Frustratingly Correct Financial Answers

I have already written about Snappy Answers to Stupid Questions (the financial edition), but here are some more fun answers to give folks, that will cause them to comment, “Well that is obvious”, but remember that just because an answer is obvious, doesn’t make it any less correct.

Questions and Answers

You got some Q’s I got some A’s For You

Question: When is the best time to sell my stock ?

Answer: When it reaches the highest price.

Isn’t that annoyingly correct? No, it isn’t actually answering the spirit of the question being asked, but it is giving a very correct answer.

Question: Any tips on how to win the lottery ?

Answer: Yes, buy the winning ticket.

Yes, Captain Obvious is hard at work here, but I enjoy giving these kinds of answers, because folks keep asking me questions like this assuming I might have some amazing insight or karmic understanding about how lotteries work. Yes I did work in the industry briefly over 25 years ago, but no, I have no idea on how to make money on lotteries (unless you can run one, then there is a lot of money in that).

How about some investing advice, I get asked this one regularly:

Question: What are the best places to invest money in our {RRSP|RESP|etc., etc.,}?

Answer : In places that will make you the most money, and make sure that you sell before the price of them drop in value

Great answer, isn’t it?

The final one you have seen me answer so many times before, but, it is still very correct

Question: Is there such a thing as good debt?

Answer: No. If you owe money, you owe money, which is bad.

Did I miss any?

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Thanks to the Blue team, getting a good coach in the NHL is going to cost a great deal more. Over $50 Million for 8 years? Hopefully he can get a Stanley Cup for 2017 (50th anniversary of the last Blue Team Cup victory). For all those other coaches out there, I guess “… a rising tide lifts all boats…”? Who will coach the Red Wings now? Paul MacLean going to come out of hiding? I do remember that the last Coaching Messiah was Pat Quinn, then there was Pat Burns, hmmm… well, good luck Mr. Babcock (and can you use an old Man Friday?).

The Hamburglar

Wanted, dead or alive…

In other hockey money news, the Sens rewarded the Hamburglar Andrew Hammond with a 3 year one way deal as well for about $4 Million dollars. Seems like the Sens now have a glut of goalies, someone will be taking the Via Train out of town soon (is my guess). Hope these folks have some solid financial plans to save this money.

Glad to hear that CPP is now worth $246 Billion dollars, that means I can live on low ash cat food when I finally retire (OK, I have a real pension, but I am allowed a little dramatic effect sometimes).

If you thought you were having a bad day, think of poor Li Hejun who lost $15 Billion on Wednesday, are they somehow implying that the stock market goes down? I suppose this means he had to be worth at least $15B before Wednesday ?

 

TigerDirect (CA)

My Writings for Week Ending May 22nd

The Mad Men finale was fine by me, wrapped things up nicely, and I got to sleep in the next day, because it was a holiday, so nothing to be grouchy about there either. A short week for me, but I did manage to get two articles done:

  • The 10 minute rule with money is one of those articles I started about a year ago, but couldn’t figure out where to go with it, luckily I found how to make it sentient.
  • I keep comparing debt to things, I have previously said Debt is Like Fat, but this time, as I had been weeding my front lawn, I stated that Debts are like Weeds.

Kobo Canada
 

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Debts are Like Weeds

A short one for today

Dandelion

Bloody Weeds

Debts are so much like Weeds, removing them (one by one) seems like an insurmountable task, yet, if you go at it a little bit at a time, in a shorter period than you thought, they are all gone, but you have to stay diligent or they will continue to dominate everything.

There is your lawn and finance tip for the day, if you want a fitness tip read Debt is Like Fat .

 

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The 10 Minute Rule with Money

One of the better “time management” tricks I have run in to over the years, has been the 10 minute rule, where my interpretation of it is:

If something takes 10 minutes or less to get done, do that first, and do the other stuff afterwards

It has been useful for me, as I have a tendency to get “stuck” and be unable to select any task to complete, but now, I simply find the little tasks and start doing those (which then gets me going to work on larger tasks), but how can we carry out this in terms of personal finance?

Clock

How Long Can 10 Minutes Be ?

I guess the question is, what is a 600 second task financially ?

  • Updating your books (in Excel, Quicken, or whatever) should take less than 10 minutes, if you are doing it regularly.
  • Pay a bill as it arrives. Michael James commented on my Too Many Bill delivery Mechanisms posts that this is how he makes sure all bills get paid, pay them when they show up.
  • Call and cancel an unused credit card ? OK this one most likely might take a lot longer, but you never know, it might take less than 10 minutes.
  • Run a backup of your financial records, and/or your computer, you can never be too safe in that area (also maybe start-up an anti-virus check, or an OS update)
  • Do some shredding. You must have some old records lying around that need to be destroyed, do 1o minutes of shredding.
  • Go in your basement, find 2 things you know you will never use and either donate it, or throw it out, do that once a day for a month and  you might be surprised.
  • Ride a bike, go for a walk or do 10 minutes of stair  climbing, to plan for your retirement. (10 minutes of staring is not a good use of your time however).

Just some simple things to try to do, to get “unstuck” and start doing something. Are there other 10 minute financial tasks I have missed ?

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Starbucks, Monty Burns and #BestMoneyStories

Looks like Starbucks payment app for “smart” phones, has fallen victim to hackers, where they are able to hack the app, to steal banking info and then attack the customers banking or payment accounts. I have been having issues with my Starbucks account, and noticed many attempts to re-load (which is associated with a lightly used credit card, so it is easy to see it happening), so I assume I am a victim of this as well.  Whatever has been trying this, has been unsuccessful as my credit card company simply refuses everything from Starbucks right now (not a bad response). Guess I’ll go back to paying cash from now on.

Mr. Burns

Release the Hounds

Not sure what the fate will be of my favorite evil billionaire Montgomery Burns, given that Harry Shearer (his voice on the Simpsons) will be leaving the show. Will I ever hear him say those tender words, “Release the hounds!”? I have always wanted to hear Mr. Burns ask, “Smithers! Who is this saucy Blogologist?”, in reference to me, but I guess that is not to be. Given Shearer now has free time does this mean a possible Spinal Tap reunion? All they need ask is to “Gimme some Money”, and I will be at their concert.

Wonder if I wrote a long winded not funny story if I could claim I was tired like the Green Party Leader and plead for forgiveness HA! fooled you, I do that all the time (without the forgiving part of course).

I have always said that Football (soccer) was a gentleman’s game, played by hooligans, but it seems their fans are at the hooligan level too (what rude and clueless prat thought #FHRITP was a clever thing to yell?) . Bad behavior at sporting events is one of the reasons I don’t take my kids to them (that and the LUDICROUS price of the events). Explain to me how a hot dog can cost $7.50 ?

 

TigerDirect (CA)

My Writings for Week Ending May 15th

Mad Men is over this weekend, at least the Series Finale is this Sunday night, and I must say I did enjoy the show, but you would have guessed that from the man who wrote about the Financial Zen of Roger Sterling, wouldn’t you ?

  • Stats Canada reported there are less part time jobs in Canada in April, but what did it really mean remains the question to be asked.
  • To show I am still in touch with the dating world, I gave out some Class A dating advice, with Financial First Date Questions, and some excellent comments that went with it. Yes, my mind does work in mysterious ways.

Kobo Canada
 

More fantastic financial stories for this week if you click here

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