Financial Literacy: 10 Steps to Success with Money
What can we learn from Mr Buffett?
"My wealth has come from a combination of living in America
Invest your money in businesses sharing profits with you and
over time you can reach $1,000,000. Use an IRS tax-FREE account and it’s like a
$300,000 bonus.
People don’t reach goals because they don’t start saving
early
Only one in four financial planning clients actually begin
saving early enough in their career to achieve the recommended level of
retirement savings. Overspending and living beyond one's means (61 percent) are
the most common reasons clients veer from their financial plans, the study
shows. You can make sure your grandchild starts early by opening a tax-FREE
account for them with $100. Every year you
delay costs your favorite kid $100,000 later. http://www.amazon.com/Give-your-Grandchild-000-Lifetime/dp/1456433105
Study shows indexing is good even for high-cost managers
Fund managers have
every incentive to mimic their benchmark when markets are down, according to
researchers. During up years, a strong relationship exists between fund
performance and net flows. However, during down years, outperforming or
underperforming a benchmark does not have a significant impact on the
subsequent year's flows. Earn 10-12% yourself without the high fees: http://www.amazon.com/your-Wall-Street-Stock-traders/dp/1490533273
Drivers don’t use
discounts—missing $500 savings
Almost two in five drivers are either not receiving any car
insurance discounts (30%) or do not know if they are receiving any discounts
(9%), according to InsuranceQuotes.com. http://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634
Health exchange drops price
Kaiser Permanente lowered the rates it is proposing to
charge customers through the District's new DC Health Link insurance exchange
by 4.4 percent for small-business employees and half a percent for individuals.
Two other plans, United HealthCare, and Aetna dropped
rates by more than 10 percent. CareFirst is the fourth company on the
exchange. Buy only what you need: http://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083
Insurers named in “too big to fail” list
AIG and Allianz are among insurers deemed systemically
important by global financial rule makers, meaning they may face tougher
capital standards and tighter regulation.
Health care exchanges explained (sort of) in video
When you shop for health insurance, avoid these inadequate
policies and gaps in coverage: http://www.consumerreports.org/cro/2012/05/hazardous-health-plans/index.htm
ObamaCare exchanges required states to work through many
parts. Each state offers differing benefits and costs. NY says you can save
50%. Some states offer nothing. Having a lot of choices just makes it harder to
decide and lets insurers cloud the price: http://economix.blogs.nytimes.com/2013/07/19/what-makes-u-s-health-insurance-exchanges-so-complicated/
81% of Americans say they are aware of the 2010 Affordable
Care Act's (ACA's) requirement that most Americans must carry health insurance
or pay a fine. But many uninsured say they didn’t know they had to get coverage.
Where have they been?
LA homeowners’ rate increases
State Farm in Louisiana
is making changes to minimum homeowners’ deductibles and implementing an
overall 8.8 percent homeowners’ rate increases. Check coverage for discounts
and save: http://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870
FL wants the money from your benefits
The state of Florida
has put the squeeze on some of the nation's biggest life insurance companies to
hand over benefits from almost 96,000 unclaimed policies worth more than $75
million. You claim it: http://www.consumerreports.org/cro/magazine/2013/02/how-to-find-lost-life-insurance-policies/index.htm
Survey Finds Fear of
the Markets Trumps Fear of Death
Americans are more afraid of investing in the stock market
than they are of losing their jobs, public speaking and even dying. Many –
especially younger investors – use a website for their financial planning needs.
Investment ‘professionals’ are unclear about why this is. Low-cost index funds
provide 10-12% a year over time.
83 percent of respondents are afraid of another financial
crisis, while 72 percent are concerned their personal health care costs will
become unmanageable and 71 percent worry they will not be able to pay for their
children’s education. Rather than working with an investment professional,
generation X and millennials are more likely to use websites as their primary financial planning resource. Some use
Wealth Without Wall Street: http://www.amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137
SCAMS “Deficits
don’t matter” Republican godfather, Dick Cheney, 2002
IAN
41 Watchung Plaza, B242
973.746.2014
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