If you are like many soon-to-be-retirees in America, you're looking forward to getting away from your cold, northern, probably-high-tax state and settling down in retirement in a southern locale with low taxes and warm winters. But, how can you know where you'll like it best in your Golden Years? (for information on choosing a low-tax state, see the Richardcyoung.com Liberty & Freedom Map here). Last month I encouraged you to do some A/B testing. Live short-term or spend a vacation in some of the places you'd potentially move to during retirement. Without actually staying there for a … [Read more...]
How do Millennials’ Finances Stack up Against Gen-X?
Researchers at the St. Louis Federal Reserve were tired of trying to decipher contradictory evidence on Millennial finances, so they decided to run their own study. The researchers compared Millennials' 2016 finances to (same age) Gen-Xer finances in 2001 to get an idea of their relative financial well-being. Here are the key takeaways from the study: Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare? Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 … [Read more...]
Conagra to Buy Pinnacle Foods: Is this the Beginning of a Mega-Consolidation?
News broke yesterday that Conagra Brands will buy Pinnacle Foods, tying together two midsize American food brands. The big companies selling food in America have been having trouble, and it's worth considering if this may be the first step in what may be a necessary consolidation of the industry. The WSJ Logistics Report explains: Big Food is getting even bigger. Conagra Brands Inc. will pay $8.2 billion to buy Pinnacle Foods Inc., doubling down on frozen foods and taking a new step toward resetting food supply chains in a fast-changing market. The deal would create a conglomerate with about … [Read more...]
State Tax Update: Are Yours Going Up?
On this site, I regularly highlight the good and bad of states' tax structure (read here, here, here, here, and here for starters). I want business owners, investors and retirees to have the best information possible in order to make their decisions about where to operate, live, and retire. Now, The Tax Foundation has released an update on state tax changes set to take effect on July 1. Some of these changes could be consequential to your income, purchasing power, or business operation. Take a look and see if any of these changes will affect you. From Morgan Scarboro and David Raymond at … [Read more...]
RAGE Gauge June: The Trump Economy
We can thank President Trump for unleashing the animal spirits that have been key to this economic resurgence: Business Owners of America Unite! And we may be seeing just the beginning of the economic growth to come. But, from an investment standpoint, especially for those in or near retirement, it continues to be a sticky situation. Do you put more money into a bull market that is long in the tooth only to have it ripped in two with a nasty correction? Or, do you take the high road and suffer along with two percent rates, gritting your teeth, as your nephew talks about cryptos? Continue … [Read more...]
Can Kroger Make Americans Buy Their Groceries more like Europeans?
Kroger is America's number one grocer. In the current market, companies like Wal-Mart and Amazon.com are fighting to take share away from Kroger, especially in the rapidly developing online grocery market. Kroger is fighting back by purchasing Ocado, a British online supermarket. In the U.K. 6% of food sales are online. If Kroger can increase Americans' share of grocery sales online from 2% to 6%, it will be a major victory. According to The WSJ's Logistics Report: Supply Chain Strategies The grocery-delivery business has a new market leader, and the surprise is that it’s not Amazon or … [Read more...]
If You Have a Minute, I’ll Show You How to Experience Newport like the Rich and Famous
“E.J., we’re going to be in town for the Newport Flower Show, are you available to meet?” asked Anne, a client of mine. “Of course, I am,” I replied. And just like that a wonderful weekend was booked. Lucky them. What are you waiting for? You have plenty of reasons to come to Newport. Not only is today the beginning of the world renown Newport Flower Show, but, most kids in Newport are still in school. No beach crowd traffic to deal with, yet. And I mean yet. Which is why late June, the Flower Show, and perhaps you, go hand in hand with your perfectly timed mini-vacation. If you want … [Read more...]
Emergency Cash: Bitcoin or Dollars?
With Bitcoin prices diving, it's worth revisiting this post from December 1, 2017. Bitcoin is being considered by some as their emergency stash. For me, when the power goes out, I prefer having dollars on hand. ATMs will be out of commission, and depending on road conditions, even if my bank is open, I’m not sure I’ll be hitting the streets to make a withdrawal. One of the many hurdles bitcoin faces is frictionless exchange. It doesn’t have the general acceptance by society yet like the dollar, and to achieve that acceptance will be a monumental task. In an emergency situation, I … [Read more...]
A Category 5 Strike Devastates Your Portfolio
Take note of this post I wrote in September of 2017, it's as true now as it was then. What if you and your family are not completely prepared, well in advance, to put a force-field around your life’s resources? That’s the reality we live in today. No matter if we live in a connected world with information at our fingertips or in a desolate fishing cabin in Alaska: disasters happen. You need to be prepared. Because you’re never, ever, fully prepared for what can come your way. You just hope you’re in the best position possible for if, and when, it does. From a portfolio perspective, … [Read more...]
Your Retirement Life: A Simple Way to Retire where You want to Live
You want to make sure your retirement plans are right for you. As I wrote to you yesterday, testing or experimenting by actually living in your chosen destination, for at least one season makes sense to me. You could also see what it’s like to be retired by taking a prolonged vacation. Put yourself in that retirement mindset. In other words, you are in charge of your retirement. It’s no secret retirees are moving to places where their money is treated with respect. But it’s beginning to become pretty crowded in certain spots. Take Nashville, TN for example. Cameron McWhirter reports at The … [Read more...]
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