Just like you’d go to an expert to authenticate a collectible rookie card or a pokemon collectible set, you do not any of that because the blockchain keeps a record of it all. Projects like Bored Ape Yacht Club, Animatas, Pudgy Penguins, etc have skyrocketed in recent days, and some of these computer-generated unique avatars are selling for hundreds of ether tokens (one ETH at the time of this writing is worth about 3000 USD). This is great for the NFT industry, and it makes both the buyer and the seller happy. Besides, you get own something that could have a significant resale value in the future. But, here’s what my hate…or skepticism comes from when it comes to NFTs. Ultimately, NFTs are inherently illiquid. You can sell 1ETH on an exchange in a few seconds, but you can’t do that with an NFT that you just bought. You will have to have a buyer for it who’s willing to pay the price you’re looking for.

Another problem is the current market supply. Hundreds of NFT projects are being released every single day, and people are picking up rare ones very quickly. If you look at the activity on Opeansea.io, you’d know that many of the new projects have hundreds of items that remain unsold, with the good one already being taken or listed for sale at price much higher than the average price for that project…or “the floor” as it is called! So, what happens to these unsold items? If they stay unsold in the market for too long, what happens to the hype behind the project?

Gary Vee mentioned something in one of his interviews a few days ago which I agree with. Basically, he believes that 95% of all NFTs right now are bad investments, and NFT creators’ real work should begin AFTER they list their artworks for sale at a marketplace. The project has to create a community and provide value. A gif or a jpeg file alone…on its own…without a community around it, will lose its value in the long term.

How do you stand out when there are thousands of other projects? How do you identify projects that the creators have built solely for the purpose of making money from the sale and existing out of it!? With all this massive sales news all over the internet, it is tempting to FOMO in, and spend some of your ETHs. But as with any investment, you must be able to separate your emotions from the hype, and really identify and evaluate the community around it.

Are the creators responsive? Do they have an active discord group? What “else” they are going through since they posted their NFTs for sale? Have they built other projects in the past? Were those projects successful? Remember you’d ask yourself similar questions if you were buying a stock or a house, or a used item with potential resale value? The difference being stocks and cryptos are liquid assets, mostly. NFTs are not!

I think this space will do very well in the next few years. Especially, with the gamification aspect of some projects. However, I also think that not all projects will do well. Do your due diligence before you make any investment in digital art!

You might be wondering if I own an NFT. Yes, I do. But it is money that I can afford to lose if the project does not go anywhere. I do see it as a risky investment, but it’s a managed risk. I’d not recommend doing something crazy with your existing assets to be able to buy NFTs that you “think” will do well…

I will share new NFT projects on this site. I will also share how I feel about the project. But this is an entertainment website, and I am not a financial advisor. Just because I own something does not mean that you must hop on the project. If I own it, it means that I simply like it. It does not mean, that I think I’ll sell it for a lot of ETHs in the future. Please please do your own research and make your own decision before buying NFTs!

Embrace new technology, educate yourself about this space….but think twice before you buy the first thing that you run into!

The IRS formally launched crypto taxes in 2014, during which they recognized virtual currencies as capital assets (just like property, bonds, or stocks). Based on tax laws, capital assets are taxed whenever they are sold at a profit. This means if you were to use cryptocurrency to purchase goods or services and you wind up making a profit, you are going to incur capital gains taxes. Some examples of crypto actions that are taxable include using cryptocurrency to purchase goods and services, selling cryptocurrency for fiat, and trading or swapping one crypto asset for another. Transactions such as interest earned from decentralized finance, crypto earned from staking and liquidity pools, crypto mining income from transaction fees and block rewards, crypto received from airdrops, and cryptocurrency received for work done are usually taxed as regular income tax.

That said, you will be expected to keep a record of all buying, selling, investing, or usage transaction related to cryptocurrencies. Failure to do so may put you at risk of tax liabilities resulting in penalties, interest, or even criminal prosecution. 

However, most earlier adopters of this coin have used a different way to buy this coin. The process has some steps, and I’ll attempt to explain just that here in this article. Remember, this is not investment advice, and please do your due diligence before investing in cryptocurrencies. Personally, I have some investment in SafeMoon as with a few other cryptos, and I’d not have written the article if I did not have tried this purchase process myself.

First, you have to create an account with Binance.us or Bittrex.com if you do not have an account with either of them. I use both the exchanges and they are both very good. They both have KYC (know your customer) and they will verify your identity. I found the ID verification process at Bittrex to be a little quicker. Quicker as “Same day- quicker”. At least that’s what it was for me!

Feel free to use my referral links above to register on either of these platforms.

Now:

1) Install TrustWallet App on your smartphone

2) Buy BNB (Binance Coin) on Binance or Bittrex

3) Withdraw your BNB to your BNB wallet on TrustWallet (Please make sure you’re withdrawing to your BNB wallet)

To do this, click on BNB from your list on TrustWallet and click Receive (It will show you the address you need to withdraw BNB)

4) The process may take a few minutes for your BNB to appear on TrustWallet due to network congestion and trading volume

5) Once you have your BNB on TrustWallet, convert it to Binance Smart Chain (similar icon as BNB). To do it, click on BNB on TrustWallet > More > Swap to Binance Smart Chain

6) Now, it won’t let you swap 100% of your BNB all at once. Do it in 50% increments until you’ve swapped almost all of it…You will NOT be able to swap 100% and will have a few dollars left on BNB.

7) Now, click DApps at the bottom of your screen (on Android)

8) Find PancakeSwap from the list and then switch your BNB (Max) to Safemoon (choose Safemoon from the list) Please let your slippage to 11% for it to process!! Confirm the transaction!!

There you have it!! Now, you should see your SafeMoon balance on TrustWallet.

If you have an iPhone, you just have an extra step because you have to “activate” DApps on TrustWallet.

To do this, follow everything until #6 in the above process and then open Safari Browser and then type in the URL: trust://browser_enable then hit Go!

Go back on TrustWallet and you will now see DApps at top-right corner!

This has been going on for months, and although most residents understand that it has not been an easy task for Illinois to implement some of the federal programs (PUA and PEUC), it seems as though that the people on top have not done much to prepare themselves for an impending benefit distribution disaster.

Many currently unemployed started receiving their payments back in March 2020 shortly after the pandemic began. As unemployment entitlement benefits last exactly a year, many of those currently unemployed would see their benefits stop exactly after their benefit year-end date. If you are unsure what your benefit year end-date is, log on to your IDES account and pull up any payment history. On top of the page, you will see your Claimant ID and your benefit year end date. That date is crucial because that is the last day for which most of you you will receive benefits.

However, technically, since President Biden signed the new relief bill last week, your benefit extensions should remain active until the first week of September 2021. This makes many people believe in case they are unable to secure a new employment anytime soon, they would keep receiving benefits without interruption, right? Wrong! This is exactly where the problem begins!

If you have not worked at all since last year when you started receiving unemployment, you will have to CALL and physcally speak to an agent before those new “extensions” can resume. Most unemployed Americans did not work at all since last March. Therefore, this warning goes to hundreds of thousands of people. This also means that you will have to put yourself on a callback list soon, and hope that someone calls you back only a few days after your benefit year ends. Remember, if you have not worked since last year, regardless of whether you have a balance in your unemployment account, you will NOT receive benefits unless you speak to someone. Only a live person can put you on a transitional claim (PUA/PEUC/EB). Unless you do that, you’d receive nothing. No $300 boost, no regular payment….zilch!

There will not be any automatic continuation of the extension. At this point when Americans are struggling to make ends meet, you’d think that our state government would be on top of their game, and that they would do everything they can to help Illinois residents. You’d expect they would make these extensions automatic as long as the claimants are certifying for benefits as “still unemployed”. You’d hope that someone in the government would know about this very well, and bring up this issue with Governor Pritzker and the IDES.

This may not apply to you IF you’ve worked part-time [and have made 3x your Weekly Benefit Amount) or were unemployed on and off since you first started receiving unemployment. But, the percentage of those people is low.

You might be asking what you can possibly do right now. First: check that benefit year end-date in your payment history. If you have not worked since you started receiving unemployment, you can be sure that your benefits would stop after that date. Second: Put yourself on a callback list right away if you are not on one already. Third: if you receive a call after your benefit year ends, request the agent to put you on a “transitional claim” based on whatever extensions are available for you (PUA or PEUC depending on the type of your initial claim). Keep certifying if you can even if your benefits stop.

Reminder: the agent can put you on an extension ONLY AFTER that benefit year-end date. Not a day before! There is no way for them to “push it through”.

You can also write to the Governor’s office and share this if you’d like. Nobody in this country should have to wait to receive unemployment benefits in the middle of a pandemic while their income has been slashed to almost nothing due to no fault of their own. People have endured enough since last year. They do not need any more financial stress.

Also, please share this with anyone you know who’s currently unemployed in Illinois so they are aware. I do not make money from you sharing this. There is no ad here. This post is not designed to the bash the IDES as I understand implementing some of these changes into a set algorithm is difficult. However, something could be done so this does not happen. I am just a citizen journalist trying to help my fellow Americans!

Be kind to each other!

Here’s a list of tax-related things that usually takes place following a major disaster:

The IRS gives taxpayers more time to file and pay.

Taxpayers whose address of record is located in an area identified by FEMA for their Individual Assistance program will automatically receive extra time from the IRS to file returns and pay taxes. The IRS’s disaster website page provides new info and links to resources. Information is usually available on the IRS Twitter account as well. Taxpayers can also call the agency’s disaster line at 866-532-5227 with questions.

Taxpayers can qualify for a casualty loss tax deduction.

People whose propeties have been lost or damaged due to a federally declared disaster may qualify to claim a casualty loss deduction. They can claim this on their current or prior-year tax return. This may result in a larger refund.

People can apply for a disaster loan or grant.

The Small Business Administration offers financial help to business owners, homeowners and renters. This help is for those in a federally declared disaster area. To qualify, a taxpayer must have filed all required tax returns. the EIDL grant and loan as well as the Paycheck Protection Program (the PPP) were some ways that the US Congress helped the American people.

Taxpayers might need a tax return transcript.

People requiring a tax transcript to support their disaster claims can obtain free transcripts by using Get Transcript to access their transcripts immediately online or to request mail delivery. They can also call 800-908-9946 to request mail delivery or submit Form 4506-T, Request for Transcript of Tax Return.

People who need a copy of their tax return, should file Form 4506, Request for Copy of Tax Return. The IRS waives the usual fees and expedites requests for copies of tax returns for people who need them to apply for disaster-related benefits or to file amended returns claiming disaster-related losses. If filing Forms 4506-T or 4506, the taxpayer should state on the form the request is disaster related and list the state and type of event. This helps speed up the process.

To qualify, at minimum, you must:

1) Reside within the Chicago city limits.
2) Provide a government issued ID.
3) For Homeowners seeking assistance: Demonstrate your total household income was at 120% or below the Area Median Income (AMI) prior to March 1, 2020. (Refer to the table below to determine your income eligibility.)
4)For Renters seeking assistance: Demonstrate your total household income was at 60% or below the Area Median Income (AMI) prior to March 1, 2020. (Refer to the table below to determine your income eligibility.)
5)Have experienced a change in your financial status (after March 1, 2020) due to the COVID-19 crisis.
6)Must be 18 years of age or over, or be a financially independent minor.

All this seemed fairly straightforward and led hundreds of thousands of people to filing application, many of whom unemployed as a direct result of the pandemic. Now, we all know that most low-income families and individuals have FHA-backed loans because many just can’t come up with the down-payment required during a home-purchase. The CARES Act enacted by the US government allowed for FHA-backed loans to apply for forbearance which is nothing but a deferment of your loan-term for a few months – if you are unable make payments. It does not “cancel” your loan nor does it provide any help with the loan itself.

Now, let’s discuss this “Chicago’s bait and switch” that I mentioned as the title of my article. As you have realized by now, many people applied for it. The website even provided a number to call and check the status of your application. Everything seemed to be fine and most Chicagoans believed it was a waiting game, and at some point in time, they would receive that happy email saying their application was approved.

A couple of months passed and people received no communication unless they needed to provide additional documentation. Folks who tried to call the number to check the status of their application had to leave a voicemail most of the time, and request a callback that most people never received. Those who called and were able to get a hold of a live-person were told something similar along these lines: “Everything looks fine, and you’d get an email soon!”

Last week the NHS started sending out application decision to hundreds of thousands of people, most of whom are still struggling, unemployed and facing severe financial hardship. Surprise, surprise…Chicago was able to come up with a “new eligibility” requirement and started sending out denial letters. The denial emails looked like this:

So, now if your mortgage was FHA-backed which most low-income families do, you will not see the relief. After months of waiting, struggling Chicagoans now have nothing, and are delivered a denial letter with a reason for their ineligibility. The odd part is that the reason given was not even mentioned in the initial application requirement. Sounds like a classic “bait and switch”, doesn’t it?

It is time for Mayor Lightfoot to explain when and why this new “eligilibilty requirement ” was introduced. Why this requirement was not mentioned on NHS website? What was her reason to discard FHA-backed loans?

These are valid questions. Hundreds of thousands of Chicagoans are now in a limbo!

Mayor Lightfoot must realize that citizens understand these “bait and switch” tactics very well. It’s OK to criticize political opponents, but it is not OK to deceive struggling Chicagoans. It is not OK to refuse financial help to people by coming up with requirements without making applicants aware of them. It is not OK to create deceitful public PR-stunts when millions of Chicagoans are struggling to put food on the table and make basic payments. Her actions amount to insult to hard-working Chicagoans whom she pretends to represent in the middle of a national emergency.

This problem shows us the importance of filing taxes, even if you think you do not have to. Hundreds of thousands of low-income Americans, and those who never worked do not file taxes because they do not see any use for it, because many of them assume that won’t “get anything back”… Here are a few things a taxpayer could potentially receive if he files his taxes even if not required:

1) A refund of income tax withheld from their pay

Fedral and state taxes are often withheld from your pay regardless of how much you make. If you are under the filing threshold, the amount that was taken out from your paycheck is owed to you. Claim it!

2) The Earned Income Credit

You may received EIC if you don’t have a qualifying child but meet the income requirements for your filing status. Unemployment income does not count as “earned income” by the IRS. Also, nobody can claim you on their taxes.

3) The Additional Child Tax Credit

ACTC is a refundable credit that are eligible for if your Child Tax Credit is greater than the total amount of income taxes you owe, as long as your earned income was at least $2,500

4) The Health Coverage Credit

This tax credit is administered by the IRS for those who are at least 55-yrs-old upto 65. You’ve to be receiving benefits from the Pension Benefit Guaranty Corporation, also known as PBGC.

5) Any refundable credit prior to your minimum tax

6) The American Opportunity Credit

If your modified adjusted gross income is $80,000 or less ($160,000 or less for joint filers) can claim the credit for the qualified expenses of an eligible student.

7) The credit for federal tax on fuels

Some uses of fuels are not taxed, however, and fuel users can get a credit for the taxes by filing Form 4136.

I felt compelled to write about this because many of my fellow Americans are being used as a bait by both political parties at this point. We are too close to November 3rd, and I’m not here to bash any particular party as both parties seem to have forgotten about the People.
We tend to focus on headlines, with many of us becoming victims of pure clickbaits both from new channels, blogs and YouTube videos.

The rise of so-called “stimulus experts” on YouTube has been astronomical. Most of these people would say anything to get that “click”, and would say anything for you to keep watching their videos…because it makes them money. They would rather flat-out lie to you as opposed to telling the truth…because without (even a fake!) news on stimulus that creates some “hope” in people, they themselves would lose adverttising revenues from YouTube. This practice is not only appalling but takes away millions of potentially productive hours from the American public…which they can use to learn a new skill, or do something to create new income source.

I am not here to give you false hope, because that would mean an insult to millions of struggling Americans…

So, instead of going back to the CARES Act which you know has already expired, I’d rather focus on what’s going on right now.

There’s no talks scheduled on the next relief bill at this point. None. The GOP has a $1.2T proposal for the Democrats which the latter refused because it did not include some of the provisions that the Democrats wanted. Specially, provisions to fund State and local governments, and a few things unrelated to the pandemic. However, they both agreed on sending direct payments to the American people, in addition to extended unemployment beneifts…even though the Republicans proposed $300 extra weekly benefits and the Dems wanted to see a higher number.

However, the Democrats refused to pass parts of the bill which both sides agreed on. Because they know passing parts of the bill will lead them to losing leverage on future negotiations if any. Besides, if 30 million Americans keep struggling, that would help both sides polarize the population needed to sway votes…

Therefore, it is not just convenient but important for them to keep the stimulus debate incomplete until the election is over. The reality is…the Senate just can’t pass a bill without the House voting on it, and vice versa. The President does have executive powers, but at this point…he did most of what he could have done…by creating the Lost Wage Assistance (LWA) program to provide an additional $300 to unemployed Americans. But, the funds for that are limited and will likely get wiped out before the election even begins, which will then become a talking point for the opposition. States such as Texas, Missouri, Tennessee and Montana have already run out of funds to continue providing LWA, with most of them having only paid 3 and 5 weeks on average.

Creating chaos and discontent is exactly what works for elections. If you have chaotic situation in place, all you have to do is control the narrative and blame the “other side” for the problem. These politicians are not looking for a solution, nor do they want to do anything constructive for the American people. Doing something good for the People would be “untimely”! These little “bills” peddled by politicians from both sides are simply meant to calm down their constituents. They do not want to be seen or perceived as “doing nothing”…like that, they will get re-elected.

I am just being the messenger here. I love this country and its people. I do not care which political party you support. I find it awful that some “journalists” and YouTubers would rather clickbait you into reading and listening to their nonsense as opposed to telling it like it is…

I will repeat, there will not be a stimulus package. Both sides recently agreed to prevent government shutdown before the election. But, they kept stimulus negotiations stalled. They did it for a reason. Shutting down government affects THEM…it would be their own admins and clerks in DC without a paycheck. It would be THEM without a paycheck….How is that helpful for either party before the election?

Hurting the American people does not hurt them. If anything, it helps them. But, there is something you can do, flood your Congressmen and Senators will calls and emails. Tell them their party will lose your vote if nothing is passed asap. Do this regardless of your party affiliation. THAT is the only hope you have!!

The only other possibility is if President Trump himself finds a way to send direct payments to Americans…

Focus your time on reading a book, or do something that you like…Those “stimulus” videos and those hopeful thumbnails on YouTube are meant to trick you. You are listening to utter bs, and making a stranger advertising $$$!

Everyone has a different investment approach, goals, risk tolerance, time horizon, liquidity, constraints, etc.  Because significant differences exist among investors, there are important factors to be considered when implementing an investment strategy such as the individual objectives and any other important factors along with a due diligence process.

There are numerous ways investors can diversify their account.  One of the most known and widely used is the life cycle asset allocation.  The asset allocation is considered the most important decision made by investors. A good reference is 100 minus age.  It is believed that as investors get closer to retirement age, the more risk averse they become, hence the change in allocation is recommended from more equities to more fixed income as they progress in the life cycle.

Total risk can be measured by the standard deviation and this type of risk can be diversified.  Systematic risk on the other hand cannot!  Beta measures systematic risk which cannot be diversified away, the beta for the market is 1.0.  So, if the portfolio constructed has a beta higher than 1, it means it will have more price volatility than the market.  On the other hand, if the beta is lower than 1, less volatility can be expected.

With over 11% unemployment, and more than 20,000 new applications for the week of August 10, Illinois’ jobless woes are far from over. The $600 federal boost expired on the week ending July 25, leaving hundreds of thousands of families struggling to make ends meet.
This post is not meant to be political, but as a journalist at heart, I can’t help but notice the blatant incompetency of the Illinois government.
Since no other channel is covering this I feel compelled to do so. This post is intended to inform my fellow Illinoisans, and clear up some confusion that I feel still exists around this much-needed aid.

President Trump signed an executive order on August 8, which allows for all 50 states to apply for a FEMA grant to help the unemployed. The cash available for this Lost Wage Assistance program is limited, because it’s taken from our Disaster Relief Funds…something intended for emergencies such as a hurricane, etc. The program is not funded by the states, but the federal government.
Initially, the mainstream media was all over the story as to how this was unconstitutional, and that the money would never actually reach the American people. Some “experts” touted that this was a pure political stunt by the President, and that nobody would actually “see it”.
However, most of those speculations proved to be false in the last few days. While it is understood that the funds allocated for this program are not unlimited, most states including the previously skeptical and “refusing” California and New York already applied for the grant. Arizona got the grant approved in about 2 days, and has already started disbursing those funds to its residents. Many other states have been approved within less than 48 hours from filing their application.
However, Governor JB Pritzker of Illinois has remained silent on this issue, leaving over a million Illinoisans in the dark. If you follow Twitter, you’d realize that thousands of people asked him why it is that Illinois has not even applied for the grant. He has not answered!
Our Governor comes on TV almost every day telling us how deeply he cares for his fellow Illinoisans, while denying them the vital lifeline that’s available to them thanks to the President’s Executive Order.

I understand that this post may trigger some emotions. But the reality remains that $300 for even a few weeks is better than $0. Let’s put our partisan beliefs aside for a moment, and reflect on something that concerns many of us and our friends. Let’s reflect on a question that is currently asked my thousands of Illinois residents who are just waiting for “something to happen”.

Today, Saturday, the House voted to pass a bill to fund billions of dollars to revive the USPS, but any bill to send direct help to millions of Americans was not on the table. Again, $400, $300 or even $200 weekly is better than $0, which is precisely the amount of unemployment boost that Americans are currently receiving. $0. Nada!

Let’s not forget whether our Governor acts sooner or later, he is a multi-billionaire, with a “B”, and still receives $177,000 yearly salary. Our Speaker of the House, Nancy Pelosi receives an annual salary of $223,000. They are not affected by this pandemic! They are not worried about putting food on the table or making basic payments. They are, thanks to our votes and tax-payer dollars, “employed” and well.

When exactly will Illinois apply for the grant is up in the air. Maybe our Governor will apply when the limited funds for this program is almost gone? Or, maybe, he won’t bother to apply at all, and try to make Illinois residents believe it’s “Trump’s fault”?

You can say what you want about the President, but he did do at least something to help the people, our Governor did not. All that he had to do is apply, but maybe his personal feud with the President, mixed with his pride is preventing him from doing the job that he was hired to do.

Whether or not you’re directly affected by this situation, I believe the least we can do to change the course of things is voice our opinion here. This simple act might help a fellow citizen in these troubled times…