Full Circle’s Mutterings on Money
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30-03-2017, 07:17 AM (This post was last modified: 30-03-2017 01:12 PM by Full Circle.)
RE: Full Circle’s Mutterings on Money
Just a heads up for any of you out there considering a fixed or variable annuity for retirement.

It all sounds good until you realize how much in fees these products charge your account.

"Aside from surrender charges that dock you for early withdrawals, variables can also come with steep sales commissions (often 4%). Add ongoing management fees and insurance charges, which combined can run as high as 2% to 3% a year, and you’re looking at one hefty load of fees cutting into your returns.

Compare that fee structure with regular no-load mutual funds, which levy no sales commission or surrender charge and impose average annual expenses of less than 0.50% (for index funds) or about 1.5% (actively managed funds).”

[Image: Account%20Growth%20Impacted%20by%20Retir...chart_.png]

As you can see steep fees can reduce your account by upwards of 40%!

Recently companies that sell these products have seen large reductions in assets under management primarily to the newly passed FIDUCIARY RULE which says financial advisors have to put your interests FIRST! Imagine that! Once the law was passed they have avoided pushing these products for fear of being sued. This should give you some inkling as to how bad they are.

*modified for clarification

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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27-04-2017, 05:59 PM
RE: Full Circle’s Mutterings on Money
Two questions for anybody who knows about these sorts of things... my mind glazes over whenever anybody talks finances and very little of it usually sinks in.

Are there any significant benefits or risks to putting money in a credit union vs a bank?

If you were looking for as near zero risk as you can get what are the options besides just a bank account or a CD?

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27-04-2017, 06:10 PM
RE: Full Circle’s Mutterings on Money
(27-04-2017 05:59 PM)unfogged Wrote:  Two questions for anybody who knows about these sorts of things... my mind glazes over whenever anybody talks finances and very little of it usually sinks in.

Are there any significant benefits or risks to putting money in a credit union vs a bank?

If you were looking for as near zero risk as you can get what are the options besides just a bank account or a CD?

You can get much better rates if need a loan, from a credit union, and you can use your shares as collateral. Basically they are non-profits. Banks are born to make money for the bankers.

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21-10-2017, 08:11 PM
RE: Full Circle’s Mutterings on Money
Republicans Consider Sharp Cut in 401(k) Contribution Limits

Sure, why not. Fuck the little guy.

Individual Retirement Accounts are one of the few things that will help the regular working Joe from having to beg or live under a bridge when, or if, they retire. Social Security is expected to run out of funds in the 2020’s unless taxes are raised.

For any of you out there that don’t know how an IRA works in the US:

A worker is allowed to invest pre-tax dollars into an IRA and let that money grow. When you turn 59 1/2 years old you then can begin to withdraw it without penalty but must begin taking out a preset minimum at 70 1/2 (RMD = Required Minimum Distribution).

In a traditional IRA you will then be taxed at whatever your income bracket is at this time, usually a lower tax bracket since you are probably not making as much income as when you were working (most people have retired by 70). The big plus for the average Joe is that for decades your pre-tax dollars are growing in value if you invested them wisely in the markets.

Now, President Dingleberry wants to fund his tax cuts for the wealthy and the corporations (from 35% to 20%) and needs to find some additional revenue. Hey, he thinks, lets take it from Joe and Joanne Q. Public!

This is why the pitchforks will soon come out. You can’t keep stepping on the little guys forever without a repercussion.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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08-12-2017, 12:42 PM
RE: Full Circle’s Mutterings on Money
How many of you have bought any Bitcoin?
Things you might not know about ballistic bitcoin

I haven’t, don’t think I will. I make it a point not to invest in things I don’t understand well especially when I read stuff like this...

"More than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That’s a total of more than $15 billion at current exchange rates. Few have been recovered.

LOST BITCOINS

Many fewer than the 16.7 bitcoins that have been mined are actually in circulation and accessible, because of forgotten passwords, accidental losses, hoarding, owners forgetting about coins or even dying. It is impossible to know for sure how many bitcoins have been permanently lost, because those that have are still in the system, in dormant addresses.”

So, any of you planning on ‘investing’ in Bitcoin or any other cryptocurrency?

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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08-12-2017, 01:00 PM
RE: Full Circle’s Mutterings on Money
(08-12-2017 12:42 PM)Full Circle Wrote:  How many of you have bought any Bitcoin?
Things you might not know about ballistic bitcoin

I haven’t, don’t think I will. I make it a point not to invest in things I don’t understand well especially when I read stuff like this...

"More than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That’s a total of more than $15 billion at current exchange rates. Few have been recovered.

LOST BITCOINS

Many fewer than the 16.7 bitcoins that have been mined are actually in circulation and accessible, because of forgotten passwords, accidental losses, hoarding, owners forgetting about coins or even dying. It is impossible to know for sure how many bitcoins have been permanently lost, because those that have are still in the system, in dormant addresses.”

So, any of you planning on ‘investing’ in Bitcoin or any other cryptocurrency?

They are a gamble. No telling what the future of them is. They are also widely used in online gambling, so if you want to invest there - is it a double gamble?

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
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08-12-2017, 01:05 PM
RE: Full Circle’s Mutterings on Money
(08-12-2017 01:00 PM)Dom Wrote:  They are a gamble. No telling what the future of them is. They are also widely used in online gambling, so if you want to invest there - is it a double gamble?

I didn’t know about the online gambling, word is they are used in illegal activities because they can’t be traced.

This thing is going to be great for some early adopters and a tragedy for others. I’m just going to watch from the sidelines. Popcorn

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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08-12-2017, 02:48 PM
RE: Full Circle’s Mutterings on Money
(08-12-2017 12:42 PM)Full Circle Wrote:  So, any of you planning on ‘investing’ in Bitcoin or any other cryptocurrency?

My kids been bugging me about it. I said "Son, going from under $1000 to $19000 in one year means something is fucked. Keep an eye on their competitors and let me know when Bitcoin tanks. I might buy some of their competitors."

#sigh
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08-12-2017, 03:17 PM
RE: Full Circle’s Mutterings on Money
(08-12-2017 02:48 PM)GirlyMan Wrote:  
(08-12-2017 12:42 PM)Full Circle Wrote:  So, any of you planning on ‘investing’ in Bitcoin or any other cryptocurrency?

My kids been bugging me about it. I said "Son, going from under $1000 to $19000 in one year means something is fucked. Keep an eye on their competitors and let me know when Bitcoin tanks. I might buy some of their competitors."

Sign of a top in a classic bubble.
The Dow has had no real correction in a very long time ... (which *could* be due to demand from Baby Boomer retirements), but have been expecting quite the bump down for quite a while. It may take a political driver to get it going. I have my link to "index puts" all set. Tongue

Insufferable know-it-all.Einstein God has a plan for us. Please stop screwing it up with your prayers.
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08-12-2017, 03:55 PM
RE: Full Circle’s Mutterings on Money
(08-12-2017 02:48 PM)GirlyMan Wrote:  
(08-12-2017 12:42 PM)Full Circle Wrote:  So, any of you planning on ‘investing’ in Bitcoin or any other cryptocurrency?

My kids been bugging me about it. I said "Son, going from under $1000 to $19000 in one year means something is fucked. Keep an eye on their competitors and let me know when Bitcoin tanks. I might buy some of their competitors."

Tell Junior that you’d be happy to buy him some with his allowance money. Smile

Two outcomes, both good:
1) he loses a bunch of value and he never makes another impetuous investment or
2) he gets rich and you retire early

Big Grin

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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