Google is the Devil

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yogi
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Re: Google is the Devil

Post by yogi » 27 Sep 2019, 14:18

The concrete in our foundation blew out to the outside. It would have been quite a mess if it broke into the basement proper. I don't know how, or if, that could actually be repaired. It's the corner of the basement with the sump pump and hot water heater.

Bankruptcy would have been the easy way out, but being in business you had a lot invested into your credit record. It would be a shame to have to spoil it with seven years of bad ratings. Of course honesty and integrity have no price on them. You did the right thing.

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 28 Sep 2019, 11:33

I thought so, but in retrospect, the business I was in I wanted to restart down here. Well the city and county refused to reciprocate on my trades licenses like they promised. So I just retired at age 55, having enough income from my little tabletop business at the time to keep all the bills paid and even bought a house to renovate, which I sold after the frau's dad died and I became the caretaker for her mom. I sold that house to get money to do renovations on this house.
No matter though, being totally debt free, other than the normal monthly and yearly bills everyone has to pay, is a great burden off my shoulders, for sure for sure.

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yogi
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Re: Google is the Devil

Post by yogi » 28 Sep 2019, 18:45

Then there is the story about the 85 year old lady who maxed out several credit cards on vacations to places like Vegas and Hawaii. She had a great time but didn't have any money to pay them off, of course, and the credit card companies did come after her. She just laughed. She's 85 years old. What are they going to do? Put her in Jail? The story came about because it was pretty easy to get a credit card at one point. I'm not sure it still is that way.

She would have made a great politician. LOL

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 29 Sep 2019, 10:34

Now most new credit cards have a low limit on them and it takes years to build them up.
I never asked them too, but the credit card I used for my contracting business they kept raising until it was over 15k dollars.
I'm surprised they raised it, because I tried to keep it paid off. But, since I used it to buy materials for houses, I usually didn't get around to paying it off until I sold the house. But at the same time, I also had the Handymenders business with daily income accounts, so thanks to those, I tried to keep the balance at zero each month so I didn't have to pay interest.
In fact I still do that. Pay off my credit cards each month. Even so, they have never raised my limit, hi hi.

That being said, my bank, although I've never used one ever that I can think of, regularly increases the amount I can get a letter of credit for. Right now it stands at around 25k I think. But I doubt they would give me one for that much after a review, hi hi.

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yogi
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Re: Google is the Devil

Post by yogi » 29 Sep 2019, 14:59

I never carried a balance on my credit cards if I could avoid it. Rarely did I carry a balance forward and when I did it was only for a month or two. The credit card people didn't care. They made their money on the sales transactions. My interest would have just been a bonus. I have been with the same company, and others, for decades. Ever since I retired I get a letter a few times a year asking me to submit an income statement so that they could raise my limit. It was at 25K when I retired and only once or twice did I come close to the limit. Buying and selling houses can do that. LOL This increase in limits is a strange thing I don't understand. The web site I use to maintain my account is different than the one they want me to visit to apply for a raise in my limit. I thought it was a scam at first, but they do link to it from the maintenance site. I don't know what they are doing there, but I'm perfectly happy with the current limits.

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 30 Sep 2019, 10:52

I have a saving account associated with my credit cards. I make about 300 bucks or more per year by using my credit cards instead of paying cash. I have to laugh when I get my bank statement each month. $0.01 interest on a thousand bucks, hi hi. Once it gets up to $1,300.00 they will move $1,000.00 to an on demand CD. Doesn't pay as much as locked in CDs for a specific time frame though. But it is $0.04 interest instead of $0.01, nothing to write home about.

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yogi
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Re: Google is the Devil

Post by yogi » 01 Oct 2019, 14:47

I don't know what they use that CD money for, but I'm getting over 5% a year on the current one. They typically are 18 months, but they have dozens of others that are for a shorter or longer duration. Just about every one of those pay 1% or less. The 18 month paper seems to be their favorite for some reason. I guess they use it for mortgages. Somebody is paying them a lot more than 5% interest for them to be able to afford to pay me that much. I also have a money market account with the same bank. The interest there is laughable. My minimum balance had not been below $6k in that account last year and I received a whopping $1.50 interest. Money market funds are not what they used to be. LOL

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 02 Oct 2019, 10:43

I could move my CD to one I can't get the money out of for 6, 12, 18, or 24 months, or even 5 year. The interest is higher each step of the way. But currently, I just may need to hit that CD if things don't turn around soon.
I have to look at it this way. This money that was converted to a CD was cash-back money from my credit card usage.
So it did not come out of my pocket, was a free gift to start with. And the CC is still adding money to my savings account.

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yogi
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Re: Google is the Devil

Post by yogi » 02 Oct 2019, 11:24

When you think about it, that cash back isn't exactly free money. From where is that cash coming? It's coming from the price you paid to conclude the transaction. In other words, they are giving you your own money back. That's not a bad idea because in your case it's like a savings account that builds in value without any intervention on your part. That's why I loved the Credit Union at Motorola. They took the savings out of my pay before I ever could cash the check.

CD's should not be considered liquid. They are more of a fixed asset than disposable cash. I have this money market account for liquidity. Any large purchases come out of that account, or the funds there get transferred to the everyday checking account for payment. It sits around doing nothing for months at a time, which is why the bank feels obligated to pay interest on the balance. The return on this type of investment, however, depends on interest rates set by the Feds. Those are very very low these days. I dind't put the cash in there for the interest, obviously. It's more or less an emergency fund, like for when I feel the need to buy a new computer, or something. :mrgreen:

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 03 Oct 2019, 12:54

Yeppers! Taking credit cards is the same as paying taxes. Their cost is built into the Cost of Goods Sold, which is marked up, so they are making a profit on the transaction as well.
Don't forget, our family was in the retail business for over a century, plus I owned a few retail stores myself.

Here is something to think about:
You hear a lot of people complaining that businesses are not taxed enough.
Do you ever hear a business complaining about the taxes they have to pay out, other than to whine?

Although we do complain a little about paying taxes, it has nothing to do with the money, it's all the friggin' paperwork involved.
As a business, we could care less how much the government burdens us with taxes, because not one red cent comes out of our own pockets. All of the taxes we have to send to the government comes out of the consumers pocket, not ours.
The only time this is a problem is if it drives the cost of the product beyond what the customer would bear, and as such hurts sales.
If folks only realized that for every 1 dollar in taxes paid to the government by the first company in the chain if manufacturing and distribution. They are paying 5 to 7 dollars in hidden taxes at the register. This extra money does not go to the government, it goes back down the chain as profits for the businesses in that chain.

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yogi
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Re: Google is the Devil

Post by yogi » 03 Oct 2019, 14:23

We had this discussion before. What you are calling hidden taxes and profit I call the cost of doing business. Everything that can be purchased went through many stages of transformation from raw material to the product you buy at WalMart. Each step along the way of manufacturing and supply involves entities and people who pay and collect taxes so that they can perform their function. None of it is hidden, and all of it is figured into the cost of doing business. If anybody is getting greedy it's the people who mark up the price when they pass their product to the next link in the chain. Yes, the markup should include the costs of handling but from what you tell me it goes well beyond that. If that markup is needed to stay in business, then it's not a hidden tax nor anyone being greedy. It's a necessity. Regardless, you and I both know the price is determined by what the market will bare and not by what it actually costs.

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 04 Oct 2019, 10:47

All overhead, no matter what it is, goes into the cost of goods sold.
Every company must make a profit, so they take cost of goods sold and add the percentage profit they need to stay in business. This also marks up the taxes included in the cost of goods sold, and it compounds at every link in the chain.
In the end, the Consumer pays ALL the taxes, the company themselves pay none.

This is why I've always said, I could care less how much the government taxes my companies, because it does not come out of my pocket, it comes out of the consumers pockets.

The only problem is when a product reaches a price the consumer will no longer bear.
Most companies simply discontinue a product when it cannot support itself or the company.

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yogi
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Re: Google is the Devil

Post by yogi » 04 Oct 2019, 18:26

That sounds like the standard business model, and I think we agree on it. It's all part of the free enterprise concept and it's been pretty successful for generations.

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 05 Oct 2019, 11:01

Yeppers, nothing beats the free enterprise system!

Except when companies become monopolies that is, hi hi.

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yogi
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Re: Google is the Devil

Post by yogi » 05 Oct 2019, 11:28

Free enterprise, like democracy, is a concept. There are some generally agreed upon notions about what each is supposed to be. But, unfortunately, not everybody plays by the rules. Monopolies can be a good thing in certain circumstances. It's when they abuse their position of power that we see their dark side.

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Kellemora
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Re: Google is the Devil

Post by Kellemora » 06 Oct 2019, 11:46

Agreed!

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