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scoutldr

What are you doing to "Obama-proof" your future?

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Watching Jim Cramer last night ("Mad Money", CNBC), he recommends "Obama-proofing" your portfolio...moving into "off shore" companies beyond the reach of Obama and his tax-happy band of Socialists. It has also been recently revealed that the Obama plan is to remove several tax advantages for those making more than $200-250K (the number keeps changing day to day), such as eliminating deductions for mortgage interest, charitable donations, etc. According to Dick Morris, the effective new tax rate will be somewhere around 60-62%.

 

To me, this has many chilling implications:

-Small businessmen will no longer be willing to invest in entrepreneurial endeavours, thus NOT creating new jobs and "trickle down" cash flow to suppliers.

-Charitable organizations will struggle and many will die.

-As investors move their money to foreign companies and hard commodities such as gold, the value of US companies will continue to spiral downward, resulting in massive unemployment.

-The construction and real estate markets will evaporate as the advantages of home ownership are stripped away.

-The continuing international devaluation of the US$ will lead to hyper-inflation and bankrupt the country (let's hope the Chi-Coms keep buying our worthless debt paper)

 

So, what have I done so far?

 

-Cancelled plans for major purchases (SWMBO really needs a new car, but we'll wait)

-Cancelled family "vacation" this year - forget Jambo

-Paid down consumer debt and credit cards to zero

-Starting to accelerate mortgage payments while I can still deduct the interest

-Moved my 401k to "all cash" to preserve capital...my "paper appreciation" has already evaporated

-Increased savings allotments from paycheck to increase emergency "cushion" in case of layoffs

-Will probably reduce or eliminate FOS donation this year - if I donate to Scouts it will be to my Unit

-And the big one for me: Will start a diet and exercise plan so I will be less likely to have to depend on Government Socialist Health Care, which will be non-existent when I get there. I have NO faith that the "GOV" will "take care of me"...nor should it. Maybe that's a good thing...old folks are living way beyond their abilities anyway. That's not what Nature intended.

 

 

 

 

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nothing much. the BUsh recession pretty much already killed off my savings. (there, now don't we all feel better for venting)

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I have left the medical profession before it is destroyed.

 

I am now writing my representatives on a regular basis which I have never done before.

 

We are considering closing all 401k plans before they are taken over by the socialist regime.

 

As to whining, conservatives are reacting to a socialist takeover. Whining is what liberals did when Bush won.

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The president is still the president. You should hold the man up in prayer if you like him or not. He is still "THE MAN." I seem to remember that it is up to the people to take care of themselves, not the government. It is up to people to take care of their neighbors as well. Even if the man was prefect in every way, he can't fix the mess we are in. It took years to get here and it will take years to get out of it.

 

scoutldr is correct. Keep your debt down, pay off your bills and credit cards. Invest into something secure, like farmland so you can at least feed your family. Plant a victory garden. Sell off your stuff you don't need and get free from consumerism and materialism. Spend more time with your family.

 

The Lords return is soon, so get ready for it. The end time are now. RD

 

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Cancelled plans for major purchases (SWMBO really needs a new car, but we'll wait)

-Cancelled family "vacation" this year - forget Jambo

 

 

When people don't spend, then we go into recession. Companies start laying off people because there are not enough sales. Out of work people don't buy things so more people get laid off. Downward spiral.

 

If we all spend and buy, companies can afford to keep people on the payroll. They make money and buy more goods and services so companies have to hire more people to handle the increased business.

 

By all means reduce your debt. That is always a good idea. But also spend to keep the ecomony moving.

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You can't spend what you don't have. A small detail that seems to get lost in the political bickering. As the government postures to take even more of my hard earned wages away from me to give to others, I am forced into defensive mode to protect me and my family. I'm not saying Obama is evil (although I DO wonder about Pelosi), just that I disagree with his strategy toward Socialism. Bush was no Einstein either. But as Cramer said, the reality is that every time Obama opens his mouth the Market reacts negatively and I lose another month or two of retirement living expenses. I can't stand by and do nothing. I don't have 20 years left to "recover".

 

"I seem to remember that it is up to the people to take care of themselves, not the government."

Obama was elected by a majority who seem to disagree with you.

 

"It is up to people to take care of their neighbors as well."

Charity is something that I decide and is between me and my God...not the government. When the Government forces people to give charity, it's called taxation, and they resent it. I give more than my fair share to charity now...WAY WAY more than Joe Biden. Of course, that's about to change.(This message has been edited by scoutldr)

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You can spend what you don't have when you can print your own money.

 

Another reason we need to return to sound money and the gold standard. . .

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We are also thinking of getting out of the 401K.

 

We cancelled our 30th anniversary trip to Hawaii.

 

We are not going to buy a new car as planned.

 

I know of several small businessfolks who are not going to do any hiring.

 

Barry

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I'm investing in T-bills and government bonds. I'm planning a trip to Hawaii in spring 2010 and the US Virgin Islands for fall 2010. I'm planning trips to the Mojave Desert,the Everglades, the Georgia/South Carolina coast and either the Oregon Coast of the Olympics/Cascades in Washington for this year. And I'm taking advantage of the bargains that are now out there as a result of Bushes economic depression.

 

401K? Never had one - I never want my cash put into an investment that has penalties for early withdrawal.

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OMG...where have you been! When Bush rolled into Iraq I told my close friends to get liquid. They did. These are folks who were 59 1/2 at the time, (I'm now 45), they did!. Cashed out of the equities. Now they can buy a new car, remodel their beach house and go to Myrtle Beach to golf this Easter.

 

My friends, the eye of Hurricane Bush is over us here and now. A foreign power planning to invade couldn't not have done it better!

 

My Obama plan is to take those reserves and start buying, real estate REITs, non-financial green focused equities and energy Spider index funds. (Gas will not stay at $2/gal) Opportunity is for those who followed the Scout motto of "Be Prepared".

 

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I have been investing in my IRA and other mutual funds a lot. I am a rather young man I have plenty of time.

 

They are really cheap now! Really cheap.

 

They will go up in time.

 

They always do. Look at history.

 

My only fear is the long term strength of the US dollar if we continue to inflate it like we do.

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I've always lived fiscally conservative. Lived within our means. Modest home, paid off. No car debt. No card debt. Took the tribe to Mexico for Christmas. Bought the wife a new car, great deals. NTiers this summer, Philmont 2010.

 

I did recently take out a HELOC because the rates are really good and I need some roof repairs. College is just around the corner too and the kids trust funds were stolen by Wall Street. Probably feed off that when needed if they don't come back.

 

Those of us who walked the talk of conservativism, will do fine. Those who just talk the talk, will suffer.

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'Stolen'? C'mon Gern.

 

Thats the way markets are. Sometimes they go up sometimes they go down. You made the choice to put your money where you did. You will reap the consequences.

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