Personal Finance

Intuit Inc. is nearing a deal to buy personal-finance portal Credit Karma Inc. for about $7 billion in cash and stock, in a move that would push the bookkeeping-software giant further into consumer finance, according to people familiar with the matter. USA Today reports:

The Richest Man in Babylon is a 1926 book by George S. Clason that dispenses financial advice through a collection of parables set 8,000 years ago in ancient Babylon. The book remains in print almost a century after the parables were originally published, and is regarded as a classic of personal financial advice.

The Richest Man in Babylon offered commonsense financial advice told through ancient parables. This classic reading reveals their secrets for creating, growing, and preserving wealth.

The ancient Babylonians were the first people to discover the universal laws of prosperity. Through these entertaining tales of merchants, tradesmen, and herdsmen, you’ll learn how to keep more out what you earn; get out of debt; put your money to work; attract good luck; choose wise investments; and safeguard a lasting fortune.

Read it here: The Richest Man in Babylon

It will be a long winter for millions of Americans who won’t be able to head to the ski slopes or sunnier climes for a vacation. Some 33 million Americans, many of them millennials, are financially tapped out and will stay home this winter, , or will be forced to take a short term loans to be able to go on a vacation. New York Post reports: 

If you need some different, unique, or new-to-you personal finance podcasts, try one of these shows. Eric Roberge recommends these great personal finance podcasts on Forbes: 

1. Couple Money with Elle Martinez
2. Beyond Finances with Eric & Kali Roberge
3. Popcorn Finance with Chris Browning
4. The Money Nerds with Whitney Hansen
5. Redefining Wealth with Patrice Washington

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. The Swiss bank’s annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10% as of the middle of this year versus 99 million in the United States. Reuters reports:

Goldman Sachs CEO David Solomon called his bank’s rollout of the Apple Card “the most successful credit card launch ever.” CNBC reports:

Solomon provided investors with an update on the bank’s new initiatives at the start of a conference call Tuesday.

“In three short years, we have raised $55 billion in deposits on the Marcus platform, generated $5 billion in loans, and built a new credit-card platform and launched Apple Card,” Solomon said, adding “which we believe is the most successful credit card launch ever.”

Continuing on the Apple Card, which the bank built in partnership with the iPhone maker, Solomon said that “since August, we’ve been pleased to see a high level of consumer demand for the product. From an operational and risk perspective, we’ve handled the inflows smoothly and without compromising our credit underwriting standards.”

The Rockets and the NBA could have stood up for Morey, for decency, and for the protesters and their human rights. More than 2,000 have been injured in months of demonstrations that the Chinese government characterizes as “riots,” but selling sneakers, jerseys, and the game  But they instead folded all too readily, all too eager to hold onto the dollars that they glean from the Communist nation. RollingStone reports:

The NBA issued a sorry statement, declaring the league realizes that the tweet may have “deeply offended” Chinese fans and that they “have great respect for the history and culture of China,” as if that had anything to do with a bill that could be used to disappear journalists and critics of an autocratic regime. Morey, who The Ringer reports was at one point in jeopardy of losing his job, tweeted his own apology that read like it was dictated by his boss. Brooklyn Nets owner Joe Tsai, a co-founder of Chinese e-commerce conglomerate Alibaba, published an open letter on Facebook that referred to protesters as a “separatist movement.” Even James Harden, the Rockets’ star guard, issued a mea culpa for some reason, even though he wasn’t involved.

That last bit of rank submission to an autocratic regime captured the full extent of the NBA’s sellout to China. Several politicians on the left and right, including presidential candidate Julián Castro and Rep. Ben Sasse (R-MO), called out the NBA’s cowardice. Even Rockets fan Ted Cruz took a principled stand:

As a lifelong @HoustonRockets fan, I was proud to see @dmorey call out the Chinese Communist Party’s repressive treatment of protestors in Hong Kong.

Now, in pursuit of big $$, the @nba is shamefully retreating. https://t.co/7waMde5KrM

— Ted Cruz (@tedcruz) October 7, 2019

CNBC also reports:

The first data from an experiment in a California city where needy people get $500 a month from the government shows they spend most of it on things such as food, clothing and utility bills. Associated Press reports:

If you had a Yahoo account anytime in 2012 through 2016, a pending class action settlement may affect you.

A Class Action Settlement has been proposed in litigation against Yahoo! Inc. (“Yahoo”) and Aabaco Small Business, LLC (together, called “Defendants” in this notice), relating to data breaches (malicious actors got into system and personal data was taken) occurring in 2013 through 2016, as well as to data security intrusions (malicious actors got into system but no data appears to have been taken) occurring in early 2012 (collectively, the “Data Breaches”).

• 2012 Data Security Intrusions: From at least January through April 2012, at least two different malicious actors accessed Yahoo’s internal systems.  The available evidence, however, does not reveal that user credentials, email accounts, or the contents of emails were taken out of Yahoo’s systems.
• 2013 Data Breach: In August 2013, malicious actors were able to gain access to Yahoo’s user database and took records for all existing Yahoo accounts—approximately three billion accounts worldwide. The records taken included the names, email addresses, telephone numbers, birth dates, passwords, and security questions and answers of Yahoo account holders. As a result, the actors may have also gained access to the contents of breached Yahoo accounts and, thus, any private information contained within users’ emails, calendars, and contacts.
• 2014 Data Breach: In November 2014, malicious actors were able to gain access to Yahoo’s user database and take records of approximately 500 million user accounts worldwide. The records taken included the names, email addresses, telephone numbers, birth dates, passwords, and security questions and answers of Yahoo account holders, and, as a result, the actors may have also gained access to the contents of breached Yahoo accounts, and thus, any private information contained within users’ emails, calendars, and contacts.
• 2015 and 2016 Data Breach: From 2015 to September 2016, malicious actors were able to use cookies instead of a password to gain access into approximately 32 million Yahoo email accounts.

Plaintiffs claim that Defendants failed to adequately protect their Personal Information and that they were injured as a result. Defendants deny any wrongdoing, and no court has made any ruling in these matters.

Who’s Included? If you received a Notice about the Data Breaches, or if you had a Yahoo account at any time between January 1, 2012 and December 31, 2016, and are a resident of the United States or Israel, you are a “Settlement Class Member.”

What does the Settlement provide?  Yahoo has enhanced, or, through its sucessor in interest, Oath Holdings Inc. (“Oath”), continues to enhance security of its customers’ Personal Information stored on its databases.  Defendants will also pay for a Settlement Fund of $117,500,000. The Settlement Fund will provide: a minimum of two years of Credit Monitoring Services to protect Settlement Class Members from future harm, or Alternative Compensation instead of credit monitoring for Class Members who already have Credit Monitoring Services (subject to verification and documentation); Out-of-Pocket Costs for losses related to the Data Breaches; and reimbursement of some costs for those who paid for Yahoo premium or small business services. The Settlement Fund will also be used to pay for attorneys’ fees, costs, and expenses, and Service Awards for the Settlement Class Representatives. These are only a summary of the benefits. For complete information, dates, and details on the benefits, visit the Settlement Website www.YahooDataBreachSettlement.com. 

What are my options? In order to receive any benefits, you must file a claim online or by mail by July 20, 2020.  If you want to keep your right to sue the Defendants yourself, you must exclude yourself from the Settlement Class by March 6, 2020. If you exclude yourself you will not receive any credit monitoring or monetary relief from the Settlement.  If you stay in the Settlement Class, you may object to the Settlement, and/or the amount of attorneys’ fees, costs, and expenses, and/or the amount of Class Representative Service Awards by March 6, 2020.  If you do nothing, you will not receive any credit monitoring or monetary benefits but you will still be bound by the Court’s decisions. Complete information and instructions on Filing a Claim, excluding oneself from the Settlement, or Objecting are available on the Settlement Website at www.YahooDataBreachSettlement.com. 

The Court has scheduled a hearing in this case at 1:30 pm on April 2, 2020, in Courtroom 8 of the U.S Courthouse, 280 South 1st Street, 4th Floor, San Jose, CA 95113, to consider: whether to approve the Settlement; any objections; a request for Class Representatives’ Service Awards; and attorneys’ fees, costs, and expenses for investigating the facts, litigating the case, and negotiating the settlement.  The motion for attorney fees, costs, and expenses will be posted on on the date it is filed or as quickly thereafter as practicable. You may ask to appear at the hearing but you do not have to.

America’s massive debt will doom us. That’s common wisdom, but wrong. In Manhattan, a giant clock displays not only the total — almost $23 trillion for now — but your share, ticking up every second. Pundits say it’s trouble. But U.S. debt fears have lurked forever and those troubles are no closer now than decades ago. In some ways, they’re further off. Ken Fisher writes on USA Today: 

Scientists at the University of Dundee in Scotland found that hunger significantly altered people’s decision-making, making them impatient and more likely to settle for a small reward that arrives sooner than a larger one promised at a later date. The Irish Examiner reports:

The research suggests being hungry actually changes preferences for rewards entirely unrelated to food and may carry over into other kinds of decisions, such as financial or interpersonal ones.

Benjamin Vincent, who carried out the study, believes it is important that people know an empty stomach might affect their preferences and there is also a danger those in poverty may make decisions that entrench their situation.

Dr Vincent added: “This is an aspect of human behaviour which could potentially be exploited by marketers, so people need to know their preferences may change when hungry.

“People generally know that when they are hungry they shouldn’t really go food shopping because they are more likely to make choices that are either unhealthy or indulgent.

“Our research suggests this could have an impact on other kinds of decisions as well.

“Say you were going to speak with a pensions or mortgage adviser – doing so while hungry might make you care a bit more about immediate gratification at the expense of a potentially more rosy future.”

Paper out now in Psychonomic Bulletin & Review… “Hunger increases delay discounting of food and non-food rewards”

Massive thanks to my former undergrad dissertation student, Jordan Skrynka who won the 2017 @UndergradAward, Psych section. pic.twitter.com/cGgaRIpxyx

— Benjamin Vincent (@inferencelab) September 16, 2019