5 Ways To Lose At Life

1. Make Excuses: The number one reason how some one fails at life is they make and accept excuses instead of accepting responsibility. Are you an object to be acted on or are you the one to act?

2. Be Negative: There are things all around to to be happy about, to be grateful for. However, there are also things that suck. You choose which ones you want to focus on. I can tell you which ones will make you happier.

3. Be Lazy: Yes, you can work 16 hours a day. Maybe you don't want to work that much, but don't be afraid to work hard. I don't know anyone that is successful that didn't work hard to get there.

4. Have No Direction: The world will stop and stand aside for a man who knows where he is going.

5. Have No Motivation: If you don't know why you are doing something, you will get distracted and discouraged. Your "WHY" is what get's you through the tough long days.

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Bill Nye Epic Fail: Creationism

I use to like Bill Nye. In fact in 6th grade they called me Ben Nye the Science Guy. Well Bill provided me with an EPIC FAIL by saying Creationism is not appropriate for children. And evolution is?

Creationism and Evolution should be taught side by side as two different guesses to a question for which we have no answer.

Can we evolve from bacteria? Sure. That isn't a big leap. However, going from nothing to a single cell organism is an incomprehensible leap. A single cell is an extremely complex thing compared to nothing. To say an amino acid can randomly turn into an organism is like saying you can solve a Rubix cube by closing your eyes and randomly turning pieces.

4,325,200,327,448,985,600! That's how many possible positions of a Rubix Cube. The record for fewest moves to solve a Rubix Cube is 20. That means that the probability of randomly solving a Rubix Cube is less than 1/325200327448985600^20. I couldn't find a calculator to compute that. I realize the actual equation for this probability is a little more complex, but you get my point.

If someone closed their eyes and randomly solved a Rubix Cube, wouldn't it be more likely that they had some kind of help? Likewise, isn't it more likely that something helped evolution along than it is that a cell magically appeared?

I'm not saying either is right or wrong. I'm saying that WE DON'T KNOW and therefore should teach that there are questions to which we have not yet found the answer. Bill Nye. Sorry bud, but even you don't have all the answers.

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Dave Ramsey Epic Fail: IRA Tax Savings!

This morning I heard a Dave Ramsey moment on the radio. Dave said that a fully funded IRA, after 20 some odd years would amount to some $9 million. Ok, that's fine. We can assume the stock market never crashes and you earn Dave's token 10% rate for enough years to accumulate $9 million. That's not what I had a problem with. Every finance guy likes to tout his latest variable as if it is a fixed number.

Dave then went on to tell us that if it was a normal IRA it would all be taxable, but if it was a Roth it would be tax free! What a miracle! WHAT A LIE!

Let's compare the two. I'll make it super simple. Let's assume we invest $100 for one year and it earns Dave's famous 10%. That means at the end of the year we'd have $110. What Dave said was that if it was a traditional IRA we would owe taxes. Assuming 30% tax rate, that means $77 would be ours. However, if we had used a roth IRA it would be $110 tax free.

Where Dave EPICLY FAILS, is the assumption that we would have the same amount of money to invest in a Roth and as a Traditional IRA. Truthfully, if we had invested the $100 in a Roth IRA, that means we paid taxes on the money in the year that we contributed it. Essentially, we would have contributed $70 and paid $30 in taxes, assuming our 30% tax rate. After our year of magic 10% Dave earnings, we would have... *drum roll please* $77.

Just to recap: Traditional IRA $77, Roth IRA $77. Uh, Dave? Roth and traditional IRA are NET TAX NEUTRAL!!! Even if we still contributed the max to either account they have different maximum allowed contributions to accommodate this. Uncle Sam has to get his and ROTH vs TRADITION ARE NET TAX NEUTRAL!!!

The real questions for Roth vs Traditional are; will you be in a higher tax bracket now or later? Do you expect tax rates to be higher now or later? Do you want to owe taxes to the government or pay your tax debt now?

I'm a fan of the Roth IRA, but as I've said many times before; the real problem Dave has is that there is no one size fit's all answer.

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When Good Deals Go Bad: Meth

Some people think buying a house is easy as buying milk. It is possible. However, there are an endless number of things that can go wrong. The following is one of my experiences and how it went wrong. Names and places have been changed to protect the innocent.

Property A started out as a multiple offer situation on a bank owned property. This is annoying, but often unavoidable when it's a really good deal. Nevertheless, we got it under contract. When doing the inspection, the property tested positive for meth. We told the bank to do remediation or cancel our contract. They canceled our contract.

Note: there are different levels of meth contamination. If someone is cooking than the house is wasted. If someone is smoking it, then the levels may still pass legal levels. This contamination is not as serious and can be solved by simple remediation. The levels on this property were barely past legal.

A week later the property was back on the market with no mention of meth in the listing. So we called the city and gave them the results of our meth test. The property was suddenly back off the market and listed as one of the cities "meth" houses. Essentially, the bank had tried to list it knowing it was uninhabitable. We got a call the next week from the listing agent wondering if we wanted to submit another offer. We submitted the offer requiring the bank to do the meth remediation and it was accepted.

I'd like to tell you we closed and everyone lived happily ever after, but not true. In fact the underwriter for our loan went out of town and the lender would not transfer the file. We couldn't close on time because we couldn't secure financing. At the last minute we switched loan officers and the new one was able to close the loan in a week.

Unfortunately we were past the contract deadline requiring us to pay $1,000 per day we went over. On the day of closing the listing agent wanted another $1,000 even though he was the one that held us up the last additional day. We threatened to sue for non-performance (failure to close). He allowed us to close.

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Economic Truths of Human Behavior

A lot of people base economic opinions on mathematical equations (2-1=1). For example, tax the rich. If we tax the rich more it will give us the money the government needs for it's budget. The problem is that economics is a social science. It envolves psychology of large groups of people and how they react to economic decisions. For example, if you tax the rich too much, they move and take their money somewhere else that doesn't tax them as much. So in this case, an increase of taxes would result in a loss of tax revenue (see Laffer Curve).

The following are Natural Laws of Human Behavior in Economics originally created by G. Edward Griffin, author of Creature From Jekyll Isle.

1. Long-term price stability is possible only when the money supply is based upon the gold (or silver) supply without government interference.
2. For a nation to enjoy economic prosperity and political tranquility, the monetary power of its politicians must be limited solely to the maintenance of honest weights and measures of precious metals.
3. A nation that resorts to the use of fiat money has doomed itself to economic hardship and political disunity.
4. Fractional money will always degenerate into fiat money. It is but fiat money in transition.
5. When men are entrusted with the power to control the money supply, they will eventually use that power to confiscate the wealth of their neighbors.

Most of these laws are referring the monetary policy, which is one of the most prominent methods for economic interference. These laws are not all inclusive, but they are a good start. It makes the point that economic decisions cannot be made by equations and people cannot be expected to act like numerals.

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