EPISODE 37 ~ TOP TIP: Budget Planner: Set A Spending-Cap With Your Spouse When Combining Finances
I was talking to a newlywed friend the other night and she was nervous about combining finances with her husband and keeping the peace at home. I shared this marital spending tip: Set a spending cap that neither spouse is allowed to go over without checking in with the other person. Something like a hundred dollars or 2-hundred or 5. The amount will depend on your own circumstances, and you can raise it as you grow older and more prosperous. This makes it easy to spend amounts that are less than the cap guilt-free. And it slows down your big-ticket spending because you have think about whether to ask the other person in the first place, then do the actual asking and then consider the expenditure together. Having an agreed-upon spending cap has worked really well for my husband and me and I hope it helps you too!
EPISODE 37 ~ MAKE MORE: Earn Money Online: Make Quick And Easy Cash By Reviewing Videos With Your Opinion
Companies are hungry for information about what consumers want. It used to be that they would hire a focus group vendor, gather a group of people, and have a moderator ask them questions —all while spying on the group through a one-way mirror. That still goes on but there’s a new way companies are getting the insights they seek and it’s a money-making opportunity for YOU. Namely video reviews. I touched on this in Episode 29 and got so much positive feedback that we’re going deeper. A company called DScout pioneered the process. DScout stands for digital scout and with me today is Cam Balzer, VP of marketing for DScout. Welcome, Cam!
Cam, describe what Digital Scouts do for Dscout and your clients?
• Dscout sends people—we call them scouts—on “missions”… sets of activities that researchers are interested in learning more about.
• Scouts complete these missions with their iPhones or Androids by taking a few moments to capture a photo or video and answering a few questions, turning their opinions, ideas and aha moments into a catalyst for change. Plus they get rewarded. To be a scout, all you have to do is get dscout on your mobile device and start applying to studies today! You can find us in the App Store or on Google Play.
• For researchers, these missions give tremendous insight into how people use products and services that they can turn into improvements to their company’s products or into new products or services
How did DScout get the idea for doing consumer research this way?
• Dscout was launched about 6 years ago just as smartphones were getting more popular and powerful… with cameras in every pocket
• An innovation and research consulting group in Chicago called Gravity Tank saw the opportunity to use all those cameras as a research tool to study people’s everyday experience as it happens instead of in artificial settings like focus groups
• Product and Technology companies loved the idea and it’s grown and evolved from there.
Give us a case study. Describe a scouting job that’s available on DScout as we speak and what the scouts are required to do for the assignment.
• Sure. the Opportunities change frequently…
• but one that’s live today is headlined “Calling all TV Surfers.”
• We’re looking for scouts to show us how they watch their favorite TV shows and movies! What is convenient and what are pain points about the way they watch?
• In the application we’ll ask some questions about the services you use and how you use them. And then to upload a video of yourself answering one of those questions.
• Then in the mission, we’ll ask you to record several moments where you’re watching tv or using your tv service.
How sophisticated do these videos need to be?
• Basically selfie style. slightly more thoughtful versions of the videos you might record for snapchat or instagram stories.
• From 30 seconds to a minute, sometimes 2 minutes, while you’re doing something: narrating it and showing us
• Usually ask you take a few minutes to compose their thoughts before recording.
• we really care about what you think, so we want to make sure your message comes through. and a thoughtful video in an application can improve someone’s chances of getting chosen for the paid mission.
Ah, so people have to apply for missions. What percentage of people are typically chosen?
• really depends on the study and how broad the audience is. Sometimes we’re looking for very specific kinds of people and if you fit the criteria, you’re in. broader activities can be more competitive… but maybe one in five or ten on average
• But the applications are pretty quick to complete so people typically apply for as many as they can
The scouting assignment you described has 2 parts. What are they, to give people an even more concrete idea of what the job takes?
• Sure!
• Usually you’ll get a warm up section where we ask your general thoughts or for background info about an activity or need or opinion
• Then you’ll typically be asked to capture a series of moments on a topic: 2 times It might be documenting all the steps in a process…. Doing your laundry or shopping for a specific item for example. Or show us your unboxing experience of a new product.
• Or we’ll ask you to inventory items: maybe frozen foods in your freezer or your favorite workout clothing
• Finally, we’ll often ask you to reflect on the moments you captured and the broader topic overall. How do you feel about your tv streaming in general.
• All stuff that’s pretty easy to do in your everyday life
About how long does it take to complete a DScout assignment?
• Varies quite a bit:
• some missions might only have one part, that could be completed in 15 minutes.
• other missions might have multiple parts requiring 1-2 hours of your time over the course of 1-2 weeks, all at times that are convenient to you.
• the payment is pretty proportionate to the amount of time or effort we think a mission will take. If you have to go out of your way to do the task, the compensation will typically be larger
• The streaming study will probably take an hour or hour and a half over the course of 5 days
OK, tell me what everybody wants to know: how much does the ___-minute assignment above pay?
• If your application is accepted and you complete the required steps in the allotted time, you’ll earn $40
How do scouts receive their pay, by the way?
• We pay scouts via paypal within 2 weeks of completing the mission.
I’ve seen testimonials from your scouts who say they enjoy this work for more than just the money. What’s the other draw?
• Our best scouts just really enjoy sharing their ideas and experiences, for a variety of reasons:
? scouts sometimes get the opportunity to try a prototype or get a new product in their home to unbox and try. People have even got a brand new, pre-release internet connected fridge.
? They like that they can influence the way companies solve problems. They like sharing their understanding of what’s important in a solution.
• And two of the coolest reasons we’ve heard from scouts:
? ** They like learning new things about themselves
? *** They like being pushed out of their comfort zone to do new things — may be uncomfortable at first but leads to feeling of accomplishment (record video in a store, sketch a product idea)
Who are some of the clients that a scout might work for through you?
• Clients are reluctant to reveal themselves so they can gather “pure” responses from scouts
• But we’ve got some over their logos on our site: range from Sperry to Square to Sonos to Salesforce
But back to the money. Share a success story. How much money are some of your most successful scouts making on DScout?
• we’ve had some scouts earn in several thousand dollars
• More typically, people can earn several hundred in six months or a year
How on earth can people make that much money $30 and $40 dollars at a time?
• The key is that many of these assignments take just 5 to 10 minutes A DAY over 3,4 days or a week.
• And scouts earning a lot more are getting into bigger, longer studies and doing a lot of them
• Either way, the best part is that you do them as you go about your normal life. In fact, you SHOULD do them as you go about your normal life, because that’s what our client companies want to see: real opinions from real people.
How long has DScout been around and what are your stats so far?
• We’ve been offering these scouting opportunities since 2012
• We’ve had over a hundred thousand scouts use dscout,
• they’ve completed more than 12,000 missions.
• We’ve paid those scouts a total of more than $2.5 million.
Are your currently looking for new scouts? If so, how do people sign up?
• YES. Always new studies being run.
• Download the app and simply enter your email and create a password to get started. You’ll then see all the projects that you might qualify for and you’re free to apply to as many as you like.
• Just keep in mind that researchers are looking for articulate, honest, thoughtful responses to the videos, so it’s best to pick projects that interest you
EPISODE 37 ~ SAVE MORE: Commute: Pay For Parking At Your Work On A Pretax Basis
Did you know that you can pay for parking that’s part of your work commute on a pretax basis?
I used to do this myself when I worked at ABC News in the Washington DC bureau. According to Wageworks, the dominant company that administers this federal program, you can get this benefit if you pay to park at or near work OR if you park somewhere remote, like a metro parking lot, and then take the train to work.
For 2018, you can contribute up to $260 per month on a pre-tax basis to pay for your parking. A definition here might help: Paying on a “pre-tax basis” means that the money you pay for parking comes out of your salary before you pay any taxes on it. This reduces the amount of income you are taxed on, which means you pay less in federal taxes.
Once you set up this special commuter parking account, you can either use the money to pay your parking garage directly, or you can pay for parking yourself and get reimbursed. In addition, some employers provide prepaid parking cards, kind of like debit cards, that you can use to pay for parking.
Many cities are now mandating that employers must offer mass transit or parking benefits like this. If your employer does not, you should form a group and request this benefit. After all, it’s your money. The only expense to the company is the cost of administering the program.
Wageworks seems to have cornered the market on offering commuter parking benefits, so I will link you to Wageworks’ parking page where you can get all of the information you need to pursue this perk!
EPISODE 37 ~ FIND YOURS: Broker: Recover Your Unclaimed Money From Brokers That Went Out-Of-Business
Let’s talk about our find yours topic for today: how to recover unclaimed money from a brokerage firm that went out of business.
It turns out there is a little-known agency that handles these cases called the SIPC or Securities Investor Protection Corporation. It’s kind of like the FDIC of brokerage firms, insuring customers’ accounts in the event the firm goes out of business.
The SIPC was established specifically to deal with cases where brokerage firms go under after a rash of bankruptcies in the 1960s. The SIPC liquidates and distributes failed firms’ assets, returning them to customers. The SIPC can’t protect you if your portfolio lost value, but it does protect you if the company went out of business and never gave you back your portfolio.
First the SIPC uses the brokerage firms own assets to return customers’ money. If that’s not enough, the SIPC taps into its own reserves to repay investors. In fact, the SIPC provides something similar to an insurance policy of up to $500,000 for securities held for customers by a failed brokerage firm.
Little known fact: Even victims of the Bernie Madoff Ponzi scheme got much of their money back through the SIPC… 11 billion of the 17 billion lost.
Other brokerage firms the SIPC has taken over to get money back to customers include:
•Lehman brothers, which famously went out of business during the 2008 financial meltdown.
•MF Global Inc, which went under in 2011and was the 8th largest insolvency in brokerage firm history.
•Westor Capital Group declared bankruptcy in 2013 and those proceedings are still ongoing.
•In 2016, Global Arena Capital Corp went out of business but claimed not to owe any customers money. The SIPC took Global Arena to court, victims testified, and the SIPC won the case and took over the firm’s assets.
•In 2017, there was Legend Securities.
Normally the SIPC takes over a failed brokerage firm’s paperwork, including lists of customers and mails out claim forms, but the system isn’t perfect and THIS is where I can help with some info: If your brokerage firm went bankrupt and was insured by the SIPC, you can be proactive and REQUEST a claim form. Here is the page for all open SIPC cases, which is where you need to go to start the process.
EPISODE 37~GUEST BLOG: Make More~ Modern Focus Groups: How To Apply For DScout Video Review Missions For A Nice Side Income
To go on a mission, you’ll need to submit an application and then get selected to participate. Just tap on the apply tab in the dscout app to see if any available opportunities look interesting. If you see an opportunity that sounds like fun, apply for it! If there’s nothing available to apply for at the moment, hang in there–we’ll be serving up some new opportunities in no time.
Guest Name: Cam Balzer
Guest Title: VP of Marketing
EPISODE 36 ~ EASY MONEY
EPISODE 36 ~ TOP TIP: You do NOT have 3 Days To Return a Car —Car Sales Are Final
Most car sales —new or used— are FINAL. Many people believe you have three days to return a car if you change your mind. It’s one of the most pervasive consumer myths and drives me absolutely crazy. A few rare and noble dealerships have begun allowing limited returns. But it is NOT the norm. So, when you think you’re ready to sign on the dotted line, take a deep breath and WAIT. Consider the price. Consider the financing. And then if you’re comfortable, sign your life away. I repeat YOU can almost never RETURN A CAR!
EPISODE 36 ~ MAKE MORE: Side Hustle: How To Make Sure Your Side Hustle Doesn’t Conflict With Your Day Job
When we talk about “making more,” often we’re talking about a side hustle, an extra gig you do in addition to your day job to bring in additional revenue. Well, it’s important to make sure your day job and your side hustle don’t get in each other’s way.
Many thanks to Jenny Odegard of forbes.com for this great advice. She points out that the simple act of researching, developing or arranging your side business on your employer’s computer, could mean your your employer gets a piece of the action. Yikes! Here are several ways to steer clear:
- Only work on your side job on your personal computer. Even hooking up your personal computer to the company WIFI could expose you to problems. Along the same lines, don’t use the company software, company phone or cell phone or even the company copy machine to pursue your side hustle business. At the very least, the company could fire you for not making good use of work hours and resources. Worst case scenario, your boss could have enough proof to claim that the invention or idea you came up with belongs to the company instead of to you. The solution: Buy your own computer and other equipment —they’re cheap these days.
- Work on your own time on your own computer or other equipment. Odegard, who is an attorney, says waiting until after work hours and then working from your employer’s desk is not good enough. Go home or to a co-working space and do the work there.
- Read your employment documents. Even if you didn’t sign a formal contract, you may have received an offer letter or an employee handbook or —more ominous— what’s called an intellectual property assignment agreement. Make sure you have copies of these documents and know what’s in them BEFORE there’s a problem, not after.
- Final suggestion: don’t work on your side hustle with coworkers at the office. Odegard says it’s actually OK to pursue a side hustle with co-workers. Hey, probably half the startups in Silicon Valley start this way. But collaborate away from the office. Keep a clean line of separation. Don’t even discuss your side hustle with these colleagues at a company-sponsored happy hour or holiday party.
Bottom line: it’s called a side hustle because it’s NOT part of your main career. Keep it that way in regard to equipment, time, and colleagues —and keep it safe.
EPISODE 36 ~ SAVE MORE: Mattresses: Save Thousands By Buying a Quality Mattress Topper Instead of a Mattress
Americans spend 15-billion dollars a year on mattresses. The queen-sized models rated highest by Consumer Reports cost 13-hundred to 23-hundred dollars, but there are even some fancy mattresses that sell for 60-thousand dollars apiece! My guest calls that “shady” and says only the top 3 inches of the mattress really matter. That’s why he started a mattress topper company called Kloudes. Omar Alchaboun, welcome to Easy Money.
Omar, make your argument. Why do you believe only the top 3 inches of the mattress matter?
The mattress industry makes it seem like they’re changing the game when they’re really just playing a game. Their favorite game is to deem a mattress new and innovative even if all they’ve done is simply rearrange layers of foam. Mattresses with more layers, cool names, and flashy technology are not worth the high cost. There is very little variation in how mattresses are made. Don’t get sucked into the mattress industry’s silly battle of the bulge when the top 3 inches are all that matters.
To really answer this question, I need to tell you a little bit about my bedding background. The previous business I was involved in focused on wholesale for a variety of bedding products. I was mainly responsible for sourcing and product development. We started out selling pillows mainly and expanded gradually into other products. When we decided to make a memory foam mattress, I took a trip to our factory and began discussing the options to design our own mattress. In the manufacturing process, they have a few options to choose from for the base layer and middle layers and then a huge selection for the top layer or “comfort layer”. So basically, I was just searching for different top layers. Then I began researching many different mattress companies to notice that most of the time they are just rearranging top layers. From this experience and from our research, we realized that the top layer was most important.
So you say the solution is a good mattress topper, specifically the one your team developed. Describe it.
Kloudes is an innovative, patent-pending mattress topper designed to transform your existing mattress into a brand new one. Kloudes can enhance or restore the comfort level of new and old mattresses alike, whether it’s a worn-out mattress that has flattened out after years of use, a mattress that is too hot or too firm, or a recently purchased mattress that just isn’t quite hitting the spot. Kloudes uses patented Air Foam technology and patent-pending Micro-Kloudes technology to ensure a cool, ultra-comfortable night’s rest.
So since the base and middle layers rarely change in mattresses, we began our process by researching different top layers of mattresses and mattress toppers. Developing a product like a mattress topper isn’t rocket science. Don’t believe what anyone tells you, there isn’t much technology in sleep products. The effort it took to develop our mattress topper was a lot of research on materials, combinations of different materials and a lot of sleeping. We had a simple goal when developing our topper: To make the most comfortable mattress topper that improves any existing mattress. We want to create an alternative to replacing your mattress.
Our topper basically can be broken down into 2 parts:
The first is a solid piece of ventilated gel infused air foam. Air foam is a patented type of foam produced by the factory that makes our Kloudes topper. We basically searched for the best type of foam we could find and we found that air foam was the best hands down. It stays cool and is breathable and is not temperature sensitive like regular memory foam.
The 2nd part of the topper is our channel stitched organic cotton cover that is embedded with what we call “Micro-Kloudes” When a memory foam mattress is produced, they take a large block of foam and cut out the size needed. The excess pieces of foam are then shredded and embedded into the organic cotton cover.
When we combined “Micro-Kloudes” with an organic cotton cover and wrapped it around the air foam, we found that this unique combination was unlike anything on the market. We believe we’ve created “The World’s Most Comfortable Topper”
How did you get the idea to develop a mattress topper and try to disrupt the mattress industry?
Kloudes is more than just a mattress topper – Kloudes is a wake-up call. This is our way of calling out the mattress industry on their shady marketing practices and unfair pricing schemes. This is our way of changing long-held, yet incorrect beliefs surrounding mattress buying. At Kloudes, we intend to disrupt the mattress industry one aging mattress at a time. Kloudes was created by consumers for consumers. We aren’t sitting in a high-rise, in designer suits, trying to find new ways to rip people off. We aren’t some Silicone Valley-esque startup disguised as a tech company, but selling completely ordinary products. We’re just 4 normal people committed to creating a product that makes lives better.
Going back a few years when I realized that the top layer was most important, I began researching all these mattress companies. And Rarely do they ever sale a topper. Why would they? They want to get you to buy a larger ticket item, it doesn’t make sense for their business model to down sale you. As I started researching mattress toppers, I noticed that no one was creating a topper good enough to replace your existing mattress but more as an accessory to your mattress. This is what inspired Kloudes. We want to be an alternative to replacing your old mattress or improve your existing mattress that may not be as comfortable as you want.
I did this a few years ago myself with a latex foam topper. Apologies! Your toppers weren’t out yet. What makes your Kloudes mattress topper any better than others on the market?
The Kloudes Topper features two ventilated layers that work together to form a “convection-cooled” sleep system. The bottom layer is composed of patented, ultra-breathable Air Foam, and the top layer features our innovative Micro-Kloudes technology. The layers are encased within a channel-stitched organic cotton cover. Kloudes’ upper layer features our innovative Micro-Kloudes™ technology which was invented with comfort and eco-design in mind. Kloudes’ ventilation system allows air to flow freely, creating updrafts within the layers to ensure heat won’t get trapped. The updrafts cause warm air to expand leading to a drop in temperature as the air rises. The result is a cool, comfortable night’s sleep. You’ll feel like you’re sleeping on a cloud.
We slept on a lot of different mattresses and toppers while we were developing ours. From all that sleeping, we developed what we believe to be the World’s most Comfortable topper. Simply, it does not compare to any other toppers because it is unique. No company has dedicated the time to perfect the mattress topper, but that’s what we did. With that being said, everyone sleeps different and we get that. We designed our topper to work for most people and offer a 100 night trial. If you’re shopping for a new mattress or your mattress is just not as comfortable as you want, give the Kloudes topper a try. If it doesn’t work for you, you’ll get your money back. It’s that simple.
Again, a quality new queen-sized mattress can cost a thousand to 2-thousand dollars. How much does a Kloudes topper cost?
Twin: $149
Twin XL: $159
Full: $179
Queen: $199
King: $249
California King: $249
In addition to an attractive price compared to a mattress, you also say consumers can be satisfied knowing Kloude toppers are environmentally friendly. How so?
We created a unique upcycling process that uses surplus, high-quality memory foam that would have been tossed out by mattress manufacturers. We shred the memory foam, and embed it into a channel-stitched organic cotton cover. This stitching technique keeps the Micro-Kloudes ™ in place, making sure the topper is fluffy throughout.
We’re just trying do our part. Our cover is made with certified organic cotton. So no pesticides, formadelhyde or things of that nature. Our biggest contribution comes from our Micro-Kloudes technology. We upcycle foam that would of simply just gone to waste.
What if your existing mattress has deep body indentations in it? Won’t the Kloudes topper sort of fall into those? If so, what’s the solution?
This question has come up a lot to us. Most of the time these indentations happen to the top layer of the mattress so you are essentially adding a new top layer with our Kloudes topper. However, we ask people to use their best judgement. If your mattress is 15 years old with indentations to the ground, then you are probably going to need a new mattress. If your mattress has deep indentations but you think that a topper would fix that then try out a Kloudes topper. Again, use your best judgement and try us out.
Let’s make sure people understand the difference between a mattress pad and a mattress topper, so they can understand what you’ve created. Can you explain?
A mattress topper is thicker than a mattress pad. A good mattress topper can extend the life of your mattress, and make it feel brand new. It’s a great option when you are not ready to replace an aging mattress. Mattress pads are generally used for the purpose of protecting a mattress (which mattress toppers do as well)Not only is Kloudes more affordable than buying a new mattress, but it also extends the longevity of your current mattress. With Kloudes, you’re purchasing the only part of the mattress that actually matters.
Kloudes is part of a trend, where people are buying mattresses —or in this case toppers— online. You and other innovative companies offer a trial period and a money back guarantee to make consumers comfortable making a purchase like this over the internet. Describe that.
We want to make sure you love your new topper so we give you 100 days from the time you receive it to test it out. If, within 100 days, you decide Kloudes isn’t right for you, we will provide you with a refund on your original form of payment. Sleep on it, have breakfast in bed on it, binge-watch your favorite shows on it – if you don’t love it, we’ll give you a full refund. No return shipping costs or hidden charges.
if the product is unused, we will send a return label. If the product is used, we are looking to establish relationships nationwide to donate the toppers. We’ll start delivering in about 28 days so we are trying to secure these beforehand.
Kloudes is a brand-new company that came to life thanks in part to a Kickstarter campaign. Your goal was to have your toppers ready for shipment in February 2018. Did it work out?
Our Kickstarter campaign ended on January 11th and we reached 151% of our goal! We are aiming to ship out all pre-orders around February 15th. We’ve received great support so far and are excited to officially launch soon.
I should make it clear to everyone that I am receiving no compensation for interviewing you about Kloudes, Omar. I just thought it made a great money-saving topic since I, myself, have used a topper to make a crummy mattress better and avoid buying a new one. Do you think people —other than me— are going to be ready for your product?
First off, I would like to thank you again for having me on your show. We have received great feedback so far with people like yourself wanting to use our Kloudes topper to make their mattresses better and save the hassle of buying a new one. With millenials changing their mattresses more often than previous generations, we feel like we’ve come at the right time to offer a long term money-saving alternative.
Omar Alchaboun, CEO of Kloudes, thanks so much for joining me on Easy Money.