All three major indexes posted modest losses the last market open of the year, Friday, December 30th, capping their worst year since ’08.
Hyperbole serves the prosecution when they claim Sam Bankman-Fried oversaw one of the biggest financial frauds in American history.
These are rookie numbers. Don’t make me yawn.
Making personal contributions of $40 million? $70 million total in ‘recent years?’ Last year, Goldman Sachs answered to fines for fraud to the tune of 1 billion in Malaysia.
In other avenues, crypto prices cratered this past year thanks to rising central bank rates and the collapses of hedge funds and exchanges. In short, the tech holds intrinsic value despite the prices, an extrinsic measure, changing.
Here’s a criminal, to me: Rick Singer. Man runs a complex operation that all at once:
- Frauds SAT/ACT scores
- Bribes coaches to flag hopefuls as recruited athletes
- Guarantees admissions to Ivy League schools
- Accepts donations thru a charity so donors can write it off
While the people up top game and scheme, I love the way I make my visions reality with my work. I don’t have to scam anyone for that. Here’s how a player plays.
Cats thinkin’ they can scheme for the cheese? Please. Knowledge is priceless.
My financial consultation the other afternoon was an opportunity of circumstance. I don’t ignore confluence, though and this time it paid handsomely. I was given three paradigms that individuals tend to focus on. We might be able to manage on our own, but the fact is, financial planners serve a needs-based role in providing specific measures for specific people. We’re all at different places on this road, though we all wish for financial freedom. I was impressed to learn that even with my best efforts, I was only in tune with one of these:
Risk Management
- Includes protecting income from unforeseen events like disability or premature passing. A lot of trading ‘gurus’ laud this as critical for the average investor- this much is obvious, yet they seldom explain the gravity of the situation.
Wealth Accumulation
- I see my role as a photographer with two tasks. To inform and to entertain, I create images that provoke and position important matters in the foreground, casting light and topics overshadowed in the background. I wish to accumulate my wealth doing this, namely.
Wealth Preservation & Distribution
- This stage I haven’t reached yet, but we can observe that mismanagement like fraud often makes the news. Some cats get attached to the results, not the process and wanna grub money like Scrooge. So many forget what good they can do giving back, and not just dollars: time, skillsets, and experience go a long way.
On the road to riches and diamond rings, smart money does smart things.
Genesis left an impression with her last two comments.
Folks without proper plans are spending funds that oughta be earmarked for emergencies. We buy what we want with money we don’t really have. Moreover, too few people understand the power of compounding. Not just starting savings early, but regularly contributing what you can has an astronomical effect. Don’t just take my word for it. Watch.
Post Summary
- The stock market loses millions every day, every year. It doesn’t matter the asset; money changes hands regularly.
- Crime remains one of the most profitable avenues, until it isn’t. The mastermind of a college admissions scheme is in trouble, but how about all the students not accepted for nepotism?
- There are levels to financial planning for the future. They are risk management, wealth accumulation and wealth preservation or distribution. Just don’t try to accumulate with crime, okay? Alright.