At the Tax Foundation, Jared Walczak performs a detailed analysis of flat taxes in the fifty states and draws some conclusions about their benefits. Your Survival Guy is a big supporter of America's small business owners. After reading Walczak's analysis, all supporters of small businesses should be pushing hard for their states to adopt flat taxation. Walczak concludes his piece by writing: Of the nine states that already have flat taxes, five enshrine that status in their state constitution, locking in the benefit and making it harder for lawmakers to raise taxes by switching to a … [Read more...]
What’s the Hardest Thing About Owning Company Stock?
OK, we know how much the billionaires are worth—less than they were—like they’re acquaintances. Job cuts are happening by the tens of thousands. The tech oligarchs will be just fine paying the heating bill. But think about the worker who started the year with stock worth a million—worth less than a hundred grand now. That’s life changing. It’s tough selling company stock. It’s a double-edged sword. A sale looks like a lack of faith. And it’s devastating to think about missing out on future gains. And then the crash comes. When prices are going up, it’s hard to think about developing a … [Read more...]
Banks Coordinating Major Digital Dollar Test with NY Fed
Global banks are working with the NY Federal Reserve on a test of digital dollars. The banks are using digital dollar tokens to "speed up payments." Reuters reports: Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday. Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated … [Read more...]
Which European Countries Have the Best Tax Systems?
Whether you're looking for new international investment opportunities or simply wondering where the government will get the least of your vacation dollars, it's handy to take a look at foreign countries' tax structures. Your Survival Guy has been spending more time in Europe again now that COVID regulations have subsided a bit, and it's important to pay attention to what you're up against when you travel. The best place to look for clarity on European tax structures is the Tax Foundation, which releases an annual International Tax Competitiveness Index explaining the differences in OECD … [Read more...]
Your Survival Guy in Paris: A Sunday Lunch to Love
OK, where is Your Survival Guy’s favorite lunch in Paris? Glad you asked. Answer: the next one. But, seriously, what makes a great lunch, great? One measure is when you’re back home, you want to replicate some of those flavors and memories that made it special. La Fontaine de Mars is where we eat Sunday lunch. We own their pink and red checkered cloth napkins as a reminder—when they’re draped over our kitchen island, everyone knows we’re in for a special time. Yes, it’s possible to be in Paris from the comfort of your home. I take that trip often. Walking to La Fontaine de Mars from Le … [Read more...]
Your Survival Guy’s Way to Wealth
Your Survival Guy's way to wealth is about winning the slow and steady race. It's about showing up. It's about doing your job. It's about saving 'til it hurts and working as long as you can. And then—after a lifetime of work, saving, and investing (not speculating)—you can stop and think for a second and ask yourself: "How in the heck did I save all this money?" Columnist Andy Kessler writes an outstanding (depressing) piece in The Wall Street Journal, "The Decline of Work." He writes about the value of work and refers to Mike Rowe—of Dirty Jobs fame—about the value of getting a job and … [Read more...]
November RAGE Gauge: Live a Life of Balance, Especially in Your Investments
A balanced portfolio is far from dead. It keeps you in the game, so you don’t have to time the market. Yesterday was the biggest one-day percentage gain for stocks since the depths of Covid and the biggest one-day plunge in 2 and 10-year treasury bond yields in over a decade (remember, when rates fall, bond prices increase). You don’t want to be in the prediction business. Markets are in the business of making winners and losers daily. I want you to focus on investing to earn dividends and interest. Let the prices do what they do—I don’t need to be in the rah, rah, rah business. This is … [Read more...]
CRYPTO: A Generational Reality Check that Markets Are Cruel
It never ceases to amaze me how investors find new ways to lose money. They tell you about their wins and can’t believe it when they lose. If they're rolling in cash, where are they when it comes to helping pay for dinner? Do they get alligator arms? Did they brag about how well they’re doing while picking up the next round for everyone at the bar? Crypto is this generation's reality check that markets are cruel. Maybe schools should teach that instead of the other nonsense being taught. This week, cryptocurrency owners using FTX to hold their coins are facing disaster, as the firm attempts to … [Read more...]
Follow Your Survival Guy Down This Road to Wealth
There’s nothing wrong with incremental growth. It keeps you focused day in and day out so you don’t lose sight of the prize. With that said, let’s focus on what you can do today. Look, I’m Your Survival Guy, not Robert Frost—I don’t need to take the road less traveled when the one before me is smooth and well-maintained. I don’t need to be a hero when I’m simply going for a walk—one step in front of the other. I like the routine. Your kids and grandkids might, too, if you get them on the road to wealth early in life. Leave the adventure stuff to other areas of life—my money is on the slow … [Read more...]
Here’s How the Ultra-Wealthy Feel about Fiat Currency
If you want to know how the ultra-wealthy feel about the value of fiat currencies, take a look at the recent auction of the art collection of late Microsoft co-founder Paul Allen. The ultra-wealthy are turning their less-valuable, inflated fiat dollars into hard assets like great works of art. Kelly Crow reports for The Wall Street Journal: Microsoft co-founder Paul Allen’s estate made auction history on Wednesday when a group of 60 artworks from his estate sold for $1.5 billion, smashing the record for priciest collection ever sold at auction. Lush landscapes and rare examples by artists … [Read more...]