money

Detroit skyline.
user JSFauxtaugraphy / Flickr

 

Here are some easy-a** ways to make money in Detroit. 

That was the headline on a recent Jalopnik blog by Aaron Foley. He says he wants to offer up his ideas for all Detroiters who want to make money, but don't want to spend too much. 

Some of these ideas and Foley's own explanation:

  • A gay bar inside of a firehouse – "No brainer! There are so many empty firehouses."
  • A vegan Coney Island – "Not what I would personally want, but ...what better place to experience different food styles in Detroit than the Coney Island?"
  • An agency that teaches new Detroiters not to be offensive – "Sometimes folks just don't know how to talk to a black or Latino person without sounding dense."

* Listen to our conversation with Aaron Foley above.

 

user: NHN_2009 / Flickr

State money is being used to attract everything from a Jehovah's Witnesses convention in Detroit to an international soccer match in Ann Arbor.

Detroit Free Press business columnist Tom Walsh, notes that the Michigan Economic Development Corporation has spent more than a million dollars this year to bring in things like conventions and sporting events.

Walsh says it's a common practice and could generate a lot of state tax revenue from out-of-state visitors.

Walsh says the payback from the first few events is about $20 million in state tax revenue.

Tuesday the Michigan Strategic Fund OK'd another $1 million for the program through Sept. 15, 2015.

Read more in Tom Walsh’s article in the Detroit Free Press.

*Listen to the full story above. 

One dollar bills
Steve Carmody / Michigan Radio

There is almost a billion dollars worth of state surplus. Should the state spend it or give it back to taxpayers? Should we get a rebate, or should that money be put towards fixing roads and helping schools? And what about the Detroit bankruptcy? 

Also, March Madness is upon us. President Obama chose Michigan State to win the NCAA basketball championship. But who did Governor Snyder pick?

Rick Pluta, Captiol Bureau Chief for the Michigan Public Radio Network and co-host of It's Just Politics, joined us today.

Listen to the full interview above.

There are more than 70 virtual currencies in the marketplace.

You may have heard of the biggest players: Bitcoin, Ripples, and Litecoin, which are taking out the middleman and reinventing the meaning of money. The idea is gaining momentum among college students. Today, we heard how virtual money is opening doors for young Michigan entrepreneurs.

Then, school districts around the nation and right here in Michigan are talking about ways to accommodate transgender students. The ACLU of Michigan's LGBT Project (lesbian, gay, bisexual and transgender) is already working on model policies.

And we spoke with some talented Michigan musicians about how their EP (extended play recording) reached No. 2 on the iTunes electronic charts with virtually no promotion.

Wikipedia

Bitcoin: Is it something that could alter centuries of banking and money practices? Or is it an unstable "funny money" fad?

Bitcoin is a digital currency or "cryptocurrency" not backed by any central bank.

But our next guests are banking on bitcoin.

Kinnard Hockenhull actually left the University of Michigan to set up his bitcoin business called BitBox.

And Daniel Bloch is a U of M junior in the College of Literature, Science and the Arts and Engineering. He's working with Hockenhull on BitBox and he's launched his own bitcoin-based nonprofit called Coingive that tries to give charities a helping hand with bitcoin. They joined us today.

Listen to the full interview above.

Steve Carmody/Michigan Radio

A report from the Phoenix Global Wealth Monitor says Michigan had fewer millionaires in 2013.

Michigan had around 170,000 households with more than a million dollars in investable assets. But that's 10,000 fewer than in 2012.   Michigan's top year was 2007, when it had more than 214,000 millionaires.

David Thompson is Managing Director of Global Wealth Monitor.  He says Michigan's wealth stability is more vulnerable than other states like New Jersey or Maryland with strong centers of wealth creation.

Steven Depolo / Creative Commons

Can a Michigan investment fund make big money by investing only in mid-size Michigan companies?

That’s the idea behind the Michigan Prosperity Fund.

It’s the brainchild of Michigan native Martin Stein, founder and CEO of private equity firm Blackford Capital.

Stein previously based Blackford out of LA, but says he started noticing a trend: about 70% of the companies he invested in were in the Midwest and on the East Coast.

“So, on the business side, it made a lot of sense for us to be closer to where we were investing in companies,” says Stein.

People around the world and right here in Michigan are rethinking money in order to ease financial woes, and they're doing it with local currency. On today's show we found out what it is, and where it's working.

And, we headed up north to a resort town where a vacation can lead to putting down roots and building a business.

Also, one of the co-founders of The Artist Lounge joined us to tell us about how her business is breathing new life into Pontiac.

And, the Farm Bill and food stamp programs expire at the end of September. We took a closer look at what this means for Michiganders receiving federal food assistance.

Also, we spoke with Micki Maynard about what she thinks the future of personal transportation will look like.

First on the show, a State Senate panel has voted to make more than 300,000 Michiganders eligible for Medicaid in 2014. And that's not all: the GOP-led Government Operations Committee said yes to two alternative plans.

So, from the Senate ticking off Governor Snyder by adjourning without voting on the House-passed Medicaid expansion plan to this Senate Panel serving up not one, not two, but three Medicaid proposals, it's a lot to keep track of.

We turned to Michigan Public Radio Network's Lansing reporter Jake Neher for a little help in sorting this all out.

deepwoodpress.com

Today on Stateside, we talked with currency expert, journalist, and author Jacqui Dunne about local currencies. In case you're still a little unclear as to how a local currency would work in everyday life, we found out more about it.

Dena Ames is a Traverse City resident. She works at Oryana Natural Food Market where they use and exchange a local currency called Bay Bucks.

Dena Ames joined us today from Traverse City to talk about how Bay Bucks are helping the local economy.

Listen to the full interview above.

Twitter

As Detroit makes unhappy history by becoming the biggest city in American history to file for Chapter 9 bankruptcy protection, the focus has been on money and how the city doesn't have enough of it to meet its crushing obligations.

There are financial experts who believe the troubles facing Detroit and many other cities and states is a warning, a warning that we as a society need to rethink our monetary system and look at the advantages of a local currency.

What's wrong with our current money system? And how would local currencies help solve many problems?

We turned to the co-author of the book "Rethinking Money: How New Currencies Turn Scarcity Into Prosperity" for answers. Jacqui Dunne is a currency expert and a journalist.

Stateside: Moving to an electronic currency

Dec 17, 2012
sushi ina / flickr

How would consumers in America function without paper currency?

Miles Kimball, Professor of Economics at the University of Michigan, advocates the switch from paper to electronic currency.

“The thing you want to do is make it so we can stimulate the economy with monetary policy. A lot of people don’t realize that the reason we’ve had such a long recession is because the Federal Reserve was not able to lower the interest rate because of the way our system uses money. If you tried to make the interest rate negative, which would be what is needed to stimulate the economy, then people would just keep money under the mattress. Because of that, the Federal Reserve is not able to lower the interest rate low enough to get the economy moving.”

This election year has seen a huge increase in the amount of money being spent on political campaigns compared to previous years. A lot of that money is being spent on negative political ads on TV.

As Michigan’s primary election gets closer, and the general election is only four months away, we’re going to see more and more political TV ads. And the bulk of those ads are going to be negative ads.

“I hear the negativity all the time. I’m tired of it. Tell me what it is you want to do not what you think the other guy is going to do," said Troy Hemphill.

“I don’t like to listen to that. I want some positive information," Kiirsten Olson insisted.

“Even when you think, ‘I’m not going to listen to negative ads, I’m not going to listen to negative ads,’ and then one creeps inside your brain. And then it sticks,” Shannon Rubago bemoaned.

Those are pretty typical responses of a couple of groups of people we talked to. We showed them a series of negative ads to see what their reactions would be.

Michigan’s Republican presidential primary elections are over.  But, primary elections for federal and state legislators are in August.

Already out-of-state groups are spending tons of money to influence Michigan voters.

Big money often buys votes. Usually, that includes a lot of big money from out-of-state groups.

Photo by Meg Cramer

by Tanya Ott for The Environment Report

It’s cold outside… and maybe inside, if your house isn’t properly insulated. Home energy efficiency is a big issue and a new study gives Michigan kudos for making it a priority.

Randy Rice has lived in his Southgate, Michigan house for 13 years. He’s lived there – and often shivers there…

“Certainly believe that the air was leaking upstairs. We could feel some breezes. I just saw dollars flying out the window.”

Rice replaced the windows five years ago and it helped… but he still worries about leaks around the windows. So he called in...

“Amanda Godward, with Ecotelligent Homes. I’m the owner and energy auditor.”

Godward’s first step is to interview customers like Randy Rice. She takes house measurements, checks out insulations in the attic and windows. Then…. she goes all high tech with the “thermal infrared scan.”

“We use this to find flaws in the insulation, in the walls, without having to do any destructive testing.”

She turns on a fan that pulls all of the air out of the room. It creates a vacuum so cold air from the outside is pulled inside. She can see, on a scanner, all the little cracks and holes where air is sneaking in.

Changing Gears

The recession has played havoc with personal finances all over the Midwest, whether you’re starting from scratch, or trying to stretch your budget to get through these hard times.

It can be hard to get good advice on what to do.

Rest easy. We’re offering some Midwest Money help.

Two of the country’s leading experts on personal finance issues — CNN’s Ali Velshi and Christine Romans– are teaming up with Changing Gears to provide some answers.

Each week, Ali and Christine tackle pressing financial dilemmas on their CNN program, Your Money, and they’ve compiled their tips in the new book, How to Speak Money: The Language and the Knowledge That You Need Now.

Here’s your chance for Midwest Money advice.

Send us anything that’s on your mind, from retirement, to job hunting, to your mortgage and more.

We’ll pose your questions to Ali and Christine, and publish their answers every day during the week of Dec. 19. And, if they pick a question that you sent in, you’ll get an autographed copy of their new book.

Post your questions here.

user: AMagill / flickr

Third quarter fundraising results are being reported by those in the race for Michigan’s U.S. Senate seat. Here to to look at why the money matters are Ken Sikkema, former Senate Majority Leader and Senior Policy Fellow at Public Sector Consultants and Susan Demas, political analyst for Michigan Information and Research Service.

We also talk about Governor Rick Snyder's comments about his decision to run for a second term.

 

Once upon a time, I was in a social studies class in eighth grade, and we were studying how our system of government works. We were told that in America, we had free elections.

Candidates ran for various offices, and in each case the people decided which had the best ideas and seemed to be the best qualified. We then voted, and the candidate who convinced the most people they were the best man or, occasionally, woman, won.

Andrew Magill / Flickr

About 13-thousand Michigan families will stop getting money from the state on October 1st. That’s when the families will reach their five-year federal lifetime limit for cash assistance. The cash assistance program is designed to support low-income families with pregnant women or children until they find jobs.

Sheryl Thompson is with the Department of Human Services. She says people with no income who have children will no longer be able to extend the limit for cash assistance.

"This was never meant to be a long-term solution," she said. "It was always supposed to be a short-term solution as a safety net."

Thompson says Michigan will save about 77-million-dollars this year. Other services including job placement and food assistance are available for people who qualify.

- Amelia Carpenter - Michigan Radio Newsroom

user penywise / morguefile

The current credit crunch has made it harder for people to get loans from a bank. Gone are the days when you could walk into your local bank branch, flash your credit score and walk out with a loan. So many are turning to their friends and family for help...but is that a good idea?

To lend, or not to lend

When Pete and Michelle Baker wanted to buy a new house, they needed money for a down payment. Their down payment was tied up in their old house, which they hadn't sold yet.

Photo by Arthur Cooper

The U.S. House Appropriations Committee just passed a bill that contains some pretty major cuts to Great Lakes funding.

There are a couple of things being targeted:

One is Great Lakes restoration money. That’s being used to clean up pollution, restore habitat and fight invasive species. That pot of money is facing a 17 percent cut.

There are also much bigger cuts aimed at a program that helps cities upgrade their sewage treatment plants... and keep the sewage from overflowing into rivers and lakes. That program’s getting cut by 55 percent.

Jeff Skelding directs the Healing our Waters-Great Lakes Coalition. He calls the bill a huge step backward.

“And let me be crystal clear on the following point: gutting clean water programs will not save the country money. In fact, it will cost us more.”

He says problems like sewage contamination on beaches and invasive species are getting worse.

The bill could come up for a full House vote as early as this weekend.

Mark Newransky, Michigan Lottery winner
Michigan Lottery

10-12-13-35-56 (Power Ball 9)... don't pick those numbers. They didn't win last week, and they're not likely to win in the next one hundred million years.

The "Mega Millions" jackpot has reached $330 million today causing a buying frenzy of tickets. Another set of numbers will be drawn tonight (drawings are held every Tuesday and Friday night at 11 p.m. eastern).

According to Durango Bill (and who doesn't trust Durango Bill?), your chances of winning are around one in 175,711,536.

Colorful used cars
Zelda Richardson

Perhaps another sign that the 'Great Recession' is thawing. Lending to people with a so-so credit score is on the uptick - at least in the car market.

The Associated Press reports "the percentage of loans going to subprime buyers rose 8% in the third quarter, their first year-over-year increase since 2007, according to a report issued Tuesday by Experian, a credit reporting agency."

The campaigns for Michigan candidates for Congress drew a lot of money from out of state. 

The price tag for the Congressional campaigns comes in at about $40 million.  Rich Robinson is with the Michigan Campaign Finance Network.  He says the political parties in Washington, unions, and non-profits with anonymous contributors all chipped in.

“Of the $40 million, I’m estimating $16.8 million of that came from outside sources.”

Catherine Hadler

Several Detroit artists have started what they call “an experiment in micro-funding.”  Once a month they host a public dinner that costs five dollars. During the dinner, several local groups pitch ideas for a creative project they’d like to do.  Diners vote on the proposals and at the end of the night the winning project takes home the money raised from dinner.