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Finance & Banking


6: Get rid of those high interest credit cards once and for all.


Minimum payments on credit cards are the worst way to pay


off purchases. Even if you have to reduce 401k deposits for 6 months or one year do it to pay down the credit cards. Paying the minimum on a credit card means you may be paying as much as 25% in interest or more annually. So a $10,000 balance costs an actual $30,000 in payments.


7: If you are a young worker save for retirement, and keeping your good credit is paramount. You can accomplish more with small retirement deposits if you


really do start at age 30. Run a retirement calculator and you will see that a $2,000,000 retirement balance goal requires just $10,000 of deposits at age 30-66 .But if you wait until you are age 45 the required deposit is $20,000.


8: If you have a young family consider buying a big block of term life insurance to secure your family security.


I believe that you insure both parents to create a lifestyle security no matter who dies unexpectedly. Breadwinners need to be insured to guarantee their income. Child caring mothers are also very costly to replace, so life insurance is necessary for them too. Do not just insure debts or loans but enough coverage to create a pool of money so life can continue eco- nomically unchanged at a time of personal tragedy.


9: If you are over 50 years old solve the long term care problem in your own way.


If you have a family care solution planned out that is fine. If


you are so affluent you can sustain high long term care costs fine. But be realistic, the long term care risk was called the “greatest risk of all “ to your financial plan by Terry Savage in her latest book on Retirement. Yes you need to grind through the long term care insurance options to see if an insurance policy can solve the problem for you. You should also look at long term care riders on life and annuity policies. Most of all married couples who plan to live a long life risk the biggest problem of all. Bankrupting your spouse who then has to live without the money you saved for years. I find this topic be- comes very significant to those of us who have experienced the issue in our own families as we attempt to help others secure their finances. Read the stories about long term care disasters and know they are true. Nobody is exempt.


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10: Update your estate plan. Now that the tax issues are resolved for the time being we


know the estate tax rules. But there are many non tax reasons to update your estate plan. This is a good year to consider up- dating your wills, powers of attorney and health care proxies. Every state has peculiar rules you need to be aware of. Change your plans if you moved since you did them last. Also the non tax reasons for having family trust work are many. Consider a trust as a way to reduce probate cost and delay but also protect money for future generations. Trusts can provide insulation from creditors your children have, marital difficulties, and business issues. You can secure your grandchildren’s legacy by using a trust to hold a block of money for a long time.


11: Finally if this is all too much to do.


Hire a financial advisor. Get realistic about your time and abilities. If you are a procrastinator an advisor can help you get things done. If you are disorganized an advisor can help you put your plan together. A financial advisory relationship is spe- cifically NOT just an investment advisor relationship. Inter- view advisors and find one with the education, training and experience to suit your needs. Most advisory firms like ours have a few qualifications. Try to end up with an appropriate firm for your needs and the planners ability.


Source: PRNewswire www.blackeoejournal.com The Black E.O.E. Journal


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