WI Web Staff
House Republicans essentially ignored the Congressional Black Caucus' (CBC) vow of a boycott Thursday, having proceeded with a vote to hold U.S. Attorney General Eric Holder in criminal contempt for terminating the "Fast and Furious Operation," described as an unfortunate operation that began under the Bush Administration.
In an expression of its opposition to partisan activity aimed at Holder, the CBC which had the support of other Democrats as well as Hispanic, Asian Pacific American and Progressive caucuses, maintained that Congress's decision to forge ahead with a vote, had been regarded as a "political stunt," and that a contempt hearing would distract both the Congress in its duty to pass legislation as well as interfere with the Department of Justice in its duty to investigate and pursue real crimes.
The precedent-setting vote -- marking the first time a sitting Cabinet member has been held in contempt -- came after Holder had adamantly refused to hand over nearly 8,000 documents related to the botched gun-tracking operation.
The CBC comprises more than 40 members. Its boycott was reminiscent of similar action taken in 2008 by Republicans after Democrats -- then in control of the House -- voted to hold two top Bush Administration officials in contempt of Congress.
In a letter to supporters this week, the CBC had sought wide-spread unity in its pursuit of justice for Holder, saying that over the past 15 months, the Justice Department had cooperated with the Committee on Oversight and Government Reform's requests for information on "Fast and Furious."
The CBC's letter stated in part that:
"In its history, the United States House of Representatives has never held a United States Attorney General, or any other Cabinet official, in contempt. "
Prior to Congress's vote, the CBC had insisted that instead of Republicans being focused on holding Holder in contempt, their time would be better spent creating jobs.
Nationals Ryan Zimmerman slides into third base safely before Rays Ben Zobrist could tag him during baseball action between the Nationals and Tampa on Thursday, June 21 at Nationals Park in Southeast.
Former Redskins star Darrell Green threw out the ceremonial pitch on Thursday, June 21 as part of the Black Heritage Night program.
Members of the Ridge Road Recreation Center Baseball Team along with their coach, Kenya Stroughter Sr., participate in the Black Heritage Night Festivities at Nationals Stadium in Southeast on Thursday, June 21. The Ridge Road Recreation Center in Ward 7 and home to the Titans, offers youth basic baseball instruction in a competitive environment and promotes sportsmanship, integrity and respect for authority.
Nigeria's President Fires Security, Defense Chiefs
Thursday, 28 June 2012 19:32 Published in International
Amid mounting violence in the north, Nigeria's President Goodluck Jonathan has fired his national security adviser and defense minister.
While it has remained unclear who will replace Defense Minister Bello Mohammed, the president's security aide Owoye Azazi will be replaced by Sambo Dasuki, a retired colonel from the Muslim North.
The announcements were made recently following a spate of attacks that targeted at least three churches, and in which about 150 people were killed.
Reports also state that new incidences of rioting occurred later, and that curfews have since been imposed in both northeastern cities of Kaduna and Damaturu.
Meanwhile, President Jonathan has faced mounting criticism over the manner in which growing insurgency has been responded to, with analysts noting serious concern that residents could increasingly take the law into their own hands if the authorities do not tackle the problem.
Louisiana Judge Faces Backlish Over High Court Seat
Thursday, 28 June 2012 18:15 Published in National
Bernette Joshua Johnson, an associate justice on the Louisiana Supreme Court for nearly two decades, is poised to assume the post of chief justice early next year when the current judge Catherine D. Kimball, retires in January.
But Johnson, who was first elected to the state's highest court in 1994, is the second longest serving jurist on the bench and is next in line for the post, faces opposition.
Kimball has not only called for a hearing to determine her successor, she has also issued an order recusing Johnson from sitting on the panel that will determine how the issue will be resolved.
Ron Wilson is one of the attorneys who successfully sued Louisiana in 1986 for Voting Rights Act violations surrounding the state's manner of selecting Supreme Court justices. "The constitution says who the chief justice will be, not the state Supreme Court," Wilson was quoted as saying a National Coalition on Black Civic Participation (NCBCP) report.
Marc H. Morial, National Urban League president and an original plaintiffs in a lawsuit filed on Johnson's behalf, has likewise responded saying any efforts to derail Johnson's a appointment is an affront to the Voting Rights Act.
Another plaintiff, Ron Chisom, stated his support.
"Justice Bernette Johnson isn't a token judge; she's a real judge," Chisom said in the NCBCP report. "I'm honored to play any role in fighting for her."
Meanwhile, Johnson just one of just a few African-American jurists to serve on Louisiana's high court. The others include Justice Jesse Stone who was appointed to briefly serve in 1979 and Justice Revius Ortique, who was elected to a seat on the court in 1992.
When it comes to financial independence, it often seems that there are certain members of society who just have a better chance of succeeding than everyone else. In fact, there is a anecdote that makes the rounds every so often that claims if you take a group of millionaires; remove all of their knowledge, wealth, and experience; and stick them in the middle of a desert with nothing but a gallon of water, almost every single one of them will be back to millionaire status within 10 years. While it is hardly ethical or scientific to actually put this theory to a test, the basic premise is pretty reasonable: the wealthy are wealthy because finances, investments, and making money are what they're good at doing.
Financial Independence: Your Goals, Your Life
While it may not be your life goal to become a millionaire, it would be difficult to convince anyone that being financially independent or comfortably wealthy wouldn't be a nice break from the routine of everyday life. Yet few people really take advantage of what they currently have to try and amass the kind of wealth that will allow them an early retirement or that beach house in the Grand Caymans.
The primary culprit? Not having solid, attainable fiscal goals.
This may seem oversimplified at first, but the fact is, most people view financial investments or long-term financial planning as something that can wait or that can be set aside when everyday life gets in the way.
The best financial advisors and investment firms, however, will tell you that the first thing you can do to start making the kinds of decisions that will create a solid portfolio of wealth for the future is to sit down and really outline what it is you want and what steps you can take to get there.
For example, imagine a family whose three children are only a year apart in age. They're young right now, but the parents one day hope to see all of them in the college of their dreams. There are a number of steps that need be taken to make that goal a reality, and not all of them have to do with stepping up the piano lessons or moving to a neighborhood with the best public schools. In order to reasonably put three kids through college, it is best to create a financial plan with actual, numerical results at the end. Saving whatever is left at the end of the month is a good first step, but unless you sit down and look at what kinds of investments that money needs to go into to get the necessary percentage increase in 15 years, you aren't following a financial plan – you're just saving money.
The Bottom Line
Understanding that difference – the difference between saving money and following a financial plan – is what really separates the millionaires from the rest of the population.
The good news is, in today's world, you don't have to have the know-how yourself to move from saving to creating an investment plan. Thanks to financial advisors and other professional firms dedicated to turning fiscal dreams into realities, everyone can tap into the knowledge it takes to move – if not quite to millionaire status – as close as necessary to live the life you deserve.
When we initiate estate planning, most of the focus is on the financial aspect of your legacy. Your will, trusts, and other bequests usually focus on who gets what, how much of it they get, and what they're allowed to do with it.
While money is an important part of estate planning – is, in fact, the primary reason for undertaking it in the first place – there's also another facet to consider. It has less to do with where your money goes and more to do with how you want to be remembered for decades to come.
What is a Legacy?
From a legal and financial standpoint, a legacy is any gift of personal property that gets passed along after your death. However, most of us also view a legacy as a gift of less material means. A legacy can be personal treasures that you place high in value but which have no actual monetary value. A legacy can be the message you leave regarding how you want your children to be raised, the plan you lay out for yourself in the event of a loss of mental faculty (as in a living will), or even the way in which you want your remains to be taken care of. In short, a legacy is the way you want your life – and the fruits of your labor – to be remembered.
Leaving a Financial Legacy
In many ways, a legacy can be both financial and emotional. For example, suppose you've amassed quite a fortune, but you don't want all of it to go to your children or grandchildren. You can choose a charity to be the recipient of your wealth or give it all to your church. You can start your own scholarship program. You might even leave it to a loved one in a trust – provided they act in accordance with a set of values and stipulations you set out in advance.
In order to honor your values during the estate planning process, it's important to work with an estate planner who embraces the emotional aspect of your legacy. Incorporating your family in the process should be a welcomed idea, since many of your decisions ultimately affect them. You should also be able to get as creative or as traditional as you wish to be. After all, estate planning is no longer tied to the legal process in the way it was in years past. You have more freedom in your choices, allowing you to leave a message to your loved ones that you may have been unable to put into words during your lifetime.
No matter how much distance you place between yourself and your finances, estate planning and leaving a legacy are one and the same thing. Long after the money is spent, your family members or the beneficiaries of your estate are likely to remember the loving ways in which you shared who you are and what you did during your lifetime. That's what leaving a legacy is really all about.
Questions? Email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it and visit our website at www.thewandwgroup.com. New Money Talk is a weekly article focusing on retirement, personal finance, and estate planning.
Comments and questions are welcome, but because of the volume of email, personal responses are not always possible.
Finances and budgeting are almost never taught in today's educational system. Although our kids learn advanced algebra and the history of economics, they rarely get the practice they need learn how to make a budget, stick to it, and start saving money as soon as they land their first job. Add to this the practice of credit card companies in targeting 18 year-olds and other college-bound youth, and the result is a potentially dangerous combination of irresponsibility and mounting debt.
This means that it is the job of parents – and the finance industry – to make teens responsible about money. And while it might seem difficult to teach fiscal responsibility to a generation known for acting first and thinking later, responsible money management is one of the most important lessons you will ever teach your kids.
What to Teach Your Teens about Money
The most important thing teenagers – and adults – need to learn about money is that it is important to set goals. Telling your teen that he or she needs to take 10 percent out of every babysitting paycheck and put it in a savings account only teaches them that they need to listen to Mom or Dad. Urging them to save $1000 to invest in mutual funds along with your own investments allows them to visualize a goal and calculate what sort of returns they can expect later on down the road.
Seeing those numbers written down on paper can go a long way in solidifying a teen's understanding of finances. After all, safely invested money looks much like free money after awhile, and when your teen combines this type of goal with the goal of a large purchase he or she wants to make – say, a down payment on a car – he or she will have double the incentive to save.
Learning to Budget Early
Most teens should also learn the value of budgeting. In today's society, the general urge for teens is to buy first, and ask questions later – and Mom and Dad will take care of the rest. Whether a purchase is made on a credit card or at the expense of this month's gas money, many teens are later "bailed out" by parents who don't want to see their kids racking up bad credit scores.
While protecting your child from a lifetime of bad credit is admirable, you're often better off letting them learn from their mistakes. Have your teenager make a budget and stick to it. If he or she goes over, resist the urge to provide the funds they need to get by and force your teen to skip out on movies or new clothes until the budget is balanced. After all, learning about not overspending now – before your kids live on their own and the real danger of debt becomes a threat – can actually help teens in the long run.
No matter what happens, make sure you discuss finances with your teen openly and honestly. Allow teens to make mistakes, but require them to evaluate and learn from those mistakes. After all, fiscal responsibility is something than even many adult struggle with, and you'll help your kids the most by starting financial planning early.
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Finances and budgeting are almost never taught in today's educational system. Although our kids learn advanced algebra and the history of economics, they rarely get the practice they need learn how to make a budget, stick to it, and start saving money as soon as they land their first job. Add to this the practice of credit card companies in targeting 18 year-olds and other college-bound youth, and the result is a potentially dangerous combination of irresponsibility and mounting debt.
This means that it is the job of parents – and the finance industry – to make teens responsible about money. And while it might seem difficult to teach fiscal responsibility to a generation known for acting first and thinking later, responsible money management is one of the most important lessons you will ever teach your kids.
What to Teach Your Teens about Money
The most important thing teenagers – and adults – need to learn about money is that it is important to set goals. Telling your teen that he or she needs to take 10 percent out of every babysitting paycheck and put it in a savings account only teaches them that they need to listen to Mom or Dad. Urging them to save $1000 to invest in mutual funds along with your own investments allows them to visualize a goal and calculate what sort of returns they can expect later on down the road.
Seeing those numbers written down on paper can go a long way in solidifying a teen's understanding of finances. After all, safely invested money looks much like free money after awhile, and when your teen combines this type of goal with the goal of a large purchase he or she wants to make – say, a down payment on a car – he or she will have double the incentive to save.
Learning to Budget Early
Most teens should also learn the value of budgeting. In today's society, the general urge for teens is to buy first, and ask questions later – and Mom and Dad will take care of the rest. Whether a purchase is made on a credit card or at the expense of this month's gas money, many teens are later "bailed out" by parents who don't want to see their kids racking up bad credit scores.
While protecting your child from a lifetime of bad credit is admirable, you're often better off letting them learn from their mistakes. Have your teenager make a budget and stick to it. If he or she goes over, resist the urge to provide the funds they need to get by and force your teen to skip out on movies or new clothes until the budget is balanced. After all, learning about not overspending now – before your kids live on their own and the real danger of debt becomes a threat – can actually help teens in the long run.
No matter what happens, make sure you discuss finances with your teen openly and honestly. Allow teens to make mistakes, but require them to evaluate and learn from those mistakes. After all, fiscal responsibility is something than even many adult struggle with, and you'll help your kids the most by starting financial planning early.
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