A study performed by professors from the University of California, Irvine found that there were vast discrepancies in the costs of using different online brokerages offering commission-free trading. Bloomberg's Eva Szalay reports: Last year, five US professors opened two brokerage accounts and placed identical orders to test an algorithm. The next day, one was down by $150. The other was up $12. They discovered it wasn’t a one-time anomaly. Over more than five months, the academics used their own funds to execute 85,000 trades in 128 different stocks and made what they consider an … [Read more...]
Americans Aren’t Paying Their Bills
Why aren't Americans paying their bills? More customers are not paying their bills. Veronica Dagher reports for The Wall Street Journal: More Americans are falling short on their financial responsibilities, like paying their bills or meeting with their financial adviser. In many cases, it’s happening because, they say, they simply forgot. Financial advisers and researchers say plenty of people are missing payments because they can’t afford them. Stress due to inflation, the Covid-19 pandemic and stock-market volatility is also causing them to miss items on their money to-do lists, they … [Read more...]
Some Lessons You Just Can’t Get from a Textbook
Is office work dead? For those who just graduated from high school or college, some of the best work experiences you can get are from being in the office, or restaurant—face to face with your coworkers and customers. You get lessons you can’t learn from a textbook. What I learned at Fidelity Investments in Boston, MA was how the back office worked. That’s an essential understanding for me today as we use Fidelity as our custodian for clients. But what I also learned was how to live on my own, get to work on time, see how a large team works (not always together), get my car fixed, … [Read more...]
“Where’ve You Been the Last Couple of Years?”
If all of a sudden you’re receiving calls from your financial guy, don’t you wonder to yourself, “Where’ve you been the last couple of years?” Because the full-court press is on to get in touch with you by the big firms you read about. Don’t be a number. If you have any savings you care about, I want to talk with you. You deserve the best. That’s why I’m here. And please, don’t worry about how much or little you have. I’ll help you figure out if we can work together. I think we can. As I wrote to you recently in this piece: Cut the Wait Times at Fidelity and Vanguard with Your Survival … [Read more...]
Listen Your Survival Guy is not “Mr. Peanut”
Your Survival Guy loves the holidays. But let’s get something out of the way. Your survival food prep should not be considered “free game” for one and all. You’re not running a convenience store; you’re trying to plan for the unexpected. But that’s what it feels like sometimes, like I’m a stock boy. Case in point. Before heading out for a small family celebration on Saturday night, someone asked if “we” have any peanuts, knowing I have a stack of ‘em in the basement. “Do I look like Mr. Peanut?” I thought to myself. “I don’t have any that are easy to get to,” I said, thinking that they were … [Read more...]
Blue State Governors Punish Working Class with Severe Lockdowns
Coronavirus Infects Stock Market: Part LIX Severe lockdowns in blue states are driving unemployment to Depression Era levels, and devastating the finances of working-class residents. Before their governors went wild with lockdowns, these same workers had been enjoying their best economy in decades. The Journal reports on the skyrocketing unemployment in blue states: The Labor Department on Friday reported jobless rates in May for the 50 states, and the news is the greater than usual variation. Some state economies are recovering much faster than others, and the worst performing tend to be … [Read more...]
Charging Stations in Public Places Could Be Loaded with Malware
Have you heard of Juice Jacking? The term is the name of a strategy used by hackers to load public USB charging stations with malware that can attack the devices of users trying to charge them. Allowing your electronic devices to be compromised by malware can be one of the most stressful and violating modern experiences. With more of your life than ever before attached to your phone, tablet or laptop, giving a criminal the ability to sift through your data and learn your most intimate details can be a nightmare. So how do you protect yourself? First, as Doreen Christensen reports in the … [Read more...]
Google to Offer Checking Accounts Next Year
I don’t like this at all. The name alone, Cache, is dripping with smugness. When it comes to your money privacy is always paramount. CNBC's Jeff Cox reports: Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing Big Tech’s boldest move yet into the consumer banking business. Most previous efforts have focused on credit cards and payment platforms. The accounts for the project will be run by Citigroup and the Stanford Federal Credit Union, the source said, confirming a report in The Wall Street Journal. As part of a … [Read more...]
This Money Market Fund is Paying 47 Times More than its Competition
Fidelity investments may be sparking a war among money market funds by offering a 1.91% yield on money in new brokerage and retirement accounts. That's 47 times higher than Fidelity competitor, TD Ameritrade, 10 times higher than Charles Schwab and 27 times higher the E*Trade. Vicky Ge Huang reports on Fidelity's move at AdvisorHub, writing: “I am not surprised to hear that Fidelity is offering better interest rates,” said Greg O’Gara, senior wealth management analyst at Aite Group. “They continue to try to reach out to their client base and prospects by offering superior product alternatives … [Read more...]
New Jersey Taking Small Steps to Pension Reform. Is it too Little too Late?
America's pension systems are in trouble. Here's a little sample of what's gone wrong: Illinois: New Governor, Same Old Pension Pyramid Scheme Is Your State’s Pension System about to Collapse? Pensions are Still Hiding from the Truth Connecticut: Big Government Utopia Begins to Crack Broke States Trying New Tricks to Wrangle Lending California Pensions Continue to Make Headlines Pensions in a Load of Trouble Fuzzy Math Can’t Hide This State’s Pension Trouble Anymore In light of the pension troubles facing New Jersey, politicians are finally starting to take steps … [Read more...]