“Death is liberating only if one has planned for it. But I think no one truly does, except for a few people with suicidal inclinations, or perhaps, deeply content wandering ascetics. For most of us mortals, life insurance is the one thing that gives us the reassurance of planning well for the event of our death.”
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Abhaidev,
The Influencer: Speed Must Have a Limit
“My Future SelfMy future self and I become closer and closer as time goes by. I must admit that I neglected and ignored her until she punched me in the gut, grabbed me by the hair and turned my b-tt around to introduce herself.Well, at least that’s what it felt like every time I left the convalescent hospital after doing skills training for a certification I needed to help me start my residential care business. I was going to be providing specialized, 24/7 residential care and supervising direct care staff for non-verbal, non-ambulatory adult men in diapers! I ran to the Red Cross and took the certified nurse a-sistant class so I would at least know something about the job I would soon be hiring people to do and to make sure my clients received the best care.The training facility was a Medicaid hospital. I would drive home in tears after seeing what happens when people are not able to afford long-term medical care and the government has to provide that care. But it was seeing all the “young” patients that brought me to tears.And I had thought that only the elderly lived like this in convalescent hospitals….I am fortunate to have good health but this experience showed me that there is the unexpected.So I drove home each day in tears, promising God out loud, over and over again, that I would take care of my health and take care of my finances. That is how I met my future self. She was like, don’t let this be us girlfriend and stop crying!But, according to studies, we humans have a hard time empathizing with our future selves. Could you even imagine your 30 or 40 year old self when you were in elementary or even high school? It’s like picturing a stranger.This difficulty explains why some people tend to favor short-term or immediate gratification over long-term planning and savings.Take time to picture the life you want to live in 5 years, 10 years, and 40 years, and create an emotional connection to your future self. Visualize the things you enjoy doing now, and think of retirement saving and planning as a way to continue doing those things and even more.However, research shows that people who interacted with their future selves were more willing to improve savings. Just hit me over the head, why don’t you!I do understand that some people can’t even pay attention or aren’t even interested in putting money away for their financial future because they have so much going on and so little to work with that they feel like they can’t even listen to or have a conversation about money.But there are things you’re doing that are not helping your financial position and could be trouble. You could be moving in the wrong direction.The goal is to get out of debt, increase your collateral capacity, use your own money in the most efficient manner and make financial decisions that will move you forward instead of backwards.Also make sure you are getting answers specific to your financial situation instead of blindly guessing! Contact us. We will be happy to help!”
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Annette Wise
“Smart S-xy Money is About Your MoneyAs an accomplished entrepreneur with a history that spans more than fourteen years, Annette Wise is constantly looking for ways to give back to her community. Using enterprising efforts, she qualified for $125,000 in startup funding to develop a specialized residential facility that allows developmentally disabled adults to live in the community after almost a lifetime of living in a state institution.In doing so, she has provided steady employment in her community for the last thirteen years. After dedicating years to her residential facility, Annette began to see clearly the difficulty business owners face in planning for retirement successfully.Searching high and low to find answers, she took control of financial uncertainty and in less than 2 years, she became a Full Life Agent, licensed Registered Representative, Investment Advisor Representative and Limited Principal.Her focus is on building an extensive list of clients that depend on her for smart retirement guidance, thorough college planning, detailed business continuation, and business exit strategies.Clients have come to rely on Annette for insight on tax advantaged savings and retirement options.Annette’s primary goal is to help her clients understand more than just concepts, but to easily understand how money works, the consequences of their decisions and how they work in conjunction with their desires and goal.Ever the curious soul who is always up for a challenge, Annette is routinely resourceful at finding sensible means to a sometimes-challenging end. She believes in infinite possibilities as well as in sharing her knowledge with others. She is the go-to source for “Smart Wealth Solutions.”Among Annette’s proudest accomplishments are her two wonderful sons, Michael III and Matthew. As a single mom, they have been her inspiration and joy. She is forever grateful to the greatest brothers in the world- Andrew and Anthony Wise, for a-sistance in grooming them into amazing young men.”
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Annette Wise
“Collateral Capacity or Net Worth?If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the a-surance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, a-sets that you can’t touch or can’t convert easily to cash, will do you little good.Three things affect your collateral capacity:① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some a-sets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding.Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.”
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Annette Wise
“You can get over a million dollars worth of life insurance in case you die, but only eight to ten bucks and hour to live”
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Stanley Victor Paskavich,
Stantasyland: Stantasyland: Quips, Quotes & Quandaries
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New advisory by GSTN: GST E-Way Bill rules changed; Buyers’ input tax credit is at risk if seller does not follow these new rules
