Lately, our clients have been asking if they can hold NFTs (non-fungible token) in their IRAs (Individual Retirement Account). It is a complex decision that depends on various factors. Here are some considerations to keep in mind.
There are definitely a few ways to approach the topic of how much (fill in the blank) a person needs. Another challenge is that the idea of paring down possessions and simplifying your life is not a particularly innovative topic.
It is a loaded question and one that changes depending on what need or want you are referring to. For that reason, we thought to tackle this discussion as a series, looking at different categories and how our perception of “enough” may need some more thoughtful intervention.
It all started with magazines and the thrill I got with each delivery. There was a whole new world of information and potential to explore each month.
You know how your Apple iTunes library is not really music you own, even though you paid for it? Yet your vinyl collection somehow now has some appreciable value? Or did you ever collect baseball trading cards? And now you see that these cards exist in the digital world and are being traded at high values.
With continued advancements in the digital world, individuals have inevitably seen an increase in cybercrime. According to the FBI Internet Crime Complaint Center, financial losses due to investment schemes rose more than 300% to $10.3 billion in 2022, compared to the previous high of $3.3 billion in 2021.
I LOVE that I had the childhood that I did – playing outside for hours on end with little to no supervision, climbing on metal playground equipment, Saturday morning cartoons (Scooby Doo, Where Are You?) reading Nancy Drew books, and listening to Casey Kasem’s Top 40 countdown on the radio. I also had the benefit of growing up on a farm, so caring for the horses was among many things that I did to earn my allowance.
Anyone who knows me, knows that I love music. I sent both of my kids through the School of Rock program from elementary school through high school. My daughter still works for them during her college breaks and is in a band, herself. So, I’m very interested in how music is made and shared, and how artists profit from their efforts over time.
I recently attended a Fidelity sponsored webinar in which they presented their new whitepaper on bitcoin. In general, I’m skeptical of digital assets such as bitcoin and other digital currencies, as well as Non-fungible tokens (NFTs) and the like.
Cryptocurrency is a digital or virtual currency that uses cryptography for security. Each cryptocurrency uses a unique electronic address for transfer between users’ digital wallets. The user must have a ‘private key’ to be able to move cryptocurrency. If the owner does not provide a fiduciary with a ‘private key,’ the cryptocurrency is inaccessible by anyone upon the owner’s incapacity or death. This is known as a “black hole” wallet because the cryptocurrency becomes inaccessible and essentially worthless. Cryptocurrency is difficult to counterfeit because of this security feature. A
