Weekly Market Review
Michael Acho
Guardian of the Wealth of the Most Productive People on Earth | Creating, Protecting and Distributing Wealth for Clients
?Good afternoon,
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Are you familiar with “money dysmorphia?”
Neither was I until recently. https://cnb.cx/4a9qK8S
Essentially it means measuring yourself against others from a money perspective. Do I have as much as that person? Am I doing as well? My generation calls it “keeping up with the Joneses.” Younger generations are even more prone to it because of social media. We are constantly bombarded with images and posts of how great and successful everyone else seems to be. Try not to get caught up in that game. You don’t know anyone else’s circumstances just as they don’t know yours. What is right for you may not be for them so be content to walk your own path. Call me and let’s figure out if that path will lead to a successful retirement.
“Comparison is the thief of joy.” – Seneca.
?It’s a big club and we ain’t in it.
?Another week and another $95 billion in aid for countries not named the United States.
Maybe it’s just me, but I find it insulting that our lawmakers do this to us and think we won’t notice. And, in truth, most of us don’t.
While simultaneously demanding our income tax returns.
Us – How much do we owe?
IRS – Figure it out
Us – What if we get it wrong?
IRS – We know exactly how much you owe and if you get it wrong, jail.
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Am I starting to sound like these guys from the balcony of the Muppet Show? Sorry about that, but somebody’s gotta say it.
?Speaking of government oversight, I had a client call last week who had just sold a high end vehicle. The buyer wanted to pay in cash. A rather substantial amount of cash, low 6 figures beginning with a 2.
“Should I accept it? What can I do with cash?”
I can’t say whether you should accept it, but here are some options if you do.
You can keep the cash in a safe somewhere and spend it on other goods and services, but that could be dangerous and might take a while.
You cannot deposit cash in your account here. We can’t accept it. Nor can any other investment firms that I’m aware of.
You could take the cash to your bank and deposit it. If you do so, the bank will file a CTR (currency transaction report) with the Department of Treasury. They are required to do that for any cash/coin transaction in excess of $10,000. The bank will need your info, which presumably they already have if you’re a customer, your SS number, name, etc. They will ask you where the money came from, you’ll tell them, and that should be the end of that. You now have access to the money just like any other bank account.
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I added that I might hold on to the title for a few days until the money is deposited. Because you wouldn’t want to let the car go and then find out that the money was counterfeit. Then again, it is intentionally very difficult to manufacture U.S. currency. Unless you’re the treasury department. “If printing money was good for the economy, then counterfeiting would be legal.” – Brian Wesbury, First Trust Portfolios.
?Did you know that the original objective of the United States Secret Service was to combat counterfeiting? Established in 1865, they didn’t begin protecting the President until 1901. Now you know.
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Due to all that money printing, inflation shows little signs of slowing down. In fact, it most recently affected bananas at Trader Joe’s.
Trader Joe’s has been selling individual bananas for 19 cents each for two decades. Not any more, now they’re 23 cents each. That’s a 21% increase, ouch.
?The NFL draft is taking place later this week here in Detroit. And draft fever has arrived. Ok, maybe not draft fever, but certainly draft enthusiasm. Streets are closed, stages are set up and restaurants are booked all over town. Much like my feelings a few weeks ago about the solar eclipse, I just don’t understand why the big deal about the draft. Estimates are that it will bring 300,000-400,000 people to town and millions of dollars to the economy. Cool. I’m in favor of anything that boosts Detroit’s image and finances, I just don’t get why. One of the WMR favorite comedians, Bill Burr, has a funny bit about the draft. He likens it to attending a graduation ceremony where you don’t know any of the graduates. Why would you do that? And the next morning they’ll publish the list. But hey, if draft watching is your thing, good for you. To paraphrase one of my favorite lines from The Godfather, “in so much as your interests don’t conflict with mine, best of luck to you.”
领英推荐
???????Not the actual WMR offsprings
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Here is your WMR offspring update.
Son, 2 years into his consulting gig in NYC which is going well. He has his own apartment there and is loving it. Was sent back to Ann Arbor by his company for a couple of days to recruit at his alma mater, which was good. Working a lot of hours, but also taking advantage of things to do in the city, sporting events, shows, restaurants, etc.
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Oldest daughter, finishing up her 4 month Italian adventure. She certainly made the most of it. Traveling most weekends to other spots throughout Italy and much of Europe. Madrid, Malta, Milan, Amalfi, Lake Como, Sweden, Paris, Switzerland, Cannes, Monaco, Portugal and probably a few others that I missed. She called me on her walk home after dinner the other day and told me all about it. I’m happy I was on the short list of people to call. She’s not at all interested in coming back to the U.S. and going back to regular college next year. Can’t say I blame her.
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Youngest daughter, doing well as she wraps up her freshman year at Indiana. Taking classes, joined a sorority, participating in some extracurricular clubs and so forth. The big extracurricular towards the end of the semester is the Little 500 bike race, which is a big deal in Bloomington. There are numerous activities around the event during the week and she’s having fun with that. Has what should be a cool internship lined up for the summer. All good stuff.
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“Home is not where you were born. Home is where all your attempts to escape cease.” – Naguib Mahfouz.
?This week’s comedian special review is Bill Engvall’s latest on Amazon prime “Here’s Your Sign, It’s Finally Time, My Last Show.” So his latest show is also his last. At age 65 and after 42 years doing standup, Bill is wrapping it up. You may also remember him as part of the Blue Collar Comedy Tour along with Jeff Foxworthy, Ron White and Larry the Cable Guy. This special was just ok. Not great, but not terrible. Some bits worthy of a moderate chuckle, but that’s about it. He's clean and muses on being older, texting his kids, listening to, or not, his wife and other things. Nothing particularly dislikeable about the show, but I’d rate it about average. Not a waste of time, but there are other comedians whom I’d rewatch, this special isn’t one.
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And finally, here is your friendly reminder that my half hour virtual office hour is back this Friday. Hop on at noon and ask me anything.
Michael Acho is inviting you to a scheduled Zoom meeting.
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Join Zoom Meeting
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This week’s chuckle is 1 ? minutes of Jeff Foxworthy and a mother in law joke, https://youtu.be/OBWyO4BB7f4?si=Q6TzCxSlqhdU6fwD
Safe for work.
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LF30 – “Be yourself, everyone else is already taken.” – Oscar Wilde.
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Have a great week and stay healthy.
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This material is for informational and educational purposes only. Opinions and forward-looking statements expressed are subject to change without notice.? Links to external content are provided for your convenience and for informational purposes only. They do not constitute an endorsement or approval by Lincoln Financial Advisors (LFA), nor does the firm receive compensation or remuneration for your access to such content. LFA bears no responsibility for the accuracy, legality, or substance of the external content or for that of any links within such content. The opinions expressed are those of Michael Acho and not necessarily those of Lincoln Financial Advisors Corp. CRN-6576000-042424
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Michael J. Acho, MBA, CFP? Private Wealth Advisor --------------------------------------------------- Lincoln Financial Advisors/Sagemark Consulting 20505 West 12 Mile Road Southfield, MI? 48076 248-948-5100 direct 248-948-5101 fax 248-933-4339 cell
947-258-0289 texts [email protected]
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Applied physics.(JOIN ME) the work presented here is entirely new
7 个月Yes!! & where is our humanity, when reporting all things economic? That we would turn blinds eye to participation rates in America, now and only ever experiencing something akin to fifty percent of our population employed. That we would develop, carefully, metrics to measure inflation utilizing three industries subsidized by our own government, in agriculture, transportation, energy; almost deceptive, and yet we report stable numbers year after year, all the while our plant, equipment, land, homes, cars, experience ten percent annual rates of inflation, that means that prices double every seven or so years,... and we feel it; we feel it. And it becomes increasingly difficult to sustain, except for our so very clever private banking industry, who control our federal money supply and interest rates, (why? who's idea was that?) were thoughtful enough to lower interest rates towards the end of an era of increasing prices,... squeezing all but the very big players out of any market,... allowing for only multinational companies, who provide but for the top fifteen percent of any market as the low interest rates kept monthly debt obligations to a minimum And now we raise interest rates and watch everyone fail. MARK applied physics