The concept of supply and demand T.M.X. Elmo and Playstation 3

If you don't know basic economics you may end up overpaying for something and kick yourself when you see that item go on sale after the holiday season. Two examples.

1. T.M.X. Elmo - the 10th anniversary addition of the infamous "Tickle Me" Elmo. This is the must have toy for toddlers this season. Prices jumped (at the peak of the holiday shopping season). According to Reuters Los Angelos:
   

"The most popular e-commerce site, eBay reported that 2,537 T.M.X. Elmos—Mattel's popular but hard-to-find toy—were sold on Black Friday for an average price of $70.10.

The toy, eBay's No. 1 searched-for item, retails at Wal-Mart Stores Inc. for $39.97 and can be found on Shopping.com for as much as $150."

The lesson don't get caught up in the hype. Don't let your kid get you caught up in the hype. One of my co-workers ended up with 5 TMX Elmos after getting summersed in some vicious bidding wars. She lost track of which ones she bid on (being a novice ebayer) now she's trying to unload them. She paid $50 per toy and stands to make out like a bandit, (if she had any financial savy), but she decided to give them to friends for the price she paid (which is a deal now).

2. Playstation 3 - the greatest, most powerful gaming console ever created (with the heafty price tag to prove it). Retailing for $600 is Playstation's answer to Xbox and Wii. There was a limited number of units shipped to the U.S. Due to the small supply and great demand - people lined up to get a chance to buy one. I think someone actually got injured while waiting in line, others were robbed -- crazy stuff, it's not like the Playstation is a new Star Wars film, but people came out in droves.


Also from Reuters Los Angelos:
Other popular items on eBay included Sony's PlayStation 3—14,675 have been sold on eBay for an average price of $1,186.39 from November 17 to November 24

Due to small supply and huge demand the price increases. The key here is to know someone in Japan that can hook you up or just wait it out. I saw an ad for the original Nintendo game system for $20 (I remember getting it for Christmas one year, the classic SuperMario Bros and Duck Hunt combo game, I believe the cost then was about $150, that's how much PS2 goes for now). One kid bought 20 PS3's and is now going to sell them. And there it is. Happy Holidays!

Should I go back to school to get my doctorate?

This is the question I'm currently wrestling with.

Packing and Moving.

Packed up the closet and and getting rid of junk. One good thing about moving is that you get a chance to take an inventory of everything you own. In a short time it is amazing how much you can amass. It seems that I've developed the packrat gene from my mother, saving things (and never using them). Going through everything gives you the opportunity to drop some excess baggage. Today two moving companies were here to do estimates. One company quoted us $550 and the other quoted $880. It's a local move and we plan to do the packing and moving most of the boxes. The moving company would just be taking the heavy furniture. Now I just need to price a truck rental and maybe call in some favors to get some manpower to help with the move if it's more cost efficient.

I cancelled my Cable today.

Today I cancelled my Comcast Cable TV. I took back the equipment and remote, I'll continue the internet service until DEC. 15th. I came home and flipped on the tube to find I still get 72 channels. They are not HD, but that's alright for now. Also when I was cancelling my service Comcast offered me their Triple Play package, you may have heard of it TV, internet, and phone for $99 a month. Not a bad deal. I'll consider this option after moving.

Don't shop on black Friday!

Instead of spending money tomorrow, save it. Try a no spend day.

Moving

Moving during the holiday season is NO FUN! Packing up some boxes today. P>S> Happy Turkey Day!

I did it!

I finally am going to get paid by GOOGLE. I should be recieving a check by the end of next month. It only took me 11 months and about 10,000 page visits. It just goes to show you that hard work pays off. Now I can start my investing career. A big thanks goes to all the readers of this website. I hope you find it helpful.

3rd Carnival of Future Millionaires!

Welcome to the October 30, 2006 edition of carnival of future millionaires.

Jane Chin presents Improv and Three Secrets to Success posted at Jane Chin PhD.

F. D. Bryant III presents Newsvine - Social Security is a Ponzi Scheme: Why we must switch to Personal Accounts posted at FDBryant3's Newsvine.

Praveen presents How Siebel Avoided Taxes When Selling To Oracle posted at My Simple Trading System.

business tips

Victor Fam presents Millionaire Factors posted at Victor Fam.

Tam Hanna presents The two ears of fate posted at TamsPalm.

goals

Lazy Man presents Alternative income streams plan and progress posted at Lazy Man and Money, saying, "This is probably half goals and have progress. Thanks for your consideration."

Victor Fam presents The Risk Of Missed Opportunities posted at Victor Fam.

Victor Fam presents Think And Grow Rich - Desire posted at Victor Fam.

My Bubble Life presents Benjamin Franklin's Faithful Plan posted at My Bubble Life, saying, "Learn how to change your most important habits from one of our founding fathers."

The Dividend Guy presents Writing Down Your Financial Goals posted at The Dividend Guy Blog.

leverage

Wenchypoo presents Affordable Health Care on Every Corner posted at Mental Wastebasket.

million dollar ideas

Victor Fam presents Towards Better Life » Blog Archive » Towards Property Millionaire posted at Victor Fam.

Victor Fam presents Towards Better Life » Blog Archive » Million Dollar Experiment posted at Victor Fam.

Victor Fam presents Towards Better Life » Blog Archive » Compound Interest - Way to Millionaire posted at Victor Fam.

progress

Jason Dutt presents The Business of You posted at Jason Dutt, saying, "Thanks!"

Travis Wright presents CG Podcast #004 - Napoleon Hill’s Law of Success Podcast Series #03/16 - Self Confidence posted at Cultivate Greatness, saying, "This is Lesson 3 - Self-Confidence in the Napoleon Hill's Law of Success Podcast Series from CultivateGreatness.com | Personal Development Blog"

success

Wenchypoo presents Scam-Proof Yourself to Eliminate Risk posted at Mental Wastebasket.

Andy Oshiro presents Spend and Save at the same time! posted at Andy, saying, "Looking for some comments on my article, please post!"

David presents How to Become a Millionaire posted at Worldwide Success.

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Carnival of Future Millionaires...

The Carnival is coming...........

Winter of House Selling

We are currently in the process of selling our condo and purchasing a home. We decided to buy now because usually houses are cheaper in the winter and the housing bubble has somewhat deflated. We are very close now, final arrangements are being made. We applied for a mortgage, and got a $1000 credit, now home insurance and closing in Dec.

Coming Soon

Topics that I'll be covering in more detail include: buying a home, how to buy stock, the best deal cable versus digital, the best deal on cell phones, how to cut expenses, how to increase your salary.

Comments please

Comment on the site. What do you like? Dislike? How's the format? Easy to read, or not? Do you want longer posts, shorter clips, more or less advertising, different colors, etc. I want this to be a place that sparks conversation and makes you think a little bit. Stop being a zombie who is told what to do and start to take action on your environment and your life. Make a difference.

Review Me?

This is a paid advertisement by ReviewMe.com.

I just signed up for a new review site called ReviewMe.com Basically the idea is similar to Payperpost. You submit your blog and then review items for money. Getting paid for opinions isn't new. It's what movie critics, or film critics are paid to do all the time. ReviewMe pays through either paypal or check. Right now you can sign up and depending on the amount of traffic your blog gets you may qualify for a nice chunk of change. Would doesn't like the idea of making a quick buck?

The are some guidelines and requirements. The post must be X amount of words and also by labelled as a paid advertisement.

Is it wrong to be paid to review items? I feel that if you give your honest opinion on things without being swayed by the money then it is not wrong to be paid for your opinion. Look at celebrities they are endorsing products all the time. Do you really think Dan Marino used the Nutri Slim system? Are the celebrities endorsing products because they use the product and appreciate the quality? OR Is it just another way for them to afford such a lavious lifestyle of obscene luxury.

At award shows companies provide gift baskets to stars because companies want trendy, powerful, persuasive people to use their products. If you see your favorite actress carrying a purse, don't you find that purse more appealling than another.

I digress, the point is ReviewMe.com is a site that pays you money for your opinion or review of a product. It seems that the more popular your internet site is, the more compensation you deserve (advertisers are willing to pay for internet A-list supersites --- Google payed Billions for Youtube). Check it out if you want to, it's just another way to pay the bills.


This post has been brought to you from our good friends at ReviewMe.com

Staying Frugal in a Consumer's World

I decided to share my disgust with the readers of how materialist our society has become. We are constantly bombarded with advertising which makes us unhappy and teaches us to want more. Here is an article I found to help you stay frugal.

Staying Frugal in a Consumer's World
By Martin Lukac
It can hard to find the support to be frugal. We live in a society that surrounds us with the buy now and pay later ideology of consumerism. It has led to stress and discontent in many households. In fact, many marriages break up due to financial issues.

How does the frugal person do it? Well, the key is that the frugal person isn't frugal because he or she has to be. There is always a choice. The frugal person is frugal because he or she can be. There is a reason, whether it be saving money or getting out of debt. And that reason has taken priority over having a new car or eating out every day.

The frugal person understands that each dollar goes somewhere. Actually, every cent goes somewhere. You choose where it goes. You may not have that choice when you are up to your ears in credit card debt. The bank is telling you that your money will go to interest.

Until you make the choice that says it won't by paying off your debts early and working stay out of debt. Basically, you are saying that your money goes where you say it does. You are taking control.

Most people aren't just throwing their money away. They just don't understand how it all really adds up and how it works. In fact, most are just undisciplined. You have to learn how to change the way you make choices. And that takes some thought.

Think about what you have currently been taught by the world.

That you need a new car and a nice, big house to be successful. That you can let paying things go until later. That a loan is the solution when you want something. That a shopping spree is all you need to cheer up. That savings will have to wait, you need the money now. That all sales are good. That credit cards are good. That pennies don't add up to anything.

Any of these ideas sound familiar? Well, what does frugal living teach instead?

1. How to be happy with what you have, not what you don't have.
2. Paying for things right now means you won't pay anything later.
3. Loans are only for items that appreciate, like a reasonably priced home.
4. Shopping doesn't make you happy, it leads to regret and stress.
5. If savings wait, so will retirement and a life of spending what you want where you want it.
6. Credit cards are not good. They are in the business of making money off of you. They don't do favors.
7. Pennies add up. They can add up against you in interest or add up for you in interest. The choice is yours.

Frugal living is really about making a choice to have money and to have control over that money. It is about deciding to leave the consumerism that is all around and focusing on personal goals and plans.

Martin Lukac represents http://www.RateEmpire.com, an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at http://www.1AmericanFinancial.com and San Diego loan portal http://www.LendingSanDiego.com

Article Source: http://EzineArticles.com/?expert=Martin_Lukac

More money more problems - True or False?

True or False?

The more money you have the more problems it causes you. The Notorious BIG once said this in one of his songs called 'Mo Money Mo Problems' do you agree with his philosophy? Leave a comment of yes or no.

More money causes more problems for those who can't manage their money. Just look at lottery winners who find themselves a few years later worse off than before. I disagree. I believe in 'Mo Debt, Mo Problems' or the more debt you have the more problems you are going to face. The more debt you pile up by using credit cards and cashing in all your home equity to live the high life, the worse off you'll be in the long run. It's not worth buying things you can't afford now just because you can not delay your gratification. Don't try to keep up with the Jones, because the Jones are in debt "up to their eyeballs" just like that guy riding around on his lawnmower in the commerial.

Interesting websites.

For comic relief and nothing more go to Askaninja.com it's good stuff.

Burn my feed

I recently installed Feedburner on the left side of this page to make it easier for people to read posts without having any distractions (advertisements). Most returning readers can differentiate content from adsense but newcomers are still clicking on ads once in a while. So burn the feed, and get the info without the adfo.

I'm very close

Last month's totals

Adsense = $20.46
Ebay = $80

I'm still about $5 shy of recieving a Google check in the mail. As soon as I do, I'll be investing it in stock. I'm still researching companies. Companies that pay dividends are more attractive to me. We'll see what happens.

A cell phone that can do EVERYTHING!

You have heard of online banking. How about banking by phone. This is where I see things going very soon. Today cell phones are full of memory and technology, a far cry from two cans and a string or the twenty pounders medics carried around in WWII. Now cell phones have GPS, video, internet, camera and video equipement built in. Cell phones are miniture computers. If they Dell is wise they could strike up a deal with a big cell phone company or technology to push the envelop futher.

Salesman are shady.

We went to meet with our mortgage 'guy' on Friday. Stayed tuned for more details......

What bank do you use and why??

I am curious what banks people are using. I use Wachovia because it is close, and I get deals through the workplace. I'm getting the mortgage from Chase Manhattan because it is a trillion dollar bank. You can fit 100 Wachovias inside of Chase. Do you use a big bank, a small bank, or no bank, credit union? The reason I went with Chase for the mortgage is because they beat the best deal offered by Wachovia. How can they do this? They have a lot of money and can afford to trim costs in order to attract costumers.

Going to get $250,000 tonight

At 6pm I'll be heading over to the Chase Mortgage office to strike a deal for a $250,000 mortgage. Yes this is scary. I am pretty much trading my $150,000 debt and a condo for a $250,000 debt and a house in return. I don't like the idea of getting deeper into debt, I'd rather pay off the mortgage but we've decided to move while the housing prices are considerable lower. We are looking to secure a 30 year fixed rate mortgage with a decent interest rate, now seems to be a good time. If interest rates drop by 1% we'll refinance, and hopefully by paying a little extra principal each month we can eat away at the mortgage. My goal is to have it payed off in 20years.

Showing the Condo again tomorrow

More people want to see our place. They will be here tomorrow at 2pm so right now we are in the process of de-cluttering and cleaning. First impressions are important, especially when you're trying to sell.

Now we just need to negotiate

We got a contract signed for our condo yesterday. I was pleased but this is not a done deal. Now our attorney will negotiate the price of the house. It is a 30 day contract that expires November 8th. We got estimates of repairs that need to be made from a contractor and hope to get some credits (money to make repairs). The total estimate for repairs is roughly $11,000, I realize that is probably out of the question, but I believe that a $5,000 credit might fly. We know that the current owners of the house moved to Indiana in June and the house has been on the market since March 2006. It was originally listed at $400,000 which is out of our league, but the price was reduced to $369,000 and relisted. We bid and they countered and the current agreed price and contract is for $335. Hopefully the seller is feeling some pressure and will either give us some credits, or help with the closing costs. Currently I'm researching mortgages. This is one of those times when it pays to have good credit and we do. No car loans, one small school loan, no credit card debt (pay off credit card bill in full each month), punctual bill payments = good credit. The mortgage rates are currently decent at 6.25%. We will try to pay down a point or two meaning we'll pay extra money up front to decrease the interest rate on the loan. This is good to do if you can afford it, and if you plan on being in the home for more than three years.

How rich are you?

I came across a site call The Global Rich List where you can type in your annual income and it will calculate how rich you are compared to everyone in the world. It is kind of sobbering. Many Americans including myself believe we don't have enough, when most of us have much more than 99% of the world. I couldn't believe that I'm in the top 1%. I recommend to check it out. It puts wealth into perspective. The median salary for the globe population is $900 a year!