When you talk with traditional financial planners, this will almost always be the very first question out of their mouths.
It seems like a fair question.
But is it really the right question?
I don’t think it is. In fact, the question itself raises a number of other questions we need to think about.
First, should you be content simply meeting your needs?
And more importantly, how do you even know what your needs will be 20, 30, or even 40 years down the road?
How do you even answer the question? Basically, all you can do is pop off some numbers that sound good in your head at the moment. And based on these random figures, we formulate an entire financial […]
Uncle Sam is feeling the squeeze.
The most recent U.S. Treasury Department monthly statement revealed a troubling trend.
Revenue is falling.
In the report for the period ending Feb. 28, total federal revenues came in at $3.275 trillion. This was 1.1 percent lower than the $3.31 trillion reported for the same period one year ago. It represented the biggest drop since 2008 and the third consecutive month of decline.
ZeroHedge explained why this is particularly significant.
“As the chart below shows, every time since at least 1970 when government receipts have turned negative on an annual basis, the U.S. was on the cusp of, or already in, a recession. Indicatively, the last time government receipts turned negative was in July […]
You should never trust the official spin coming out of the government.
Case in point – unemployment numbers.
I’ve been pointing out for months that the official numbers and the rosy mainstream spin hides some fundamental problems in the U.S. jobs market. Despite the low unemployment number and relatively consistent jobs growth, there are large numbers of Americans who have simply stopped looking for a job altogether, and many of the newly created jobs are part-time.
During the campaign, Pres. Trump himself questioned the veracity of the official employment story saying, “The 5 percent figure is one of the biggest hoaxes in American modern […]
The Federal Reserve pulled the trigger on another interest rate hike on March 15, despite economic data that suggests rather strange timing.
The fed bumped the benchmark rate .25 points to a range between .75 and 1 percent. It was just the third boost in the rate since the 2008 crash.
The Fed has held the rate artificially low for years, desperately trying to jumpstart a tepid recovery.
Yellen has consistently claimed the central bank is “data dependant.” In other words, she’s making decisions based on the state of the economy as revealed by the data. After the March rate hike, she continued to spin the tale of a strong economy, albeit with a somewhat cautious tone. Yellen said the economy was growing at a “moderate pace,” employers […]
Millions of Americans are about to have better credit.
And they didn’t have to do a thing.
The three major credit-reporting firms have decided to remove certain negative information from credit reports. This will instantly boost the credit scores for millions of U.S. consumers.
According to a report in the Wall Street Journal, Equifax Inc., Experian PLC and TransUnion will remove many tax liens and civil judgements from credit reports beginning in July.
This is good news for people who want to borrow money. They’ll probably be able to borrow more. Credit scores factor into mortgage rates and amounts, auto loan amounts and credit card credit limits. About 12 million Americans will see improved credit scores due to the […]
Debt is like high blood pressure in an economy – a silent killer. And it’s not just in the U.S. The world is drowning in debt.
Americans are on pace to eclipse record levels of household debt this year. The previous record for household debt was $12.68 trillion set in 2008 – the year of the great crash. According to a report released by the Federal Reserve Bank of New York, total household debt hit a near-record of $12.58 trillion in 2016. At the current pace, the record will fall sometime this year.
It’s not just the U.S., this is a global problem.
So far in 2017, the global economy has created more credit relative to GDP than at the beginning of 2008.
In the U.S., total credit […]