Your student loan payment could be $0 zero per month
Income-Based Repayment program provides repayment relief for up to 1.6 million current students, including a lower monthly payment cap and loan forgiveness after 20 rather than 25 years of responsible payments. IBR has already helped nearly half a million borrowers lower their payments and avoid default, but many more borrowers are struggling to keep up with their payments in these tough economic times and could benefit from IBR and the proposed Pay-as-You-Earn option. Generally, lower income borrowers pay 10% of their income: www.IBRinfo.org.
Most expensive college: Bates, ME Tuition: $51,300 a year!
Public university: Penn State Tuition: $14,416
This does not count living and book expenses.
Perhaps learning auto repair is not a bad alternative.
Pension funds’ values falling—workers getting out now
How bad is the cash crunch for companies? The aggregate deficit of pension plans among S&P 1500 companies climbed by $134 billion in September to $512 billion, according to Mercer. The funded status of the 100 largest corporate pensions dropped by $124 billion during September, according to Milliman, an actuarial and accounting firm. Looking at it another way, the funded ratio of companies in the index slipped to less than 73 percent from almost 80 percent at the end of August. The situation is deteriorating rapidly: The decline in the last quarter was the most significant three-month drop since the start of the financial crisis at the end of 2008, Milliman says. In a recent survey of Americans not yet retired, 40 percent said they currently save no money each month toward retirement. Members run their own: amazon.com/New-American-Retirement-System-Tax-FREE
Labor Department investigates brokers, reps, advisers in payola probe
The Consultant/Adviser Project has netted a number of wins for the Labor Department.
Last year, Metropolitan Life Insurance Co. agreed to pay $13.5 million in conjunction with a joint investigation by the DOL, the FBI and the Internal Revenue Service. That probe revealed that the insurer made improper payments to an insurance brokerage firm in order to steer clients toward buying MetLife group insurance products, according to authorities' announcement of the settlement. The payments weren't disclosed to plan administrators and were described as “communication fees” or “request-for-proposal fees,” lumped into the rates MetLife had charged the insured, according to federal authorities.
Credit union supported by anti-Wall Street broker after investment bank pulls out
Frank Congemi, a Queens-based freewheeling critic of Wall Street bankers and Washington regulators, has agreed to pay $5,000 to sponsor a Nov. 3 dinner hosted by the Lower East Side People's Federal Credit Union. Goldman Sachs had agreed to be one of four top sponsors for the dinner but withdrew its pledge this month after invitations to the dinner stated that the honorees included Occupy Wall Street, according to a story in The Wall Street Journal last weekend. Capital One pulled out also.
State local governments (GOP) raising taxes despite pledge
There have been a total of 548 U.S. sales tax changes so far this year. Indiana, Mississippi, New Jersey, Rhode Island and Tennessee tied for the highest state sales tax rate, at 7%, compared to the average state sales tax rate of 5.48%. However, this only represents the state-designated portion of the sales tax, not the total combined state, county and city rate. California used to have the highest state sales taxes, but it lowered its sales tax rate as of July 1. The highest combined city, state and county rate was in Arizona: Tuba City, Ariz., (part of the Navajo Nation), at 13.725%, followed by Kayenta, Ariz., at 12.1%; Fredonia, Ariz., at 11.725%; and Coconino County, Ariz., at 11.725%.
Consumer Reports Names Most Reliable Cars of 2011
At the bottom are the most expensive: Jaguar, Porsche, and Audi are at the bottom among brands for which we have sufficient data. You DO NOT get what you pay for.
Japanese brands dominate our survey's upper echelons and took the top nine spots. They were led by Scion, Lexus, Acura, Mazda, Honda, and Toyota. Many hybrids are proving extremely reliable. The top two models in our survey are the Lexus CT 200h and Honda CR-Z. The Toyota Prius was among the top models, rebounding from brake problems that plagued the current design. Family sedans hold up well overall and are led by the Ford Fusion Hybrid. All of the models for which we have data have at least average reliability. In contrast, only one minivan makes that cut: The front-wheel-drive Toyota Sienna is average. Heavy-duty, three-quarter-ton pickups are among the most problematic vehicles. With the exception of the turbodiesel Ford F-250, they all scored below average.
The Ford brand fell 10 spots, to 20th out of 28. The Explorer, Fiesta, and Focus — had below-average reliability in their first year. CR found that new or revamped models have more problems in their first year than in subsequent model years. Ford's problems underscore our advice to hold off buying a new car in its first year.
Auto insurers’ ratings—how did your company do?
Auto-Owners Insurance, State Farm, Amica Mutual, American Family and The Hartford score above industry average in the 2011 survey of claims performance by JD Power
GOP to keep needy off Medicaid
The House voted to restrict eligibility for Medicaid, insurance exchanges and other aspects of President Obama's healthcare reform legislation. The Congressional Budget Office has said as many as 1 million people could be affected by the restrictions, which, among other things, would include Social Security benefits as income in determining eligibility.
SCAMS
Citibank caught screwing its customers! No jail time for bankers . . .
Citigroup Inc. has agreed to pay $285 million to settle federal allegations that its broker-dealer subsidiary misled investors about a complex $1 billion mortgage investment that the company was secretly betting would fail. The investment, which was tied to the U.S. housing market, defaulted in November 2007 and left investors with a worthless investment, while Citigroup made $160 million in fees and trading profits earned through a $500 million short position in the specific group of assets that it had selected for the underlying investment. No Citi employees have been charged with a crime however.
Flat tax always helps the wealthy
Under Herman Cain's 9-9-9 tax reform plan, 84% of U.S. households would pay more than they do under current tax policies, according to a report released Tuesday by a nonpartisan research group. National sales tax of 9% is added to state sales tax. Wealthy live on capital gains of stocks and muni bonds so taxed at about 17%--no income, SS or Medicare taxes. The 999 plan has 0% tax on investment income. Wells Fargo broker hatched the 999 plan “riding in a taxicab in Nashville.”
Cain tweaks 9-9-9 tax plan to allow exemptions for biz
Cain proposed no income taxes for Americans living below the poverty line. He also proposed exemptions for businesses investing in "opportunity zones" as a way to give an economic jolt to rundown neighborhoods. Cain would eliminate minimum wage laws, building codes and zoning and regulations that hurt the economy. He initially said he would negotiate for the release of U.S. prisoners from terrorists, then reversed himself. He was for a woman’s choice but against abortion.
He insisted he had not changed positions, though.
IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
347.746.2014
www.InsuranceAdvisorsNetwork.com
Alerts available at http://dankeppel.blogspot.com/
Friday, October 28, 2011
Friday, October 21, 2011
Snoring is the best way to create wealth
Did you know ‘Snoring’ is the best way to create wealth?
Master investor Warren Buffett told us that holding quality company stocks, NOT actively trading stocks, was the way he adds wealth for his company. Wall Street’s advice is the opposite: buy and sell continuously. Studies show broker recommendations fail. Buffett says: “Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees.... Paradoxically, when ‘dumb’ money acknowledges its limitations, it ceases to be dumb.”
http://www.amazon.com/Snoring-Best-Way-Create-Wealth/dp/1466408928/ref=sr_1_3?s=books&ie=UTF8&qid=1318961268&sr=1-3
Auto rates vary a lot for the same driver. Shopping pays!
For instance, in New Jersey the same two-driver household was charged $3,600 by GE but only $1,400 by Amica, AIG, and USAA. The $2,200 annual difference is worth over $42,000 to you over 10 years when invested. Use our Insiders’ tricks of the trade to save: amazon.com/Insiders-Guides-Discount-Financial-Services/
Health insurance refund?!
Blue Shield of California will return approximately $295 million to its customers and the community by December 31, 2011. In fulfillment of its pledge to limit net income to 2 percent of revenue, Blue Shield's individual and fully insured group customers will each get a 54 percent credit against one month of premium.
Long Term Care insurance coverage uncertain for the future
The long-term care (LTC) insurance market continues to be plagued by adverse claims experience and poor overall results, which has led to rate instability, insurer solvency concerns, and market exits by several major insurers, according to Fitch Ratings in a new report. Members self-insure with their own Wealth Reserve: amazon.com/Your-Retirement-Spending-Plan-enough/
Time to move your untaxed money to Asia?
A Swiss parliamentary commission is edging toward accepting a government proposal that would allow the transfer of bank clients' data to the United States to settle a tax evasion dispute, Swiss news agency SDA reported. Another reason for the OWS protesters to be angry—the 1% don’t pay their fair share! They hide their money in Swiss and Caribbean banks and holding companies. http://www.offshorecompany.com/banking/how-to-start-a-bank
Are you part of the 99%?
To be among the top 1% of income earners, you need an adjusted gross income of $343,927 or more. The 1.4 million Americans with this elite status reported 16.9% of all the country’s taxable income. One percent of taxpayers reported almost 17% of all taxable income. But that same tiny group also kicked in 37% of all the taxes paid. How much do you need to make to be in the top 50% of earners? Just $32,396. Members use their tax-FREE Wealth Reserve to avoid income tax in retirement: amazon.com/Create-Your-Tax-FREE-Financial-System/
Insurers improve quality of plans under new Obama guidelines
Nine Medicare Advantage plans scored top marks on the five-star government rating system for 2012, up from only three plans this year. These plans may you’re you save: http://www.kaiserhealthnews.org/Stories/2011/October/12/insurers-improve-quality-revenue.aspx Kiplinger helps you compare plans: http://kiplinger.com/columns/ask/archive/how-to-compare-medicare-advantage-plans.html
Only 3 in 10 Say They're Prepared for Retirement
A new study says that most families are not prepared for retirement. Most have committed to paying for other things like a child’s education. Most have not adjusted to the new American economy—workers have no guaranteed pension, medial or even 401k matching funds. Many say they will work part-time in retirement. But that assumes there will be jobs and the next generation will not work them. Members are changing their priorities with the New American Retirement System: amazon.com/New-American-Retirement-System-Tax-FREE
Los Angeles decides to stop doing business with 'bad' banks
LA Council members in the nation's second-largest city by population passed a resolution Oct. 12 in support of the demonstrations that started as Occupy Wall Street in New York. It will cost LA millions to switch banks from the ones that have pleaded guilty to fraud. “Many of the banks we're targeting have pleaded guilty to fraud,” Councilman Alarcon said. “There are an ample number of other institutions that acted legally who can do these transactions. The Occupy L.A. movement has put this issue front and center.” Los Angeles in 2008 sued more than 30 institutions it accused of engaging in abuse related to financial derivatives and bid-rigging, administrator Santana said. Council approved a list of banks for LA to do business with earlier.
SCAM
Generals in Afgan war say it will go on for years--$2 Billion and 5 American lives a week! “But what you're saying is that the United States isn't leaving Afghanistan in the foreseeable future?” cbsnews.com/stories/2011/10/16/60minutes/main20120799.shtml
This war has cost $½ Trillion so far. We had a $1.3 trillion budget deficit this year.
GOP against tax hike on foreign insurers too
Two Dems have written legislation that would raise taxes on foreign-based insurance and reinsurance companies operating within the United States. GOP objects, of course.
GOP to cut IRS collections by $4 billion
if Congress follows through on a plan to cut about $500 million from the agency's budget for fiscal 2012, it estimates the revenue loss at $4 billion for this year. Corporate audits are more complicated and require more auditors not less.
Here we go again—using our money to speculate!
Bank of America, hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to the bank subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting.
The Moody's downgrade spurred some of Merrill's bank partners to ask that contracts be moved to the retail unit, which has a higher credit rating. Transferring derivatives also can help the parent company minimize the collateral it must post on contracts and the potential costs to terminate trades after Moody's decision, said a person familiar with the matter. BOA held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. Derivatives have been removed from the books. This allowed Merrill Lynch fee-based revenue to reach record highs this period.
Congress passed the Dodd-Frank to stop this kind of game but the Fed gave BOA an exemption in Sept 2010.
IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
347.746.2014
Alerts available at http://dankeppel.blogspot.com/
Master investor Warren Buffett told us that holding quality company stocks, NOT actively trading stocks, was the way he adds wealth for his company. Wall Street’s advice is the opposite: buy and sell continuously. Studies show broker recommendations fail. Buffett says: “Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees.... Paradoxically, when ‘dumb’ money acknowledges its limitations, it ceases to be dumb.”
http://www.amazon.com/Snoring-Best-Way-Create-Wealth/dp/1466408928/ref=sr_1_3?s=books&ie=UTF8&qid=1318961268&sr=1-3
Auto rates vary a lot for the same driver. Shopping pays!
For instance, in New Jersey the same two-driver household was charged $3,600 by GE but only $1,400 by Amica, AIG, and USAA. The $2,200 annual difference is worth over $42,000 to you over 10 years when invested. Use our Insiders’ tricks of the trade to save: amazon.com/Insiders-Guides-Discount-Financial-Services/
Health insurance refund?!
Blue Shield of California will return approximately $295 million to its customers and the community by December 31, 2011. In fulfillment of its pledge to limit net income to 2 percent of revenue, Blue Shield's individual and fully insured group customers will each get a 54 percent credit against one month of premium.
Long Term Care insurance coverage uncertain for the future
The long-term care (LTC) insurance market continues to be plagued by adverse claims experience and poor overall results, which has led to rate instability, insurer solvency concerns, and market exits by several major insurers, according to Fitch Ratings in a new report. Members self-insure with their own Wealth Reserve: amazon.com/Your-Retirement-Spending-Plan-enough/
Time to move your untaxed money to Asia?
A Swiss parliamentary commission is edging toward accepting a government proposal that would allow the transfer of bank clients' data to the United States to settle a tax evasion dispute, Swiss news agency SDA reported. Another reason for the OWS protesters to be angry—the 1% don’t pay their fair share! They hide their money in Swiss and Caribbean banks and holding companies. http://www.offshorecompany.com/banking/how-to-start-a-bank
Are you part of the 99%?
To be among the top 1% of income earners, you need an adjusted gross income of $343,927 or more. The 1.4 million Americans with this elite status reported 16.9% of all the country’s taxable income. One percent of taxpayers reported almost 17% of all taxable income. But that same tiny group also kicked in 37% of all the taxes paid. How much do you need to make to be in the top 50% of earners? Just $32,396. Members use their tax-FREE Wealth Reserve to avoid income tax in retirement: amazon.com/Create-Your-Tax-FREE-Financial-System/
Insurers improve quality of plans under new Obama guidelines
Nine Medicare Advantage plans scored top marks on the five-star government rating system for 2012, up from only three plans this year. These plans may you’re you save: http://www.kaiserhealthnews.org/Stories/2011/October/12/insurers-improve-quality-revenue.aspx Kiplinger helps you compare plans: http://kiplinger.com/columns/ask/archive/how-to-compare-medicare-advantage-plans.html
Only 3 in 10 Say They're Prepared for Retirement
A new study says that most families are not prepared for retirement. Most have committed to paying for other things like a child’s education. Most have not adjusted to the new American economy—workers have no guaranteed pension, medial or even 401k matching funds. Many say they will work part-time in retirement. But that assumes there will be jobs and the next generation will not work them. Members are changing their priorities with the New American Retirement System: amazon.com/New-American-Retirement-System-Tax-FREE
Los Angeles decides to stop doing business with 'bad' banks
LA Council members in the nation's second-largest city by population passed a resolution Oct. 12 in support of the demonstrations that started as Occupy Wall Street in New York. It will cost LA millions to switch banks from the ones that have pleaded guilty to fraud. “Many of the banks we're targeting have pleaded guilty to fraud,” Councilman Alarcon said. “There are an ample number of other institutions that acted legally who can do these transactions. The Occupy L.A. movement has put this issue front and center.” Los Angeles in 2008 sued more than 30 institutions it accused of engaging in abuse related to financial derivatives and bid-rigging, administrator Santana said. Council approved a list of banks for LA to do business with earlier.
SCAM
Generals in Afgan war say it will go on for years--$2 Billion and 5 American lives a week! “But what you're saying is that the United States isn't leaving Afghanistan in the foreseeable future?” cbsnews.com/stories/2011/10/16/60minutes/main20120799.shtml
This war has cost $½ Trillion so far. We had a $1.3 trillion budget deficit this year.
GOP against tax hike on foreign insurers too
Two Dems have written legislation that would raise taxes on foreign-based insurance and reinsurance companies operating within the United States. GOP objects, of course.
GOP to cut IRS collections by $4 billion
if Congress follows through on a plan to cut about $500 million from the agency's budget for fiscal 2012, it estimates the revenue loss at $4 billion for this year. Corporate audits are more complicated and require more auditors not less.
Here we go again—using our money to speculate!
Bank of America, hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to the bank subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting.
The Moody's downgrade spurred some of Merrill's bank partners to ask that contracts be moved to the retail unit, which has a higher credit rating. Transferring derivatives also can help the parent company minimize the collateral it must post on contracts and the potential costs to terminate trades after Moody's decision, said a person familiar with the matter. BOA held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. Derivatives have been removed from the books. This allowed Merrill Lynch fee-based revenue to reach record highs this period.
Congress passed the Dodd-Frank to stop this kind of game but the Fed gave BOA an exemption in Sept 2010.
IAN
41 Watchung Plaza, B242
Montclair, NJ 07042
347.746.2014
Alerts available at http://dankeppel.blogspot.com/
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