Kathryn Vercillo

Stash App: Investment App Review

August 15, 2019 By Kathryn Vercillo Leave a Comment

As a Mint user, I periodically receives offers to try out a variety of different financial services. Usually I just skip them. However, when I saw the deal to get $10 to try the Stash app, I figured it was worth a second glance. The terms seemed simple: start using the app with an investment as little as $5 and then they’d give me an additional $10 to invest. That seems fairly low risk to try something new, so I gave it a go.

What is Stash App?

Stash is an investment app. It allows you to invest in stocks and EFTs. You don’t have to invest in full stocks. Instead, you can invest in partial stocks in a system called fractional share investing. Basically, a larger company buys the full stock then divvies it up and people like me are able to invest as little as $5 for a partial share of the stock.

What to Know About Fractional Share Investing

I wanted to make sure that I knew what I was doing before I went any other further, so I did some research into fractional share investing.

Doing my research, I quickly learned that it’s extra important to pay attention to fees. This is always important when investing, of course. However, it is particularly important with fractional share investing. That’s because if the fee is a flat rate per trade then it can amount to a really large percentage of your investment. A $1 fee isn’t a big deal if you’re investing $1000 but it’s a big percentage of your $5 investment.

You can buy stocks that are doing really well and have high share value. In regular investing, those shares can get very expensive. You might not even be able to buy one share. However, with frational share investing, you’re allowed to just buy a “fraction” that you can afford.

As a newbie investor, I like this idea. It seems like a good way to start learning about popular stocks. Plus, you can easily invest in multiple stocks and EFTs without spending a lot of money.

A Little Bit About Stash

Before heading to the Stash website, I did some research into what others are saying about this investment app. Most people seem to have positive things to say. Here are the key things people report liking about the site:

Accounts start at just $1 per month.
Investments start at just $5.
You’re allowed unlimited trades.
You get access to advice from an online coach.

Moreover, people have frequently mentioned that they like the Stash app because it makes it easy to invest in themes that you want to support. For example, I ultimately chose to invest in green companies and women-led businesses.

Spend $5 to Get $10: Using Stash App

All of that seemed really legitimate. It was at least worth giving a try. So I clicked the “get my $10” promo offer that I’d received from Mint. That took me to the Stash app website. I set up an account (which was super simple, just name and password to get started).

Setting Up A Stash App Account

It took me to a page to start entering more info. Before beginning, I saw a happy little star character telling me “I’m Stash Coach.” Apparently you do certain tasks then you get rewarded with stars. While I think that this kind of gamification is a little bit silly, it’s popular across all different types of websites, today, so I wasn’t surprised to see it, and I’m sure some people like it. I appreciate the message behind it which is that I’ll get investing tips and website help along the way. From there I entered:

First and last name
Birthdate
Citizenship status
Level of investing experience
Conservative, moderate, or aggressive risk preference
Time frame for when I’d like to use my investment money
Tax filing status
Income range
Employment status
Marital status
If I have a retirement account
If I have children
Do I rent or own my home
Approximate net worth
Phone number
Address
Social security number

That all took about ten minutes.

Choosing a Stash App Investment Plan

Then I learned that there are three plans to choose from:

$1/month beginner plan, which is the basic personal investment account, with debit account access, financial education tools on the site, and the opportunity to get “stock back” rewards when you use that Stash debit card.
$3/month growth plan, which adds a retirement account to the beginner plan
$9/month Stash+, which adds investment accounts for two kids, a metal debit card with additional Stash Back rewards, and a monthly market insights report.

I went with the $1 plan. You easily link your bank account to Stash so that you can fund your stash account.

Editing My Plan Details

Stash sets things up to make saving and investing really simple for you. Based on the questions answered previously, it gives you a plan. However, you can edit that plan.

For example, it suggested that my automatic savings account plan should be “set aside $10 every week for my Personal Brokerage account.” It tells me that I’ll have saved $520 per year if I do that. However, I didn’t want to do that right now.

You can easily edit the dollar amount and choose to invest that amount every week, every other week, every month, or just one time. Once I agree to my plan, the money starts to move. Note that you don’t have to create a savings plan at all.

Build a Portfolio

Finally, it’s time to start building the investing portfolio. Like with the suggested savings, Stash provides a recommended portfolio. Then you can easily add and remove investments. Stash clearly explains how each change likely affects the portfolio. Once you’ve built the porfolio you want, you can invest.

They recommend that you start with $20 or more. However, I wanted to see if it was true that I could invest with as little as $5. So I started with that. Indeed, it worked. The Stash App quickly recommended a set of 6 different EFT categories:

$0.10 to “Small and Mighty” companies which are a set of little businesses poised to grow
$.25 to “Up and Coming” which are emerging markets
$.30 to “Happy Medium” – “medium-sized U.S. companies, generally worth under $10 billion” with room for growth
$1.10 to “Foreign Heavyweights” outside of the US and Canada
$1.47 to “an all-in-one fund for bonds … issued in US dollars from around the world.”
$1.76 to “Match the Market” which “tracks the S&P 500—a grouping of America’s largest companies.”

You can click on each one to see detailed information about the EFTs performance including inception date, last price, dividend yield, YTD change and, of course, exactly which holdings are in that investment.

It is easy to edit each one, changing the amount of investment or deleting it altogether. You can also add other investments. As you do, the green-to-red slider at the top tells you how those choices have changed how balanced your investment is. For example, I added “clean and green” investmensts and the slider indicated that I was taking more risk with my money.

It’s important to realize that if you add investments, the amount you’re investing goes up. You have to edit the amount of each investment accordingly. However, it’s clearly indicated how much you’re investing in each item and what the total is. You have to agree to the final total before you make a payment. It’s all really simple.

Once I set up my portfolio, I could easily view it. And immediately, I saw that there was a $10 payment pending. I set up an account, invested $5, paid $1 for a month for the account, and they really did give me another $10 to invest. That seems like a win-win. I’m happy that I gave it a try.

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TV Shows About Money: Docuseries and Reality Shows About Finances

August 14, 2019 By Kathryn Vercillo Leave a Comment

I love watching television. Some people consider it low-brow but I think that there are some great educational, informative shows on the little screen, especially coming out in the past few years.

I’m the first to admit that I love reality TV and docuseries. Yes, they can be over-the-top and ridiculous. I don’t necessarily think that they’re “true” in the sense of being unedited or exact. However, I do think that they give us an overall true picture of a variety of different topics. Money is one of those topics.

There are so many great TV shows about money. These are not your Dave Ramsey and Suze Orman educational shows about money management, but you’ll be surprised to discover that you can learn a lot from them anyway.

TV Shows About Financial Crimes

These are TV shows about money and how it can go wrong. More specifically, they’re about how greed can lead people to commit financial crimes that ruin not only their lives and the lives of those closest to them but also unsuspecting victims. These television shows can teach us about how to avoid problems with money by sharing the warning signs of scams.

American Greed

Somehow I had gone years without hearing about American Greed. My brother had the show on at his house and as soon as I saw it, I was hooked. I headed online and watched all eleven seasons in short order. This is about the dark side of money. It’s a true crime show and each episode shares 1-2 stories about someone whose greed has caused them to commit scams, fraud, or even violent crime.

Many of us want “a little bit more” or occasionally feel the pull of a “get rich quick scheme.” American Greed shows us what can happen if we give in to those urges. Watching it can help keep our own greed in check. Plus it can make us aware of the most common types of scams out there so that we can avoid them. That may help protect our own finances. After all, if you know the warning signs for Ponzi schemes, religious investment scams, and other types of financial fraud, then you’re less likely to become a victim.

Pink Collar Crimes

If you like American Greed then you’ll probably also like Pink Collar Crimes. They’re similar tv shows about money in many ways. This one, however, focuses specifically on the stories of average women who end up committing financial crimes. This is another true crime TV show that reveals what led up to the woman committing the crime, how the crime played out, and what happened next. In one episode, a financial planner convinces almost everyone she knows to let her “help” them with her money only to end up stealing it from them. There are also stories about embezzlers, fraudulent psychics, and coupon scams.

Dirty Money

This is a Netflix Original and each episode reveals one striking example of corporate corruption. For example, one episode tells the story of how big pharmaceutical companies, including Valeant Pharmaceuticals, immorally hike the rates of important medications up to exorbitant prices that regular people simply can’t afford. Watching shows like this can make me angry sometimes. However these TV shows about money help me better understand important national and global issues related to finances. With more information, consumers can call for change.

TV Shows About Finding a Deal

There are a lot of docuseries or reality TV shows out there that involve spending money, usually in an effort to get a really good deal on something. Each one takes its own slant on the topic.

Storage Wars

People store their things in storage lockers. Then they fail to pay the bills. When they do, the items inside those bins go up for auction. There are people all around the nation who go to those auctions. They implement a variety of tricks to figure out what to bid on. Sometimes they get great deals. On the other hand, sometimes they end up with a bunch of junk. This reality TV show lets us see all aspects of that.

Pawn Stars

When people need money, sometimes they pawn their items. If you’ve never thought much about this before, the history of pawn shops is actually a pretty interesting aspect of finance. It’s basically a form of credit. This particular TV show is about one family-owned pawn shop. They come across some interesting things, and we as viewers get a chance to see what different material items are “worth.”

Antiques Roadshow

Thinking about Pawn Stars automatically makes me think about Antiques Roadshow. It’s probably the longest-running TV show about money out there. Like Pawn Stars, it’s about the worth or value of things. Specifically, this one is about antiques. People dig into their attics or buy things at estate sales hoping they are worth a lot of money. The folks at Antiques Roadshow appraise the items.

Extreme Couponing

These people take grocery shopping with coupons to the next level. They stockpile. They buy hundreds of items and barely spend a penny. It’s astounding. And although most of us won’t make couponing a full-time job, we can certainly learn a few tips about money-saving from each episode.

Extreme Cheapskates

If you want to learn about taking frugal living and minimalism to the extreme then this is one of the best TV shows about money for you. From dumpster diving for wedding decorations to using test-ride equipment at sports stores to forego the gym, these people do everything possible to pinch a penny.

TV Shows About Rich People’s Lives

I don’t watch too many tv shows about how rich people live. However, there are a lot of them out there. If you’re interested in seeing how people with wealth and status enjoy their money then there are plenty of options out there. Almost any reality show about celebrity lives will show you that.

The Real Housewives of New York City

I will make note of one specific show in this category because it’s one I’ve watched: The Real Housewives of New York City. I mention it because what I like isn’t just that it’s about their fancy lives. It’s also about how these women earn their own money. Several of the women start or run their own businesses during the duration of the series. While they certainly have connections and opportunities that not all of us may have access to, I do think it provides insight into some aspects of entrepreneurship. I haven’t seen the other Housewives shows but I assume some of them offer this type of insight as well.

Other TV Shows About How Rich People Live

Just a few additional examples of these types of shows include:

Keeping Up with the Kardashians and all of the family’s spin off shows
Vanderpump Rules
Shahs of Sunset
Southern Charm
Basketball Wives and WAGS (about people married to famous athletes)
#RichKids of Beverly Hills
Below Deck

Plus, of course, we can’t leave this category without going old school and mentioning the 1980’s show Lifestyles of the Rich and Famous.

Other TV Shows About Money

Some tv shows about money don’t fall into any of the above categories.

Hoarders

Hoarders isn’t about money per se. However, it touches on money in several ways, not the least of which is the problem of consumerism. Hoarding is a mental health issue, and the people in this show are severely mentally ill. They literally hoard themselves out of their homes because they can’t bear to get rid of their stuff. Sometimes they are compulsive shoppers so there is a debt element to the show. Other times, they have plenty of money, but they simply can’t ever let go of anything. It speaks to important questions about material items, consumption, what we consider valuable, and so forth. It also digs into the psychology of “stuff” and how that impacts (and is impacted by) our closest relationships.

Marrying Millions

This is a new reality TV show. It somewhat falls into the category above because it does showcase the lives of some very rich people. But it’s really more of a relationship show so it’s not quite the same as those other reality TV shows. This show is all about people who are super rich and are in relationships with people who aren’t. Usually the poorer person is also much younger. So, this reveals a lot about the power dynamics of money in relationships and what our culture values in terms of money in marriage.

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How to Save Money on Prescription Medication

August 13, 2019 By Kathryn Vercillo Leave a Comment

I’ve seen some tragic situations over the years when people can’t afford their meds. For example, I’ve met organ transplant patients who couldn’t pay for their anti-rejection drugs and ended up losing the organ they had struggled so hard to receive. I, myself, have dealt with some terrible withdrawal symptoms when I couldn’t access my mental health medications. Therefore, I know firsthand how important it is to learn how to save money on prescription medication.

Talk to Professionals to Save Money on Prescription Medication

The first step to take if you’re struggling to pay for your prescription medications is to ask for help. There are several different types of professionals that you can talk to about how to save money on prescription medication.

Talk to Your Doctor

Your first line of defense against expensive prescription medication is the person who prescribes the meds. Talk to your doctor. In fact, you may need to talk to multiple doctors: a general doctor, a specialist, a psychiatrist, etc.

Be very upfront with these professionals about how hard it is for you to pay for your prescription medications. Ask them what the options are. Oftentimes, they’ll be able to provide solutions. It might be as simple as changing the prescription to something more affordable that still works for you. Alternatively, they may be able to write a letter explaining to your health insurance why you need that specific medication.

Furthermore, your doctor may be able to offer samples and coupons to help you save money on prescription medication. At the very least, when your doctor knows that you are struggling, you’ll have someone there to help you manage symptoms related to not accessing your medication.

Talk to Your Pharmacist

Your pharmacist is another great resource to help you find ways to save money on prescription medications. They are familiar with all of the meds. They know what type of discounts are available, which insurance covers certain costs, and what generic versions of medications are available.

They may or may not be able to actually offer you a discount. Perhaps they’ll know of certain tricks, such as saving money by getting a 90-day supply instead of a 30-day supply. However, even if they can’t solve the problem, they can often point you in the right direction to find someone who can help.

Ask Your Health Insurance How to Save Money on Prescription Medication

Oftentimes, the biggest problem is that your health insurance doesn’t cover the medication that you need. Or it doesn’t pay very much of the cost. Therefore, you can go straight to your health insurance provider to get help.

If you have the option to visit your health insurance provider in person, then that’s your best bet. If not, then be prepared to wait on the phone for a significant amount of time before you reach the person who can help you. If you are persistent, they are often able to find some resolution.

You may need to discuss getting a different plan with your health insurance provider. Alternatively, they may be able to tell you what some other drug options are to reduce your costs. Then you can take that information back to your doctor to see if those medications would work for you.

Contact the Drug Manufacturer

There are certain prescription medications that are just very expensive. However, the drug manufacturers know that they have customers who can’t afford those high fees. Therefore, they often offer ways to reduce the costs of those medications.

For example, they may offer a discount program. They may provide samples or coupons. You never know unless you ask. Therefore, you should ask.

Find an Advocate

If you have tried all of these different outlets and you still can’t afford your medications, then it’s time to look for an advocate. Your therapist could be an ally in this. If you have a case manager, then they might be able to help. Alternatively, look for a lawyer, a local group, or a friend who has knowledge about how to deal with the prescription medication and health insurance industries. It helps to have someone in your corner who knows the language.

Common Ways to Save Money on Prescription Medication

Talking to professionals is your best route to save money on prescription medication. However, it helps a lot if you know what to ask for. Moreover, there are some things that you can try for yourself. Here are some of the most common ways that people save money on prescription medication:

Change the Medication

When talking to these professionals, find out if you have the option to switch to a more affordable medication. If there is a generic version of the same pill, then try that. If there’s a similar medication that’s cheaper, then try that. Always work with your doctor when switching meds, of course.

Change the Amount of Medication

Sometimes you can save money on prescription medication just by changing the number of pills that you order. A 60-day or 90-day supply may be cheaper per pill than a 30-day supply. Furthermore, it can reduce the number of times you pay a co-pay.

Also, ask about getting a stronger dose that you can split in half. For example, get a prescription for 45 days of a pill that’s twice the strength you need then cut those in half and you have medication for 90 days.

Shop with Coupons

Drug manufacturers offer coupons to reduce the cost of medications. You can also sometimes find other coupons online for various meds. Take a look at what’s out there before you pay full price.

Shop Around with a Tool Like GoodRx

How much you pay for your prescriptions depends on a variety of factors. One of those is the location where you buy the pills. Therefore, you can save money on prescription medication just by shopping around. You can use a comparison shopping tool such as GoodRx to easily find the least expensive option near you for the medications that you need. You may discover that you need to visit a few different pharmacies to get the best price if you have multiple prescriptions. Given the high cost of meds, that can be well worth the effort.

Make Sure You Have the Right Health Insurance

If you haven’t reviewed your health insurance options recently then make sure that you do so. Find out whether you have the right plan in terms of the medications they cover, your co-pays, and your monthly payment. Moreover, see if you qualify for any low-income programs in your area to help you save money on prescription medications. In addition to Medicare/Medicaide, there are often state programs that help pay the premiums and/or co-pays for people with limited income.

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Credit Card Apps: Organize Your Rewards Points, Balances, and More

August 12, 2019 By Kathryn Vercillo Leave a Comment

I use several different personal finance apps. However, I recently realized that I don’t have any credit card apps. I’ve heard about them here and there. I hadn’t ever really researched them, though. I wasn’t sure if they could serve any purpose for me, but I decided to do some research.

Types of Credit Card Apps

As it turns out, there are lots of different types of credit card apps. There are apps for individual credit card companies; such as the Capital One app or the Discover Card app. There are apps to accept credit cards via your phone.

However, what we’ll be looking at here are apps that help people track the details of their credit cards. You can use apps to track your balances, due dates, rewards point, and all of the other little details on a credit card. I always track these on paper, so it’s been helpful to utilize credit card apps to simplify that process.

How Many Credit Cards Is Too Many?

Of course, many people would suggest that perhaps you shouldn’t have so many credit cards that you require apps to organize them. I’m not in that camp, though. I believe that there is no magic number of credit cards that you should or shouldn’t have.

If you’re the kind of person who will use up all of the credit that you have, then you should definitely limit your available credit. If you’re the kind of person who gets flustered keeping track of multiple accounts, then it’s best to limit your number of credit cards. However, if you’re able to responsibly use a large number of different cards, then I see no reason not to have a variety of them to choose from.

After all, some cards have better rates for balance transfers whereas others have the best rewards for travel. If you want to maximize the benefits of credit cards, and you’re able to do so without overspending, then a number of credit cards is fine. However, it’s obviously important to keep them all organized. That’s where these credit card apps come in.

Best Credit Card Management Apps

Ideally, you’ll find just one or two credit card apps to organize the details of all of your cards. After all, downloading dozens of apps just makes things more confusing. Here are some of the best credit card management apps to choose from.

1. CreditCards.com Wallet

This is one of the most detailed credit card apps available if you want to maximize your rewards. It uses mapping features and algorithms to tell you exacty which card is going to be your best bet to get the most rewards at any given place.

You simply search for the store you’re shopping at (whether it’s in person or online) to get an organized list of all of your credit cards sorted by best to worst in terms of rewards value for that store. For example, right now I get 5% back on restaurants on my Discover Card. Therefore, chances are that if I’m in a restaurant, the tool will tell me to use that card. But if another one were to be better, then I’d easily know that.

In addition to providing suggestions for the best reward points, the Wallet offers a variety of other tools including:

Information to help you minimize interest fees
Tips for improving your cash flow
Tools to assist with budgeting and understanding where your money goes

Plus, this is one of the credit card apps that will show you card-by-card information. You can look at each card you have and see a breakdown of your spending. You receive notifications of suspicious activity to help prevent credit card fraud. Moreover, you’ll see missed rewards by transaction to help you maximize credit card rewards in the future.

2. Travel Freely

If you love to use credit cards that give you travel rewards including airline points and hotel stays, then you might want to use Travel Freely. This is one of the credit card apps that is very specific to the niche of travel.

Once you enter your credit cards into this app, it’ll tell you a variety of information including:

Each card’s travel benefits, which is something that is easy to forget but so useful if you have a travel mishap
The bonus categories that will help you maximize travel rewards and the deadlines when bonuses expire
Upcoming annual fee charges, so you can cancel the card in advance if it’s no longer serving you

Moreover, this is one of the credit card apps that will use your current information to help you in the future. It will recommend the best travel rewards credit cards to apply for based on your personal spending. It will even tell you the best time to apply for new cards.

3. AwardWallet

If you’re looking for credit card apps that tell you about all rewards, not just travel rewards, then try AwardWallet. If you’re the kind of person who signs up for everything from store credit cards to multiple frequent flier programs, then this is the app for you. It’ll help you track not just your credit card rewards but other types of rewards programs as well.

It tracks your points. It also tracks bonuses like free nights at hotels that might not be calculated as points, per se. Moreover, it tracks when your points are going to expire. If you’ve ever wondered, “should I stay at this hotel or that one to best use my points?” then this app gives you the answer.

As a bonus, it also has flight tracking features to make travel easier.

4. Tally

If you’re having trouble managing payments across multiple credit cards then you can look for debt management credit card apps like Tally. They provide you with a line of credit. Then the utilize that line of credit to make the best payments to each credit card. This helps you minimize costs and fees. Of course, you should always read the fine print when accepting new lines of credit. You want to make sure that this tool works for you instead of against you.

5. Debt Manager

The other apps on this list are free, but this one costs 99 cents. It may be well worth the cost. It’s a debt management app that helps you easily see how to better pay off your credit cards. You can choose from different repayment strategies such as paying off the highest interest first or paying off the lowest balance first. The app will then tell you exactly how much to pay to each credit card to meet your goal without missing any payment minimums.

Moreover, you can select to pay monthly, weekly, or fortnightly. Furthermore, you can add extra payments that are entered one-time, annually, or monthly. This app tell you what date you will be debt free if you follow the plan. It will show you how much interest you save by making different choices. If you’re struggling to pay down debt, a plan like this can be useful.

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Broke Billionaires: What Does It Mean That These People Lost Their Fortunes?

August 9, 2019 By Kathryn Vercillo Leave a Comment

Broke billionaires. It sounds like an oxymoron. However, more than one person with billions in the bank has lost all that they ever had over the years. In some cases, they truly and tragically went broke. For most people with that kind of money, though, “broke” is a relative term. They may have filed bankruptcy either personally or in business, but that doesn’t mean that they went “broke” the way that it would mean for the regular person. Let’s take a look …

1. Elizabeth Holmes, Theranos Fraudster

If you haven’t seen the Theranos documentary then make sure to watch it. It’s one of the best examples out there of modern-day fraud. The company claimed to be able to detect a vast array of diseases from just a tiny drop of blood. It would be astounding new technology if it were true, but the claims have since been debunked.

Elizabeth Holmes was the founder and former CEO of the company. At one time, Forbes estimated her net worth at $4.5 billion. After the scandal, they revised her net worth, stating that it was basically nothing. She’s in the midst of lawsuits related to Theranos.

But just beacuse she’s got zero net worth, doesn’t mean that she’s exactly broke. She’s recently engaged to William “Billy” Evans, wealthy heir to the Evans Hotel Group. We don’t know exactly how they deal with finances between them, of course, but she’s certainly not living on the streets. But there’s no telling what might happen after her 2020 trial; her new home could be prison. She’ll be in good company with several other broke billionaires there, though.

2. Patricia Kluge, Trump Vineyard Owner

Patricia and John Kluge got married in 1981, when he was worth $5 billion. When they divorced about a decade later, she lost some of her own net worth. Nevertheless, she received $1 million per year in the divorce settlement. Plus she received a very fancy estate, which would turn out to cost her more than she could ever imagine.

Forbes reports that she took out $65 million in loans to aggressively grow her vineyard … but then the housing market crisis hit, and she ended up losing it all. Unable to pay her debt, she held an estate sale, getting rid of more than $15 million of personal items like jewelry. It still didn’t cover her bills; she filed for bankruptcy in 2011.

But what does that really mean? The New York Times reports that her and her husband “had listed assets of $2.6 million and liabilities of $47.5 million.” They further report that the couple “scrimped and saved and started” a new jewelry design business. They continue to comb their networks to find business partners willing to invest to help them get back to the lifestyle they were once accustomed to.

3. Vijay Mallya, Running from India

Vijay Mallya has been in the news repeatedly over the last several years. He is the former owner of Kingfisher Airlines in India. At his peak, he was a billonaire with a very extravagant lifestyle. However, he accrued countless debts trying to keep his airline afloat before it finally failed completely.

He fled to the UK, and although he claims that it wasn’t to avoid his debts, there seems to be no other reason. He’s been living there for the past three years, but the UK recently approved his extradition back to India.

He’s taken to Twitter about the issue, trying to fight extradition and claiming that he’ll pay 100% of his debt. So, apparently he must still have some of his money. India wants him back in the country to put him on trial as a “fugitive economic offender.”

4. Ruth Madoff, Bernie’s Wife

Bernie Madoff is infamous for the money-stealing Ponzi scheme that landed him in jail. His wife, Ruth, was never implicated in his crimes. However, as part of the legal agreement, she was only able to keep $2.5 million to live off of after his arrest.

That sounds like plenty of money to most of us, but when you’re used to life as a billionaire it probably feels paltry. The lawsuits have continued, and most recently Ruth agreed to pay over half a million dollars: $250,000 cash and the rest by giving up her grandchildren’s trusts. Moreover, all of her remaining assets upon her death will go to deal with her husband’s debts.

Ruth’s one of the broke billionaires who lost far more than money; both of her children have recently passed away, one of them to suicide.

5. Sean Quinn, Bad For the Whole Family

Sean Quinn was worth nearly $6 billion and was once the richest man in Ireland. However, his money was all tied up in investments, and they weren’t all good investments. For example, he had 25% stake in an Irish bank that had to get bailed out during the economic crisis, causing him to lose much of his wealth. Then he got into legal trouble. He racked up millions in fines because of insider loans.

Forbes named him “the biggest individual loser of the financial crisis.” That was more than a decade ago, and it’s taken until this year for the lawsuits to finally be settled. After all these years, the courts determined that Sean Quinn can stay in his home.

Moreover, although his children have had great losses due to their dad’s financial choices, they won’t have to file for bankruptcy themselves. They are all free to try to use their resources to get back into business and rebuild their lost wealth.

6. Eike Batista, From $30 Billion to 30 Years in Prison

Oil businessman Eike Batista was worth $30 billion in 2012. That’s personal wealth. He was the richest man in Brazil and one of the richest on the planet. But when you reach such great heights, you can fall so very far.

When Brazil’s economy tanked and his oil business failed, he lost $20 billion – in a single year. By 2014 he had negative wealth and filed for bankruptcy. Then it came out that he had engaged in money laundering and corruption, so in 2018 he was sentenced to thirty years in prison.

7. Allen Stanford, the Other Bernie Madoff

Bernie Madoff is the name we always think of when it comes to Ponzi schemes, but Allen Stanford was no better. Investors lost $7+ billion of money to his cons.

Allen is in prison now, and will be for the next 100 years. But, like many of these cases, the legal issues are far from over. A federal appeals court recently overturned a $65 million settlement related to the case. Wheras Bernie’s victims have recovered some of their money, most of Allen’s victims are still left out in the cold.

In these cases, it’s not just the billionaires who go broke – it’s their family, friends, and the people that they conned, most of whom didn’t have the resources to lose in the first place.

What other broke billionaires can you think of to add to this list?

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10 Ridiculous Examples of San Francisco Rent Prices in 2019

August 6, 2019 By Kathryn Vercillo Leave a Comment

I moved to San Francisco in 2006. At the time, my roommate and I paid $2500 per month to rent a beautiful two-bedroom house in North Beach. San Francisco rent prices seemed exorbitant to me then. We had moved from Tucson, AZ, where I had been living alone in a three-bedroom house, with a yard, that even today continues to rent for less than $800 per month.

So, we paid $2500 by not just splitting it between the two of us but also renting out the living room as a third bedroom. Then we also rented out the couch for awhile. AirBnB was new at the time and it was great that we lived in a tourist area because we could make some good extra money that way. We got by. I’ve always felt that even though San Francisco is an expensive city, it’s where my heart is, and it’s well worth the cost.

It’s been a little over a decade and now that $2500 sounds like a steal. That same apartment now rents for more than $4000 per month. It’s hard to get much at all for $2500 these days. Let’s take a look at some of the ridiculous San Francisco rent prices in 2019. Notably, although they are ridiculous, most of these are not over-the-top outliers in the rental market. Instead, they are average San Francisco rent prices right now. Although, I’ll share a couple of the extravagant options as well.

1. $1200 to Rent a Bunk Bed

If you are the kind of person who enjoys staying at youth hostels then perhaps you would like to live in a PodShare. You will share a bunk bed with a stranger in a communal home with other strangers. You’ll get a locker, a shelf, and a personal televsion. You’ll also get access to a pantry of really basic supplies. Moreover, you’ll only need to pay $1200 per month to stay there.

It sounds ridiculous, but it’s not a bad option for people who don’t spend a lot of time at home anyway. If you work most of the time, travel a lot, or like to crash at your partner’s place but don’t want to give up the security of your own home then this could be a good option. It’s also not so bad for people who have just moved to San Francisco. You can make new friends in the PodShare while you look for a more permanent place to stay.

2. $1800 for a Room of Your Own

If you don’t mind the idea of sharing housing with strangers but you do want your own room then there are other similar co-living spaces to consider. Bungalow rents out furnished rooms in old Victorian homes for between $1500 and $1800 per month. You also have to pay a $150 monthly membership fee to be part of the co-living group.

A quick glance on Craigslist reveals that this is about the going rate to rent a room in a house with stranger anyway. You’ll definitely find some cheaper options. Or if you want only 1-2 roommates, then you’ll probably have to pay more than this. In my years of being here, what I’ve learned is that if you spot a potentially great roommate situation, you should show up early, with check and references in hand, and plan to put on a great interview in the hopes of joining that home.

3. $2500 for a Studio

If you want a space of your own, then your cheapest bet is, of course, a studio. Gone are the days when you could rent a two bedroom for $2500 like I did when I first moved here. Now that $2500 is probably only going to get you your own studio. Curbed notes that studios priced around $2100 are generally described as “cozy.”

You can definitely find studios for a bit cheaper. For example, there’s currently a Tenderloin neighborhood studio for rent for $1745 per month. Moreover, it even allows pets, which is hard to find here. But you better come fully prepared because you need to pay $35 to apply for a lease. Plus, you’re required to have your two most recent bank statements and two most recent pay stubs. Moreover, you need a minimum credit score of 600, a positive rental history, and proof that you earn at least 3 times the monthly rent. Oh, and also proof that you have at least three times the rent in the bank right now. So if you don’t have over $5000 in the bank, don’t bother applying.

4. Or $4000 for a Studio

If you actually want a nice studio apartment, then you’re looking at the $3500 – $4000 price range. There’s currently a Nob Hill studio for rent for $4000. It allows pets (but dogs have to be under forty pounds, non-aggressive breeds, and you have to pay $40/month pet fee). But for that price you get hotel-style amenities, including cable TV, WiFi, and even fresh linens. There’s even a washer and dryer in unit.

5. $2400 for 300 Square Feet

Square footage is of the most important things that you need to pay attention to when you’re looking for housing. Don’t let the headlines fool you. For example, Curbed points out that a $2400 one-bedroom one-bath loft was described as spacious, but when you look closer it measures only 300 square feet total. The same price could also get you a one-bedroom in-law that’s a bit larger at 440 square feet, but it’s also a bit further out from the city center.

6. Or $1500 for 144 Square Feet

If you only have $1500 per month to spend then you should really look for roommates. But occasionally you can find a micro-apartment of your own for this rate. The law is that an apartment needs to be a minimum of 220 square feet, but Curbed found one earlier this year that was only 144.

7. How Much Does a One Bedroom Rent For in San Francisco?

If you’re looking for your own one-bedroom apartment, you have varied options. It really depends on how much space you want, what neighborhood you want to live in, and what amenities you require. Generally speaking, average one-bedroom rent prices right now are between $3000 and $4500 per month. You can get a good-sized one-bedroom in a decent neighborhood for about $3700 according to a recent article from Curbed, which highlighted a 1000+ square foot one-bedroom loft in SoMa and a trendy one-bedroom apartment in Hayes Valley. And this isn’t just a San Francisco thing, one-bedrooms in Chicago are extremely expensive as well.

8. $7500 for a 1 Bedroom … in a Building That’s Falling Over

Millennium Tower has had no end of controversy. First, people didn’t like how it changed the city’s skyline. Then the whole building started both sinking and leaning over. It’s all wrapped up in lawsuits. But you can still rent a place there. There are currently at least two rental listings on Craigslist for one-bedroom, two-bathroom units in this building. They rent for $7500 per month, and you have to sign a one-year lease. There are no pets allowed. However, you get access to a screening room, terrace, fitness center, and other amenities.

This isn’t the only pricey luxury apartment option in the city. In fact, if you’re in the market to spend $7000 – $10000 per month, you can find a great assortment of one-bedroom apartments with sustainable design, brand-new appliances, and great views. Luxury loft spaces in the SoMa neighborhood are particularly popular.

9. $25,000 for a 2 Bedroom … in a Building That’s Falling Over

That’s right; if you want to live in Millennium Tower but need more space then you’re looking at about $25,000 per month in rent. That’s for the penthouse. It’s only $23,000 for a regular two-bedroom on the 57th floor. According to a recent Craigslist ad, some of the opulence you’ll get for that penthouse price includes:

24-carat gold plated door hinges and switch plates and even toilet levers
Marble and granite details from the best sources in Italy, Greece, and India
Hidden remote-controlled flat screen TV
Sound insulation

Plus, of course, you get access to all of the Millennium Tower’s amenities. In addition to those already mentioned, they also include a wine tasting room and cellar, a children’s play room, and a large lap pool.

10. $5200 for a Regular 2-Bedroom

Maybe you’re an average renter who can’t afford $25,000 per month to live in the lap of luxury. If you’re looking for a two-bedroom, it’s a safe bet to expect that you’ll pay over $4000. In fact, average San Francisco rent prices for two-bedrooms are closer to $5000. Curbed did a roundup of what’s available for $5200 per month in the city this year. If you’re willing to live pretty far away from the city center, you can get three bedrooms, but plan on a two-bedroom at that price in the city.

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