Your Credit and "Mr. or Ms. Right"

re: Good credit scores apparently mean more than just lower interest rates..

 found this on YahooNews...


As she nibbled on strawberry shortcake, Jessica LaShawn, a flight attendant from Chicago, tried not to get ahead of herself and imagine this first date turning into another and another, and maybe, at some point, a glimmering diamond ring and happily ever after. She simply couldn’t help it, though. After all, he was tall, from a religious family, raised by his grandparents just as she was, worked in finance and even had great teeth.

Her musings were suddenly interrupted when her date asked a decidedly unromantic question: “What’s your credit score?” “It was as if the music stopped,” Ms. LaShawn, 31, said, recalling how the date this year went so wrong so quickly after she tried to answer his question honestly. “It was really awkward because he kept telling me that I was the perfect girl for him, but that a low credit score was his deal-breaker.”

The credit score, once a little-known metric derived from a complex formula that incorporates outstanding debt and payment histories, has become an increasingly important number used to bestow credit, determine housing and even distinguish between job candidates. It’s so widely used that it has also become a bigger factor in dating decisions, sometimes eclipsing more traditional priorities like a good job, shared interests and physical chemistry. That’s according to interviews with more than 50 daters across the country, all under the age of 40.

Get the rest here:

 http://finance.yahoo.com/news/perfect-10-never-mind-ask-015017521.html


And in case you missed it.. here is my Living Wealthy Radio guest Rondy Lambeth with some great advice to help you improve your credit score before you get dumped...

The "Egyptian" Train Ride

The Truth About the Fiscal Cliff

re: great video from the DAILY RECKONING..-Enjoy!
FILE UNDERL Fiscal- cliff, Bush- Tax -cuts, Taxing- Wealthy, Cliff-Claven,  Financial-advice,
truth-about-fiscal-cliff

A 1.6 Trillion Dollar Elephant in the Room And No One Seems to Notice...

re: Forget about the fiscal cliff...it's the iceberg, silly...

by Teresa Kuhn, JD, RFC, CSA
Bank on Yourself (R) Authorized Advisor


In a tour de force of non-creativity,the mainstream press has managed to do what it does so very well -it has beaten a dead horse of a cliche, in this instance,  "fiscal cliff",  so much that instead of whipping the masses into hand-wringing angst, it has induced one enormous collective yawn.

Every Barbie and Ken anchor person in the nation has been going on and on and on about the financial cliff so much that the American public has pretty much tuned it out in favor of updates on Lindsey Lohan's bar fights.

Unfortunately, this unsettling apathy has resulted in a lot of people ignoring other, potentially more deadly financial perils lurking just around the corner.

In January, over 1.6 TRILLION dollars becomes uninsured as special insurance provisions enacted in 2008 by the FDIC and extended by Dodd-Frank in 2010, are set to expire.

Some experts are forecasting a run on US banks at least equal to that experienced by Europe...perhaps even worse.

Check out these articles to learn why this financial iceberg, largely unnoticed by the general public, threatens to shake up the banking system in a powerful way that all Americans are sure to feel.

http://www.businessinsider.com/bofa-beware-the-16-trillion-deposit-insurance-cliff-2012-9

http://www.silverdoctors.com/us-bank-run-imminent-as-fdic-expanded-deposit-insurance-ends-dec-31st/






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Bank-on-Yourself: One Client Tells Her Story

re: It's always better to let others toot your horn...

Banana Republic Index and More

Time to Start "Loving" The Banksters?

re: whitewashing bankster misdeeds..

Wow! Check out the new BOY Video!

Check out this brand new video from Bank on Yourself creator Pamela Yellen. Then call my office with your questions! (800) 382-0830

For Some People.. Annuities Are A Great Idea

An Annuity Can Be A Safe, Smart Choice for Wealth Protection…
If You Know What to Look Out For

By Teresa Kuhn JD, RFC, CSA


While a properly structured and optimized Bank on Yourself™ policy is always the cornerstone of every financial plan I design, I do occasionally have clients who wish to add another popular safe money product to their portfolio-the annuity.


Baby boomers nearing retirement, having seen huge chunks of their life savings drained away during the current recession, have driven annuity sales to all time highs in their bid to find safe havens for their wealth. 

Annuities are also becoming more popular with younger people, especially those who have inherited money and seek tax benefits or wish to avoid putting money in the stock market or otherwise expose their money to risk.

Annuities come in a wide variety of “flavors” and are more complex than many other types of money vehicles. Their vast array of fees, rules, and other restrictions can be confusing and a bit overwhelming.  It is in your best interest to consult a professional money manager when deciding to add any financial product to your portfolio, but especially annuities.  


A little education and consultation with a professional will ensure that you don’t wind up with an annuity which is unsuitable for your particular situation.
Before you make that consultation appointment, however, it makes a lot of sense to learn all you can about these safe money products so you will know what questions to ask and avoid making financial mistakes from which it will be difficult to recover.

In this article, I will give you a brief overview of annuities and how they work.  However, I strongly suggest that anyone considering purchasing an annuity take the time to further his or her own education.  

Don’t get all your advice from TV and don’t allow the slick annuity company sales brochures to influence you. This is an important decision that can and will impact your financial future.
Do your due diligence by visiting consumer websites, government sites, and libraries, attending seminars and webinars, and speaking with experts.

Many employers and state governments offer free financial counseling to retirees and those about to retire.  Take advantage of every resource available before you buy anything.

How do annuities work?


Simply defined, an annuity is an insurance product designed to pay out income over a period of time. 

Typically, you agree to make a series of payments or one lump sum payment to an annuity issuer.   

In consideration for those payments, the company agrees to make periodic payments to you for a definite time period or an indefinite period (until death) in one of two ways:

Deferred annuities allow you to pay either monthly installments or lump sum payments This account grows on a tax-deferred basis until you start receiving payments at a later date.  While the tax deferred status of these annuities is often touted as a desirable benefit, there are potentially adverse tax consequences later on of which you need to be aware.

In contrast, an immediate annuity begins paying benefits the same year as when you deposit your money. Payment amounts vary based on factors such as age, gender, and total amount invested.

What are the types of annuities and which one is best? 

Some companies like to market annuity products which feature various whistles, bells, and options designed to convince consumers to choose that company’s offerings over those of another.

Some of these options are designed to address certain inherent issues while others are simply marketing devices which add to the perception of value, but do little to truly improve the product.

It’s important to understand the features of any annuity at which you are looking and determine whether or not that feature is a true improvement.

Customization aside, there are essentially only three real types of annuities:

Variable annuities allow the buyer to choose how their account is invested from a variety of options, including mutual funds.  This type of annuity’s rate of return is by necessity tied to the performance of the investment options a person selects, as well as the amount of deposits made.     

Some people choose this kind of annuity because of  its’ supposedly greater growth potential.  However, you could wind up with a lot smaller payments should the stock market falter.  Variable annuities carry with them the additional burden of not being able to forecast with any degree of certainty how much money you will get when the time comes to receive payments.

With a fixed annuity, the annuity company contracts with the purchaser to pay no less than an agreed-upon interest rate while the account is growing; and the purchaser agrees to make periodic payments of specified amounts.  

The types of annuities do present a potential problem in that low interest rates at the time of purchase can make for mediocre results, especially considering the fact that most fixed annuities do not adjust for inflation.  

However, choosing a fixed annuity with income riders, such as those I recommend to my clients, does address this shortcoming.

Fixed annuities do make it much easier to predict the amount of income one can expect in retirement ,especially ones which are customized  to take into account the wealth erosion caused by inflation.

 Indexed annuities provide investment returns based on fluctuations in a particular index, such as the S&P 500.  Unlike variable annuities, indexed annuity contracts stipulate a minimum contract value, regardless of the performance of the index.  These are often referred to as “guarantees.”  

The tax man cometh…be prepared

The tax benefit of a variable annuity is often its strongest selling point – yet in

real life it is usually a cruel illusion. Most people would never buy variable annuities if they really understood the way these investments are taxed. It’s true that capital gains, interest and dividends can build up inside an annuity on a tax-deferred basis. But when you take money out, by definition your first withdrawals are your gains – which are all taxable as ordinary income. Only after you have taken out all your earnings and paid tax on them can you start taking out your own money, on which there is no tax. – financial writer Paul Merriman

While understanding how much in income taxes will be taken from any money vehicle is essential to getting the most out of that vehicle, many people with whom I speak are startled to learn of the potentially negative tax implications of their savings and investment choices.

For whatever reason, they never stop to consider how taxes could possibly wreck their entire financial plan, especially when it comes to annuities.

After all, one of the biggest reasons people purchase annuities is because their accounts grows tax deferred, meaning that tax is pushed off until the time you start taking out payments, as is the case with other long term investment plans,  such as 401 (k)s.

It’s funny that when I ask people the question, “Do you think taxes will go up or down in the future?” the response is almost always, “Of course, they are going up -the economy is a mess and they’ll need money.”  

Yet, strangely, people considering the purchase of a variable annuity, indexed annuity, or mutual fund often rave about its’ tax deferred status without recognizing the potential hit their nest egg may take if they are unprepared when the tax man comes to call.
 

Part of the reason for this disconnect I am sure has to do with an ever-changing, convoluted tax code that is difficult to interpret, even for people who are trained to do so. 
Part of it is that some financial experts mislead people into thinking that they will always be in a lower tax bracket when they retire- so why worry?

The truth, however is that many investment and savings plans, including some types of annuities are fraught with potentially negative tax issues.

It is also true that many seniors retire only to find themselves in a HIGHER tax bracket, instead of a lower one.

Tax issues are further obscured to people because of the inclusion of long-term type investment options within ,for example, the variable annuity.  

Because they are acting with a view to the long term, people often assume that the annuity will be taxed at capital gains rates, which are currently 15%. (but I feel are destined to increase in the future.)  

Unfortunately, that is not true- annuities are actually taxed  at personal income tax rates which means that while your contributions themselves are not taxed, any earnings generated by them are taxed at your normal income tax rate.   

This could prove costly because a lot of people wind up in higher tax brackets closer to retirement age.  

Another thing to bear in mind is that, while there is no limit to annuity contributions as there are in other tax-deferred accounts (401 (k) plans, for example), there is the same 10% penalty  associated with withdrawing your money from an annuity before age 59 and ½.

Additionally, if you plan on leaving your annuity to a beneficiary, go over the potential tax issues that that beneficiary will encounter with a tax attorney or other tax specialist. 


Fees and expenses

Just like other types of financial options, annuities do have fees associated with them. 
While most of these fees and commission are legitimate, it is worthwhile to train yourself to look carefully at them to determine the impact to your future wealth. 

Arguably,  the fee to which you should pay the most attention and which has the most potential to damage your net worth is the surrender charge.  

A surrender charge is the annuity company’s version of an early withdrawal penalty.

While the typical annuity product charges between 7 and 8 percent of the investment over a period of around 6-8 years, there are products being sold with much longer surrender charge periods (some as long as 17 years!) and much higher rates (10 percent and more)

You never know when some unexpected life challenge will require you to access your money. It is vital that you know EXACTLY how much the surrender charge will be and how long the surrender period is.

Commissions are another factor when assessing the true cost of your annuity. Sales people are sometimes given commissions as high as 10 percent for the initial investment, plus they receive ongoing commissions as the account is growing.  

While not always true, the fact that your annuity salesperson is getting a high commission can be indicative that the product may not be as cost-effective as you want.

Depending on the type of annuity, you could also be charged an annual fee or fees. These fees could add as much as an additional 2% a year to the cost of your annuity.  

When comparing annuities, be sure to take a cold, hard look at the associated fees and have your advisor do some serious number-crunching for you.

Other things of which you should be aware

• Always check out the issuing company for stability and claims-paying ability.
• Before doing changing from one annuity to another, be sure to do a thorough analysis of surrender charges (if applicable), sales commissions, fees, and potential tax liability.
• If you are using an annuity as a way to create an inheritance for a beneficiary, be sure to consult with a financial planner to find the best kind of annuity for that purpose

 In conclusion, I’d like to say that Living Wealthy Financial Group believes an annuity properly designed and implement by one of our professional advisors, is a great way to diversify your portfolio and create a steady stream of money that you won’t outlive.

To learn more about safe money strategies that make sense for you, visit our other websites:

www.ibankonme.com
www.ibankonme.blogspot.com

www.livingwealthyradio.com

Or, call us with your questions or to make a confidential appointment with one of our qualified advisors.

800-382-0830

Still Don't Think the Game Is Rigged?

re: oops!

For your listening pleasure... Jim Fortin interview excerpt...

re: a tasty treat.."if you can't persuade, you won't get paid."


Bank on Yourself (tm) Authorized advisor Teresa Kuhn interviews persuasion and influence expert Jim Fortin. Excerpts from her Living Wealthy Radio Interview. Jim discusses how mind authority network helps anyone become better at influence-persuasion. Free sample course http://www.webcastsnow.com Full interview: http://www.livingwealthyradio.com

Savvy Ladies Webinar. On Demand

re: great time at the webinar yesterday.. I had a chance to do a "Money Myths" webinar for the great folks at Savvyladies.orgyesterday... Hope you enjoy it.

The "Screaming Girl Effect" And Facebook Stock- The Ultimate Sucker Punch?

re: I hate to say I told you so...

by Teresa Kuhn, JD, RFC, CSA
Bank on Yourself (TM) Advisor
www.livingwealthyradio.com


"Screaming girl syndrome"...

Get enough young girls together shrieking their lungs out in one room and it doesn't matter how bad a band plays, how heinous their hair and clothing , or how boring and banal their lyrics.

In the 60's and  on in to the 70's, "shrieking girl syndrome" virtually cemented the success of talentless spandex and hair bands that should have never left mom and dad's garage in the first place.  Carefully induced mass hysteria, after all, trumps taste each and every time.

So what does this have to do with the price of Facebook?

Well, it seems the screaming girl phenomenon is alive and well and living on Wall Street. Want to sell an IFFY IPO at hugely inflated prices not warranted by reality?

Then you need to get yourself some "shrieking girls."  In the case of Facebook's IPO the girls were hype-spewing financial journalists, television reporters, and so-called investment gurus..

You also need to:

1.Be adept in the art of persuasion  As the Guardian's (UK) Dean Baker writes:

... insiders benefited from the ability of Mark Zuckerberg and his colleagues to convince investors that Facebook had much more profit potential than, in fact, was true. This ability to hype a product (in this case, company stock) can be an incredibly valuable skill, but it provides nothing of value to society."

2. Understand the deal is rigged... Distribute your shares at a discount relative to the initial float price to INSIDERS (investment bankers, employees, special friends of the banks, etc.)  These folks only care about one thing: A sudden, immediate spike in the share values so they can dump their putrid shares off on small investors and make a huge profit before the con is exposed.  Was there a wee bit of "insider trading" going on at Facebook?  Perish the thought!

3. Let your investment banking buddies teach you the art of the NAKED short sell.  Wait! That's illegal, isn't it? (wink, wink)  Realfreemarket.org explains this process:

"Facebook is way overpriced, due to hype and the investment bankers propping up the IPO.  The bankster naked short sells Facebook.  In 3-6 months, pre-IPO share lockup agreements expire, and insiders may start selling, pushing down the price further.  The naked short seller waits 3-6 months to cover his short, profiting from the hype.

The naked short seller counterfeits shares of Facebook.  He sells them to gullible people who buy the IPO hype.  The naked short seller waits a few months and then covers.

The average person cannot naked short sell.  Your broker won’t let you.  Only banksters and insiders may naked short sell.  The stock clearing and settlement system covers up naked short selling, treating fails as equivalent to legitimate trades."

For years I have been telling people: the Wall Street game is hopelessly rigged against ordinary people and that the only folks who truly profit are banks and Wall Street Insiders.

The Facebook debacle only serves to reinforce my long-held belief that the corporate bankers and Wall Street brokerages are parasitic in nature and thus, require hosts in order to survive and prosper.

Those hosts, unfortunately, are thousands of ordinary,starry-eyed small investors looking for the magical  "ground floor opportunity" ,  pension fund managers desperately seeking ways to get out from under the specter of unfunded liabilities, and non-profits looking for any way to generate more revenue.

Bloomberg's observes:


"Investors have to understand that "investing in IPOs is a fool's game" rigged for three groups: Wall Street banks, institutional investors, and the company going public. Small investors are not a part of the equation, and by participating in the frenzy, they actually helped fuel the "Facebook IPO hype machine."

If the blatant Facebook IPO con isn't enough to convince you to keep your money off Wall Street and under your own control... then what is?

Find out more about a way to protect all that you've worked for and gain peace of mind, predictability, and gains without risk.

Get my free CD or DVD by going to www.livingwealthyradio.com

Coming to A Computer Near YOU:

re: don't miss my first ever live WEBINAR on August 29 (and it's NOT for ladies only)


by Teresa Kuhn, JD, RFC, CSA

Our friends over at the non-profit SAVVYLADIES organization have graciously invited me to do a webinar on one of my favorite topics: MONEY MYTHS.

As you probably realize, a considerable amount of my time is spent in helping people solve money problems caused by listening to the same old bad advice handed out by conventional financial advisors:  things such as "buy term and invest the difference," "no risk- no gain" , "banks are the safest place to keep cash." eyc.

So, I can't wait to get in front of a virtual audience of thousands and examine a few of the most prevalent (and harmful) money myths.

In this hour long web presentation, I will not only DESTROY THE MYTHS that keep you frustrated and broke, I will  also offer you concrete alternatives that will keep your hard-earned wealth safer and under YOUR control (instead of you being a slave to banks and Wall Street)

You will learn:

1.Common mistakes people make with their nest eggs... and how to avoid them
2. Money myths: Believing these myths can be dangerous to your financial future
3. How to set up your own finance company and never have to BEG your banker for a loan again
4. Why a 401 K might be the riskiest thing in your portfolio
5. The Great American Retirement Hoax: Buy into it at your own peril

Admission is free, but there are only a limited amount of spaces available.. so REGISTER NOW.

Go here and sign up:

https://www1.gotomeeting.com/register/901694544

Can't wait to see you there!

G. Edward Griffin Unmasks "The Creature from Jekyll Island"

re: Let G. Edward Griffin Introduce You to The Creature from Jekyll Island...

Do you think that it’s possible to create money out of thin air? No? Would you be surprised if I told you that the Federal Reserve does this every day?

In his controversial book, “The Creature from Jekyll Island” G Edward Griffin opens our eyes to the inner workings of the federal reserve and how our country’s central banking system has set us up to fail. commercial banks, such as the Fed, create money out of nothing- they are able to multiply every dollar deposited NINE times!

This created money of course degrades the purchasing power of your dollar, and creates what Mr. Griffin refers to as a hidden tax built into our banking system.

Even more scary, Griffin explains that commercial banks love making huge loans to entities with little to no means to pay these loans back, because they make all their money from the interest on the loan!

Massive loans that go into default never affect the issuing bank because this would disrupt the economy too much.


You don’t want to miss THIS SHOW.

 Mr. Griffin will educate you on:
-The current economic crisis and how the Federal Reserve helped create it.

-How we can stop the bleeding in the banking system.

-The history of the Federal Reserve loaning money to 3rd world and unfriendly countries.

-What life will be like in the New World Order.

-Why the leaders of our country want to keep us at war.

 ...and a lot more.

Get your copy of the broadcast here:


http://podcast.talkradio1370am.com/kjcea2/3561162.mp3

Dr. Marc Faber on a Global Crash, the U.S. Treasury Bubble and China's Slowdown

LIE-BorGate: And Why It Matters to ALL of Us

re: the Big Momma of financial scandals?

"...At issue is a bad barrel, not a few rotten apples. Western banking is rife with fraud. The business model of major banks is grand theft."- financial writer Stephen Lendman




by Teresa Kuhn, JD, RFC, CSA
Living Wealthy Radio 
Authorized Bank on Yourself(r) Advisor


By now you have surely heard of the unfolding saga of the LIBOR scandal. 

Maybe you even yawned a bit as the reports rolled across your tv screen.  Banksters doing bad, bad things seemingly getting little more than ceremonial wrist slaps.


Another day, another financial scandal. (yawn)

We have so many of them lately that the public has simply tuned out.


Perhaps we are so busy trying to keep our own heads above water that we just can't process any more information, however important it may turn out to be.  

Or, that we are distracted with juicy celebrity gossip and reality shows to prevent us from thinking too critically about things which impact our financial futures.


In any case, it is high time Americans wake up amd face what is arguably the greatest financial scandal in recent history- the rigging of LIBOR rates by the "too big to fail" banks.


What LIBOR is.. and How It Affects EVERYTHING in Your Life



Think of LIBOR (London Interbank Offered Rate) as being similar to the fan belt on your car.  When it is working, doing its' job silently in the background...you don't notice it or think about it.


However, when it breaks- chaos ensues and the entire engine shuts down.  


LIBOR is the rate-setting benchmark used by banks to determine the interest rates they charge one another. If you carefully read the teeny, tiny print on your credit card statement, you'll see references to LIBOR because it determines how much you pay in interest every month.



The higher LIBOR goes, the more it costs for individual, business, real estate,  and other loans. 

LIBOR is also the anchor for multimillions of dollars in financial contracts, including those funky "frankenvestments" about which I've written.(are you starting to see the implications here?)

Can We Just Forget This Ever Happened?


Barclays Bank, the major (but certainly not the only) player in the scandal did what banks caught in scandals usually do: it allowed its CEO to become the whipping boy. 

Barclay's CEO Bob Diamond was forced to resign, forfeiting a reported $31 million dollar bonus.

But don't worry about good old Bob.  He still gets his salary and benefits estimated to be worth in the neighborhood of $3 million dollars.  

Barclay's chairman Marcus Agius (great name for an emperor)  stepped down a day before Bob got fired.

As the sacrificial lambs were hustled out the door to their luxury digs, Bob Diamond was heard to remark that he hoped his firing would "help close this chapter and allow Barclays to move forward and prosper."

In other words: "I'm taking a hit for the company in hopes everyone will just forget about this scandal and let Barclay's get back to scamming as usual."

In case that doesn't work, there's always the "somebody else made us do it" defense.  In this instance, Barclays supporters (the politicians it "owns") are insisting that the former government leaders forced Barclays to lie about borrowing costs during the financial crisis. 


So far, only Barclays has admitted wrongdoing in the LIBOR-rigging scandal.   


The Financial Times reported:


“The bank admitted that it lowballed estimates of its borrowing costs from late 2007 to May 2009 because it wanted to reassure investors of its strength during the financial crisis and it believed other banks were doing the same.”

“It also admitted that its traders improperly influenced the rate submissions from 2005 to 2008 to make money on derivatives.”

 But, since banking is a cartel, we all know that there are many others involved.  As of today, these banks are undergoing limp-wristed government probes by politicians loathe to bite the hands that feed them:


Barclays, Bank of America, Bank of Tokyo-Mitsubishi,Citigroup, Credit Suisse, Deutsche Bank, Lloyds, HSBC,HBOS, JP Morgan, Rabobank,Royal Bank of Scotland, Royal Bank of Canada,UBS,West LB, and Norinchuckin.  


Lots of the usual suspects in that list and, I suspect, the list will be longer before the year is out.


Stay tuned for another episode of "As The Cartel Turns."


Meanwhile check out this fascinating discussion about LIBOR and why it is easily the biggest financial scandal of our lifetime. "Cartel type behavior"

The Great and Gleeful Muppet Rip-Off...

re: They call us ordinary Americans... "MUPPETS"

  Sure I lost money Joe, but don't criticize them... 

  they're doing God's work...

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
Living Wealthy Radio.Com


Not surprised...

That's my reaction to the apparent lack of fallout from the March resignation, effected in a decidedly uncomplimentary op-ed piece in the New York Times,  of one of Goldman Sachs' most influential and high-profile executives, Greg Smith.

Smith, former Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa accused the banking giant of having lost its' moral compass, writing:

"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C.,\Fabulous Fab, Abacus,God's Work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact." (read the whole letter at http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1&pagewanted=all?src=tp)

In the aftermath of Smith's revelations about the moral vacuum existing at the venerable institution, Goldman saw losses in the neighborhood of $2.2 billion.


But before you open that box of tissues and prepare to cry Goldman a river, remember that the supposedly "lost" $2.2 billion was already paid for in advance...with taxpayer money in the form of BAILOUTS. 

Remember those Keynes-on-steroid inspired handouts designed to lift all our sinking boats on a tide of economic recovery?

Yep, I can see how well THAT is working out.

I know by now, you've probably figured it out:  banks and Wall Street always win...

Always.

They play with loaded dice and marked cards and, just in case some lucky person figures out how to beat their system (a short-lived victory to be sure) the banks have made a way to ensure that they never have to pay the tab when they make risky loans or investments. 


Repercussions...Not  many

So, what did the American people learn from this nasty public meltdown of a Goldman derivatives peddler?

Not much, really. 

Sure, Goldman moaned and groaned about the relatively paltry sum of money lost due to Smith's revelations.

The "Occupy" wanna-be hippies demanded that heads roll, and politicians double-spoke about "investigating" and "regulating,"  then trotted off to get their dole money from their corporate sponsors.

Meanwhile, nothing really changed and Goldman Sachs, the elite's sacrificial cow, was left to go back to what it does best- selling uninformed people bundles of complicated, opaque junk that they pass off as legitimate investment opportunities.



"So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker “doing God’s work”- The Times of London



Are You Ready to Bypass The Den of Thieves?

If you're tired of giving away your hard-earned money to banks and Wall Street then you should know:
There IS a better way.

Call me now and I'll send you free information on how you can escape the den of thieves and start controlling your own financial destiny.

800-382-0830

Wall Street Cons To Blame for City Meltdowns?

"If A Wall Street Banker ran the local convenience store.."

by Teresa Kuhn, JD, RFC, CSA

Bank on Yourself Authorized Advisor

www.ibankonmyself.com 

An interesting article on the left-leaning ALTERNET website by Thomas Ferguson caught my attention with  its' provocative headline:

 

How Wall Street Hustles America's Cities and States Out of Billions

While I don't necessarily agree with all of the article's conclusions (for example, I think he lets the unions and politicians off the hook too easily)...

Ferguson does, however,  do a great job of pointing out the fact that in addition to the Wall Street and banker con jobs served to individuals, there have been numerous schemes by that same group to bilk BILLIONS out of municipalities.

Ferguson seems startled to learn just how deceptively Wall Street and investment bankers market high risk products of dubious worth, confusing even sophisticated municipal purchasers and failing to provide a clear picture of possible negative outcomes.

Citing a report from the The Refund Transit Coalition, a coalition of unions and public interest groups, he details the ways in which Wall Street banks have for years been hustling American cities, states, and regional authorities out of BILLIONS of taxpayer dollars using slick marketing tactics and difficult-to-understand "Frankenvestments."

I'm not surprised at all. Wall Street and  "too big to fail" banks have made a cottage industry out of shifting risk away from themselves as quickly as possible and stiffing taxpayers and their own clients whenever they make a misstep.


Tales of the Frankenvestments

Ferguson, perhaps a bit less cynical than yours truly, seems genuinely floored by the revelation of the extent of the duplicity of "Frankenvestment" peddlers, writing about the "swaps" pushed by bankers:

"... If rates fell, then banks could make out big, while issuers faced disaster, because the latter still had to make the fixed payments on their bonds, while the banks’ payments would shrink as rates fell. In effect, issuers were gambling on interest rates and betting they somehow knew better than the banks what was going to happen. 

And, ah, yes, the final touch: With old style bonds, you could refinance if rates fell; with the new fangled derivatives, the banks made sure to impose huge termination fees.

The result, for years now, has been literally billions of dollars of losses for cities, states, and other local authorities, including school boards . Locked in by the termination fees, they can stay in the swaps and pay and pay as the banks’ payments to them dwindle. 

Or they can buy their way out of the swaps at preposterous prices –... New York State recently paid $243 million dollars to get out of some swaps, of which $191 million had to be borrowed."

The Alternet article illuminates a great truth I have proclaiming for several years now; one which many Americans are just beginning to fully grasp...

Banks and Wall Street are principally to blame for past and present economic disasters, including the current "Great Correction."

While failing, as many leftist ideologues do, to distinguish our current corrupt "crony capitalism" from true free market economics, Thomas Ferguson nevertheless makes the cogent observation that Wall Street has had more than a little to do with the red ink flowing out of many major US cities.

Writes Ferguson:

What has driven cities and towns to the brink is not demands from their workforce but the collapse of national income and the ensuing fall in tax collections. 

Or, in other words, the Great Recession itself, for which Wall Street and the financial sector are principally to blame."

However, Ferguson misses the point entirely when he tries to attribute the myriad issues surrounding Wall Street greed and deception to Republican politicians or "conservatives."

In my opinion, the theft of America's wealth is neither a Democratic nor a Republican issue- it is a PEOPLE issue, one which affects all of us, regardless of political affiliations and ideologies.  The "divide and conquer" mentality of the elite who run our country fosters counterproductive fighting between the "left" and "right," that serves to distract us from the real issue:

A select group of thieves and liars are robbing us blind while we spend our time debating politics...

These PIRATES Will Sink Your Financial Future...

re: Things that make you say ARGHHHHHHHHHHH!

"Captain, what do you propose to do with me? I am just a lowly Pirate of Manhattan"

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
www.livingwealthyradio.com



Since the very first Pirates of the Caribbean movie, America has gone awash in all things pirate and pirate-related. 

In fact, I recently read on a search marketing blog that the word "pirate" is one of the top ten most- Googled terms.

Seems everyone wants to get the skinny on these enigmatic criminals of the high seas  known for commandeering vessels and wenches... stealing everything they could cart off, then burying their treasure in exotic places.

I admit to having some curiosity about pirates, so I did a bit of research myself.

I'm still reeling from the shock of what I stumbled across...

I discovered what I think is the least known, yet most insidiously evil kind of pirate; a pirate still operating today, perhaps silently stealing from you as you read this article.  You are probably unaware of his very existence.

This pirate doesn't isn't a swashbuckler, nor does he carry a cap and powder pistol tucked into his belt.   He  doesn't rely on a parrot for information, but instead PARROTS misinformation ,using half-truths, a smart phone and a computer to find and plunder your treasure.

These scoundrels are what author Barry Dyke calls "The Pirates of Manhattan,"- bankers,brokers, and Wall Street insiders who are able to siphon off huge amounts of Americans' wealth without having to fire a single shot.

Eschewing eye patches and black boots for designer suits, these pirates peddle their poorly-performing products, such as mutual funds, bonds, and other suspect financial vehicles to a misinformed and confused public.

Masters of marketing and manipulation, the Pirates of Manhattan appear as "experts" on television and in print, saying things such as "buy term and invest the difference," "insurance is a poor way to preserve your assets", "only uncivilized people buy precious metals," "you need to risk to gain, " etc. etc.

Meticulously researched and documented, Barry Dyke's "Pirates of Manhattan" will give you an unvarnished look into the real motivations of Wall Street and Bankers; what they tell YOU to do with YOUR money versus what THEY actually do with theirs.  You'll see the truth of  how they've taken thousands of ordinary Americans life savings down to Davy Jones locker.

I was privileged to have the opportunity to interview Barry Dyke recently on Living Wealthy Radio.  Check out the excerpt below... and if you've never read Pirates of Manhattan: do yourself a favor and get a copy NOW.  You won't believe what you read...

Promises Made... and Broken

re: even if you have a great pension plan... you STILL need Bank on Yourself (r) as your cornerstone

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
Host, Living Wealthy Radio
 


In my BANK ON YOURSELF practice, I have the privilege of meeting many different kinds of individuals-
from business owners, to self-employed professionals, engineers, construction workers, and government employees, among others.

It's  not surprising, then, that on occasion I will be confronted by someone who feels that he or she has such a good pension going that putting a Bank On Yourself plan in place is a waste of time.

These people are full of confidence in the system and feel they've got it covered.

They are convinced that the municipality or government agency for which they work can't possibly walk away from its' future obligations.

I hate to tell them this.. but they are dead wrong on that account.   

Pensions, once considered more sacred than sacred are being actively scrutinized by dozens of cities and states across the nation, with some cities already having made substantial cuts.

Faced with rapidly ballooning deficits and property tax shortfalls, states and cities are desperate to do whatever it takes to pull themselves out of the red...including eliminating or curtailing public employee pensions.

A recent article on  the Financial Collapse blog accurately summed up the situation of those counting only on their pensions for financial security:

"Many Americans that have been basing their financial futures on their pensions are waking up one day and finding that their pensions are either gone or have been cut back dramatically.  According to Northwestern University Professor John Rauh, the latest estimate of the total amount of unfunded pension and healthcare obligations for state and local governments across the United States is 4.4 TRILLION dollars. 

 America is continually becoming a poorer nation and all of that money is simply not going to magically materialize somehow.  So where is that 4.4 trillion dollars going to come from?  Well, either pension benefits are going to have to be cut a lot more all over America or taxes will need to be raised dramatically.  Either way, we are all going to feel the pain of these broken promises."


Already, It's Starting to Happen

In New York state for example, Governor Andrew Cuomo has been quoted as saying that the state faces certain bankruptcy without major public employee pension reform.

Central Falls, Rhode Island, the smallest city in the nation's smallest state recently went bankrupt.

CBS Evening news reported that:

"Central Falls, Rhode Island -- is bankrupt. The main reason is it can't afford the pensions for its retired city workers. How the city is digging out of its financial hole may have consequences for city pensions in other cash-strapped towns across the country. 

For years, city officials promised robust union contracts and pensions without raising revenue to pay for them. Last August, the math caught up with them. Central Falls was broke, its pension fund short $46 million. It declared bankruptcy."  

(read the rest of the story here:
http://www.cbsnews.com/8301-18563_162-57395072/as-cities-go-broke-pensions-are-slashed/)

Top financial analyst and frequent Bloomberg and CNBC contributor Meredith Whitney was pilloried in the financial press for predicting massive municipal bond defaults on an episode of 60 Minutes in 2010.

While, as of this posting, such defaults have largely failed to materialize, much to the glee of those who trade bonds, Whitney was correct in stating that the finances of America's cities, states, and towns are an absolute mess, and that increased taxes and cuts in social contracts (including pensions) are inevitable.

Stockton, California  is another example of a city that is barely fending off bankruptcy, with mayor Ann Johnston declaring "We are hanging on by our fingertips."    If current mediation fails, the city is set to file for bankruptcy on June 26th.

The point of all this, friends, is to let you know that in these unstable times, you really can't bank on anything but yourself.   

You need to, RIGHT NOW, rethink your financial strategies and look into adding a Bank on Yourself policy.  No matter what you already have in place, it makes perfect sense to add Bank on Yourself to the mix.

Educating yourself about how money really works is the first step... Get a free report by going to www.findoutmorenow.com.  Enter in CODE TK93 and you'll get a report outlining why you should consider becoming your own source of financing.

Even if you are fortunate enough to have a great pension plan in place, don't take anything for granted.  Start doing everything you can, today, to make your financial future as secure, risk-free, and enjoyable as possible.

Want to discuss YOUR personal situation with me?   Call 800-382-0830 to set up your confidential one-on-one appointment.


You can also leave your comments or questions on my website at:

http://livingwealthyfinancialgroup.com/

Barbecue for the Mind...

by Teresa Kuhn, JD, RFC, CSA
     Livingwealthyfinancialgroup.com
     Livingwealthyradio.com


Lots of great information floating around on the internet and over the air.

I have sussed out some of the best stuff for you to enjoy over the weekend..

You can thank me later...when the swelling in your brain subsides after its rare exposure to
TRUTH..

Truth hurts.. but it makes you smarter and you'll look better in a black cocktail dress.


The Geeks Don't Want No GREEKS


Europe is in flux right now and you can bet your moussaka that they are getting ready to show Greece the door...

The Daily Reckoning weighs in on just why this is happening and why it's important to everyone.

http://dailyreckoning.com/whats-greece-going-to-do/



Telling It Like It Is- Kerry Lutz and Yours Truly

Did you catch my recent interview with Kerry Lutz of the Financial Survival Network?
Not trying to toot my own horn here (well, I am but I have to say that so I sound humble)
Kerry and I lifted the lid off the steaming pot of half-boiled lies dished out by Wall Street, politicians, mainstream media monkeys... and other evil-doers.

Listen now and free your mind...

http://livingwealthyradio.com/?powerpress_pinw=972-podcast



 Don't Take Any Wooden Nickels.. Examining the Seamy Underbelly of Currency Debasement

 Joel Bowman takes the looter class to task for their "shaving" ways..

http://dailyreckoning.com/the-long-and-sordid-history-of-currency-debasement/http://dailyreckoning.com/the-long-and-sordid-history-of-currency-debasement/


The Sound of the Other Shoe Dropping- College Loans

It's lurking around like that nasty great-aunt with dragon breath who always wants to kiss you or pinch your cheek... Namely, the college debt crisis.  It's coming to a head and it's gonna get nasty.. 

Here's a couple of interesting takes on Edumageddon:

http://www.huffingtonpost.com/2012/02/09/sp-warns-student-loans-bubble-burst_n_1266209.html

A 17 Year-Old Weighs In On The Value of A College Education

http://www.businessweek.com/articles/2012-06-15/why-college-needs-a-warning-label

Owe, Yes! The difference between a billion and a trillion

re: It's hard to wrap your head around these numbers


by Teresa Kuhn, JD, RFC, CSA
Bank on Yourself Authorized Advisor
Host, Living Wealthy Radio


In general, I consider myself a fairly balanced, optimistic person. 

After all, I have had clients come to me reeling from financial mistakes from which they thought they would never recover and...

With a lot of hard work, persistence, and the right financial vehicles, we have been able to help them turn their lives around.

So, I have some cause for cautious optimism when it comes to the current "Great Correction."

That being said, when I run across graphics like these, I realize that the road to recovery for the United States will be a long, and at times, unpleasant one.

I also get a little dizzy watching the  National Debt Clock (www.usdebtclock.org) and it makes me wonder if we shouldn't start some kind of Debtors Anonymous for countries.  

Or, as fast as this clock is spinning, maybe we could harness the energy and convert it into free power to run the money printing presses...

From Demonocracy.info This is what the US "debt ceiling of 122 trillion dollars would look like stacked up in $100 bills..

Below: How much is a TRILLION stacked in $100 bills?  MIND BLOWING!

Blame it On Bob Loblaw

re: average American?  the system is stacked against you...


by Teresa Kuhn, JD, RFC, CSA
Living Wealthy Radio.Com


My Bank on Yourself (r) practice affords me many opportunities to hear the stories of ordinary, hard-working Americans; stories of major setbacks, financial devastation, and, many times, stories about how becoming more financially savvy has turned things around.

Educating people about the alternatives to Wall Street risk and banking industry rip-offs is the most gratifying aspect of  my job.  I am able to help people just like you gain more control over their financial destinies while becoming smarter about how to protect and preserve their assets.

Not a Practicing Attorney...But Not Immune to Lawyer Jokes

While no longer a practicing attorney, having the JD after my name does expose me to more than a few lawyer jibes.  A friend of mine sent me the following clip from the TV program Arrested Development.


While it was obviously intended as a parody of those cheesy lawyer commercials one sees on local television stations, there is a more serious subtext.

More and more people are waking up to how corrupt and rigged our current economic system is and how many criminal types are working behind the scenes to ensure that ordinary Americans just like you never, ever have their fair share of the pie.  And they can afford to hire whole law firms to ensure that they don't have to play fair...

Check out the clip, have a quick laugh, and ask yourself:


"Isn't it time you took charge of your own economy and stopped being subjected to Wall Street rip-offs?"

Your Credit Counts

re: Safeguarding your credit: Interview with Rondi Lambeth (excerpt)

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself (r) Advisor

Credit is crucial to your financial well-being.

That's why I tell my clients that no matter how badly they may have been burned by credit card issuers in the past, no matter how much they want to get the scissors out and cut up those cards and close those accounts..

It's simply a very bad idea to do so.   Recently, I interviewed author and credit repair expert Rondi Lambeth and he told us how to avoid making credit mistakes that might affect your financial life forever.

And... he told us that people with bad credit need not lose hope.

Check out this short excerpt right now and be sure to go to
LivingWealthyradiocom for the rest of the story.

This Pulitzer-Prize (c) Nominated Journalist Is Now A Believer...

 re: Now he's a believer, too!

Check out the short excerpt from my interview with Pulitzer-prize nominated journalist and former Wall Street insider, Dean Rotbart.  Dean explains how he was asked to pick apart the  Bank on Yourself (r) system and how he came to believe what millions of us already know:

It works!

Why Finance It Yourself? What Pamela Yellen Says...

re:Interview with Bank On Yourself author Pamela Yellen (9 minute excerpt)

by Teresa Kuhn, JD, RFC, CSA
Authorized Bank On Yourself (r) Advisor

Several months ago, on my Living Wealthy Radio show... I was privileged to have the chance to interview New York Times bestselling author (Bank on Yourself) , Pamela Yellen.

For your convenience, I have condensed the interview down to under ten minutes and I'd love to share it with you.

PS: I encourage you to get a copy of Pamela's free, in-depth report.  Just go to www.findoutmorenow.com and enter code TK93.

imageanchor="1" style="margin-left: 1em; margin-right: 1em;">

re: This is what banks and Wall Street con artists can do to YOUR future...

bt Teresa Kuhn, JD, RFC, CSA

Living Wealthy Radio

Authorized Bank on Yourself (R) Advisor

“When it becomes serious, you have to lie.”  

 -Luxembourg’s Prime Minister Jean-Claude Juncker- Meeting Chair, Eurozone Finance Ministers

Hardly a day goes by in this angst-infected, shell-shocked world in which we live, without at least one juicy scandal making its' way from the seamy underbelly of Wall Street to your TV set.

According to producers of PBS' Frontline program, "Since the crash of ‘08, banks have paid out more than $80 billion in bonuses. Since 2007, the five biggest banks in America have become larger. Today, they control assets equal to 56 percent of the American economy."

80 BILLION in perks? 56% of the economy?  How can this be? 

Well a lot of it has to do with ripping off consumers and taxpayers by charging outrageous (and often hidden) interest rates and fees... taking bailout money (thanks, taxpayers!) and just plain, old-fashioned cheating.

The sad part of it all is that it doesn't have to be this way.  

You see, although banks and Wall Street work their marketing departments overtime to get you to believe that they are your only choice for financing, there ARE actually other options that will cause you less stress and treat your money a lot better in the long run.

The method I use to keep my clients' hard-earned assets from being ravaged on the Street is one which has been used by wealthy individuals for over 200 years... and has proven itself to be stable, reliable, and extremely resistant to risk.

My version of this system, Bank on Yourself, was developed by bestselling author Pamela Yellen.

Hear Pamela explain 7 reasons why Bank on Yourself is an excellent alternative to traditional retirement planning in this short video:

http://www.bankonyourself.com/the-ultimate-wealth-building-and-retirement-strategy.html

Also, get my free report by going to http://www.findoutmorenow.com.  Enter CODE TK93 when prompted to get your report. 

You owe it to yourself and your family's financial future to see why financing major purchases yourself can lead to a wealthier, more secure second half of your life.