Tao Financial

10/30/2023

When is free financial information dangerous? When it's provided without proper context. This S&P 500 seasonality chart has been practically everywhere I've looked the last few months. Unfortunately, it only represents a short period of time in the history of the markets... and the years that it wasn't true included the one bear market during this span of time.
The 20 year period leading up to 2022 had 18 positive years out of 20, which is unusual when looking back at the market's history. The chart's also excluding the dot-com bubble. See charts below for 2000, 2001, 2002, 2007, and 2008. It's very accurate... except for bear markets.

Charts like this can feed into our habit of "confirmation bias", or seeking information which supports our currently held beliefs. Free information like this encourages us to assume what we want from it without providing all of the relevant facts. For this reason alone, it should be taken with a grain of salt.

11/15/2022

Last week, I had the privilege of teaching on a topic that is near and dear to my heart: understanding and monitoring a business' health through its financial statements. This was not a simple topic to teach, and it took months of planning and preparation to pull it off.

Thankfully the class went very well, and we will be continuing with a quarterly education series in 2023!

Thanks so much to Associated Builders and Contractors of Central Florida for the opportunity to share this information with their members!!!

11/03/2022

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11/01/2022

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10/31/2022

STEM Gift Drive board members Tee Rogers and Jeff George attended the regional Boys & Girls Clubs of Central Florida Faces of the Future breakfast yesterday. Our team is more inspired than ever to make an impact by collecting gifts in support of the youth they serve. Make a difference with us!!

Learn more about the STEM Gift Drive at http://STEMGiftDrive.org.

10/31/2022

Financial Abuse, Resources and Support (Part 2)

Here's the final post in our series in support of Domestic Violence Awareness Month. We hope this information has been helpful and hope it is distributed as widely as it can go. Please help where you can. Thanks!

Tech-savvy Privacy Tips

• Privacy-focused browsers like DuckDuckGo do not retain web history
• Free, secure email services like ProtonMail can be used for private communications
• Password banks like Lastpass and Bitwarden can store multiple passwords and other information securely behind a single password. They also have password generator tools to create passwords that are virtually impossible to crack. Never save passwords in a browser or on a device
• Apps like "Parallel Space" allow apps to be installed in 'incognito mode' and can lock them behind a passcode or fingerprint, making them undetectable on your phone
• Multiple providers offer free cloud accounts (pCloud, MEGA, Google Drive, Microsoft OneDrive, DropBox, terabox, etc). Services such as MultCloud can be used to create multiple backups of your primary cloud account and sync them automatically. There is a free version for this service, although transfers may be limited. Files can also be shared with trusted contacts as a second (or third) line of defense
• Authenticator apps like Authy can be used to get away from using texts or email for one-time passcodes. Authy can be password protected and also offers a recovery key (back-ups must be turned on, and save the key somewhere!). If your phone is lost or stolen, you can recover your account even if your phone number changes.

There are many phone activity spying apps and methods of tracking your location. If you're concerned about something like that being on your phone, consider using a different prepaid phone. Alternatively, you can backup your phone information, reset your phone, and then selectively restore your accounts and apps through services like iCloud and Google Drive. Importantly, this may not remove an abuser's ability to track location through services offered by the phone carrier.

10/28/2022

Financial Abuse, Resources and Support (Part 1)

If a victim does not have access to household financial accounts, it may be necessary to look into other ways to raise cash for leaving. Here are a list of ideas to consider.

• Sell some extra belongings for cash, or use a service like Diamond Banc to borrow money using valuable jewelry or watches as collateral
• Check out state unclaimed property searches – sometimes you'll have a leftover security deposit from a utility company or old bank account with some money in it
• Look for online earning opportunities through doing surveys (Survey Ju**ie), Fiverr, Upwork, task-rabbit, Care.com, Uber, Grubhub, or other similar services
• Take up a side hustle, such as dog sitting, selling handmade goods, or handling household jobs (this may not be feasible if under close supervision)
• Sign on with affiliate marketing strategies such as legal shield, or other companies with flexible work arrangements (same limitation as above)
• Let their network know they're looking for work and what kind, whether it's odd-jobs or a full-time position
• Update their resume, brush up on interviewing skills and apply for remote jobs in advance of leaving
• If their abuser has or might cause issues with their current or future employment, alerting their employer might allow for additional support at work
• 401k loans are often available through an employer's group retirement plan. This could be a good option if victims are employed
• Money can be borrowed using investment accounts as collateral (called a securities-based loan)
• Withholding elections for federal income taxes could be changed, and part of the additional take-home pay could be redirected to a separate bank account or 401k to borrow from later. The same could apply for bonuses or other employee benefits (avoid doing this with health insurance if possible). The employer's human resources department should be able to assist with this.

Source Article:

Financial Abuse, Part 5: Resources & Support
https://taofinancialusa.com/financial-abuse-part-5/

10/26/2022

Financial Abuse, Out the Door (Part 2)

Protecting Property and Assets

I won't beat the drum again on "I'm not an expert with this", but you get the drift. Please use this information, but consult with advocacy groups for additional guidance from the experts in this area!

Here's a list of physical items a victim might take with them when leaving, besides the documents listed in part 2 of our blog series.

• Spare car keys
• Checkbook
• Cash
• Small, valuable physical property such as jewelry, precious metals, guns, and collectibles
• All known keys to safety deposit boxes and storage units (if applicable)
• Username and login information (if kept in a notebook or piece of paper)

If a victim lives in a "community property" state, where anything earned or accumulated during marriage is divided evenly in a divorce, they are legally entitled to half of those assets. The rest of the states will split property based on what each person contributed (among other factors), meaning it may or may not be an even split. If they have access to the bank accounts, it could make sense to withdraw 50% of those accounts when leaving to prevent their abuser from hiding or spending the money. To protect themselves, they should take a screenshot of the accounts showing the date of withdrawal and account balances both before and after withdrawing the money (keep a copy on the cloud!).

If an account balance is over $5,000 to $10,000, they may have to physically visit the bank to have funds withdrawn same-day. Similarly, even holding all known keys - it would be wise to remove any personal items from shared safe deposit boxes and transfer them to a separate box. The new box can also store financial documents, personal identification cards/passports, sentimental items, family heirlooms, jewelry, pictures, or other valuables while victims are finding their footing.

Source Article:
Financial Abuse, Part 4: Out the Door
https://taofinancialusa.com/financial-abuse-part-4/

10/24/2022

Financial Abuse, Out the Door (Part 1)

Once again, this is general guidance. We have endeavored to create a valuable resource for victims of abuse, but do not claim to be experts in dealing with abusive relationships. These posts and blog articles are specifically financial in nature and do not cover all important areas relevant to leaving an abusive relationship!

Protecting Personal Information and Accounts

• Create new personal identification numbers (PINs), passwords, and security questions for all financial and non-financial accounts. Using a password storage tool like LastPass or Bitwarden would help speed this process up quite a lot. If victims haven’t already done so, they should think about setting this up before leaving
• Avoid using answers to security questions that an abuser could guess to keep them from changing login credentials, borrowing money in their victim's name, or draining their accounts
• Backup emails and phone numbers should be changed where applicable (if joint, or if the password/recovery information is not changed)
• Saved password data should be removed from any devices being left behind, and "remember my account" settings for those devices should be revoked (again, in many cases this can be done at the account level in iCloud or Google)
• All physical mail should be forwarded to a trusted address
• Victim's phone numbers should be transferred to a new wireless plan immediately if their device isn't being left behind (especially if the phone number is being used to secure financial accounts). If this does not occur, their location could be tracked and the number could be transferred to a phone in the abuser's control

Source Article:
Financial Abuse, Part 4: Out the Door
https://taofinancialusa.com/financial-abuse-part-4/

10/21/2022

Financial Abuse, Preparing to Leave (Part 2)

Again, this article is for education and guidance. It is not a substitute for professional advice. Also, some of these steps may be more appropriate to take after a victim has left the abusive relationship as opposed to while they are still in it. Please share.

Protecting and Building Credit

• Victims should request a free copy of their credit report from annualcreditreport.com
• If accounts were created under their name without permission, they can be disputed with the lender and credit bureaus
• To prevent an abuser from borrowing in their victim's name, a 90-day fraud alert can be filed with the major credit bureaus. This will make lenders verify the victim's identity before issuing new credit in their name. Links to file a fraud alert are included in part 3 of this blog series (linked below)
• Victims may also want to block access to their electronic Social Security record. Information for requesting a block and also for obtaining a new social security number are included in the source article

Credit Considerations for Married Victims

As a part of a divorce, debt acquired during a marriage is usually split between the spouses. Usually, spouses will decide on a division of debt that they can both agree to, or a judge will divide the debt by looking at several factors. Depending on state law, the judge may agree that one spouse is the only person responsible for certain debts if it can be shown they borrowed the money for things that only benefited them (and had no benefit for the household). To figure out what your state's laws say about the division of debt, we suggest you talk to a lawyer that’s licensed to practice in your state. You can go to www.womenslaw.org to locate a divorce lawyer in your state.

Lastly, victims should try to pay off any balances on joint credit cards (if possible) so they are easier to close and to prevent their abuser from borrowing more debt in their name after leaving. Taking screenshots or saving account statements showing the balance on the account before leaving can provide an additional layer of protection. If victims are unable to pay off what's owed, they can call their lender and ask to removed from the account. This won't remove their responsibility to pay back existing debt, but it may help protect them from having to pay for anything added after they leave.

Source Article:
Financial Abuse, Part 3: Making Preparations
https://taofinancialusa.com/financial-abuse-part-3/