The only advice you need for financial success
I managed financial sales programs in brokerage and banking firms as well as my own company. I learned that we made things complicated so that we could take commissions and fees from product buyers that were not the best for most folks. Yes, there are special circumstances for special costly products but 98% of people don’t need them. For instance, most people waste money purchasing whole or universal life insurance with a savings component. In like manner, high-cost mutual funds and packaged products are a waste of money for most folks. Advisors won’t tell you this but Mr Buffett will. He does not need your fees. Sales people only make money with products that cost you more: end result, you earn less than you would have if you followed unbiased advice. Advisors don’t sell unique financial best buys that are tailored just for you. They can’t. Their firms would be out of business. Warren Buffett gave us the simple best advice: buy and hold low-cost Vanguard funds. He proved it by betting $1 million his choice would beat the top hedge fund options. It is time and compounding that makes you rich.
Buy life insurance when you don’t need it
Most of us don’t buy life insurance until we have someone to protect. This is not always the best strategy but it is reasonable. I bought life insurance with a saving component (Universal life) when my wife and I had a baby. I gave it up 10 years later as soon as I discovered I could save a huge expense by buying term and investing in a mutual fund earning over 12% per year. Instead of paying $250 a month for enough coverage to protect my family, I could buy $1million for about $21 a month. By the time our child left home, I did not need coverage at all (term gets expensive after age 55). I put the $250 a month into a broad market stock fund. If I had purchased the fund and term life 10 years earlier I would have had my $2 million retirement fund earlier. I could have retired earlier. I would never need the $250,000 life policy.
Stock buying sale!
Do you really think that the
Is a “structured note” right for you?
Up side and down side are not clear in advance. In theory you would enjoy upside potential growth with low down-side risk. However, the truth is in the details. Call risk, lack of liquidity, and inaccurate pricing are other disadvantages of structured notes. A five-year bond with an options contract is an example of one kind of structured note. Your advisor will claim a SN gives you diversification but you have better options. Check the issuer for yourself since the seller may not share the risks with you. You may have trouble unloading a SN if you need cash fast. The issuer can end your contract anytime. Remember, no one gets paid to give you a great deal.
Get diversity here: https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X/
Are you using your retirement funds too fast?
Without the guaranteed income stream that a pension provides, baby boomers may run a higher risk of outliving their retirement savings, known as longevity risk. In fact, according to a new survey by Siliciano and Wettstein found that retirees with pensions (defined benefits) had slower drawdown rates than those without fixed payouts. The survey compared the drawdown speed of retirees, both with and without access to DB plans, at age 70, 75 and 80. At all three ages, retirees with DB plans had slower drawdown rates. The researchers concluded that baby boomers who base their forecasts on the drawdown speeds of past generations “likely underestimate” the speed at which they’ll go through their retirement savings. On the other hand, some retirees spend more early in retirement (traveling while they still can) and assume they will need less when they are older. A one-time fee financial planner can help customize a plan for your needs.
Our Jan 6 ‘Truth and Reconciliation Commission
How Govt wastes our money:
Gov admits they kill 10 Afghans not terrorists bombs: drone driver can’t ‘see’ family
FBI assisted hackers cost business schools hospitals $ millions: ransomware key withheld
TX parks cars near river ‘steel wall’: but immigrants can walk around: state workers walk
Trump terrorists threaten reps who voted to impeach: “toxic dynamics” against family!
Capitol Police recorded 4,135 threats against Congress: domestic terror empties Capitol
McConnell: Republicans will not vote to increase the authority to borrow: bankrupt US
Southern Baptists have hundreds sex abuse cases like Catholics: perps remain out of jail
TX adopt more babies: Birth choice shifts to Christian Nationalism’s cradle to grave care
TX doctor: 'I had a duty of care': we can’t let pre-Roe bad abortion deaths happen again
125 IU Health workers lost their jobs due to COVID-19 vaccine requirements.
27% of health care workers have not been vaccinated: carriers make patients sicker
Anti-vaxxers send kids home from schools; teachers quit; hospitalizations jump; kids hurt
Anti-vaxxers won’t be around to vote Biden out in 2024: no MISS ICU beds left
Fox: 54% favor proof of vaccination in indoor spaces like restaurants and gyms
LA getting control of Covid hospitalizations: masks and vax work
Covid victims billed for care at full hospital prices: end to gov help, insurers want profits
Unruly unmasked air passengers should be given a parachute and pushed out the door
Daryl Bank FL caught selling unregistered securities fraud $25 million ‘safe returns’ 35 years jail
Credit Repair Cloud Daniel Rosen caught helping firms charge unlawful fees for credit repair
It is so easy to make a fake; teens learn how to tell the real thing
Fake diabetes cures and claims by drug firms: will FDA letters stop greed? Bamboo cure?
Balance for Misleading ‘Made in
42% of Texans would vote to make Bitcoin an official currency.
Food prices jump 40-50%: 14.25oz can green beans $.50 to $.69 in one week NJ store
Boy Scouts to pay $10,000 for each sex abuse case: all adults get off free of liability/jail
CA running out of water and wealthy keep watering
Car gadgets make us dangerous: no focus even for a second may kill
Avoid home buying errors: a little plan saves $ thousands
Alaska needs 500 health care workers for stretched hospitals
Who owns your account now?
Chrysler had over 250 problems according to new car survey: Audi,VW,Acura over 200!
Insurer to use robot and drones to settle our big claims: can you talk robot?
Tenant screening: personal details used in secret algorithms to rate you as tenant.
Fed rate hikes in ’21-’22: credit cards, mortgages, auto loans go up: pay down this year
Anti-vaxxers flying on plane sitting right next to you: no vax mandate for Covid carriers
Trump sues reporters who claim he’s not self-made $billionaire: $413 million from Dad
Free media streaming: movies, ebooks, TV, etc
Columbus did NOT discover America: 22,000 years old footprints NM kids did
We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online
We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/
We can apply for health care online: https://www.healthcare.gov/
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Alerts available at http://dankeppel.blogspot.com/