3 Ways to Instill Enduring Financial Values in Your Children
.3 Ways to Instill Enduring Financial Values in Your Children
Leading by example is always a good idea, and the earlier you start, the better. These three lessons can get the whole family going in the right direction.
Passing down values related to family wealth is one of the most crucial, yet challenging, tasks for parents today. Children’s experiences with money during their formative years can shape how they save, spend and give for the rest of their lives.
What’s more, taking the right approach can ensure a family’s wealth is preserved through future generations. One recent study found that 70% of wealthy families lose control of their assets by the second generation, and 90% by the third. That’s a frightening prospect, especially when previous generations have taken so many steps to grow and maintain their wealth.
Why The Price Of Silver Could Skyrocket
.Why The Price Of Silver Could Skyrocket
Notes From The Field By Simon Black
April 13, 2020 Bahia Beach, Puerto Rico
By the mid-6th century BC, Darius the Great was ‘King of Kings’, ruling over the vast Achaemenid Empire.
By that time, gold and silver had already been in use by earlier civilizations for thousands of years.
There are cuneiform tablets that are nearly 4,000 years old from ancient Sumeria which record commercial transactions made in gold and silver.
And subsequent civilizations-- the Babylonians, Egyptians, Lydians, etc. all used gold or silver in commerce.
But Darius had a unique idea.
He borrowed the idea of minting gold and silver coins from the Lydians… but then established a fixed exchange rate between the two metals.
Darius decreed that one gold “daric” was worth 13.5 silver coins-- one of the first examples in history of a fixed, bimetallic standard.
His idea caught on. And for thousands of year afterward, later civilizations established a fixed gold/silver ratio.
How I Saved a Small Fortune and Taught My Kids to Be Independent
How I Saved a Small Fortune and Taught My Kids to Be Independent
Smart Insights From Professional Advisers
My money-saving parenting strategy boils down to saying one magic word and saying it often: NO
It’s much easier these days to spend money on material things, especially if you can afford to do so. What’s worse is the peer pressure to keep up with the Joneses or their kids. Like many of you, when my wife and I grew up, a family dinner at Ponderosa was a BIG family night out.
I fondly remember the all-you-eat buffet and especially loved the chocolate pudding. I grew up in Arlington Heights, Ill., in a middle-class family of four. We did fine financially compared to our neighbors (the houses were all so much smaller back then).
I have succumbed to the peer pressure of keeping up with the Joneses more than I like to admit. If only I still lived in the nice three-bedroom ranch we first bought in Glen Ellyn for $220,000 I would have boatloads more money today! My mortgage would have been paid off years ago. I would already be financially independent had we not moved to a bigger, more expensive home. I probably would have been able to save close to 50% of my income today had we not moved.
The Origin Of Financial Crisis
.The Origin Of Financial Crisis
The Final Wake Up Call By Peter B Meyer
Crisis Are Carefully Planned And Executed
The origin of today’s financial problems, clearly show that history has not been a random sequences of events, but rather a carefully planned, orchestrated and performed ‘design’ of land, wealth, and resource grabbing by a small number of wealthy and privileged individuals bent on world domination.
This has been performed on such a massive scale that it seems almost incomprehensible, but as the old saying goes, “The best kept secrets are the ones hidden in plain sight.”
All governments in the world except a few have been in a state of bankruptcy to the Rothschild-crime-cabal since the 1930s. These criminals have engineered economic boom and bust cycles for hundreds of years, including the crash of 1929 with the Great Depression of the 1930s, and more recent the 2007/8 crisis.
Who Is Ineligible For Coronavirus Checks
.Coronavirus Checks: Who Is Ineligible?
Many Americans Won't Get Coronavirus Checks
Here's A Look At Who Is Ineligible
NBC News Josh Lederman,NBC News•April 6, 2020
WASHINGTON — For millions of Americans awaiting coronavirus cash, help is not on the way.
Although the $2 trillion stimulus bill passed last month includes payments of up to $1,200 for everyone who makes less than the limit, many Americans will fall through the cracks. That includes most college kids, immigrants without Social Security numbers and some disabled adults.
Why so many gaps? Part of it is the urgency that faced Congress as it rushed to get money to Americans as fast as possible. There wasn't much time to fine-tune the bill to address every contingency. Lawmakers opted to base eligibility on tax returns, even though many people don't file them.
Congress also wanted to ensure that the money goes to those who really need it now. Most Americans could use some extra cash even in the best of times. But some people's livelihoods have been more directly affected by the pandemic than others.
For those who qualify, payments will start going out from the IRS in mid-April. The IRS is using 2019 tax returns to determine eligibility or 2018 returns for those who haven't filed for 2019 yet.
Wells Fargo Already Ran Out Of Money For Small Businesses
.Wells Fargo Already Ran Out Of Money For Small Businesses
Notes From The Field By Simon Black
April 7, 2020 Bahia Beach, Puerto Rico
That was fast! Wells Fargo already ran out of money for small businesses.
I think one of the funniest movies of the 1980s was Brewster’s Millions.
In the movie, Richard Pryor plays Monty Brewster, a minor league baseball player who finds out that he is in line to inherit a vast $300 million fortune.
In order to inherit the money, though, Brewster must spend $30 million over the next 30 days… and if he fails to do so, he forfeits the entire inheritance.
Part of the terms of his inheritance were that Brewster couldn’t buy assets. He couldn’t just acquire a bunch of real estate or expensive paintings. He had to spend the money, not invest it.
$30 million is a ton of money, especially in 1985 when Brewster’s Millions was released. And the movie is a hilarious account of how difficult it was for Richard Pryor’s character to spend so much money so quickly.
Amazingly enough, the US federal government is starting to realize this too.
Financial Action Plans: The Full Breakdown
.Financial Action Plans: The Full Breakdown
Financial Fitness January 24, 2020, 8:38 AM EST
Practical ideas you can start with today
When you think of doing financial planning, do you picture yourself in an office, with a professional planner on the other side of the table, and hashing out a complicated set of documents with a lot of big numbers and goals that are hard to imagine you could ever achieve?
In truth, financial planning often does involve professionals, and it often does lead to a set of documents with big numbers and a list of goals.
But it need not be this involved. It can also be quite simple, as we will see.
What is a financial action plan?
A financial action plan is a plan that directs how you will manage your money in order to make progress toward your goals.
Simply knowing what you want will not get you there: you need a real plan to make it happen.
And it should be written down, with clear goals and actionable steps that can be measured in some way. When a plan is written with concrete, measurable steps, you can gauge whether or not it has succeeded.
Another benefit is that the concrete, actionable steps take the hunches and the guesswork out of your planning.
A financial action plan answers the age old question, what do you need to do to get where you need to go
Emergency Fund: What You Need To Know To Build One
.Emergency Fund: What You Need To Know To Build One
Financial Fitness January 24, 2020
At a glance:
What is an emergency fund?
Where to keep your emergency fund
Finding money to save for an emergency fund
Summary of building an emergency fund
Practical idea you can start with today
Life throws lots of surprises at you, many of them financial: the refrigerator dies, the radiator on the car goes out, we get a surprise tax bill, or a job is terminated.
If you lack an emergency fund there are other options, including credit cards, payday loans, pawnshop loans or loans from family members or friends. Each of these options have their own problems: high interest rates, making them difficult to pay back, as well as potential conflict with people close to you.
It's at that point, when you hit a financial bottom, when you realize the importance of setting aside a certain amount of cash for unforeseen occurrences.
Doing so can buy you peace of mind while sacrificing spending for the short term.
Coronavirus Stimulus Checks Explained
.Coronavirus Stimulus Checks Explained
175 million Americans will start receiving funds 'this week or early next,' Larry Kudlow says
Denitsa Tsekova Reporter Yahoo Money April 6, 2020
An estimated 175 million Americans will get stimulus checks with the first payments going out this week or next, according to Larry Kudlow, director of the U.S. National Economic Council.
The payments, worth up to $1,200 plus additional $500 per child, are intended to help Americans financially weather job loss, reduced work hours, and other money challenges as large swaths of the country are shut down to curb the coronavirus outbreak.
"The checks from the Treasury and the IRS [will] probably start going out, I think this week, perhaps early next," Kudlow told CNBC.
Under Pressure
.Under Pressure
Adam M. Grossman | April 5, 2020
ON APRIL 14, 1988, Captain Paul Rinn was the commanding officer of the USS Samuel B. Roberts when it struck a mine in the Persian Gulf. The resulting explosion tore a 21-foot hole in the side of the frigate. Almost immediately, the ship began taking on water and multiple fires broke out.
Naval protocol for this situation was clear: Put out the fires first, then worry about patching the hull. But after just a few minutes of firefighting, Rinn realized he would need to ignore protocol or the ship would sink before the fires were out. He immediately directed the crew to begin patching the hull with any available materials, including clothing and bed sheets. Thanks to Rinn’s judgment, the ship was saved and no lives were lost.
Some 20 years later, while flying out of New York’s LaGuardia Airport, Captain Chesley Sullenberger faced a similar situation when his plane lost power in both engines.
Twelve Rules
.Twelve Rules
Phil Dawson September 19, 2018
JORDAN PETERSON, a Canadian clinical psychologist and professor at the University of Toronto, has thundered onto the cultural scene, thanks in large part to his book 12 Rules for Life: An Antidote to Chaos.
I began reading with healthy skepticism, but quickly became a fan.
Not that the doctor and I agree on all points. But the book immediately confronted my intellectual laziness in a careful but unavoidable way. On second reading, I began to think about alternate applications for his advice. With great literary license, the following contains some thoughts in that regard. All quotes are from 12 Rules for Life.
Rule 1: Stand up straight, with your shoulders back
Peterson begins his rules with lobsters, dominance hierarchies and serotonin, which he makes far more interesting and relevant than you might suspect. “Circumstances change, and so can you.
Positive feedback loops, adding effect to effect, can spiral counterproductively in a negative direction, but can also work to get you ahead.” In your financial life, this is where you stare down your financial condition, own it and take responsibility for improvement.