MONEY Gas

$3 Gas, and Its Impact on What’s Under the Christmas Tree

This week, the national average for a gallon of regular should hit $3, a low that hasn't been reached since 2010. That means consumers will have more money to spend during the holidays, right?

Not so fast.

Yes, gas prices have been plummeting in the U.S., bringing much-welcome relief to household budgets. Average prices around the country reached a new low for 2014 recently, and then just kept on falling, hitting a low not seen since 2010. As of Monday, according to AAA, the national average stood at $3.04 per gallon after falling 32 days in a row, making prices at the pump 25¢ cheaper compared to the same time one year ago. With prices falling roughly 1¢ per day (the average was down to $3.03 on Tuesday), we’re on pace to reach the all-important psychological mark of $3 per gallon by the end of this week.

But let’s step back. Is the $3 mark—and cheaper gas prices in general—really all that important for the economy as a whole?

A GasBuddy post crunched some numbers, and found that Americans are collectively saving $110 million per day on gas compared to what we spent a year ago. The timing of decreasing gas prices would seem to bode well for retailers, which are hoping that some of that money that’s not being spent on gas will be spent instead on holiday purchases in the weeks ahead. Data from the research firm Deloitte indicates that retail holiday sales will rise 4% to 5% this year, or perhaps even higher considering that the average household could spend $260 less on gas for 2014 as a whole.

Retail analyst Mary Epner told CNBC recently that cheaper gas prices could wind up giving a boost to a few categories of retail in particular:

“A drop in gas prices should be great for Ross Stores, Walmart, and dollar stores (for consumers who must live paycheck to paycheck),” she said. “This also helps low-cost teen retailers, as most teens have a finite amount of money and they will usually opt to put gas in their cars before buying other things.”

Overall, however, cheaper gas prices shouldn’t necessarily be viewed as a holiday season savior for retail. As a recent Fortune post pointed out, gas prices had already begun their downward trajectory in September, but the month was basically a dud in terms of consumer spending. The effect of cheaper gas on holiday spending is expected to be minimal as well. At the higher end of the income spectrum, shoppers aren’t going to alter holiday spending based on gas prices shifting by 10% or even 20%. For middle- and low-income earners, stagnant wages, weak hiring, and higher costs for housing and health care are likely to far outweigh any “savings” that come via cheaper gas prices.

What’s more, as a Bloomberg News story noted, today’s shoppers have grown so accustomed to huge discounts that they’re programmed to ignore all but the most dramatic price slashings and promotions. Add in that over the past few years, drivers have seen gas prices retreat, rise, then retreat and rise again, so there’s an appropriate level of skepticism concerning the idea that we could be paying less for gas for the long haul.

Few people will head promptly to the mall and splurge because the price of a gallon of gas drops by a few pennies. Nor should they.

MONEY holiday shopping

13 Halloween Costumes for Finance Geeks

Actress Katie Seeley as a bear (left) and Sacha Baron Cohen as a bull (right)
Combine a bear costume (as worn by actress Katie Seeley, left,) and a bull suit (see Sacha Baron Cohen, right) for a punny stock market couples costume. Paul Archuleta/FilmMagic (left);Fotonoticias/WireImage (right)

Look like a million bucks—literally—with these creative costumes.

Still not sure what you’re dressing as for Halloween? Don’t despair. We’ve got a bunch of costume ideas that are right on the money. These finance-themed getups are accessible for a general audience (so you don’t have to spend your evening explaining, “No, the other kind of black swan…”), cheap, and quick to pull together.

For some tried-and-true ideas, you could go as Zombie Lehman Brothers, the London Whale, or characters from Dave Chappelle’s classic “Wu Tang Financial” sketch. Or you can try one of the more timeless 13 suggestions below. Then again, you could just dress up as prerecession government regulations and stay in for the night.

1. Money. Let’s be honest: Dressing as a giant bill or stack of bills is kind of boring. The concept is improved if your homemade costume is a reference to the “made-of-money man” in those Geico ads—or if you are an adorable baby swaddled in a sack of money. (Mom and Dad, throw on a mask and a badge, and voila! A cop-and-robber duo.)

2. A market crash. If Halloween season sneaked up on you like the October stock swoon did on traders, you can craft a “market crash” costume in five minutes by taping a fever line on a t-shirt with some masking or electrical tape. Use light-up accessories, and you’ve got a flash crash. This costume can be modified for a couple or group—just extend the fever line across your torsos—and it pairs nicely with a “broke broker.”

3. The Federal Reserve Chair. Mimic Janet Yellen’s signature white bob with a wig and her go-to outfit with a black blazer over a black dress or pant suit. Don’t forget a gold necklace. If people ask who you’re dressed as, throw fake money at them and yell, “Loose monetary policy!” To turn this into a group costume, grab yourself a Ben Bernanke and Alan Greenspan. Wear matching “chair” shirts for solidarity.

4. Bull & Bear (couples costume). Like salty-sweet snacks and Brangelina, this costume combination is greater than the sum of its parts. Relatively inexpensive store-bought costumes are easy to find, assuming you don’t want to spend hundreds of dollars, or you can always build a DIY ensemble with homemade horns and ears. Hang little signs with upward and downward trending fever lines around your necks for extra clarity. The only hard part will be deciding who gets to be which animal.

5. “Bond” girl. Personify this pun by dressing as your favorite 007 lady-friend and adding a hat, sign, or other accessory that reads “T-Bill” or features an image of a (now-technically-obsolete paper) Treasury bond. Jill Masterson’s “Goldfinger” look might be most recognizable: You can do it with gold spandex or body paint.

6. Wolf of Wall Street. See bull and bear, above. You just need a suit and tie, a wolf mask, and pockets brimming with fake money. And maybe some fake Quaaludes.

7. Cash cow. Unless your name is actually Cash (like this little guy), channel the Daily Show’s Samantha Bee and decorate a cow suit with dollar symbols.

8. A mortgage-backed security. This one might seem a little 2007, but there’s evidence these investment vehicles are coming back in vogue. Start with a shirt that says “security” in front. If you’re handy, you can then turn a small backpack into a “house” and wear that around. If not, just write “mortgage” on your back, and you’re done.

9. Gross domestic product. Just wear a “Made in America” t-shirt covered in dirt and fake blood.

10. Dogs of the Dow (group costume). Grab up to ten of your friends and dress as dogs. Wear tags with ticker symbols for each of the current Dogs of the Dow.

11. Distressed securities. Similar to #8, start with a shirt that reads “securities,” then layer on some dramatic makeup, to make yourself look, well, distressed.

12. Naked position & hedge (couples costume). This idea is pretty inside-baseball, but will be a fun challenge for your finance-savvy friends to guess at. The person dressed as the “naked position” can wear flesh-toned spandex, while his or her partner dresses like a hedge, as in shrubbery. Here are DIY instructions.

13. Spider / SPDR fund family (group costume). This one is pretty easy, since instructions for homemade spider costumes abound. You could go as a solo arachnid, with “ETF” painted across your chest, but dressing up is always more fun with friends. In a group you can each represent different funds; for example, the gold fund spider can wear a big gold chain and the ticker symbol GLD, and the high-yield bond spider can glue candy wrappers and bits of tinfoil all over himself and wear a sign that says JNK.

MONEY identity theft

4 Reasons Why You Should Shop at Stores That Got Hacked

141020_EM_CCBreachStores
Mike Blake—Reuters

Almost half of all consumers surveyed are afraid to shop at retailers like Target. They shouldn't be.

This post was updated with news about Target’s new free shipping offer.

Retailers are gearing up for the holiday shopping season, but one thing has some consumers spooked: According to a new survey by CreditCards.com, 45% of respondents say they are less likely to shop at stores that have suffered a data breach, such as Target, Home Depot, or Michaels. Almost 30% say they will “probably” avoid stores that have been hacked, and 16% claim they “definitely” will.

While it’s hard to believe that half of all shoppers will actually skip the sales at major retailers come holiday season, Target did suffer a 5.5% decline in transactions last year after its data breach.

But shoppers, you’re being silly. You don’t need to avoid stores that have been hacked. Here’s why.

1) If someone steals your credit or debit card number, you have very limited liability.

You’ve got at least one reason to thank Congress: The Fair Credit Billing Act and the Electronic Fund Transfer Act cap how much money you’ll lose if someone steals your credit or debit card. If someone steals your card number but not your actual card — which could happen during a data breach — you are not liable for any fraudulent transactions. Read: You won’t lose any money. Just be sure to report any fraudulent debit card charges within 60 days of receiving your statement.

The rules are a little different if someone steals your physical card. With credit cards, you still won’t need to pay anything if you report the loss before a thief uses the card. Otherwise, your liability is capped at $50. With debit cards, you’ll only pay up to $50 if you report the theft within two days, or up to $500 if you report the theft within 60 days of receiving your statement.

There’s another reason to prefer credit over debit. When someone makes fraudulent charges on your credit card, you can challenge the bill when you receive it. But when someone else uses your debit card, that money comes straight out of your account, so it could take a little bit longer to recover your funds.

And if you’re really afraid, just stash the plastic. CreditCards.com reports that 48% of shoppers say data breaches have made them more likely to spend cash.

2) Avoiding these stores won’t protect you from the scariest kinds of identity theft.

When someone steals your credit card number and spends your money, that’s considered “existing account fraud.” Banks and credit card companies have gotten pretty good at identifying abnormal spending patterns, so you’re likely to catch existing account fraud early, and your liability is limited.

But if someone steals your Social Security number, opens a new credit card in your name, provides a new billing address, and runs up big charges, it might take you a while to notice. That’s called “new account fraud,” and it’s a real headache.

To catch new account fraud, check your credit report three times a year. It’s not hard to do, and it’s free. Your report will show all your accounts and debts, as well as your payment history. Check to make sure all of the information is accurate and all of the accounts actually belong to you. (Go. Do it now. Did you catch a problem? Here’s what to do.) If you’re afraid that your social security number has already been stolen, you can put a free fraud alert on your credit file to let lenders know or freeze your credit so that no one else can open new accounts in your name.

But you don’t give out your Social Security number every time you swipe your credit card, don’t worry about going shopping.

3) Safer cards are on the way.

Are you sick of all these data breaches? So are businesses — after all, they’re the ones on the hook for fraud, not you. That’s why Visa and Mastercard are sending out new “chip-and-pin” cards. These cards have embedded microchips, which are more secure than magnetic stripes. If you’ve ever traveled abroad, you might remember what chip-and-pin technology looks like; Europeans have been using this system since the 1990s. While not foolproof, these cards are a great improvement. President Obama signed an executive order last week requiring that all government credit cards use chip-and-pin technology.

Practically speaking, chip-and-pin cards won’t do much more to help consumers at point-of-sale — remember, you have limited liability. But starting Oct. 1, 2015, the liability will shift to whichever business has the oldest technology. If credit card companies don’t update their cards, they will be liable for any fraud; if retailers don’t offer chip-and-pin terminals, they’ll be on the hook. So everyone has an incentive to make payment systems more secure, which is ultimately in consumers’ best interest.

4) Retailers that got hacked are working harder to win back your trust.

Guess which retailer is installing chip-and-pin technology in all of its stores and on all of its branded cards — Target!

Guess which retailer offered free credit monitoring to all its customers — Target!

Guess which retailer just started offering free shipping — Target!

Given that there have been 606 data breaches already this year, according to the Identity Theft Resource Center, you can probably expect more to come. But the retailers that have already been hacked are beefing up security and offering free identity theft protection services to consumers, so you’re probably safer there than everywhere else.

If that doesn’t put your mind at ease, here are some more steps you can take:

 

MONEY Shopping

How Opening on Thanksgiving Day Can Actually Hurt Store Sales

Eager shoppers crowd the entrance as they pour into the Macy's Herald Square flagship store, Thursday, Nov. 28, 2013, in New York
Eager shoppers crowd the entrance as they pour into the Macy's Herald Square flagship store, Thursday, Nov. 28, 2013, in New York. John Minchillo—AP

The decision announced this week by Macy's and some malls to open doors to shoppers during the dinner hours on Thanksgiving seemed inevitable. But it doesn't necessarily make sense.

Macy’s was blamed for the death of Thanksgiving when the retailer announced last year that it was opening up for shopping on the holiday—at 8 p.m. If Thanksgiving’s obituary was written in 2013 because Macy’s opened at 8 p.m., what does the retailer’s decision to open at 6 p.m. on Thanksgiving 2014 mean about how we as a culture value the holiday? Perhaps it’s the equivalent of spitting on Thanksgiving’s gravestone.

Of course, it’s not just Macy’s that’s opening on Thanksgiving, and doing so earlier and earlier each year. Entire malls in Maryland, Pennsylvania, and elsewhere have announced 6 p.m. Thanksgiving openings, and it seems like the majority of stores that aren’t opening at 6 p.m. plan on opening a mere two hours later. Surely more retailers will match Macy’s 6 p.m. start; last year Toys R Us and Walmart launched “Black Friday” sales in stores at 5 p.m. and 6 p.m., respectively. (Best Buy went with 6 p.m. too.)

Macy’s confirmed its 6 p.m. opening begrudgingly, almost apologetically, this week after a letter from company executives to employees was leaked to the media. A Macy’s spokesperson explained via statement to the (Minneapolis) Star-Tribune that the move was based on “significant, sustained customer interest,” and that last year’s Thanksgiving hours were supposedly a big hit with Macy’s workers. “We also heard last year from many associates who appreciated the opportunity to work on Thanksgiving so they could have time off on Black Friday.”

Retailers essentially gave the same explanation last year for why they were opening on Thanksgiving Day. Macy’s 2013 press release stated that its 8 p.m. Thanksgiving opening came as a “response to interest from customers who prefer to start their shopping early.” It also noted that stores would only open “after families across the country have finished their holiday meals and celebrations.” Presumably, those meals and celebrations will have to end earlier this Thanksgiving for anyone wanting to start their shopping when the doors open. Likewise, a J.C. Penney spokesperson told the Dallas Morning News last year that it was only opening on Thanksgiving (at 8 p.m.) because “our stores saw a lot of frustrated customers tap our doors wanting to shop,” the year before, when locations opened a few hours after many competitors.

Everyone Else Is Doing It

The overall message retailers are trying to send is: We’re not opening on Thanksgiving to be greedy or anything. We’re doing it simply to make our customers happy. Another way to translate the message: Don’t blame the stores for ruining Thanksgiving, blame the shoppers who want to go to the stores on a national holiday.

The reality is that these retailers are opening on Thanksgiving mainly for the same reason that kids often cite as the excuse for why they did something stupid: Everyone else is doing it. Macy’s and the rest of the mall stalwarts feel forced to open earlier and earlier on Thanksgiving because that’s what the competition is doing—and by not opening on Thanksgiving, a store is essentially conceding some chunk of sales to the competition. The battle for holiday sales and when stores should open is even more muddled by the fact that consumers can shop to their heart’s content no matter what the day, 24/7/365, because e-retail never closes.

What’s interesting is that there’s a good argument to be made that Thanksgiving store hours don’t actually boost a retailer’s overall holiday sales. Rather, sales on the holiday simply displace sales that would otherwise have been rung up on Black Friday or later in the season. After an underwhelming back-to-school period for retailers, Craig Johnson, president of the retail consulting firm Custom Growth Partners, predicted to the Wall Street Journal in late September, “With the soft sales outlook, we do anticipate a few earlier openings” on Thanksgiving. “However, there is a law of diminishing returns,” he warned, and stores that open on Thanksgiving “risk cannibalizing” sales that they would have made at another time.

The End of Black Friday?

In light of that, it shouldn’t come as a surprise that Black Friday sales flopped last year when more stores expanded or introduced Thanksgiving hours, and that some say the Black Friday phenomenon is facing extinction. After all, when stores are open at 6 p.m. or even earlier on Thanksgiving Day, the idea of getting excited by the prospect of shopping at the ungodly hour of 4 a.m. on Friday seems more absurd than ever.

Let’s also not forget that Thanksgiving store hours turn off many would-be customers. Last year, countless petitions were launched pleading with retailers to pull back on Thanksgiving hours, which critics say ruin the holiday for more than just the retail employees being forced to work.

For what’s is worth, Lehigh Valley Live recently asked readers to vote on how early stores should open on Thanksgiving. At last check, around 4% responded “as early as they can.” On the other hand, 82% voted “They shouldn’t. It’s a holiday.”

MONEY online shopping

Why Amazon Is Hiring 80,000 New Workers

To prepare for the holiday shopping surge, the online retailer is adding a record number of seasonal employees. Other big names are gearing up for the crush too.

MONEY Shopping

The Creepy New Way Macy’s Tempts You to Make Impulse Purchases

A view of a Macy's flagship store in New York.
A view of a Macy's flagship store in New York. Bebeto Matthews—AP

Macy's is outfitting stores with the ability to detect shoppers' exact locations—and then make ads and coupons magically appear on smartphones so they'll buy the merchandise in front of them.

The Shopkick app was born as a combo rewards program and location-based coupon dispenser, in which users accumulated points (or “kicks”) for doing things such as activating the app inside stores, scanning barcodes of specific items, or merely walking inside a participating retailer location. The app works with tons of national retailers, including Best Buy, Sports Authority, J.C. Penney, and Macy’s and was a hot topic in the news a couple of years ago, when Target made Shopkick available for use in all of its stores around the country.

From the get-go, retail experts anticipated a time when such technology would be fine-tuned and pushed to the next level. Instead of the app displaying basic coupons and deals the moment the customer walks through the doors, more precise location-based offers and promotions would appear based on where the shopper is standing inside the store.

During the upcoming holiday shopping season, this futuristic vision of retailer marketing will arrive in a big way at Macy’s. The Washington Post reports that over the next few weeks, Macy’s is installing 4,000 special devices inside nearly 800 stores, with the purpose of detecting the exact location of shoppers—and then sending them special tempting offers accordingly.

The devices, developed by Apple, are called iBeacons, and some people have already described them as “creepy.” Macy’s began testing how Shopkick and iBeacons would work together during the 2013 holiday season. Apparently, the retailer was happy enough with the experiment to roll out the technology to all of its U.S. stores.

How exactly will the tech play out in a real-world situation? Say you’re “in the housewares department standing next to our display of KitchenAid mixers,” Macys.com president Kent Anderson explained. “The ability to transmit to you information — a video about the quality of this product, the accessories that we have as part of our assortment that you may not see there — rich content that may, and should, help us close the sale, is where we potentially see the beacon technology going in our stores.”

Presumably, if the mixer was on sale or part of some other promotion, that information would also appear on the smartphones of those using the Shopkick app. Macy’s says that “more personalized” offers—based perhaps on one’s history of purchasing or browsing in stores and online—could pop up as soon as next spring, though that may depend on how the new program plays out during the upcoming season and how welcoming (or not) shoppers are to the retailer using even more of their personal data.

Macy’s maintains that it will proceed cautiously concerning how often specific location-based ads and promotions will be sent to shoppers in stores. Going to that well too often could prove to be, quite literally, a turn-off in that shoppers could wind up turning off the app. “There is the opportunity to overload them” with special deals, Anderson said, “and I think that the balance has to be found.”

MONEY holiday shopping

MONEY Experts Chat: Smart Holiday Shopping

Have you started your holiday shopping? If you’re like most people, the answer is “No.” Good. That means you still have time to plan your budget carefully, unearth the best deals, and keep yourself out of financial hot water.

Holidays and overspending go hand in hand. According to a recent report by the credit bureau TransUnion, the typical consumer charges nearly 40% more on credit cards in December than he or she does the other 11 months of the year. And that can lead to a debt hangover that takes months to recover from. Don’t let that happen to you.

Join MONEY magazine and personal finance website LearnVest on Thursday, Nov. 21 at 4 p.m. eastern time (1 p.m. pacific) to discuss smart holiday spending. Our experts will answer your questions about how to budget and save money during the holidays — and still get to enjoy the season.

The Experts:

  • Alexa von Tobel is the founder and CEO of LearnVest.com (@LearnVest), a leading personal finance website, and the author of the upcoming book Financially Fearless: The LearnVest Program for Taking Control of Your Money.
  • Diane Harris (@dianeharris) is the executive editor of MONEY. She frequently edits family money stories and has written extensively about holiday spending and kids.
  • Kristen Bellstrom () is a senior editor at MONEY, where she edits travel, technology, real estate, and spending stories.

The Topics:

During the hour-long discussion, our experts can weigh in on:

  1. Holiday Budgeting: How to figure out how much you can afford to spend, stick to that budget for the entire season, and avoid the credit card debt trap.
  2. Keeping a Lid on the Cost of Gifts: Tricks to find savings, the ideal times and places to shop, and the best ways to pay.
  3. Talking to Your Children: How do you set reasonable expectations for how much you’ll spend? And how do you talk to your family about keeping down the costs of gifts?
  4. Making the Season More Meaningful: What you can do to make the holidays feel less commercial.
  5. Holiday Travel Tips: Strategies to limit travel costs during this busy time.
  6. After the Holidays: What’s the etiquette on returns? Have you factored in the hidden costs?

How to Join:

  • Just hop onto Twitter on Thursday, Nov. 21 at 4pm EST/1 pm PST
  • Follow @MONEY, where we will be moderating the chat and sharing your great responses
  • Ask a question by including the hashtag #HolidayChat
  • Watch it all unfold by searching #HolidayChat on Twitter or TweetChat

We look forward to hearing from you via the #HolidayChat hashtag on Thursday!

Find MONEY on Facebook. Follow MONEY on Twitter.

MONEY

Tighten up Your Holiday Spending Budget

This time of year, you’re bombarded with the message that it’s better to give than to receive.

When the Visa bill comes in January, however, you may be wishing you were a little less generous. Last year 17% of holiday shoppers with incomes over $75,000 exceeded the budget they’d set for themselves, according to a survey by Bankrate.com.

Blame it on heightened emotional vulnerability, says psychology professor Susan Krauss Whitbourne of the University of Massachusetts at Amherst.

“There’s a lot of guilt and social comparison in holiday shopping,” she explains, adding that people often compensate by exercising their purchasing muscles. What’s more, “if you see everyone out having fun while spending, you mimic the behavior,” says Mary Gresham, a psychologist specializing in financial issues.

Want to beat your psychology and that post-holiday hangover? Simply use these strategies to get the names crossed off your list — without crossing into the red.

Before you go shopping

Make your list… Start with the maximum you want to spend — in total — this season. Then compile a list of all those you expect to buy gifts for and other stuff you plan to purchase (like food, cards, and decorations), suggests Mike Piershale, a financial planner in Crystal Lake, Ill. Divide the amount among your list.

Related: How do I set a budget I can stick to?

Beginning with the total budget anchors your shopping experience, so you’re less likely to look back with major regret.

…and check it twice. Don’t love that you’re left with $10 to spend on Aunt Dot?

Look for ways to cull your list. Call family members now and suggest drawing names for gifts or donating to a shared cause instead, says Gresham.

Do you participate in gift exchanges at work, say, or with your book club? Maybe this is the year to opt out. Or propose volunteering together or having a potluck.

Supplement with service. Rather than bust your budget, add something more valuable to the present you bought: the gift of your time and talents.

You might pledge to help your brother chop firewood, for example, or to babysit a cousin’s kid. Create a certificate detailing the service and hold your recipient to redeeming it. Chances are, whatever you do will be the most memorable part of your gift.

When you’re ready for retail

Start off right. Get a decent night’s sleep, eat a good breakfast, and hit the gym before you go shopping.

“When you’re stressed, you don’t make good spending choices,” warns Leslie Greenman, a St. Louis financial adviser.

Take a day off from work to hit the mall. Fewer crowds mean less pressure, and less chance you’ll be caught up in the buying frenzy, says James A. Roberts, author of “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can’t Buy.”

Take the long view. Run a retirement projection just before you shop. Or forecast the cost of your child’s college education.

“Anything you can do to put yourself in a long-term mentality,” says Roberts. You’ll see in plain numbers why it’s important to stick to your budget. Each time you’re tempted to splurge, force yourself to think about what you’ll give up.

By reframing the question as “‘What am I not getting?,’ you end up thinking over the decision from more perspectives,” says Scott Huettel, head of Duke University’s Center for Interdisciplinary Decision Science.

Plan two trips. Buy a $1,000 HDTV, and suddenly a $100 pair of jeans looks like a steal.

“When you start out with big decisions, your brain has a harder time discriminating with smaller decisions,” says Huettel. His solution: Buy smaller items during one shopping trip and save big purchases for another.

Hamstring yourself. You may say you’re going to spend $50 on your sister-in-law.

“But the plan isn’t binding — unless you take an action to commit yourself,” says Huettel.

The best move: Carry cash only. Leave credit cards at home so you can’t spend more than you’ve got. Or buy a gift card, which allows you to spend exactly what you’d budgeted.

Worried that’s not personal enough? Add that gift of service or bake a batch of homemade cookies.

Remember, says Gresham, “most relationships are improved by time being invested in them, not things.”

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