Avoid losing in a
Ponzi: lessons from the most revered “criminal” Ponzi
Google Bernie Madoff.
He was close to regulators, held post at NASDAQ, and had his own Wall Street firm.
“His famous Ponzi scheme destroyed the life savings of hundreds of investors
and completely fooled supposedly sophisticated money managers.” First a few (feeder)
money managers, calling themselves ‘experts’, told clients he would make them
money with little risk. Experts take a cut but give Bernie the money to
“manage.” Bernie looked legit even to other ‘experts’ who checked him out—until
one guy analyzed Bernie’s returns over time. It took time and financial
analysis which most ‘experts’ don’t do. Bernie sounded good in public
presentations. He often acted secretive about his ‘formula’ and sometimes
refused wealthy people’s money. Some early investors got their expected returns
so told every one that they got in early and made a bundle. Some were part of
affinity groups that added more legitimacy. They start out willing to listen
and then they fear missing out on the deal other members got or will get. They
write checks to the person not the trust or custodian like Vanguard. They never
check if licensed at brokercheck.finra.org/.
Most folks never asked to see his track record on investment specifics.
https://www.amazon.com/Money-Scams-2014-insurance-financial/dp/1505437962/
Is a QCD
tax-deduction right for you?
IRA owners age 70½ or over have the option to transfer up to $100,000 to
charity tax-free each year. These transfers, known as qualified charitable
distributions or QCDs, offer eligible
older Americans a great way to easily give to charity before the end of any
year. Moreover, for those who are at least 72, QCDs count toward the IRA
owner's required minimum distribution (RMD) for the year. Like other IRA
distributions, QCDs are shown on Line 4 of Form 1040 or Form
1040-SR. If part or all of an IRA distribution is a QCD, enter the total amount
of the IRA distribution on Line 4a. This is the amount shown in
Avoid taxes on all
your retirement savings: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072/
Another regulator mistake
Approval of the “Index-Linked Variable
Annuities” is another financial disaster waiting to happen. As a gift to
Wall Street and the life insurance industry, you can lose more than your shirt
to the sellers of this incredibly complex and expensive product. Most of the
sales people who sell these products don’t understand them let alone can
explain the down-sides to us. They earn high commissions up front and then
torture you with fees,
expenses and mortality charges for the rest of your life. When the brokerage
firm I worked for sold them, I had to deal with the misunderstandings and
re-interpretations in the sales pitch and contracts that incited the buyers.
Yes, there is a guaranteed interest rate (annuity) but it is usually not worth
the frustration. Also if you have an emergency and need the money, you will
need to pay 1-9% of your contract value to surrender the policy. If you like
what the sales person tells you about these vehicles, ask a fee-only CFP to review the full benefits
and costs.
You have alternatives: https://www.amazon.com/Best-Annuity-Strategy-Income-Growth/dp/1497532019/
Industry advice on
how get rich is all WRONG
Some online money
sites claim to connect you with some of the “sharpest, shrewdest investors” anywhere
for a Free second opinion. The Free ‘questionnaire’ is just lead generator for
brokers. You give name, location, and phone. You DON’T need a ‘sharp, shrewd’
investor/broker. You only need to follow Warren Buffett’s advice.
WRONG: Spend $50/mo
for home warranty instead of building an emergency fund. Fact not sales hype:
What about car, health, family, other needs?
WRONG: Repair your
credit score with credit-“building” loan firm. Through a series of installment
loans for which your loan rate is NOT divulged until you sign loan papers.
Fact not sales hype: Double, triple min payment on smaller loans first.
Score goes up.
WRONG: Invest small
amounts in “lucrative real estate holdings.” Past “average annual rate return
of 5.29% over the past five years.” Fact not sales hype: More hidden costs
take your net earnings. Stick with Buffett’s advice.
WRONG: Buy some form
of long-term care, like nursing homes or independent living facilities. No one
wants to think about going to a home one day, but you probably will. Fact
not sales hype: 4%
of Americans over 65 live in nursing homes. In addition, 2% of
Americans in this same age group live in assisted living facilities.
WRONG: Buy art
shares. Art market had a record-setting season: “over the last 26 years, art
prices have outpaced the S&P 500 by almost double.” Fact not sales hype:
IF you know what art to buy, some
people make $ millions.
WRONG: Chase down
new online banks paying 16 times more on your savings if your bank only pays
0.23%. However, make sure you can get money if you need it this week.
WRONG: Invest in
certain gold companies and they give you Free silver as bonus. Fact not
sales hype: before you do read the headlines about bits
and pieces
to make you rich.
WRONG: Use certain
online loan consolidators to find best one from many lenders. Fact not sales
hype: it is only when you are turned down for your loan that you learn the
requirements, real rate and contract signing costs. Ask many questions at local
lenders.
WRONG: Use certain
online car insurance consolidators to find “low-cost” insurers. Like most of
us, you’re probably paying too much for car insurance. But shopping around for
a better deal can be a hassle. However, these firms earn commissions from
getting you to give all your data on another questionnaire to receive a price
quote. Warning: sellers will call/email you for the rest of your life. Fact
not sales hype: Call three of the popular insurers in your area. Insurers
change their rates and target buyer groups every couple of years so you must
keep checking. I call every two years to obtain the best deal for me. And it is
cheaper to buy Umbrella liability from the same firm. Warning: sellers, not
you, save by ‘Bundling’ your coverages. Home insurers market benefits differently.
https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
?**********ACCOUNTABILITY**************?
Like 1776, this
period is a test
of democracy—We
rejected an "American
fascist" once
The
Path to Dictatorship: 2010-2030
Parallels of this era in the past
may hint at our future: democracy breaks apart legally
Billionaires
paid $881 million for votes in 2022
midterm elections
Nov 2020 Wealthy
discredit election process
Jan
6 2021 Direct
assault failed: guns
& bombs ready
Trump
engaged in a "criminal
conspiracy" to stop Biden
“I
don’t f—ing care that they have weapons”
Trump was “detached
from reality”
Trump
used mafia-style intimidation on the defenseless
Trump still terrorizing
election woman
Parscale: “a
sitting president asking for civil war.”
Trump:
“Just
say the election was corrupt and leave the rest to me”
GOP fascism: “RINO
hunt armed; no bagging limit” J6
comm threat
January
6, 2021 “A
date which will live in infamy”
Trump’s Supremes END
personal rights & state
laws except for weapons
WMDs
Fascism: GOP
to stop women leaving state for abortion
It’s
not a court. It’s a junta: Two Americas
Trump: President
Biden is 'enemy of the state'
Christian
Nationalist Party (CNP) replaces
GOP
Jan 2025 Dictator
pardons himself: his Supremes agree
How Govt wastes our money:
FDA
knew of positive test months before latest infant formula recall: delayed 3
months
Credit Suisse still
helping wealthy dodge U.S. taxes, Senate finds
This
is why we have the inflation we have: too
much money for toys not chip factories
TX
votes down emergency pricing orders to secure power in storms: cold left TX
cold
SCAMS/SPINS:
Trump indicted charges payment made his consort: failed report campaign
“expense”
Trump: threatened others ‘death & destruction’: red flag court?
Trump The Angel of heaven: “The
final battle” stop
‘Satan from deceiving nations’ Rev.20
Pence
testify grand jury investigating January 6: “he
endangered my family” I Forgive
Manhattan D.A. receives threatening
letter with white powder
Tucker: indictment ‘greater assault’ on democracy than Jan. 6 but
great for our revenues
GOP
Rage Against Criminal Charges: Law Order Prison when Dem or Hunter or
Blacks
GOP
see indictment as boon for Trump in 2024: followers open up empty wallets
Boebert: “The guns
are the most important thing”: for fun,
protection, ID, hunt
Police feared war gun in Uvalde shooting: we
are all at risk—kills in seconds
NC residents can buy
handgun without permit from local sheriff
Some states are banning
war guns to protect citizens: others want more kid killings
GREAT IDEA: “Gun fun” gun ranges with rented
assault weapons: you go; guns stay!
Grade school killings three
children dead: war gun sprays death to kids, adults fast
Why talk about “motive”: 6 more are dead!: thousands
of AR-15s sold daily Pandemic!
Poll: Patriotism,
religious faith, having children, tolerance used to define us: falling
away
FL student's 'discomfort'
causes cancellation of civil rights class: Nazis taught DeSantis
FL
Parents Say They’re Enraged and Afraid: DeSantis medical board bans med
help
TX
judge stops ACA covering Preventive Services: cancers, diabetes, and
mammograms
Deepfakes
& AI Could Destroy the 2024 Election: check where you get your info
Taking tax advice on social media can be bad
news for taxpayers
Gouging: High egg prices send profits at
largest US producer soaring more than 700%
Compromise ‘mills’promoters claim
their services are needed to settle IRS debts for less
Scammers using fake
charities to dupe taxpayers, especially following major disasters.
Scam: USPS Forever
Stamp,$17.98/100PCS. $139/1000PCS! 80% OFF
STAMPS.
John Woods GA caught
Ponzi scheme $25 million over 10 years: promised 7%
Surage Roshan Perera NY caught stealing $4
million from an investor: defrocked 7 times
Cigna Saves $Millions by Having Its Doctors
Reject Claims Without Reading Them
When Buying Car Insurance, Bigger
Isn't Better: CR top picks
50,000 Tesla Model X vehicles over front
seat belts: some don’t work
Honda recall 330,000 vehicles due to mirror
cracking issue
78% of patients disputed medical bills had charges
reduced or removed: tricks cost us
Our IQ
scores drop in four of five measures: 3D rotation (spatial reasoning)
increased
Jean Vanier living
saint hiding sect’s deviant activities from church authorities.
Putin
puts nuclear weapons at Ukraine’s door:
Putin court jails
single father of a 13-year-old who drew antiwar picture in school
Jobs
The
number of workers below $15 has halved: it’s bare existence at $2,400 a
month
Tech
Jobs Are Still Paying $120 an Hour
Best
Jobs for Self-Employed Workers
Who owns your account now?
Best
Laptops of 2023: CR best per use—pay for what you need
CA Prius drivers wait
months for new catalytic converters: stolen from over 100
Miracles:
NC GOP
helps 600,000 low-income residents get health insurance: Obama victory
Layton
Hoyer Granby MO fought
raging flood: save woman in sinking SUV: broke seal
Jeff Neil Exeter, stops
attack on plane crew and possible cabin exposure
Electric
Brooklyn building heats from deep Earth: less
CO^2
Redefine Meat offers
3D-printed
meat sales in
Instant
beer powder is here thanks to a German monastic brewery
Drug can reproduce the positive
effects that exercise typically has on our muscles, bones.
Plants
make popping sounds when thirsty or under other kinds of stress
just like us
@
Our Universe is Mind-Blowing
Light is both
a particle and a wave depending on how we look at the light.
I
don’t think that there is any such thing as a position or a velocity of a
particle.
Everything (galaxies
to stones) in universe made of subatomic
energy ‘vibrations’
A subatomic ‘particle’
is the smallest possible vibration (quantum) of a quantum field.
Mass–energy
equivalence: E=mc^2. At the smallest
level; Everything is moving
Energy into matter: scientists
converted light energy directly into matter in one step
Physics Nobel Prize:
“entanglement” 2
particles share info instantly at a distance
“It may be that gravity and quantum mechanics are
exactly the same thing,” Leonard Susskind
Gravity
might induce the collapse of quantum vibrations into 1 quantum state—our
world
There is no TIME at this
level because of force fields come and go in all directions.
Universe expanding: events
may not come together like they did before.
Inside protons,
neutrons, it
is the fields of the virtual particles that creates its mass.
Gold
made from neutron stars: collisions produce more neutrons:79 protons,118
neutrons
The proton
is so complicated science still finds new energy entities/forces every
year.
“Empty space is a
boiling, bubbling brew of virtual
particles that pop in and out of existence in a time scale so short that you
can’t even measure them.” Space expanding.
The electricity we use comes
from the field around the wire not from electron itself.
Scientists
build 'baby' wormhole as sci-fi moves closer to fact: inside quantum
computer
starts-with-a-bang/universe-expansion-not-accelerating/
@
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
973.746.2014
http://www.theinsidersguides.com/
Alerts available at http://dankeppel.blogspot.com/
