Can Congress set a limit on credit card interest rates now at 29.99%?
My bill from Sears shows Citi charging 29.99% on my card balance. Of course I use other means to pay it off in full. But can’t Congress do better than let us be held captive at 30% interest? No one would ever be able to pay it off at min payment of $29 a month. Another card interest is set at 29.74% and my statement says it would take me 15 years and cost me FOUR times the balance to pay it off. I understand that our Congress people actually let the banks set these rates instead of our “representatives.” "Citibank actually drafted the legislation.'' It is no wonder that consumer debt is again overwhelming to most middle-income folks. The average rate is 24.25% and going up. New cars at $50,000 or more will take over 84 months to pay the loan off. These rates were high even before the Fed raised rates for borrowing. We consumers will never get ahead and maybe that is the intent of our Congress people.
https://www.amazon.com/Americas-Socialism-Rich-little-people-pay/dp/1535218584
Don’t Borrow Your Own 401k Money
Most people who do never get to pay it back and then they end up with less than $100,000 for 20 years of retirement. They lose one of the best savings programs available to working people. You are giving up the Miracle of Compounding on your money so that your $100,000 could have become over 700,000 over time. Even if you do pay yourself back you have lost the time it could have grown. You will never gain back the time. Most plans don’t let you increase your annual contributions so you never get ahead. Your plan will charge you interest plus the usual fee to process the loan. If you were earning 11% on your money and now you are paying 9% as loan interest you are losing the value of the plan. If you’re younger than 59 1/2, you’ll pay a 10% penalty for an early withdrawal from your 401k. You also get hit with taxes if you don’t pay off the loan in time. Some plans have complicated rules so please examine the fine print before using a loan. Finally, question the value of using up your future income. Explore other ways to find emergency funds: a HELOC, a bank loan, selling or hocking your antiques, or even getting family and friends to pitch in.
Realize what you give up: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513
Best advice I ever got: “Don’t use a broker/advisor”
This came from my manager at my 2nd paying job—Assistant Director of a bureau of the NYC Health Department. He shared his Fidelity statement where he had his self-directed (no advisor) IRA. He kept contributing to it for over 5 years and had a balance over $200,000. He told me his account was earning over 29% a year for some time and so he didn’t need an advisor. I started investing right away. Later when the earnings of this Fidelity account returned to ‘normal’—under 10%—I moved my money to my brokerage account when I was hired as a manager there. I was assigned a broker and his advice almost cost me my previous earnings. I learned how a brokerage firm worked and soon moved my money to Vanguard after receiving my securities licenses. An account managed by an advisor can rob you of 63% of your long-term earnings. When I need advice about a financial matter, I use Vanguard’s unbiased salaried advisors. Since they don’t sell products, they have no incentive to “sell” any strategy. Later I learned that I am following Warren Buffett’s strategy and advice. Fee-only planners can help too.
https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
Graduation gift that lasts a lifetime
Show your teen the easy way to be secure: a $ million tax-FREE fund. 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 and MBA. If I had followed their advice I would have ended up with about $150,000 instead of a Wealth Reserve of $877,233 about 33 years later. I have used this 'Wealth Reserve' as I call it to have funds to buy low-cost insurance, to help buy two homes and 5 cars with higher down payments or cash, and now to receive $2,900 a month in retirement supplement. Now your child can build an account that provides tax-FREE education and retirement income too. The stock market provides 11% a year over time: double your money every 7-9 years. Only buy and hold works; timing market is for broker fees.
Time is on their side: https://www.amazon.com/Give-your-child-leg-up-manage/dp/1096505355
Investors Not Seeing
Value in Advisor Advice
A new Morningstar study
found participants rated advisors “as providing similar value to investment or
trading platforms and only slightly
above financial media.” The only high value listed was the value of
reaching investors about management risk: “advisors are personalizing the risk
experience for them in a very tangible manner.” Advisors may monitor risk and
reward to keep them in line with an investor’s goals and risk tolerance.”
However this can mean an adjustment may not be needed for years in order to
coincide with years to retirement dates and maturity. Since most investors are
not gamblers, speculators or traders, paying an advisor 1-2% of total portfolio
value every year seems like a very high cost to bear? One estimate of life-time
advisor fees is giving up “63
percent of what you would have had.”
Rely on Buffett’s
advice instead: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592
Fidelity study of
best investment strategy shows “buy and hold”
The best investment results
long-term were accounts where the owner was dead or forgot they owned the
account. "Fidelity had done a study as to which accounts had done the best
at Fidelity. And what they found was..." Ritholtz: "They were
dead." O'Shaughnessy: "...No, that's close though! They were the
accounts of people
who forgot they had an account at Fidelity." Despite countless studies
and proofs, most investors and their brokers want to “keep on top of their
money.” Our emotions are hurting us when it comes to investment decisions. Of
course, it doesn’t help that brokers and advisors only make money by “managing”
our account. Even master investor Warren
Buffett used “buy and hold” strategy to win a $ million bet from a stock
picker using 5 different strategies. His annual report stated that “We continue
to make more money when snoring than when active.” (berkshirehathaway.com/letters/1996)
Follow Buffett: https://www.amazon.com/Assets-that-grow-themselves-snoring-ebook/dp/B07BDQB7BD
Can ChatGPT Predict
How Stocks Will Perform?
Without a long-term
test, some headlines are claiming this new AI ChatGPT can predict stock
performance. The financial industry has claimed their formulas and research can
predict stock success for over a century. That is why people pay stock pickers
but few succeed. A ChatGPT study looked at headlines about companies for a year
and claimed ChatGPT could predict correctly on “daily stock
market returns, but it actually outperformed traditional sentiment analysis
methods.” In the past when every Wall Street firm started using the same
strategy, it disappeared. But unless you are a day trader with lots of cash,
you are not likely to succeed with this new claim over time. Better chance of
succeeding comes from Buffett: “... a virtually cost-free investment in an
unmanaged S&P 500 index fund – would, over time, deliver better results
than those achieved by most investment professionals...” Warren Buffett's
astonishing statement comes from his recent bet. He offered $1 million to five
of Wall Street's investment geniuses and he beat them with a low-cost stock
market index fund from Vanguard. He cites the power of compound interest as a
secret to his
great returns of over 20%.
https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373
Which kind of investor are YOU?
This is the most
important question to answer before you start giving your hard-earned cash to
some stranger. The answer and the strategy that follows from your answer will
determine whether you are successful. Why? Because your answer tells you
whether to follow the market’s ups and downs or to ignore everyday changes and
expect an exceptional outcome later. There are basically two kinds of
investors: short-term speculators and long-term co-owners of businesses.
Speculators are really gamblers who bet their money on a “sure thing” security
tip from a broker/advisor or a family/friend. Gambling is fun if you are
prepared to lose your entire bet. If you have the maturity to only bet a small
part of your total savings, then you are paying for entertainment. On the other
hand, if you are buying and holding shares in a company stock or mutual fund
that owns securities, you are participating in their successes. You are guaranteed
to do better than the speculators. Because you are not buying and selling,
you benefit from the Miracle
of Compounding. Companies’ shares grow in price AND the reinvested
dividends get multiplied. A $250 a month investment ($3,000 a year) grows to
about $1.6 million in 40 years. You
contributed $120,000 over time and succeeded with over a million dollars.
Since no broker/advisor has ever beaten a low-cost market index over time, you
want to avoid giving the bulk of your money to salespeople.
https://www.amazon.com/MasterClass-Buffetts-SIMPLE-Strategy/dp/1983485268
?**********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
Apr 9 Illustrated
Anne Frank book removed by Florida school
Apr 21 Trump: “I
am your justice”
Jan 2025 Dictator
pardons himself: his Supremes agree
How Govt wastes our money:
Deficits
mount as the rich avoid their fair share: Exxon had best-ever quarter profit
Trump
tax cuts and de-funding IRS means only
the “little people” pay taxes. $10 trillions
GOP
voted THREE times to raise deficit limit for Trump: no spending cuts; no
delays
Each
tax cut and stimulus put the deficit beyond control: each is expensive
Congress allows wealthy
to
avoid paying fair share of public services so we
pay theirs
We can’t afford to subsidize just
about every business, even foreigners
NASA
conquering Mars Jupiter projects costs more: leave “step for mankind” to private
SCAMS/SPINS:
TX man kills neighbors, child with AR-15 rifle
because they
complained of his firing noise
GA man kills
1; injures 4 at medical center: we just can’t stop killing each other
GA man2 kills
3: self at home and McDonald’s. taking others with you?
Right
to Life vs 2nd Amendment: surely the Founders did not mean it
for killing Americans!
Two pregnant women
in distress refused emergency help: state hospitals fear GOP not Feds
Recall: flour by Gen Mills 2, 5, 10 lb Gold Medal
may have salmonella.
Recall: BMW 90,000 90,000 older vehicles: air
bags might explode in a crash.
FAA
lets Boeing kill hundreds with 737 Max after knew problems
Local gov not the “deep state”
takes our property for tax
lien as small as $8.41.
Millions of Americans could soon lose their health
insurance: GOP
dream come true
Yellen
says we could run out of money June 1: What is your SS benefit date? Tax refund?
SS
benefits and Medicare bills paid even in
Scammer freezes your screen, asks for money to
unlock, you
pay, they “refund”, you send $44K
Airbnb
Hosts Deceive You: misleading vids, descriptions, check reviews, Google
pics, etc
AI audio video manipulation may overwhelm next
elections: we
have trouble tell real life
TurboTax caught
steering customers into paying tax preparation even though qualified for free
Supremes
get free trips and other perks that can’t hurt when contributors
have court case
Merrill Lynch caught
making calls to do-not-call registry and Merrill’s own do-not-call lists.
Brett Michael Bartlett 7M
eGroup Dynasty Toys Caught
$21 million Ponzi lied company success
WellsFargo Tyler Rigsbee CA caught
stealing client ID, funds, 2nd client funds: 2 years jail
Stifel’s Joseph Crespi “subjected his clients
to predatory
sales practices” for fees: fine no jail
Ways You’re Getting Ripped Off by Outrageous Junk
Fees
Brokerage
account scam: thief opens account at other broker; asks ACAT transfer all
your money
TX
banned student interaction with elected officials: stop voting DEM: no
civics: pre-fascism?
DeSantis (and other elites) can conceal travel records
from FL public: no media
access
FL election fraud
police failing to find violators: no voter fraud pattern found in states:
just BS
FL
expands death penalty reach contrary to Supreme ruling: DeSantis acts GOP
follows
FL
bans college diversity programs; prevents students using preferred
pronouns: 1st Amendment?
TX GOP to use paper shortage to overturn
election results in Houston Dem: Gov dictate results
TX to end local prosecutor so GOP
can jail anyone for any offence: state rules-pre-fascism
GOP
now decides which school plays kids can perform: no choice-Board Ed fear
state crime
Jobs
FL
may have trouble getting biz after gov push religion to control what we
talk about
A
third of nurses considering leaving after COVID-19: overwhelmed and
fatigued
Child labor hikes
profits: 14-year-olds
to serve alcohol in
McDonald’s profit
higher as 10-year olds serve till 2 am: parents out?
I am retired: I appeared
in 26 searches this week on LinkedIn: you can have them
US would have sent Seal
Team 6 not a drone firecracker if it wanted Putin dead
Who owns your account now?
Low to no-cost solutions for
getting out of debt: no loans or hidden fees: NFCC
If you realize you need more money in retirement try some of these suggestions
Miracles:
Church bought
up $3.3 million of medical
debt belonging to 3,355 local families. Wow
High school
student turned
away from senior prom for wearing a suit: gets own free
His sickle cell disease brought agony. Gene
therapy is bringing hope.
New urine test can detect cancer early
Brits
told to swear to follow Charles and his group for life: curious democracy
Lonely pet
parrots find friendship
through video chats
@
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
Strange state
of physics that allows energy
to flow frictionlessly through a material.
Bending light from
extreme gravity reveals largest black hole
so far
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: created our time.
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/
