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April 30, 2011, at 6:00 am If you're new to BFS, please subscribe to my RSS feed. It shows me a vote of support and keeps me motivated to keep your attention. If you have any questions or comments for me, please contact me and I'll get back to you asap. Thanks for visiting!
Also, check out my other blog, Crystal Clear Thoughts,
for my Weight Watchers Updates! I’m down 24 pounds and shooting for 2 more by July 4th!!!
My Favorite Posts this Week
Guest Posts at BFS
Thank you all for a day off since we have been traveling every weekend!
If you would like to guest post on BFS, please contact me with your idea or post and I’d love to have you over for the day! If you are a business, please contact me here for more details. Thanks!
Giveaways and Other Info
Blog Carnivals
My carnival – Totally Money Blog Carnival -
was at Stupid Cents!
Please check out the last edition and submit here every week!
If you are hosting a carnival that includes Budgeting in the Fun Stuff, please email me so I can include it in my roundup. Also, please email me if you’d like to host Totally Money. Thanks!
Top 5 Referring Sites to BFS within the Last Week:
(I list the top 25 on the first Saturday of every month)
- Yakezie
- Canadian Finance Blog
- Free Money Finance
- Get Rich Slowly
- wordpress.com’]);” href=”http://www.nicoleandmaggie.wordpress.com/”>Grumpy Rumblings of the Untenured
Feel free to contact me if you have any suggestions. I’d love to add a few more blogs to my regular reading list or at least give a shout-out for great posts or contests.
As always, thanks to all the bloggers that teach me something new every day. Thanks to all my commenters for making this blog the community I want it to be. Thanks to all my “lurkers” too. I hope everybody is enjoying this as much as me!
And please use About Life Insurance as a resource for everything life insurance!!!
Let me know if you do help out and I will be sure to return the favor!
April 29, 2011, at 6:00 am
The following is a guest post about what a library has to offer by Suba. Suba blogs at Wealth Informatics which strives to provide information empowering debt reduction, financial planning, informed consumerism, savvy investing, fun & frugal living leading to financial freedom. I highly suggest checking out Wealth Informatics – Suba is a force of nature with her detailed posts!
During lunch with colleagues this past week, somehow the conversation meandered toward public libraries. I was surprised to hear that most of the people at the table had hardly ever been to the public library, and most of them just assumed that the popular books would all be checked out and that they would have to wait forever to borrow them. While this might be true for some of the more popular titles, it got me thinking of all the non-book items I borrow from the library. Here is a smattering of different library resources that I have, over the years, used/checked out.
Library Resources for Everybody
- Learn a new language – About a year ago, DH and I decided that we were not going to let our brain cells die without a fight. Since learning a new language is said to be one of the activities that causes many areas of the brain to fire simultaneously, we decided to learn Mandarin Chinese. Of course, you could question how many brain cells we had left over in the first place for trying to tackle a language so alien to anything we know so far, but hey, as they say, aim for the stars, you might reach the treetop. Anyhoo, knowing that we have a track record for starting with gusto but then kind of letting things peter off once life intervenes, we didn’t want to spend a boatload of money hiring a tutor or buying expensive software. Local public library to the rescue! Turns out they have an online login to the Mango language package that allows library patrons to listen and learn the lessons online. Great! Maybe it was the fact that we didn’t feel pressure to have to learn (which we would have if we had spent a lot of money), but we are still taking the lessons. Who knows maybe I will start a Chinese version of my blog soon!
- Kill-a-watt – When I lived in the east coast, my library used to have a few of these for the patrons to borrow. Very useful and as you need to use them just once to figure out the power consumption, it is a great money saving borrow.
- State park passes – Admittedly this is a rarity because to my knowledge, the entire Los Angeles public library system has 4 state park passes. But plan early enough and you can save a bundle when you go camping.
- Museum passes – Similar to the state park passes but with much more availability. A lot of local museums partner with the public library to make museum passes available for checkout. You can usually keep them for a week.
- Live entertainment – I have attended poetry recitations, movie screenings and live music from local musicians all for free. These events are sometimes on weekday evenings but mainly on the weekends.
- Movie rentals – Speaking of movies, can you beat the option of borrowing a movie for an entire week for no charge?? Don’t think so. Agreed you may not get the DVD on the day it is released but then a little patience goes a long way.
- Audio books – In terms of other media, both DH and I drive a lot and manage to do a lot of our “reading” via audio books. We used to subscribe to an audio book mail service (like Netflix for movies), but why pay $40 a month when we can get a lot of audiobooks from the library – especially given the fact that you can request anything from any library within the same “system” as your library. So the selection is virtually unlimited if you use a library that is part of the system of some large city.
- Movie Screenings - Libraries have movie nights. Bring a blanket, popcorn and your family to have a fun family movie night.
- Book clubs - I find that the book clubs are great way to find out about books you may not have heard of in genres that you like. Plus since the book club is affiliated with the library, you know they will have that book available.
- Courses & Seminars - There have been a few different seminars that I have attended on saving for retirement, investing basics, etc. Given that these are free, I wasn’t expecting much but was pleasantly surprised. The speakers were all from financial firms who do this stuff everyday and there was plenty of interaction and opportunities to ask questions on topics that might otherwise be hard to find on the internet.
- Notary public services - Very cheap notary services and free for senior citizens.
Library Resources for Kids
There are a number of options available to help children. It both helps them and gives you a few hours of peace and quiet to catch your breath.
- Drama Club - Big hit especially in Southern California where everyone wants to be an actor/actress.
- Homework Help - For all those subjects you hated as a kid but have to now help your little ones out with.
- Story time - During story hour (available for kids in different age groups), the librarian leads the kids in song and dance and reads several books.
- Summer Reading - Great way to improve kids reading skills over the summer. It is even more fun with prizes, entertainment, story times, music and, of course, lots of great books! And free too!
- Art/Craft classes - Simple arts and crafts classes for free or have very discounted rates. Sometimes you can get the supplies for very cheap as well.
Other Library Resources
Some of the other services that I know are available but have not used personally are -
- Meeting Rooms that can be reserved along with free wifi.
- Volunteer Reading Programs for visually challenged and seniors.
- Message Boards where people in the community put up items they have that can be bartered or borrowed.
- Cake Pans and Home Improvement Tools – I was tickled by the fact that public libraries in Iowa allow patrons to borrow cake pans!! I also read that the Berkeley library allows you to borrow tools and they seem to be pretty well stocked. When I mentioned this to DH, he immediately wanted to move to that neighborhood!
So the next time you need something temporarily, give your local library a shot. You might be pleasantly surprised.
Crystal’s Comments: I have no idea if our local library offers all of this, but I know it has a lot. I personally love downloading audio books for my commute and to listen to at work. I also truly appreciate inter-library lending and the fact I can request books I want from home. When I was a kid, I could not get enough of summer reading programs and spent one whole summer polishing off all of Nancy Drew and Encyclopedia Brown.
Do you use your local library? What do you enjoy most about it?
April 28, 2011, at 6:00 am
The following is a guest post about a negative job experience by CT. CT is a personal finance blogger over debtpayer.com and recently sold his prior website, Broke Professionals, where he and his wife still contribute as staff writers.
I was fresh out of law school and new to my first full-time job. Like I tend to do with everything, I went into it full-tilt. I was enthusiastic. I was excited. I was….not realizing that I was quite possibly acting like a huge jerk.
Job Experience – My Enthusiasm
The bosses probably mistook my enthusiasm as being too aggressive. The support staff tolerated me with a “he’ll slow down eventually” attitude. I soon began formulating a “brilliant” idea that almost ruined my career.
During that period in time I was working 9 a.m.-10 p.m., seven days a week. Those are crazy hours, even for an attorney.
Due to this, I started running out of work to do, which made me sort of upset. I began requesting more work. My need for more to do was insatiable.
One day while on the job I overheard one of the other employees say: “What does he think - they’ll make him partner in three months or something?”
It was around this period in time that I did the most bone-headed thing of all: I started telling the partners all of my “brilliant” ideas.
I pitched a blog for the firm and the partners were not impressed. In hindsight, I now realize that when you’re new to a place you’re supposed to assimilate and humbly go about the tasks assigned. Instead, I was coming off like a rebel-rouser at best and a know-it-all egomaniac at worst. I looked like I was someone who from day one was immediately questioning the firm’s culture.
That’s when I had my ultimate foot-in-mouth ”brilliant” idea.
Job Experience – My Big Idea
You see, I had previously (while in law school) worked in another area of the law. I had a very solid working knowledge of that area of the law, as it is one of the less complex areas of law. (Insert lawyer joke here.)
So, I pitched to one of my partners about me “heading up” this area of law to expand the firm’s practice into it. I had asked around throughout my network and I already had a few attorneys who would refer if my partners gave me the go ahead.
The next day the partners asked to take me out to lunch the following afternoon to discuss my idea.
That night I drew up a twenty plus part business plan. I outlined the pro’s of expanding into this new second area of the law and how I thought it gelled well with our firm’s primary area of practice.
I spent hour after hour drafting and revising “my vision” for the firm. It must be admitted, my dream has always been to own/run my own law firm. My own business of any sort really.
I think I was acting the way I was not because I am really a jerk (at least I hope not), but because I was genuinely excited by the idea. I thought it would be good for the firm, and yes, I must disclose, I thought it would be the next best thing to actually owning my own law firm, which I was not and still am not anywhere close to being able to successfully pull off.
I woke up early the day of the partner’s meeting and dressed even sharper than the day I interviewed with them.
We drove separately, and when I got to lunch they were already sitting down. I was flushed and nervous but ready to give my “presentation.”
Instead I received a big surprise.
Job Experience – Bad Idea?
The eldest partner spoke.
We think it’s very entrepreneurial of you to come to us with this idea, particularly so early in your career. But the thing is, we have been running this firm for decades. We have a good thing going here. Now, we appreciate your enthusiasm, but you have to focus on following our directions. We hired you because we already have enough work to do, and we wanted someone to do the tasks we assign to them. We weren’t looking for anything more and we’re not ready to change anything right now.
It was said as kindly as possible, but the words still pierced through me, particularly because I knew I had so miscalculated my place. I had overstepped my boundaries to a nearly ridiculous degree.
I was devastated at first. In hindsight I’m just glad they didn’t fire me entirely. I can now admit that their putting the brakes on me was the best thing, both for me and the firm. They mistook my enthusiasm as a challenge to the office culture. With some maturity and more time in a full-time position, I can now totally see why they would think that.
Job Experience – Lesson Learned
Now, I know better. Like the frog sitting in a slowly boiling pot of water, people are often way more susceptible to gradual change. Sometimes it’s not your job to push change at all.
I know now that the next “brilliant” idea I have I will sit on until I am more established in the firm. Or if the time is right, save it for myself.
How about you? Have you ever suffered negative consequences on the account of being overly ambitious or sharing your “brilliant” idea too soon? How would you react to this story if you were the boss?
I look forward to reading your responses.
CT is an attorney by day who blogs about personal finance at Debtpayer.com, where he addresses being in his twenties with nearly half a million dollars in student loan and mortgage debt to try and climb out of. With his wife, he is the former owner/creator of the personal finance blog Broke Professionals. CT is now focusing on his freelance business, FreelancePF.
Crystal’s Comments: I don’t think enthusiasm or ambition is a bad thing. I think the only lesson I would learn from this is that the particular firm I was working for doesn’t like change. It is definitely their loss. Some companies would LOVE someone with enough energy to run a whole new branch for them!
April 27, 2011, at 6:00 am
The same day my cell phone was stolen, my husband and I received a priority package from Chase offering mortgage refinancing at a 4.5% rate with NO CLOSING FEES. A zero cost loan refinance! That is just too cool!
Mortgage Refinancing – The First Part
Needless to say, I called the phone number they provided and started the whole mortgage refinancing process. There was just about as much paperwork involved in this refinance as there was in the original closing! They needed a long phone call to verify that I was indeed eligible for the deal, a few forms filled out and faxed in, and then it was a matter of waiting for final approval.
I got that happy call on April 12th. They said they would have a notary public contact me with the meeting details so we could sign all of the closing papers and start our new loan.
Mortgage Refinancing – The Papers
A few days after that, Carolyn the notary public did call and we set up a meeting at our house the following Wednesday at 6pm to wrap everything up.
Last Wednesday, April 20th, 2011, my husband and I spent an hour signing papers and successfully refinanced our loan from 5.375% to a new 15 year mortgage at 4.5%. This has brought our monthly payments down from $740 to $506 a month. We also signed up for the auto-draft payment option to earn an extra 1% cash back a year and are still going to pay $900 a month as usual.
The end result is simply that we’ll be shaving off 3-4 months of payments and saving a minimum of $3000-$4000 over the next 6 years. Woot for semi-easy money!
Mortgage Refinancing – Why We Were Offered a Great Deal
Other than the fact that my husband and I have excellent credit and have never made a late loan payment, I don’t actually know why Chase is offering zero cost refinancing to some people right now. Carolyn, the notary public, said it might be due to some requirements regarding the loans they took from the government, but she wasn’t positive about that.
I have decided not to look a gift horse in the mouth. 4.5% is an excellent rate and an extra $3000-$4000 is fantastic in my opinion!
I can’t help but think that karma was being nice to me since that whole cell phone experience was kicking my butt. You can check out My Cell Phone Was Stolen Part 1 and Part 2 for that little story…
Have you refinanced your mortgage now that rates are so low? Have any real idea on why Chase is handing out free refinancing to some customers?
April 26, 2011, at 6:00 am
For those of you who may have missed it, my cell phone was stolen on April 4th, 2011 while I was donating blood. I broke down the events of the first two days in the post I linked to in the last sentence, and here is what has happened in the saga since then. Let me just start by saying that paperwork is a pain in the butt.
My Cell Phone Was Stolen – Timeline for April 6, 2011:
- 9:55am – Call Geico Home Insurance line and request an emailed copy of my Homeowner’s Declaration Page since I can’t seem to find it quickly at home.
- 10:00am – Receive emailed Homeowner’s Declaration, yay!
- 10:05 am – Print out claim form from Discover Card for my Samsung Epic and fill it out.
- 10:15am – Call Houston Police Department to request a copy of my report. I am told I will have to mail in the request with a dime attached for each page (my report is one page long) and include a self-addressed envelope.
- 10:30am – Call the Sprint Store we bought our phones at to see if they can print me out a receipt from late January. They can!!! Woot! No more searching!
- 11:00am – Mail out request for 2 copies of my police report along with 2 dimes and a self-addressed envelope.
- 11:05am – Make a note on my calendar to call if I don’t have those reports within 2 weeks.
- 11:20am- Print out my Discover Card statment and Homeowner’s Declaration Page. Paper-clip everything together while waiting for the original receipt and police report.
- 5:05pm – Pick up printed copy of my original receipt from the Sprint Store. Also look at the current price for the Samsung Epic ($500). Realize I am spending a heck of a lot of time trying to recoup $325. Oh well.
- 5:30pm – Research prices on the Samsung Epic online. It looks like I can get one from Craigslist for $250-$300.
My Cell Phone Was Stolen – Timeline for April 12, 2011:
- 5:00pm – Received the copy of my police report.
- 5:30pm – Found a suitable replacement on Craigslist for $290 – almost brand new and the seller was willing to meet me at a Sprint store to have it transferred over to me before I pay. Scheduled a day to meet up on my side of town on Friday.
My Cell Phone Was Stolen – Timeline for April 13, 2011:
- 8:15am – Faxed in all of the paperwork to the Discover’s insurance claims department.
My Cell Phone Was Stolen – Timeline for April 14, 2011:
- 3:00pm – Get email from Discover’s claims department saying that I left out a Written Statement of Loss, which I verified from their first email that THEY NEVER MENTIONED BEFORE. Grrr…
My Cell Phone Was Stolen – Timeline for April 15, 2011:
- 8:00am – Fax it my Written Statement of Loss
- 2:00pm – Craigslist seller asks me if I’ll give him gas money since he’s driving 45 minutes to meet me. I say no. He says okay. He cancels on me an hour later.
- 4:30pm – I call Sprint to see how much a new Samsung Epic would be for me. I nearly gag when they tell me $499 plus tax. That would be a $540 phone!
- 5:30pm – I try calling one more person on Craigslist, but he no longer has the phone.
- 5:45pm – I get frustrated and find a seller on Ebay with more than 14,000 positive reviews that is selling my exact phone for $325. With shipping and Texas taxes, the total is $378. I paid with my Discover again just to keep myself covered.
My Cell Phone Was Stolen – Timeline for April 19, 2011:
- 5:15pm – Find a note from USPS on my door saying the package requires a signature and must be picked up at the local USPS office after tomorrow morning. Let’s just say I was not happy.
My Cell Phone Was Stolen – Timeline for April 20, 2011:
- 12:15pm – My awesome husband, who was actually home sick with a monster head cold, picked up my phone for me and brought it to my job. He also took me out to lunch. I love him.
- 12:30pm – My new Samsung Epic is activated and working, woot!
- 4:45pm – I run by a Sprint store and have my contacts copied over.
- 6:00pm – I downloaded the free Total Equipment Protection App that the Sprint store clerk recommended. Now my lost or stolen phone can put out a loud ring, be located via GPS, and can be locked, shut down, and/or wiped if I can’t find it.
My Cell Phone Was Stolen – Timeline for April 22, 2011:
- 11:00am – Received an email from Discover’s insurance company stating that my claim has been approved and a $324.78 check will be on its way soon! Woot!!!
So I have a smart phone again, yay! Maybe I won’t have to spend 2 hours checking email every night now. This whole claims process was a pain, but I am tried to stay positive. Now I just need to wait patiently for that check to pop up.
How was your April ?
April 25, 2011, at 6:00 am
The following is a guest post about the true price of a new car by Derek from Life And My Finances. He has his degree in Finance and loves to help people win in life with their personal finances through stories from his own life! He’ll teach you how to get out of debt, save money, and be rich!
Have you ever gone to a dealership and sat in a brand new car? You step inside, close the driver door, and suddenly all of your anxieties and hardships from that day melt away. The dash is illuminated with light, the radio looks more like a big screen TV, the sounds from outside are hushed, and every feature that you can think of (and beyond) can quickly be performed with a single push of a button. A smile comes across your face and you get the feeling that if you owned this car, you’d be happy for the rest of your life.
You want to know the truth? Yes, this car is probably nicer than anything you’ve ever sat in, but after a few months, it’s just a stinkin car, just like all the others. The only difference is, if you decide to purchase this new vehicle, it could set you back for years financially. Is it really worth it? Well, let’s take a look and find out.
The New Car Stats
Let’s say that this new car of your dreams has a sticker price of $25,000. Like many others, you don’t have $25,000 in cash, so you put $1,000 down, and you trade in your $6,000 Jeep for $4,000 (the trade-in value is often a couple thousand dollars less than the actual value of the car). Now, you have earned the right to the keys, but there’s still $20,000 that needs to be paid over the course of 4 years at 2.9% interest (remember, car financing is negotiable).
- $25,000 new car
- $1,000 paid up front
- $4,000 for your trade-in
- $20,000 owed over the course of 4 years
The New Car – 4 Years Later…
Alright, it’s been 4 years, and you own your car completely! I would say congrats… but let’s take a look at the numbers first.
How Much Was Paid For the $25,000 New Car?
- $1,000 down-payment
- $6,000 vehicle value(unfortunately, you only received $4,000 in credit for you new car…)
- $20,000 in principle payments
- $1,206.55 in interest payments (assuming a rate of 2.9%)
- $28,206.55 – AMOUNT PAID FOR YOUR NEW CAR
But What’s Your Car Worth Now?
You might not think that $28,206.55 is that bad. I mean, your car is super sweet. However, it’s been 4 years since you bought this car, and the average vehicle value goes down 60% in the first 4 years. That means that your super-sweet car is really only worth $10,000 today. You just threw away $18,206.55….and you’ll never see that money again. How do you feel now?
Here’s What I Would Do Instead of Buying a Brand New Car
Since it seems that you enjoy a newer car rather than an antique, I’ll advise that you buy one that’s only 4 years old. At this point, it probably doesn’t have more than 50,000 miles on it, and it’s still driving like a dream!
For that new car of yours, the payments were $441.80 a month. I would advise that you simply save that $441.80 (which you have because you didn’t buy that new car) for 24 months. After 2 years, with no interest whatsoever, you’ll have saved $10,603.20!
It’s time to head out and buy that 4 year old car for cash – buy from a private party, and you might strike yourself a pretty sweet deal too!
Let’s say you spent all of your $10,603.20 on that car, but remember, you still have your Jeep (now probably valued at about $5,000 instead of $6,000). Let’s sell that car and put the money in savings.
Amount of Extra Money, Plus You Own a Fairly New Car
After two more years, you continue to save that $441.80 a month, which amounts to another $10,603.20, plus you have $5,000 from the sale of your Jeep, which means you now have $15,603.20 in savings, AND your car is probably still worth $8,000. That means you have a net worth of $23,603.20.
Do you remember what you had after paying off your new car? Only $10,000 (the value of the car).
So, because you bought a car that was slightly used rather than new, you are now $13,603.20 richer.
Did you have any idea that a new car could be so costly? Wouldn’t you rather have an extra $13,603.20 after the course of 4 years?
Crystal’s Comments: Yes and no. I hate errands and most used cars are going to have a few more issues than new cars. But, my husband bought a used car – a 1 year old Prius – in 2008 that hasn’t given us any problems at all, so I know all used cars aren’t problematic. So, from here on out, we’ll probably buy used and pay off any loan as fast as possible, but I will be having my mechanic check out the car from tip to tail to make sure it won’t give me a headache, lol. I’m also not replacing my car until my stupid Chevy Aveo gives up on me completely. Great post Derek!
April 24, 2011, at 6:00 am
Since I do plan on blogging full time by 2012 and even came up with my target number, this is the year for a HUGE push. These are the new goals to keep us on the right track!
Here are my Goals for July 4th, 2011:
Here is what we are shooting for by July 4th, 2011:
Alexa – Maintain a Ranking at or around 37,500
Visits – 60,000 total visits (I started BFS on February 20th, 2010)
Feedburner Subscribers – 500
Twitter Followers – 500
MozRank – 5.5
Today’s Update
Alexa – 31,289 (WOOT!)
Visits – 57,870 (only 2,130 to go!)
Feedburner Subscribers – 467 (33 to go)
Twitter Followers – 478 (22 to go)
MozRank – 5.05 (0.45 to go)
As always, thank you so much for being my supporters! I could not do any of this without you and I really never forget that!!!
The Saved Quarter Challenge Update
I joined The Saved Quarter Challenge this year and am aiming to save at least $21,000 by the end of 2011! That would be a tiny bit more than 25% of our GROSS pay from our two full time jobs.
Here’s how I’ve done this week for the Saved Quarter Challenge ($21,000 Goal):
I have better updates after the 13th of every month since that is when our billing periods end, so here is where we funnelled away money this past week:
- Nothing…in fact, I bought a new smart phone to replace my stolen one for $378 but used our vacation money to do it.
The $21,000 goal is hopefully going to be reached solely through 100% true savings – 401(k), Roth IRA, emergency fund/savings, home and auto maintenance account, and extra cash for investments.
Total This Week: $0
We can save what we do because we live off of a little more than my husband’s salary as a school librarian ($38,000 take home pay), which means we save most of what I make ($26,000 take home pay) and all of our hobby job incomes (reffing for Mr. BFS and blogging for me). Reffing usually brings in $2000-$3000 a year and blogging is bringing in $10,000 or more a year (we’ve already hit more than $6000 for January-March 2011).
Total to date: $11,628 guaranteed, $9372 to go.
Additonal Info
I will continue posting monthly and yearly blog statistics and income updates from here on out, so stay tuned at the beginning of every month!
In case you didn’t know, Alexa traffic rankings are determined by the numbers of hits a site gets by people with the Alexa toolbar. If you want to be part of this ranking community, you can download the Alexa toolbar here.
If you don’t already, you can follow me via RSS or Twitter by following those links.
To learn more about the Yakezie, the blogging group that has helped me in SO many ways, check out my Yakezie page! Feel free to email me if you are a Yakezie member or challenger and don’t see yourself on the list!
If you are interested in seeing how I went from an 8 million plus Alexa rank to about 50,000 in less than 8 months, you can see My Blogging Schedule, which breaks down everything I do related to blogging. If you want to see how I brought in $6000 in less than 10 months, you can check out How I Make Money Blogging.
THANK YOU ALL FOR BEING THE BEST READERS EVER!!!
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DISCLAIMER I am not a professional or a financial advisor. BFS posts are informational opinions only. Please make your own financial decisions based on personal research or see a financial advisor.
Also, there are paid links on this site. There is no obligation on your part to purchase any products advertised on this website.
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