Facebook’s entry into cryptocurrencies with Libra is a shot across the bow for banks. Over time you will be the winner with lower transactions fees or friction, but will it gain traction? At the heart of Libra is trust. Do you trust Facebook? Do you trust Facebook to take care of your personal financial information? What’s different about Libra compared to Bitcoin for example is that you still need to have trust. Facebook will use blockchain technology to track your exchange of dollars, euros, or yen, for example, into Libra. But the ledger will be private. It will be controlled by … [Read more...]
U.S. Cyber Attack on Iran was Real, Now What?
In terms of cyber security, the cyber-attack on Iran by the United States last week opens the door for reciprocity. Will it be what the Pentagon refers to as a cyber Pearl Harbor? Or will it be smaller one-off cyber-attacks? America’s recent actions were measured and non-violent, but may have increased the risk of cyber-counter-attacks on the United States, whether it be an attack on the power-grid or banking system or something else. In a recent article in Reuters, “State Cyber-Attack Poses Big Danger for UK Banks- Bank of England,” David Milliken writes: “A state-backed cyber-attack … [Read more...]
Is the World’s Largest Money Manager Pushing You into an Annuity?
I love the idea of maxing out your 401(k) until retirement because old school pensions are hard to come by. But turning your 401(k) into an annuity at retirement is a fool's errand. You’re faced with nosebleed inducing fees and limited access to your money while the insurance companies bank on your early demise. Not exactly a healthy relationship. It’s concerning that BlackRock, the world's largest money manager, is pushing for 401(k) annuities to grow its assets at the price of those who cannot afford to lose them and deserve better. Dawn Lim reports on the troubling development at … [Read more...]
American Gun Owners Are Afraid of 2020: Gun Stocks are Rising
Nearly all the Democrats running have expressed their desire to impose draconian gun control measures on Americans. As the threats to Americans' gun rights in 2020 become clearer, many Americans are taking my advice to get their guns and their training now. The number of background checks rose in May compared to the year before, meaning more Americans were out attempting to buy firearms. Americans' firearms buying habits are an indicator of their perception of political risk that I use as a part of my monthly RAGE Gauge computation. Another group paying attention to firearms purchases … [Read more...]
The Rise of Robo-Real Estate?
Real estate firms Opendoor, Offerpad, and Zillow are developing services that purchase homes, improve them slightly, and then flip them to new buyers using apps to do most of the sales work. In my series Dead or Alive? The Future of Long-Term Investing, I questioned the benefits of using robo-advisors in place of real, warm-blooded, human beings. As I wrote then, what happens in a crisis; "We’ll see how well they do when markets crater and the phone lines light up like a Christmas tree. It’s happened twice already this century, and that’s when it matters most." The question is now, are … [Read more...]
United Technologies Flees Connecticut’s Poor Management for Massachusetts
The Wall Street Journal's editorial board explains the Connecticut strategy succinctly when it writes "Thus we have Connecticut’s business model: Raise costs for everyone and then leverage taxpayers to provide discounts for a politically favored few." By raising taxes on all corporations and individuals, Connecticut makes owning a small business very difficult. If a major corporation can lobby for better tax treatment, small businesses are even less capable of competing. Small businesses are the powerhouses of the American economy, putting them at a disadvantage to big corporate interests … [Read more...]
June RAGE Gauge: Gold Shines as Investors Seek Safe Haven
My latest RAGE Gauge reading is in, and while perceived risk is down from last month, it’s still not pretty. What caught my attention is the noticeable bump in gold as investors seek safe haven investments. Remember though, while the yellow metal is an important component of a diversified portfolio, its lack of income or dividend payments make it an expensive asset for too much of your retirement money. Originally posted on Your Survival Guy. … [Read more...]
Retirement is No Fun if You’re Scared, Sick, or Broke
In a great piece in The Wall Street Journal, Glenn Ruffenach answers a question by a retiree who is looking to move. She wants a safe neighborhood, and Ruffenach explains that while most retirees looking to relocate are focused on the fun aspects of life like "climate, lifestyles, housing, shopping, cultural events," they should also be paying attention to things like "taxes, health care—and crime." Face it, if you're scared, sick or broke, it doesn't matter how many restaurants or shows are on Main Street, your retirement isn't going to be any fun at all. Ruffenach continues: Beyond the … [Read more...]
America is Beating Japan in this Retirement Savings Measure, but Not for the Right Reason
Running out of money during retirement is the greatest risk people take when they decide to stop working. The World Economic Forum has published new research that shows Americans aren't saving enough to cover the last decade or so of their retirement. That pales in comparison to the Japanese, who fail to save enough for the last two decades of their retirement. The only problem here for Americans though is that a big portion of that savings disparity comes because Japanese people are living so much longer, not because Americans are simply saving that much more. Bloomberg's Ben Steverman … [Read more...]
Can You Lower Your Property Tax Bill in 8 Steps?
If you own real estate, you know that property taxes seem to rise continuously. Undoubtedly you have questioned if yours could be reduced. Fidelity has posted a guide that could help you lower yours. Sandra Block writes: Home values have risen across the country, which means many homeowners' property taxes are going up, too. The average annual property tax for owner-occupied single family homes nationwide in 2017 was $3,399, an effective tax rate of 1.17%, according to Attom Data Solutions. Nine counties impose average annual property taxes of $10,000 or more. In Westchester County, New … [Read more...]
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