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DAVIDSON: It’s Not About How Much You Earn

Prudent finances are more important than ever before.

Jeff Davidson

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The tragic death of Robin Williams in 2014, who took his own life while suffering from severe depression as well as facing money problems among other things, reminds us of a truism of personal finances: it doesn’t matter how much you make in any given year, or in the span of your career. If you spend more than you make, and do it in a hurry, you can end up as bankrupt as anyone. This last year has been particularly tough for many people and so prudent finances are more important than ever before,

Yesteryear, we often read about professional athletes or entertainers who annually earned multimillions of dollars, but then, a few years out of the sport, or out of the celebrity limelight, fell into financial ruin. How could someone raking in several million dollars a year, we thought, end up penniless? How foolish, how reckless, how wanton could people be with their money?

Today, at least among pro athletes money managers ensure that said individual will have regular annual income for life. In pro contracts, clauses stipulate how much of an athlete’s earnings will actually be dispensed in any given year. Hence, 15 to 20 years out of professional sports, an athlete earning, say, $10 million a year will be assured of income for life as a result of effective money management. Celebrities who are wise enough to choose effective professional financial counsel are similarly aided.

High Debt means no Breathing Space

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It’s no matter how much you make, if you don’t effectively manage your money, it can all go to pot. Studies show that an inheritance, no matter how large, on average is dissipated within seven years. So, whether someone receives $5,000 or $500,000, on average, after seven years all that money is gone.

Being in debt is not conducive to having breathing space. In fact, it’s the antithesis. When you’re in debt, that ever-present reality has a way of dominating your day. When the next bill is arrives, you think about your finances. When the next rent or mortgage payment becomes due, the issue arises again. Every time you write a check, surrender your credit card to a vendor, or even take money out of your wallet, you are reminded of your tenuous financial condition.

When you’re in debt and seek to re-pay it, you tend to work longer and harder. You want to make extra money to pay down those credit card balances. Living beyond your means, however exhilarating in the short run, is insidious in the long run. The constant drum beat in the back of your mind, “I’m not making it,” “I owe others,” and “what if people find out?’ can wear down an individual in ways that we don’t even fully understand.

Construct a Cash Flow

The fastest and easiest way to understand the state of your current as well as future personal finances is to construct a 12-month cash flow, which plots all of the incoming cash and revenue from all sources, and to the best of your ability projects all of the expenses you will be incurring. A 36-month cash flow is more ambitious and more revealing.

It’s too easy to get caught up in thinking, “I’m making a fortune annually, and my goodness, what do I have to worry about?” The fate of rich people who die with money issues tells us that you have plenty to worry about if you spend more than you earn.

Entertainment

DirecTV Removes Conservative News Network in Blow to Free Speech

The move is just the latest incident in which conservative bandwidth has been arbitrarily limited, and it certainly won’t be the last. 

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In our nation, we’ve long held the belief that the diversity of opinion is a tool for sharpening our abilities and ingenuity.  The freedom to speak as you want is the best way to keep the evil among us from snatching up the entirety of the American Dream for themselves, and it levels the playing field among the masses.

That it why the latest move from DirecTV is so egregious.

The largest satellite provider in the United States said late Friday it will drop One America News, a move that could financially cripple the rightwing TV network known for fueling conspiracy theories about the 2020 election.

The announcement by DirecTV, which is 70% owned by AT&T, comes three months after a Reuters investigation revealed that OAN’s founder testified that AT&T inspired him to create the network. Court testimony also showed that OAN receives nearly all of its revenue from DirecTV.

The sudden change comes after years of cooperation.

DirecTV, with approximately 15 million subscribers, is by far OAN’s largest carrier. According to testimony by OAN’s accountant reviewed by Reuters, DirecTV provided 90% of the conservative network’s revenue.

“We informed Herring Networks that, following a routine internal review, we do not plan to enter into a new contract when our current agreement expires,” DirecTV said in a statement.

The OAN-DirecTV contract is set to expire in the next several months. DirecTV began airing OAN in April 2017, a deal that began shortly after OAN and AT&T settled a lawsuit over alleged oral promises during negotiations.

The move is just the latest incident in which conservative bandwidth has been arbitrarily limited, and it certainly won’t be the last.

In our nation, we’ve long held the belief that the diversity of opinion is a tool for sharpening our abilities and ingenuity.  The freedom to speak as you want is the best way to keep the evil among us from snatching up the entirety of the American Dream for themselves, and it levels the playing field among the masses. That it why the latest move from DirecTV is so egregious. The largest satellite provider in the United States said late Friday it will drop One America News, a move that could financially cripple the rightwing TV network known for fueling conspiracy theories about the 2020 election. The announcement by DirecTV, which is 70% owned by AT&T, comes three months after a Reuters investigation revealed that OAN’s founder testified that AT&T inspired him to create the network. Court testimony also showed that OAN receives nearly all of its revenue from DirecTV. The sudden change comes after years of cooperation. DirecTV, with approximately 15 million subscribers, is by far OAN’s largest carrier. According to testimony by OAN’s accountant reviewed by Reuters, DirecTV provided 90% of the conservative network’s revenue. “We informed Herring Networks that, following a routine internal review, we do not plan to enter into a new contract when our current agreement expires,” DirecTV said in a statement. The OAN-DirecTV contract is set to expire in the next several months. DirecTV began airing OAN in April 2017, a deal that began shortly after OAN and AT&T settled a lawsuit over alleged oral promises during negotiations. The move is just the latest incident in which conservative bandwidth has been arbitrarily limited, and it certainly won’t be the last.

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News

My Pillow CEO Blackballed by Banking Institutions Over ‘Reputation Risk’

The left is taking their war on conservatism to absurd new lengths.

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As the 2022 midterm election remains just over the horizon, casting an already dark cloud over the coming months, there has been a concerted effort among those on the left side of the aisle to exploit the events of January 6th, 2021 for political gain.  And, as Democrats continue to fear for the worst in 2022, they are casting an ever wider net.

The tactic is essentially spray and pray:  Throw subpoenas and accusations all over the place, and then beg the heavens above that something sticks.

This is making life very difficult for those who are, or were once, associated with Donald Trump.  This includes the CEO of the My Pillow corporation, Mike Lindell.

During a Friday episode of right-wing political strategist Steve Bannon’s War Room podcast, Lindell claimed that Heartland Financial and Minnesota Bank and Trust are attempting to “de-bank” him over concerns that they could face fallout related to having him as a client. During the podcast, Bannon and Lindell played an audio recording that they said was a call with a bank official.

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“Just because of our organization saying, ‘Well, why are we connected with somebody that could be in the news.’ And, not that the FBI is even sniffing and looking, but what if somebody came in and said, ‘You know what, we are gonna subpoena all his account records…and then also we make the news,'” the person in the recording said. “So it’s more of a reputation risk.”

Lindell went on to tell Bannon that the financial institutions want him to shutter his accounts within 30 days. But the pro-Trump businessman insisted that he is refusing to comply.

“I said, ‘I am not being part of this. I’m not leaving. So you’re going to have to throw me out of your bank,'” he said. During the segment, Bannon put the phone numbers and contact information of top officials at the institutions onscreen—urging supporters to call and complain.

And, finally…

“Where does it end everybody? Where does it end?” Lindell asked, suggesting that he is being persecuted for his controversial activism. He contended that the banks’ decision was related to his refusal to comply with the House select committee investigating the January 6, 2021 pro-Trump attack against the U.S. Capitol.

As the January 6th committee grows bolder and brasher, we should perhaps expect more examples of such political discrimination to make headlines.

As the 2022 midterm election remains just over the horizon, casting an already dark cloud over the coming months, there has been a concerted effort among those on the left side of the aisle to exploit the events of January 6th, 2021 for political gain.  And, as Democrats continue to fear for the worst in 2022, they are casting an ever wider net. The tactic is essentially spray and pray:  Throw subpoenas and accusations all over the place, and then beg the heavens above that something sticks. This is making life very difficult for those who are, or were once, associated with Donald Trump.  This includes the CEO of the My Pillow corporation, Mike Lindell. During a Friday episode of right-wing political strategist Steve Bannon’s War Room podcast, Lindell claimed that Heartland Financial and Minnesota Bank and Trust are attempting to “de-bank” him over concerns that they could face fallout related to having him as a client. During the podcast, Bannon and Lindell played an audio recording that they said was a call with a bank official. “Just because of our organization saying, ‘Well, why are we connected with somebody that could be in the news.’ And, not that the FBI is even sniffing and looking, but what if somebody came in and said, ‘You know what, we are gonna subpoena all his account records…and then also we make the news,'” the person in the recording said. “So it’s more of a reputation risk.” Lindell went on to tell Bannon that the financial institutions want him to shutter his accounts within 30 days. But the pro-Trump businessman insisted that he is refusing to comply. “I said, ‘I am not being part of this. I’m not leaving. So you’re going to have to throw me out of your bank,'” he said. During the…

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