The Insurance Doctor

Month: April 2017

  • 6 London Attractions to See on a Budget

    6 London Attractions to See on a Budget

    6 great attractions in London on a budget

    After a ten day visit, I can say that London is a fantastic place to visit however it can burn a hole in your wallet or purse. Today’s exchange rate is about $1.50 US dollars for every 1 pound (Lb).

    Check out these 6 FREE must see options below:

    1. The British Museum: Ranked #15 of top 25 places to visit in the “world” in lonely planet’s august 2015 survey. It’s 1 of only 2 museums listed (the other is in Australia). This massive museum houses priceless artifacts from all 7 continents. It’s set up by country and subdivided by era. It’s also free! Was so nice I went twice. They suggest a 5-pound donation however not mandatory.

    The Borough Market, London
    The Borough Market, London

    2. Borough Market: A hidden gem located walking distance from London Bridge. Words don’t describe how interesting it is (see my FB pictures). Before 5 pm the market is loaded with tasty treats. Some of the best cheeses I’ve ever had. After 5 pm it’s filled with locals getting out of work.

    3. Tate Modern Museum: an art gallery with pieces (Picasso’s and Warhol’s) mostly from 1900-present and is 1 of 4 Tate galleries in the UK. There’s a great balcony for pictures of the Thames river and St. Paul’s. It’s located a short walk over the millennium bridge across from St. Paul’s cathedral. It’s about 75% free as there’s one floor with current exhibits that they charge for. Also, check out the lounge area with couches the unique activities for the kids. They can draw and be creative and see their drawings projected onto the wall. A 4-pound donation suggested not mandatory.

    4. Camden town: Reminds me of our Greenwich village in Manhattan. Cool hipster edgy area with interesting vintage clothing shopping and people watching. Go to their Camden market which used to be horse stables that were converted into many little unique booths. Great place to find the same goods as centre city London for less than half the price. For you shopaholics (you know who you are, lol) also visit Harrods department store. It takes Saks 5th avenue to a whole new level.

    5. The National Gallery: This gallery has one of the best collections of paintings in the world. Read the captions as I was interested to see some of the pieces were given to the gallery in lieu of paying estate (inheritance) taxes. It’s located in Trafalgar square which is a really fun place to just walk around. The architecture is breathtaking!

    6. London Rock Tour: This is a bonus tidbit although it’s not free. There are two different mini-bus tours 9-1 and 2-6 that cost about $50 each. They are run by a former band promoter named Bob. Go to Abbey road and abbey road studios. See Paul McCartney’s house, the Rolling Stones sticky fingers restaurant and get great stories of these British bands on their way up.

    Contact Rob here for your free financial review today

  • 5 Planning Issues for Same-Sex Couples

    5 Planning Issues for Same-Sex Couples

    Five Planning Issues Same-Sex Couples Should Discuss

    All couples in long-term relationships should discuss finances however gay and lesbian couples need to even more because of unclear and ever-changing rules.

    1. What is our current situation? Partners need to get on the same page as to their debt, how much and to whom do they owe money. How much do you spend and how much do they save?same sex couples, financial planning
    2. What does retirement look like? Both partners should go to socialsecurity.gov to see what type of benefits are available to them and based on ages when to elect income benefits to start.
    3. Should we get married? This is a critical decision. First take a look at wages earned. If both are high wage earners then they would be paying more taxes by remaining unmarried. Also if one partner has a college-bound student remaining unmarried is the better choice as the FAFSA (Free Application for Federal Student Aid) would only include one person’s wages.
    4. What happens to assets when we die? A will, power of attorney and health care proxy are recommended to give clear directives on the wishes of each partner. If unmarried with no will etc, the states laws of intestacy come into play and odds are a blood relative will inherit the estate.
    5. What happens if we break up? Unmarried same-sex couples in it for the long haul may want to draft a cohabitation agreement. Divorce actually provides an orderly system with protections that unmarried same-sex couples cannot take advantage of.Contact Rob here today for a free financial consultation today
  • 7 Smart Money Marriage Tips

    7 Smart Money Marriage Tips

    You just got married, but you may not have realized that your money did as well. One of you is a spender and one is a saver! How in the world will you make it work? Especially now that many people are getting married in their 30’s and 40’s for the first time, what should you be doing money wise? Here are 7 tips on money strategies for your new marriage.

    1. Create Separate Accounts And One Joint Account:

    To mingle or not to mingle your money is one of the most important decisions the two of you need to make regarding your finances. Having your own money that you can spend however you want can lessen arguments about money. We disagree that having separate joint accounts lessens the sense of unity in marriage and shows a lack of trust in one another.insurance, New York, financial planning

    2. Track How You Are Spending Money:

    Tracking your spending is not a way to point fingers at one another as to who is spending what. Tracking your spending is not having someone looking over your shoulder every time you buy something. Tracking your spending is critical to being financially secure. Unless you know where your money is going, it is impossible to set up a budget and set financial goals you are both comfortable with.

    3. Discuss Finances Together On A Regular Basis:

    Sure, talking about money isn’t easy because money can symbolize different things to each partner. One may view money as security and the other as power. If the topic of debt, bills, savings, and goals makes one or both of you uncomfortable or defensive, seek the help of a financial counselor or planner. It is important that both of you know where you stand financially and have common financial goals.

    4. Save 10% of Your Income:

    Couples living month-to-month often rationalize that they just don’t have enough money to save. Make the decision to save at least 10% of your income. After saving enough cash as an emergency fund, invest in a retirement account. The earlier the two of you start saving money for your retirement years, the easier it will be have a retirement lifestyle that you both hope for.

    5. Handle Debt As A Couple:

    Make a plan to pay off existing debt. Drawing a line in the sand and saying that your spouse’s debt isn’t your problem is not going to work because even if the debt existed before you married, your credit rating can be negatively impacted as well as the bottom line of how much money the two of you are paying monthly in interest charges.

    6. Decide On The Bill Paying Strategy:

    Maybe you had a house and your partner had one as well. You were both used to paying your own bills. Now that you are living together and your bills are combined, get clear as a couple on who will pay what bill and which bank account the money is going to come out of each month. This will absolutely
    reduce friction in your relationship over time by having clear expectations.

    7. Don’t Keep Big Financial Secrets:

    Not being honest about the cost of large financial purchases or keeping debts hidden is considered financial infidelity by many people. Such secrets can destroy your marriage.

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