Now, an unbiased source of financial information
Unfortunately, there are few unbiased sources of information about building wealth. Most people give up 1-2% of earnings per year—$500,000 over a lifetime—to salespeople for poor advice. Instead of building assets for a secure future, most people are at the mercy of salespeople who are building THEIR own secure future. An industry joke is Where Are the Customers' Yachts?Members of the Unbiased Advisors Network work in the financial industry but are unhappy with our industry’s role in NOT helping to educate their fellow citizens. We are unhappy that there is no basic financial education (beyond balancing your checkbook) in our schools. Now you can learn how to buy the best without paying commissions, fees and charges.Show More Show Less amazon.com/Unbiased-Advisors-Network-helps-tax-FREE/
Consumer Reports top car brands: Subaru No 1
The Consumer Reports top three auto brands: 1. Subaru 2. Mazda 3. Toyota Consumer Reports bottom three: 11) Mercedes-Benz 12) General Motors 13) Chrysler Honda fell farthest in the ratings due to lack of car to details, according to CR. Coincidentally, Honda and Acura are recalling 9,000 SUV for faulty gas tank vent. Oh.
Soon we may have more information on our broker/advisor
The regulators are considering making the information about complaints and discipline actions available to the public in more useable forms. Financial salespeople have been lucky up to now since the data is hard to decipher for most customers. Most of us just assume that if their salesperson is working for a national firm, they must be ethical. Regulators want to give the info to vendors who will use it to simplify it. http://www.investmentnews.com/article/20120301/FREE/120309986/-1/INDaily01&dailycount=1&issuedate=20120301
Is your advisor taking you for granted?
Advisors are instinctively sales people. They must enlarge their client list or be demoted or fired. In order to serve more people, they must make certain assumptions about keeping your business. Advisors think they are the professional you will always seek for advice. They want you to contact them when you have money to invest/spend. They can’t afford to hold your hand every day unless you have a large account. Things are changing. Advisors naively believe in their clients’ loyalty, vastly underestimating the number of their clients who have direct accounts. Advisors reported that only 20% of their clients maintain direct accounts, which is at odds with what clients reported to Cerulli in a survey. More than three in four clients surveyed (76%) said they owned direct accounts. There are many reasons to have an account you control yourself. 1. Easy access 2. Low cost 3. Investing experiment thrill 4. Multiple account safety. Members have learned the hard way that advisors can take $500,000 or more of their account value in fees over time. amazon.com/Wealth-Without-Wall-Street-Commissions/dp/1442168137
Advisor-chosen stocks lag passive index investing in most markets
In most markets, owning a fund that matched the market average return beat stock pickers’ fund returns. Even when active management beat the index fund, it was impossible to buy the correct fund that beat the index since not all won. Since the winners change every year, you would never own the winners consistently over time. SPIVA:http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DSPIVA_US_YearEnd_2010_FINAL_0311.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243867401012&blobheadervalue3=UTF-8
Smart investors pick Roth IRA
Smart investors choose Roth IRAs over traditional IRAs, according to a recent study by Texas TechUniversity. The researchers determined that people with high IQs were the most likely to own a Roth IRA, even after controlling for education, income, and net worth. 12,686 young adults participated in the National Longitudinal Survey of Youth beginning between ages 14 and 22 and who were between 43 and 51 in 2008. Some 14.3 percent of people in the highest IQ quintile owned a Roth IRA by 2008, compared with 3.8 percent of all the study participants and just 0.9 percent of people with the lowest IQs. Members pick Roth because withdrawals are FREE: amazon.com/Create-Your-Tax-FREE-Financial-System/
Chase and Bank America only want customers with over $100,000
The largest U.S. banks said about 70 percent of customers with less than $100,000 in deposits and investments will be unprofitable following regulations that cap lenders’fees.Banks want to sell more products to those with more assets and will target their offerings appropriately. Major banks tried the $5 monthly fee but customers baulked. Customers with less than $100,000 may find services curtailed. The defection rate for large, regional and midsize banks averaged between 10% and 11.3% of customers last year, according to a J.D. Power and Associates' survey of more than 5,000 customers who shopped for a new bank or account over the past 12 months. Perhaps it is time to shop for a better deal. Members find other alternatives with better rates: . amazon.com/Insiders-Guides-Discount-Financial-Services/dp
ME denies Anthem increases
State regulators were justified last May in denying a planned rate hike by Anthem Health Plans of Maine, the state's highest court ruled.
Tax credits that increase your refund
There are credits that give you cash even when you owe no taxes—refundable credits. They have restrictions but you may qualify. 1. The Earned Income Tax Credit is for people earning less than $49,078 from wages, 2. Child and Dependent Care Credit is for expenses paid for the care of your qualifying children under age 13, or for a disabled spouse or dependent, 3. Child Tax Credit is for people who have a qualifying child. The maximum credit is $1,000 for each qualifying child. 4. Retirement Savings Contributions Credit, also known as the Saver’s Credit, is designed to help low-to-moderate income workers save for retirement. Read how to claim: http://www.irs.gov/newsroom/article/0,,id=255095,00.html
Do you have money coming from the IRS?
There are $ billions waiting to be refunded. For more information: http://www.irs.gov/newsroom/article/0,,id=254725,00.html
Employers dropping health insurance—more deaths expected
The number of Americans getting health insurance from their employers continues to drop, hitting a record low of 44.6% in 2011. Not surprisingly, the percentage of Americans who are uninsured has increased, rising to 17.1% this year. Preventive care like colonoscopy is reduced.
SCAMS
NY tells insurers to pay full death benefitNew York regulators told insurance companies they must pay out fully when members of the military are killed in action as the standard practice, rather than automatically establishing a kind of checking account that provides interest to the companies.Families can often get a better return on interest if they invest the bulk payment, rather than draw down from "retained assets accounts" that are now commonly set up by insurance companies. Under the accounts, the families receive some of the return on interest and the company gets the rest. Shame! http://online.wsj.com/article/AP8f5183695b76429cbdaa4b39e2442490.html
We taxpayers are still paying big agrato grow or not AND bribes
Just ten percent of America's largest and richest farms collect almost three-fourths of federal farm subsidies – cash payments that too often promote harmful environmental practices. We pay for their crop insurance too. We are sending $147 million to the Brazil Cotton Institute under an agreement that was forged to get around a ruling by the World Trade Organization (WTO) that subsidies to American cotton farmers violate international trade rules. This is bribe money pure and simple. We pay the subsidies AND the bribe to keep others from complaining. Shouldn’t the largest farm corporations pay for the bribe? http://www.ewg.org/farmsubsidies
Speculators blocking rule that prevents traders speculating on gas prices
Wall Street is pushing to stop a new rule that would crack down on speculation in the energy markets, which many blame for contributing to the spike in gas prices.The new rule -- part of the 2010 Dodd-Frank Act to reform Wall Street -- would set limits on how much traders can buy, preventing firms from grabbing large chunks of the energy market. But those limits may not be set anytime soon. Nearly two years after the new law, the rule has yet to be fully implemented. And on Monday, two Wall Street trade groups asked a federal judge in Washingtonto delay or block the rule.
Who owns your account now?
AutoOne and AutoOne Select Insurance Companies from OneBeacon Insurance Group to Interboro Holdings.
IAN 41 Watchung Plaza, B242 Montclair, NJ07042 973.746.2014www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
Showing posts with label advisor. Show all posts
Showing posts with label advisor. Show all posts
Friday, March 2, 2012
Friday, December 16, 2011
Holiday Savings
What better gift to yourself than to save on insurance for the next 10 years
More than 70 million* drivers in the U.S. potentially are leaving car insurance savings on the table, according to the findings of a new survey. The survey questions, commissioned by Progressive and asked by Harris Interactive, were designed to estimate the potential number of people who could save on car insurance. Harris conducted the telephone survey among 1,003 U.S. adults in August, with results weighted to reflect the U.S. adult population. Use all the discounts and ‘tricks of the trade.’ amazon.com/Industry-Insiders-Guides-Buying-Insurance
NC homeowners see rate drop
The North Carolina Department of Insurance has issued an order lowering rates for dwelling property fire insurance, rejecting a request from the North Carolina Rate Bureau to raise dwelling extended coverage rates by 36.1%. Under the ruling, which was signed by state Insurance Commissioner Wayne Goodwin, dwelling fire rates will be lowered by 7.3%, starting May 1, 2012.
Workers plan to work and retire later than age 65
In 2010, after the recession had officially ended, the percentage of American workers age 50 or older who expect to retire at age 70 increased to 14.8% from 11.2% in 2006, says EBRI. At higher ages, EBRI adds, the expected retirement age has jumped: Just 1.7% of workers age 50 or over planned to retire at age 80 in 2006, while that more than tripled to 5.2% in 2010, EBRI found. In 2008, during the recession, 22.4% of the workers age 50 or over say they plan to never retire. That declined to 16.3% in 2010. Over the 2006–2010 period, another 14-18% of workers say they don’t know when they will retire. Members have a plan to have enough: amazon.com/Your-Retirement-Spending-Plan-enough/dp/
10 million more lost health insurance—ER is full—what now?
An estimated 9.3 million American adults lost health insurance coverage as a result of increased unemployment during the recession of 2007-09, according to a newly published study by researchers at Cornell, Indiana and Carnegie Mellon universities.
GOP answer was to “let them die” and let the hospital absorb the costs of health care.
Fees on some annuities going up
Transamerica Life said “ The fee on the rider will range from 0.7% to 1.25%, depending on which funds a client selects. The earlier range was from 0.45% to 1.2%
“ Fees will rise on the Income Enhancement Benefit, which works in tandem with the Retirement Income Choice 1.2 rider and raises withdrawal percentages. As of Dec. 12, the feature will cost 0.3% for single-life coverage, up from 0.15%, and 0.50% for joint coverage, an increase from 0.3%. These fees added to existing fees of 1.5% to 2% and you could end up paying 3.75% EVERY year no matter how much the annuity crediting rate is. If your money could have earned 10%, you would actually earn 6.25%. If inflation is 3%, you are earning less than a muni bond fund pays. There are other alternatives to annuities: : amazon.com/Not-Buy-That-Annuity-Guaranteed/
Your advisor may raise their fees soon
Many advisers are thinking about making some changes to their fee structure, with some gravitating to a minimum retainer or charging separately for financial planning and other services. When assets don’t grow, fees remain the same. Many investors, after waiting years for things to improve, are beginning to get fed up. New clients are hard to find in this economy. Clients are shellshocked by the past few years of volatility and are in no mood to pay more for mediocre returns. Advisors want more fees even though they can’t improve account balances. Members go it alone—advisors can’t beat the market so why pay them. amazon.com/Wealth-Without-Wall-Street-Commissions/
Newt gives millionaires a big tax break—costs another $1.3 Trillion
Newt Gingrich’s plan would add $1.3 trillion to the U.S. budget deficit in 2015 alone, according to an analysis by the nonpartisan Tax Policy Center. Gingrich's plan would cut taxes for 70% of households and reduce rates for the highest earners compared with what they pay now. He would drop the corporate tax rate to 12.5% from 35%. People earning more than $1 million a year would receive an average tax cut of $613,689 in 2015, compared with what they pay now. That change would boost their after-tax income by 28.7% and put their average tax rate at 11.9%. For households earning between $50,000 and $75,000 a year, 91.3% would receive tax cuts averaging $1,847, boosting their after-tax income by 3.1%. It is the 12-12-12 plan.
Give yourself a gift this year
A Kansas City woman received $6.1 million from a Missouri unclaimed property fund consisting of a single security. No details available but it might be worth checking with your state’s unclaimed property office. Start: http://unclaimed.org/
SCAMS
Two Americas
Republican leader in the House of Representatives is now blocking progress on a bill that would definitively outlaw insider trading by federal lawmakers. The Republican sponsor of the bill in the House, Financial Services Chairman Spencer Bachus of Alabama, had scheduled a markup of the Stop Trading on Congressional Knowledge (STOCK) Act for next week. But on Wednesday, Majority Leader Eric Cantor of Virginia cancelled the markup session. Cantor reportedly said he blocked the bill to give Congress more time to examine the issue. Critics of the move, however, fear that any delay could kill the bill entirely.
Studies have shown the investment portfolios of House members and Senators consistently outperform the market by significant degrees, suggesting they are either miraculously bright and lucky investors or using their access to non-public information when trading. Financial experts regard the idea that it is just luck or investing smarts as laughable. Senators outperform the market by 12%.
This is the sixth year Congress has NOT made members follow the same rule as us. “Get rich quick” law that all of us must follow except them has made them rich. Half of Congress are millionaires.
GOP to void Voting Rights Act in name rampant voter fraud--1 case
Judith Browne Dianis told CNN, “Through a spate of restrictive laws passed in Republican-led legislatures, a disproportionate number of African-Americans, Latinos, people with disabilities, the elderly and the young will find voting difficult and in many cases impossible.” These statutes, she notes, “require a state photo ID to vote, limit early voting, place strict requirements on voter registration and deny voting rights to Americans with criminal records who have paid their debt to society.”
Investigations by the secretary of state and the attorney general since 2004 haven’t found any cases of voter fraud.
The one documented instance of ‘fraud’ in the last decade — a son voting in place of his father — was uncovered under the current system.
IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
347.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
More than 70 million* drivers in the U.S. potentially are leaving car insurance savings on the table, according to the findings of a new survey. The survey questions, commissioned by Progressive and asked by Harris Interactive, were designed to estimate the potential number of people who could save on car insurance. Harris conducted the telephone survey among 1,003 U.S. adults in August, with results weighted to reflect the U.S. adult population. Use all the discounts and ‘tricks of the trade.’ amazon.com/Industry-Insiders-Guides-Buying-Insurance
NC homeowners see rate drop
The North Carolina Department of Insurance has issued an order lowering rates for dwelling property fire insurance, rejecting a request from the North Carolina Rate Bureau to raise dwelling extended coverage rates by 36.1%. Under the ruling, which was signed by state Insurance Commissioner Wayne Goodwin, dwelling fire rates will be lowered by 7.3%, starting May 1, 2012.
Workers plan to work and retire later than age 65
In 2010, after the recession had officially ended, the percentage of American workers age 50 or older who expect to retire at age 70 increased to 14.8% from 11.2% in 2006, says EBRI. At higher ages, EBRI adds, the expected retirement age has jumped: Just 1.7% of workers age 50 or over planned to retire at age 80 in 2006, while that more than tripled to 5.2% in 2010, EBRI found. In 2008, during the recession, 22.4% of the workers age 50 or over say they plan to never retire. That declined to 16.3% in 2010. Over the 2006–2010 period, another 14-18% of workers say they don’t know when they will retire. Members have a plan to have enough: amazon.com/Your-Retirement-Spending-Plan-enough/dp/
10 million more lost health insurance—ER is full—what now?
An estimated 9.3 million American adults lost health insurance coverage as a result of increased unemployment during the recession of 2007-09, according to a newly published study by researchers at Cornell, Indiana and Carnegie Mellon universities.
GOP answer was to “let them die” and let the hospital absorb the costs of health care.
Fees on some annuities going up
Transamerica Life said “ The fee on the rider will range from 0.7% to 1.25%, depending on which funds a client selects. The earlier range was from 0.45% to 1.2%
“ Fees will rise on the Income Enhancement Benefit, which works in tandem with the Retirement Income Choice 1.2 rider and raises withdrawal percentages. As of Dec. 12, the feature will cost 0.3% for single-life coverage, up from 0.15%, and 0.50% for joint coverage, an increase from 0.3%. These fees added to existing fees of 1.5% to 2% and you could end up paying 3.75% EVERY year no matter how much the annuity crediting rate is. If your money could have earned 10%, you would actually earn 6.25%. If inflation is 3%, you are earning less than a muni bond fund pays. There are other alternatives to annuities: : amazon.com/Not-Buy-That-Annuity-Guaranteed/
Your advisor may raise their fees soon
Many advisers are thinking about making some changes to their fee structure, with some gravitating to a minimum retainer or charging separately for financial planning and other services. When assets don’t grow, fees remain the same. Many investors, after waiting years for things to improve, are beginning to get fed up. New clients are hard to find in this economy. Clients are shellshocked by the past few years of volatility and are in no mood to pay more for mediocre returns. Advisors want more fees even though they can’t improve account balances. Members go it alone—advisors can’t beat the market so why pay them. amazon.com/Wealth-Without-Wall-Street-Commissions/
Newt gives millionaires a big tax break—costs another $1.3 Trillion
Newt Gingrich’s plan would add $1.3 trillion to the U.S. budget deficit in 2015 alone, according to an analysis by the nonpartisan Tax Policy Center. Gingrich's plan would cut taxes for 70% of households and reduce rates for the highest earners compared with what they pay now. He would drop the corporate tax rate to 12.5% from 35%. People earning more than $1 million a year would receive an average tax cut of $613,689 in 2015, compared with what they pay now. That change would boost their after-tax income by 28.7% and put their average tax rate at 11.9%. For households earning between $50,000 and $75,000 a year, 91.3% would receive tax cuts averaging $1,847, boosting their after-tax income by 3.1%. It is the 12-12-12 plan.
Give yourself a gift this year
A Kansas City woman received $6.1 million from a Missouri unclaimed property fund consisting of a single security. No details available but it might be worth checking with your state’s unclaimed property office. Start: http://unclaimed.org/
SCAMS
Two Americas
Republican leader in the House of Representatives is now blocking progress on a bill that would definitively outlaw insider trading by federal lawmakers. The Republican sponsor of the bill in the House, Financial Services Chairman Spencer Bachus of Alabama, had scheduled a markup of the Stop Trading on Congressional Knowledge (STOCK) Act for next week. But on Wednesday, Majority Leader Eric Cantor of Virginia cancelled the markup session. Cantor reportedly said he blocked the bill to give Congress more time to examine the issue. Critics of the move, however, fear that any delay could kill the bill entirely.
Studies have shown the investment portfolios of House members and Senators consistently outperform the market by significant degrees, suggesting they are either miraculously bright and lucky investors or using their access to non-public information when trading. Financial experts regard the idea that it is just luck or investing smarts as laughable. Senators outperform the market by 12%.
This is the sixth year Congress has NOT made members follow the same rule as us. “Get rich quick” law that all of us must follow except them has made them rich. Half of Congress are millionaires.
GOP to void Voting Rights Act in name rampant voter fraud--1 case
Judith Browne Dianis told CNN, “Through a spate of restrictive laws passed in Republican-led legislatures, a disproportionate number of African-Americans, Latinos, people with disabilities, the elderly and the young will find voting difficult and in many cases impossible.” These statutes, she notes, “require a state photo ID to vote, limit early voting, place strict requirements on voter registration and deny voting rights to Americans with criminal records who have paid their debt to society.”
Investigations by the secretary of state and the attorney general since 2004 haven’t found any cases of voter fraud.
The one documented instance of ‘fraud’ in the last decade — a son voting in place of his father — was uncovered under the current system.
IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
347.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
Friday, January 23, 2009
We are wasting $3,000 a year on financial products
"Most Americans are wasting over $3,000 per year on the financial services they own." According to a new survey, we are wasting $500 on car insurance, $500 on life insurance, and $2,500 on mutual funds/securities. That could mean an extra $250,000 in 20 years! $700,000 in 30 years!
Most people I have talked to believe that you can’t have enough insurance. They don’t understand that you should insure only what you can’t afford to lose. For instance, for car and home insurance, you are better off picking a high deductible to save up to 40% of the cost of a policy. Claims are infrequent—every 11 or 12 years—so you are more than likely to earn interest on the premiums you save year after year.
Insurance is not an item our moms taught us to buy. Who wants to spend their time comparing coverages? Who wants to meet with an insurance agent? This thinking has changed. Insurance and financial services in general have become commodities, like groceries.
With the Internet and new product pricing, you can actually find a huge difference in costs. Depending on your lifestyle profile and the insurer’s marketing plan, you could pay $3600 or $1400 for the same two-vehicle coverage. The difference—$2200—could accumulate to over $150,000 in 20 years. Both insurers are highly rated and responsive.
The differences in price are significant across almost every type of coverage—life, health, long-term care, accident, disability, and excess liability. See the amount of savings by type at TheInsiderSGuides.com.
The options you pick, but don’t need, can significantly change the price. For each type of insurance, you need the guidance of an unbiased advisor—someone who does not profit from your choices. There are 20 to 30 discounts available. To buy wisely, you must know what you need.
Money management is the area with the greatest savings. Many of us pay over $2,000 a year needlessly. When you read the advice of the most well- respected industry practitioners—Warren Buffett and Bill Gross—you learn that “money management is a gigantic rip-off.” There is little correlation between what you pay in commissions, fees, and spreads, and the after tax returns you end up with over time. A low-cost index fund is best for most investors, Buffett said. Thus, most of us are giving away 1%-2% of our pensions and mutual fund balances—3%-4% when inside annuities. That $2,000 drain on each $100,000 every year reduces your eventual spending power by up to $700,000.
Most people I have talked to believe that you can’t have enough insurance. They don’t understand that you should insure only what you can’t afford to lose. For instance, for car and home insurance, you are better off picking a high deductible to save up to 40% of the cost of a policy. Claims are infrequent—every 11 or 12 years—so you are more than likely to earn interest on the premiums you save year after year.
Insurance is not an item our moms taught us to buy. Who wants to spend their time comparing coverages? Who wants to meet with an insurance agent? This thinking has changed. Insurance and financial services in general have become commodities, like groceries.
With the Internet and new product pricing, you can actually find a huge difference in costs. Depending on your lifestyle profile and the insurer’s marketing plan, you could pay $3600 or $1400 for the same two-vehicle coverage. The difference—$2200—could accumulate to over $150,000 in 20 years. Both insurers are highly rated and responsive.
The differences in price are significant across almost every type of coverage—life, health, long-term care, accident, disability, and excess liability. See the amount of savings by type at TheInsiderSGuides.com.
The options you pick, but don’t need, can significantly change the price. For each type of insurance, you need the guidance of an unbiased advisor—someone who does not profit from your choices. There are 20 to 30 discounts available. To buy wisely, you must know what you need.
Money management is the area with the greatest savings. Many of us pay over $2,000 a year needlessly. When you read the advice of the most well- respected industry practitioners—Warren Buffett and Bill Gross—you learn that “money management is a gigantic rip-off.” There is little correlation between what you pay in commissions, fees, and spreads, and the after tax returns you end up with over time. A low-cost index fund is best for most investors, Buffett said. Thus, most of us are giving away 1%-2% of our pensions and mutual fund balances—3%-4% when inside annuities. That $2,000 drain on each $100,000 every year reduces your eventual spending power by up to $700,000.
Thursday, July 19, 2007
Ways to build your Wealth Reserve
Mary just started her first job
Mary is the daughter of one of our members in FL. Congratulations! She is earning more than she has ever earned and asked how to begin her financial life. She contributes to her company 401k. Mary read our FREE Guide and set her goals as far as she knows them—buy a house and a better car. Mary wants to buy a 2 bedroom for $200,000 in Pensacola . She can share with someone. She will need $40,000 down to avoid mortgage insurance for the bank. She has $7,000 saved. She needs to invest $500 a month for 4 years: check using this calculator: http://www.moneychimp.com/calculator/compound_interest_calculator.htm. She can get her parents to help with the closing costs. Her mortgage would be about $1000 a month. A share would rent for $700 to $800. She used our Guide to Buying a Mortgage to understand the process: http://www.theinsidersguides.com/mort20.html. Then she can buy a luxury car for 40% off using The Insider’s Guide to Vehicle Purchases: http://www.theinsidersguides.com/vehpur41.html Congrats!! Mary will grow her Wealth Reserve instead of paying rent (growing someone elses).
Fred wanted to avoid an increase in his homeowner’s policy
Our member, Fred of MA, got a rate hike notice from his insurer. He asked his agent why and was told that all homes in his area were at higher risk. Fred thought his 15 years of no claims would mean no increases. His home was not on the shore or near a river. He asked his neighbor if he had received a similar notice. No one had. Fred checked our Guide. He realized that he had nothing to loose by shopping. He went online for 3 quotes. He found one for $85 less than his old premium before the increase. He will save over $2,500 with one hour’s work. http://www.theinsidersguides.com/homins40.html
Ruth was offered an annuity and declined
Member Ruth of FL was offered an annuity by her advisor using the phrase: “Annuities are a woman’s lifeline in retirement.” Her advisor said that annuities provide a predictable income for a more secure retirement. He said annuities appeal to women because women live seven years longer than men, are concerned about adequate income, and like annuity guarantee that they can’t outlive payments. Ruth read our Guide which helped her decide to use a low-fee balanced fund instead. Ruth learned annuities cost more and earn less than she could on her own, have reduced payouts to women since they live longer, payout amounts lose half their value over time, and charge for guarantees that are never used by 94% of contract owners. Plan your retirement spending: http://www.theinsidersguides.com/anresp.html
Lower your profile with insurer and save
If you are a homeowner who files frequent insurance claims, has bad credit or even calls your agent to ask about possible coverage for a broken window, you may be assigning yourself to a new category when your policy renews. These actions can be noted in the computer CLUE file. Insurers use it in their risk models. You could face higher premiums or outright cancellation of coverage. In some cases, the history of your home can put your profile in a higher risk group. Or if you are buying a home with a “rap sheet” you may not be able to afford the coverage. Members lower their premiums by knowing our Insider’s “tricks of the trade:” http://www.theinsidersguides.com/homins40.html
BEWARE: Hot “deal” in life insurance
One of the hottest life insurance sales strategies being used today is harvesting home equity to over-fund a life insurance policy up to the MEC guidelines. The agent takes the equity in your home and deposits it in a policy they call “investment-grade life insurance.” The commissions are HUGE. They claim it can be used as a college funding vehicle, a non-regulated retirement plan or a family bank while providing families the valuable protection they need. You surrender the tax-deductibility of your home equity loan payments. They tell you this is a good investment because you earn more than the loan costs. They may claim that “the actual cost of the life insurance protection inside of a cash-value life insurance policy is much cheaper than buying a separate term insurance policy.” The cost is hidden not less—all 50 year olds of similar health pay the same COI, just over a longer time period. They cite studies that say most investors earn less than 4% while insurance earns above 5% tax-deferred and has loans. Some even claim you can pay increasing mortgage payments from policy loans. Every reputable advisor will tell you that insurance is not an investment. Members have learned to avoid these tactics by learning to buy only what they need with our Guide: http://www.theinsidersguides.com/lihein.html
“Show me state” says you need it more than we do
Missouri is exempting most Social Security benefits from state income taxes, starting this year and being phased in through 2012. The Gov called the tax "an unjust cut on Missourians' hard earned income." Missouri was one of 15 states that collects income tax on Social Security benefits.
You CAN have enough income in retirement
When you go on vacation, do you plan how far you will drive or fly? Do you compare prices between different tours or airlines? Do you make a reservation for each night of your stay? Do you take enough cash to pay for gas or meals? Do you change hotels/motels when you find out the price went up? Planning for your retirement is done exactly the same way. First, pretend you are in retirement. What are your actual income and expenses for the first month, first year? Social Security income can be estimated from the site: http://www.ssa.gov/planners/calculators.htm. Ask your employer for a preliminary statement if you have a pension coming. Use our Insider’s Guide to Retirement Spending to complete your estimate: http://www.theinsidersguides.com/retspe31.html
Communism hits home run . . . on Republican Field!
The Bush Supreme Court has ruled that you can’t bargain with retailers for a lower price anymore. Companies can now dictate prices to your bargain stores. No more 15% off sales. It means higher prices will be charged than would otherwise be the case. More of us will have to buy “off the truck.” It is back to pre-anti-trust years when manufacturers fixed prices and retaliated against discounters. Today the Court ruled against this 100 year old law: It is “illegal under §1 of the Sherman Act for a manufacturer and its distributor to agree on the minimum price the distributor can charge for the manufacturer’s goods.” The Court dissenters said: “The Sherman Act seeks to maintain a marketplace free of anticompetitive practices, in particular those enforced by agreement among private firms.” When “fair trade” laws were studied in 1975, Justice found “that minimum resale price maintenance had raised prices by 19% to 27%.” Also, the White House has indicated that President Bush will veto any attempt to establish gasoline price gouging legislation. The oil trust can set prices anywhere anytime now and even Congress can do nothing. Read (final paragraph) and weep! Give your opinion at http://www.consumerworld.org/
Almost all of your estate could be designated OUTSIDE your will
Our Insider just completed a NEW Insider’s Guide: A Guide for Survivors. He reports that most people leave their assets outside their will. Most assets are passed to survivors by beneficiary or right of survivorship rules, NOT according to a will. Check that custodians still have your current designations and don’t name your estate. IRAs can be extended. Joint and POD accounts and IRAs, annuities and pensions will go to the person designated when the accounts were opened. Your will may be changed in the last month of your death, but that won’t mean anything for the bulk of your estate. Members retain all their beneficiary designation documents in their 3-ring “Survivor manual.” See our Guide below.
A NEW Insider’s Guide: A Guide for Survivors
You may be asked to serve as executor of your family member’s estate. You need time to grieve the loss. You need time to pick up the pieces. Now you can . . .
Create your future life.
You will be able to handle ’executor’ details of the estate, and
You will be able to manage the money, and
You will be able to make a new life.
The memories live on. You will survive with the assurance that you can take control of your financial life. You can find your own way. Our Insider shares his experience first hand: http://www.theinsidersguides.com/sur11.html
Who owns your accounts now?
Mayflower National Life to Assurant Inc
Rydex Investments to Security Benefit Group
SKY Financial Group to HUNTINGTON BCSHS
Investors Financial Services to STATE STREET
Option Care to WALGREEN
Questions or comments to FinancialRx@TheInsidersGuides.com
Mary just started her first job
Mary is the daughter of one of our members in FL. Congratulations! She is earning more than she has ever earned and asked how to begin her financial life. She contributes to her company 401k. Mary read our FREE Guide and set her goals as far as she knows them—buy a house and a better car. Mary wants to buy a 2 bedroom for $200,000 in Pensacola . She can share with someone. She will need $40,000 down to avoid mortgage insurance for the bank. She has $7,000 saved. She needs to invest $500 a month for 4 years: check using this calculator: http://www.moneychimp.com/calculator/compound_interest_calculator.htm. She can get her parents to help with the closing costs. Her mortgage would be about $1000 a month. A share would rent for $700 to $800. She used our Guide to Buying a Mortgage to understand the process: http://www.theinsidersguides.com/mort20.html. Then she can buy a luxury car for 40% off using The Insider’s Guide to Vehicle Purchases: http://www.theinsidersguides.com/vehpur41.html Congrats!! Mary will grow her Wealth Reserve instead of paying rent (growing someone elses).
Fred wanted to avoid an increase in his homeowner’s policy
Our member, Fred of MA, got a rate hike notice from his insurer. He asked his agent why and was told that all homes in his area were at higher risk. Fred thought his 15 years of no claims would mean no increases. His home was not on the shore or near a river. He asked his neighbor if he had received a similar notice. No one had. Fred checked our Guide. He realized that he had nothing to loose by shopping. He went online for 3 quotes. He found one for $85 less than his old premium before the increase. He will save over $2,500 with one hour’s work. http://www.theinsidersguides.com/homins40.html
Ruth was offered an annuity and declined
Member Ruth of FL was offered an annuity by her advisor using the phrase: “Annuities are a woman’s lifeline in retirement.” Her advisor said that annuities provide a predictable income for a more secure retirement. He said annuities appeal to women because women live seven years longer than men, are concerned about adequate income, and like annuity guarantee that they can’t outlive payments. Ruth read our Guide which helped her decide to use a low-fee balanced fund instead. Ruth learned annuities cost more and earn less than she could on her own, have reduced payouts to women since they live longer, payout amounts lose half their value over time, and charge for guarantees that are never used by 94% of contract owners. Plan your retirement spending: http://www.theinsidersguides.com/anresp.html
Lower your profile with insurer and save
If you are a homeowner who files frequent insurance claims, has bad credit or even calls your agent to ask about possible coverage for a broken window, you may be assigning yourself to a new category when your policy renews. These actions can be noted in the computer CLUE file. Insurers use it in their risk models. You could face higher premiums or outright cancellation of coverage. In some cases, the history of your home can put your profile in a higher risk group. Or if you are buying a home with a “rap sheet” you may not be able to afford the coverage. Members lower their premiums by knowing our Insider’s “tricks of the trade:” http://www.theinsidersguides.com/homins40.html
BEWARE: Hot “deal” in life insurance
One of the hottest life insurance sales strategies being used today is harvesting home equity to over-fund a life insurance policy up to the MEC guidelines. The agent takes the equity in your home and deposits it in a policy they call “investment-grade life insurance.” The commissions are HUGE. They claim it can be used as a college funding vehicle, a non-regulated retirement plan or a family bank while providing families the valuable protection they need. You surrender the tax-deductibility of your home equity loan payments. They tell you this is a good investment because you earn more than the loan costs. They may claim that “the actual cost of the life insurance protection inside of a cash-value life insurance policy is much cheaper than buying a separate term insurance policy.” The cost is hidden not less—all 50 year olds of similar health pay the same COI, just over a longer time period. They cite studies that say most investors earn less than 4% while insurance earns above 5% tax-deferred and has loans. Some even claim you can pay increasing mortgage payments from policy loans. Every reputable advisor will tell you that insurance is not an investment. Members have learned to avoid these tactics by learning to buy only what they need with our Guide: http://www.theinsidersguides.com/lihein.html
“Show me state” says you need it more than we do
Missouri is exempting most Social Security benefits from state income taxes, starting this year and being phased in through 2012. The Gov called the tax "an unjust cut on Missourians' hard earned income." Missouri was one of 15 states that collects income tax on Social Security benefits.
You CAN have enough income in retirement
When you go on vacation, do you plan how far you will drive or fly? Do you compare prices between different tours or airlines? Do you make a reservation for each night of your stay? Do you take enough cash to pay for gas or meals? Do you change hotels/motels when you find out the price went up? Planning for your retirement is done exactly the same way. First, pretend you are in retirement. What are your actual income and expenses for the first month, first year? Social Security income can be estimated from the site: http://www.ssa.gov/planners/calculators.htm. Ask your employer for a preliminary statement if you have a pension coming. Use our Insider’s Guide to Retirement Spending to complete your estimate: http://www.theinsidersguides.com/retspe31.html
Communism hits home run . . . on Republican Field!
The Bush Supreme Court has ruled that you can’t bargain with retailers for a lower price anymore. Companies can now dictate prices to your bargain stores. No more 15% off sales. It means higher prices will be charged than would otherwise be the case. More of us will have to buy “off the truck.” It is back to pre-anti-trust years when manufacturers fixed prices and retaliated against discounters. Today the Court ruled against this 100 year old law: It is “illegal under §1 of the Sherman Act for a manufacturer and its distributor to agree on the minimum price the distributor can charge for the manufacturer’s goods.” The Court dissenters said: “The Sherman Act seeks to maintain a marketplace free of anticompetitive practices, in particular those enforced by agreement among private firms.” When “fair trade” laws were studied in 1975, Justice found “that minimum resale price maintenance had raised prices by 19% to 27%.” Also, the White House has indicated that President Bush will veto any attempt to establish gasoline price gouging legislation. The oil trust can set prices anywhere anytime now and even Congress can do nothing. Read (final paragraph) and weep! Give your opinion at http://www.consumerworld.org/
Almost all of your estate could be designated OUTSIDE your will
Our Insider just completed a NEW Insider’s Guide: A Guide for Survivors. He reports that most people leave their assets outside their will. Most assets are passed to survivors by beneficiary or right of survivorship rules, NOT according to a will. Check that custodians still have your current designations and don’t name your estate. IRAs can be extended. Joint and POD accounts and IRAs, annuities and pensions will go to the person designated when the accounts were opened. Your will may be changed in the last month of your death, but that won’t mean anything for the bulk of your estate. Members retain all their beneficiary designation documents in their 3-ring “Survivor manual.” See our Guide below.
A NEW Insider’s Guide: A Guide for Survivors
You may be asked to serve as executor of your family member’s estate. You need time to grieve the loss. You need time to pick up the pieces. Now you can . . .
Create your future life.
You will be able to handle ’executor’ details of the estate, and
You will be able to manage the money, and
You will be able to make a new life.
The memories live on. You will survive with the assurance that you can take control of your financial life. You can find your own way. Our Insider shares his experience first hand: http://www.theinsidersguides.com/sur11.html
Who owns your accounts now?
Mayflower National Life to Assurant Inc
Rydex Investments to Security Benefit Group
SKY Financial Group to HUNTINGTON BCSHS
Investors Financial Services to STATE STREET
Option Care to WALGREEN
Questions or comments to FinancialRx@TheInsidersGuides.com
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