Your lifetime of hard work, and your family are in jeopardy. The time is now to stand up for your rights as a citizen and protect your faith, family and finances - or perish. Educate yourself on the true history of our country and expand your knowledge of money so you can live a life free from tyranny.
Today our liberty is being threatened because of the power of government. The Internal Revenue Service (IRS) and The Federal Reserve (Fed), ironically created the same year (1913), are seizing land, assets and devaluing our dollar. Your money is being confiscated to fund illegal operations and the International Monetary Fund (IMF).
It saddens me to have to tell you these things - I apologize for being straightforward... But my mission is to spread the gospel... about God's love and about your money... to reveal the facts and the truth.
The United States became what we are because of faith, family and free enterprise. A hundred years ago we were free people, with less government regulation and taxes than the rest of the world. We owned land, produced our own goods, and we believed in Christ, family and our constitution.
God warned us in the Bible of the dangers of government and greed:
"While they promise them LIBERTY, they themselves are the servants of corruption: for of whom a man is overcome, of the same is he brought in bondage." 2PE 2:19
"My people are destroyed for LACK OF KNOWLEDGE: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children." HO 4:6
"For he seeth that wise men die, likewise the fool and the brutish person PERISH, and leave their wealth to others." PS 49:10
"The good man is PERISHed out of the earth: and there is none upright among men: they all lie in wait for blood; they hunt every man his brother with a net." MIC 7:2
Our founding fathers also warned us:
"I am sure there never was a people, who had more reason to acknowledge a divine interposition in their affairs, than those of the United States; and I should be pained to believe that they have forgotten that agency, which was so often manifested during our Revolution, or that they failed to consider the omnipotence of that God who is alone able to protect them." ~George Washington
"A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government." ~Thomas Jefferson
"God grant that not only the love of liberty but a thorough knowledge of the rights of man may pervade all the nations of the earth, so that a philosopher may set his foot anywhere on its surface and say: This is my country." ~Ben Franklin
As a United States Citizen you should be outraged at what is happening to your country. Right before our eyes, history is being rewritten and our freedoms are being stolen from us by amendments to our beloved constitution. Hardly a day goes by when Congress is not adding, deleting or changing this cherished model for our independence.
Currently, Congress is debating whether or not to pass legislation that would alter the powers of the Federal Reserve. Congressman Ron Paul (R-TX), has worked tirelessly in his "Audit the Fed" bill HR 1207 and S 604. The Fed and the Obama administration are fighting this bill to retain power and control of our money.
The bill was gathering momentum until Senator Bernie Sanders (I-VT) caved in and sold-out under pressure by the Federal Reserve and the Obama Administration, and a new bill is now being circulated. The new version of the bill will likely give the Fed even more power, exempting monetary policy decisions, discounting window operations, and agreements with foreign central banks from Government Accounting Office (GAO) audits.
"The current fiscal policy is unsustainable. We are heading to a future where we'll have to double federal taxes or cut federal spending by 60%." ~David Walker, Comptroller General of the United States GAO
David Walker served under both Democratic and Republican administrations. He isn’t trying to get elected he’s taking an honest approach to fiscal policies and economics…
David Walker on CNN http://www.youtube.com/watch?v=q2QE137fRvs
Our markets are in turmoil and volatility is at an all time high. Blame is being thrown around another bailout is on the horizon. This time it is Greece and the U.S. Taxpayers will fund a major portion of the Greek bailout. The Federal Reserve provides 20% of the money for the IMF, and they are the entity that will lend the money. The bailout will be used to pay back the banks that made unwise loans to Greece previously, so they will be saved while taxpayers absorb the losses. Read more here: http://www.businessinsider.com/henry-blodget-guess-whos-paying-for-that-greece-bailout-thats-right-you-2010-5
Most people's impression of the Fed is that they control the money supply and protect us from recessions and depressions through monetary policy, Hogwash!
The Fed is a cartel, originally created by wealthy bankers. G. Edward Griffin, author of the classic book, 'The Creature From Jekyll Island' outlines how and why the Fed was created in his free, downloadable recording found here: http://legacyinsuranceagency.com/creature.html
"The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create unlimited amounts of money out of thin air brought us the boom and bust cycle and caused one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erode the value of the dollar." http://www.ronpaul.com/
"Economic affairs cannot be kept going by magistrates and policemen." ~Ludwig von Mises
A free market economy, as followers of Austrian Economics believe, is the answer to many of America's financial problems. On the other hand, mainstream economists and followers of the Keynesian model, believe that government should control monetary supply through regulation, deposit insurance and a flexible, fiat currency.
The Austrian Theory of economics is taught and practiced at the Mises Institute in Auburn, Alabama. Lew Rockwell, notable author and libertarian activist, founded the Mises Institute. He also publishes the blog, http://www.lewrockwell.com/ , where he warns of the threats of socialism, among other things.
"Workers and consumers are, of course, identical." ~Ludwig von Mises
Read more at The Quotable Mises: http://mises.org/quotes.aspx
What does all of this have to do with you, your family and your money? You are the engine that drives government. Government feeds off of the people. They exist because of our money, derived from taxes.
How can we protect ourselves? By standing up to big government and educating ourselves on economic policy. Contact your representatives and let them know how you feel. Vote and be heard.
Why should you be concerned? Your freedom depends on it, "Use it or lose it." Your children and grandchildren will be faced with debt beyond their control and will be forever enslaved to foreign governments and elite bankers.
On December 16th, 1773, people just like you and me, "radicals" from Boston, Massachusetts, formed the Sons of Liberty. They boarded three East India Company ships in Boston Harbor and threw 342 chests of tea into the water. This event was in protest of oppressive British taxation and tyrannical rule. It became known as the Boston Tea Party and paved the way towards our country's independence.
Today we are faced with similar circumstances. If we do nothing and do not learn from history, we are destined for failure. Money creates power, and unfortunately, this power in the wrong hands can destroy our nation.
Money and banking are essential in our society, however, when we depend on the government and financial institutions for money, we become slaves to their system. Our knowledge of how these systems work will protect us from their bondage and increase our ability to achieve financial success.
Saving money is what built this country. In recent times we have been led to believe that "investing" in uncertain markets and with banks is the key to prosperity, when in fact this is part of the problem.
You can protect your family and your wealth by creating a system of finance that is independent of traditional banking models. Using a financial tool that out dates the Fed and the IRS, you can virtually become your own banker. This tool is called dividend paying, whole-life insurance. You may have been told by my media entertainers, parading as financial gurus, that whole-life insurance is a bad investment, they are wrong.
Life insurance is the only financial instrument that can guarantee that what you want to happen, will happen. While stock markets have plunged, owners of this centuries old financial tool have prospered. And, when properly administered, it can be used to create your own privatized family banking system that can live on for generations. You can learn more about private banking here: http://bankforlife.wordpress.com/
NOW is the time to ACT while you have time.
Until next time, Protect Your Freedoms!
Barry Page, RFC
Barry Page is recognized as a leading expert on life insurance and private banking. He is a Registered Financial Consultant and independent insurance agent who helps clients with tax advantaged investment alternatives. He specializes in showing families how to protect their assets, income and lives utilizing a macro-financial approach to planning.
He has created a service that caters to families and business owners that frustrated with the risks involved with the stock market, but still want competitive returns. His specialized knowledge and services help consumers find alternatives to traditional investing and the stock market that not only safely protect their savings, but also provide tax advantages.
His business is based in Ocean Springs, MS and he services clients throughout the Southeast. He can be reached here: http://legacyinsuranceagency.com/contact.html
Saturday, May 8, 2010
Saturday, April 10, 2010
Friday, March 26, 2010
Government Budgeting or Tax and Spending?
Debt to Consume 90% of GDP by 2020 According to CBO
Just this week the Congressional Budget Office (CBO) released the administration's budget numbers, reflecting the debt to Gross Domestic Product (GDP). According to their own predictions, debt will consume 90% of GDP by the year 2020.
Of course, you understand that you also pay other taxes. As a matter of fact in recent years personal taxes increased 42% faster than personal income. State and local government taxes increased 168% faster than national income. The typical American pays more in taxes than they do on food, shelter, and clothing combined.
Here are some examples of taxes we pay. State Income Tax, Social Security Tax, Medicare Tax, Property Tax, School Tax, Sales Tax, Water Tax, City Tax, County Tax, Gasoline Tax, Airport Tax, Hotel Tax, Cable TV Tax, Unemployment Tax, Cigarette Tax, Corporate Income Tax, Marriage License Tax, Liquor Tax, Fishing License Tax, Food and Beverage Tax, Hunting License Tax, Road Usage Tax (truckers), Estate Tax, Luxury Tax, Recreational Vehicle Tax, Utility Tax, Septic Permit Tax, Well Permit Tax, Road Toll Booth Tax, Vehicle Sales Tax, Workers Compensation Tax, Trailer Reg. Tax, Watercraft Registration Tax, Long Term Capital Gains Tax, Short Term Capital Gains Tax, Telephone Federal Excise Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Telephone Federal Universal Service Fee Tax.
There are few ways that you can shelter your money from the onslaught of taxes, so we must consider them all when doing our own budgeting. One such way is by NOT depending on the government. Are you the least bit suspicious when the government creates a plan to give you a tax break on the money that they have taxed you on in the first place. Consider Qualified Plans and the Federal Income Tax.
Another option you may want to consider is banking, but not in the sense that you may be accustomed to. For example, do you find it ironic that the very banks that we as taxpayers were asked to bailout, ask us to invest our money with them? Why is it that banks want to lend us money when we have it, but will not when we need it?
By Becoming Your Own Banker™ and banking with your family you can actually end your dependency on traditional financial institutions and government programs. You can learn how to create a system of finance and your own lifetime bank. http://bankforlife.wordpress.com/
Infinite Banking teaches the process of using your current flow of finances versus consumption of money. Utilizing this concept integrates protection and wealth accumulation enabling you to enhance your assets without creating additional liabilities. Traditional banks understand this, yet they tell us to do the opposite, forcing us into financial slavery.
You owe it to yourself and your family to educate yourself further. Take control of your money now by controlling how your money flows. Read the book Becoming Your Own Banker™ here: http://legacyinsuranceagency.com/byob
Until next time,
Barry Page, RFC
Barry Page is a Registered Financial Consultant and Infinite Banking Coach. His goal is to help families live debt free and create generational wealth. He publishes multiple websites and blogs including this one, and can be reached at http://legacyinsuranceagency.com/contact.html
Just this week the Congressional Budget Office (CBO) released the administration's budget numbers, reflecting the debt to Gross Domestic Product (GDP). According to their own predictions, debt will consume 90% of GDP by the year 2020.
How can we as citizens depend on a government who can not live within its means? We must live within our means in order to survive, yet our politicians refuse not to. Instead they live off of taxpayers as a parasite lives off of its host.
According to Merriam-Websters definition of budget: bud·get
Pronunciation: \ˈbə-jət\ a : a statement of the financial position of an administration for a definite period of time based on estimates of expenditures during the period and proposals for financing them b : a plan for the coordination of resources and expenditures c : the amount of money that is available for, required for, or assigned to a particular purpose.
Does it sound like the administration has planned for financing their expenditures? Do you think they have the resources available for funding their proposals? Where do you think they will get the money?
Take a look at the history of the marginal Federal Income Tax:
Of course, you understand that you also pay other taxes. As a matter of fact in recent years personal taxes increased 42% faster than personal income. State and local government taxes increased 168% faster than national income. The typical American pays more in taxes than they do on food, shelter, and clothing combined.
Here are some examples of taxes we pay. State Income Tax, Social Security Tax, Medicare Tax, Property Tax, School Tax, Sales Tax, Water Tax, City Tax, County Tax, Gasoline Tax, Airport Tax, Hotel Tax, Cable TV Tax, Unemployment Tax, Cigarette Tax, Corporate Income Tax, Marriage License Tax, Liquor Tax, Fishing License Tax, Food and Beverage Tax, Hunting License Tax, Road Usage Tax (truckers), Estate Tax, Luxury Tax, Recreational Vehicle Tax, Utility Tax, Septic Permit Tax, Well Permit Tax, Road Toll Booth Tax, Vehicle Sales Tax, Workers Compensation Tax, Trailer Reg. Tax, Watercraft Registration Tax, Long Term Capital Gains Tax, Short Term Capital Gains Tax, Telephone Federal Excise Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Telephone Federal Universal Service Fee Tax.
There are few ways that you can shelter your money from the onslaught of taxes, so we must consider them all when doing our own budgeting. One such way is by NOT depending on the government. Are you the least bit suspicious when the government creates a plan to give you a tax break on the money that they have taxed you on in the first place. Consider Qualified Plans and the Federal Income Tax.
Another option you may want to consider is banking, but not in the sense that you may be accustomed to. For example, do you find it ironic that the very banks that we as taxpayers were asked to bailout, ask us to invest our money with them? Why is it that banks want to lend us money when we have it, but will not when we need it?
By Becoming Your Own Banker™ and banking with your family you can actually end your dependency on traditional financial institutions and government programs. You can learn how to create a system of finance and your own lifetime bank. http://bankforlife.wordpress.com/
Infinite Banking teaches the process of using your current flow of finances versus consumption of money. Utilizing this concept integrates protection and wealth accumulation enabling you to enhance your assets without creating additional liabilities. Traditional banks understand this, yet they tell us to do the opposite, forcing us into financial slavery.
You owe it to yourself and your family to educate yourself further. Take control of your money now by controlling how your money flows. Read the book Becoming Your Own Banker™ here: http://legacyinsuranceagency.com/byob
Until next time,
Barry Page, RFC
Barry Page is a Registered Financial Consultant and Infinite Banking Coach. His goal is to help families live debt free and create generational wealth. He publishes multiple websites and blogs including this one, and can be reached at http://legacyinsuranceagency.com/contact.html
Monday, March 22, 2010
The TRUTH about Fractional Reserve Lending and The Federal Reserve
Fractional reserve lending is a practice created by the Federal Reserve that allows banks to lend money based on a fraction of the deposits they hold in reserves. Ironically, the majority of banks hold their Tier 1 Capital (reserves they can't afford to lose) in permanent life insurance, but they won't tell you that.
Watch this video as Ron Paul tries to get Ben Bernanke to talk about transparency of The Federal Reserve. And, after all is said Barney Frank steps in and says we should certainly look into what Reagan and Nixon did… http://www.youtube.com/watch?v=5gH2U1ly_aM
Currently, Bernanke is trying to end minimum fractional reserve lending for banks, meaning they would have NO LIMITS on lending! At the present time, banks may not create any more than $9 in additional loans for each $1 they hold in reserve. However, Federal Reserve Chairman Bernanke suggests that this may be changed to ANY amount in loans REGARDLESS of what is held in reserve. If this happens, fractional-reserve banking will become zero-reserve banking, and hyperinflation will occur.
All of this was predicted in The Creature From Jekyll Island: http://legacyinsuranceagency.com/creature.html
Meanwhile, China is raising their fractional reserve limits: http://www.worldmarketmedia.com/970/section.aspx/916/china-to-raise-reserve-requirement-ratioagain
If you are concerned about your family's financial future, this is all the more reason for you to create a system of finance that is not dependent on banks or the government. Learn how: http://legacyinsuranceagency.com/IBC/theinfinitebankingconcept.html
Until next time,
Barry Page, RFC
Barry Page is a Registered Financial Consultant and helps families to live debt free and create generational wealth. He publishes multiple websites and blogs including this one, and can be reached at http://legacyinsuranceagency.com/contact.html
Watch this video as Ron Paul tries to get Ben Bernanke to talk about transparency of The Federal Reserve. And, after all is said Barney Frank steps in and says we should certainly look into what Reagan and Nixon did… http://www.youtube.com/watch?v=5gH2U1ly_aM
Currently, Bernanke is trying to end minimum fractional reserve lending for banks, meaning they would have NO LIMITS on lending! At the present time, banks may not create any more than $9 in additional loans for each $1 they hold in reserve. However, Federal Reserve Chairman Bernanke suggests that this may be changed to ANY amount in loans REGARDLESS of what is held in reserve. If this happens, fractional-reserve banking will become zero-reserve banking, and hyperinflation will occur.
All of this was predicted in The Creature From Jekyll Island: http://legacyinsuranceagency.com/creature.html
Meanwhile, China is raising their fractional reserve limits: http://www.worldmarketmedia.com/970/section.aspx/916/china-to-raise-reserve-requirement-ratioagain
If you are concerned about your family's financial future, this is all the more reason for you to create a system of finance that is not dependent on banks or the government. Learn how: http://legacyinsuranceagency.com/IBC/theinfinitebankingconcept.html
Until next time,
Barry Page, RFC
Barry Page is a Registered Financial Consultant and helps families to live debt free and create generational wealth. He publishes multiple websites and blogs including this one, and can be reached at http://legacyinsuranceagency.com/contact.html
Wednesday, February 10, 2010
GUARD YOUR WALLET!
The Politicians Want Your Money
As recently as Jan 25, 2010 the Obama Administration proposed Mandatory Retirement Plans. This is the first step towards nationalization and the forced investment of your retirement benefits. Though you may have heard little about these mandatory plans, they will force you to invest in government controlled retirement accounts to support the treasury debt market. As reported inBusinessWeek , these plans will draw opposition.
Why should you be concerned about the Mandatory IRA? By taking control of your retirement plan assets, the government is in essence confiscating your hard earned savings! Your retirement savings could be used to fulfill U.S. Treasury obligations. Unless you believe that Washington Politicians can manage your assets better than you, then now is the time to take control and protect your assets.
While government was meant to protect our nation, think of them as a parasite that feeds off of the people. This is the best description that I can give to describe their thirst for our tax dollars. Like a blood sucking mosquito, they pierce the skin almost unnoticed and then drain the life from us to support themselves.
As recently as Jan 25, 2010 the Obama Administration proposed Mandatory Retirement Plans. This is the first step towards nationalization and the forced investment of your retirement benefits. Though you may have heard little about these mandatory plans, they will force you to invest in government controlled retirement accounts to support the treasury debt market. As reported in
Why should you be concerned about the Mandatory IRA? By taking control of your retirement plan assets, the government is in essence confiscating your hard earned savings! Your retirement savings could be used to fulfill U.S. Treasury obligations. Unless you believe that Washington Politicians can manage your assets better than you, then now is the time to take control and protect your assets.
While government was meant to protect our nation, think of them as a parasite that feeds off of the people. This is the best description that I can give to describe their thirst for our tax dollars. Like a blood sucking mosquito, they pierce the skin almost unnoticed and then drain the life from us to support themselves.
Cleverly disguised as plans to help Americans save, these forced retirement plans will cause havoc on business and thrust our country into a financial meltdown. From hyperinflation to tax increases to tyranny, the risks involved are HUGE!
This is not an attempt to scare you. It is a fair warning from a concerned citizen. My intentions are to create awareness and motivate you to take action towards taking control of your personal assets. As a financial consultant it is my job and responsibility. I fear the control of U.S. retirement plans will ultimately lead to the confiscation of trillions of dollars in privately held assets.
More Warnings
On January 8, 2010, CNBC’s Rick Santelli, blew the horn about the possible nationalization and forced investment into treasuries. Bloomberg reported that the proposed plan may not be able to support itself. And on January 26, 2010, Fox Business News reported that the National Small Business Association (NSBA) stated that they are “opposed to any mandates that create a new and significant burden on small business.”
As far back as 1981, Ron Paul warned that language had been inserted into the 1981 Economic Recovery Act, Section 314(b) that ruled “collectibles” as not in the “public interest” and therefore prohibited from future retirement plan investments.
Hypocrisy At Its Finest
When our government takes billions in taxpayer money to “bailout” financial institutions like Merrill Lynch and Bank of America, are you not the least bit suspicious? And, when these same institutions advertise that you should invest with them, though they are technically bankrupt, does something seem wrong? They pay themselves outrageous bonuses, yet your account balances have lost billions.
Now that health care reform has been placed on the back burner, Washington Politicians have now focused their attention on more economic stimulus plans supposedly to boost employment. When will Americans learn that government cannot create jobs? Any so-called job creation by the government is only at the expense of private business. The net result is a loss of jobs as workers are pulled from one industry to another and businesses are forced to close.
How Mandatory Retirement Plans Will Work
You will be forced into another scheme, similar to Social Security, consisting of what is now being called a Guaranteed Retirement Account/Annuity (GRA). These plans will be funded by a proposed 5% of your salary. Eventually your existing retirement funds will be pushed into the government program. All of the details will be worked out along the way.
Currently, over $15 Trillion is invested in qualified retirement plans. Retirement savings make up more than 35% of all private assets and Congress has their eyes on this money. When you retire, taxes must be paid on withdrawals from these accounts. Politicians would like nothing more than to have access to these accounts now.
Teresa Ghilarducci is the author of the “Agenda for Shared Prosperity”. She became the Director of the Schwartz Center for Economic Policy at the New School for Social Research. Her plan is to confiscate the assets of the wealthiest Americans and redistribute them through government plans.
As outlined in the proposal, the government will make a contribution into every citizen’s account of approximately $600 annually, covering the unemployed and underemployed. The 5% contribution by “successful” Americans will go into a “guaranteed account” managed by the government, the same people managing Social Security.
The concern is that following the implementation of the GRA program, Congress would create future legislation to end tax deductions and tax benefits of all retirement plans therefore forcing the funds in these plans into the “professionally” managed GRA program. The other concern is that beneficiaries would be cheated out of any benefits left in IRA’s after the death of the participants. Ghilarducci’s plan calls for 50% of all balances remaining at death to be reverted to the federal government, not the beneficiaries.
What to Do
Since this is only a proposal at the time, it could be years before these changes take effect. However, since Congress already controls the rules for private retirement plans they can change the rules, just as they’ve done in the past. The good news is, you have time to protect your assets before this assault. But, don’t wait. Why would you put another dime into a qualified plan? Take an honest inventory of your assets and sit down to talk with your advisor soon. It’s your money, guard your wallet!
Barry Page, RFC is a Registered Financial Consultant and Licensed Insurance Agent. He is an advocate for families and small business, and publishes this blog and www.legacyinsuranceagency.com to promote financial intelligence.
Saturday, February 6, 2010
Americans Reject Keynesian Economics
What is it that politician's don't understand? They seem to think that "we", the taxpayers that pay their salary, don't have a say in government. Well, it's become abundantly clear that American's are fed up with overspending.
In case you aren't familiar with Keynesian Economics, created by John Maynard Keynes, the premise is basically "spend more" and "grow government" to improve the economy. On the contrary, at the time of Keynes, there was also Andrew Jackson's philosophy of Laissez Faire Economics which complemented the Constitution and promoted smaller government.
Another popular economic theory is Austrian Economics, made popular by economist Ludwig von Mises, which focuses on free enterprise. Former U.S. Presidential Candidate, Ron Paul, also embraces Austrian Economics. Paul compares Keynesian Economics and Austrian Economics
More and more American's are waking up to the abuse of power by politicians, and they are speaking up. TEA Parties and the 9/12 Project have helped everyday people to get involved and the movements are gaining popularity.
This report displays the distrust that Americans are feeling towards BIG Government:
Americans Reject Keynesian Economics
Stand Up for Your Rights!
Barry Page, RFC
Barry Page is a Registered Financial Consultant that studies economics and its' impact on families and business. He is an advocate of free enterprise and teaches families how to control their finances and think independently. He publishes www.legacyinsuranceagency.com and this blog to promote financial intelligence.
In case you aren't familiar with Keynesian Economics, created by John Maynard Keynes, the premise is basically "spend more" and "grow government" to improve the economy. On the contrary, at the time of Keynes, there was also Andrew Jackson's philosophy of Laissez Faire Economics which complemented the Constitution and promoted smaller government.
Another popular economic theory is Austrian Economics, made popular by economist Ludwig von Mises, which focuses on free enterprise. Former U.S. Presidential Candidate, Ron Paul, also embraces Austrian Economics. Paul compares Keynesian Economics and Austrian Economics
More and more American's are waking up to the abuse of power by politicians, and they are speaking up. TEA Parties and the 9/12 Project have helped everyday people to get involved and the movements are gaining popularity.
This report displays the distrust that Americans are feeling towards BIG Government:
Americans Reject Keynesian Economics
Stand Up for Your Rights!
Barry Page, RFC
Barry Page is a Registered Financial Consultant that studies economics and its' impact on families and business. He is an advocate of free enterprise and teaches families how to control their finances and think independently. He publishes www.legacyinsuranceagency.com and this blog to promote financial intelligence.
Friday, October 30, 2009
8 Scary Truths About Your IRA
8 Scary Truths About Your Qualified Plan (IRA)
And, How To Avoid Being Taxed to Death!
If you are pondering the thought of contributing more than your match to your 401k or whether or not to make an end of year contribution to your IRA, THINK AGAIN!
Before you put another dime into your 401k, 403b, TSP, SEP or other IRA you need to know what the government and your employer aren’t telling you. And, the truth may scare you!
Here are the scary facts about qualified plans that you’ll want to know.
SCARY TRUTH #1:
While many people think their Qualified Plans, that’s your 401k, 403b, TSP, SEP or IRA, save taxes; they don’t.
They do 2 things:
1. They defer tax
2. They defer the tax calculation
SCARY TRUTH #2:
Your employer may be making decisions about how your 401k is managed, without your knowledge. More and more employers are now automatically directing more of their employee’s pay into their 401k, and often it is into more risky investments; even though you may have previously chosen your own investments. Much of the money is being re-directed into “target-date” mutual funds, These funds lost so much money last year, that lawmakers and regulators are now analyzing and scrutinizing their actions. Morningstar reported that many that were at or near retirement with these type funds, suffered losses of 32 to 41 percent.
Even scarier, the fees charged on target-date funds are “significantly higher than those charged by other funds on plans’ investment menus” according to MoneyCentral.msn.com on October 10, 2009.
In comparison, the growth in a properly funded permanent life contract is both guaranteed and exponential. You can also predict the minimum guaranteed value of the plan, the minimum guaranteed income you can take from the policy, and how long you could take the withdrawal.
SCARY TRUTH #3:
Many of the important decisions about your employer sponsored IRA (401k, 403b, TSP, etc) may be made by people who may have No Training or education.
According to the November, 2009 issue of SmartMoney Magazine (“The Accidental 401k Planner”), as many as 90% of the country’s employees’ 401k plans are watched over by people who “need no special qualifications and no investing expertise or experience”. Many managers hire brokers to suggest mutual funds, and brokers are not legally required to choose funds with low fees, so the outcome could cost you tens of thousands of dollars over your lifetime.
SCARY TRUTH #4:
The true impact on your wealth from 401k hidden fees is ENORMOUS! While you may be aware of some charges, many fees are not required to be disclosed to you in the 401k or mutual fund prospectus.
And, even scarier, according to a 60 Minutes report, “401k Recession”, over your working career, this can result in your losing up to half of your nest egg!
By utilizing the Infinite Banking Concept™, you can kiss hidden fees goodbye. All costs are already included in the premium, and by properly funding a participateing whole-life policy, you will actually experience reduced costs that are associated with other contracts. So, why not request a Free, No Obligation Financial Analysis now?
Just click the link below to start enjoying the benefits: http://legacyinsuranceagency.com/financialanalysis.html
SCARY TRUTH #5:
As you near retirement your money in your 401k is more at risk. This is because the losses can be greater as your plan accumulates over time. A market loss in your last working years could be devastating. In a recent story in Time Magazine (“Why It’s Time to Retire the 401k”, October 9, 2009), they reported that during the recent market downturn, 401k’s of 55-to-65-year-olds lost a quarter more than those of their 35-to-45-year-old counterparts.
A dividend paying, whole-life policy actually becomes more efficient over time, and can provide you with peak growth at retirement, when you will need it most, without the risk associated with the stock market or other investments.
SCARY TRUTH #6:
Borrowing from your 401k can cause double taxation! If you borrow money from your 401k, for any reason before you’re 59½, in most cases you’re required to pay back any loans back in full with interest within 30 to 60 days, or you’ll have to pay income taxes, PLUS a 10% penalty. But, what’s worse is when you repay the loan you are using after tax dollars, so you will end up being taxed again upon distribution.
With a whole-life contract you can set the rules for borrowing and repaying the loan. And, the money received from loans is tax-free up to the cost-basis. Another benefit is that a properly funded policy will also continue to grow, even with a loan against it. A properly trained agent can show you how to receive even more tax advantages from your policy. The average family could expect to recapture hundreds of thousands of dollars over their lifetimes, just by using their life policies as a resource, without having to depend on banks or other financial institutions.
SCARY TRUTH #7:
Deferring income taxes could cause you to PAY MORE IN TAXES! And, that’s assuming tax-rates don’t increase at all. If you are deferring taxes now in a lower bracket, and you get normal cost of living raises, at retirement you could be in a higher tax bracket resulting in a higher tax rate. If taxes go up in the future, then things get even worse.
With a Maximum Efficient Contract, you could enjoy as much as a 150% better lifestyle at retirement without even touching your life insurance policy. If you make withdrawals from your policy, they could be completely income-tax free under current tax law.
SCARY TRUTH #8:
The government is in control of your Qualified Plan! And, just as they change tax laws every year, they can change the rules for your IRA. Think about what’s going on right now with government spending. Where will the money come from to fund these bailouts? Do you know that Congress has changed the rules on taxation of Social Security over the years so that now as much as 85% of Social Security income can be taxed?
So, why not take advantage of a properly funded whole-life policy that can give you protection and peace of mind without government control?
Qualified Plans: Trick or Treat?
Have a wonderful Fall Holiday!
Barry Page
Infinite Banking Think Tank Member
Financial Consultant
www.legacyinsuranceagency.com
Learn more about Infinite Banking here: www.infinitebanking.org
And, How To Avoid Being Taxed to Death!
If you are pondering the thought of contributing more than your match to your 401k or whether or not to make an end of year contribution to your IRA, THINK AGAIN!
Before you put another dime into your 401k, 403b, TSP, SEP or other IRA you need to know what the government and your employer aren’t telling you. And, the truth may scare you!
Here are the scary facts about qualified plans that you’ll want to know.
SCARY TRUTH #1:
While many people think their Qualified Plans, that’s your 401k, 403b, TSP, SEP or IRA, save taxes; they don’t.
They do 2 things:
1. They defer tax
2. They defer the tax calculation
SCARY TRUTH #2:
Your employer may be making decisions about how your 401k is managed, without your knowledge. More and more employers are now automatically directing more of their employee’s pay into their 401k, and often it is into more risky investments; even though you may have previously chosen your own investments. Much of the money is being re-directed into “target-date” mutual funds, These funds lost so much money last year, that lawmakers and regulators are now analyzing and scrutinizing their actions. Morningstar reported that many that were at or near retirement with these type funds, suffered losses of 32 to 41 percent.
Even scarier, the fees charged on target-date funds are “significantly higher than those charged by other funds on plans’ investment menus” according to MoneyCentral.msn.com on October 10, 2009.
In comparison, the growth in a properly funded permanent life contract is both guaranteed and exponential. You can also predict the minimum guaranteed value of the plan, the minimum guaranteed income you can take from the policy, and how long you could take the withdrawal.
SCARY TRUTH #3:
Many of the important decisions about your employer sponsored IRA (401k, 403b, TSP, etc) may be made by people who may have No Training or education.
According to the November, 2009 issue of SmartMoney Magazine (“The Accidental 401k Planner”), as many as 90% of the country’s employees’ 401k plans are watched over by people who “need no special qualifications and no investing expertise or experience”. Many managers hire brokers to suggest mutual funds, and brokers are not legally required to choose funds with low fees, so the outcome could cost you tens of thousands of dollars over your lifetime.
SCARY TRUTH #4:
The true impact on your wealth from 401k hidden fees is ENORMOUS! While you may be aware of some charges, many fees are not required to be disclosed to you in the 401k or mutual fund prospectus.
And, even scarier, according to a 60 Minutes report, “401k Recession”, over your working career, this can result in your losing up to half of your nest egg!
By utilizing the Infinite Banking Concept™, you can kiss hidden fees goodbye. All costs are already included in the premium, and by properly funding a participateing whole-life policy, you will actually experience reduced costs that are associated with other contracts. So, why not request a Free, No Obligation Financial Analysis now?
Just click the link below to start enjoying the benefits: http://legacyinsuranceagency.com/financialanalysis.html
SCARY TRUTH #5:
As you near retirement your money in your 401k is more at risk. This is because the losses can be greater as your plan accumulates over time. A market loss in your last working years could be devastating. In a recent story in Time Magazine (“Why It’s Time to Retire the 401k”, October 9, 2009), they reported that during the recent market downturn, 401k’s of 55-to-65-year-olds lost a quarter more than those of their 35-to-45-year-old counterparts.
A dividend paying, whole-life policy actually becomes more efficient over time, and can provide you with peak growth at retirement, when you will need it most, without the risk associated with the stock market or other investments.
SCARY TRUTH #6:
Borrowing from your 401k can cause double taxation! If you borrow money from your 401k, for any reason before you’re 59½, in most cases you’re required to pay back any loans back in full with interest within 30 to 60 days, or you’ll have to pay income taxes, PLUS a 10% penalty. But, what’s worse is when you repay the loan you are using after tax dollars, so you will end up being taxed again upon distribution.
With a whole-life contract you can set the rules for borrowing and repaying the loan. And, the money received from loans is tax-free up to the cost-basis. Another benefit is that a properly funded policy will also continue to grow, even with a loan against it. A properly trained agent can show you how to receive even more tax advantages from your policy. The average family could expect to recapture hundreds of thousands of dollars over their lifetimes, just by using their life policies as a resource, without having to depend on banks or other financial institutions.
SCARY TRUTH #7:
Deferring income taxes could cause you to PAY MORE IN TAXES! And, that’s assuming tax-rates don’t increase at all. If you are deferring taxes now in a lower bracket, and you get normal cost of living raises, at retirement you could be in a higher tax bracket resulting in a higher tax rate. If taxes go up in the future, then things get even worse.
With a Maximum Efficient Contract, you could enjoy as much as a 150% better lifestyle at retirement without even touching your life insurance policy. If you make withdrawals from your policy, they could be completely income-tax free under current tax law.
SCARY TRUTH #8:
The government is in control of your Qualified Plan! And, just as they change tax laws every year, they can change the rules for your IRA. Think about what’s going on right now with government spending. Where will the money come from to fund these bailouts? Do you know that Congress has changed the rules on taxation of Social Security over the years so that now as much as 85% of Social Security income can be taxed?
So, why not take advantage of a properly funded whole-life policy that can give you protection and peace of mind without government control?
Qualified Plans: Trick or Treat?
Have a wonderful Fall Holiday!
Barry Page
Infinite Banking Think Tank Member
Financial Consultant
www.legacyinsuranceagency.com
Learn more about Infinite Banking here: www.infinitebanking.org
Wednesday, October 21, 2009
BEWARE: You Are A Target!
Are The Politicians About To Increase Your Taxes?
It's even worse than we feared! The politicians and Congress are after our money, in larger ways than anyone could have ever imagined. We all feel the pain of taxes, and have feared that they could go sky high, just like they have in the past. But, no one is ready for the full scale assault the leaders in Washington are planning. Everything You Own Will Be Affected By Taxes!
Our budget deficit is already skyrocketing, and it is only going to get worse. You know that our country is in a real mess, and the problem has only been perpetuating for years. Much of this growing snowball has been caused by an archaic tax system and overspending by our Government. Not to mention a failure to address the problems of our social programs. But, instead of using common sense to solve problems, our political representatives have done their best to make things worse. No matter what your tax bracket, your age, or your net worth, everything you own will be subject to vicious attacks!
The Obama administration is ready to unvail another so-called stimulus plan. It will be disguised, and they won’t call it a stimulus plan, but make no mistake... you will be paying for it.
The administration’s health care reform bill has ran into some opposition, and it is unclear what the ultimate outcome will be. However, there is no question that it will cost BILLIONS... if not TRILLIONS of dollars. And, where will the money come from???
Have you heard about the Green Treaty? You can watch a video from Lord Christopher Monckton here: http://www.youtube.com/watch?v=PMe5dOgbu40 This treaty will cost our country billions!
If you have any doubt that Global Warming is a hoax, then please take the time to visit this website formed by over 31,000 scientists who say that it is: http://petitionproject.org/
With his new Nobel Peace Prize in hand, President Obama is set to expand our war efforts by sending as many as 40,000 additional troops to Afghanistan. All while the President avoids direct questions and only alludes to what our real course of action will be. Meanwhile, election fraud runs rampant in Afghanistan, and our troops are faced with indecision. Regardless of what happens, our spending on the war will cost our families for generations to come.
Plain and simple, government is a parasite that sucks money out of taxpayers. The politicians always find a way to disguise their spending in a way that makes it look like we need their help. In other words they try to fix their problems by making us think they are helping us, read qualified plans, bailouts and stimulus. It always takes more tax dollars to pay for their spending.
Policymakers are now eyeing other ways to cover the costs of their new initiatives. The latest idea, which seems to have overwhelming support from the Democrat majority, is to start Taxing You for every securities transaction you make. You read that right, our politicians want to tax you for trading in the stock market!
The Economic Policy Institute is considering a national transaction tax that could raise $100-$150 Billion a year. All stock trades would be taxed at a rate of 0.1% to 0.25% of the value of the trade, and the tax would be levied on all financial transactions.
Though most have missed it, the Transaction Tax has already found its way into law. The President, at the urging of House Democratic leaders, submitted legislation to “recoup” from the financial-services industry any eventual shortfall in the Troubled Asset Relief Program, or TARP.
Representative Barney Frank, Chairman of the House Financial Services Committee, said he supported the idea of recouping future losses from the industry: “I was one of the ones who suggested.” Former Federal Reserve Chairman, Paul Volcker, said “it might be interesting” if Congress ordered further study of the idea of a transactions tax.
The reality is that any time Congress has raised taxes, the result has been higher unemployment and lower standards of living. Think back to the Carter years, 17% interest rates and some of the highest taxes in our lifetimes. Well, we are faced with that same scenario again. Higher Taxes are not the answer, but they are coming...
You see, some politicians think that because you've worked hard to get where you are, then you should subsidize those who have not. How do you feel about that?
Regardless of your income, new and higher taxes will affect you and your family. If you earn more, and pay more in taxes, then obviously you have been pegged, if you lose your job or you retire, then you will be robbed as well.
When you look at the history of taxes, and what the politicians are calling for, things don't look good. And, if you die under current law they will take even more!
The bottom line is that if you make a substantial income, you could soon see your taxes double!"
And, don’t be fooled with recent stock market gains, there is a hidden factor. INFLATION is the STEALTH TAX! Have you noticed how much things cost these days? What will it be like when we retire? Even if we do save more money, it's going to be worth less when we actually need it, UNLESS we have a plan to combat inflation.
What can we do about these HUGE problems? I decided that if I was concerned about these problems, then others must be too. And, many of my clients that were seeing their incomes increase now, were concerned about FUTURE TAXES.
So, I decided to make available to you a free report that outlines exactly how taxes can effect your income now and at retirement. The problems that qualified plans like IRA's, SEP's and 401k's can cause. And, what you can do about it now to prevent being taxed into the poor house!
Fortunately, this report identifies problems and outlines solutions, along with simple steps you can take now to prevent the problems later. All you have to do is enter your name and email and I will instantly send you your free report. It could save you and your family MILLIONS in taxes.
If you want to avoid overpaying your taxes, and don't want to leave your family with a hefty tax bill, get a copy of this eye-opening report for yourself. After all, wouldn't you like to know if you're being fooled?
To get your Free Report simply click the link below and fill-out the easy form. The report is available 24/7 and there is no-charge. And, most importantly there is no one to hassle you.
Click this link for instant access to your free report,
TAXES, The Largest Transfer of Your Wealth.
Until next time,
Barry Page
Barry Page is a licensed agent and financial consultant.
He can be reached online at http://www.legacyinsuranceagency.com/
It's even worse than we feared! The politicians and Congress are after our money, in larger ways than anyone could have ever imagined. We all feel the pain of taxes, and have feared that they could go sky high, just like they have in the past. But, no one is ready for the full scale assault the leaders in Washington are planning. Everything You Own Will Be Affected By Taxes!
Our budget deficit is already skyrocketing, and it is only going to get worse. You know that our country is in a real mess, and the problem has only been perpetuating for years. Much of this growing snowball has been caused by an archaic tax system and overspending by our Government. Not to mention a failure to address the problems of our social programs. But, instead of using common sense to solve problems, our political representatives have done their best to make things worse. No matter what your tax bracket, your age, or your net worth, everything you own will be subject to vicious attacks!
The Obama administration is ready to unvail another so-called stimulus plan. It will be disguised, and they won’t call it a stimulus plan, but make no mistake... you will be paying for it.
The administration’s health care reform bill has ran into some opposition, and it is unclear what the ultimate outcome will be. However, there is no question that it will cost BILLIONS... if not TRILLIONS of dollars. And, where will the money come from???
Have you heard about the Green Treaty? You can watch a video from Lord Christopher Monckton here: http://www.youtube.com/watch?v=PMe5dOgbu40 This treaty will cost our country billions!
If you have any doubt that Global Warming is a hoax, then please take the time to visit this website formed by over 31,000 scientists who say that it is: http://petitionproject.org/
With his new Nobel Peace Prize in hand, President Obama is set to expand our war efforts by sending as many as 40,000 additional troops to Afghanistan. All while the President avoids direct questions and only alludes to what our real course of action will be. Meanwhile, election fraud runs rampant in Afghanistan, and our troops are faced with indecision. Regardless of what happens, our spending on the war will cost our families for generations to come.
Plain and simple, government is a parasite that sucks money out of taxpayers. The politicians always find a way to disguise their spending in a way that makes it look like we need their help. In other words they try to fix their problems by making us think they are helping us, read qualified plans, bailouts and stimulus. It always takes more tax dollars to pay for their spending.
Policymakers are now eyeing other ways to cover the costs of their new initiatives. The latest idea, which seems to have overwhelming support from the Democrat majority, is to start Taxing You for every securities transaction you make. You read that right, our politicians want to tax you for trading in the stock market!
The Economic Policy Institute is considering a national transaction tax that could raise $100-$150 Billion a year. All stock trades would be taxed at a rate of 0.1% to 0.25% of the value of the trade, and the tax would be levied on all financial transactions.
Though most have missed it, the Transaction Tax has already found its way into law. The President, at the urging of House Democratic leaders, submitted legislation to “recoup” from the financial-services industry any eventual shortfall in the Troubled Asset Relief Program, or TARP.
Representative Barney Frank, Chairman of the House Financial Services Committee, said he supported the idea of recouping future losses from the industry: “I was one of the ones who suggested.” Former Federal Reserve Chairman, Paul Volcker, said “it might be interesting” if Congress ordered further study of the idea of a transactions tax.
The reality is that any time Congress has raised taxes, the result has been higher unemployment and lower standards of living. Think back to the Carter years, 17% interest rates and some of the highest taxes in our lifetimes. Well, we are faced with that same scenario again. Higher Taxes are not the answer, but they are coming...
You see, some politicians think that because you've worked hard to get where you are, then you should subsidize those who have not. How do you feel about that?
Regardless of your income, new and higher taxes will affect you and your family. If you earn more, and pay more in taxes, then obviously you have been pegged, if you lose your job or you retire, then you will be robbed as well.
When you look at the history of taxes, and what the politicians are calling for, things don't look good. And, if you die under current law they will take even more!
The bottom line is that if you make a substantial income, you could soon see your taxes double!"
And, don’t be fooled with recent stock market gains, there is a hidden factor. INFLATION is the STEALTH TAX! Have you noticed how much things cost these days? What will it be like when we retire? Even if we do save more money, it's going to be worth less when we actually need it, UNLESS we have a plan to combat inflation.
What can we do about these HUGE problems? I decided that if I was concerned about these problems, then others must be too. And, many of my clients that were seeing their incomes increase now, were concerned about FUTURE TAXES.
So, I decided to make available to you a free report that outlines exactly how taxes can effect your income now and at retirement. The problems that qualified plans like IRA's, SEP's and 401k's can cause. And, what you can do about it now to prevent being taxed into the poor house!
Fortunately, this report identifies problems and outlines solutions, along with simple steps you can take now to prevent the problems later. All you have to do is enter your name and email and I will instantly send you your free report. It could save you and your family MILLIONS in taxes.
If you want to avoid overpaying your taxes, and don't want to leave your family with a hefty tax bill, get a copy of this eye-opening report for yourself. After all, wouldn't you like to know if you're being fooled?
To get your Free Report simply click the link below and fill-out the easy form. The report is available 24/7 and there is no-charge. And, most importantly there is no one to hassle you.
Click this link for instant access to your free report,
TAXES, The Largest Transfer of Your Wealth.
Until next time,
Barry Page
Barry Page is a licensed agent and financial consultant.
He can be reached online at http://www.legacyinsuranceagency.com/
Thursday, September 10, 2009
Wonders of Life
We live for life’s wondrous moments...
From simple pleasures like enjoying quality time with loved ones to major milestones such as seeing your child graduate or walk down the wedding aisle, these are the moments we cherish most. You work hard to make sure your loved ones have a comfortable life, and hopefully one that includes its fair share of wondrous moments. But if you were suddenly out of the picture, would your loved ones have the same opportunities and quality of life? Life insurance helps ensure that the lifestyle you’ve worked so hard to achieve for your loved ones won’t come to a halt if something were to happen to you.
Time to review your life insurance needs
September is Life Insurance Awareness Month (LIAM), the perfect time for a life insurance review. LIAM is sponsored by the LIFE Foundation, a nonprofit organization whose mission is to help Americans make smart insurance-buying decisions. First, read about the 7 Wonders of Life Insurance. Then, before you contact someone to discuss your needs, go to our Life Insurance Needs Calculator to get a general sense of how much insurance might be right for you. Once you’ve spent a few minutes on our site, you’ll be in a better position to have an informed conversation with an insurance advisor or your benefits manager at work.
To learn more about the wonders of life insurance contact:
Barry Page
(228) 875-5545
www.legacyinsuranceagency.com
Wednesday, September 2, 2009
Tu Ne Cede Malis!
Tu Ne Cede Malis!
Do Not Give In To Evil
The motto of the Ludwig von Mises Institute, Tu Ne Cede Malis, should be our battle cry. What is being perpetrated as a means to save our country by unprecedented spending is evil. The government is seizing control of our liberties quickly, and as citizens we must stand up against this evil.
Ron Paul, a student of Austrian economics, has been behind a push to audit the Federal Reserve. On the other side, Ben Bernanke, objects to this “intrusion” into their books, stating that it would cause a massive failure to our financial system. Does it seem ironic to you that Ben Bernanke bailed out Goldman Sachs, but not their nearest competitor, Lehman Brothers?
According to Reuters, 84 banks have failed so far in 2009, over 400 more are in trouble. The FDIC funds have been depleted by 20% due to these failures. And you think your money is safe in the bank? Mostly it is, but that’s not the problem. When banks and government collude to create a system to control monetary supply, now that is a problem. And, our Federal Reserve System is a major source of the problem.
Recently I heard Warren Buffett answer some financial questions about the past year on MSNBC. He said that he didn’t worry about the market or losing money because he knew over the long term that the dollar will go down in value and in turn he would make money. Huh? Does he know something that we don’t?
Later, talking about taxes and what it will take for our economy to recover, Buffett stated that American’s must trust our banks. And, when looking at the market, he likes Wells Fargo and Goldman Sachs, of course.
Shortly after that a commercial comes on that reminded me of a rock band concert ad, it was for Timothy Geithner! MSNBC is throwing a big party town hall meeting where “you” can ask him tough questions….yeah right. If you get a chance, ask him why he lied about cheating on his taxes or how if he can’t figure that out, how he plans to run our country’s accounting and tax system. We have a tax cheat running the IRS and basically deciding the fate of our country… Maybe Obama will be the opening act.
Okay, back to the banks. Banks are failing because of the Federal Reserve System. Ask yourself how a bank can borrow money for less than1%, loan it out for 5% to upwards of 20%, and lose money? Banks use a fractional reserve lending system. This allows them to lend out much more than they have in reserves, taking huge risks.
People are nervous, and rightly so. What can you do? I hear that every day. The good news is that there is something you can do. You need to do the OPPOSITE OF WHAT THE GOVERNMENT IS DOING.
Here’s my short list of what YOU CAN DO NOW:
1. Take control of your finances, now.
2. Curb your spending and save the difference.
3. Spread your accounts around if you keep large amounts of liquid cash.
4. When looking for a secure location to store your wealth consider the solvency of the financial institution, do your research.
As you start to accumulate wealth and educate yourself on how your money is flowing, you will want to ask yourself some questions, and understand who is really in control of your account.
5 questions to ask yourself when choosing a place to deposit YOUR HARD EARNED MONEY:
1. Is my principle guaranteed?
2. Are my funds liquid?
3. Are my funds creditor protected?
4. Are there any tax benefits?
5. Will I earn a competitive return?
Your time is now. If you find yourself in uncertain financial times or with growing concerns over where our country is headed, take control. Use this as an opportunity to explore your passion. Leverage your time and your relationships to pursue your dreams. Protect your liberty and cherish your freedom.
Until next time,
Barry Page
Barry Page is a licensed insurance agent and financial consultant located in Ocean Springs, MS. He can be reached via the web at www.legacyinsuranceagency.com
Do Not Give In To Evil
The motto of the Ludwig von Mises Institute, Tu Ne Cede Malis, should be our battle cry. What is being perpetrated as a means to save our country by unprecedented spending is evil. The government is seizing control of our liberties quickly, and as citizens we must stand up against this evil.
Ron Paul, a student of Austrian economics, has been behind a push to audit the Federal Reserve. On the other side, Ben Bernanke, objects to this “intrusion” into their books, stating that it would cause a massive failure to our financial system. Does it seem ironic to you that Ben Bernanke bailed out Goldman Sachs, but not their nearest competitor, Lehman Brothers?
According to Reuters, 84 banks have failed so far in 2009, over 400 more are in trouble. The FDIC funds have been depleted by 20% due to these failures. And you think your money is safe in the bank? Mostly it is, but that’s not the problem. When banks and government collude to create a system to control monetary supply, now that is a problem. And, our Federal Reserve System is a major source of the problem.
Recently I heard Warren Buffett answer some financial questions about the past year on MSNBC. He said that he didn’t worry about the market or losing money because he knew over the long term that the dollar will go down in value and in turn he would make money. Huh? Does he know something that we don’t?
Later, talking about taxes and what it will take for our economy to recover, Buffett stated that American’s must trust our banks. And, when looking at the market, he likes Wells Fargo and Goldman Sachs, of course.
Shortly after that a commercial comes on that reminded me of a rock band concert ad, it was for Timothy Geithner! MSNBC is throwing a big party town hall meeting where “you” can ask him tough questions….yeah right. If you get a chance, ask him why he lied about cheating on his taxes or how if he can’t figure that out, how he plans to run our country’s accounting and tax system. We have a tax cheat running the IRS and basically deciding the fate of our country… Maybe Obama will be the opening act.
Okay, back to the banks. Banks are failing because of the Federal Reserve System. Ask yourself how a bank can borrow money for less than1%, loan it out for 5% to upwards of 20%, and lose money? Banks use a fractional reserve lending system. This allows them to lend out much more than they have in reserves, taking huge risks.
People are nervous, and rightly so. What can you do? I hear that every day. The good news is that there is something you can do. You need to do the OPPOSITE OF WHAT THE GOVERNMENT IS DOING.
Here’s my short list of what YOU CAN DO NOW:
1. Take control of your finances, now.
2. Curb your spending and save the difference.
3. Spread your accounts around if you keep large amounts of liquid cash.
4. When looking for a secure location to store your wealth consider the solvency of the financial institution, do your research.
As you start to accumulate wealth and educate yourself on how your money is flowing, you will want to ask yourself some questions, and understand who is really in control of your account.
5 questions to ask yourself when choosing a place to deposit YOUR HARD EARNED MONEY:
1. Is my principle guaranteed?
2. Are my funds liquid?
3. Are my funds creditor protected?
4. Are there any tax benefits?
5. Will I earn a competitive return?
Your time is now. If you find yourself in uncertain financial times or with growing concerns over where our country is headed, take control. Use this as an opportunity to explore your passion. Leverage your time and your relationships to pursue your dreams. Protect your liberty and cherish your freedom.
Until next time,
Barry Page
Barry Page is a licensed insurance agent and financial consultant located in Ocean Springs, MS. He can be reached via the web at www.legacyinsuranceagency.com
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