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The TTC’s Idiotic Approach to Fare Increases

It’s always interesting seeing unexpected consequences play out in government policies.  It’s almost like the old story about the monkey paw, where every time something is wished for, it goes horribly awry (including trying to fix previous wishes).  The TTC recently embarked on a series of foolish decisions when they wanted to raise the fare.

Prices go up, and I don’t have any problem with them raising the price.  The cash fare went from $2.75 to $3.00 and a token or ticket increased from $2.25 to $2.50.  While the fare increase was still under consideration, some enterprising commuters decided that it would be worthwhile to stockpile tokens (since they’d use them anyway and if the price went up, they’d have gotten them cheaper).

For some reason, the idea of this *REALLY* annoyed the transit commission.  People were only getting a 10% discount, the commission would get the payment upfront (for services that wouldn’t be provided until the future – possibly the far future if people bought a ton of tokens), and there’s a decent chance that a proportion of the stockpiled tokens would get lost over time.  Behind all this, the TTC was terrified of the possibility that the citizens of Toronto would get this discount, the very people the service was provided for and who pay for any shortfalls in funding (through municipal taxes).

I’m 100% in favour of fees where the people using the service pay for it, and I definitely agree that the TTC’s funding should come from its riders.  *BUT* since it already gets some funding from municipal taxes, I *REALLY* don’t see why it’s so horrible if some riders get a slightly better deal for a very short time.  The people getting the deal will be the same people bailing out the TTC in the future.  Besides, how many people are really going to invest their life savings into TTC tokens?

I understand that there was probably also a concern that some people might stockpile tokens then resell them.  Given that the absolute maximum profit margin they could make would be 10% (and many people would be leery of buying tokens from some black market source) and that it would probably be less (after costs to get tokens to buyers and offering a discount to entice people to buy from the vendor instead of directly from the TTC), I can’t for the life of me see why this was would be such a concern.

So, given that their objective was to prevent a) their customers and bosses from getting a small discount & b) from business people who are bad at math and business trying to arbitrage the fare increase, what did the TTC do?

First they stopped selling tokens entirely.  This at least makes more sense then in the past when they’ve “rationed” tokens before an increase, but either approach is pretty darn ridiculous.  They created an entirely new fare ticket (a temporary ticket that would only last until the end of January) and this is the only thing riders could buy.  I wonder how much retooling everything to sell these temporary tickets cost?  And, you could only buy them from the operators in the booths (they shut down the automated vending machines).

This, of course, led to MASSIVE line ups at the sales booths (every time I used the system over the holidays there was a line).  When I asked about the temporary ticket, and if it would expire, the vendor said “no, no, you just have to pay a quarter along with the temporary ticket after the fare increase”).  This turned out to be a lie:  the adult ticket is completely non-refundable and expires at the end of the month (at which point they’re useless pieces of paper that cost me $2.25 each).  Adding a quarter will only work for the month of January.  I bought 10 tickets (so I wouldn’t have to line up again), and only used 5 of them, so I’m out the cost of the remaining 5 tickets which I won’t be able to use (I’m not planning to go back to Toronto in January).

The thing that really drives me nuts about the whole situation is this is something that happens ALL the time over the ENTIRE WORLD!  Transit fare increases have happened numerous time IN TORONTO, BY THE TTC!!!  There is NO EXCUSE for them to make such a mess of it, cheat riders who have paid for tickets they won’t be able to use and waste everyone time by massive line-ups and congestion at the turn-stills (the only way to use a ticket is to squeeze past the people in line and drop it into a box in front of the operator).  One Toronto business professor suggested sidestepping all the silliness and just letting people buy as many tokens as they want or moving to a flexible pricing technology (which is pretty cutting edge – transit systems have only been using it for 25 years).

It sure must be nice having a government supported monopoly, as I can’t see this level of incompetence existing many other places.

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Some Weekend Links

This article is pretty neat – Wise Bread has some suggestions to uglify your stuff so it doesn’t get stolen.

Canadian Mortgage Trends had a good piece on the mortgage renewal ripoff offers.

Million Dollar Journey updated his 2008 goals and did very well.

No Debt Plan Wrote that sometimes you just have to ask: Steak and Customer Service

The Financial Blogger is writing a blog buying series which is quite interesting.  Here is Assess the value of a blog.

Canadian Capitalist has some investing advice for Kevin O’Leary.

Lots more links

101 Ways to Cut Your Spending This Year
2010 financial goals
Delaying Roth IRA Contributions One Year Could Cost You $74,000
Why I Don’t Want to Retire Early
How To Make Money With A Blog
New Year’s Resolutions are Bull$%@&
401k Hardship Withdrawal Rules
Adjust your 2010 Tax Withholding and Stop Loaning the Government Money
10 Frugal Ways to get Fit this Winter
First Class Airline Miles Credit Cards – The Best of the Best
How to Choose High Yield Savings Accounts
How to add something POSITIVE to your credit report
Best Retirement Plans for Small Businesses
Cloth Diapers vs. Disposable Diapers
Do I Need an Accountant or CPA for My Taxes?
Roth and Traditional IRA Contribution Limits for 2010

Carnivals

Carnival of Personal Finance

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Bias and Pointless Arguments

Years ago I lost all taste for arguments, debates and heated discussions.  One of the underlying basis for engaging in these is the idea that through the contest, truth will emerge.  All other things being equal, the person with the correct perspective SHOULD be able to “out-argue” the person with the incorrect perspective (since they’ll have stronger points to use as weapons).  This is, in part, the basis for the legal system in most countries.

I think this is false, and the entire exercise is, at best, a waste of time.

Logical Fallacies

Years ago I took “Elementary Logic” during my undergrad (I joked with friends that it should be easy, since it was “elementary”).  One part of the course was a list of logical fallacies which SEEM to prove a point, but don’t.  The textbook presented these saying that the intention WASN’T to use these to attack another’s position (“Well sir, you’ve just undermined your own position by making an ad hominem fallacy”), but to examine our OWN assertions and make sure they are free of fallacies in order to strengthen them.

Just about any Internet discussion forum or blog (certainly including my own posts) is RIFE with logical fallacies to the point that the discussion seems pretty meaningless.   Some communities adopt guidelines, such as Godwin’s Law, to try to prevent the most egregious instances of this, but I’ve never encountered a community that came anywhere close to avoiding them.

Desperate to Win

I think a big part of the problem with arguments is that quickly people become more interested in “winning” and any pursuit of the truth goes out the window.  I’ve known people who would just make stuff up to try and win arguments.  One of my friends may have put it best when he told me that “you can’t win debates with people who are intellectually dishonest”.  A friend of a friend once bragged that he had never lost a debate.  With a bit of digging, it turned out that he was just incredibly stubborn and would keep insisting he was right and the other person was wrong no matter what else was said.

Self Protection

It is difficult to get a man to understand something when his job depends on not understanding it.

Upton Sinclair

I am reminded of this quote every time a real estate agent comments on one of our real estate agents posts.  I find most of the justifications of the value of agents offered to be laughably transparent (and the attacks on the original posts to be bizarre straw man attacks – they criticize Mike for things he never said in the posts or comments).

Underlying Basis for Conflicting Views

At its heart, I think this is the real reason I find arguments unproductive.  Often people disagree about very fundamental issues, and rather than discussing them they argue about derived issues.  If a staunch republican was arguing with a staunch democrat about which candidate is the better person to be president, they’ll both be able to argue forever.  They aren’t actually arguing about who is the better person for the job, they’re disagreeing about ideology (but that’s not what they’re talking about, they pretend it’s about the candidates).

Consider another two individuals, one who believes that individuals are in the best position to make decisions about themselves and their property and one who believes that people can be protected from making bad decisions and that those who are better off have an obligation to help those who are worse off.  These two people will disagree about almost every social policy that is proposed.  Rather than getting to the heart of the matter and admitting they have different philosophical outlooks, they will argue, and argue and argue the details of any proposal and will be incapable of reaching a genuine consensus.

Democracy

The truth isn’t democratically determined, but I think people living in democracies lull ourselves into thinking it is.  If everyone in a discussion forum feels A is true, but one lone person rails on about B, the view tends to be that A must be true.  If everyone thought this way we’d still be living in caves.  You get the same dynamic in group arguments where the majority can shut down the minority by interrupting them, giving “everyone a chance to have their say” (which leads to the majority getting more air time) and congratulating one another on their “iron clad” arguments (which the only thing iron clad about them is that they agree with the persons original belief).  I love an old video of one of Milton Friedman’s lectures where a hippie tries to rebut Friedman’s view (with the enthusiastic support of the audience) and Friedman, once he’s finally allowed to respond, calmly and methodically rips the beatnik’s argument to shreds.

What’s The Alternative?

People are welcome to argue with one another if they enjoy it (apparently Wikipedia has taken all the fun out of cocktail party debates – the only topic people can still argue about is whether or not Wikipedia is a valid source of information).  I think science has long had a better model of getting to the truth:  stating position on paper rather than back-and-forth dialogues.  This certainly isn’t to say there’s no disagreement in the sciences (nature-vs.-nurture in psychology and light as a wave or a particle in physics were both protracted and vicious).  Instead it forces people to state their position clearly and for the record, instead of allowing them to backpedal and use rhetorical games to make their point.

With blogs I think we get a mixture of the two conversations, comments (which are a lot more like discussion / debates) and rebuttal posts (which are more like the scientific format).  While I’ve received a large number of excellent comments, others have been of fairly low quality (and have been FAR worse then even the worst rebuttal post).

I actually think this could be a superior model of government, where an open website is provided and anyone (lawmakers and concerned citizens) can write commentaries on the issues of the day.  In a “Digg” style, the community could promote which articles recieve the focus, and it could lead to more accountable politicians (perhaps they’d be more ashamed seeing their deceits in black-and-white instead of videos or news articles where they could claim they were “taken out of context”).  Popular perspectives could originate anywhere and be promoted to provide a mandate to officials.

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Best Wishes For The Holidays

I hope all the readers of Four Pillars have a great holiday – don’t eat/drink too much and we’ll see you soon!

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Tiger Woods LinkStuff For Dec 10

Tiger Woods…”links”…linkstuff?  Haha – get it?  Ok, I have to admit I’ve been following the Woods sordid saga pretty closely.  My only question is why did he bother get married?  I had to wonder at the comments of one of his “friends” who was annoyed that he was seeing other girls as well.

On with the links (the other kind)

Larry MacDonald of was kind enough to mention this blog in another Globe and Mail article.  I gave some advice about RESPs.

Canadian Capitalist lists some 2009 year-end financial deadlines.

Million Dollar Journey talks about selling hope via lottery tickets.

The Financial Blogger explains how to make 6 figures a year.  I checked out his post and unfortunately, his method involves a heck of a lot of work.

Thicken My Wallet wonders when his dividends will go up.

Studenomics wrote a lengthy post comparing buying vs renting a house.

Where Does All My Money Go had an interesting post on the modified Dietz return calculation which is used to calculate portfolio performance.

ABCs of Investing explains what private equity is.

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Overnight Shipping of Meals

Often a big part of home is the food you eat.  I’ve read that people from Thailand often don’t do well when they move to another country, in part because food is such an important part of Thai life and they really miss it.  Pad Thai is one of my favourite meals, so I can understand that you’d miss Thai food if you grew up on it (I miss it if I haven’t had it in a while, and I was well into my 20’s the first time I tried it).  It’s almost a cliché that many first year university students will be homesick, missing something that their mother would regularly make.

Years ago a friend of mine was really missing a dish that her mother made.  She mentioned this on the phone one time, and her mother said she was going to make a tray of it and send it overnight through FedEx.  Of course, the parcel got delayed and arrived 7 days later (and was inedible and pretty nasty once it was opened).

The basic idea for this wacky business idea is to provide worldwide express shipping for food (prepared dishes).  The target customer will be someone who wants to get a special meal to a loved one (this isn’t for standard catering) and is willing to pay a large premium to get the dish there.

When the food is shipped, the sender will have to provide details on what it is, and agree to a method of packaging (with options for keeping it at specific conditions, such as below freezing or vacuum sealed, during the trip).  There could be an optional add-on where the food would be delivered at a precise location at a precise time and would have some final preparation (such as heating) performed en route.  The sender and receiver would have to take full responsibility for spoiled food (since nothing would prevent someone from sending something that was already spoiled), but every reasonable precaution would be taken to prevent this from happening.

FedEx does do specialty shipping, but since this includes things like hazardous materials I suspect it’s VERY expensive.  This seems to imply that they have the facilities to do this, and perhaps a company could be set up re-selling their services (after getting a big discount based on the volume your business will do as a whole).  Dealing with the customers would be one of the biggest challenges (every shipment will be quite unique), which might be a reason why FedEx doesn’t get into this line of shipping (and someone specializing in it might be able to make it work).  Purolator also ships food, but they don’t offer a service guarantee, which is part of the value proposition of this business.

Obviously this isn’t something you’d use regularly (only the very wealthy would send their kids every Sunday dinner through this service), but this would be for the odd time when it’s worth paying more than a decent restaurant meal to have a taste of home.

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LinkStuff For A Saturday Nov 14

Moolanomy had a great post wondering what exactly is so bad about credit cards and why are debit cards better?

Amateur Asset Allocator talks about his experience “activating” a credit card – a rather funny description of the up-sell attempts.

Momma’s blog had a post on the 7 sins of fashion – some interesting pics.

The rest of the links

ABCs of Investing had a familiar post with a great stocking stuffer idea – a short beginner investing book.  I say familiar because it’s almost the exact same post as the 4P – stocking stuffer idea post.  🙂

The Financial Blogger made 6 figures this year and he’s not shy about it!

Budgets are Sexy ponders the riches he would have if he moved back home with his parents.

Million Dollar Journey covered the top low-cost Canadian drip stocks.

Canadian Capitalist reviewed the book “Understanding Wall Street”.

No Debt Plan wonders if debit cards are riskier than credit cards?

The Weakonomist answers the question of why competing stores open up next to each other.  He also points out that you can donate money to help pay down the national debt.  Mr. W correctly observes that donating money to someone who spends more than they make is not such a great idea.

Amateur Asset Allocator lays down the Roth IRA Rules.
Free From Broke compared Similarities of Running a Marathon and Personal Finance

Cash Money Life loves watching tv while his little one sleeps through the night – which prompted this – Netflix Review : Online DVD Rentals.  He also had time to expore Open Enrollment Health Insurance Options.

Redeeming Riches explains why you shouldn’t fall in love with your 401(k) plan.

The Wisdom Journal has Interview Your Interviewer.

Carnivals

Carnival of 20 something finances

Carnival of Financial Planning

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Some Canadian Linkstuff, ING Referral Code And Book Links

This week I did a book review on Mike Piper’s excellent intro to investing book – Investing Made Simple – I had suggested this would be a good stocking stuffer idea since most of the 4P readership seem to already have pretty good investment knowledge.  The links that were on that post were for Amazon.com – I didn’t realize until later that the book is also available on Amazon.ca which of course is better for Canadians.  So if you had clicked on the links and then gave up in disgust after realizing you were on Amazon.com then you can go back and try again if you wish.

ING $25 referral bonus

A while ago I wrote about the ING $25 referral bonus code a while back and wanted to mention it again.  Each customer only gets 50 referrals and they are going fast.  Last time I checked there were only…ummm…50 referrals left on my account.  So act quickly because they are going fast!  🙂  The code is 33089336S1.

Some Canadian links

Squawkfox is a crack pot crock pot connoisseur – go find out what to look for if you want to buy one. AnySquawkPot.

Michael James on Money did a book review on “Super Trader” and he said it sucks.

Thicken My Wallet asks what does it mean when Buffett (yes, it has 2 “t”s) buys railways and India buys gold.  It probably means that TMW asks too many questions.  🙂  Wasn’t Buffett the guy who got a “great insider deal” on GM bonds a while back?

Canadian Capitalist reports on the Globe and Mail top brokerage rankings.

Preet explains what sovereign wealth funds are and why you should be terrified of them.  Ok, maybe just he explains what they are.

Carnivals

Carnival of Money Hackers