People who love celebrity gossip should love this – Michael Beasley, a forward for the Miami Heat has checked himself into rehab. It was announced across several media outlets, and the Michael Beasley Twitter page posted a new photo of him, sporting a new tattoo, and then was deleted. NBA rules make it so that if a player voluntarily enters rehab, they won’t have the book thrown at them as harshly as those that test positive and are mandated to get treatment. This isn’t Beasley’s first instance of trouble, as he was banned from the NBA Rookie Orientation, and fined, rumored to be for drug related reasons. Still, Michael Beasley has made a few million, so he won’t be hard up for cash until payday.
Ron Conway: Investing in a Down Economy
August 24, 2009
Photo: Ron Conway
Downturn:
Since the start of the new year, many people have asked me if I am going to reduce the number of investments during the down economy. I intend to do just the opposite. I feel there has never been a better time to be investing in or starting a company than the current environment. For entrepreneurs, a downturn often represents one of the best times to start a new business. Great people are often more available, there is generally less competition from other start-ups, and vendors are often open to negotiate better prices.
During these times, I’m looking to get even more active than I have been in the past. I plan to make 40-50 investments in the next 12 to 18 months. I will continue to focus on capital efficient, consumer Internet start-ups and the latest sector I’m most excited about is the “Real-time Web.”
Real-time Web:
It feels as if there is a major shift occurring in the web today. A number of factors are responsible for this: increased capabilities of location-aware smart phones, a shift of users’ behavior around sharing information online, enhanced connection to broadband networks, improved mobile camera and video devices. These factors among others are all contribute to this shift.
Platforms with explosive growth like Facebook and Twitter have built the networks and infrastructure to allow individuals to share and publish vast amounts of new information to the web. These platforms along with numerous others, and their millions of users, are responsible for creating a new corpus of content, information, and entertainment. I’m calling this new information real-time data. Others call it, the now web, or the real-time stream, but regardless I believe it is a multi-billion dollar opportunity and innovation in this sector is set to explode. I plan to spend a lot of time on this sector with my new investing entity called SV Angel LLC.
The Users:
Crowd sourced collective wisdom data from global users’ contributions created and consumed by the “always-connected” devices provide massive streams of content that have never before been available up until now. The structure of these networks allows anyone to create and share information and content that can be re-syndicated and re-shared by millions. This new corpus of spontaneously created content represents only a tiny amount of data on the web today, but will explode to over 15-20% in the next few years in my opinion.
I feel that over the next two to four years this trend will represent an increasingly large amount of data to be consumed by users on the web. With any new technology, user behavior, and fundamental shift dozens of supporting technologies will spurn the creation of hundreds of new companies.
The Opportunity:
New forms of search technologies, media discovery, advertising, analytics and photo and video sharing applications are just some of the existing technologies that will emerge, but in a new form, in a new company, with new founders to capture and shape the landscape of the next version of the web.
Innovation happens all the time. The web will have cycles of innovation. History will repeat itself and new business models will emerge. I’m excited to see evolutions of known models to support this new ecosystem, as well as totally new innovations that can happen now only because of where the web is headed.
Ron Conway is a Silicon Valley-based angel investor who was an early stage investor in Google, Ask Jeeves and PayPal.
Academic Earth | Great College Lectures, for FREE
August 24, 2009
Because our education should never end
The more you know, the more socially, intellectually and (in some cases) physically able you become. Being a well-rounded citizen, friend and self-sustaining individual are all ends that can be achieved in large part through education. Unfortunately, many give up on the idea that they have to continue to learn throughout their lives if they want to challenge themselves, grow and live vibrant lives. Too many accept the black and white the world gives, topping it off on rare occasion with a splotch of gray. This is a tragedy, in that the world is filled with veins of colorful experience. Knowledge of how to live – rather than merely subsist – is essential for people of all ages. If the brain isn’t stimulated, the chance of senior onset dementia in later life is increased.
Use your mind while you’ve got it
Some people make good in college and truly expand their mental horizons. Others turn away from that kind of life and choose a trade, an average job or simply to drop out. Still more would love to be exposed to a university education, but lack the funds or the time to actually attend college. Sure, cheap loans or cheap payday loans can help with a little money once in a while, but not enough to bankroll a college education.
Yet there is hope. The popularity of distance learning has exploded across the World Wide Web, resulting in the availability of high-level university lectures covering a wide variety of topics. Two of the best aggregators of this video content are Academic Earth and OpenCulture.com. At no cost to you and on your own time via online video, you can view complete lectures from MIT, Harvard, Yale, Berkley and Princeton, among other esteemed universities. It’s all organized by topic and is easy to search, too. … click here to read the rest of the article titled “Academic Earth | Great College Lectures, for FREE“
Caning | 40 Lashes for Sharia Law and the Mindless Masses
August 24, 2009
Does the punishment fit the crime?
Corporal punishment has a tradition that can be traced back into the governing history of many nations. Some claim to find enlightenment and “grow out” of the process, while others cling to it because they either believe that it is an effective deterrent against crime, are “authorized” to do so by religious dogma or certain individuals are in some way thrilled by the nature of the dominant/submissive power relationship.
Let’s assume a person is in dire need of money; they truly need cash until payday, but none is forthcoming. Rather than pursuing the safe course of taking out a cash until payday loan, let’s say the individual falls prey to the impulse to steal what they need to feed themselves or their family. In nations where corporal punishment is widely practiced, the punishment may vary from heavy caning to having the pilfering hands cut off. Generally, the severity of the punishment varies in proportion to the severity of the crime.
Muslim law in non-Muslim nations
Rafia Zakaria writes for Altmuslim that while such methods of corporal (and in some cases even capital) punishment remain a constant in Muslim society, there is concern that Sharia law is spreading into areas that non-Muslims and reform Muslims don’t want it to go. By nature of its persistence in Muslim societies and the spreading of these groups, acts like caning and other forms of corporal punishment begin to appear in world media, particularly against women. This outrages millions. … click here to read the rest of the article titled “Caning | 40 Lashes for Sharia Law and the Mindless Masses“
Ask Kim: Make Insurance Adjustments for College Students
August 24, 2009
QMy daughter will start college in a few weeks. What do I need to do about insurance for her?
Read more about Ask Kim: Make Insurance Adjustments for College Students…
Freighter World Cruises For the Adventurer in You
August 21, 2009
Saving for a needed holiday
Everybody needs to get away sometime. We save our nickels and dimes throughout the year. We stockpile vacation time and cut corners where possible to ensure that we have that little bit extra to help us get away for a nice holiday. Now that we’re dealing with a serious recession, being able to save on travel costs is certainly welcome. We all want cash now, and sometimes we resort to a cash loan or two to get it, but the reality is that if we are to be able to enjoy things like ocean vacation, we have to keep our impulses in check. Only those expenses that are truly necessary will do if we are to make that vacation we’ve been dreaming about.
An ocean vacation?
Yes, there are many of us who enjoy the occasional cruise on the ocean blue. However, even with a good rate on a cabin aboard a reputable tourist cruise line’s freighter, the costs can mount. Every smiling face aboard that vessel is looking to serve you, and tipping is customary. You can see how that can add up, as will the expense for alcoholic beverages if there’s a limit to what your food allowance will cover. At least square meals tend to come standard with your cabin fee.
If an ocean cruise is definitely for you but the cost has you a deep shade of blue, consider freighter world cruises. By that, I mean travel aboard a cargo ship instead of a luxurious ocean liner. Yes, I’m talking about freighter world cruises. According to numerous travel outlets, it isn’t as bad as it sounds… not bad at all, in fact.
You are cargo, but you won’t be treated that way
A recent L.A. Times travel story indicates that there are cargo ship companies that make space available (not cargo hold, but actual rooms) for a “limited number” of guests. Think 10 people or less in most cases. Amenities generally include three square meals with the crew, a comfy room with TV and movies available, a reading room, an exercise room and sometimes even a pool. Plus, you can usually get a tour of your freighter, which is something most people never have the chance to see. So long as you book months ahead of time, you can find space and save money over conventional cruise lines. … click here to read the rest of the article titled “Freighter World Cruises For the Adventurer in You“
6 Innovative Banks That Change Online Banking
August 21, 2009
Photo: signal9
Banking is a part of everyday life but at times can be extremely frustrating. Arcane policies, banking newspeak, overdraft fees, and waiting for funds to clear can be a source of frustration. And, with the rate at which technology is advancing, you’d think that banking would become increasingly efficient and trouble-free. Unfortunately, this is not the case with all banks yet, but we can rest assured that some of the more forward-thinking institutions are on the vanguard of a mission to make banking more enjoyable and more accessible for its customers. We like these types of banks, and we like banks that are willing to embrace new ideas, especially those with us in mind. The following are six innovative banks that have helped restore our waning faith in banking institutions:
US Bank
Arguably, the most technologically innovative change to mobile and online banking this year was US Bank’s new check deposit feature, via their iPhone application. Essentially this allows customers to take pictures of both sides of the check (using the iPhone’s camera) and send the images as attachments to US Bank for approval, as a deposit — with this system, the physical check never has to actually make it into the bank. With this app, the time that a check takes to clear is the same as if you were to go into a branch and deposit a check physically, and pending approval, funds are then made available. The app can also use your GPS coordinates and tell you where the closest US Bank ATMS are located, if you want to deposit checks the old fashioned way, or if you just need cash and are looking to avoid non-bank ATM fees.
ING
ING routinely generates positive press, and with good reason. This bank has one of the easiest online platforms to use, and offers a wide array of services including: high-yield checking and savings accounts, CDs, money market accounts, IRAs, and mortgage accounts – all of which can be linked to each other, and even linked with other accounts to outside institutions. But you can also keep your retail checking accounts separate from your ING accounts, if you want to create a buffer, or if it is easier for you to stay on budget this way. For example, with ING, you can have your paycheck deposited to each account automatically, or to your ING savings account, and from there to each account automatically. With the recent introduction of their iPhone app and its Android counterpoint, the ease with which the online experience can be initiated can now be accessed via one’s phone, including: scheduling payments, linking accounts, and transferring between accounts.
Ally
Ally Bank’s major selling points are twofold: they try their hardest to get the highest return for customers’ money, and they offer unparalleled customer service. For starters, Ally’s products offer returns that are well above what is currently available from most banks: 1.65% for savings, 1.7% for money markets, and 2% for CDs (for which there no penalties for early withdrawal). And, if a new product should become available with a better rate of return, Ally will email you to tell you about it. The bank has also made contacting a customer service agent extremely easy. For those that want to call in, there is 24/7 customer support line, and the wait time for customer service is posted on the home page (which usually is 0 minutes). But the really exciting feature is the occasional prompt to ‘chat with an agent’, that may pop-up if you are on one page for an extended period of time. You can also choose to initiate the ‘chat now’ f! eature, if you want. This is definitely a far cry from having to deal with call centers in far away lands, and getting the run around, when you are really looking for help.
MoBank (UK)
MoBank is the self-styled “wherever you go” bank. The service this UK brand provides is offered via the iPhone and iTouch. While the app is linked to your bank account, it is the commerce aspect which is truly innovative. With this service customers can search for and purchase movies (similar to buying tickets via Fandango) and train tickets, and buy things from web retailers all with the click of a button. There is also an interesting feature – that Mint users could appreciate – that categorizes your spending, so you can better track your spending habits. My initial concern about an application with this type of service was: what if I had this and lost my phone – what would stop the lucky finder from buying a bunch of stuff online with my money? Luckily, the accounts are PIN protected. Unfortunately, however, this service is only available in the UK, but I wouldn’t be surprised to see a flood of similar services being offered! in the very near future in the US market, with the current hype about, and demand for m-commerce apps.
SmartyPig
SmartyPig is a really great idea, and unconventional as it may sound, it works. This site makes saving fun, and social: after joining this service, subscribers set savings goals, and make them public ( along with your progress). Members can then invite friends and family to help save – it effectively lets them know, “hey, I’m trying to saving some money over here and you are welcome to help me out by directly depositing into my account.” While maybe not all of your college buddies will be willing to shell over money for you to get a new motorcycle or laptop, it might be a way to subtley suggest to a grandmother than you’d rather her contribute to your savings, than buy you another sweater this Christmas.
Wells Fargo Envelope-less ATMs
One of the less-hyped but more interesting innovations I have seen lately is the implementation of Envelope-Less ATMS at Wells Fargo. I often find myself depositing checks at the ATM, and for whatever reason, I usually don’t carry pens around in my car. There have been other times, where I have made it to the ATM, only to find out that I had a pen, but that the machine was all out of deposit envelopes. Thankfully, Wells now has a feature that enables customers to deposit up to 30 Checks, or up to 50 Bills in one transaction, without any envelope (or pen, of course). You simply feed the checks or notes into the machine, everything is scanned in and counted for you, shown on a display for you, and you are issued a receipt. Bank of America has recently implemented a similar product, but their ATMS operate on a one-check-one-deposit transaction, although multiple bills can be deposited. Not surprisingly, Chase earlier this month announced that they will be introducing ! these new ATM’S in many of their branches later this year. Hopefully, one day a system will be in place for funds from checks scanned into these new ATMs to be made instantly available, but for now this will have to do.
Read more about 6 Innovative Banks That Change Online Banking…
Roth IRA Conversion
August 21, 2009
The option to convert a Traditional IRA to a Roth IRA has been around for a while. As long as your modified adjusted gross income (MAGI) is under $100,000 you have qualified for this conversion. Contributions to the Traditional IRA is tax-deductible, which means that your tax bill is calculated after ignoring the amount you deposit into the IRA. You will pay those taxes after you retire and begin withdrawing these funds. If you have a higher tax rate now than you will in retirement, the Traditional IRA is a good choice.
On the other hand, the Roth IRA is not tax-deductible, so the deposits into this type of IRA are not exempted from your total income calculation for tax purposes. In effect, you use “after-tax money” to invest in a Roth IRA. This is a great choice for people who believe their tax rate now will be lower than it will be in retirement once they begin taking distributions.
There are two other benefits to the Roth IRA that often go unnoticed. The Roth IRA does not require distributions after age 70 1/2 like the Traditional IRA, offering more flexibility in retirement. The Roth IRA is better for estate planning; choosing a Roth IRA rather than a Traditional IRA for funds passed onto your heirs will allow them to avoid tax bills.
These benefits come with a drawback: if your MAGI is above $105,000 ($166,000 for those who are married filing jointly) your maximum allowed contribution begins to reduce and will completely phase out at $120,000 ($176,000 for married filing jointly). But there is now a law that will help you get around this for a short time.
In 2010, the $100,000 maximum for Roth IRA conversions will temporarily disappear. If you believe the Roth IRA is a better option for you but you have been prevented from investing in this type of account due to income limitations, now is your chance to make the change. Here is why this will be allowed: When you convert from a Traditional IRA you owe taxes on the amount of the conversion, and the government would really like that income.
If you must pay those taxes using funds from your IRA, the conversion might not be a good idea, but if you have cash saved for the tax bill you will be better off.
You can also convert accounts known as SEP IRAs and SIMPLE IRAs.
Here are some quality resources regarding Roth IRA conversions.
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Protections Expanded For Credit Card Users
August 20, 2009
As of Thursday, credit card issuers are now required by law to give borrowers at least three weeks to make a payment and 45 days advance notice of any rate change. During that time, consumers can search for a better deal. But that doesn’t mean consumers will pay more — or less — in the aggregate.
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The Difference Between Installment Loans and Payday Loans
August 20, 2009
Get the right type of online loan
If you’re looking for a short-term loan, you have a couple of different options. The main types are installment loans and payday loans, which are similar. You can get both types online, through Personal Money Store. Both types of loans will get you quick cash, usually transferred to your bank account in a couple of hours.
There are different advantages to both installment loans and payday loans, so make sure you get the right type of loan for you. First, let’s look at installment loans.
Fast cash and a payment plan
If you need cash fast — as in TODAY — but you need more money than you can pay back with your next paycheck, you can get an installment loan. It is a short-term loan, so you should only borrow an amount that you can pay back within the next few weeks. The term of your loan depends on your lender, but you should expect to finish paying off your loan within a couple of months.
You will get the full amount of your loan today, but instead of having to pay back your loan amount and lender’s fees all in one big chunk, like a payday loan, you can it break up into payments. Here is my advice about installment loans: Schedule your payments for each time you get a paycheck. Make the payments as big as you can while still being able to realistically afford it. But know that once you make a loan agreement, you must stick to it. … click here to read the rest of the article titled “The Difference Between Installment Loans and Payday Loans“
Martin Rogen 