Comments on: Easy Online Money Hacks Guaranteed to Make You or Save You Money http://www.primermagazine.com/2009/invest/online-money-hacks Not Your Typical Men's Magazine. Sat, 11 Feb 2012 09:58:35 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Enoch http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-14391 Enoch Sat, 07 Jan 2012 07:50:42 +0000 http://www.primermagazine.com/?p=402#comment-14391 Microfinancing is a bit of a flop. The poor guy, Yunus, got a Nobel Peace Prize but a few years later, independent analysis shows that the concept doesn't work in practice. It was well-intentioned but sadly, it did not solve or address some of the key underlying issues. One of the primary problems with microfinancing is that the money being loaned is given to people who are so poor that they have no hope to start their own business. But because of their poverty, they have no business skills or knowledge. So they end up making bad business decisions and lose all or a good deal of the money. In effect, they become consumers. It's a catch-22; you want to help the poor by giving them a chance but because they're poor, they don't have the education to invest the money appropriately. But without the money, they can't learn business. The ROI improves when the money is loaned to an existing business. However, if you're lending money to an existing business in a poor area, chances are, that person isn't really "poor." Compared to almighty Western standards of wealth, yes, they're poor but compared to the environment they're already in, they're middle-class. So you inevitably end up helping them as opposed to the end-goal of helping the truly poor. Like you suggested - if you want to help the poor, stick with volunteering your time and money. Don't seek to make a profit off of it. Microfinancing is a bit of a flop. The poor guy, Yunus, got a Nobel Peace Prize but a few years later, independent analysis shows that the concept doesn’t work in practice. It was well-intentioned but sadly, it did not solve or address some of the key underlying issues.

One of the primary problems with microfinancing is that the money being loaned is given to people who are so poor that they have no hope to start their own business. But because of their poverty, they have no business skills or knowledge. So they end up making bad business decisions and lose all or a good deal of the money. In effect, they become consumers. It’s a catch-22; you want to help the poor by giving them a chance but because they’re poor, they don’t have the education to invest the money appropriately. But without the money, they can’t learn business.

The ROI improves when the money is loaned to an existing business. However, if you’re lending money to an existing business in a poor area, chances are, that person isn’t really “poor.” Compared to almighty Western standards of wealth, yes, they’re poor but compared to the environment they’re already in, they’re middle-class. So you inevitably end up helping them as opposed to the end-goal of helping the truly poor.

Like you suggested – if you want to help the poor, stick with volunteering your time and money. Don’t seek to make a profit off of it.

]]> By: Seb http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-12914 Seb Sun, 06 Nov 2011 11:01:40 +0000 http://www.primermagazine.com/?p=402#comment-12914 My grand father told me the only way to accumulate money is through old fashioned way, deposit your money in fixed deposit account and watch your money grow through the power of compound interest. It won't make you a millionaire but it will give you financial stability. My two cents. My grand father told me the only way to accumulate money is through old fashioned way, deposit your money in fixed deposit account and watch your money grow through the power of compound interest. It won’t make you a millionaire but it will give you financial stability.

My two cents.

]]> By: Daily Dollar Maker http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-3800 Daily Dollar Maker Sun, 30 Aug 2009 21:19:49 +0000 http://www.primermagazine.com/?p=402#comment-3800 Believe or Not! With this Single Page Guide I Making Atleast $350 a Day. Click Here to Download and Read. http://useurl.us/4a7 Believe or Not!

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]]> By: how to make money for kids http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-3562 how to make money for kids Mon, 17 Aug 2009 15:16:37 +0000 http://www.primermagazine.com/?p=402#comment-3562 I like the idea of mint, its a real PITA to keep checks on all of your accounts, just wonder how well it works. I may also mention this site on mine as a good source of financial advice. I like the idea of mint, its a real PITA to keep checks on all of your accounts, just wonder how well it works. I may also mention this site on mine as a good source of financial advice.

]]> By: DK http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-2837 DK Tue, 31 Mar 2009 18:25:18 +0000 http://www.primermagazine.com/?p=402#comment-2837 I've never heard of a CD ladder before, it's a great idea. I’ve never heard of a CD ladder before, it’s a great idea.

]]> By: matt @ Thrive http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-2831 matt @ Thrive Mon, 30 Mar 2009 13:11:05 +0000 http://www.primermagazine.com/?p=402#comment-2831 Nice in depth review, Jack - often, you just see a list of the sites and it is nice to see someone take the time to put together a bit about why they matter. Couple of cool feature notes: - Thrive actually monitors your card for fraudulent transactions for you; since we have so many users, we can see when many people are getting charge suspiciously by the same vendor and take action. It isn't full-proof, but another nice part of working with so many people. - Many of these tools actually work well together. You can open a SmartyPig account, add it into Thrive, and use both to manage the account together so that you can maximize your savings (we also have a goal feature, so you can figure out when you'll accomplish what you are trying for and how much you need to save). How do I know? Several members of our team do just that. =] - For heaven's sake, get your Mom on Thrive! While we're targeted at people in their 20's and 30's, we have many members from all walks of life and ages - there is a guy in his 70's that calls us weekly to make a few feature requests and chat about his savings. We'd be happy to help your Mom sort it out! - Lastly, if you are ever in NYC, come by the Thrive office...we can take care of that dancing issue. =] Nice in depth review, Jack – often, you just see a list of the sites and it is nice to see someone take the time to put together a bit about why they matter. Couple of cool feature notes:

- Thrive actually monitors your card for fraudulent transactions for you; since we have so many users, we can see when many people are getting charge suspiciously by the same vendor and take action. It isn’t full-proof, but another nice part of working with so many people.

- Many of these tools actually work well together. You can open a SmartyPig account, add it into Thrive, and use both to manage the account together so that you can maximize your savings (we also have a goal feature, so you can figure out when you’ll accomplish what you are trying for and how much you need to save). How do I know? Several members of our team do just that. =]

- For heaven’s sake, get your Mom on Thrive! While we’re targeted at people in their 20′s and 30′s, we have many members from all walks of life and ages – there is a guy in his 70′s that calls us weekly to make a few feature requests and chat about his savings. We’d be happy to help your Mom sort it out!

- Lastly, if you are ever in NYC, come by the Thrive office…we can take care of that dancing issue. =]

]]> By: James http://www.primermagazine.com/2009/invest/online-money-hacks/comment-page-1#comment-2830 James Mon, 30 Mar 2009 12:53:09 +0000 http://www.primermagazine.com/?p=402#comment-2830 On the microfinance, I would like to mention that you don't earn interest at <a href="http://www.kiva.org" rel="nofollow">Kiva</a>; it's essentially a charity. You provide capital for a microfinance institution to lend money to someone in the developing world, then you get that same amount back (to re-lend or withdraw) when that person has repaid the money. That said, I think it's a fantastic charity and I really enjoy using Kiva. I've made several loans in the past and plan to continue doing so. (I don't withdraw my money, I just keep it circulating around Kiva once loans are repaid.) On the microfinance, I would like to mention that you don’t earn interest at Kiva; it’s essentially a charity. You provide capital for a microfinance institution to lend money to someone in the developing world, then you get that same amount back (to re-lend or withdraw) when that person has repaid the money.

That said, I think it’s a fantastic charity and I really enjoy using Kiva. I’ve made several loans in the past and plan to continue doing so. (I don’t withdraw my money, I just keep it circulating around Kiva once loans are repaid.)

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