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Money Guy Q and A… Year of the ‘Re’ Take 2

Today’s show is a hodge-podge of information. You guys have been instrumental in providing me with great feedback as well as some very good questions, so today I felt the need to let you all know that I am reading your emails and I do appreciate your input. As you listen, I will share some of your thoughts as well as respond to some of your questions. I am also so upset at the technical blunder we had a few weeks ago, and feel so strongly about the subject matter (re-balancing and re-financing), that I have decided to tag it on at the end of this podcast. So, if you are trying to locate the ‘Year of the ‘Re’ podcast, you can fast forward about 35 minutes into the show and it will be there.

As you listen to the show, I will touch on some of the recurring questions I receive from listeners. One that I’ve seen a lot since the ‘Protecting Yourself from Fraud’ podcast is what are my true feelings on Social Security? Well, I really do believe it is the world’s biggest Ponzi scheme, and I even share a very personal experience that will help you understand why I feel this way.

Another question I felt was worthy of some attention was whether it really makes sense to have a 30 year mortgage right now even if a 15 year pay-off is the goal. I do believe this is the best practice because it provides you with a little cushion to work with should any special circumstance arise. The point made by a listener was that most people are not disciplined enough to carry a 30 year note but pay it off in 15 years. In most cases I would agree. However, you (my listeners) are the cream of the crop. You guys are going beyond common sense and are actively seeking ways to make better financial decisions and get your financial house in order. Because of this, I really do feel like my listeners, those who are willing to listen to a financial podcast, are disciplined enough to pay off a 30 year mortgage in only 15 years.

Many people have asked me, considering my accounting background, how I feel about all of the politicians in the headlines who have not been paying their taxes. To answer simply, I feel the same way about them as I do about anyone else who doesn’t pay taxes: they are breaking the law. I also find it hard to believe that they ‘didn’t know’ they weren’t paying. I think a more realistic response would be that they did not think they would ever get caught. As you listen to the show, I will explain why they thought this and how they were almost right about it.

Finally, to wrap up the show, I share some of my thoughts on the current stimulus plan and weaknesses I feel will have to be resolved if we really want to get out of this economic downturn. I go on to explain why bipartisan cooperation will be absolutely necessary for this stimulus package to have an impact.

If you have not listened to the Year of the ‘Re’ podcast, make sure you do. These concepts are going to be very important going forward considering what the capital markets could potentially do as well as what interest rates may do in the future.

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