Ask MetaFilter questions tagged with money and finance

So I got these letters asking to buy mineral rights from me. What mineral rights? Scam or real?

mygothlaundry — Mon, 30 Nov 2009 17:55:52 -0800

So I got these letters offering to buy my mineral rights - for land in a state I've never been to, that I had no idea I owned and in fact can't imagine that I do own. Scam or preposterously possible? I got two letters today: one for me and one for my elderly aunt, using a c/o me address, which in itself sets off a few alarm bells, since she doesn't actually live with me anymore and we've only used my address for her in a couple of places: the hospital, the drugstore, etc. The letters are from a company called Enerlex, Inc, in Broken Arrow, OK. Googling has turned up their website and pages of businesslike results without anything that looks overtly underhanded. The letters are almost identical but not quite. Both of them had a document called a mineral deed enclosed and a postage paid return envelope. Both of them also had bank drafts attached.

Here's the text of my letter.

Enerlex, Inc., is currently purchasing mineral interests in Latimer County, Oklahoma. We would like to extend and offer to purchase the mineral interest that we believe you own in the above captioned county for $1,050. Two bank drafts totaling that amount are attached below.

If this offer is acceptable, please find enclosed a Mineral Deed, which needs to be signed, notarized and returned in the self-addressed stamped envelope. After you have returned the properly executed and notarized Mineral Deed to our office, please place the endorsed drafts in your bank for collection. Once the Mineral Deed has been received by our office, we will begin our title examination. Please note that the draft for $150.00 is yours regardless to cover the expenses and notary fees.

If you prefer, you may hold the drafts, thereby forgoing a collection fee at your bank. In that case, we will send a check for $150.00 immediately and a check for $900.00 upon completion of the title examination.

We would appreciate a reply within fifteen days of your receipt of this letter. After 15 days Enerlex reserves the right to rescind this offer. If you have any questions, please contact me at (800 number) or by my e-mail address listed below.

My aunt's letter is exactly the same except a) the amount is substantially more, although not, like, millions and b) my letter was signed in blue and hers was signed in black. Both of the mineral deeds are exactly the same.

I would just toss these, assuming they are some strange and convoluted Oklahoma version of a Nigerian 419 except for the fact that my mother died a year and a half ago. The estate was pretty simple and there was no mention of land or mineral rights or anything like that but I did inherit part of her IRA and some of her portfolio and, after removing the bulk of my inheritance to buy a house, I've left the rest of it alone and remained sadly ignorant of all things concerning money and finance (that is a whole other AskMe question for another time.) Is it possible, therefore, that these mineral rights do in fact exist and are part of my inherited IRA or invested (with Schwab, FWIW) money? I thought that was all less tangible stuff like stocks and bonds and, you know, that kind of thing. Is it possible that I inherited them without knowing about it? And where would my aunt have gotten these things? And, how did they find me and, more to the point, how did they find her? Any information would be great.

I Don't Like Money

Kippersoft — Mon, 23 Nov 2009 19:45:46 -0800

I honestly have no interest in money, but I'm constantly reminded to invest my money. I've tried learning about it with little success, presumably because of my uncommon beliefs regarding money. So how do I invest this stuff so that I can maximize my joy in life and minimize my reliance on money? I'm 21 and live in Canada. I'm going into my 4th year of university and yet I probably know less about money than a 15 year old. I was never taught anything about in school and I've never had any interest in it. We're working with an entirely blank slate here (to put it into perspective, I was asked by my bank cashier if I got money on my tax return last year and I didn't understand what she meant... I'm totally stupid when it comes to money :P).

I recently picked up a Personal Finance for Dummies book and a Complete Idiots Guide to Personal Finance. I also read The Wealthy Barber a few years back. All of these were totally over my head. Furthermore, I assume this is all outdated because of the recession or whatever. ;)

I think my problem is that I don't really care about money -- it just doesn't mean that much to me. I don't buy much, I don't have any debt, I don't have any real expenses, and most of it just sits around.

So, all that said, what do I do with this stuff? Which of the Bonds/RRSPs/RRIFs/GICs/ROFLs/BBQs accounts do I put my money in? Here are my basic interests:
- Lets make it an even $10,000 I want to invest
- I want to save for my retirement and use this compound interest thing
- I don't want to lose money. I'm happy with whatever I've got, but I want to minimize my reliance on money. I don't want to be working while I'm 65 just so my family doesn't freeze in the winter. The more time I can enjoy life, the better.
- I want the "set it and forget it" approach. I don't have enough interest to make this a hobby for me.
- I don't want to pay anyone and I want to understand and run things myself (I just need to know where to start)
- Locking 100% of my money away for retirement means I can't enjoy life while I'm young which is a waste. I want some money available for my often spontaneous ideas. ("Maybe I'll by a car tomorrow or go on a vacation next Thursday...")

I know a sound like a naive, 90-year-old grandpa still living out the Depression with his money buried in a coffee can in the back yard (I'm only one step above that... I don't even own a bank card yet), but I just have no idea where to start and not enough ambition to learn about financial stuff which changes from month to month.

I know these might be a unique situation (which is exactly my problem), but where would you begin? What would you do to make the ideal, simple way to invest $10,000? What are the only one or two concepts (RRSPs, etc.) I need to learn and use?

All ideas and suggestions are very appreciated! :D

Here's all my passwords dude

sarelicar — Mon, 16 Nov 2009 11:52:12 -0800

Rudder or Mint? Is there a big difference between these two services? I'm an obsessive bank account checker and pay everything online. I like the idea of having one-stop-bill paying and budget fun.

Is my spending info sold to third parties/credit card companies/etc?

Is allowing a website to access my financials an obvious no?

Your personal experiences welcomed.

She works hard for the money...

firei — Sat, 10 Oct 2009 10:05:20 -0800

A friend of mine wants to open a business, and is looking for information on business loans or grants specifically for women. I've been on the SBA and SCORE websites, but haven't been able to find too much info. Everyone always says that there's a lot of financial assistance for women looking to open businesses, but I'm having trouble finding it!

If it helps: I believe she is looking to open a dog grooming/training facility.

Specifics would be awesome, but general links would be alright as well.

How can I use a spreadsheet to track my accounts?

reenum — Wed, 30 Sep 2009 14:16:25 -0800

I want to start using a spreadsheet to track and reconcile my various accounts. How do I start? I've been using MS Money for years. Due to switching to the Mac, MS Money being discontinued, and generally hating the fact that my financial data is trapped in a proprietary program, I feel like I should use a spreadsheet to track my finances.

I have a savings account, two checking accounts, two credit card accounts, and a Roth IRA.

There are a couple of things I'm curious about: How does one reconcile accounts in a spreadsheet and are there any templates that have that checkbook entry system that MS Money has?

I've looked at some of the older posts on this topic and none seemed to answer my questions satisfactorily.

Links to templates, blog posts, howtos, general anecdotes, and anything else relating to this question are requested and appreciated. Thanks!

Where to hide the money?

odi.et.amo — Sat, 19 Sep 2009 07:15:22 -0800

How can I figure out the minimum amount to keep in my checking account? Basic financial stats: I pay for everything I can (including bills) with my American Express for the cash back bonus. A few utility bills are withdrawn from my checking account, as well as rent. I pay my CC bill from checking, and my paycheck is deposited there. Income > Expenses.

My only debts are student loans (at such a low rate that I have no intentions of paying it off early), and about 4k left on a car loan that I could probably pay off now if I wanted to.

I'd like to make the most out of my savings account, though, and even though I feel like this should be easy, I can't figure out how little I need to keep in checking. Is there an easy way to figure this out? I know I can move some money to savings now, but I'd love a formula to figure out how much that should be (in addition to the money that I have automagically transferred every month).

Side question - should I put this extra money towards my car loan instead so that I can start saving even more each month? The interest rate on the car loan is between 5-6% if I recall. Online savings is with INGDirect which is somewhere around 1.4%.

What to do with $1000USD

~Sushma~ — Tue, 15 Sep 2009 08:43:23 -0800

A charity gave me $1,000 USD they raised for me after a drunk driver wiped me and my motorcycle out. I am 56 yrs. old, sick from cancer and will be losing my job in December. I have little savings and will have to work at whatever my body lets me do, and probably lose my health insurance. I plan on selling my home and its contents and downsizing to a studio apartment. I have no credit card debt but hold two mortgages, both will be a wash at the sale. What is the best bang for my buck for this $1000 in this economy? A CD? Online savings account? Any suggestions?

European on a "grand tour": how did they store their money?

mstillwell — Sun, 13 Sep 2009 05:51:47 -0800

How did rich European gentlemen on a "grand tour" of Europe in the 18th Century manage their finances? I can't imagine they carried enough money (or gold) to support months or years of travel--was there a system of banks they could use? Or credit notes? Also, how did they arrange to get their packages shipped home?

Would you guys recommend to buy MOTORS LIQ CO (MTLQQ)?

omaralarifi — Thu, 13 Aug 2009 13:32:31 -0800

Can I buy MOTORS LIQ CO (MTLQQ) AKA General Motors stock? If yes, Would you guys recommend to buy the stock? Whatever your answer I need to know the reason. Thank You

"Old school" money management software or app?

rikhei — Wed, 12 Aug 2009 18:41:29 -0800

I'm looking for software or an application to help me keep track of my expenditures...but I want to be able to enter those expenditures myself. I've been playing around with some of the personal money management stuff that's out there these days - Mint, Quicken Online, etc. - but I find that I'm much more mindful of my spending when I'm actually keeping track of what's coming and what's going out by entering those myself.

I've used Quicken on my Mac in the past - I think I have the 2003 version. I know there are a few posts on personal finance software for Macs, so you don't have to refer me to those. I may be buying a PC in the next couple of months, so PC suggestions are welcome.

Now, although I'm willing to just buy some software, I'm also kind of liking the idea of an application I can use on my iPod touch - something I can use to keep track of my expenditures when I'm out and actually spending money. Something that could sync between my iPod touch and a Mac or PC would be pretty neat.

Another option I'm wondering about is if there is some sort of web-based application I can use to do this. I really do like Mint, other than the large problem of me not being able to enter expenditures manually (at least from what I can tell). Is there something like it that will allow me to enter my expenditures "by hand"? I've looked at a few Google Spreadsheet templates and have been unimpressed - I like the functionality of Mint & Quicken to include several accounts.

So, I guess these are my criteria:
- Something that allows me to enter expenditures and income on my own.
- Something that allows me to include multiple accounts (checking, savings, credit cards, etc.)
- Something that has some level of portability - that I can do online, or use with my iPod

Thanks!

Help me avoid spending like a sailor on shore leave

Anonymous — Wed, 05 Aug 2009 14:09:35 -0800

What are some tips on wisely handling an increase in income? I know - good problem to have. Recently I switched positions and am now making about 150% of my former salary. This is great news, but because of my financial history, I want to be careful about it and use this newfound income smartly.

I'm carrying credit card debt, so my highest priority is to use most of the new income to pay that off. I'm setting the goal of doing that within two years. But even at that rate I will still have a bit more disposable income than I do now. I'm worried that I'll fritter it away because I can - after several years of skimping on the basics, there's a temptation to loosen the purse strings a little and buy more things on impulse, eat out because of laziness, and that kind of thing.

I'm having a hard time deciding on budget line amounts for things like clothing (I haven't had a new winter coat in ten years, and need shoes), groceries (right now I average around $50 a week, but would really like to spend a bit more so I don't face Rice Days at the end of each pay period), and entertainment/recreation -- right now I spend about $50/week on nonessentials like eating a meal out, having a couple of beers, going to a show or a fair, or renting a couple of movies. I don't own a home, and one day might like to, but saving for that would come after debt repayment. In general I value experiences more than stuff. I really like feeling secure and look forward to an increased sense of financial preparedness.

This new income could make possible things like taking classes, participating in sports that require equipment buys, traveling a little more, etc. I'd like to take advantage of some of that purchasing power to experience things I've missed out on - but how can I do so responsibly and in good conscience? What boundaries should I set?

I'm very used to stretching a meagre budget creatively - but as a result, I know a lot less about managing money that you have enough of than money that's always a teeny bit shorter than you'd like.

I will be setting aside an employer match for retirement, doing a debt snowball, and starting a savings account with auto deposit. What else should I consider? Have any of you managed such a change? What helped you set spending boundaries? How did you determine what was reasonable?

BA vs AS and career choices

Tarumba — Tue, 07 Jul 2009 16:19:13 -0800

An appeal to very patient people: Please help us plan our financial/academic future! HER SITUATION:

She moved from another country to the US months ago, between the paperwork and getting married, she was just able to find a job a month and a half ago. In her country, she got a BA in Forest Science, and she fears it may be useless here, for even though her university is pretty prestigious in her country, many people here haven't even heard about Peru, let alone her school. The thing is she got to the US and her worst nightmare came true: She's working as a sales associate in a convenience store! After giving lectures in Tokyo, being part of the Students Assembly, being an assistant professor...she feels bit disappointed and bored, to say the least. So she has decided to apply for an Earth Science teaching position in middle school (38000/year plus benefits), and meanwhile go to graduate school. So:

-Since She's 25 and done with idealism, what economically gratifying Master Programs do you recommend? she is considering something along the lines of Environmental Law, but really, anything somewhat related to her major will do, as long as it brings in the cash.

- She has been promoted to shift manager at the store, (so, 21000/year) but still would die to get the job as a school teacher, which pays better and seems to be more intellectually challenging. Considering the husband makes 40.000/year, is it possible for them to live with a combined income of 60000-78000/year, when they have house payments of 500USD/month and no children, except for a very demanding kitty?

HIS SITUATION

His plans of going to school at the proper age (he's 27)were crushed when he had to move to the US as a war refugee. Although he has a somewhat decent job, he took the very impressive decision of going to school, and started this Summer. He enjoys working with computers, but has no clue about the job market, so he decided to get an Associate's degree in Web design. After a lot of considering and asking around, he got into a crisis (apparently web design is no financial panacea), and these are his doubts:

- What are the potential benefits of web design, programming, software development, and network security, when it comes to money and potential benefits?
- Even though the wife is dying for him to get a Bachelor's Degree, he has doubts and likes the idea of the Associate's degree better. What are the pros an cons of each?
-How are husband and wife to organize their academic lives and still make money to live? Should the husband got school first? the wife? should they go together and live off savings and their small business(we have a tiny record label)?

This questions were obviously written by the wife, but really represent the concerns of both of us, since the husband just left to school very, very worried about the family's future.

Keeping moneys separate

Precision — Thu, 25 Jun 2009 21:14:19 -0800

What's the best way to keep my summer income separate from my savings? It's the summer between high school and university, and through scholarships (I'm a National Merit Scholar) and working quite a few hours at a part time job during high school, I've managed to save up enough to pay for the entirety of my first year of college, and likely the rest.

I quit my job upon graduating, promptly got bored with my idle time, and got a job waiting tables. I'd like to keep this money separate from my savings/checking accounts at Chase, and either use it at the end of the summer to buy a nice guitar, pay for a trip to Europe, or any number of things. I'm honestly only working right now for the fun of it.

I figure I have a few options: 1) Just tag all the income on Mint as "Summer Income" and tally it that way. 2) Open up another savings account at Chase with my first $300 in income and keep it separate that way. 3) Open up an account at Wells Fargo ($100 minimum balance, no monthly fee for college students) and keep it all over there to ensure it doesn't get mixed in with my money.

What's the most painfree way to do this?

Economics' greatest hits? ... or... Where's the science in economics?

zaebiz — Tue, 23 Jun 2009 12:54:37 -0800

As a former scientist, help me gain some faith in economics. What were the great successes of economics as a tool for making better decisions in the last 100 years? The Queen of England said it best for me : Why did none of the big shot economists see this crisis coming?

Having been scientifically trained, I have always had this belief that economics is a mostly mathematical rationalisation of events after-the-fact with the same predictive capabilities as astrology and whose validity decreases as more people believe in it. Why am I wrong? what demonstrable uses has it had? Also interested in any books or papers discussing either side of this debate.

Best Credit Card Deals in US?

~Sushma~ — Thu, 28 May 2009 11:27:25 -0800

What are the BEST credit card offers with values like cash back and other perks? I have excellent credit now, and want to buck up on credit now as I will be losing my job in August. I pay it off monthly. It's time the banks work for ME instead of THEM. Clark Howard was not helpful.

What are some great online financial tools?

jdroth — Sat, 16 May 2009 15:49:45 -0800

What are your favorite single-task iPhone and web financial tools? I already know about comprehensive stuff like Wesabe and Mint, but I'm interested in finding more specialized financial apps like Fuelly (lets you track vehicle fuel economy) or WhiteFence (lets you compare costs on certain utilities) or Zillow (lets you survey housing prices). Which ones should I know about? (Please note: I'm not talking about mortgage calculators, etc. I want actual web apps.)

Online games for money moguls?

skypieces — Fri, 01 May 2009 06:31:51 -0800

I dig "Mafia Wars" for its investment features. Would love to find more games about modern money-making and investing. I've recently become a fan of Zynga's "Mafia Wars" game, via Facebook. Right now the bulk of the action (fighting battles, collecting loot, etc) is not as much an appeal to me as the accumulation of cash and investment property in the game. An odd side-effect has been that this part of the game engages my brain and I have actually become more productive elsewhere, structuring aspects of the game so that I play less often and maximize the investment return-over-time aspects of the game.

I am looking for other games (preferrably web-based, though I certainly will consider any others - PC games, board games, etc) that are more primarily about wealth accumulation. I do have Kiyosaki's "Cashflow" E-game (PC based) and do like it a lot. And I have seen other board games that are marketed as teaching tools (maybe rightly so) but that I thought were outrageously expensive.

I did see this AskMe thread, but it is from 2005 and almost all suggestions therein are now outdated or gone.

Any suggestions of games featuring financial empire-building (preferably modern)? While I am not as interested in stock market "day trader" fantasy games, I am certainly willing to look into those and any others suggested, since this is a new hobby interest for me.

Advantages to brick-and-mortar vs. online banking?

xiaoyi — Fri, 01 May 2009 03:04:08 -0800

I found an online-only bank that's better than my current one. Is being able to walk into a brick-and-mortar bank enough reason to keep my current accounts open? In 2007 I opened a checking and savings account at (what was formerly known as) Washington Mutual, attracted by high interest rates and free checking benefits. But after WaMu tanked and was bought out and interest rates went down the toilet along with the rest of the economy, I started looking elsewhere. I've since discovered the interest bearing checking and savings accounts offered by Schwab One, which has twice the interest rate of WaMu/JP Morgan/Chase (which isn't saying much but it's better than nothing), as well as several other benefits.

I already do most of my banking online anyway, and right now the only reason I need to physically walk into a bank is to deposit paper checks. Schwab gives you free prepaid envelopes and deposit slips to take care of that. So is there any reason to keep my WaMu accounts open?

Help find me a business model

junger — Sun, 19 Apr 2009 06:47:02 -0800

Is there a realistic business model in personal finance advice/coaching? I'm a personal finance blogger and enjoy helping people to better manage their money.

I've started doing some one-on-one personal finance coaching, teaching people how to save for goals, pay themselves first, and get a better yield on their money. I don't sell anything or recommend investments, and I don't "manage wealth."

My passion is more in helping people get more from personal finance.

But I'm not sure there is a real money-making business model in one-on-one finance coaching. (I know that sounds weird, given it's all about money)

I charge a flat fee for a sit-down coaching session, and that's it. No monthly fees, etc. It's the best (most moral) way to charge, but it requires a huge base of customers to make real money.

Is there a real business model in this type of personal finance coaching?

Passive income stream which covers your mortgage

lilyflower — Sun, 12 Apr 2009 04:23:43 -0800

What would you do if you had a passive income stream which covered your mortgage? I would like people to consider the following situation and give us their opinions on what they would do. We would like to hear how MeFi's out there would respond to having a similar financial position to the one I am going to describe below. This is one that my husband and I are currently entering and although we have our own ideas on how we would like to proceed, we were wondering how different people would approach the same circumstance.

My husband has developed a passive income stream which has consistently brought in enough money to cover our mortgage (approximately $2200 per month). We both work and prior to this passive income stream we still had enough money to cover all of our monthly expenses and save. We have an idea of how we would like our life to pan out, but we are really interested to know how other people might behave given our situation.

Would people turbo charge their pensions, pay off their mortgage faster, rent out their house while they move to different countries and work while they travel, have a child and one spouse no longer works, go part time and earn enough to cover the remaining bills?

I would like to clarify that this question does not concern the long term viability of the passive income stream. I will be happy to clarify my question further but please remember this is more about what you would do with your life given this income stream.

If I knew then, what I know now...

nineRED — Wed, 08 Apr 2009 05:36:29 -0800

Writing a finance 'book' for my niece...What do you know now about money that you wish you knew at 17? What have you learned the hard way? My niece will be starting college next year and I wanted to buy her a finance book aimed at teenagers in an effort to help her learn about money, pitfalls/scams to avoid, and generally helpful hints about credit, saving, taxes, etc. However, I have instead decided to write a personalized ‘book’ for her filled with beneficial tips, stories, and examples gleaned from various sources.
What would YOU include in a book like this? What do you know now about money that you wish you knew at 17? What have you learned the hard way? Additional topics I should be covering, such as credit cards, car payments, income taxes, credit scores, insurance, online banking, scams, and saving, as well as helpful anecdotes or tips (“Don’t sign up for a credit card on campus just to get the free frisbee…”) are welcome. Bonus points for college-specific stories.
No one taught me about money when I was growing up and I want to make sure that my niece has all the information she needs to make wise decisions.

What address to put on returns for filing taxes for two states?

Rustbeard — Tue, 07 Apr 2009 18:01:03 -0800

Last year I lived and worked in two different states (RI and CA) I worked two jobs in RI and then got another temp job in CA and moved out there in the fall. So I am using TaxCut to file my returns (yes I know its cutting it close) but I am confused when it asks for the "Employee's address" under the W-2 section; what do I put? Do I put my address where I used to live for those jobs back in RI or my current one in CA? I still consider myself a RI resident and will be moving out of CA in two weeks back to New England.

Cheapest method to send $30k to Dubai UAE?

lupefiasco — Sun, 29 Mar 2009 19:51:43 -0800

Simple question: what is the cheapest method to send $30k from the USA to Dubai, UAE? Any advice or experience is greatly appreciated! Options I have considered are - Paypal - Western Union - Moneybookers

I want my two dollars!

kaizen — Wed, 25 Mar 2009 18:20:48 -0800

What would happen if the United States defaulted on all of its debt, or simply said 'Screw off, I ain't payin!'. I know nothing about global finance, economics and power, but would like to understand what would happen if the U.S. could or would not repay its debt. If I default on a loan, someone is going to kick me out of my house. If the U.S. defaults on its loan, who would do the taking away, and what exactly would they take? If I am the biggest, meanest kid on the block, and everyone relies on me for candy, why do I have to pay you back? Can't I just kick you in the balls and keep your money?? I know this sounds stupid and simple, but what would stop the U.S. from saying to China, "F*ck you, I ain't payin, and by the way, I ain't buying anything from you anymore.". Who needs who more? How is power held it check when the sh*t really hits the fan?

How can the Fed Destroy Money It Created?

Pastabagel — Thu, 19 Mar 2009 07:41:35 -0800

[MonetaryPolicyFilter] In relation to the Fed's huge injection of money yesterday, please explain to me how, if at all, the Federal Reserve can destroy money on its balance sheet in a way that offsets the inflation that normally would result. The Fed's announcement yesterday that is it going to flood the economy with dollars would, in normal circumstances, be horrifically inflationary. But these are not normal normal circumstances. My questions are:

1) Why isn't this inflationary? To what extent have deflationary factors stemming from the credit crisis not yet worked their way into the economy such that they will offset what inflation results?

2) Explain Federal Reserve accounting to me. I sort of understand that the Fed can create this $1 trillion from basically thin air, but can it destroy money just as easily as it creates it?

3) Because the Fed is buying debt and debt-related instruments, can the Fed take the principal and interest payments it receives from these debtors (e.g. the U.S Treasury), and destroy that money just as easily as it created that money? In other words, when Treasury makes interest payments to the Fed on the bonds the Fed bought, can the Fed simply take that money and strike or "disappear" it from it's balance sheet forever?

4) If the Fed can do what is described in (3), is that the mechanism the Fed intends to use to avoid inflation that would normally result from such a huge injection of money? Has the Fed said anything about what it intends to do with the interest payments it receives?

5) Any resources related to Federal Reserve accounting or explanations of how its balance sheet works would be greatly appreciated.

I'm looking for accurate financial answers here, not lunacy or chatfilter. Thanks in advance for your help.