Someone Stole My Credit Card – What To Do?

Thief StealJust when I said nothing much happens with my credit card, somebody goes ahead and steals my credit card! But perhaps “stealing” is the wrong word to use in this situation, so let me clarify.

The last place I used my credit card was at the local Kelly Moore paint store. I remember taking it out, but not taking it back before I left. I remember the clerk who swiped my card for $43 for a gallon of hybrid paint. Yet, when I called back a day later to see if they had my card, the clerk said “no.”

Then I went back to the store the next day to ask the employees face-to-face if anybody saw my card. I can usually tell if someone is lying if I look them straight in the eye and ask them an important question. The manager on duty, whom I’ve seen the last four out of five times I’ve gone, hesitated and blurted out “nobody has told me about a missing credit card” before I finished asking my question. It was as if he already knew what I was going to ask. Hmmm.

I gave him my contact details in case anybody finds anything, and told him that someone took the card and went across the Bay to a Berkeley gas station and charged it up. The only way you can charge a credit card for gas is if you put in the credit card holder’s zip code. Given my zip code is the same zip code as the paint store, and the paint store was the last place I used the card, chances are high that one of the employees decided to keep my card and use it without my permission. (Thought: Perhaps change your credit card billing address to your work address so the zip codes are different)

It really stinks feeling suspicious of others. Everybody but one person in the store is innocent. Unfortunately, I no longer feel comfortable going there anymore.

When I was paying at the register one visit, one of the clerks asked me about the Frog Tape I was buying. “Hey, you trying to paint a straight line, or something?”

“Yeah, the line where the wall meets the trim,” I responded.

“I got a secret on how to paint a straight line real easy,” he said. “But it’ll cost you 5 bucks.”

I laughed, thinking he was joking as I admired his tattoos of serpent heads. I waited for him to tell me the secret, but he never did! WTF. I can appreciate a good hustle, but trying to personally extract another $5 after I’ve already spent $600 at the store is low quality.

What Is Capitalism? To Understand Let’s First Explore Communist China

Chongqing, ChinaWhat is Capitalism but a way of life for many who want to get rich. Communism gets a bad rap for its ability to stifle innovation and effort. However, when you look at Communist China, growing at 7-9% GDP per year, do you really think its citizens have no desire to improve their living standards beyond what is generally proposed?

We all have an inherent nature of wanting to do better. Not only do we want to continue improving, we also want to one-up our peers! After all, what’s the point of making $100,000 dollars a year if everybody else makes the same?

We learned a good amount about how the happiest people on Earth live after my 2.5 week trip to Scandinavia. So, I decided to take a trip to Chongqing, one of the fastest growing cities in China to learn more.

THE CHONGQING FIREBALL

Financial Samurai Passive Income Update 2014-2015

Financial Freedom Through Passive IncomeWelcome to my annual passive income update. I don’t do these updates more often because nothing changes too much on a month-to-month or quarter-to-quarter basis. Do you really want to see that I increased or decreased my passive income by $1,000 from the month before? I think not.

Here are some immediate reasons I can think of for why building passive income is a good idea:

1) You likely won’t want to work forever, no matter how much of an eager beaver you now are.

2) Unfortunately bad things happen all the time e.g. layoffs, financial meltdowns, theft, etc.

3) It’s nice to provide as solid a financial foundation as possible for your family and loved ones.

4) You broaden your knowledge and expertise across various topics so you can seem erudite but remain a little dumb.

5) You’ll reduce financial stress and feel happier that not all your income is tied to one main source.

6) You will decrease your chances, your spouse’s chances, and your children’s chances of ever having to depend on the government to survive.

7) You will have more freedom to do things you truly want to do. This feeling becomes more intense as you grow older given you become more aware of the finality of life.

8) You can push yourself financially beyond what you think could ever be possible. Who doesn’t love a good challenge except for the people who have everything handed to them?

This is my third annual passive income report where I have a goal of making $200,000 in relatively passive income by mid-2015 after leaving my job in early 2012. I started off with roughly $78,000 a year and I’m currently up to a projected ~$150,000 a year if all goes well after renting out my old primary residence. Life is uncertain, and I’m sure things will change.

To clarify the meaning of passive income, I do not include income from consulting, freelancing, asset sales (stocks, bonds, real estate, baseball cards etc), and business income. I’ve got other targets for these revenue streams that I might discuss in a future post, but probably not. The goal of passive income is to have the income largely come in without doing much work at all. But in order to not do much work for money, we’ve first got to work very hard for our money!

One thing to note is that I started my passive income journey before writing about Stealth Wealth. $78,000 a year is roughly the median income in SF, so it wasn’t a big deal. But I promise that if I ever breach $200,000, I will go dark and never write any specific figures again. If I do, you’ll know that I’m lying to blend in because that’s what Stealth Wealth is all about. 

Confessions From A Spoiled Rich Kid

Flying Over San Francisco

Flying Over San Francisco For Fun

The following is a guest post from long-time reader, Samurai Marco.

When Sam first mentioned that he was accepting guest posts from his readers, it made me wonder what, from my financial journey, I could share. After all, you’re already all a bunch of financial samurai’s yourselves, right? Is my journey interesting enough? At 43 years old, have I made enough mistakes?

I grew up a spoiled rich kid in Cupertino, California, about an hour south of San Francisco. My father was a one of those, and I hate to use this term, “Serial entrepreneurs.” He started a lot of technology companies, a couple went public, some were acquired and, of course, a few failed. I remember my Dad, back in the early 80’s, bringing home the first prototypes of the Macintosh and Compaq computers and even the first cell phones.

His summer parties were filled with the “who’s who” of Silicon Valley. I remember, in particular, one Christmas party in 1997, Gil Amelio and Steve Jobs made the deal for Apple to buy NEXT that night at my Dad’s house. The Forbes reporter, who was there, leaked it the next day I’ve gone flying with my Dad and Larry Ellison. I’ve talked stocks in the swimming pool with Eric Schmidt. So yes, I was surrounded by a lot of money and power and got a lot of attention for being my father’s child.

To say I grew up spoiled really is an understatement It’s taken me a long time to realize how “out of touch” my reality was back then. We flew first class to Italy every summer, sometimes twice a year, to visit family. We lived in a big house with a swimming pool in a “safe” neighborhood. My parents bought us whatever we wanted.

Ways To Add More Income To A Retirement Portfolio

More Income In RetirementLike chasing the fountain of youth, nearly every retiree seems to be searching for the answer to one question:

“How do I add more income to my portfolio?”

We all want the perfect income-popping strategy, don’t we? Maybe in this case we’re looking for that fabled money tree, or the fountain of cash my kids tell me must be attached to my wallet.

Here’s the wrong approach. I call it “Single Product-Based Strategies”

When people talk about adding income to their portfolio (especially with brokers), salespeople naturally turn toward products, bringing you a dog and pony show about “THIS product that would boost your income stream the most!”

This discussion ends nowhere good, and could easily wreak havoc on your portfolio. Take a look:

Income Portfolio Styles Chart

Here’s the problem: the “which single product is best” approach most often leads to a single asset-heavy portfolio. Under the wrong conditions (like a bad year for the market or for your budget) this mistake sinks your retirement income strategy. If you buy stocks, you don’t want to have to touch them when the market tumbles (and it will).

If you buy real estate you don’t want to be stuck waiting for your property to sell. If you buy bonds you don’t want to harvest them three days before the ex-dividend day to make a house payment.

If you’re worried about income, you want a machine that’ll weather storms, not one that’s built on a single investment type. Let’s get building.