My Appearance on MSNBC This Weekend

30 Rock NBC Selfie

Here is my 30 Rock NBC selfie from yesterday’s appearance on MSNBC. I will have the video tomorrow morning. I think it went real well.-Lou


What Is Your Financial Personality?

What Is Your Financial Personality? Part 2

Listen To This Week’s Radio Show (8/29/14)

This week’s radio show is now available.-Lou Listen Here 120809_radio_mic_istock_photo_328

My Appearance on MSNBC Sunday

I will be a guest on MSNBC’s “Weekend With Alex Witt” this Sunday at 12:40-1:00. The segment is “College Loans, The Hidden and Lasting Costs”. Tune In!-Lou msnbc

Do not use Safety Deposit Boxes

I have not fully vetted this story but I believe it’s true. If so we should all be emptying our safe deposit boxes pronto.-Lou



According to in-house memos now circulating, the DHS has issued orders to banks across America which announce to them that “under the Patriot Act” the DHS has the absolute right to seize, without any warrant whatsoever, any and all customer bank accounts, to make “periodic and unannounced” visits to any bank to open and inspect the contents of “selected safe deposit boxes.”

Further, the DHS “shall, at the discretion of the agent supervising the search, remove, photograph or seize as evidence” any of the following items “bar gold, gold coins, firearms of any kind unless manufactured prior to 1878, documents such as passports or foreign bank account records, pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature.”

DHS memos also state that banks are informed that any bank employee, on any level, that releases “improper” “classified DHS Security information” to any member of the public, to include the customers whose boxes have been clandestinely opened and inspected and “any other party, to include members of the media” and further “that the posting of any such information on the internet will be grounds for the immediate termination of the said employee or employees and their prosecution under the Patriot Act.” Safety deposit box holders and depositors are not given advanced notice when failed banks shut their doors.

If people have their emergency money in a safe deposit box or an account in a bank that closes, they will not be allowed into the bank to get it out. They can knock on the door and beg to get in but the sheriff’s department or whoever is handling the closure will simply say “no” because they are just following orders.

Deposit box and account holders are not warned of the hazards of banking when they sign up. It is not until they need to get their cash or valuables out in a hurry that they find themselves in trouble.

Rules governing access to safe deposit boxes and money held in accounts are written into the charter of each bank. The charter is the statement of policy under which the bank is allowed by the government to do business. These rules are subject to change at any time by faceless bureaucrats who are answerable to no one. They can be changed without notice, without the agreement of the people, and against their will. People can complain but no one will care because this is small potatoes compared to the complaints that will be voiced when the executive order that governs national emergencies is enforced.

That order allows the suspension of habeas corpus and all rights guaranteed under the Bill of Rights.

A look at the fine print of the contract signed when a safety deposit box is opened reveals that in essence the signer has given to the bank whatever property he has put into that deposit box. When times are good people will be allowed open access to their safe deposit box and the property that is in it. This also applies to their bank accounts.

But when times get really bad, many may find that the funds they have placed on deposit and the property they thought was secured in the safe deposit box now belong to the bank, not to them. Although this was probably not explained to them when they signed their signature card, this is what they were agreeing to.


Five Banks Under Cyber Attack

I would not keep any significant money in large banks. Why not keep your money in local community banks or credit union? If you do have money in any of these five banks change your password immediately.-Lou

Watch Video HERE

JPMorgan Chase & Co is investigating a possible cyber attack and working with law enforcement authorities to determine the scope, a company spokeswoman said on Thursday morning. The bank was taking additional steps to safeguard sensitive or confidential information, though it did not see unusual fraud activity at this time, company spokeswoman Trish Wexler said. JPMorgan disclosed the investigation after the FBI said Wednesday evening it was investigating media reports earlier in the day that several U.S. financial companies have been victims of recent cyber attacks. “We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions,” FBI spokesman Joshua Campbell said in a statement late Wednesday. Campbell did not name any companies or give more details, although media reports had named JPMorgan as one victim of the attacks. Other potential victims have yet to be named. Officials with the Secret Service could not be reached for comment.

Your Financial Psychology Determines Your Financial Success

Here is today’s article at Physicians Money Digest.-Lou



Your Financial Psychology Determines Your Financial Success

Louis G. Scatigna | Wednesday, August 27, 2014
Nothing makes people crazier than money: not love, politics, sex, or religion. The smartest, most levelheaded people can suddenly become totally irrational when money is involved. For example, when it comes time to pay the check, the wealthiest, most extravagant people may calculate their shares down to the last penny.Our financial psychology determines how we deal with money. It’s important to understand this about ourselves because it will provide greater insights into why we handle our money as we do. People tend to make more financial mistakes as a result of their feelings about money than they do because of the financial realities involved.Diagnosis
Essentially, we all fall into one of 2 basic financial psychologies. We may be mild or extreme cases, but we all tend to fit in one of the following categories. They are:

Attitude of abundance
Believing that we have or will always get whatever we need to live a good life and to support our families and ourselves. Those who have an attitude of abundance feel that the world is filled with opportunities and possibilities.I have clients who have little money and don’t seem concerned. They never complain about finances, live comfortable lives, take frequent vacations and are generous. They seem to feel that everything will be fine and that somehow they’ll get whatever they need.Attitude of lack
Believing that you may not have or be able to get whatever you need. I also have clients who are millionaires and have an attitude of lack. They’re always concerned that they won’t have enough.

Many of them are tightwads, compulsive savers who are always worried that they may lose what they have. Most of these people grew up in difficult financial conditions that left a lasting impression they can’t shake.

The way we relate to money has more to do with our attitude about life in general than how much money we have. Our feelings of abundance or lack do not correlate to how much we actually have, but our financial state of mind.

So what are the symptoms of each financial psychology?

Those in the abundance camp tend to invest rather than save. They are not always looking for guaranteed or safe investments and are more prone to taking risks. They feel that if they lose money, they can always make it back. People with an attitude of abundance usually live better lifestyles and fuller lives. They are not averse to spending their money to buy the good things life has to offer and don’t waste much time worrying about the stock market, their mortgages and money in general.

Conversely, people with an attitude of lack are always worried that they won’t have enough. Deep down, they’re afraid that they might have to struggle so they sock money away to make it through those difficult times. People with an attitude of lack tend to be savers rather than investors. They would be devastated if they lost any money since they only have a finite amount. They like to stockpile their money and avoid risk, so they put their money in the lowest yielding, but safest vehicles.

The groundwork for our attitudes toward money is laid in childhood. We are strongly influenced by our parents’ attitudes and their fears, as well as our family’s financial status. “Depression Era” children, whose parents struggled to put food on the table, naturally have different attitudes toward money than children who grew up in affluent environments.

Many of us have also been influenced by how we saw our friends, family, and neighbors deal with money. We wanted what they had and wanted to live like they did, so we adopted their attitudes and tried to copy their behavior. They became our role models.

Unfortunately, many people sabotage their financial futures. Spendaholics, who get a rush from spending money, feel better when they do so. In some extreme cases, the only time certain people feel good is when they’re spending. -


Food Prices Rising Dramatically.

I went to buy a frozen 2 lb bag of shrimp and was startled to find it cost $39 ($17.00 lb). Want a steak and you will have to tap that line of credit.-Lou