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Tag: Retirement

Retirement by age

8 important milestones to focus on as you approach retirement—don’t miss any!

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https://investornews.vanguard/retirement-by-age/

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March 14, 2020
How SECURE is your retirement?

Vanguard Government Relations’ Jerry Golden analyzes the impact the SECURE Act might have on investors.

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March 14, 2020
Writing a Financial Plan on Your Own

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Like anything in life, you need a plan to succeed. That applies to your personal finance too. No one is completely secure financially unless you have accumulated millions of dollars and decide to live off the nest egg for the rest of your life.

Unfortunately, for most people, they are unprepared for retirement. Financial planning is crucial in reaching your goals of retiring comfortably. But having say that, how does one go about writing a financial plan without any formal education?

Below is a quick step-by-step guide to writing your own financial plan. Of course, a professional financial planner may be able to give you a more comprehensive financial plan but this will be a good step forward in understanding your needs and clearing some stumbling blocks.

1. What Are Your Objectives?

Don’t be afraid to dream – you only live once. Think about the size of the home, the education, your family, etc. Just pen these thoughts down of how you want the future to look like. Once you list down your ideals, remember to factor in mundane issues like kids education, insurance, etc.

Your goals should include:

* Education. Regardless of your age, extra education and training are needed either for a career switch or self-improvement. A lot of people are taking college courses (even with teenagers) or upgrading to an MBA to climb the corporate ladder. Even if college education is out for you, you still have to plan for your children’s college degree, unless you intend to leave them to their own devices.

* Career. What field do you desire to work in? Is it a creative job or a typical 9-5? Or do you want to be your own boss? Do you want to create multiple source of passive income?

* Lifestyle. Is work or family more important? Are you contended with “simpler living?” Do you desire a Porsche or BMW? Do you want to live in a mansion, a seafront house, etc? Do you have expensive hobbies life golf? These all cost money so tabulating the expenses and matching it to your income is necessary to achieve your lifestyle goals.

* Retirement. Don’t forget about retirement. It is a moment when you lose your income. So how do you want to live while retired? Will you downgrade your house, live with your children, or move to a retirement community?

* Insurance. Nothing is certain in life. You need to be insured for worst case scenarios. Every financial plan must have provisions for insurance.

These objectives may seem daunting but they need not be wishful thinking. The actual money set aside could be much less than you think, if effective financial planning is involved.

2. Plan Your Income

Of course, your financial plan isn’t just about your dreams. How are you going to pay for it? I assume you don’t have a sugar daddy, so you should be following a life of employment. Most people have their career path charted in this format – go to college, get a job, work hard up the ladder and retire.

There is nothing wrong race except there is high uncertainty in today’s globalized environment. People change jobs all the time due to layoffs or to seek fresh challenges.

Instead of a day job, you can consider starting a businesses or becoming a freelancer to sell your skills. Business isn’t just for those with money, MBAs or connections. You can start a home business to mange lawn care, making money online with a website or a vending machine business.

Besides becoming your own boss, you can find other income through network marketing or investing.

Investing is efficient in building side income as it is simply growing the money you already have. You can buy gold, stocks, bonds, real estate, etc.

Regardless if you are a business owner or an employee, you should not let your money sit idly under your mattress. Even putting your money into an online savings account is more profitable.

3. Writing Your Financial Plan

At its core, a financial plan is a lifelong budget. You’ll be budgeting not just your next paycheck, but for your entire life. Planning involves knowing how you’ll get there and when you’ll get there. There are no hard and fast rules.

You have to be rational enough to assess your current situation, creative enough to see what is possible, and have the integrity to follow through with the plan. Remember, just because it’s on paper doesn’t mean it will happen – you have to decide to follow through and live up to your goals.

Get started by doing the following:

* Timeline. Establish where you want to be in five years? Ten? Thirty? Fifty?

* Research necessary costs. Your current “bills” plus 5% inflation per year. Don’t forget to factor in life insurance, health insurance, car insurance, etc.

* Research luxury costs. What you “want” to do. Cruises, nice cars, nice house, etc.

* Plan income strategy. For most people, they start with salaries. But don’t forget that your job isn’t your only means of income. Starting a side business, a money making hobby, or even making money online are viable options for extra income.

* Plan Investments. Investing is simply a must to counteract against inflation. You can invest in anything. Just make sure you know what you’re doing, and don’t put all of your eggs in one basket. As you age, financial security should become more and more important.

Try to factor in every cost and possible incomes. Whenever you aren’t sure about the numbers, be conservative. Also, bear in mind that a financial plan is ALWAYS about your goals. It’s not just about the money – it’s about getting what you want out of life. Money is just the tool.

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Source by Barry Ritz

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February 10, 2020
TOP TEN Pound 4 Pound Best Boxer Ever

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Before we start our list, I wanted to take some time to comment on 2 fighters that may have strong support in certain communities for being among the best ever, but truly do not have a place on the list.

NOT RANKED

Rocky Marciano – Won 49 Lost 0, 43 KO

Ask any Italian who the greatest boxer ever was, and you will never hear the names Ali, Louis or Sugar. Nope. You will only hear the name Rocky Marciano, the only heavyweight champion to retire undefeated. To his credit, Rocky Marciano did make a habit of beating up his opponents in the ring. Add the fact that his most notable victory was over his childhood idle, Joe Louis, whom he sent back into retirement. But Joe was well past his prime. He also beat Archie Moore, but he also was already in his early forties. So to the entire nation of Italy and her children I say to you, Rocky Marciano could not beat any of the champions in my Top T.E.N.

Lennox Lewis – 41 wins, 2 losses, 1 draw, 32 KO

Lewis will most likely go down as one of the most intelligent, calculated champions ever. But that is not what pound for pound is based on. Lennox was able to capitalize on Tyson’s jail term to reign as champion, then got out before the Klitchko brothers could undo the legacy he has manufactured for himself. He stayed an extra 4 years as an amateur to win a gold metal against younger opponents (Riddick Bowe for the medal bout). He then became champion only because Bowe gave up the title. He backed out of Tyson’s way (accepting a huge multi-million dollar payoff from Don King as payment for Tyson taking his ranking) as he was climbing back up to regain the championship that was handed to him. I believe that history will judge him for the fake that he truly is.

And now, to the top ten best pound for pound boxers:

10 – Mike Tyson – 50 wins, 5 losses, 2 no contests, 44 KO

No other fighter has been called “the baddest man on the planet”. Mike Tyson was perhaps the most feared person in boxing history. Up until Buster Douglas embarrassed Iron Mike, Mike Tyson made fighters give up. Going up through the amateur ranks, boxers actually lost on purpose so as to not fight Tyson in tournaments. How ironic that Tyson’s worst defeat was not to a boxer, but to a beauty pageant contestant named Desiree Washington. There is a great chance that had Tyson not suffered a 3-year setback, he would have easily moved up and be universally recognized as one of the best ever.

9 – (Big) George Foreman – Won 76 lost 5, 68 KO

Foreman’s biggest enemy opponent has always been himself. He could not accept defeat. After making his name as one of the most dominant fighter ever, his loss to Ali took him out of professional boxing for over a year. He made his first comeback attempt in 1977, knocking out his next 5 opponents (including Frazier, again), only to retire after losing a 12 round decision. A decade later, Foreman made an improbable comeback at the age of 38. Foreman made it again near the top of the boxing rankings, and despite suffering setbacks against Holyfield and Tommy Morrison, Foreman shocked the world when he stunned Michael Moore with a knock out in the 10th round. His next few bouts further proved that even unto his late 40th, Foreman was still a formidable force.

8 – (Sugar) Ray Leonard – 36 Wins, 3 Loss, 1 Draw, 25 KO

Leonard has to be on this list if only for the pure psychology he was able to inflict on his opponents. Only Ali could get into his opponents head more. Add to that all the titles his has own, in multiple weight divisions, and you have your number 8 all time. Like most great fighters, he just did not know when to quit, so you will have to ignore the last few fights of his career. Sugar Ray beat them all, from Duran (No Mas, No Mas), to Hagler, then Hearns, Sugar Ray’s stock only dropped because of his own issues. He first retired due to a detached retina, and it can be argued that a serious cocaine habit between 84 and 89 further damaged his career.

7 – (Marvelous) Marvin Hagler – 62 Wins, 3 Losses, 2 Draws, 52 KO

Yes, we have the Marvelous one ahead of Leonard, even though Leonard beat Hagler in their one encounter. Hagler was so distraught by that loss that he left before, and even refuses to talk about that fight today. Hagler’s only 2 losses were early on in his career, and he responded to them by beating both fighters. He would have continued to dominate the middleweight division had he not suffered the mentally debilitating loss to Leonard. While Hopkins has been middleweight champion longer, with more title defenses, it can be argued that he never faced opponents the caliber of Duran and Hearns, both of whom Hagler defeated.

6 – Archie Moore – 181 wins, 24 losses, 9 draws and 1 no contest, 145 KO

Looking at the record, it is easy to see why the “Old Mongoose” or “Ancient Archie” has made it to the list. Archie’s career spanned over 4 decades, and it the only fighter to have faced by Rocky Marciano and Muhammed Ali. Archie was a better Light Heavyweight than he was a pure Heavyweight. He had his light heavyweight title stripped from him twice because he was too busy fighting at a higher weight class. No other fighter has knocked out as many professional opponents as Archie.

5 – Roy Jones Jr – 49 wins, 3 losses, 38 KO

This particular selection is highly debatable, and may end with Roy’s removal from the list completely. While there is no denying his talent, there is question as to if his showmanship and opponent section unfairly propelled him into his status. Winning a championship fight after playing paid basketball the same day was previously unheard of. As was becoming a champion at middleweight all the way up to heavyweight. Before his last two fights, Jones’ only defeat was a bogus call after he was disqualified against Montell Griffin, which he quickly avenged. Jones has at least warranted due considering, and an initial entry to the list.

4 – Joe (Brown Bomber) Louis – Won 68 Lost 3, 54 KO

While there seems to be some dispute over whether 5 of his victories by KO were exhibition matches or not, there is a consensus not take seriously 2 of his 3 losses in failed comeback attempts. The last, and most humiliating defeat was an 8th round KO through the ropes by Rocky Marciano. The Brown Bomber was so much in debt, that he tried to come back well past his prime. The fact that so much cultural identify was thrust upon his shoulders, made Joe Louis not only one of the greatest pure fighters, but a true icon for America’s 2nd class citizens. Joe will be best known for his 1st round KO over Germany’s Max Schmeling in 1938. Schmeling beat the favored Louis in 12 years only a few years earlier. Even when Joe won the Heavyweight title by knockout, he refused to be called champion until he settled the score with Schmeling. It is this attitude that made him a national hero despite his color.

3 – Julio Cesar Chavez – Won 104 Lost 5, 2 draws, 80 KO

Julio is a Mexican world champion boxer who won world titles in 3 different divisions. Among the world champions that Chávez defeated in his career are Edwin Rosario, Jose Luis Ramirez, Rocky Lockridge, Meldrick Taylor, Roger Mayweather, Sammy Fuentes, Héctor “Macho” Camacho, Juan Laporte, and Tony López. Chavez went 13 years before not winning a fight, with a draw to Pernell Whitaker, and it was another year later before he suffered his first defeat which was avenged 4 months later. Only in his last 8 years of his 24 year career did Chavez acount for 4 of his 5 losses to 3 different oppenents. He was able to avenge his lose to Willey Wise, but failed in second attempt to Oscar De La Hoya.

2 – Muhammed (Louisville Lip) Ali – won 56 Lost 5, 37 KO

In my book, Ali will also go down as one of the greatest human beings of all time. As purely a boxer, only a “what could have been” during his 3 year lay off after refusing to go to Vietnam prevents him from being the best ever. He came back after 3 years to lose his first of three asking Joe Frazier. Both were undefeated at the time. The same happened with Ken Norton. In both cases, Ali came back to whup them in the next 2 fights. Although the two became friends later on, Ali is also credited with knocking Foreman out in the ring, out of boxing, and onto the pulpit. Leon Spinks got Ali during his declining years, but Ali still come back to beat him in 1979. What happened to Ali in the next two fights against Holmes and Berbick is eerily similar to what is happening now with Roy Jones Jr. In neither case, should those 2 fights be included into what was an otherwise spectacular career.

1 – (Sugar) Ray Robinson 179 wins, 19 losses, 6 draws, 2 no contests, 109 KO

While many fighters have held that nickname over the years, none have been as sweet as Ray Robinson, whose real name was actually Walker Smith Jr. Robinson won the middleweight title an unprecedented 5 times. Even Muhammed Ali referred to Sugar Ray as the greatest fighter ever (it is rumoured that Robinson actually refused to give Ali an autograph when Ali met him while Ali was still young, and Clay). Unlike Moore, the majority of Robinson’s losses came at the end of his career.

Honorable Mention

Floyd Mayweather Jr – 32 Wins, 0 Losses, 21 Knockouts

Now regarded (arguably) as the best active pound for pound boxer

Roberto Duran – 103 Wins, 16 Loss, 69 Knockouts

He will forever by scarred by his 8th round quit job on Sugar Ray Leonard.

Evander (Real Deal) Holyfield – 38 Wins, 7 Losses, 2 Draw, 25 KO

Was undisputed cruiserweight and heavyweight champion of the world. He also was the man that destroyed the aura that was Mike Tyson. He will have his place in boxing history, but not as one of the greatest ever.

(Smokin’) Joe Frazier – 32 wins, 4 losses, 1 draw, 27 KO

Also one of the most feared fighters ever, but 2 losses to Ali and Foreman will keep him off this list.

Thomas Hearns – 59 wins 4 Loss 1 Draw, 46 KO

AKA “the Hit Man” and “the Motor City Cobra”, Hearns won seven world championships in six weight classes during his 22 year pro career. But losses to Leonard (his first ever) and Hagler will keep him off the list.

Bernard Hopkins – 45 wins, 2 losses, 1 draw, 1 NC, 32 KO

More so than Hagler, Hopkins had a slow start to his career. When he finally won the belt, he has defended against the best of the 90’s and 2000. He may end up considered in the 10 top yet.

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February 3, 2020
Emotional Upsets As We Age – Adult Health and Wellness

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As we age, it is more likely that we will eventually experience emotional upsets, loss and change. Many of us go from busy, full time workers or full time parents to partial workers, empty nesters and grandparents, to full time retirees, with or without a life partner, adequate financial resources, secure housing, or a network of close family and friends. We may move from a familiar neighborhood to a different retirement community. Friends, neighbors, close relatives and even our beloved house pets may become ill and pass away. Depending upon whether we have developed the positive mental attitudes, uplifting and life affirming spiritual connections, healthy lifestyle, social contacts, and continued passion for living – which researchers describe as the formula for healthy aging – we are more likely to suffer more from illness, disability and emotional instability as we age.

Complications of Emotional Upsets and Stress

Stress Accelerates Cellular Aging

Research is beginning to substantiate the devastating effects of long term stress on health and aging. Telomeres, the DNA-protein structures that cap the ends of chromosomes and promote genetic stability, appear to play important roles in cellular aging and disease. Elisa Epel and colleagues examined the effects of psychological stress on telomere maintenance in 58 healthy premenopausal women. Results, appearing in the December 1, 2004 Proceedings of the National Academy of Sciences, indicate that the psychologically stressed women had shorter telomeres and less telomerase, a telomere producing enzyme which affects immune function cells in the blood.

Stressful Jobs Affect Health of the Elderly.

In workers over age 60, problems on the job raise blood pressure in although these older workers often claim to be less upset and less sad than younger employees when work problems hit. They seem to “feel” less emotion, but their bodies reveal greater stress factors. Older workers may be more vulnerable to heart and cardiovascular problems if they remain in high-pressure jobs or situations.

Emotional Stress May Precipitate Heart Problems

Emotional stress can precipitate severe left ventricular heart valve dysfunction in patients who do not apparently have coronary disease. This reversible condition, called myocardial stunning, cardiac stunning or myocardial stress, is brought on by severe emotional stress. Research corroborates the phenomenon that severe emotional stress and heartbreak, such as the break up, loss, or death of a a loved one, can release an onslaught of stress hormones that cause the heart muscle to contract and spasm, possibly leading to severe complications and even loss of life.

Emotions Affect Blood Cells

Photos of frozen water crystals imbued with different emotions appeared in the book, The Hidden Messages in Water by Japanese researcher Masaru Emoto. Inspired by these photos, Rebecca Marina attempted to replicate the experiment by having her own blood samples photographed on slides while she caused herself to feel specific emotions.

She focused first on sadness. In this photograph, her blood cells seemed to actually take on the formation of teardrops and were seen moving rapidly (rather than slowly and sluggishly as we might expect) with a lot of white blood cells predominant, more so than in a normal blood sample.

When she felt fear, the blood cells moved around rapidly and frantically with an increased number of white blood cells and then stopped moving rather abruptly, as if exhausted.

Feelings of love produced slower, more placid movement and some sparkly substance in the fluid. Interestingly, when she felt love, the blood cells on the “sadness” slide that had remained on the screen began to change. In other words, even when her blood was no longer inside her body, her feelings of love actually affected the movement, shape and quality of her blood cells on the slide.

But the most astounding effect was when she focused on Divine Mother or spiritual love and peace. The fluid part of the blood became clear, the movement of the cells was placid, and the cells were just gliding along. The white blood cells that showed had a white glowing center and a pulsation in that center almost like a heartbeat! And some of the cells actually took on a heart shape. (EFT – Emotional Freedom Technique Research)

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Source by Erica Goodstone, Ph.D.

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January 31, 2020
MLM vs. Consumer Direct Marketing Business Opportunities

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We’ve all seen them before – businesses that promise great wealth and prosperity with a minimal amount of effort. Did you know that only 1 out of every 1,000 home-based businesses last longer than 5 years? So what REALLY sets all these companies apart, and which method has the least risk for everyone?

First, let’s take a look at a way of marketing that has gotten SO popular (and many times out-of-hand) – Multi-Level Marketing. When you think of multi-level marketing, you may think of overbearing sales people who begin by bothering their family and friends, and resort to manipulating others into buying lots of inventory. You might also imagine a get-rich-quick scheme with promises of great wealth through very little work. Finally, you may envision business schemes that lack a compelling product, but hype up the promise of big incomes.

Now, let’s take a look at what a few companies are turning to – Consumer Direct Marketing. What’s the big difference? Well, Consumer Direct Marketing typically redirects the funds that would typically be used for advertising, multiple shipping costs, various middlemen, and several distribution channels into spending for higher quality ingredients, product innovations, and profit sharing with customers. The result of this is a new and interesting method of delivering quality, low-cost products to families around the world – and then SHARING THE INCOME with those families.

The companies that are truly heads and tails above the rest are all turning their attentions to the important aspects of Consumer Direct Marketing. The true result is less risk for the business-builder as well as the consumer, because there are no inventories to buy, no financial risks, and no hype. EVERYONE, people referring the products, and customers alike, only buy what they need each month. And of course, anyone who refers someone else earns a commission from the purchases of the customers they refer.

Maybe the neatest thing about this almost “laid-back” method is that the majority of customers buy each month without any interest in receiving commissions, and when you have customers that really love the products and aren’t pressured from the vast majority of MLM companies out there, that means true residual income – income that you’ll receive the rest of your life – your retirement, or your children’s college education!

If you’re interested in a 20-year-old Consumer Direct Marketing company that might be a great opportunity for you and your family, please don’t hesitate to contact me, and I’d be happy to share my experiences with you.

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Source by Hayley Keller

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January 30, 2020
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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January 29, 2020
How to Uncover Your MLM Prospect’s Motivation

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When talking to a MLM prospect or a new team member it is vitally important to discover their primary motivating factor. What makes them want to join your business? Or if they have already joined why did they join?

In order for anybody to succeed in MLM they must have a big enough “Why” – why did they join? What is it that they are trying to achieve? It’s all well & good if they say “financial freedom” is their goal, but what exactly does that mean to them, & why is it so important to them? After all, the phrase “financially free” can mean a multitude of things to different people. Some people may think they have achieved financial freedom if they have their mortgage paid for along with their monthly expenditure such as utility bills & groceries. However others will think they have achieved financial freedom when they can travel the world first class, never look at the prices on menus when eating at top class restaurants or the price tags on clothes. To others it would be sending their kids to private school & not having to worry about not having enough money to provide a roof over their heads.

Of course it’s not always about money it could be that money is not a problem but time is, time to spend with the kids, time to take a relaxing break, time to take their partner out for a nice dinner…

Without knowing what motivates your MLM prospect or new team member you cannot help them reach their goals. I’ve mentioned this in other articles, if you help enough people get what they want then you will get what you want, but how do you do this if you don’t know what it is that they “want”?

In his book “Questions are The Answers” Allan Pease* describes a great method to find out people’s primary motivating factor. Ask your prospect or new team member “do you know why people start a Networking Business”? If they say “No” then you simply say “let me show you”. If they say “yes” you ask them to tell you why, listen to what they have to say & when they have finished you ask “any more” They will say “no” then you say “let me show you” and you produce the following list;

Extra Income

Financial Freedom

Have Own Business

More Spare Time

Personal Development

Helping Others

Meeting New People

Retirement

Leave a Legacy

Then ask them the following questions;

1. WHAT IS YOUR NUMBER 1 PRIORITY?

2. WHY DID YOU PICK THAT ONE?

3. WHY IS THAT IMPORTANT TO YOU?

4. WHAT ARE THE CONSEQUENCES OF NOT HAVING THAT OPPORTUNITY?

5. WHY WOULD THAT WORRY YOU?

Make sure after every question that you listen to what they have to say without interruption or comment, just go through the questions one after the other in the order above. When you have finished you will have identified their primary motivation.

You can now tailor the rest of your talk to describe how your MLM opportunity can help them get exactly, what it is that they want. Don’t be surprised if some people become emotional when going through the above questions, after all you are delving deep into what is important to these people & what motivates them. The reasons are often very personal & so some people will inevitably become emotional.

Finding out someone’s primary motivating factor is essential if you want to help them build a successful MLM Business, if you fail in establishing their “why” then it is very unlikely that you can help them & in turn yourself to succeed.

*Questions are the Answers by Allan Pease, Published by Manjul.

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Source by John Mac

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January 21, 2020
Risks and Rewards of Entrepreneurship

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Entrepreneurship which is the practice of finding and starting a business opportunity, locating and consolidating the required money and materials and taking both the risks and rewards associated with the venture is where all who wish to make and enjoy great wealth should tune their mind and heart to.

Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with dangers, perils, hazards and threats or risks just as it has booties, returns, compensations or incentives also known as rewards.

Here are risks and rewards of entrepreneurship which I would like discuss briefly in this article for the benefit and information of those wishing to embark on the great journey of entrepreneurship:

Risks of Entrepreneurship

Getting Paid – The income of the business enterprise would determine whether the entrepreneur gets paid or not. The entrepreneur does not have the luxury of an assured paycheck like his counterparts in paid employment. If the business does not make profit, there is nothing for the entrepreneur.

Sporadic Income – The start-up entrepreneur may not have enough business to provide him or her with steady income. His or her income may fluctuate from day to day or from month to month.

No Income – An entrepreneur may face a season in his or her business life when there would be no business at all or when customers have failed to meet their payment obligations and therefore no income. Start-up entrepreneurs are usually advised to save at least enough to cover six months expenses and income needs as part of their financial planning.

Having Security – Whatever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement savings account backed by their employer, the entrepreneur has to provide his or her own insurance and retirement security. Before moving from paid employment to full time entrepreneurship, it is important that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.

Rewards of Entrepreneurship

Passion – Passion they say sells. One of the greatest joys of entrepreneurship is working daily on the passion of your life. When one’s work and daily pursuits are in the realm of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. Apart from being a reward on its own, passion ensures that one is working with boundless energy which leads to greater production.

Great Boss – Entrepreneurs work for the greatest boss on earth which is themselves. In paid employment, we meet all kinds of bosses – some nasty, some great and some boring. The greatest boss anyone would have is oneself. Entrepreneurship enables you work for yourself and that creates an unbeatable feeling which money cannot buy.

Hours – One of the immediate benefits of entrepreneurship is having control of one’s life. Though the beginning of entrepreneurship may be rough, the ability to be in charge and have the capacity to set your times and schedules for your work and business is a reward of inestimable value.

Location – Where you live and work is one key factor to personal satisfaction. Entrepreneurship helps you to make this choice and not have to depend on someone else determining your office location which may be so far away from where you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices are located are too expensive for most workers to reside in. Some of such locations do not have residential areas. Employees are forced into long distance commuting and traffic hold ups that increase their cost of fueling and is the cause high blood pressure as a result of hanging out in the holdup year in year out. The entrepreneur can even keep his location virtual, meaning he may work from the comfort of his own home using the internet. An entrepreneur can also chose to be mobile.

Regardless of the risks associated with entrepreneurship, it is still the way for all those who wish to create wealth and find the greatest possible satisfaction in life pursuits.

Think about.

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Source by Francis Nmeribe

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January 5, 2020
The Automatic Millionaire by David Bach

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The Automatic Millionaire by David Bach has been one of the top selling books on the topic of personal finance. The promise of this book is that even average people can become millionaires by managing their finances correctly and making smart investments. But is the Automatic Millionaire a book worthy of the attention? Does it really deliver on its promises and offer a realistic solution? Let’s find out.

The book starts out by giving you a scenario of how an average couple earning $55,000 can retire at an early age of 55. This is a bold case study because it’s hard to believe considering all the costs of living from your mortgage, college tuition for your kids, loans, and living expenses.

David Bach explains that all you need in order to do the same is to conserve your money. Most people spend $5 a day on luxury coffee but by using that money to save it, you can get on the road to becoming a millionaire and retiring early. David coins this term “the latte factor” where people spend money on unnecessary expenses when they could use that money to create financial freedom for themselves.

Probably one of the best advices given out by David is to pay yourself first. Most people start by paying off their debt, mortgage, and other bills first. But by paying yourself first, you make it a priority to invest in yourself rather than save a meager amount after spending your money on other things. This was also recommended by world famous investor Warren Buffet.

It’s great that David Bach wasn’t so idealistic about saving as we all know how accidents, health problems, and other factors can hurt our financial position. That’s why he recommends that you have a pool of money which is allocated for such “rainy days”. This is a good idea as you never know what can happen in the future.

The automatic part of The Automatic Millionaire lies in how you manage your finances. You can set up your bank accounts so that when you put in your paycheck, the money automatically get allocated to different parts of your financial strategy such as an account for investing, an account for retirement, and an account for a rainy day. This is great because you don’t really have to think about how to manage your finances.

What may not work with many people is getting the kind of returns from the stock market that David proposes. The economy isn’t how it used to be so this aspect of the book may or may not be applicable to the reader. This is a very important aspect of the book and you have think of an alternative investment strategy if you want to keep to the goal of the book.

Overall, the Automatic Millionaire shares some great financial advice and great tips for planning a strategy. David Bach has kept this guide simple and it’s a great read. The best part is that you’ll get many applicable strategies you can put into use immediately.

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Source by Ben Sanderson

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December 31, 2019