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Podcast: Travel Package Savings

Where to find amazing travel package savings. Is casual dining on the way out? Why Home Depot may be the last place to buy flooring for your home. The shocking details of the eBay customer information breach.

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Podcast: The End of Barnes & Noble

The end of Barnes & Noble? Is now the time to invest in muni bonds? Is Twitter stock finished? Will Amazon put local grocery stores out of business?

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Podcast: The New Obama MyRA

The new Obama MyRA, making sense of credit card rewards programs, dollar cost averaging in today’s market, and the explosion of opportunities in affiliate marketing.

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Podcast: New Requirements For Buying Bitcoin

New requirements for buying Bitcoin, the $9.84 credit card scam, buying life insurance in your fifties and sixties, and how to challenge your tax assessment.

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Podcast: How To Save Money On Prescription Drugs

Is Valentine’s Day a scam?  Jim and Bob comment on the Bitcoin crash. How to avoid the one ring telephone scam. How to save money on prescription drugs.

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The Dollars And Cents Of Bitcoin Mining

I have been receiving a lot of questions on the topic of Bitcoin mining.  Without getting too deep into the complexities of the topic, Bitcoin mining is the process by which one can use their computer’s computing power to earn free Bitcoin.  Your computer is tasked with solving complex math problems, and in doing so earns Bitcoin. It is called ‘mining’ since the comparison is made to the physical effort it takes to bring a commodity like gold or silver out of the ground.  It is a way for the currency creator to get it into circulation by requiring the initial adopters to ‘work for it.’  Good news for miners, as there was an important ruling that came just days ago exempting miners from regulation as money transmitters.

Major Bitcoin mining enthusiasts go to great lengths, such as buying multiple PC’s dedicated solely to mining.  In some cases, special stand-alone computers called ‘mining rigs’ are used.

The Mining Equation

I have been trying to figure out if mining is really a money making proposition or not. As noted above, most serious miners purchase computer hardware. Mining also consumes a not insignificant amount of electricity, so that is another consideration. There is also the problem of ever increasing ‘mining difficulty,’  The more people mining and the declining number of Bitcoins available (yes, there is a finite amount that can ever be created) creates an increasing difficulty level.  This means less and less Bitcoins are earned for the same amount of computing power.

It appears that based on the current cost of most Bitcoin mining machines, the initial investment can be recovered in four to seven months.  This is calculated on the current value of Bitcoin.  Of course, this is a huge variable.  For instance, if the value of Bitcoin drops it will take that much longer to pay for the mining equipment. On the other hand, if the price of Bitcoin goes higher, the pendulum swings in the other direction (reducing the time it takes to recover your capital outlay).  One other unknown variable is faster mining machines being developed and selling for less and less each generation.  Each time a new round of faster and less expensive miners hits the market, the difficulty level and number of people mining rises exponentially.

For a more precise method of calculating potential mining profits, I would recommend using a Bitcoin mining calculator. There are a number of these calculators online and you can find them doing a simple Google search.  See example of mining calculator being used.  In this example, I am using a 38 GHS Asic Miner that is available on e Bay for $429.  It is interesting to consider that this miner (at current Bitcoin prices) would generate $197 monthly (Note that the below mining calculator does not factor in the cost of electricity).  I used this power calculator and inserted 300W at 24 hours of usage and came up with $20 per month for electricity costs.


Buying A Mining Contract

There are some new services popping up such as Cloud Hashing.com that will sell you space on their Bitcoin mining rigs for a specified period of time.  This seemed interesting to me at first, but after running the numbers I don’t see much profit going this route.  The cost of their mining contracts are so high that I don’t see much end profit for the buyer of the contract.  It is interesting to see Bitcoin mining contracts for sale on eBay.  Quite a lot of interest in these right now.  I guess if the price is right (via an auction), it may be a viable option.


If you are a Bitcoin bull, buying your own mining rig seems to makes sense to me based on the current numbers.  You can get a starter mining rig for just a few hundred dollars.  This is the way to dip your foot into the deep end of the pool without investing thousands of dollars.  Also, it should be noted that mining on your own is the most difficult approach.  Most experienced miners join online mining pools.  By mining in a group (pool), you raise your chances of consistently earning more Bitcoins per day than working on your own.  For more on mining pools, just do a Google search for the phrase ‘Bitcoin mining pools.’  I do touch on this in my Bitcoin course, as well.

James L. Paris
ChristianMoneyPlus Co-Founder

P.S. I just bought a Bitcoin Antminer, which mines at a rate of 1.6GH. You can get grab on Amazon for around $60.  This one plugs right into your USB port, but based on its speed it will take about 6 months to recover your investment.  It will generate about $8 monthly based on current Bitcoin prices.  I bought this only to ‘test’ out the unit and don’t see it as a viable money maker.  There are some people buying multiple Antminers and using a USB hub like this (to run them all off of one computer).

A Year Of Saving Money On Insurance

My wife and I had an interesting conversation this weekend about our year of battling with the cost of insurance.

Auto Insurance

Our auto insurance company notified us in the fall that we would be facing a 25% premium increase.  As a result, Ann started pounding the phone and got auto insurance quotes for our family of five drivers and four cars.  The rates ranged from $4,000 to $10,000 for one year.  Yes, all based on exactly the same coverage.  In the end we took the $4,000 option which not only avoided the 25% increase with our current carrier, but we got a 20% discount from the rate we had been paying.

Homeowners Insurance

We were notified several weeks ago that we would have an increase in our homeowner’s insurance.  The annual premium was due on Feb 1, so Ann got on the phone again and after a few phone calls she found a policy for 30% less than what we had been paying.  Yes, the same exact coverage with a similarly rated insurance company.

Health Insurance

I had already personally dropped off my wife’s health insurance policy that she has with her employer last year. This fall we moved our adult children to Christian medical sharing, as well.  The result: we are saving about $400 monthly (after factoring in the cost of the medical sharing plan as a replacement).

Of course, we have a ton of information on this site on how to structure you insurance policies to get the most for your money.  Consider my own examples of saving money in recent months by doing nothing more than making a few phone calls. We are not talking hundreds here, but thousands, by simply comparison shopping. Insurance companies will take your hard earned money; it is up to you to give them as little as possible, while still maintaining an adequate amount of coverage based on your situation.

James L. Paris
ChristianMoneyPlus Co-Founder

Watching The Super Bowl Without Cable

Although it honestly would not have been a tragedy to miss it, my wife and I wanted to watch the Super Bowl just for the halftime show and the commercials. The game was of little interest to us. Since I dropped cable TV several months ago, I was scrambling to find a way to watch the big game. Of course, those that have followed my overall strategy on dropping cable would likely have access to a local Fox channel with an over-the-air antenna. In my own case, we have had issues with getting a consistently good signal with an antenna. This is due to the fact that Palm Coast, FL is not really in close proximity to a major city.

One other option to get regular network TV is the $8 per month option through Aereo TV.  Bad news again for me again, as Aereo is not available in my area.  It is coming soon to Orlando and I will be among the first to sign up. I did learn that the Super Bowl would be streamed over the Internet; there may have been a Roku channel that was streaming it, but I could not find one.

Chromecast To The Rescue

I purchased a Chromecast device for $35 about a month ago as a supplement to my Roku.  I have gotten plenty of use out of my Chromecast so far, and it allowed me to take the Internet stream of the Super Bowl and move it to my large screen TV in HD. So, that is how I watched the Super Bowl without cable.  Where there’s a will there’s a way.

Honestly, I don’t think it will be much longer until we will see a robust TV option that literally represents a knockout blow to cable.  In fact, one rumor swirling right now is that Amazon has such a service in development for release later this year.  I think the Chromecast device is an excellent supplement, however, for Roku users who, like me, have dumped cable.

James L. Paris
ChristianMoneyPlus Co-Founder

Podcast: Should The Minimum Wage Be Increased?

Should the minimum wage be increased?  Why are we hearing of so many financial scams within the Christian community? Is there marriage inequality? Fiverr a new way to make and save money.

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Podcast: How The Lack Of Prosecution Of White Collar Criminals Affects Us All

How the lack of prosecution of white collar criminals affects us all.  Can you live without a car today?  A new website to buy and sell timeshares?  and retiring without a large nest egg.

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Christian Financial Gold Guy Accused Of $80 Million Fraud

Dr. Larry Bates, author of The New Economic Disorder, and popular guest and host on Christian radio is facing very serious allegations and an $80 million dollar lawsuit for fraud.  I have never met Bates, which is rather remarkable since we have been in the same circles for about 15 years.  In fact, Dr. Bates purchased the USA Radio Network in recent years where I hosted a national talk show and served as their Vice President during the 1990’s.

From what I understand, the allegations are all connected to Bates selling gold and then not delivering it to customers. One article I read included a victim account claiming that they had bought gold more than three years ago from Bates’ organization and still had not received it.

More bad news for Bates came recently when he was evicted out of his Fort Collins Colorado headquarters.  The story gets more bizarre in so many ways I don’t know where to start.  Take for example this story on a local TV station in Colorado that is not able to get copies of the fraud complaints on the Bates’ case.  Some suggest that Bates’ status as a former Tennessee State Representative has garnered special treatment for him. We don’t have all of the details here, but there is more than enough smoke to warrant jumping to some conclusions.  The BBB has lowered the rating on Bates’ organization to F.  We also found nothing on the IRN/USA Radio Network site about Bates.  He may have sold his interest in the network, or they may have simply purged his name from the site to avoid bad PR.

This is not a new case, although we only became recently familiar with Dr. Bates’ fall from grace.  It appears that problems have been brewing here for at least two years with investors.  There have been no criminal charges filed, but that may be still to come if regulators determine that Bates was defrauding investors and operating what was tantamount to a Ponzi scheme.

James L. Paris
ChristianMoneyPlus Co-Founder

New Way To Buy Bitcoin

Many of you know that with the explosion of Bitcoin there have been some significant changes in buying and selling.  On my video course, which was live back in the spring of 2013, we suggested using BitInstant.com. Due to volume and regulatory issues, BitInstant is no longer accepting new orders (although we understand that they will be back online soon).  As a result, we are suggesting the following new procedure:

1. Go to www.blockchain.Info and set up a free wallet. A wallet is simply an online means of securing and storing your password and log in credentials.

2. Once you have the free wallet, log in and then you will see on the right hand side of the page:


Remember, you don’t need to buy one full Bitcoin, and many people are starting with $50.  I think starting with a small amount of money is a great idea.  Of course, if you have questions on the buying process, you can always submit a question through the Q and A dashboard.

James L. Paris
ChristianMoneyPlus Co-Founder

How To Earn Free Ripple XRP

Many of our Bitcoin enthusiasts are familiar with Bitcoin mining, the process by which you can use your computer to participate in the process of solving complex math problems (and earn Bitcoins),  Bitcion mining is covered in our 3 1/2 hour video workshop available to subscribers of this site (see home page).  What I have recently learned is that Ripple XRP has a mining option of its own.  Here is a blurb from their site –

We’re giving away XRP in exchange for donating computing power to scientific research via World Community Grid. Anyone with an Internet-connected computer or Android device can participate.

I have not tried this yet, but here is a link if you want to give it a try.  Please report back your experience.  They say they have given away 69 million Ripple XRP to participants.

James L. Paris
ChristianMoneyPlus Co-Founder


Weird Trick Turns Ripple XRP Into Bitcoin

Keeping up with all of the features and benefits of digital currency has kept my head spinning. One of our subscribers, Dan Annweiler, shared with me the results of an interesting experiment. He logged into his Ripple wallet and clicked on ‘send’ and then inserted the address of his Bitcoin wallet. What happened? Well, the Ripple XRP became Bitcoin and then showed up in his Bitcoin wallet. Very interesting.

I had to try it myself, and it does work. This presents a very interesting new option of getting your hands on Bitcoin. If you are now familiar and comfortable with how to buy into Ripple, you can now simply use your Ripple to buy Bitcoin. All you need is to set up a free Bitcoin wallet over at www.blockchain.info.

Remember that you can buy Bitcoin in a small fraction, using up to eight digits after the decimal point.  The only thing that I was a bit hung up on was how to input the amount of Bitcoin to ‘send’ from my Ripple wallet.  It turns out that you have to start with 0. before you insert the amount.  So, here is an example – 0.00000001  of how to format your entry.

Another reason to love Ripple XRP.

James L. Paris
ChristianMoneyPlus Co-Founder 

Podcast: The Good And Bad Of Setting Goals And Resolutions For The New Year

An update on the growing popularity of digital currencies and an interesting take a ‘Nostradamus’ prophecy guy has on it, the good and bad of setting goals and resolutions for the new year, a new ‘risky’ investment becomes available in 2014, and how one family paid off more than $118,000 in debt.

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