Two Orange County, California, individuals face charges of conspiracy, bank fraud and identity theft, accused of targeting elderly members of the local Vietnamese community and duping banks into distributing $2.2 million of their accrued home equity.
Thao Thi Kim Nguyen and Nghiep Chinh Nguyen were arraigned in United States District Court in Santa Ana, California, on Monday. Both entered not guilty pleas to the charges against them and were granted bond. They each face a single count of conspiracy to commit bank and wire fraud.
Thao Nguyen was also charged with multiple other counts of both bank fraud and aggravated identity theft. Nghiep Nguyen, meanwhile, faces an additional two counts of bank fraud and another of aggravated identity theft.
The purported violations occurred over a four-month period in 2018 after Thao Nguyen opened accounts in her name at two banks, who were not identified in the court indictment. Later, she would return to the banks accompanied by Ngiep Nguyen and other participants involved in the fraud, who posed as homeowners.
Using stolen identities and phony documents, including California driver’s licenses and Social Security cards, Ngiep Nguyen and the other alleged fraudsters would typically impersonate elderly Vietnamese homeowners to take out mortgages. This gave them access to the victim’s accrued equity, through obtaining reverse liens after forging signatures on banking documents and grant deeds. Thao Nguyen also added the victims’ names to the accounts she had previously opened at the banks, claiming, in at least one case, they belonged to her parents.
She then reportedly received wire transfers of the withdrawals made by the other parties from the fraudulent mortgage accounts. Thao Nguyen subsequently moved those funds to different bank accounts she owned.
The scheme netted almost $2.2 million, according to the indictment, with Thao Nguyen taking in approximately $1 million while distributing the remaining amount to her cohorts.
A trial date for the two defendants is scheduled to begin on Sept. 26. If convicted, both face a maximum sentence of 30 years in federal prison for each conspiracy and fraud charge. They would also be required to serve two years for each count of aggravated identity theft if found guilty.
Neither the identities of others participating in the scheme, who were not part of this indictment, nor of the victims were reported.
The charges against Thao Nguyen and Ngiep Nguyen follow another recent trial involving elderly homeowners in California. In that case, the head of an investment company promised homeowners he could help distressed borrowers avoid foreclosure through transfer of their deed title to his business. After losses totaling more than $7 million and the eventual seizure of all homes belonging to the victims between 2015 and 2019, Robert Sedlar was found guilty on more than 100 felony counts earlier this year, including conspiracy, grand theft and elder abuse.
Last month Stephen Popick shared his home-grown budget spreadsheet with GRS readers. He listened to your suggestions and went back to the drawing board. Here is with an updated version.
Growing up, I was taught the importance of having a budget. It wasn’t until I finished college that I understood it. I started reading and listening to financial experts such as John Bogle, Clarke Howard, and a lot of folks in between. Their recurring themes were simply to save as much as you could, live below your means, and choose wisely how you spend your money.
Before I started with my Budget Sheet, which has evolved over the years (and which has been greatly enhanced for GRS), I always thought I budgeted well. Making an actual budget showed that, in fact, I did not. It’s amazing how far $50 can be stretched when you’re aware of it.
Based on your feedback, this second version of the Get Rich Slowly budget workbook has seen a lot of changes. Here’s a brief outline of what you’ll find inside.
The Budgets These two worksheets — one for your budget, and one for your spouse’s budget — are designed to be highly customizable. The pale yellow, purple, and shaded green cells are the editable cells. They’ve been placed in accordance with the most likely expenditure pattern for their category.
Additionally, the Budgets are split between primary expenses and secondary expenses. For the most part, secondary expenses can be considered to be your splurge budget, broken down so you have an expectation of how it will be spent.
New users should enter their actual expenses first in the yellow/purple shaded cells, and then enter their income information (which should all be contained on your pay stub). The final budget line at the bottom of the sheet will tell you the balance. I recommend that the final balance be positive, but not overly so. For instance, having an excess balance of $5 a week yields a fudge factor, in case you can’t avoid that box of donuts and coffee with your coworkers.
Retirement Planning The retirement planning sheet makes several assumptions that may or may not reflect reality. For instance, it assumes constant returns, steady inflation, etc, steady savings rate, etc. However, it is useful as a guide, to see how much and for how long it approximately takes to get to a certain savings point. Most of the data is auto-fed from the budget sheet. Users can change the rate of return of pre-tax and post-tax investment, the expected inflation rate, and their expected raise rate in the yellow shaded cells.
Mortgage Planning This simple tool will show the total cost of interest vs. principle, and how various schemes to pay off the mortgage will affect your bottom line. This is a simple form of analysis, and hopefully will become more advanced over time. Use our mortgage calculator to enter your information into the yellow shaded cells. When one position is paid off, you can note the year/month it ends and proceed to analyzing the remainder with a second pull.
This budget workbook continues to evolve. Thanks to all those who have already helped with some great ideas. Please feel free to ask questions or leave comments about the budget workbook here.
Kudos to Popick for all his work on this spreadsheet!
If you’ve been paying attention to the housing market at all this year, you know that home prices have been heading up, up, up.
Take the latest report from the National Association of Realtors which showed that the median sales price of existing homes rose to $253,800 in May. That’s up 5.8% year-over-year and the highest reading since last June ($247,000).
Given the steady climb in home prices, it’s only natural to wonder what the underlying cause is.
What Causes Home Prices to Rise
Supply and Demand
When it comes to home prices and what causes them to rise or fall, it all comes back to the basic economic principle of supply and demand.
When we’re talking about the housing market, demand refers to the amount of homes desired by buyers, while supply refers to the amount of homes available on the market.
When demand rises and supply shrinks, that’s going to cause home prices to shoot up, as it breeds fierce competition among buyers.
As Debbie Drummond, a seasoned Las Vegas Realtor, points out:
“A recent Zillow report had Las Vegas’ median home price 10.2% higher than last year which beats the national average of a 7.4% increase. Our prices are being driven up by a lack of inventory. Current listings in the MLS are less than a two month supply of homes. Homes that are in good condition, in desirable neighborhoods, and priced right are selling quick.”
That’s a story that’s being repeated around many parts of the United States right now. In economics, the current situation is what is called “excess demand”.
Unfortunately for buyers, without an increase in the amount of homes for sale, home prices are destined to keep moving higher.
How high can they go, exactly?
Depending on what region you’re talking about, home prices could still have plenty of room to run. As Drummond told us:
“While our home values are appreciating we’re still 20-30% lower than our peak prices. Our economy is rebounding with unemployment at 4.8% in April. We have $15 Billion in major construction projects planned. This includes the new Football Stadium for the Raiders to occupy in 2020. With a vibrant economy and growing population, Las Vegas is likely to return to peak prices over the next 2-3 years.”
Las Vegas isn’t the only area with home prices that could see a sustained rise for many more months.
Take this recent article from the Orange County Register, which interviewed several economists and all of them stated that home prices haven another two or more years left to rise.
A quick google search reveals that this pattern repeats itself over and over again in Nevada, Nebraska, Texas, New Hampshire, and New York, just to name a few.
What Rising Prices Mean for Homeowners and Homebuyers
Find out what’s happening in your local housing market
It’s important to note that housing markets vary drastically from region to region. While home prices have been rising on average nationally, there are varying degrees of increases and even some places where home prices have fallen.
Figuring out what the situation is in your local housing market is a crucial first step in deciding what kind of action you should take.
NPR recently published an article with an interactive map that lets users see how home prices have fared in different parts of the United States. Take a look at the map to easily get an idea of what has been happening in your neck of the woods.
In all likelihood, home prices in your housing market have gone up and are poised to go even higher. With prices rising and inventory down, we’re seeing that many homeowners think right now is a great time to sell.
In fact, just last week the Fannie Mae Home Purchase Sentiment index for June came in at 88.3, which matches the all-time high set in February. According to the report, 39% of Americans said that right now is a good time to sell a home (a new record high) and 30% said that right now is a good time to buy.
Selling your home
So if you’re planning on selling your home right now, it’s very likely that you will have no problem find a buyer. Just make sure to be on the hunt for a house to move to before you list because it’s possible you’ll be done with the sale sooner than you think.
Buying a home
For anyone planning on buying a home, it you will probably get a better deal if you act sooner rather than later. Not only are home prices continuing to move higher, but mortgage rates are also rising.
Comments from the European Central Bank President triggered a massive global bond selloff a couple weeks ago and we’ve seen rates move up over ten basis points (one basis point = 0.01).
While the upward momentum is definitely there, the good news is that mortgage rates are climbing off of 2017 lows and are still at the lower end of the spectrum this year.
If you want to find out what your custom rate would be, you can fill out our online form here, or you can always call one of our experienced loan officers who can walk you through the same process.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
In an effort to make homeownership more accessible, seeing that down payment is often the biggest hurdle, Fannie Mae and Freddie Mac have announced that they will now allow loan-to-value ratios as high as 97%.
Only 3% Down Needed to Qualify for a Mortgage
Fannie Mae and Freddie now only require 3% down payment
Which is slightly lower than the 5% minimum they used to require
More importantly it means conventional home loan financing
Requires a smaller down payment than government options like the FHA (3.5% minimum)
In other words, prospective home buyers can put down just 3% instead of the previous 5% down payment requirement that was in place for conforming mortgage loans. This should make it a little bit easier to qualify for a mortgage without going through the FHA.
Additionally, if you already have a mortgage that is owned by Fannie Mae or Freddie Mac, you’ll be able to get a rate and term refinance up to 97%, as opposed to just 95%, assuming you don’t qualify for HARP.
These new guidelines should make conventional loans a lot more popular than FHA loans, the latter of which require 3.5% down and come with very costly insurance premiums.
However, there are a few caveats to ensure loose lending doesn’t return just several years after the worst housing crisis in recent memory.
For one, both programs require the subject property to be owner-occupied. So investment properties and second homes won’t be eligible. But condos, co-ops, and PUDs are just fine.
Additionally, you can only get a fixed-rate mortgage via these new 97% LTV loan programs and the mortgage term is limited to 30 years. Shorter-term fixed mortgages are also permitted.
Though Fannie Mae and Freddie Mac are very similar, there are some differences between the two programs that I’ve highlighted below, most importantly the implementation date.
So if you were struggling to come up with a down payment, you might now be able to qualify for a mortgage thanks to these new programs. Take a look to see if you’re eligible and then contact banks/brokers to see if they’re available.
Most lenders that work with Fannie and Freddie will add these loan programs to their suite of offerings.
Fannie Mae’s 97% LTV Offering
Fannie Mae actually has two separate 97% LTV home loan programs available, one open to everyone and one only for borrowers in low-income census tracts or income-restricted in all other tracts.
The income-restricted program is known as “HomeReady” and comes with cheaper mortgage insurance coverage along with lower loan level pricing adjustments (LLPAs).
Those lower LLPAs mean borrowers can obtain lower mortgage interest rates, an important benefit for those with affordability concerns.
The LLPAs are waived for borrowers with LTVs above 80% and credit scores equal to or greater than 680, and capped at 1.50% for borrowers with attributes outside those parameters.
It also allows cash-on-hand as an eligible source of funds, but requires at least one borrower to take an online homeownership education course.
Here are the other rules that apply to both programs:
– Available on 1-unit principal residences only – Maximum loan-to-value ratio 97% – Down payment can come from gift, grant, or Community Second – No minimum borrower contribution necessary – Reserves may be gifted – Only fixed-rate mortgages with terms up to 30 years are eligible – No high-balance loans or adjustable-rate mortgages – Manufactured housing not permitted – Mortgage insurance is required – Minimum 620 FICO score – Must be underwritten through DU – Available now
For the standard Fannie Mae 97% LTV program, there are no income limits and no discounts in the way of mortgage insurance or LLPAs.
And at least one borrower must be a first-time homeowner (no ownership interest in last 3 years). However, no pre-purchase home buyer counseling is required.
Freddie Mac’s Home Possible Advantage
– Available for low- and moderate-income borrowers – Both first-time buyers and other borrowers with limited down payment savings can qualify – First-time home buyers must participate in homeowner education program – Maximum loan-to-value ratio 97% – Loan options include 15, 20, and 30-year fixed mortgages – Can be used to purchase a single-unit, primary residence – Minimum 620 FICO score – Manufactured housing not permitted – Income limits vary by area (no limit in underserved areas) – Lender-paid mortgage insurance permitted – No reserves required – Available March 23rd, 2015
For the record, there are already individual lenders offering loans with as little as 3% down that aren’t backed by Fannie or Freddie. Examples include TD Bank’s Right Step program and various loan programs via credit unions nationwide.
However, the Fannie/Freddie guideline change will allow such loans to become widely available to many more borrowers.
Inaccurate, negative items on your credit report can significantly affect your credit score and impact your ability to secure credit, obtain lower interest rates, land your dream job, or even rent an apartment. This negative impact can be devastating in many ways, but it’s even worse if the harmful information isn’t accurate. Correcting these errors is one of the first steps to repairing your credit.
Fortunately, the Fair Credit Reporting Act protects consumers. Specifically, section 609 of the FCRA gives you the authority to request detailed information about items on your credit report. If the credit reporting agencies can’t substantiate a claim on your credit report, they must remove it or correct it.
You can request this information by sending the credit reporting agency what’s called a 609 letter. This article provides more details about what a 609 dispute letter is and how to write one.
What Is a 609 Letter?
A 609 letter is a formal document consumers use to request more information about account details listed on their credit reports they believe to be erroneous and to request the removal or correction of this inaccurate information.
While section 609 of the FCRA doesn’t specifically mention 609 dispute letters, it does lay out the framework for making this request. Once the agency receives your letter, it must conduct an investigation and provide you with the requested information.
What Is Section 609?
Section 609 of the Fair Credit Reporting Act outlines consumers’ protections regarding disclosures. It requires credit reporting agencies to provide consumers, upon request, with information in their report, including:
Details, including dates and contracts, on any opened or closed account on credit reports at the date of the request
A list of all parties that made hard or soft inquiries on account over a 1–2 year period
All source information linked to each item on the credit report
Why Do 609 Letters Matter?
If you find inaccurate information on your credit report, submitting a 609 letter is the first step to resolving this issue. Once a credit reporting agency receives a 609 letter, it must conduct an investigation unless it can prove the claim is frivolous. The agency has 30 days to complete this investigation but can request a 15-day extension.
If the agency can’t provide verification for the information, it must remove it from your report or correct it. Otherwise, it must provide you with the information you requested.
What Can’t a 609 Letter Do?
Submitting a 609 letter doesn’t automatically remove items from your credit report. If the agency provides what it considers verifiable evidence that the account is yours, the information will remain on your account. If the agency doesn’t remove the information from your account and you still believe it’s inaccurate, you can file another dispute. Otherwise, the information will remain on your account for seven to 10 years.
Do 609 Letters Work?
Upon receipt of a 609 letter, the credit reporting agency must conduct a full investigation within 30-45 days. It must then provide you with written notification of its findings within 5 business days. If the agency fails to respond to your request, you can file a complaint with the Federal Trade Commission.
If the agency can’t verify the requested information, It must remove it from your credit report. In some cases, a 609 letter may be enough to prompt the removal of this information. If this doesn’t happen, you may need to file another dispute.
How Do You Write a 609 Letter?
The FCRA doesn’t provide a specific template for writing a 609 letter. However, there are several pieces of information you should include in your letter, such as:
Your full legal name
Your complete address
Your phone number
Statement pertaining to your 609 rights under the FCRA
Account name and number for any accounts in question
Statement requesting removal of inaccurate information
Attorney contact information, if applicable
List of enclosed documents
Along with your letter, you should also send copies of several documents, including:
Your credit report with the inaccurate information highlighted
Your birth certificate
Your Social Security card
Your passport or state-issued driver’s license or photo ID
Latest tax documents with Social Security number listed
Mortgage statement or rental agreement with current address listed
Current utility bill with name and address listed
Below is an example of a 609 letter.
Name Social Security number Date of birth Address Phone number
Date
609 Dispute Letter
Dear [credit bureau]:
I’m writing to exercise my rights under section 609 of the Fair Credit Reporting Act. I’m requesting information regarding the following accounts listed on my credit report:
Account Name: [as listed on credit report] Account Number: [as listed on credit report]
Account Name: [as listed on credit report] Account Number: [as listed on credit report]
According to section 609, I’m entitled to all pertinent information regarding these accounts, including the original contract with my signature. If you’re unable to find this information within the 30-day time limit, I request that you immediately remove the information from my credit report.
As proof of my identity, I’ve included a copy of my Social Security card, birth certificate, passport, W-2, electric bill, and rental agreement. Also included is a copy of my recent credit report, with the accounts in question highlighted in yellow.
Sincerely,
[your signature]
[printed name]
Be sure to make copies of all information, including all letters and backup documents, for your records.
Where to Send a 609 Letter
You should mail your 609 letter and all backup documents directly to the corresponding credit reporting agency using the address listed below. If the error appears on multiple credit reports, you need to send each agency a separate letter. Due to the importance of this letter, you’ll want to go to the post office and send the letter through certified mail with a return receipt requested. This step provides proof of the date the agency received your 609 dispute letter.
Experian PO Box 4500 Allen TX 75013
TransUnion Consumer Solutions PO Box 2000 Chester PA 19016-2000
Equifax PO Box 740256 Atlanta GA 30374-0256
How to Dispute Items on Your Credit Report
If submitting a 609 dispute letter doesn’t prompt the credit reporting agency to remove the inaccurate information, you may need to file another dispute. To file this dispute, you must send another letter to the corresponding credit bureaus. Once the agency receives your letter, it must conduct another investigation based on the information you provide.
How to Write a Dispute Letter
When writing a dispute letter, be sure to clearly note what information you believe is inaccurate and provide a detailed explanation of the error. Include as much information as possible, and send copies of any backup documentation, such as account statements, proof of payments, or letters from the lender. Close the letter by requesting the prompt removal of this information.
If the credit reporting agency still refuses to remove the information, it may be time to hire an attorney or credit repair agency to help with the process. You can also use these services if this process becomes too cumbersome or time-consuming.
Is there inaccurate information on your credit report? Find out now. Get your free Credit Report Card today.
Achieving success as a real estate agent requires more than simply understanding the mechanics of the job. Yes, you should certainly be able to post an impressive listing and understand the ins and outs of closing, but helping buyers and sellers means cultivating a diverse set of skills to navigate a complex and ever-changing real estate market. Here are 10 essential skills every real estate agent should possess.
1. Solid understanding of the market
It doesn’t matter if you specialize in investment properties, second homes, condos, or single-family homes for first-time buyers. The first skill you need is the desire and drive to stay current with market conditions. This includes understanding:
This knowledge helps you find the best properties for your buyers and ensures that you price a seller’s property appropriately.
2. Skillful communication
Communication is one of the most critical skills a real estate professional can cultivate. These skills help you to be both a better listener and a better speaker. And why is this so important?
Real estate professionals who listen carefully better understand their clients’ wants and needs. They won’t waste time on mismatched properties or investments beyond a client’s reach. And when it’s time to wade through complicated contract language or explain the benefits or drawbacks of a property, agents who communicate better have a leg up on their competition.
3. Talent for negotiation
Negotiation isn’t easy. There’s a delicate balance between being assertive and pushy compared to compromising and capitulating. Real estate agents who work hard to refine their skills are better at reading a buyer or seller so they can negotiate the best deal possible, even under challenging circumstances.
4. Dedication to service
Real estate is, in the end, customer service. So how does your customer service measure up?
Do you promptly return emails and phone calls?
Are you available to show properties during high-demand times (weekends and evenings, and, yes, sometimes holidays)?
Are you ready to go above and beyond to meet a customer’s needs?
If you answered “no” to any of the above questions, chances are good your customer relations need some work. This does not mean you should allow clients to walk all over you. But ultimately, if you want to close the deal, the customer (with a bit of hand-holding) is always right. It can be challenging to deal with needy clients, but they can also be the most loyal when you demonstrate your commitment to their happiness.
5. Ability to network
As with many jobs these days, you’re only as good as your team. Real estate agents may seem like lone wolves, but they are just the leader of a tight-knit pack of professionals. These include:
Contractors
Inspectors
Loan officers
Closing agents
Real estate attorneys
Real estate professionals who can call on a trusted network to make the deal move through the channels smoothly are more successful and sought after than those who struggle to make or keep contacts.
6. Marketing skills
Real estate agents are a little of everything: teacher, counselor, and financial adviser. Another hat to place on your head? Marketer.
Nothing draws more potential buyers than a beautifully crafted listing with eye-catching photos and tantalizing text. That doesn’t happen all on its own. And once you get that perfect listing assembled, it’s time to blast it on social media to get even more eyes on it.
Skillful marketing is also about understanding who’s buying and selling. A change in the target demographic means adjusting your marketing strategy appropriately. Some old-school realtors need help to adapt to marketing methods beyond paper advertising or direct mail. Don’t let that be you.
7. Comfort with new technology
Marketing is another area that has seen massive change in the last decade. These days, buyers and sellers complete complex real estate transactions from their couch, never visiting a property or setting foot in a closing agent’s office. So how comfortable are you with new real estate technology?
Can you:
Send and receive documents for electronic signatures?
Set up virtual property tours and respond to questions from them?
Manage tour scheduling on a website?
Decipher property valuation software for clients?
Realtors who are not comfortable with the latest technology in real estate will not be as successful in the years to come.
8. Time management
There’s an old saying: There’s no such thing as being on time — only late or early. It’s common for people to juggle full-time work, family, and volunteer activities, but how do you get it all done?
Time management. It doesn’t matter what your system is for being on time and meeting deadlines, so long as you have one. No client wants to feel like they are last on your list, even if you have a sick toddler or an overdue project for a night class. Use online planning tools or a paper notebook: whatever it takes to ensure your clients get the attention and service they need right on time.
9. Emotional intelligence
Buying and selling a home can be a complex and emotional process. Maybe a family is selling the home of a loved one who has moved to assisted living and needs to liquidate this asset. Perhaps a first-time buyer is realizing the dream of their first step to generational wealth building.
It’s not just a simple business transaction for these sellers and buyers. It’s personal, and you need to have the emotional intelligence necessary to honor their experience while still serving the needs of the transaction. It’s a delicate balance, but it’s essential to ease people through sometimes-challenging transitions.
10. Integrity
Integrity is doing the right thing even if no one is looking, and it can be a difficult skill in a profession with its fair share of dubious loopholes and quasi-legal transactions that nevertheless feel a little “off.”
Don’t be that real estate professional who goes for the deal at any cost. Too many people get so blinded by the possibility of lucrative commissions that they neglect to act ethically. This compromises the respect of the profession overall and can undoubtedly damage your reputation locally.
Act in a way that feels ethical and honorable to maintain personal integrity and achieve a successful career you can be proud of.
Luke Babich is co-founder and CEO of Clever Real Estate.
It’s no secret that celebrities have said some wild and outrageous things—both on-screen and off. From ridiculous demands to understanding complicated topics, these famous people will make you shake your head in disbelief. Whether it was a misinformed statement or something downright silly, prepare to be amazed by what they had to say or did! So get ready for an entertaining read as we explore the dumbest statements uttered by our beloved stars of stage and screen.
1. Not Fake a Hate Crime
One user posted, “Jussie Smollett. Tracy Morgan said it best: ‘Yeah, they gave me a role on “Empire.” Contractually, they gave me millions of dollars. Contractually, all I gotta do is not fake a hate crime.’”
Another user replied, “Dave Chappelle’s bit about Jussie Smollett was pretty funny too. ‘The black community supported Jussie Smollett by keeping our mouths shut.’”
“This is the top one for me. It took so much careful planning and effort,” one commenter added.
2. If I Did It
One Redditor posted, “Making a book called ‘If I Did It’ after being acquitted of murder.”
Another user replied, “The family of OJs victims got the rights of the book and made the ‘if’ incredibly small.”
One commenter added, “Also, the forward they added is called ‘He Did It.’”
Another Redditor said, “Kids today will never understand what a BIG FREAKIN’ DEAL the whole OJ thing was, from the car chase to the trial. So really, if it weren’t for OJ, we wouldn’t have The Kardashians.”
One user explained, “OJ was one of those athletes who managed to cross over to pop culture. He was on TV often between his acting and product endorsements. In addition to being considered one of the best football players, he had a squeaky-clean image. The closest parallel I can draw today is if Peyton Manning killed his wife and went on a police chase. Of course, there probably wouldn’t be a racial component as there was with OJ, but as far as images are concerned, OJ and Manning would be similar.”
3. Joining Scientology
One user posted, “Joining Scientology, promoting it, and defending it.”
Another user replied, “Just look at Danny Masterson, they tried to cover up his [sexual] scandal, and thankfully he was convicted.”
4. Performing an Ukulele Apology
“Playing the ukulele to ‘apologize’ for being creepy to kids you met on the internet,” one Redditor posted.
Another user commented, “There’s no quicker way to make people think you’re diddling kids than writing a song about it!”
One commenter responded, “I saw a meme about it today, and it was like ‘Common playing in A minor got you in this situation in the first place’ and I was crying laughing.”
5. Trying to Bring a Controlled Substance On an Airplane
Another user added, “Former NBA player Damon Stoudamire tried to get over 1 ounce of [drugs] onto an airplane, but got caught at the metal detectors because he wrapped it in Aluminum Foil.”
One user asked, “Is that what happened to him?! I was wondering why he just got up and disappeared.”
“He’s the head coach of Georgia Tech,” one Redditor answered.
6. Being Bill Cosby
A Redditor shared, “Bill Cosby for being Bill Cosby. Millions adored this man as the father figure they always wanted. Until he wasn’t the father figure anyone wanted.”
One replied, “This one hurt severely. The public loved him. He had great stand-up routines and tv shows. I got to see him perform once.
“Then, Boom. It turns out he’s [sexually assaulted and] drugged women. Ugh.”
Another user added, “It was absolutely heartbreaking. I watched every episode of The Cosby Show, some more than once. It made me feel good; happy memories; everything was okay. Until it wasn’t.”
7. The Streisand Effect
“Barbra Streisand created Streisand effect. She didn’t want her home to be known on the internet, so she did everything in her power to remove pictures and addresses but wasn’t successful, and in return, her home became a hot topic,” one user added.
One user replied, “It seems dumb today, but the internet was pretty new and kind of unknown to most people. I imagine this was thought the same way as going after a tabloid. But instead, we witnessed an entirely new phenomenon.”
Another user added, “The funny thing was, prior to her lawsuit, the picture featuring her house had been viewed five times. Presumably, one of those was Streisand herself, and another was her lawyer. IIRC, the offending picture was part of a project to photograph the entirety of the California coastline. So thousands of images. One of which happened to show the back of her house. There was nothing in the picture that identified the house as hers.”
8. Antonio Brown Incidents
One user posted, “Here’s a list of Antonio Brown incidents from another thread. He could have legit been a potential Hall Of Fame player, as he was arguably one of the best WRs in the NFL. Then… he took crazy to a level that makes Kanye look sane. The dude has a lot more time to add some stupid [things] to it, but here goes:
“Edit: The newest is buying an Arena Football Team to be an owner/player then not paying league dues… currently the target of a class-action lawsuit for withholding paychecks to players as well.
“•Kicked out of Florida International University after fighting a security guard…
“• His second year in the league, he took a personal stretch limo to a charity event, had them open every single expensive bottle of wine, and rejected it. They refused to pay for it (charity, remember), then left. -credit Nduguu77…
• Trashed a condo and threw furniture out a window 14th-floor window, which almost hit some people, notably a child…
“• Threw a fit over Juju winning team MVP and trashed him on social media…
“• Held out and refused to show up to training camp because the NFL would not approve his helmet because it was too old for their safety standards…
“• Got fined by the Raiders for not attending camp…
“• Tried to fight Mike Mayock, called him a cracker, had to be held back by Vontaze Burfict, then punted a football down the practice field and said, ‘Fine me for that.’ [He was fined.]…
“• Released a video where he used audio of Jon Gruden, who didn’t know he was being recorded, which is illegal in California (full disclosure, Gruden has said he gave permission, but the generally accepted theory is that he said that in the hope that it would help get him to show up to the facility and not alienate him.)
“• Demanded a release from the Raiders…
“• Made a lot of crazy tweets saying stuff like ‘Devil is a lie,’ a proverb about burning down a village… he made a lot of crazy tweets around this time is the point here…
“• Signed with the Patriots…
“• The sexual assault allegations came out (the one where he’s getting sued)
“• The sexual harassment allegations came out (the one where he’s not getting sued)
“• Threatened the woman not suing him in a group text that included his lawyer and had a picture of her kids in the text
“• Got released by the Patriots after one week
“• Went off on a tweet storm and said a lot of crazy [things] about a lot of people, and was supportive of people sending threats to the writer of the article detailing the sexual harassment allegations
“• Said he was done with the NFL
“• Went back to college via online classes
“• Tried to outsource his homework to Twitter
“• Wants to come back to the NFL
“• Filed several grievances to try and get more than $40 million from the Raiders and Patriots…
“• Tweeted a couple of bizarre tweets about the Raiders using him for HBO ratings and the Patriots trying to steal his stuff and kept using this weird chicken-based metaphor
“• Tried out for the Saints and brought an entourage and film crew to shoot a music video with him when specifically told not to do that…
“• Tweeted ‘No more white woman 2020.’…
“• Used a bunch of slurs and profane language toward cops in an Instagram video he posted
“• A police youth football league cut ties with him and returned a donation after the release of the video saying there was an ‘irreparable rift’ between the department and AB…
“• Was involved in a dispute with movers at his home, where he allegedly threw rocks at the movers and moving vans. He is currently being investigated for battery by the police…
“• Warrant issued for the arrest of AB…
“• Rumors spread about AB signing with Tampa or Seattle
“• AB announces his retirement (for what I believe is the third time, it’s hard to find a good record of the rest of them.) Two days later, AB wants to play again and is asking for the league to wrap up its investigation
“• The NFL announces an eight-game suspension for AB… under investigation for the bike-throwing incident
“• Allegedly acquired fake covid-19 card. Confirmed to have acquired a fake covid-19 card and subsequently suspended for three games
“• Removed jerseys and pads and threw them in the stands before exiting the game verse the Jets. Was subsequently cut from the Bucs for stripping on the field…”
9. Praising Nazi Germany
“Losing a billion-dollar shoe deal b/c he couldn’t stop talking about how much he loves Hitler,” one user added.
Another user replied, “When Alex Jones is trying to reign you in, you know you’re spouting some crazy [things].”
One commenter shared, “That was such a bizarre interview. Alex REPEATEDLY gave him outs like, ‘As a fashion designer, surely you just appreciated their uniforms, RIGHT?’ And Kanye pretty much says, ‘Nah, I just like Hitler, man.’ Wtf?”
10. Staging a Hate Crime
One user answered, “[Jussie Smollet] is a contender, although many choices exist. He stages a hate crime to gain leverage in contract negotiations… He hires meatheads to do the deed and pays them with a check. Of course, he lied the whole time, then the video turns up, and the DA figures it out.
“But being famous, he pulls strings and escapes prosecution for making a false claim. THEN…the political tide shifts, and he runs his mouth and refuses to reimburse the county for the cost of the investigation. And so the new DA says f- it and prosecutes him, and he gets convicted because he was obviously guilty.”
11. Posting a Video of Violent Death
“Logan Paul posted a full YouTube video of someone hanging in a forest,” one user posted.
Another user commented, “Well, his whole family seems like crap, so no surprise he’s a huge [jerk].”
One Redditor added, “Even worse was that he was in Aokigahara, the ‘suicide forest’ in Japan. It’s unclear why that forest is such a popular place for people to un-alive themselves, but to revel in such a horrible event for internet fame is despicable.”
12. Saying You Could Have Saved Flight 11
One user posted, “Mark Wahlberg saying if he had been on flight 11 (like he was supposed to), it wouldn’t have crashed because he would have killed the terrorists then figured out how to land the plane.”
Another user replied, “So he said what every person in Boston says daily.”
13. Debating Word Definitions
One user shared, “That time Jennifer Garner corrected Conan O’Brien on the word snuck is one of my favorites. The fact that she throws in the bit about him going to Harvard makes it extra delicious.”
Another user replied, “His laugh when pulling out the dictionary to prove her wrong lives in my mind rent-free.”
14. Gwenyth Paltrow’s Goop
“Gwenyth Paltrow and everything she promotes. Here’s a tea made with echinacea, random plants I got from cutting my yard. I stirred it with my [privates]. It’ll cure ED, lung cancer, whatever. Now available at Goop,” posted one user.
Another user replied, “Doesn’t everyone want a $100 candle that smells like my [body]..?”
15. A Math Called Terryology
One user posted, “Terrance Howard ‘invented’ his own math called Terryology.”
Another user replied, “‘How can it equal one?’ he said. ‘If one [times] one equals one, that means that two is of no value because one [times] itself has no effect. One [times] one equals two because the square root of four is two, so what’s the square root of two? Should be one, but we’re told it’s two, and that cannot be.’”
Do you agree with the statements listed above? Share your thoughts!
Source: Reddit.
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Rule #1 by Phil Town is not a general personal finance book, and it’s not a book for beginning investors — it turns a lot of conventional investment wisdom on its ear. The book explores a philosophy ascribed to Columbia University’s Benjamin Graham (author of The Intelligent Investor), and popularized by Graham’s student, Warren Buffet (perhaps the most successful investor of all time).
What is The Rule? “There are only two rules of investing: Rule #1: Don’t lose money […] and Rule #2: Don’t forget Rule #1.” Town writes: “Most Americans are trapped in mutual funds that, at best, ride the waves of the market.” He believes that his method can help investors break free from these cycles.
At its heart, Town’s philosophy is simply “buy low, sell high”. He’s not pushing a get-rich-quick scheme (though at times, especially early in the book, that’s exactly how it comes across). But he’s certainly encouraging his readers to abandon traditional “get rich slowly (and surely)” techniques.
Town argues that there are three myths of investing:
You have to be an expert to manage money.
You can’t beat the market.
The best way to minimize risk is to diversify and hold for the long term.
Dollar-cost averaging will not protect you, he says. These statements may make some nervous about Town’s philosophy. In the recent Wall Street Journal article about personal finance books, one expert cautioned:
“Any book that suggests it has a new way to riches should probably be a little suspect,” says Prof. Kenneth Froewiss, a finance professor at New York University Stern School of Business. A good book about personal finance, he says, always elaborates on three simple themes: Save early, know your risk tolerance, and diversify.
Town says that “knowing you will make money comes from buying a wonderful business at an attractive price”. If you can find a wonderful business, know what it’s worth as a business, and then buy it at a discount, you will become rich. If you repeat these steps, you will become very rich. “The price of a thing is not always equal to its value,” he says, arguing against Efficient Market Theory. He points to the recent Tech Bubble as an example. (As you might expect, Town doesn’t care for A Random Walk Down Wall Street.)
Rule #1 describes how to evaluate the investment potential of a business. You want:
A company that means something to you (you know its inner workings because you’re passionate about it).
A company that has a wide moat, or protective buffer (whether this is a competitive advantage, a huge cash reserve, or an exclusive license).
A company with excellent management.
A company with a margin of safety (that is, a company priced so low that even if you miscalculate its target price, you’re not going to lose money).
Using Town’s method, an investor creates a watch list of companies that meet each of these four criteria. Each company’s financials are checked against five measures of fiscal health (return on investment, revenue growth rate, earnings-per-share growth rate, equity growth rate, and free-cash-flow growth rate) over periods of one, five, and ten years. If a company’s numbers look good, the investor develops a target price for it.
And then the waiting begins.
When the market price reaches 50% below what the calculations show it ought to be, the investor fully commits himself. Sort of. Ideally, says Town, you would hold a company’s stock forever. In reality, he argues that there are a couple of times to sell:
When a company has ceased to be wonderful.
When the market price is above the sticker price.
It is here that the Rule #1 system begins to resemble day trading. When you’ve found your ideal business, and when it passes the Rule #1 criteria and is selling at half-off the sticker price, you begin buying and selling the stock based on market conditions. You use a set of tools to make your decisions, constantly moving in and out of the stock. You’re committed to the stock for the long haul, it’s true, but you’re attempting to use market timing to maximize your returns. (Town stresses that these tools should not be used to find and value stocks, but only to time the re-purchase (or sale) of a stock to which you’re already committed.)
The book jacket incorrectly touts this as a “fifteen-minute-a-week” system (which makes it sound even more like a get-rich-quick scheme). The author, though, is clear that more time is needed to make this work. He admits that constructing a watch list takes several hours per company. It’s only after the watch list is created that the time investment declines.
I can’t recommend this book, but that’s because it’s beyond my ken. I don’t hate it. In fact, I find the ideas fascinating, even plausible, but I lack both the experience and the expertise to evaluate Town’s system. It seems to be made of equal parts sound advice and gimmicks. I’d love to read a review from somebody more firmly rooted in investment theory.
One saving grace — and it’s a big one — is that the system includes a built-in escape hatch. By using the “margin of safety”, you are buying heavily discounted stocks of good companies. It’s unlikely that they could fall further. (But not impossible.)
For more information on Rule #1, check the following web sites:
Rule One Investor is the book’s official site. It includes additional information, including handy calculators. (Which is good, because much of this system requires number-crunching.) Free registration required.
The Rule #1 Blog is author Phil Town’s personal site where he answers questions and provides additional insight. I like the fact that Town makes himself publically available. This, too, makes me less inclined to classify this as a “get rich quick” scheme.
A review of the book at Fat Pitch Financials also seems ambivalent about the system. The author writes “I really wish Phil would have shared more information about his past performance using his investment techniques.” I agree.
Whether you’re planning to list your home for sale tomorrow or three years from now, it’s never too early to start making investments that will ultimately increase your home’s value.
According to the 2017 Cost vs. Value report, you will get the best return on your investment (ROI) from major renovations including: new attic insulation, basement and kitchen remodels, and adding a second story.
But even if you’re not in the position to start a major renovation—cost or time-wise—there are still plenty of smaller projects. Some you can do yourself, and they’ll help you increase your home’s value to better prepare you for the day you’re ready to sell.
Read on to learn about four small projects that you can work on (maybe this weekend) to boost your home value and make your home stand out in a crowded market.
1. Replace Your Front Door
Updating your front door is a great way to boost your curb appeal. First impressions can make or break your interactions with prospective buyers—especially since most buyers (51%) use the internet to find their home.
If you want would-be buyers to keep reading about your house and eventually schedule an in-person visit, the exterior of your home needs to look clean and inviting.
At a minimum, you’ll want to give your door a fresh coat of paint. Consider choosing a bright color that contrasts with the color of your home, but accentuates your landscaping. Upgrade the hardware on the door, too, for a simple makeover that packs a punch.
If you have more wiggle room in your budget, consider upgrading your front door to steel. Potential homebuyers will appreciate the added durability and security, and you’re likely to get a 90.7% return on your investment.
2. Upgrade Your Landscaping
Landscaping is another component of curb appeal that can really set your house apart from other listings. Prospective homebuyers tend to think (consciously or not) that if the exterior of a home looks well taken care of, the inside will be, too.
Make sure to get rid of any clutter like kids’ toys or bikes that could detract from your landscaping. You’ll also want to make minor repairs or upgrades to parts of your exterior, like painting a rusty gutter or replacing a broken fence panel.
Landscaping isn’t just about a well-manicured lawn and adding color with plants. It could include building a flagstone pathway to the backyard, installing a wrought-iron fence to increase the privacy of your front lawn, incorporating a zen water feature, or creating a peaceful place to relax (not to mention creating more living space) with the addition of a gazebo.
Quality landscaping can add up to 20% to your home’s value—a significant increase!
3. Let the Sun Shine
Maximizing natural light is a great way to make your home look larger and more inviting to prospective homebuyers. Skylights are great for brightening up dark spaces like hallways, kitchens, and bathrooms.
Keep in mind though, adding a skylight is similar to adding another window to your home in that it can increase the demand on your HVAC system. You can cut energy loss off at the pass by purchasing Energy Star no-leak skylights to keep your utility bills low. You may even be eligible for a tax credit.
If skylights are beyond your budget, check out solar tubes. Solar tubes are usually half the cost of skylights and as long as you are comfortable working on a roof, you can probably install one yourself. Even the smallest solar tube, 10-inches, is the equivalent of three 100-watt bulbs, which is enough to illuminate up to 200 square feet.
4. Increase Your Home’s Energy Efficiency
Today’s homebuyers are willing to pay a premium for a home with energy efficient features. According to Globst.com, buyers will pay up to $11,000 more for a home with well-insulated windows and Energy-star appliances because of the long-term savings they can expect to experience with their monthly utility bills.
Regardless of your budget, there are plenty of ways to make your home more energy efficient. On the lower end of the cost spectrum, you can start by installing ceiling fans, programmable thermostats, and efficient toilets and showerheads.
If you have more to invest, you could upgrade your insulation—fiberglass insulation ranks high with an ROI of 107.7%—or even install solar panels on your roof.
The best part of this investment is that you don’t have to wait until you sell your home to reap the benefits. You’ll benefit from lower utility bills (and a smaller carbon footprint) while you still live in your home.
No matter which home improvement projects you take on to increase your home value, none of them will be terribly effective if you neglect basic home maintenance.
If there are problems with your home’s exterior—like broken shutters or cracked concrete, or even the way your dryer only works if you shut the lid in a certain way, it will be a big red flag to buyers. Consider creating and sticking to a year-round maintenance plan for a trouble-free home.
Amanda recently sent J.D. an e-mail looking for advice about gift-giving:
My husband and I have made huge lifestyle changes since our son was born with congenital heart disease four years ago. He’s had five open-heart-surgeries, and we’ve had some killer medical bills. My husband stays home with both of our kids to help prevent Liam from getting sick too often, so we’ve gone down to one income, one car, basic cable, and a really aggressive budget.
One of our worst budget breakers however is gifts. I have eleven nieces and nephews, two kids, etc. At Christmas we’ve convinced both sides to just do a name exchange and then we only have to buy for two nieces/nephews on either side, which helps and we’ve just outright stopped exchanging gifts with our brothers & sisters, but there are still our parents, his grandparents, kids of friends who have birthday parties, and graduations, weddings, and baby showers!
We actually do plan most of these things into discretionary spending since we know when people have birthdays, but it’s always those gotchas like weddings and new babies (and we didn’t pre-think graduations with this year’s planning).
Could you offer any advice on fitting generosity and gift giving into a frugal budget? No one wants to be a grinch, but it really adds up some months. Sometimes, it’s half of our discretionary spending just to get small gifts (we only spend $10-15/kid!).
Ah, Amanda, I hear you! Gifts can be a budgeter’s downfall! Many of us readily accept our own sacrifices in the name of being frugal, but don’t want to seem “cheap” when it comes to giving gifts to others. I’ve struggled with both sides of this issue.
One side of me likes choosing and giving gifts, likes having those gifts appreciated, likes receiving gifts in return. But the other side opposes the commercialism and expectations that accompany holidays and occasions. Too often, hastily-purchased gifts can seem like a substitute for the spare time and energy we don’t have to make a gift meaningful. These gifts can be merely an obligation, which is no fun for either giver or recipient.
For big family gift-oriented occasions like Christmas (Hanukkah, Kwanzaa, etc), you must have “The Talk”. In some families, money is a difficult subject, but your options are either to continue spending more than you want on presents, or to mystify everyone when you cut them off cold turkey. A good way to start is to explain your budget goals, as in, “We’re starting to save for the kids’ education funds,” “…to buy a house,” “to be able to afford to live on one salary,” “pay off the credit cards” or something like that — just make sure you’re being honest.
Whatever you do, don’t insist that everyone stop giving gifts to you (or your kids). You have the right to stop giving gifts, but for many people, being generous with presents is a true pleasure and you should avoid depriving them of that pleasure. It may seem wrong to accept without giving, but you can give back in other ways. Of course, your relatives and friends may be relieved at the prospect of the never-ending gift-exchange ending — maybe they were just too shy to bring it up.
If you don’t want to stop all gifts, here are some ideas to cut costs.
Draw names. As Amanda does, this can allow you to focus on one or two recipients instead of the whole clan. There are various arrangements. Some families write their name and a gift suggestion or two on a slip of paper. In some systems, adults pick an adult and each kid gives to a kid (with adult help as needed). Or, if everyone is gathering together, each person can bring one gift (marked as adult or child) and you can do a sort of “Yankee swap” exchange where unwrapped presents can be stolen or traded until everyone ends up with someone.
Be creative. On J.D.’s side of the family, we have been doing $5 gifts for several years. Everyone (7 adults, 4 kids) buys a $5 (or under) gift for everyone else. (This was my sister-in-law’s idea.) J.D.’s mother asked to be excepted — she loves piling gifts on everyone and exercises her grandmotherly rights to do so. The $5 limit has forced us to be bargain hunters and the results are often both surprising and hilarious. We found a practically new set of drafting pens for a brother’s gift: $80 new, marked as $10 at a garage sale but we bargained it down to five!
Emphasize the experience. Some people have more time than money. If you fit in that category, you can use it to your advantage for all sorts of occasions. Do friends have a new baby? Deliver dinner to the new parents, then stay to hold the baby while they eat the meal. Clean up afterwards, of course. Nieces and nephews? For that special occasion, invite them to join your family for camping, a hike, miniature golf — whatever your family does for fun. You’ll all get to know each other better, too. Parents and grandparents often would rather have you spend time than money on them, as well. Invite them over for brunch, or go feed the ducks at the park, or hear a free concert together.
Don’t turn your nose up at used. Aren’t we silly Americans! We talk about how great recycling is but we want everything we get to be new, new, new! It’s all about mindset. For kids’ toys, as long as they’re in safe condition, the fact that they’re “pre-owned” means little to a child — unless non-stop commercialism has already gotten to them! J.D. and I found two wooden sleds set out for the trash pickup in a ritzy neighborhood. After swallowing our hesitation, we grabbed them. With a cleaning and a few minor repairs, they were good to go — and looked great under the Christmas tree. Keep your eyes open all year for bargains, or arrange a toy exchange or toy hand-me-down system with friends and neighbors. Get to know people’s tastes and decorating styles so you can choose gifts they will appreciate.
Kids love the dollar store. I know, I know — everything’s made in foreign countries by underpaid workers. But seriously, if you are spending more than $3 for a kid’s birthday party gift, you need to visit a dollar store. The kids I know are fascinated by dollar store stuff until age 6 or 7. The parents may turn up their noses, but what kid wouldn’t love growing giant lizards or sharks (600% growth — just soak ’em in water!), red-white-and-blue glow necklaces, or a hundred fuzzy animal stickers?
Agree that gifts are only for the kids. Not having kids myself, I wouldn’t vote for this option, but I know many families like it. I think a better choice if you’re going to do this is to have adults buy small gifts for the kids ($5-10), and let kids make homemade gifts for the adults. I think this gets kids to think about giving as well as receiving.
Use homemade gifts. I’m a big fan for using the homemade gift for most every occasion. Special birthdays get a bouquet of garden flowers in a mason jar. Or, I take the time to write a sincere note in a beautiful card. If someone’s a fan of sweets, I’ll whip up a batch of cookies. If the season’s right, I might present them with fresh berries or a holly and cedar swag. The cost for all these gifts is minimal, but the gesture is still meaningful.
Mass produce. Last year, English Major offered a great tip about gift-giving ideas. You can save lots of dough by the assembly line approach. Pick a gift that will be appropriate for your list of recipients and buy craft items, ingredients, or components in bulk. Before you start, figure out how many gifts you’ll need and the cost per assembled gift. Check the figures against your budget. To maximize this idea, choose an idea that still allows for some personalization, say in the color or style of gift.
Just speak up. At my workplace, the envelope is constantly being passed for one event or another. The loss of a parent, a new baby, a retirement, etc. The flowers or gifts purchased with the collected cash may very well be much appreciated. But if your budget prevents you from chipping in, instead write a heartfelt note or tell the person face-to-face. A verbal expression of sympathy or support may be just what they need.
Shrug it off. Unfortunately, some people are all about the goods. If the people in your life aren’t going to appreciate or adjust to your frugal mindset, you have a choice to make. Keep spending to keep up with the Joneses, or go your own way and hold your head high. Find ways to show you care that don’t just involve handing over your debit card. Give when you can; give what you want to.
The side benefit of implementing any of these ideas is that it moves the whole concept of giving gifts back to thoughtfulness, effort, and individual creativity, rather than the focus on prices and packaging. Think of it as one small chink in the great wall of marketing and consumerism!
These are just some thoughts on the topic to get the discussion rolling. I’m sure there are scores of creative solutions out there.