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 Personal Money Planning'se-Newsletter for November 28, 2009 (to look at past issues, click here) |
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Witty One-Liners
(part 1)
From one of those e-mails that bounce around a while.
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1. I think part of a best friend's job should be to immediately clear your computer history if you die.
2. Nothing sucks more than that moment during an argument when you realize you're wrong.
3. I totally take back all those times I didn't want to nap when I was younger.
4. There is great need for a sarcasm font.
5. How the hell are you supposed to fold a fitted sheet?
6. Was learning cursive really necessary?
7. Map Quest really needs to start their directions on #5. I'm pretty sure I know how to get out of my neighborhood.
8. Obituaries would be a lot more interesting if they told you how the person died.
9. I can't remember the last time I wasn't at least kind of tired.
10. Bad decisions make good stories. |
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Disclosure |
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This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
Information in this newsletter is believed to provide accurate and authoritative information in regards to the subject matter covered. However, the accuracy, timeliness, or applicability of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or other professional advice or services.
This publication should not be construed by any consumer and/or prospective client as Personal Money Planning's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Nor should links provided to other sites be construed as the recommendation of the services or products mentioned on those sites. If such services are required, the help of a competent professional should be sought.
Remember that past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment, investment strategy, or product made reference to (directly or indirectly) on this Website will be profitable or equal to indicated performance levels. Different types of investment involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for your investment portfolio.
Historical performance results for investment indexes and categories generally do not reflect the deduction of transaction or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.
A copy of Personal Money Planning's current written disclosure statement discussing Personal Money Planning's business operations, services, and fees (known as an ADV Part II) is available from Personal Money Planning upon written request (and can be downloaded from our web site).
Personal Money Planning does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Personal Money Planning's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
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Last newsletter I announced that we'd be running a seminar in December. That's still happening. But somehow I forgot to mention another course that's coming up. Read about both of them in the next two sections. If you live anywhere around Wichita Falls, one or the other would be good to attend.
56.5
By the end of this month (which isn't all that far away), I am required to have submitted at least 32 hours of continuing education to the Certified Financial Planner Board of Standards in order to keep my license to remain a CFP licensee. Fortunately I seem to have slipped in just under the wire with 56.5 hours reported. I'm just to lazy to report them all.
Gotta keep learning!
Gary
Gary Silverman, CFP |
| seminar announcement |
IRAs, Roth Conversions, and some End-of-year Tax Tips |
December 10, 5:30 - 7:00 p.m.
On Thursday, December 10, I'm going to give a presentation on IRAs and Roth Conversions. This will parallel the articles I am currently running in the newspaper and deal with the question of whether or not you should convert your Traditional IRA to a Roth IRA.
In addition, Kathy Kabell will be speaking about taxes. Most of the things you need to do in order to save taxes come April 15 have to be done before the end of the year. Come and listen to Kathy extol on what you can do to be tax savvy.
So, if you 1) have or are considering an IRA, or 2) want to know about converting your traditional IRA to a Roth IRA, or 3) don't want to pay a dime more in taxes than you need to, you need to come to this seminar.
Even better, it's free!
The seminar will run from 5:30 to 7:00 at the Homewood Suites in Wichita Falls. That's the hotel next to Vernon College by the lake.
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| course announcement |
Dave Ramsey's
Financial Peace University |
Preview on December 9 - Starts January 13
Dave Ramsey is a competitor of mine. He's big. I'm not sure how big, but REAL big. So why am I recommending his course, Financial Peace University? Because it contains valuable information that most everyone needs to know and it is done well.
Financial Peace University is a biblically-based, video-driven small group study that teaches families to beat debt, build wealth, and give like never before.
This program is for you if...
- Your credit cards ARE your emergency fund,
- Your dog resopnds to the name "Ebay",
- You're intrigued by the word "plasectomy",
- You want to know what God says about money,
- You have to sell your house to put your kids through college, or
- Stocks, bonds, and mutual funds are friends you haven't met yet.
This is a great course for anyone whose financial life isn't put together too well and especially for those who are having a hard time getting out of debt. It is ideal for kid's in or just out of college and young married couples to help get them started off on the road to financial stability.
Classes will be at Grace Church and run 13 Wednesdays, starting on January 13 from 6:30 t0 8:00 p.m. (we skip March 17 for Spring Break.) The cost is $90, and your spouse can attend free. For this you get all the classes, book, workbook, forms, CDs and more.
Can't afford it? If you go to Grace they'll help you out if you are truly in need. Don't attend there? If you can look me in the eye and tell me that money will keep you from going, I'll pay your way.
Want to know more? There is a free preview on Wednesday, December 9th at Grace Church, Room 209 (that's the one down the street from the Family YMCA). Or just ask me about it. Or go to Dave's web site at http://www.daveramsey.com/church Those of you who don't live in the Wichita Falls area can find a class close to you at this web site. |
| gary's newspaper column |
Roth Conversions |
From the November and December issues of the Times Record News
A new tax law goes into effect this January. This new law was part of the old administration's tax overhaul, and it clearly affects higher income earners, depending on what you call "higher."
Up to now you could convert your old Traditional IRA into a Roth IRA only if your Adjusted Gross Income (AGI) was under $100,000. In other words, folks with modest incomes have always been able to do a conversion; folks with higher incomes could not.
But starting in 2010, individuals with incomes over $100,000 will be able to convert their Traditional IRA account into a Roth IRA account. You can bet that every bank, insurance company, mutual fund, and broker knows this and sees this as an opportunity to have the "rich folks" convert their existing Traditional IRAs to a new Roth IRA with them.
Expect the advertising to begin shortly.
How does this affect you? Does this affect you? Should you do anything about it? To understand my answers to these questions you first need a background on IRAs and that will take a few weeks. What's nice is that even if you have no plans on doing a conversion, you'll learn more about the two IRA types.
Don't want to spend the time reading it? Then back up a bit and read about the upcoming seminar. |
from gary's facebook page
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Arresting the Adverse Feedback Loop |
Insights from the Federal Reserve Bank of Dallas
"An adverse feedback loop takes hold when a weakening financial system and a slowing economy feed off each other....The result is a downward spiral of business and financial activity."
In other words, the recession is bad.
Note: this is from the Economic Letter of the Federal Reserve Bank of Dallas. While written in lay language it is not written in a "fun" style. Still, you can learn a lot about how the crisis shut down the financial markets and how the Fed got them started again. |
| from gary's facebook page |
A Nightmare On Wall Street |
From Investor's Business Daily
This is an alarmist article from the business side of things. While I don't agree with all of its predictions, I do think it's worth a ponder.
The problem is that folks who think that what the government proposes is a good idea tend to have a really hard time believing that anything other than the good intentions of the proposed legislation will come about. Those who disagree have a hard time believing that anything but apocalyptic doom will be the result. Neither stance tends to improve things. Here's one side of the issue: http://www.realclearmarkets.com/articles/2009/11/09/a_nightmare_on_wall_street_97498.html |
| from gary's facebook page |
Debt: four looks |
Great going: you shed $12 billion in debt
According to the Federal Reserve, U.S. consumers shed close to $12 billion in debt in August (the last reported period). Now, get started on that other $2,460,000,000,000.
The U.S. Government will pay close to $5 trillion in interest
Help the Government pay off its debt
Don't worry, I'm sure that they will not charge up any more...they've learned their lesson and won't add to the deficit. And, if you believe that, please consider a bridge that I am selling.
Slaying some Sacred Cows
Maybe it's time to get rid of some popular tax deductions. When a business borrows, they get a tax break. When an investor borrows, they get a tax break. When a homeowner borrows, they get a tax break. Here's an unpopular idea to get our borrowing in check...stop rewarding us for doing it.
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| from gary's facebook page |
They Started Where? |
Unusual Origins of 15 Innovative Companies
Hotdogs to hamburgers may seem a natural transition, but a paper mill to an electronics giant? Meat slicers to computers? Express mail to credit cards? Learn about the surprising foundation of 15 well-known companies.
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| from gary's facebook page |
Payback Time For Some |
That stimulus you got...the government may want some of it back
About 1 in 10 will end up owing back at least part of your government-supplied stimulus. You're at risk if you have more than one job, are a dual-income couple, or work while getting Social Security benefits.
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| from gary's facebook page |
Scam Alerts: Phony Checks and the Census |
Beware the gift horse, or gift check
"Inside the envelope was a letter and a check made out for $4,250," said Ingrid Carey, who works at a local bank. Her parents, Mr. and Mrs. Gustavo Wurth, received the bogus windfall. But this was a scam.
Learn more from the Times Record News:
Census warning from the Better Business Bureau
With the U.S. Census process beginning, BBB advises people to be cooperative, but cautious, so as not to become a victim of fraud or identity theft.
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parting thoughts
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I left this out of the last newsletter by mistake, but you should know about the great exploits of our spelling bee team this year:
Well, we didn't win the spelling bee this year, but fun was had by all. And more importantly, thousands of dollars were raised for the Wichita Adult Literacy Council to help people learn to read. My thanks to the Personal Money Planning team members: Katherine Smith, Dr. Joe Miller, and Reggie Coe.
(My grammatical editor, Mona Statser, came in third place this year. She's been on two first-place teams in the past. See why she's my editor?)
Joe was on last year's team that took 1st place and Reggie was on our first team that took 2nd a few years back. Katherine was the anchor on both of those teams. I was on none of them. I use a spell checker. In fact, my grammar and spelling checker, Mona Statser, came in third place this year. She's been on two first-place teams in the past. See why she's my checker?
Oh, and one last thing. If my brief about my curling this season made you wonder what it is all about, here's a video about the U.S. women's Olympic curling team. It will let you know a little more about the sport. (It's about 2-1/2 minutes, after a 10 second commercial.)
That's all for now.
Gary
Gary Silverman, CFP
Personal Money Planning
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©2008 Personal Money Planning. All rights are reserved by Personal Money Planning and content may not be reproduced, disseminated, or transferred in any form or by any means, except with the prior written permission of Personal Money Planning unless specifically noted. (Permission is not difficult to obtain.) The one exception is for downloading and printing information this newsletter for general education by the original recipient. |
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