Posts Tagged finances

Every day on Facebook a Great Young Parent Dies and needlessly leaves their family BROKE!

black family

Black Family

Every day at least one social media friend post about a person under the age of 50 dying unexpectedly.  It seems that most of the time that person has a spouse and or children. It also seems that within days of the untimely death there are people asking for donations to help the family handle the funeral cost.

If you are reading this chances are you have a family. I am also going to assume that you love your family, and are making big plans for your children. Some of these plans may include a great primary and secondary education. Others may include making opportunities and experiences available to your kids in arts and culture.  Some even plan to make sure their children get a solid financial start once they reach adulthood.

I applaud your plans for your children. Your kids will have opportunities that you never even dreamed about when you were their age. Your hard work and sacrifice is paying for all of these opportunities as well as the basics, food, clothing, shelter, video games, etc. Congrats because you have a plan and the work ethic to get it done for your family.

The sad news is that you most likely have no real plan in place to fully provide the INCOME it will take to carry out those plans if you were to pass away prematurely. Thirty Seven percent of parents with children under the age of 18 have no life insurance. Fifty percent of the parents that are insured have less than 100,000.00 in life insurance.

People are dying every day on Facebook, Instagram, and Twitter and leaving their families broke. Even people who have six figure incomes are leaving their families in horrible financial shape.

The uninsured risk of being a parent is hitting more and more families every day. Many 30 and 40-year-old parents are being stricken with breast cancer, diabetes, stokes, heart attack and sleep apnea. Not to mention simple work and non-work related accidents and car crashes. The ranks of the six figure earners are exploding with women and minorities like never before in the history of the U.S.. The numbers for Blacks owning life insurance are 3% higher than the percentage of whites who own life insurance but the amounts are inadequately low.

The ranks of the properly insured grow smaller every day. Why? Because the idea of what being properly insured is has not advanced in the last two generations and the wealthy are the only ones truly taking advantage of the opportunity to advance their family legacy through the proper use of insurance.

Being properly insured means being able to totally replace your yearly income for the full time your family will need it. How long do your children and/or your spouse NEED your income?  How long does your family need your spouse’s income? Depending on the commitments you have made that could mean 25 to 50 years. 30 year plans for houses, 5 year plans for cars and 20 year plans for credit cards. Do you have a plan that will pay for that long? Do you have total income replacement insurance that you personally own? If not, you are leaving your entire family in peril every day because you refuse to totally cover the risk.

 

A recent survey was done of six figure earning parents and they were asked how much life insurance protection they had. The number than had over $500,000.00 was less than 5%. The number the that had none was over 20%.The number that would have none if they loss or changed their job was over 40%. This is an epidemic problem. Can your family lose over $100,000.00 of yearly income and still operate at the same level?

Life insurance is about replacing your income to protect your legacy and not leaving things to chance. Houses, cars, and other obligations are all gambling if you do not protect your downside risk. Let’s truly be honest about where we are financially because the risk is easily covered if we are determined to do so.

How to replace Income

$500,000.00 can only replace about $20,000.00 in income long term because you can’t really get more than a 4% guaranteed return in any stable financial instrument. That means to replace $100,000.00 you need about $2.5 million in life insurance. Put in the proper instrument it will pay $100,000.00 per year forever. It will pay your spouse, your children, and your childrens’ children, etc.. Learning how to do this properly and for as little cost as possible is an art.

BTW, If you have coverage on your job you need to purchase proper coverage that you own.  Having insurance on a job is like having no coverage at all. If you lose or leave your job that is exactly what you will have only you will be older than you are now and the coverage will cost much more. Don’t fall into the trap that gets so many Americans. There are so many Americans looking for proper coverage that they are simply to old or too sick to qualify for. Insurance favors the young and the healthy and time is not on your side.

The structure of a proper income replacement plan is key. If you don’t have a plan that will replace your income for the next 50 years minimum then call me so I can help refer to an awesome advisor and teacher.

Having no plan is a plan to fail, and today’s parents are failing their children everyday by only considering the possibilities if everything remains perfect. Nothing ever goes perfectly. Plan for the worst and hope for the best and you will never have any regrets. You need a plan that covers you and your family if everything goes wrong. By law you cannot drive a car or own a home without proper coverage. Why can you be a parents without proper coverage. So much is riding on YOU!

black children

Children Depending on their Parents Income

If you need more information and a referral to a great professional, email me at managerofwealthllc@gmail.com

Wishing you Wealth Wellness and Wisdom

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Mark Fuller

Manager of Wealth

 

 

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Losing 3 Million Dollars Isn’t a lot of Money But when it’s all you have it seems like a Everything

It’s impossible to be in business for yourself since the age of 17 and not take some loses. Setbacks come with the choice of profession. But even after fighting through the storms of several businesses over my career I was totally mentally unprepared for the Tsunami that was 2008.
Going into 2008 I was in a pretty good position. Revenues at my brokerage were around $60,000 per month, I owned three investment properties with plenty of equity, credit was great, I had the best woman in the world, and I was the majority stake holder on three multimillion dollar commercial developments in Atlanta that promised to make me a liquid cash millionaire well before the age of 40. On top of all that my friends and family were all seemingly doing well in their lives as well.

home sweet toxic home

Little did I know that a perfect storm was coming to destroy what it had taken a decade to build.

Within a few short months of the crash of 2008 the mortgage business would be on life support, property values would be trashed, the commercial lending market would freeze making it impossible to complete the sale, and my 7000 square foot home would go from $1.2 million to being worth $0 because the water supply around it was contaminated with toxic gas. Add to that two of my business partners now had wives suffering with breast cancer that would soon take their lives.

Biscayne Bay Atl

Pretty soon there were cash calls, lawsuits, hurt feeling, break ups, unbelievable stress and pain. Not just for me, but for most of America that was being rocked by the same storm. Everybody was looking for someone to blame and I was a big target.

So many days I didn’t want to get out of bed because I just didn’t want to deal with that days hurdles. I was a part of so many relationships both personal and business that were not built for this type of trauma.

By this point your ego is in a fight for it’s life. You’re either going to become bold and put together a plan to rebuild or fold and become depressed. Although I did the former many days when things were not going well I felt like doing the later.

It would have been so much easier to become totally depressed and angry and blame others for the wipeout that I didn’t fully see coming. No matter how crazy my creditors got I never lost it with anyone who owed me money. In fact, I called  to say I hoped they would make it through. If I could help them get back on their feet it profited me too, so why trip.

I actively have worked to help my biggest debtors to complete projects they are working on. One, because they were friends before they were debtors and two, because eventually somebody’s got to win and I refused to see a person as a loser just because the economy tanked.

People either believe in Scarcity or abundance but you won’t really know which until trouble comes. Those that believe is scarcity will freak out like the sky is falling and nothing good will ever happen again. Those that believe in abundance with look for opportunity.

If I have any advice to anyone who has taken a major life changing loss that affects you and the people you care about, it’s don’t let your ego and negative self talk throw you into depression. A big lose doesn’t make you a loser. You are still the same person you were only wiser and more informed.

Count your blessings daily and think about everything and everyone who is still in your corner. People really are not concerned with your loss because they are dealing with their own shortcomings.

The sooner you step back out into the world and make a positive contribution the sooner you will be back on top. The people regarded as winners have suffered more loses than most people who never try will ever face.

People have faced financial ruin, death of loved ones, loss of relationships and public and private humiliation. And still they come back.

There is no loss that last for life unless you and your ego buy into it. 90% of this life is mental. At the end of my post I always wish people wealth, wellness and wisdom and I believe setting ego aside and focusing on all the good in your life will bring you all three.

Wishing you Wealth, Wellness, and Wisdom

Manager of Wealth – Mark Fuller

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How to Conserve and Create Wealth in the Midst of Insanity- 7 part series

 

 

 

Part 2

Conserve and Create wealth Part 2

 

 

Part 3

 

 

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You can Never Replace your Spouse but you better Replace their Income

Earlier today I was organizing my computer files and I found a great piece of video that I never shared publicly. If you and your spouse are working hard to provide a great life for yourselves and your children, this is a message for you. I truly hope you get a lot from this video:

Even if you are a single parent this is something to consider:

 

There is a second part to this video that I will post tomorrow.

If you need help finding the right professional to guide your family please email me at managerofwealthllc@gmail.com

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Maxing out you 401K sets You Up for Higher Taxes

Tony Brayboy of Matrix Wealth LLC speaks at the Wealth Breakfast in Baltimore

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The Uninsured Risk of Being a Parent and how to protect your Family Properly

If you are reading this chances are you have a family. I am also going to assume that you love your family,and are making big plans for the future of your children. Some of these plans may include a great primary and secondary education. Also making opportunities and experiences available to them in arts and culture, and making sure they get a solid start once they reach adulthood.

I applaud your plans for your children. Your kids will have opportunities that you never even dreamed about when you were their age. The great thing is that your hard work and sacrifice is paying for all of these opportunities as well as the basics, food, clothing, shelter, video games, etc. Even greater news is you have a plan and the work ethic to get it done for your family. The not so good news is that you most likely have no real plan in place to fully provide the INCOME it will take to carry out those plans if you were to pass away prematurely.

The uninsured risk of being a parent is hitting more and more families everyday. Many 30 and 40-year-old parents are being stricken with Breast cancer, diabetes, stokes, heart attacks and sleep apnea. Not to mention simple work and non work related accidents and car crashes. The ranks of the six figure earners are exploding with women and minorities like never before in the history of the U.S..

The ranks of the properly insured grow smaller everyday.Why? Because the idea of what being properly insured is has not advanced in the last two generations and the wealthy are the only ones truly taking advantage of the great opportunity to advance the family legacy through the proper use of insurance.

Being properly insured means being able to totally replace your yearly income for the full time your family will need it. How long do you suppose your children and/or your spouse will NEED your income? Depending on the commitments you have made and the plans your family has that could mean 25 to 50 years. 30 plans for houses, 5 year plans for cars and 20 plans for credit cards. Do you have a plan that will pay for that long? Do you have total income replacement insurance that you personally own? If not, you are leaving your entire family in peril everyday because you refuse to totally cover the risk.

A recent survey was done amongst six figure earning parents and they were asked how much life insurance protection they had. The number than had over $500,000.00 was less than 5%. The number the that had none was over 20%.The number that would have none if they loss or changed their job was over 40%. This is an epidemic problem. Can your family lose over $100,000.00 of income and still operate at a level?

How to replace Income

$500,000.00 can only replace about $20,000.00 in income long term because you can’t really get more than a 4% guaranteed return in any stable financial instrument. That means to replace $100,000.00 you need about $2.5 million in life insurance. Put in the proper instrument it will pay $100,000.00 per year forever. It will pay your spouse, your children, and your childrens’ children, etc.. Learning how to do this properly and for as little cost as possible is an art.

BTW, If you have coverage on your job you need to purchase proper coverage like you have no coverage at all because if you lose or leave your job that is exactly what you will have only you will be older than you are now and the coverage will cost much more. Don’t fall into the trap that gets so many Americans. There are so many Americans looking for proper coverage that they are simply to old or too sick to qualify for. Insurance favors the young and the healthy and time is not on your side.

The structure of a proper income replacement plan is key. If you don’t have a plan that will replace your income for the next 50 years minimum then call me so I can help you put together great options. Having no plan is a plan to fail and today’s parents are failing their children everyday by only considering the possibilities if everything remains perfect. Nothing ever goes perfectly. Plan for the worst and hope for the best and you will never have any regrets. By law you can not drive a car or own a  home without proper coverage. Why can you be a parents without proper coverage. So much is riding on YOU!

Call me at 410-908-5987 to schedule a free 15 minute consultation.

Wishing you Wealth Wellness and Wisdom

Mark

Manager of Wealth

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Is Occupy Wall Street the Beginning of 21st Century Civil Rights?

People have taken to the streets because something is really wrong in America and they want change. What type of change they want and from whom is unclear at this moment, but Action is always a good start.

Is Occupy Wall Street the beginning of a 21st century civil rights movement? My answer is Possibly with a smile. I smile because although we have revised history to make ourselves the most moral people on the planet earth, the truth remains that we are far from completing the goals of the 20th century’s Civil Rights Movement. The truth is America ALWAYS takes a very long time to do the right thing. And lots of people get hurt in the meantime.

We are the country that wiped out most of the native people who were here before us, kept slavery in effect for 4 centurys, called the country free in 1776 but didn’t allow women to vote until 1920. Of course we didn’t have a Voting Rights Act until 1965. It took until 2011 for Gay Rights in the military. And yes we used to have children working in coal mines because our child labor laws were terrible for the first few hundred years. I could mention so many things that are basic human rights in the country that took way too long to come to pass but you get the point. We can see injustice and keep going along with it better than anyone on the planet but once we decide to do the right thing we want the world to adopt that view and we condemn anyone who is not so enlightened as America.

Occupy Wall Street can build itself into one of the great movements.  At its center is the idea that people should have a fair chance in life and not have to worry that the banks and other financial institutions are stealing their futures. It is a great idea that is taking shape but it will take time and those in power will not go quietly.

More importantly those that lead and support Occupy Wall Street should know that they will not be supported in word nor deed by the majority of people who will be helped by their efforts. 

The leaders of Occupy Wall Street should be prepared for lots of criticism from the very people they seek to help. Just as Martin Luther King and the civil rights workers did. Just as the women from the womens rights struggle did. Just as the first abolitionist did. They may live and die with high disapproval ratings like King only to one day be remade into champions of all Americans.

Power concedes nothing.  This system was not undone by credit default swaps and bad banking. It was doomed with passage of the Retirement Act of 1978 that created the IRA, 401K, thrift savings plan, and 403B. At that moment all of America’s workers became stock market gamblers with no real experience. That moment brought us here because America’s life savings flooded the market and created faux wealth of every type. That is what we must undo.

Slay that dragon and maybe we have a chance to survive. If we keep that system alive and keep training advisors the way we do now with the greatest compensation going to the plans with the highest risk we can not recover.

Will a 21st century civil rights save the people? I have no idea but we should do right because right is the right thing to do.

Will we recover? Yes we will recover, but perhaps not in your life time because in America we take a long long long time to do the right thing.

Wealth Wellness and Wisdom

Mark Fuller

Manager of Wealth

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