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Old 07-12-2008, 04:29 PM   #21
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He screwed up again!
Stay on that guy Ziggy, even if it takes another 3 months!!!
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Old 07-12-2008, 05:28 PM   #22
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Sometimes when driving home at night, I scan random AM talk radio stations. What a frustrating (bad information) and scary (whackos on both sides of the mic) thing! If you want to loose faith in people, tune to AM.
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Taking Control of Your Money
Old 07-12-2008, 06:44 PM   #23
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Taking Control of Your Money

This is one of those situations where the First Amendment can get in the way of providing sound financial advice. By the time the audience figures out this guy doesn't know his stuff, too many people will have gotten burned.

But the other side of the First Amendment coin is that "good speech" will drive out "bad speech" when left alone to do its magic. I happen to agree with Suze Orman on her point about taking control of your money, for example, and more of her kind of speech needs to happen:

MSNBC - Video Front Page
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Old 07-12-2008, 07:50 PM   #24
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Ziggy, change the channel you're already beyond this joker.
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Old 07-13-2008, 06:47 AM   #25
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He used an example of a $100K conversion with $25K tax due. He made it sound as if it should be okay to pay the tax just by keeping $25K out. Never did he mention anything that this, uh, *might* subject you to a penalty on the $25K you didn't convert...
You sure dug this out of the crypt.

If you had your Roth open for 5 years or longer, you can take withdrawls of your contributions. There isn't a time limit on how long a specific amount had to have been in the Roth. That would let you pay the taxes out of your Roth but you'd have to increase your transfer enough to cover the taxes. Of course, you'd also have to pay taxes on the money used for taxes.

I don't see the dems changing this. The whole point of the transfer holiday was to go after a one time cash infusion to the treasury. Just imagine them lusting after 25% of the money in everyone's IRA accounts. Sure they won't get another dime in income taxes from the Roths but they aren't worried about that now. Later Congresses can always find a way to tax the "lucky" people that have "immoral" amounts in their Roth.
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Old 07-13-2008, 06:50 AM   #26
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Well, I have been an FA for 11 years, and have never seen that in a VA. In a VUL or EIA product, DEFINITELY........I get those stupid cards and letters from Joe Smith Western Reserve Life promising 9-10% commissions...............the stuff is pure crap but someone is getting suckered to buy it somewhere in America everyday..........
This is probably why I thought you were a financial adviser. It looks like you said you've been one for 11 years.
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Old 07-13-2008, 09:02 AM   #27
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I was at my mom's this past week. She listens to call-in shows on the radio as well. Her favorites are the financial shows and the gardening shows.

If you think the financial shows are porn, then you should listen to the gardening shows. A listener asked how to get rid of moles in his yard. He gets a 15 minute treatise on the difference between moles and voles. I'm thinking, "Small rodents, digging through your yard. The same methods probably get rid of them." Anyways, the final answer was: "You have voles. Since your question was about getting rid of moles and you don't have them, it's time for a commercial break."

And don't forget that many folks decide who to vote for based on talk radio. Enjoy your weekend!
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Old 01-09-2010, 04:53 PM   #28
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Post-script to an old thread. He's actually been pretty good lately but this one floored me a bit:

Today I was outside in the garage listening, and a woman called in who was talking about her allocation to the TSP.

Among other things, she mentioned being in the G fund and the L fund.

First of all, he talked about the G fund being in government securities and that they have lost money this year. (The obvious implication is that the G fund, which I believe can't lose money, can lose money.) Hell, I wish I had access to the G fund for my safe stuff.

Next, he had no clue what the L fund was. Hello?!?! Yes, the L funds are fairly new, but I know what they are and I'm neither a federal employee nor a professional financial advisor. I had to call in to tell him (and the audience) what the L fund was.

Good grief.
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Old 01-10-2010, 01:08 PM   #29
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Today I was outside in the garage listening
You need to stay out of the garage Zig.
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Old 01-10-2010, 01:16 PM   #30
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First of all, he talked about the G fund being in government securities and that they have lost money this year. (The obvious implication is that the G fund, which I believe can't lose money, can lose money.) Hell, I wish I had access to the G fund for my safe stuff.
The share price of the G Fund is guaranteed to never decline. (Any dividends are incorporated into, and reflected by, the share price.) http://www.tsp.gov/rates/fundsheet-gfund.pdf

The G Fund is not guaranteed to keep up with inflation although it did from inception up until recently.

I think that access to the G Fund is a great part of our benefits package. It really helped me to keep it together (well, somewhat? I was terrorized) during the 2008-2009 debacle.
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Old 01-10-2010, 04:52 PM   #31
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I think most of those radio shows start or end with a disclaimer that advice isn't binding or they can't be held legally to the advice they provide.

Re: G fund. A few weeks ago I converted my entire TSP account from I, C, and S funds to G in anticipating a ROTH conversion. I wanted to take advantage of the up market in the conversion. Little did I anticipate that the market would CONTINUE to go up.

Boy am I kicking myself over that move.

BTW, few weeks ago visited Ameriprise (formerly HR Block?) - and the advisor didn't have a clue what TSP was nor did he know what beta and alpha met when talking about funds. He has been an advisor for years.

I took off running the other way once I picked up on his cluelessness.
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Old 01-11-2010, 05:18 PM   #32
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(snip)

BTW, few weeks ago visited Ameriprise (formerly HR Block?) - and the advisor didn't have a clue what TSP was nor did he know what beta and alpha met when talking about funds. He has been an advisor for years.

I took off running the other way once I picked up on his cluelessness.
IIRC, Ameriprise used to be American Express, not HR Block. But I think running away was a smart thing to do. I didn't know any better when I got in contact with them and now I'm stuck with a VA inside my Roth account. I think I bought it five years ago and the surrender charge is still above 6%.
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