Losing money? Avoid preventable money mistakes
If you have experienced a virus-related event—job loss, health issue, family member care, etc—you must now regret overspending. When things are going well, we often forget about that emergency fund we planned to create. We may get in trouble through no fault of our own. Counseling for financial debt is available from reputable non-profits. Consider all the alternatives before you bury your future by taking out money from any long-term investment plan. You can’t get back the time, the creator of the miracle of compounding. If you have overwhelming debt, consider bankruptcy to get a fresh start. No one knows but your attorney. You can keep your retirement accounts, car, house, etc. Your friends and advisor don’t have access to counseling resources. Advisors are trained to sell products not to get you out of debt, find a job, help with health care, etc.
https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513
Why can’t US control health care costs?
With Trump’s Supremes in power, Americans may never gain affordable health care. Trump has already said that the GOP will end ObamaCare and Medicaid. The virus has caused millions to lose coverage linked to their jobs. A recent study exposes the aggressive pricing by mega-hospital systems that have gained enormous market power through widespread consolidation. It shows that employers in many states are paying much more than Medicare prices for hospital services. WV, TN, SC and FL systems average 340% of Medicare prices. Employers may soon have to jettison coverage for their workers since they are paying much more than Medicare does. If everyone was on Medicare reimbursement, health care firms could not accumulate the huge profits and reserves they have. Consolidation means CEOs and their minions can take $ millions each in salary and bonus. They control pricing and claims-paying standards. They pay (lobbyists) $ millions to slant the decisions in Washington. “Private insurers pay its hospitals four times what Medicare reimburses for care” in some regions. Even for underpaid teachers, the cost is overwhelming. One education client, earning under $100,000, pays premiums of $8,779 + $4,000 deductible/co-pay + the employer pays $28,164 for in-network coverage for two. The insurer even stopped covering the ‘free’ mammogram and colonoscopy screening in 2020. Finally, the quality of care in the US is ranked lower than other countries. For-profit health care systems hurt the American middle-class.
https://www.amazon.com/Health-Insurance-ONLY-right-policy/dp/1480125083
Did researchers find Warren Buffett’s secret?
A study may have cracked
the ‘Buffett
Code’ — Berkshire Hathaway’s ‘secret sauce.’ Over time, Buffett’s Berkshire
Hathaway’s stock rose at an 18.6% annualized pace, versus 11.8% for the S&P
500. Buffett owns stocks like Coke and whole companies like GEICO and BNSF
railway. He is known for his “buy and hold” strategy as opposed to Wall
Street’s buy high and sell low. Buffett’s purchases usually include undervalued
companies (when he bought them) and high dividends and few competitors due to
their competitive advantage. Few other master investors can claim 55 years of
18.6% returns for shareholders. We might be wise to take his advice.
Buffett as your
advisor: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
Other ways the wealthy avoid paying their fair share of taxes
When a wealthy person leaves heirs with $ millions and the estate pays little or no tax thanks to the GOP tax breaks for the rich, the nation suffers. The wealthy are focused on using the current lifetime exemption amounts ($11.58 million per individual). That’s more than double the amount of 2017 ($5.49 million) and ten times the amount of 2008 and before ($1 million). This means a couple can pass on over $23 millions in their lifetimes without paying any tax. Another strategy is lending money to a trust that is established to benefit heirs. The trust earns a higher return than the interest rate owed back to the wealthy grantor. Using a balloon loan (principal and interest accrue for the duration of the loan) the trust grows on a larger base. Then, the difference between the investment returns and the accrued interest accumulate estate-tax free to future generations. Another trick to avoid taxes is to leave an estate to a charity. They provide for their heirs through a gift-tax free estate. Plus they can give $30,000 a year to all the kids/grandkids without gift tax. Next, they can pay for health and education expenses for those they love without using annual exclusions or lifetime exemptions. Thus they assure their children and grandchildren of expensive health care and education. They pay no taxes for the public benefits they use: police, airports, roads, courts, hospitals, Congress people for biz subsidies, and armed forces in 70 countries to protect them on vacation.
Save on taxes too: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300
Is
Trump accuses Biden of turning America into a socialist country. But then when it comes to giving away tax money to groups he wants to vote for him, he acts like socialist dictator. He wants us taxpayers to pay farmers $30 billions to get them to vote for him. Who else do we give welfare to besides farmers? Corporate welfare includes coal, gas, oil, banks, cars, airplanes, exporters, etc. We even give our money and troops to prop-up countries. Congress people take subsides too. A big part of our national budget goes to pay interest on the debt created to give the wealthy more money creating a greater divide with the middle class. The middle class is shrinking with 90% of the country’s wealth held by the top 1%. The only people we don’t help are low-wage workers during a pandemic—and also workers who get laid off when their employers can’t reopen. Our millionaire reps in Washington decide workers who need help will not go back to work if we help them. And finally, our central bank is buying up (creating our future taxes) the debt of troubled companies to keep their lobbying CEOs happy. Wall Street takes the profits. Most unbiased Americans think we already have socialism—
Socialism for the Rich: https://www.amazon.com/Americas-Socialism-Rich-little-people/dp/1535218584
Is CalSavers retirement account right for you?
Most working people can benefit from an https://saver.calsavers.com/ account. Your savings comes right from your pay. You don’t need to do a thing once you set it up. Younger people can invest in stocks or stocks and bonds. You don’t need a broker or advisor to earn up to 11% per year. This account is a Roth IRA so in retirement you pay no income tax on this money. Most retirement account benefits are taxable in retirement. You can stop it and start it anytime. Most employers in CA will offer this low-cost tool but they have no access to your money. If you leave your job, you can continue with your new employer in most cases—it is a statewide program. Automatic payroll savings is the most successful type of long-term savings plans. In fact, those who end up with the most money in their account are folks who forget they have it. You are not tempted to take out the money or to lose money by trading on someone’s advice. Think long-term!
Enjoy tax-free retirement even outside CA: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976
When current yields are low, concentrate on long-term investments
Where is the best place to put our money now? Everyone wants high yields and low risk. However, the markets don’t offer such a thing. We have to think in terms of long-term and short-term. If we are investing for retirement, even if is only 10 years ahead, we invest in the only security that has shown it can provide substantial accumulations. Most of us did not learn about the miracle of compounding in school. We never learned that a basket of stocks can double in value in 8-9 years. Over our working lives, a constant investment of just $9 a day can provide over $1 million: invest $250 a month for 33 years in stocks and you can comfortably retire: invest a total of only $99,000 for a $ million.
For short-term needs, a low-cost balanced fund meets the test. Earning a steady 5-7% allows you to own an emergency fund that is better than any bank CD. Use a special IRS account and avoid taxes on your withdrawals now and later too.
https://www.amazon.com/Tax-Advantaged-Wealth-mutual-funds-Tax-FREE/dp/1481215906
Phrases that mean you need a new advisor
Salespeople learn specific phrases to keep the conversation
going when they have nothing meaningful to say. They can’t predict the future
and so they can only deal with what has happened already. This is why more
investors are giving up and just leaving their money in a low-cost index fund. In
fact, Vanguard just analyzed the panic factor from Feb to May and found the
“panickers” earned less than those that did nothing. If you hear your
advisor give you these
worn out phrases, look for a new one or switch to a salary-only advisor. “Don’t Get Complacent” means only
activity in your account pays their fees and commissions. “Profit Taking” implies selling is best now. "More
buyers than sellers" means nothing without a price point. “The stock
market hates uncertainty” means the advisor has no clue about conditions. "The
easy money has been made" means you are a sucker for not trading when
advised. "Earnings missed estimates" means someone guessed wrong. “Cash
on the sidelines” means prices are low. "On a go-forward basis"
means nothing—it is always a future guess. “It is already in the price” means
no new guesses. “110%” means very very very or huuuuuge. 110% cannot
exist.
You don’t need
advisor for success: https://www.amazon.com/DIY-Financial-Independence-Freedom-Workbook/dp/1088908500
**********ACCOUNTABILITY**************
Like 1776, this
period is a test
of democracy—do we really want ‘low-IQ’
Mobster?
Philly DA: we have an “authoritarian
dictator."
Dictator: I
order “you cannot have [Biden] as your president”
Dictator: “Get
rid of ballots, there won’t be a transfer”
Supremes
handed Bush victory too
Dictator: "We
were put in this position of power” to change
Supremes
Dictator: ‘re-education’
camps for youth
Dictator: I
will tell you which phone apps to use
Dictator: “done a very good job”
only 203,000 dead
How Govt wastes our money: Congress
gives 3.7 Trillion to the wealthy!
In 2021, Social
Security will pay out more money than it collects: Congress ignores our
future
Trump’s
Space Force sent 20 spacemen to Qatar to fight desert mirage? Wasted taxes.
IRS
gives the wealthy another break on taxes they owe: don’t have use available
assets to pay.
IRS gives business another
tax break: 100%
bonus on depreciation expense: write off all in 1st yr
After propping up failing company bonds, Fed bank limits support for cities/states’ bonds
Congress money for masks went to defense contractors and Trump police armor/uniforms
Airlines demand $25 billion bailout: Trump to find money just before election
Biz exec boast about gov reps who take election money for influence: mic'd up
Netanyahu brings bags and suitcases of dirty laundry so we can clean his clothes free
SCAMS/SPINS:
“They are dying. That’s true. And it is what it
is.”: more
than Korea, Vietnam, WWI combined
Trump
cancelled plan to send masks to all Americans: ‘masks might create panic’
Trump
cancelled CDC advice on airborne virus and mask protection: going for 300,000?
Virus
cases in 20 year olds now largest age group: no
mask groups mutating virus strain
Trump’s mob
now in charge of all foods, medicine, vaccine, medical devices: power play
Putin helping Trump:
FBI tracking damage to Biden: will
Americans vote Putin’s man?
No 2nd
Amendment for phone apps: Trump
bans apps from American use or 20 yrs jail
Trump’s campaign
head involved in money laundering: how
wealthy hide money crimes
Trump
offers Puerto Rico aid 3 years late
but 1 month before election: will it even come?
Trump: “Chinese
won’t have anything to do with TikTok” except they own control of it.
Research:
junk
health plans favored by Trump are rife with deception: You don’t get
what pay for
Can
Trump’s Supremes stop PA voters from casting ballots the way they want to?
Trump
to control our 401k investments: investments in new energy source stocks
limited
Fox guards henhouse:
Trump’s
vaccine czar owns stock in firm competing for US order
Brokers
are 7, 8, 9 times more likely than fiduciary to sell risky volatile products:
regulators
Zvi Feiner Erez
Baver caught
stealing $ millions Ponzi on Rosewood nursing homes
Scam: Call
to verify Amazon purchase info: asks for bank info, “listening in,”
Lobel Financial caught
charging $1,345,224 for LDW product it did not provide: fined
Milton Dosal Jr CO caught
stealing from cadets with Ponzi as great stock trader: fined
Raphaelson Zimmerman
Kidd WellsFargo execs caught
fake account scam: fine no jail
Craig Zabala NY caught
stealing $4.4 million: promised profits from new firm
Steven Rodemer CO caught
stealing from elderly after 40 yrs as advisor: claimed had OK
BMW caught
misleading bond buyers inflated sales numbers 2015-19; fine no jail
Is it a scam? Check AARP scamline 877.908.3360.
Check
IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams
https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers
Jobs
Laid-off
workers need new careers: recovery thru community college training needs
help.
Most
workers cut in pay will continue after virus: worker incomes keep falling
Early
retirement offer from job: Get help to consider how it fits with your life
Despite working from
home, no tax deduction for
employees with w-2 income
Life
insurance sales attracts jobless: candidates interviewed daily
62%
of employers feel they are “extremely” responsible for employees’ financial
well-being
Who owns your account now?
Save
fav Ticks before Trump bans them: Dictator
decides which apps you can use No 2nd Amend
Highest rated home insurance company: quality over price
Saving your home; creative solutions: 4 million are past due on their home payments
There are worst places to retire than where you are: Feel better?
Miracle:
AstraZeneca’s goal
is a vaccine
with 50% effectiveness: we will still
need masks, 6ft
Getting
a mortgage without color, sex, job discrimination: can it work for all?
Signs
of climate change: Sharks
are moving north. Redwood growth is slowing.
Pensacola under
water: storm floods over and over from TX to FL: more glaciers coming
Pope Francis to
parents of L.G.B.T. children: ‘God
loves your children as they are.’
Miracle: Lower virus deaths in
2021? Scientists share concerns at 970,000 worldwide.
Sales
of new homes advanced for a fourth month: highest level in 14 years: prices
fell
IAN
41 Watchung Plaza,
B242
973.746.2014
www.InsuranceAdvisorsNetwork.com
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