Posts Tagged ‘debt’
Thursday, May 6th, 2010
The tax cuts instituted under President Bush are going to expire at the end of this year. Maybe you believe those in Washington will extend the current tax law, but that would take an act of Congress. If they’re not extended, how serious will this be to the average person? How will this tax increase of $2.4 trillion affect the average tax payer?
This lack of repeal will increase taxes for 17 million seniors an average of $2,034 per year according to the Heritage Foundation, a Washington D.C. non-profit think tank. That is approximately $170 per month! Many seniors will find themselves dipping into savings to pay the taxes, if they have savings at all. (more…)
Tags: business, debt, financial, income, money, retirement, save, tax
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Wednesday, March 24th, 2010
In the nineties I was involved with a number of companies that brought Russian technology to the United States to develop businesses. At one point I asked one of the Russian gentlemen what he thought of our country. He said he was particularly taken by our privileged class. When I asked him to clarify the statement, he said, “You know, your teenagers.” He went on to explain how they drive the cars, buy the clothes and the electronic equipment, and they do it all at little to no cost to themselves. However, they are not the only group that has favor in this nation. There are other groups with favor based on age, health, income, net worth, and occupation.
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Tags: business, debt, family, financial, health, healthcare, income, inflation, medical, MEDICARE, money, retirement, save, tax
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Friday, December 11th, 2009
We live in such a complex world today. Each day brings more legislation to add to the complexity. How does the average person cope? Having counseled multitudes of people over the years, I find it fascinating that so much money is wasted by even the brightest people. We live under the belief that an accountant, a financial planner, a business executive, a banker, an insurance advisor, a lawyer, a physician, a mortgage broker, and a financial aid officer will provide our needed knowledge. I have counseled all of these types of advisors and found significant money they had thrown away because of their lack of knowledge. Are we all bright enough or have we as a people entered into such a specialized world that no one is taking time to address the bigger picture? There is money to be saved for everyone.
Proverbs 19:2 says, “It is not good to have zeal before knowledge.” We live in a society that has zeal and limited knowledge so we miss out on the hidden manna that is available to everyone. (more…)
Tags: appliances, business, debt, energy, financial, food, house, income, money, save, tax, utility, water
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Friday, October 2nd, 2009
This is the time of the year when employers ask their employees to select the benefits they wish to establish for next year. The proper selection of benefits can result in great values or high costs depending on the employees’ understanding of alternative solutions and the real value benefits being offered. Unfortunately, it varies with each person.
If you are healthy and have no chronic diseases, life insurance offered through your employer will likely be more expensive than what is offered through non-group coverage. Proper selection of the coverage for reduced rates and adequate coverage is necessary and we can assist in that process. Group insurance may be the best alternative for someone with chronic diseases. It should be noted that a loss of employment will also mean a loss of group coverage. (more…)
Tags: debt, employment, family, financial, health, medical, money, retirement, save, tax
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Monday, September 14th, 2009
Increasingly we are seeing more families facing a financial crisis because of their inability to make mortgage payments. The reasons vary from unemployment to too much credit card debt, reductions in salary caused by overseas competition or significant changes in cost of living. Many people are struggling in today’s economy. The question of course is, “What are the options for the family?”
The first option is to sell the home so as to have a more affordable housing expense. Many times homeowners are reluctant because the home would sell below what the family originally paid. This would obviously result in the seller losing money and leave the mortgage company with an unsecured loan for the remainder of the debt. We would call this type of sale a short sale. For such a sale to take place, the mortgage company would have to agree. The homeowner would then have to pay off the unsecured portion of the debt. The advantage would be to protect the family’s credit rating and avoid bankruptcy. (more…)
Tags: debt, family, financial, house, income, money, tax
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Friday, June 26th, 2009
HELPING OTHERS
The complexity of good stewardship for today’s family has gone way beyond the average person’s comprehension and understanding. As an independent financial advisor for over forty years, I have found it increasingly difficult to stay abreast of the constant changes in government programs, tax law, health care, debt management, portfolio analysis, technology, food cost reduction, consumer products, automobile maintenance, estate planning, retirement planning, college cost reduction, home financing, extended health care (nursing homes, assisted living, etc.), career management, employment benefits, and personal budget management. Living expense reduction and asset management is my life’s work, but few financial planners specialize in both of these areas. If I have trouble keeping up with all the changes, do you think most people in our society have missed taking full advantage of their resources?
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Tags: business, debt, financial, health, income, money, save, tax
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Friday, June 12th, 2009
Health Care for the Future
Current health care costs are estimated to be, on average, more than $8,000 for every man, woman, and child in the United States. I think we can all agree that there is not enough money available to pay for that. At the center of the problem is the need for law changes limiting excessive lawsuit settlements related to health care that cause the liability expenses for physicians and hospitals to soar. In addition, the vast majority of physician offices are run inefficiently. For the most part they are “mom and pop” organizations. A uniform standard for reporting and for claims processing would go a long way in reducing costs.
I recently met with a physician who does research on longevity and asked him what the most essential steps are to extend life. His answer surprised me. Meditation (prayer) was number one, followed by stretching, aerobic and anaerobic exercise, and finally, nutrition. As individuals we need to take control of our own health. Most of us know how to be healthy, but we often lack the discipline to follow through to make it happen. (more…)
Tags: business, debt, health, income, medical, money, tax
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Friday, May 22nd, 2009
Real Estate Trends
As the productivity in this nation continues to turn down and resources become more scarce, housing costs will become an ever increasing problem for many families. As we have mentioned in previous articles, the government has created a massive Ponzi scheme with the underfunded Social Security, Medicare and Medicaid programs which will result in significant inflation. With significant inflation and tighter controls on credit, finding affordable housing or rentals is expected to be more difficult in the future. This will increase the number of homeless on our streets. Interest rates will soar. The number of people who can make the high mortgage payments will decrease bringing values down, but not prices.
Large square footage homes in the suburbs will be a risk primarily because many will find themselves facing reduced incomes precipitated by a decline in productivity. The productivity decline is caused by the large tax burden (direct and indirect) placed on the goods and services produced by this nation. If too many people move out of a community, the tax revenue will not be able to provide essential, emergency services. This would cause more people to move away because they would no longer feel safe or protected. (more…)
Tags: debt, financial, house, income, inflation, tax
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Tuesday, March 24th, 2009
HOPE FOR TOMORROW
The United States will soon face an economic storm of immense proportions created by a Congress, who for decades have made promises that they cannot fulfill. They have engaged in a process of buying votes in the present while postponing future financial needs. The baby boom population (78 million people) is approaching 65 and will be asking for Social Security benefits and Medicare benefits that are underfunded. In addition, the states have the responsibility to provide nursing care for the elderly who are impoverished. This system is called Medicaid. It too is largely underfunded. (more…)
Tags: business, debt, employment, financial, heat, income, inflation, money, network, tax
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