$38 Cup of Coffee?

Yep, you read that correctly...$38 for a cup of java! How does one pay $38 for a cup of coffee, you ask.

Remember the post a few weeks ago on "Are you a Joe Lunchbox"? Well, here's the 411 on the hidden and sinister fees that your bank and mine are sneaking into our budgets!

Imagine going into your favorite place to buy a cup of coffee and, as a responsible adult, you know you have cash in your checking account to cover your purchase. You use your debit card to help you keep track of your spending since it's harder to save receipts when you spend cash. So far, you're okay.

What you don't know is how your bank may process your transactions. They may decide to process your mortgage/rent payment first, car insurance next and lesser purchases after that. Because your timing and theirs may not be the same for your deposits vs. payments, you could end up paying $4 for a coffee with a $34 overdraft fee making your coffee purchase total $38! Not to mention, the overdraft fees because you didn't have the money available to process your mortgage/rent payment or your car insurance which is a result of the timing of the bank processing your transactions!

This truly is a conspiracy for banks to make up for the profits they are not making by overcharging customers and, so far, we have very little government protection to keep them from charging us for this "protection". Sounds to me, using banking online and debit cards need a little scrutiny and we need to go back to paper checks for some payments.

Here's the entire article for your perusal: "Overspending on Debit Cards is a Boon for Banks". I know there aren't many choices available to us when it comes to using debit cards vs credit but at least they're working on the credit card issues...maybe we can look at prepaid debit cards as a serious alternative to this insane world of fees. Try this link "Free Prepaid Credit/Debit Cards" for a post on how they work and a few can help you build a credit history.

If you have any questions or comments, I am always happy to hear from you!

Ta~

Jax

"Let It Be Easy!"

Today, I'm doing a book review because I was so impressed with the simplicity of the information yet the profoundness of the writer's knowledge and wisdom. I've been on a journey of increasing my awareness of the world and my place in it and this book just said it all in very few words.

I just read through, on my first pass, a book my great friend Laura recommended I read, "Let It Be Easy", by Tolly Burkan. If you are a student of personal development, this is a must read! It takes all of the other books and concepts and condenses it into 11 different areas in which to improve your life and live to your potential.

"Let It Be Easy" is only 130 pages long so you're able to read it in a very short period of time. However, as I stated earlier, this is just a first pass and I can see myself reading this multiple times to concentrate on one area at a time. If you are a student of personal development, I know you understand re-reading the same book to "see" what you may have overlooked before or what you now "get" that you didn't previously!

As a financial adviser, this particular sentence struck me as the one thing I see in the world around me: "Many people allow their quality of life to deteriorate because their financial prosperity has misled them into believing that they were winning, when they were actually losing" ["Let It Be Easy", Burkan, 2005]. This book is not on finance but about your entire lifestyle and how it affects you and your place in the Universe.

The last advice it gives is to share the book with your circle of friends and, so, I hope you will all take the time to grab a copy of this awesome little book and "Let It Be Easy" for you!


As always, share your thoughts as they are welcome!

Ta~

Jax