As David Lenok points out in his excellent article, [1] the fact that crypto is called a “currency” confuses people. Normally, if you take cash out of your savings account that isn’t a taxable event. However, crypto currencies like Bitcoin and Ether are not considered currencies by IRS. They are in effect commodities and subject […]
Here’s A Cryptocurrency Tax Surprise Read More »
Just for the sake of variety, this post is NOT a myth. We all need to be aware of and successfully discourage prejudice, not only by others but especially by ourselves. None of us is innocent. “The problem with the world is that the intelligent people are full of doubts, while the [rest] are full
STAND UP AGAINST RACISM Read More »
I believe the title of this post to be a myth. In my business (financial services) I’m deluged with books, websites, videos, training programs, motivational quotes and memes, superstar mentor offers, mastermind groups, activity tracking spreadsheets, apps to kick my ass out of bed, and on and on. The drive for maximum this and killer
EVERYONE SHOULD PURSUE PEAK PERFORMANCE Read More »
Like all these blogs the heading is a myth . . .for a number of reasons. First, the largest asset management firm in the world, with $8.67 trillion on the books, is going all in with ESG investing. BlackRock’s CEO Larry Fink recently wrote a letter to CEOs predicting a “tectonic shift” in the pricing
Socially Responsible Investing Is Just A Feel Good Fad Read More »
This is a mercifully short blog just to drive home a few points.First, the heading -30 + 43 = 13 is indeed a myth, it is false . . . if we’re talking about rates of return. The correct math is this; -30 + 43 = 0 or, more precisely, -30% + 43% = 0%
I should point out, again, that the titles of these blogs are Financial Myths. Especially this one.Conversions from your pre-tax retirement accounts such as: Traditional IRA SEP IRA 401k 403b SIMPLE IRA TSA. etc. must be calculated every year to be sure you don’t bump yourself up into the next tax bracket . . .
EVERYONE SHOULD DO ROTH CONVERSIONS Read More »
I hope the degree to which this topic is an absolute myth is obvious. Sometimes I wish the framers of the Constitution had also listed a Bill of Responsibilities. I’ll just leave this article here for you to read and to reach your own conclusions. What does this have to do with financial planning? Context
Democracies Guarantee Absolute Freedom Read More »
Well, all know this isn’t true. But it isn’t your fault. This last year Gary Duell was the procrastinator. None of the smartest people in the room (not including yours truly) could agree on what was going to happen and what to do about it. Now that a major source of craziness will largely
Financial Advisers Keep Their Clients From Procrastinating Read More »
As the case I’m going to describe would indicate, it is a solid myth that divine inspiration can feed your greed. That is so wrong on so many levels, isn’t it? But some investors apparently didn’t think so. (this blog post is based entirely on the case described in Wealth Management magazine regarding two Utah
Divinely Inspired Algorithms Can Beat the Market Read More »
Just to be clear, this blog is about Financial Myths and the name of this post is indeed a myth. Or can be. There are “advisers” who sell insurance products in the absence of a financial plan in order to make a quick buck. But at prevailing money management fee rates (1.02% as of 9/2020)an
Fiduciary Advisers Who Offer Insurance Products Are Just Out To Make Money Read More »