Employer quit
matching your 401k?
OK. Now you have to decide whether you will continue the
contribution rate when they did match. Stocks are a bargain so they will
compound faster over time. This is a time when it counts more that before the
virus recession because stocks are on sale—average 20% off. Your best option is
a tax-deferred IRA. You can open one anywhere but the larger fund companies
have the lowest cost—0.04%. Your individual IRA acts like a 40lk: reduce income
now. You can have the trustee
take up to $6,000 from your checking account automatically. You control the
amount and the costs as the market swings back to its growth mode. You will
automatically gain 20% and as time passes; your compound interest will
supercharge the growth. Over the next 25 years, your monthly contributions of
$250 could become $400,000.
And because you use a low-cost market fund, you
avoid giving up 63% of your total potential accumulations.
IRA cost over 401k fees: https://www.amazon.com/Robbing-You-Blind-401k-fees/dp/1493588966
Congress people
benefit from advance on virus recession
GA GOP Kelly
Loeffler said she wouldn’t do anything different despite her moves
looking like insider trading based on the virus recession of 2020. Her stock
sales show they add up to $1.8 million profit on the C-19 market fall. The
stocks sold have lost a 1/3 of their value, meaning the couple avoided taking a
big hit on them. Under Trump’s new rules, they may end up paying no
capital gains on their jackpot. Her husband Jeffrey Sprecher is a regular
gambler in the markets. Other insider-trading kingpins include Sen. Richard
Burr (R-N.C.) who claimed his winnings by selling
$1.7 million in stocks just in time, while assuring the public that the U.S. America
Use legal tax
avoidance: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO-tax/dp/1539462382
Suggestion list: What to do with your $1200
Hold on to it for essentials as the future is unknown. If you
must have cash to buy an essential down the line, you have it. Doctors,
landlords, lenders,
utilities can wait—they have reserves and access to federal lending programs we
don’t have. Many states are making evictions and shutoffs illegal. If you have
been laid off, explore your health
care options. Trump
says he will pay hospitals for C-19 care but what if you break a leg
running your part-time business or fighting to get into the grocery store. Use
some of your money to start/expand a hobby. People need something to do at home
so offer your hobby/book/toys/etc over Amazon
eBay, Craigslist, Facebook Marketplace, etc sales process. You may be allowed a
tag sale in your front yard as long as you have 6 feet lines on ground. Better
yet use Craig list. I sold an attic house fan that way once. Never take
anything on the internet for truth without verify first. I go to 3 other
sources before I click. My garden center sent me an email offer with link to
see details. I emailed them directly and they confirmed it was a scam/phishing
from theft of their email list. Explore your situation. Ask
your employer for help: vacation pay; forward sick time, etc. Ask
your vendor for a couple of months wait in writing.
Gov resources to help deal with virus recession:
Is your income down in 2020?
You are only working half the hours? Is your stimulus check
paying for essentials and that is all the income you expect this year? If you
expect to have less income this year, you can increase your take home pay by
telling your employer to reduce the fed and state amounts for withholding for
the rest of the year. Use IRS form W-4 https://www.irs.gov/pub/irs-pdf/fw4.pdf
to compute your withholding amount. Ask your employer to help you figure out
the form since it was made more complicated last year. Even if you don’t have
enough taken out this year, you will not be penalized next year since the penalty does not begin until you owe
over $1,000. You need the money more than the government since they can
print it and you can’t.
Save on financials: https://www.amazon.com/Financial-Bargain-Book-Save-3000/dp/1517264936
And you wonder why your fees are so high?
Goldman Sachs CEO David Solomon, after giving
himself a raise in 2019 to $27.5 million, decided to buy two (2) Gulfstreams
for $75 million each. A spokeswoman for Goldman said the purchase of the
planes would save it money. Right, Father Christmas! Solomon will be at the Fed
window taking the forgivable
federal loans. The program was for critical aid to small businesses, including some
advisors, who need the assistance to stay in business during the COVID-19
crisis. Treasury Secretary Steve Mnuchin told Fox Business that the loans
should be able to cover about 50% of the private workforce. Goldman could have
covered their workers but Solomon already spent the firm’s money. You could
switch your accounts to low-cost Vanguard as many others are doing: $48.5
billion--more
than four times its nearest competitor, BlackRock. Tell David NO.
Stop helping rich get richer: https://www.amazon.com/Millionaire-Mutual-Funds-Save-FEES-taxes/dp/1534939490
Do any of the virus bailout firms pay income taxes?
Boeing hasn’t paid taxes in years. They get guaranteed loans
every year from ExIm bank. Recently
they got $64 Billion from us. They got $13 Billion from state/local
subsidies on top of the federal subsidies. Our taxes are still paying off these
gifts. Other top
welfare state firms include Nike, GM, Fiat, Ford, etc. Cruise
lines don’t pay. Trump’s various businesses don’t pay. He personally deducted
almost $1 Billion in losses which were carried forward for years. Rich
people don’t pay taxes since they
claim their income is from outside America. Yet they take most of the
bailout money we will be paying off for the next 100 years. The real wealth is
held by private
equity owners and they don’t pay.
Most firms pay NO taxes: https://www.amazon.com/Most-U-S-Corporations-Pay-NO-Taxes/dp/1514274116
Most of us know we
need financial planning but …
A study shows most
of us trust ourselves—not advisors—for financial advice. We are smart
enough to realize advisors are in it for the money. They want to be rich, not right. Since advisors can’t be right
all the time about falling markets and when and where to invest, we take our
own advice. So are we all currently in a panic? Most of us are happy to have a
job. We are not gamblers. So who is causing these daily swings? So called Wall
Street gurus—money managers who earn in the $ millions from our fees, want to
richer so they must trade every minute. They try to escape a falling market so
they can ride the ‘upside.’ However, as Bogle, Buffett and other students of
success have taught, there is only investing over time and gambling. It is the
gamblers who create the volatility. Some win their bets and others lose; just as
it has been for all time.
Why file your taxes by April 15?
If you have refund, waiting gets you nothing. Could the IRS
run out of money? Could gov computers make a mistake after April 15 because
they did not get the email about extension to July 15? Is it possible there
will be big delays since all the IRS and check printers are out of the office
now in virus lockout? Just to avoid all the bad stuff, file now. Check your
state for deadline. The federal and state filing can cost you nothing at https://apps.irs.gov/app/freeFile/.
Another site has no cost or restrictions: https://www.creditkarma.com/tax. And
remember you can usually reduce income and thus tax by making a deductible
contribution to your IRA. File
now for refund: 90 day interest-free extension if you owe. https://www.irs.gov/pub/irs-drop/n-20-18.pdf
Filed already: refund status: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
**********ACCOUNTABILITY**************
Like 1776, this period
is a test
of democracy—do we really want ‘low-IQ’
Mobster?
NYC has to go to
China for ventilators: Jared says federal ones are for “our
stockpile”
Genius Mobster decided: 'There
will be a lot of death'
How Govt wastes our money: Congress spends another 3.7 Trillion we don’t have!
Congress on vacation during emergency: I’m
laid off and can’t get health insurance
Congress
could be writing law to fix
47,000 bridges about to collapse in every state.
SCAMS/SPINS:
Testing
sites may be scam: $250
for test may actually give you virus. Fake Medicaid claims. Jail?
Trump: cruise
ships unload in FL: passengers fly home without testing/isolation:
carriers?
Immunity-boosting
drugs are fake: only promoters healthier even
QB Tom Brady sells snake-oil.
TX
stayAThome except church, gun show, groceries, work, liquor, other
‘essentials’.
Twitter
shuts 20,000 propaganda accounts: Maybe using twitter isn’t such a great
idea
Trump GOP stifle
accessible Nov 3 election; no
easy voting. Dems outnumber GOP Fact
KY GOP outlaw DEMs
vote: GOP to keep McConnell—but no history of ID fraud
Diets (except Med) benefits
largely disappeared after 12 months. Lesser amounts works
Williams-Sonoma caught
for deceptive ‘made in the USA’ claims fine $1 mil no jail
Which tweets are
real: https://newslit.org/educators/sift/the-sift-conspiracy-outbreak-peril
Conservatives will
do anything to stop abortions being available. And fair elections.
Fox’s
Carlson admits: “When
journalists work with numbers, there sometimes is an agenda.” Dead
at home
Don’t
listen to the Mobster’s lawyer Barr: you
can get virus again: lawyers aren’t doctors
Jobs
Navy fires the
truth-teller: whistleblower may have saved
lives getting response quickly
Sailors
do not need to die. If we do not act now we are failing to properly take
care of our most trusted asset: our sailors
It is not
smart to call a carrier commander ‘stupid’: His life is on the line not
yours, Tom.
Funeral’s
view of the future: think about it
Lakers
asking top execs to defer 20% of pay to avert layoffs: Every firm must
follow lead
Boeing
dumps 7,000 workers in SC plant after receiving
$17 Billion from taxpayers
Apply
small biz loan: https://www.mymoneyblog.com/bank-of-america-ppp-required-documentation.html
United
Health to pay doctors/hospitals now, not normal 30 days: providers
can focus on delivering needed care,”
Who owns your account now?
RMD
from your account has been waived for 2020: no recoveries if already taken.
Insurers
resist business-interruption coverage claims: loss due to virus excluded in
some policies
Get
virus payment even if you don’t file: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
Miracle:
Blood donors may
save us: they survived C-19 and their blood may have answers
New
drug may stop virus from duplicating: tests show possible antivirus pill
Why keeping your distance
works: family
wipeouts: 15 people infected 3 die 1 carrier
Airlines
forced to refund: CEOs can afford to take cut in pay.
GEICO,
Allstate & American Family give
back premium since no one is driving.
Court
gets child abuser Cardinal out of jail: he wants ‘victim to suffer no more.’
Duh
Church
becomes hospital not virus-spreading center: pray like Jesus—alone.
DEMs
all in for Joe but Cuomo looks stronger: virtual election loses HALF DEMs
Finally the
city that never sleeps slept. https://www.newyorker.com/culture/video-dept/new-york-citys-empty-streets
IAN
41 Watchung Plaza,
B242
973.746.2014
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