July 18, 2007, 3:18 am

Financial Rambling Part 1

by: The Financial Blogger    Category: Financial Rambling
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This post will be about several topics at once. There is nothing really big enough to write a whole article on it, but some financial rambling that crossed my mind recently. I know I was supposed to post about my insurance policy choice, but I thought I would make you come back tomorrow for part 2 :-D.

 

First thing, be sure to check the 109th edition of the Carnival of Personal Finance hosted by mint.com. My article about the Canadian Way of Paying is in the list. Mint listed the date of everybody’s first post on it. It was interesting to see that while many blogs were created recently (I’m part of this new batch!), some blogs were on for a least two complete years. Congrats to those bloggers!

 

Gate VP recently posted a comment about credit card insurance on my first post about my choice on insurance policy. I must agree with them. No credit card insurance is worth it. They will try to get you with lines like “you pay only if you leave a balance on your credit card” or “this is such a small fee compare to what would be left on your credit card if you pass away”. That is anything! Get a proper life insurance policy that would cover for all your debts. You will end up paying less and if you do not have debts when you pass away, this money is still going to you beneficiary.

 

Double check your credit bureau with more than one credit report agency! I recently had a file where the client’s bureau was disgusting with one agency and got declined because of credit issues. Later one, the same client faxed the credit bureau from another reporting agency. It was crystal clean! From one credit bureau to another, there was 175 points of difference with his beacon score. Better make sure the information on your credit behaviours are up-to-date!

 

I found a wallet on the sidewalk during last weekend. Being a banker, I was fully aware of all the damage you could inflict to an individual by getting access to his birth date, Social Insurance Number, address and so on. Identity theft is more damageable than buying a surround system with someone’s credit card. I went through all his cards trying to find simple information: his home phone number. The guy just moved so the phone number on the internet was not working. Lucky him, I got a hold of one of his business card and was able to retrace him. He bought me a bottle of wine to thank me. I learnt two lessons from this short story; I put my home phone number in my wallet and the honest taste of red wine is delightful compared to the lousy sound of a new surround system bought from a stolen credit card!

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