Author Topic: PSA: Don't swipe recklessly for others  (Read 244459 times)

Offline S209

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Re: PSA: Don't swipe recklessly for others
« Reply #2475 on: February 24, 2019, 08:31:49 PM »
A school in Lakewood sent out a letter to all parents with a form to fill out. Their ss numbers etc and it says that they will be helping the school by allowing them to sell their points. Insane
Please post which school
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Offline S209

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Re: PSA: Don't swipe recklessly for others
« Reply #2476 on: February 24, 2019, 08:32:22 PM »
For all those saying buying groups are risk free I would just like to say one of the of the big buying groups bounced more than one check on me.
Post in the buying Group thread
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Offline Mordyk

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Re: PSA: Don't swipe recklessly for others
« Reply #2477 on: February 24, 2019, 09:00:04 PM »
A school in Lakewood sent out a letter to all parents with a form to fill out. Their ss numbers etc and it says that they will be helping the school by allowing them to sell their points. Insane
One of these scams now is run by the owner of a lakewood school. He probably did this as well...

Offline yosefsv

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Re: PSA: Don't swipe recklessly for others
« Reply #2478 on: February 24, 2019, 09:06:24 PM »
Please post which school
There is a heimeshe course in the NY area that offers a free payment option: giving them your personal info and they take the money from the points.
The problem is that people are falling for it.
If it benefits even just one fellow DDFer, its worth posting it.

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Re: PSA: Don't swipe recklessly for others
« Reply #2479 on: February 24, 2019, 09:09:43 PM »
For all those saying buying groups are risk free I would just like to say one of the of the big buying groups bounced more than one check on me.


Which one?
This is certainly litoeles
If only we had jury duty every day, then we'd have time to write trip reports about the entire universe.

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2480 on: February 24, 2019, 09:09:56 PM »
There is a heimeshe course in the NY area that offers a free payment option: giving them your personal info and they take the money from the points.
The problem is that people are falling for it.
POIDH
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Fish Tank

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Re: PSA: Don't swipe recklessly for others
« Reply #2481 on: February 24, 2019, 09:19:18 PM »
One of these scams now is run by the owner of a lakewood school. He probably did this as well...
Which school?

Offline Mountain Man

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Re: PSA: Don't swipe recklessly for others
« Reply #2482 on: February 24, 2019, 09:43:38 PM »
I feel like the key word for this thread is recklessly. I use buying groups and though I would hate to take a total haircut the max I've ever been owed in total was apx 30k. A loss like that would suck but I've paid back more than that in student loans so I know I can dig myself out of that hole and a it wouldn't wreck me. But a 200-300k loss, that would wreck most anyone's finances. It's basically like having your home burn down and you are uninsured.

I think that the BG's and other shtick can be a great way to get extra cash to sock away. Personally I try to max out my Roth IRA's with the extra "income" so I never end up relying on it. That's really a big sticking point in this game. So many people end up relying on the point revenue that once a stream dries they have all sorts of nasty things to say instead of being grateful that they fell into such an easy revenue stream in the first place.

But as many have said there's risk involved. It's very hard to know your risk tolerance. I work for a large fund company and I overhear CSR talking with clients about their risk tolerance on a scale of 1-10. It's laughable when you hear, um I think 8? If you think your risk tolerance is an 8 you should expect to have 50%+ drawdowns perhaps 2-4 times in a 50 year investment plan. If you want to think about risk tolerance 30k = crashing an uninsured brand new car into a brick wall for a total loss. 200-300k = burning down your house without insurance. If you really think about how you would feel if either happened to you, you'd start to have a clearer idea of what your risk tolerance is.

Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline ayman

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Re: PSA: Don't swipe recklessly for others
« Reply #2483 on: February 24, 2019, 09:55:30 PM »
But a 200-300k loss, that would wreck most anyone's finances. It's basically like having your home burn down and you are uninsured.
LOL, clearly don't live in LA, NYC etc.

Offline aygart

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Re: PSA: Don't swipe recklessly for others
« Reply #2484 on: February 24, 2019, 09:59:46 PM »
LOL, clearly don't live in LA, NYC etc.
-1 don't include the value of the land
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Online ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2485 on: February 24, 2019, 10:04:00 PM »
-1 don't include the value of the land
When last did you check construction costs in NYC?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Mountain Man

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Re: PSA: Don't swipe recklessly for others
« Reply #2486 on: February 24, 2019, 10:07:14 PM »
LOL, clearly don't live in LA, NYC etc.
Proudly  ;D

-1 don't include the value of the land
Maybe 300-400k. Most of the home value in LA or NYC (assuming detached 3 bed 3 bath home) is in the land value. You don't lose the land when your home burns down.
« Last Edit: February 24, 2019, 10:10:57 PM by Mountain Man »
Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline Mo2

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Re: PSA: Don't swipe recklessly for others
« Reply #2487 on: February 24, 2019, 10:08:59 PM »
Any critiques before I post?
https://www.dansdeals.com/more/dans-commentary/dark-side-earning-credit-card-points-psa-dont-swipe-others/
ישר כוח ר' דניאל
Personally I was always responsible when it came to these things. I thought it was common sense. I was shocked to find out how many friends and relatives were swiping in massive quantities without realizing the risks, including bochurim, girls & young kollel ppl.
This post was extremely neccessary.
It cracked me up when even my father shared your post on our family WhatsApp. 
A post on your MS has a far reach and hopefully it will bring sufficient awareness.
Thank you.
« Last Edit: February 24, 2019, 10:17:47 PM by Mo2 »

Offline Redbull3

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Re: PSA: Don't swipe recklessly for others
« Reply #2488 on: February 24, 2019, 10:15:59 PM »
Great piece Dan. DD has brand equity in the realm of personal finance in the orthodox community (where these events are prevalent) and bottom line people listen when he speaks. Just stating his thoughts and advice alone goes a long way. As such I think just stating axioms like the quotes below is the best strategy to hopefully plant some seeds and get conversations going. I don't think Dan needed to post specific details.

"do not open a credit card if you are going to go into debt for it"
"You should never lend more than you can afford to lose"
"Never give anyone your personal information and never give anyone access to your credit line or to goods that you paid for unless you realize that it is the same as cash and can afford to lose it all."

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Re: PSA: Don't swipe recklessly for others
« Reply #2489 on: February 24, 2019, 10:18:49 PM »
He didn't want to tell me. (He might've been afraid I'd sound an alarm)
If you ask me he has a chiyuv to tell you, and we all have a chiyuv to call up that school and give them a good yelling.