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Oahu Businesses List Your Local Business Here for FREE / ATTENTION, SF Homeowners on Oahu!!! The END of Budget-busting electric bills!!!
Last post by Daniel J Turner -
HIGH Electric bills killing your budget? (If $1,200-1,800/mo high electric bills aren't a severe bother for you? Drive an electric car? WOW. I'm happy for you). For the rest of us, It's a BIG PROBLEM.

If you're paying more than $500/mo (most of you are well over $1,000/mo), you can change that and put those dollars into more important ideas like your retirement, college planning, or ANY OTHER WORTHWHILE endeavor!

As a Financial Advisor, I've helped several of my Clients install SOLAR VOLTAIC service for their home use.

It has meant everything to them to be relieved of that utility bill.

The "trick" is finding the way to finance it when you're fico has suffered and your savings reserves are gone. My financial planning tools are very effective for helping you meet your objectives and save you big money.

Text or Call Dan Turner, TODAY. Let's talk. 808-464-5292.

Do it, NOW (before your next billing cycle).

Dan Turner is the Principal Advisor at Akamai Wealth Management, LLC
1088 Bishop St. Executive Centre
Ste #3007
Honolulu, HI 96813
(CRD #322422)
NMLS #1016716 Equal Housing Lender; Geneva Financial LLC NMLS #42056
HI Ins License # 2342471

Advisory services are offered through “Akamai Wealth Management, LLC”. 
(AWM) a registered Investment Advisor registered in the State of Hawaii.
 All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current of future performance or indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons.

Investing always involves risk and possible loss of capital.

AWM and Dan Turner ( Principal) are not attorneys or accountants and do not provide comprehensive legal or tax advice. For full disclosure of all relationships associations, affiliations, fees, charges, and capacities please request the ADV 2 A&B from Dan Turner.

Oahu Businesses List Your Local Business Here for FREE / ADHD - The Gift and Superpower of ADHD and How to Use It Not Manage It - Use It!
Last post by InHomeTutoringHonolulu -
ADHD - The Gift and Superpower of ADHD and How to Use It Not Manage It - Use It! by In-Home Tutor Covering Honolulu Hawaii and All of Oahu J. Richard Kirkham B.Sc. Text 808.224.1870
Why does this dual-certified teacher and in-home tutor in Honolulu Hawaii think his ADHD, Attention Deficit Hyperactive Disorder, is a superpower and not a disability?

I didn't know my ADHD was a superpower and not a disability until I taught math for two years in a middle school. My ADHD students and my other students with behavior challenges were doing better in my class than in other classes. I didn't know my students were doing better until I spoke to other teachers. It also seems they were behaving better in my class on the average compared to other classes.

The First Thing I Tell My ADHD Students and In Home Tutoring Students...
Oahu Businesses List Your Local Business Here for FREE / Affordable Private In Home Tutoring Honolulu Hawaii Covering all of Oahu
Last post by InHomeTutoringHonolulu -
Affordable Private In Home Tutoring Honolulu Hawaii Covering all of Oahu and Remotely for The Entire U.S.A. Text or Call 808.224.1870 Behavior Problems Poor Grades Self-Defense Computers, Cell Phones and Troubleshooting and Repair, Mainland U.S.A. Text Only Due to Time Differences Tutoring Available From 6-Senior

J. Richard Kirkham B.Sc. is the only in home tutor with ADHD specializing in students with ADHD. I am the only private in home tutor covering all of Oahu and remotely for the English speaking U.S.A. that wants to be fired! Let me explain....

Why The Unique Combination of Tutoring Services Mr. K? Mr. K is an ethical Christian in home tutor specializing in students with behavior challenges covering Honolulu Hawaii and all of Oahu

For in home tutoring services in the 21st century these all come together and help your child better than any single choice service.

Behavior Problems

I've met a lot of smart students in the classroom who were not able to demonstrate their knowledge of a subject nor sometimes even learn about a subject due to their behavior challenges. I have ADHD myself and have learned to focus and use it. I have students doing well in my classroom challenged by their ADHD because I know how to accommodate and teach them to use their gift of ADHD. I used it myself to become one of the best computer virus removal specialists on Oahu.

My Calling

My calling to begin offering my unique brand of in home tutoring for behavior problems and poor grades again came about after a very long term substitute teaching assignment to which I agreed. When schools here in Honolulu found out I was a dual certified teacher from another state, I was suddenly in great demand and it's hard to turn down helping kids even when I'm busy with my full time business of in home and onsite computer, tablet,cell phone tutoring, troubleshooting, virus removal and English speaking remote computer support.

My name is Rick Kirkham (James Richard Kirkham), but my students and fellow teachers in the Salt Lake area call me Mr K. My friends call me Rick, feel free to do so.

Poor Grades

It's not very often I get a student staying after recess or coming in after he/she eats lunch for extra help when a behavior challenge is not involved. It does happen. In most cases it's to help a B student get an A. Unfortunately, my students who require the most extra help often do not come in for extra help. That's where I come in to help you and your child.

Self-Confidence and Study Habits

I will increase your child's self-confidence and his/her ability to find answers and express those answers in a way your child's teacher will like them.

I Want to Get Fired!

My approach is not a band-aid method of improving grades temporarily. After improving your child's study habits and increasing his/her self-confidence I am done. By that time grades have improved PERMANENTLY! I refuse to set myself up for a long-term tutoring job at the expense of your child and you as I've seen other tutors take advantage of situations. I won't do it. I want to get fired by making your child independent!

In Home Self-Defense Lessons

I've been able to use and focus my ADHD through martial arts training. I can use self-defense training to help your child focus and handle his/her behavior challenge. They didn't have medication or even know what ADHD was back when I was a kid. The discipline and focus I was taught during martial arts training and now teach others helped me to learn to use my ADHD and become one of the best computer virus removal specialists on Oahu.
I don't like bullies. All students have a right to feel safe and comfortable at school, not just here on Oahu, everywhere. This is not always the case. Being bullied could have long term psychological effects on a child. As the author of When bullies Attack- Self-Defense for Kids, I'll teach your child to defend himself/herself against a bully with techniques that will not permanently damage the bully, but will make him or her think twice about bullying your child. Not trying to promote my book here but it has a great story as to the success of my realistic methods of bully-defense training.


BlackBoard, Google Classroom, online assignments, I often spend time tutoring the parents as well as the student in the use of computers for education. Please don't believe your child knows how to do something on the computer because he's/she's young. Young people are simply more confident end computer users. Everyone has a learning curve.

What Subjects Have You Taught Mr. K?
Multimedia with Apple/Mac computers
Social Studies
Bully-Defense and Self-Defense I don't like bullies. All children have a right to feel safe and comfortable at school. I began martial arts training in 1973 at the age of 14.
Before I began long-term substitute teaching math I was the primary sub for several full time teachers. I've even had teachers come in sick after calling me and finding out I wasn't available to substitute teach for them.

What Do You Charge Mr. K?

I charge $95.00 per hour. After the initial visit I will recommend how often I should see your child. Eventually your child and I will work our way to seeing me less and less and I'll finally see him/her after two weeks to check to see if there are any retention challenges. Feel free to refer someone to me I'm usually not with your child for very long.

I Have Two Kids. Do I Need to Pay For Them Separately?

Probably not. I'm used to 25 students in a classroom and believe me each one of them has their special needs and challenges. Two kids are usually not a problem and I've done it before.

Mr K, My Child Needs Help, But Try As I Might I Cannot Afford $95.00 Per Hour

I'm happy to work with you and your family. Just let me know what you're comfortable with I'm sure we can work it out. I'm here to help. Everything will be okay.
Honolulu Hawaii and all of Oahu call or Text me, Rick Kirkham, 808.224.1870 to check my availability.
Mr. Daniel J. Turner Can Now Do a Commercial Loan for Your Business! Click Here for More Information / Commercial Business Loans Click Here for More Information
Last post by Daniel J Turner -
I can do a commercial loan for your business! Contact me today, and with our Commercial Division, we can help find the best financing option. NOW available for Hawaii, HI, California, Oregon, Illinois, & Ohio businesses Text or Call Daniel J. Turner 808.464.5292.

Business owners and representatives may also email

#Commercial #Financing #Business #GenevaFi
Retirement Debt Management Questions and Answers Click Here / Just One of my GREAT Debt Management Tools for Retirement Income Planning Strate
Last post by Daniel J Turner -

Call NOW and learn more about how YOU can benefit from access to your home equity to build your net worth!

808-464-5292 (call or text)

Daniel J Turner, Principal Advisor

Geneva Financial, LLC NMLS 42056

Ask Your General Questions About Investments and Debt Reduction Click Here / Offset Mortgages in Financial Planning
Last post by Daniel J Turner -
Dear Reader; I've been involved with financial services since 1981; 32 yrs in Life, health, and annuities, 2 yrs Series 6 (Mutual funds); 14 yrs Series 7 (General Securities Registered Rep) and 11+ years in mortgage lending. I'm becoming more convinced that the most valuable part of my Financial Advisory practice is (in fact) my experience at solving problems using unique mortgage programs not commonly offered by regular Loan Officers. Among the programs I've used in mortgage lending would be the FHA Reverse Mortgage HELOC, Jumbo Reverse mortgage HELOC's, and the "Offset" mortgage. While I have resolved more issues with the FHA reverse mortgage than you can possibly imagine, let me focus today on the offset program.

Unlike a reverse mortgage, the "offset program" is not for everybody. One must have a FICO of +700, and significant cash flow for it to work. Additionally, it is not a "commodity" loan, and it requires me to hold a certification to be eligible to offer it to the public. FHA, VA, Conventional and similar programs are "commodity" loans. The Loan Officer (LO) has to navigate terms, rates, conditions, and if they can get 2 out of 3? They'll generally get the loan.

That's not the same with an "offset" program.

Another big deal is that one must appreciate quality. This is a quality loan, and can do more than just finance a property purchase or refinance. Many people consider these as "expensive". Yes. They are, and they do a lot more for the Borrower and do it far more efficently than the conventional loan product can. It will serve you for 30 years, and will (likely) be the last loan you have (it's THAT efficient).

Have you ever considered how a conventional loan works? Let's look at your recent monthly mortgage statement.

Find the Principal and interest component. convert the two into a ratio of the total P&I payment. If your payment is $2500/month, and your P is $500 of the 2500? thats a 1:5 ratio or only 20% of the payment actually reduces the debt. This is grossly inefficient, and opens the doors to highly qualified homeowners to change this scenario to their favor.

An "offset" mortgage is a HELOC with an attached Checking account. This means that (unlike any other type of HELOC), you can have direct deposit of all income streams from rentals, royalties, distributions, dividends, salaries, bonuses, commissions, etc into this checking account and have 100% of your pay received immediately reduce the debt dollar - for - dollar. Assume you get paid $10,000 on the 1st/15th and lets say your mortgage debt is $200,000.00. The 1st payment reduces your loan debt to $190,000, and then you spend back by paying your bills. Since you have the required positive cashflow of at least 20-25% over expenses each month, and let's assume that you have a 50% positive cash flow, you spend back $5,000/$10,000 and have a net gain on equity of $5,000.00, which corrects your debt balance to$195,000, and then, you get PAID again on the 15th, and the same thing ensues. Afterr 1 month (2 pay periods) you've reduced your debt by an astonishing $10,000! With 25-30% cash flow, a program like this reduces mortgage interest and mortgage duration by about 65%. That's a MAJOR difference, a savings of both TIME and COST, and that is after expenses. It's also a 30 year HELOC, not 10 with a 20 yr amortization.

Have you ever wondered why your bank has $50,000 of your money in a savings account paying you 1/10th of 1% per year but they charge you 3-5% on your mortgage balance? In an offset program, the interest you don't pay is greater than the interest you would have earned, so you place the deposit against your mortgage. If you need some, part, or all of the money? No surrender charges, and you can use your checking account to access it. or, your debit card(s), or, ACH, ETF, Wire transfer, etc.

I love working with programs like this; they are very helpful with regard to helping my clients build equity rapidly and cost-efficiently. If you think this might be a good "fit' for you (or that I might be a good fit for you), Call (or text) me today. 808-464-5202
and get your FREE "Generational Vault" for safekeeping your most important family records!

Copyright 2023 Daniel J Turner Akamai Wealth Management, LLC All rights reserved.

Daniel J Turner is a licensed Mortgage loan originator (NMLS#1016716) and is employed by Geneva Financial LLC (NMLS#42056). Mortgage lending activities are fully disclosed in the "Akamai" ADV 2-b as an "ouside business activity" as required by law. Dan can be found with his registration identifier number
CRD# 322422.

Investment Counseling / 12 Must Reads for Real Estate Investors (Oct. 6, 2023)
Last post by Daniel J Turner -
[font=proxima-nova, "Helvetica Neue", Helvetica, Arial, sans-serif]REAL ESTATE>[/font][/color]CRE WIRE
12 Must Reads for Real Estate Investors (Oct. 6, 2023)
Nightingale struck a deal to sell assets in order to pay back CrowdStreet Investors, reported Bisnow. Forbes listed 25 real estate tycoons among its latest list of billionaires. These are among the must reads from the real estate investment world to end the week.
WMRE Staff | Oct 05, 2023[/font][/size][/color]

  • Nightingale Strikes Deal To Pay Back CrowdStreet Investors By Selling Its Assets “The agreement could see investors receiving quarterly installments of roughly $4M over the next three years as the New York-based commercial real estate investment firm liquidates portions of its portfolio to satisfy the capital lost by investors who were led to believe they were buying slices of prime office buildings in Atlanta and Miami Beach.” (Bisnow)
  • A ‘Shadow’ Lending Market in the U.S., Funded by Insurance Premiums “Carlyle, KKR and Blackstone are among the private equity behemoths that have bought either stakes in other insurers or books of business from them. As of the second quarter of 2023, such firms owned nearly 9 percent, or about $774 billion, of the U.S. life insurance industry’s assets, up from just 1 percent in 2012, according to the most recent data from the insurance ratings agency AM Best.” (The New York Times)
  • The Richest Real Estate Billionaires In America 2023 “There are 25 billionaires on the 2023 Forbes 400 list who primarily owe their fortunes to real estate. These property tycoons are worth a collective $139 billion—about $5 billion more than the 24 in real estate were worth on the 2022 ranking.” (Forbes)
  • It’s official: Rent control is about wrecking apartments “Now the Supreme Court of the United States, in rejecting landlords’ challenge to rent stabilization Monday, has tacitly endorsed this affordability strategy. It allowed the state to continue capping rents in old apartment buildings, the properties most in need of upkeep.” (The Real Deal)
  • 70% of Households Finding It Harder to Pay the Rent “For the first time in decades, the rent-to-income ratio has reached 40%, marking one of the least-affordable rental markets ever, according to a new report from CoreLogic’s Economist and Principal, Yanling Mayer.” (
  • Blackstone's Americas Real Estate Division Bets on Canada. Here's Why. “The head of Blackstone's real estate group in the Americas says Canada's growing population has the world's largest alternative asset manager looking to step up investments in the country's logistics and residential property.” (CoStar)
  • Commercial Real Estate Could Bring Out More Bears “Higher interest rates aren’t just a thorn in the side of prospective residential real estate buyers and owners. Additionally, commercial real estate is feeling the pangs of a high-rate environment. That could bring out more bears in the sector.” (VettaFi)
  • KKR’s Matt Salem Talks New Strategies and Fresh Products in Tough CRE Market “Since 2017, its real estate credit division has grown from $2.5 billion in assets under management to $33.9 billion today; its total originations have skyrocketed from $2.4 billion to more than $35 billion today; its real estate investment trust — KKR Real Estate Finance Trust — has grown from $2.5 billion to $7.9 billion; and it’s now invested in $9.4 billion of securities, compared with $400 million back then.” (Commercial Observer)
  • U.S. Architecture Billings Index Reports Softening Business Conditions in August “Based on the latest AIA/Deltek Architecture Billings Index for August 2023, market conditions eased with a score of 48.1, marking the eleventh consecutive month of essentially flat billings at architecture firms. Any score below 50.0 indicates decreasing business conditions.” (The World Property Journal)
  • Could Discounted Loan Payoffs Be What Finally Restarts The CRE Debt Market? “Barring a shocking economic reversal, some regional banks will be forced to make a deal or foreclose on delinquent loans, which continue to rise in number. One form of deal that could rise to prevalence is the discounted payoff, or DPO, debt negotiators told Bisnow.” (Bisnow)
  • More Rentals Are on the Market. Why Are They So Hard to Find? “More than half the markets studied were less competitive than they were a year ago, when an average of 15 renters competed for each unit; this year it’s down to 10. Apartments are staying vacant longer, too, giving renters more time to search and consider.” (The New York Times)
  • Gensler taps new co-CEOs “The move comes as the firm's longtime co-CEOs step up to become co-chairs.” (San Francisco Business Times)

Estate Planning / Tips for Handling IRS Estate/Gift Tax Audits Pub 9/27/23 ""
Last post by Daniel J Turner -
irs-building-new-sign.jpg[font=proxima-nova, "Helvetica Neue", Helvetica, Arial, sans-serif]mphillips007/iStock/Getty Images Plus[/font][/color]
Tips for Handling IRS Estate and Gift Tax Audits
A respectful and honest approach may be your best bet.
Susan R. Lipp | Sep 27, 2023[/font][/size][/color]

[font=Georgia, Times, "Times New Roman", serif]At the recent Notre Dame Tax and Estate Planning Institute, Lou Harrison of Harrison LLP in Chicago gave some tips to practitioners who are tasked with defending clients against an Internal Revenue Service audit of their estate and gift tax returns. Lou started off by noting that things have changed at the IRS since the COVID-19 pandemic. The IRS is currently transitioning and adding staff (perhaps leaving fewer available agents to handle audits); there are many newly hired agents who may not yet be familiar or experienced with the complexities of the estate and gift tax statutes; and there are agents who are now working from home may not give each audit the same amount of attention as they would give if they were working from the office.

Among the unusual post-Covid events that Lou has also noticed: lost checks submitted with estate and gift tax returns, resulting in penalties assessed against the client (eventually the penalties are removed, but not without effort; a miscalculation of the estate tax due; a misinterpretation of the rules regarding portability; audits at the first spouse’s passing with no estate tax due; increased number of audits of grantor-retained annuity trusts and other idiosyncratic items; and unusual arguments about the level of discounts.

The bottom line isn’t to predict what will be audited, but to understand that these days, any items could be audited, even those noted below. And forewarning clients that an audit is possible will often soften the emotional blow to the client if an audit were to occur.
What’s Being Challenged?
Lou says that the most common IRS challenges continues to be with level of discounts taken for lack of marketability, and overall valuations and elements in a valuation. His network hasn’t seen many audits involving Internal Revenue Code Section 2701 (special valuation rules in the case of transfers of certain interests in corporations and partnerships); qualified personal residence trusts (QPRTs), post-term QPRT lease arrangements, grantor retained annuity trusts and credit shelter trust funding. This doesn’t mean, however, that  you shouldn’t be prepared for these types of challenges. All planning should be done with the same level of diligence and scrutiny as always; just don’t lie awake at 2 a.m. worrying that every position and planning that one has done will be reviewed in detail (or at all).

Know Your Agent
Lou recommends that you learn as much about the agent assigned to your audit as you can. Ask around to see if anyone has experience with that particular agent and find out what approach that agent typically takes.  Knowledge is power, and due diligence is an important step here.
Three Audit Approaches
Lou outlined three approaches he’s seen practitioners take to audits. The approach you take may depend on what you’ve learned about the agent, or perhaps what you’re most comfortable with.[/font][/size][/color]
  • Slash and burn. Come in with guns blazing, letting the agent know you’re familiar with the law and the agent shouldn’t waste their time on this. Explain why the law is in your favor.
  • Dragnet: Just the Facts. This can work sometimes in a bad facts, complicated case with a lot of documents. This is where one provides the documents being asked, without justifying why the taxpayer’s desired result is the correct one. That is, leaving it to the agent to agree or not agree and perhaps the transaction is too complicated for an ordinary mortal to untangle or want to untangle. But he’s seen this approach used in a case in which the more documents provided without explanation, the more the IRS was interested in unravelling the mystery; the IRS was willing to dig back 10 years to come to a dangerous taxpayer result.
  • Respect and honesty. This is Lou’s approach. Agents are lawyers, so respect their intelligence and try to be fair. This approach demonstrates that the taxpayer is acting in good faith. The ambience of the audit isn’t about winning or losing, but conveying to the agent that the goal is to reach a fair and reasonable result or to correctly apply the law, for both sides.  Discussions in an audit may be something like: “Here’s what I see as important factors or the relevant law in this case, What do you think?” This approach instills a good working relationship and fair outcomes.
[font=Georgia, Times, "Times New Roman", serif]According to Lou, though risk of an audit of the estate and gift return is low, you should prepare your client for that possibility. Also, both the client and their attorney need to be open and honest. If the IRS agent feels the agent is being treated unfairly or that facts or events are being portrayed incorrectly, that could lead to poor audit results and performance.   [/font][/size][/color]

Charitable Remainder / Bank of America study on Philanthropic/Charitable Giving
Last post by Daniel J Turner -
Giving with purpose

How affluent households contributed in 2022

Affluent households make up a large proportion of all charitable giving in the United States; understanding the priorities and motivations that underlie and shape affluent philanthropic engagement is key to understanding philanthropy overall.

Comparison of affluent households and general population households giving over time (Incidence and amounts)

That’s why Bank of America partnered with the Indiana University Lilly Family School of Philanthropy to develop the 2023 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households—the ninth in the biennial series on the philanthropic behaviors of affluent households in the United States.

Key findings

The affluent continue to lead in charitable giving
Volunteering is on the rebound among affluent Americans
Affluent Americans leverage a robust toolkit of strategies to achieve philanthropic goals
Affluent women are a force for change in the philanthropic sector
Religious organizations continue to receive the largest share of giving dollars by affluent households
The future of philanthropy relies on engaging the next generation of affluent Americans
What motivates affluent Americans to donate their time and money?

Guided by their values and beliefs, affluent households continue to lead in charitable giving, with 85% giving to charity in 2022. More than half of affluent households in America (54%) say their giving is very linked to the issues they care most about.

But with seemingly countless nonprofits and causes to choose from, how do affluent donors decide what to support? Nearly seven in 10 affluent donors said their personal values or beliefs led them to support specific nonprofits, and six in 10 indicated their interest in an issue area led them to give. Reasons affluent donors give to causes/organizations

In addition to giving, affluent volunteers spent an average of 135 hours volunteering with an average of two different organizations in 2022. The top three activities performed by affluent volunteers were: volunteering for a religious organization or ushering; collecting and/or distributing food, clothing, or other basic need items; and serving on a board for a charitable organization.

There are many reasons for and benefits of volunteer work, including personal fulfillment. When asked how personally fulfilling affluent individuals found their volunteering to be, 62% said this form of charitable activity was very or completely fulfilling.

Beyond making financial gifts and volunteering, many affluent households create positive change, take action, and express their values using various tools as both consumers and investors. Most affluent Americans (79%) say they sometimes or always align their purchasing decisions with their values. Twenty-two percent of affluent individuals indicated they had a charitable giving vehicle they use to make charitable gifts, and 54% of affluent households with a net worth between $5 million and $20 million have or plan to establish a giving vehicle within the next three years.

In 2022, 4.9% affluent households used a donor-advised fund to facilitate their giving. Their top reasons for doing so were tax considerations, ease of administration, and charitable impact.

Looking at some standouts: Affluent women, religious organizations, and generational philanthropy

Our study found that affluent women are driving positive change through their economic influence and strategic philanthropy. Eighty-five percent of affluent household charitable giving decisions were made or influenced by a woman, and significantly more women (42%) than men (33%) spent time volunteering in 2022.

Not only were affluent women at the forefront of philanthropic activities in 2022, they were also significantly more likely to select women’s and girls’ issues as one of their top three most important causes/issues compared to men (17% and 5%, respectively). The top three of these causes included reproductive/health rights, women’s health, and addressing violence against women.

Percentage of affluent households giving to religious/spiritual organizations over time

Religion was a focus for affluent Americans’ giving in 2022. Twenty-two percent of affluent individuals chose religion as one of their top three most important causes/issues, and religious organizations continued to receive the largest share of giving dollars by affluent households. The overall percentage of affluent households giving to religious organizations, however, has declined sharply—from 47% in 2020 to 39% in 2022.

In looking to the future, we found that next-generation individuals (Millennials and Gen Z, born in or after 1981) were significantly more likely to indicate they sometimes or always align their purchasing decisions with their values compared to older individuals (those born before 1981). When asked about what causes/issues mattered most to them, younger individuals were significantly more likely to say climate change and education are more important to them, compared to older Americans. Important causes/issues by age

Not only do younger and older Americans rank causes/issues differently, their giving to charitable subsectors also differs. The top three causes/issues areas where younger and older affluent Americans give at significantly different rates were:


Despite the economic uncertainty of 2022, the generosity of affluent Americans remains, and it is clear that philanthropy among affluent households is a reflection of their personal hopes, beliefs, and values. They choose to support their communities and its members through giving and volunteering, with the goal of driving positive change now and for future generations.


This year’s study, conducted in January 2023, reflects charitable giving and volunteering strategies in 2022. The target population was comprised of adults aged 18 and older residing in the United States whose annual income was at least $200,000 or whose total assets were at least $1 million (excluding primary residence) for the 2022 year. The median income and wealth levels of the participants exceeded the threshold, at $350,000 and $2 million, respectively (average income was $523,472 and average wealth was $31 million). As in the previous three studies, the 2023 study included oversamples of affluent donors based on age, race and ethnicity, gender and sexual orientation. Statistically significant differences among these various segments are highlighted, where relevant. The final sample size for the study was 1,626 qualified interviews.

For a copy of the 2023 Bank of America Study of Philanthropy: Charitable Giving by Affluent Households, please contact your advisor.

1 Indiana University Lilly Family School of Philanthropy, Philanthropy Panel Study (PPS),
2 Indiana University Lilly Family School of Philanthropy, Philanthropy Panel Study (PPS),
3 Answers have been abbreviated; full text is available upon request.
4 Answers have been abbreviated; full text is available upon request.
This publication is designed to provide general information about ideas and strategies. It is for discussion purposes only since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for the final recommendations and before changing or implementing any financial, tax, or estate planning strategy.

Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

Donor-advised fund and private foundation management are provided by Bank of America Private Bank, a division of Bank of America N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation.

Institutional Investments & Philanthropic Solutions (also referred to as Philanthropic Solutions” or “II&PS”) is part of Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Trust, fiduciary, and investment management services are provided by wholly-owned banking affiliates of BofA Corp., including Bank of America, N.A. and its agents.
Investment Portfolio Risk Management Click Here / The FDIC is in TROUBLE.
Last post by Daniel J Turner -
Bank Stocks Can’t Catch a Break With Rates Staying Elevated
by Bloomberg News
September 27, 2023

There may not be respite in sight for beaten-down bank stocks as attention shifts to 2024 and a prolonged period of elevated rates, according to analysts.

Midsized banks are “not out of the woods yet,” said Morgan Stanley’s Manan Gosalia in a note on Wednesday. Meanwhile, Wedbush and Truist Securities analysts said the group will continue to be challenged in 2024.

“‘Survive until 2025’ is a phrase that has been recently attributed to [commercial real estate] investors/borrowers, but we think the saying also applies to Regional and Community banks as higher interest rates weigh on profitability,” Truist Securities analyst Brandon King wrote.

Bank stocks have been roiled this year by the collapse of multiple regional lenders, including Silicon Valley Bank. The sector has failed to stage a meaningful rebound since the tumult began in early March, with the KBW Bank Index down 23% this year, compared to a 11% gain for the S&P 500 Index.

The sustained pressure that banks face having to pay more to hang on to their deposits amid high interest rates adds to the list of woes for the hard-hit group, which is also facing heightened regulatory expectations. Those issues, combined with uncertainty around credit resilience in an economic downturn, have pushed investors to the sidelines even as the sector’s valuations have cheapened.

“Street estimates are too optimistic for 2024 net interest income in a higher for longer environment,” Gosalia wrote.

Gosalia, who cut his recommendations on Zions Bancorp and Valley National Bancorp to underweight Wednesday, expects the upcoming third-quarter earnings season to be a so-called sell-the-news event.

Wedbush’s David Chiaverini anticipates upcoming earnings will be “underwhelming,” but that net interest income guidance cuts should be less harsh than in recent quarters. He’s still maintaining a cautious outlook for the sector, saying that consensus estimates for 2024 may be elevated because they probably incorporate funding cost relief given prior expectations for more significant rate cuts.

“The acute phase of bank stress is clearly over, but in its wake several challenges have become exacerbated including funding challenges, balance sheet constraints, dampened loan demand, and potential negative credit migration as CRE maturities are dealt with,” he wrote. “We believe these headwinds could weigh on bank valuations into 2024.”

END of Article

What does this article mean for YOU?

As an Advisor, I look at financial reports (Profit/Loss statements, Cash flow, Balance sheets, etc.).

The FDIC is an insurance company, and before I recommend a carrier for insurance coverage, I look at their balance sheet.

Specifically, I'm very interested in their reserves capacities. If you don't have the claims reserves to pay claims, you're not an "insurance company"; you're a fraudulent entity posing as an insurance company.

First, let's look at the FDIC balance sheet. It tells us the WHOLE story of why this article is relevant. It also opens the reasoning as to why YOU should be concerned whether you're a private citizen or a public (any commercial entity) company.

FDIC opened 2023 (January) with $123BB in assets. In March, they had 3 claims from insolvent banks - Silicon Valley, 1st Liberty, and Signature Banks could not keep their reserves available because of poor regulation/oversight and poor internal asset management (IMHO). Just 3 banks required over $34BB to resolve the issues for depositors who lost funds when these banks went into receivership. That leaves a net reserve capacity (notwithstanding additional insurance premiums paid by 4,844 other Federal Reserve Banks (FED banks) of approximately $84BB. The problem isn't the $84BB remaining. The PROBLEM is the 4,844 other banks who have toxic assets due to rising interest rates from the FED.
***Editor note 12/07/2023 - As of their end of July statement, FDIC has only added an additional $750 million to their reserves.

WHY Bank Assets Are Toxic
When a Bank loans money that it retains in its portfolio, that is an "asset" to the Bank, and a liability to the Borrower. When YOU deposit cash in a savings/CD, etc. that is a LIABILITY to the bank and an asset to YOU. Bank assets include loans they make, and investments in other entities like Treasury Notes, Bills, and Bonds (among other things).

An asset is determined to be "toxic" (to the bank) when it cannot be sold from the bank asset portfolio due to substantial loss of principal value, or risk of insolvency or other concerns regarding the ability to liquidate (sell) the asset at par or a premium above par.

Federal US Teasury debt has yielded approximately 1.5 - 2.25% yields for the past 8 years. Many Banks (of the 4,844) have been laddering these 30 yr long treasury Bonds as an ongoing matter of practice. This is akin to "Dollar Cost Averaging" in your 40?/457 pension plan where you work. High and low interest rates over time help reduce cost and blend rates to provide steady and reliable interest income. This is an acceptable practice until the FED announces (2022 Feb) their intention to start raising interest rates to alleviate inflation.

US 30 yr duration Treasury Bonds (the most typical bonds found in bank portfolios) are generally sold incrementally at $1,000/bond (aka "PAR"). When interest rates RISE, bond values (the "PAR" price of the bond paid at issue) FALLS.

So what was paid initially 4-6 yrs ago to acquire a 1.75% yield coupon Treasury Bond @ $1,000 with a 30 yr duration isn't worth $1,000 per bond when Fed rates climb to 4.5%. If you think about it, ask yourself this question - "Why would I buy a bond yielding 1.5% when I can buy a brand new bond @4.5%?" The answer is, you wouldn't. You would expect the holder of the 1.5% paper (bonds are referred to as "paper") to substantially DISCOUNT the par value from $1,000 down to possibly $600 (+/-).  Imagine the Bank portfolio holding 40% of its assets in US 30 yr Treasury bonds and this happens? To come up with the cash needed to take care of depositor demands would be a terrible hit on assets (in combination with the requirement to mark these bonds to the market with regard to their actual value. IOW, to not correct the valuation of the low rate paper to correctly reflect the value inside the Bank's portfolio is fraud. So, 40% of the portfolio losing 40% of par would correct the value to show a 16% loss of equity. (40% of X / 40% discount to par).

A look at the annual prices for Bank stocks in Honolulu, HI (I believe) shows a direct negative correlation of fed rate hikes and a corresponding loss of stock price value. If you live in a Condo or Homeowners association in Honolulu or (Hawaii in general) go ask your board Treasurer "where is the reserve account held?"

Most likely, at a Hawaii bank savings account earning 1/10th of nothing and WELL OVER the FDIC insurance limits of $250,000.00.

Did you know the FDIC is under no obligation to insure and indemnify losses that exceed the insurance limits? FACT. The FDIC can also defer the repayment of eligible/insured deposit funds on a repay schedule of 5% per year over a 20 year deferral? (FDIC hates when I point this out). The FDIC is STILL repaying claims from 2008-9.

You're actually doing your Board a great favor in kindness as they have "vicarious responsibility" for anything that goes wrong.

Here's the logic behind the fact that all of the reserves of your association are in the bank and earning nothing: "The board has a fiduciary responsibility to keep the reserves in a "safe and liquid manner". That doesn't mean "high risk, high yield"; It means they should sacrifice yield on the altar of safety and liquidity. I agree with this principle of principal. The flaw in their thinking is that in almost all cases, they have ignored the "undue concentration" of having it all in one account in one bank. There aren't very many ways to divide a deposit like that and still have the FDIC protections if $250,000 per account. The deposits are only as safe as the deposit insurance, and 3 banks used up 25% of their reserve account, with 4,844 other banks waiting to see if they survive the next round of interest rate hikes by the FED.

That's right. (Not counting) the new premiums paid into the reserve claim account, just 3 bank failures used 25% of the reserves, and only 8-10/4,844 more failures would seriously compromise their claim paying abilities. (BTW,"inflation" is over 25% presently;  the FED is NOT done raising interest rates, which will trigger more failures as banks continue to become more insolvent. The time to sell those 1.5% - 2% 30 yr bonds would have been no later than before March of 2022. Neither the regulators for the FDIC or the bank wealth management caught or saw this coming, and so, here we are on the cusp of (what I see to be) the greatest banking failure since the 1930's depression. The banks simply cannot afford to sell off these assets, and they can't afford to hold them until FED interest rates return to record low levels.

If your Condo association had $2mm in a deposit account for safe keeping, and the bank fell into FDIC receivership, what would happen to the deposits above the limit? What would that loss do to your Association solvency?

It doesn't get better when you realize how much of the asset portfolio (60% remaining) is invested in Corporate Bonds that are not federally guaranteed/backed.

The Banks have no reserves. They have a ZERO deductible insurance plan through the FDIC. It (appears) the FDIC hasn't taken in the premium needed to cover the losses caused by the act of raising interest rates to stop inflation. YOU PAY for that insurance with higher loan rates and lower savings rates.

If this all sounds absurd and incompetent? You get it.

I would URGE anyone who is in a Condo association who has reserves in the bank with undue concentration to CALL US TODAY. I have solutions that will satisfy the Board of Director's fiduciary responsibility for safety and liquidity that eliminates the bank FDIC insurance and solvency issues. 808-464-5292 Dan Turner, Akamai Wealth Management, LLC; CRD #322422

"Bloomberg News" is an Independent Business/Financial News reporting source; "Advisor Hub" is a professional Financial Advisory website. All expressed opinions below the end of that article is covered by Copyright 2023 Akamai Wealth Management, LLC Daniel J Turner, Principal Advisor, All rights reserved.