[Black Improvement Economics] $ Media Wants to Brainwash & Bankrupt You

This is the                       G&G Associates Tax & Financial Consulting                                    e-Newsletter               The Financial Media Wants to Brainwash and Bankrupt You Imhotep (Wisdom To You) G&G Readers, The financial news media is conspiring to blow up your brokerage account and flush your retirement savings down Ben Bernanke's new commode. I'm not saying the editors of top financial newspapers and magazines sat down together and hashed out a plan to brainwash you and bankrupt you. I really don't think they did that. It only looks like they did it… The conspirator I'd like to focus on today is Barron's, one of the most well-respected publications in the industry. By the look of it, you'd think it made a bet that it could nail the best "cover story sell signal"… ----------------------------------- Internal Sponsorship With the falling dollar and the explosion in gold, silver, oil and other natural resource prices, you need to stay on top of your game and manage your "OWN Finances." Become a GGIS subscriber now and you'll be sure that we make sure you stay on top of your Tax and Financial Future to make sure your BUSINESS … AT HOME is protected.  Remember…most people look after their bosses business, but fail to look after their own business at home. Take advantage of our 2010 discount lifetime subscription offer if you are not yet a member of the GGIS paid newsletter service and you'll be on your way to knowing how to protect your portfolio...at least what's left of it.  I'll keep you informed on the "REAL DEAL" in our economy so you can protect your wealth. So....Sign up today before the price increases in 2011. To become a member of the G&G Investment Society newsletter subscription, send an e-mail to GGIS@gngassoc.com and/or visit our website at www.gngassociates.net and click on the "Products & Services" link and we'll get you signed up right away. DON'T WAIT ANOTHER DAY! - 1 year subscription - $49       (2011 Price Increase -- $99) - 2 year subscription - $89       (2011 Price Increase -- $189) - Lifetime subscription - $199    (2011 Price Increase -- $399) ----------------------------------- The cover story sell signal is one of the best contrarian indicators around. Whenever a trend is deeply ingrained enough in the public mind to sell magazines off the newsstand, you know it's about to end. It's most recent issue of Barron's, you'll find the most irresponsibly ostrich-like, head-in-sand attitude on the cover of the November 29 issue. It shows a retiree lounging with a cocktail next to a waterfall of money. The headline promises, "How to keep the income flowing." The article inside is called "Going with the flow." That doesn't sound very contrarian to me… It's essentially an invitation to throw caution to the wind and take on more overpriced risk. And the Barron's story is recommending a whole slew of risky investments… Among the high-risk offerings touted by Barron's: emerging market debt, foreign government bonds, high-yield corporate bonds, Build America Bonds (subsidies for municipal bond issuers), senior bank loans, MLPs, dividend-paying stocks (well, that one's a pretty good idea, actually), variable annuities, and the one that's been going straight to hell faster than the rest of them lately, municipal bonds. It's as though someone at Barron's sat down and decided to make a list of the riskiest stuff you could buy right now. Income – especially fixed income – is clearly a bubble. That Barron's is trying to sell this list of fixed-income and near-fixed-income investments as a retirement-worthy portfolio seems more irresponsible than usual. It even tells retirees to take more risk, saying, "Generating a rich stream of post-retirement income these days requires investments that retirees once might have shunned." Adding particular insult to injury, a smaller headline on the left-hand margin of Barron's latest cover says, "REITs have the right stuff." I guess as long as you ignore the loud crashing sound coming from the commercial mortgage-backed securities (CMBS) market, the equity in commercial real estate looks positively peachy. In particular, the delinquency rates on mortgage-backed securities secured by apartment buildings spiked more than 100 basis points in November, to 15.8%. That's from the same report by CMBS tracker Trepp that says the overall CMBS delinquency rate rose to 8.93%, up 35 basis points from October. The loans underlying U.S. commercial real estate are blowing up at higher rates. But Barron's thinks the equity slice, the riskiest piece of the pie, is somehow appropriate for retirees. If the bond holders aren't getting paid, the equity holders can throw their tickets in the trash, have a smoke and a shot tequila, and resign themselves to getting crushed. And like every other kind of yield, REIT yields have compressed. The U.S. Real Estate Index dividend yield has fallen from 11.19% in February 2009 to less than 4.6% today. For taking on all kinds of risk, you're paid just a little more than 30-year Treasurys. That's a bad deal. And you should turn up your nose. Barron's and the rest of the financial news industry is a shameless hype machine, by all appearances in the direct employ of Wall Street, the Fed, and anybody who's already got a ton of money. It's forgotten how to say, "Inflation is bad for business, and what's bad for business is bad for stocks. Sell fairly valued stocks. Hold cash. Buy only when valuations are dirt cheap and business quality is stellar." See, that wasn't hard. Sure, subscriptions to my GGIS newsletter won't have people pulling out their credit card with that kind of advice. But at least we'll all sleep soundly, knowing we understand exactly what the heck is going on. If you need a one-on-one consultation, feel free to contact me to setup an appointment. Until the next time, Ankh Uja Snb (Life, Health, Strength), Asar Gary Gray Tax & Financial Consultant, RFC G&G Associates 757-251-0174 office 866-361-3872 toll free fax www.gngassociates.net G&G Associates & G&G Travel are on Facebook, join our fan page. "Any fool can make something complex, but it takes a genius to make something simple"           Woodie Guthries P.S. If you're not a GGIS Paid Subscriber reader yet, it's not a bad way to start the year. The recent dollar rally has actually given everyone some new opportunities to invest on the cheap. And currently, our GGIS portfolio is packed with great plays to kick-start your "anti-dollar" portfolio for 2010. P.S #2 If you are looking to Travel and looking for steep discounted travel, visit www.gngassociates.net, click on the "G&G Travel" link and let your travel planning begin.  Let us know where you want to go and we'll do our best to find you the best deal your money can buy.  Become a Fan of G&G Travel on facebook. LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.

Quotes of the Week -- Must Read

This is
G&G Associates Tax & Financial Consulting
e-Newsletter

Alafia(Peace & Blessings) G&G Readers,

Just wanted to send you some tidbits from other sources to maybe validate some of the things I've been warning you about for years. If you haven't made any moves yet, please do so or you might get caught with your pants down.

I could add some more analogiies here, but I'll leave it alone and go on with the rest of my night.

IF YOU WANT TO SETUP A ONE-ON-ONE CONSULTATION, FEEL FREE TO CONTACT ME.

Asante (thanks)

Asar Gary Gray
G&G Associates, RFC
Tax & Financial Consulting Services
www.gngassociates.net
757-251-0174

--------------------------

QUOTES OF THE WEEK:

From Richard Russell, editor of Dow Theory Letters, in remarks posted on his website on December 14th:

''China is using its yuan as its currency of choice in transactions with its hundreds of trading partners. In a slick way, China is displacing the dollar as its currency of trade. There is no doubt that, in its own good time, China is preparing to make the yuan convertible. The Russell prediction -- with China now the world's biggest producer and accumulator of gold, it's only a matter of time before the Yuan becomes the world's preferred currency rather than the dollar or the euro. I think the Chinese are going to part-back the yuan with gold. If you are an overseas investor, which would you rather have, a Federal Reserve Note backed by nothing and issued by a nation that is choking on debt, or a yuan part-backed by gold and produced by a nation with a the plane's largest positive trade balance?

Remember the 'Golden Rule,' ...... 'Who has the gold, makes the rules.' And China is in a headlong drive to produce and accumulate gold.

Today, both the Wall Street Journal and the Financial Times included feature stories on China's spreading use of the yuan with its trading partners while cutting out the dollar. This is most definitely a game-changer, and it foreshadows the ultimate fall of the dollar. All this is not lost on the price of gold, which has again pushed into the area above 1400.

Ultimately, I see the whole situation accelerating, leading to a worldwide panic out of dollars. This will correspond with the third speculative phase of the great gold bull market. Gold and silver will soar higher than anyone thinks possible. And remember, much of the world understands silver and gold and they are already into these metals. In the meantime, most Americans are totally oblivious of what's going on with the dollar, with gold, and with silver, and, I might add, with China.''

. . . and from Pham-Duy Nguyen on Bloomberg on December 15th:

''The U.S. Mint may produce American Eagle palladium coins if there is sufficient evidence that investors will buy them.

The mint was authorized to produce the 1-ounce coins 'if an independent marketing study demonstrates adequate demand to ensure that the coins could be minted and issued at no net cost to taxpayers,' according to the American Eagle Palladium Bullion Coin Act of 2010 that President Barack Obama signed into law yesterday.

Demand for precious-metal coins has soared this year as investors sought a haven from turmoil in global financial markets. The U.S. Mint currently sells 1-ounce American Eagle gold, silver and platinum coins. Last month, the agency sold a record 4,260,000 ounces of silver coins.

The price of palladium, used in jewelry and in automobile pollution-control devices, has gained more than 80 percent this year and touched a nine-year high of $780 an ounce on the New York Mercantile Exchange on Dec. 3.''

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Is America Becoming a Communist Nation?

This is
G&G Associates Tax & Financial Consulting
e-Newsletter

Dear G&G Readers,

This is an interesting article I came across. It's one of those you read that make you go hmmm...but, it makes so much sense. Enjoy...

-----------------

Is America Becoming a Communist Nation?
By Braden Copeland

As I showed you yesterday, the Greeks may be the most notorious of the world's profligate nations… but they are not the real problem.

The real problem is much larger and more complex.

The root of the problem the world is facing right now isn't really governments… or banks. The real problem is simply a very bad idea – the idea that the State ought to sit in the center of society. Let me explain…

The last 100 years (since 1914) saw not only the end of the classic gold standard, but also the fantastic ascendancy of the nation-state.

These two trends are inherently and dangerously related.

Until World War I, the central government of the United States, for example, played a small role in the lives of its citizens. Its powers were strictly limited, as were its revenues. It was specifically barred from taxing citizens directly. It was a humble government that interacted with the individual states in the union, but didn't interact much with individual citizens.

The first signs of change came after the Civil War. "Progressive" ideas began to emerge. Most of these ideas came from Germany, from philosophers like Karl Marx and Friedrich Engels. The core of these ideas was that the State itself was superior to its citizens. Therefore, the argument went, society ought to be organized to better accomplish the goals of the State.

Today, most Americans have no idea that the foundations of our modern State are based – nearly verbatim – on the demands of Karl Marx's Communist Manifesto.

In 1848, Marx threatened to organize a worker's revolution unless European governments:

1. Abolished property rights and applied all rents towards public purposes.

[Modern corollary: Don't pay your property taxes, lose your house. So who really owns your house?]

2. Levied a heavy, progressive income tax to equalize wages.

[Modern corollary: Combined federal and state marginal income and payroll taxes approach (or surpass) 50% in many U.S. states.]

3. Abolished all rights of inheritance.

[Modern corollary: The estate tax.]

4. Confiscated the property of all emigrants.

[Modern corollary: The 2008 "Hero's Act," which forces people leaving the U.S. to pay the equivalent of their estate taxes on the global assets before they turn in their passports.]

5. Centralized access to credit in the hands of the State by means of a national bank and an exclusive monopoly.

[Modern corollary: Fannie Mae and Freddie Mac, which make more than 90% of all of the mortgages in the U.S. and have dominated the market for mortgages for decades.]

6. Centralized the means of communication and transport in the hands of the State.

[Modern corollary: AT&T was a legal monopoly for decades. Amtrak is a ward of the states. The government owns all the roads. And the State controls all air traffic.]

7. Provided free education for all children in public schools.

[Note the emphasis on public schools. Paying for education isn't enough. What counts is indoctrinating the kids in glorifying the State.]

8. Produced a common agricultural policy to maximize the productivity of the land.

[Modern corollary: Massive ethanol and agricultural subsidies.]

Most people in democracies like these ideas for one simple reason: They hold the allure of getting something for nothing. They are the siren song of living at the expense of your neighbor.

These ideas became extremely popular over the last 100 years, all around the world. As a result, as democracy spread, so did these ideas. Politicians of each party and persuasion throughout the Western world quickly adopted them as their own (and never mentioned Marx).

As these ideas took hold, one big problem developed… How do you pay for them?

Progressive politicians believed they had the answer. They just took Marx's big innovation: A progressive income tax. Let the rich pay!

It's a popular idea – but it never works because decisions to add more benefits don't take into account the expense of paying for them. It doesn't take long for the budget to get out of control. Or said another way, everyone can't live at the expensive of his neighbor. His neighbor can't afford it… and he moves.

More serious, the flaw in communism is obvious. Communism doesn't account for the fact that people expect to control the fruits of their labor. People don't like their assets being stolen and their wages being heavily taxed by a government that regulates their businesses and sends their children off to war. Incrementally, people stop working. Wealthy people flee… or hide their incomes.

Tax revenues fail to meet projections. Deficits grow. Deficit spending soars. And debts mount.

That's where paper money comes in. Paper money isn't only good for financing a war. It's also perfect for closing the gap between what an economy ought to produce and its paltry real production when it has been beaten into submission by communist ideas. I like to explain it this way…

The central truth of economics is scarcity. There can never be enough of anything to satisfy everyone. The central truth of politics is patronage: promising to give everything to everyone. Paper money is the bridge between economics and politic s.

The unpaid debts of an entire generation of people in Western countries are coming due. The so-called "baby boomers" grew up in a world dominated by Marxism and Keynesian economics. These are bad ideas. They are destined to collapse.

And the collapse is here.

Regards,
Braden Copeland

------------------------------

If you need a one-on-one consultation, feel free to contact me to setup an appointment.

Until the next time!

Ankh Uja Snb,
Asar Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net

Become a Fan G&G Associates and G&G Travel on Facebook.

"Any fool can make something complex, but it takes a genius to make something simple"
Woodie Guthries

P.S. If you are looking to Travel and looking for steep discounted travel, visit www.gngassociates.net, click on the "G&G Travel" link and let your travel planning begin. Let us know where you want to go and we'll do our best to find you the best deal your money can buy. Become a Fan of G&G Travel on facebook.

LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.

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The Best Time to Buy Property

Here is some info' I read that I agree with !
For any buying or selling real esate needs in Hampton Roads Virginia consult with me !

Seko VArner,
Real Estate & Financial Freedom
Positively Great Homes & Finances
757-248-3820
www.HappilyEverAfter.Be

"The Best Times To Buy Property !"
The article's direct link:

A Conventional wisdom says that you need to stay in a home a minimum of five years to ensure that you recoup your purchasing costs. But with some markets soaring, this advice doesn't always apply. Article from Yahoo.com & Zillow.com !

It's All About the Market
Market conditions play a huge part in any decision about when to buy. Housing market values have varied widely from region to region in recent years. While the Florida market has seen meteoric rises in home values, Ohio has seen its real estate prices go into negative territory in the last year.

Do not buy high and sell low - if your market is softening or has hit its peak and is heading south, you may want to wait on your purchase.

The magazine Smart Money has created a worksheet to compare the costs of renting vs. buying using market appreciation calculations to determine at what point you come out ahead. Plugging in the price, down payment, your income bracket, interest rate, and current market appreciation rates, the worksheet will break out what you will gain.

For example, say you were to buy a $400,000 house in Boulder, Colorado and you estimate the market will soften from the current 11% appreciation to about 9 percent annually. If you stayed in the house three years, you would recover $88,750 in equity at the end of that period; if you stayed five years, you'd realize $120,360.

It's All About You
The top three reasons people file for bankruptcy are change of job status, divorce, and unforeseen health expenses. If you face any of these challenges and don't have a financial cushion, this may negatively impact your ability to pay a mortgage. Big life events dictate your readiness to buy now or to wait for a little more stability.

Signs you should not buy right now:

•Will you be moving within the next five years?
•Will you be having kids soon?
•Will you be making a job change?
•Have you recently filed for bankruptcy or is your credit score below 630?

If you answered yes to any of these questions, or you are experiencing other life-changing events like illness, marriage, divorce, or breakup, you may want to wait.

Your Financial Future
Aside from life events contributing to your decision, getting your financial house in order before you begin your home search is key. Even with all the programs available for buyers with a low-or-no down payment, if your debts are growing steadily and you don't foresee an increase in your income, you are putting yourself in greater financial risk by taking on a mortgage.

With only a few exceptions, many loans for people who are still repairing their credit or recovering from bankruptcy carry higher rates than those available once your credit is in better shape. So the question comes down to this: Do you buy now, before prices appreciate higher than you can afford, but do so with an expensive loan? Or do you wait and repair your credit, then get a favorable loan, and pay more for your home?

That's the sort of analysis you need to go over with a financial counselor or mortgage broker before you start hitting open houses.

Ways to Cushion the Blow
On the other hand, if you are willing to buy a home that needs a bit of work and, over time, you can afford to get it done, your home could appreciate faster, strengthening your financial position. If you are willing to take on a roommate or renter, you can also soften the expense of a mortgage, which almost always costs more than rent. Buying a home is a risk, and it's worth asking yourself hard questions about what you're willing to do to protect yourself from getting in over your head.

If you answered "no" the life-change questions, and have the down payment or equity from your current home, you still need to look at interest rates and at how buying affects your taxes. You can't time the stock market, but you can time interest rate hikes, as they are a little easier to predict. If they are going up fast, you can jump in before they rise too far; if they are already high, you will have to calculate how refinancing in the future affects your budget.

What to Do First
If you are anxious to get moving, be patient. You have a few things to do first:

1.Go to open houses - get the lay of the land
2.Talk to a mortgage broker to get pre-approved
3.Interview agents (You may want to find an agent at the same time as you look for a mortgage broker - a good agent can recommend reputable brokers and help you make sense of the terms of the loan) - Call Seko @ 757-248-3820
4.Review credit report and scores with mortgage broker to determine if any repairs are needed
5.Use Zillow.com to find info on neighborhoods that interest you and then use the Home QandA feature to ask current homeowners.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Black Improvement Economics is a service of The Imani Foundation
http://www.imanifoundation.com
These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Only Common Sense

This is G&G; Financial Consulting e-Newsletter

This Only Takes Common Sense to Understand

Alafia (Peace & Blessings) G&G Readers,

It's all fun and games until somebody loses their IRA.

By now G&G Readers should all be familiar with the games central bankers play… print a little money here, prop up the market there, pass the buck like a hot potato, and do everything possible to keep the circus going.

We put up with the games mostly because… well… I don't really know why we put up with them. Maybe it's apathy or laziness. Or maybe we're all so busy trying to keep our own heads above water, we're not paying attention.

But we can't ignore what's going on in Europe right now. It’s painting a picture for what’s to come here is the US.

*** Side-Note: see archived newsletter “Uncle Sam Wants Your Retirement Plan” from March 30, 2010 at G&G Associates website.

-----------------------------------
Internal Sponsorship

With the falling dollar and the explosion in gold, silver, oil and other natural resource prices, you need to stay on top of your game and manage your “OWN Finances.”

Become a GGIS subscriber now and you’ll be sure that we make sure you stay on top of your Tax and Financial Future to make sure your BUSINESS … AT HOME is protected. Remember…most people look after their bosses business, but fail to look after their own business at home.

Take advantage of our 2010 discount lifetime subscription offer if you are not yet a member of the GGIS paid newsletter service and you’ll be on your way to knowing how to protect your portfolio...at least what’s left of it. I’ll keep you informed on the “REAL DEAL” in our economy so you can protect your wealth. So....Sign up today before the price increases in 2011.

To become a member of the G&G Investment Society newsletter subscription, send an e-mail to GGIS@gngassoc.com and/or visit our website at www.gngassociates.net and click on the “Products & Services” link and we’ll get you signed up right away.

DON'T WAIT ANOTHER DAY!

- 1 year subscription - $49 (2011 Price Increase -- $99)
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-----------------------------------

Last week, Ireland's government announced it would use (confiscate, seize, steal) $30 billion from the country's public pension program to purchase Irish government bonds. Hungarian officials announced a similar program using $15 billion of public pension assets. French officials also surrendered to the idea and are putting $45 billion of pension assets into France's sovereign debt.

Just to be clear… Much of the proceeds these governments receive from selling bonds are used to fund social programs such as welfare, health care, and unemployment benefits. So, by using pension fund assets to buy these bonds, the governments are taking long-term savings from hardworking, industrious individuals… and giving the money to those who are currently down and out.

What happens years from now when the hardworking, industrious folks decide to retire and discover their money isn't there, or it's worth only a small fraction of its original value?

Of course, government officials will argue this is a temporary measure to bridge the funding gap caused by the weak global economy. When the economy improves, tax revenues will increase, and they'll be able to pay down the debt and replenish the pension fund coffers.

Bull Shigidy!!!

The funding problems are systemic. They're not the result of economic downturns. They're the result of stupid politicians making stupid promises to gullible people. "From those who can to those who need" may sound good on paper, but it fails miserably in practice.

The real issue, however, goes beyond the politics of socialism and/or communism. What does it say about the quality of a government's debt when the only entity willing to purchase it is the issuing government itself? {Can anyone say Ponzi Scheme}

Now, you can dismiss this as a European problem – just a bunch of Irish, French, and Hungarian politicians doing whatever they can to appease the masses and keep their cushy offices. Why should we care?

We should care because it's happening here too – in the good old U.S. of A.

The Fed is already using taxpayer money to prop up the bond market and keep interest rates artificially low. Once again, what does it say about the quality of a government's debt when the only entity willing to purchase it is the issuing government itself? {Again…Ponzi Scheme}

And… does anybody remember the trial balloon the current administration floated several months ago? You know… the one about using public pensions to buy annuities backed by U.S. Treasury securities.

None of this happens by accident.

Central bankers talk to each other. They know the ticking time bomb everyone is trying to kick down the road. And they know if it gets to the United States, it's a dead end. There's nowhere else to go.

So what can you do?

*** First, if you're a government employee and have a government pension, you need to do whatever you can to take control of the assets yourself. NOW… Talk to your administrator and find out what your options are.

***Second, sign up and become a GGIS Paid Subscriber and I’ll tell you what else to do to save your retirement.

*** Or, you can keep doing nothing and watch your retirement be gone…your choice.

Until the next time,

---------------------

You are most likely aware that gold prices have been higher each of the last nine calendar years and have averaged about 15% annually. And, in this tenth year, The Wall street Journal reports that gold is now up 22%. This confuses most of the public, political scientists, scholars and journalists.

However, a true economist, using fundamental macro-economic monetary principals, can easily understand what has happened and what is in store. Seriously, is the astronomical growth in the monetary base of U.S. dollars, in which gold is denominated, any secret? A highly acclaimed book that is perceived as an ''easy-read'' for those who want to gain insights into this issue is titled AFTERSHOCK. It can be found on Amazon for about $15 at the following link:

http://www.amazon.com/Aftershock-Protect-Yourself-Financial-Meltdown/dp/0470481560

On Amazon.com, a reader from Houston said this about the book: ''I find this to be the most complete and comprehensive analysis of America's ongoing economic problems that I have thus far encountered. In addition: the reasoned deductions which the authors draw from their analyses are far ranging and logical; and, for the most part, the conclusions which they reach are well justified and difficult to dispute. So, if you are looking for a book that will give you some valuable insight into what is happening to the U.S. economy today, and why; which explains how the ultimate collapse of that economy and the U.S. dollar will take place; and which forecasts what the United States and the world at large will be like following that calamity, then this is certainly a book which you should read.''

If you sign up to become a 2 year or lifetime GGIS Subscriber, I’ll send you a free copy of AFTERSHOCK. So, sign up today so I can get you a copy of this must read book.


Ankh Uja Snb (Life, Health, Strength),

Asar Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net

G&G Associates & G&G Travel are on Facebook, join our fan page.

"Any fool can make something complex, but it takes a genius to make something simple"
Woodie Guthries

P.S. If you're not a GGIS Paid Subscriber reader yet, it's not a bad way to start the year. The recent dollar rally has actually given everyone some new opportunities to invest on the cheap. And currently, our GGIS portfolio is packed with great plays to kick-start your "anti-dollar" portfolio for 2010.

P.S #2 If you are looking to Travel and looking for steep discounted travel, visit www.gngassociates.net, click on the “G&G Travel” link and let your travel planning begin. Let us know where you want to go and we’ll do our best to find you the best deal your money can buy. Become a Fan of G&G Travel on facebook.

LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

When You Shouldn't Use a Credit Card

15 Times When You Shouldn't Use Your Credit Card
by Marcia Frellick
Thursday, October 7, 2010

There are plenty of reasons to use a credit card — convenience, accountability and safety among them — but when is it better just to step away from the swiper?

There are many out there who would say that there's never a good time to use a credit card, and that cash, debit or anything else would be a better choice. While forgoing credit for good may or may not be realistic, there are some times when it is best to just leave the card in your wallet or purse. Here are some times when you should never use your card:

1. After midnight. Paraphrasing Eric Clapton, after midnight tends to be when people let it all hang out — even financially. "After midnight is the time you get into more trouble rather than making a sound financial decision. If you're at a club or casino, just go home," says Michael McAuliffe, president of Family Credit Management in Chicago. Put the card away and take another look in the morning.

2. When you're near your credit limit. "You don't want to be even within a couple hundred of your limit or your credit score will go down," says Mary Ellen Nicol, counselor with CredAbility in Atlanta. If you're getting too close to your credit limit, ask your credit card company to raise your limit, switch to a card with a lower balance or find another way to pay.

3. When considering an extended warranty at the car dealership. You can probably get a better deal if you roll the warranty cost into the car loan. Even though you may have a slightly higher monthly car payment that way, wrapping it into a secured loan likely still beats paying high interest for it on your credit card, says David Johnson, bankruptcy counseling director at ClearPoint Credit Counseling Solutions in Los Angeles.

5. If you're paying off one card with another, and it's a habit: "If you're swapping your debt every six months, that's going to show up on your credit report," Bowne says. If it's a one-time thing, consider whether the offer is too good to be true. "Transfer fees have gone up at least a percent on average in the last year," Bowne says. "We're talking about 4 percent of your debt you're going to pay up front just to transfer the debt." Be clear on the rate you will pay after the promotional rate ends. It could be higher than the rate you're trying to escape from, she warns.

6. At a flea market: "It used to be that you always had to have a wad of cash. Now, through the magic of technology, some guy selling rickety, old wagon wheels can take your credit card," Williams says. This is the kind of purchase where convenience doesn't outweigh the risk, she says. Bring the cash.

7. If you think you're building your credit history: David Beddoe, counselor with American Financial Solutions in Seattle, says he hears that a lot. While your credit score goes up if you pay off the purchases you make, putting items on a credit card without paying them off will have the opposite effect on your score, he says.

8. If you can't pay for half of the purchase with cash on hand: Say you need new tires, Nicol says. If you don't have half the money right now to pay for the repairs, wait until you do. Then charge the purchase, pay off half right away and make a plan to pay the rest in one to two months. In the case of tires, you probably knew you needed them months ago and that would have been the time to plan ahead for the expense, she says. Check out public transportation or reduce your driving and save until you can afford at least half.

9. When it's all about the rewards points: Rewards points "should be nowhere in the equation for making that decision or not making it," says Michael McAuliffe, president of Family Credit Management in Chicago. "Base your decision on the merits of the purchase." Otherwise, you will tend to overspend. If you want to finance a vacation, skip the coffee or dessert or find cheaper parking and put away $5 a day for a year, he says.

10. When you think prices may drop: "For many things in our society, we're starting to see deflation. If you think it's going to cost less in three months, why start paying interest on it today?" McAuliffe says.

11. To buy something from a website with an obscure foreign extension: Don't charge online if you don't know who you are dealing with, says Catherine Williams, vice president of financial literacy for Money Management International. "While you always have protection under the Fair Credit Billing Act, the damage that can be done during that 30 days (until you see it on your bill) is just crazy." Study the website -- watch for suspicious wording — to make sure it is legitimate.

12. If you don't have a plan for paying it off: "We always recommend paying a purchase off in no more than three months. Without a game plan, you're playing credit card roulette. That's when people get into trouble," says Kathy Virgallito, a regional director for Apprisen Financial advocates.

13. If you're charging things that you used to pay cash for: That's a red flag that you're getting overextended, Virgallito says. You need to review your credit card statements and identify where the budget issues are. If you're suddenly having more car repairs or travel expenses to visit a sick relative, you may need to create a specific savings account for those things rather than relying on credit, she says.

14. When you feel that you'll save money by purchasing something you want rather than need. Beddoe gives the example of someone saying, "If I buy this 60-inch TV right now, I can save $200 on it." If you never planned to get that TV in the first place, it's hardly a savings, says Beddoe.

15. When the temptation for a big impulse buy strikes: "We instituted the 24-hour rule at our house," Williams says. "Anything over a certain dollar amount that isn't food, we have to wait 24 hours to buy. Had we not observed that ...I would have a fire engine red wicker chair. It would have been so cute on the Fourth of July for about 20 minutes."

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Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com/
These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

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The Best Government Loophole or Trick Ever

Black Improvement Economics presents:

This is G&G Associates Tax & Financial Consulting e-Newsletter

The Best Government Loophole or Trick Ever

Hotep G&G Readers,

On December 31, 2010, the government will close an amazing loophole… one that affects 60% of the U.S. population.

In an attempt to collect taxes today to pay for its excesses, the government is promising to never tax our retirement money in the future. Let me explain…

It turns out, close to 90 million people are holding $7 trillion in either IRAs or 401(k) plans.

Some of you are holding it in the wrong accounts.

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If I can’t show you how to save a $1000 on your taxes next year, then I’ll give you a free year’s subscription to the G&G Investment Society (GGIS) newsletter service. Somehow I think you can use the money more than your Uncle.

Give me a call and I’ll show you how to implement this strategy and keep 30 cents on every dollar by doing so as well. This is what you call SMART planning and investing.
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When you put money in a traditional IRA or 401(k), the government defers taxing it until you start withdrawing the money after age 59 and a half. Roth IRAs are the opposite. You pay taxes on the money before you put it in. The money you earn in the account is tax-free and you don't pay taxes when you take out your savings.

This year only, the U.S. government is letting everyone – no matter their income or assets "convert" retirement money in traditional IRAs and 401(k)s into a Roth IRA. To encourage you to do so, the government has sweetened the deal.

Usually, when you do a conversion, you pay the taxes in full at the time of the conversion. But right now, if you agree to convert to a Roth by the end of the year, you can delay paying the taxes until next year. You can even split the bill 50-50 between 2011 and 2012.

So, you have to make sure you have a professional taking care of your taxes who is familiar with this conversion to make sure you are covered and G&G Associates will be able to take care of you if you choose to make the conversion.

If you're one of the millions with a traditional IRA or 401(k), taking advantage of this loophole could save you thousands of dollars in retirement.

If you defer your tax bill and split it, you'll essentially get a tax-free loan for eight to 20 months. And T. Rowe Price data showed a 45-year-old man who puts $25,000 into a Roth ends up with $53,300 more by the time he is 85 than if he left it in a traditional IRA. And that even factors in a drop in his tax bracket from 28% today to 15%.

If your income tax rate will be the same as today or higher in your retirement, converting is even more attractive. And trust me, taxes are going higher in the future.

Next year alone, tax rates are scheduled to rise. The two top marginal rates are rising to 39.6% and 36% from 35% and 33%, respectively. It's only a matter of time before they rise again.

But perhaps the most powerful reason for converting to a Roth is the ability to continuously build money over both your lifetime and your beneficiaries'. I call it the "The Next Generation Plan" because it allows you to keep the money growing until you die. This is not true for traditional IRAs and 401(k)s.

When you turn 70 and a half years old, traditional IRAs require you to stop putting money in and start taking money out. It's known as the Required Minimum Distribution, or RMD.

Roth IRAs have no such rules. So using a Roth allows you to grow the account longer and take advantage of the power of compound interest under a tax-free umbrella.

Even better, you don't ever have to take money out of your Roth. The money goes tax-free to your spouse and your beneficiary.

Moreover, you can contribute money into the Roth at any age, as long as you have "earned income." This means at 75, 80, or 85, you can fund your account and continue to see it grow.

Converting to a Roth protects your retirement savings and allows it to grow in several ways. And now (with the 2011-2012 split available) is an ideal time to do it.

It's not often the U.S. government gives us a loophole this important to our retirements. But the feds are cash-starved and desperate to take in as much tax money as possible. The time to take advantage is now.

There are lots of things to consider before you make the conversion, and I didn't have room to go into all of them here. But if you want to set up a one-on-one consultation to discuss further, please contact me to set up an appointment.

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With the falling dollar and the explosion in gold, silver, oil and other natural resource prices, you need to stay on top of your game and manage your “OWN Finances.”

Become a GGIS subscriber now and you’ll be sure that we make sure you stay on top of your Tax and Financial Future to make sure your BUSINESS … AT HOME is protected. Remember…most people look after their bosses business, but fail to look after their own Business At home.

Take advantage of our 2010 discount offer if you are not yet a member of the GGIS paid newsletter service and you’ll be on your way to knowing how to protect your portfolio...at least what’s left of it. I’ll keep you informed on the “REAL DEAL” in our economy so you can protect your wealth. So....Sign up today!!!

To become a member of the G&G Investment Society newsletter subscription, send an e-mail to GGIS@gngassoc.com and/or visit our website at http://www.gngassociates.net/ and click on the “Products & Services” link and we’ll get you signed up right away.

DON'T WAIT ANOTHER DAY!

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If you missed a past G&G article, click on the link below to visit G&G Associates archive:
http://ezinedirector.com/admin/publisher/archive/public/?fuseaction=a&e=7944575E0843077440

Until the next time!
Asante Sana (Thanks)
Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
http://www.gngassociates.net/

"Your mind is like a parachute, it only works when it is open."
C. Brown

P.S. If you're not a GGIS Paid Subscriber reader yet, it's not a bad way to start the year. The recent dollar rally has actually given everyone some new opportunities to invest on the cheap. And currently, our GGIS portfolio is packed with great plays to kick-start your "anti-dollar" portfolio for 2010. Click here www.gngassociates.net for details about how to subscribe now (and get access to our members only website where you get or all kinds of extra bonuses and premium reports), for just $49 a year or $199 for a lifetime subscription.

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LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.

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Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com/ These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Secrets of Self-Made Millionaires

5 Secrets of Self-Made Millionaires
Reader's Digest Magazine, Fri Apr 30, 2010

By Kristyn Kusek Lewis

They’re just like you. But with lots of money.

When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud.

But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.
According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.

If more people are getting richer than ever, why shouldn’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.

1. Set your sights on where you’re going
Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.

There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.

Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”

It all started for Jeff when he met a stockbroker at a Christmas party. “Talking to him, it felt like discovering fire,” he says. “I started reading books about investing during my breaks at the grocery store, and I began putting $25 a month in a mutual fund.” Next he taught a class at a local community college on investing. His students became his first clients, which led to his investment practice. “There were lots of struggles,” says Jeff, “but what got me through it was believing with all my heart that I would succeed.”

2. Educate yourself
When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”

One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”

He and his wife started applying the lessons: They made a point to live below their means. They never bought on impulse, always negotiated better deals (on their cars, cable bills, furniture) and stayed in their home long after they could afford a more expensive one. They also put 20 percent of their annual salary into investments.

Within ten years, they were millionaires, and people were coming to Steve for advice. “Someone would say, ‘I need to refinance my house—what should I do?’ A lot of times, I wouldn’t know the answer, but I’d go find it and learn something in the process,” he says.

In 2003, Steve quit his job to become part owner of a company that holds personal finance seminars for employees of corporations like Wal-Mart. He also started going to real estate investment seminars, and it’s paid off: He now owns $30 million worth of investment properties, including apartment complexes, a shopping mall and a quarry.

“I was an engineer who never thought this life was possible, but all it truly takes is a little self-education,” says Steve. “You can do anything once you understand the basics.”

3. Passion pays off
In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”

Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?

With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”

She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.

The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.

According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.

4. Grow your money
Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.

There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”

A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.

When extra money rolls in, it’s easy to think, Now I can buy that new TV. But if you want to get rich, you need to pay yourself first, by putting money where it will work hard for you—whether that’s in your retirement fund, a side business or investments like real estate.

5. No guts, no glory
Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”

At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”

He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says.

After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.

The Biggest Secret? Stop spending.
Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”

Direct link:
http://shine.yahoo.com/event/financiallyfit/5-secrets-of-self-made-millionaires-1370279/

Posted by:

Seko Varner of World Financial Group

Contact me for assistance in your real estate,

financial or insurance needs.

757-248-3820

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Black Improvement Economics is a service of

The Imani Foundation

http://www.imanifoundation.com/

These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.