Daily Reckoning

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  • There are Billions to Be Claimed… Is Any of It Yours?

    There are Billions to Be Claimed… Is Any of It Yours?

    This post There are Billions to Be Claimed… Is Any of It Yours? appeared first on Daily Reckoning. State governments are sitting on boatloads of unclaimed dollars.  Right now Florida alone is holding $1 billion, Washington … $1.3 billion, Illinois … $2.9 billion, California … a whopping $9.3 billion, New York … a jaw dropping $14 billion.   And the billions keep pouring in.  According to the National Association of Unclaimed Property Administrators (NAUPA), in FY 2015, $7.763 BILLION was collected. Where the Money’s Coming From  When a rightful owner cannot be located after a year or longer, funds are turned over to the government.  For instance, suppose you had a small savings account and moved to another state. But you forgot to give the bank your new address? Since the bank doesn’t know where to send statements or tax information, it turns the money over to the state.  The same often happens with life insurance death benefits. The insurance company can’t locate the beneficiaries, so the money eventually goes to the state.  Other cases when the owner cannot be found include: Trust distributions Tax refunds Contents in safe deposit boxes Tenant security deposits  Annuities Old stocks Uncashed payroll checks …Read More »
  • Three Cheers for the “Do Nothing” President

    Three Cheers for the “Do Nothing” President

    This post Three Cheers for the “Do Nothing” President appeared first on Daily Reckoning. “Had the opposition party… won the election,” said the president Tuesday,“ the Stock Market would be down at least 10,000 points by now.” Instead, Mr. Trump exulted, “We are heading up, up, up!” And for the moment “we” certainly are. The stock market has largely been heading up, up, up two months running. We are convinced the Federal Reserve’s newfound dovishness is far more responsible than the president. Yet we confess a sneaking admiration for any man so certain of his stars, so certain of whom the angels are for… and whom they are against. No modesty hangs about him. No self-doubt gnaws at him. No scruple enchains him. In Trump we have the popinjay pure and perfect, the supreme chest-pounder, the peacock of peacocks. We concede the fellow may be no deeper than the skin that encases him. But intellectual depth is vastly overrated in a president… Watch out for the “Deep Thinkers” It is the “deep thinkers” who often think the Republic into its deepest fixes. They are drunk on their thoughts… as the corner sot is drunk on alcohol. Do you trust a …Read More »
  • 12 Steps You Can Take if You Lose Your Job

    12 Steps You Can Take if You Lose Your Job

    This post 12 Steps You Can Take if You Lose Your Job appeared first on Daily Reckoning. Losing your job is one of the most devastating life events both emotionally and financially. Open the paper or do a quick Google search online and you’ll see all the recent corporate layoffs happening in America. This month, General Motors said it was starting to hand pink slips to about 4,000 salaried workers in the latest round of restructuring. In January, CNBC reported Verizon Media Group, formerly known as Oath, would be laying off 7% of its workforce, affecting approximately 800 employees. Buzzfeed, another media company, said it was cutting about 15%, or 250 of its employees. And very recently, it was announced PepsiCo will begin a four-year restructuring plan expected to cost the company hundreds of millions of dollars in severance pay. PepsiCo CEO, Ramon Laguarta said last Friday it will be “relentlessly” investing in automation. If the company you work for is in a similar position or you’ve recently been shown the door by an employer, the good news is there are some actionable steps you can take today to help get you back on your feet. Although layoffs can be …Read More »
  • Warren Buffett Bets Big as Canada Abandons Capitalism

    Warren Buffett Bets Big as Canada Abandons Capitalism

    This post Warren Buffett Bets Big as Canada Abandons Capitalism appeared first on Daily Reckoning. In a shocking turn of events, the Canadian Province of Alberta abandoned free market capitalism in December of 2018. This was a story we were on top of as events unfolded. Following the lead of dictators and oppressive regimes around the world, Alberta announced the enactment of mandatory production cuts for large oil producers operating in the province. Keep in mind that Alberta is the Canadian equivalent to Texas. Cowboy hats and pickup trucks are everywhere. And Albertans don’t like the government sticking its nose in their business. The most conservative of all people can be found in the Alberta oil patch. These folks are true entrepreneurs and detest government intervention. As you might expect, the response to these government mandated production cuts in the Alberta oil patch were overwhelmingly… positive. Wait, what? Desperate Times Call for Desperate Measures Prior to the Alberta Government’s oil patch intervention, Canadian Heavy Oil was selling for $50 per barrel less than West Texas Intermediate, the benchmark American oil blend. Canadian producers were getting not much more than $10 per barrel for their crude. The industry was losing billions …Read More »
  • 6 Must-Have Apps for Managing Debt

    6 Must-Have Apps for Managing Debt

    This post 6 Must-Have Apps for Managing Debt appeared first on Daily Reckoning. Remember the old days?  When you’d sit down at your kitchen table with a stack of bills on one side and a checkbook on the other. Paper envelopes were opened and receipts saved as you desperately tried to organize your finances. Managing your money was a full-day affair and even after you’d finish, it was hard to tell exactly where you stand.  Times have changed.  Tracking your money and staying on budget is easier than ever now with the abundance of financial applications. You can automate bill payments, track financial goals, and know your actual net worth by the month, week, day, or even second.  However, there are a lot of choices when it comes to selecting which finance apps you should consider. Today I’ll share my top six must-have apps for managing credit and debt.  Here are my top picks: 1. Credit Karma Cost: free Platform: Android, iOS, Online Yes, this app really is free. The Credit Karma app has three tools I like to help manage your credit: 1)  You can access your credit score at no cost, 2) you get a credit report, and …Read More »