Ben Miller - Remember Monica
  • Member for 8 years, 5 months
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A friend asks me all the time to pick up money for her (Western Union, Moneygram)
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192 votes

I think it is likely that your “friend” is doing something illegal, and that she is putting these payments in your name to avoid getting caught. You may be being used as an unwitting money mule. I ...

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Do I make money in the stock market from other people losing money?
183 votes

Do I make money in the stock market from other people losing money? Not normally.* The stock market as a whole, on average, increases in value over time. So if we make the claim that the market is a ...

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Oversimplify it for me: the correct order of investing
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157 votes

I am a firm believer in the idea of limiting debt as much as possible. I would not recommend borrowing money for anything other than a reasonably sized mortgage. As a result, my recommendations are ...

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Why auto-renew instead of canceling the subscription after free-trial?
131 votes

Yes, these companies benefit from people forgetting to cancel. However, besides this, there is another reason why companies do this. One of the obstacles that a business has to making a sale is the ...

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Pay off car loan entirely or leave $1 until the end of the loan period?
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130 votes

If I were you, I would pay off the car loan today. You already have an excellent credit score. Practically speaking, there is no difference between a 750 score and an 850 score; you are already ...

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Ghana scam and direct deposit scam?
123 votes

Of course, it is a scam. Regardless of how the scam might work, you already know that the person on the other end is lying, and you also know that people in trouble don't contact perfect strangers ...

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Why is stock dilution legal?
123 votes

Theoretically, when a company issues more shares, it does not affect the value of your shares. The reason is that when a company issues and sells more shares, the proceeds from the sale of those ...

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Should I pay for a computer up-front or on finance?
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122 votes

This is pretty simple, and doesn’t require too much math. First, talk of liquidity is not necessary. You are currently paying $3000 extra on your mortgage every month. (Nice!) You certainly would ...

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How do scammers retract money, while you can’t?
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115 votes

Here’s what happens: When you thought the scammer deposited money in your account, it didn’t really happen. It was essentially fake money. This could happen in a few different ways. It could be that ...

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Why can't we all agree to create a self-fulfilling prophecy with regards to the stock market?
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109 votes

Instead of stocks, let’s apply this logic to houses. Houses are expensive. However, if I buy a house at a high price, I’m okay if I can sell it for more than I bought it for at some point in the ...

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How can I achieve a 13% U.S. Federal tax rate?
109 votes

Sanders had the following itemized deductions on his 2014 return: $22,946 on home mortgage interest $14,843 on real estate taxes $9,666 on state and local income taxes $8,000 in monetary gifts to ...

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Counterfeit checks were created for my account. How does this type of fraud work?
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105 votes

When this happens, your bank should give you your money back. Your bank will then recover the money from the bank that accepted the check, and that bank will then attempt to recover the money from ...

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What should I do if I lost money in a scam?
101 votes

I would imagine that it is unlikely that you will ever see this money again. Here are some things you can do. Contact your local police. You have two complaints: the money being taken, and the ...

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Scam or Real: A woman from Facebook apparently needs my bank account to send money
100 votes

Yes, it is a scam. Think about it: Why would a stranger offer to give you money? Why would she need you to pay her own employees? She wouldn't. It is a scam. You have more to lose than just the $...

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Hypothetically, should I pay off the smaller + higher interest rate loan first, or the larger + higher absolute interest cost?
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99 votes

This is an interesting question. Many people would tell you to pay the highest interest rate loan first. There are many others who would tell you to pay off the smallest balance loan first. In your ...

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How did this day trader lose so much?
99 votes

The day trader in the article was engaging in short selling. Short selling is a technique used to profit when a stock goes down. The investor borrows shares of a stock from someone else and sells ...

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How can I fairly give the option to be paid in Bitcoin?
98 votes

When you decide to accept multiple currencies as payment, you need to decide what the price will be for each currency. That price really needs to stay fixed between the invoice date and the due date. ...

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Should I pay off a 0% car loan?
87 votes

Between now and October, your $3,000 will earn $30 in your savings account. If you are late on a payment for your 0% loan, your interest rate will skyrocket. In my opinion, the risk is just not ...

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I unknowingly went $1200 over my credit card limit, how do I fix it?
81 votes

Credit card limits are, for the most part, soft limits; sometimes, a credit card will allow you to charge a little over your limit. The large amount they allowed you to go over your limit is unusual, ...

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Should I buy a car if otherwise transportation is free?
80 votes

I recommend you wait until you get to Pittsburgh before you decide. Start without a car, and then you can take some time to decide if not having a car is too inconvenient. In addition to buying and ...

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How to recover from credit score hit from paying off loan?
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77 votes

First, you need to be aware that the credit score reported by Mint is Equifax Credit Score. Equifax Credit Score, like FICO, Vantagescore, and others, is based on a proprietary formula that is not ...

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Making a big purchase over $2500. I have the money to cover it. Should I get a loan or just place it on credit?
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75 votes

I would not be concerned about the impact to your credit rating. You already have an excellent credit score, and the temporary change to your utilization will have minimal impact to your score. If ...

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Apartment I never lived in is collecting against me. Recourse?
73 votes

I don't know the details of whether or not you should pay this money, or who is at fault. But clearly, you believe that you do not owe the money, and the bank investigation seems to agree with you, ...

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I'm 23 and was given $50k. What should I do?
70 votes

First, I would point you to this question: Oversimplify it for me: the correct order of investing With the $50k that you have inherited, you have enough money to pay off all your debt ($40k), ...

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Life insurance as a lottery ticket
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69 votes

Term life insurance is something that you purchase when the financial loss that would be incurred by your loved ones if you died would be catastrophic. In your example, 20 years ago when you were ...

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Using fiancée's money to pay off my student debt
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68 votes

Congratulations on your engagement, and on your desire to begin your marriage debt free. Your fiancée can give you up to $14,000 per year as a gift without having to pay any gift tax. Above that, ...

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Is it ever a good idea to close credit cards?
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67 votes

Yes, it can be a good idea to close unused credit cards. I am going to give some reasons why it can be a good idea to close unused accounts, and then I will talk about why it is NOT necessarily a bad ...

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As a 16 year old, how can I keep my money safe from my mother?
66 votes

I’m sorry to hear about your situation. There are a couple of issues at play. Parents are responsible financially for their kids until they turn 18. They are required to provide food, shelter, and ...

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Good allowance savings plan?
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66 votes

This is a great question. Kudos to you for recognizing that you want to make a change. The secret to saving is to have a goal in mind. Saving money for the future is great, but unless you have a ...

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What can I do to passively generate income?
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65 votes

There isn't any place you can put $300 and turn it into significant passive income. What you need to do instead is manage the active (work) income that you have so that your money goes farther, ...

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