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  • WHO Global Initiative for Childhood Cancer: progress on all fronts

    WHO Global Initiative for Childhood Cancer: progress on all fronts

     Peru shows the way forward and the courage of Ander Martinez

    “When Ander was diagnosed, I didn´t have the possibility to cover the cost of the treatment. It was very expensive, and I had nothing,” says Rosalina Tocto, 29 years mother of Ander Martínez Tocto. Ander had just been diagnosed with acute leukemia at the young age of 6 years. From the beginning, the odds were stacked against him. He and his family lived in a rural town, six hours from the nearest city. His parents did not have a formal job, placing the family under financial strain.

    Ander and his family were not alone in this situation. “In Peru, nearly 1800 children and adolescents are diagnosed with cancer every year; however, up to 70% will have a late stage, often metastatic due to delays in diagnosis,” says Dr. Juan García, medical chief of the Pediatric Department of in the National Institute of Neoplastic Diseases (INEN) in Lima, Peru. “Most of our patients come from outside Lima and the majority of parents do not have formal employment and therefore do not have any type of insurance.”

    Fortunately, Peru has made a strong commitment to Universal Health Coverage. In 2009, a law was passed to improve access to care by introducing a mandatory health insurance system and registering everyone living in extreme poverty under Seguro Integral de Salud (SIS), regardless of age or circumstance.  

    Dr. Reina Bustamante, Executive Director of the Division of Prevention and Control of Cancer of the MINSA says “UHC is an important step in public health particularly for those who lack public or private insurance like Ander. In this context, we are trying to follow WHO guidance to achieve UHC and ensure all individuals and communities receive the health services they need without suffering financial hardship.”

    In 2019, Peru was selected as a focus country for the WHO Global Initiative for Childhood Cancer as the first focus country in the Region. The Global Initiative aims to improve survival for all children with cancer to at least 60% by 2030 while reducing suffering, altogether with the potential to save an additional one million lives.

    Four main goals were formulated for the national pediatric cancer plan: (1) improve early diagnosis of childhood cancer, (2) decrease treatment abandonment, (3) implement a national pediatric cancer registry and (4) improve the quality of services in pediatric oncology units.

    Dr. Liliana Vasquez, pediatric oncologist who works as an external consultant for the Division of Prevention and Control of Cancer of MINSA said, “Ten working groups have been established to achieve the goals.”

    Dr. Vivian Perez, advisor of the Non-Communicable Diseases Office in PAHO-Peru added “the initial focus for the Initiative will be on six cancers selected as tracers for monitoring progress across the health system, alongside engagement of at least six focus countries with a record of strong political commitment and foundational efforts supporting children with cancer.”

    For Ander, his health care team, the commitments from the government of Peru and partners and Global Initiative have made it possible to be successfully treated and will now allow him to dream of a healthy future though better access to surveillance monitoring and psycho-oncological support aimed at childhood cancer survivors.

    Peru is showing what is possible for all countries. By concerted action and promoting universal health coverage, every child in the world can have access to high-quality care with the greatest likelihood of survival, and every family should be protected from financial hardship. We can do more together. 

     

    WHO Global Initiative for Childhood Cancer: progress on all fronts
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    https://www.who.int/news-room/detail/14-02-2020-who-global-initiative-for-childhood-cancer-progress-on-all-fronts

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  • Ministers to agree new global road safety agenda to 2030

    Ministers to agree new global road safety agenda to 2030

    Government ministers and senior officials from over 100 countries will meet in Stockholm, Sweden from 19-20 February to discuss new steps to halve road traffic deaths and injuries by 2030, in line with global targets agreed in the United Nations Sustainable Development Goals (SDGs).

    “The fact that an estimated 1.35 million lives are lost every year due to road traffic collisions is an outrage. It is an unacceptable price to pay for mobility,” said Dr Tedros Adhanom Ghebreyesus, Director-General at the World Health Organization (WHO).

    Road traffic injuries are now the leading cause of death for children and young adults aged 5 to 29 years, according to WHO’s most recent Global status report on road safety.

    More than half of all road traffic deaths occur among pedestrians, cyclists and motorcyclists. The risk of a road traffic death remains three times higher in low-income countries than in high-income countries. Moreover, as many as 50 million people experience non-fatal road injuries, which impose human suffering and major economic losses.

    “Most road traffic deaths and injuries can be prevented, using tried and tested strategies,” added Dr Tedros. “This conference is an opportunity for the world to embrace a new agenda to radically reduce the number of lives lost on our roads and re-think how we can provide access to safe, affordable, accessible and sustainable transport systems for all.”

    Progress in road safety

    Many countries have already made progress through effective road safety management and focusing on better legislation and enforcement around key risks such as speeding; drinking and driving, and failing to use seatbelts. They have also improved infrastructure through measures such as safer sidewalks and dedicated lanes for cyclists; implemented vehicle standards such as those that mandate advanced braking and electronic stability control; and enhanced post-crash care.

    Improvements have occurred when a number of sectors have been involved – including transport, health, urban planning and law enforcement, among others. Success has also depended mainly on strong leadership and political will at the highest level of government and in close collaboration with civil society and the private sector.

    The Stockholm Declaration

    Hosted by the Government of Sweden in collaboration with WHO, the 3rd Global Ministerial Conference on Road Safety offers delegates an opportunity to share successes and lessons learned, chart future strategic directions for global road safety, and define ways to fast-track progress around proven strategies to save lives.

    The Stockholm Declaration will be presented as the final outcome document of the Ministerial Conference calling for strong political will and international cooperation as well as partnerships across many sectors of society. The Declaration will lay out key recommendations for accelerated action to drive progress towards halving global road traffic deaths and injuries by 2030.

    Beyond preventing human suffering and major economic losses, addressing road traffic deaths and injuries has positive impact across all aspects of society and development ─ including those linked to environment, climate change, education, employment, energy, poverty, human rights and equality ─ as outlined in the SDG targets.

    Note to editors:

    Road safety is reflected in the SDGs agreed in 2015, with two dedicated targets: (a) 3.6 aimed at preventing road traffic deaths and injuries and (b) 11.2 providing access to safe, affordable, accessible and sustainable transport systems for all.

    Achieving these targets would lead to increases in walking, cycling and using public transport, in other words, those modes of transport which impact most favorably on noncommunicable diseases like heart and lung diseases, cancer and diabetes. It would also contribute to reducing environmental risks, such as air and noise pollution, and steering sustainable urbanization, with less congestion and universal access to safe, inclusive and green public spaces. 

    Ministers to agree new global road safety agenda to 2030
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    https://www.who.int/news-room/detail/07-02-2020-ministers-to-agree-new-global-road-safety-agenda-to-2030

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  • Unleashing Youth Power:A Decade of Accelerating Actions Towards Zero Female Genital Mutilation

    Joint statement by UNFPA Executive Director Dr Natalia Kanem, UNICEF Executive Director Henrietta Fore and UN Women Executive Director Phumzile Mlambo-Ngcuka and WHO Director-General Dr Tedros Adhanom Ghebreyesus on the occasion of International Day of Zero Tolerance for Female Genital Mutilation

    – “When Tabitha was growing up in rural Kenya, most of her 16-year-old peers were subjected to female genital mutilation – a human rights violation that more than 4 million girls worldwide are at risk of this year. Yet Tabitha remains unharmed, thanks to the unwavering support of her parents, who, in spite of enormous social pressure, saved their daughter from the same fate. 

    “On the International Day of Zero Tolerance for Female Genital Mutilation, we join with Tabitha and young people around the world who are standing up for their rights with urgency and energy. They are engaging their peers, families, communities and governments with a call to end this harmful act of gender-based violence once and for all, as promised by the international community in the 2030 Agenda for Sustainable Development.

     “While significant progress in eliminating the practice has been made in the last 30 years, approximately 200 million girls and women alive today have had their genitals mutilated. This can lead to long-term physical, psychological and social consequences.        

    “Support for the practice is dwindling. Adolescent girls aged 15 to 19 in countries where female genital mutilation is prevalent are less supportive of continuing the practice than are women aged 45 to 49. And in many countries, young girls are at much lower risk of being subjected to female genital mutilation than their mothers and grandmothers were. However, rapid youth population growth in countries where female genital mutilation is prevalent could lead to a significant rise in the number of girls at risk by 2030.

    “Today’s young people can play a critical role in ending the practice. Unleashing the power of youth means investing in youth-led movements to champion gender equality, an end to violence against women and girls and the elimination of harmful practices. This requires including young people as partners when designing and implementing national action plans, building relationships with youth-led organizations and networks that work to end female genital mutilation and recognize it as a form of violence against women and girls, empowering young people to lead community campaigns that challenge social norms and myths, and engaging men and boys as allies.

    “But this is not a goal young people can achieve alone, nor can it be addressed in isolation from other forms of violence against women and girls or from gender inequality. It also requires strong political leadership and commitment.

    “Last year, at the Nairobi Summit on ICPD25, governments, civil society, faith-based organizations and private companies recommitted to ending gender-based violence and harmful practices – such as female genital mutilation – in 10 years, the same timeframe for achieving the Sustainable Development Goals. In March, we mark 25 years since the Beijing Platform for Action, a global commitment to advance women’s rights across 12 critical areas, including the elimination of all harmful practices against girls and women. This year, we will announce the creation of a new Generation Equality to drive further investment and results for gender equality.

     

    “Now is the time to invest, translating the political commitments already made into concrete action. Now is the time to do more and do it better and faster to end the practice once and for all. Now is the time to keep our promise to Tabitha and all girls of reaching zero female genital mutilation by 2030.”

     

    Read More
    https://www.who.int/news-room/detail/06-02-2020-unleashing-youth-power-a-decade-of-accelerating-actions-towards-zero-female-genital-mutilation

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  • Secrets of the Piggyback Marketer

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    Owner/Producer of SIMPLEnetworking, Chi Chi Okezie is an expert in piggyback marketing and uses other people’s resources to grow her business, credibility and brand-name. Never stingy with information, Chi Chi has graciously enlightened us with five points on piggyback marketing as follows…

    #1 “Civil Servant”

    Golden Rule in Piggyback Marketing, “You keep what you give away.”

    Volunteering is the biggest, best and most effective tool in Piggyback Marketing. When you volunteer with a big company or organization, doors swing open in your favor. Whether you are donating money, time or services, you position yourself into a group of like minded, generous and business oriented “do-gooders”. Latching onto a credible name or brand will drastically increase your visibility and add dimension to your efforts.

    #2 “Moonlighting”

    Start teaching a continuing education class or an evening course at a well known state or private institution. Pick a course or topic in which you are an expert. By teaching the class, you are building your credibility and developing great skills in research, communication and public speaking. You are automatically associated with the state or private institution and can leverage that for business. The class becomes another product which you can market to your clients and potential customers.

    #3 “Club Hopping”

    Join a club, chamber of commerce, business organization etc. and become an active member. Usually, clubs/organizations are members of bigger clubs and organizations. You can approach the director/president of your group and ask to be a representative of that group or organization which is a member of a bigger group, organization or chamber of commerce. Next thing you know, you will be seated or rubbing elbows with board members and significant decision makers!

    #4 “Show Your School Spirit”

    Get involved in your school alumni chapter and attend events or join a committee. Your position within the chapter can be a direct link in marketing your business to fellow alumni as well as school departments and students. Also offer to do class presentations, mentor students or be a recruiter/liaison. If there is not a chapter in your city, contact the alumni dept. and suggest one – you can be the President!

    5# “Half Time Show”

    Do you know any colleagues, entrepreneurs or other professionals who present seminars, classes, workshops or talks? If so, offer to do a quick presentation during their breaks to promote your brand, industry, products or services. Or you can opt to introduce the speaker/lecturer at an event. If you can make a dynamic introduction or pull off a great presentation during a break, potential customers will flock to you for business!

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    Source by Chi Chi Okezie

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  • How To Get A Rich Girlfriend – Powerful Trick To Find Wealthy Women Looking For Men Where You Live!

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    Life used to be much different for me. And then one night I figured out how to get a rich girlfriend.

    I hate to sound clichéd – but the trick is so simple and yet so effective.

    Before figuring this out, I spent a lot of my time wondering how to find wealthy women who would date me. I used to look at guys walking hand-in-hand with rich ladies and think: “That should be me!”

    But two things used to stop me looking for a rich woman!

    1. I’m over weight – and can’t seem to shift it now I’m in my thirties.

    2. I was always broke.

    These days I know how to get a rich girlfriend. And I’m neither broke nor fat (my girlfriend pays for a private fitness coach)!

    Maybe you and I used to be pretty similar, right? That’s the reason I want to help you. I know how it feels!

    The intention of this article is to show you how to find HUGE lists of rich ladies looking for men.

    So here is the easy way to find wealthy women – and I haven’t seen this anywhere else, so I’m guessing guys in the know are keeping it quiet for themselves…

    Get yourself a membership to a popular dating community. Social networks won’t work. It needs to be dating because you want to find rich girls seeking dates.

    Make your profile look pretty and then visit their people-search section. You’ve seen this sort of page a million times. Now you won’t meet rich girls by just searching for local women.

    To find wealthy women you need to filter your search… And here is the trick.

    The best dating sites let you filter searches for LOCATION. So what you do is put in a search for women seeking men but refine that search for ONLY women who live in a rich neighborhood.

    This is POWERFUL. You have before you a list of potentially very wealthy women looking for men.

    Just consider this – how many rich ladies can you find using this simple little trick? Hundreds? Thousands?

    And – best of all – they all want a man!

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    Source by Jack Brock

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  • Concierge Medicine – Is it For You?

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    The last time you called your doctor’s office, how long did you have to wait for a reply? How long do you usually have to wait to get an appointment or wait for a prescription to be called in? When you get to the office, how long do you spend in the waiting room and how much time does the doctor spend with you?

    Did you get all your questions answered? How many seconds do you have in the beginning of your appointment to explain your symptoms before you are interrupted? Do the nurses and doctors seem to be more interested in their computers or their charts than they are to you?

    If your experiences are like most people, your answers to these questions are not very flattering to the medical profession and to the health care system in general. Most doctors don’t really want their practices to be like this, but they don’t have much choice. They have to have a high volume of patients in order to make ends meet financially. The high volume makes the clinic a very busy place and most patients don’t feel like they get much attention.

    In 1996 in Seattle, a doctor named Howard Moran thought there should be a better way to do this. He pioneered the concept of having a lower volume practice with highly attentive medical care provided as a service for patients in return for a retainer fee, much like many attorneys or accountants use. This fee may be in addition to, or in lieu of, the regular office fees that are billed to insurance companies. This concept allows the practice to remain financially solvent while providing better, more attentive medical service to its low volume of patients (usually keeping the patient count down to about one tenth of the number in a typical traditional primary care practice).

    Unfortunately, health insurance companies currently don’t pay for this type of service, so that means the patients have to pay this out of pocket, but if the service is good, it may be worth it. Patients who join these practices are encouraged to keep their usual insurance which they will need for visits to other specialists, laboratory testing, radiological testing and/or hospital services if needed.

    Many concierge practices offer same or next day appointments, no long waits for appointments or prescription refills, direct access to your personal physician day or night, house calls if necessary, continuing care if hospitalized, complete physical examinations, audiometry screening, cardiovascular and cancer risk screening, more attention to preventive care, unrushed appointments, all questions answered, family meetings if needed, coordination of care with specialists, provision of personal health records on CDs or flash drives, etc., etc.

    Depending on the type and number of services that are provided, the flat retainer fee can vary widely from one area to the next ranging from $100 to $20,000/ year, most probably averaging around $1500-3000/year. There were only a few hundred of these physicians a few years ago, but there are over 5000 of them now all over the country. Many of them, but not all, are listed at the main website for the American Academy of Private Physicians – http://www.aapp.org/. Patients may be able to find a concierge physician in their area on this site.

    There has been some controversy surrounding some of these practices because some authorities feel the growth of concierge medicine will lead to a 2-tiered medical system in this country – one for the wealthy and one for the not-so-wealthy. Also, with the current shortage of primary care physicians (PCPs), with increasing numbers of concierge practices, the number of PCPs available for traditional offices will be even smaller, and access to care for patients served by those practices will suffer. On the other hand, more medical students may become interested in primary care if opportunities in concierge medicine are available to them when they finish their residencies.

    Some of these practices have come under fire from insurance companies who say that concierge physicians are basically providing an insurance plan for their patients without having an insurance license to do so. The practices must therefore be legally and financially structured in such a way that avoids this criticism.

    Overall, the concept of concierge medicine provides a good alternative to the currently unsatisfying traditional model of medical practice. The fee may seem high to some, but in most instances, it probably isn’t much higher than the cost of the local cable or telephone bill, or about the same as what a family would spend eating out at a restaurant once a week. 

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    Source by Greg Warth, M.D.

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  • Who Wants to Be a Millionaire? A Review of My Millionaire Mentor

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    My Millionaire Mentor Review

    Who wants to be a millionaire? Everyone! And yes, this opportunity promises to make you one in a matter of months. But hey, don’t we know that if there is something that sounds too good to be true, it is likely to be not true? Whenever we see any opportunity that promises a lot of money very fast, and with minimal efforts, it is natural to feel a little skeptical about it. There are thousands of such scams on the internet which claim to let you into a secret which will make you a millionaire in a matter of months. But eventually, you just end up spending your precious time and your hopes are dashed when time passes by and you make no money at all.

    However, My Millionaire Mentor seems to be slightly different from all those false promises that are strewn around the internet. So let’s try and figure out whether this is actually a good opportunity or yet another internet money making scam.

    What is My Millionaire Mentor?

    My Millionaire Mentor is Ryan Matthew’s personal website where he offers to train fifty internet newbies and teach them a six step secret which will make them earn anything from $1000 to $5000 per day. Wow! That’s a lot of money, right? But what does one have to do in order to earn this kind of money? That is precisely what millionaire Ryan Matthews wants to teach you.

    He is going to personally coach the first fifty people who sign up for this program, and he promises to let them in on the secret which has made him earn around $11 million in just two years. He adds that in order to make that whopping amount of money, he had to work for only an hour per day! When you see his San Diego beach house and his neat set of supercars, it seems like a fantasy. And when he promises that you can have all of that, it seems to be an even more unlikely proposition.

    Ryan Matthews also adds that this process is completely risk free, and does not involve going to your friends and family to sell a particular product. He makes it very clear in his promotional video that you will not be a salesperson of any kind. Moreover, he guarantees that there is no way that you can lose money by participating in this program. So what is this program all about? Read on to find out more.

    Is My Millionaire Mentor A Good Opportunity?

    In the promotional video for the company, we find people from different walks of life thanking Ryan Matthews for completely transforming their lives. One instantly identifies with those people. All of us have debts and mortgages that we struggle to pay, even though some of us work on two jobs. We spend all our days working hard to pay off our debts, while the best times of our lives just pass us by. Who wouldn’t want to spend more time with their kids rather than working in office on a Saturday night? Moreover, there are so many other financial pressures that we have on our shoulders – like college funds, home loans, health worries – that we hardly find time to follow our dreams and live our lives to the fullest.

    Thus, when an opportunity like My Millionaire Mentor comes to us, it is absolutely alluring. But the thing is, the internet is full of many financial scams which claim to transform your lives, but end up taking money from you. All of us have been disappointed many times through various such programs that claim to make us millionaires but end up taking our own hard earned money.

    So we need to be very careful before getting into any such program which offers easy money. My Millionaire Mentor states it very clearly that it is a scheme which has long term returns. On the plus side, that means that your grandchildren can enjoy the fruits of your labor. However, on the other hand, it means that it will take some time before you can earn some real money for yourself.

    How Does My Millionaire Mentor Work?

    It is clear from the promotional video on the website that the product is basically a free traffic source that you will get unlimited access to if you become a member of this program. The other benefits include special coaching by Ryan Matthews over the phone. He will personally mentor you on how to best use his product and maximize the profits for yourself. Once you become a member of what Matthews calls a secret millionaire club, you will have access to the various tips and tricks that will help you to make money. It is also mentioned in the video that the way in which you will make money is 100% legal, moral and ethical.

    So once you have access to the free traffic source, you will get clients who will pay you $1000 to $5000 a day for sending them traffic over the internet. Internet traffic is basically all the clicks that lead people to different website. According to Ryan Matthews, he has access to clients who are ready to pay that much amount of money for access to your traffic. In effect, you will be an internet traffic broker who will work with millionaire Ryan Matthews to coordinate internet traffic and redirect it to your clients.

    Basically, it is an opportunity where you will be doing affiliate marketing. Affiliate marketing is an actual money making source on the web where you get paid for traffic that you send to your client’s website. And if you have access to a good traffic source which you can turn on or off at will, it is possible that you will make a lot of money online.

    There are six steps to making this work – but that is classified information which you will get access to once you become a part of this program.

    How Can You Make the First $500 Through My Millionaire Mentor?

    In the promotional video, Matthews promises you that once you become one of the private members of the My Millionaire Mentor program, you will earn $500 and much more in the first month. In fact, you can around $5000 a day, without even leaving the comfort of your home. And to top it all, you just need a computer with an internet connection to do this job.

    In order to become a private member, the entry fee is $1000. But in effect, you pay only $49 because you are refunded $500 immediately. You get your money back immediately, and Ryan Matthews guarantees that you don’t have to spend a penny more than $49 to get into this program.

    Matthews also tells that by becoming a private member, you will get to be a part of a highly regarded company that is going to be the next big billion dollar internet empire in times to come. Though it is a speculation, in the internet age, anything is possible.

    The process which Ryan Matthews is going to teach you is actually a very simple process which many people have used on the internet in order to make money. It is called affiliate marketing. Affiliate marketing is basically a process through which you send traffic to the websites of your clients. And for each click that leads a person to your client’s website from your source, you get paid a certain amount as commission. And if you have access to a source from where you can send millions of clicks to your clients, you will seriously earn a lot of money online. So, technically, My Millionaire Mentor is a concept that could actually earn if you serious money if Ryan Matthews actually handed out a free traffic source to you.

    Pros and Cons of My Millionaire Mentor

    It is evident that this is a program which appears to have some sort of risk. But then, that is life. There are certain risks that one has to take, especially if you want to be a millionaire.

    Technically, Ryan Matthews is asking for just $49 from you for getting access to a private group where you will be coached on the secrets of making money on the internet. This scheme does not have an MLM structure, and you need not sell anything. It is absolutely legal, and all you have to do is broker internet traffic.

    Moreover, once you sign up, you get an immediate return of $500, which is a very good proposition. If you really get that money, it is a fantastic deal. Especially since you could go on to make more money in following months.

    One of the cons of this entire program is that by watching the promotional video, you get to know very little about the process. There are many things which are not spelled out clearly, which makes it difficult to take the plunge and actually subscribe to the scheme and be a part of the millionaire mentor club.

    However, the testimonials from the various people who have tried this out spells out that there are people out there who are making money from this program. And that is exactly what makes you want to go ahead and try it.

    Another con of this program is that earning money through affiliate marketing can sometimes be a very slow process. But this is something that Matthews tells you in the promotional video itself. It is a long term investment plan whereby you will take some time to earn money.

    But on the other hand, Ryan Matthews is also promising to let you on into a secret six-step process which will make the money making process much faster. So once become a part of the secret millionaire club and get to know the secret process which gives you access to more traffic, you might be able to make serious money online. And the success stories that are shared in the promotional video clearly say that people are making money quite fast. In fact, one woman said that she made more money through My Millionaire Mentor in two months than she had made in two years.

    Now, that is something!

    The biggest minus of this entire project is previous experience. Whenever we hear about something that promises to give us a lot of money without working hard, it raises our suspicions. Also, there are thousands of scams on the internet which make a fool of people who do not have sufficient knowledge about the topic and subscribe to various programs hoping to make money. In the end, they realize that all of it was a scam.

    Conclusion

    The good thing about My Millionaire Mentor is that you get to see people for whom this process has worked, and that tends to give you some courage to go ahead and take the plunge. What you need to do is hear Ryan Matthews for yourself. Go to his website and have a look at his promotional video. If you feel that what he is saying is worth giving a try, you can go ahead and become a private member of the millionaire club. It is a conscious decision that you need to take for yourself, now that you already know the pros and cons of the program.

    If you think that this is yet another money-making scam on the internet, don’t sign up for it. However, if you think that this program really has the potential to completely turn your life around, go ahead and become one of the protégés of Ryan Matthews. After all, every one of us dreams of having a Lamborghini parked at our garage, and a wonderful, spacious home from where we can see the sunset with our loved ones. There are some dreams that can be fulfilled when you become a millionaire, and if you are a person who nurses such dreams, you might want to try out My Millionaire Mentor to see what’s in store for you.

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    Source by David Morgan

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  • Terminal Wealth Dispersion, Life Expectancy and Individual Retirement Accounts

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    Terminal wealth dispersion is the technical term that describes the variability of the future value of investment portfolios. This inevitable variability means that no one knows what the value of their investment portfolio will be when they reach retirement age or at any time during their retirement. And the uncertainty of individual’s life expectancies compounds this problem.

    Hedging against the risks associated with these two factors places an onerous burden on individuals. Although this hedging could result in a very comfortable retirement, if one can afford the hedge and their timing is right, the potential downside risk is so great that it may be deemed unacceptable by many individuals. So one has to ask “Do individuals really prefer to forgo a sure but modest retirement income and play the odds with their retirement savings in hopes of being very well off in retirement?”

    With individual accounts, individuals lose the benefit of the pooling of risks. The two risks that force individuals to over-save are investment risk and the risk of living beyond the average life expectancy. In both cases the outcomes, terminal wealth and life span, are highly variable. When the risks are pooled for a large number of individuals over many overlapping life spans, the average outcomes are highly predictable, which is what makes traditional pension plans work so well.

    Traditional pension plans exist, for all intents and purposes, in perpetuity. This being the case, they can build reserves during good times in the financial markets and weather the bad times, thus enabling them to make consistent payouts to retirees regardless of the timing of their retirement. Unfortunately, individuals do not get to choose their holding periods or the years of their retirement and must take whatever comes along, and what comes along might be good or it might be bad. Thus individuals must set savings goals that are sufficiently high to hedge against the risk of the average return of an investment portfolio over its holding period falling well short of that which would be expected very long term.

    The relatively short duration of individual’s holding periods leave them very susceptible to the effects of market cycles, which are notoriously unpredictable in amplitude and frequency. Being broadly diversified mitigates this risk but does not eliminate it, as it’s entirely possible for a worldwide bear market to occur during one’s holding period. Then at the end of the holding period for wealth accumulation, a second holding period begins, which will be the term of retirement, and this second holding period carries the same risks as the first, but at a time in life when there is no source of income to make up for portfolio under-performance.

    The other component of risk that individuals must hedge is the risk represented by the uncertainty of one’s life span, which means that individuals must aim even higher when setting their savings goals. The managers of large pension plans can depend on retirees living on average for only the average life expectancy of employees who reach retirement age. The average life expectancy for someone who reaches the age of 66 is currently 82 years, and 66 is currently the age when workers are eligible for full Social Security benefits, which makes it a reasonable baseline. Based on those assumptions, the average term of retirement would be 18 years and pension plans should only have to be funded to the extent necessary to cover the cost of this average term of retirement.

    Individuals, however, don’t know how long they’re going to live, so they must over-save to ensure that they don’t run out of money before they run out of time. This need to over-save is independent of the first need, thus the need to over-save is compounded, i.e., an individual needs to save enough to cover the cost of living well beyond the average life expectancy and the targeted amount of savings at retirement age must be great enough to ensure with a reasonably high level of certainty that the actual amount on hand at retirement is at least the bare minimum necessary to get by on.

    A popular estimate of the term of retirement for which individuals must plan is 30 years. Saving enough to cover the cost of a 30-year retirement is a much greater burden than saving for an 18-year retirement, but planning on a shorter retirement exposes individuals to tremendous risk. It also exposes taxpayers to tremendous risk, as individuals who outlive their savings will undoubtedly require some form of public assistance to make ends meet and are likely to become wards of the state when they become physically incapable of caring for themselves.

    An individual who bases their retirement saving on living to the age of 96 but only lives to be 82 will have forgone a lot of pleasures in life, such as travel, fine dining and better vehicles, that they could otherwise have enjoyed. But many individuals just don’t have the level of income required to support the saving rate necessary to amass the wealth required to hedge against the downside of terminal wealth dispersion and the possibility of living well past the average life expectancy. For them it’s not a matter of forgone consumption, it’s a matter of going through life with the knowledge that they are likely to spend their golden years living in abject poverty and that that will be their reward for 40 or 50 years of hard work. And it gets worse!

    Some economists now believe that within 15 years or so, given the current rate of health care inflation, 100% of Social Security benefits will be spent on medical expenses: Medicare Parts B and D premiums, copayments, uncovered expenses and medigap insurance premiums. If that becomes the case, anyone without substantial savings or a defined benefit pension will be looking for public assistance the day after they retire. Although this is probably a worse case scenario, there is a general consensus that individuals retiring today will need to set aside approximately $180,000 for medical expenses not covered by basic Medicare.

    With the situation already at this state, adding private Social Security accounts to the mix would be like throwing gas on a fire, as individual Social Security accounts carry the same risks as other individual retirement accounts. Those who have tried to kill Social Security since its inception find private accounts very appealing. But, not so coincidentally, most of them seem to be in the enviable position of not needing Social Security to support their retirement. More recently, younger workers, too, have come to oppose Social Security, but not for the same reason as the traditional opponents. Young workers may be crushed by the growing burden of Social Security and may never receive any benefits from the system. Those who oppose Social Security simply because it’s a social program should be expending their efforts on reforming it rather than killing it.

    If Social Security had been managed like a pension plan rather than the ilconceived system it is, with today’s workers paying for yesterday’s workers’ retirement, its current situation wouldn’t be so dire. Indeed, it might very well be a fully funded, functional system. CalPERS and other large public employee retirement plans have operated successfully for decades, with success being defined as being able to meet their obligations, not having an adverse effect on the financial markets, no scandalous events attributable to malfeasance by the plans’ sponsors and being free of influence from elected officials. There’s no reason that Social Security can’t also be managed in such a manner. It would literally take an act of Congress to do this, but the hardest part for Congress would be letting the system run without their interfering with its operation.

    Passing off the burden of retirement to individuals was a great deal for corporations but it’s a very poor deal for most individuals, and extending individual accounts to include the Social Security system would only make a bad situation worse. It’s not a poor deal for all individuals because there will be some who can afford to save a substantial portion of their income and whose holding periods will coincide with bull markets, thus putting their wealth in the upper range of their terminal wealth dispersion, and who also live a long, healthy life. They will be the ones who benefit from over-saving and living beyond the average life expectancy, but they may end up forfeiting a portion of their wealth in the form of taxes to support the less fortunate. I don’t believe that is what the public expects from a well-conceived system.

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    Source by Mike Kennedy

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  • 4 Benefits of Using the Cash for Cars Service

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    Selling an old car is often a hectic and tiring process. There are many things that need to be sorted if you plan to find a buyer, such as making repairs, getting it serviced and having the proper paperwork. However, there is a much simpler solution to get rid of an old car and still get a little money for it. Let’s take a look at are a few of the top benefits of using the cash for cars service:

    Fast and easy cash

    Using the cash for cars service is likely to offer the quickest opportunity to earn a little money when it comes to selling an old car. They offer payment at the time of removing the car and will even take a car that is in a terrible condition and beyond repair. The neglected cars are still acceptable to these businesses because they are able to appreciate that there is still value in the many different components and materials that can be removed and reused.

    Efficient removals

    A further great benefit is the ability to use a service that removals a car for free. The alternative options like trades-ins or private selling often mean taking a car to a specific location, such as a dealership. This option may not be appropriate for everyone, especially for those cars that aren’t in a roadworthy condition. The cash for cars service will take on full responsibility of removing a car which can take place at a time that is convenient.

    Benefits the environment

    This type of service can have a major benefit to the environment because it can have a positive effect on the number of vehicles that are left to deteriorate on a landfill site. Over the long-term this can have a very negative impact on the environment. However, the more eco-friendly option is to salvage the many parts of a car which can easily be recycled. Also, any waste that is left over will be disposed of in a friendly manner.

    Less stress and trouble

    The option to use the cash for cars service is likely to be one of the less stressful options to get rid of something you no longer need. If you try to find a buyer for an old or neglected car, there is a need to complete the necessary repairs and get the body fixed to an acceptable standard. This can be a time-consuming process and cost money. Also, there is the need to have the relevant paperwork. However, when you are simply having the car removed from your property, there is no need to worry about repairs because it will be accepted as is.

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    Source by Leo Eigenberg

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