Jun 4, 2015

By Samuel Phineas Upham Today’s bookkeeping is a process most involved or interested in finance take for granted, because the thinking feels so basic to us. The truth is that the practice of trading and storing money or goods has evolved over the course of centuries, and will continue to evolve well past the technology of today. Early merchants were akin to barters, trading either goods or services for something of equal value. People kept ledgers, which were necessary during legal disputes, but they looked very different from the balance sheets of today. In fact, those balance sheets are a fairly new concepts (just over 200 years old, which is a blink in the grand scheme of finance). When someone needed to make a trade or an exchange, the transaction involved recording what was traded and what was received. So Farmer Jake might trade one chicken each month for six months in exchange for a new cabinet or a table for the kitchen. This transaction would be recorded, with each man named along with his promise, and the agreements were expected to be held to. Various civilizations developed currency throughout the centuries, like the Romans, but bookkeeping stuck to this fairly rudimentary form because few empires lacked the kind of authority to develop a currency recognized the world over. This method of bookkeeping also doesn’t account for all the time and effort that goes into producing goods, and so was not a true measure of value so much as a measure of what one could negotiate. Samuel Phineas Uphamis an investor from NYC and SF. You may contact Phin on his Samual Phineas Upham website or Facebook...

May 23, 2015

Ever since the 2008 financial crisis, Americans are unhappy with their banks for putting their shareholders’ interests over their customers. Given this general sense of negativity, poor customer service and high fees can make matters worse for you. But that’s not all – here are 4 reasons why you might just hate your bank: #1: ATM Fees A number of banks charge you an amount if you withdraw money from an ATM outside their network. According to Bankrate, the average cost of doing this amounts to $4.35 for every transaction. This is also the same amount that banks charge non-customers for using their ATMs. #2: Overdraft Fees Fees for an overdraft protection program are the highest and amounts to $32.74 for every occurrence. If you don’t opt for this service, you could possibly be declined for having insufficient funds. Yet the ridiculousness of this type of product is that the bank charges you an additional fee based on the temporary loan that they offer you just in case you use these extra funds. #3: Minimum balance requirements This is yet another fee that is charged by banks towards customers who cannot maintain a minimum balance in their accounts adding insult to injury. Of course, most households now live from paycheck to paycheck and in having to maintain this minimum balance is always a reminder that they don’t have enough of it. #4: Monthly Service Fees Most big banks charge their customers monthly service fees just for owning a checking account. Of course, this fee is very less if you own an account with a community bank or even a credit union. In fact, less than 40% of non-interest checking accounts and 4% of interest checking accounts are completely free of...

Apr 23, 2015

Bad habits tend be to easy to catch, especially when in the 20s. Some of the worst habits listed among millennials, as per a recent study includes aspects such as racking up credit card debt, overspending and undersaving. With some simple actions, these bad habits can be effectively transformed into good initiatives. Track your spending Keeping track of spending helps to avoid overdrawing from an account. Many people often get tripped by the fact that weekend purchases from debit cards are not recorded until Monday. This falsely cause them to believe that they have a higher balance than what they really have, resulting in overdrawn accounts. As per data collected from the Consumer Financial Protection Bureau, 1 out of 10 millennials have an overdraft as least 10 times a year. This constitutes of about $350 in overdraft fees. Plan ahead for big expenses In case of a planned big expense, such as a vacation or wedding, using a credit card could prove to be risky. This is because interests on these accounts tend to grow up quickly. Moreover, penalty fees for late or missed payments can adversely affect your credit score which could in turn make securing a loan difficult. Set up an emergency fund Having at least six months of living expenses saved up for emergencies is often recommended. This would ensure that you would be able to cater for any unexpected expense and be able to fend for yourself in the event that lose your...

Mar 21, 2015

Paying bills late can be detrimental to your credit score. When it comes to creditors and even your credit score, a slight lateness ones can result in having to pay lateness fees. There are several steps that can be taken to stay ahead of your monthly bills and these are listed below. Automatic Payments Setting up automatic payments either through online banking or checking windows is one of the most effective ways to plan bills payments ahead. Some car insurance or car lease companies also offer discounts to customers who set up automatic payments. Some online checking services enable customers to set up bills by dates and even by priority. They will thus be able to send mobile reminders to customers. Mobile Apps Most banks now have their own mobile apps available on Samsung Apps, Apple App Store and Google Play. These allow users to scan and deposit their checks. Depositing through these apps will in most cases take less time than processing a check at the bank. Set up reminders If you tend to have various bills requiring attention at different times of the month, it might be tedious to remember all the dates and ensure adequate funding for each of them. Instead, mobile reminders can be used or services such as Gmail and iCloud also allow calendar reminders to be synced with all devices. Choose Convenient Due Dates Making companies now allow you to schedule your own billing dates. If for instance, the end of the month is more convenient for you, it would be preferable to set up due dates for all bills at that time of the...

As your children get older, they would need to start developing their financial independence. It might not yet be the time for them to look for a part-time job, but inculcating some habits in them might prove to be beneficial as they get into adulthood. Open a High Yield Savings Account Once your children are mature enough to be able to grasp the concept of interest, you could open a savings account with an interest rate. You might guide your children into opening a high yield account online and at the same time would be able to explain the concept of compound interest. Help Your Child Prioritize You might want to help your child prioritize by making them draft a wish list of all the items that they would need to spend money on. Ask your child to consider the long term rather than just that cool trendy object that they wish to buy. For instance, they could start saving for a trip to Europe or to buy a brand new laptop. Then you could guide your child to allocate a portion of their allowance to each of these goals. Let Your Child Make Mistakes If you child want to spend money from birthday gifts or from their grandparents’ visit, a good idea might be to let them do it. Poor decisions might sometimes serve as one of the most important life lessons for your children. Assuming that the money is not a big amount, it does not constitute so much of a financial loss if your child does not save it...

By Phin Upham When you really consider the basis for forming a civilization, philanthropy could be considered central to those aims. Colonial society, for instance, was built largely through the hard work of volunteers working together for the common good. Americans are largely perceived as good natured, honest people. Though it’s hard for us to recognize sometimes within our own society, we are surprisingly open about how we feel and we are very emotional people too. Those two qualities have been basic to American life since the beginning, especially when one considers the notions of patriotism. These voluntary associations were the first forms of philanthropy in the US, but definitely not the last. Benjamin Franklin was another example of early American philanthropy. He was well-known for public service, even called “Prometheus” by Immanuel Kant for stealing electricity from the heavens to bring to the common man. His work for the betterment of life led to multiple honorary degrees, earning him the title of “Doctor” despite his lack of education. Philanthropy kept America in fighting shape during the revolutionary war, when men and women fought to protect their lands from the British. So called “Minutemen” were volunteer farmers ready to give their lives in defense of their neighbors. Today, philanthropy is often obscured by the numbers. It sometimes feels like we cannot truly see the change we enact in the donations we give or the work that we do for others. Money is one of the primary factors in philanthropy today, and you find fewer public figures so dedicated to public service. Of course, we’ve seen with organizations like the Bill and Melinda Gates Foundation that true change is possible if there are enough funds to keep efforts going strong. Phin Upham is an investor from NYC and SF. You may contact Phin on his Phin Upham website or LinkedIn...