You know that getting saving for your grandchild is the best thing you can do as a grandparent. You've read my recommendations on Roth IRAs and UGMAs for your grandkids. Christmas is a great time to save for your grandkids, but any time will do when you're funding a tax-free savings plan for your grandchild. In Kiplinger, Mary Kane lays out the basics of seeding a Roth IRA for a grandchild, writing (abridged): Contributions to Roth IRAs give grandchildren "a huge head start," says Jennifer Failla, a certified financial planner with Strada Wealth Management, in Austin, Tex. Grandchildren … [Read more...]
When Your Survival Guy Joined the Family Business
Happy Friday, it’s almost five o’clock. Hang in there. This week we have a lot to talk about, but first, I have to say time flies. With my daughter in college and a son almost there, I feel a little older. A client friend told me about a conversation he had on a milestone birthday. “Dad, I can’t believe I’m 65,” he said. “How do you think I feel?” His dad responded, “I have a son on social security.” Aren’t we always in our mid-thirties mentally? Time flies. (If you want it to slow down, try not drinking for a month, go on a diet, or go jogging.) When I was fresh out of Babson … [Read more...]
GameStop Helps Explain Robinhood’s Free Stock Trades
As I explained to you yesterday in Money 101: There’s a Reason Family Always Comes 1st, when something is free, you’re probably the product being sold. Sold to whom? Well, in the case of GameStop, for example, Robinhood sold high-speed traders customer order flow as reported in the WSJ back in December: Robinhood Financial LLC has agreed to pay $65 million to settle regulatory claims that it didn’t sufficiently disclose its business deals with high-speed trading firms, the Securities and Exchange Commission said Thursday. The fine is a setback for the fast-growing company, which has helped … [Read more...]
Money 101: There’s a Reason Family Always Comes 1st
Are you aligned with a money gathering business, or are you aligned with a money manager? The money-gathering business is all about bigness. They tell you all about how big they are when all you care about is, “how are you going to help me?” Welcome to the world where being big—whether it’s big tech or big money—makes you just a cog in the wheel. Where, for example, you sign up for Facebook or use Google for “free” and come to realize, “anything that’s free means I’m the product.” They’re selling you out. It’s no different from when money guys look to upsell you down the river. Look at the … [Read more...]
Your Retirement Planning Can Feel Like Catching an Airplane
Retirement planning is a lot like catching an airplane. You rush to get there then sit around and wait. When it comes to retirement planning there’s a rush to get there, to retirement. Your finances are all you think about. Do I have enough to retire? Should I work another couple of years? But then something funny happens. You find yourself retired. You do what you want to do and there’s not a whole lot of thinking about planning. Here’s a reminder to always stay focused on your savings. Action Line: Open an account with Fidelity and check that box for your financial security. Fidelity: … [Read more...]
Bitcoin: When a Store of Value Is Manipulated
What happens when a store of value is manipulated? It no longer becomes a store of value. You know how this story will end. From Andy Kessler in The Wall Street Journal: Meanwhile, lo and behold, around the same time as that letter, Tether temporarily stopped creating any more currency. That might explain bitcoin’s quick mid-January price drop from $42,000 to under $30,000. If fraud is uncovered, look out below. Normally I wouldn’t care. Bitcoin is nothing, it’s vapor, a concept of an idea. Transactions using bitcoin are few and far between. It’s not a store of value—anything that drops … [Read more...]
Fidelity #1: GameStop Gets Stopped Out By Robinhood
Robinhood made the grave mistake of cutting back trading yesterday. Why is this important? Because, for example, if someone places a market trade and the broker limits trading, your order might not be executed. You might even think you’re already out of the position but in reality you’re not because the platform limited trading.The next thing you know the stock has dropped by some crazy percentage and you’re still in it. If you’re going to play with the big boys then get aligned with a big boy platform like Fidelity Investments. This is not a game. And it’s why Fidelity remains #1 in my … [Read more...]
The Great Reset: Crush the General Population’s Resistance
You recently learned that lawmakers, mostly Democrats, in Rhode Island are furious about the lies they've been told by the bureaucrats serving under Gov. Gina Raimondo (soon to be America's Commerce Secretary, more about that later). As Raimondo was packing her bags to leave for Washington, lawmakers in Rhode Island (as blue as the deep blue sea) were getting angry. Democrat elected representatives are upset at state agency bureaucrats because as these agency reps testify before legislative committees, the elected officials receive text messages from constituents reading: “Everything they … [Read more...]
Valuations Reminiscent of Dot-Com Crash in 2000: Part II
You read yesterday about the online forums where traders are encouraging each other to invest in stocks, and creating a tug of war between them and hedge fund managers that is driving some stocks to dot-com bubble level valuations. The trading storm created by these online rumor mills is taking a toll on online trading platforms, report Justin Baer and Peter Rudegeair in The Wall Street Journal. They write: “These outages generate annoyance among investors in the short term,” said William Trout, director of wealth management at Javelin Strategy & Research. “Longer-term, outages call … [Read more...]
Valuations Reminiscent of Dot-Com Crash in 2000
Are you paying attention to what’s happening here? I’m talking about the tug-of-war between hedge funds and day traders with shares of GameStop. "The rally has been fueled by investors encouraging each other on social media to pile into GameStop shares and options," reports the WSJ. "The buying pressure has led money managers to switch out of substantial bets that the stock would fall, investors and analysts said. This resulted in a short squeeze, in which rising prices prompt investors to buy back shares they had sold short to cut their losses, pushing the stock higher still.” From the … [Read more...]
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