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Posts Tagged ‘personal’

The primary aim of this blog is to inform and educate Americans about ways to use the EUREKONOMICS™  model to create and manage personal economies that thrive in good times and bad.

Unfortunately, the Federal Government and the US Congress pose the greatest threat to our collective financial security.  Their greed for the accretion of power and unparalleled confiscation of our money - especially the debt they lay on us and generations yet to be born - seems insatiable.

The Principles of the Founding Fathers

That’s not how America rose from nothing to the greatest and most exceptional nation on earth.  American government and economics are based on clearly articulated ideas about limited government, personal liberty, and the freedom to create and manage our own personal economies…

  • “life, liberty, and the pursuit of happiness,” not the guarantee of happiness
  • the opportunity to succeed, not the guarantee of success
  • liberty to succeed or fail on our own without the interference of government.

“We the People…”

Today we are seeing our liberties erode from the intrusion of big government into the lives and personal economies of individual Americans.  Money and power in the hands of even the most beneficent government reduces the money and power in the hands of “We the People…”

  • Every dollar that goes to Washington DC comes out of the pocket of a working American
  • Every czar that acts as a lieutenant of the executive branch of government as an unaccountable enforcer of unwritten law drains the national treasury
  • Every trillion dollar (remember, that’s 1,000 billions) law that Congress rushes through the legislative process with the excuse that “it’s imperative” being used to bypass “We the People” steals another bit of our liberty and a whole lot of our money
  • Every surreptitious connection to…
    • big banking
    • big Wall Street firms
    • big unions like the SEIU
    • corrupting organizations like Acorn
    • pseudo-advocates like AARP, Pharma, the AMA
    • and other shadow groups that hide from the light of scrutiny

transfers money and power to the government and strips “WE the People…” of our voices, our liberties, and our ability to create and manage our personal economies.

If you haven’t read the Declaration of Independence in a while, here’s your chance.  I encourage you to take just a few minutes and consider the sacrifices our Founders made to give us today’s America…

“And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.”

Ideas and Ideals of 1776

Recognize, please, that the ideas of 1776 are what makes America great.  Honestly ask and answer yourself: Is what is happening today distorting the principles in The Declaration?

Is what is happening today undermining your ability to create and manage your personal economy?

Read the Declaration of Independence [below]. Pay attention to both the principles it illustrates and the specific complaints against the overbearing arrogance of the British King.  Know that it’s time to act if that looks to you at all like the behavior of the Dolts in DC today.  Isn’t it time for modern Americans to pledge their lives, their fortunes, and their sacred honor to save our country from a fate worse than British rule in the 1700′s?

_________________

The Declaration of Independence…

IN CONGRESS, JULY 4, 1776

The unanimous Declaration of the thirteen united States of America

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. – That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, – That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. – Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.

He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their Public Records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected, whereby the Legislative Powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.

He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.

He has obstructed the Administration of Justice by refusing his Assent to Laws for establishing Judiciary Powers.

He has made Judges dependent on his Will alone for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.

He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.

He has affected to render the Military independent of and superior to the Civil Power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:

For quartering large bodies of armed troops among us:

For protecting them, by a mock Trial from punishment for any Murders which they should commit on the Inhabitants of these States:

For cutting off our Trade with all parts of the world:

For imposing Taxes on us without our Consent:

For depriving us in many cases, of the benefit of Trial by Jury:

For transporting us beyond Seas to be tried for pretended offences:

For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies

For taking away our Charters, abolishing our most valuable Laws and altering fundamentally the Forms of our Governments:

For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated Government here, by declaring us out of his Protection and waging War against us.

He has plundered our seas, ravaged our coasts, burnt our towns, and destroyed the lives of our people.

He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation, and tyranny, already begun with circumstances of Cruelty & Perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.

He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.

He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince, whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.

Nor have We been wanting in attentions to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these united Colonies are, and of Right ought to be Free and Independent States, that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. -

And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.

In May of 2008 this blog awakened its readers to an idea that is now being recognized after decades of being dismissed.  Fact is, if you had followed this practice through the ’80s and ’90s you would be well ahead of those that followed conventional wisdom.
Jeffrey Kosnett only implies the power, flexibility, and versatility of whole life insurance in his recent article in Kiplinger Magazine.  If you want the whole story I recommend the book Money for Life, which explains the idea in full detail and is changing the lives of Americans for the better all across America.
10 Financial Myths Busted
( Page 2 of 2 )
MYTH 6. Life insurance is not a good investment. This canard spread as 401(k)s and IRAs supplanted cash-value life insurance as Americans’ most popular ways to build savings while deferring taxes. True, the investment side of an insurance policy has higher built-in expenses than mutual funds do. But two factors point to a revival of insurance as an investment. One is guaranteed-interest credits on cash values, which means that if you pay the premiums, you cannot lose money unless the insurance company fails (see “Savings Guarantees You Can Trust,” on page 55). The other is the boom in life settlements. If you’re older than 65, you can often sell the insurance contract to a third party for several times its cash value — and pay taxes on the difference at low capital-gains rates.

Truth: A good investment is one in which you put money away now and have more later. Checked your 401(k) lately?

by Jeffrey Reeves, youBEthebank.com, ltd.

Financial Literacy

Knowledge, understanding, and wisdom are complimentary and synergistic.  However, it should be clear that only wisdom embodies the qualities of all three.  It is possible to have an abundance of knowledge, deep understanding, and a complete lack of wisdom.

NAZI Germany (and successors totalitarian governments around the world today) demonstrated this gap most shockingly when it applied knowledge of what is required to sustain human life and understanding of how to eliminate those requirements to annihilate six million Jewish and other human beings.  Wisdom was absent.

When discussing knowledge, understanding, and wisdom as they relate to personal economics, considering the role of education is essential.  21st century Americans do not understand money.  One of America’s leading commentators on money, wealth, and business in general said this:

“In most cases, when people make more money, they get deeper in debt.” – Robert Kiyosaki

These folks have knowledge and understanding but a serious deficit in wisdom.

Nonsense from VP  Joe Biden and Others

Our educators, legislators, unions, big businesses, and government bureaucracies have led Americans down a similar path to financial ruin.  Many Americans’ personal economies are already broken and the US government is following a fools path to financial ruin with its insistence that “We the people” need more debt.

“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’. The answer is yes, that’s what I’m telling you.” – VP Joe Biden

Debt Equals Loss of Liberty

The foundation for a personal (or national) economy is money that you control.  Debt is money that others control.  Worse still, it is money that you actually pay those others to control.  You give up your libertyand pay others to do so as if it were a privilege.

Alternative to Debt

EUREKONOMICS™ teaches that money serves you in four – and only four – ways.

  1. It serves to eliminate debt and regain control of money that was previously ceded to others.
  2. It serves as ready cash to deal with life’s surprisingly unsurprising surprises – unexpected expenses and opportunities.
  3. It serves to deliver inflation protected income at a time of your choosing that you don’t have to work for and you can’t outlive.
  4. Finally – in every sense – your money and your wisdom about money allow you to deliver a legacy to those you care most about.

Debt is financial death and the death of liberty.  Presidents, Vice Presidents, legislators, union bosses, big business execs, and individual Americans that fail to recognize this fact lack knowledge, understanding, and wisdom.

Jeffrey Reeves

Going Broke in Style

While the Chinese, Middle Eastern, and Indian economies achieve new levels of diversity based on productive labor, America’s economic charm seems to lie in the misguided and misanthropic measures flowing out of the US Congress at the behest of President Obama.  America is putting on heavy chains of debt, locking it in for decades and giving the keys to foreign governments that have our demise as one of their primary goals.

Where Is The Fourth Estate?

Don’t the successless sychophants in the mainstream media recognize that the Federal Government is following precisely the same path illustrated in the famous (or perhaps infamous) Stanley Johnson commercial?  The Congress and the President have us up to our eyeballs in debt, and it’s debt to the wrong people.

What does that mean for your personal economy?

  • It means that money that you have faithfully deposited into retirement accounts is at great risk.
  • It means that every penny of debt you have personally, compounds the debt you have as a US citizen.
  • It means that the advice you received over the past thirty years is wrong.
  • It means the rules have changed, or at least reverted to the more sensible guidlines that allowed our forebears to live and die comfortably without relying on debt-to-others.
  • It means – most of all – that those who change their way of creating and managing their personal economies and personal wealth will have a much better chance of escaping the swamp into which our “leaders” are guiding us.

Keep Your Eye on the Prize

Personal economics is like a jigsaw puzzle.  If you don’t know what the final picture looks like, you’ll have a great deal of difficulty solving it.  Americans have lost sight of the end result - creating and managing their personal economies – and have been deluded into thinking that the pieces of the puzzle – investments, mortgages, IRA’s, etc. – are what’s truly important.

The problems in DC and the problems in your household are the same.  The pieces make up the puzzle, but no one piece is the solution.  Instead, we recommend that you find a “soulution” that fits you and your family.

by Jeffrey Reeves MA, EUREKONOMIST

Originally posted on July 24, 2008 and worth repeating…

Americans have been bamboozled into thinking that they can get rich and retire comfortably by putting their money in the hands of people whose only aim is to move money from your pocket into some Behemoth’s accounts; IRA’s, mutual funds, variable annuities, variable insurance policies, ETF’s, and on an on.

BUNK!

Here’s a simple rule to apply to your personal economy: invest from savings, not from income; speculate only with money you expect to lose [if you win add the winnings to your savings.] If you never develop a savings program, you can’t recover by ‘investing’ unless you are just plain lucky. Why? Because most ‘investments’ are actually speculative.

Benjamin Graham, The Dean of Wall Street, and Warren Buffett’s teacher, taught that an investment has two characteristics: safety of principle and a reasonable return. Hmmm! Honestly evaluate what Wall Street calls an investment today.

  • Is it really an investment or is it speculation?
  • Is your money safe and secure?
  • Are you getting a reasonable rate of return?
  • Is it enough to be re-assured that all will be well “in the long-term”?

Guess what? The answers are all NO. You don’t live in the long-term. If you are losing money today, hoping that tomorrow will produce better results is foolish at best. Properly saved money guarantees a reasonable rate of return in the short-term and is safe for the long-haul. Once you have money in hand, and enough money in hand to care for your personal needs, then you can consider investing.

Consider this: many Americans take money directly from their pockets [payroll deducted in many cases] and place it in accounts that produce unpredictable returns for them but assured profits for the Behemoths. Not only that, at the same time they borrow from credit cards and mortgage companies at rates that are guaranteed to be higher than their ‘investment’ account returns. Go figure…

Imagine how much better off these Americans would be if they put their money into financial products that fit the definition of Benjamin Graham referenced above.

It’s time to shift paradigms, to change models; save first, invest later, speculate never!

by Jeffrey Reeves, MA

www.YouBeTheBank.com, ltd.

The sum is sometimes greater than the total of all of the parts.  That isn’t so when it comes to economics.

 

I rarely quote an entire entry from another source.  This is one of those exceptions.  R. Nelson Nash, one of the clear thinkers in the area of personal economics, contends that macroeconomics are irrelevant.  John Mauldin’s preface to an article by Louis Gave reinforces this idea.

 

Your personal economy is all that really matters.  If you manage it well you will be financially stable in good times and bad. Bubbles bursting, markets crashing, Wall Street acting like Dull Street – none of that matters when you have control of your money.

 

by Jeffrey Reeves

www.YouBeTheBank.com

 

InvestorsInsight.com

John Mauldin's Outside the Box

Where Will the Growth Come From?

by Louis Gave

February 9, 2009

One of my most significant learning experiences came from a basic forecasting mistake. Back in 1998, I looked at 40 years of documented evidence that 50% of all large programming projects ended up coming in late. That set of data was consistent over all industries and over decades. I checked it out with industry experts. I really did my homework. And thus I said that the Y2K bug would be a problem, as a sufficient number of corporations around the world would have bugs that would create supply and management problems, which would slow the economy down. I did not suggest that we would see blackouts or major problems, just enough to slow things down and, when coupled with other macro issues (like the tech bubble), could trigger a recession. We had the recession, so my investment advice actually turned out to be right (lucky?), but it was not caused by Y2K.

Almost 100% of the Y2K fixes came in on time. From a metric that said 50% was the norm, we went straight to 100%. What caused the change? I had a debate with (my good friend) the late Harry Browne, who many of you will remember as a very wise investment counselor, multi-book best-selling author, two-time presidential nominee of the Libertarian Party, gold bug, and from the school of Austrian economics. He said that Y2K would be a non-event. When presented with my marshaled facts, he said, “John, each company will figure out what it has to do to survive. That is the way markets work.” And sure enough, faced with extinction if they failed, it seems that CEOs found ways to get the programmers to meet a very clear deadline. Besides knowing they fudged deadlines in the past, we now know if you hold a gun to their heads and give them resources, they can in fact perform.

Why this comment to open today’s Outside the Box? Today we read a piece sent to me by my friend Louis Gave of GaveKal (and who will be at my conference in April). It is entitled “Where Will the Growth Come From?” It reminds us of the lessons that Harry gave me. Each person and company is responsible for their own part of the recovery. You can’t rely on mass statistics, or you miss the important lesson in individual responsibility.

I don’t think anyone can accuse me of being bullish the past few years. Interestingly, I get a lot of emails from people telling me the end of the world is coming, and deriding my longer-term optimism. They are convinced we are going into some deep national morass worse than the Great Depression (and such deflationary times will somehow make their gold go to $3,000!?!?). Yet they are working to make sure their own personal worlds are covered. I get no letters from people who are simply giving up. What company will keep a CEO who does not work hard to figure out how to keep the company alive? If you lose your job, do you not try and get another one or figure out how to make ends meet? Do you not put in extra hours to try and make your personal life or business or job better? Even if it is terribly difficult, the very large majority of people don’t throw in the towel. Each of us, in our own way, gets up every morning to fight the good fight, even when the swamp is full of more alligators than we ever counted on. We just pick up a baseball bat, wade into the swamp, kill as many alligators as we can in one day, and then go home to get ready to fight the next day.

The lesson from Harry is the same as it was in 1998: It is the individual working to get his or her own house in order that will help us all collectively get our national house in order. This is not to diminish the Herculean tasks we have in front of us, collectively. We have dug ourselves into a very deep hole of credit and leverage. It is going to take lots of time. The way back is not entirely clear at this point. This is not an ordinary business-cycle recession. But each of us will do what we can to make our small corner of the world better. And in the fullness of time, we will collectively get back to trend growth and a rational market.

Of course, we will then find we have other problems to face. There is no nirvana. There will always be more problems. But that’s what a free-market collection of motivated individuals does: We face problems and solve them to the best of our ability. And as a group, the clear path for centuries is one of growth and progress. Cautious optimism is the proper long-term stance.

So, today Louis speculates about what sectors might come back first, and offers a good lesson in economics along the way. I think you will enjoy this Outside the Box, unless you just want to believe in the end of the world.

John Mauldin, Editor
Outside the Box

Full article here–> http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2009/02/09/where-will-the-growth-come-from.aspx