I have repeatedly said that while I'm not a big fan of bitcoin the currency, I think there is a lot of value in blockchain technologies. (See here, here, here, and here for more on that). Despite being the most inherently valuable piece of the crypto-currency craze, blockchain is also the least understood. With the power to change how business is done in real estate, shipping, material sourcing, and other industries. At The Wall Street Journal, Christopher Mims explains blockchain: What is blockchain? It’s essentially a secure database, or ledger, spread across multiple computers. … [Read more...]
Mortgage Rates Still Low Historically
If you’re old enough to collect Social Security you might laugh out loud reading this from today’s WSJ: "U.S. mortgage rates have hit their highest level since 2014, a new challenge for a housing market that has been central to the economic recovery but remains vulnerable to even modest headwinds. The rate for a 30-year fixed-rate mortgage rose to 4.46%, the highest in more than four years and the ninth consecutive week of increases, according to data Thursday from mortgage-finance giant Freddie Mac." While everyone is talking about the “sharing” economy, I have yet to speak with an … [Read more...]
Why I Want You to Prepare for the Worst
One of the best parts about a New England Winter is that Spring is right around the corner. To help soothe my cabin fever, I visited my favorite fishing site and magazine, On The Water, to see what’s biting. "Captain Frank, of The Frances Fleet in Narragansett, is looking forward to the calm “after” the storm, as the last week or so has been tough for everyone around the New England coast. The strong NE blow and the storm systems look to be clearing out for the weekend, and there is a good chance that the fleet will have a few good sailing days. The temperatures on the cod grounds are still … [Read more...]
Richard Russell’s Rule #1
Originally posted January 7th, 2016. You need to have some will-power to stick to your guns in this stock market. No one said it was going to be easy. But to allow the magic of compound interest to work for you, you have to be patient. Here is one of the great lessons I love to read over and over again from the late Richard Russell. Mr. Russell passed away in November at the age of 91. He wrote daily to his beloved subscribers right to the bitter end. I miss reading his daily thoughts on the market and, even more so, on life in general. RIP Mr. Russell. Rule 1: Compounding: One of the most … [Read more...]
State Houses the New Battleground in the War for the 2nd Amendment
Yesterday the Florida legislature passed a gun control bill including measures to raise the age required to buy a firearm from 18 to 21, requiring a three day waiting period to buy a firearm, banning the sale of bump stocks, and creating a new way for courts to confiscate firearms from people found to be a risk. The bill also funds mental health and school security measures. Governor Rick Scott has not yet signed the bill. But Florida isn't the only state seeing a renewed push for gun control in the aftermath of the Parkland shooting. States houses around the country have once again become … [Read more...]
Many Millennials Have No Savings
A new report from the National Institute on Retirement Security shows that around 66% of working age Millennials have nothing saved for retirement. That's not good, but also not terribly surprising since so many of them have had a delayed start in the work force, have massive student loans, and rents are at some of the highest levels ever. On CNNMoney, Katie Lobosco details the report, writing: About one-third are saving for retirement. Most have less than $20,000 but some have much more. The average account balance is $67,891, according to the report. If they are saving, it's likely … [Read more...]
Thieves Now Stealing Identities That Don’t Even Exist
In what is known as "synthetic identity fraud," thieves are now creating false identities from whole cloth, and using them to dupe lenders and credit card companies out of their money. The Justice Department says this fast growing danger is one of the hardest forms of identity crime to fight. That's probably because no actual identity is being stolen, so there's no immediate victim to raise a red flag on fraudulent activity. The victims in this case end up being the lenders who cannot get their money back after sending it to a completely fictitious person. Peter Rudegeair and AnnaMaria … [Read more...]
Can America’s F-35 beat Russia’s Su-57 Without Firing a Shot?
The debate of which fifth generation fighter jet would win in a head to head battle, the F-35 or the Su-57, could be decided without a single shot fired. Business Insider is reporting that there are multiple experts stating that Russia’s fifth generation fighter jet program is in desperate need of funding. The Trump administration’s loosening of export restrictions on the F-35 have put a major strain on Russia’s fifth generation fighter program by offering countries a better alternative. Alex Lockie reports that the final blow could come from a boardroom in India. Russia recently grabbed a … [Read more...]
New England About to be Slammed by Nor’Easter Number 2: Are You Prepared?
"Hundreds of thousands of homes and businesses from Virginia to New England remained without power Monday, several days after a major nor’easter struck the East Coast, and with another storm bearing down,” reports the AP. The sun finally cam out yesterday as the damage to homes continued to be assessed. In Quincy, Massachusetts, “Three days after a vicious nor’easter pounded coastal neighborhoods here with heavy flooding and near-hurricane winds, wreckage lay scattered in the mud-coated streets leading to the Houghs Neck peninsula,” explains the Boston Globe. Now residents … [Read more...]
A Difficult Phrase to Say: “Enough Already, I’m Retiring”: Part II
I had a great conversation with a client yesterday who told me he has finally decided to retire. He could have retired years ago but continued working because working is what he knew how to do. He said it’s scary thinking about retirement not only from a financial point of view but from a personal point of view it’s just as hard. Retirement and the thought of retirement can be filled with doubt and uncertainty. In other words, answering the question “What am I going to do?” can be a challenge. I have found in speaking with clients who are in or nearing retirement that this is a common … [Read more...]
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