PiggyBankWritingPersonal Money Planning's

e-Newsletter for April 10, 2010

(to look at past issues, click here)
Also In This Issue
Internet Humor
Seminar Announcement
Sunday Columns
Small Business Matters
Tax Articles
Protect Your Identity
Facebook Postings
parting thoughts: Tax the Rich
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 Internet Humor (Thanks to Chuck Warman for forwarding it)

The economy is so bad that-- 


.         I got a pre-declined credit card in the mail.

.         I ordered a burger at McDonald's and the kid behind the counter
asked, "Can you afford fries with that?"

.         CEOs are now playing miniature golf.

.         If the bank returns your check marked "Insufficient Funds," you
call and ask if they meant you or them.

.         Hot Wheels and Matchbox stocks are trading higher than GM.

.         McDonald's is selling the "Quarter Ouncer".

.         Parents in Beverly Hills fired their nannies and learned their
children's names.

.         A truckload of Americans was caught sneaking into Mexico.

.         Dick Cheney took his stockbroker hunting.

.         Motel Six won't leave the light on anymore.

.         The Mafia is laying off judges.

.         Exxon-Mobil laid off 25 congressmen.

Disclosure

 

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.

 
 Gary Silverman, CFP  

We're Number One!

 

But they're catching up...

 
At the start of the decade in 2001, U.S. consumers made up over one-third of total spending throughout the globe-- 36%. Back then the emerging market consumer didn't make up even a quarter of world-wide spending. 
 

They are, however, catching up.

 
While our country is still the overwhelming leader in global spending at 28%, the emerging markets as a whole now make up an even greater spending block--32%--and climbing. While some of this is due to the more conservative spending we've been forced into because of the financial crisis and 10% unemployment rate, most is because of the rise of the middle class in China, India, and other parts of the world.
 
WARNING: This is for informational purposes only. Financial catastrophe may occur if you increase your spending in order to try to keep
up.

  

Gary
 
Gary Silverman, CFP
seminar
announcement
 Mark Your Calendars
 
Getting Your Financial House Organized
 
Gary will hold a free seminar outlining the steps you can take to build a solid foundation for your financial life.
 
Join us at the new Courtyard by Marriott Wichita Falls off of Lawrence Road (across from Walmart and behind Jack-in-the-Box) on Tuesday, May 11 from 5:30 to 7:30pm.
 
Please RSVP to (940) 692-6885 or email Gary ([email protected]). This will help us ensure we have enough refreshments and handouts for everyone.
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 13 ~ Newer is not Better
 Another look at keeping the investment process rational-- even when it becomes an emotional experience.
 
 
Investing Part  14 ~  Losing with a Winner
The Average Investor loses with "winners".  Here's why...
 
Small Business MattersImpact of Health Reform on Small Business
Regular readers of this newsletter know of Penny Miller, my friendly Human Resource expert. Some of you get her newsletter, but for those who don't, here's a link to the latest edition. In it, she examines how the Healthcare Reform Legislation will affect small business. So if you own or work at a small business, you may want to click and read:http://hosted-p0.vresp.com/369543/8d457419e8/ARCHIVE 
 
To sign up for her newsletter, go here: http://venturehro.com/
Tax Articles Tax Information From The IRS
Ignorance is no excuse
 
 

Ten Things the IRS Wants You to Know About Identity Theft 

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist.

  1. Identity thieves get your personal information by many different means, including stealing a wallet or purse or accessing information you provide to an unsecured Internet site. They even look for personal information in your trash. They also pose as someone who needs information through a phone call or e-mail.
  2. The IRS does not initiate contact with a taxpayer by e-mail.
  3. If you receive an e-mail scam, forward it to the IRS at [email protected].
  4. If you receive a letter from the IRS leading you to believe your identity has been stolen, respond immediately to the name, address or phone number on the IRS notice.
  5. Your identity may be stolen if a letter from the IRS indicates more than one tax return was filed for you or the letter states you received wages from an employer you don't know.
  6. If your Social Security number is stolen, it may be used by another individual to get a job. That person's employer would report income earned to the IRS using your Social Security number, making it appear that you did not report all of your income on your tax return.
  7. If your tax records are not currently affected by identity theft, but you believe you may be at risk due to a lost wallet, questionable credit card activity, or credit report, you need to provide the IRS with proof of your identity. You should submit a copy of your valid government-issued identification - such as a Social Security card, driver's license, or passport - along with a copy of a police report and/or a completed Form 14039, IRS Identity Theft Affidavit.
  8. Show your Social Security card to your employer when you start a job or to your financial institution for tax reporting purposes. Do not routinely carry your card or other documents that display your SSN.
  9. If you have previously been in contact with the IRS and have not achieved a resolution, please contact the IRS Identity Protection Specialized Unit, toll-free at 1-800-908-4490.
  10. For more information about identity theft - including information about how to report identity theft, phishing and related fraudulent activity - visit the IRS Identity Theft Resource Page, which you can find by typing "Identity Theft" in the search box on the IRS.gov home page. 
 
Protect your Identity
Free Shredding Available
 
"Secure Your ID Day" is April 17
 
 
In partnership with Albert Records Management, the local BBB (Better Business Bureau) is co-hosting a national BBB "Secure Your ID" Day.
WHEN:     Saturday, April 17th, 8:00am - 11:00am
WHERE:   4401 Barnett Road  Wichita Falls, TX 76310
 
Every consumer may bring 3 boxes/bags to shred for FREE. 
 
Not in Wichita Falls? Here's a listing of other participating BBB's:
from gary's facebook page
Stuff you may have missed on Facebook
 
FacebookGary 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.
If you're not one of Gary's Facebook buddies, you can become one here: http://www.facebook.com/GaryWSilverman 
 
Tiny-Size Me 
 This Economist article discusses America's shift to smaller houses, smaller cars, and smaller credit card balances; and then it looks at what the transformation means for the future. 
 
 
"Good News" about your 2010 taxes
 As of yesterday, you probably earned enough money to pay your federal, state, and local taxes. However, many of you will still spend more on taxes in 2010 than on food, clothing and shelter combined.
New, Flexible Overdraft Rules for ATM and Debit Cards  
 Now banks, credit unions, and other financial institutions must have your permission to participate in their overdraft practices for everyday debit card and ATM transactions. Take a look at the new guidelines:
 
Where it's @   
 The @ symbol is now considered an important piece of modern art, among other things.
 
parting thoughts 
Tax the Rich
Some folks think that I'm an apologist for the rich. Maybe I am. But to be more accurate, I'm also an apologist for the poor and  for the middle-class. However, most don't feel all that eager to feel sorry for the wealthy, so I tend to point out their problems more often than others in an attempt to even things out a bit.
 
That said, I'm not at all against raising taxes on the rich. (Of course, I, like most Americans, define "the rich" as those who make more money than I do.)

 
But one idea being bandied around the halls of Congress irks me more than most. There is a move to limit charitable deductions for those who make more than a certain amount each year.

 
The tax increase that comes from this is not my complaint...the philosophy behind it is. What it says is that even though the wealthy are giving away their money for the betterment of society, that's not good enough. Rather, they must give it to the government which, in its infinite wisdom, will distribute it as they see fit.

 
And that just seems wrong to me.

  
That's all, for now.
 
Gary Silverman caricature
 
 
 
Gary
 
 
Gary Silverman, CFP
Personal Money Planning
 
 
 

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