Money - It's All About the What Keeps You up at Night? Benefits

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Money - It's All About the What Keeps You Up at Night? Benefits.

 Retirement November 2013  Estate Planning Daylight Savings Time has recently ended, so we thought  Education Planning this bit of trivia might be interesting:  Life Events/Family Security 1. Benjamin Franklin wasn't the first to propose DST.  Eldercare William Willett of London originally published a pamphlet called  Financial Basics "Waste of Daylight" in 1907. His attempts at putting DST into action never took hold. In fact the United States wasn't the first country to adopt a DST system. It was Germany.

2. Not all of the United States observes Daylight Saving Time. Arizona doesn't observe DST. Arizona is also referred to as the Daylight Saving Donut. The Navajo Nation reservation named Hopi does observe it. Since Hopi is located in the middle of Arizona, it is commonly called the "donut".

3. Daylight Saving Time hasn't always been standardized In the 1950s and 60s each US locality could start and end when they wanted. In one year Iowa had 23 different start an end dates alone. In 1965 St. Paul, Minnesota of the Twin Cities Terrance J. O'Brien Minneapolis and St. Paul, began early, while Minneapolis did not. So for a period the neighboring cities had an hour "Statements without difference in time. In 1966 the Uniform Time Act set federal documentation are only rules for daylight saving time. opinions:" Below is some interesting information about Money.

Out of the Box Thinking on a Very Popular Subject - Money

1. What can we learn from Delta Airlines about our money?? Recently Delta published a television ad where their main theme was "you can't cling to the past if you want to create the future." We are also in a new frontier with our money. Longevity is changing the rules. More years have been added to human life in the 21st century than all previous centuries combined. This requires uncommon thinking because we are in uncommon territory.

2. Do you possess some of the traits of the millionaire next door? Thomas J. Stanley, in his book The Millionaire Next Door, says that millionaires have five common characteristics. Two of the traits are: They spend less than they earn; and they teach their family members to become economically self-sufficient.

3. Paycheck Protection: "I will get to it next week." Many people give little thought to their most valuable asset - their ability to earn a living. How long can you go without a paycheck? Getting around to purchasing disability insurance or paycheck protection should be at the top of your "to do" list not the bottom.

4. The federal income tax law is now 100 years old! President Wilson signed it into law on October 3, 1913. The basic income tax was just 1%, and only about 1% of households paid tax. The standard deduction was $3,000 for single filers and $4,000 for married couples. Things were much simpler. There were only 20 instructions for completing the form. The full set of instructions for filling out 2012's 1040 was 214 pages.

5. Don't expect a big increase in social security cost of living increases for 2014. The government's cost of living increase for 2014 is 1.5%. This is one of the smallest increases since 1975. The monthly increase averages about $17 per person receiving benefits. The increase seems low when you start comparing this to the increases in the local supermarket.

6. Are we in an information or a misinformation society? The internet has made it extremely easy and convenient to collect data. We are bombarded with information. Much of this information is erroneous or misleading. Remember, "Opinions without documentation are only opinions." Ronald Reagan's famous quote is "trust but verify." It is our responsibility to sift through the maze and determine the truth.

7. Do you know the warning signs of a scam artist? One thing is certain - scams continue to happen with people's money. Listed are a couple of the warning signs that trigger a closer look when you are dealing with investment offers.  Is the deal too good to be true? If so, chances are it is.  Is the opportunity only available to a select group of people? Keep your wallet in your pocket if that is the case.  Does the one touting the opportunity have a high-flying lifestyle? Beware of exotic cars, expensive suits, large mansions and high end watches. Those items were acquired at someone else's expense, and hopefully it won't be yours.

8. Is the Model T keeping pace with inflation? Henry Ford introduced the Model T in October of 1908 for $825. He lowered the price to $575 in 1912, and sales skyrocketed. According to Truecars.com the average price for a car in 2012 was over $30,000. That's about a 4% average annual inflation rate over the last 100 years.

9. Are you planning to make any major capital purchases in the near future? If so, do you have the necessary protection in place? Life is a series of unexpected events. It is important we plan to cover this cost in the event we are not here, become disabled, lose our job, or get sued.

10. Seven Things you MUST know about Qualified Plans (IRA's, 401K's):

1. You do not get a tax deduction. You receive an income reduction which minimizes the taxes you pay. 2. You will pay taxes on the money at a future date. 3. The tax obligation increases as your account grows. 4. You could pay more taxes than anticipated if your future tax bracket is higher than your current tax bracket. 5. Know your partner - it is the federal government. 6. Your money is not easily accessible. 7. Your company match might pay your future taxes.

First Benefits Group, Inc.

We are financial and insurance educators.

Our approach is unique and uncommon. We teach our clients how to be more efficient with their money. We can verify that being more efficient with your money is the safest method for building a solid foundation of protection and wealth.

There is more to be gained by avoiding losses than picking apparent winners.

We are experts in identifying threats to current and future lifestyles, and developing strategies to minimize or eliminate these threats.

To schedule a complimentary, no obligation appointment to discuss your personal circumstances, please call our office at 941.361.3057 x4.

Terry O'Brien

306 N. Rhodes Avenue, Suite 111 Sarasota, FL 34237 941.361.3057 www.firstbenefits.net [email protected]