Archive for the ‘Spend Page’ Category

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How long does that dollar bill stay in circulation?

Thursday, December 17th, 2009

With all the wear and tear that those bills go through, it’s surprising that they stay together as long as they do. You can only stuff them all wrinkled-up into your pockets so many times before they just give up. The Fed knows that we aren’t too careful with its bills and so they routinely collect them from banks for “processing” – shredding and disposal. The Fed also ensures that new money makes it back into circulation to replace the worn out stuff. It makes sense because you wouldn’t want your money constantly falling apart on you.

Since the Fed keeps track of all the worn-out money it’s disposing of, the average life span of dollar bills is easy for them to figure out. According to federalreserve.gov, this is the life expectancy for each type of bill:

  • $1 – 21 months
  • $5 – 16 months
  • $10 – 18 months
  • $20 – 24 months
  • $50 – 55 months
  • $100 – 89 months

The list above makes sense: the more used a bill is, the more worn-out it gets.

Why do you have to declare what you bought when you go through customs?

Thursday, December 17th, 2009

Customs can be confusing, tiresome, and tedious – and that’s before you reach the hour-long line at JFK. Before getting off the plane (or crossing the border from Mexico) you’ll have to fill out a customs form detailing exactly what you bought and how much it cost. What’s the point though? And why does the government care?

The U.S. government isn’t actually interested in whether you are bringing jeans or a pair of shorts back – it cares that you are bringing something back. Just like people can’t freely enter the country, there are also laws governing which items can be brought back. Items already illegal in the U.S. (like Cuban cigars) are obviously banned, but the government also looks at the value of your purchases. In most situations, if the total dollar value of your items is above $800, there will be a duty (tax amount) assessed on that extra value. If you purchased $923 in clothes, you will only be taxed on $123 and not the full amount. It may seem like the government is making you pay unnecessarily, but they’re actually cutting you a break.

When you buy something in the U.S., no matter how much it costs, you will also be paying a tax on the good. When you’re at customs, you actually are being allowed $800 of tax-free goods – that’s a pretty good deal. Above that amount, the government is only collecting what it normally would receive had you been shopping in the U.S.

Noah Brier on Sneaking Into the Job You Want and Going to the Gym While There’s Still Time

Monday, December 14th, 2009

noah-brier.png Noah Brier is the head of strategic planning for the Barbarian Group, a firm that comes up with “awesome stuff on the Internet” for all kinds of brands. In his free time he’s also a blogger (NoahBrier.com) and a creator of websites like How Much Does it Buy? and Brand Tags. We squeezed ourselves into his busy schedule to find out how he got to where he is, and Mr. Brier kindly filled us in.

TILE: How did you end up where you are today? Did you know what you wanted to do or did your work find you?
Noah: I didn’t really know what I wanted to do. Mostly I just followed my nose and found interesting things to work on within organizations. My real secret was to just start doing things without asking permission, that way by the time people notice it’s too late for you to stop.

TILE: How does what you do affect the world at large? Why should I care about what you do?
Noah: It really depends who I’m working for. Sometimes I’m trying to sell soda, other times I’m trying to make people healthier and on occasion I’m trying to fix the world.

TILE: We bet you’re a guy who has lots of ideas. How do you separate the really good ones from the rest, and then what do you do with them?
Noah: Generally I separate them in two ways: First, I ask myself if this is actually a good idea. Sometimes a little thought is enough to eliminate an idea. Second, I see if I actually make it happen. If it isn’t something that excites me enough to bring to fruition than I guess it wasn’t a good enough idea.

TILE: What’s the best advice you would give to your teenage self?
Noah: Honestly … Go to the gym more. Compared to my schedule today I had nothing to do when I was a teenager and I could have gotten myself into really good shape.

TILE: What is the coolest thing on the Internet?
Noah: Oh man, that’s a tough one. Well there’s Brand Tags – http://brandtags.net – which I built and I think is pretty cool. Honestly, my answer to this question changes on a weekly basis. At the moment I’ve been loving Tumblr.  (Find Noah at heyitsnoah.tumblr.com!)

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iTunes Invades the Internet

Thursday, December 10th, 2009

iTunes became the mp3 champion of the world by curbing illegal downloads while still allowing customers to “own” their purchased music files, but now the company is considering an entirely different model based on paid access, not ownership.

  • Apple is planning to extend its mp3-selling business beyond its popular iTunes music store, which keeps purchased music files saved on a single computer.
  • Having just absorbed lala.com, which allows users to purchase music that is stored remotely and accessible anywhere there’s Internet, Apple is considering a web-based mp3 storage model that will have a significant impact on the industry.
  • Making music purchases available outside of the iTunes program will allow the company to reach more customers through search engines and websites.

Facts & Figures

  • Apple paid $85 million to acquire LaLa Media Inc.
  • Wal-Mart Stores Inc. was the biggest supplier of music until last year, when Apple usurped it.
  • iTunes forecasts revenues of $2 billion this year.

Black Friday 2009 In Review

Monday, November 30th, 2009

Shoppers showed up the day after Thanksgiving, but their cash went to bargains, sales and less expensive items.

  • More shoppers hit the stores this holiday weekend than last year, but this time they were in search of sales and small appliances.
  • Department stores were a big hit, with just over half of all shoppers visiting at least one during the weekend (a 13% increase from last year!)
  • Cyber Monday, the Monday after Thanksgiving weekend, attracts many shoppers to the Internet for large sales on items that did not sell as well during the weekend. Cyber Monday is an important day in sales for many e-commerce sites, but projections are lower based on the fact that many people who would normally shop during their lunch hours at work are too worried about job security to do so.

Facts & Figures

  • 195 million shoppers ventured into stores during the holiday weekend, as compared with 172 million last year.
  • Average spending, per consumer, dropped to $343.31 per person, down from $372.57 a year ago.
  • 63.8% of shoppers shopped for themselves this year (though Black Friday is traditionally popular among gift shoppers). Also, 31.2% of shoppers were in line for stores at or before 5:00 am.

Best Quote

“During a more robust economy, people may be inclined to hit the snooze button on Black Friday, but high unemployment and a focus on price caused shoppers to visit stores early in anticipation of the best deals.” – Phil Rist, Executive Vice President for Strategic Initiatives at BIGresearch

Discount Fever Breaks at High-End Retailers

Tuesday, November 24th, 2009

Expensive retail stores such as Saks Fifth Avenue and Neiman Marcus are retraining customers to paying high prices for exclusive goods this holiday season…

  • Retailers have driven prices up and maintained sales during this fall by keeping inventory low and promoting a sense of exclusivity.
  • Over the past year, consumers became accustomed to seeing large discounts not only at “big-box retailers” such as Walmart, but also at high-end stores such as Saks.
  • Earnings are improving for large stores because they are selling more items at full price, as opposed to same amount of items at discounted prices (as in Fall / Winter 2008).

Facts & Figures

  • In the fall and winter of 2008, merchandise in luxury stores was discounded as much as 50-70% off full price
  • Inventory at Saks is down by double digit percentage points compared to last year
  • By keeping inventory low this holiday season and playing up the exclusivity factor, retailers can keep items at their full price

Best Quote

“What’s luxury retailing about? It is about a scarcity of supply.” – Stephen I. Sadove, Chairman and Chief Executive of Saks Fifth Avenue

Consumption Gap Widens Between Haves and Have-Nots

Thursday, November 19th, 2009

While wealthier American shoppers have returned to patronizing high-end department stores, middle class consumers struggle to afford basics at Walmart.

  • Consumers at all income levels are focused on the value of their purchase and on not overspending.
  • Luxury chains report shoppers buying items such as shoes and dresses, while discount stores say their consumers are focused on food and socks.
  • Shoppers focused on saving in these economically tight times cannot afford to purchase items outside of the bare essentials.

Facts and Figures

  • The wealthy reigned in their spending most severely during the financial meltdown last fall.
  • Walmart has had to lower their prices to encourage their regular shoppers to continue buying.
  • Nordstrom’s third-quarter profit rose as sales improved compared with 2009.

Best Quote

“I used to consider shopping enertainment, but now I don’t think it’s enertainment.” – Patricia Murnane, Shopper and Risk Manager from New York

David Beckham May Be the King of Retail… In Madrid Anyway

Thursday, November 19th, 2009

Cristiano Ronaldo, soccer’s most expensive athlete, did not trigger a merchandising monster sale on the same scale as David Beckham did when he started playing for Real Madrid.

  • David Beckham, former English soccer team captain and Manchester United star, came to Real Madrid in 2003 with a large contract in hand and with high merchandising expectations. Basically, he sold a lot of jerseys!
  • Cristiano Ronaldo, the Portugese star forward, was the 2008 FIFA world player of the year and also came from Manchester United to Real Madrid.
  • The lack of jersey sales is somewhat being blamed on the economy, but perhaps it also indicates that Ronaldo is just not as popular as Beckham.

Facts & Figures

  • Ronaldo signed a new $133 million contract with Real Madrid in June, which is approximately three times more than Beckham received when he joined the club.
  • When Beckham joined Real Madrid, team income soared 27%. With the addition of Ronaldo in 2010, team income is expected to rise 3.5%.
  • Real Madrid jersey sales are roughly 20% lower now than they were during the Beckham era.

Best Quote

“There was a spike when Cristiano Ronaldo signed in the summer but there’s not such a big demand now. The economic crisis is taking its toll.” – Eugino Martinez, Shop Owner in Madrid, Spain

How can you protect your identity from being stolen?

Wednesday, November 18th, 2009

It can take years of stress and thousands upon thousands of dollars to clear the wreckage left in your life after an identity theft. While nobody has figured out a way to protect your identity 100%, there are some steps you can take to protect your information:

  • Don’t give out personal information over the Internet, phone, or mail, unless you’re certain who you’re talking to and that you can trust them – identity thieves are sneaky! Be especially careful about giving out your social security number. Employers and financial institutions need your SSN for tax reasons, but lots of other people, like the cable company or your landlord, might not do business with you without it. Find out what they do to protect your information or if there’s any way you can avoid giving them your SSN.
  • Some identity thieves go through your garbage or steal your mail to find and use private information. Before throwing away anything that contains important personal information – like bills or receipts – shred them. Mail anything that contains sensitive information in big postal boxes at the post office, and inform the postal service if you’re going to be away so mail isn’t left in the open at your house for long periods of time. You can also opt out of pre-screened credit offers (which thieves can use to open cards in your name) by checking out any of the national credit bureaus’ websites.
  • If you’re really worried, you can institute a credit freeze – laws about this differ from state to state, but in most states anyone can do this. It won’t affect companies with whom you’re already doing business, but it does prevent anyone else from purchasing your credit report from a reporting agency. This makes it nearly impossible to for an identity thief to open a line of credit in your name. If you want to start a new card, you can temporarily lift the freeze and put it back.

Although there is no fool-proof method to safeguard your identity, by following these simple steps you can potentially save yourself a whole lot of money and hassle.

Black Friday Calls for Heightened Security This Year

Tuesday, November 17th, 2009

Retailers are stepping up the security and optimizing purchase flow in hopes of improving shopper experiences for the biggest shopping day of the year: the day after Thanksgiving.

  • After the death of an employee who was trampled at a Wal-Mart store last year, stores are gearing up for a big day of retail sales and traffic at all locations by applying strategies used by the Super Bowl and the Olympics.
  • Wal-Mart for example, will have a customized plan for each store, with a flow for each potential buyer that will hopefully improve sales and reduce accidents.
  • Some stores will enforce special rules like, “no running,” and, “wait in line,” but according to experts, anything is possible.

Facts & Figures

  • Wal-Mart stores will open on time at either 5 or 6 a.m depending on the store, but customers will have to wait on a line until a salesperson is available to supervise their shopping.
  • The National Retail Federation created a comprehensive set of guidelines for crowd control at stores, and say that large markdowns and huge discounts create larger crowds and more chaos.
  • Most stores hold dress rehearsals and simulations with their staff in preparation for Black Friday.

Best Quote

“No matter how seamless and airtight you think this [Black Friday] is, the unexpected can happen,” – Ellen Davis, Spokeswoman for the National Retail Federation

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