For decades high tax states have been treating their wealthiest residents like a bank account, with money to be withdrawn whenever state legislators had a new pet project to fund. In the past, wealthy residents were tied down to places like New York, New Jersey, and Connecticut because of their proximity to centers of industry like Wall Street. Today though, the internet allows wealthy executives to operate their businesses from almost anywhere. With this newfound freedom, many wealthy residents of high tax states have been fleeing for places like Florida, where they get to keep more of … [Read more...]
There’s No Better Way to Put Time to Work for You
Over the weekend I received this email from a client: Hi EJ, My recently departed friend, George B. of Putney, Vermont was a volunteer driver delivering lunches to Meals on Wheels clients in the Brattleboro area. Ronald Read was on his route. George was stunned to learn that Mr. Read had accumulated so much wealth. Thought you might find this of interest. Also, George was a fellow grad of Northeastern University, 10 years before me. Regards, David L. David had read about Ronald Read in Dick Young’s Intelligence Report of May 2015. Dick wrote then: Pumping Gas to the Tune of $8 … [Read more...]
Warren’s Tax Plan to Pay for Medicare for All is Finally Here
After avoiding questions about her plan to pay for Medicare for All throughout the campaign, Elizabeth Warren has finally unveiled a new tax plan to do just that. The plan would: Raise $2.3 trillion with stricter foreign tax compliance, instituting a country-by-country minimum tax on foreign earnings of 35%—equal to a restored top corporate tax rate for U.S. firms—and forbidding deferrals of those payments Raise another $400 billion by legalizing undocumented immigrants and requiring them to pay taxes. Turn the "temporary" Overseas Contingency Operations fund into a permanent … [Read more...]
California’s Tax Increases Spur 40% More Wealthy Residents to Leave
Just how long will wealthy Californians accept being used as an ATM machine by the state's legislators? For years Democrats have said their ever-increasing taxes don't drive wealthy people away from the state. A new study says that theory is false. In fact, the study suggests higher taxes in California increased the number of wealthy residents fleeing by 40%. Americans do, in fact, want to leave their high tax states. The Editors at The Wall Street Journal write: Democrats in California have raised taxes on the rich again and again, and liberals claim it has no effect on taxpayer … [Read more...]
Fidelity Ends its $500M Relationship with Ken Fisher
Darla Mercado reports at CNBC: Fidelity has terminated a $500 million relationship with Fisher Investments, bringing the total yanked from the money manager to almost $1.8 billion. Officials at the giant Boston-based asset manager confirmed it would end its relationship with Fisher on Monday, in light of inappropriate comments founder Ken Fisher made at an investment conference on Oct. 8. Fisher managed $500 million in assets for Fidelity’s Strategic Advisers Small-Mid Cap Fund. “Fisher Investments does not provide investment advisory services for any portion of the assets of … [Read more...]
Your Retirement Life: Thank You EJ from Kodiak, Alaska (Part II)
You may have read about my client Dr. Lee earlier this week, how we’ve been working together for 16 years, and the story behind the homemade “Thank You EJ” sign in the picture. I want you to read his response to my post and share it with everyone whose financial security you care about. Part of my effort on your behalf is to help you avoid inertia, get into the compounding game, and always be prepared for the worst. Always think about your risks first and realize the success you and your family deserve. It’s that simple. Here's what he wrote: Well said. Hope people listen. It’s not … [Read more...]
You’ve Read The Last Issue of Intelligence Report, Now What?
UPDATE: It's been two years now since the last issue of Richard C. Young's Intelligence Report, and the more things change, the more they stay the same. The Fed just announced it will begin buying $60 billion a month in T-bills. And the cycle continues. “I'm going to miss hearing from Dick Young every month,” said one long-time reader of Intelligence Report, “I’ve been reading his letter for 25 years. He was the best hands-down. He always wrote to me the way he saw things.” That’s a common refrain I’ve been hearing over the last couple of weeks. In an industry littered with opinions, you … [Read more...]
My Battle-Hardened Stock Market Strategy for the Worst of Times
In September of 2014, I explained to readers my battle-hardened strategy for dealing with the worst of times in the stock market. My strategy was inspired by Ben Graham, and I have used it throughout my 55-year career in investing. Here’s how it goes: Ben Graham’s The Intelligent Investor was first published in 1949. I came in a little late in the game with my 1973 edition, which I have in front of me as I write. It is important to me that you and all of our management clients are able to sleep well, even during the periodic stock market busts that we all have to ride through from time to … [Read more...]
The FIRE Movement by the Numbers
The financial industry is full of anecdotes and stories by writers (myself included) providing their own perspective on events. The FIRE (financial independence, retire early) movement is blessed with many blogs and podcasts discussing the early retirement journeys. But anecdotes never tell the whole story, so I want to give you some numbers on the FIRE movement. These numbers were assembled by a Harris Poll conducted for TD Ameritrade. How Many People Are Aware of the FIRE Movement? 11% Know about FIRE 26% Are familiar with the concept but not the term 63% Are not familiar with … [Read more...]
Don’t Be a Bettor, Be a Planner
In April of 2011, I wrote: My job is to help you separate fact from fiction and lay out a game plan for you and your family that will ensure your personal and financial security in the unstable and unsettling times that lie ahead. The broad battle plan that I’ll cover over the next few months will include the complete scope of the energy consumption/investment/personal security issue. Here is what separates what you read from me from most others: (A) I have no financial axe to grind and no ulterior motive. (B) I am not looking to make any new friends or curry favor. I am not, not … [Read more...]
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