Which financial advisor is best for you?

 

Which financial advisor is best for you?

Settling on an advisor or actually putting your hard-earned money in their hands is a difficult decision. A personal analogy might help you decide. My personal physician diagnosed my condition and prescribed a drug called Januvia. I went to the drugstore and found out that even with my expensive insurance, the drug would cost over $500 for 30 pills. I came home and searched the internet for an alternative that was recommended for the same condition. I confirmed with my doctor that I can try glipizide as a substitute. It worked. Glip costs only $3.19 not $523.18. Turns out many doctors get paid to make scripts for certain drugs and not the generics or low-cost alternatives. Financial advisors get paid extra for using certain ways to invest your money. As a former sales manager at financial firms, I made contracts based on these extras. We did not tell clients about Vanguard’s low-cost alternatives. If clients had done research they would have found that paying for brokerage extras over time would have robbed them of over 50% of their potential accumulations. The analogy fits: avoid paying for advisor’s ‘select portfolios’.

Pay less: keep more: https://www.amazon.com/Avoid-Scams-Brokers-Advisors-Sender/dp/1726328023

 

Lower your tax: We can continue to contribute to deductible IRAs

Previously, we were not allowed to continue making contributions to Traditional IRAs once we reached age 70½. But the SECURE Act removes this age limit, effective this year. This could be beneficial for the growing number of people who are working past age 70 since they can now continue making IRA contributions indefinitely, thus enhancing their long-term retirement financial security. They can also make non-deductible contributions to their Roth IRA which is never taxes later. On the other hand, distributions from traditional IRAs must begin when we reach 72 up from age 70 1/2. However, the new rule does not apply to those already older than 70 ½ or turned 70 ½ in 2019 (born on or before June 30, 1949). Those individuals must continue or begin taking RMDs under the old rule. The SECURE Act effectively eliminated stretch IRAs as an estate planning tool. Effective for deaths occurring after December 31, 2019, funds from inherited IRAs must now be fully withdrawn by beneficiaries within 10 years of the account owner’s death. Exceptions for spouse and disabled. See a professional. Make sure your preparer is not a scammer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional. Use your refund to build a tax-FREE retirement fund.

https://www.amazon.com/Pay-No-Taxes-Retirement-legally/dp/1507527977

 

Playing the hot stocks

One reader recently asked me about buying a stock that was being pushed by an online blog. He was referring to an advert to invest $1,000 in a company associated with the 5G telecom rollout. Citing the previous run-ups by Amazon, Apple et al, this stock picker promised the secret with a subscription to their periodical. First, this sounds like a pump and dump scheme. Second, the subscription may cost more than it is worth since there are no ‘sure things.’ Third, just because 5G is in the news does not mean that this one stock will rise in the future. Or maybe I should say, rise in the foreseeable future. Most large company stocks rise with time. This secret stock was probably not an ATT, Verizon or TMobile so we just don’t know. What is the answer: If you can afford to wager a $1,000, there is no reason not to bet this way. However, I think it is safe to say that you should not watch this ‘bet’ immediately like you would at the casino. After all, loaning your money to a company in hopes it will grow is not happening overnight. If you come back in a month or two and it has risen to YOUR price target, you should sell it. Gambling is fun as we see with those who made a fortune on GameStop. But remember, there are those who lost a fortune too.

Invest for growth long-term: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

Is using home equity for your emergency fund right for you?
Several readers have told us that they were prepared for the pandemic money shortfall by having a HELOC. Home Equity Line Of Credit is a low-interest alternative to running up a 27.49% credit card balance. The problem with a HELOC is that if the balance is not paid back, a lien may be placed against their home. On the other hand, HELOC loan amounts are never large amounts. Their bank will limit the loan to value percentage including the 1^st mortgage. Usually this is 80% so they may be able to afford $100,000 on a $700,000 home. Some loans have no closing costs with rates as low as 3.24%, depending on their credit score. Some lenders cut rates for existing customers who put their payments on automatic debit. Readers appreciate the fact that their emergency fund costs nothing and they do not have to maintain a savings balance earning less than 1%.

Prepare: https://www.amazon.com/Handling-Financial-Emergencies/dp/1537636707

 

 

Have tax forms; will file … for FREE

W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. Usually filing your state return costs as little as $15 unless you buy the Pro helpline. Avoid $300-400 paid preparer fees—new IRS forms mean higher fees. Unemployment insurance is TAXABLE on the Federal income tax return; not on some state returns. Some states do not tax your SS and pension benefits. Retirees did not have to take their RMDs in 2020 so taxes may be less: it was a good time to convert IRA to Roth IRA for tax-FREE future. Unless you were self-employed, you can’t deduct home office expenses of working from home. Some states continue the health insurance mandate and penalty unless you have an exemption. Since the IRA contribution deduction has no age limit now, you may reduce your income/taxes by making a contribution of up to $7,000. The standard deduction went up to $12,400 single; $24,800 joint. Jan 15 last day to make 2020 estimated payments. You have to report your April/May and December/January stimulus payments even though they are not taxable. Some of us receive a bank credit; some a debit card; some a check. Even if you don’t have to file, you should file so scammers can’t use your SS number to mess up your IRS file. Tested E file software ratings. Efile Jan 15; IRS processing Feb 12.

E file avoids covid at your preparers’ office: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

 

 

**********ACCOUNTABILITY**************

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" 

 

FBI quotes Terrorists: ‘shoot Pelosi ‘in the friggin’ brain'

 

‘Incitement to insurrection’ must be ‘high crime’ for impeachment

 

Two GOP parties: Marjorie Taylor Greene vs Adam Kinzinger

 

See how the impeachment trial of dictator 1649 creates democracy

 

 

Our ‘Truth and Reconciliation Commission’? 

 

 

 

How Govt wastes our money:

Vaccines sent to drug stores to stop death toll from reaching 500,000

GOP Senators against Biden’s cabinet pick illustrates Trump party leaders

2 protesting groups in FL: “But only the Black Lives Matter protesters were cited.” 

 

Catholic Church takes $3Billion PPP virus money: small businesses denied

Congress imprisoned behind fence until domestic terrorists/GOP helpers behind bars

 

SCAMS/SPINS:

Anti-vaccers are misleading us; easy way to fake messages

Vaccine scam: list of known and alleged coronavirus scams: See list

GOP passing state laws to limit/stop mail ballots so Dems can’t win in 2022.

 

Trump won some lawsuits simply by delay: legal strategies we can’t use

Instead of paying taxes on $916 million, Trump donates $10,577 ‘earned’ from foreigners

Trump right: GOP members vote illegally: his lawyer voted in GA but lives in SC

 

Domestic terrorist gets special food in jail: on diet of “shamanic belief system”

Domestic terrorist taking vacation after gov overthrow attempt failed: need better plan

Americans load up on guns maskless: against pandemic or civil war? Using new $1400?

 

GOP is a ‘very big tent’: “Everyone's invited”: terrorists, white extremists, Nazis, racists

“Loony lies and conspiracy theories are cancer for the Republican Party” but cancer OK.

 

Rep Greene recants: blames others for past lies; claims false QAnon epiphany: raises money

Trump will not defend himself or testify at trial: denies facts; denies Constitution

 

David Gentile GPB caught stealing $1.8 billion Ponzi-like fraud promised steady 8%

LuLaRoe caught taking millions in MLM pyramid scheme; fine $4.75 million; no jail

Product recalls for January: unsafe product to send back

Baby food made with arsenic, mercury other toxic metals: makers claim follow law!

 

Ford stops making F-150: workers laid off; no computer chips for ‘driver assist’ etc

 Run away Kyle Rittenhouse accused of killing two demonstrators; terrorists put up bail

 

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

 

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

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

Jobs

Wind, nursing and solar lead “fastest-growing occupations” before pandemic: BLS

LA restaurants open for outdoor pleasures: no gathering watching TV together

How has the PPP program helped small businesses keep going?

 

Who owns your account now?

Your job gets credit for your virus paid leave

Fertilized egg loses lawsuit over who will be mom.

 

Miracles:

TWO separate Americas: millions go hungry while wealthy buy more mansions

Contract virus AFTER 2 vaccine shots: no symptoms but can spread to others

55.9 million doses distributed, only 6.7 million Americans have been fully vaccinated.

No one hurt: California is falling into the ocean as predicted years ago

 

Changes in our word usage may foretell later Alzheimer’s problems: early diagnosis?

MAGA: Vegetable seeds in high demand: Make America Growers Again: the new tissues

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

Let compounding build your child’s future

 

Where to invest for the coming Year of the Vaccines?

No one knows what will happen in 2021. Every advisor in town has an opinion—either from their firm’s analysts or their favorite wholesaler—but they don’t know. So should you keep paying them a quarterly fee of 1-2%? You could lose up to 62% of your total possible nest egg that way. Or you could go with the best advice master-investor Warren Buffett offers. You could double your money in 10-12 years. Buffett’s advice is different because he doesn’t take your money. He’s different because he knows he doesn’t know. His strategy is pretty simple. First, invest in a broad market index fund like the Vanguard 500 Index. He even recommends it for retirement investing. Second, use a low-cost fund like those run by Vanguard which has no outside owner. Third, don’t try to out guess the market by trading ETFs or individual stocks or sectors. They are easy to trade but that assumes you know what will happen. You and millions of ‘professional’ traders don’t know. Get used to the uncertainty. All we really know is that the 500 stock index has outperformed other assets over time: 11% a year on average. It does better leaving your money alone. Fourth, Buffett credits compounding for his success: buy and hold. If you are new to index investing, give it a chance with only 10% of your retirement money.

Earn more by paying less. https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

 

Will you have enough retirement income?

You can afford retirement starting now. There are a few rules to follow but in time you will have enough. If you start now, using low-cost stock index funds inside a tax-FREE account, you can make it. There are easy ways to track your progress that paid advisors use that you have access to also. Over time, you can have enough saved to live well. How much can you accumulate in your investment account? Answer: $1 million at $250/mo; $3,000/yr; 35 years. Track progress here: https://investor.vanguard.com/calculator-tools/retirement-income-calculator. Don’t panic: expect your low-cost stock index fund like the Vanguard 500 Index to go up and down: a +31% and a -37%: average +11%.

Start now: https://www.amazon.com/You-Can-Afford-Retirement-FEE-FREE/dp/1517738253

 

Let compounding build your child’s future

Make sure you teach your kids how to create wealth the easy way. My parents were not investors. At my first job, I had no clue which investment option to use for my 401k contribution and company match. The HR person told me to put it into the 'safe' stable value fund. That was the worst choice at my age I learned later when I got my securities licenses. If I had followed their advice I would have ended up with $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. We have used this 'Wealth Reserve' as I call it to have funds to use low-cost high-deductible insurance, to buy two homes and 5 cars with higher down payments or cash, and now to receive $2,500 a monthly in a retirement supplement.

https://www.amazon.com/Give-your-child-leg-up-manage/dp/1096505355

 

Why is it wise to diversify?

Readers have asked about holding the stock of their company in their retirement plan. Take a moment to compare the percentage of that stock to the total of all investments. Most often anything over 10% in the stock of one company is considered risky. Unless you are a company executive you are unlikely to know when to sell to avoid a loss. Some stocks do better than others but you and your advisor just don’t know which. Buy all.  Consider that if your employer should change stock value and your account drops by 50%, would you feel like holding on thru the next 10-20 years with all that stock. If you work for a company in the S&P 500 you may feel safe but don’t assume growth will last forever. Plan ahead for a time when the value of your holdings falls—will you panic and sell then? Keep an eye on a market index fund: 2020 up 16% and over 11% long-term.

Stay diversified: https://www.amazon.com/Buffett-Bogle-Holy-Bible-Investment/dp/1523693045

 

Is an “advisor matching tool” right for you?

“SmartAsset's matching tool lets you compare and interview up to 3 financial advisors,” for free. See your 3 financial advisor matches. You will need to complete a 12 question on screen survey and then give your contact information in order to obtain “3 financial advisor matches.” You don’t actually get to “see your matches.” Now advisors have your email and you have given an info-laden lead to a broker/advisor. I happened to know the availability of local advisors and none of them offer financial planning for a set fee. This ad promises “objective advice from a local fiduciary on your budget” but there are none. Most local advisors are not fiduciaries. I researched. All but one provides ‘planning’ but it costs you an annual fee and commissions. All but one needed over $1 million in “investable assets” to start. Usually this means your account money must be moved to their firm so they can take their quarterly fees whether they make you money or not. Better to use a salaried fiduciary from one of the large online fund firms.

https://www.amazon.com/Fiduciary-Rule-BEST-dont-pay-fees-anymore/dp/1530980275

 

Save $3,000 a year for a $1 million retirement fund

We are living longer. We will need more savings for up to 30 years in retirement. Even if we work after age 67, we will eventually not be able to work. Planning for more income later requires we save more now, while we can. Compare what you spend to the US average household spending standard to see where you might save $3,000 a year. Biggest savings: $3,000 a year in money management fees/commissions. Example: $200,000 nest egg advisor fees 1.5% per year: Save $3,000 by moving to low-fee index account. $3,000 per year savings can add $350,000 to your funds in just 25 years.

Avoid nursing home later: https://www.amazon.com/Stop-wasting-000-every-year/dp/146108394X

 

Robo advisor rates high in customer satisfaction

Covid pandemic has helped reshape the retail financial services model. Robos have become popular as most services must be delivered virtually now. JD Power survey data shows young investors are satisfied with the robo advisor services model. Investors between the ages of 31 to 45 had the greatest satisfaction with their advisor. That represented 46% of traditional investors and 69% robo-investors. Traditional investors ages 46 to 75 had relatively low satisfaction ratings with their advisor, according to the Investor Insights: COVID-19 and Robo-Advice study. Even Warren Buffett, leading hands-on advisor, believes in allowing your money to grow without human interference.

Best Robo: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957

 

 

**********ACCOUNTABILITY**************

 

Like 1776, this period is a test of democracy—We rejected the "American fascist" 

 

17 states want to end our democracy: TrumpWorld

 

PA Court: “Voters, not lawyers, choose the President”

 

Supremes crowned Bush II: Scalia stopped vote counts

 

Trump’s war on virus: 300,000+ KIA

 

Celebrities get cures

 

Our ‘Truth and Reconciliation Commission’ 

 

Dictator wants to pardon his own criminal activities

 

Dictators move residence to avoid prosecutions

 

Dictator’s Last Words

 

Insanity: “doing the same thing over and over again, but expecting different results.”

 

 

How Govt wastes our money: Our Representatives gave 3.7 Trillion to the wealthy! 

$1 million in PPP loans for small businesses to survive went to Tom Brady multi-millionaire

Melania proud of her new tennis courts: Trumps play? “private space” for Mel & friends

Census: 42 million Americans live below the federal poverty line: $7.25/hr same 10 years

Most NYC firefighters won’t take vaccine we paid $ millions for. Choice or misled?

 

Trump turned down additional vaccine from Pfizer: July shipment will cost us more lives

GOP never feared spending over $1 Trillion for their tax cut: now punishing Blue states

Coup: 100 lawmakers sign Trump’s plan to illegally oust Biden as president. ’24 job set?

 

SCAMS/SPINS:

Last pandemic killed 675,000: masks guarantee fewer deaths: 2020 saw 300,000 and counting

Can domestic terrorists become force for good after their Leader moves to TV show?

Trump ends cultural exchange programs with China to isolate us; grow animosity

Jared selling F-35 fighters to Arabs (transferred to Yemen fighters) buy Ivanka new island home

 

Trump creates GOP ‘enemies list’ for revenge: political loyalty for future GOP members

Trump has his FBI and IRS go after Biden through son: old mafia strategy to force deal

Refusing to go along with Trump's lies: "get my house bombed": GOP can’t stand up

Trump: vote in GA election despite warning election is rigged: 2 recounts say NO rigging

 

Texas asks GOP Supremes to help Trump win like Bush: democracy in 6 hands Coup?

 

GOP reduces voting places so GA Dems must stand in line for runoff vote

Judge: Tromper General Flynn does not have to go to jail but still confessed criminal

Ivanka takes credit for access to food after Daddy tried to cut food vouchers to poor

Millions Americans hungry: wait in lines for hours for bag/box of basics donated by us.

 

FL uses guns drawn police to attack virus tracker in home: stole her proof of FL deniers. 

 

FBI lets its sex abuse candidates go free: you just have to be senior enough to get away

Post Office head who tried to subvert our election still not arrested: violated court order

Trump makes his Christmas ‘pardon list’: pardon "every person who ever talked to me."

 

GA GOP attacking socialist subsidies to farmers, oil/ gas, mining, Boeing, aerospace, etc

 

LendUp Loans caught loan rate over 36%; no disclosures per Military Lending Act

Scam call to verify online purchases: Don’t push 1 to be connected. Call seller directly.

NatureWise fake reviews on supplements, vitamins: free product for review illegal

 

RAB Performance Recoveries caught suing folks for debts without license: fine no jail

BounceBack caught in deceptive unlawful debt collection acts or practices fine no jail  

BancWest Investment Services caught selling higher-cost fund shares fine no jail

 

One-ring scam: scammer disconnects after one ring in order to get us to call back.

Pet scam: buy a pet online but never receive it: spike due to stay at home trend

Buy online with credit card to avoid scam of fake ads: Facebook does not verify offers

Hackers hacked the anti-hacking tools used to test client anti-hacking protections: Sue!

 

LG Chem Recalls Home Battery Systems After Reports of Fires

Nationstar Mortgage violated consumer financial laws: $73 million damages

Video messages faked to gain viewing: fake virus, fake voter fraud: check other sources

 

Scam: $1,200 from COVID-19 TREAS FUND text tricks us bank info. Real IRS info

Senior scams: popular scams and how they work so you can avoid them

Borrowing for divorce: demand in southern states at all time high: no jobs; homebound?

 

Merrill Lynch Charles Kenahan caught excessive unauthorized trading, commissions

Blue Flame charged blue state $41,000 for $5,000 ventilators: Trump gives some away

 

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

 

 

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

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

Jobs

Winning your business-interruption claims: present danger is key to convince judge

Plastic surgeons demanded to fix faces on Zoom: now we see what everyone sees: Ouch

26 million need work: fixing infrastructure for pay would help more than $600 check

 

Colleges with highest paid grads: BA gets you $70K early; $140K later

Starbucks: we don’t have enough stores so 22,000 new ones need help

 

Who owns your account now?

Folio Investing is getting out of the retail brokerage business: to Interactive Brokers.

Waddell & Reed brokerage business to LPL and its asset management unit to Macquarie

MetLife’s U.S. property/casualty business to Zurich Insurance and Farmers Exchanges

 

Senior Living Providers Focus on Resident Experience: Ratings by J.D. Power

Dental Plan Satisfaction Slightly Decreases, J.D. Power Finds

 

Partnerships and S corps owners can now avoid the SALT $10K cap if biz itemizes

Vanguard investors pay low fees and so earn more for their investments

 

So Sad: Mitchell SD ignored virus for months: now daily helicopter comes for victims

Giuliani acknowledged he got “celebrity” treatment: most expensive drugs we can’t get

 

Miracles:

While OK Gov prays for virus victims, Christian leaders insist on mask mandate now

Her dog Abby missing 3 weeks, finds her owner at Walmart job on her own miles away

"Bethany's Happy Bags for the Homeless"  6 yr old wants to help too

 

Let them eat cookies: we eat more than three cookies per day: Running out of dough

We are ‘re-born’ every 7-10 years: sort of; it’s an average of all cells but still a miracle.

Compound interest: invest $250/mo; $99K over time for $1 million later

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

Why are target-date funds so popular?

Is putting off retirement right for you?

A quarter of Baby Boomers plan to postpone their retirement. The virus pandemic has changed a lot of lives and plans. If you start Social Security benefits you cannot go back. Previously this was allowed. This makes your decision all the more important. Many will wait because they do not wish to begin taking retirement money from an IRA or pension now. Studies have shown that doing so can hurt you in later years if you have a big reduction in your nest egg immediately. If you have 30 years in retirement, you don’t want to begin with a bad 1^st year. Also, this is one of the worst times to buy an annuity since future benefits are calculated on the current very low interest rate. You could only receive $437 a month for life in return for your $100,000 if you were male age 60. On the other hand, if you had to retire due to job shut down, you could receive $896 a month for 10 years in the hope you would be better situated later. Delaying SS benefits to age 70 provides a much larger monthly income: $3,790 maximum for someone who files at age 70 compared to $2,265 maximum for someone who files at age 62. Maximum benefits require higher incomes for your final 35 years of work. The average benefit is $1,503. Also remember taxes are due on up to 85% of SS benefits if your total income is higher unless you have tax-FREE Roth IRA income.

Create tax-FREE income: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

With the virus passing 4 million, what can you do to save your nest egg?

If there's anything you should expect out of 2020, it's volatility and unpleasant surprises. Most people are checking their account more often and that is a recipe for disaster. Panic selling is what happened in 2007-8. The stock market fell 37%. Some investors think they can avoid the market drop by selling. But your advisor doesn’t know when the market will come back as in 2009-10 with 27% and 15% growth. We can’t control the virus or the market so we must focus on our nest egg end time. A stock market index fund is the only asset class that has proven 11% returns over time. Wealthy investors in hedge funds etc have a really bad record of losses. They can afford to take a chance on alternative assets; we can’t. Warren Buffett, one of the most successful investors, says holding a low-cost stock index fund so we take advantage of compounding earnings is the best way to protect our nest egg, rain or shine. Costs are all we can control.

https://www.amazon.com/MasterClass-Buffetts-SIMPLE-Strategy/dp/1983485268

Is buying the ‘hot’ fund now right for you?

Advisors and young investors try to pick the ETF funds that are rising or will rise during the current conditions. They want to ride the wave to the top. Problem is: momentum trading does not work. Over time, picking the hot security usually results in disappointment. Why? No trend lasts for long. With index funds of all types, the past trends have been changed—watered down. Be wary: past performance is no guarantee of the future; only the hype. The owners of Wall Street firms are great at the hype. What else do they have? They don’t have a predictable product nor a person who has golden hands nor a crystal ball nor a way to control the underlying factors nor a magic wand. All they have to make the sale to you is the B.S., the “story” as my firm’s FCs used to call it.

Ride the market: https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373

Why are target-date funds so popular?

Short answer: they use the three best investment strategies available to working people. First, they are usually low cost. This means that over time, you don’t give up over 60% of  your earnings to sellers. Second, they use compounding—the miracle of compounding—earning money on money by itself. Third, they usually hold index funds which can provide 11% earnings from many profitable companies—you are diversified. The added bonus is that as you get closer to retirement, your assets and contributions become less volatile—from 90% stock to 30% stock balance. Unless you are wealthy enough to loose 1/3 of your wealth in a derivative or leveraged hedge fund, this one fund decision is all you need to be a successful investor. It just takes time. Warren Buffett recommends it.

https://www.amazon.com/Millionaire-Mutual-Funds-Save-taxes/dp/1534939490

Perfect time to convert part of your IRA to a Roth IRA

If your income and thus taxes will be lower during this pandemic, converting taxable future income to tax-FREE future income may make sense now. If you are over age 59 ½, you can take out IRA money with no penalty—just extra taxes—at lower rates than future years. If your income and tax burden allow it, taking any amount--$10,000, $20,000 even $30,000 from your future retirement account is a smart move now since all the earnings in the future will be tax-FREE. Even if you are in retirement now when you do NOT have to take your 2020 RMD—forced IRA distributions—your tax liability will be less this year so you can afford to take and pay tax on a chunk of your IRA. Because the stock market is still positive, you can convert your stock IRA money to future positive income with no tax in the future. Many advisors see higher taxes in the future (to pay for the Trump tax cuts to the wealthy and virus expenses). You benefit two ways: take advantage of lower current taxes and avoid paying the increase later. You will pay less tax later as you take out smaller traditional IRA distributions AND your future taxable income will be less. Roth IRA balances can accumulate for your whole life without distributions or tax payments. You may be able to avoid income tax on your Social Security benefits too.

https://www.amazon.com/How-Retire-Tax-FREE-Income-increases/dp/1484156951

How the super wealthy—$100 billion—avoid income tax

Zuckerberg’s net worth just passed $100 billion. Can you write $1,000,000,000 one hundred times? He joins Jeff Bezos and Bill Gates in the clouds. Zuckerberg’s net worth is largely derived from his 13% stake in Facebook. Since these guys and other uber gelt holders do not have to take a salary, they have no taxable income. Think of that! Like the old Robber Baron times, they can sit in their home offices and clip coupons/dividends. Yes it is possible to pay no taxes. Our president claimed that he pays no income taxes too. However, we know he owes a lot so that may be how the wealthy buy things—they live on loans. So Zuck, Jeff, Bill and Don can just text their bank and get a loan every year to pay for maintaining their lifestyles. You don’t pay income taxes on a loan. They also don’t pay for the public services they use—airports, roads, courts, army navy air force. We pay for those on their behalf. Because their companies pay for most of their ‘overhead’ private planes, health insurance, gym, body guards, meals, etc, they don’t need to pay much “out-of-pocket” expense either. We pay for that when we buy stuff.

What a life: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO-taxes/dp/1539462382

**********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: Supremes picked to delay/overturn election like Hong Kong

Dictator: no press at GOP meeting

How Govt wastes our money: Congress gives 3.7 Trillion to the wealthy! 

Trump’s DHS secret police compile secret files on journalists, reporters like Russian KGB

Supremes let Trump take money needed by military to build his WALL: contractor win $millions

Census not counting all as per Constitution: est. 37% not counted, Dems lose Congress seats?

Congress takes vacation all August while we wait for help with virus keeping us from working

$419 millions relief money went to subsidiaries of foreign firms: Trump’s PPP watchdog fired

Trump’s promised health care plan is dead: millions lose employer coverage in July

Trump tax reform benefits wealthy who hold foreign assets over US assets: we pay their taxes.

Eviction, loss of relief $600, job not re-open, virus threat, school?: government fails many.

Testing slows as deaths rise in hard hit states: will schools test every child before spread?

How the “swamp” works under Trump: DHS head gives contracts to his former lobbying clients

SCAMS/SPINS:

Trump’s new voter suppression strategy: delay mail-in ballots so invalid, not counted

Virus is making medical firms wealthy: $175 test? Plus add-ons $2,479. Medicare for all!

HALF kids at GA camp infected, most positive virus tests were 6 - 10 year olds. School?

TX does not count positive virus tests: rapid-result tests ignored: Thousands spread virus

Trump voters believe Trump handled virus pandemic ‘well’: 160,000+ dead so far!

Trumpers threaten Fauci, his family because he gives respected scientific info not B.S.

One man not sick infects 91 +: it is called pandemic for a reason: symptoms in 10 days

Trump in cognitive dissonance: changes to favor mail-in ballots: last week--against it!

Trump: Biden opposes God, Bible, religion, guns, energy, rights, everything American?

Will US election be decided by foreign influence? Adverts, fake news, bribes, hackers?

Kanye West schill for Trump to get votes from Biden: GOP paying to help West in CO.

Consumer defense agency became consumer exploitation agency: loan interest to 500%

Consumer products shrink so we get less for same price: they think we don’t notice

Brian Scroggs, VCS, Transfer Group, Real Travel failed timeshare relief: kept payments

Netflix phishing scam: steal credit card info by tricking you into updating your account.

Gov agency scam: caller ID, agent number, military romance ask for money to get grant

Victor Lee Farias Integrity Aviation stole $14 million Ponzi engine parts leasing scam

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

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Jobs

Materials Handler US Treasury Philadelphia, PA $22.10 an hour https://www.indeed.com

Immigrants constitute 40 percent of home-buyers and help create new jobs.

Who owns your account now?

Check your Social Security statement for correct earnings: it determines your later benefits

Best Cars for Teens Under $20,000: CR picks safe, reliable used cars and SUVs insurable.

Best appliance brands: CR Appliance Brand Reliability Rankings: no “get what you pay for”

States Pull Back On Pension Payments: state budgets don’t allow pension build up now

Miracle:

White cop not charged in Michael Brown’s killing: shot 6 times but “no proof”?

Wisconsin governor orders masks statewide amid virus surge despite GOP objections

Billionaire pays off student loans: continues family tradition of giving

Flu, pneumonia vaccines could lower risk for Alzheimer’s 

Missouri approves Medicaid for ½ million despite 10 years GOP votes against it

Virus tests (quick version) are NOT accurate: OH gov negative then pos then neg.

No-Mask school halls: perfect infection atmosphere: almost like gov wants sickness

Germany doesn’t need us to stop Russia: We did not stop Russia in Crimea/Ukraine

IAN

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