How Much Are You Willing to Pay to Have Free Speech?

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James McHenry was born in Ireland in 1753. His Scots-Irish family send him to America in 1771 after he became sick from studying too hard. He may also have been sent to check out the colonies in anticipation of the entire family’s eventual immigration. In fact, a year later, the McHenry clan settled in what were then (for only a few years more) the British Colonies.

McHenry finished his studies in Philadelphia before serving as an apprentice under Benjamin Rush. You may remember Rush as the doctor/patriot who signed the Declaration of Independence, the founder of Dickinson College and the mentor/teacher of both Meriwether Lewis (of Lewis & Clark fame) and future president William Henry Harrison.

Perhaps influenced by Rush, or maybe the whole Philadelphia experience, McHenry joined the cause of the patriots. After the British captured and then released him, McHenry served on the staffs of both George Washington and General Lafayette.

Two things about McHenry stand out in his long and illustrious career as a Founding Father. It’s likely you don’t know his connection to either.Continue Reading “How Much Are You Willing to Pay to Have Free Speech?”

Declaration of (Italian) American Independence

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“They all laughed at Christopher Columbus/When he said the world was round…” So begins the lyrics of Ira Gershwin for brother George’s 1937 composition “They All Laughed.” The Gershwins wrote the song for the movie Shall We Dance, starring Ginger Rogers and Fred Astaire. Frank Sinatra famously included the tune in his masterpiece Trilogy album, where he sings the closing lyrics “Who’s got the last laugh now?” with a knowing wink.

From Christopher Columbus to Frank Sinatra, it’s clear that Italians and Italian-Americans have had a tremendous impact on America. Over the next three weeks, we’ll focus on those names history books seem to have neglected.

Did you know Italian-Americans played a prominent role in the founding of America? For example, three of the first five American warships were named after Italians. These were Continue Reading “Declaration of (Italian) American Independence”

The True Legacy of Ben Franklin’s Last Will and Testament

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The following represents a chapter excerpt from the forthcoming book From Cradle to Retirement – The Child IRA – How to start a newborn on the road to a comfortable retirement while still in a cozy cradle (Pandamensional Solutions, Inc., September 2017). If you know of millennials (or baby boomers) who are parents (or grandparents), especially if they own their business or are part of a closely-held/family business, you may want to encourage to pre-order the book through Kickstarter project: “Child IRA Book – Is Your Child’s Future Worth $1,000 a Year.” Professional might want to take a look at and back this project, too, because it offers several low-cost opportunities to brand their business in this large and growing market.

Ben Franklin may have been teased into starting twin 200-year trusts in Boston and Philadelphia, but he nonetheless realized a great idea when he saw one. He even recognized the potential obstacles that might present themselves to those tasked with executing his grand plan. More important, we now recognize that, all other things aside, Franklin should be applauded for his eternal optimism in the nation he helped found.

The history of his legacy trusts – The Franklin Trust of Philadelphia and the Franklin Foundation of Boston – instructs us on both the power of compound interest and the dangers of relying on public officials to manage money for the long-term. We might even Continue Reading “The True Legacy of Ben Franklin’s Last Will and Testament”

Ben Franklin Trusts – Did They Work?

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The following represents a chapter excerpt from the forthcoming book From Cradle to Retirement – The Child IRA – How to start a newborn on the road to a comfortable retirement while still in a cozy cradle (Pandamensional Solutions, Inc., September 2017). If you know of millennials (or baby boomers) who are parents (or grandparents), especially if they own their business or are part of a closely-held/family business, you may want to encourage to pre-order the book through Kickstarter project: “Child IRA Book – Is Your Child’s Future Worth $1,000 a Year.” Professional might want to take a look at and back this project, too, because it offers several low-cost opportunities to brand their business in this large and growing market. 

The ever meticulous Benjamin Franklin sought to control at least a portion of his wealth from his grave. That particular bequest (in 1790) – 1,000 pounds sterling each to the cities of Boston and Philadelphia – came with specific directions as to its use and disbursement. These instructions covered a period of 200 years. How close did the beneficiaries stick to Franklin’s instructions? How did this loyalty – or lack of loyalty – to the grantor’s final wishes leave the final estate at the end of Franklin’s 200-year time period? Finally, what does the legacy of Ben Franklin’s Last Will and Testament tell us about ourselves, our nation, and our collective financial literacy?

Franklin calculated the value of each fund would be £131,000 at the end of the first Continue Reading “Ben Franklin Trusts – Did They Work?”

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