Folks, now that we are going to keep the Trump Tax Brackets, it’s still your responsibility to become informed so that you may protect your assets from higher taxes, inflation, and other outside predators. You need to be moving as much money from savings, low-interest-bearing certificates of deposit, and tax-deferred investments to a Tax-Free account. You should not have over six months of income for emergency situations. And while we’re about taxes, I want to share with you what is happening to our dollar through what I call the invisible tax (inflation). Not long ago, a local restaurant served a sandwich that had 4 oz. of meat between the buns, but today, they only give you 3 ½ oz. of meat. That’s 15% inflation! And I used to buy bottled water in the case of 28 bottles, but today, for the same price, I get 24 bottles of water. That, my friend, is 16% inflation. Inflation is probably the greatest predator to your retirement savings. My wife makes outstanding brownies. She got so upset with Duncan Hines because they had reduced the volume of brownie mix, and this action has messed up her recipe. This sort of activity in the marketplace is happening with everything, and it is nothing new. OK, how many ounces of coffee are now in a pound? The Roman Emperor used to cut off the edges of the coins used for currency to melt the shaved pieces down to add more coins to the government’s purse. It didn’t take long for the vendors to realize what he had done, which then began a chain reaction of reducing the portions of items they sold in the marketplace for the same or higher prices. Inflation is a silent tax, and it hurts the general population, but as I have already stated in this book, it benefits the government. Inflation should be one of our major concerns when we think about the economic challenges of tomorrow for ourselves, our children, our grandchildren, and in my case, great-grandchildren. What are folks on a fixed income going to do when they cannot pay their monthly expenses? How are they going to survive when the government is forced to lower their benefits, cut public services, and raise their taxes? Remember, you can never learn less! What you know today will determine your future in the next five or ten years. And you cannot beware of something you’re not aware of. Never stop learning.
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