Steps Foundation Stock Contest raising money for financial literacy – how ironic is that! + MORE Jun 25th

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The other day I received an email from a member of the Steps Foundation, promoting their latest fundraising venture, an online stock contest with play money and real stocks. For a $50 entry the biggest portfolio after 1 month (contest starts June 25, though one can apparently enter late, and ends July 26).wins half the money from the total of entry fees (I cannot find the rules on the website, maybe they appear after one has paid, but I know because the email I received had the rules attached). Now the Steps organization looks legit (yes, I did check it out some since scammers are not confined to Nigeria) and their aim to raise funds to support other organizations that actually teach financial literacy by debt counseling and that kind of thing does jive with what I try to do informally with this blog. So I do have some sympathy for their aims.However, the contest itself exemplifies the very worst way to approach the stock market, as a kind of short term lottery to make the most money in the shortest time…

Continue Reading On http://canadianfinancialdiy.blogspot.ca »

It’s time for the Swift global financial network to cut off service to all of Iran’s banks, not just 14.

Continue Reading On online.wsj.com »

Tough new credit rules, designed to deflate dangerous financial bubble, will put brakes on growth

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