How to get rid of a stiff neck in 10 seconds

Yesterday, my son got a stiff neck from sleeping weird on a couch.

And he has been in pain since then…

But then I showed him this video. And in about 10 seconds (and armed with a small towel), his stiff neck felt a lot better.

Check out this video on how to get rid of neck pain from sleeping wrong:

This is the best personal finance advice I have ever listened to

This is the best 73-minute video I have ever watched on personal finance advice:

In simple speak:

Net worth is bad. Cash flow is good.

Here are all the Garrett Gunderson books in my personal library:

Killing Sacred Cows
5 Day Weekend
What Would the Rockefellers Do?

How to make a drone with a GoPro camera

Popular vlogger Casey Neistat partnered with Droneworks Studios to fly a hacked drone with a camera.

They took this flying camera drone, stabilized the footage and created this nifty studio tour of Casey’s office:

Here is a behind-the-scenes look at the step-by-step instructions on how to make a flying drone at home:

Here is the list of things to buy to make our own drone with a GoPro camera:

GoPro Hero4 Black
BLADE Torrent 110 FPV Quadcopter
Spektrum DX8 Transmitter
FatShark Dominator HD3 Core FPV Goggles Headset
Wire snips
Hex Keys
Mini Phillips screwdriver
Double sided tape
Soldering iron
Soldering wire

Sunk costs – why I LOVE donating my bad choices to charity

The dictionary says a sunk cost (a.k.a. the sunk cost fallacy) is an amount paid that has already been incurred and cannot be recovered.

In simple speak: a sunk cost is when we make a buying mistake and obsess over it. Once an expense is made, there is no way to undo it.

Sunk costs are backward looking decisions (and costs) that we can never get back.

Famous examples of sunk costs include:

  • Wearing that expensive winter jacket in our closet that collects dust. For one reason or another, we never wear it. But we cannot donate it away, because we paid good money for it.
  • Maybe we suffer through watching a bad movie just because we paid for it.
  • We put our business into bankruptcy hoping things will turn around and get better.
  • Gambling the rest of our money because we have already lost so much of it.
  • Or even worse, maybe we have that loser friend who sucks the energy out of the room. And we cannot cut off the relationship, because we have known them since childhood and do not want to throw away years of memories.

Sunk costs are backward looking decisions (and costs) that we can never get back.

While most people freeze about honoring sunk costs, I embrace it as the cost of doing business in life. Instead of hoarding purchases (or experiences) from the past, I instead rid them from my life – fast. It helps me to progress into the future and improve my life.

I make sunk costs irrelevant in my decision-making process. I have no problem donating a $249.99 bread-making machine to charity if it collects dust on my shelf.

And I no longer hang out with people who bore me. Instead, I only do things that are a hell yeah!

Yes, letting go of life’s sunk costs can be intense and bold. But I embrace the cleansing – even at the risk of upsetting people.

How to prevent chargebacks with these 3 easy tactics

According to Chargebacks911.com, chargebacks cost merchants roughly $31 billion in direct fees, liabilities, and lost revenue last year.

What is a chargeback? A chargeback is a transaction reversal meant to serve as a form of consumer protection from fraudulent activity committed by both merchants and individuals.

Chargebacks are dangerous because they often incur us heavy fees. And if our “chargeback ratio” is too high, we could risk losing the ability to accept credit and debit cards.

Chargebacks are different than refunds in that a retailer voluntarily returns the cost of a sales’ transaction. On the other hand, a chargeback is initiated by a retailer’s customer’s bank – usually because of a perceived fraudulent transaction.

Noticed I said, “perceived”. Because more than 7 out of every 10 chargebacks are known as “friendly fraud”. It is not true fraud, but rather many non-fraud reasons. As we see here, there are over 150 classifications of chargebacks.

The VAST majority of chargeback cases are preventable. I find there are 3 triggers of chargebacks that can be easily fixed:

1) Recurring billing
If we get paid every so many days, weeks or months, this is known as recurring- or ’til-forbid billing. The problem is most people either forget that they signed up for this or canceling is too hard.

The fix is to remove the friction from canceling. For example, I have a clickable button in my membership software that instantly cancels my client’s membership. There are no games played. I do not ask, “Are you sure you want to cancel?” My [Cancel Membership] button does exactly what anyone expects and cancels the membership instantly.

Incorporating email reminders are another tactic to slash the number of chargebacks we incur.

And adding a phone number or email address to my merchant descriptor reduces friction, too.

Bottom line: making it easy to cancel a recurring-billing option is a surefire way to slash chargebacks.

2) Confusing merchant descriptor
When customers are not clear on who the vendor is, their immediate reaction is to think their card was stolen. And a percentage will contact their bank and request a chargeback reversal.

For example, I just bought some groceries at Whole Foods. But I see on my bank’s Quick View page that the vendor was WHOLEFDS LAN#1. If I did not know any better, I would be confused by the merchant descriptor and might contact my bank for a chargeback reversal.

The simple fix is to edit the merchant descriptor to match the name of our business.

3) Ban countries
Internet Retailer revealed the top 5 riskiest nations for ecommerce fraud:

  • Indonesia
  • Venezuela
  • South Africa
  • Brazil
  • Romania

Since I do not have any customers from these countries, I block payments from that originate from these countries.

FAQs

Is a chargeback the same as a refund?
A refund is when a merchant voluntarily agrees to return a number of funds back to the customer’s credit card. But, a chargeback dispute occurs when the cardholder contacts their card-issuing bank directly to dispute a charge on their credit card statement.

What is the process for a chargeback?
Once the cardholder files a dispute, the issuing bank makes an investigation into the complaint. The merchant’s payment processor immediately withdraws the chargeback amount and puts it on hold until the case is resolved. By the way: it is virtually impossible to reverse a chargeback.¬†Banks almost always rule in favor of their cardholder.

What is a high-risk merchant account?
Merchants are usually considered high risk for one of the following reasons:

The owner of the business has poor credit…

The merchant/business is on the TMF or MATCH list (those who have been terminated by payment processors in the past).

The service or product we provide has a longer chargeback liability period. For example, annual memberships allow customers to have 18 months to issue a chargeback (6 months from the end of the service date)…

We are in an industry that has a history of high-chargebacks and has a “reputational” risk. Some examples of high-risk industries include:

  • Annual memberships
  • Adult products
  • Bail bonds
  • Business opportunities
  • Electronics sold online
  • Debt service
  • Home-based
  • Horoscope/Fortune telling
  • Firearm dealers
  • Mail order or telephone order
  • Multi-level marketing (MLM)
  • Online auctions
  • Online dating sites
  • Software downloads
  • Telemarketing
  • Telecommunications (VOIP or Calling Cards)
  • Timeshare Advertising
  • Travel services

Also: a business whose chargebacks average more than 1% of its total sales volume (the dollar amount, not the number of transactions) becomes subject to a chargeback monitoring program. It might also be accompanied by a $5,000 fine and risk of termination by the bank or credit card processor.

How long do you have to do a chargeback?
The chargeback process is contingent on deadlines. Both consumers and merchants must adhere to the debit- and credit-card chargeback time limit set forth by the card networks. The time limits vary depending on the chargeback reason code, but generally… a consumer’s chargeback filing deadline is within 120 days.

Can you get a chargeback on a debit card?
Absolutely, but debit cards offer fewer protections than credit cards.

If a chargeback is reported within two days of a sales’ transaction, the bank’s liability is capped at $50. If reported after two days, liability is capped at $500. After 60 days and the cardholder is liable for the entire transaction amount.

The liability of prepaid cards is determined at the discretion of the issuer. At best, protection will mimic a debit card.

How does a chargeback work with Paypal?
A chargeback isn’t the same as a PayPal claim. PayPal charges a fee (based on the currency received) to the seller when the buyer files a chargeback with his/her credit card issuer. If the transaction is protected by Seller Protection Policy, PayPal will cover the amount of the chargeback and waive the chargeback fee.