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What I Love About Reading

By Frugaling 11 Comments

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Books

When I was younger, you couldn’t pay me to read a book. My parents read to me as a child, but in middle and high school, I was a Sparknotes reader; preferably, about 15-30 minutes before exams.

Homer’s Odyssey sat mostly unread. I was supposed to have spent the summer before my freshman year of high school analyzing the prose and coming up with something intelligent to say. Instead, I read the first 75 pages and called it good.

Reading wasn’t something I naturally enjoyed doing. It felt boring and stuffy. While I enjoyed the cover artwork, the text never enticed me to stay until the end. Ironically, I loved purchasing new — open it up, bend the spine, smell the glue and paper, and see those perfect 90-degree corners — books. But again, they sat mostly unfinished.

Something clicked in college. Suddenly, I enjoyed turning the pages of a good book of fiction. I wanted to read more. And for the last eight to nine years, I’ve become further engrossed and in love with the act of reading.

Now 27, I want to read even more. A lot more. And I’m not talking about finding a good book to read before bed or in between classes or to start my day. I’m talking about reading for entire days — hours upon hours!

I want to get swept away in a non-fiction subject or in fictional characters, plots, and narratives. I want to be amazed by others’ writing and ideas; most of all, I want to learn and hone my own writing abilities through reading. I learn through talented authors. They’re my role models.

The act has become this thing I lust after. Inside, I say to the world, “Get out of my way, leave me alone, stop talking to me. I need to read!” I read like there’s no tomorrow, because I’m not sure if there is. I read because there’s something I need to learn and would be remiss not to know it. More and more pages turned, pulled, flipped. Hours pass uninterrupted; frankly, I prefer it that way.

As I reflect on my habit, I realize what I love most about it. The classic book is a deep dive into a subject — whether fiction or not. Inside this world — and unlike the Internet — nothing pops up. Nothing pokes or aggravates. Nothing makes suggestions. There aren’t click-bait or artificial headlines. I don’t break from the reading to click and subscribe. I don’t scroll down to get back to the content. Ralph Nader says the only time to escape advertisements might be sleep, but books still provide an oasis.

Frugality is much easier with a good book. In fact, reading might be the lowest cost of entertainment on Earth. Consuming television and movies is cheaper than ever, but remains more expensive than going and getting a book.

For instance, a movie might have a 90-minute runtime and cost $10 to buy. That’s roughly a dollar for every 10 minutes. Meanwhile the purchase price of a book might be comparable — say $10 — but the runtime is magnificent. Pick up a lengthy tome like Stephen King’s 11/22/63 at 849 pages, and you’ll be reading for a 20-30 hours. It’s pennies to read every hour — enjoyment at a fraction of the price. And this doesn’t even account for public libraries!

Living simply and frugally is easier with a good book. These hours spent avoiding material consumption for knowledge, empathy, and understanding. And best of all, it won’t leave your wallet reeling.

So, what will you read this summer?

Filed Under: Save Money Tagged With: Books, cost, Entertainment, Film, media, Movies, Read, Reading, Television

Piracy And The Rise Of Subscription Services: Are They Worth It?

By Frugaling 4 Comments

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Spotify Premium Subscription Service
Screenshot of Spotify, a popular music subscription service

Problematic piracy, answered by private corporations

Subscription services have become a popular way to access media content ranging from books, magazines, television, and films. Before analyzing what subscriptions might be worth your time and money, I wanted to give a little historical context for their popularity. For many content creators, the rise in subscription services was scary, as they were linked to declining revenue growth. But increased interest in subscription models was actually an answer to something that’s been seen as even more malicious by copyright holders: piracy.

In France, if you were caught pirating digital (i.e., downloading a film, book, magazine, etc. without consent from the copyright holder) material three times, the 2009 HADOPI law (French acronym for the policy) would restrict your access to the Internet. Suspension of Internet services, depending on the level of piracy, would vary from 2 months to one year. Opposition groups argued and protested the law, arguing that it restricts a human right to knowledge.

In recent years, France curtailed the targeting of individuals’ copyright infringements, in favor of prosecuting major corporations and hosts of pirated materials. Today, TorrentFreak, a popular news source about pirating, reported that the organization now had five years of data to share. HADOPI has given warnings to 3,249,481 people, which suggests that about 9% of French Internet users are participating in possible copyright infringement (French report, PDF). That’s a staggering number, and it’s likely greater because some people can circumvent basic detection of copyright infringement.

Anti-piracy groups like the Motion Picture Association of America (MPAA) have lobbied for greater Internet restrictions for infringers in the U.S. and around the world. The MPAA has suggested that if piracy were “properly” dealt with, revenue to the film industry would subsequently increase (researchers and scholars at the London School of Economics have suggested otherwise). It’s no surprise that the trade organization for content creators would like more control over copyright concerns. But the answer to their calls for action actually came from private companies starting subscription services.

What do subscription services offer?

They usually provide a simple, monthly fee that gives users access to everything. It’s like an all-you-can-eat buffet for digital content. Subscription services offer somewhat ancillary but important benefits to copyright holders and consumers, too: they manage and lessen the cost to enjoy content. It even attracts those who would otherwise be pirating content! Effectively, as Kevin Spacey suggested, when users are given an affordable product and given complete control over when they’d like to listen, watch, and read, piracy will naturally decline.

In this article, I wanted to analyze three popular subscription services: Amazon Kindle Unlimited, Netflix, and Spotify. Each offers a different selection of content and unlimited access for a fee.

If you join Netflix’s subscription service, you’ll gain access to thousands upon thousands of movies that can be instantly viewed. Similarly, Spotify provides “premium” users access to millions of songs, playlists, and radio without ads. Amazon Kindle Unlimited is the newest platform and offers frequent readers access to a tremendous library of ebooks for Kindle (or Kindle apps).

Should you pay for a subscription service?

I’m not going to answer that, as everyone’s preferences are different. Instead, I want to provide you with some straightforward questions to consider before purchasing any service.

  1. How much does it cost?
  2. Are there any student discounts and/or free trials?
  3. Can I share my account with other people? Could I split the cost with someone?
  4. How much will you use the service?
  5. Are there other ways to get the content without the cost?

Amazon Kindle Unlimited (Link)

  • Cost: $9.99 per month
  • Access: 600,000 books
  • Student discounts and/or free trials: No student discounts. Yes, there is a 30-day free trial.
  • Sharing: There are no reports that you can share this subscription.
  • Usage: Are you reading all the time and traveling a lot? Then this really stands out as one of the best subscription services.
  • Review: It’s by far the greatest collection of books in an unlimited, checkout service. By paying for the subscription fee you also get unlimited audiobook listening, too. If you are reading and then hop in your car, you can continue the story at exactly the point you left it! That’s a pretty incredible benefit if you frequently travel. One caution: there’s no information about how many books you can checkout at once. My guess is it functions on a one-at-a-time checkout basis — meaning you’ll need to “return” the ebook before you can get another one.
  • Other ways: Libraries are free and increasingly offering ebooks for electronic checkout.

Netflix

  • Cost: $7.99 per month
  • Access: Netflix doesn’t publicly list all the films, but a popular site that catalogues the digital store says there are over 10,000 titles.
  • Student discounts and/or free trials: No student discounts. Yes, there is a 30-day free trial.
  • Sharing: You can share your account with up to 2 people when you upgrade to the $8.99 per month subscription model. This could effectively reduce the cost of Netflix in half.
  • Usage: For the frequent TV or movie buff, Netflix is an easy first choice. Watching a movie could not be simpler and the bandwidth is impressive. You can easily stream HD-quality content on multiple devices (i.e., tablets, smartphones, computers, and televisions).
  • Review: The instant, on-demand collection that Netflix has built is impressive. Although, keep in mind that they have stiff competition from Amazon’s Prime media service. Netflix is a steward in the media distribution industry. They noticed that accounts were frequently being shared between other people and didn’t stop the practice. Instead, Netflix instituted a reasonable sharing and account model to allow members to split the costs.
  • Other ways: Hulu, Crackle, and YouTube all offer vast media stores where you can find tons of free content.

Spotify Premium

  • Cost: $9.99 per month
  • Access: Millions of songs, and offline access.
  • Student discounts and/or free trials: Yes, there is a student price of $4.99 per month. Yes, there is a 30-day free trial.
  • Sharing: Spotify explicitly states that you are not to share the service. If two users begin streaming at the same time, one user will be cut off. Spotify only allows one person at a time.
  • Usage: This is best music subscription service out there. Tons of companies have started their own, but Spotify leads the way. If you are listening to music everywhere you go and on multiple devices, no service is easier.
  • Review: It’s important to note that Spotify has a free, base level of usage. You can make playlists, listen to music, and start special Pandora-like radio stations at this ad-supported level. Once you pay for Premium, the ads are removed and you can save songs for offline use. This definitely comes in handy for the frequent air traveler or the ad averse.
  • Other ways: You can always keep the free level or use YouTube to listen to nearly any song.

For a price, the content world opens up and becomes an amazing buffet of entertainment. Over the years, premium services have become more affordable. But frankly, there’s still more progress before the prices are easily affordable for everyone across platforms. To enjoy the benefits of each platform to the fullest, you’d be spending about $30 per month. While not an exorbitant sum, this may not fit within a tightly constructed, frugal budget. The choice is yours, but it’s never been easier to go without pirating copyrighted material. That’s progress.

Filed Under: Save Money Tagged With: Amazon, Books, cost, Fee, Films, kindle, Monthly, Movies, Music, Netflix, Premium, Prime, service, Spotify, Subscription, Unlimited

What If Hollywood’s Portrayal Of Wall Street Were Real? Bankers Would Be Jailed

By Frugaling Leave a Comment

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Bubbles burst: The rising action

On October 19, 1987, Wall Street crashed in one of the worst days ever. The financial world called this horrific day, “Black Monday.” The market was up 44% in the seven months prior to the implosion, and a solid bubble had formed. Various events simultaneously led up to that date, and the market crashed. We were supposed to learn from our mistakes, but we never do.

Just two months after the crash, the film Wall Street debuted. The fanfare was incredible. Here was a market that was reeling from excess, greed, and smarmy bankers. Now, a movie capitalized on America’s dislike for financiers. The tragic irony is that instead of crushing and discouraging careers on Wall Street, it has only seemed to encourage what it vilified.

Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures, the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge, has marked the upward surge of mankind and greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the U.S.A. —Gordon Gekko

Banks hardly struggled hiring scientists, engineers, and other people that make millions to trade in derivatives, bundle credit default swaps, and apply their mathematical talent to make even more money. Instead of manufacturing and creating, they’re pushing money.

In the above clip from Boiler Room, a young Vin Diesel can be seen reciting an essential part of the movie Wall Street. The fellow traders look on; all knowing the lines, as well. While Boiler Room may simply be a fictionalized tale of pump-and-dump schemes, it appears to highlight a truth: when traders heard Gordon Gekko say “greed is good,” they believed it.

See, in our current paradigm, it doesn’t matter what you say. As an analyst, banker, trader, etc., you can spout off what you want and never suffer retribution or consequences. In fact, you’ll usually be given a bonus, more time on tv, and an opportunity to be touted as a Wall Street success story.

Needing, wanting, desperate for money: The conflict

I’ve talked to a few friends that entered banking and financial positions. The heart of Oliver Stone’s Wall Street is missed by many of them. What’s comprehended is a surface level understanding of the antagonist — pre-jail sentence. It all adds up to a simple conclusion: Make your money, stay out of jail, and the hell with consequences.

Today’s movies are an extension of the same horrific story. Usually, some sort of humble but nascently narcissistic young man gets exposed to the world of money. They want a better life — sometimes for their families and sometimes solely for themselves. By becoming a trader, pumper-and-dumper, or insider, the riches seem easy.

Warning shots are fired. Loved ones beg Jordan Belfort and Seth Davis — repeatedly — to stop engaging in questionable practices. They urge them to change their ways before it’s too late and the FBI comes knocking. Even after that, some of them can’t stop their errant ways. The money is too great to stop.

Get your bonuses, cars, and women: The climax

In the Wolf of Wall Street, Jordan Belfort cheats on one woman after another, lies to each, and gets away with everything. Nearly every movie about Wall Street portrays bankers in this way. They seem to be saying, “The hell with authority. I don’t need to worry.”

This is the good life. They are fighting for it, with every last breath. In the movies, you know that the authorities are on their tail. You can see that all is not well. You’re omniscient to the steep, precipitous decline that’s in order. In real life, the good life will likely be maintained.

Everything is collapsing: The (false) falling action

Here’s where I wish that these fictionalized accounts were based on real life. It doesn’t take long to realize that bankers and traders are regularly engaging in questionable business practices. Their monies are too great — even for the authorities (i.e., too big to fail). By standing behind corporations, it’s rare if anyone takes the downfall. The corporation bears the responsibility. Just look at the recent HSBC money laundering for drug cartels and terrorist groups.

At least in the movies someone gets put in jail nearly every time. Nowadays, that’s a rarity. In fact, most bankers don’t even need to admit wrongdoing through a “guilty” verdict. No, all they need to do is pay a government agency a paltry sum that barely equates to a couple week’s revenue. The punishment is a slap on the wrist and the individual profits are retained — the bonuses and salaries are kept.

FBI and governmental hearings are a joke in many instances. Senators take bankers “to task” and “grill” executives with “tough” questions, which are then placed on YouTube with those key phrases. Usually, the words are used by a Congressperson’s own staffers. They become packaged up junk that can be brought back to angry constituents. They seem to be saying, “Don’t worry, your Congressperson is doing something, look at this video!”

Yelling, calling, and shouting at bankers isn’t what this market needs. We deserve better than that. The market needs better than that.

Nothing is worse than watching the scenes after each other. For example, check out the following scene from the Wolf of Wall Street. Here, you’ll see Jordan Belfort and his cronies deny all wrongdoing and recollection of maleficence. Compare that to the previous, real life instance with Goldman Sachs.

Nothing gets done, learned: The (false) resolution

It gets old, but every time a bubble bursts, bankers commit a crime, and/or the average American suffers, the White House and Congress get vocal and appear furious. The previous section shows their powerful vitriol.

After the verbal aggression ends, and the stories calm down, everyone stops talking about issues in the financial markets. Instead, we’re back to exclaiming how wonderful it is that the market is at all-time highs — doomed to repeat our mistakes. Will we ever learn?

While Obama and Congress will speak up immediately following every criminal activity or crash, by not receiving harsher punishments, bankers can gamble on. American may not condone the action of HSBC executives for laundering money for cartels, and slap them with $800 million in fines, but the executives walk free. We’ve created a unpunishable playground for adult children — only seeking their own selfish desires for more and more wealth.

We move on from bank to bank, bubble to bubble, and history just seems to repeat itself. We don’t seem to learn from our financial mistakes. We don’t truly censure, reprimand, and jail those who commit financial atrocities (on television or in boardroom meetings), either. We’ve created a perfect poison for market movers to manipulate our wallets in the grandest stadiums of all time.

How many times will the average American suffer from this repeated bubble and burst cycle, market manipulation, and financial greed? When will we act to prevent these actions from ever happening again?

Filed Under: Social Justice Tagged With: bankers, Boiler Room, Films, Financial Crisis, Goldman Sachs, Government, HSBC, Inside Job, Movies, Wall Street, White House, wolf of wall street

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