I feel like I'm at the halftime show of my life - Janet Jackson just flashed her boob, blinding me by the light ricocheting off her nipple shield. So I can't see, I'm disoriented, and I'm just hoping I can find my way before the game starts again and I get trampled by the defensive line.
More later, I gotta get the sawdust out of my underwear.
Thursday, February 19, 2009
Wednesday, February 4, 2009
Back in the Saddle Again (or...Once More, with Feeling)
"I've had it. Pressure turns coal into diamonds? Well, the self-imposed pressure that I'm feeling right now is enough to form a diamond encrusted sword with which I will slay this wretched, soul sucking beast of debt. The Dragon will Die; I'm going to kill it, I'm going to eat it's heart and I'm going to mount it's head on my freakin' wall.The beast will die completely and finally on December 31st, 2008. There - I've set the goal. Does it sounds ridiculous? Absurd? The Impossible Dream? Yeahhhhh....so what. JFK asked the scientist who would later be responsible for the space program what it would take to put a man on the moon. The scientist said, "The Will to Do It." This debt is taking away my financial future, my financial present, my social life, my time with my kids, their financial future - think about all that on a daily basis and see if you don't find the damned will to do just about anything."
Wow....I got chills just reading that, didn't you? Okay, okay - maybe it was just a bug on my neck. But in any case, the words are somewhat inspiring - at least I felt that they were when I wrote them on August 11th, 2007. Problem is, it didn't take. 12/31/08 came and went with the Debt Beast still eating comfortably, having flicked away with its yellowed scraggly claw the tiny peon frantically waving his shiny little stick in the Beast's general direction.
Said peon would, of course, be me. And, while the ideological side of me reads those words and gets re-invigorated, the jaded side of me that's drudged through the last year and a half since that was written reads it again and says..."what a yutz".
I'm no further ahead then when I started this blog, and that's depressing. So what went wrong? Well first off, I didn't work as hard or as smart as I could have or should have. So I'm changing that. I'm raising my rates on jobs so that I actually (gasp!) see a profit when all is said and done. If a client changes their minds about something, a change order will be signed and the price will increase. All jobs will be put in writing and nothing that is not on the page will be done without a change order and more money. Now, this is nothing new - contractors have been doing this for ages, but Debt Daddy has not. I made the mistake of getting too friendly with my clients as well as not valuing myself or my work as it should be valued. That ends this year. To paraphrase, "I'm good enough, I'm smart enough, and gosh darn it - people are gonna pay me for it".
What else went wrong? Underestimating my opponent. When I first got into this whole "slay the credit card beast" rigamarole, I imagined myself as Rocky in the first movie - the underdog going up against the Champ, Apollo Creed. I think I may have been able to win that one, or at least come out of it with a split decision. But debt comes in many forms, and it comes at you from several different directions at once and, before I knew it, I wasn't just fighting Apollo Creed, but Clubber Lang, Ivan Drago, and Tommy Gunn as well - and that was not a fight I was prepared for. I had prepared for a battle - I need to prepare for a war.
Another thing that sabatoged me - thinking that I could do it all on my own. Debt Daddy has always been of the mind that he didn't really need anyone else's help with anything, and admitting that he did was somehow a sign of weakness. Well, I'm trying to get over that feeling now, and make use of the resources around me. I have great friends that are offering advice and support as far as my business goes, and I'm taking it. I'm making an appointment with a financial counselor to sit down with my wife and I to examine our options (interestingly, this particular financial consulting company makes it a rule that they must speak with both spouses - not just one - to make sure that both parties are on board with debt elimination - I thought that was great); I'm even involving my wife more with my business. Turns out Debt Mommy has a gift for determining the true dollar value of my work. So far the quotes she's suggested, while being up to 30% higher than quotes I would have given, have been easily accepted by my clients, so I'm gonna keep running the jobs past her first. She's a keeper, she is.
I guess it's kind of like building a house. You can't build a house using only your hammer. You have to use many different tools, all working together to get the house built right. I'll beat this beast yet, but I can't do it overnight and I can't do it alone. It'll take time, it'll take help, it'll take perseverence and sweat, brains and guts, courage and tenacity....
It'll take every tool in the toolbox.
Wow....I got chills just reading that, didn't you? Okay, okay - maybe it was just a bug on my neck. But in any case, the words are somewhat inspiring - at least I felt that they were when I wrote them on August 11th, 2007. Problem is, it didn't take. 12/31/08 came and went with the Debt Beast still eating comfortably, having flicked away with its yellowed scraggly claw the tiny peon frantically waving his shiny little stick in the Beast's general direction.
Said peon would, of course, be me. And, while the ideological side of me reads those words and gets re-invigorated, the jaded side of me that's drudged through the last year and a half since that was written reads it again and says..."what a yutz".
I'm no further ahead then when I started this blog, and that's depressing. So what went wrong? Well first off, I didn't work as hard or as smart as I could have or should have. So I'm changing that. I'm raising my rates on jobs so that I actually (gasp!) see a profit when all is said and done. If a client changes their minds about something, a change order will be signed and the price will increase. All jobs will be put in writing and nothing that is not on the page will be done without a change order and more money. Now, this is nothing new - contractors have been doing this for ages, but Debt Daddy has not. I made the mistake of getting too friendly with my clients as well as not valuing myself or my work as it should be valued. That ends this year. To paraphrase, "I'm good enough, I'm smart enough, and gosh darn it - people are gonna pay me for it".
What else went wrong? Underestimating my opponent. When I first got into this whole "slay the credit card beast" rigamarole, I imagined myself as Rocky in the first movie - the underdog going up against the Champ, Apollo Creed. I think I may have been able to win that one, or at least come out of it with a split decision. But debt comes in many forms, and it comes at you from several different directions at once and, before I knew it, I wasn't just fighting Apollo Creed, but Clubber Lang, Ivan Drago, and Tommy Gunn as well - and that was not a fight I was prepared for. I had prepared for a battle - I need to prepare for a war.
Another thing that sabatoged me - thinking that I could do it all on my own. Debt Daddy has always been of the mind that he didn't really need anyone else's help with anything, and admitting that he did was somehow a sign of weakness. Well, I'm trying to get over that feeling now, and make use of the resources around me. I have great friends that are offering advice and support as far as my business goes, and I'm taking it. I'm making an appointment with a financial counselor to sit down with my wife and I to examine our options (interestingly, this particular financial consulting company makes it a rule that they must speak with both spouses - not just one - to make sure that both parties are on board with debt elimination - I thought that was great); I'm even involving my wife more with my business. Turns out Debt Mommy has a gift for determining the true dollar value of my work. So far the quotes she's suggested, while being up to 30% higher than quotes I would have given, have been easily accepted by my clients, so I'm gonna keep running the jobs past her first. She's a keeper, she is.
I guess it's kind of like building a house. You can't build a house using only your hammer. You have to use many different tools, all working together to get the house built right. I'll beat this beast yet, but I can't do it overnight and I can't do it alone. It'll take time, it'll take help, it'll take perseverence and sweat, brains and guts, courage and tenacity....
It'll take every tool in the toolbox.
Friday, December 5, 2008
Weekend Update
Wassuppppp?????
I know - I ain't been around these parts in a long spell. Apologies for my absence; as most of you know, this working like a dog to support the credit card companies can take up a whole heckuvalot of your time, and after busting your ass for "THE MAN" for however many hours a day (and since I'm self employed, I guess that makes me "THE MAN" which would account for my bouts of self loathing - I can't help it - I just think my boss is a big weenie, y'know?), sometimes you just don't feel up to blogging. Sometimes the idea of trying to formulate coherent thought is simply too daunting. Sometimes you just wanna watch "Chuck" instead.
But I'm here now, so let's just move on from this point with some Updates!!
Update #1: I Grow, I Prosper
I got this e-mail from Prosper.com last week -
Prosper Filing Registration Statement; Enters Quiet Period
Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. If you're an existing lender, your current lender agreements will be unaffected; your existing loans will continue to be serviced; you'll be able to track and monitor your loans; and you'll be able to withdraw funds from your Prosper account. If you're a borrower with an existing loan, you will continue with your current borrower agreement and be unaffected by the registration process. If you're a borrower seeking a loan, you will still be able to create a new loan listing, which we will endeavor to fulfill through alternative sources. As the appropriate securities authorities may consider a new loan listing to constitute the offer of a security, we are unable to post new loan listings on our site until our registration statement becomes effective. A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we're required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective. We apologize for any inconvenience this may cause, and want to thank you in advance for your understanding and support.
They also asked affiliates to temporarily remove any advertisements regarding Prosper from their blogs, so you won't see that ad on this site for a while. Here's hoping they get all their business wrapped up soon - Prosper's been very good to me, and I definitely want to do more investing with them.
Update #2: The Citi Never Sleeps (yeah, and neither do brain sucking zombies)
So, the other day I get a notice in the mail from Citibank (or CitiCorp or CitiGroup or whatever their frigging CitiCalling their CitiSelves this CitiDay). Anyway, the notice says that soon, they will be raising their interest rate on purchases from wherever yours might happen to be now (ours is at 6.5%) to 24.99%. Why? Just 'cause. But wait! There's another option! If you don't want your interest rate to quadruple!, you can "opt out". I wondered what opting out would entail, and called the CitiNumber to get some CitiAnswers. The CitiChick that I spoke with explained that, if you opt out, your interest rate will not increase; it will stay where it is. However, when your card expires, the account will be automatically closed. Being the suspicious DebtDaddy that I am, I said, "Ah, and then when the account closes, the balance is due in full, right? Right?" Wrong. After the card expires, you continue to make monthly payments as you normally would until the account is paid in full. So, in a nutshell; if you opt out, your interest rate doesn't go up, your account is closed which, if you're a Dave Ramseyite, you know is a good thing, and there's no other penalty. Of course, there are two caveats - the first is that most people's interest rates are variable rates that fluctuate with prime, so the rate could change - but last I checked, prime ain't going no where but down. The second thing is that your FICO score might get a little screwy at some point, since if the account is closed and you still owe money on it, then the amount of credit card debt you have might outweigh the amount of credit you have available to you, which doesn't get you high marks with FICO. But again, search Dave Ramsey's site for references to FICO, and you'll find that he doesn't really care much about that. He himself has a terrible FICO score, because that score is based on credit usage, which is a habit that the good Mr. Ramsey has kicked.
So, if you've got a CitiCard, you might want to call your own CitiChick or CitiDude and opt out yourself. Tell 'em Debt Daddy sent you. ;)
Update # 3: DebtDaddy Version 44.0
I'm old....er. Yes, reader - Debt Daddy turned 44 yesterday. The good news is I don't look a day over 50. The bad news is that I didn't get nearly enough people wishing me a happy birthday, so how about posting me some well wishes in the comments section? Or you could just send money - money works too. ;)
Thanks.
I know - I ain't been around these parts in a long spell. Apologies for my absence; as most of you know, this working like a dog to support the credit card companies can take up a whole heckuvalot of your time, and after busting your ass for "THE MAN" for however many hours a day (and since I'm self employed, I guess that makes me "THE MAN" which would account for my bouts of self loathing - I can't help it - I just think my boss is a big weenie, y'know?), sometimes you just don't feel up to blogging. Sometimes the idea of trying to formulate coherent thought is simply too daunting. Sometimes you just wanna watch "Chuck" instead.
But I'm here now, so let's just move on from this point with some Updates!!
Update #1: I Grow, I Prosper
I got this e-mail from Prosper.com last week -
Prosper Filing Registration Statement; Enters Quiet Period
Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. If you're an existing lender, your current lender agreements will be unaffected; your existing loans will continue to be serviced; you'll be able to track and monitor your loans; and you'll be able to withdraw funds from your Prosper account. If you're a borrower with an existing loan, you will continue with your current borrower agreement and be unaffected by the registration process. If you're a borrower seeking a loan, you will still be able to create a new loan listing, which we will endeavor to fulfill through alternative sources. As the appropriate securities authorities may consider a new loan listing to constitute the offer of a security, we are unable to post new loan listings on our site until our registration statement becomes effective. A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we're required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective. We apologize for any inconvenience this may cause, and want to thank you in advance for your understanding and support.
They also asked affiliates to temporarily remove any advertisements regarding Prosper from their blogs, so you won't see that ad on this site for a while. Here's hoping they get all their business wrapped up soon - Prosper's been very good to me, and I definitely want to do more investing with them.
Update #2: The Citi Never Sleeps (yeah, and neither do brain sucking zombies)
So, the other day I get a notice in the mail from Citibank (or CitiCorp or CitiGroup or whatever their frigging CitiCalling their CitiSelves this CitiDay). Anyway, the notice says that soon, they will be raising their interest rate on purchases from wherever yours might happen to be now (ours is at 6.5%) to 24.99%. Why? Just 'cause. But wait! There's another option! If you don't want your interest rate to quadruple!, you can "opt out". I wondered what opting out would entail, and called the CitiNumber to get some CitiAnswers. The CitiChick that I spoke with explained that, if you opt out, your interest rate will not increase; it will stay where it is. However, when your card expires, the account will be automatically closed. Being the suspicious DebtDaddy that I am, I said, "Ah, and then when the account closes, the balance is due in full, right? Right?" Wrong. After the card expires, you continue to make monthly payments as you normally would until the account is paid in full. So, in a nutshell; if you opt out, your interest rate doesn't go up, your account is closed which, if you're a Dave Ramseyite, you know is a good thing, and there's no other penalty. Of course, there are two caveats - the first is that most people's interest rates are variable rates that fluctuate with prime, so the rate could change - but last I checked, prime ain't going no where but down. The second thing is that your FICO score might get a little screwy at some point, since if the account is closed and you still owe money on it, then the amount of credit card debt you have might outweigh the amount of credit you have available to you, which doesn't get you high marks with FICO. But again, search Dave Ramsey's site for references to FICO, and you'll find that he doesn't really care much about that. He himself has a terrible FICO score, because that score is based on credit usage, which is a habit that the good Mr. Ramsey has kicked.
So, if you've got a CitiCard, you might want to call your own CitiChick or CitiDude and opt out yourself. Tell 'em Debt Daddy sent you. ;)
Update # 3: DebtDaddy Version 44.0
I'm old....er. Yes, reader - Debt Daddy turned 44 yesterday. The good news is I don't look a day over 50. The bad news is that I didn't get nearly enough people wishing me a happy birthday, so how about posting me some well wishes in the comments section? Or you could just send money - money works too. ;)
Thanks.
Thursday, October 2, 2008
Betting against the House
The more I hear about this bailout plan, the more pissed I get. So I wrote a letter to my Congressman and, if you agree with me, I hope you will too. Here's the letter I sent:
Dear Sir,
I'm sincerely hoping that when the new $700 billion bailout plan comes to you for a vote, that your vote will be a loud, resounding "Nay". The definition of insanity is doing the same thing over and over hoping for a different result - how much good money will have to be thrown after bad before we learn this lesson and try implementing new programs that don't continue to reward the criminals of Wall Street for their illicit behavior?
On top of that, the idea that this bill was "sweetened" with an additional $100 billion in tax breaks has me absolutely furious, seeing that these particular tax breaks don't do very much for the lower and middle class taxpayer. AMT doesn't apply to as many of us as you may imagine - it's like saying you'll give me a free oil change with the purchase of a Bentley, when all I can afford to drive is a Honda Fit. Nice of you, but it really won't do me much good.
You want to do some real good? Scrap this incredibly wasteful bill. Instead, why don't you give taxpayers making $100,000 or less a tax holiday - anyone in that bracket doesn't have to pay income tax for the next two years, and any withholding that they've had deducted from their paychecks for this year will be refunded. I'm no economist, and I haven't run exact numbers on this idea, but I assure you it would be more beneficial to all involved than the absurd giveaway that you're currently entertaining. You want a stimulus package? There's your stimulus package.
I'm asking you to stand up, Sir - in the face of being unpopular, in the face of oppressive lobbyists, in the face of Wall Street giants - I'm asking you to stand up for the rest of us and do what's right.
Thank you for your time.
So that's my take; what's yours? Dial up your congressman - let 'em know.
Dear Sir,
I'm sincerely hoping that when the new $700 billion bailout plan comes to you for a vote, that your vote will be a loud, resounding "Nay". The definition of insanity is doing the same thing over and over hoping for a different result - how much good money will have to be thrown after bad before we learn this lesson and try implementing new programs that don't continue to reward the criminals of Wall Street for their illicit behavior?
On top of that, the idea that this bill was "sweetened" with an additional $100 billion in tax breaks has me absolutely furious, seeing that these particular tax breaks don't do very much for the lower and middle class taxpayer. AMT doesn't apply to as many of us as you may imagine - it's like saying you'll give me a free oil change with the purchase of a Bentley, when all I can afford to drive is a Honda Fit. Nice of you, but it really won't do me much good.
You want to do some real good? Scrap this incredibly wasteful bill. Instead, why don't you give taxpayers making $100,000 or less a tax holiday - anyone in that bracket doesn't have to pay income tax for the next two years, and any withholding that they've had deducted from their paychecks for this year will be refunded. I'm no economist, and I haven't run exact numbers on this idea, but I assure you it would be more beneficial to all involved than the absurd giveaway that you're currently entertaining. You want a stimulus package? There's your stimulus package.
I'm asking you to stand up, Sir - in the face of being unpopular, in the face of oppressive lobbyists, in the face of Wall Street giants - I'm asking you to stand up for the rest of us and do what's right.
Thank you for your time.
So that's my take; what's yours? Dial up your congressman - let 'em know.
Monday, September 29, 2008
What's the Square Root of Occam's Razor?
A few days ago, the lovely and talented Debt Mommy forwarded an e-mail to me that has apparently been making "quite the stir" on the Internet as of late. You may have already seen it, but here it is again anyway -
Hi Pals,
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife team has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And, of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ("vote buy") economic incentive that is being proposed by one of our candidates for President. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than do the geniuses at A IG or in Washington DC. And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Now, how did you feel reading that? I know when I read it, it definitely struck a chord (actually, several chords - I think they were the opening guitar chords to the U2 hit, "Desire", but I digress.) Who gets the money?? Yeah, that's right, Wall Street losers - WE get the money! Inspired! Brilliant! Fantastic!!
And, unfortunately - Wrong.
If you do the math correctly, as I'm sure some of you already have (I can see Figaro Jones with his calculator right now), you will find that 85 billion divided by 200 million equals $425, not the $425,000 that got the Debt Daddy all hot and bothered. So, the big windfall that the author of this post supposed just won't be blowing our way. The math was flawed; the plan won't work.
And yet, you just have to stop and wonder for a minute - was it really such a crazy idea? Trickle down economics just doesn't seem to be effective, because money, like water, will only trickle down if you allow it to. Those at the top have gone out of their way to ensure that most of the leaks in their giant money cistern have been properly patched and caulked, so very little money is actually trickling anywhere. Why not trickle Up economics instead? It's not my idea - google it and you'll find many proponents of the theory. Give money to those that need it and guess what? They spend it. Give money to those that don't need it and guess what? They don't spend it. Not in the percentages that we need them to anyway.
Now, there are those that say that trickle up economics is just a bunch of socialist hooey - a hand out to people that don't deserve it and they don't want to see their hard earned tax dollars going to support a bunch of bums and lowlifes that are probably going to blow that money like they've blown any money they've ever had previously.
Funny - those are my exact feelings about giving $700 Billion to Wall Street. I guess it's all about perspective. I'm a contractor. Many times, I'm called in to fix a mess made by someone else, so the last thing I'm going to do is repeat past mistakes. For the homeowner, that would be throwing good money after bad, as the government is about to do with the $700 billion welfare check. No; as a contractor, I look for the easiest solution that is also the most effective, which brings us to Mr. Occam (who was not, to my knowledge, a contractor, but I like the way he thinks anyway).
Occam's Razor is a theory that says essentially, "All other things being equal, the simplest solution is the best." I can think of no better simple solution to our current financial woes than simply giving US more money to spend. And here; I'll make it even simpler -
For one year, anyone making less than $150,000 a year doesn't have to pay taxes. No state, local, federal, sales, property, school, capital gains, sin or death tax for 365 days.
Later.
Hi Pals,
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let's assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife team has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And, of course, for those serving in our Armed Forces. If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ("vote buy") economic incentive that is being proposed by one of our candidates for President. If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't. Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom? I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than do the geniuses at A IG or in Washington DC. And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Now, how did you feel reading that? I know when I read it, it definitely struck a chord (actually, several chords - I think they were the opening guitar chords to the U2 hit, "Desire", but I digress.) Who gets the money?? Yeah, that's right, Wall Street losers - WE get the money! Inspired! Brilliant! Fantastic!!
And, unfortunately - Wrong.
If you do the math correctly, as I'm sure some of you already have (I can see Figaro Jones with his calculator right now), you will find that 85 billion divided by 200 million equals $425, not the $425,000 that got the Debt Daddy all hot and bothered. So, the big windfall that the author of this post supposed just won't be blowing our way. The math was flawed; the plan won't work.
And yet, you just have to stop and wonder for a minute - was it really such a crazy idea? Trickle down economics just doesn't seem to be effective, because money, like water, will only trickle down if you allow it to. Those at the top have gone out of their way to ensure that most of the leaks in their giant money cistern have been properly patched and caulked, so very little money is actually trickling anywhere. Why not trickle Up economics instead? It's not my idea - google it and you'll find many proponents of the theory. Give money to those that need it and guess what? They spend it. Give money to those that don't need it and guess what? They don't spend it. Not in the percentages that we need them to anyway.
Now, there are those that say that trickle up economics is just a bunch of socialist hooey - a hand out to people that don't deserve it and they don't want to see their hard earned tax dollars going to support a bunch of bums and lowlifes that are probably going to blow that money like they've blown any money they've ever had previously.
Funny - those are my exact feelings about giving $700 Billion to Wall Street. I guess it's all about perspective. I'm a contractor. Many times, I'm called in to fix a mess made by someone else, so the last thing I'm going to do is repeat past mistakes. For the homeowner, that would be throwing good money after bad, as the government is about to do with the $700 billion welfare check. No; as a contractor, I look for the easiest solution that is also the most effective, which brings us to Mr. Occam (who was not, to my knowledge, a contractor, but I like the way he thinks anyway).
Occam's Razor is a theory that says essentially, "All other things being equal, the simplest solution is the best." I can think of no better simple solution to our current financial woes than simply giving US more money to spend. And here; I'll make it even simpler -
For one year, anyone making less than $150,000 a year doesn't have to pay taxes. No state, local, federal, sales, property, school, capital gains, sin or death tax for 365 days.
Crazy? Yeah, sure it is. What's not crazy at the moment? $700 billion to buy us more of the same, industrial chemicals in Chinese milk, Sarah Palin a potential heartbeat from the presidency - Hell, Crazy is the word of the day around here lately.
So Barney, Nancy, Benny, Henry - Think about my bailout plan, wouldja? I know it wouldn't solve everything, but it would sure make a lot of us a lot happier.Later.
Sunday, September 14, 2008
Back To School
Well, I'm back from summer vacation. I didn't originally intend to take the entire summer off from this blog, and in fact have several posts in my files that I began to write, but never quite got around to finishing. In the coming days, I will be completing those posts that are still relevant and posting them here. Thanks for your patience and for those that have been checking back periodically for signs of life from the Debt Daddy.
In the meantime, I hope you'll join with me in sending prayers and good thoughts to the people who's lives have been turned upside down by Hurricanes Ike and Gustav. And of course, if you can donate anything to the Red Cross, Habitat for Humanity, The Salvation Army or any other relief agency that might be down there, that'd be great as well. I'm sure alot of folks in Texas and Louisiana are gonna need our help.
In addition, over the next couple of weeks, we're going to need to help ourselves a bit more. Ike did a pretty good job of screwing with some of our major oil refineries, and the fear of what effect that might have on our already strained economy is pushing up the price of gas at the pump. We've gotta buckle down and stretch our gas dollars further. Only making those car trips that are necessary is the easiest option. Personally, I've been trying to strategize my daily work and errands so I can take care of as many things as possible while at the same time driving as short a distance as I can.
But we should also never forget the power of car pooling and ride sharing. I always used to think that the idea of car pooling first came into being during the Carter Administration, when we were dealing with another fuel crisis, leading to long lines at the pump, only being allowed to buy gas on certain days, etc.
Turns out I was mistaken. I was doing some research for another post, and came across this poster that dates back to World War II. Check it:
So, while many will say that the idea of conservation is just a lot of new fangled, liberal, pinko hooey, let's just remember that it was good enough for the U.S. Government Office of Price Administration in 1943 (of course, that was before the U.S. Government started giving tax credits for buying SUV's, but think about it - we WON World War II, didn't we? Maybe they had the right idea.)
Anyway, that's my thought for today.
Back atcha later.
In the meantime, I hope you'll join with me in sending prayers and good thoughts to the people who's lives have been turned upside down by Hurricanes Ike and Gustav. And of course, if you can donate anything to the Red Cross, Habitat for Humanity, The Salvation Army or any other relief agency that might be down there, that'd be great as well. I'm sure alot of folks in Texas and Louisiana are gonna need our help.
In addition, over the next couple of weeks, we're going to need to help ourselves a bit more. Ike did a pretty good job of screwing with some of our major oil refineries, and the fear of what effect that might have on our already strained economy is pushing up the price of gas at the pump. We've gotta buckle down and stretch our gas dollars further. Only making those car trips that are necessary is the easiest option. Personally, I've been trying to strategize my daily work and errands so I can take care of as many things as possible while at the same time driving as short a distance as I can.
But we should also never forget the power of car pooling and ride sharing. I always used to think that the idea of car pooling first came into being during the Carter Administration, when we were dealing with another fuel crisis, leading to long lines at the pump, only being allowed to buy gas on certain days, etc.
Turns out I was mistaken. I was doing some research for another post, and came across this poster that dates back to World War II. Check it:
So, while many will say that the idea of conservation is just a lot of new fangled, liberal, pinko hooey, let's just remember that it was good enough for the U.S. Government Office of Price Administration in 1943 (of course, that was before the U.S. Government started giving tax credits for buying SUV's, but think about it - we WON World War II, didn't we? Maybe they had the right idea.)
Anyway, that's my thought for today.
Back atcha later.
Friday, June 6, 2008
Cutting Through the Crap
Okay, this post has nothing to do with personal finance - Debt Daddy is going radically off topic (so what else is new).
Let me say this - I never wanted to make this a political blog. That was never my intent and I try to make a decent attempt to keep my own political leanings out of the discussion (all references to Captain Veto aside and hey - you gotta admit - he's kinda earned that title).
But today I stumbled across an entry by David Knowles over at Political Machine with this wonderful video attached, and I had to share it.
Let me say this - I never wanted to make this a political blog. That was never my intent and I try to make a decent attempt to keep my own political leanings out of the discussion (all references to Captain Veto aside and hey - you gotta admit - he's kinda earned that title).
But today I stumbled across an entry by David Knowles over at Political Machine with this wonderful video attached, and I had to share it.
Now, this is not an attempt to get you to vote one way or another. You vote for your guy, I'll vote for mine, and let's hope that whichever guy ends up in the Big Chair doesn't mess things up more than they already are.
But I want the race to be worth something; to be about something. If you came to fight, then fight fair. Sucker punches and swiftboating are for snivelling sissies, and I'd like to believe that both candidates are above that. We actually have two very intelligent adults running for office at the moment, and if they can manage to block out the voices of asinine advisers and pusillanimous pundits and speak their own truth with their own voice, we could have one helluva horse race here. So let's cut out the bullshit right now and get to it.
But I want the race to be worth something; to be about something. If you came to fight, then fight fair. Sucker punches and swiftboating are for snivelling sissies, and I'd like to believe that both candidates are above that. We actually have two very intelligent adults running for office at the moment, and if they can manage to block out the voices of asinine advisers and pusillanimous pundits and speak their own truth with their own voice, we could have one helluva horse race here. So let's cut out the bullshit right now and get to it.
Check it:
Obama: 'Whitey' Video Rumor is Crap
You may have seen the link floating around in our comment section. It leads you to one of many a breathless story, or perhaps a Fox News video clip, where the urgent topic is when we'll be seeing the YouTube file showing Michelle Obama on-stage with Louis Farrakhan lambasting Caucasian America with the term "whitey."
The story goes that tape has been kept under wraps, out of view, for use as the ultimate October surprise, sure to kill Barack's chances faster than Hillary Clinton can say "I told you so." The problem? As with so many slurs against Obama, there's no there there. There is no tape. From Politico:
Sen. Barack Obama on Thursday batted down rumors circulating on the Internet and mentioned on some cable news shows of the existence of a video of his wife using a derogatory term for white people, and criticized a reporter for asking him about the rumor, which has not a shred of evidence to support it.
"We have seen this before. There is dirt and lies that are circulated in e-mails and they pump them out long enough until finally you, a mainstream reporter, asks me about it," Obama said to the McClatchy reporter during a press conference aboard his campaign plane. "That gives legs to the story. If somebody has evidence that myself or Michelle or anybody has said something inappropriate, let them do it."
For the full history of this latest smear, started by a blogger named Larry Johnson, you can go to David Weigel's piece here. Unfortunately, this is part of Obama's task in this election. Calmly shoot down each scurrilous rumor one at a time. Here's a handy comeback that you might e-mail to help address a few of the other misconceptions and slander still floating around:
Obama: 'Whitey' Video Rumor is Crap
You may have seen the link floating around in our comment section. It leads you to one of many a breathless story, or perhaps a Fox News video clip, where the urgent topic is when we'll be seeing the YouTube file showing Michelle Obama on-stage with Louis Farrakhan lambasting Caucasian America with the term "whitey."
The story goes that tape has been kept under wraps, out of view, for use as the ultimate October surprise, sure to kill Barack's chances faster than Hillary Clinton can say "I told you so." The problem? As with so many slurs against Obama, there's no there there. There is no tape. From Politico:
Sen. Barack Obama on Thursday batted down rumors circulating on the Internet and mentioned on some cable news shows of the existence of a video of his wife using a derogatory term for white people, and criticized a reporter for asking him about the rumor, which has not a shred of evidence to support it.
"We have seen this before. There is dirt and lies that are circulated in e-mails and they pump them out long enough until finally you, a mainstream reporter, asks me about it," Obama said to the McClatchy reporter during a press conference aboard his campaign plane. "That gives legs to the story. If somebody has evidence that myself or Michelle or anybody has said something inappropriate, let them do it."
For the full history of this latest smear, started by a blogger named Larry Johnson, you can go to David Weigel's piece here. Unfortunately, this is part of Obama's task in this election. Calmly shoot down each scurrilous rumor one at a time. Here's a handy comeback that you might e-mail to help address a few of the other misconceptions and slander still floating around:
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