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Canadian-Money-Advisor.ca BLOG
what is a credit card 2
- Posted June 28, 2009 by Monty Loree
What is a credit card - 2 ?
There are millions of credit cards in Canada, that come in all flavors and sizes. This article will help explain various aspects of what is a credit card.
Who provides credit cards? Plastic money, as it's called, is provided by companies who specialize in managing vast amounts of purchases by millions of people in countries around the world. A credit card companie must have the computer systems and database systems to be able to manage the individuals current personal and credit information, and help perform instant lending transactions.
This "systems lender" makes its money by annual fees charged to the vendor each time a purchase is made, along with interest fees charged, and service fees charge to the individual customers.
Who uses credit cards? Anybody who is of the age of majority who is able to sign legal agreement is able to have a charge card. Business people and individuals alike use credit cards for travel expenses, household purchases, electronics, online purchases, groceries etc. Pretty much everything can be bought with the instant loan card.
What types of credit cards are there? There are high interest cards, low interest cards, travel reward cards, line of credit cards, and other types of reward points cards. Credit cards themselves are usually made of thin plastic that you can fit in your wallet. Each company has a different logo and identifying and security marks to protect the customer. Each card has an electronic strip so that you can swipe it when making a purchase. The electronic strip holds your information which is instantly sent to the credit card processor which either approves or declines your purchase.
Where can I use a credit card? Convenience cards can be used at pretty much every retail store, restaurant, hotel, airline and online store around the world. It's good to ask a retailer which brands they take before making a purchase. Some retailers will take Visa and Mastercard, but not American Express. The beauty of carry a travelling charge card is that you can use them all over the world. Again, if you're travelling, you may want to call ahead to ensure that the countries and retailers, hotels etc use your credit card before you take your trip. I've heard of cases where people have gone on a trip and have been left cashless because they took the wrong credit cards.
When can I get a credit card? All Canadian banks offer their own version of Mastercard or Visa. They even offer American Express. There are other retailers like Canadian Tire, Capital One, MBNA that offer "independent" credit agreements.
Why do people use credit cards? People use credit cards for various reasons: 1) They don't want to carry cash with them. 2) They want to collect rewards points & cash back points. 3) They like other peoples money for as long as possible. 4) They are short of cash and need a loan to make purchases. 5) They want to buy something online in a secure fashion. That is the beauty of this type of loan facility. It offers flexibility and convenience.
How do I get a credit card You can go to a bank or credit union and go through the paper credit card application process. You can apply at retailers that have their own credit cards. You can apply online for cards such as Capital One. You need to ensure that your credit history and credit score will be within the requirements of the creditor. If you're not sure what this means, give your credit card company a call and ask them what qualifications such as credit history they will ask for to be approved for their various plastic money products.
SEE ALSO
References
External Links
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What is a Collection Call
- Posted June 27, 2009 by Monty Loree
What is a Collection Call
A collection call happens when a collection agent, working at a collection agency calls a debtor who is behind on payments as according to the terms and conditions of the credit agreement.
Who Makes Collection Calls?
Only Provincially licensed collection agents who are working at Provincially licensed collection agencies are allowed to make collection calls.
These third party collection agencies should have written agreements with creditors to collect debts that are past due or where payments have stopped
Who Receives Collection Calls?
An individual who is behind in making payments, or stopped payments altogether will receive notifications by telephone, or mail from a licensed firm.
In the agreement the debtor signed, they've allowed the creditor to use a third party bill collector should they not make payments up to date and as agreed to.
Where is a Collection Call Made to?
A collection call can be made to the individual's home, or to their place of employment. Agents will call all sorts of places trying to locate the debtor, if the debtor's contact records are out of date.
Usually a collection call is made to the debtors home, and there are rules and regulations that need to be followed by the debt manager. Each province has regulations that limit where and when a call can be made.
When is a Collection Call Made?
Contacting a debtor should usually be done at reasonable hours. Usually the hours are between 8 am and 9 pm, the same times that telephone solicitors are allowed to call.
Each province has different regulations on when collection calls are allowed. Most times collection personnel are not allowed to call on weekends or holidays and at certain hours.
Why are Collection Calls Made?
There is an agreement set in place between the debtor and the creditor. In short, the debtor borrows money from the creditor and agrees to make interest and principal payments at agreed times.
If these payments are not made, that usually triggers collection activities.
As to why the borrower isn't making payments could range from pure neglect to the fact that they just lost their job, or acquired an illness and their cash income has been cut off.
A creditor's income is the interest it charges to the borrower. It must be able to control the payments coming in from it's customers.
Understanding that it's customers payments are not always going to be smooth and steady, it has to use a system to encourage prompt payments. This ensures that the creditors cash flow is in tact.
How are Collection Calls Made?
When the payments are not made by the debt, the creditor's computer system flags the late payments automatically and then these database records are sent (hopefully securely) to the collection agencies computer system.
These days, collection agencies are usually automated with powerful computer systems and data management systems.
Many times collectors are based in call centers with several employers. Using an automated dialling system, the collection agent makes several calls over the course of a day. The more efficient the telephone and data system, the more calls can be made by the debt management company.
Collection calls are regulated by each province. If you're having more questions or problems please contact your local consumer protection for advice on how to deal with individuals and companies that work for creditors to herd in their payments.
More From Canadian-Money-Advisor.ca Discuss Collection Agencies Other posts about Canadian Collection Agencies More articles from June, 2009 More articles from 2009
michael jackson the machine was too much
- Posted June 26, 2009 by Monty LoreeMichael Jackson - The machine was too much Despite how weird and uninteresting I thought Michael Jackson had become, I watched the news yesterday, as it was interesting on a business and personal finance level. The news agencies reported that Michael Jackson owed $500 million or 1/2 billion dollars, and that these debts were backed up by all of his musical and real estate assets and incomes.
I'm absolutely dumbfounded that an individual can owe $500 million. They had Michael Jackson's business consultant on CNBC this morning and the consultant mentioned that he had helped Jackson from avoiding bankruptcy in 2004.
The Machine is too big for an individual. In my opinion, Michael Jackson was on so many drugs, reports include demerol and morphine, just to avoid his life and his debt responsibilities.
He had a major tour scheduled in London and the revenue was reported at $50 million for 50 days. If the star is on that many drugs, and in that rough of shape, would he be able to even do a tour? The point that I'm getting at is this: business and individuals are great at building structures these days. But we're building things that are too large to handle. The banking system almost failed because it was too large for even the government to handle. In Michael Jackson's case, it seems that his empire was way too large for him to handle.
TOO BIG TO FAIL?!! This is certainly a attribute of our society these days. It seems that there are many companies that are too large to fail, including General Motors and AIG Insurance.
Many individuals have taken on considerable amounts of debt in their lifestyle, and it's causing structural problems for themselves and their families. Too much debt can be a problem if your health suffers, and you begin to lose control on how to make payments on the debt. I think this is definitely the case with Michael Jackson - especially since his debt was an unbelievable $500 million
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What is an annual percentage rate APR
- Posted June 18, 2009 by Monty LoreeWhat is an annual percentage rate (APR) Annual Percentage rate is calculated on many consumer loans, mortgages and credit cards etc. It's a term that every body who has credit , or is interested in credit should learn about. The reason being is that this is how you're being charged interest on your loans. Just as you should know how to calculate GST & PST on purchases made, you should also know roughly how to calculate the interest costs on your loans.
If you're not a math wizard and do not understand the terms, then it would be prudent to get a friend or professional to help out. The more you understand how annual percentage rate is calculate, the better you can base your decisions on the types of credit you use, the amount of interest you pay, and which creditors are charge the highest, or lowest interest rates.
You could be spending more money on interest costs than you really need to. You could use any extra interest rate costs saved on paying down your debt. It's imporant to know that interest can be calculated daily, monthly, semi annually or annually. It all depends. It is good to ask your creditor how they're charging you, and if there is any more cost effective way you could pay.
Also...If you 're paying a high annual percentage rate, ask the creditor how you can get the lowest APR possible.
DEFINITIONS Who what where when why how?
According to http://www.businessdictionary.com annual percentage rate is Standardized method of quoting the effective interest rate (actual cost of credit) on consumer loans, specially where interest is computed on monthly or other non-annual basis. An APR includes all fees (except penalties), and takes into account the continual reduction of principal amount through amortization. See also add on loan.
According to http://www.mortgagefit.com/apr.html APR (Annual Percentage Rate) to compare mortgage lenders If you're willing to know how much your mortgage costs, the APR or Annual Percentage Rate is what you should watch out for. Lenders are required to disclose the APR as part of the Truth-in-Lending disclosure (as per the Truth-in-Lending Act). What is APR? The APR is not the actual rate or note rate advertised by the lender. It is the effective rate which represents the cost of borrowing a mortgage loan. Lenders calculate APR taking into account the closing costs and the interest rate on a mortgage. As a borrower, you too can calculate the APR using the APR Calculator.
The Annual Percentage Rate is often used to compare mortgage lenders and the programs they offer. However, it is not an effective tool for lender/loan comparison because a mortgage with high APR may often be a better option compared to one with a low APR.
What fees/costs does the APR include? Some of the fees/closing costs that the APR includes are: Points (discount and origination points) Prepaid interest (from closing date to the end of the month) Loan processing fee Underwriting fee Document preparation fee Private mortgage insurance
More From Canadian-Money-Advisor.ca Discuss The Banks Other posts about Canadian Creditors More articles from June, 2009 More articles from 2009
What is high interest credit
- Posted June 18, 2009 by Monty Loree
What is high interest credit?
High interest credit cards, and loans are pretty common these days. They can range from high interest car loans, credit cards, and lines of credit... even mortgages.
As the major source of income for banks, credit card companies and other lenders, high interest is charged as a way to make money, and build a reserve against non-payment of loans and other expenses.
Who, where, when, why, and how
Who Charges high interest
Any credit provider who has high risk clients. Generally, a creditor will charge high interest rates if they are in a higher risk situation.
Payday loan companies are usually the highest interest rates charged as they deal with people with all types of credit situations. Many times people with no credit rating use payday loan companies for loans because they can't get credit with more traditional lenders.
Merchant credit cards like Sears, or HBC, or HomeDepot will charge 29.99% on purchases where a balance is outstanding.. This is called retail interest rates. The retailer makes some of it's profit from the interest charged.
Who pays high interest rates?
There are two kinds of consumers who pay expensive interest rates.
The first are those who have bad or no credit score, and are penalized for their new credit history or less than perfect credit history.
The second are those who pay excessive interest costs because they aren't aware that they could lower their interest just by asking for lower interest rates. The truth is, creditors aren't going to promote their high interest products because this is where they make their money. So... if your credit score has gone from bad to good, they're not going to automatically to move you from a ballooned interest charge to lower interest without you asking.
Ask for a lower interest rate. the best thing that can happen is that you'll learn what the creditor requires to move you away from higher margin products.
Which rates are high interest?
High interest rates are considered to be 14.9% and higher. If you're getting lower than 14.9% you'll need to have a pretty good, low risk, credit story.
If you're paying 29.9%, this means that either you're really bad risk, or you're not really savvy when it is available in the market place.
When do you get charged high interest?
Interest charges are usually calculated monthly. On a credit card, the interest charged will be on the outstanding balance at the time of the statement. Please see your credit card agreement and contract for more explanation.
Some interest is compounding daily, but I'm sure that most interest is accumulating by the month.
Why do you get charged high interest?
As mentioned above, people who pay exhorbitant interest rates are those with little credit history, bad credit history, or people who don't know about asking for low interest rates.
Bad credit comes from not complying with your credit agreement. If you pay your bills late, or do debt settlement, consumer proposal etc, then these types of activities will lower your credit score, and indicate to the creditor that you're a bad credit risk.
A creditor who lends to higher risk clients has to assume that they'll have a certain percentage of clients who default on payments. Defaulting means that the customer doesn't pay the interest and principal amounts uptodate and as agreed.
How do you get charged high interest?
The creditor simply decides that the based on your credit history, and credit score, they'll charge you rates that make sense to them.
In the contract, usually, the creditor is able to increase your interest rate, by first giving you notice, whenever they feel like it. It's as easy as that.
If you get a notice that your interest rate is going to get higher, then I suggest asking them to keep the rate the same , or lower, and / or move the debt to a less expensive credit facility.
Please check the written agreement you received from the creditor . This could be at the time you signed up for the account, or a revision sent to you at a later date.
The creditor has a great deal of power to give you a more expensive interest rate, if they choose to.
Ultimately, a profitable interest rate means that you're paying more money for credit. This allows less money for spending on other necessities.
More From Canadian-Money-Advisor.ca Discuss The Banks Other posts about Canadian Creditors More articles from June, 2009 More articles from 2009
what is making money
- Posted June 14, 2009 by Monty LoreeWhat is Making Money?
The idea of making money is as complex as there are people and products and services in Canada.
Who Can Make Money?
Any individual at a responsible age and older can make money. That's a basic fact. Starting from a child of 10 years old with their newspaper carrier route all the way up to a 90 year old who is self employed with a home based business.
What Can Make You Money?
Any product or service that is found to be valuable by an individual or company. If a product or service is valuable and in demand then it is likely to make a return on investment. In the North American market place, there are thousands of products and services that individuals and corporations use in day to day living and operation.
The key to this is to find a product or service that you're passionate about, and that you have a competency in selling.
Making Money - Where Can You do it?
The location of where you make your money can range from an employers place of work, to your own home. While there are millions of employees who commute to work each day from their homes, there are also individuals who work out of their homes. It all depends on the lifestyle that you would prefer.
The place where you make money needs to make sense. If you're working out of your home, you would need to be doing selling a product or service that would lend itself to the home and neighbourhood.
It would not be appropriate to have a heavy manufacturing plant using toxic chemicals in your house. It could be appropriate to sell retail items or even do accounting or advertising out of your house.
Making Money - When Should You Do It?
Obviously there is a need to generate income all throughout our lives. From the time the children are young, til the time we retire, we need to have a source of income to then become wealthy enough support ourselves.
A teenager will usually want to make some extra money with a part time job, so that he/she can have some spending money to buy electronic gadgets, go to the movie, or buy junk food to hang out with their friends.
As adults we need to make money to pay for our basic needs such as food and shelter and transportation, and then afterwards buy the luxuries that we want to enjoy. Our goal should be to thrive and prosper.
By the time we get to retirement age, we'll need to have our retirement funds make money for us, so that we can enjoy our retirement without financial worries.
Making Money - How Can You Do It?
As talked about earlier, there are many different ways to generate income. You can "strike it rich" so to speak, by either being self employed, or by being employed.
If you're employed by a company, they will generally give you a job description and a corporate structure in which to work. They will have products or services that already have a demand to work with. Their marketing department, human resources, financing, software systems etc will already be in place so that you don't have to create them.. All you have to worry about is fulfilling your job description.
Being self employed is alot more complicated way to create dividends. Simply put, being self employed means that you need to create a product and/or service and then the business structure with which to sell & service your product.
There are many things to consider when we talk about the different aspects of What is Making Money?
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Review of www onlinecasinoreports ca
- Posted June 10, 2009 by Monty Loree
Review of www.onlinecasinoreports.ca
I was asked to do a review of this canadian online gambling guide, and, as it relates to spending money, I thought I would accept.
This is a new Canadian site that relates to: online bonuses
online games, Gaming, Entertainment, Gambling, Personal, Reviews, Sports, Media for Canadians.
This site is a canada gambling directory and it lists software and organizations such as responsible gambling to international trade agreements. It seems to be more of a full featured gambling reference.
Another feature of this site is that is lists canadian dollar online casinos. This page lists many sites that allow you to gamble online in Canadian dollars.
If you've got sufficient funds to gamble, this may be the site you want to check out.. if you're researching online gambling in Canada.
PLEASE NOTE: It is the strong opinion of this site that a person needs to use self control when gambling. Gambling should be treated as entertainment, and as such we recommend that you have a budget allocated for entertainment, and stick to this budget in a strict manner. IE... putting gambling expenses on your credit card when you don't have cash reserves to cover the gambling expense is a bad idea. Gambling is only a good idea if you have sufficient cash to make your expenses and then have enough room in your budget for extra entertainment expenses. This is the opinion of this website.
this is a sponsored review.
canadian online gambling guide
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what is a collection agency
- Posted June 09, 2009 by Monty LoreeWhat is a collection agency?
Def: A company that attempts to collect delinquent loan payments for client loan organizations.
The collection agencies are a relief factor for all the creditors by helping them in their credit collection process. The collection agencies are usually refers to third party, but there is another sector in the internal collection department which is known as first party agency owed by individuals or businesses. In many countries, collection agency and services are governed by laws. This prohibits certain abusive practice.
The primary tools of a collection agency are letters and telephone calls.
Third-party collection agencies often work on commission, where they receive a percentage of the amount that they collect. Individual collectors are often paid a low base wage plus commissions based on their personal performance.
Some agencies also purchase large groups of charged-off bad debts for a small percentage of the "face value" (amount owed.) After a debt is sold, the debtor now owes the full amount to the purchaser. Since the chances of recovery decrease substantially with time, an agency might only pay 1% - 5% of face value. The agencies' profits come from the difference between the purchase price and the amounts that are eventually collected.
Regulation of collection agencies
The Federal Trade Commission oversees the collections industry, and has the authority to impose fines or other penalties for violations. However, the FTC does not get involved with individual consumers' cases. They accept a large number of complaints, and look for patterns of violations which could then lead to action against a particular collection agency. Canada
In Canada regulation is provided by the province or territory in which they operate. The law is typically called the Collection Agencies Act and usually affords a government ministry power to make regulations as needed. However, the regulations limit the agency to three contacts with the debtor per 7 day period in Alberta and Ontario. In all other provinces and territories, a collector may contact the debtor once per day. Further, a debtor should not be contacted unless they have been notified in writing first that the debt has been assigned to the agency making the contact. This is only if the debtor disputes the fact that they did not receive notice first in writing. The solution is to remind the debtor a notice wait seven days then recon tact the debtor using normal methods.
Most debts in Ontario, Canada are subject to a limitation period of two years. After the second anniversary of the last formal intention to pay the debt, neither the collection agency nor anyone else has authority to collect it. This second anniversary only deals with legal aspects pertaining to debt collection, meaning the statute of limitations deals with the courts of Ontario, only when the debt is before the court does this affect it. Equifax will still retain the debt and the collection on your credit file for 7 years. Although the collection agency can continue to collect or attempt to collect the debt, they cannot garnish or place a lien on the debtor, unless the court upholds a new date of last activity on the account based on other factors.
For further information, see the Ontario regulations section on prohibited practices.
More From Canadian-Money-Advisor.ca Discuss Collection Agencies Other posts about Canadian Collection Agencies More articles from June, 2009 More articles from 2009
Platinum Awards Credit Card - Capital One
- Posted June 27, 2008 by Monty Loree
Platinum Awards Credit Card - Capital One
Canadian residents who may be in financial problems and want to secure a good credit and financial rating with a Canadian bank would benefit from a credit card. In Canada, your credit history is determined by how well you make payments to established debts, as in whether you make your monthly payments on time. Credit cards in Canada and other places can help you to do many things to either build, improve or repair your credit. If your credit is bad it can be hard to apply for loans, buy things or even get jobs. This is how important a good credit history is, so you should get a good credit card to start building a credit history. To build good credit history, always make your monthly payments. If you leave payments off your credit score in Canada will go down.
Credit cards can help you to establish a strong credit history in Canada. By making regular monthly payments, you can be sure to get started on the path to financial security Capital One has a card called the Platinum Rewards MasterCard Prime with 2.9% interest rate – this is a very low interest rate for credit cards. Usually, Canadian cards have interest rates of up to 20% or even higher. Capital One has credit cards with generally low interest even apart from this card. It also has other rewards and benefits available to residents of Canada. Some of the benefits of the Platinum Rewards MasterCard Prime 2.9%, apart from the low interest rate, are an easy transfer of account balances. This means that if you have multiple accounts, the balance can be transferred between them easily.
Another benefit of the Platinum Rewards MasterCard Prime 2.9% is a reward points program. Every time you make a purchase with this credit card, you’ll earn a reward point for each dollar you spend. These points can be redeemed to Capital One for airline tickets, prizes, cash, merchandise and gift cards, among other things. This offers Canadian credit card users to pick this card, because you can receive additional rewards for your spending.
Reward points are redeemable only in Canada, but are versatile enough that they’re well worth using the Platinum Rewards MasterCard Prime 2.9%.
Because the Platinum Rewards MasterCard Prime has such a low interest rate, there is little to worry about for this Canadian credit card when paying your monthly balance. You can pay the balance and keep it low instead of constantly paying off interest as you would on other credit cards. The reward miles program is a good way to get extra merchandise and travel miles for your other purchases without having to pay extra for them. The Platinum Rewards MasterCard Prime is a good credit card for people in Canada for these reasons. To get started working with Capital One to build a strong credit history and getting good benefits along the way, choose the Platinum Rewards MasterCard Prime 2.9% interest. It’ll be one of the best financial decisions you can make as a Canadian resident.
More From Canadian-Money-Advisor.ca Discuss The Banks Other posts about Canadian Creditors More articles from June, 2008 More articles from 2008
Prepaid Legal in Canada - New Hope
- Posted June 25, 2008 by Monty Loree
Prepaid Legal in Canada - New Hope!
I'm just back from Winnipeg where I signed up with Prepaid Legal Canada.
I've been looking for a service to help out the members of this site fight identity theft, collection agencies, credit bureaus etc. I was quite impressed with what I found with Prepaid Legal.
The idea with Prepaid Legal is that you pay $36 per month year round. This gives you UNLIMITED access to lawyers in British Columbia, Alberta, Manitoba, and Ontario.
NO MORE $250 PER HOUR FOR LAWYERS!!
I thought this legal service is perfect for the visitors and members of this site. It's extremely expensive to hire a lawyer to write letters to collection agencies or credit bureaus etc. Now you can have your prepaid legal lawyer write as many letters as you need to get your credit fixed up.
Where do I start with this... The possibilities are endless.!
Let's say you get a call from a collection agency. What you would tell the collection agent is that you need to contact your lawyer before you talk to him any more. The next phone call is to your Prepaid Legal Canada lawyer. He'll advise you on your rights with regards to your debt and write a letter to the collection agency if you want. You get education and action for a very small price.
PEACE OF MIND IS FINALLY HERE!
Of course most of what we talk about on this site is financially related. Prepaid Legal will help you out with all aspects of your legal concerns. Divorce, DUI, traffic tickets, civil actions. It's all there.
This is something that I think everybody needs. It's like my CAA card that I've had for 19 years. I use it once in a while, but it gives me peace of mind everyday.
If you haven't done so already, check out Prepaid Legal Canada.
Again, this is ONLY AVAILABLE in British Columbia, Alberta, Manitoba, and Ontario.
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Off to Winnipeg to learn about Joint Ventures
- Posted June 20, 2008 by Monty Loree
Off to Winnipeg to learn about Joint Ventures
I'm driving to Winnipeg today to learn about joint ventures and how to make more money. I'll report on this as I go.
I'm interested in joint ventures as it's a great and creative way to make more money. One of the things I want to do on Canadian-Money-Advisor.ca is talk about how to make more money.
A friend of mine is putting on a dollarmakers.com bootcamp. Where as I've been in business for alot of years and have seen many many money making ideas come and go, I believe that joint ventures is a long lasting unhyped way to make more money.
Much of what we talk about on this site is credit and debt. While I do love those topics. I would like to talk more about making money and how to get people spending their own cash instead of using loans from banks and credit cards.
Joint venture
I'll check into the site periodically over the next few days, as I'll arrive back Tuesday June 24.
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Backgammon - Learning the terminology
- Posted June 17, 2008 by Monty Loree
Backgammon - Learning the terminology
Backgammon is a game that you play with one other opponent. As such, it's important to know the terminology of the game.
Online backgammon is the same way. You need to know the terminology of the game in order to know what to do, and enjoy the game in general.
bgprime.com has backgammon terminology from which I learned alot. They're explaining terms such as ace, acey-deucey, advanced anchor, combination shot and many more terms. To be honest, I've never heard of most of these terms, so the terminology page was a great help.
backgammon online has terms such as: drop point, end game, lover's leap, pip, suicide play etc... In all there are close to 60 backgammon terms explain on this one page.
I have to chuckle... terms like beaver, pip count, raccoon, and snake eyes are fun words to play. I like saying these types of words when I'm playing a game like backgammon. It makes the game more enjoyable from a personal point of view.
I also like to mention that you should learn the game terminologies thoroughly in order to learn the game inside out. This is especially the case if you're going to bet any type of money. Betting money without knowing the game inside out is irresponsible.
As always, I recommend that you play the game for free, and if you want to play for money, keep it at the level you would for any type of entertainment such as dinner and a movie. Spend responsibly at all time.
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Weight Loss is a Full Time Job!
- Posted June 15, 2008 by Monty Loree
Weight Loss is a Full Time Job!
I keep wanting to apologize for not posting on my blog each day. I would like to talk about all sorts of things each day. I'm consumed these days with health and weight loss.
The reason people find it hard to lose weight, is because it's hard to do. It's hard work to change your lifestyle and generate consistent results.
Since February I've been on a weight loss learning curve, and exercise program. I've done alot of things right, and alot of things wrong. I'm finding that it takes a considerable amount of time each day to do the right things consistently.
Case and point: It takes time to burn calories.
Cycling 5 miles burns around 350 calories. It takes 20 minutes to cycle 5 miles. This is in city road cycling. The other day I did approximately 13 miles and it took me around 2 hours, as I went to stores etc.
You have to go out and do the miles on bicycle, or whatever exercise you prefer in order to burn the calories. You NEED TO burn more calories than you take in. If you don't, then you don't lose weight.
To consistently burn 3500 calories, or 1 pound of fat, on the bicycle you would need to travel 50 miles, taking 200 minutes. 200 minutes to burn one pound of fat each week. Being that I used to sit on the couch and watch TV, 200 minutes is alot of time to take up exercising.
It takes time to prepare food each day
This is just the exercising .. then there's food preparation.
I once talked to a body builder who said, "I spend more time in the kitchen then I do lifting weights"
At the time I didn't understand what he meant. I ate out at restaurants all the time and NEVER cooked my own meals.
These days I cook everything I eat from scratch. I don't use preprocessed foods at all. I don't want to spend 200 minutes of exercise time burning calories gotten from processed foods!
By cooking all of my own food, I know exactly what goes into my system, the approximate calories, and how I'm going to feel after eating them.
When I used to eat junk food and processed foods, I never felt full, and I was constantly binging on these unhealthy foods to try to get that full feeling.
Cooking my own foods saves alot of money. I rarely eat in restaurants, and don't ever buy expensive process foods. Eating whole foods costs me a fraction of what I used to spend on a weekly basis.
Exercising is saving me money as well. Instead of sitting in front of the television set, or going to movies, etc I am now spending way more time bicycling, going to the gym, doing the sauna for 30 minutes each day etc.
I've never felt better in the last 25+ years!! It's time consuming however, the results have been wonderful.
Losing weight takes commitment
Losing weight is hard work. I have to be committed to it each day in order to be successful. I have to remind myself why I'm changing my lifestyle and why I'm doing all of these things I'm not used to doing.
I guess I'll keep apologizing for the next few months for not blogging on a daily basis. I'm hoping that once I've lost the weight, I will only have to spend time doing maintainence exercises etc. Hopefully that will free up some time.
Until then, I am committed to losing weight, I am having great success, and will continue until I get down to my goal weight.
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Bicycle Road Trip to Lumsden, SK - Saving Money
- Posted June 15, 2008 by Monty Loree
Bicycle Road Trip to Lumsden, SK - Saving Money
Yesterday was the day that I took the plunge and rode out to Lumsden, Sk on my bike.
The total trip was around 60 KM or 37 miles.
I've been training for the last few months on the bicycle, riding around town. My goal for this summer is to go to Lumsden, SK (60 KM round trip) and back on the bicycle, and as well Regina Beach, SK (168 KM round trip).
I've driven by Lumsden many times over the years, but had only cycled out there once with my dad, and that was around 1970 ( I was 5 or 6 years old).
I didn't do this trip to save money. I did it as part of my losing weight program, however, I did think alot about saving money as there were hundreds of cars whizzing by me on the highway. They are paying $1.40 per litre for gas to travel around in the car. I was paying nothing except for snack fuel.
Being my first trip out of town, it was all about experimenting to see what it would be like to drive a bike instead of driving a car. Let me tell you that although it was difficult, it was highly satisfying. It wasn't a good selling point for people to get out of their cars and take their bikes though.
This trip really drove home why people are so reluctant to give up their cars and drive bikes. With the wind and elements, it was a difficult trip, and I am in reasonable shape.
I was trying to picture the cars going by as bicycles. Everybody driving bicycles instead of cars. It seemed like a ludicrous idea, since I've never seen anything like it in Canada in my lifetime.
Going green is going to be more difficult than it looks. People like their conveniences and are willing to pay for them.
In total, the 40 mile trip took me 4.5 hours which included a stop over in lumsden. By the time I got home I was pretty exhausted. I'm not used to road travelling on the bike just yet.
Monty Loree - June 14, 2008 - Ready to go to Lumsden, SK
Highway sign - Lumsden 21 KM - Ouch!
Saskatchewan open highways and prairies. And wind!
Approaching Lumsden Valley - Always beautiful this time of year!
What a relief! I'm here finally! After 38 years and 1 hour 15 minutes riding!!
Time to Celebrate - Victory Meal - That restaurant is cash only!!
Time to head back - 31 KM back to Regina, SK - My knees are aching!
Taking a break - I get weighed (with bike) at a Truckers weigh scale
That's the end of the tour. I enjoyed the ride thoroughly. I learned alot about bicycle touring, and what I'll need to do in the future to make it possible.
Bicycle touring is a lifestyle. It's certainly not about convenience. It's more about the enjoyment of being on the road and being self propelled and self sustaining. I got a big rush from this small trip to Lumsden and look forward to going again regularly in the future.
Finally, I would never stop to take pictures of these things when driving my car. I was more than pleased to stop (I NEEDED TO STOP) and take these pictures. It was VERY enjoyable.
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Online Backgammon Strategy - bgprime.com
- Posted June 10, 2008 by Monty Loree
Online Backgammon Strategy- bgprime.com
With any type of game, you need a strategy. Backgammon is no different. If I were to start playing online backgammon, I would start by looking up some good references on the internet. Fortunately, this site has a page that talks about backgammon strategy.
This is good for me because as a beginner, I would like to get up to speed on this game before I tried to play backgammon online competitively.
The basic idea is to race your pieces around the board, and get them home as quickly as possible. Another strategy is to hold up the "back-men" of your opponent for as long as possible. Go fast yourself and try to make sure that the opponent goes as slow as possible. Your opponent would try to do the same, which makes the game as fun as it is.
I would recommend that you hone up your backgammon strategy a great deal before you played for money.
As I mentioned in an earlier post, I strongly recommend that if you're going to play for money, you do so in a cautionary manner. IE.. only spend on the game what you would for your regular entertainment such as a dinner and a movie.
Gambling addiction has caused some people to go into debt way over their heads causing problems for them and their family.
In the meantime, if you want to learn some online backgammon strategy, check out bgprime.com
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Platinum Cash Back MasterCard
- Posted June 10, 2008 by Monty Loree
Platinum Cash Back MasterCard
If you’re a Canadian resident and looking to secure a good credit and financial rating with a Canadian bank, it’s a good idea to get a credit card. Credit cards in Canada and other places can help you to do many things to either build, improve or repair your credit. In Canada, your credit history is determined by how well you make payments to established debts, as in whether you make your monthly payments on time.
Good credit history is built by always making your monthly payments, but with each payment left unattended, your credit score in Canada will go down. Bad credit can make it hard to apply for loans, buy things or even get jobs. This is how important a good credit history is, so you should get a good credit card to start building a credit history.
One of the best credit cards to use in Canada is the Platinum Cash Back MasterCard. This card has many benefits. One of the main benefits of this card is the fact that you never have a cap on earnings. With certain purchases with the Platinum Cash Back MasterCard, you can get a small amount of money back depending on the amount of your purchase. The Platinum Cash Back MasterCard sets no upper limit on how much this amount is.
You can choose whether to receive your cash as a monthly statement disbursal or as a cheque sent directly to you at the end of each month. Either way, this is a convenient benefit of this Canadian credit card.
Also, many other credit cards have an annual fee for their policy regardless of how much or little you use the card. This isn’t the case here – the Platinum Cash Back MasterCard has no annual fees. The only thing you have to pay is your monthly balance.
Apply Today!
This credit card also has a protection against fraudulent use – if someone steals your credit card and PIN and makes a purchase, you can dispute the purchase so the funds won’t be charged to your account. This helps to protect against identity theft, which is increasingly a problem among credit card owners because of online scams and so forth. If the card turns out to have been misused, you will be reimbursed any funds that were used, and they will not be charged to your account. This helps to make your monthly statements more payable so you don’t fall behind and begin developing a bad credit history.
The Canadian Platinum Cash Back MasterCard is a good starting credit card – it has all the benefits one could need at first, with a potential to start building a good credit history to make purchase and improve standing among potential employers. The Platinum Cash Back MasterCard is also a secure means of transaction with minimal cause for worry about identity theft. Canadian residents can start being more secure in their finances today by starting to use the Platinum Cash Back MasterCard from Capital One.
Available in Canada:
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Newfoundland, New Brunswick, Nova Scotia, Prince Edward Island. Canadian
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Bicycle touring - Taken to the limit
- Posted June 10, 2008 by Monty Loree
Bicycle touring - Taken to the limit
As I've been riding my bicycle all spring and summer so far, I started thinking about doing a little bicycle touring. Bicycle touring in my opinion would be trips of 50 -100 miles. Pack a lunch and some snacks and go for a few days.
The idea really gets me excited, and it's relatively inexpensive entertainment. I happened by my childrens school teacher, who is/was an avid bicyclist and repair guy, Ron Keall. Ron knows his bikes inside out, and walked me through the parts on my bicycle while helping out tuning up the bike at the same time. I was amazed at how much better the bike ran when I knew what the tweeks were.!!
Ron mentioned that his longest cycling tour trip was 3,000+ kilometers from Nova Scotia to Minneapolis. I was immediately intrigued by his stories. He spent 33 days on his trip and did everything from staying hotels, to gypsie camping.
Ron mentioned that http://www.warmshowers.org is another good source for people that may help you on your way with warm showers, a place to stay, and maybe even a meal.!
I'm kind of intrigued with the idea. The major cost would be getting the bicycle up to speed, and then getting the panniers (bike luggage), tent, and accessories for the bicycle trip.
The cost of the trip would be limited to food, camp grounds, or hotels, bike repairs, and any entertainment you wanted to take in. From what I could read at http://www.crazyguyonabike.com most people didn't really go out for too much entertainment when they're on the road. They seem to be tired from all the riding.!
When you talk about dollar cost of adventure, bicycle touring has to be one of the cheapest ways to go. It's a little extreme as you're in the elements the whole time, however, if you plan well, you can deal with most of adversities reasonably. To get a hotel every night would make the costs prohibitive.
I'm curious to know if any of our visitors have done any extensive bicycle touring in the U.S. or Canada. I would love to hear your stories.
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NetDebt.com - Debt Settlement Site
- Posted June 10, 2008 by Monty Loree
NetDebt.com - Online Debt Settlement Site
This site is U.S. based debt settlement site, and is useful for those people who find themselves over their heads in debt.
I always try to explain debt settlement as an alternative to bankruptcy. Most people want to honor their debts, and this is a way to negotiate a discount on the debt principal and lower or eliminate the interest payments.
NetDebt.com will help you with debt relief. On this site, there are many people who talk about how debt is causing them too much stress, and even health problems. It's affecting their family in a negative way.
Debt settlement is a way that you can get credit card debt relief and pay off your debts in a few short years.
The beauty of debt settlement is that it's negotiated with the creditors. You can negotiate lower principal and interest with the creditors in an organized fashion. And.. it's also nice that you can use an online debt settlement service to help you out with the process.
One thing I like about netdebt.com is that they've got little video tutorials on their site which help the different aspect of debt settlement. The site is nice and professionally done.
If you live in the U.S. and need this type of service, it may be a good idea to click over to netdebt.com
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Consumers Can't Save Economy - money.cnn.com
- Posted June 04, 2008 by Monty Loree
Consumers Can't Save Economy - money.cnn.com
http://money.cnn.com/2008/05/21/news/economy/consumer/
I'm finally glad that a big site such as CNN is admitting publicly that it's not the consumer's responsibility to save the economy.
This article was a few weeks ago, but it's still important to talk about.
According to this article, "Consumers are too tapped out to lead the economy out of its troubles".
Hooray for somebody finally admitting it. It will take the pressure off of consumers for not feeling they have the responsibility of spending the economy back into the black.
Over the last few decades, the priorities have been to spend, spend, spend. Keep up with the Jones. Have the latest technology. Buy the newest toy. Renovate your house to the maximum that you can afford.
I'm hoping that the government authorities will stop asking people to stimulate the economy for them.
It would be nice if consumers took a rest from their gluttonous spending for the next few years, and paid down some of their debt. Instead of being constantly tapped out, they need to be paying down debt and getting back into control of their personal finances.
That is the message that I would like the federal government to start promoting to people. "Pay down debt and save money!"
People aren't mechanical. They've got alot of issues to deal with. I'm sure that alot of marriages are having trouble because of the high level of debt they're carrying. The family is suffering because of all of the interest and debt payments they're making. Is it prudent to ask the consumer family to put themselves even more at risk? I don't think so.!!
Again, I am glad that CNN is admitting that consumers can't pull the economy out of debt. Hopefully this is the start of discussion that changes people's attitudes about their gluttonous spending.
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Playing Backgammon Online
- Posted June 04, 2008 by Monty Loree
Playing Backgammon Online
One of the nice things about the internet are the different types of games you can play online.
Backgammon Prime is a site where you can play online backgammon . The nice thing about the site is they have a FREE area where you can practice up your backgammon skills.
This site is for novices and experts. I noticed that the bgprime.com has a page that defines backgammon terms. This is good if you're a person like myself who hasn't spent much time playing backgammon. I did watch backgammon on TV once and didn't really understand the language. To have a page of backgammon terms explained is very helpful.
I also noticed that this site offers free backgammon software that you would download onto your computer at home.
To be honest, I haven't really played backgammon online, but it looks like it could be fun if that was your game.
I noticed that they'll give you $5.00 worth of FREE money to play the paid games if you desire to compete for money with other backgammon players.
I have to express caution about playing any types of gambling games, unless you have got a all of your savings and cash reserves in place. Gambling or competing for money can be a costly form of entertainment.
I would recommend trying the free backgammon games before you spend any money at all.
Gaming online is a source of entertainment, just as you would go to a movie and restaurant. If you play on line, set a limit of what you would normally spend for entertainment, and then stop if you've run out of money.
Backgammon has traditionally been a "gentleman's game". I like the concept more than poker, which is a high risk, high emotion type game.
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SITE REVIEW: money.co.uk
- Posted June 04, 2008 by Monty Loree
SITE REVIEW: money.co.uk
Money.co.uk is a UK based site that has a lot of information related to personal finance products.
The following are the sections listed on their site:
- Credit Cards
- Loans
- Mortgages
- Savings
- Insurance
- Banking
- Investing
- Utilities
The site is a combination of news articles about personal finance, and pages where you can shop and compare prices for the products listed above.
One of the things I was curious about was the FREE INSURANCE contest in the insurance section. They're giving away FREE car, home, pet, travel and breakdown to the lucky contestant.
It's good to have a site that has all of the personal finance products listed on it. That allows you to be able to review all of your money requirements at once. It's interesting to see all of the categories that you deal with on a regular basis when it comes to your household finances.
It's important to research as many of the costs of borrowing and insurance as you can. It's also good to compare prices on savings accounts. You should be earning as much interest as you can on your hard earned savings.
If you live in the UK, and are interested in learning about personal finances and comparing prices and interest rates, I recommend that you check out http://money.co.uk.
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Should Weight Loss Cost Money?
Herbal Magic
- Posted June 03, 2008 by Monty Loree
Should Weight Loss Cost Money?
Herbal MagicI had an interesting experience this week. I decided to do some research on dieticians and nutritionists in the area. I wanted to see who could advise me of diet and coach me on meal portions etc.
Being that I like to research everything on the internet first, I wanted to get the answers first hand from people who are certified or licensed in the area of food and nutrition.
My goal is to lose 2 pounds per week, and I would like to do so consistently week in and week out.
Herbal Magic - Food and Diet Coaches
I made an appointment to visit the Herbal Magic office and have a visit to see what their business could offer me.
I like the idea that they want you to eat supermarket bought foods, and that you need to keep with in the Canada Food Guide recommendations.
The cost up front seemed to be $250+ per month for their "mandatory" supplements. The Herbal Magic rep didn't talk about any further fees, but I'm sure there are up front admin charges that they'll hit you with when you sign the contract. After all, if you're desperate to lose weight, you'll pay what ever the cost is.
I thought I better do some research before I committed myself to their program. I went to the health food store and priced out similar products to what Herbal Magic was going to give me. I think I came in at at least half the price for the supplements. I'm not sure how the quality differed, but on the surface they seemed like the same products.
I'm fine with buying supplements if they're required, however, I would like to pay a reasonable amount for them.
While at the health food store, I mentioned to the store clerk that I was trying to find the equivalent products that Herbal Magic offers. The clerk told me that earlier in the day, a lady came in and mentioned that she had lost 25 pounds with the Herbal Magic program. She has some success with their program, which is good.
The lady paid $2,000 to Herbal Magic to help her lose the 25 pounds!! That's $80 cost to lose each pound!!
What are you paying for with a weight loss program like Herbal Magic.? You're paying for their advice, consultation, coaching and accountability. It's a high price, but if you need to lose the weight it might be a good idea. If you don't have the self discipline, Herbal Magic might be able to help you lose the weight.
When I say Herbal Magic, I also should say, your local dietician, weight watchers, LA Weight Loss, etc. Anybody who coaches with weight loss.
Getting back to the Canada Food Guide.
I went onto the Canadian Federal Government's site that hosts the Food Guide. It's pretty simple to follow.
I'll admit that I think the portions are a bit light. (That's probably why I'm overweight. ) I decided to try eating the recommended Canada Food Guide recommended diet for one month and see how I make out with weight loss.
At first I'm going to have to take some appetite suppressants until my system gets used to the reduced amount of food. That's what Herbal Magic was going to have me do anyway.
CANADA FOOD GUIDE IS CHEAP, CHEAP, CHEAP!!
I went the whole day today eating the recommended amount of food. I said to myself, this is really going to be a cheap diet. There's not much to it.
If you want to lose weight and save money, just stick to the Canada Food Guide portion amounts.
The funny thing is, as I was reviewing the Canada Food Guide portions, I was trying to remember which restaurant meal portions would resemble the food guide. I couldn't think of too many off the top.
To eat the Canada Food Guide portions means that I will have to cut my food consumption to about a quarter of what I've been eating with my already restricted diet. My restricted diet was about half of what I would eat before I started my weight loss program.
I'm saving tons of money on food!!
IT'S CHEAPEST TO LOSE WEIGHT UNDER YOUR OWN DISCIPLINE.
Bottom line is this: If you're overweight, it's important to lose the weight , and learn the lifestyle that will keep it off forever. If you're able to have the discipline to do that yourself, that's the cheapest way to go.
If you're not disciplined and need coaching than a place like Herbal Magic, may be for you. It's much more expensive, but it might make the difference in your weight loss program.
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