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TOP FIVE FINANCIAL SCAMS OF 2017 AND TWO NEW ONES FOR 2018

I really wish this heading was a myth but as our devices and their connections get more sophisticated, so do the scammers.  Here are the top scams to be wary of, straight from the NASAA:  Promissory Notes–  As fixed income sources continue to languish, retirees will consider almost anything to increase their guaranteed income.  As …Read More


The Estate Tax Hurts Families

I don’t believe this blog title nor is it true.  $22 million is a wildly excessive head start for the largest of families’ kids.  Besides, even that amount of money could do more harm than good for your kids.  Very timely this time of year is the article below by John McManus. As with lottery …Read More


The Nation’s Retirement System Needs a Comprehensive Re-evaluation says the GAO

Yes, I’m calling this a myth.  For the following reasons: An excellent retirement system called Social Security was designed by Francis Perkins and her committee back in the 1930’s right after the preventable debacle of the Great Depression began. That excellent system has been under attack ever since it was conceived, primarily by people who …Read More


My Adviser Will Live Forever

This is a myth, of course.  But rarely do we discuss the consequences of, or solutions for, the mortality of our advisers.I’m writing this post because this year I seem to be getting way more questions from potential and existing clients like, “Well what happens to our plan if you’re no longer around?”  I don’t …Read More


MYTH: I don’t need to check my beneficiary designations

A friend recently chastised me for having too much political content on this blog.  “Start another blog!”, he ordered.  I disagree because every topic I choose for this blog pertains to your financial health, even if only indirectly.  But it’s true; I do mostly take a macro, or big-picture view.So this is a micro issue …Read More


Closely Following the News Will Make You a Better Investor

Yesterday, during my lunchtime jog, as the stream of consciousness flowed, snippets of the week’s news kept bobbing by.  I never watch the news; why compound the damage?  The only time I ever listen to the news is in the car.  And then only to NPR/FOX.* “Two men caught in Paris with bomb-making materials”“The DOW …Read More


The Fed Funds Rate is Significant and Warrants Close Attention

I hope I don’t repeat myself too often in pointing out that the titles of this Financial Myths blog are, indeed, financial myths.  Especially this one.  All the Fed Fund rate is is the rate that the Federal Reserve suggests that banks charge each other for overnight loans to meet their reserve requirements.  Financially sound banks …Read More


Top Ten Attributes Millionaires Share- Guest Contributor

These are not myths!  Becoming a millionaire seems out of reach to many people. It appears as if you need money to make money. However, several studies have been applied to millionaires and billionaires. These studies covered habits of the upper class instead of just their financial status. Take a look at the habits or …Read More


Financial Journalists are Always a Good Source of Unbiased Advice

Yes, the title of this blog is a myth.  In fact, I find most evidence to the contrary.  Part of the reason is that like everyone else in business, journalists want “customers” and often resort to a bit of hyperbole or even outright falsehood to get more eyeballs.  The myth is that journalists have nothing …Read More


Will Trump’s Killing the Environmental Protection Agency create jobs?

To be perfectly frank, I really don’t know if this is a myth or not.  But it’s definitely the wrong question.  It’s like asking, “If I kill my neighbor, will that create jobs?”  Yes.  It will help create jobs.  For lawyers, prosecuters, judges and corrections officers. The tobacco industry’s lies about the effects of their …Read More