SEC Chair Gensler get ripped apart! What does that mean for the crypto markets?
Apple releases new HYSA and what that means for the Apple fans who engage.
👋 Hello Everyone. Apple announces their new partnership with Goldman Sachs with the release of the Apple card high yield savings account. Is this good news? A great deal? Let’s peel it back. The rate is set at 4.15% which is well above the national average. This is great right? No fees, no minimum deposits and no balance requirement. So whats the catch?
Well to quote Jennifer Bailey VP or Apple Pay she states “ Our goal is to build tools that help users lead healthier financial lives”. So is this real or does Apple know that the temptation to use the credit card portion of this offering will be simply too enticing for most. On one hand I like it because Apple has a very stable balance sheet and billions in cash but on the other hand it feels like just another way to get US consumers to run up more credit card debt. And keep in mind in light of the most recent banking crisis that you have to ask yourself do you want all of your banking needs handled through one company? Think about the loss of your Iphone and the potential for your Apple ID to be stolen/ hacked along with it.
So as I have said before I feel it is best to have some protection by having your money spread across several banks and platforms.
📣 Why having a 401K is not a wealth strategy - and my key takeaways!! And why you need to diversify and protect your hard earned cash.
Smaller company 401Ks have high fees (up to 2%) and very few investment options. Even mid sized and larger company plans have high fees so makes sure the match is worth it.
Did you know - that employer contributions are tax deferred not tax free. Thats right you have to pay the taxes upon withdrawal. So unlike a Roth IRA you pay the taxes after years and sometimes decades later. I don’t know about you but I would rather pay them earlier than later.
Once you turn 72 you will have forced distributions regardless if you want or need the money. So you will have to pay taxes on these distributions and it could also affect your SS.
So as you move along your wealth building journey please please keep an eye on these things and really think through and compile a complete strategy. You need to be diversified through Real Estate, Index/ETF funds, Bonds, and other alternative investment vehicles. This is not a market landscape where you should set it and forget it.
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🎙️ I am also really excited about how quickly the podcast has grown. So thank all of you that have downloaded and given it a listen. For those of you that have not stopped by it is the Rich Habits podcast on Spotify and Apple. And please feel free to DM me or message on any platforms and let me know your thoughts and takeaways. For all PAID community members please note that the private livestream is up and running and I am so excited for what we will be covering this week. It is scheduled every Thursday @ 7pm EST.
💸 This is for all of you. Should you have a financial advisor? That is the $$$$$ million dollar question. On one hand you can read up and handle it on your own or you can seek out guidance via a financial advisor or a wealth manager. Let’s go through this a bit and unpack your options. There are financial advisors on every corner across the US so what’s the difference. 1) You can engage a financial advisor and his/her role will be to carry out any transactions that you desire. This can be fine if you feel you are fully versed in the best moves to make, throughout your wealth journey. 2) A fiduciary/wealth advisor. This is a more hands on approach where you will receive guidance throughout your wealth journey, ensuring that you know all the ins and outs of tax implications, best practices and the most profitable strategies for retirement. Not sure what to do? you can always request a free consultation to see what is the best fit for your financial goals.
Feel free to email me about this if you want to hear more. My family’s business Croak Asset Management has been in business for over 40 years and we are a fiduciary. The website is www.camtoledo.com. Always remember to shop around and make sure you do your homework when choosing representation.
🚨 SEC chair Gary Gensler gets blasted by Congress . Looks to be great news for Crypto Currency and how it will provide clarity for regulations moving forward.
Congress came out swinging and really pushed back about the endless rule changing processes made by Mr. Gensler (SEC) and they claim it is hindering crypto currency progress and innovation the United States. I couldn’t agree more and I believe the endless moving target ploys they have enacted are 100% purposeful to make it nearly impossible for US based companies to even know how to comply. Mr. Gensler was also tasked heavily that his personal agenda is so anti-crypto that it is forcing the entire category into the hands of competitive countries, therefore making our chances of great technical progress in the blockchain and associated crypto currency space even less likely. This goes against everything that his role should play in the US economy with respect to enhancing innovation, small business and investment opportunities.
This is an exciting development. Seeing so much of Congress pissed off at the fact that the SEC and Gensler have shown continued disregard to the law and have shown so much over-reach that it has alienated US blockchain and crypto based companies and WOW was congress fed up. There is even a bill being drafted by Congress to fire Gensler. There will be so much more to talk about in the company days so hold on tight, don’t sell your bags and let’s see what happens.
🤔What is real? Should you stay in cash? So many of you that I speak with daily/weekly are very fearful with the current state of the markets so I get it. And although I understand and agree with this I also want to point out that with inflation and cost of living moving so rapidly you also have to make sure you don’t fully sit on the sidelines for too long. What do I mean by this? We talk a lot on my lives and on my TikToks about diversification and the addition of alternative investments and that remains a strong sentiment for me.
Yes we want to be safer in these economic conditions but for younger investors its also a great time to add in some risk and DCA dollar cost average into some of the promising sectors of the market. As I stated I love diversifying into 1) high yield savings 2) T Bills 3) Crypto 4) Gold and Silver but also want everyone to keep in mind that stocks, index funds and even fine art are great plays right now. So don’t be afraid of some risk along the way.
Weekly Book Excerpt (Richest Man in Babylon - George S. Clason)
“Wealth, like a tree, grows from a seed. The sooner you plant that seed the sooner shall the tree grow” Such a great point and illustrates in the simplest way 2 things that I say daily - 1) Invest early and often. Consistency is the key to success with investing. 2) Its not about timing the market it’s about time in the market. To many people think that they can time the market so they end up always on the sidelines or worse they buy high and sell low. Want to avoid that - Dollar cost average in to all of your investments and always maintain a long term outlook and approach to investing. For years I have watch friends wait and wait to buy say Bitcoin. When is sky rockets its a scam and when it retreats they call me to tell me “I told you so”. This is the mindset that causes so many to ever reach their wealth goals.
Money Mindset - Weekly insights
During these uncertain times I just simply want you to take the time to really have all your ducks in a row. At least to the best of your ability. Does your career/job feel shaky? If so get ahead of things and tighten up your skill sets and resume. Is money tight? How about adding a side hustle? This could be something you do from home or just on weekends. This added income could make the difference between just getting by and thriving during a difficult economic period.
More to come and thanks for joining!