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Andex Chart – Free Canadian Andex Chart

The Andex Chart is probably the single most important investor – advisor learning tool and education wonder when first seen by anyone. The Canadian economy at a glance, what happened when and how things are related and can change often and without notice or comprehension.

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MONEY.CA online – Money Magazine and Money Media are excited to offer Canadian’s who buy Money Membership at $30.00 which includes Money Magazine to the door step and the monthly Money Newsletter to the desktop. When you buy a Money Membership you will receive a 2014 Canadian Andex Chart Handout and you will have caused a 2013 Canadian Andex Chart to be given away free to a child, student or teenager for a first time, eye opening experience right in the palm of their hands; and because of you. Just to let you know one Andex Chart alone will cost over $16.00 + tax.

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Its your call – How to get new clients.

Its your call – How to get new clients.

Humor me for a second. Think back to the last deal you closed and ask you, “Who was the decision maker I had to reach and influence? How did I do it?”

The reason I asked you to think about that is because there will always be someone you will need to contact and influence to get the next deal and the one after that and all the deals you could ever possibly close in one lifetime. Your success doesn’t just happen. You make it happen, and it all begins with prospecting.

Prospecting is nothing more than the art of speaking with people who might do business with you, and engaging them in a meaningful conversation so that they will want to see you and talk further. Let’s not make it any more complicated than that. At the end of the day a telephone sales call is only a conversation between two people.

Make a list of everyone you just identified. It doesn’t matter if you need to speak with fifty people or only one; your focus is on precision not volume.

Once you have the names write down the main issues facing each person on that list. The reason I’m suggesting that is because you will have to address their issues, not yours.

If you start your conversation rambling on about your products and services you will sound like you’re selling something. When you talk about their issues you hit their Greed Glands which address what’s in it for them. Retirees are not waking up in the morning wanting financial products. (It would be nice.) They are, on the other hand, concerned about the rising cost of living.

Once you’ve worked out what you want to say you will have to get the person on the phone. The objective of your call list is not about making calls. Many financial advisors base their lists on volume, in other words the more names on the list the better because if they don’t contact someone there are plenty more to call. What happens with this approach is that most people end up leaving a lot of money on the table, missing up to 75% of their opportunities, simply by not contacting people. A call is not a commodity. It’s precious.
It would be nice if we were mind readers and knew where our biggest opportunity was, but we don’t so we have to speak with everyone. Your objective is to book appointments.

So whether you have twenty people to call or only one, get them on the phone. All of them. Without exemption.
Leaving a voice message doesn’t count. That only fools you into thinking you contacted someone when in fact all you did was leave a voice message. The easiest way is to ensure that you connect with your prospects is to simply find out when they are in, and then call at that time.

By planning your calls and your message you stay in control.
Once you get your prospect on the phone you will have the opportunity to speak for all of about thirty seconds at which time you will either ask for an appointment or ask a qualifying question. From the time you introduce yourself to the time you ask for an appointment there are less actually than thirty words. Make each word count. The words you speak paint images in people’s minds and you have complete control over what those words are.

Twice as important as what you say will be how you say it. Speak slowly and send the message that what you have to say is important. It’s so important that you will take a minute before the call to focus on how you can make the prospect’s life better, and that will bring out the passion in your voice.

At the end of each call you will either be sitting there with an appointment or you won’t. Either way self-assess to either see what you did well so that you can do it again on the next call, or look at where you need to improve.

If a call does not work out for whatever reason figures out if it was they or you. If there was something you could have done better, make sure to take correction action for the next call and then reward yourself for learning from your mistakes. When you consistently self-assess you stop repeating the same mistakes, and when that happens your performance benchmarks rise as like gravity.
By making yourself more effective you ensure that your next deal will be more successful than your last.

Mark Borkowski – www.mercantilemergersacquisitions.com

How can I recognise a SCAM?

A very good question and here are some tips including information from the Canadian Anti-Fraud Centre. www.antifraudcentre.ca

1. If it sounds too good to be true – guess what?!
You’ve won a big prize in a contest that you don’t recall entering. You are offered a once-in-a-lifetime investment that offers a huge return. You are told that you can buy into a lottery ticket pool that cannot lose. Oh really?
2. You must pay or you can’t play.
“You’re a winner!” BUT, you must agree to send money to the caller in order to pay for delivery, processing, taxes, duties or some other fee in order to receive your prize. Sometimes the caller will even send a courier to pick up your money. No legitimate lotteries use this process!
3. You must give them your private financial information – I think not!
The caller asks for all your confidential banking and/or credit card information. Honest businesses do not require these details. If you are placing an over-the-phone order, be extremely careful when providing credit card information – get the name of the person and an order number and record it to compare with your monthly statement.
4. Will that be cash… or cash?
Often criminal telemarketers ask you to send cash or a money order, rather than a cheque or credit card. The reason is simple – cash is untraceable and can’t be cancelled. Crooks (obviously) have difficulty in establishing themselves as merchants with legitimate credit card companies.
5. The caller is more excited than are you – oh joy, oh rapture!
The crooks want to get you very excited about this “opportunity” so you won’t think clearly. Lottery, “free” vacation, stock tip – the gimmick doesn’t matter. Act in haste, repent at leisure!
6. The manager is calling – don’t we wish.
The person claims to be a government official, tax officer, banking official, lawyer or some other person in authority. The person calls you by your first name and asks you a lot of personal or lifestyle questions (such as “how often do your grown children visit you”). They are trying to get enough information to steal your identity or have another crook try to scam you as a parent/grandparent.
7. The stranger calling wants to become your best friend – so you need more?
Criminals love finding out if you’re lonely and willing to talk. Once they know that, they’ll try to convince you that they are your friend – after all, we don’t normally suspect our friends of being crooks. Hang up and ignore them – HONEST people don’t try to become best friends over the phone or internet or in chat rooms or dating sites.
8. It’s a limited opportunity and you’re going to miss out – good, miss out.
If you are pressured to make a big purchase decision immediately, it’s probably not legitimate. Real businesses or charities will give you a chance to check them out or think about it.

What can you do to protect yourself?
Remember, legitimate telemarketers have nothing to hide, however….
• criminals will say anything to part you from your hard-earned money.
• be cautious. You have the right to check out any caller by requesting written
information, a call back number, references and time to think over the offer. Legitimate business people will be happy to provide you with that information. They want the “bad guys” out of business too. Always be careful about providing confidential personal information, especially banking or credit card details, unless you are certain the company is legitimate. And, if you have doubts about a caller, your best defence is to simply hang up. It’s not rude – it’s smart.

If you’re in doubt, it’s wise to ask the advice of a close friend or relative or contact the Canadian Anti-Fraud Centre, local law enforcement or the Better Business Bureau. Rely on people you can trust. Remember, you can Stop Phone Fraud – Just Hang Up!

What if I suspect that a relative or friend is being targeted by unscrupulous telemarketers?
Watch for any of these warning signs:
• a marked increase in the amount of mail with too-good-to-be-true offers;
• frequent calls offering get-rich-quick schemes or valuable awards or numerous calls for
donations to unfamiliar charities;
• a sudden inability to pay normal bills;
• requests for loans or cash;
• banking records that show cheques or withdrawals made to unfamiliar companies; or
• secretive behaviour regarding phone calls.

If you suspect that someone you know has fallen prey to a deceptive telemarketer, don’t criticize them for being naïve. Encourage that person to share their concerns with you about unsolicited calls or any new business or charitable dealings. Assure them that it is not rude to hang up on suspicious calls. Keep in mind that criminal telemarketers are relentless in hounding people – some victims report receiving 5 or more calls a day, wearing down their resistance. And once a person has succumbed to this ruthless fraud, their name and number will likely go on a “sucker list”, which is sold from one crook to another.

Also, make sure the details are reported to local law enforcement, the Better Business Bureau and the Canadian Anti-Fraud Centre. In addition, add your phone numbers (including your cell and fax) to the Do Not Call List – at www.dncl.gc.ca. It isn’t perfect but it does help.

Death Bed Advice….

These were some words of wisdom told to me by a client that had to sell his company from his death bed. He and his family dictated these pieces of advice in one long visit. Not sure where they got them, but I wrote them down while he was dying.

I wanted to share them with you.

1. Life isn’t fair, but it’s still good.
2. When in doubt, just take the next small step.
3. Life is too short to waste time hating anyone.
4. Don’t take yourself so seriously. No one else does.
5. Pay off your credit cards every month.
6. You don’t have to win every argument. Agree to disagree.
7. Cry with someone. It’s more healing than crying alone.
8. Save for retirement starting with your first paycheck.
9. When it comes to chocolate, resistance is futile.
10. Make peace with your past so it won’t screw up the present.
11. It’s OK to let your children see you cry.
12. Don’t compare your life to others. You have no idea what their journey
is all about.
13. If a relationship has to be a secret, you shouldn’t be in it.
14. Life is too short for long pity parties. Get busy living, or get busy
dying.
15. You can get through anything if you stay put in today.
16. A writer writes. If you want to be a writer, write.
17. It is never too late to have a happy childhood. But the second one is up
to you and no one else.
18. When it comes to going after what you love in life, don’t take no for
an answer.
19. Burn the candles, use the nice sheets, and wear the fancy lingerie. Do not save it for a special occasion. Today is special.
20. Over prepare, and then go with the flow.
21. Be eccentric now. Don’t wait for old age to wear purple.
22. The most important sex organ is the brain.
23. No one is in charge of your happiness except you.
24. Frame every so-called disaster with these words: “In five years, will
this matter?”
25. Always choose life.
26. Forgive everyone everything.
27. What other people think of you is none of your business.
28. Time heals almost everything. Give time.
29. However good or bad a situation is it will change.
30. Your job won’t take care of you when you are sick. Your friends will. Stay in touch.
31. Believe in miracles.
32. Whatever doesn’t kill you really does make you stronger.
33. Growing old beats the alternative — dying young.

Mark Borkowski is president of Mercantile Mergers & Acquisitions Corporation. Mercantile is a mid market M&A brokerage firm. Mark can be contacted at mark@mercantilema.com or www.mercantilemergersacquisitions.com

From loyalty programs to the true cost of credit cards

Moving past the cost of loyalty programs to credit cards

My last blog covered how the costs of all the loyalty programs are passed along to all consumers – even those who don’t belong to such programs. Credit card costs have been in the news a great deal in 2013 and even received a mention in the Speech from the Throne that opened the new Session of Parliament.

Most readers will remember the Competition Bureau finding earlier this year in FAVOUR of credit card fees being passed along to all consumers rather than just those who use the cards. The issuers of the credit cards were, of course, ecstatic with the ruling – merchants not so much and consumers not at all, but then, cynic that I am, did anyone really expect the Bureau to side with consumers over large financial institutions – both national and international in scope?

So let’s do some math (sorry). For simplicity, I will use a card issued in three flavours – a basic, no-fee, no-reward format (Bronze), a fee-based card that also provides extra loyalty bonuses in the form of “points” redeemable for merchandise gifts from the issuer’s pre-selected catalogue (Silver) and the third is a Gold card (also fee-based but at nearly twice the level of the Silver card) that gives points that can be redeemed for travel – allegedly unlimited travel without blackouts and restrictions.

Having operated business that accepted credit cards, I know all too well the costs involved. First the merchant pays a fee to be able to accept each type of credit card. Then they have to rent at least one of those ubiquitous terminals that work at least some of the time. Their banking institution will sometimes charge an additional processing fee to handle the credit card vouchers while other card issuers have a fixed-fee arrangement (as a percentage of the TOTAL amount charged, including tips and taxes!).

A typical fee schedule for this hypothetical card series would look like this:

Card User Charge Merchant Charge
Bronze $0 annual fee 1.75% of total amount charged
Silver $120.00 annual fee 3.15% of total amount charged
Gold $225.00 annual fee 4.65% of total amount charged

I am NOT quoting fees for ANY specific credit card currently in use. These are illustrative only and roughly represent a mid-point of charges currently at work in our economy. Each card issuer and supporting financial institutions are completely free to set (and change) their own fee schedules.

With these fees charged to the merchants and vendors on the total amount put on the purchaser’s card, it is no wonder that the card companies and issuing institutions are raking in obscene profits at the expense of both the merchant and consumers – regardless of their incomes.

If you were a merchant, how much of these merchant costs would you include? 1.75%? 3.15%? 4.65%? Plus somewhere the cost of “buying into” the use of the card and terminal rental has to be included – the merchant can’t afford to take any loss with margins being so tight!

Most users today have either a Silver- or Gold-type credit card so the merchant has to plan for at least the Silver fee and a large percentage of the Gold fee – say 4.15%? On everything. Whether the purchaser pays in cash, uses a debit card (there are fees for these cards too but are usually less than .60% depending on merchant volume) or a credit card. Oh, the merchant also pays GST and possibly PST on top of these fees!

The low and modest income person or family who can’t qualify for any credit card, well, they are all still is paying the fees. Is this fair? This says nothing of the usury interest rates of sometimes more than 24% being charged on any outstanding balances.

Make sure you understand the costs and how they affect you!

Identity theft, email and phone fraud – some tips – Part 2 of 2

Identity theft, email and phone fraud – some of the “tricks”
Written by Ian R. Whiting, CD, CFP, CLU, CH.F.C., FLMI(FS), ACS, AIAA, AALU, LSSWB, Contributing Editor
Website: www.ianrwhiting.com Blog: http://money.ca/you-and-your-money/ian-r-whiting/


Ponzi Schemes
– These never seem to go out of style, mainly because greed is such a powerful emotion. Earl Jones from Quebec and Bernie Madoff from New York are just two of the more well-known practitioners of this deceptive art. My father I didn’t always agree on things (big surprise) but I did learn a basic truth of life: “if it sounds too good to be true, it is.” Perpetrators of Ponzi Schemes promise the world. High returns, special investments, not known to the general public, stable returns in all market cycles, limited product available, no risk, fully protected. There is no such investment; accept it. Regardless of pressure (peer or group including faith-based promotions unfortunately), do not bite. Madoff went on your several decades before everything collapsed. Remember, only the promoters get rich and only at your expense.

Banking Scams and Mail Theft – Many times bank scams begin as mail theft, unfortunately. Thieves target super mailboxes, apartment, condo and townhouse mail buildings and boxes and outgoing letterboxes. Anything of value is taken – and value means ID and account information. Whenever possible, consider electronic statements and payments. When having new cheques printed, pick them up at your financial institution, in person. When printing cheques, only use your initials and last name so that thieves don’t know if the account is in the name of a male or female. Check all your statements the DAY they arrive and report any errors or suspicious transactions immediately by phone and then follow-up in person with your branch or card company. My wife and I no longer even have our address or phone printed on cheques – just our initials and last name. We have been victimised twice through mail theft of cheques and one of the thieves was a real rocket-scientist and used our cheque to pay for her VISA bill, and had written her VISA number on the cheque!

Password Protection – As more and more of the economy moves to e-based commerce, remembering multiple passwords becomes a major concern. Writing them down (including your banking PIN) is definitely the wrong way to go. My memory sure isn’t perfect and I have to track about 30 different passwords of varying levels of complexity for my business and personal activities. The solution? There are several password utilities available (most are free or at least offer a basic free version) for download. My choice is LastPass. It saves my login information for all of the sites including passwords, PLUS it generates (if I ask it to do so) multi-character, multi-special character passwords at random. I can access it using one ID and one password from any internet-enabled computer in the world and nothing resides or stays on the computer being used – no cookies or any trace of its use. This way, I only have to remember one login ID and one password (mine is 15 characters in length and is a combination of letters (upper and lower case), numbers and special characters. Nothing is 100% secure, but I am comfortable with that level of protection.

Well, now what? Most of this is common-sense and nothing is overly complex. Take the time to review your personal and business security to ensure you are protected to the greatest extent possible. If you are a victim of fraud or identity theft, notify law enforcement immediately. The Canadian Identity Theft Support Centre (link below) is a source of excellent information and they even have a downloadable toolkit on how to deal with suspected ID theft and fraud. I recommend it highly!

With courtesy to http://www.cbc.ca/news/canada/british-columbia/story/2012/04/12/bc-id-theft-support-centre.html

and the Canadian Identity Theft Support Centre – http://idtheftsupportcentre.org/

Identity theft, email and phone fraud – some tips – Part 1 of 2

Identity theft, email and phone fraud – some of the “tricks”
Written by Ian R. Whiting, CD, CFP, CLU, CH.F.C., FLMI(FS), ACS, AIAA, AALU, LSSWB, Contributing Editor
Website: www.ianrwhiting.com Blog: http://money.ca/you-and-your-money/ian-r-whiting/

This started out as a short, 500-word blog but unfortunately, this issue is so prevalent in the world today, it became two blogs! Today, it appears that the ID theft and related frauds are probably the fastest growing crimes in the world. In February 2008 (the last full study), over 1.7 million Canadians reported cases of ID theft or fraud and some estimates apparently put the value in excess of $100 million. Further information on this topic strongly suggests this figure is less than half the actual number of cases as people are too ashamed to report it, unfortunately. Here are some tips that can help you avoid the consequences of this aggressive trend.

Dumpster Diving – not glamorous, but effective. In this scenario, the fraudster (or some hired minion) goes through garbage cans and recycling bins looking for any account or personal information they can find. Old bank and credit card statements, cancelled cheques, those special “you-are-approved” credit offers, when merged with some modern technology, are a wealth of detail and a creative thief can use it for a variety of nefarious purposes. Invest in a shredder. Many are available for less than $50.00 (including taxes) and should be kept next to where you sort your mail. If a piece of “junk” mail has anything on it other than your name and address (which the company already knows), shred it – don’t just throw it in the garbage.

Phishing – Not to be found in Webster’s Dictionary, this is one of the new internet words that pepper the world today. This word means an e-mail message that looks like it was sent to you by your financial institution. Typically, it has the correct logo, a collection of what seem to be appropriate disclaimers and a request for verification of some personal information. The financial institutions with whom you deal do not need to “verify” any information they have on file and they would never do this via an email – only in person the next time you went to their office. Just mark any such emails as SPAM or JUNK and delete it immediately. Under no circumstances click on any of the links, nor should you reply to the email in any manner. If you follow the link, thieves will obtain enough information about you, and probably your accounts, to allow them to steal either or both your money or identity.

Pump and Dump – Nothing new here but they seem to be cropping up again. For this to work, a fraudster buys (or creates) a block of penny stocks and sends out millions of spam e-mails. Many times, they follow the email with a personal phone call. Both the e-mail and the phone calls are quite compelling and look like a hot tip. Buyer beware (caveat emptor for the Latin readers) because those that fall for this actually fuel a demand for the stocks the fraudster then re-sells at an even more inflated price. Ignore all unsolicited e-mails like this.

Vishing – Similar to phishing, the fraudsters call you directly and pose as an employee of your financial institution or other company with which you do business. Sometimes you will get an email that asks you to call a number – perhaps even a 1-800 number. With current technology, callers can disguise their identity and spoof your call display so it all looks legit! Ignore the calls and hang up.

Shoulder Surfing – Use of credit and debit cards is constantly increasing so your level of awareness needs to improve as well. If you see someone hovering nearby while you are entering your PIN – stop the transaction until they move away. If necessary, turn and face them and ask them to move away: don’t be shy! If someone gets your PIN and manages to skim your card (phoney machines used to steal digital information from your card) or pick your pocket or purse, your account is as good as empty. Some scammers are even using the digital cameras built in to every cell phone (or other e-device) to record your PIN key strokes while appearing to have a normal phone conversation. Shield the keypad when you are entering your PIN (use your other hand or your body as necessary). If you think someone could be aiming a cell phone camera at the PIN pad, stop until they leave or turn away.

Invest Risk Free —- NOT!

I saw this headline on a half-page ad in the Vancouver Sun this past week – 4 colours – no-one could possibly miss it. The headline in very large print read INVEST RISK FREE with a very, very small asterisk directing readers to the bottom of the ad for the usual disclaimers.

I must say that it continues to amaze me that companies (in this case a very large bank) would continue to advertise such absolute rubbish. In this instance, the institution publishing the ad was promoting their version of an equity-linked GIC. The theme being, buy this product, hold it until maturity and regardless of what happens to the stock market index chosen as the benchmark, you will be guaranteed to get your money back. With this fact, the ad promotes this as a “risk free” investment – oh, by the way, this was for a non-registered product. If the benchmark market went up, then within certain limits, the holder would get back some interest return on the positive side – no losses.

Let’s examine this a bit more closely – has everyone forgotten about this thing called INFLATION? Or how about TAXES?? I am not going to do a lot of fancy calculations here – you can all do that on your own time.

Scenario ONE

Product pays ZERO interest at the end of the 5-year holding period – you get back 100% of your initial investment – so according to the bank in question – no loss – therefore risk free. Absolute nonsense! If no interest – no taxes so they drop out of this equation. But inflation is still here! If we assume that inflation stays at the current low level of 1.9% and it stays there for the next 5 years, then (ignoring compounding), your money has lost at least 10% in purchasing power – that is a LOSS to the investor and worse, it is a loss which is NON-DEDUCTBLE!!

Scenario TWO

Same as number 1, but let’s throw in an average gain of 3% for each of the next 5 years. Lowest marginal tax bracket currently in BC is about 25%. So 3% gross equals about 2.25% net, after tax. If we again subtract inflation of 1.9%, then the client is left with a real, net, after-tax, after inflation rate of return of .35% – yes .35% – but at least in this possibility, the client hasn’t lost any $$ nor have they lost any purchasing power. If the investor is in a 35% marginal tax backet or higher, then we are back to Scenario ONE but with a smaller net loss of purchasing power.

But – that is a lot of buts! Please, don’t be fooled – there is NO SUCH THING as NO RISK INVESTING!

TANSTAAFL – “free” email accounts – oh really??

Going back in time for this one – due to recent article in Vancouver Sun and other places about a pending class-action suit (at least the plaintiff is asking for CA status) regarding the “mining” of information from emails sent to and from so-called “free” email accounts.

So let’s get off the privacy bit for a minute – how many people REALLY believe that these accounts are made available out of the goodness of the hearts (if any) of these corporations?? Same goes for E-Post by the way!

Remember – There Ain’t No Such Thing As A Free Lunch

Browsers, search engines and all of the other so-called “free-ware” comes with the price that we leave footprints in the sand – crumbs on the forest floor (a la Hansel and Gretel) or whatever. Those bits of information are pure gold to these companies.

They indicate our taste in everything from food to entertainment to clothes to our political beliefs to where we bank to what we read and watch to the news we choose to believe to x-rated websites we view – if you use an internet connection to do ANYTHING there is a trail to and from you to everywhere you go – and back. I hope no-one is really under any illusions to the contrary – and parents need to be VERY aware of their childrens’ usage. BTW, this also applies to texting on cell-phones, iPhones etc. – if it is electronic, there is a trace – just keep that in mind all the time.

All of these corporations sell the information they gleen from our wanderings to other businesses so they can target us with their advertising and also help (at least in theory) designing and creating new products and services.

So what can you do about it – short answer, virtually nothing! There are some commercially available software packages that promise browsing anonymity – but just think about that for a minute – too good to be true?? YES. Nothing can screen you or your on-line presence from someone or some entity that is determined to find out what we are doing on the world of floating electrons.

Another issue is wi-fi security. Unfortunately, many people with wireless/wi-fi connections in their homes leave their networks unprotected completed – no security – or use such simple passwords like password admin administrator etc. – believe it or not. As a fun exercise, take your wireless/wi-fi enabled laptop or notebook with you in your car. Drive around with your wireless/wi-fi radar enabled, and you will see lots of SECURED access points but also a high number of UNSECURED ones. Internet cafes are wonderful and convenient, but remember, you are in a public place using a public connection.

So how is this all about TANSTAAFL – part of the cost we pay, although not in terms of absolute cash, we pay by giving up some measure of privacy. You need to determine the value and worth of your privacy!