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Thanksgiving, Kardashian Kard, Lottery Round Up and Uncommon Money News

November 30, 2010

Posted by Roshawn Watson under Uncategorized

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By: Roshawn Watson

For those who celebrated Thanksgiving last week, I hope that you had a wonderful holiday. I recently was listening to a charity organization discuss how in one of the areas they work, the family matriarchs walk several miles each morning to get fresh water. The story instantly increased my gratitude. It’s amazing what we sometimes may take for granted. Anyone who can’t find anything to be thankful for has simply loss perspective.

The No Lose Lottery

The lottery is called a tax on the poor and those who can’t do math because of the high improbability of getting sizable winnings. In the vast majority of cases, the participants would be substantially better off by just placing their money in cookie jars. Still, the thrill of potentially winning overrides such conventional wisdom. Leave it to the Freakonomics authors to find an example of a lottery that doesn’t feel predatory, and all participants win…somewhat! Here’s how it works: for all practical purposes the lottery is actually a savings account with a large monthly raffle. Let’s say that the market interest rate for savings is 2%. This account would pay you 1% instead and use the other 1% to go towards a monthly raffle, where one participant wins big. There would be no fees to join this account, and at the very least, you get to keep your savings. It’s a win-win! I know several of you may be asking “where do I sign up?” It is presently illegal for this type of lottery to operate in most states due to exclusivity rules, but who knows whether the idea will catch on and inspire a change in legislation? (see link below under Business News)

Kardashian Kard No More

A new and developing story is that the Kardashian clan is tired of the the intense criticisms they are receiving for their new debit card, aptly named the Kardashian Kard. The card is riddled with hidden and possibly illegal fees. The card reportedly costs $9.95 to own and has 12 monthly fees of $7.95. It also costs the owner $1.50 each time one wants to add money to the Kard. The Attorney General of Connecticut opened an investigation to evaluate whether the Kard violates consumer protection laws. Accordingly, the family fired off a “Notice of Termination” yesterday to the companies behind the Kard, saying that the Kard “threatens everything for which [The Kardashians] have worked.” (see link below under Entertainment Money News)

Thought Questions: What are you grateful for? How do you feel about the ” no lose lottery” and/or the Kardashian Kard?

Now, it’s time to do the weekly Uncommon Money News and Yakezie Round Up.

Uncommon Money News and Round Up
In preparing to write my posts, I often come across noteworthy and sometimes bizarre financial and business news. Below are links to some of these sites. Enjoy!

To my readers: I am so honored by your support. Together, we are telling thousands of the importance of financial literacy. I absolutely could not do it without you: you are vital! Thank you sincerely.

Personal Finance (Yakezie and other PF bloggers)

Being A Genius Does Not Equal Success In Life at Money Reasons – Don discusses his childhood friend earned a Ph.D. in chemistry and works as a stockboy in a local grocery store.

Doing What You Love Or Loving What You Are Doing at Everyday Tips and Thoughts – Kris discusses her thoughts on loving what you do. We end up having an interesting discussion in comments.

Please Tell Us Why The Flat Tax Is Not Fair at Financial Samurai – Sam discusses the fairness of using a flat tax instead of the present income tax system.

Holiday Gift Guide for Her: Gifts Under $100 at Fabulously Broke – FB gives guys some gift ideas for treating your lady friends without break the bank.

Why America Is Doomed To Debt at Personal Finance By the Book – Joe talks about the three reasons why America just doesn’t shake the debt habit.

How mozRank is Filling in the Gaping Hole Left by the Departure of PageRank at Invest It Wisely – Kevin illuminates something a gap for webmasters; if you have a website that accepts advertising, this will be an interesting read.

Business News
The No Lose Lottery

GM Could Be Free of Taxes for Years: Its govt-financed restructuring meant a tax break that could be worth as much as $45 billion!

GM Now The World’s Biggest IPO

Banker Gets Fired After She Celebrates Getting Laid Off

Million Dollar Businesses You’ve Never Heard Of

Economics
EU agrees to $89 Billion bailout to Ireland

Worker Shortage in the Energy Services Sector at Beating The Index – Mich illuminates the outlook of the oil field services job sector.

Entertainment Money News
Kardashian’s Kiss Their Kard Goodbye

How Much Did Nic Cage’s Bargain-Basement “Frat-House Bordello” Home Sell For?

Katherine Jackson’s Secret Contract

Michael Douglas’s Ex-Wife Won’t Get His Wall Street 2 Money (For Now)

Yet Another Real Housewife Files for Bankruptcy

Broke! Eddie Murphy’s wife Nicole Murphy rumored to have blown through her entire $15 million divorce settlement

Offbeat Money News
A Frugal Approach To College Education at Saving Money Today – This article makes the case for attending community colleges the first two years of a bachelor degree to decrease education costs.

Gamer makes a cool half-million by selling virtual property

Carnivals that I’ve participated in: