True Cost of Credit

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Most of us know how much our credit card is costing us, although as I posted before many of us don't know how the credit card companies can "trap" us into paying higher fees and interest rates.  What a lot of us don't know is how much the seller of what we're buying is paying to the credit card company.  Now there's a website called truecostofcredit.com where you can plug in the first six numbers of your card (the first six numbers don't identify you in any way, but do identify the issuer of the card) and it will spit out what the credit card company charges the seller.  I think you'll be surprised at how much they charge.

I should note that what the credit card companies charge is perfectly legal and the sellers enter into the arrangement with eyes wide open.  I also think that credit card companies should make money for the service they provide.  My problem with many of the card issuers are some of their practices, like changing your interest rate for no good reason and charging some interest rates that can fairly be described as usury, and the fact that they are not transparent in their business practices.  That's why I'm glad to see some sunlight being shined on their business practices.

How to Be a Ripped Daddy

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AMR, Winston-Salem's stay at home uber-blogger, is sharing a video called Stay at Home Daddy Workout that is hysterical. The video's all about a guy using his kids as weights, but the real humor is in his pseudo-fitness-guru lingo.  Sadly this kind of hit home with me because the first time I ever threw out my back was 15 years ago when our oldest was a toddler and I was doing leg lifts with him on my feet (don't ask). 

Download Tax: How You Know the State’s Desperate for Revenue

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If North Carolina's Revenue Law's Study Committee has its way we residents will soon be paying state and local taxes on ringtones, movies and music we download.  According to the story the committee thinks the state would raise about $8 million and local governments would raise $4 million from the tax.  Considering how deep the revenue hole is for the state I'd say the stage is set for the legislators to enact this really bad idea. Why do I think it's a bad idea?  Well, it has to do with my professional life.

Back in the dark ages I started my career in direct marketing.  Put simply we sold things to people all over the country via mail (think catalogs) and one thing we had to track was the location of our purchasers.  If they lived in the state where our business was located we had to collect sales tax, but if they lived elsewhere we didn't have to.  There were some legal reasons having to do with interstate commerce that I didn't really grasp, but I was always thankful because the logistical headache of calculating all the different state and local tax rates around the country was an absolute nightmare. Also, because of shipping costs the cost to the consumer was pretty even if they purchased by mail versus purchasing from a store, but if you added tax it would become much more expensive to purchase by mail.  That's helpful to local businesses, but only if they carry the item you're trying to purchase.  What if they don't sell that item?  Then you, the consumer are paying shipping and taxes.  

In today's world it wouldn't be too difficult to set up an online shopping cart to automatically calculate taxes based on the buyers addresss, so as far as I know that issue doesn't really apply anymore.  What does bother me about this, though, is that because taxes on downloads aren't being applied in all states we North Carolinians might lose access to some online sellers who decide that it isn't worth doing business with North Carolinians because of the tax headache (calculating, collecting and paying taxes adds to a company's operational costs). That in turn could lead to fewer competitors in the marketplace and a rise in product costs that we'll also have to pay the extra 7%-ish in taxes on.

I'm also curious how the state plans to collect the taxes. In the offline world a retailer collects the tax at the point of sale and then sends it to the state.  Some businesses try to cheat and not send all the collected taxes, but if they do that and the state catches on then the state can take appropriate action.  How will they know when a seller in Fairbanks, Alaska sells a song download to me in Lewisville, North Carolina?  And if they do find out how will they go after the company in Alaska?  I'm sure there are ways, but won't it involve other states' agencies or the feds?  Basicaly, I'd think that the pain-in-rear aspect would prevent them from going after all but the biggest cheats.

All in all I'm just not sure it's such a great idea.

The Big Eat, Tuesdays in Winston-Salem

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The Downtown Winston-Salem Partnership is sponsoring The Big Eat: Tuesday Nights Downtown an event that features 15 dowtown restaurants offering 50% off of a signature dish every Tuesday night between February 3 and March 31.  A list of participating restaurants and a Google map I threw together is below; more details, including a list of signature dishes, and printable PDF versions of downtown maps for the restaurants and parking are available at the Partnership's website.

  • 6th & Vine: 209 W. Sixth St. – 725-5577
  • Bayberry Bistro: 420 High St. – 397-8302 
  • Celtic Cafe: 924 S. Marshall St. – 703-0641 
  • Chelsee's Coffee Shop & More: 533 N. Trade St. – 703-1503
  • Downtown Thai: 219 W. Fourth St. – 777-1422 
  • Foothills Brewing: 638 W. Fourth St. – 777-3348 
  • Hutch & Harris: 424 W. Fourth St. – 721-1336 
  • Mellow Mushroom: 314 W. Fourth St. – 245-2820 
  • Meridian Restaurant: 411 S. Marshall St. – 722-8889 
  • Noma Urban Bar & Grill: 321 W. Fourth St. – 703-5112 
  • Quiznos Subs: 310 W. Fourth St. – 725-3423
  • Sweet Potatoes… a restaurant: 529 N. Trade St. – 727-4844
  • Wolfie's Frozen Custard: 420 W. Fourth St. – 245-2400
  • WS Prime Steakhouse: 425 N. Cherry St. – 722-5232
  • The Garage: 110 W. Seventh St. – 777-1277
  • Camel City:  401 W. Fourth St. – 734-1797

  

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My Strategy for Starbucks

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So Starbucks is closing 300 more stores and cutting 6,700 jobs.  Obviously things are dire, so I have a recommendation for the purveyors of strong coffee, strange teas and liquid candy bars: re-brand yourself as a healthcare and male enhancement company.  After all just this last week we've heard that coffee helps lower the risk of dementia so that's a start.  The next step is to take on Enzyte in the male enhancement category.  After all if Enzyte can claim natural male enhancement with absolutely no proof why can't Starbucks?  And I'm telling you, if you can get guys to think that drinking a cup of coffee will enhance their maleness and their ability to remember it you'll have lines around the block.

Free Income Tax Help at Truliant

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Truliant is hosting free tax preparation help every Saturday from 9:00 AM to 12 PM starting this Saturday, January 31, through April 11.  From the press release:

The Forsyth Working Families Partnership offers this free tax preparation service through VITA to working families who make $42,000 or less in annual income. VITA started their partnership with local communities to help eligible families collect the Earned Income Tax Credit (EITC). It is estimated that millions of dollars in EITC go unclaimed by eligible working families every year.

Truliant employees are volunteering their time to this program to offer low-income, working families affordable tax return preparation, encourage savings and increase the number of tax returns completed. 

Truliant Federal Credit Union’s Fred J. Sarda Community Pavilion is located at 3200 Truliant Way. The hours of operation for this free tax preparation service are Saturdays, 9:00 a.m. – 12:00 p.m., from January 31 through April 11. 

Individuals taking advantage of Truliant’s free service need to bring the following: picture ID, Social Security card or ITIN and the Social Security card of each independent to be claimed, the employer ITIN or Social Security number of child care providers, W-2 form(s) and or 1099(s), last year’s tax return, amount received from the 2008 stimulus package and if applicable, the amount of their 2008 Advanced Child Tax Credit. 


Protect Yourself from the Credit Vultures

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The blog "Get Rich Slowly" has a post on how to avoid five common credit card company "traps":

  1. "As low as 9.99% APR!"
  2. "Up to 5% Cash Back!"   
  3. "0% interest on balance transfers for 12 months!" 
  4. "Your card has a credit limit of $3,000" 
  5. "Any time for any reason" 

The post describes each of the traps and how to deal with them.  Believe me, this is really valuable information.  Most people have no idea how the terms on their credit cards can change and how what seems like a great deal can actually be the stinky end of the stick, at least until they grab the stick and it's too late.

Help for the Kids

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Esbee's post this morning about the effects of job losses and potential job losses on families cuts to the core.  The essential question: how do you reassure your kids whose parents have lost their jobs or whose friends' parents have lost their jobs?  It's the third comment on her post that got to me, and I think it's important enough that I'm sharing it below:

We are noticing an increase in students that are becoming homeless due to job cuts and layoffs. It is heart breaking to know that some of my students don't know where they will stay tonight. They don't know what or if they will eat. I do what I can by having snacks in the classroom, but I can only do so much. A pack of "nabs" isn't going to fill an empty belly. 
Please donate to your child's school's fund for these kids. We really need it now more than ever. The social workers have a fund set up just for such kids. Teachers reccomend them anonymously and the social worker offers aid to the family/student. Parent's can also go to the school to ask for help.

According to this recent story in the Winston-Salem Journal 47.7% of the kids in the Winston-Salem Forsyth County School System qualify for free and reduced lunches and that percentage is expected to rise.  Many of us are struggling to make ends meet, but if you have a spare dime please remember the kids.

Getting Ears Lowered at Hallyburton’s Barber Shop

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I get my hair cut at one of the last bastions of pure testosterone in the Lewisville-Clemmons area: Hallyburton's Barber Shop on the corner of Styers Ferry and Harper Roads.  I love the place because it features the following:

  • Two barber chairs that are older than me, and likely are older than my grandfather.
  • Two barbers who will rib you all day long but are the nicest guys in the world, Steve Hallyburton and David Sowers.
  • Your choice of two old theater seats or two old church pews to sit on while you wait. 
  • A checker board or a deck of cards to play with if you're so inclined. 
  • An atmosphere of having all the time in the world.  Time slows down.
  • A wood burning stove to keep you warm. 
  • NO fashion magazines, but plenty of hunting and car magazines.  Usually there's a copy of that day's newspaper available too. 
  • Great conversation with David, Steve and whoever else happens to be there. My favorite to date was a rather in-depth discourse on the effects of eating the hottest wings from Ronni's. 

As you can tell I like my barber shops old school. Nothing against the Great Clips of the world, but I like my barbering to come with as little froo-froo as possible.  At Hallyburton's the occassional Mom that ventures in with her son for his far-too-delayed buzz cut is treated with respect (the conversation definitely changes) but with the exception of the most hardy the women appear slightly uncomfortable.  I'm sure they feel much as I do when I have to venture into places where they put stuff on your nails, mud on your face or cucumbers on your eyes.  It's just not their cup of tea.

I hear tales of other local "testosteroney" barber shops but I haven't been to any.  Feel free to share if you know of one.  If you're in the Lewisville-Clemmons area stop in and give Steve and David a hello and tell them I sent you:

Hallyburtons Barber Shop
6290 Styers Ferry Road
Clemmons, NC 27012
(336) 766-9372