WGN’s Chicago Now Talk Radio Show: Money Smart Tips to Build Again in 2010
Let’s Build Again in 2010…so what better way than to share some Money Smart Tips during the Chicago Now Show on WGN Radio 720 AM, TODAY (1/2/2010) from 11:30-Noon!
Here are some of the tough questions I will attempt to cover, regarding strategies in planning for retirement and finding money for our kid’s college education:
What does the President Bush’s Economic Growth and Tax Relief Reconciliation Act of 2001 have to do with the way American’s are planning for retirement today?
Why is traditional ways of financial planning wasting time?
What are the 3 most fearful trends affecting our financial security and what should we do about it?
What areIRAs and 401(k)s the next “ticking time” bomb?
Why is pre-paying your mortgage in an attempt to paying off your mortgage early a mistake?
How is America setting up another generation for failure?
If Illinois alone had denied 130,000 students college financial aid last year, what can parents do today to help their children through college?
For savers (not investors), why do I consider the life insurance industry answering the call to bridge a financial gap in America?
Plus…I hope I have enough time to share our unique 3-step process in helping families with retirement and college planning altogether…
Send me your financial questions and concerns and I will get you answers! Email me!
Listen to Full Segment below:
Download FULL 30-MINUTE SEGMENT HERE
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Your question, For savers (not investors), why do I consider the life insurance industry answering the call to bridge a financial gap in America?
Being an Registered Financial Consultant, I actually blame the life insurance industry for hurting the financial situation.
1. Only seven out of 100 agents celebrate their 4th anniversary. (Poor training, agent selection, and methods to find clients)
2. New life insurance agents immediately get variable licensed, so they can sell variable annuity and life products, and mutual funds. The companies put “Financial Representative on their business card.” I have 15 years of experience in wealth accumulation, college funding, and retirement savings. Possible clients are confused who is who. They buy investment products profitable to the company, but bad for a consumer.
3. Many wealthier people were solicited and sold equity indexed annuities, promised high returns based on previous stock market performance. Stocks took at dive and consumers lost up to 60% of their savings. The insurance companies and brokerage firms suffered little. Agents/brokers on selling a $500,000 annuity, could at that time make $50,000 on the sale. I sold fixed annuities, where the initial principal was guaranteed not to drop. In turn, the sale returned considerably less commission. So greedy, gullible customers and commission hungry sellers largely impacted Americans with savings plans. My clients remained financially sound.
4. College funding for student 529 plans still view 7% interest, and invest in risky funds. Few consumers are getting financially educated.
could answer most of your other questions too