[This Thursday rerun first appeared August 5, 2009]
Last week the Baltimore Sun ran a list in picture gallery form of "Money Wasters to Avoid." It got picked up by the often amusing Consumerist, which 
was then noticed by the WSJ’s [now, sadly, defunct] The Wallet, which is where my jaded mouse found it. And now I am going to write about it too.
To be fair, this particular bit of sound in the blogosphere echo chamber hasn’t much substance and likely wasn’t intended to be taken very seriously. I imagine a few summer interns brainstorming a list of things people waste money on, rounding up some stock photos, and then poof, it’s internet content.
But if I limited myself to commenting on things that truly deserve comment this blog wouldn’t be much fun to write.
The thirteen wasters of money are: the lottery, books, eating out, pets, DVD rentals, ATM fees, cigarettes, coffee breaks, bottled water, designer clothing, car washes, speeding, and bars.
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With a coordination that I am sure both found embarrassing, The New York Times and The Wall Street Journal both ran stories on Saturday with tips on how to deal with a bout of deflation.
This raises several questions. Do we expect deflation? If so, why? What is deflation, anyway? Why is it so bad? Is the advice from these two giants of the mainstream any good? And what was it about last weekend that inspired them to write about, of all things, deflation?
That’s a long post’s worth of rhetorical questions. So, without further ado, let’s dive right in. Personally, I do not expect deflation in the near term, at least not enough to notice. Whether or not it is expected, or even seriously worried about, in the larger investment community is a harder question to answer.
The WSJ opens its piece telling us that “The markets are signaling that a bout of deflation may be coming.” But the only market indicator cited is a rally in bonds. True, the yield on 10-year Treasuries is down this year, although it is up from where it was at the end of 2008. And yet a rally in bonds is not exactly an unambiguous statement about deflation. The bond market goes up and down all the time. Why is this rally a deflation prediction?
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SmartMoney carried an item the other day about how, according to a new survey, those crazy kids have found another way to act foolishly. They are 
taking less risk with their investments.
The factual basis for believing that younger people are taking less risk is a little thin, a single question on a survey of affluent Americans (Aflo-Americans?) done by Merrill Lynch. Still, it confirms my previously held beliefs and even fits into predictions of the future I made more than a year ago, so I am going to go with it.
52% of those under 34 described themselves as having a low risk tolerance. That is more than either the 35 – 50 age group (45%) or 51 – 64 group (46%). Only the oldest, and presumably retired, 64+ group came in at a higher rate of low tolerance, at 55%.
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The article is ominously entitled When Student Loans Live On After Death. And it begins, dramatically, thusly:
In July 2006, 25-year-old Christopher Bryski died.
His private student loans didn’t. Mr. Bryski’s family in Marlton, N.J., continues to make monthly payments on his loans—the result of a potentially costly loophole in the rules governing student lending.
And what, you may ask, is the nature of this hitherto obscure loophole that The Wall Street Journal heroically exposed this weekend? Turns out, if a loan has a cosigner, and the borrower dies, that cosigner is considered liable for the debt. This was a surprise to both Mr. Bryski’s father, who cosigned his student loans, and Mary Pilon, who wrote the article.
Are you freakin’ kidding me?
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The hopeful promise of spring has now been fulfilled by the sticky and oppressive heat of summer. But that just means more opportunities for frugality, summer-style.
Free Money Finance gave us a list of ways to save on golf. A few were obvious, including using cheaper clubs and fishing in ponds to find lost balls. But also it discussed the frugal strategy of befriending people with memberships in golf clubs so you can play as a guest without having to join yourself. The key is finding suitable marks. “When meeting people for the first time at different social events or just by random chance, be sure to throw in your golfing interest in conversation.” Good tip.
Meeting the right sort is often a problem for us frugalists. Penniless Parenting reminds us that if our current friends just don’t get it, we need to find new ones. But where? “Try finding new friends in places that are geared towards the thrifty; perhaps hanging out in bargain shops or striking up conversations with people at garage sales….” You meet the best people at thrift stores. Just be sure and bring up golf.
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was then noticed by the WSJ’s [now, sadly, defunct] The Wallet, which is where my jaded mouse found it. And now I am going to write about it too.
Uncategorized | Frank Curmudgeon | 
August 12, 2010 11:59 am | 
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