Most people aren’t likely to put a lot of thought into their dining experience. It’s as simple as visiting, eating, paying your check, and heading out. But under close scrutiny, there’s so much more at work, from specials to nutritional tricks, and menu engineering. Check out our collection of marketing secrets restaurants use, and you’ll be wiser next time you go out to eat.
Specials aren’t so special: Less than fresh items may be hiding under sauces and soups on the specials menu. Although there are legitimate items like seasonal ingredients and new dishes on the specials menu, look at it with a wary eye.
Homemade doesn’t mean house made: Desserts on the menu might be listed as homemade, but that doesn’t mean it’s made in-house. Instead, it could be homemade from a bakery miles away.
The special drink we’re out of might just be too time consuming: Restaurants often market special frozen drinks, but your waiter may tell you that they’re out of it because it’s hard to make. Of course, they may suddenly find the ingredients if you decide you’d rather have water, not wanting to lose your drink on the bill.
Low fat doesn’t mean healthy: Restaurants often advertise low fat items, but those same items can be loaded with calories and carbohydrates. For example, Applebee’s low-fat chicken quesadillas have 90 grams of carbohydrates and 742 calories.
Restaurants practice menu engineering: The way restaurants list items and prices can influence how you order. For example, listing prices in the same font as descriptions and not adding a dollar sign can minimize the cost. High-markup items will take center stage at the upper right of the menu, where the eyes are naturally drawn.
Your fish may not be what you think it is: Distributors and restaurants may mislabel fish, selling you a snapper but actually giving you tilapia. Additionally, endangered fish may be listed under a different name, like when restaurants sell "toro," actually giving you Chilean sea bass.
Calorie counts aren’t always spot on: Many restaurants now list calories and other nutrition facts on their menus, which is nice for diners who are watching what they eat. But don’t rely carefully on this information, because it can be thrown off by differences in preparation and generous portions.
The second-cheapest wine has the biggest markup: Restaurants know you don’t want to look like a cheapo and order the cheapest wine on the menu. So they mark up the second cheapest bottle of wine, knowing you’ll go for that one.
They’ll still leave a space for a tip even if it’s included: Most restaurants automatically charge a tip for large parties, but there’s typically still a spot for you to leave one on the bill. Be careful not to double tip, unless you’d like to leave an additional tip for great service.
All natural is anything: There is no FDA definition of "all natural." That means you can find artificial flavoring in "all natural chicken" and high fructose corn syrup in "all natural smoothies."
The table next to you may be getting a better deal: Groupon, Restaurant.com, and other deal sites make dining out cheaper if you’re in the know. But restaurants will gladly charge loyal customers full price.
Fruit can just be flavoring: Even if a fruit’s name is in the title of a dish or drink, there may not actually be fruit in it. Sometimes, it’s just a flavored corn syrup.
Stay well within posted hours: Restaurants will stay open up to and sometimes past their advertised hours, but actually dining at that time isn’t always a great idea. Not only are servers not appreciative of last minute diners, the kitchen has often begun cleanup for the night, which means your food is being prepared with food that was prepped long ago, in ovens and fryers with the buildup of a whole night. Additionally, when there’s cooking and cleaning happening at the same time in the kitchen, your food may end up getting sprayed with kitchen cleaner.
Many Americans turn to financial gurus for personal finance advice. Twenty-four-hour news stations, online media, and a wealth of financial books have made it easy to tune into your financial wizard of choice. And while there’s a lot of good advice being shared by financial gurus, even the best are bound to slip up at some point. Here, we’ll take a look at financial gurus, some good and some bad, that have at one point given terrible advice to their fans and clients.
Suze Orman: Suze Orman is a beloved financial guru, and the host of her own program, The Suze Orman Show. She offers typically excellent advice on living within your means, and has helped countless people improve their financial situation. However, Suze has also dished out some doozies. One included advising Nate Berkus fans to buy a portable toilet for your bedroom instead of adding a bathroom to your home — or just making do.
Robert Kiyosaki: Famous for his Rich Dad Poor Dad motivational books, he’s taught many financial strategies and investment principles to everyday people. He’s been wildly successful, selling over 26 million copies of his 15 books. But Kiyosaki has not been without controversy. Many have criticized him for focusing too much on anecdotes and not offering concrete advice. In a 2006 20/20 segment, Kiyosaki advised three entrepreneurs, who criticized him for not offering enough guidance. His book, Rich Dad Poor Dad offers advice that breaks the law, such as insider trading, tax fraud, and using a cat as a "partner."
Dave Ramsey: Dave Ramsey offers financial advice to the masses, helping people get control of their lives and money. He’s written many books including The Total Money Makeover and Financial Peace Revisited. Ramsey also hosted a popular syndicated radio program, The Dave Ramsey Show. Although Dave often has excellent advice, he doesn’t get everything right. He’s been criticized for bad advice, including buying a house at the wrong time, or mutual fund investing that may not work for everyone.
Troy Titus: This financial guru was featured on an episode of American Greed for his misgivings. He was once a guru on the seminar circuit, pitching to make attendees rich. People bought his DVDs and invested with him, hoping to make it rich. But in reality, Troy Titus turned out to be the mastermind behind a multi-million dollar Ponzi scheme.
Jim Cramer: Jim Cramer is a very visible stock market guru, with his own show, Mad Money, on CNBC. But he gave terrible advice in the stock market meltdown. He recommended that Americans invest their retirement funds in failing firms like Bear Stearns and AIG. When questioned about this bad advice, Cramer claimed he was lied to by the CEOs.
Lou Dobbs: CNN analyst Lou Dobbs didn’t dance around his predictions for the economy, and unfortunately for him and those who invested on his advice, he predicted wrong. In August 2001, he made it clear that he’s a bull on the market and economy, offering a bullish investment strategy, but the market stayed bad for a year afterward.
Ben Stein: Ben Stein wrote a book that poked fun at bad financial advice, explaining how you can ruin your financial life with just a few poorly made decisions. Despite his good advice and dry humor, Ben Stein delivered bad advice in August 2007, declaring that stocks were a "lovely place to be."
Donald Trump: Donald Trump has been wildly successful, and he wrote a book with Robert Kiyosaki to help others achieve excellent success as well. However, the two gurus gave bad advice to the masses, encouraging average Joes to dump their savings and stop buying mutual funds. Instead, they encourage entrepreneurship, a venture that can provide great success, but for 90% of startup businesses, ends in failure.
Bernie Madoff: Bernard "Bernie" Madoff, was formerly a non-executive chairman of NASDAQ, a stock broker, and investment advisor. His betrayal of bad advice and investment fraud is famous as the largest Ponzi scheme in history. He was sentenced to 150 years in prison for his fraud, with estimated losses to investors of $18 billion.
Lenny Dykstra: Former baseball star Lenny Dykstra shared his investing expertise on TV and online, discussing stock picks and spending. But his financial advice turned out to be poor, as he went bankrupt from his foreclosure of a home purchased at the height of the housing bubble. Author Randall Lane notes that Dykstra serves as a metaphor for the bad financial moves people made, on a huge scale, with debts of $37.1 million.
Nepotism is a nasty business, especially because it’s hard to imagine we’d behave much differently given the same chances. At the blue collar level, when friends hire friends or a father expects his children to join the family business, we often believe it’s a sign of strong family values, not unethical or slimy business. But at the executive level — where millions and billions of dollars can be earned — favors are made in secret. It might be tempting to help your children or siblings get a great job, but in the public eye, it’s shameful. Here are 10 famous businesspeople who’ve at least been suspected of benefiting from the ugly game.
Forbes family: In a recent article about nepotism, Forbes.com admitted to promoting a culture of nepotism within its own executive echelon (granted, the title of the article was, "Is Nepotism So Bad?"). The magazine was founded by B.C. Forbes in 1917, and while he remained heavily involved with the publication for the rest of his life, he gave top positions to his oldest sons, Malcolm Forbes and Bruce Charles Forbes. Malcolm tepidly entertained a career in politics but ended up working for his father and taking over the company after both B.C.s died. Malcolm’s son Steve Forbes is the current EIC of the magazine and serves as president and CEO of Forbes, Inc. Although he had an interest in publishing in college — the student-run business magazine he founded at Princeton still exists today — Forbes hoped for a career in politics before settling into the family business.
Ivanka Trump: Said to be a true workaholic and a legitimate businesswoman, Ivanka Trump — the daughter of the Donald — has openly admitted to benefiting from nepotism. Getting her start by taking over the position of vice president of development and acquisitions for the Trump organization is most likely a result of being "born into privilege," but Trump has also said "I think from there on though, you really do have to make your luck." She also recently started her own jewelry line and shoe line which has performed very well in its first few months.
Eric Trump: Ivanka’s younger brother Eric may have built Lego cities at the Trump offices while his father struck big deals, but it didn’t take him long to "work his way up" to securing his own executive-level management position at The Trump Organization. Just 5 years after graduating from Georgetown, Eric is executive vice president of real estate development and mergers and acquisitions for his father’s company, although he has started his own foundation to help fund children’s charities.
Ally Hilfiger: Ally Hilfiger — the daughter of fashion designer Tommy Hilfiger — has so many slashes to her name that it’s hard to pinpoint exactly where she’s headed. To her credit, 26-year-old Hilfiger’s been working hard on designing her own clothing line called NAHM — along with a more seasoned designer partner to help with technicalities. But in her earlier days, Hilfiger was brought on by her father to help design clothes, including an entire offshoot line, and to design a Westchester store, before she’d even finished school.
Jonathan Kraft: The acting president and CEO of The Kraft Group is also president of the New England Patriots, one of the most popular and most successful teams in the NFL. Kraft has seemingly benefited from his father’s successes in every way: after earning a bachelor’s degree in history, Kraft went to Harvard Business School (like his father) and rose to executive level positions within The Kraft Group and with the Patriots, which his father, Robert Kraft, owns. In fact, Jonathan Kraft was named Vice President of the New England Patriots the same year his father bought them, just four years after graduating from Harvard.
Moises de la Renta: Oscar de la Renta is one of the most celebrated and powerful figures in fashion — he has been the go-to designer for Hillary Clinton and Laura Bush for decades — and dresses celebrities and distinguished business and political women as well. His son Moises is an emerging talent in the design world and last year created a capsule collection with the Spanish retailer Mango. But Moises got his big break with his very first piece when his father featured it in one of his hugely attended — and reported on — fashion shows. But wouldn’t you do the same for your son?
Pierre Sarkozy: The French might think we’re prudes when it comes to politics, but they erupted with their own distaste for dirty little deals when French President Nicolas Sarkozy pulled a few strings to help two of his sons succeed in their fields. When Pierre was denied 10,000 euros worth of funding for his rap business (he wasn’t a member of the organization granting money — the SCPP), the President’s office promptly called the SCPP to find out why. Rumors circulated that Pierre managed to get his funding because of daddy’s phone call, further infuriating the French after nepotism claims had been made about his giving a major oversight job to another son, Jean.
Family of Ulysses S. Grant: Although his principle legacy is his leadership during the Civil War and as an honest president, Ulysses S. Grant was also a shameless proponent of nepotism. He gave all sorts of government and business jobs to friends and family members, even if they weren’t qualified for the job. Historians believe the result of many of these promotions and job opportunities was bribery, theft and other criminal acts, inspiring an unsuccessful reform movement to prevent Grant’s reelection.
James Murdoch: Rupert Murdoch is one of the most powerful figures in media and publishing in the world — and one of the more controversial ones, too. His son James very recently moved to New York from serving as Chairman and Chief Executive of News Corporation in Europe and Asia, taking on an even more senior position. He’s known as a passionate, ambitious and hard-working businessman in his own right, but Murdoch dropped out of Harvard to back a hip hop record label, which his father’s company promptly bought. Since then, Murdoch’s taken on increasingly bigger roles at News Corporation, and as his father advances into his 80s, his move to New York indicates that he may take on one of the biggest corporations in the world. All without a college degree.
Samuel Robson Walton: The oldest son of the founder of Wal-Mart is Samuel Robson Walton, a well-educated man who seems to have been primed to take over the family business in a clever way. Walton earned a bachelors degree in business administration and went on to law school at Columbia, after which he moved back to Tulsa, OK, and worked for the law firm used by Wal-Mart. After nine years as a lawyer, Walton was named senior vice president of Wal-Mart and succeeded his father as chairman of the board of directors after his father died in 1992.
Money, even for those who don’t work in finance, is still a part of everyday life. Every time we buy food, pay bills or go to work, we deal with it. Because money permeates so much of what we do and what motivates us to be both very good and sometimes very bad, it makes a great movie subject. Here are some of our favorite films about the supposed root of all evil, taking a look at greed, generosity and everything in between.
Serious Films
Addressing greed, crime and business, these films take a hard look at how humans interact with money.
Wall Street (1987): This Oliver Stone classic comes with the tag line, "greed is good" and that’s just what values the film reflects with its corrupt, money-hungry characters caught up in the 80’s ideal excesses.
Boiler Room (2000): This modern twist on a film noir follows Seth Davis as he attempts to get a legitimate job and please his father after dropping out of college and running an illegal casino. What he doesn’t realize is that the stock brokerage where he finds work is far from legal and may just ruin his life.
Glengarry Glen Ross (1992): This feature film adaptation of a David Mamet play documents the lives of four desperate Chicago agents who will do anything to sell some less-than-desirable real estate to prospective buyers.
There Will Be Blood (2007): Daniel Day Lewis’ portrayal of the ruthless oil baron Daniel Plainview won him an Oscar (among numerous other awards), and there perhaps hasn’t been a better or colder portrayal of a driven businessman on film. Despite the character’s success in the film, he remains lonely and isolated from all those around him, even his adopted son, showing that money truly can’t buy happiness.
Barbarians at the Gate (1993): Based on the book of the same name, this movie takes a look at the real life events that occurred during the buyout of Nabisco. Viewers will see businessmen fight it out for the rights to the company, slowly bidding up into the billions, creating a large shadow of debt for whomever ends up with the company.
American Psycho (2000): American Psycho isn’t about money per se, but the serial killer at the center, Patrick Bateman, will go to any ends to maintain his yuppie Wall Street lifestyle – even murdering business rivals. The film skewers materialism, narcissism, greed and the often shallow nature of American consumerism.
Pi (1998): Pi follows a brilliant young mathematician who is working on a formula that would help him to understand the natural world. While making stock predictions, he stumbles upon a mysterious 216 digit number that could be the answer he’s looking for, but other groups, stockbrokers and religious theorists want the discovery — and are willing to do anything to get it.
Indecent Proposal (1993): What would you do for money? That’s the question this classic film asks, as a man offers a married couple one million dollars for just one night with the wife. While they need the money, the realities of getting it may just drive them apart.
Casino (1995): Where there is money, there is crime and that’s just what viewers will find in this gangster film from Martin Scorsese. Enforcers help make sure that the mafia gets its cut of casino profits.
Lighthearted Films
Money can sometimes make us act foolishly and these movies explore its comic side in society.
The Money Pit (1986): If you’ve ever purchased real estate, you know how much money needs gets poured into a home to keep it looking nice. In this film, a young couple finds a home they love but that happens to be in great need of repair. They sink every last penny into the project, which presents them with disaster after disaster in this humorous take on homeownership.
It’s a Wonderful Life (1946): This uplifting Christmas classic starts off sad with a downtrodden George Bailey wanting to kill himself over the failure of his bank and loan caused by misplaced money stolen by greedy, cold businessman Henry Potter. Yet with the help of a guardian angel, he learns powerful lessons about friendship, generosity and the value of life.
Trading Places (1983): When a homeless man and a Wall Street power broker change places (unwillingly) hijinks ensue. While the film takes a humorous look at how each is ill-equipped to live the life of the other, it also offers real lessons on the value of life over that of money.
Brewster’s Millions (1985): When a young man inherits millions from a rich uncle, he is required to spend $30 million in 30 days to inherit the full fortune. The catch is that he can’t spend anything on himself, must help others and gain nothing from every penny he spends.
Jerry McGuire (1996): Sports agents are pretty money-driven in their profession — and they have to be — but in this film we see one who has grown tired of the drama. After suffering a nervous breakdown, Jerry McGuire writes a memo detailing how dishonest he finds the industry, causing him to lose him job and follow a path that ultimately leads to a much more fulfilling career.
Other People’s Money (1991): Starring Danny DeVito as a corporate liquidator who sets his sights on a wire and cable company run by a straight shooting, old-fashioned businessman played by Gregory Peck. In the end, DeVito’s character has to decide which he loves more, the businessman’s daughter whom he has fallen for, or money.
Documentaries
Get a window into the real-life financial troubles going on in the world through these documentary films.
Enron: The Smartest Guys in the Room (2005): When Enron went under in 2001, it took millions in employee retirement and benefits with it, while the guys at the top made off with everything. Viewers of the film will see the systematic accounting fraud which caused this collapse and the long-ranging effects it had on employees and their loved ones.
Capitalism: A Love Story (2009): Whether you love him or hate him, Michael Moore brings up some interesting issues in this film, an indictment of the current capitalist system and the financial crisis that’s still going on.
Maxed Out (2006): Credit cards allow us to buy a wide range of things without carrying around a load of cash, but they come with some pretty hefty financial strings attached. In this film, viewers will see just how credit card debt is hurting the average American and what predatory and abusive practices in the credit card industry are doing to hurt consumers.
In Debt We Trust (2006): Another hard look at debt, this film shows the major economic changes that have occurred over the past few decades both for the average person and our nation as a whole.
The Ascent of Money (2008): In this award-winning PBS movie series, viewers will learn about the long history of banking, money and credit from the Middle Ages up to the present day.
The worlds of business and dating have more in common than you may think. There are relationships, growth, and negotiation in both situations, and good ideas from one may apply in the other. Check out these trusted business rules that are great to follow in the dating world as well.
Be ready for growth: Businesses and relationships can both start out small, but grow quickly. Always have a plan for what you’d like to do with future growth.
Build trust: Businesses must be trustworthy to win and keep clients, and the same is true in relationships. Build trust within your relationship so that you’ll have a strong foundation.
He who cares least, wins: This saying is true in negotiations as it is in relationships. Be careful not to invest too much into a new relationship too fast, while the person you’re dating cares less than you do.
Find a mentor: It’s a great idea to have a mentor for your career, but there’s great value in having one for your dating life as well. Enlist a trusted friend who has been there to offer advice and emotional support.
Get involved in the community: Businesses can improve their profile by interacting within their communities, and those who are dating can benefit from this as well. Getting out there and being involved in your community can be great for meeting new people and enriching yourself.
Never sleep with your boss: This rule is true in business and dating — it’s just too messy to sleep with a coworker, especially your boss.
Use an appropriate tone in correspondence: When writing business emails, it’s important to consider how what you’re saying may be taken-and the same is true for dating.
Don’t leave customers in limbo: You wouldn’t leave a customer hanging with a need or a complaint, so make sure and resolve issues within relationships as well.
Listen to your employees: Business owners can’t get far without paying attention to the needs of their employees, and your relationship won’t do well if you don’t listen to your partner’s needs, either.
Show off your best work: Businesses like to highlight their best projects and most satisfied customers. Do the same in dating by highlighting your best attributes.
Under-promise and over-deliver: Businesses make their customers happy by exceeding expectations, and this concept works in the dating world, too. Surprise your date with something delightful and unexpected.
Address problems promptly: Businesses can do well by finding and resolving problems quickly. In relationships, this is important as well, keeping small issues from becoming big ones.
Be consistent: Businesses must keep a consistent look, feel, and rules. When dating, make sure that you’re always your genuine self any time you’re interacting with others.
Stay flexible: In order to stay in business, it’s important to adapt to the needs of your market. In dating, you must be willing to be flexible and compromise in a relationship.
Get over it: Don’t let resentment and anger keep you down, whether it’s with a customer or your date.
Be honest: Businesses that engage in shady ethics often don’t stay in business very long, and the same is true for relationships. Be open, honest, and always tell the truth.
There’s no shortage of stories on celebrities who managed to blow through their considerable fortunes, but not all stars are irresponsible with their money. In fact, there are many celebrities who are incredibly smart, investing well and making wise business decisions. You can learn about (and from) these surprisingly smart celebrity investors.
Ashton Kutcher: Ashton Kutcher has gone from "Dude, Sweet!!" to a major investor. Kutcher was asked to invest in Skype, and has recently become a savvy investor in startups. He got started in investment with the VoIP startup Ooma in 2004, and now runs his own investment vehicle, Grade-A Investments.
William Shatner: After making a deal to do radio spots for Priceline while it was still a startup, the company wanted to go to television with William Shatner, but didn’t have enough money to pay him. William Shatner offered to take stock after learning about the company, and made smart money off the investment.
Jay-Z: Shawn Carter, known by many as Jay-Z, made millions in records, but grew his fortune with smart business ventures. Rocawear clothing, the 40/40 club, and an interest in the New Jersey Nets and the Aqueduct Entertainment Group keep the millions rolling in for this rapper.
50 Cent: 50 Cent’s stardom may have sparked his riches, but he’s worked on several side projects that netted him millions. His most impressive investment was in Vitamin Water, which earned him an estimated $100 million. He’s now an official investor in Gunnar Optiks, and has a say in the company’s direction.
Justin Timberlake: Justin Timberlake is no stranger to investment, launching popular celebrity investment staples including a tequila, record label, and restaurants. He has also opened a $16 million golf complex in the Memphis area, which was renovated and rebranded as a public golf course with a positive impact.
Will Ferrell: Will Ferrell may play the role of outwardly dumb guys in comedies, but he’s a wise investor on the inside. He plays the role of dot-com investor with Funny Or Die, which has been incredibly successful since its launch in 2007, attracting Sequoia Capital, Time Warner, and HBO.
Seth Green: Seth Green not only lives a smart money lifestyle, he offers advice for doing the same. As an actor, producer, and director, Green has done a great job in the entertainment business, but he doesn’t flash his money. Rather, he spends it wisely, and shares his advice for how fans can follow suit, sharing a You Tube video mocking Cribs, and a one-hour special UN-Broke on ABC.
Jessica Simpson: Jessica Simpson is rarely regarded for her intelligence, but she’s made some well timed and well executed investment decisions. For example, she sold the master license to her clothing brand for a reported $15 million, with royalties.
Sammy Hagar: Long before it was cool for celebrities to make liquor, Sammy Hagar was doing it. After the Cabo Wabo cantina he started with his bandmates started to fail, he bought them out and commissioned a private label tequila from a small family distillery. Hagar sold a majority share of Cabo Wabo in 2007 for $80 million, and has started a restaurant chain.
Jaclyn Smith: You know her as one of Charlie’s Angels, but she’s continued to make good money even long after her time on the show was over. She partnered with Kmart, creating a clothing and accessories collection that has claimed more than 100 million customers.
Bankruptcy is something that most of us hope to never face, yet with a poor economy and high unemployment, it is becoming a reality for more and more Americans. Whether your finances are a mess because of a failed business or you’ve lost your job and fallen behind in payments, you need all the help and advice you can get to weather this financial storm. On these blogs, written by accountants, lawyers and other financial experts, you’ll get insights into the bankruptcy process, relevant laws and what you can do to protect yourself and your future throughout the whole process.
News and Information
These blogs offer some basic news, information and articles to help you learn more about filing bankruptcy.
Bankruptcy Blog: If you need help with bankruptcy or debt, give this blog a read. You’ll find the latest news about bankruptcy issues as well as guides that can help you deal with foreclosure, understand the laws and even file if you need to. Recommended post: "Importance of Being Credit Worthy in the United States."
Total Bankruptcy: Whether you’re looking for insightful stats on bankruptcy or are in need of legal advice, check out this blog to help you navigate the situation. Recommended post: "Credit Cards After Bankruptcy."
Caveat Emptor: Whether you need help with debt or bankruptcy, you’ll find some amazingly helpful articles here that can make managing your financial nightmare a little bit easier. Recommended post: "How to Avoid Ending Up in Jail for Debt."
Credit Slips: Covering all aspects of credit, readers of this blog will find insights into managing everything from small debts to filing for bankruptcy. Recommended post: "Bankruptcy and the Crisis: Why so Few?"
Attorneys and Law
Get advice on bankruptcy from the pros with these blogs written by lawyers and legal experts in the field.
Bankruptcy Prof Blog: Law professor Jonathan Hayes shares his expertise in the field on this blog. Read through it and you’ll find out how bankruptcy can affect your finances in the long term and gain a better understanding of the latest relevant legislation. Recommended post: "Top Ten Parts of BAPCPA Congress Needs to Fix."
theBKBlog: Attorney Jonathan Ginsberg offers up some help to those facing bankruptcy on this blog, crammed with helpful legal advice anyone in financial trouble should read. Recommended post: "How Can Filing Bankruptcy Impact My Children?"
The Bankruptcy Lawyers Blog: Keep up with changes in bankruptcy law through the news on this blog by attorney Kevin Chern. After you’re done reading, you can also find an attorney and see if you meet the requirements to file for bankruptcy. Recommended post: "Bankruptcy Job Discrimination."
Reed’s Blog: Whether you work in bankruptcy law or are soon going to be facing it head on, this blog offers some helpful news and information that can make the process of filing a little easier. Recommended post: "Fair Debt Collection Practices Act and Your Rights."
State Specific
While these blogs are geared towards specific states, they often offer advice and information that can be applied nationwide.
These days, many Americans are suffering at the hands of layoffs, but mass job cuts are hardly a new thing. Often a result of new efficiency or simply running low on cash, thousands of employees can be cut at a time. Here we’ll take a look at 13 massive layoffs in American history.
Intel: In 2006, Intel announced a major restructuring that included the layoff of 9,500 employees, and an additional 1,000 managerial jobs. Then in 2009, Intel closed chip plants, resulting in up to 6,000 layoffs.
Microsoft: In its then-34th year of business without mass layoffs, Microsoft cut an initial 5,000 jobs, and even more by the end of 2009. The layoffs came in response to a major loss in profits and a need to reduce operating expenses and capital expenditures.
Airlines: As a group, US airlines stopped flying more than 350 planes and laid off over 4,000 employees in just 2009. These measures were made to respond to record-high fuel prices. Continental Airlines alone laid off 3,000 workers at one point.
Citigroup: In 2008, Citigroup laid off 52,000 employees, making up for massive write-downs. The number of jobs cut by Citi is about the same as the total amount of cuts in the entire US financial services industry in 2006. As New York City’s second largest private employer, Citi’s layoffs had a major impact on the city, as well as Citi stock.
Merck: Merck announced a layoff of 15,000 R&D and manufacturing workers in July 2010. Critics point out that the layoffs illustrate a cruel trend of producing fewer new drugs, despite growing R&D budgets.
Dow Chemical: Dow Chemical made drastic changes, cutting 5,000 jobs, as well as eliminating 6,000 contractor positions and temporarily suspending operations at 180 plants. 20 plants worldwide were closed, and the company sold off segments of its business.
US Postal Service: The public workforce is not immune to layoffs, as evidenced by the USPS cut of 7,500 administrative positions. This cut impacted 2,000 postmasters, which will likely mean closing the post offices they operate.
HP: After an acquisition of Electronic Data Systems Corp, HP cut 7.5% of its workforces fo realize savings. That amounted to a cut of 24,600 jobs over three years. Additionally, HP announced plans to spend $1 billion and cut 9,000 jobs over three years to move to fully automated commercial data centers, with job cuts stemming from automation and productivity gains.
Borders: The popular bookstore Borders announced plans to close 200 of 488 superstores as part of a bankruptcy protection filing. These closings resulting in the laying off of 6,000 employees out of 19,500.
IBM: IBM made drastic new cuts in 1993, letting go of 35,000 jobs as part of an $8.9 billion program to cut costs. The company also let go of some factories and equipment, shuttering plants. The measure was applauded by investors, and was praised for being a clean, drastic cut, rather than dragging out painful layoffs over several years. Employees were given incentives to leave, and there was also an early retirement program to encourage a positive outcome for both employees and the company.
NASA: With a new proposed budget for NASA comes the cancellation of new rockets and spacecraft, and the upcoming retirement of the shuttle program. These changes created a round of layoffs at NASA. This layoff includes 9,000 direct NASA jobs and 14,000 indirect jobs such as those at hotels and restaurants in the area.
Automakers: After burning through billions in cash, automakers had to lay off workers and slow down production at plants in response to the global capital crisis. GM cut 3,600 workers and Ford cut nearly 2,300 North American salaried jobs.
Pfizer: Pfizer announced a layoff of 19,500 employees as a part of a buyout with Wyeth Pharmaceuticals. But they didn’t stop there. As a part of continued cost-reduction initiatives, Pfizer created a cushion to lay off up to 13,200 additional employees.
While hitting the books can help you learn a great deal about the financial sector, getting out into the real world and seeing how business, markets and money really work can teach you new things you wouldn’t have even thought to look up. If you’re looking for a way to take your financial education outside of the classroom, consider one of these destinations for a field trip or to visit on vacation. You may learn some valuable things that help you come back to your degree program better, smarter and more money-savvy.
New York Stock Exchange: If you want to tour this financial landmark, you had better be an early riser. Only a limited amount of people are let in each day, getting tickets from a line that starts at 9 am. If you do get in, you’ll get the chance to see how the stock exchange works from and up close and personal view in a glass-walled observation deck. If you can’t get inside the NYSE, you can still take pictures out front and pick up one of brochures they offer about the building, letting you learn about some of the intense trading that goes on inside.
Federal Reserve Banks: There are Federal Reserve Banks in 12 different US cities including Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. This means no matter where you live, a Federal Reserve you can tour isn’t far off. You’ll have to make reservations in advance to tour one, leave your cells and cameras at home and bring along proper ID…but getting a tour isn’t a big problem. Visitors will get to see how cash is processed through the facility, the gold vault and have time to explore the Bank’s on-site museum.
United States Mint: If you’d like to see how money is literally made, then head to Denver or Philadelphia’s mint locations. Tours are free and will give you a new appreciation for the work that goes into creating U.S. currency. You’ll get to see the process of making coin and paper money, from the first laborious steps of creating engravings to the actual minting process itself. Those with a coin collection can even pick up a few brand new sets on their way out of the building.
American Numismatic Society: No matter the time period or the culture, this organization is dedicated to studying their currency. Visitors to this New York museum can see coins from ancient times to the modern, including relics from Roman, Greek, Byzantine and South Asian cultures, as well as some amazing collections from more recent mintings. Care to do a little research of your own? The ANS building is complete with library and archives that anyone can use. No items may be checked out, however.
Wall Street: If there’s any place in the world that’s synonymous with the financial world, it’s Wall Street. Take a tour down this iconic street to sneak a peek at some of the biggest players in the financial world. From banking giants to the NASDAQ building to the homes and meeting places of some of the biggest business moguls in the world, you’ll get a chance to see where much of the American economic trade takes place. Don’t forget to stop and take a photo with the iconic bull statue that stands in nearby Bowling Green Park.
Museum of American Finance: While you’re on Wall Street, be sure to check out the Museum of American Finance, the only one dedicated to sharing the history of American finance and entrepreneurship. Exhibits will help visitors to learn more about our money’s origins, banking, how markets work, the realities of our credit crisis – and may even shed some light on our Founding Fathers’ finances. It’s a must-see for anyone interested in business, finance or economics.
Bureau of Engraving and Printing: If you haven’t gotten enough of seeing how money is made, venture to this Washington, DC landmark to see where it all begins. A tour will take you through the process of printing new money, starting with blank paper and ending with loads of cash. In addition to money, the facility also prints security badges, passports, White House invitations and materials for Homeland Security. If you can’t make it to DC, don’t worry – there’s another facility you can tour, located in Fort Worth, Texas.
Pliny Fisk Library of Economics and Finance: While you won’t be able to check books, you don’t have to be a Princeton student to enjoy their large economics and finance library. Founded in 1895 by Wall Street banker Pliny Fisk, the collection began with information documenting the financial and business aspects of the railroad. Today, visitors to the library can page through thousands of volumes on banking, economics, law, statistics, trading and more. Those hoping to do research for their studies in economics or finance will find no better place for both current and archival information.
Chicago Mercantile Exchange: Founded in 1898 at the Chicago Butter and Egg Board, today this thriving marketplace deals with a whole lot more than just butter and eggs. Trading at the CME now involves everything from alternative investments, like weather, to more traditional ones, such as commodities. Visitors to the Windy City will find two visitors’ centers at the CME, both containing viewing galleries to the trading floor below. Additional resources on hand will help you learn about the history of the CME and see how it’s expanded and evolved into the large marketplace it is today.
Silicon Valley: The financial world can’t go round without business, and with much of the biggest companies in the world being tech-based, there’s no better place to visit than Silicon Valley for a lesson in entrepreneurship. A tour of this tech Mecca can take you through Intel’s museum, the Computer History Museum, the Tech Museum, Stanford University and – if you make arrangements beforehand – you may just be able to peek inside the walls of tech giants like Google or Apple. Though you might need some connections to make that happen.
For many people these days, money is tight, and they’re looking for alternative ways to maintain their lifestyle and household. One great way to stretch your spending dollars is through bartering. By using goods, skills, or services you already have, you can trade with others to get what you need. Read on to learn about 50 great tips for living a bartering lifestyle.
General
Get an introduction to bartering here.
Know what you need: Don’t be wishy washy about what you expect to receive-directly ask for it, and be just as direct about what you have to offer.
Do it in person: Establish better trust by bartering in person whenever possible.
Pay attention to the season: Remember that Halloween costumes will move better in October than November, and vintage dresses around homecoming or prom.
Offer time during lulls: Schedule barter work only during times when you have lulls in your regular hours.
Set a time frame: Bartering isn’t worth much if you never actually receive the product or service you’re exchanging for-be sure to specify when your transaction will incur.
Just ask: Don’t hesitate to pop the question if you think it’s a good deal.
Barter Partners
Get set up with bartering partners by following these tips.
Join a Time Bank: With a Time Bank, you perform services and earn a time dollar that can be redeemed for other services on the site.
Check the fine print on barter networks: If you’re joining a bartering network, look out for entry feeds, percentages of transactions, or minimum trades per year.
Value
Without actual money exchanging hands, it’s easy to lose sight of the real value-follow these tips to stay on the right track.
Be attractive: Ask for a product or service that your bartering partner would be happy to exchange.
Have a specialty: Make your bartering more valuable by specializing in something others may have a hard time getting.
Know your costs: Be sure that you understand the true cost of what you’re trading.
Know your value: Be sure that the service you’re offering is as valuable as what you’re trying to receive.
Be realistic: Be careful not to over-promise what you can deliver.
Be confident: Don’t be wishy washy with potential barter partners, or undersell yourself.
Be fair: It’s tempting to get the most out of a deal as you can, but it’s better for your bartering relationship if you simply strive for an equal exchange.
Don’t cross the line: Be careful not to insult your bartering partner with a ridiculously unequal trade.
Talk about it afterward: After the bartering is complete, check in to make sure that both parties are happy.
Offers & Needs
What exactly will you be bartering for? Use these tips to make your consideration.
Take a look at your overheads: Stumped on what you can barter for? Take a look at what you pay for regularly, like creative design, couriers, accounting, and SEO.
Think beyond things: Remember that experiences like vacations can be traded.
Barter for gifts: Even if you can’t personally use an item, keep in mind that bartered items can make great gifts for valued clients.
Ask yourself what you have to offer: Look beyond your business and think about items you have, hobbies you can teach, crafts, or chores you can swap.
Stick to needs only: Only barter if you actually need the service being offered.
List your needs: Just as you should list what you’re offering, have a list of what you’d like to acquire in exchange.
Conflict Prevention
Avoid unnecessary stress and conflict by following these tips.
Be very appreciative: Keep a positive bartering relationship by showing your appreciation for your partner’s hard work.
Establish boundaries: Make sure you have clear goals and outcomes in any bartering relationship.
No is an acceptable word: If you’re approached with a trade that isn’t beneficial to you, don’t be afraid to politely decline.
Create an "out": Don’t leave a bartering relationship open ended, and be sure to have an option to end the contract if either party isn’t happy.
Agree on conflict resolution: Decide ahead of time what will happen if one person is satisfied, but the other isn’t.
Paperwork
These tips will keep your paperwork on the straight and narrow.
Don’t forget the IRS: Make sure that you keep proper bartering records for tax time.
Write a contract: Stipulate exactly what you’re exchanging in writing, preferably with a contract.
Talk to a CPA: For larger barters, be sure to bring in a CPA to ensure that you’re getting the documentation correct.
Zero out at the end of the year: If transactions aren’t complete at the end of the year, you may have to pay or receive a tax credit-avoid this situation by zeroing out all exchanges by the end of the year.
Swaps & Communities
With these tips, you can create swaps and communities in your own neighborhood or circle of friends.
Share petsitting with your neighbors: Save money on boarding by getting neighbors to pet sit for you while you’re out of town, and return the favor.
Create a babysitting co-op: Save hundreds of dollars on babysitting with a co-op, and build a community and friendships.
Swap homes for vacation: Instead of paying for a hotel or rental home, arrange to swap homes with someone for your next vacation.
Set up a service bank: Get together with friends and create a service bank to do work for each other.
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