There is a great deal to do before the end of the year now that we know who the next President will be. I am still seeing lots of hits from people searching for answers on how to deal with an Obama administration. As I mentioned in some other posts here, many seem to be a little worried about what this will all mean to them, their families and their financial situation.
Now, what steps should you be taking right now, today?
First, talk to your tax advisor because it might make a lot of sense to pull as much income into this year as you can at the current tax rates and then defer as much income as you can for as long as you can starting January 1, 2009.
Second, talk to your tax advisor about doing a step up in basis strategy for investment assets you have held for a long period of time and have pending capital gains.
Third, stay vigilant. Pay attention to what Congress is doing and adapt accordingly.
This is going to be a very wild ride and the well prepared and well informed investor is going to come out on top. That being informed part, is where we come in.
Since late yesterday afternoon I have seen a large spike in people wanting to join the Field Guide for Investors. The trend curve took a big jump upward around 9:30 last night and then when the race was called for Obama it took another big jump. To be honest, this spike in interest was an unexpected event and we were not prepared for it. Today has been a catch-up day.
People are worried and they should be.
At the Field Guide, now more than ever, we are targeting information for the transition. What we think is coming, why we think that, what the impacts are likely to be and how to mitigate any adverse situations.
If you think it is your patriotic duty to pay as much tax as Obama-Pelosi-Reid think you should, you want to do two things. First, leave this site forever. You are not going to like how I talk about how to reduce or eliminate the wealth you have exposed to their upcoming redistribution. Second, get a mental checkup.
If you have investments, stocks, bonds, real estate, retirement plans or any other kind of investment, bookmark this site. Do it now, before you forget. Join the newsletter and if you are really serious about your investing business, consider joining the Field Guide for Investors like so many others are doing. In the past we have had to limit our membership for a number of reasons. That is not the case right now but, may happen again.
Tags: Capital Gains, Congress, Income, PEBO, Politics, Taxes, Wealth Redistribution
November 5th, 2008 at 10:29 pm
You can try to hide your money if you want we will take it from you just the same. With Barack Obama in control we will get repairitions for the way you people treated us for hundreds of years. Just think about it an africin americin living in the house builded by slaves. Our time has finally come.
November 6th, 2008 at 6:40 am
Hello,
I enjoy your blog. I have something to offer you but unfortunately I can’t find your e-mail. Contact me, please. Wait for your reply.
November 6th, 2008 at 10:29 am
Yisha,
If you have a beef with the slave owners, you should have born back in those days. Then you can argue with them and “make them pay”.
You seem to be forgetting that there are no slave owners for many, many years. It is illegal, you know.
Thankfully, to the best of my knowledge, there has been are no african american slaves in the United States for many, many, many years. Therefore, you have been born and living as a FREE American citizen who have the ability to choose on having a good life or lousy life. Only you can control on how you want to run your life. Only you can control on being rich or poor. Only you can decide whether to live in reality or live in fantasy world. One thing for sure: Without a dout, you were never born as a slave.
You need to remember this: ALL of us are NOT our ancestors. So, get over it.
To get real here, in case you are not aware, there are many victims who are being held as slaves these days. Women and children are being sold as sexual slaves everywhere. All are done secretly. They have been illegally transferred in and out of USA. They are the ones who need all of our help, not you.
So quit your self-pity and help those who truly need our help, especially whose lives are in danger.