.How the 2010’s Taught Us to Hate the Rich
.How the 2010’s Taught Us to Hate the Rich
By Matt Taylor, and Maxwell Strachan; illustrated by Hunter French Nov 26 2019,
From the gig economy to supervillains like Martin Shkreli to the college cheating scandal, this is the story of "late capitalism" coming to life.
In the past ten years, we lost hope in American politics, realized we were being watched on the internet, and finally broke the gender binary (kind of). So many of the beliefs we held to be true at the beginning of the decade have since been proven false—or at least, much more complicated than they once seemed.
The Decade of Disillusion is a series that tracks how the hell we got here.
If you squint hard enough, you could theoretically be optimistic about capitalism in America right now. Technically speaking, the U.S. economy is currently in the midst of the longest expansion in its history—a record that started when the country dragged itself out of the Great Recession and back into something resembling growth in 2009. Middle-class incomes have shown (at least fleeting) signs of life after decades of stagnation, too.
.12 Signs That The Economy Is Seriously Slowing Down As 2020 Begins
.12 Signs That The Economy Is Seriously Slowing Down As 2020 Begins
By Michael Snyder January 12, 2020
Lost in all of the headlines about Iran and impeachment is the fact that the U.S. economic slowdown which began during the latter stages of last year appears to be accelerating.
The final numbers which will tell us if we are officially in a recession at this moment won’t be released until months from now, but for millions upon millions of Americans it definitely feels like one has already started.
Yes, the stock market has been soaring, but at this point the stock market has become completely divorced from economic reality. And as you will see later in this article, stock prices are now the most overvalued that they have ever been in all of American history.
But before we get to that, let’s talk about what is happening in the real economy.
.People Who Take Precaution Seriously Are Well-Protected
.People Who Take Precaution Seriously Are Well-Protected
Notes From The Field By Simon Black
January 13, 2020 Bahia Beach, Puerto Rico
Do You Have A Backup Generator?
The news headlines read, “Deadly 6.4 Magnitude Earthquake Plunges Puerto Rico into Darkness”; and “Powerful Puerto Rico Earthquake Knocks Out Entire Island’s Power.”
It was enough to prompt my mother to call, four times, to make sure I was OK.
There’s been a string of fairly strong earthquakes lately in Puerto Rico... which is incredibly unusual for this part of the world. It’s been more than a century since the island was rocked by anything of this magnitude.
But I explained to my parents that the press had blown things out of proportion as usual. They were running video footage that made it seem as if the island had been blasted back into the Stone Age.
It’s true that there were some displaced families and property damage near the epicenter.
But most of the island was not substantially affected. None of the major news organizations bothered to show footage of busy shopping malls, crowded restaurants, and packed movie theaters teeming with consumers.
.Rich People Agree That Life Is Unfair
.Rich People Agree That Life Is Unfair
By Harry Cheadle Jan 10 2020,
They are concerned about inequality, according to a new survey, but don't ask them to pay more in taxes.
Huge numbers of Americans understand that life in their country is fundamentally unfair. Even many of those in households making more than $500,000—the literal top 1 percent of earners—think that they are unfairly privileged in areas of life ranging from college admissions to housing, and believe the richest of the rich should pay more in taxes.
But when those high earners are asked if the merely rich, i.e. them, should have to chip in more, they balk. Oh, reducing inequality and making the world nicer means that I, personally, might have less stuff? No thank you.
.5 Lessons From the 'Witch' of Wall Street
.5 Lessons From the 'Witch' of Wall Street
The best advice is often timeless.
Karen Wallace, CFP® Dec 31, 2019
Mentioned: Berkshire Hathaway Inc (BRK.B)
During the Gilded Age of the late 19th century, a woman named Hetty Green was one of the most powerful financiers in the world. She made the vast majority of her $100 million fortune ($2.3 billion in today’s dollars) herself, investing in railroad stocks and bonds, government bonds, and mining stocks. She also provided loans to cash-strapped businesses and bailed out the city of New York on several occasions.
But high society didn’t quite know what to make of Green. Despite having all the makings of a socialite--a huge fortune and a direct bloodline to the Mayflower settlers--Green preferred to dress plainly and conduct business with men. That Green preferred black, Quaker-style dress to fancy clothes wasn’t the only reason she’s best remembered by the epithet “The Witch of Wall Street,” though.
**A History of Revolution in U.S. Taxation
.A History of Revolution in U.S. Taxation
Published April 8, 2019 By Jenna Ross
As Benjamin Franklin once said, “Nothing is certain except death and taxes.”
While this quote was penned in 1789, his words still ring true today. U.S. taxation has changed over time, but it has always existed in some shape or form for over 250 years.
U.S. Taxation: 1765 to Today
In today’s infographic from New York Life Investments, we explore the history of U.S. taxation – from its colonial roots to its recent reform.
Bolsheviks Want To Shut Down Puerto Rico’s Tax Incentives
.Bolsheviks Want To Shut Down Puerto Rico’s Tax Incentives
Local Puerto Ricans invariably tell me I’m overpaying on rent, and that I could have found a cheaper place to live. I’m sure that’s true. But somehow I’m not upset about my gorgeous view over the ocean and private roof deck. Beautiful beaches are right in front of me, along with three pools, a gym, and tennis courts.
At the nearby food trucks, Esteban makes a mean margarita. A native Puerto Rican, he recently went from bartending to owning his own kiosk. Same story for the father-son team who owns the ceviche truck.
They have a ton of new business now thanks to all the foreigners who are moving in to take advantage of Puerto Rico’s incredible tax incentives.
.I Sure Am Glad That I Own Gold…
.I Sure Am Glad That I Own Gold…
Notes From The Field By Simon Black
January 6, 2020 Bahia Beach, Puerto Rico
The price of gold is up nearly $100 since Christmas, reaching around $1,575 per troy ounce as I write this letter.
This most recent price bump is due to the panic over Iran. But the gold price is up nearly 20% over the last year, so there have obviously been plenty of other factors driving the price higher before the Middle East started flaring up again.
And there will be plenty more after these tensions cool down.
Follow Your Passion Career Advice is Tragic
.Follow Your Passion Career Advice is Tragic
How to Fix It
Maximize the Value of You (Career)
At Millionaire Foundry we often challenge what we call common wisdom, which are sound bites of financial advice some often hear, accept, and then repeat as truth.
Common wisdom is not all bad and may be well-meaning, but its danger is that it can steer us in the wrong direction, often when it really counts. The results can be disastrous.
One piece of common wisdom career advice that deserves a major challenge is to always Follow Your Passion.
This advice has been repeated so often that its accepted as fact.
And like many pieces of common wisdom, it does contain some truth.
After all, it makes sense that combining work with what really professionally excites us has more potential for success than building our career around something we despise.
But this career advice can be painfully misleading because it misses the principle that we are only rewarded to the degree we leverage our skills to create value for others, and they in turn are willing to compensate us.
.What Video Games Taught Me About Finance
.What Video Games Taught Me About Finance
Action-adventure and RPG games are packed with hidden lessons about real world wealth.
It started, as many adventures have, in the town of Blackwater on the shores of Flat Iron Lake. I walked into the Gunsmith’s shop to check out his wares and saw the most provocative and expensive weapon I had ever come across—an “explosive rifle,” on sale for $10,000.
Despite the fact that there were many people depending on me, the reformed Wild West outlaw John Marston, to carry out errands for them, I became obsessed with raising the cash to buy the gun.
You may have caught on that I’m not referring to real places or people, but rather locations and characters in the 2010 Rockstar game Red Dead Redemption.
.Financial Concerns In A "Broken-Heart Syndrome"
.Financial Concerns In A "Broken-Heart Syndrome"
Valuable Estate Lessons From The Passing of George and Barbara Bush
Megan Gorman Senior Contributor Personal Finance Dec 3, 2018
I write about achieving wealth and how it intersects with our lives
The death of a longtime married couple in quick succession is often explained as “broken-heart syndrome”
When spouses pass within a short period of time of each other there may be challenges with beneficiary designations.
George H.W. Bush led an extraordinary, well-lived life during an exciting time in American history. In any discussion of his life and accomplishments, his late wife Barbara quickly comes to mind as well. Theirs is a well-documented and iconic love story. From the battlefields of Second World War to the White House and beyond, the romance and connection between them was felt by all who saw them together.