What to do if Trump really did cancel SS funding?
At his NJ golf club, Trump promised his wealthy members: “I
plan to forgive these [postponed] taxes and make permanent cuts to the payroll
tax,” adding “I’m
going to make them all permanent.” So all his members clapped (clap signs
flashed) and will vote to end SS, Medicare, income and other taxes. Later they
learned he will also cut capital gains taxes so they will owe nothing on the
gains in their assets. However, in January Trump tweeted
“Democrats are going to destroy your Social Security.” Members of his club and
the wealthy are already avoiding most of those taxes since they are not taxed
on most of their wealth. However, most will vote to end ‘payroll’ taxes since
it sounds better than Biden’s promise to deal with the huge deficits Trump has
created with tax cuts.
Make sure your have income later: https://www.amazon.com/Forget-Social-Security-Medicare-Lifestyle-income/dp/1466394285
How can you know whether to trust your advisor?
Does every financial advisor have a basic conflict of interest?
Advisors can make money from you in many ways. Do you really know how they make
money? Are they on salary or commission or fee for service? Many advisors get
paid based on much money you have not on how much they earn for you. So if your
account went up because the market went up, you
will pay more even if they had nothing to do with it. Some advisors charge
an hourly fee like a lawyer. You pay $750 for a written financial plan that
shows you a high probability of reaching your goals. Some charge for a specific
task. You pay $500 for a re-balancing of your whole portfolio. Some
are paid a bonus if they sell certain products and not others. They receive
a year-end bonus of $5,000 for selling $500,000 of the mutual funds managed by
their firm. How do you know the product they recommend is the best for you? You
don’t know if the funds they sold you are better than an index fund until a
year after you have paid their fees. Are they working on all of these income
streams? Are you given a clear explanation of why your total balance has gone
down yet you paid $1,700 already? Trump ended the fiduciary duty
of financial professionals on February
3, 2017—one of his first acts in office. You can avoid their conflict of
interest.
Buy the best for YOU: https://www.amazon.com/Fiduciary-Rule-BEST-dont-anymore/dp/1530980275
Is a gold asset right for you?
In the wake of gold breaking above the $2,000 level,
enthusiasm for the yellow metal has reached a fever pitch. Earlier this
week, for example, MarketWatch reported
that a fund manager forecasted that gold could double to to
$4,000 an ounce. But gold
highs are not usually a good sign for real investors. The fundamental
justification for a higher gold price that is most often mentioned is
inflation. But we don’t have inflation. History tells a different story. “In
1980, some were concerned about… high inflation… From January 1980 to January
1985, the real price of gold fell 65%. People owned CDs paying 12% not
gold. Perhaps new gold ETFs are pushing the price higher. Gold has been a
speculator’s tool in the past—“I
buy because another fool will pay more when I sell.” The gambler knows it
is difficult to know when to fold.
Don’t play their game: https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584
How to stay focused on your long-term goals
With all the craziness of this time—work/no work, school/no
school, mask/no mask, bull market/unemployment, deficit spending/recession—it
is difficult to know what to do with your future income assets. Many have lost
ground with 401k matching suspensions or layoffs. Many have ignored their
portfolio since it is not clear what to do now. Many more have left their
account in Target-Date Funds. Others have joined the Wall Street frenzy to
trade ETF. The number of these index funds has exploded—over 5,000—with only
a few making money for owners. During this time it has been helpful to some
to just keep in mind Warren Buffett’s advice: “The
stock market is a device for transferring money from the impatient to the
patient.”
Wait, it gets better: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957
Is your advisor’s move to a new firm right for you?
Unfortunately, moving all your assets to their new firm is
not as simple and easy as they claim. It is the right move for them—more
control, more income, more career choice. But you are going to have to deal
with all the hassle—even your advisor doesn’t know the half of it—I was a firm
manager. You will experience new account documents, lengthy processing delays
and, frequently, significant incremental costs. Besides the paperwork and
delays, you have new costs, including ticket charges, account level fees and
annual maintenance fees for retirement accounts. If you were with a low-cost
provider like Vanguard, Fidelity or Schwab, your 0.2% costs may become 2% a
year. This
increase may rob you of 63% of your total accumulation over time. You may
lose asset compounding—the miracle of compounding. You are forced to make
complicated decisions about how trades are made, which custodians, clearing
firms, product sponsors and other institutions will be used. You will have to
sign away your right to sue if they make a mistake. The benefits of one
statement or greater compliance are marketing hype. Most firms are required to
provide top compliance now. Plus, with larger firms, you usually have more, not
less, choice of the product/service and benefits/costs balance. Some even have
salaried advisors so you obtain more unbiased advice when you need it.
Do you need an advisor? https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957
Is a ‘cash out’ refinance right for you?
Mortgage rates keep hitting historic lows. If you are
tempted to take some of your home
equity for bill payment or in anticipation of job insecurity, think hard
about all the possible outcomes first
before signing. We were in such a situation recently, and opted for the line of
credit (home
equity line of credit or HELOC) instead. We already had a lower mortgage
rate on a 15-year loan so there was no need to refi for a lower rate. We used
the equity to reduce our overall mortgage costs—less interest. We live in a
high property-tax state so we could not reduce our monthly payments much more with
a new refi. Plus we did not want to extend our mortgage payments for another 15
years. The line of credit is a way to get cash out for home remodeling and
emergency without the cost and risk of a new 1st mortgage. Interest
is deductible
for home improvements like a new kitchen. The rate is lower than many
credit cards. We did not have large credit card debt so we did not need the
cash from a ‘cash out’ refi. Our only big monthly expense is the property tax
bill and we are applying for a reduction now. We shopped around for
a no-cost HELOC. We avoided all
the closing costs of a ‘cash out’ refinance. We avoided prolonging our
mortgage payments.
Hope for the best; plan for the worst: https://www.amazon.com/Your-Hell-Fund-goes-hell/dp/1492325627
**********ACCOUNTABILITY**************
Like 1776, this period
is a test
of democracy—do we really want ‘low-IQ’
Mobster?
Philly DA: we have an “authoritarian
dictator."
Dictator on Harris: Make
America WHITE Again
Dictator’s advisors fear “he
may start a war”
Dictator eliminates
Congress: ‘benefits’
for all by exec order?
Dictator to stop
citizens from re-entering America
Dictator: “I’ve
kept us out of war” with UAE?
Dictator cuts
PO so we can’t mail-in vote
How Govt wastes our money: Congress
gives 3.7 Trillion to the wealthy!
Congress on vacation: failure
is THE option: they leave—we are stuck w/o job or money!
20
GOP senators reluctant to spend more money: spent $3 Trillion on rich:
re-election locked
“permanent
cuts to the payroll tax” Trump
handlers: he didn’t mean end Social Security tax
Trump
to give wealthy another tax break: lower taxes when they trade or sell
assets: “more jobs”?
SCAMS/SPINS:
Facebook
takes political sides: Employee fired after collecting proofs?
NRA
execs accused of stealing $ millions from dues-paying gun owners
Despite Trump, kids
are NOT immune from virus: 97,000 children positive in 2 weeks
How we are informed:
7
million lies about virus posted on Facebook: can we survive?
FL
sheriff bans use of masks by his people and in office as FL cases/deaths
zoom.
Jack Brewer sold
shares of company he consulted for knowing
the stock price would fall.
Advisors
don’t get laid off: they get paid whether they make us money or not: overcharge
Robert Jesenik Aequitas
caught
Ponzi promised returns from notes and funds
Pyramid
schemes hit struggling workers: promises of huge profits from tiny start-up
cash
Jared
huddles Kanye secretly in CO: conspire to railroad Black voters
Trump’s postmaster
is removing
mail sorting machines to slow the mails: suppress
vote
Zoom invitation may be phishing scam: hackers
using virtual com tools
Packages
you never ordered scam: get seller to take it back—they stole your info to
use
Are
alternative energy firms a scam? Get a lawyer’s read first before you sign.
Is it a scam? Check AARP scamline 877.908.3360. Check
IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams
Jobs
GA
school kids will reignite virus shut downs: quarantine high school kids at
home?
Israel
learned best way to reopen schools/jobs: protection protocols
Re-opening no masks increases
virus cases and deaths: 1,500
dead a DAY record!
IRS tax return
center: help open paper returns: check is sitting there: You
get IRS notice?
Who owns your account now?
Our regrets: 50 account/purchases
we always regret: sleep
on it before you buy
Bargains in home buying: foreclosures
are cheaper but not for the novice buyer
Divorce rate for older folks is rising: know
your rights, plan your future
Miracle:
Michelle Obama for
VP: Biden
is too weak without energetic non-political woman
Dems need a “very
very nasty” and “disrespectful”
VP to overthrow a dictator and mob.
White
religious power still favors a dictator who put children in cages; brags
about sins
40%
people with virus have no symptoms: do they have the cure? Virus never
dies?
FL
no longer requires test for restaurant workers before serve you: Virus free
w/ meal!
I
believe the president of the United States: everyone else is a liar or
traitor
Tens of thousands
acres for oil
and gas drilling was to be auctioned: we stopped Trump
IAN
41 Watchung Plaza,
B242
973.746.2014
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