Platinum Money Talk

This article was posted a while ago about conversations to have before you get into marriage. In the most basic sense, it's all about communication (big surprise, right?) Relationships tend to live and die by people having a clear idea of what they are getting themselves into and how their interests mesh with their respective partner.

But lately I've been helping a couple of friends from various stripes with finances and I realized that these kinds of conversations are keys for any time we enter into financial relationships with anyone. The difference is that when we get a loan or save money at a bank, there are formal ways to give this information (and the bank requires it, for your and their protection). It's only in the private sphere that we don't have a formal mechanism for finding out this information, mainly because unlike market transactions, there are feelings involved and asking people about money is perceived as impolite.

I'm not saying that it's a bad thing that we don't ask people to fill out a form when we start dating or living together, I just mean that we're constantly looking for data to help us make better decisions. Yet (according to this article and my experiences) in the private sphere we seem to consistently be rationally ignorant when it comes to these kinds of transactions because there is a social cost associated with them that we're unsure how to broach. And while I now know what conversations to have before getting deeply involved monetarily with anyone privately, I'm not exactly looking forward to doing joint tax returns.

Platinum Promos and Programs

So it's getting around that time again to start shopping for holiday gifts. And I have to say, living on a limited budget begets some pretty creative ways to save money. I figured I'd share some of my discoveries with you as leaves turn their colors and thoughts turn to presents.

1) If you have a Bank of America account and you do most of your shopping online, then you're in luck with this tidbit. If you're not familiar already, I introduce the Add It Up program. Unless it's a very obscure website, chances are you'll find the website you want to shop at in their database. You simply pair a credit and/or debit card with the program, click through Bank of America's database to the website you intend to shop at, and go to town. To give you an example, the Add It Up program was advertising 11% cash back for Priceline.com for a limited time, so I purchased my ticket home for Thanksgiving there and will be receiving roughly $20 cash back in the near future.* I hear Discover and CitiBank also offer programs like this as well.

2) Google promo codes when you see the box to enter a promo code on the checkout screen. Usually websites like RetailMeNot.com and the like have some promotional codes for even the most obscure websites. I've saved and additional $5-10 on average from doing this.

3) If Add It Up doesn't have the website you wish to shop from, use your Frequent Flyer Miles for whatever reward program(s) you have. Getting miles like this is the easiest and free way to keep earning miles for travel, or at least to hold onto miles and prevent them from expiring if you're like me and don't fly often enough to actually garner enough frequent flyer miles for a whole round-trip ticket from flying alone.

4) This final one is a more generic tip, and I usually don't have time for it, but if triple coupon-value week at the Teeter gets you excited, then there are blogs out there that have grocery and drugstore coupons for you so that you don't have to invest $14 for a 6-month subscription to the Washington Post in the hope that you'll save more money in the value of coupons than the subscription is worth.

Happy shopping!


*(To make sure the program signature isn't lost while I'm browsing, I usually go through the Add It Up program again after I've added things to my cart, and they're still there after I go through it. This way I haven't had any problems with Bank of America not registering the cash back rewards.)

Elizabeth Lambert

... suddenly a fan of soccer again

Elizabeth Lambert is the hottest college soccer player ever.
Liz if you're reading this, look me up when you're in DC!!
Elizabeth = martial arts + soccer + platinum platinum rock 'n roll

Liz you let those girls know whats up!!!

Platinum Links: Be Careful Who You Mess With Edition

1. Part of me thinks that Michelle Rhee should be more cognizant of the limits of executive authority and respect the rules set down by the legislative branch. But the other part of me completely agrees with Kevin Carey and thinks that ruffling feathers in the education world is probably the greatest indicator that you are doing the right thing. Great blog post.

2. Awhile back, John Mackey, the CEO of Whole Foods, wrote an op-ed in the Wall Street Journal about alternative ideas for health care reform. There was a bit of a response. Anyway, the folks over at Reason produced this video on the whole thing. I'm not sure what's less platinum; the activist calling Mackey racist for not supporting healthcare reform or the other activist assuming he knows more about the healthcare at Whole Foods than he actually does. (HT: D-Rock)



3. Fascinating article about the orthodox Jewish community reporting sexual abuse. Really. Several random thoughts. People tend to think I'm anti-government. I'm not. I like to consider myself more pro-openness. Generally, this means less government, but not always. What's truly interesting about the story is how it demonstrates how cloistered communities develop legal systems. Just because they do not exist as a top down legal authority does not mean they are just and does not mean that they are better than the alternatives. Kudos to the local prosecutors for handling a very difficult situation and encouraging a solution that works within the context of that specific culture.

4. Ummm....can we say, "Net neutrality has tradeoffs."

5. Office gossip is kind of rough. For the record, the article describes the politics of the elementary schools I taught at perfectly. Only I'm not so deft at disrupting it...mostly because for the first year and a quarter of teaching I was participating in it.

So Amazing!

My father needs to find these people and join, immediately. Robert Goulet. Robert. Goulet. The last time I was this proud of St. Louis was when we won the World Series.

Furloughs in Hawaii: Platinum or not-so-platinum?

So Hawaii, like many states, is having a massive budget crisis. In education, states have chosen from a variety of alternatives in order to deal with the deficits. Some have laid off teachers under seniority and some have laid off teachers using other criteria(which may not be super platinum in it's own ways, HT: Courtney). Other states have used across-the-board salary reductions or just cut funding to specific programs.

Hawaii chose something a bit different: they decided to shorten the school year by having seventeen (yes, seventeen) fewer days of school annually through 2011 using furloughs. I haven't heard of another district using this specific approach when it comes to education. Personally, this seems like one of those too-perfect-for words examples of putting the interests of adults ahead of the needs of children. Adults get to keep the same amount of pay(proportionally) and get more days off while children receive less learning time (in a state with one of the shortest school days and years) and parents must scramble to figure out what to do with their kids seventeen days of the year they hadn't planned to. And now there are some lawsuits saying that the new contract is illegal and the Governor is evil blah blah blah.

So that's the background. Here's a few quick hits.

• Multiple friends of mine have posted on facebook pictures from a "teach-in" protest(with celebrities!) at the state capitol and are blaming the governor for the fact they can't be with their kids. This is completely disingenuous. The contract that cut out seventeen days was ratified by teachers by 81% to 19%. That means that the people protesting have already spoken (with their pocketbooks) and said that preserving the status quo (in pay, their responsibilities, class size) is more important than learning time for their students.
• Speaking of going back on their word, let's go back a couple years. In April 2007, Hawaii teachers voted on a contract (good summary article) that would give across the board raises (11%) for teachers, require only one year of teaching before tenure, and required mandatory randomized drug testing. That contract was also ratified by large margins (61%). Almost immediately after the contract vote, the union announced that their interpretation of random drug testing was that if someone was suspected of being under the influence, they could be tested. The governor, and now they are in court, still fighting two years later. Meanwhile, teachers have been receiving the raise that was part of the contract for the entire time (I'm not sure about the one year-tenure thing).
  

So what does all this mean? Personally, it suggests to me that neither the union nor the teachers they represent negotiate in good faith. Once you agree to something, you are legally obligated to follow through on it. It's impressive that no one stands up and says, "Hey buddy! You voted in favor of this! If this is so bad for the kids, why didn't you just take a pay cut or announce layoffs?" I personally think furloughs are a poor policy solution when it comes to education, but as a practical matter, they do solve the budget issue. But what I consider galling (and highly un-platinum) is the completely disingenuous behavior of everyone involved. Welcome to life in Hawaii.

Update: As soon as I posted the previous version of the post, I regretted using the word, "jackass" to describe some people who I believe are being hypocritical. My bad and I apologize. Completely non-platinum and this is me owning it.

A Platinum Nobel Prize Winner

We've all received news by now that President Obama received the Nobel Peace Prize and the general surprise that's followed, but recent announcement of 2009 Nobel Memorial Prize in Economic Sciences award winners Oliver Williamson and Elinor Ostrom is apparently causing a stir in the economic profession. Williamson won for his work in New Institutional Economics, and Ostrom for her work on the theory and practice of institutional economics. Ostrom is the first woman to win the Nobel Prize in Economics.

According to economist Steven Levitt, author of best-seller Freakonomics,

the economics profession is going to hate the prize going to Ostrom even more than Republicans hated the Peace prize going to Obama. Economists want this to be an economists’ prize (after all, economists are self-interested). This award demonstrates, in a way that no previous prize has, that the prize is moving toward a Nobel in Social Science, not a Nobel in economics.

He says this isn't necessarily a bad thing, but that his colleagues would find it unpopular. I don't know what 'circles' Levitt travels in, but news of Ostrom's receipt of the award has generated quite a positive reaction from the scholars I know. Ostrom isn't mainstream and therefore, according to Levitt, would ruffle the feathers of the economic community because (1) she is not well-known, and (2) apparently isn't enough of an economist for him.

Read Paul Dragos Aligica's article at Reason about her. He and many other scholars, ecstatic about Ostrom's winning the prize, have been very vocal about their reactions. AP quotes Dragos here:

"Until her work, the thinking was, 'let the state intervene,'" said Paul Dragos Aligica, a political scientist at George Mason University. "'If you leave it to individuals to do whatever they want, resources will be depleted.' But she said `hold on' and found that's not the case." Aligica wrote his doctorate under Ostrom's guidance.

Not all the Nobel Prize announcements have been confusing or disheartening.

Platinum Traveling

So I apologize for not posting for quite a while. I honestly just haven't had much to write about. Happily, I am on vacation this weekend and traveled to Chicago to see some friends of mine. KM and CS have a great apartment in Wicker Park (yes, that Wicker Park for all you movie buffs out there) and both seem to be doing great in their new respective lives. Seeing as how I've spent the weekend traveling, I thought I'd remark on a platinum and not-so platinum travel moment I had this weekend.

Platinum Packing
For those of you that know my family, you'll know that they are atrocious at packing. Since I was a child, it's always been a more stuff=better mentality when it comes to packing for any kind of trip, be it for a day or a week. The results of this were cramped cars, lots of time spent packing/unpacking, and my family never really being forced to think about what we wanted to do (and therefore needed to pack) on trips. Not surprisingly, my family is also not good about cleaning out old crap we have in our house. Having seen the houses of my relatives, and most importantly my grandparents, I'm tempted to use Psych 101 to describe this as the "Depression Conception of Packing/Storage." DCOPS means that you want quantity over quality and that you hold onto things you have no reason to because "You never know when they could be useful."

I, at least in my adult life, firmly reject this way of thinking. I pack light and think strategically about what are the most likely things I'll be doing on any given trip. I don't check baggage and I don't eat or drink before or during travel for the most part. These are all things that will slow you down. I can pack for just about any weekend trip (and most other trips) in less the 20 minutes. I keep a bag of toiletries packed for just this purpose (including a ziplock bag for TSA). All in all, I'm able to travel about as efficiently as a business traveler, despite having far less practice.

On the home front, I periodically (about once a month) go through all of my paperwork and throw out/shred anything I don't honestly need. All of my bills and paperwork from banks are sent to me paperless via email. I give away/throw out crap that I don't need or doesn't fit me anymore. Being someone who has the attention span of one of my third grade male students, I know that I like to move around and am not likely to stay in one apartment or city for more than a year or two. Staying lean and mean makes it easy for me to do that. Caveat: I'm not saying that how my parents or relatives live/pack is bad; I'm saying it doesn't work for someone with my lifestyle and desire to control my living space.

Metro Non - Platinum Behavior
Anyone who has used public transportation (or probably any kind of transportation) for any period of time can tell you that there are norms for behavior. Don't stand on the left on the escalator. Let people get off the train/bus before you try to get on. Don't play your music loud enough so other riders can listen to it. There are honestly a million of these and the more you ride public transit, the more you learn some of the more nuanced ones, like realizing that where you should stand on a train can be determined based on how long it is till your stop (stand in the middle the of the train if you've got a long way to go so that you don't get in the way of those getting on and off in the interim). But there are few norms of behavior in these situations that are easier to comprehend and follow than "Don't fight."

On Friday night, I was on the metro heading over to a friend's and saw a fifteen (not kidding) girl fight going on at L'Enfant Plaza. I heard it as I came up the escalator from downstairs. A bunch of black girls were arguing and talking very loudly. Being Friday night and a strategically located Metro station, there were a pretty good number of people on the platform, all watching from the corner of their eyes. The arguing continued to escalate until the girls began throwing punches and a scrum ensued (the fight started right as the train was pulling in). Two things were striking: 1) It didn't look as though anyone was going to look for a train attendant or police officers (who should have been there, given this particular station is known for this sort of thing) and 2) The very fact that people were around seemed to agitate the girls more. As many have said before me, no one wants to be the punk, even if it means getting your ass kicked in the meantime. It, along with the other fights I've seen on a metro (see drunk white guys at 2:30 am later that night) are some of the most depressing things I've witnessed in my adult life. Maybe it's because I'm a sissy, but it's incredibly sad to see people fight out of sheer boredom.

Plaxico Burress, I don't get it.

I get that Plaxico Burress had a gun, and that he shot that gun in public, but he only shot himself... by accident... in the leg. Remind me because I can't seem to understand, why are we punishing him? How is he a danger to society?

I think it's safe to assume that Plexico learned his lesson about firearms but where is the civil threat?

Frankly, if I were the football player responsible for catching a pass that toppled perfect season of the New England Patriots, you're god damn right I'm carrying a gun. Fact I might even carry two. This is a perfect example of an individual aiming to protect himself and the state eroding that right. I'm not a big second amendment kind of guy, but I do take some level of comfort, however crazy the thought, in the fact that American can protect themselves.

Maybe I'm missing something big but from my perspective now the treatment of Plaxico Burress's case is totally not Platinum.

Platinum Links

1. Check your grammar online for free...up to 100 words.

2. This is what I will use from now on to explain computer issues to my parents. Enjoy!

3. It's really odd to be able to find out so easily something I've wondered about for quite a while...how much money my parents (well, one of them) makes.

4. This article just makes me sad. This is, check that, was a really great neighborhood that seems determined to drive away business. There are two things that come to mind when I read something like this:

1. There is no such thing as a free lunch. Everything involves tradeoffs. You can keep your neighborhood looking exactly the way it looked however many years ago you moved in, but that means that there won't be new businesses and many of the old ones will leave eventually.
   
2. "Democracy is the theory that the common people know what they want, and deserve to get it good and hard." - H.L. Mencken

5. I find myself thinking about this article in the context of every job I've ever had. Great quote:

And I know this: the first sign that you are outside of your strengths is when you can’t make yourself do the work you need to do.

6. Smartlists...read the one about the defense department. Fascinating stuff.