Is Charles Dickens Teaching Us Something About Life Today?

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had
everything before us, we had nothing before us.

— From Charles Dickens’, A Tale of Two Cities

Ben Stein on the Insurance Professional

"In particular, I’ve come to love insurance sales representatives. After many years of skepticism, and despite many warnings from consumer “experts,” I have come to believe that you can rarely have too much insurance, and that whatever insurance you don’t have is exactly what you will wind up needing. The fact that so many people in insurance sell you what’s good for you, even when smart alecks are telling you not to buy it, makes their work extremely impressive. I wish I had paid more attention to them."

Ben Stein NY Time Sunday April 26th 2009

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http://www.nytimes.com/2009/04/26/business/26every.html?_r=1

The Surprise I Received when I Attended My First Polo Match

I recently attended my first polo match. Obviously, I don't know much about polo. However, the weather was great and a good group of people attended the event.

I was pleasantly surprised when a team of Clydesdale's showed up pulling their trailer during the intermission. They entertained the children. I had never been close to these horses so I went over for a closer look. The horses are huge, strong and beautiful.

It made me think about last January's Super Bowl. My favorite ad during the game was by Budweiser featuring the Clydesdale's.

Enjoy the clip.

http://www.myheroesandlegends.com/Clydesdales.html

Are You Sure You Want to Cut that Check for Your Annual Traditional IRA Contribution this Year?

April 15th is right around the corner. Your advisor might be suggesting you make your annual IRA tax contribution to save on tax taxes.

Does making a contribution to your IRA really save on taxes?




It depends. Retirement accounts do not avoid taxes they simply postpone taxes. You will pay taxes when you start withdrawing from your account.



The facts.

• You will not know the exact amount of the taxes owed until you start withdrawing the money.


• The tax calculation is also postponed until withdrawal time.


• Your tax bracket play, at time of withdrawal, determines the amount of tax to be paid.


• The tax bracket at the time of contribution is not used at the time of withdrawal and tax calculation.

It is impossible to determine the tax savings during the contribution phase because of your unknown future tax bracket. The calculation can only be determined once the withdrawals are taken. The uncertainty of your actual tax bracket at withdrawal and the uncertainty of the future formula for calculating taxes are unknown factors. This should be an alarming concern.

You must understand the rules. Your qualified money is under government control. The government decides the rules and the way the game is played. The government also decides when you will take the withdrawals, the amount of withdrawals, and the tax bracket at withdrawal, regardless of your current financial situation. The rules may change at any time with a stroke of a pen. New rules may not be to your benefit.

Qualified Plans are tax postponed savings vehicles. You will not know if you have made wise decisions because of the unknown tax brackets at the time of withdrawal. Great investment decisions might be adversely impacted by significantly higher tax bracket. It is important to know all the rules so you can make educated decisions.

About Social Security's Future

Have you read the front page of your Annual Social Security Statement lately?



I just received my annual statement and this is what it said:


About Social Security future.....


"Social Security is a compact between generations. For decades, America has kept the promise of security for its workers and their families. Now, however, the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today's younger workers are ready for retirement.


In 2017 we will begin paying more in benefits than we collect in taxes. Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money to pay only about 78 cents for each dollar of scheduled benefits. We need to resolve these issues soon to make sure Social Security continues to provide a foundation of protection for future generations."



You might want to think through your retirement strategy if you relying on social security to provide a big source of your income especially if you are under 40 years old. Start planning now. Changes are on the horizons.



Grab your annual "Social Security Statement." and check it out for yourself. It is an eye opener.

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Tax Freedom Day Video

Tax Freedom Day is April 13th. This video was produced by the Tax Foundation. This foundation provides informative information on taxes and tax related topics.



Don't miss the opportunity to watch this video.



Check it out on our website

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How to Spot a Ponzi Scheme

Excellent article by Forbes columnist Thomas C. Scott on "How to Spot a Ponzi Scheme." A must read.

http://www.forbes.com/2009/03/06/bernie-madoff-scam-personal-finance-financial-advisor-network-ponzi-scheme.html


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Tax Freedom Day

Tax Freedom Day will arrive on April 13 this year, according to the Tax Foundation’s annual calculation using the latest government data on income and taxes. This is the earliest in the year that Tax Freedom Day has fallen since 1967.

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