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How True Professionals and Private Bankers Can Help You (Post RV)

3/18/2015

 
REPOST FROM 2012

"How True Professionals and Private Bankers Can Help You (Post RV)"
    - by Mr. Anonymous

Lately as we seem to draw very near to the reality of  pushing that "RV Button" there has been a lot of talk about Private Bankers, Bank Packages and following "gurus" to other so-called "investment" resources.



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10 Things To Do When You Win The Lottery   (Powerball)

12/16/2013

 

Great Advice for Whenever you Come Into Money...

Personal Finance
|
2/11/2012 @ 6:26AM |970,084 views

10 Things To Do When You Win The Lottery   (Powerball)

Updated Dec. 14, 2013.
There was no winner of the Friday the 13th mega millions lottery last night. The jackpot has rolled over to an estimated $550 million. If you win it in the next Lottery drawing, you won’t ever have to worry about money again–right?

Wrong.


Read More

21 Laws of Money

1/12/2013

 
From Straight Talkin Mike............

21 Laws of Money



21-laws-of-money.pdf
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What consumers can expect in 2013

1/1/2013

 
What consumers can expect in 2013

I don’t have a crystal ball, but I am in contact with a lot of experts in consumer protection, marketing and fraud prevention. Based on information provided by these trusted sources, here are some predictions about what you can expect in 2013.

Anticipated price hikes
The U.S. Department of Agriculture predicts grocery bills will rise 3 to 4 percent in 2013. Higher feed costs will continue to push up prices for animal-based products, especially dairy. In its Food Price Outlook Report, USDA noted that inflation should be “above the historical average” for cereals and bakery products.

Banks will keep looking for ways to raise revenue without inciting customer backlash. This could mean higher overdraft fees and charges for using an out-of-network ATM. It could also mean higher minimum balances to avoid a monthly service charge.

 “We’ll continue to see banks emphasize customer relationships, rewarding those customers that have more accounts, bigger balances, or other products and services by waiving checking account fees,” said Greg McBride, senior financial analyst at Bankrate.com.

Good news for home buyers and home builders: Bankrate expects mortgage rates to remain low.

“The Fed is aggressively buying bonds with the goal of keeping mortgage rates low,” McBride explained. “Because of this, the average 30-year fixed mortgage rate should stay below 4 percent for much of the year – even if the economy continues to improve.”

The editors at dealnews.com predict a number of things will be more expensive in 2013. These include: smartphones and some other electronics, cars and many luxury goods.

Dealnews also expects higher shipping costs. It predicts a jump of 4.5 to 4.9 percent from both UPS and FedEx. This could seriously hurt small businesses and people who sell things on the Internet. It might also affect which orders qualify for “free shipping” at some online stores.

And here’s a surprising one: Dealnews says copper prices could rise. That would have a ripple effect, because copper is used in all sorts of consumer products: wire, pots and residential water pipes. It’s also needed for industrial equipment that brews beer, distills liquor and makes candy.

On the bright side: Gasoline prices should continue their slow decline, barring unforeseen circumstances. The U.S. Energy Information Administration expects retail prices for regular-grade gasoline to average $3.43 a gallon in 2013. That would be down from this year’s average of $3.63.

More consumer-friendly regulations
The Consumer Financial Protection Bureau (CFPB) went after unfair practices in the financial marketplace with gusto in 2012. That is sure to continue in the New Year.

My best guess is that we’ll see new regulations proposed for payday loans, prepaid cards and credit reporting agencies. The CFPB is already investigating complaints about errors in credit reports and the difficulty or sometimes inability to have them corrected.

As of Jan. 2, the agency will regulate the country’s large debt collectors, an industry that has been widely criticized for harassment, deception and other illegal tactics to get people to pay – whether they owe the debt or not, in some cases.

“Millions of consumers are affected by debt collection, and we want to make sure they are treated fairly,” CFPB director Richard Cordray said in a statement.

I wouldn’t be surprised to see some civil penalties levied and new rules proposed to prevent abusive collection tactics.

New and changing digital threats
Cybercriminals are sure to step-up their game again in 2013. In a new report, Sophos (the giant digital security company), predicts businesses will be hit with more malware attacks that give the intruders “long-term, high impact access” to those companies.

Digital extortion should increase with more ransomware malware attacks.  (See ConsumerMan: Latest ‘ransomware’ attacks are scarily sophisticated.) This new generation of malicious software can encrypt the data on your hard drive and hold it for ransom. It’s often exceptionally hard or impossible to reverse the damage. This makes it critical to back-up your data on a daily basis.

Mobile devices, with GPS location, social media apps and new technology (such as near field communication) will give cybercriminals new opportunities to compromise your security and privacy.

“This trend is identifiable not just for mobile devices, but computing in general,” the Sophos report warns. “In the coming year, watch for new examples of attacks built on these technologies.”

Men, millennials in the grocery store
Men have become more comfortable in the kitchen and more active in planning meals and food shopping. A survey by Cone Communications found that more dads than moms (52 percent compared to 46 percent) plan meals for the week ahead.

Industry analyst Phil Lempert, who runs the website SupermarketGuru, predicts grocery stores will focus more on the male shopper this year and in the future.

“Some supermarkets are experimenting with ‘man aisles’ – locations in the store that feature male-oriented foods and other products to make shopping and impulse buying more targeted,” he said.

Lempert also expects supermarkets and food companies to go after the millennial shoppers (those born between 1982 and 2001) who want flavorful and ethnically diverse food that is also affordable. By 2020, millennials will represent about 20 percent of the population and compared to the general population, they’re expected to have twice the buying power for food they eat at home.

“Millennials are deal seekers,” Lempert pointed out. “They are much more focused on finding the lowest price over brand loyalty.”

Herb Weisbaum is The ConsumerMan. Follow him on Facebook and Twitter or visit The ConsumerMan website.

Make this mistake and you'll lose thousands when refinancing your mortgage

1/1/2013

 
Make this mistake and you'll lose thousands when refinancing your mortgage

By Bob SullivanI had just borrowed about a quarter-million dollars and my question was simple: "How do I pay you back?"

The woman on the other end of the phone, however, couldn't tell me. Ten days had passed since I signed the papers to refinance my home and, with the holidays approaching, I was worried my first payment would be late. She tried to soothe me with perhaps the most misunderstood phrase of the refinancing process: "Don't worry. You get to skip a payment."


Follow @RedTapeChron Had I listened to her, it would have cost me thousands of dollars. And if you are one of the millions of homeowners who will refinance in 2013, it could cost you, too. 

If your new year’s resolution is to save money or get control of the family budget, refinancing remains a really good option. But the idea that “skipping” the first payment can be pain free, financially speaking, is a myth, repeated over and over by loan officers like mine. Sometimes they are lying, sometimes they are misinformed and sometimes they are just trying to get an annoying borrower like me off the phone. But with rare exception, they are giving bad advice.  (News flash: Whenever a bank seems to be doing you a favor, it probably has a hand in your wallet.)

Advertise | AdChoices Real estate transactions are already confusing enough. There are questions surrounding when you make your last payment on the old loan, when you make your first payment on the new loan, how many extra days of interest you pay toward both your old and your new loan, and when you are paying for both loans. We'll get to those tricky issues in a moment, but the priciest mistake you might make in a refinance is also the simplest one to correct. 

You've heard this before, but this time, it's probably true: mortgage interest rates are at historic lows, and there may never be a better time to refinance.  It's hard to imagine rates going any lower than the 3 percent range they are at now, but it's easy to imagine that, at the first signs of a real economic recovery or real inflation, they will climb sharply during 2013.  The low interest rates that the Federal Reserve has imposed to boost the economy have been punishing for many, notably savers, who can barely earn 1 percent interest on their bank accounts and certificates of deposit. The one perk for consumers from the Fed’s interest rate policy is the ability to get cheap home and auto loans. If you haven't refinanced your mortgage in the past 24 months or so, you are missing out.

Fortunately, many American homeowners have gotten the message. According to the Mortgage Bankers Association, mortgage holders engaged in $1.3 trillion worth of refinancing in 2012. In fact, more than four out of five new mortgages in 2012 were refinanced loans, not home purchases.

I wish there were a way to know how many of those borrowers chose to skip that first payment.

'Can I get that in writing?' 'No'
My loan officer was lazy, I believe, and -- knowing that my loan had closed and all the commissions were guaranteed -- just wanted me off the phone as soon as possible. My call was unusual.  I am always overly cautious when I set up any kind of new loan payment, as the chances for error are great: a wrong loan number on a check, a bad address, etc. So I always make the first payment early to make sure nothing goes wrong.  That good habit proved profitable this time.

When I signed my loan papers, there were no payment instructions in my closing documents (not terribly unusual). My loan officer said I would receive payment coupons later.  But when 10 days passed, and I heard nothing, I called. She sent me to the bank's customer service line, where I was informed that there was no record of my loan. (Did that mean I didn’t have to pay it back? Sadly, No.) Customer service transferred me back to my loan officer. She assured me that their computers would catch up to my urge to pay the loan, and I’d get payment information soon. Incredulous that they seemed not to want my money, I persisted. She tapped a few keys on her keyboard, made me wait a minute, then told me that my loan had funded on Dec. 5, so I didn't have to make a payment until Feb. 1.

"But my documents say repayment begins Jan. 1," I said. "So you're saying there will be no late fees if I don't pay Jan. 1?"

"Yes," she said.

"Can I get that in writing.?”

"No. I can't do that."

At that point, I did what any mature consumer would do: I laughed. And then I muttered something about the 100 pieces of paper they just made me sign, with innocuous documents putting the finest point on everything you can imagine, like the form I initialed in multiple places agreeing that, yes, I am known by Bob, Robert, Bobby, Robby and various other nicknames. Yet I couldn’t get the bank to put something in writing saying when I should make my loan payment?

Advertise | AdChoices My loan officer didn't laugh, but eventually she put me on the phone with a supervisor who sounded very grave. She'd done additional research, she said, and found out that the reason customer service couldn't find my loan was because it had already been sold to another bank. We called that bank together and found out my loan actually funded on Nov. 30, so my first payment was indeed due on Jan. 1. And I would have been liable for about an $80 late fee if I had listened to my loan officer. The manager profusely apologized.

Steep penalty anyway
But I'm not writing to warn you about late fees. There's a much bigger culprit here you have to worry about.  Had I followed my loan officer's advice and skipped a payment, even if the bank waived the late fee (which the manager said was likely), I would have paid a steep penalty anyway.  You've probably guessed the punch line: there's no such thing as skipping a payment. In reality, homeowners are borrowing that money and extending the loan term for an extra month.  The payment will be tacked onto the end of the loan, with interest.  How much? If it's a conventional loan, that’s 30 years’ worth of interest.  Effectively, you are borrowing one month's payment for 30 years. Ouch!

"Skipping is a misnomer. A better description would be ‘deferring with additional interest added,'" said Jack Guttentag, a professor emeritus at the University of Pennsylvania who also runs a consumer education website called MortgageProfessor.com. 

Just how much extra interest can skipping that first payment cost you? There are too many variables to create a decent rule of thumb. But here's an illustration from Guttentag's site with deliberately round numbers. Skip the first payment of $500 on a $100,000 loan at 6 percent, and you will pay an additional $2,993 in interest during the 30 years.

Forget the $75 late fee. That's real money. As Guttentag puts it, "a payment that is miniscule to one is a fortune to another."

Some loan officers say they only won't offer the "skip-a-payment" option unless the refinance closes toward the end of the month, when the homeowner might have trouble coming up with the extra cash for closing costs and a fresh mortgage payment close together.  Others say they offer it all the time.

To be clear: Most borrowers don’t actually complete their 30-year loans before moving or refinancing, so few would end up paying that high a penalty. Also, it's important to note that my bank didn't even hold the loan, so they weren't profiting from the “skip-a-payment” advice.  I believe this is usually a lazy mistake, not a greedy one. Still, the basic truth holds.  Don't be tempted to skip a payment when you refinance unless you really, really need the cash for some unusual expense (Christmas credit card bills are probably not the best reason.)

Skipped payments are not to be confused with other loan closing related interest payments, including:

*Your last payment on the old loan. You can't skip that, either. If your loan closes near the end of the month, you should still make the scheduled payment to your old bank. Why?  Interest is actually paid in arrears, meaning you pay at the end of the month the cost of borrowing the money for that month.  It's confusing, because mortgage payments are really two payments at once -- last month's interest and next month's principal.  To keep it simple, if your loan closes on the Nov. 30, you will be paying November's interest with your Dec. 1 payment, along with December’s principal. You won't need to make the December principal payment if you refinance on Nov. 30, but most folks pay far more in interest than principal because they are early in their loan's term, so the overpayment won't be large. Just pay it to avoid late fees, and enjoy any refund that comes your way. 

Advertise | AdChoices *Pre-paid interest. When your loan closes in the middle of the month, your new bank will make you pay up-front (as opposed to in arrears) daily interest for the remaining days of the month. If you close on the 20th, you'll pay 10 more days of interest payments.  That's OK, it means you won't owe the money on the back end of the loan.

*Money for nothing: The three-day (or more) overlap. There's an odd quirk in most refinancing deals in which there are several days when the homeowner will be paying interest on the same loan to both banks. In most states, consumers have a three-day "right of rescission" after signing their refinancing papers, meaning they can cancel the new loan if they get buyer's remorse.  Such regret laws are very consumer-friendly and are necessary because of nefarious loan officers who tricked consumers into bad deals in the past. But, in this case, the consumer-friendly law is also costly, as it means both banks have liability for the loan during that rescission period, and are both entitled to collect interest.  Note: The regret period is usually three business days, so if your closing stretches over a weekend, the double-interest period can be even more costly.

It's important to keep all these quirky, refinance-related interest payments straight when talking to your loan officer, so you'll know what to do when he or she suggests you can skip a payment. None of this should scare you away from refinancing, which is really the only way you can make the recession work for you.

But remember, you are refinancing to save money, and you probably shopped around trying to save $50 here or $100 there on closing costs; don't lose thousands of dollars because of one false move after closing.

http://redtape.nbcnews.com/_news/2013/01/01/16239394-make-this-mistake-and-youll-lose-thousands-when-refinancing-your-mortgage?lite

Will Rich People Desert the U.S. If Their Taxes Are Raised?

5/8/2012

 
Will Rich People Desert the U.S. If Their Taxes Are Raised?

By BRUCE BARTLETT | New York Times – 1 hour 25 minutes ago

Bruce Bartlett held senior policy roles in the Reagan and George H.W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of "The Benefit and the Burden: Tax Reform - Why We Need It and What It Will Take."

On April 30, the Treasury Department announced that 461 Americans had renounced their citizenship in the first quarter of 2012. A 1996 law requires that every person doing so be named, with their names published in the Federal Register. The idea is to shame those who may be renouncing their citizenship solely to escape taxation.

The extreme step of renouncing one's citizenship is necessary to escape taxation by the United States, because the United States, alone among the major nations of the world, taxes its citizens wherever on earth they live.

Other countries tax only those who live and work within their borders; if their citizens live and work in another country, they are liable only for taxes incurred in that country.

Americans living abroad, however, must not only pay taxes in the country in which they are living, but United States taxes as well, although there is an exemption of $93,000 that is adjusted for inflation annually. The only legal way for American citizens to avoid American taxes is to renounce their citizenship and live their lives permanently in another country.

In recent years, the number of Americans renouncing their citizenship has increased. According to the international tax lawyer,
Andrew Mitchel, the number of Americans renouncing their citizenship rose to 1,781 in 2011 from 231 in 2008.

This led William McGurn of The Wall Street Journal to warn that the tax code is turning American citizens living abroad into "economic lepers." The sharply rising numbers of Americans renouncing their citizenship "are canaries in the coal mine," he wrote.

The economist Dan Mitchell of the libertarian Cato Institute was more explicit in a 2010 column in Forbes, "Rich Americans Voting With Their Feet to Escape Obama Tax Oppression."

According to Andrew Mitchel's research, the sharp rise in Americans renouncing their citizenship since 2008 is less pronounced than it appears if one looks at the full range of data available since 1997, when it first was collected. As one can see in the chart, the highest number of Americans renouncing their citizenship came in 1997.

Mr. Mitchel hypothesizes that the reversion of Hong Kong to Chinese control may have forced many residents of that former colony with dual citizenship to renounce their American citizenship, because China does not recognize dual citizenship.

It is undoubtedly the case that the vast bulk of those renouncing American citizenship do so for reasons unrelated to taxation. Americans who marry foreign nationals, for example, often adopt the citizenship of their spouse's nation. Also, many of those on the Treasury list are not actually American citizens, but foreigners who had permanent residence status in the United States. Those born with dual citizenship sometimes prefer to have only one to simplify their lives.

However, reports by Bloomberg News and the Zurich newspaper Tages-Anzeiger suggest that increased scrutiny by the Internal Revenue Service of Americans living in Switzerland, where a number of banks are suspected of aiding tax evasion, may have led some American expatriates living in that country to renounce their citizenship.

The mobility of individuals with a large net worth - who generally have no difficulty finding a nation to welcome them and their capital - has unquestionably increased in the last several years, especially within the European Union, where barriers against the movement of people have fallen sharply. This has reduced the ability of all governments everywhere from engaging in soak-the-rich policies.

As I noted in a recent post, Britain recently reduced its top income tax rate in part because of a belief that it would reduce the number of Britons living abroad. And the victory of the Socialist François Hollande in France's presidential election on Sunday, on a platform of raising the top tax rate to 75 percent, may lead to some relocation from there, according to an article in The Financial Times.

However, while there is no doubt that some people do migrate solely because of taxes, the number is small even when it doesn't involve a loss of citizenship.


Source


Bank of America Starts Mortgage Reduction Effort

5/8/2012

 
Bank of America Starts Mortgage Reduction Effort

By NATASHA SINGER | New York Times – 7 hours ago

RELATED QUOTES Symbol Price Change BAC 7.715 -0.24

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.

The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.

“To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities,” Ron Sturzenegger, a legacy asset servicing executive, said in the statement.

The bank said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year.

To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.

In the statement, the bank said it had started making such offers in March to a narrower group of homeowners — those who were already in the process of seeking mortgage modification. The bank estimated that the earlier wave of trial reduction offers to about 5,000 people could amount to more than $700 million in forgiven principal. But homeowners have to make at least three timely payments for the reductions to become permanent.

THANKS LEE

http://finance.yahoo.com/news/bank-america-starts-mortgage-reduction-100202589.html




Straight Talkin Mike~~Looks too good to be True~~Fraud Risk Assessment Tests

4/21/2012

 
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http://www.thestraighttalkexpress.com/1/post/2012/04/looks-too-good-to-be-truefraud-risk-assessment-testsare-you-about-to-be-a-victim-of-fraud.html

Repost~~"How True Professionals and Private Bankers Can Help You (Post RV)"

4/21/2012

 
Good time to repost this helpful information from Mr Anonymous

"How True Professionals and Private Bankers Can Help You (Post RV)"
    - by Mr. Anonymous


Lately as we seem to draw very near to the reality of Dr. Shabibi pushing that "RV Button" there has been a lot of talk about Private Bankers, Bank Packages and following "gurus" to other so-called "investment" resources.

First, I would like to say that most of us, probably a good 98% of us Dinarians have never had any real life experience with a Bank or a Personal Wealth Manager.  Therefore, as we are not familiar with this level of sophistication, we have normal fears, anxiety and apprehensions about dealing with these Investment Professionals.  This is very normal to be nervous and uncertain!!!  Read on, hopefully I can put some or all of your fears to rest.

However, first I want to caution you!  Right now, you are the most vulnerable to being taken advantage of by con artists, hustlers and confidence men.  You must not allow yourself to be rushed in to anything that you do not understand.  Refrain from telling ANYONE how much Dinar you own, don't register for seminars, or newsletters, or serial number registry services - it is my opinion that many or even most of these self-proclaimed so-called "gurus" are trying to use your fear to collect your confidential information which they will sell later after the RV, or they will use it themselves to take advantage of you. 

Recently more and more of these "gurus" have been exposed as "hacks" who call the RV every other day!!!  Do you really feel you can trust an individual that seems more obsessed with their own self-glory, than with doing what is right for the Dinarian community?

So, all that being said, just to keep the Attorneys happy, remember that I, nor the IQD Team or any other website where you may be reading this, does not give financial advice, and that these are illustrations only, and that everyone's situation is different and therefore you must consult your own professionals for advice that is relevant to your situation.

DONT INVEST IN ANYTHING YOU DON'T UNDERSTAND!!!

The great Warren Buffet has said many times that one of his guiding principles is that he never invests in to something that he does not understand!!!  Considering that Mr. Buffet is one of the wealthiest men in the world, I will take his advice at face value, and follow it.  Therefore, repeat after me: "I will not be rushed in to investing in to something that I do not understand".

That being said, remember this, if it was a good, sound investment idea, it will be a good sound investment idea tomorrow, next week, next month or even next year!  

Another couple of quick tips while I'm on this topic:  remember to diversify, and use a rule of thumb of not investing more than a few percentage points of your total wealth in one area.  Most high-level professional portfolio managers would never dream of investing more than a few percent in to any one stock - NO MATTER HOW "HOT" IT IS!!!

USING INTEREST FREE BANK ACCOUNTS & TAG ACCOUNTS

Okay, somehow this whole notion of these interest free accounts and "TAG" accounts has made its way in to the Dinarian world.  This was probably brought in by some "guru" who was trying to make a name for him or her self. 

The truth is, when this Iraqi Dinar RVs, you will have access to several Personal Bankers that will work with you personally to structure your accounts accordingly. 

They will also accommodate temporary accounts for you if you wish to have wire transfer funds sent in to your accounts.  They will also accommodate moving your money in to your more permanent accounts.  This will protect you from any improbable chance of a "back/reverse" wire transfer. 

However, I would like to say something about this so-caled "back/reversing" of Wire Transfers.  I currently work for a global manufacturing company that sends and receives international wire transfers all the time!  Each transfer is tens of thousands of dollars, or hundreds of thousands of dollars.  In over 30 years of business, with thousands of these wire transfers from almost every country in the world, this manufacturing company has NEVER, EVER, EVER had a wire transfer reversed!!!  Just keep that in mind.  People and "gurus" like to say it can happen to scare you, so you will follow them!  Don't be fooled.

Next, your Personal Banker and Investment Professionals will open your eyes to how the "Wealthy People" and large businesses are treated.  Don't you know that "Wealthy People" and large businesses have access to "insurance protection" on their deposits and investments, many have access to protection up to $50 Million each account??? 

Do you really think that you will have to worry about the small FDIC limit of $250,000.00??? This FDIC limit is for the "common person" or "middle class".  Don't be mislead by these hack "gurus" and fear mongers!  They are either completely misinformed themselves, or they really do know the truth, but chose to mislead you anyways so you will follow them!!!

HOW THE MONEY WORKS!!!

Okay, first you must understand the basics of why the banks will bend over backwards to get your Dinar post RV! 

And, before I go on, I have read so many posts, and have heard so many questions on Conference Calls about Banks refusing to talk to people, or help them with their Dinar.  That is correct, today (pre RV) the "common, low level" employees of Banks are told by upper management that this is a "scam" etc.  So, when you talk to them, they of course tell you what they were told by their boss.  Don't mistake, that employee may secretly agree with you, but they will never tell you anything more that the official word from corporate!  So, don't be discouraged that your local bank says that the Dinar is a scam and they will not work with you.  That will all change POST RV. 

Okay, back to why Banks will bend over backwards to get your money.  The following picture is courtesy of HowStuffWorks.com and it shows the deposits-to-lending power.  You can find a detailed report on this process by going to www.TheIQDTeam.com and look under the "pre/post RV" section.           From the above image, you can see that our Banks create money in the economy by making loans. The amount of money that banks can lend is directly affected by the reserve requirement set by the Federal Reserve.

The reserve requirement is currently 3 percent to 10 percent of a bank's total deposits. This amount can be held either in cash on hand or in the bank's reserve account with the Fed.

To see how this affects the economy, think about it like this. When a bank gets a deposit of $100, assuming a reserve requirement of 10 percent, the bank can then lend out $90.

That $90 goes back into the economy, purchasing goods or services, and usually ends up deposited in another bank. That bank can then lend out $81 of that $90 deposit, and that $81 goes into the economy to purchase goods or services and ultimately is deposited into another bank that proceeds to lend out a percentage of it.

In this way, money grows and flows throughout the community in a much greater amount than physically exists. That $100 makes a much larger ripple in the economy than you may realize!

When you walk in to the bank with several hundred thousands of dollars worth of Iraqi (IQD) Dinar, their lending department is going to think it is Christmas!!!  

The Bank's Branch Manager will want to meet with you and also arrange for you to sit down with their Private Banker.  This is a very normal process, and soon you will become accustomed to not standing in that "common peoples" line, waiting for a teller window.  You will sit in a nice office, or at the minimum a very comfortable chair at a nice desk.  You know, those people you have noticed all your life, but never really understood why they were sitting over there???...  Right!!!  Are you starting to feel it?

MEETING WITH THE BANKS PERSONAL BANKER - WHAT TO EXPECT                 So, when the Banks personal Banker meets with you, here in short is what you can expect.  They will treat you like a VIP!!!  And before I go any further, I've heard many callers talk about their "BAD CREDIT".  First, don't worry any longer about your "bad credit" when you have this kind of money post RV, your credit file will "magically disappear" and will not be a real issue any longer.  

So, if a Personal Banker tries to tell you that you can get a loan to buy a house, but that loan will be a higher interest rate because of your "bad credit", tell them that they need to do something or else, you will close your accounts and move your money to the Bank across the street!  Understand!!!  

Don't let them push you around!  If you have really bad credit, then there are separate seminars of credit repair professionals that have excellent strategies on how to get that repaired or discharged.  Do not pay off any old debts (especially ones that have been discharged) without first seeking professional help.

For most financial institutions, their Private Banking model will provide to you a dedicated Private Banker, who is also an accredited financial adviser.  They will often be supported by a team comprised of dedicated Private Banking Associates and a Manager of Credit Structures, to do the "technical" work for you.  Additionally, each member of this team will be educated to understand your complete financial picture and work closely with you to achieve your personal and financial goals.

I would like to interject here now a word of caution, don't invest all your eggs in one basket.  If you have post RV several $Million available for investments, don't tell this one Bank's Persoanl Banker how much you have in total, maybe only tell them you have $250,000.00 or a $Half Million to invest with them.  Don't tell them what you have in total, and don't be afraid to make multiple relationships with the top banks in your area!  Got it?!!!  Spread it around and Don't Tell!!!

PRIVATE BANKERS PROVIDE YOU A UNIQUE ADVANTAGE

This unique advantage you will now have post RV of having both a Private Banker and a Credit Specialist working close together is that you can be put on the fast track to responsive high-end credit vehicles.

Their combined expertise can help you to leverage your credit to grow your personal wealth, create personal equity in your company (if desired to still own a company post RV).  They can help you to acquire or diversify investment holdings, purchase real estate, provide financial assistance for family members or consolidate your existing lending.

Your Private Banker can help you to take comfort in understanding better the aspects of your risk tolerance and help you to take advantage of flexible financing options such as LIBOR or Bankers Acceptance (BA) facilities.

While remaining your primary point of contact, your Private Banker is also able to draw upon the extended support of a diverse group of Industry Professionals.  Instead of having to deal with multiple service providers, should you require the specialized services of an investment specialist or a commerical banker, that person will be included as part of your financial team.

IN CONCLUSION...

Right now there is a lot of mis-direction and out right lies being posted and said to confuse many of us in to believing that these "gurus" have some sort of "inside secret" knowledge that we all can't possibly have access to!  That is 100% rubbish in my humble opinion.  They have no special intel or inside information.  Many are out there saying they have special Bank packages!  

That is nonsense, you will be able to go to your local bank and talk to your Private Bankers, interview several of them, and then come up with your own "bank package".  Many of these gurus say theirs is special because of the size of their group!  I say "BS"!!!  

First of all, none of the banks are even accepting the IQD Dinar as a legitimate "Investment", most banks currently are calling it a "scam" and maybe even a few have laughed at you as you leave their branch with your tail between your legs!  Right!!!  Okay, so what makes a "guru" have anything better???  Lets be real, come on!!!  

Many people recently have been finally calling these "gurus" out, asking them to stop their noise and nonsense that is so very disruptive to a vast many of us Dinarians!  We have grown tired of hearing that is has RV'd, or it will RV on Tuesday, and if not, then on Thursday.  Or that the bank screens are flashing, or the virus attacked.  

Heck, I remember late last year "gurus" saying the RV was held up because of an Asteroid that was possibly going to hit the planet, and that the UN and Top Military Officials had to come up with an "anti-astroid" defense system, and there was no time to talk about an RV!!!!  REALLY??!!!  I mean seriously guys (gurus) REALLY??!!  But, they said nonsense out there like that, its been posted, its find-able by search engines if you even care to look.

To finish up on a positive note, I encourage you to read the latest news, you can find it posted on TheIQDTeam.com website, listen in to their calls for analysis and Straight-Talking Mike's expertise at making it understandable by us "common" folk.  He does a really good job of it.  

Another thing I highly encourage you to get off that "guru" roller-coaster and keep yourself grounded with the news and facts.  

Lastly, don't sign up for bank packages, don't give away your personal information to these "gurus" because you don't know if they have an ulterior motivation.  It is my humble opinion they want your contact information so that they can sell it post RV, or use it for other reasons which I can only assume are not always going to be with your best interest at heart.


SOURCE AND LINK TO PICTURES


Mega Millions winner in Kansas claims share of prize - but chooses to remain anonymous

4/6/2012

 
Something to remember...ANONYMOUS

Mega Millions winner in Kansas claims share of prize - but chooses to remain anonymous

NBC's Savannah Guthrie reports.

By James Eng, msnbc.com Updated at 5:36 p.m. ET: One of the three winners of the record $656 million Mega Millions jackpot has claimed his or her share of the prize in Kansas but has chosen to remain anonymous, Kansas Lottery officials said Friday.

The announcement was made at an afternoon press conference at state lottery headquarters in Topeka.

Under Kansas law, lottery winners can choose not to publicly reveal their identities. Dennis Wilson, Kansas Lottery executive director, said the state's winner "has chosen that option."

The winner retained legal counsel and a financial adviser and "looks forward to retiring," Wilson said.

The winning ticket was purchased at a Casey's General Store in the eastern Kansas town of Ottawa, Wilson said. The winner had the choice of taking the annuity option of $218.6 million, paid in 26 installments, or the cash option of $157.9 million paid in one lump sum.  The winner opted for the cash option and after taxes the winner will receive a check for $110.5 million. 

Dennis Wilson, executive director of the Kansas Lottery, announces that the winner of one-third of the Mega Millions jackpot has chosen to remain anonymous.

"It’ll take a few days for us to transfer the money to their account. It was a single ticket holder – one person claimed the ticket," Wilson said.

The Casey's store will receive a $10,000 bonus from the Kansas lottery for selling the winning ticket.

The person didn't check the winning numbers until Monday. "They checked it over 10 times … and still had a hard time believing it," Wilson said.

As for choosing to remain anonymous, Wilson said the winner obviously doesn't want the publicity.

"We all have to understand that these kind of winners need time to digest. They were still in awe that they had won it," Wilson said.

"They're like all of us. They think about the possibility of winning but they never think that it would happen to them - but it did. It proves real people really win - and you could be next.

Lottery officials have said the other two winning tickets were sold in Maryland and Illinois. But so far no one has stepped up to claim his or her share of the prize in those states – at least no one who has produced a valid ticket.

One Maryland woman, Mirlande Wilson, a McDonald’s employee and mother of seven, had claimed to media outlets earlier in the week that she purchased the winning ticket to last Friday night's drawing. But doubts quickly surfaced, and on Thursday Wilson told NBCWashington.com she seems to have misplaced the ticket. Wilson previously had said she hid the ticket at the McDonald's where she works.

Maryland lottery officials said no one has stepped up in that state to claim a share of the prize, the largest in lottery history. Likewise, the Illinois winner has yet to come public.

The winning numbers were: 2-4-23-38-46 and the Mega Ball 23.

Source




Dinar Recaps~~7 Secrets of Self-Made Millionaires

4/4/2012

 
7 Secrets of Self-Made Millionaires
By Grant Cardone

Learn how to generate multimillion-dollar wealth -- and enjoy the journey on your way to the top.

First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
...
Read More Link On Right
This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to be a multimillionaire
 You first have to decide you want to be a self-made millionaire. I went from nothing — no money, just ideas and a lot of hard work — to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"

No. 2: Get rid of poverty thinking
There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meet. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking.

No. 3: Treat it like a duty
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.

No. 4: Surround yourself with multimillionaires
I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?

No. 5: Work like a millionaire
Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

No. 6: Shift focus from spending to investing
The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create multiple flows of income
The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.

Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich — it's American.

Thanks Dinar Recaps - Source

http://businessonmain.msn.com/browseresources/articles/startupsuccesses.aspx?cp-documentid=32486610&wt.mc_id=msneditorial#fbid=iUH-TM-lmfH

Going Global~~YOUR DREAM OF A LIFETIME

4/1/2012

 
Thanks to Lakehouse @ Going Global - Good time to repost this...Please keep in mind this does not just apply to financial planners...bankers, trusts, etc.


Friday, July 22, 2011

Your Dream of a Lifetime ...

Your dream of a lifetime .. if handled correctly, could be your children's dream and their children's dream .. right on down the line ...

Everyday another site offering investment opportunities of a lifetime are popping up. It seems that anyone these days can pass themselves off as a certified financial advisor. And .. although they may claim to have credentials, it is up to you, the investor, to ask the hard questions. Don't assume because they tell you they have a series 1,2,or 3 license, that they are qualified to invest your hard earned money. Never, ever, feel like you are the ignorant one when they start throwing around terms that you never heard before. The scammer wants you to believe that they know more than you and they want you to believe that Your money will be safe in Their hands.


Don't be too sure about that. Take a look at the following pdf file. http://www.nfa.futures.org/NFA-investor-information/publication-library/scams-and-swindles.pdf

Also, if you do sit down, or correspond over the internet, with one of these fly-by-night "investment advisors", make sure you have a pen and paper handy and ask the questions that you need answered. Believe me, you do not give yourselves enough credit when it comes to trusting your own judgment. You Should! You are in the drivers seat. Remember that. This is not a popularity contest .. this is your money and hopefully your children's money and their children's money. Take your time. Do your homework and seek the advice of a professional that is close to you. It should be someone in close proximity (town, city) where you can talk face to face. The internet may be convenient but it's a dangerous place and it's hard to track someone down if things go terribly wrong. Also, Do not rely on what others have to say as far as references. Remember, references could be part of the "financial advisor's" Team .. Bernie Madoff had a "Team" .. watch/read - Link ~ More Wealth .. Means More Responsibility .. Be Smart .. Be Cautious .. Don't Let History Repeat Itself ...

good luck ... Kel ...
Scams AND Swindles
An Educational Guide to Avoiding Investment Fraud

http://www.nfa.futures.org/NFA-investor-information/publication-library/scams-and-swindles.pdf


SOURCE

Sudden Wealth Books & Resources

3/2/2012

 
SUDDEN WEALTH BOOKS & RESOURCES

WEALTH MANAGEMENT IN ANY MARKET
SUDDEN MONEY: MANAGING A FINANCIAL WINDFALL

Sudden Wealth:  Additional Books & Resources

SUDDEN WEALTH: Additional Books & Resources

Dinar Recaps: Driver License & Identity Protection

2/29/2012

 
Driver License & Identity Protection 

Thanks to Dinar Recaps Post
Post By Smee2 Dinar Vets 02/27/2012  

Someone put up a post about being asked for his driver's license while trying to purchase more dinar and he was upset and wanted to cancel his purchase. There is a legitimate reason for the request and it is actually for YOUR protection. Read on ...

All this commerce by computer is making some strange demands on us, the consumer. I read your post and thought, this must be the next "glitch" that are going to have people pulling their hair out. This used to be an area of expertise for me years ago and though things change, they don't change all that much. So, try this on for size.

Some not-so-nice people, let's call them crooks, will get hold of some of your personal information. Oh heck let's call them identity thieves, it fits. It is fairly easy to get your credit card number, they can get it without you even opening your wallet with some of the newest scanning equipment.
...
They are still getting card numbers with the old double receipt ploy and several other sneaky tricks. But those numbers do not always come with an address. Take a look at your credit cards. Do any of them have your address on them? Didn't think so.

So, these crooks, oh no, I mean these identity thieves get your credit card number. They go on line and they buy ... oh, let's say three million dinar, just as a for instance.

 First of all, if the card is declined at the end of the transaction, they will re-enter the information for the purchase of two million. See, if the card isn't authorized for the amount they are trying to charge, it will be declined.

By lowering the amount once or twice, the thieves are likely to hit on the right amount that will be accepted. If they blow it altogether and none of it is accepted and maybe their lowest amount of the three would be say $1000, then they will try again in a couple of days.

If they try more than three times and it is declined that often, an immediate red flag goes up and you may get a call from the credit card company asking if you are in possession of your card and have you been trying to use it in the past hour, or whatever.

If you have not they warn you that your card may have been compromised. That someone has the number. And then you have the chance to have them stop all transactions on that number and give you a new number and card. Didn't know any of that?

 Well, it could save you a bundle. If the crooks find out that your charging per day limit is $1000 they will charge just under that amount every day until the account limit is reached and the card declined.

Okay, lets get back to the address part of this. The identity thief will start out with your number. And they go through whatever process they have to in order to find out how much they can take at a time from your account. Then they will use it.

If they are ordering on line there is a place to put the delivery address. They can pick a vacant lot. They can specify one or two day delivery in a lot of cases. They can then take a van, wait at the address they gave, take delivery of the goods, and drive off.

In case a vacant lot seems to obvious, they will use an apartment building, and get in to the lobby area and wait there for the day. Each time someone comes to the door to come in, usually a resident, they will come and open the door for them. Why?

Because they want to meet the delivery person even before he tries to push a button for your apartment number, which may not even be on the listing, because the crook may have given a non-existent apartment.

 But he will make sure that he is there to open that door. And when it is the delivery man, he'll ask where the delivery man is going because he (the crook) is waiting for a delivery. "Oh, that's me," he says. And he scribbles a signature and takes the package.

See, if the company you are buying from does not have your real address, and use a phoney supplied by the crook, then the delivery company is delivering to the phoney address and the crook is there waiting, and when you call to complain because you were charged for something you didn't get, didn't even order, didn't even want ... you are the one stuck paying anyway.

And if the crook can give a phoney address, maybe a real building but a phoney apartment number, one that doesn't exist ... the trail ends there.

So, to combat this, companies are now beginning to ask for proof of your address for shipping purposes. Hence the request for a fax of your drivers license.

The day may come when direct mailers and on line sellers may be able to tie into department of motor vehicles, or whatever it might be called where you live, and just by asking you your drivers license number they can look up your address to make sure the address they have been given for delivery is legitimate.

And that, dear DV friends, is why you may be asked for a copy of your driver's licence. So don't go off and get angry with the company ... it is just more progress.

Source

How Safe Is Your Cash? Post by deanr PTR

2/25/2012

 
Thanks to "deanr" PTR Post

How Safe Is Your Cash?

Written by Robert Brokamp

Published February 24, 2012

    Cash in a Chest

One of oldest adages in investing is “no risk, no return.” These days, that old saying seems literally true, since cash is considered the safest asset, yet it earns virtually no interest. However, in this article we'll examine whether cash is as safe as is sounds. Then, we'll look for where to get the most bang for your bucks.

The not-quite-so-new FDIC limits

The first place, and perhaps the safest place, people turn to keep their cash is a bank to take advantage of FDIC insurance. The insured limit was raised from $100,000 to $250,000 during the financial crisis of 2008, and the increase was made permanent in 2010 by the Dodd-Frank bill. Additionally, through 2012, all non-interest-bearing accounts have unlimited coverage.

The limits apply to each “ownership category,” which includes single accounts, joint accounts, certain retirement accounts, and trusts, among others. So, you could have a single account in your name that is insured up to $250,000, your spouse could have a separate single account insured up to $250,000, and you both could have a joint account that has an additional $250,000 of coverage, for a total of $750,000 insured deposits (just in case you find a LOT of change in your sofa). Also, you get a whole new set of limits if you go to another bank - but it has to be a completely different bank, not just a different branch of the same bank. Use the Electronic Deposit Insurance Estimator (EDIE) at FDIC.gov to determine how much of your cash is covered.

Deposits at credit unions have nearly identical coverage through the National Credit Union Association. You can use the e-calculator at NCUA.gov to determine how much of your deposits are insured. Both FDIC and NCUA insurance are backed by the full faith and credit of Uncle Sam. That doesn't feel as safe as it used to, but the reality is that it's about as safe as you'll find in this world. Just make sure that your bank or credit union really is insured, which you can confirm at FDIC.gov and NCUA.gov.

The insurance extends to what are generally considered cash equivalents, such as checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. The insurance does not cover investments such as stocks or bonds, nor does it cover money market funds, which are very different from money market accounts. What's the difference? We're glad you asked.

What's in a money market fund?

A money market deposit account is essentially a savings account at a bank or credit union that allows for a limited number of checks to be written to third parties. A money market fund is a mutual fund run by a financial services firm, and it invests in short-term debt (with maturities of a year or less) from governments and corporations. Like every other mutual fund, there is no government guarantee behind a money market fund. However, every fund strives keep its net asset value at $1. There have been only two instances of funds “breaking the buck”: one in 1994 and one in 2008. Investors in these funds lost 2% to 8% of their principal.

Chances are, the cash in your brokerage account or IRA is in a money market fund. To see what's actually in the fund, you'll need to visit the website of the company that sponsors the fund. (Fund information providers such as Morningstar typically don't provide analysis of money market funds.) As an example, let's peer inside a fund from Fidelity, the largest provider of money market funds for retail investors. Almost half of the Fidelity Cash Reserves Fund (FDRXX) is in certificates of deposit, almost 12% in Treasuries or government agency debt, and more than 17% is in short-term debt (known as “commercial paper”) from financial companies. On average, the debt in the fund matures in 56 days.

What many investors might find surprising is that most money market funds have exposure to European debt, though funds have reduced their exposure from 30% at the end of May to 10% by the end of December, according to the Fitch rating service. Meanwhile, they've been increasing their holdings of U.S. government debt and repurchase agreements (a.k.a., “repos”), which are a form of secured lending and, thus, theoretically safer bets.

But as the name implies, repos include an agreement by which the seller agrees to buy back the security at a later date, at a certain price. If the seller can't honor the agreement, the buyer - in this case, the money market fund - is stuck with the debt instrument at whatever the price the market is willing to pay for it. The Fidelity Cash Reserves Fund has almost 20% of its assets in repos. The T. Rowe Price U.S. Treasury Money Fund (PRTXX), which you'd think - given the name - is invested just in U.S. Treasuries, actually has more than a third of its assets in repos. The fund's fifth-biggest holding is debt from General Electric.

As long as the global economy functions in a somewhat normal (albeit slow) manner, money market funds are very safe. However, if there was another “black swan” event such as we experienced in 2008, it would not be a surprise if a few more money market funds “break the buck.”

Where to turn

We don't want to overstate the risks of money market funds; the vast majority will maintain a $1 NAV. However, given their low yields - the Fidelity Cash Reserves Fund yields a whopping 0.02% - there are few compelling reasons to say with a money market fund, especially if you don't need the money in the near term. Financial planner and columnist Allan Roth has written about choosing higher-yielding, longer-term CDs. Even if you have to pay a penalty for getting your money back early, it's worth getting the extra yield, as long as you can leave the money alone for approximately two years (depending on the yield and early withdrawal penalty). To find the best rates, check out the GRS CD rate finder, which monitors more than 200 banks and displays the 50 highest rates. There's no reason to get virtually no yield from a money market fund, when you can get 1% to 2% or higher from a CD that enjoys FDIC or NCUA insurance. That's the kind of risk-reward proposition we like most.

Where do you keep your cash? Know of any banks or credit unions offering particularly good rates? Let us know in the comments.

The original article can be found at GetRichSlowly.org:
How Safe Is Your Cash?

This is a post from staff writer Robert Brokamp of The Motley Fool. Robert is a Certified Financial Planner and the adviser for The Motley Fool's Rule Your Retirement service. He contributes one new article to Get Rich Slowly every two weeks.

Source


The IQD Team: Helpful Information from Anonymous Pre & Post RV

2/14/2012

 
Good morning Dinarian Friends...and Happy Valentines Day.... 

I have a new friend "Anonymous" and listener at The IQD Team who sends me some great info about everything to help us in this journey...I have posted these all on our website - the links are below for each one.  

You might want to check them out - some great helpful information for us all Pre & Post RV:

How to easily and safely protect your Identity

Tips you must know before buying investment real estate

Life Insurance Be Informed

The New Big Responsibility 

Listen to Mom  Don't Put All your eggs in one basket

Protect your principle - Consider this After the RV 

Here are a few I have posted lately as well....Check them all out and all the other helpful information posted recently... 

Changing State Residency
 
The Travelers Checklist 

Traveling Light in a Time of Digital Thievery  

Thanks and Don't Forget Your Valentine Today...   HAPPY VALENTINES DAY ....DEB

The Traveler's Checklist

2/11/2012

 
_The Traveler's Checklist
Posted: January 12, 2012 11:00AM by Porcshe Moran

Vacations are a time of fun, relaxation and an escape from everyday life. However, the best getaways are the ones that are properly planned to account for everything that one might encounter away from home. It is especially important to plan ahead on international excursions to ensure a safe and enjoyable trip. Here are some things to consider before you go. (For related reading, see Travel Smart By Planning How You'll Pay.) 

TUTORIAL: Credit Cards

Country Laws
In a foreign country, U.S. citizens are subject to that country's laws and regulations. The better informed you are about the laws of your destination, the safer your trip will be. The Bureau of Consular Affairs website provides country specific information on topics such as criminal penalties, what to do if you are the victim of a crime and the documentation needed to enter and exit a particular country.

Visas
The rules on visas are different for each country. Travelers are advised to check the Bureau of Consular Affairs website and find out the requirement for the country they wish to visit. If you need a visa, make sure you obtain it before making travel plans.

Dangers
The Bureau of Consular Affairs runs the Smart Traveler Enrollment Program (STEP) which provides Americans with travel warnings, alerts and other information for the particular country they are visiting. The program also makes it easier to get help during natural disasters and to be contacted in case of an emergency. The U.S. Department of State maintains an online list of all U.S. embassies, consulates and diplomatic missions by country. These locations can help if your passport is lost or stolen and in other emergency situations. (For more information, read Travel Tips For Keeping You And Your Money Safe.)


Weather
Information about the weather of your destination will affect everything from the clothes you pack to what time of year you travel. Research the usual weather of your destination and constantly monitor the weather online as your departure date nears. If extreme weather conditions such as heavy rain or snow are in the forecast, plan ahead and allow some extra time for travel delays.

Additional Costs
There are some travel expenses that are unpredictable or not as obvious as others. One common cost is taxes on purchases that you want to bring back into the country. The law allows travelers to bring $200 to $800 worth of duty-free items into the country, depending on the length of the trip. Once that limit is exceeded, you'll pay a 3% surcharge on the next $1,000 worth of purchases. Amounts more than $1,200 to $1,800, determined by the length of the trip, are assessed a surcharge of up to 25%.

Shoppers who make their purchases from duty-free shops located at airports, border cities, ports and cruise ships can avoid these surcharges. Travel insurance is a way to manage other costs and financial risks that might come up over the course of a trip. Insurance can cover things like accidents, illness, missed flights and canceled tours, lost baggage, terrorism, travel-company bankruptcies, emergency evacuations and getting your body home if you die. There are five basic types of travel insurance, trip cancellation and interruption, medical, evacuation, baggage and flight insurance, which are usually sold in combination packages. Those who want complete coverage can purchase comprehensive insurance that will include all five types of coverage. It is recommended to consult a reputable travel agent to determine what type of insurance to purchase. (To learn more, check out The Advantages Of Vacation Insurance.)

International roaming charges for cell phone service is another large cost for travelers. Experts say the easiest way to save in this area is to call your cell phone service provider before you leave and temporarily change your plan to one that fits your travel plans.

Vaccinations
The Centers for Disease Control and Prevention (CDC) is the top resource for traveler health information. Every other year, the CDC publishes the Yellow Book which is a reference manual for international travelers written by health professionals. The most recent edition was published in 2012. The agency also produces a podcast series called "Travel Safe" which provides health and safety tips for families while traveling abroad. The CDC advises travelers to document their vaccination history, including dates, how many doses received in a scheduled series and any adverse events prior to travel. An appointment should be scheduled with your health care provider four to six weeks before departure. There are different vaccination schedules for children, adolescents, teens and adults. Vaccinations also vary by country, so research is required to find out what is needed for your destination. Some countries require that travelers carry proof of vaccination on an International Certificate of Vaccination or Prophylaxis to enter the country.

The Bottom Line
Research and planning are critical for a successful travel experience. Government websites and travel agents are some of the most reputable sources for international travel information. (Also, for more information check out The Basics Of Travel Insurance.)

SOURCE

6 Ways To Cut The Cost Of Your Car Loan

2/11/2012

 
_6 Ways To Cut The Cost Of Your Car Loan

Posted: June 6, 2011 1:25PM by Tim Parker

With financial headwinds like rising gas prices, a slowly-recovering economy and continued job scarcity, reducing costs in every corner of our financial lives has become a necessity. Unfortunately, our cars aren't concerned with our economic troubles; when they break down for the last time and we are forced to buy a new one, finding the best deal on financing becomes a necessity. (Driving is often the most convenient way to get around, but it'll cost you. See The True Cost Of Owning A Car.)

TUTORIAL: Introduction To Insurance

1. Tighten Up Your Credit
The terms of your loan are based on your credit score. If you have perfect credit, you receive the lowest possible interest rate. If you don't, you have to pay more because of your questionable repayment history. If you have problems with your credit and you don't need to purchase a car right now, consider waiting until your score increases. Just a small increase in your interest rate can save you a lot of money over the life of your loan. (Learn more in Can You Hit A Perfect Credit Score?)

2. Don't Borrow Too Little
If you only need a few thousand dollars, don't apply for an auto loan. Instead, save your money (if your car purchase can be put off). Small loans are paid off much more quickly than larger loans. Since the interest on the loan is how banks make money, they don't want your loan paid off quickly. Because of this, smaller loans often have much higher interest rates than loans of higher amounts. This allows the bank to make a more acceptable amount of money off of you. Of course, some car purchases are emergencies, and the only option may be the fast one. Set your loan limit at $5,000; anything below that amount should come from your savings account.

3. Refinance
Anybody who owns a home knows that mortgage rates have dropped significantly and because of that, refinancing their home makes a lot of sense. What many consumers don't know is that they can also refinance their car. Not only does it lower the monthly payment, it reduces the amount of interest you're paying which allows you to pay off our car sooner. Cars depreciate rapidly, making it imperative that you pay off your loan quickly.

How much money does it save? Let's assume you received a 60 month loan for $16,500 at a 21% interest rate because you had less than optimum credit. This loan would cost you $446 each month and you would pay approximately $10,300 in interest over the life of the loan. If you were to refinance and get a 7% interest rate, that payment would drop to $330 per month and you would only pay just over $3,300 in interest. What could you do with an extra $116 per month? Hint: add it to your existing car payment to get it paid off faster. (If car costs are dragging you down, find out how to free yourself of some of the extra weight. Check out 12 Car Insurance Cost-Cutters.)

4. Don't Stop at the Dealership
Just as your car dealer is a middle man when selling you a car, they are also a middle man when they want to set you up with a loan or a lease. Middle men always get paid for their trouble, and the person paying is probably you. Of course, you should get a financing quote from the dealer but if you stop there, you may very well end up paying too much for your loan. You probably did some shopping around for your car. Do the same for your loan.

SLIDESHOW: Top 5 Money-Saving Tips For Your Car

5. Lease it
Leasing a car is generally considered to be a bad idea, largely because you're paying a monthly payment and in the end, you will not own the car. Is leasing really as bad as people say? If you're somebody who wants a new car every few years and don't want to pay the repair costs that come with owning a car for an extended period of time, leasing may be right for you. Not only is the payment lower but in most states you only pay sales tax on your monthly payment instead of the total value of the car. Since a lease is designed to charge you for your use of the car instead of the purchase of it, you also don't incur the full cost of depreciation on the vehicle.

Leasing is not right for anybody who wants to own the car once all payments are made, but if you would rather not own a car, leasing may be a good choice for you.

6. Buy a Cheaper Car
It seems like an obvious and not so profound piece of advice, doesn't it? Sadly, it isn't as obvious as most would think. The facts are clear in that America has an awful habit of purchasing what they can't afford. They have an overreliance on credit and that could be financial disaster if a life-changing event happened. What's worse, our country's belief when it comes to financial matters is that it's ok to be drowning in debt for most if not all of our adult lives.

Do you have to purchase a new car or could a pre-owned model from a few years ago meet your practical needs for a car? Do you really need a luxury car and have you really "earned the right" to purchase an expensive car that will put you deeper in debt? It may seem like obvious advice, but it's worth considering seriously. (Accident, theft, vandalism - make sure your coverage will protect you when you need it most. See Top Tips For Cheaper, Better Car Insurance.)

The Bottom Line
There are numerous ways to save money on your car payments. The final word of advice is to not rush the process of buying a car. From the very beginning, weigh all of your options carefully and you'll make the choice that's right for you.

SOURCE


25 Debt Reduction Tips For Your Immediate Action Plan

2/11/2012

 
_25 Debt Reduction Tips For Your Immediate Action Plan

With credit cards so convenient, loans so common and debt socially acceptable, getting into debt is extremely easy. I still have vivid memories of the two people who sold me on my college credit card. It had the school logo on there and best of all, it helped the school every time I use the card to pay for a purchase. How cool is that?

SOURCE




50 Budget Travel Tips and Save Money on Vacations

2/11/2012

 
_
50 Budget Travel Tips and Save Money on Vacations


by MoneyNing

Want budget travel tips for free? Wouldn’t you want to travel more often without breaking the bank? What if I told you that instead of planning one family trip a year, you can go twice with the same budget? If you are at all interested, read on to find out how you can do simple things to save money next time you go on vacation.

SOURCE


LIFE INSURANCE - BE INFORMED

2/9/2012

 
_More from one of my favorite anonymous listeners....Great Info - BE INFORMED

LIFE INSURANCE  - BE INFORMED

Which product pays the higher commission? If your agent has a choice, which product do you think they will SELL to you?
 
"Agents make five to ten times as much selling cash value life insurance policies as they do selling term insurance policies of the same face amounts, yet no disclosure of this fact is made to consumers.

Policies are not sold on the basis of consumer need, but on the basis of industry greed."
     --Ralph Nader

The following links below provide 3rd party articles on Whole Life vs. Term Life Insurance.
Be educated... Be informed... Who has YOUR best interest in mind?!


The Motley Fool
http://www.fool.com/personal-finance/insurance/2006/05/08/whole-life-vs-term-life.aspx


Smart Money
http://www.smartmoney.com/plan/insurance/term-or-whole-life-8011/


Dave Ramsey
http://www.youtube.com/watch?v=3b-q8MLfH2w


Suze Orman
http://www.youtube.com/watch?v=WzgtWfQngII



Picture
Thank You Anonymous

Advice Opinion from Anonymous: Protect your Principle Consider this after the RV

2/9/2012

 
Picture
_Thanks to one of my favorite guy "Anonymous"  who just keeps sending good ideas and things to remember....Thanks you are an angel (one of my favorite things)

THE NEW "BIG" RESPONSIBILITY
  - by Anonymous


Hello again!  This article of contemplation of gifting comes to you now as we near the RV of the IQD Currency.


Lately I have been thinking a lot about gifting some of this new good fortune and blessing away.  Perhaps that has been on your mind more also? 


It occurs to me that on the surface this gifting idea and the idea of "random acts of kindness" can have a much larger and deeper impact than you and I have perhaps thought about before.  Honestly, I've never had too much disposable income to freely give away that would seriously impact other people's lives!  So, I'm a novice at this, maybe you are too?

SO WHAT'S THERE TO WORRY ABOUT?

I'm thinking of people I can easily gift one, two or maybe even more 25K IQD Notes to.  As we know, after the RV these one or two 25K IQD notes will be a very substantial amount of money to this person!  I want to give this money to them, but should I do it anonymously or should I let them know it was me? 

AN ACT OF DESTRUCTION?

Sometimes I really wonder if the action of giving a person some of this money is a destructive act instead of a blessing?  I'm worried that I may be changing this person's "destiny" or "God's will" or call it what you will according to your belief system. 


There are stories of people faced with winning the lottery, and lost it in various ways, and then committed suicide!  Just because they could not handle the stress of the money!  This unfortunately will happen to many of us Dinarians, especially the ones out there that are not fortunate enough to have found a great resource like what is offered here at the IQD Team.

THE SPOUSE MAY HAVE OTHER IDEAS...

There are people of the opposite gender that I want to give money to, some of these people my spouse would approve of, however there are others that my spouse would probably be pretty mad at me for giving them any money, let alone tens of thousands of dollars!  Do you risk your marriage and the love of your spouse just to commit a random act of kindness?  These questions and scenarios need to be carefully thought out now, in advance, while you and I still have time to think!

DANGER - ITS A LOT OF MONEY

Have you noticed how much people on TV Reality Shows are affected by a "small" amount of money?  Ever notice how excited a winner on a TV Game Show gets when they win $5 or $10 thousand dollars or even some bigger prizes of just $50 or $100 thousand dollars?  They are jumpin' up and down and screaming and hollering with excitement!  This is what people will do when we gift them money!  It will make us feel good inside, but it may also put us and our family in to DANGER!

But, that person just got a wad of cash from us, they would never HURT us!!!  Maybe not directly, but they will feel compelled to talk about you and your act of kindness to other people, other people who have not received any money.....  See the potential problem?!  Those other people will want money too!  NOW DO YOU SEE THE PROBLEM?

Furthermore, you must think about the impact that giving a large sum of money to a person will do to them!  If they don't handle the money correctly, they could end up having serious problems, like if they fail to pay their Taxes on the money!  Even though it was their fault not paying the Government Taxes, they will blame you - most people never want to take responsibility for their own actions.  Taxes is just one serious consideration, there are may others to think about too before you just go out and hand someone a large sum of cash!

KILLING THE GOLDEN GOOSE

We must remember the children's story growing up about the Golden Goose and how it laid a golden egg every day.  But, later this was not good enough for the Farmer and he grew more impatient with the goose, and he started thinking crazy thoughts about getting inside of that goose to get all of the eggs at once, instead of waiting for a new egg each day!  You remember this story don't you, he killed his golden goose, found no gold eggs inside and was left with nothing!

Your RV cash out IS YOUR GOLDEN GOOSE - don't "kill" her by trying to get all the eggs at once!  With a large cash amount, that can be invested properly in interest bearing accounts which are higher than the average rate of inflation (aprox 4% annually is the rate of Inflation in the US).

DISCLAIMER:  Before I continue, I'm NOT giving you "investment advice" I am pointing out ideas for you to take with you to a Financial Investment Professional.

Back to our golden goose - your cash is your golden goose!  Using just simple numbers I am going to show you that with an extra $1,000,000.00 USD (after paying taxes etc) is used for "giving away" after the RV!  This is the money you are setting aside to give away to charity, people, etc. 

Instead of splitting this up 10 or 20 ways and giving to only 10 or 20 people, single one-time gifts, think about this:  Setting up your own Charity, fund it with the $1M in cash, have that cash invested in safe Mutual Funds that have a long track record of successfully averaging high returns (i.e. 10%+). 

This new Charity fund of yours (keeping it simple) can now earn an annual $100K / year interest on the $1M invested.  There will be taxes to pay, and a portion should be kept to add to the principle.  But, lets say for a simple example this leaves you with $50K / year to give away as scholarships and to worthy people and your favorite charitable causes!  You could do to this for the rest of your life, not just one time to just 10 or 20 people!  It is something to think about, right?!

IN CONCLUSION....

I may expand on this topic later, or you can even urge the IQD Team Mods to host a Call Pre/Post that will cover this topic along with other related topics.  However, for now, I only wanted to spark the fire, and let it grow within you.  Think about it, think about the long-term affects, not just the short-term gratitude of the situation. 

I will be contemplating this also, trying to figure out if over-riding my huge ego to be recognized as a "great" person is more important to the safety and security of myself and my family!  It just may be better to commit these acts of kindness as "random acts of kindness" and never let that person know who it came from!


LISTEN TO MOM - DON'T PUT ALL YOUR EGGS IN ONE BASKET!!!

2/3/2012

 
_ More Advice sent in by one of my favorite listeners.....Thank You

LISTEN TO MOM - DON'T PUT ALL YOUR EGGS IN ONE BASKET!!!      - by Anonymous

If you had a mom (or dad) that was anything like mine, you probably remember hearing her tell you a thousand times growing up to "not put all your eggs in one basket"! Well, if you are like me, as a child, you mostly let tuned her out and let it go in one ear, and out the other!  Right!!!???   Oh, we can laugh about it today, but this is just a little more serious, and mom's advice is more true today than ever before with the prospects of the Iraqi Dinar revaluing sometime hopefully in the very near future.  So, please listen up my Dinarian Friends!

I bring this up because earlier today a good friend of mine blew my socks off when she told me a story of a personal friend of hers who had actually won $1,000,000.00 from the Lottery! 

Holy Cow I thought, I finally actually know someone who knows someone that has really won the Lottery!!!

Long story short, her friend had trusted just one "Very Professional looking and fast talking" Financial Adviser/Company with investing all of his $1 Million lottery winnings!  Yikes!!!  Sounds foolish right???  Especially after all those years of mom telling us while growing up - "don't put all your eggs in one basket"!

So, how does that apply to us Dinarians? 

First, we can learn from his mistake by trusting just one person/company to handle all of our money!  Today the Big 4 Banks try to train us to keep all of our investing and money with their one company or family of companies.

How many of you have your Checking and Savings, Mortgage and Car Loan all with one Banking Institution?  The banks do this to make more money off of you!  They do this despite it being in your "best" interest!  We have been trained to do this - at our own peril.

Next, let me make a very simple and quick Dinarian example:

Let's assume you're holding a total of 1 Million IQD Dinars.  

And lets assume "today" the Dinar has revalued to the equivalent of $4.00 to 1.00 IQD Dinar!  Wahoo!!!  Party!!!  Celebration!!!

Okay, now that we all have celebrated its time for you to get a little more serious about your thinking!  

You now have $4,000,000.00 in Cash!  What Next???... Think about this, split up the money to several "baskets", maybe something like this:

Basket #1 = $500,000.00  (to pay off bills, the mortgage, car loans, pay for a vacation, etc.)

Basket #2 = $500,000.00  (to buy real estate investments - read my other article  "ADVICE: 'PROTECT YOUR PRINCIPLE" CONSIDER THIS AFTER THE RV" )

Basket #3 = $3,000,000.00 (long term investments such as mixed Mutual Funds issued by ONLY Top 10 Investment Companies)  Lets say you are satisfied with the qualifications of the Top 10 Ranked Investment Companies (i.e. Investco, Franklin Templeton, Oppenheimer, etc.)  You could give each company just $300,000.00 to invest for you, right?!!!

This is only an example, I'm really trying to get you to start thinking of how to split up your money and your investments.  

By splitting up your $3 Million with 10 different Top Rated investment companies, you greatly minimize your risk of loosing all of your money like the guy who gave ALL of his Lottery Winnings to one Investment Broker/Company!

In Conclusion.....  

Listen to Mom's Advice, sometimes she is correct!!!

Advice Opinion from Anonymous: Protect your Principle Consider this after the RV

2/2/2012

 
_Sent in by one of our listeners....Thank You to you know who....

ADVICE: "PROTECT YOUR PRINCIPLE" CONSIDER THIS AFTER THE RV    - by Anonymous

To save time and keep this simple I'm going to get straight to the point...

After the RV happens all of us will be afflicted with SWS (Sudden Wealth Syndrome) a common ailment that is a real problem for people who come in to wealth suddenly.  There have been plenty of articles written about it, so Google for it to learn more if you want - I won't focus on SWS in my article here.

With a deep respect for SWS, after the RV you and I will be highly tempted to run out and buy lots of "stuff" - please don't do it!!!  As the IQD Team Mods are always suggesting, take a few weeks to absorb the fact that you are now wealthy!

So, now you've taken a little time after the RV, and you are now looking around and thinking of what to do with your money - may I suggest you think about this, Invest your money, and try to ONLY SPEND THE INTEREST.

Here is an example: Lets say after the RV you'll have $500,000.00 USD as "free" cash to spend.  You are thinking about investing in Real Estate, maybe buying a home to live in or as a rental for rent income.

At first you think, I'll just pay cash for that house, and own it out right!  That may not be the best option, lets just for fun say that the house/rental you want to buy is $350,000.00 USD - did you realize that you can use the interest from your $500,000.00 that is invested to purchase this home?

Let me break it down with simple CONSERVATIVE numbers: 

   Purchase Price = $350,000.00     
   Down Payment = $ 50,000.00                   
   Loan = $300,000.00

Lets look at your loan:  NOTE: you can find free loan / mortgage calculators all over the internet as well as iPhone / Android Phone Apps.                  

Loan = $300,000.00        
Loan's Term = 30 years       
Interest Rate = 6.0% - fixed 30 years  (today's rate I got was 3.60%, but I'm going very conservative with 6% almost being double today's rate)      
Mo. Payment = $2,298.65   NOTE: A payment of $2,600.00/month will reduce the term from 30 years to 20 years - paying just $300 extra a month will save you a lot of money on Interest.  
Annual Payment = $27,583.80

NOW, Lets look at investing your $500,000.00 in "free" cash  - DISCLAIMER: This is NOT investment advice, consult a professional, every individual has their own situation based on Age, risk tolerance, etc.  Again, seek out a professional - not me!  :0) There!  

Cash =  $500,000.00     
Interest Rate = 10.0%  (Investco has a portfolio which averages over 11% for over 40 years - This company is listed as one of the top 10 Investment companies in the world, there are other great companies to look at to that pay less and pay more, but for this example I'm bench-marking at 10%).    
Annual Distribution = $50,000.00 (Gross before  - their will be income and capital gains taxes that will be due as well)
Quarterly Distribution = $12,500.00 (Mutual funds normally distribute Quarterly)

Okay, I'm sure by now you are starting to see where I'm going and putting 2 & 2 together!!!

So, lets look at it...  You have annual mortgage payments of $27,583.80, and you have annual Interest gains of $50,000.00 - even after taxes you will more than cover your mortgage on the real estate property.  

The leftover monies that you don't need to use to pay the mortgage you can leave in your mutual fund to increase the principle.  So, lets assume you can leave $10,000.00 of the $50,000.00 gain on the Principle - that will add $200,000.00 to your principle making it $700,000.00 in priciple within just 20 years!  But hold on, it gets even better, because of the compounding effect of principle your $200,000 will be actually approximately $630,000.00 + your original $500,000.00 - or $1,130,000.00!!!  AND YOU OWN BOTH THE CASH AND THE HOUSE!!!

For the real estate investment, I would also suggest you think about paying a little extra to accelerate that mortgage so you pay it off in 15 or 20 years instead of 30 years - only about an extra $300/month on the payment will drop that term down to 20 years, probably saving you well over $100K in interest. 

Oh, and remember, that mortgage interest is tax deductible if it is your primary residence!  If it is an income property (commercial) then your CPA can Depreciate the property and that will reduce your tax.  Be sure to consult with your TAX, LEGAL and Investment Professional before you make any final decisions!  

Buy now - at the end of say 20 years, you will have a paid off home or rental (which is also paying you rental income) and you also have your original $500,000.00 - that friends is how the Wealthy People get richer!!!  I know this last line was a bit "repetitive" however, I believe this point is extremely important - you can have BOTH!!!  

Regarding Insurance a tip for you to please consider....

For your real estate investment's mortgage you will be required to purchase mortgage insurance and fire insurance to protect the lender, this sucks, but is normal.  You may also want to get Home Owners Insurance (there is a version for investment properties also).  In most states you also need car insurance to drive, these types of insurance are necessary-evils and cannot be avoided - just try to get the best rates you can!

HOWEVER -- Think long and hard BEFORE you purchase ANY Life Insurance Product (i.e. Whole Life Insurance, Annuity, etc.) - Insurance is generally not a good product for "investment" although they try to dress it up - but you can't "polish a turd" (IMHO).  Think about this, if you have $500,000.00 (or more) in Cash and Investments - more than enough to cover any/all expenses for your spouse & family if you should die, then why waste (IMHO) your good money on buying Life Insurance or Annuity products???  

Please promise yourself that you will think long and hard about it first, those policies are almost impossible to read and understand, and ANYTHING the Agent "tells" you, INCLUDING if s/he writes it on paper - it null and void and NOT enforceable!!!  The only entity that can modify those insurance policies is/are the Corporation/Underwriter - and they will never do it for you!  If you are confused - then DON'T sign it, don't do it!  :-)

In Conclusion.... The real estate example above does not have to be just for real estate, it can relate to cars, vacations, parties, and other luxury toys!  Remember, let your money work for you - keep the principle protected!  Keep a portion of the interest on the principle and then spend the rest of the interest - this will let you have both your toys and keep your security of your investment!  :-)

One last and very important thing, please be careful of the people you take advice from!!! Don't be afraid to interview many people - think of it like dating (especially from a Lady's perspective....) and please don't be too tight with your money, go ahead and pay for true professionals, not your 2nd cousin's brother-in-law who just joined with an investment company!  One tip I can suggest is look for Series 65 Licensed Investment Advisers - they make their money from the fee you pay to them.  Then you can take that advise and purchase from whomever you wish.  Keep in mind that Series 6, 7 and 63 Licensed Professionals make their fee from the investment they SELL to you!  This isn't "bad" I'm just making you aware of the differences.

Thank you for sharing

How much you'll need to retire

1/28/2012

 
How much you'll need to retire

Updated: 1/26/2012 4:13 PM ET.
|By Brent Arends, The Wall Street Journal


Many of us are afraid we won't have enough money -- though we don't know how much that would be. Six easy steps can help you calculate a goal and chart your progress.

Millions of Americans fear retirement.

They fear the unknown. They fear not having enough money to live comfortably. They fear they are going to end up living in poverty and eating cat food, as the cliché goes.

"Americans' confidence in their ability to afford a comfortable retirement has plunged to a new low," says the latest annual Retirement Confidence Survey from the Employee Benefits Research Institute, or EBRI, a respected nonprofit think tank.

For the first time since EBRI began tracking the numbers, less than 50% of workers in the 2011 survey were confident about their ability to retire comfortably. The number "very confident" had halved in a few years, to just 13%. (Are you saving enough for retirement? Check MSN Money's calculator.)

Best places in the U.S. to retire
.
Meanwhile, the number with no confidence at all had nearly tripled, to 27% -- more than one in four.

A similar number of people questioned whether they would be able to meet even their basic expenses.

•Should you convert to a Roth IRA?
I am convinced that one of the biggest problems is that people don't know how much they'll need. Many don't even know how to start working that out.

According to EBRI, just 42% had even tried to work out how much they'll need. The most popular way of estimating retirement needs is guesswork.

Retirement worries? Money expert Amey Stone answers top questions

View more MSN videosGo to MSN Money

OK. Here's Retirement 101. If you're totally baffled, try these six simple steps. It's not a plan. But it's something anyone can do in 10 minutes or less, and it will give you a much better idea where you stand -- and what you need to do.

1. Figure out how much income you'll need. This is the first step. This is where you need to start.

What sort of income will you need each year in retirement? What would be comfortable? What would mean real hardship?

Some people will tell you to sit down and draw up an elaborate budget. And maybe that's the perfect solution.

But you could take a shortcut instead. Every experienced financial planner I've spoken to, when pressed, has given the same answer. For most people, the best guess for the income you'll need to live on in retirement comfortably is about the same as the income you need now.

Simple. Easy to remember.

Obviously, a few things will be different in retirement. You'll no longer have to set aside money to save for retirement, for starters. If you expect to pay off your mortgage by then, you'll no longer have to set aside money for that. The same goes for putting kids through college. But once you've eliminated those costs, the best way to calculate the disposable income you'll need in retirement is to look at the disposable income you have now.

Sure, you can make adjustments. You may find you're comfortable with less. (Or you may want more.) But when you are dealing with the unknown, it helps to start with something familiar. In this case, try your current disposable income.

2. Figure out much you will get from outside sources. That means how much you will get from Social Security. It may also mean how much you will get from a pension plan, if you are among the diminishing few who have one.

Social Security is central to most Americans' retirement plans. It is an inflation-protected annuity that will last your lifetime and where the insurer, Uncle Sam, won't run out of cash. (Any jokes about Ben Bernanke and printing presses should be sent, please, to the Federal Reserve, not to me.)

This is why it's such a political hot potato.

What does Social Security mean for you? The Social Security Administration posts an online calculator that will help you work out what to expect in benefits. As of 2011, the average retired single worker got $14,000 a year. The average couple: $23,000.

If you are among the shrinking group of people eligible for a pension, you should work out how much you are going to get from that as well. Add that to your expected Social Security benefits.

3. Figure out how much income you will need from your investments. Once you know how much income you'll need (Step 1) and how much you can expect from Social Security and any private pension plan (Step 2), it's easy to work out how much you're going to need from your own investments.

At the risk of stating the blindingly obvious, it's what's left over. Call it the Cat Food Calculation -- the amount of money you are going to need each year so you won't have to share dinner with Tibbles.

That means a married couple that, say, lives on $40,000 a year in disposable income, has no pension and expects Social Security benefits of $23,000 a year is going to need to provide $17,000 a year from its own resources. And so on.

http://money.msn.com/retirement-investment/how-much-you-will-need-to-retire-wallstreetjournal.aspx

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