Just in Case it Matters to You
Weekly Report 20-49
- IDENTITY THEFT IS REMAINS RAMPANT THESE DAYS, and provides easy profit for cybercriminals who sell information on the Dark Web. FYI: current approximate prices are highest obviously for financial accounts (Bank $260, Debit Card $250, Pay Pal & Credit cards up to $42); then E-commerce accounts ($22 for eBay to $30 for Amazon); Mobile Phone credentials (up to $16 for T-Mobile); Entertainment services ($15 for NBA, up to $11 for Apple); also Social Media (up to $9 for FaceBook). “Your susceptibility depends on a variety of factors including ease of password, security of the vendor, and location – riskiest are in Nevada, Florida & Alaska; least risky are Iowa, S. Dakota & Mississippi.” Monitoring services which provide the safest protection are ranked by Consumer Reports. [TECHREPUBLIC – 6/25/20]
- THE ONGOING FINANCIAL DISTRESS TO BUSINESSES FROM COVID IMPACTS “is almost certain to generate a massive wave of insolvency filings in coming months.” Alternatives are: (1) Bankruptcy – a federal process which imposes an automatic ‘stay’ on creditor collection pursuits, while an appointed judge oversees efforts to restructure and continue in business, an expensive and slow process involving substantial oversight & reporting which requires ongoing funding; (2) Assignment for Benefit of Creditors (ABC) – a state process which transfers control to an independent fiduciary, company-engaged, who instead of ‘restructuring’ to continue operations, liquidates assets & negotiates settlements with unhappy creditors. Easier, faster & much less costly, but does not ‘stay’ existing or subsequent lawsuits; (3) Receivership – Court appointment of a neutral person to “act on behalf and for benefit of all interested parties,” with much greater speed & flexibility, and much less expensive. The most effective alternative to insolvency filings, in circumstances when lenders & creditors “may be willing to enter into forbearance agreements that allow flexibility in payments & timing,” is Out-of-Court Workout – which allows the company to continue in business. DCG have decades of experience in assisting troubled companies to accomplish this result. Call us before your reality check bounces. [CFO MAGAZINE – June/July 2020]
- “TO THE SILENT MAJORITY WHO ARE CURRENTLY INDIFFERENT: WAKE UP! America is at risk of being lost in the dustbin of history to Socialism…on a path of being controlled by fewer & fewer of the too-long-in-power politicians…pandering to a small group of passionate people working hard to destroy the American way of life. Treason and treachery are rampant and Rule of Law (along with law enforcement professionals who uphold it) are under the gun more than at time in our nation’s history… Now is the time to trust your instincts & common sense – not fake news or false prophets…promoting radical social change through power & control. The creation of a socialist society are their ultimate goals… Those with a conscience know the difference between right & wrong, and those with courage will always choose the harder right over the easier wrong… In war, as in life, most failure comes from inaction. We face a pivotal moment that can change the course of history of our nation.” [GENERAL MICHAEL FLYNN – WESTERN JOURNAL – 6/29/20]
- NOTE FOR THOSE NEARING SOCIAL SECURITY AGE. The rules about impact of continuing to work after starting Social Security change with each Congress. ‘Full Retirement Age (FRA) is now 66 if born after 1954, and 67 if born after 1959. If you choose to collect social security payments before reaching FRA, then limits and tax impacts apply: (1) Earning more than $1,470 monthly or $17,640 annually forfeits 1/3 of the excess which gets withheld from your monthly SS payment; (2) Those limits change in the year becoming age 66, to earning above $3,910 monthly or $46,920 annually, with ¼ of excess withheld; (3) Once reaching FRA however, payments are recalculated to provide credit for the ‘withheld’ portion, as well as continued earnings; (4) Up to 85% of SS benefits become taxable when Adjusted Gross Income plus non-taxable income (certain interest, dividends and IRA/401K collections) exceed thresholds of $34K single or $44K joint.
- P.C. WINNER OF THE MONTH is Duluth Minnesota’s city council which voted to “eliminate all terms rooted in offensive & intentional marginalization,” starting with banning the word ‘Chief’ from all job titles, saying it’s offensive to Native Americans.
- THOUGHTS FOR THE WEEK: Cool Optical Illusions: https://biggeekdad.com/2017/06/8-photo-illusions/
“With every statue that falls, another teachable moment, another opportunity for context and growth, is lost forever, thanks to a mob who rely on sound bites for education, and social conformity that subjugates critical thinking. A world where everything is ruled by binary thought is the very definition of fascism.” – Rick Petry
An intelligent perspective on the reality of systemic white racism: https://www.youtube.com/watch?v=0wrzoIBC7KY&feature=youtu.be Then, if you’re not among the 100 million people globally who have already listened to the reality-based perspective of Candice Owens: https://www.youtube.com/watch?v=sY3zbL7trhE&feature=youtu.be