Money Management

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What happenedTwitter is having a yard sale. Bidding opened at 7:00 a.m. PT Tuesday morning on over 600 items that the social media giant no longer needs, including electronics, furniture, and kitchen appliances. The online auction runs until 10:00 p.m. PT Wednesday (Jan. 18). Registered bidders can pick up a range of items including industrial espresso machines, cases of face masks, beer dispensers, and a neon Twitter bird. So whatThere’s a certain kudos to owning Twitter’s cast-offs. I mean, who doesn’t want to say their sofa came from Twitter HQ? But if you’ve never shopped at an auction before, there are some serious pitfalls to avoid. For example, there’s no warranty on the electrical appliances in Twitter’s sale, so if it breaks, you’re on your own. Plus, there are some hefty fees and you’ll have to stop by Twitter’s San Francisco offices to pick up any purchases yourself. On a practical level, the Twitter auction is only open to registered bidders. The items on sale are more suited to small businesses, offices, and restaurants than individual shoppers. The starting prices for many items was $25 to $50, but those have already risen sharply in the first few hours of bidding.If you’re wondering whether Twitter is using the auction to fill some of the gaps on its balance sheet, an auction house representative told Fortune the money raised would be a drop in the ocean. “They’ve sold for $44 billion, and we’re selling a couple of chairs and desks and computers,” said Nick Dove, of Heritage Global Partners. “So if anyone genuinely thinks that the revenue from selling a couple computers and chairs will pay for the mountain there, then they’re a moron.” Now whatIf Twitter’s sale inspired you to enter the world of auctions, these tips could help ensure the adventure isn’t detrimental to your bank account:Set a budget: Auctions are like sale shopping, or in fact any form of shopping. The best way to save money is to know how much you’re prepared to spend before you start bidding. Plan your purchases: Check out the catalog beforehand to identify items you might buy. A plan will help avoid impulse purchases and let you focus on things you know you need. It also means you can research an appropriate price range.Understand the fees: Auction fees can add up and trip up inexperienced auction attendees. For example, successful bidders in Twitter’s auction will pay an extra 18% on top of the hammer price, plus 8.63% in VAT.Buying at auction can be a great way to save money and find unusual items, particularly if you’re into vintage pieces. Just be aware that there isn’t much in the way of consumer protection, you may not be able to earn credit card rewards on your purchases, and it’s easy to get carried away and spend more than you intended.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 

What happened

Twitter is having a yard sale. Bidding opened at 7:00 a.m. PT Tuesday morning on over 600 items that the social media giant no longer needs, including electronics, furniture, and kitchen appliances. The online auction runs until 10:00 p.m. PT Wednesday (Jan. 18). Registered bidders can pick up a range of items including industrial espresso machines, cases of face masks, beer dispensers, and a neon Twitter bird.

So what

There’s a certain kudos to owning Twitter’s cast-offs. I mean, who doesn’t want to say their sofa came from Twitter HQ? But if you’ve never shopped at an auction before, there are some serious pitfalls to avoid. For example, there’s no warranty on the electrical appliances in Twitter’s sale, so if it breaks, you’re on your own. Plus, there are some hefty fees and you’ll have to stop by Twitter’s San Francisco offices to pick up any purchases yourself.

On a practical level, the Twitter auction is only open to registered bidders. The items on sale are more suited to small businesses, offices, and restaurants than individual shoppers. The starting prices for many items was $25 to $50, but those have already risen sharply in the first few hours of bidding.

If you’re wondering whether Twitter is using the auction to fill some of the gaps on its balance sheet, an auction house representative told Fortune the money raised would be a drop in the ocean. “They’ve sold for $44 billion, and we’re selling a couple of chairs and desks and computers,” said Nick Dove, of Heritage Global Partners. “So if anyone genuinely thinks that the revenue from selling a couple computers and chairs will pay for the mountain there, then they’re a moron.”

Now what

If Twitter’s sale inspired you to enter the world of auctions, these tips could help ensure the adventure isn’t detrimental to your bank account:

Set a budget: Auctions are like sale shopping, or in fact any form of shopping. The best way to save money is to know how much you’re prepared to spend before you start bidding. Plan your purchases: Check out the catalog beforehand to identify items you might buy. A plan will help avoid impulse purchases and let you focus on things you know you need. It also means you can research an appropriate price range.Understand the fees: Auction fees can add up and trip up inexperienced auction attendees. For example, successful bidders in Twitter’s auction will pay an extra 18% on top of the hammer price, plus 8.63% in VAT.

Buying at auction can be a great way to save money and find unusual items, particularly if you’re into vintage pieces. Just be aware that there isn’t much in the way of consumer protection, you may not be able to earn credit card rewards on your purchases, and it’s easy to get carried away and spend more than you intended.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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There are big benefits to buying life insurance right now. 

Anyone who does not have life insurance should consider buying a policy today. This is true for people who currently have someone depending on them in any way. It is also true for people who do not have current dependents but who are planning on having anyone rely on their income or services in the future.

Hhere are a few big reasons why it makes sense to buy life insurance right now.

1. Tragedy can strike at any time

One of the biggest and most important reasons to buy life insurance today is because there is never any guarantee of tomorrow. No one plans to become involved in an accident that leads to their untimely death, or to develop a serious illness they don’t come back from. But these things happen to people every day.

Any day a person goes without life insurance is a day that their family is potentially at risk of serious financial consequences if an untimely death occurs. If a person dies before getting a policy, their loved ones may struggle to pay for funeral costs and ongoing expenses once their income is no longer coming in.

It’s just not worth the risk of continuing to leave loved ones coping with this situation. It’s far better to buy life insurance right now in case tragedy strikes sooner than anticipated.

2. Life insurance gets more expensive over time

Life insurance is priced based on risk. A person who is older presents a greater risk to an insurer of dying during the coverage term. As a result, buying life insurance at a younger age is less expensive than buying it at an older age.

No one is getting any younger than they are at this current moment. Every day a person waits means they get a little bit older and their premiums get a little bit more expensive because it gets riskier to insure them. Why not get coverage at the cheapest possible time it will be available?

Consumers should shop around and explore their life insurance options to find the most affordable policy available to them that provides comprehensive coverage from a reputable life insurer.

3. Life insurance isn’t always going to be available later on

Finally, it is a good idea to buy life insurance now because there’s no guarantee a policy will be available later on.

Insurers will require a medical examination and a health history when they determine whether to offer a policy and how much to charge. A person with pre-existing medical conditions may be denied when they apply, or they may have to pay a lot more so their policy could become more expensive than they can afford.

Anyone who is currently healthy should consider buying life insurance today before a condition develops that affects eligibility. And those with pre-existing conditions should also act ASAP to see what coverage options are available before their health situation deteriorates.

Don’t wait to get coverage; there are too many risks and downsides of doing so. Instead, take action now to put the most affordable protection possible in place for loved ones who deserve to live life without financial worry even if things go wrong.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Mark the date on your calendar. 

Filing taxes is the sort of thing you may not be in a hurry to do. In fact, a lot of people find the process of filing taxes stressful, so they put it off as long as they can.

But being late with a tax return could have negative consequences if you owe the IRS money from the previous tax year. So it’s important to do what you can to get your return filed on time.

This year, the tax-filing deadline is April 18. Normally, it falls on April 15, but due to the 15th falling on a weekend and Monday, April 17 being Emancipation Day, a Washington, D.C. holiday, filers get a touch more time to submit their taxes in 2023.

That said, the IRS has announced that it will begin accepting tax returns on Jan. 23. And if you’re able to file your taxes in late January rather than waiting, it could benefit you in a couple of ways.

It pays to file early

In some cases, filing taxes in January may not be possible, such as if you’re waiting on tax forms you haven’t received. But if you have a simple tax return — say, all you need to do is report income from a single salary and interest income from your savings account — then you may be in a good position to file your taxes at the end of this month. And doing so has its advantages.

For one thing, the sooner you file your tax return, the sooner your refund can hit your bank account. Many people have been struggling with bills due to inflation. If that’s the boat you’re in, then getting your money a few months sooner could help you better manage your expenses.

You should also know that if you file your tax return early and find out that you owe the IRS money, you won’t have to pay your tax bill the day you submit your return. Rather, you have until the April 18 deadline to get that payment over to the IRS, and you won’t accrue interest or penalties on your unpaid taxes until that deadline passes.

Another good reason to file your taxes early? You might prevent fraud. If someone gets a hold of your Social Security number, they might attempt to file a tax return in your name and steal your refund. If you file your legitimate return first, that fraudulent return will get rejected on the basis of being a duplicate.

Finally, filing your taxes in January could just plain leave you with one less task to worry about. And that alone makes an early filing worthwhile.

Don’t delay

You don’t necessarily have to stress yourself out to file your taxes in January if you aren’t ready. And to be clear, rushing through the process is never a good idea, so if it’s between that and filing in February or March, do the latter. But if you happen to have all of your tax forms available and you have the time, filing your tax return in January could be a smart move.

Our picks for best tax software

Our independent analysts pored over the perks and user reviews for the most popular tax provider services to land on the best-in-class picks to file your taxes. Get started by reviewing our list of the best tax software.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Is this the end of a retail era? 

There was a period of time during which Amazon was the retail darling. You really could find whatever you needed — often cheaper than anywhere else. Even better, most items even had reviews from real people so you could make an educated decision about whether a product was a good buy.

Yes, Amazon was once a real boon for our bank accounts. Unfortunately, those days seem to be gone.

You can still find a little bit of everything on the digital shelves at Amazon.com. But it’s not often that you’ll find much lower prices than you can get elsewhere. Free shipping isn’t even the unique incentive it used to be; most major brands now offer free shipping, too. Plus, Amazon has become infamous for not shipping within its advertised timeframe.

And these problems aren’t even the worst issue plaguing the retail giant. Amazon also seems to have a rampant counterfeit problem that is finally breaking the company’s hold on consumers’ wallets.

Many users report receiving counterfeit goods

Have you ever purchased something you use regularly off of Amazon that just didn’t look right? Maybe the stitching was odd, or the quality seemed poor compared to what you’d usually expect.

There’s a good chance it could have been a counterfeit product.

Social media is awash with complaints from users who have been sent fake or counterfeit goods despite thinking they’ve purchased from a name brand.

In the BuyItForLife subreddit, a single post on counterfeit Darn Tough socks — an expensive but high-quality sock brand — has over 900 comments from users sharing their own stories of fake and counterfeit goods sent to them by Amazon. It also has nearly 8,000 upvotes to date.

And that’s just a single post on the issue; there are thousands more. If even a fraction of the complaints are true, then Amazon’s counterfeit problem isn’t one or two products — it’s a systemic issue.

Spotting the fakes may be impossible for users

What makes this entire problem worse is that Amazon seems to make it as difficult as possible for shoppers to avoid these counterfeit items.

For one thing, according to many user reports, Amazon stores products together regardless of the seller. So, you could have three sellers who send their products to Amazon to sell and ship. When those items hit Amazon’s warehouse, they are reportedly stored all together, with no way to distinguish which product came from which seller.

This means that even if two sellers have legitimate goods, counterfeit goods from the third seller could be shipped to anyone who orders the product, regardless of which seller they thought they were using.

Another big problem? You can’t trust the reviews.

It’s long been known that Amazon has a fake review problem. But that’s not the only issue if users are right. I’ve read a ton of stories from (former) Amazon users who report their critical reviews — including those pointing out counterfeit goods, even with proof — were taken down by Amazon. Furthermore, many users say they were banned from leaving future reviews.

Your go-to for low-quality consumables

At this point, I am one of the many consumers who don’t use Amazon for anything important. If I want a package of AA batteries, sure, I may order them from Amazon (the Amazon Basic batteries work just fine, in my experience).

But if I want something from a name brand, like a Samsung product, or even just my favorite shampoo — well, I head to the brand’s website, or to a different retailer. I’ve simply been burned by Amazon’s rampant counterfeit problem too many times to trust what I receive.

On the one hand, it’s sad to see such a convenient shopping platform devolve into something I only trust for low-importance items. But, on the other hand, I’m kind of glad for this incentive to stop using Amazon so much.

After all, Amazon isn’t exactly known for being a great company; it’s notorious for treating employees badly and being unapologetically anti-union. So, when you think about it, selling fake goods and censoring critical reviews is actually right on brand.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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It doesn’t necessarily mean you’ve surpassed your spending limit. 

I come from a family of teachers and recognize that educating children is not only an important job, but a difficult one. That’s why I try to be as helpful to my kids’ teachers as possible. And that generally means volunteering to be the class parent.

When you’re the class parent, it’s on you to round up other parents to bring in classroom supplies and to send out sign-up sheets for holiday parties. It’s also your job to collect money for a class gift during the holidays.

The latter is something I’m truly happy to do, and normally, I pool those funds and use them to buy gift cards. While some might say that gift cards are impersonal, I’d rather give my kids’ teachers the option to spend money on something they’ll really love. And while I’m perfectly capable of picking out a cute mug, vase, or platter, let’s face it — the typical teacher would rather have the equivalent of cash.

This past December, I found myself loading up on gift cards to hand out to my kids’ teachers on the last day of school before our winter break. But something frustrating happened to me at the checkout counter. After activating five or six out of 12 gift cards, my credit card was declined. But there was a good reason for it.

When fraud alerts kick in

Years ago, I had a credit card of mine declined because I’d managed to reach my spending limit. Thankfully, at the time, I had several other cards I hadn’t maxed out, so the situation was salvageable.

This time around, I knew I was nowhere close to my credit card’s spending limit. See, I tend to check my credit card balances on a weekly basis — and I do so even more frequently during periods when my spending is up, like the holiday season. So I knew full well that I had thousands of dollars’ worth of buying power before reaching my credit card limit.

Rather, the issue at hand was suspected fraud. Often, when criminals get a hold of a credit card, they’ll use it to buy gift cards because those can double as cash, and because they’re easy to walk away with and use up quickly.

Say a criminal buys a $500 gadget on a stolen credit card and orders it to be shipped to their home. If that fraud is discovered several hours later, that purchase can be canceled.

Gift cards, on the other hand, are something you can buy on the spot. So it’s easy to see why they’re a prime choice for crooks.

As such, it made sense that my credit card was denied after a series of gift card purchases. And thankfully, all I had to do was get in contact with my credit card company and explain that the charges weren’t fraudulent. I did hold up a line of annoyed customers behind me while I sorted things out. But alas, these things can’t be helped.

Be careful when buying gift cards

Buying a single gift card generally won’t trigger a fraud alert on your credit card. But buying a series of gift cards might. So the next time I’m tasked with doing so, I’ll probably make a note to reach out to my credit card issuer and let them know my plans ahead of time. That might spare me the hassle of having to address a fraud alert while I’m out doing my shopping.

Meanwhile, my kids’ teachers were super appreciative of the gift cards they received. So while I won’t be winning the award for most creative class parent anytime soon, I still think I made the right call.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Image source: Getty Images
What happenedMonster.com reported that 96% of workers are currently looking or planning to look for a new job in 2023, according to the “New Year, New Career” poll it released last week. 66% of workers think it will be difficult to find a new job due to the state of the economy.Advancement opportunities slowed down significantly during the pandemic. “A lot of companies have put all their training, learning and development on hold for the last couple of years,” said Todd Cherches, CEO and co-founder of executive coaching firm BigBlueGumball, in an article on the Monster.com blog. That’s reflected in the most common reasons why workers say they’re looking for a new job:40% need a higher income.35% are unemployed.34% say there’s no room to grow in their current job.25% say they’re in a toxic workplace.So whatIt’s clear that many workers are unsatisfied with pay, lack of career growth, or their work environments. Changing jobs is one of the best ways for workers to increase their income and move up the corporate ladder.While there is fear of a coming recession, the job market is currently going strong, and the unemployment rate has matched its lowest level in the last 50 years. The beginning of a new year is also typically a great time to look for a job. January and February are the most active hiring months for many companies, as new budgets are ready and HR managers know the roles they need to fill. However, since so many workers will be job hunting, there could also be more competition for quality positions.Now whatIf you’re either looking or planning to look for a new job, find ways to make yourself stand out among other candidates. For example, you could improve your resume, seek out additional training, and conduct practice interviews.To prep your personal finances, make sure you have plenty of money saved. Aim for an emergency fund with at least six months of living expenses. Ideally, you’ll have a smooth transition from your old job to your new one. But just in case there are any issues, like finding out the new job isn’t the right fit, it helps to have sufficient savings.One more important financial consideration when switching jobs is your retirement plan. If you have a 401(k), you can normally either leave it with your previous employer or roll it over to your new one. In many cases, rolling over a 401(k) is a good move, but this varies from employee to employee.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. 

What happened

Monster.com reported that 96% of workers are currently looking or planning to look for a new job in 2023, according to the “New Year, New Career” poll it released last week. 66% of workers think it will be difficult to find a new job due to the state of the economy.

Advancement opportunities slowed down significantly during the pandemic. “A lot of companies have put all their training, learning and development on hold for the last couple of years,” said Todd Cherches, CEO and co-founder of executive coaching firm BigBlueGumball, in an article on the Monster.com blog. That’s reflected in the most common reasons why workers say they’re looking for a new job:

40% need a higher income.35% are unemployed.34% say there’s no room to grow in their current job.25% say they’re in a toxic workplace.

So what

It’s clear that many workers are unsatisfied with pay, lack of career growth, or their work environments. Changing jobs is one of the best ways for workers to increase their income and move up the corporate ladder.

While there is fear of a coming recession, the job market is currently going strong, and the unemployment rate has matched its lowest level in the last 50 years. The beginning of a new year is also typically a great time to look for a job. January and February are the most active hiring months for many companies, as new budgets are ready and HR managers know the roles they need to fill. However, since so many workers will be job hunting, there could also be more competition for quality positions.

Now what

If you’re either looking or planning to look for a new job, find ways to make yourself stand out among other candidates. For example, you could improve your resume, seek out additional training, and conduct practice interviews.

To prep your personal finances, make sure you have plenty of money saved. Aim for an emergency fund with at least six months of living expenses. Ideally, you’ll have a smooth transition from your old job to your new one. But just in case there are any issues, like finding out the new job isn’t the right fit, it helps to have sufficient savings.

One more important financial consideration when switching jobs is your retirement plan. If you have a 401(k), you can normally either leave it with your previous employer or roll it over to your new one. In many cases, rolling over a 401(k) is a good move, but this varies from employee to employee.

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In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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