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Paypal Partners With Microsoft For a New Way to Send Money Using Skype

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PayPal has officially announced that you can now send money with PayPal in the Skype mobile app. By teaming up with Microsoft, PayPal intends to make it easier for consumers to share money.

In a statement, John Kunze, VP of Global Consumer Product at PayPal said: “Today, we’re excited to announce that PayPal is now partnering with Skype to allow users in 22 countries to send money to other Skype users with PayPal via their Skype mobile app. With over one billion Skype mobile downloads to date globally, users will be able to use PayPal directly from their Skype app to seamlessly send money in the moment – like fora gift for a family member across the country or internationally.”

Lately Paypal has been trying hard to partner with different players to popularize peer-to-peer payments. PayPal writes: “Over the past year, we’ve partnered with Apple, Slack and Microsoft to enable peer-to-peer payments with PayPal and Venmo in more places and in more contexts where people are connecting online and on mobile, such as a voice command with Siri, in chat with iMessage and Slack, and in email via Microsoft’s Outlook.com.”

Currently, you can send money with PayPal on Skype in the following countries:

  • United States
  • United Kingdom
  • Austria
  • Belgium
  • Canada
  • Cyprus
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Latvia
  • Luxembourg
  • Malta
  • Netherlands
  • Portugal
  • San Marino
  • Slovakia
  • Slovenia
  • Spain

Vanguard Puts Rivals on Notice: Fee Wars Will Only Heat Up

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In a move that will benefit all investors, the world’s leading low-cost fund provider Vanguard continues pushing fees down as it grows. The fee wars across the fund industry will only heat up. Bloomberg reported:

Vanguard Group has a message for competitors trying to undercut its prices: Game on.

In recent years, rival asset managers such as Fidelity Investments and BlackRock Inc. have cut their fund fees to match or beat Vanguard, the low-cost investing pioneer with $4.4 trillion in assets. Tim Buckley, Vanguard’s new president and incoming chief executive officer, said the company will keep lowering fund expenses as it grows.

Tim Buckley, an incoming Vanguard CEO, stated on a company webcast: “As we continue to get scale, as we continue to grow and we get more efficient, we pass a large part of that back to our clients in the form of lower expenses. That’s not going to stop. If other people want to offer index funds, great. But you better be ready to keep lowering price, and we’re going to do it across every product.”

Buckley will suceed Bill McNabb as chief executive of Vanguard at the end of the year. He will continue the tradition of low-fee, passive management strategies started by Jack Bogle in 1975 when Vanguard was founded.

Last year alone 226 Vanguard funds and ETFs reported expense ratio declines, saving customers an estimated $337 million cumulatively, the company said.

Relieve Stress by Talking to Yourself

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Carving out time for a therapy session is a great way to reduce some stress. But if you need to relieve stress without spending any money? Try talking to yourself.

A new study suggests there is someone else you can talk to release tension: yourself. The Atlanta Journal-Constitution reported: 

Psychology researchers from Michigan State University and University of Michigan conducted a study to determine if self-talk could reduce anxiety. To do so, scientists rounded up a group of participants for two experiments.

For the first one, the subjects were shown disturbing images, such as a man holding a gun to their heads. Then, they were asked to respond to the pictures in first-person and third-person as their brain activity was being monitored.

For the second one, they were asked to recall a traumatic experience in first-person and then in third-person while their brain activity was being reviewed.

In both cases, they found that participants displayed less brain activity in the region most associated with storing emotional experiences when speaking in the third-person than when speaking in the first-person.

“Essentially, we think referring to yourself in the third person leads people to think about themselves more similar to how they think about others, and you can see evidence for this in the brain,” Jason Moser, one of the MSU researchers, said in a statement. “That helps people gain a tiny bit of psychological distance from their experiences, which can often be useful for regulating emotions.”

 

The myRA Retirement Savings Program To Be Phased Out

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The U.S. Department of the Treasury has decided to phase out the myRA retirement savings program and the program is no longer accepting new enrollments. However, existing accounts remain open and accessible at this time. Funds in myRA accounts remain in an investment issued by the U.S. Department of the Treasury

The U.S. Department of the Treasury announces steps to phase out myRA Program

Due to low demand since the program started in 2014, The U.S. Department of the Treasury takes action to wind down the myRA program after a thorough review by Treasury that found it not to be cost effective. Just 30,000 people had opened a myRA after three years. According to Treasury, myRA program has cost taxpayers $70 million so far, and was expected to cost $10 million annually going forward.

“The myRA program was created to help low to middle income earners start saving for retirement. Unfortunately, there has been very little demand for the program, and the cost to taxpayers cannot be justified by the assets in the program. Fortunately, ample private sector solutions exist, which resulted in less appeal for myRA. We will be phasing out the myRA program over the coming months. We will be communicating frequently with participants to help facilitate a smooth transition to other investment opportunities,” said Jovita Carranza, U.S. Treasurer.

 

The myRa was designed to help low- and middle-income workers who don’t have access to a 401(k) or pension at work start saving for retirement. Participants could contribute $5,500 a year, or $6,500 for those age 50 and older. Contributions had to be made with after-tax dollars, but the money could be withdrawn in retirement tax-free. In a sense, myRA was similar to Roth IRA.

To aid low- and middle-income workers in their retirement savings, myRA was 100% risk-free and didn’t have any administrative costs. Funds were invested in super-safe Treasury Securities Fund that offered a return of 2.9% over the past decade. However, cumulative savings in a myRA were capped at $15,000 and the account could not be open longer than 30 years, at which point it would have to be rolled over into a private Roth IRA.

Any myRA with a zero ($0) balance as of September 15, 2017 or later, will be subject to possible automatic closure beginning on September 18, 2017. myRA account holders can open and transition to Roth IRA accounts.

Participants in the myRA program are being notified of the upcoming changes, including information on moving their myRA savings to another Roth IRA. Participants are encouraged to visit www.myRA.gov for additional information or to call myRA customer support with any questions.

 

 

 

Best Online Savings Accounts in 2017

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At the current low interest-rate environment, the best savings accounts almost are all online. Although you cannot get rich on these rates but the following savings accounts are your best bet to save your liquid money for short-term use and for emergency fund.

Here are the best online savings accounts so you can immediately put your money to work.

Ally Bank – 1.15% APY, no minimum balance and a free checking account

Ally is a bank without branches that has consistently been paying high interest rates on savings accounts. Ally has no minimum balance requirement with no monthly maintenance fees. Currently, Ally is paying 1.15% APY. You can also open a free checking account with no minimum balance requirement. This makes access to your savings account incredibly easy, because you can transfer funds online or via Ally app and have immediate access via checks, debit cards and ATMs.

Capital One 360 – 0.75% APY, $200 sign up bonus and no minimum balance

Even though Capital One 360 does not offer the highest rate in the market, it normally gives new customers a lucrative sign-up bonus. Last time I opened the accounts for our family, I got $200 for me and $200 for my wife. Additionally, Capital One gives you more access to other perks such as checking, CDs, mortgages, auto loans and credit cards.

Synchrony Bank – 1.20% APY, no minimum balance and ATM fee reimbursements

Synchrony Bank offers one of the highest rate in the market. You can earn a nice 1.20% APY with your deposit. You can access your funds either online or by calling in to a Synchrony Bank representative. Alternatively, you can use an ATM card wherever your ATM card is accepted or at a point of sale using a PIN transaction.

Man, 72, Shot 28-Year-Old Wife After She Told Him He Didn’t Satisfy Her Financially

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For one couple in the Bronx, their romance ended due to money issue when a 72-year-old husband shot his young wife in the face — leaving her in critical condition. Clarence White has been accused of shooting his 28-year-old wife Dominique in the head after she told him he didn’t satisfy her financially or sexually.

The couple had been arguing before the gun was fired, the New York Daily News reports. After the husband got arrested, Bronx police found a 22-caliber handgun at the couple’s home. A neighbor walking his dog saw the couple arguing outside their home on Glebe Ave. in Parkchester before the shooting happened.

Clarence White was charged with attempted murder, assault and criminal use of a firearm.

They had suffered money problems since Clarence White had lost his job recently and during the argument, his wife had told him to pack his bags and leave. He found a gun and put it in his pocket, but tried to reconcile with her when she told him he didn’t satisfy her financially or sexually.

Police said the 72-year-old husband blasted his 28-year-old spouse that leaves her in critical condition. White was charged with attempted murder, assault and criminal use of a firearm.

Wells Fargo Abused Customers Again for Unneeded Auto Insurance

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Once again Wells Fargo got hit with another huge scandal over sales practices that have harmed hundreds of thousands of customers. This time Wells Fargo improperly charged its auto borrowers for costly auto insurance and then repossessed their cars. The New York Times reported Friday that more than 800,000 Wells Fargo customers were charged for auto insurance they did not request.

Shareholders, analysts, lawmakers and consumer advocates demanded answers about how the situation manifested, and why Wells Fargo did not disclose the problems sooner, given existing turmoil over phony deposit and credit card accounts opened in customers’ names without their permission.

“This is a full-blown scandal — again,” said New York City Comptroller Scott Stringer, who oversees public pension funds that hold roughly 11.6 million Wells Fargo shares. “It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm.”

Stringer called on the bank to install a new independent chair and “immediately” disclose more information.

U.S. Senator Elizabeth Warren also called on Federal Reserve Chair Janet Yellen to remove members of Wells Fargo’s board after revelations the company improperly charged customers for auto insurance.

In a letter sent Friday to Yellen, Warren, a Democrat, said the recent revelation of more improper charges at the bank indicates “deep risk management problems,” and called for the removal of all board members who served from 2011 to 2015, when the activity reportedly occurred.

Quitting to Get Ahead in Your Career

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When employees are treated as short-term assets, they reinvent themselves as marketable goods, always ready to quit. As more and more companies are no longer loyal to employees, in return employees are also no longer being loyal to companies. Aeon magazing reported:

The CEO of Me, Inc is a job-quitter for a good reason – the business world has come to agree with Hayek that market value is the best measure of value. As a consequence, a career means a string of jobs at different companies. So workers respond in kind, thinking about how to shape their career in a world where you can expect so little from employers. In a society where market rules rule, the only way for an employee to know her value is to look for another job and, if she finds one, usually to quit.

If you are a white-collar worker, it is simply rational to view yourself first and foremost as a job quitter – someone who takes a job for a certain amount of time when the best outcome is that you quit for another job (and the worst is that you get laid off). So how does work change when everyone is trying to become a quitter? First of all, in the society of perpetual job searches, different criteria make a job good or not. Good jobs used to be ones with a good salary, benefits, location, hours, boss, co-workers, and a clear path towards promotion. Now, a good job is one that prepares you for your next job, almost always with another company.

Your job might be a space to learn skills that you can use in the future. Or, it might be a job with a company that has a good-enough reputation that other companies are keen to hire away its employees. On the other hand, it isn’t as good a job if everything you learn there is too specific to that company, if you aren’t learning easily transferrable skills. It isn’t a good job if it enmeshes you in local regulatory schemes and keeps you tied to a particular location. And it isn’t a good job if you have to work such long hours that you never have time to look for the next job. In short, a job becomes a good job if it will lead to another job, likely with another company or organisation. You start choosing a job for how good it will be for you to quit it.

3 Things You Need to Know About Building a Budget for Retirement

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As your working days begin to wind down, you may be feeling a mix of emotions about retirement. Along with the excitement you are experiencing, you are probably somewhat nervous about planning the day-to-day financial details of this new chapter in your life. It was recently reported that a proper income for retirement is approximately 70% of what you were earning in your working life. If you’re unsure of where you stand in relation to this figure, you may be left with questions. Have you properly prepared for being out of work? Will you face any unexpected expense? Will you need to take on a part-time job at some point? These are the kinds of questions that, if they are currently unanswered, can keep you awake at night pondering the answers.

Thankfully, you have the ability to quickly uncover the answer to questions like the ones above. If you are just starting to plan out your budget for retirement, learn more about the three things you need to consider as you establish your plans. [Read more…]

Jeff Bezos Becomes World’s Richest Man

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Jeff Bezos has surpassed Bill Gates as world’s richest person. Bloomberg reported: A surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s earnings report has propelled founder Jeff Bezos past Bill Gates as the world’s richest person.

Shares of the online retailer rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates. If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft Corp. co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.

Meanwhile, Facebook Inc.’s intraday gains have helped pull co-founder Mark Zuckerberg, 33, within $200 million of Berkshire Hathaway Inc. Chairman Warren Buffett, 86, who’s currently ranked fourth on the Bloomberg index with a net worth of $74.5 billion.

Man Shot Over $10 Lawn Mowing Debt

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A man was shot at his Cleveland home Saturday during a dispute over a $10 yard work debt, police say. Cleveland.com reported:

A Cleveland man who failed to pay $10 for yard work was shot Saturday after two men tried to collect on the debt, police say.

The 38-year-old victim suffered a gunshot wound to his hip and a possible leg fracture in the shooting that happened at his home on East 71st Street near Harvard Avenue in the South Broadway neighborhood.

The man told police that he agreed to pay $20 to two men who cut his grass on Thursday. He only had $10 at the time, so he told the pair to return on Saturday for the rest of their payment, according to a Cleveland police report.

The duo returned to the house around 5:30 p.m. Saturday with a third man. They pounded and pulled on the man’s screen door until he came downstairs and found the door damaged, the report says.

He told the men he would no longer pay them because he’d have to spend money to fix the door, the report says.

The third man told the pair to pull out their gun, the report says. One of the yard workers flashed a semi-automatic pistol and fired a single round as the victim tried to close his door, the report says.

The bullet went through the door and hit him in the hip. Paramedics found him injured on a staircase and took him to MetroHealth for treatment, the report says.

What to Do When You Win the Lottery

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Congratulations! You just won millions of dollars in the lottery! That’s great. Now you’re screwed. No really. You’re really screwed! On Reddit, user BlakeClass detailed the dangers of winning the lottery and what to do. If you only want to see what you should do if you win the lottery then skip down to bottom section of this post.

The Dangers of Winning the Lottery

You see, it’s something of an open secret that winners of obnoxiously large jackpots tend to end up badly with alarming regularity. Not the $1 million dollar winners. But anyone in the nine-figure range is at high risk. Eight-figures? Pretty likely to be screwed. Seven-figures? Yep. Painful. Perhaps this is a consequence of the sample. The demographics of lottery players might be exactly the wrong people to win large sums of money. Or perhaps money is the root of all evil. Either way, you are going to have to be careful. Don’t believe me? Consider this:

Large jackpot winners face double digit multiples of probability versus the general population to be the victim of:

  1. Homicide (something like 20x more likely)
  2. Drug overdose
  3. Bankruptcy (how’s that for irony?)
  4. Kidnapping

And triple digit multiples of probability versus the general population rate to be:

  1. Convicted of drunk driving
  2. The victim of Homicide (at the hands of a family member) 120x more likely in this case, ain’t love grand?
  3. A defendant in a civil lawsuit
  4. A defendant in felony criminal proceedings

Believe it or not, your biggest enemy if you suddenly become possessed of large sums of money is… you. [Read more…]

What You Need to Know Before Collecting Unemployment Benefits

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If you lose your job or are out of work through no fault of your own, you may be eligible for unemployment benefits. If you quit for good cause, are fired for anything other than misconduct, or were laid off and your earnings meet a certain threshold, most states will provide you with unemployment. Before you start cashing in, here are some factors you should consider.

Who Qualifies for Unemployment Benefits?

Though unemployment eligibility varies from state to state, there are a few rights that are fairly consistent across the board. Here are a few of them:

  • Some States Allow You to Collect if You Quit – Some of the circumstances where you can collect unemployment if you quit include domestic violence, lack of work, caring for an ill family member, medical reasons, and constructive discharge, where the working conditions become intolerable for a reasonable person.
  • You Can Take Your Children Out of Childcare While Unemployed – If you want to save money while collecting unemployment benefits, you can keep your children out of day care and watch them yourself. The only requirement is that you must be actively looking for jobs and available to work.
  • Your Unemployment Benefits Will Last for Half a Year – Almost every state offers unemployment for 26 weeks. This varies depending on when and where you filed your first claim and how the economy is doing. Occasionally, Congress will authorize Emergency Unemployment Compensation that will help the unemployed for upwards of 70 weeks.
  • You Have the Right to Appeal a Denial  – Many unemployment claims are initially declined. However, you have the right to appeal a denial of benefits decision.

Why You Might Want to Think Twice About Collecting

Come tax season, many recipients of unemployment benefits are surprised to find out that the payments they received are taxable. In some states, you can choose to have the taxes taken out. If you do not go this route, you should expect a big financial hit when you file your tax return.

If you are part of a union that also pays you benefits, that money is taxable. Though it may be hard to think about taxes when you are already cash strapped due to a loss of work, it is crucial that you plan early. A good rule of thumb is to set aside 25% of any income that you receive that could be taxed later on. That way, when tax season comes, you will be ready to pay.

HSA Eligible Expenses

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A Health savings account (HSA) is a special account which is used in conjunction with a high deductible health plan. Contributions to the account are tax-deductible on the federal and most state tax returns. Withdrawals are tax-free when used to pay for eligible medical expenses as described in Section 213(d) of the Internal Revenue Service Tax Code. The IRS normally announces the HSA contribution limits annually.

The eligible expenses must not have been reimbursed previously by any other coverage, such as your Flexible Spending Account. In general, the IRS requires that expenses must be for the diagnosis, cure, mitigation, treatment or prevention of disease, and for treatments affecting any part or function of the body. A list of these expenses is available on the IRS Web site, www.irs.gov in IRS Publication 502, “Medical and Dental Expenses,” or can be ordered directly from the IRS at 1-800-TAX-FORM.

If you pay for anything other than eligible medical expenses with your HSA funds, the amount will be taxable, and you will pay an additional 10 percent tax penalty. The tax penalty does not apply if you are age 65 or older or disabled, but the amount must be reported as taxable income.

The following list provides examples of eligible and ineligible medical expenses. This list is not all-inclusive. Remember, the IRS may modify its list of eligible expenses from time to time. As always, consult your tax advisor should you require specific tax advice.

HSA Eligible Medical Expenses:

  • Acupuncture
  • Alcoholism treatment
  • Ambulance
  • Artificial limb
  • Artificial teeth
  • Breast reconstruction surgery (mastectomy-related)
  • Chiropractor
  • Contact lenses and solutions
  • Cosmetic surgery (if due to trauma or disease)
  • Dental treatment (X-rays, fillings, braces, extractions, etc.)
  • Diagnostic devices (such as blood sugar test kits for diabetics)
  • Doctor’s office (including physicians, surgeons, or specialists) visits and procedures
  • Drug addiction treatment
  • Drugs, prescription
  • Eyeglasses and exams (for medical reasons)
  • Eye surgery (such as laser eye surgery or radial keratotomy)
  • Fertility enhancements
  • Hearing aids (and batteries for use)
  • Hospital services
  • Laboratory fees
  • Long-term care (for medical expenses and premiums)
  • Nursing home
  • Nursing services
  • Operations/surgery (excluding unnecessary cosmetic surgery)
  • Osteopath
  • Over-the-counter (OTC) medical expenses for items used solely to treat a medical condition
  • Physical Therapy
  • Psychiatric care
  • Psychologist
  • Special education (for learning disabilities)
  • Speech Therapy
  • Stop-smoking programs (including nicotine gum or patches)
  • Vasectomy
  • Weight-loss program (to treat a specific disease diagnosed by a physician)
  • Wheelchair

[Read more…]

Woman Taking Selfie Accidentally Destroyed $200,000 in Art

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A woman taking selfie accidentally caused $200,000 worth of art in damage. The visitor tried to snap a picture at an art gallery The 14th Factory in Los Angeles. This temporary art exhibit and factory space displayed the latest exhibition from Simon Birch, a British multimedia artist based in Hong Kong, in a series of crowns on pedestals.

While posing for a selfie the woman toppled and she knocked a pillar that starts a domino effect causing as much as $200,000. Here’s the moment the woman accidentally sending pedestals and crowns falling in a chain reaction.

The exhibit contains 60 crown-formed sculptures and is titled ‘Hypercaine’. A video of the incident, uploaded to YouTube on July 13, has already racked up over 700,000 views.