Summary of “How Britain let Russia hide its dirty money”

The embarrassing truth is that, although I have written about Russia and its neighbours for two decades, during which I have increasingly specialised in analysing corruption, it had never really occurred to me to ascertain precisely how much stolen Russian money had found a home in the UK, or to chart exactly where it had ended up.
One way to begin investigating exactly how much Russian money there is in Britain – and how much of it is dirty – is to look at the official data.
Russian money that moves through another jurisdiction before arriving in Britain isn’t counted as Russian and, since the overwhelming majority of money that enters and leaves Russia does so via tax havens such as Cyprus and the Bahamas, this means the official figures reflect only a small portion of the money the MPs were interested in.
“Guselnikov believes that politicians’ sudden panic about Russian money in Britain is misplaced. When we met in his office in a grand terraced house on Grosvenor Square, he began by pointing out that Russian money had less influence over British business than people think.”I can’t recall any big enterprise controlled by Russians, or any big company.
Guselnikov said banks had become more stringent in their checks on the provenance of money in the last few years, so it was unlikely that significant flows of dirty money were entering the UK from Russia any more.
Why was Britain the only country that declined to act on the information Browder provided? His conclusion was that too many influential people – lawyers, bankers, accountants, property developers – were dependent on dirty Russian money for their livelihoods.
This is one of the problems with trying to ascertain the volume of dirty Russian money in London: how far back do we go? Do the fees Midland Bank received for banking Soviet money in the 1950s still count as Russian cash, and if so, are they dirty? Does the commission the estate agent earned by selling those flats in Kensington in the early 1990s count as dirty money? And what about the £800m that Russians paid for government bonds in return for golden visas? Or the $41,000 of Magnitsky money that was spent on a wedding dress in London? How many times does money have to circulate in the economy before we decide it’s not dirty any more?
We don’t know how much dirty money there is in the UK, nor do we know exactly where it is, and there’s nothing we can do about it.

The orginal article.

Summary of “Find out how much car you can afford with 20/4/10 rule”

Knowing how much car you can afford is the first step to buying one.
That’s why I want to take a deeper look at buying a car – and show you tactics to get the most out of your car negotiations.
How many times have you seen someone sink a bunch of money into a flashy luxury car with with a bunch of unnecessary additions only for them to end up trying to sell it with a few years?
If you truly want to get the best deal out of your car purchase, you’re going to have to negotiate IWT style.
A lot of people want to prioritize how a car looks over anything else.
You should really prioritize getting a good, reliable car that you’ll be able to drive around for at least 10 years.
I’d rather you get a new car that’s reliable than purchasing a used car that’ll break down sooner.
You don’t want to end up struggling because you can’t afford your monthly car payment.

The orginal article.

Summary of “The relationship between time, money, and happiness ~ Get Rich Slowly”

When I began to fully grasp the relationship between money and time, my first big insight was that wealth isn’t necessarily an abundance of money – it’s an abundance of time.
What if you like your lifestyle and don’t want to cut back? Or what if you’re not able to cut back? There’s still a way to use the relationship between time and money to increase your sense of well-being.
We provide evidence that using money to buy time can provide a buffer against this time famine, thereby promoting happiness.
Together, these results suggest that using money to buy time can protect people from the detrimental effects of time pressure on life satisfaction.
Interestingly, the effects of “Buying time” have the greatest impact on folks who have less money: “We observed a stronger relationship between buying time and life satisfaction among less-affluent individuals,” the authors write.
My biggest takeaway from thinking about the relationship between time and money is this: When you spend less, you can work less.
You have to decide how much time you’re willing to spend on present comfort and how much time you want to bank for the future.
What about you? How do you view the relationship between time, money, and happiness? Do you have some examples from your own life of buying time in order to improve your happiness? What balance have you arrived at – and how did you get there?

The orginal article.

Summary of “Why Tech Philanthropy Doesn’t Help Silicon Valley”

The biggest of these collections of donor-advised funds in the region-and one that’s been in the news frequently in Silicon Valley lately because of a #MeToo scandal first reported by The Chronicle of Philanthropy-is the Silicon Valley Community Foundation.
Mindy Berkowitz, the executive director of Jewish Family Services of Silicon Valley, told me that she met with the Silicon Valley Community Foundation a decade ago to find out more about how to try and attract money from donor-advised funds.
Rob Reich, the co-director of the Stanford Center on Philanthropy and Civil Society, set up a donor-advised fund at the Silicon Valley Community Foundation as an experiment.
While foundations have to provide detailed information about where they give their money, donor-advised funds distributions are listed as gifts made from the entire charitable fund-like the Silicon Valley Community Foundation-rather than from individuals.
Rick Williams, the chief executive of the Sobrato Family Foundation, told me that when his organization wanted to donate some of its real-estate holdings, the Silicon Valley Community Foundation was helpful at handling that type of “Complex transaction.” He said that while there is a concern that some donor-advised funds are not putting money out into the community, he thinks the structure can be helpful for some entrepreneurs who made a lot of money very young and are still involved in their companies and don’t have time to think about how they want to give.
Even as the Silicon Valley Community Foundation tries to fix itself, some donors may be moving their money to donor-advised funds at other entities, where they will have similarly limited incentive to spend.
Even Rick Williams, the Sobrato CEO whose job is to get money out into the community, and who has donor-advised funds in the Silicon Valley Community Foundation, says he’s concerned.
He’s talked with some wealthy individuals with donor-advised funds who say they wish the Silicon Valley Community Foundation provided more information about how to donate to local causes.

The orginal article.

Summary of “7 income producing assets to invest in today”

Income producing assets are investments that allow you to make money passively.
So income producing assets can give you freedom and control since you can worry MUCH less about money coming in.
With a little bit of research, dedication, and sweat equity, you can earn money passively through income producing assets, too.
Below are seven income producing assets that you can invest in to start earning you passive income.
These are conservative, low-risk income producing assets.
This allows you more wiggle room to invest in riskier assets and potentially earn more money.
The U.S. Congress established real estate investment trusts, or REITs, in 1960 to give people the opportunity to invest in income producing real estate.
Income producing assets are a great way to supplement your income through your investments.

The orginal article.

Summary of “24-Year-Old Australian Man Spent $2 Million After a Bank Glitch”

While his mates were out drunkenly hunting wild boar, Milky was investing in hedge funds, and at nineteen he bought his own home, for himself and his high school sweetheart, Megan.
With no money in the bank, Milky was bracing himself for the beginning of the end.
Oh, and a cranky old red Alfa Romeo-which Milky had bought shortly before moving there in July 2011.
Milky had no idea how he had gotten caught-perhaps someone at the bank had finally taken notice, or maybe someone on the receiving end of his large purchases had raised concerns.
“The bank is now seeking to recover funds.” The police confiscated Milky’s belongings and turned them over to the bank.
According to Milky’s contract with the bank, he was perfectly authorized to receive overdrafts subject to the bank’s approval.
In practice, when Milky put in an overdraft request, it would get sent up from his local bank to a corporate “Relationship officer” for sign-off.
“The unusual aspect of Mr. Moore’s conduct was that there was nothing covert about it,” Justice Mark Leeming noted in his judgment, adding that St. George bank had chronicled “With complete accuracy Mr. Moore’s growing indebtedness.” St. George declined to comment on the acquittal, though it later contacted Milky to tell him it was not coming after him for his remaining debt.

The orginal article.

Summary of “What Happens to Your Debts When You Die”

Of the many downsides of death you could name, you might think an upside is that you no longer have to worry about the massive pile of debt you’ve accumulated over your life-almost $62,000, on average, according to a 2017 report from Credit.com-from astronomical health care bills to the mortgage on the house you couldn’t afford to your tens of thousands of dollars of student loan debt.
Before you pass on money to your heirs, your debts are repaid.
An executor handles all of this, and will pay off your debts with your estate.
Because mortgages are secured debt, lenders get first dibs on your assets to recoup their loan.
If the estate can’t cover the cost of the debt and you have a co-signer, they’re responsible for the rest of the loan.
Credit card debt isn’t secured, meaning if the estate runs out of funds after the mortgage and car loans, there’s nothing for creditors to sell to get their money back.
If not, the debt may die with you, unless you live in a community property state.
If there’s money in your estate, that’ll be put toward private student loan debt.

The orginal article.

Summary of “Warren Buffett: Investing in the S&P 500 could make you a fortune [Video]”

Not surprisingly, Warren Buffett, the world’s greatest investor, has a vivid example of this which he shared with me during a visit earlier this year at Berkshire Hathaway headquarters in Omaha.
First, take yourself back, way back to America’s entry into World War II. Franklin Roosevelt was president and Buffett was a young boy.
As you may know young Buffett, unlike most kids his age interested in games or sports, was basically consumed by the stock market.
“Let me give you a figure that’ll blow your mind I think. I bought my first stock when I was 11 years old. It was the first quarter of 1942, shortly after Pearl Harbor,” Buffett recalls.
Let’s pick it up with Buffett again: “The answer is about $400,000. So if I as a little kid had taken that 114 bucks I’d saved- shoveling snow or whatever I’d done, $400,000 today. [In] one person’s lifetime. That’s America. I mean, that isn’t me. You know, it’s the huge tailwind the American economy gives to any equity investor.”
“Now, you don’t wanna buy to hold for a year, you don’t wanna buy with the idea that you could sell it in two years or three years necessarily, to make money. You may- you could lose money that way,” he says.
“The S&P 500 companies have earned well over 10% on equity, often 15% annually for years, and years, and years, and years,” Buffett says.
Watch Warren Buffett LIVE at the 2018 Berkshire Hathaway Annual Shareholders Meeting exclusively on the Yahoo Finance app and desktop.

The orginal article.

Summary of “Being frugal is for the rich”

The Frugalwoods – real names Liz Willard Thames and Nate Thames – are a Millennial couple who did the nine-to-five non-profit thing in Cambridge, Massachusetts for several years before realizing they were trying to “Buy their way into happiness” and deciding they had to break free.
What’s remarkable about them is how they’ve managed to offer the public a kind of Millennial redemption story: a tale of two Millennials taking the time and responsibility to learn about money, rein in their spending impulses, and achieve financial security.
Millennials have been caricatured as affluent liberal-arts majors with no career plans, but the reality is most Millennials don’t even have a college degree.
Last year, the advocacy group Young Invincibles used Federal Reserve data to determine that Millennials as a whole earn about 20 percent less than Baby Boomers did during their formative years, and amass roughly half the net wealth.
A recent study by ApartmentList claims that the rarefied minority of debt-free Millennials are putting away twice as much money as their counterparts who are still paying off balances.
Sometimes the stories pander to Millennials by touching on issues like climate change – “Frugality is environmentalism!” – or the grim projections for Social Security and Medicare that Millennials should anticipate.
Regardless of intent, these Millennials are telling an older generation of elite Americans – the very people whose policies and financial decisions kneecapped the economy – what they want to hear: that everything is more or less okay, and young people just need to be more thoughtful about their money.
Because whatever happens in the years ahead, penny-pinching will likely remain a lifestyle enhancement for bourgeois Millennials who possess enough money to enjoy the dividends of being thrifty.

The orginal article.