- @Elle_CM Natalie's raid looked like it was filmed with a strobe light. Lame CGI in reply to Elle_CM #
- I want to get a toto portable bidet and a roomba. Combine them and I'll have outsourced some of the least tasteful parts of my day. #
- RT @freefrombroke: RT @moneybeagle: New Blog Post: Money Hacks Carnival #115 http://goo.gl/fb/AqhWf #
- TED.com: The neurons that shaped civilization. http://su.pr/2Qv4Ay #
- Last night, fell in the driveway: twisted ankle and skinned knee. Today, fell down the stairs: bruise makes sitting hurt. Bad morning. #
- RT @FrugalDad: And to moms, please be more selective about the creeps you let around your child. Takes a special guy to be a dad to another' #
- First Rule of Blogging: Don't let real life get in the way. Epic fail 2 Fridays in a row. But the garage sale is going well. #
Saturday Roundup – Side Hustles Rock
- Image via Wikipedia
We’re busy cleaning for our party next weekend, followed by spending an evening lying in a coffin in my yard, scaring the crap out of kids and giving them candy.
The best posts of the week:
Right now, I am actively pursuing 4 separate side hustles, 3 of which are generating actual cash. It’s about $500 a month at the moment, but each of them are growing. My goal is to hit $1500 a month by spring and have full replacement income within 2 years. Everybody should have some kind of side income, just as a safety net.
One of my side hustles involves training in a niche with 200 companies competing for about 10,000 one-day students each year. I could try to compete on price, but that’s an arms race to bargain-basement pricing. Instead, we compete on value, and as such, we’re on track to bring in several multiples of our share of students this year, with growth projected to go well beyond that next year.
Knowing how much more I enjoy my side projects over my straight job, I want to encourage my kids to develop their own lines of income that will allow them to live the lives they want to live, without being a leech on society.
If they can start to get some of their own income, they can learn the value of the things they own, instead of assuming that everything is free. I will not spoil my kids.
Finally, a list of the carnivals I’ve participated in:
Actions Have Consequences has been included in the Festival of Frugality.
If I missed anyone, please let me know. Thanks for including me!
Mortgage Race
I spent last week at the Financial Blogger Conference. Saturday night was the big debauch, a 90s themed hip-hop dance party.
Yeah.
Instead, Crystal, Suba, and I hosted a super-secret pizza party to let some of the less “dance party” inclined attendees discuss things like the sanitary concerns of group body shots, sex toys, and horror movies.
During the course of the party, Crystal and I decided to race to pay off our mortgages.
Her balance is just under $25,000.
My balance is $26,266.40.
We both technically have the cash to pay off the balances right now, but we are both dealing with secondary housing issues. She’s building a new one, and I’m updating an inherited house. Neither of us is willing to use our cash reserves to pay off the balance right this moment.
Now that my credit card is paid off, I’ve moved that money to an extra interest-only payment on my mortgage, effectively doubling my mortgage payment, which puts my projected payoff date as about the end of next year. Crystal’s aiming for June, so I’ll have to hurry.
We do have tenants lined up for February, and all of the non-expense related rent will go to the mortgage.
I think I can win.
Update:
I forgot to mention the terms of the bet. The loser has to go visit the winner. When I win, Crystal’s going to fly to Minnesota to experience snow.
Fighting Evil by Phone
A few years ago, I was under the control of the Local Worthless Telephone Company(LWTC), and forced to use their long-distance provider, Evil Telephones & Thieves (ET&T). There was never a month that didn’t involve calling LWTC to get our bill corrected. Every month, something was wrong.
One month, we got a bill for $800 more than expected. Another month, another mistake. I called LWTC to get it corrected. This wasn’t a big deal, just another screwup in long list. They refused. They had never refused before. They informed me that the charge came from ET&T, not their system, preventing them from doing anything about it. There went an hour of hold time I’ll never get back.
I called the Evil Mother of All Telcos, The Malevolent Bastard Offspring of a Government-Shattered Monopoly, the Unholy Source of All Communications-Related Errors and Communicable Social Diseases. Hold. Hold for soul-rending abuse. Do you sense a pattern? Evil abounds. The inspiration for Wolfram & Hart. Employee meetings open with ritual sacrifice and close with the desecration of the holy symbols of obscure religions from distant corners of the globe.
When the customer service rep came on the line, I asked for an explanation of the charge. I was informed that I had made a 30 minute call to Niue Island. I politely reminded them that I had long-distance blocking on my phone. They couldn’t explain how the call went through, but it had, so I was obviously responsible. They refused to consider doing anything about the charge. The next day, I called back. I explained the situation to a new rep, one who hadn’t yet been trained in the art of stealing the souls of the living. She recognized the logical impossibility of international calls through the block and reversed the charge. She was swell.
Ten minutes later, her supervisor called to explain that the good witch didn’t have the authority to reverse those charges. I was responsible for paying the bill, even though she couldn’t explain how I was responsible for making the call. I explained the situation, again. I begged. I pleaded. Nothing. I was informed that I had to pay the bill. If I didn’t, they would take me to court to make me pay. She swore their computer system was solid enough to pass as evidence in court. She was angry, rude and snotty. She told me there was nothing I could do.
That wasn’t going to work for me.
I started gathering papers. The next day, a certified letter was sent to both ET&T and the Evil Para-Monopoly Telco. The contents of this letter were golden.
I sent:
- A dispute letter crafted using every bit of my experience in one of the largest collection agencies in the world.
- A copy of the problem bill, with the impossible charge and the long-distance blocking highlighted.
- A copy of a Minnesota Attorney General complaint.
- A copy of a Minnesota Public Utilities Commission complaint.
- A copy of an FCC complaint.
That was the end of it. There was no follow-up call, no collections notice, no court notice. There was nothing. The following month, there was no mention of the unpaid balance. The bill disappeared. Victory! I had conquered evil, driven a righteous stake through its beating, dust-filled heart, and poured garlic salt in the wound. I never even had to submit the complaints to their respective agencies.
That was the month we dropped our home phone line to eliminate that headache. At the time, the cell phone with the best family plan gave us $300 shared minutes for $75. It was worth it to get away from the Abomination That was the Union of LWTC and ET&T. A year later, when a business telephone provider decided to expand into the residential market in our area, we had our home phone reinstated. In the nine years since, we’ve never had to dispute a bill with McLeod USA.
Lesson learned: When you are battling evil, go big or go home. It’s better to swat a mosquito with a sledgehammer than to poke a dragon with a safety pin.
Link Roundup
What has happened to this week? It’s already Friday afternoon, and I’m short a post today. Since I skipped the link roundup last week while I was off with family, I’ll do it early this week and cheat you out of a real post today.
Finance links:
I enjoy trying new foods and eating out. Christian PF provides tips on doing that frugally.
Trent talks about “Family Dinner Night”. Invite a bunch of friends over to help prep and eat a buffet-style meal. Good time for everyone on the cheap.
Free Money Finance shares his 14 Money Principles.
MoneyNing shares how to buy school supplies for less.
Miscellaneous links:
Netflix just volunteered to shaft its customers again. There’s a 28 day wait to get most new releases, now. If I didn’t have almost 500 movies in my queue, I’d be royally ticked.
Mother Earth News has plans for a smoker/grill/stove/oven. I’d love to build a brick oven with a grill and smoker. A complete, wood-fired cooking center would be perfect for my house.
Major kitchen cleaning on Lifehacker. We’re doing this tomorrow, as part of our April Declutter.
That’s the highlight of my trip around the internet this week.
Why You Should Invest in Oman? Tapping the Help of International Banks
This is a guest post.
The Sultanate of Oman is located on the southeast coast of the Arabian peninsula, bordered by the Kingdom of Saudi Arabia, the United Arab Emirates, the Republic of Yemen, the Strait of Hormuz and the Arabian sea. Oil is an important source of revenue here. According to an article reported in Arabian Business, Oman’s average daily oil production rose 4% to 918,000 barrels per day (bpd) from an average of 884,900 bpd in 2011. However, as reported in the Al Arabiya News, British oil firm BP estimated that Oman’s oil reserves will run out in 17 years unless the country raises its output from the current levels. To reduce its dependence on oil, the Oman government is diversifying its economy into the non-oil sector and encouraging foreign direct investment in order to enhance the economic growth of the country. Here we will find out why the Oman government is encouraging foreign investment, which non-oil industries present attractive investment opportunities and how international banks can assist and advise foreign investors.
Employment
The unemployment rate of Oman is one of the issues faced by the government. The International Monetary Fund has estimated the unemployment rate at more than 20% of the workforce. According to Muscat Daily, since the last census in 2010, the total population has increased by 38% to 3.83 million at the end of February 2013, of which 56% are Omanis and the remaining 44% are expatriates. The expatriate population has increased by 106.4% while the Omani population has grown by 9.7% per cent since 2010. The number of Omanis employed in the private sector remained fairly unchanged, with only 1.7% increase since 2010.
On the one hand, the Oman government needs to maintain global competitiveness by attracting foreign talents to diversify the economy such as developing large industrial and infrastructure projects. On the other hand, the Oman government is struggling to create enough jobs in the non-oil public and private sectors for Omanis. The ruler of Oman, Sultan Qaboos bin Said, pledged to support citizens in establishing small and medium-sized enterprises (SMEs) through the creation of a 70 million rials fund that will be increased by 7 million rials each year. In order for new start-up SMEs to gain a more competitive edge, the Sultan also ordered state land to be given free to entrepreneurs. In addition, the Oman government is hoping that foreign investment will create more employment opportunities for Omanis.
Investment opportunities in Oman
Oman’s Vision 2020 and Oman’s eighth Five Year Plan (2011-15) set clear objectives for economic diversification and development of Oman’s business and investment potential. Oman’s Public Authority for Investment Promotion and Export Development (PAIPED) is the government-run authority whose main mission is to facilitate investment in Oman and promote exports of Omani products and services to overseas markets. PAIPED’s 2009 Oman Investment and Promotion Strategy has proposed some industries that would meet Oman’s goal of economic diversification. These include automotive, infrastructure, ports, manufacturing, logistics, ICT, management and professional institutes, venture capital, financial services, international trade, insurance services and tourism.
Due to its strategic location, archaeological and historical remains, varied climate conditions and numerous sightseeing attractions, the tourism sector is an important and growing industry that offers lucrative investment opportunities. According to Albawaba Business, the chairman of Sundus Investments and vice chairman of National Bank of Oman, Mohammed Mahfoodh Al Ardhi, said that the Oman government is committed to boosting the tourism sector by investing in prestigious projects and encouraging foreign investment.
There are many benefits of investing in Oman, including a world-class infrastructure, incentive packages, attractive corporate tax and tax holidays, competitively priced industrial and office space, free zones and ports and a talented multilingual workforce. The Oman government also encourages foreign investors to collaborate with local companies in utilising its untapped resources, facilitating technology, innovation and management skills transfer and opening new markets for Oman products and services.
Roles of International Banks
Companies and entrepreneurs seeking to set up, expand and relocate to Oman should use international banks, which offer a range of products and services for corporate customers such as trade services, treasury services, corporate credit cards, and custody and clearing services.
If you are an exporter and need a loan to fill the gap in trade financing, you can apply for export financing in Oman to transport your products overseas. For example, with HSBC Bank, you can get pre-shipment finance to bridge the cash-flow gaps as well as post-shipment finance. If you are an importer, you can apply for documentary credits to help reduce the risks associated with international trade.
While there are numerous opportunities in the non-oil sector in Oman for foreign investors, the benefits and risks should be weighed before venturing abroad.
