Growing up, Your Survival Guy’s mom would always talk about prior planning. It would often revolve around a vacation we felt lucky to be taking. “Prior planning,” she would say with a smile, hardly believing it herself, deep down knowing how hard it was to spend the money. When you learn at an early age the value of a dollar—how hard they are to come by—you do not overpay even when you can afford it. Which brings us to you and your spending plan in retirement. You want to have a plan. You want to prior plan to take those trips on your bucket list and be a good spender. You worked your … [Read more...]
Voters Don’t Want Harris’s Tax Hikes
You know politics are as divisive as most Americans have ever seen in their lifetimes, but there's one issue where more than three-quarters of Americans can agree: taxation. The results of a recent poll conducted by Public Opinion Strategies show that 76% of Americans don't want tax increases like those promised by Kamala Harris. Salena Zito reports in The New York Sun: Ahead of Election Day, a new national survey shows most voters know little about the personal impacts of the Tax Cuts and Jobs Act, which is set to expire at the end of 2025. The survey, conducted by Public Opinion … [Read more...]
Are You Ready to Calculate Your Income Potential?
You read here about how hard it can be to spend money, especially in retirement. It’s not easy for successful Americans on Main Street, to whom I write, to let go of the purse strings. When you spend your entire adult life working and saving, it’s hard to let go—to rely on other sources of income to live your life. I know this because you tell me. In my conversations with you, we talk about the psychology of no longer getting a paycheck. Yes, it’s nice having the option not to work, but at least when you were working, you knew how to make your financial life work. Now there’s uncertainty, … [Read more...]
Costco Gets Prepped
You may have read about Costco's very successful gold bar sales. The company also sells silver coins. And now, Costco has decided to sell platinum bars as well. Right now, they're selling for about $1,089.99. Carsen Holaday reports in The U.S. Sun, writing: DOOMSDAY preppers can expect to rush to Costco as the store has revealed a new product joining the chain's lineup of precious metals. The wholesale retailer is now selling bars of platinum after their 1-ounce gold bars sold out in a few hours when they first went on sale last year. Following the success of the gold bars and silver … [Read more...]
How You Know If You’re Spending Too Much
When my mom and dad come over for dinner, they will always bring something. Last week, it was tomatoes they grew in their garden, a delicious cheese, and cookies. What makes the gifts even better is my mom’s excitement about each one. “You won’t believe how good the tomatoes are this year,” she said. “I love this cheese.” Growing up, receiving a gift from my mom was as much about the story of how she got it. “You won’t believe what a deal I got,” she would say and then explain how she did it and often would not tell us how much she paid, unless she left the price tag on by mistake with … [Read more...]
More Fuel for the Fed’s Bonfire
Lower quitting rates are seen as a sign that employees feel less certain about the job market and that they're more interested in job security than a new job. Now, Jeffry Bartash reports at MarketWatch that "Workers are quitting at the slowest pace since the pandemic as hiring dries up and jobs become harder to find, reflecting a cooldown in what had once been a red-hot U.S. labor market." This is another reason for the Fed to cut rates. I'm not on board with the rate cuts. I like rates that savers can sink their teeth into. Bartash continues: The number of workers who quit jobs in August … [Read more...]
JD Vance Wins Debate Over Weak Harris Administration
JD Vance clearly won last night's debate. It wasn’t even close. He looked into the camera and explained to Americans the problems with the “Harris Administration”—the administration that’s been M.I.A on Main Street. Walz was overmatched, apologizing for misspeaking about trips abroad like he’s the lead player in “Where’s Waldo?” And the moderators acted like his debate prep team. Is anyone paying attention? Your Survival Guy asks: Do you want more of your own money in your pocket to choose freely how to invest it, or do you want the Harris Administration to do it for you? With the giant … [Read more...]
America Needs Reliable Energy
Thanks to the Harris Administration, which would power the country with windmills and solar, America is low on reliable energy sources. The problem with solar and wind power is that if the sun isn't shining and the wind isn't blowing, you might not have power. The growing demand for electricity from data centers is running into a lack of reliable power sources, so companies are looking to reopen shuttered nuclear power plants. A recent In-Brief Analysis from the U.S. Energy Information Administration (EIA) explains what's happening: Last month, Constellation Energy announced a 20-year power … [Read more...]
Don’t Fall for Inflation Obfuscation
Remember, inflation is always a monetary event. Too many dollars (or yen, pounds, pesos, rubles, whatever) chasing too few goods. So before you give any time to the common lie that corporate greed begets inflation, read the review of the recent 60 Minutes interview of FTC Chair Lina Khan written by Ryan Bourne from the Cato Institute. Bourne concludes: When asked by Stahl directly whether she this believed “greedflation” to be true, Khan said “some executives boast on earnings calls about how inflation is great for their bottom line.” This is a talking point we’ve explored before … [Read more...]
Estate Planning, Gifting Money, Taxing Unrealized Gains?
In my conversations with you, we talk about estate planning and gifting money. A common refrain I hear is, “We want to give money away now so they can enjoy it while we’re still around.” You can quickly see the annual and gift limits here, which may change after the election. For 2024, an individual can make a gift of up to $18,000 per year to another individual without federal tax liability (consult your attorney or tax advisor regarding your specific situation). You can see in the timeline below that the gift tax exclusions have been trending higher each year for some time, but that … [Read more...]