Archive for August 13th, 2008

I found a good article that follows up on my current post about using an IRA to fund your business startup.

This article points out what you’ll lose if you cash out before 59 1/2. It also is another dramatic example of the power of compound interest. I instruct this subject to Millenials and they are always surprised at the calculations. Once, one young man asked me if I made up the numbers! (Another example of compound interest, showing that there’s no substitute for starting NOW to save.)

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Credit is tighter now than it has been in many years. According to Barrons, credit on home loans, business loans, and credit cards is getting more difficult to get. Too many people were getting cheap, simple credit and then wondering why they couldn’t pay their bills. Americans have become addicted to consumer credit.

When banks began offering 100% mortgages, I predicted that this tactic would cause problems if someone tried to sell a home at less than its loan value. Guess waare getting too many credit cards. We baby boomers remember when there were few credit cards available, and certainly no debit cards. We had to GASP! pay CASH! OMG!

It’s time for everyone to start lessening their expectations. Do we really need all that credit? Does everyone have to have that bigger vehicle? more massive house? newer everything? A tiny fiscal restraint would be a welcome change from our current pattern of “conspicuous consumption.”

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Do Most Companies Really Pay No Taxes? - U.S. News & World Report


ABC News

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Today’s home previously belonged to film director Barry Levinson but it’s not located in Southern California it’s up north in Ross, California in Marin County. The director renovated and expanded this home which was originally built circa 1902. It is now a family compound of over 10,000 square feet. The master suite alone is, at 2,500 square feet, the size of a house and occupies the entire top floor, with large bedroom, retreat, study, his-and-hers baths & dressing areas, and two fireplaces. The children’s wing features a child’s study with built-in computer & network wiring, & two bedrooms, each with full bath. There’s a big kitchen with a chef’s sink and walk-in butler’s pantries. A private guest room has a fireplace and full bath and there’s also a separate, approx. 800 sq. ft. studio with full bath and a two-story guest home with full bath, kitchen and fireplace. This two-acre property is listed at $18.8 million.

For more prime properties and lush locations, see Luxury Homes and Mansions.

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Continue reading The Barry Levinson Estate, Estate of the Day

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Some names add cachet to a house years after they have moved on. Elvis Presley definitely falls into that category. Now his Palm Springs home, basically his “Graceland West” is up for sale in a pocket listing (meaning I can’t direct you to a listing page). The home is located in the foothills of the San Jacinto Mountains in Palm Springs. Elvis lived in the home for almost eight years (he bought it in 1970) and spent his last birthday there.

The approximately 5,000 square foot home has four bedrooms. Architect Albert Frey designed the Spanish-style stucco home which includes Presley’s bedroom suite with two complete bathrooms, a sunken black and red tile tub, and dressing area. The living room has a cathedral beamed ceiling and overlooks the pool. The home is being sold with Presley’s original kitchen appliances, a separate indoor sauna and steam room, plus his private covered Jacuzzi.

Just last year Reno Fontana and his wife, Laura bought the home and announced plans to restore it and offer it as a West Coast destination for Elvis fans. They also created a website dedicated to the home which does show a few interior pictures of the vintage decor and Elvis motion picture posters and gold records on the walls.

The property is approximately two acres and is listed at $17 million. For more information about the property, or to request a showing, contact Honey Brooks at 415.435.2585 or honeybrooksrealtor (at) comcast.net.

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It is rather ironic that baby boomers are going back into the Peace Corps. Since President Kennedy formed the Peace Corps in 1961, many young people went out into the world to serve as Peace Corps volunteers. Now they’re back!

An ad campaign is encouraging aging Boomers to take into account the Peace Corps as a volunteer opportunity, with the catchphrase: “Still asking what you can do for your country?” Sound familiar?

Would you consider joining the Peace Corps or some other volunteer group?

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