Last week we examined the types of FDIC insurance coverage available for individuals , married couples and pension plans. This week we’ll look at the coverage available for trust accounts and corporations.

 

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When you done what I’ve done for as long as I have done it; you think you’ve seen everything the financial markets have to offer. But the current and unprecedented credit crisis and the impact it’s having on folks confidence in the banking systems is something even us grizzled vets haven’t dealt with before.

 

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No one said investing was easy. Or for the weak of heart. The dreaded bear is at the door and nothing seems capable of keeping him at bay. Eight months after they peaked, stocks have dropped to the threshold of a bear market, another signal of the mounting challenges that lie ahead for investors.

 

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Yeah, I know. The housing market is in shambles, unemployment is on the rise, the Democrats are poised to take over the White House and some analysts think gasoline may cost $5 a gallon by the end of the year. So what's not to like about the U.S. economy and equity markets?

 

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In a perfect world, there would be no divorce, no one would live together without the benefit of wedlock, and assets would be distributed amicably and fairly when two people split. But that’s not the world we live in.

 

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Flip through a magazine, scan a newspaper, or channel surf and you see them everywhere: Ads that promise quick and easy weight loss without diet or exercise. Wouldn’t it be nice if — as the ads claim — you could lose weight simply by taking a pill, wearing a patch, or rubbing in a cream? Too bad claims like that are almost always false.

 

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With the S&P 500 down 10% on the year and the real estate market in an even more precipitous downfall investors are looking at another way to make profits: collectibles.

 

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There’s an old joke which says the stock market has predicted nine of the last five recessions. But whether we are technically in a recession or not it sure feels like one. We seem to have the perfect storm of economic negativity—rising unemployment, a credit crisis, a catastrophe in the housing sector and waning consumer confidence

 

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A 401(k) plan is a company-sponsored qualified retirement plan for employees. Contributions and earnings in a 401(k) plan are not subject to federal and state income taxes until the funds are withdrawn. A 401(k) plan allows you to save money on a pretax basis, and most employers will contribute matching funds to make the 401(k) plan even more lucrative. The problem is folks often mismanage their plans. Here’s some of the common mistakes people make when it comes to their 401(k).

 

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Experts say less than 10% of people who make New Years’ resolutions actually keep them. My mother used to say that “the road to hell was paved with good intentions”—no doubt all those unfulfilled resolutions.

 

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Parents tell children to eat their vegetables. So the children try. Investment Advisors tell adults to be long-term investors—to “buy and hold” stocks and mutual funds for the long term. So investors try. But “long term” doesn’t mean forever and that’s where the strategy often goes sour.

 

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Seems like everyone is “going green” these days. And why not? If we don’t start getting serious about conserving energy and protecting the environment; there isn’t going to much of a planet left for future generations to worry about.

 

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In America when something goes wrong, folks just don’t accept it—they file a lawsuit. The subprime mortgage mess is no exception. Those caught in the subprime whirlpool, home buyers, shareholders and investment banks are reacting with a vengeance against those they feel are to blame.

 

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Ever want to attend an invitation only Oscar party, drive a formula one race car, be a fighter pilot for a day or go on the field during the half time entertainment show at the Super bowl? Now, thanks to a new breed of “luxury vacation brokers” if you can imagine it they can arrange it—provided you’re willing to pay the price

 

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In our last issue we examined two forms of business ownership; the S-Corporation and the C-Corporation. This week we’ll scrutinize a form of ownership which many advisors feel combines the best features of both a corporation and a partnership—The Limited Liability Company or LLC

 

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If you’re been considering incorporating your business it’s just not be as simple as deciding whether to be a “S”-Corp or a “C”-Corp. There are other matters to contemplate, such as what services your company performs and how many owners are involved in the business.

 

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With ever-more sophisticated computers, scanners and color copiers the Treasury Department definitely has its hands full trying to prevent counterfeiting. With the upcoming planned changes to Ben Franklin and the $100 bill it is obvious that the previous changes to U.S. Currency--begun in the 1990's--were only just the start.

 

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When buying a new home, or shopping for a vacation or car people don’t hesitate to negotiate. Why is it they don’t do the same when it comes to medical services? Perhaps because up until now they didn’t realize they could.

 

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Let’s face it (you’ll get the pun in a moment)—plastic surgery is no longer something only for the Hollywood elite. More and more “ordinary folks”—both male and female—are going under the knife to improve their looks.

 

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Most people assume you have to wait until age 59 1/2 in order to access your IRA account without penalty. While that is generally true there are ways to tap your account without giving the IRA an extra 10 percent.

 

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There's an old expression that a lie travels halfway round the world before the truth can make it out of the driveway. These days, thanks to email and the Internet the truth can't even make it that far.

 

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The National Highway Traffic Safety Administration estimates that alcohol plays a role in 40% of all traffic fatalities. If that's not enough to keep you from drinking and driving consider this: Even a simple DUI not involving an accident can cost you upwards of $10,000.

 

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An estate planning question I often get from clients is "How can I provide for a disabled child or parent without disqualifying them from Medicaid?" The answer is a "Special Needs Trust."

 

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Republicans and democrats rarely agree on much theses days, but one issue that both sides of the aisle seems to be coming together on — our national health care system is broken and in need of wide scale reform. The debate will center around how to fix the problem not if there is a problem.

 

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I’m often asked if there are any traits or habits which my affluent clients share. And while I’m often tempted to answer “Having the good sense to choose me as their investment advisor” the truth is they do reveal a common character trait—they tend to be thrifty.

 

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That deafening wailing you heard last week was the sound of millions of Blackberry subscribers who suddenly found themselves without service. There’s a reason the owners of these small handheld communication devices affectionately refer to them as “crackberrys”—the darn things are addictive.

 

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The headlines keep screaming about how millions of Americans are going to lose their homes thanks primarily to the “predatory” practices of so called sub-prime lenders. But why all the shock and indignation that the sub-prime market is a mess? You didn’t have to be a rocket scientist to figure out that if you loan money to people who aren’t credit worthy in the first place, and then raise their interest rates, you’re going to end up with a bunch of problem loans on your hands. The banks are blaming the borrowers but that’s like selling a person a car with faulty brakes and then insisting they must be a bad driver when they get into an accident. The sub-prime lenders have mostly themselves to blame.

 

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If you’re a high net worth individual whose tired of paying income taxes it may be time to take a look at the best secret in the investment universe—municipal bonds.

 

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If you own your own home then you are most likely aware of the generous tax break available when you sell it. Qualify and you can lock in a tax free profit of up to $250,000 if you’re single or $500,000 if you file a joint return. You won’t owe Uncle Sam a dime.

 

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The media reaction to last week’s stock market decline was all too predictable: “The End is Near”, “Get Out of the Market Now”, “We’re Headed for a Recession” and on and on. Problem is, as the old joke goes, the media has predicted 30 of the last five recessions.

 

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When someone refers to the “stock market” what does that mean to you? Are they talking about the stocks that trade on one of the major exchanges, all the stocks in the United States, or all the stocks in the world?

 

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When someone refers to the “stock market” what does that mean to you? Are they talking about the stocks that trade on one of the major exchanges, all the stocks in the United States, or all the stocks in the world?

 

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If you are like many investors, you probably have far too little of your portfolio invested in international stocks. This is true even though investors have learned how important it is to diversify across investment styles, sectors and market capitalization.

 

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Most analysts think 2007 will be another good year for stocks, but perhaps not as strong as last year. A 10% gain in the S&P 500 index, compared with 14% in 2006 would take the index above its record high of 1527 set in March 2000 and would probably be enough to please most investors. But before you focus on gain you have to look at investment objectives.

 

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Were the Christmas’ of my youth really so much more special, or is it just that nostalgia can be such a seductive liar? After all, the past always seems like such a work of art; free of irrelevancies and loose ends.

 

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Many stock investors just assume that when they wish to make a trade they have to call their broker or enter the order on line and then wait to see what price they paid. But there are ways to manage the process automatically which can help you to maximize profits or minimize losses.

 

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This is the time of year that tends to put people in a giving mood. But if you’re like most of us, you’d prefer to confine that generosity to friends, family and good causes—not the federal government. That’s why it is important to put in place now strategies that will help reduce your 2006 income tax bill.

 

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Sometimes I can’t help but wonder if major corporations introduce ‘dead on arrival’ product ideas just to see how gullible the buying public might be. The latest ridiculous idea to hit the shelves: the Phillips Ambilight television...

 

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One of the most serious and long-lasting effects of the collapse of last decade's bull market is also one of the least talked about—many investors forgot the importance of goal setting, patience and discipline.

 

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There is an old expression which states “there are no good or bad assets, only cheap or expensive ones.” This week we’ll take a closer look at so called “value investing” an investment style which favors good stocks at great prices over great stocks at good prices. Of course, it’s not quite as simple as it sounds.

 

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A few weeks back in an article entitled “Trusts With a Twist” we examined some of the more unusual types of trusts used for specialized situations. This week we take a closer look at the more traditional type of trust instruments.

 

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The Pension Protection Act of 2006 makes permanent a number of tax rules passed in 2001, but were set to expire in 2010. It also includes changes for IRAs, 401(k)s, 403(b)s, and pension plans that will make it easier for you to save for retirement and college.

 

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If the cliché “it is always darkest before the dawn” has any truth to it, then those of you who know me personally would probably agree that I’ve been forced to wander around in pitch blackness for about three years now. In fact, as each day goes by I find myself identifying more and more with Howard Beal, the eccentric newscaster from the movie “Network” who urged his viewers to get up and declare “I’m mad as hell and I’m not going to take this anymore!”

 

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Most of the time when doing estate planning for my clients, the type of trust I frequently end up recommending is a Living Trust with special marital provisions to minimize estate taxes and protect the distribution of assets to the heirs. But there are also several specialized trusts available which can used to solve unique estate planning needs.

 

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Dangle a 401(k) plan or similar tax deferred retirement plan in front of most Americans, and they'll jump right in. People know they need to save and invest for the future. But there is one troubling problem. Once participants set their plan up, they rarely make any changes in their investment strategy.

 

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What has 420,000 plans, 44 million participants and $2 trillion in assets? 401(k) retirement plans, the most popular form of pension program presently offered by almost half of all American companies.

 

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If you are like 99.99% of all mutual fund investors you have never bothered to read a fund prospectus. That’s not surprising, since I doubt most investment advisors have ever bothered to read one either—at least not cover to cover. So how can you be an informed investor without suffering through a document more painful to endure than your average root canal? Mutual Fund fact sheets.

 

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This has nothing to do with whether you’re a Republican, a Democrat or a disciple of the Rev. Sun Myung Moon. It has do with the incredibly dumb things the party in control of Congress (currently the GOP) tries to get away with when they think no one is watching.

 

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One of my favorite cartoons growing up was Yogi Bear. I used to love the way Yogi and his sidekick Boo-Boo were always getting the best of Ranger Smith and would proudly announce, “I’m smarter than the av-er-age bear!”  (Okay, I admit I occasionally still watch reruns of the show on the Cartoon Network, but that’s besides the point). The real issue is whether Yogi and his fellow bears are smarter then the av-er-age bulls when it comes to the recent retreat in the stock market.

 

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Is it okay for the government to spy on us to “protect” us from terrorism? The New York Times revealed last week that the National Security Administration was mining through the telephone and Internet communications of thousands of Americans without first seeking a warrant from Foreign Intelligence Surveillance Court (FISC) as required by the U.S. Patriot Act—even though the granting of such warrants is almost never denied. As expected, the Administration defended its illegal behavior by claiming it was necessary to protect the country from another 9-11 style attack.

 

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Hardly a day goes by that a client doesn’t ask, “How’s the market doing?” My typical response is “About the same”. That answer isn’t nearly as flippant as it sounds because the truth is over the long haul the movement of the market is fairly predictable. Notice I said “the movement of the market” is predictable not the movement of individual stocks or mutual funds.

 

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Competing in an ever-changing economy requires companies to establish a flexible workforce structure that allows for rapid adjustments without the negative effects associated with downsizing, upsizing and other workforce shifts. To accomplish this many companies are turning to independent contractors.

 

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What looks like a mutual fund, acts like a mutual fund, but trades like a stock? Exchange Traded Funds or ETFs as they are more commonly known—a basket of securities designed to replicate the performance of a stock or bond index such as the S&P 500, Dow Jones Industrial Average—which are listed on an exchange and can be traded intra-day just like a stock.

 

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In less than a month our least favorite Uncle—Uncle Sam—will come knocking on our doors with his hand out. And that means the schemers and scam artists who would lead you to believe that all of your taxes can be legally avoided will be out in full force.

 

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The wealth of US families barely grew from 2001 to 2004 as the economy emerged from the first recession in a decade and consumers took on more debt according to a Federal Reserve report released last week.

 

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There is an old joke that says “if you sit down at a poker table and can't spot the sucker who will be taken that night, get up - it's you”. Ironically, the same can be said for the investment decisions you make. If you don’t know why you’re investing in the things you are investing in it’s time to get out of the game.

 

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When we first wrote about the new Medicare Prescription Drug program last October (long before the national media paid it any notice) we thought there might be some glitches when the program was rolled out in January. We’re just surprised that the problems have been so extensive.

 

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We’ve polished our crystal ball in the hopes of finding this year’s “stock picks to click”, aka Athena’s Annual Sweet 15. It is going to be tough to beat last year’s 10.1% average annual gain but we think we’re up to the challenge.

 

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A belated Happy New Year to everyone. I apologize for being a bit tardy getting out the first edition MoneyWatch for 2K-6 but with the holidays and the moving of our corporate offices this is the first chance I’ve gotten to catch my breath.

 

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When someone mentions being visited by a older gentlemen with white hair and a beard, most of us think of St. Nick. But in just a little over four months another white bearded fella will come calling—Uncle Sam. Unfortunately unlike St. Nicholas, Uncle Sam comes to take, not to give. But by doing some planning now you can make next April's visit less painful.

 

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Like nearly everyone else in America I have succumbed to the idea that the Christmas season now starts around mid-August and lasts until the end of January. And despite my decision to “go along to get along” I somehow seem to have successfully resisted the urge to put up my Christmas decorations prior to Halloween— but just barely.

 

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If we’re being truthful, me and just about every other investment advisor in the business five years ago missed predicting an end to the stock market bubble of the late 90’s. The signs were there, the ratio of stock prices to corporate earnings eventually reached more than twice its historic level by 2000, but we chose to dismiss that and other signals. That’s why when you examine what has been going on with housing market over the last several years I can’t help but wonder if we are on the verge of another bubble burst.

 

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Being chairman of America’s central bank is no easy task, as new Federal Reserve Chairman Ben Bernanke is soon to find out. After all, under outgoing chief Alan Greenspan the Fed proved it is possible to limit unemployment, regulate economic growth and control inflation—-all at the same time. That’s a tough act to follow.

 

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Will Rogers once said “The difference between death and taxes is death doesn’t get any worse each time Congress meets.” Unfortunately for us, and our wallets, tax reform seems to be the hot topic in Washington again these days.

 

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When a disaster strikes, taxes are probably not the first thing that comes to the minds of the survivors. However, knowing the tax implications of disasters and applicable rules can help to ease the pain and hardship of the financial loss.

 

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If you are eligible for Medicare, or soon will be, there are some important changes to the program which will go into effect next year that you should familiarize yourself with now. The most important of these changes is something called “The Medicare Advantage”.

 

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Nothing seems to encourage people to open up their hearts and their pocketbooks more than watching fellow human beings suffer, and the response to Hurricane Katrina has been no different. To date Americans have contributed at least $670-million to help the victims of the disaster, dwarfing the $239-million that had been donated by the American public to charitable causes ten days after the 2001 terrorist attacks. Unfortunately, such kindness also brings out a certain element of scam artists who would attempt to capitalize upon this generosity for their own gain.

 

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The next time someone mentions DIAMONDS, VIPERS or SPIDERS to you there’s a good chance they won’t be talking about an article they just read in National Geographic but rather a unique financial instrument that has caught the eye of many investors—Exchange Traded Funds or ETFs.

 

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I don’t usually use my newsletter as a place to blog, but it is the middle of the long hot summer, many of my clients are on vacation and there are just so many columns you can write about Roth IRA’s. So what the hell—I am going to use this week’s edition as an opportunity to vent about something that has really annoyed me; the cable news media’s relentless obsession with the disappearance of Natalee Holloway.

 

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When it comes to naming the best places in America to live, I suspect most folks might be tempted to name the city where they reside—otherwise, why bother to live there? Money Magazine takes a somewhat more unbiased approach when coming up with their annual “100 Best Places to Live in America” list. Some of the towns that made the cut may surprise you.

 

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If you were Bill Gates and you had the all the money to spend on whatever you wanted whenever you wanted it, what would it be? The typical response might be to buy a 50 acre estate in Napa or a 100 foot yacht to sail the ocean, but here are some unusually fun luxury items that might also tickle your fancy—for that day you finally win the Mega-Millions lottery.

 

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What would you do with an extra $250,000? Would you use it to bid on having lunch with financier Warren Buffet? For the third year in a row it looks as though someone will; as of Friday afternoon the high bid on Ebay for lunch with Warren was $250,100 submitted by a California money manager.

 

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Last week, an “unauthorized individual” infiltrated the computer network of a third-party payment processor and may have stolen up to 40 million credit card numbers. About 13.9 million of those 40 million cards were MasterCard accounts, and a MasterCard spokesman said (presumably with a straight face) that only about 68,000 of its card holders are at “higher levels of risk” for identity theft.

 

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With the parents of millions of baby boomers now well into their 70’s and 80’s, many of their children face a perplexing issue: what to do with mom and dad when they are no longer able to care for themselves?

 

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Hedge funds are a kind of mutual fund that requires a large initial investment, sometimes as much as $1 million. They don't invest in stocks or bonds and hold them the way traditional funds do—instead they buy and sell quickly, and can make money by betting that a given stock will go down as often as they bet it will rise. The rapid trading they engage in, which can be triggered by the slightest movement in a stock, is reminiscent of day traders of the 1990s, but with hundreds of millions of dollars at a time.

 

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According to the Federal Reserve's latest survey of household finances, the net worth of American families rebounded by 19% over the last two years to $46.6 trillion, eclipsing the previous high of $41.7 trillion at the pinnacle of the New Economy frenzy in early 2000. Now it’s looking more like you’ll have an opportunity to keep that wealth when you die.

 

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Individual consumers aren't the only victims of fraud. Businesses, from large corporations to small “Mom and Pop” stores, are targets for a variety of illegal schemes. These cons range from simple to sophisticated with the perpetrators relying upon the mail, the telephone and the Internet to deliver a variety of phony pitches. Here’s some of the more common ones:

 

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Buying a new car used to be about as much fun as having a root canal. Unless you were willing to traipse from dealership to dealership it was impossible to know if you were getting a good deal and even then it was hard to be certain. Thanks to the Internet all of that has changed. Now you can comparison shop from the privacy of your home and get several price quotes before ever leaving your computer screen.

 

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If you’re like the majority of Americans you hope to die at home, without pain, surrounded by family and friends. Yet three out of four people die in a hospital or a nursing home; 28 percent of seniors spend time in intensive-care units before they die; and one-third of people of all ages die suddenly without warning.

 

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One of the most often overlooked portfolio alternatives is something called a REIT (pronounced “reet”) which is short for Real Estate Investment Trust. REITs are securities that sell like stocks on the major exchanges, or as shares in a mutual fund, and invest directly in real estate, either through the purchase of property or by investing in mortgages. 

 

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We’re all human, even though my wife says she has her doubts about me at times. That’s why it is so easy for us to fall prey to one of the very basic primal emotions—greed. Even when we know better, sometimes it is so hard to “just say no” when someone offers to let us in on the ground floor of that “wonderful new opportunity” that is going to make everyone richer than Bill Gates.

 

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I’ve been getting a lot of questions from clients lately about Health Savings Accounts or HSAs. A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

 

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Our president says the social security program is “on the road to bankruptcy”. According to experts, by the year 2018 Social Security will start paying out more in benefits than it collects in payroll taxes. In 2042, it will be able to cover only about 73 percent of benefits owed, unless changes are made. The question is: “How do we fix it?”

 

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Finding stocks that will outperform the market can often be like that old joke about looking for the proverbial prince—sometimes you have to kiss a lot frogs before you find one.

 

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Happy 2005 everyone! This is our first issue of the new year and that means it’s time to drag out the old scorecard and see how well we did with our 2004 stock picks.

 

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They say that charity can be good for the soul. Done properly it can also be good for your tax bill. Here’s some things to keep in mind to maximize the value of those contributions come April 15h.

 

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Let’s be honest, some folks on our holiday lists are awfully difficult to buy for—either because they have everything or because they’re just impossible to please. With that in mind here are some inexpensive cool and unusual gifts guaranteed to be appreciated by even the “Grinchiest” of friends and family members.

 

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Budget deficits are like that old joke about the weather—everybody talks about it but nobody does anything to change it. That’s why we are hopeful that President Bush will use his re-election mandate as an opportunity to put in place programs that will fix the deficit on a permanent basis as opposed to the band-aid approach too many past administrations have preferred.

 

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California is one of several states where if you don’t like the laws your legislature and governor have (or haven’t) enacted, you can have an initiative placed on the general ballot. All you need is an idea and the signature of 375,000 of your friends and you’re on your way.

 

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Occasionally a piece of legislation comes along that is so onerous and so expensive one wonders how rational representatives could have passed it in the first place. Such is the case with California SB 2, also known as the Health Insurance Act of 2003 which requires all employers in California with more than 20 employees to provide full medical insurance for their employees. Fortunately Californians will have a chance to block this nonsense by voting “no” on Proposition 72; the bad news is current polls show supporters of the law are currently leading 45% to 29% with 26% of the voters undecided.

 

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If U.S. Treasury bills, notes, and bonds are considered the world's safest investments—and everyone agrees that they are—then it might be fair to say Treasury Inflation-Protected Securities, also known as TIPS, are the safest of the safest. Why? Because their ultimate value cannot be diminished by inflation, the Achilles heal of most debt instruments.

 

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Because inflation is has been relatively benign the last several years most folks think they needn’t concern themselves with it. After all, the nation’s consumer price index—the most commonly used index to track inflation—has hovered around 2.5 percent for the past five years, so how harmful could it be? But ignoring inflation when planning for your future can be hazardous to your financial health.

 

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Juggling multiple financial goals such as saving for a new home or sending the children to college while also planning for retirement can often seem overwhelming. And one goal that folks often find very elusive is determining how much money they’ll need to retire with. Of course that’s what financial planning is all about; developing a plan for each goal, which include how much and how often to save and what investment instruments to utilize.

 

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Last week we discussed equity-index annuities, special insurance contracts that allow you to enjoy some of the upside of the stock market with none of the downside risks. This week we’re going to take a look at their popular cousin—the variable annuity or “VA”.

 

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Investing in the stock market means taking risk. We all know there is no such thing as having your cake and eating it too, which of course begs the question, why would someone want a cake if they couldn’t eat it?  The curious nature of that cliché not withstanding; when it comes to market investing it may be possible to actually have both without the indigestion that comes with the inevitable market declines through a vehicle called equity-index annuities.

 

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If you can prove financial solvency and answer several questions as simple as “Where would the drain and sewer for a residential building be located?” you can become a general contractor in California. Ironically, California is considered to be one of the stricter states when it comes to certifying contractors—twenty three states have no licensing requirements at all—meaning any “madman with a toolbox” can anoint himself a master builder. It’s no wonder that complaints about home improvement services ranks first on the list of consumer complaints issued by the National Association of Consumer Agency Administrators.

 

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The email from AOL looks official and starts innocently enough: “You received this email because your credit card failed to be properly authorized, it has expired, or has been found to be on record with America OnLine under a different account.” The user is then requested to verify their identity by clicking on a link within the email. This link opens to what appears to be an AOL page which contains a form for the user to enter their personal information as well as full credit card details. The problem is there is nothing legitimate about the email or the website; it’s just the latest and most troubling consumer scam raging across the Internet.

 

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Next Sunday is Father’s Day. The first Father's Day was observed on June 19, 1910 in Spokane, Washington. We’re fairly certain that father’s existed before then; but since collect phone calls did not, the day could not be celebrated. According to AT&T more collect calls are made on Father's Day than any other day of the year. It’s no coincidence that we didn’t get our own day until our kids figured out a way for us to pay for it.

 

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When Marvin Heeymeyer climbed into his custom built armor plated bulldozer on Friday and demolished most of Granby Colorado's downtown area I have a feeling that anyone who has ever had to deal with the bureaucracy of city hall silently cheered. Heeymeyer was apparently angry after losing a zoning dispute with the city over land near his muffler shop.

 

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Buying your dream home? You have my condolences. Forget about the fact that southern California housing costs are among the highest in the country—buying the house is the cheap part; it’s the upgrades that will kill you. And trust me on this, if you see something in a model home that you really like—say for instance, door hinges, they’re almost guaranteed to be an upgrade.

 

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Last year Americans gave over $200 billion to charity. Unfortunately, not all of that money may have ended up where people thought it was headed. Some of it may have been misused or lined the pockets of fraudulent solicitors. With more than 700,000 federally recognized charities asking for your generosity it pays to be cautious when making a donation.

 

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It’s been about a month since I’ve offended anyone with my newsletter so I figure I’m due for another rant. This time my target is the bisexuals, homosexuals, trans-sexuals, metrosexuals, non-sexuals; or blue, green and purple-sexuals who are attempting to deny me my right to be a red blooded Neanderthal male. I allow them to do their thing, why can’t they give me the space to be the rude, crude butt scratching dude I used to be?

 

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On an average, 1 out of every 153 registered motor vehicles is stolen nationwide. The annual cost of vehicle theft to consumers, including insurance premiums, is approximately $7 billion. Auto theft has become such a problem in the U.S. that in the time it takes to read this newsletter (about three minutes—even if you move your lips) six cars will be stolen.

 

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Who’s afraid of the Internal Revenue Service? Well for one, there’s me and then there's just about everyone I know too. It’s not the IRS I’m really afraid of; it’s just the things that they can to do to you that I find troubling. You know, little things like send you away to prison for five years or pull up to your house in the middle of the night and take all your stuff.

 

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It has been estimated that 10,000 U.S. businesses operate their own aircraft and that up to 100,000 could probably benefit from owning their own plane. The major attractiveness to owning a plane is efficiency, privacy, security, comfort and flexibility but the drawback has always been cost and maintenance—until now.

 

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Few issues of MoneyWatch have generated more feedback then my defense of Martha Stewart two weeks ago. Most of you didn’t mind that I was defending Martha; what seemed to annoy everyone was my pointing out that our president may have been guilty of exactly the same type of malfeasance Stewart has been accused of—insider trading—something many readers perceived as “Bush bashing.”

 

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Score one for common sense. A federal judge on Friday tossed out the most serious charge against Martha Stewart, a count alleging she deceived investors in her company when she publicly declared her innocence in the ImClone stock trading scandal. Just as we suggested when we first wrote about Martha’s indictment last June, the judge concluded that no reasonable juror would have been able to find beyond a reasonable doubt that the Stewart lied for the purpose of influencing the market for the securities of her company. Proclaiming your innocence to a criminal charge should not be grounds for an indictment simply because your name happens to be the same as the company you run.

 

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Exchange-Traded Funds or as they are more commonly referred to ETFs, have become extremely popular tools for traders and investors over the past couple of years. These unique financial instruments such as the FINRAaq 100 Trust (symbol QQQ) or the S&P 500 SPDR (symbol SPY) are essentially passive mutual funds, similar to traditional index funds, that allow investors to purchase a basket of securities in a single transaction. Their popularity has increased because they boast many advantages over both mutual funds and common stocks.

 

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Residential real estate, in most parts of the country, has been hotter than a June bug in July. With mortgage rates still near 50-year lows and the median price of U.S. houses up 23% since the beginning of 2000, many are wondering if they should trade up to a larger house or invest in other residential properties. And if yes, how much of your portfolio should be in real estate?

 

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When it comes to portfolio management, most of the articles you’ll read deal with long term investing—portfolios where objectives don’t need to be achieved until 5 or 10 years from now and sometimes even longer. But what about when you have short term goals of 6 months to 3 years? Today we’ll look at some vehicles best suited for that purpose.

 

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As the parents of baby boomers continue to age, sooner or later many of us will be faced with the task and responsibility of finding a facility to care for them. For many, an assisted living arrangement provides a nice alternative to a nursing home. But they are not for everyone—seniors who have become infirm or those who require 24 hour care are not candidates.

 

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There are no secret potions, formulas or magic spells I use to determine which stocks I think will outperform the market when developing my annual “Sweet 15” list. If  only it were that simple; I would sell it for $10,000 an ounce and retire to some beach in Maui.  Instead I rely upon some wisdom my mother used to give me: “Do your homework”. 

 

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They say a rising tide raises all boats. When it comes to the stock market that is generally true, markets only move forward when the majority or stocks are moving in a positive direction. But for an investment advisor just rising with the tide isn’t good enough. For my year to be declared a success my boatful of stocks must float higher than either the Standard and Poor’s 500 or the Dow Jones Industrial Average. For the 5h year in a row that's exactly what we've managed to do.

 

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Thanks to the Medicare reform act passed last summer by Congress a potentially lucrative IRA-like tax advantaged health insurance program becomes available this Thursday for most individuals. They’re called Health Savings Accounts or HSA’s.

 

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There’s an old joke that says you put locks on your doors to keep the honest people out. The inference being that determined criminals are going to find a way in if they really set their mind to it. While this may be true, insurance company studies show that less than  twenty five per cent of all home burglaries are the results of a forced entry—meaning that most of the time the crook simply walks right in through an open door or window.

 

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Federal regulators proposed new rules last week that would require the trading window at mutual fund companies to slam firmly shut at 1 p.m. Pacific time—ending a market practice widely abused to sneak through after-hours orders.

 

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We can’t believe it either; year end is less than seven weeks away. That means it’s time to dig out that shoebox full of receipts and determine how to further maximize your tax deductions for 2003.

 

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Every week it seems like there’s a new scandal for investors to cope with. First we had the Enron debacle, then the Imclone scandal and the insider trading accusations which landed their CEO in jail and threatens to do the same for Martha Stewart. Now mutual fund companies such as Alger, Strong, Janus, BankOne and Putnam have been accused of wrong doing. Pretty soon investors will yearn to go back to the days of Grandma, who felt the safest place for her money was under the mattress.

 

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It's tough to stay cool when the hot smoke from a brush fire starts blowing toward your house.  But by taking the time to plan ahead you won’t waste valuable seconds figuring out what to do when the fire actually comes. As southern California confronts its worst brush fires in more than a decade it’s good idea for each of us to evaluate our fire safety preparedness plans and determine what will need to be done if you find your home or business confronted by a fast moving wildlife fire.

 

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Ask any Chicago Cubs fan and they’ll tell you: Hell must have frozen over. How else does one explain how the Cubs are on the verge of returning to the World Series for the first time since 1945 and seeking their first title since 1908? That’s 95 years ago, as in almost a century ago, as in 12 years before you could listen to their games on the radio, since commercial broadcasting in the United States wasn’t born until 1920.

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Location, location, location. No, I’m not talking about the three things to look for when buying real estate, but rather a new regulation which goes into effect on November 24th which will allow cell phone customers to do something they have dreamed about and carriers have dreaded: take their wireless phone number with them when they switch carriers.

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Few subjects are as taboo in family discussions as mortality. But since the terrorist attacks of two years ago, many children have wondered what would happen to them if something unexpected happened to you or your spouse. How do you reassure your kids that they would be OK if you were to become incapacitated or die? How much should you say, or should you tell them anything at all?

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With interest rates on savings accounts and bonds at historically low levels, senior citizens living on a fixed income have been particularly hard hit. Some of them have been turning to something called a Home Equity Conversion Mortgage (HECM) to supplement their income, or what is more popularly referred to as a reverse mortgage.

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Most people go to a hospital to get well. But for 50,000 to 90,000 Americans each year a hospital is the place they go to die; not because of the illness or injury they were hospitalized for; but because of medical errors. This means that more people die every year from healthcare “mistakes” than from motor vehicle accidents, breast cancer, or AIDS.

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One of the best things about the Internet is the opportunity to comparison shop for everything from automobiles and computers to contact lenses and prescription drugs. But how do you know if the retailer you’re dealing with is reputable or if the product you order is what’ll you actually get? The phrase “caveat emptor’’ (“Let the buyer beware”) certainly applies.

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After 2010, the federal estate tax is no more; provided of course the deficit hasn’t grown so large that Congress decides to bring it back. That’s the good news. The bad news is inherited property will no longer be entitled to a “step-up in cost basis” which means higher taxes will be due when the asset is sold.

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It’s true; Uncle Sam can be mighty greedy at times, especially when you dispose of assets that have appreciated in value. Yet, with some careful planning many taxes can be postponed and, in some cases, legally avoided altogether.

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The Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) signed into law last May offers a window of opportunity for those able to take advantage of it. One of the most significant changes made by this Act is the reduced tax rate on stock dividends, a change that is scheduled to remain in effect through 2008.

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One thing I have learned from years of being an investment advisor: people often make important financial decisions based upon emotions instead of fact. This is often true when it comes to investing and can lead to less than satisfactory results.

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If you’re the proud owner of a Sammy Sosa autographed baseball bat or a Joe Montana football there’s a better than 80% chance it’s a fake. Sports memorabilia fraud has become so widespread the FBI estimates that upwards of a half a billion dollars in fake goods changes hands annually.

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Hardly a week goes by that I don’t hear about some new “get rich quick” program or scheme that promises to make you a millionaire in under a year with no capital investment and no experience necessary. All you have to do is send the proprietor of the program a small fee and in return they promise to send you the keys to unlocking the universe. Of course one secret they aren’t going to share—that they’re the only ones likely to get rich from the program.

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Home decorating queen Martha Stewart will go on trial in January to face charges that she lied to investigators about a questionably timed 2001 stock sale of 4,000 shares of Imclone Systems and committed securities fraud by declaring her innocence publicly in an effort to protect the stock price of her own company: Martha Stewart Living Omnimedia.

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You can find her name on a TV show, on a magazine, on sheets, towels and all sorts of house wares. And now you can also find her name on a federal indictment. I’m talking, of course, about Martha Stewart, America’s perfect hostess, who has been charged by the government with lying to federal prosecutors and obstruction of justice.

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Enacted in 1965 as the cornerstone of President Lyndon Johnson’s “Great Society” program Medicare is a federally funded system of health and hospital insurance for U.S. citizens age sixty-five or older, for younger people receiving Social Security benefits, and for persons needing dialysis or kidney transplants for the treatment of end-stage renal disease.

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The tax law President Bush signed last week opens a window of time during which capital gains will be taxed at 15 percent rather than the previous 20 percent rate. This means some investors ought to consider cashing in some long-held investments with big taxable gains while tax rates are down.

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A number of years ago, when my oldest son Anthony was about ten, we were having a discussion about the fact that I served on the board of directors for one of my client companies. After explaining what a board of directors was, he wanted to know if Athena had a board. I told him I didn’t think we were big enough to need one. After pausing for a second, he turned to me and asked, “Well, how tall do you have to be?”

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Hardened veterans of telemarketing call it “Dialing for Dollars” after the old television game show where the host would call people at random and if they could answer certain questions they won money. The difference is when it’s a stockbroker on the other end of the line they’re the ones who usually end up winning the money.

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Anyone who thinks that living in a community property state makes divorce simpler or fairer should think again; other than the death of a family member I can think of nothing that causes my clients as much pain and stress as a divorce. There is simply no such thing as an easy divorce, just less painful ones.

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Let’s face it; we live in an overly litigious society. People sue each other these days for nearly everything. It’s almost as if folks have adopted an attitude of “Why bother to negotiate if you can sue?” The answer is simple; even if you happen to come out on top the emotional wear and tear of being involved in a lawsuit is often not worth the settlement; to say nothing of covering the cost of the attorneys.

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Nothing annoys me more than receiving something in the mail I did not order. Although it often happens to individual consumers, businesses are far more vulnerable to the “unordered merchandise scam” because it’s easy for the marketer to learn the names of different people in an organization and claim they were the ones who authorized the purchase. Fortunately, the law provides you with a lot of clout in dealing with these unscrupulous marketers.

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With April 15th looming it’s a safe bet you’ve had some recent dealings with your accountant. My personal experience, covering more than a quarter of a century as a financial planner, (suddenly, I feel old) is that the vast majority of accountants are knowledgeable and reliable. But how can you be sure if you’re dealing with a good one? Here are a few suggestions.

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Believe it or not, 53 per cent of all Americans have created the worst possible of all estate plans: they have chosen to do nothing at all. People without a will have virtually no say on how their property will be divided after their death or who will care for minor children who survive them. Instead, those decisions will be made by probate court judges who follow often rigid rules that vary from state to state.

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This is the time of year when folks find themselves scratching their heads looking for that “extra” tax deduction. Unfortunately, there are con artists out there who know this and would like nothing better than to sucker you into one of their scams. You’ll lose money and you won’t save any taxes. Here are several currently making the rounds...

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Prior to laying out $80,000 for that French gilt bronze mounted mahogany writing table from the late 18th century it might be a good idea to ask the antique dealer for a guarantee of authenticity. Believe it or not, many dealers do not willingly offer them; even for pieces costing thousands of dollars. In that case “caveat emptor”—buyer beware!

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Few thing are as annoying (excluding an ex-spouse) than a good old fashioned dose of the cold or flu. This winter, viral infections have landed both myself and some clients in the hospital for a spell so I thought it might be helpful to discuss both the symptoms and remedies for an affliction most folks will contract an average of two to four times per year—the common cold.

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Every good Californian is ready for a catastrophe, whether it be an earthquake, mudslide, firestorm or plague of locusts. In my garage is bottled water, a portable radio, batteries and a six months supply of Kellogg’s Cocoa Rice Krispies.  No gas masks, anthrax antibiotics, or geiger counters however, so I’m sure  the office of HomeLand Security would say I am no where near ready for a 2003 style emergency. That may be, but if being ready means wrapping my house in duct tape I’ll pass, thank you very much.

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Asset protection is always a popular subject among my clients especially since we live in a litigation crazed society where people are anxious to assign blame and receive compensation for everything that goes wrong in their lives no matter how preposterous the scenario. I know of one client who was successfully sued for a workers compensation claim on the basis that the broken arm one of his employees sustained on the job had ruined the employee’s sex life. A frequent question I’m asked is “How can I protect my assets from litigation, frivolous or otherwise?”

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For the last several years our politicians have been increasing the attractiveness of retirement savings programs. Unfortunately by adding to existing programs instead of overhauling the entire system we’ve been left with an intricate patchwork quilt of rules so complicated even the experts end up confused. But that may all change if President Bush has his way. The Administration is hoping that simpler laws will encourage Americans to save more. They also hope that stripping away layers of red tape will encourage more small businesses to offer retirement plans. 

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About the only thing worse than suffering a catastrophic property or business loss due to a fire, earthquake or other calamity is having to negotiate a settlement with the insurance company afterwards. Most folks would rather have a root canal then have to deal with the “good hands” people at claims time. But there is an alternative to hiring an attorney or handling the negotiations yourself. It’s called the “public adjuster”.

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First the good news: For the second year in a row our portfolio of stocks managed to outperform two of the three major stock indexes. Now the bad news, in a down year like 2002 that’s like winning a least ugly contest. Still, investment advisors are judged by their ability to outperform benchmarks so we’ll take our win, meager as it is.

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Hope springs eternal, especially for market investors coming off of three years of reversals the likes of which haven’t been seen since the Great Depression. But this is exactly why there is reason for optimism; “Triple Crown bear markets”—three straight years of falling prices—have occurred only three times since 1900. Twice, the Dow Jones industrial average rallied the following year—rising 43% in 1904 and 8% in 1942. Only during the Great Depression did the bear market stagger for a fourth year before gaining an eye popping 64% in 1932—while proceeding from that point to go on to average more than 11% per year until 1954.

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Bah Humbug! Just because I do all of my Christmas shopping at a place that also sells gasoline does not make me a Scrooge! Ok, maybe turning on the lawn sprinklers to keep Christmas carolers at bay is a bit extreme but I certainly don’t want any of them getting close enough to the windows to see “me in my ‘kerchief and Ma in her cap, especially when I beckon for her to come sit on my lap!!!”

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Perhaps its just a coincidence but my mailman, whom I never see for the eleven and a half months each year, becomes the most visible person in my neighborhood once Christmastime rolls around. Usually I’m fortunate if he’s willing to fling my mail at the front gate while speeding by at 60 miles per hour but let the calendar read December and suddenly he’s more than willing to trudge up my 240 foot driveway in order to personally deliver my copy of “The Woodland Hills Valu-Shopper”.

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I live in a very competitive neighborhood. You know the type—on the outside it looks like most any quiet suburban community with curved tree lined streets and perfectly manicured lawns. The kind of idyllic neighborhood you might find in a John Hughes movie. But on the inside the homes are filled with scheming, overachieving ultra-competitive baby boomers hell-bent upon out doing one another.

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That rich uncle of ours, Sam to his friends, is getting ready to reach deep into our pockets and pick them clean of everything but the lint. However with a little advance planning we can help you make sure there will be less for him to grab this year and reduce the taxes you might owe. Here are some maneuvers that are especially useful towards that goal.

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After you're gone, your surviving family members are just as likely to battle over your favorite Christmas ornament as they are over your real estate holdings, stock portfolio and 401(k) plan. Not my family, you say? Take it from someone who does estate planning for a living or ask any of your financial advisors who have witnessed family reactions at inheritance time; heirs are just as likely to battle over the small items as they are over the lodge at the lake.

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I love being a grandfather. All two months of it. Even though my youngest child is still only 12, the arrival of my first grandchild made me realize I won’t have to give up toys, cartoons and acting goofy for at least another generation and hopefully even longer as other grandchildren come on line.

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Depression can descend upon you in disguise, masked as a stomachache, back pain, or exhaustion. It isn’t just about feeling sad or blue. Depression can often manifest itself as physical symptoms that can camouflage the emotional distress you’re under, making diagnosis of the disease difficult. Studies show that primary care physicians fail to recognize depression in the majority of cases they see and rarely check for the disorder to begin with. The result: Less than one-third of those who suffer major depression ever receive treatment.

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For most families, a college education is a major investment. Today the average tab for four years at a public institution is about $50,000 and over $100,000 at a private one with costs expected to rise at twice the rate of the Consumer Price Index over the next twenty years. Based upon historical increases in the index this means the parents of a one year old can expect to pay roughly $118,000 for a public school degree and $257,000 for the private version.

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Every year, more and more taxpayers get a nasty surprise at tax time. Just when they think they gotten their tax bill to a reasonable level, their accountant informs them that an entirely different calculation, with a higher bottom line, comes into play. Known as the Alternative Minimum Tax (AMT) it effects about 1.3 million taxpayers each year, ten times more than in 1990. In fact, according to the Joint Economic Committee of the U.S. Congress, that number could rise to 17 million by 2010.

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I always know when a MoneyWatch topic is of particular interest to our readers; I end up receiving several calls or notes on the day of publication from folks asking for additional information about the subject matter. Such was the case with our last issue which dealt with the growing problem of identity theft.

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Not long ago I was stunned to receive a phone call from Citibank in Sioux Falls, South Dakota, inquiring as to when I was planning to pay off my credit card bill which according to the bank was 60 days in arrears. Since I don’t own any credit cards issued by Citibank I knew there must have been some sort of mistake. But it was a different kind of blunder; someone had “borrowed” my social security number and had gotten the bank to issue a card in their name by claiming to be my spouse. They had run up more than $1,000 in charges before the bank cut them off.

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Little old ladies like to do it. So do grown men and women. They do it in churches, school gymnasiums, at the office and on the Internet. They do it with friends and with strangers and they do it to the tune of hundreds of billions of dollars per year. Somehow, when no one was looking, we became a nation of gambling junkies. And our obsession appears to be growing...

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No, this week’s Moneywatch isn’t about flu shots, birth control devices or fish bait. It’s about the serious threat our computers face from unwanted and potentially destructive intrusions. Not a day goes by that I don’t worry about the potential security breeches my office and home computers face; especially since the machines are left on 24/7 and are always connected to the Internet.

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During the mid-90’s when the stock market was in the midst of the great bull run of the 20th century, one of my favorite stories was about the client who had invested millions in real estate throughout the 1980’s. Reviewing the double digit returns his stock portfolio was enjoying while his real estate holdings languished, he used to look at me and say, “If I never buy another (expletive deleted) piece of real estate for as long as I live it will be too soon.” Of course now, after the stock market meltdown of the last three years, this same client feels quite differently.

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For workers in 401(k) retirement savings plans, the sticker shock may be severe as midyear reports arrive in the mail. And those statements won't include the damage from the market's continuing plunge last month. July was particularly unkind as ninety-nine percent of stock mutual funds fell as accounting scandals and worries about the health of corporate profits threw stocks into a free fall. Even a late-month rally couldn't rescue most funds from losses.

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My mother used to tell me: “If you can’t find something nice to say; then don’t say anything at all.” Unfortunately, if I am required to apply this axiom to the U.S. stock markets it might be a long, long time before I’m able to open my mouth again.

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Back in January, long before the national media picked up on the theme, I wrote about the “real” crime Enron had perpetrated upon the American public; undermining investor confidence in the U.S. equity markets to such an extent that no amount of positive economic news might be enough to get the markets moving forward again. Now, with additional accounting scandals from the likes of Merck and WorldCom the major stock indexes are teetering dangerously near a complete collapse.

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"These are the times that try men's souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph. What we obtain too cheap, we esteem too lightly: it is dearness only that gives every thing its value."

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The Fright Mongers might have a good point. If you are certain that the stock market is not to be trusted, with its accounting scandals and its everyday risks, then pull out before the next crash. If the Social Security system will fail soon and if inflation will reignite, if interest rates are set to skyrocket and upset everything, if these ridiculous gas prices last forever, then stash that cash.

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Prior to 9-11 if someone were to ask me if there was anything that could shake my confidence in the future of the U.S. stock markets, my usual response was if terrorists managed to set off a nuclear bomb in downtown Los Angeles all bets were off. Unfortunately after the events of last September such a scenario no longer seems so implausible.

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Personal Dating Secrets. Get Out of Debt Now. Fire Your Boss. Hot XXX Teen Cuties. Find Out Anything About Anyone. And let’s not forget the questionable stock tips and offers for Viagra online. This is just a sampling of the unsolicited and unwanted e-mail messages that flood my in-box on a daily basis.

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Over the years the meaning of Memorial Day has faded more and more from the public consciousness. From a solemn day of mourning, of remembrance, of honor to our departed loved ones who died fighting in America’s various wars, it has degenerated into a day where only token nods toward our honored dead is given, if at all.

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Few procedures have become as popular as quickly as “Lasik” eye surgery. Millions of people have benefited from LASIK which stands for Laser In-Situ Keratomileusis and roughly translates to: “using a laser to reshape the cornea from the inside.” It has been performed safely in the United States for about ten years now...

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The nation’s three big funeral chains want you to think seriously about dropping dead. No, they don't wish you ill; they just want to sell you a prepaid funeral for thousands of dollars. Cash up front. Today, thank you.

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The further along I get in life, the more precious friendship becomes, but the fewer friends I seem to have—the bonds decaying over distance, the complications of business or simple lack of attention. I'm not asking for sympathy, and I don't mean to suggest I'm at a loss for relationships. There's my wife and kids. Then there are all the couples we know, primarily through our children and their sporting activities. But there's something about those friendships that feels shallow.

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There seems to be a good rationale to use credit ratings to gauge a person's financial risk for a home loan. After all, the lender is often being asked to make a 30 year commitment. But it seems to be a stretch to say whether a person pays his or her bills on time is an indicator if that person is a risk to run up high claims from driving into telephone poles. Still, nine out of 10 insurers now use credit scores to price auto and homeowner insurances. This had led to a flood of consumer complaints with more than 30 states considering laws to limit their use.

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When you have been at this as long as I have you learn a couple of things: 1) clients often allow emotions to interfere with their investment decisions and 2) sooner or later they’ll want to know why you aren’t trying to time the market for them.

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Clients often ask me if they should include Social Security in their retirement planning. My usual answer is “only at your own risk.” It's hard to ignore the dire headlines about Social Security's future. Some of the latest are based on a report from the system's trustees released last year. If no changes are made in Social Security, the report says, in 2027 more money will start to leave the system than goes into it. And the fund would be exhausted by 2040.

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If you’re like me and don’t have a life, you find yourself watching way too many television infomercials. I can tell you all you need to know about the “Shark Steam Blaster” (so powerful you use it to clean the inside of a nuclear reactor) the “Aero Air Bed” (sets up in minutes for those rude relatives who don’t phone ahead) and the psychic Miss Cleo, that friendly broad with the phony Jamaican accent who is always urging folks to “Call me now!”

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Every once in a while the government enacts legislation that is good for everyone. The increase in the pension contribution limits is one of those things. Individuals who participate in tax favored retirement plans at work, self-employed individuals with retirement plans or contributors to individual retirement accounts are now all eligible for expanded benefits beginning this year.

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You’re house hunting and you’ve ruled out the hassle of applying for a conventional loan. Should you go with seller financing or a “no-doc” loan? Each has its advantages and disadvantages.

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I find it reassuring knowing that no matter what dumb thing I manage to do (like the time I cut off a guy on the Ventura Freeway and offered him the one finger salute after he honked his horn in protest—only to realize seconds later that my victim was a state patrolman) there are still plenty of folks out there capable of real stupidity. So much so there has been an award named in their honor—the Darwin Awards.

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Sometimes there are scandals so ugly and devastating that they cause us to question the honesty and integrity of corporate America. The Enron debacle is one of them. But there is one Enron crime that will be difficult to gauge; the long term impact the collapse of the company will have on investor confidence.

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If you’re like me, you never have enough time to read, even if reading happens to be one of your favorite pastimes. So as a service to our busy readers, here’s a run down of some of the better financial books I’ve come across lately.

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Without a doubt I used to really look forward to this issue. Of course, that was back in the days when the stock market cooperated by posting double digit gains year after year. The last two years have proved considerably more difficult when it comes to selecting a portfolio and you would think someday I would start adhering to that old adage. “When it comes to predictions, only make them about the past!”

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Ancient man had it easy. Assuming he survived the year without being eaten by a saber toothed tiger, all he had to worry about was figuring out what to get his wife or significant other for Christmas, or pre-Christmas as it was called in those days...

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All I want for Christmas is another cut in interest rates by the Federal Reserve Board. That, and a red Ferrari would probably make a simple guy like me happy. I may have to wait on the car; I probably won’t have to wait on the rate reductions...

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The computers you use in your business are getting older and slower, and with prices so low, maybe the time is right to buy new ones and get a tax deduction for 2001. Then again, maybe you believe the economy is bound to pick up next year, and so will your profits. In that case, perhaps you should limp along with your old machines and buy new PC’s in 2002, when you might need all the deductions you can get.

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Honestly, I don’t know how I survived in the days before “NFL Sunday Ticket”. For those of you unfamiliar with what is arguably the greatest concept since Domino’s started home delivery of pizzas, NFL Sunday Ticket is a service that allows you to become absolutely bleary eyed watching up to thirteen different National Football League games each Sunday—not including, of course, the ESPN Sunday night telecast.

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It never ceases to amaze me how the financial media often misses the really important stories. Too busy concocting end of the world scenarios I guess.

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One-person businesses will be able to stash significant amounts of money into 401(k) plans starting next year —in some cases 50 percent of their income on a tax-deductible basis— as a result of the Economic Growth and Tax Relief Reconciliation Act of 2001.

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Hardly a week goes buy that I don’t receive an email screaming: “YOU MUST OPEN THIS IMMEDIATELY, YOUR LIFE MAY DEPEND UPON IT.” The contents usually reveal the latest horrible calamity that has descended upon mankind and what needs to be done to stop it. Problem is, 99.9% of the time these alerts are nothing more than hoaxes...

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As of last week, Americans have donated more than $750 million to various relief efforts established on behalf of the victims of the September 11th terrorist attacks. Unfortunately there are those who would exploit this kindness for their own purposes...

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Americans are willing to die for their country but they aren’t about to let their country die for them. Therein lies the fundamental difference between us and those we are about to fight to keep our country free. Islamic fundamentalist groups are more interested in destroying our way of life then in preserving their own...

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Everywhere you look you see an American flag these days. In a nation where you couldn’t get the majority of us to agree upon what day it is, polls show that somewhere between 80 and 90% of all Americans support a massive military retaliation in response to last Tuesday’s terrorist attacks against our country. The way we have so resolutely come together over this issue is nothing short of astounding...

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Throughout our lives there are events that become instantly and permanently burned into our national consciousness; the attack on Pearl Harbor, the assassination of President Kennedy, the Space Shuttle disaster and now the terrorist attacks on America...

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Many of my clients are baby boomers with aging parents in their 70’s and 80’s. Increasingly they are becoming concerned about their parent’s ability to take care of themselves as they grow older. Like the client who called me last week to tell me that her 87 year old mother, Ruthie wasn’t herself anymore...

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Let’s face it, many grandparents are in a position to help their grandchildren afford the cost of college and they’re looking for ways to do it. Fortunately with some careful planning, they can employ strategies for giving that also rewards their generosity...

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There are many myths about what kinds of people seek or avoid risk. It is commonly assumed, for instance, that the wealthy are much more willing to take financial risks than the rest of us. Certainly they have more money to throw around, but it isn't that simple...

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Athena Financial clients know this to be a fact: trusts can play a vital role in their estate planning and charitable giving plans. A well written trust can save thousands of dollars in estate taxes administration costs and probate fees. 

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Somebody please call 911. My friends are trying to kill me. They're engaging in an orchestrated conspiracy to do me in---all under the guise of wanting to get me in shape.

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Last week, as my wife and I were roughing it in a $450 a night hotel suite in the Canadian Rockies, it suddenly dawned on me that there is a definite benefit to overpopulation.

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I don't travel well. I’m fine when I finally get there—provided “there” has a balcony and room service—but along the way I am the epitome of the ugly American. Teleportation won’t arrive any too soon as far I’m concerned.

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The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRA) signed into law by President Bush on June 7th  provides for $1.35 trillion in tax relief over the next ten years, including the issuance of tax rebates of $300 for individuals and $600 for married couples.

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