How I Got Scammed By a Seller On Alibaba

By MoneyBlueBook

I debated about whether I should share this story, but at the end I decided that my experience might help prevent someone from falling into the same scam as I did. At the time I was young, inexperienced and financially naive. Since then, I've learned and improved based on my past failures and eventually went on to run a small but profitable home business by making money online with ebay, at least for a modest period of time.

It All Started With Too Much Greed

Shortly after college I decided I wanted to start a part time side business selling merchandise on eBay. But first I needed to find a wholesale supplier. After some research I decided I wanted to focus on consumer electronics such as GPS navigation devices and Apple iPods, and concluded my best bet at finding a supplier would be through a free network site like Alibaba, that helps connect sellers with buyers of goods. Little did I know at the time, but sites like Alibaba are crawling with scammers and evil doers.

I ultimately decided to focus on selling Garmin and Tom Tom branded GPS units. After a few searches, I was amazed to find numerous sellers offering brand new Garmin GPS units for very little money. The Garmin GPS model I was interested in buying in bulk retailed for more than $1200 on eBay at the time. The sellers I found on Alibaba were offering each unit for only $700 each. The asking prices were exceedingly low,

By MoneyBlueBook

You never know what life will chuck your way, so you should always be prepared for anything. If you keep your finances and paperwork in order, you'll be in better shape to handle anything unexpected.

A few nights ago I received a sudden flurry of phone calls and e-mails from family members with sad news. My ailing grandfather, who had been bedridden in the hospital for more than a year due to a stroke, suddenly took a turn for the worse and was nearing his end. As the oldest grandson, I had a familial duty to be there. But since my grandfather lived overseas, getting to him at a moment's notice wasn't going to be easy. Things started to get hectic immediately as I began to make plans to fly overseas to join my parents at my grandfather's side as soon as possible. I wish I had anticipated earlier and made better preparation for the unexpected.

Here is how you can stay ready and avoid the chaos that follows an emergency situation:

Keep Important Documentation Up To Date And At the Ready

If you have family in another country, including Canada and Mexico, make sure your passport is valid and ready for travel at all times.

In my case, I had one major problem. My U.S. passport had only one more month before it expired. Since most countries require that your passport be valid at least 6 months beyond the date of your trip, I would not be able to travel internationally unless I got it renewed as soon

By MoneyBlueBook

I try my best to live a healthy and reasonably frugal life. This doesn't mean that I spend all of my time counting pennies but I do have a mental calculator to keep track of spending as it relates to the income I bring in. I enjoy being financially organized and efficient in how I use my limited resources to maximize the value I get back. But I have my priorities and when I am with friends, family, or loved ones, I don't mind splurging for them. My frugal lifestyle is mostly for me and I try to limit the practice when I am around others so it doesn't rub off the wrong way.

Frugality Sees Value, Cheapness Sees Cost

Frugality is a very positive trait but many people often mistaken it for it's evil cousin, cheapness. Frugality and cheapness are two different things. Frugal people understand true value and have the ability to evaluate finances by taking into consideration past, present, and future needs. Cheap people don't really care about value and prefer not to spend money for the sake of not spending money.

For example, if I can buy paper towels in bulk and after factoring in the time value of spent money I decide that I will save more money in the long run by spending a little bit more today, frugality dictates that I make the more expensive purchase now that will provide greater value cumulatively in the long run. Cheapness would probably dictate that I not buy it at all or

By MoneyBlueBook

I have a moderate perspective on social issues, with a very slight lean towards the liberal left. But I always enjoy debating about interesting issues and enjoy hearing the views of others.

I'm going to talk about a fascinating topic I heard discussed on the Chris Core radio show today. He was talking about the existence of the stealth women vote in regards to Hillary Clinton and how some women are eagerly awaiting the chance to vote Hillary into office for the sake of seeing a women ascend into the nation's most powerful role. However, the issue was brought up that there are some people out there, most notably women in particular, who resent other women like Hillary for her "Queen Bee" mentality and persona.

What is It?

The Queen Bee Syndrome goes like this. Women who have the Queen Bee condition are usually those who work in supervisory roles or in positions of power. They feel the need to be recognized and demand to be in the center of attention at all times. They regard other women as competition and see them as threats to their ability to enjoy exclusive attention and respect. They desire nothing more than having others fall on their knees to bow before them and lavish them with power, attention, compliments, and envy. Oftentimes, they will treat female subordinates much harsher than male employees. They have particular resentment and disdain for women who work in traditional stereotypical female roles, such as secretaries, models, and housewives.

Genuine Surprise At the Response

The issues raised were

By MoneyBlueBook

The mightiest monetary force in all of the investment world is not the Federal Reserve. It is the power of the compound interest. If I could offer only a single piece of financial advice to anyone, I would encourage the individual to understand how compound interest works and why its effects are so dramatic over time. Even ole Albert Einstein supposedly called it the "greatest mathematical discovery of all time", and deservedly so.

Very few people become rich or financially secure through wages alone due to the realities of the trading hours for dollars concept, but by taking advantage of the miracle of compound interest, you can have a much better shot at achieving your financial goals.

The way compound interest works is quite straight forward. When you invest money, you earn a certain percentage as interest for the first year. In the second year you earn interest on the original principle and the interest accumulated during the first year. In the third year you will earn interest on the original principle as well as interest on all the previously accumulated interest. The more time that passes the greater the interest that accumulates.

The best time to invest was yesterday, but the second best time is now. Don't delay! The sooner in time you start investing the greater the benefit you'll reap through compounded interest.

Hypothetical Example To Demonstrate the Power of Compound Interest

To illustrate, let's compare two people - Bill and Hillary. Bill invests $2000 for 6 years straight in a savings account earning a fixed

By MoneyBlueBook

This topic has been discussed and debated by many in the financial community and is regarded as controversial by some. Numerous bestsellers have been written on the subject.

Traditionally, when it comes to making money, most people share the same mentality - "If I work harder in my job, put in more overtime hours, I'll get ahead and make more money." Unfortunately, no matter how many hours they put in, they'll forever be constrained by the laws of nature. There is only a finite number of hours you can work in a day during which you can exchange your available working hours for monetary compensation - essentially, trading hours for dollars, or trading time for money.

The New Approach

The new approach is hard for many to accept as it requires a different understanding beyond what we were taught as children. The new approach places lesser priority on active income and a greater emphasis on passive income generation. Active income would be money earned while putting in your hours sitting at your office desk (trading hours for dollars). But passive income would be money generated from sources such as stock investments, real estate appreciation, rental income, and even advertisement revenue earned by websites that you own. The limitations of the old approach to money are obvious.

You Are Constrained By Time

By trading hours for dollars, you are foregoing time that could be spent tending to other things in your life such as friends and family. You are choosing to spend your time in an office, rather than