There seems a lot of things to worry about these days, if you watch the news for any length of time.
In my field (tax savings, wealth building, cash flow creation), our hot topic right now is the impending financial crisis.
It may seem like one more thing to worry about and it’s not immediate, so you can put it off.
Or maybe you think what on earth can I do about it anyway?
Or maybe you hope that someone is going to step in and magically fix it.
This past weekend, Richard and I watched the documentary, “The Power of Zero” on Amazon. You can rent it for $3.99/$4.99.
It was the clearest description I’ve seen of what is about to happen. And soon.
We have a perfect storm brewing. Worst case is 2022, most certain case is 2026. It has to do with the retiring Baby Boomers, the tax law changes scheduled for 2026, Social Security and Medicare now running at a deficit (more is spent in benefits than is going in and that’s only going to increase as the American population ages) and the rising cost of health care at the same time when the number of diabetics in the country is increasing at an alarming rate.
I’ve got a couple more things that I’m concerned about as well. But just the things I mentioned, and the math associated with those events, is enough to grab your attention.
So what can you do about it? Other than trying to get Congress to act (increase revenue, decrease expenditures), there are a couple of things you can personally do to protect yourself. The documentary talks about those near the end.
The documentary mentions 2 strategies near the end. I agree, but have a few more. I have 5 strategies.
Richard and I are doing all 5.
So, this is what I’m doing to help provide education about this.
On Monday, 5/27/19, I will start a series of posts on Facebook in my tax group, Diane Kennedy’s US Tax Group. We can have a discussion over there.
If you want to fully participate, with some context, take a couple of hours of your week to watch this documentary. There is also a book, but the show’s info is a little easier to digest with good graphs and visual demonstrations.
You will need to be a member of the group in order to comment. Click “join” when you go to the group at: https://www.facebook.com/groups/DianeKennedysUSTaxGroup/
When is this crisis going to happen? We have a general idea when some of the worst precipitating events will occur. It’s hard to know what the exact date will be and what all the ramifications will be.
The general strategy is “Prepare, don’t panic”. Start by watching “Power of Zero” documentary on Amazon and then come join us at Facebook next week.
I hope to see you on Facebook!