Friday, June 10, 2016
Trump--Welfare King congress' loopholes made
Welfare King’s Victory Fund members let
pay their taxes too
A vice chair of the Trump Victory fundraising committee didn't pay a dime in state income tax from 2012 through 2014. Like Trump, billionaire Diane Hendricks, has a history of paying nothing. Trump claimed he had negative income in 1978 and 1979. How do you get "negative" income? You deduct ALL your expenses from running many casinos into debt. Trump has echoed former head of the Helmsley hotel, “only the little people pay taxes.” Trump tax returns for recent years have not been released. It is difficult to determine how much he paid in the years of his three bankruptcies.
Create tax-FREE income—avoid paying their taxes.
Use your own tax shelter—your broker/advisor is retiring with his/her
Working people have their own tax shelter—the Roth IRA. The IRS § 408A is available from any large financial institution. You can contribute $5,500 a year to buy stocks, bonds, ETFs etc and let the assets grow tax-FREE. You can take money out FREE (contributions are FREE before 59.5 years; earnings are FREE after 59.5 years). You pay a little tax now (15% on $3,000 deposit) but NO TAX later (0% on $1 million). You deposit $99,000 total over 30 years and spend ALL $1,000,000 later. Even when they cut pensions and Social Security, you will have your million FREE of fed and state tax.
Best investing strategy: Do Nothing—let compounding do the work
Fidelity study of which accounts did best: people who forgot their 401k and people who died. Best investment outcome for stocks long-term is to let the money work for you by compounding. Compound $9 a day to $900,000 in time. It can’t compound if you trade. Buffett: own the best businesses in the world over time. It makes you wealthy. Traders only do well when they can move huge amounts of capital a short distance quickly. Most of us with brokers/advisors earn just 3.79% vs the market of 11% because we are afraid of loss or get greedy. Unless you know the next Amazon ($5,000 invested in Amazon ‘97 worth $1 million today), this is best deal. No timing, trading, charts, or broker/advisor.
Millennials don’t understand diversification, risk, long-term
18-35 year olds are saving but don’t think about the “not all your eggs in one basket” problem. Survey says 49% reported having an “aggressive” risk tolerance and yet 65% said market swings make them uncomfortable. 72% said that a portfolio was adequately diversified as long as it includes a broad range of stocks. “These folks think a long-term holding is five years” according to Bill Finnegan, AMG Funds. Perhaps young people have not gone through the depressions and recessions to learn.
What can you do when your 401k offers only high-cost options?
Employers are being sued for breaches of fiduciary duties such as offering only high-fee investment options in a plan. Employees are not taking poor outcomes anymore. It may take time to wade through the legal process as more plans erect barriers to complaints but your pension is at stake. Companies can set up whatever plan they want under ERISA. Often they put unfair costs on employees. Employers have time and money on their side so it may be easier and more beneficial to just move your 401k to a self-directed IRA.
More seniors working past 70
Some 23% of Americans with jobs said they planned on being septuagenarian employees, up from 16% in 2009, according to WTW. However, most do it from need. Employees who expected to work longer were "less healthy, more stressed and more likely to feel stuck in their jobs than those who expect to retire earlier." 40% of those planning to work into their 70s feel stuck in their jobs. Employees are more pessimistic about whether their generation will be "much worse off in retirement" compared with their parents' generation. Old age labor force participation over the past five years has increased in
Canada, and South
Korea, jumping to 42%.
Invest $9 a day with the best Investment Attitude to retire earlier: http://www.amazon.com/Investment-Attitude-biases-that-being/dp/1533424519
Do you need estate planning?
Estate tax starts at $5.43 million in assets each spouse. There are tons of ways to avoid paying. If you have that kind of problem there are many lawyers who can fix it. Few if any family farm has been lost to estate taxes as the GOP claims. A little planning goes a long way for anyone with illiquid assets. For those who don’t plan, I vote we keep these taxes to offset the taxes they probably evaded before passing. You many not need the expense of a trust or life insurance (to pay the tax). You can leave your money NOW as gifts to the kids and grandkids each year. You can make it tax-FREE forever for them. You can pay for their educations. You can leave property, money or unused annuity to a not for profit. Make your own foundation to keep giving to your favorite cause.
Do you really need mobile apps for your wealth portfolio?
Every wealth management firm in town is now trying to impress their high net worth clients by giving them access to their accounts by smartphone. But do wealthy people really need to use an app if they have a good advisor? Do you really need to track your wealth while you drive? Do you execute trades all day and night from home, office or the road? Why bother paying a broker if you are going to monitor or trade yourself by smart phone? RoboAdvisors offer those who can’t afford an advisor the feeling of having an advisor. 80% of “personal” portfolios are the same mix of assets. Do want personal advice or just someone to hold your hand when you lose. Managing assets is NOT like balancing your checkbook online. If your strategy is long-term capital preservation, checking your asset accounts more than once a year can lead to market timing and underperformance. As Buffett says, “only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.” The average brokered account earned just 3.69% due to fees, timing, taxes and impulse buying.
to dictatorship and state religion
McCain, Ryan, McConnell, Rubio have all sold their souls to the dark side of politics.
TX county sheriff’s cars with Christian symbols: state sanctioned it. Ryan says Don’s statement is racist but backs him. GOP leadership bows to Don’s popularity just as Hindenburg’s officials gave legitimacy to Hitler.
What does Trump’s National Socialism stand for?
Reinstate older white male value system: Make ‘WASP” America Great Again
Reinstate Christmas and Christian observance in schools, home, court, etc
Put up a wall, end trade, bring back repetitive “robotic” jobs back from low wage areas.
Increase subsidies to oil gas, corp farmers, Boeing, big business
Cut federal spending on health especially when control women clinics
Don will cut Medicare and SS benefits “if tax cuts don’t make big surpluses”
Cancel immigration for all from non-EU countries. Deport them
Increase debt and devalue debt. Let
pay for the Wall
Create tariffs on imports so we pay $6,000 more for stuff we buy. Middle class tax.
Trade pacts are no good for us and no good for our workers.
Abolish IRS, EPA, Education, Dodd-Frank financial protections
National right to buy and carry any firearms anywhere anytime by anyone age 2 and up.
Install state gov that cuts Medicaid, education, federal support payments, infrastructure.
“Lust for executive power”—GOP House leader thinks Don wants to just snap fingers.
“I could stand in Fifth Avenue and shoot somebody and I wouldn’t lose any voters.”
“The only thing necessary for the triumph of evil is for good men to do nothing.” E Burke
Don: I may have exaggerated Hill’s views on guns. I don’t really study too much.
My one “African-Am supporter” was at Bernie Sanders rally the night before.
No 2 man Christie silent on my judge problem—named Muslim judge in Passaic.
I used to be for climate change controls, abortion, etc but …deal I couldn’t refuse.
I refuse to pay bills when I don’t like the work or it took too long or whatever.
Hill: I want
supporters so ask Liz or Bern VP? or go long with Kasick for VP?
What is the point of an endorsement? I don’t think we’ve had a clearer choice.
Don’s agenda is not
I may not have worked as hard as Bernie but I DESERVE to be prez.
Paul: ‘This is one of my big concerns:’ Don’s “lust for executive power.” He’s OK now?
Don’s statement “is definition of a racist” but GOP has to go to dark side now.
He said he could kill people on
and not lose support—He’s right! Scary
Regulators are the only protection we have since we can’t sue anymore
“It is nearly impossible for one individual to take on a corporation with vast resources.” (GOP bill requires impossible: every person in class action suffer “same type and scope of injury”)
Supremes stop us from suing—State courts no longer available to sue corporations!
.Karen Bruton Hope Advisors caught “scheming to collect extra fees” from wealthy
.Intercept Corp, Bryan Smith, Craig Dresser caught with illegal account withdrawals.
.Oppenheimer caught selling risky funds to risk-averse customers again
.MorganStanley caught leaving door open--security lapse on customer data
.VW supervisors moved to destroy evidence of diesel cheating in 2015. Clearly knew
.Admiral caught taking kickbacks and sex from vendors of ship supplies
.2nd Amend: “regulated militia” gun—the long rifle—not hidden gangsta gun.
We need regulation—GOP wrong—companies/cities wouldn’t fix bad products on own
Ignoramus Award: Our Fed approved 4 cyber thieve requests to send $81 million from a Bangladesh Bank account to them even after the thieves’ initial request had been denied.
MorganStanley, a traditional broker will sell ETFs--INDEX funds but at what price?
7 cars people regret buying—Chevy, BMW, Buick, Nissan, etc
20 more to avoid at all cost: Caddy, 500, Fiesta, all unreliable in extreme!
Cell phone kills 2 men on road and gets only misdemeanor charge.
How our government wastes our money
Zika protection funding denied by Congress so more babies born need costly treatments. House GOP bill for HALF & exempt pesticide manufacturers from the Clean Water Act. Nothing for FL PR now!
Scientists on grant say archerfish can distinguish human faces
$1.6 Billion to Iraq army and still can’t protect their home.
Who owns your account now?
41 Watchung Plaza, B242