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 Personal Money Planning'se-Newsletter for February 13, 2010 (to look at past issues, click here) |
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Lessons from Homer |
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Simpson, that is...
What's the point of going out? We're just going to wind up back here anyway.
Weaseling out of things is important to learn. It's what separates us from the animals...except the weasel.
Kids, you tried your best and you failed miserably. The lesson is, never try.
Facts are meaningless. You could use facts to prove anything that's even remotely true!
You don't like your job, you don't strike. You go in every day and do it really half-assed. That's the American way. |
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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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The Olympics...Time for Curling!
I have been anticipating these Olympics for four years. You see, my sport, Curling, is shown on TV in the United States every four years--when it is part of the Winter Olympics. Thus, while football fans have to pine for their game for half a year, I have to wait four. <sniffle>
It was also during the Olympics eight years ago that I first saw, was fascinated by, became enthralled, and fell in love with the sport. If, during this Olympics the same thing happens to you, the DFW Curling Club in Farmers Branch, will be having open houses on Sunday the 21st and Sunday the 28th from 8:00 through 10:00 each evening. For more information visit: http://www.dfwcurling.com/
And now I promise that I'll shut up about curling...at least until next time.
Gary
Gary Silverman, CFP |
| course announcement |
Roth Conversion Seminar |
You still have time to sign up.
Mark your calendars for Thursday, February 18, from 5:30 p.m.-7:30 p.m.
Gary will be discussing the new 2010 Roth Conversion, explaining what it is, and helping you decide if it is right for you.
David Welch, a local CPA, will be giving a 2010 Tax Update.
The location will be at the new Courtyard by Marriott Wichita Falls off of Lawrence Road across from Walmart and behind Jack-in-the-Box.
Please RSVP to (940) 692-6885 or e-mail me at Gary@PersonalMoneyPlanning.com. This will help us ensure we have enough refreshments and handouts.
If you missed last time, this is your chance. If you came last time, you're welcome to come back for a refresher. And, of course, let your friends know. |
| gary's Sunday newspaper column |
Sunday Newspaper Articles You May Have Missed |
From the last few issues of the Wichita Falls Times Record News
Investing Part 5 - Risk Adjusting Your Allocation
Here we discuss the relationship between risk tolerance and asset allocation...
One of the most critical parts to the allocation process is modifying your allocation to meet your cash flow needs. Here's an overview...
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| gary's other newspaper column |
Biz-to-Biz Newspaper Feature You May Have Missed |
From the last Biz-to-Biz section of the Wichita Falls Times Record News
Promotion Disasters
Here I share a few dark stories of companies attempting to win me over (hint: They didn't. At all.)
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| article links from |
The Economist |
From the January issues
Freedom House in Washington, D.C. says that liberty and human rights have retreated globally for the fourth consecutive year--the longest decline in freedom in 40 years. Its latest report, "Freedom in the World 2010: Global Erosion of Freedom," found that declines in liberty occurred last year in 40 countries, while gains were recorded in 16. Honduras, Madagascar, Mozambique and Niger dropped off the list of electoral democracies, but more alarmingly, more countries are looking to the Chinese model, and even importing Chinese bureaucrats to help them figure out how to offer economic prosperity without democratic freedoms for their citizens. Recently, the Russians hosted a delegation of Chinese, and showed interest in building a political system dominated by one political party. Syria's ruling Baath party is talking about a "socialist market economy" that will fuel growth while keeping stability, and communist Vietnam is emulating China's economic reforms while curbing liberty. Iran is meeting with Chinese legal experts and economists.
The article says that Western capitalist democracies have assumed that everybody believed in their system, and are only now catching up to the fact that China is becoming an attractive model for thugs and theocrats who want to squelch dissent while enjoying more prosperity. The article notes that autocracies have historically been more corrupt than democracies; indeed, Transparency International has found that all but two of the 30 least corrupt countries in the world are democracies--and the exceptions are semi-democratic Hong Kong and Singapore. World Bank Data also show that the average annual economic growth, from 1960 through 2001, was 2.3% a year for democracies and 1.6% for autocracies. Democracies also seem to foster independent thinking and innovation. Every country in the top 25 of the Global Innovation Index is a democracy--once again, except Hong Kong and Singapore.
The article concludes that liberal democratic governments are likely to make blunders and their processes are messy. But in the long run, open dissent and free discussion tend to produce better policies. Fresh ideas can flourish and politicians thrown out if they grow arrogant or corrupt. Democratic societies produce leaders with an inclination and ability to compromise. (14 Jan. 2010, p. 58)
Potential Encapsulated
This is just a short item, but I think it's fascinating. New "smart pill" technology makes it possible to embed a microchip in your medication which, when it interacts with stomach fluids, is activated, and sends a wireless signal through the body to another chip worn as a skin patch or embedded just under the skin. That other chip then uploads data to a smart phone or sends a message to a database via the Internet. A doctor then can check to see if you've been taking your pills, and can spot adverse reactions with other drugs.
The companies with patents on this technology include Proteus Biomedical in California and Philips, the Dutch electronics company. MicroCHIPS, another American start-up, is working on implantable microchips which can hold drugs and release them as needed, and Vitality has created a cap for pill bottles that will send a telephone to patients if they aren't taking their pills on time. (14 Jan. 2010, p. 62) |
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GETTING YOUR OLD RETURNS |
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How to Obtain a Transcript of Your Past Tax Information
Taxpayers who need their past tax return information can obtain it from the IRS. Here are nine things to know if you need copies of your federal tax return information.
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There are two easy and convenient options for obtaining free copies of your federal tax return information - tax return transcripts and tax account transcripts.
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The IRS does not charge a fee for transcripts, which are available for the current year as well as the past three years.
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A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions, such as those offering mortgages and student loans.
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A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data - including marital status, type of return filed, adjusted gross income and taxable income.
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To request either transcript by phone, call 800-829-1040 and follow the prompts in the recorded message.
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To request a tax return transcript through the mail, individual taxpayers should complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Form 4506T-EZ is only for individuals who filed a Form 1040 series return. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T, Request for Transcript of Tax Return.
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You should receive your tax return transcript within 10 working days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript.
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If you still need an actual copy of a previously processed tax return, it will cost $57 per tax year and take much longer. Complete Form 4506, Request for Copy of Tax Form, and mail it to the IRS address listed on the form for your area. Please allow 60 days for actual copies of your return. Copies are generally available for the current year as well as the past six years.
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Visit the IRS Web site, www.IRS.gov, to determine which form will meet your needs. Forms 4506, 4506T and 4506T-EZ can be found at IRS.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676). |
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SOCIAL SECURITY WEBINAR |
Recently I watched a webinar (a seminar held over the Internet) that was put on by the Social Security Administration. While it was specifically held for financial planners, all of the information would be valuable for the general public as well.
If you'd like to see the webinar recording, go to www.SocialSecurity.gov/webinars and select the one titled Your Retirement Planning Questions Answered. The presentation lasted 36 minutes with another 22 minutes of Q&A. Stick around for both as the Q&A was just as valuable as the main seminar. |
| from gary's facebook page |
Stuff you may have missed on Facebook |
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parting thoughts
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If the phrase, "If you can't measure it, it's not worth doing" is correct, why are the most important things in life: friendship, love, and faith, the most difficult to measure?
While I am very aware of the importance of measurable goals and objectives for business matters, I am not all that concerned about measuring my life's priorities; at least not in the business sense.
Take my relationship with God. How exactly do I measure that? Should I record the number of times I prayed this week? Should I make a graph of average prayer duration? Maybe I should ensure that the subject matter of the prayers is distributed across a variety of topics.
What about Bible reading? Shall I divide the Bible into 365 sections so that I read through it in a year? If I can read it faster do I get a bonus? Should I penalize myself if I become engrossed in a chapter and do in-depth study of it, falling behind on my schedule?
No, I choose not to measure these areas of my life. What I do instead is reflect. I arrange for my computer to ask me every now and then, "How is my relationship with God?" Later it asks, "Have I been a friend this week?" And still more questions provide me the chance to ponder on other parts of my life.
My goal is to get a bit better at each. Will I know I've succeeded without an objective measure?
Yes. I'll know.
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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Gary has a Facebook page where he regularly sends out links and notes during the week. This section repeats those that are still pertinent to our readers. Even if you are one of his Facebook "friends" you could have missed one or more of these, so you may want to peruse through them, just to make sure.
