In 1935, Cret designed the Seal of the Board of Governors of the Federal Reserve System. (Photo credit: Wikipedia)
My layoff has ended; however here is the most important quote of the day, as I see it.
” A growing number of Republicans appear to have convinced themselves that defaulting isn’t actually that big of a deal,” Source , Slate.com
I must make it clear: I am nonpartisan and I am not taking sides on the issue. But the truth is that a U.S. financial default has never happened in the history of the U.S.
I do know one thing when it comes to the micro economics (personal finance) point of view: it is never good to tell your bank, or anyone you owe money to that you can’t pay them this week. There are only three options and they are not good for the debtor:
1. You will have to choose among your creditors which one you will pay and which not.
2. You will pay only the most important debt, because not all debt is equal.
If the United States becomes delinquent on its Treasury debt it is not only wrong but it is deceitful. This is not about not having money to pay but about a bipartisan domestic argument. I truly doubt the debt ceiling will not be raised. As you may know by now Janet Yellen was nominated as the next chair of the Federal Reserve, She will be the first female in U.S. history.
Government Shutdown Averted, The New York Times vending machine, New York City, New York, United States of America (Photo credit: Pranav Bhatt)
Government Shutdown– Day 8- CNN: “President Obama called Speaker Boehner offering to negotiate an end to the shutdown. The president said he is willing to negotiate, but only “after the threat of government shutdown and default have been removed.” In other words, nothing’s changed.”
Well, for me things have changed. I was recalled to my office along with all other Criminal Investigators in the agency. I may keep reporting on the shutdown, I’m not sure. The house passed HR 89 to retro pay all furloughed employees; let’s see how that progresses. I have not worked on my book today, but here is an excerpt:
“If you are like me, you may have invested a lot of time and money learning how to craft your calling. You learn how to control situations and survive in dangerous situations. As law enforcement professionals, you make every effort to win and make sure that you go home at the end of every shift. You train well and even pay for training provided by the best in our law enforcement community. You learn the laws applicable for the job, You practice your officer survival systems and you become proficient with the weapons of your trade. While you work so hard at becoming the best law enforcement officer possible you neglect other aspects of your lives. “
Shutdown news (as I see it)- The first weekend went by uneventful. The House, Senate, and the Obama Administration are dead locked in negotiating; Only if they get everything they want. President Obama says he would consider some concessions on Obama Care. So, lets see what happens this week.
Personally things went as normal as can be this weekend. Today , Day 7, I took kids to school, went to the gym, and continued working on my book, here is and excerpt:
most people ignore these simple strategies. However, it is said that you should have saved at least three to six months of your monthly expenses as an emergency fund. The majority of people do not have at least $1,000 in liquid savings. The Brookings Institute, in a recent paper called, “Financially Fragile Households: Evidence and Implications” indicates an alarming inability among U.S. families to deal with ordinary financial emergencies, such as a major car repair. The Brookings Institute found that nearly half of those surveyed answered that they could “probably or certainly not” figure out a way to find $2,000 in case of a financial emergency. Only one-fourth with middle to lower income said they definitely could find a way to make the payment. Surprisingly, nearly one quarter of those with $100k-$150k household income reported they wouldn’t be able to find $2,000. According to the Brookings Institute, those who believed they could come up with the money to cover a financial emergency would use a combination of relying on family and friends, using alternative credit, increasing their work hours, working part-time, using savings, and selling personal belongings.
NOTE: My layoff may end by midnight and I should back to work in the morning. If happens there will be on final post on this subject.
Today is Friday and the first weekend laid off . I do not think I will keep track of lay off days during the weekends. Today I worked on my book Potential Millionaire LE edition. Here is an excerpt from the book:
“…Author Ron Blue in his book, “The Debt Squeeze” says that there is a misunderstanding and many inconsistencies between our money management and what the Bible tells us. Blue explains that churches employ professionals to raise money to make improvements and provide better services to its members. Blue argues that one of the major misunderstandings regarding debt is that having or being in debt is not a sin, but many believe that it is because in Romans 13:8 the verse says: “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law” (N.V.I.)…”
I went to lunch with Jay (wife), shared the love, and ran some errands checking some other relative’s property that is for sale. I am enjoying being home when the kids come home. I think they are surprised that I am home. I can get use to this. 😉
If you feel the debt squeeze, get some love. Remember we all have Potencial Millonario.
Layoff – Day 3- If you own a home you know property taxes are due between October 1 and December 30. So, I paid taxes on my local properties. I do not recommend you do this unless you are sure when your next check will arrive. Just pay it before due date. I hope you budgeted for your tax payments. I went to the gym and I hurt. Then I went home looked at the news for the U.S. Capitol shoting incident and cooked. My kids and wife claimed dinner was burnt . Not bad for day 3.
Day 1- went well. worked on my book (Potential Millionaire) and on the this blog. It appears there will be a day 2 also with no pay. Today, Interesting.
Jack Canfield was featured the the Movie “The Secret” is originator of the Chicken Soup for the Soul® series, he’s personally taught millions of people. Here is his audio book “The Success Principal.” Jack reads is great book.
The audio is about one hour running time. I hope you get as much out of it as I have. Thank you Jack.
Jack Canfield who was featured in the movie “The Secret,” is the originator of the Chicken Soup for the Soul® series. He’s personally taught millions of people. Here is his audio book, “The Success Principal.” Jack reads his great book. The audio is about one hour running time. I hope you get as much out of it as I have.
I am currently on my way to completing my newest book, Potential Millionaire (English Law Enforcement edition) and in the book I explain several reasons why we should have life insurance. However, I do not limit the conversation to only life insurance. I write about long and short-term disability and how having accidental-death and life insurance can solve potential problems when there is an unexpected death. Not only will you provide for those you leave behind, such as your spouse and kids, but you will enable them to pay debts like the mortgage and tuition. If you have insurance, they will not be forced out of your home if your income disappears due to death. Imagine if your significant other passed away and you are left with small children. Do you have an idea about how much it would cost for you to keep your current life-style?
I am an advocate for insurance; however, I do not believe you should over insure yourself. You should have appropriate insurance for your personal circumstances. Combining investments with insurance has its place, but I think it seldom works to you advantage. To buy appropriate insurance there are many factors that should be considered, such as what stage of life are in at the time of purchase. When possible, life insurance should be revisited to determine if you have too much or to little insurance. There is a rule of thumb out there that says to buy eight to ten times your salary. That would be fine if you needed that much. If you are in retirement and have done well for yourself, are you at a point where you are self-insured and do not need life insurance? If you are an only child with no heirs, do you need all that insurance? Life insurance may be useful in your estate planning or to leave a legacy of sorts.
I have a will and a power of attorney in case I become incapacitated. I have no debt and have reached financial freedom. I do have a job that I love and life insurance is a part of my financial planning.
Below are some facts obtained from insurance websites for you to consider. Remember we all have Potencial Millonario.
Best regards,
Felix A. Montelara
Author: Potencial Millonario
Author: Potencial Millonario
Consider these facts:
FACT: Thirty percent of U.S. households have no life insurance at all; only 44 percent have individual life insurance.
FACT: Fifty percent of U.S. households (58 million) say they need more life insurance.
FACT: Consumers who believe they need life insurance, 86 percent haven’t bought it because they think it is too expensive.
FACT: Among households saying they are likely to buy life insurance in the next 12 months, 35 percent say the reason they have not yet bought more life insurance is because no one has approached them about it!
Do you know what the most important factor is for people considering purchasing life insurance?
According to a 2013 Barometer Study, getting the proper amount of coverage and understanding what they are buying were the two biggest factors when consumers were asked this question.
