The Insurance Doctor

Category: budget

  • Chocolate Prices Are Skyrocketing!

    Chocolate Prices Are Skyrocketing!

    I’m wishing a belated Happy Easter to ALL Financial Wave readers who celebrate!  Did you happen to notice the prices of those Easter bunnies, eggs, and baskets? 

    I consider myself a “Chocoholic!”  Indulging in a piece of chocolate has long been a source of comfort and delight for humans all around the world.  Recently, that pleasure has come with a bitter aftertaste as chocolate prices continue to soar to unprecedented heights.  

    A recent report from the Wall Street Journal noted that the price of cocoa (the main ingredient used to produce chocolate) has risen 123% in the first quarter of 2024!  In fact, since the year 2000, the cocoa price per metric ton has increased from $850 to $9900.

    Most of the world’s cocoa is produced in West Africa.  Ghana and the Ivory Coast account for 2/3rds of the harvested cocoa beans in the world!  Cacau trees can live for up to 100 years; however, they only produce cocoa for their first 20 years of life.

    The primary reasons for the skyrocketing prices of chocolate are:

    1. Climate Change:  Either droughts or heavy rains and too much sun in West Africa have adversely affected production.
    2. Aging Trees: As mentioned, cacao trees only produce cocoa for their first 20 years of life and many of their trees are now older.
    3. Pests and Disease: Pests and diseases like “Frosty Pod” and “Black Pod” continue to ravage the cacao trees further, diminishing harvests and causing a 22-year low in cocoa production supply.
    4. Global Supply Chain Disruptions:  The COVID-19 pandemic caused lockdowns, restrictions, and labor shortages and have all contributed to hindering the transportation and processing of cocoa.

    These issues put small businesses, chocolatiers, and confectionary companies in a difficult position, as they must balance quality with affordability amidst escalating prices.  Many are forced to reconsider recipes, portion sizes and marketing strategies to adapt to the rapidly changing market dynamics.

    Some ways to save money on chocolate include:

    1. Stock up on chocolate AFTER holidays:  Chocolate prices get discounted after holidays, including Valentine’s Day, Easter, and Thanksgiving.
    2. Buy in Bulk:  The larger the bar the less you pay per gram.  Also, chocolate can and will stay fresh longer if kept in Tupperware or your microwave oven, both of which are airtight.
    3. Eat Less: I took a chocolate-eating class a few years ago at Aigner Chocolates (my favorite) given by a health coach.  She explained the proper way to eat chocolate is to take a small piece and let it melt at the top of your mouth instead of chewing it.
    4. Opt for Store Brands: Store-brand chocolates are typically less expensive than big-name brands and often still offer good quality.
    5. Check online:  Look for sales and online coupons as sellers often have lower prices than brick-and-mortar stores.
    6. Kick the Habit:  If all else fails, consider not eating chocolate and substituting something else for your sweet tooth.
  • 7 Mother’s Day Tips to Save Money!

    7 Mother’s Day Tips to Save Money!

    Mother’s Day has snuck up on us and is this weekend.  If you think about it, none of us would be here without our Mothers!  Surprisingly, few people ask their Mothers what they actually want for Mother’s Day!  This would be a good question for “The Family Feud Show!” 

    A recent survey was done by www.mommypoppins.com asking Mothers what they REALLY want for Mother’s Day:

    1. Alone Time
    2. A Clean House (without asking or nagging)
    3. Spa Time and Pampering
    4. Food
    5. Sleep

    This is the one day that the woman who often puts herself last is first on the list for millions this Sunday!  For those who are tight on funds this Mother’s Day, here are a few smart money moves to save a few dollars and still do great things for Mom:

    1. Search the Internet for a Less Expensive Deal: If flowers are her thing, almost every website that sells flowers are running coupon codes for saving money.  If you cannot shop locally, for example, www.ProFlowers.com is offering flowers on sale and 15 American Airline Miles for every $1 spent.
    2. Go For a Day at The Movies: It is still fun to go to see a show and matinees are usually half prices.  There are often restaurants, such as Cheeburger Cheeburger near movie theaters, that offer a dinner and movie ticket package at a discount. 
    3. Do ALL the Chores:  As you can see in the survey above, doing the chores ranks #2.  Although not so much fun for you, one way to save $$$ and have a happy Mother is to do ALL the chores to free her up to have fun on her special day!
    4. Do Something Creative and/or Artsy:  Most moms will appreciate something special created just for them.  Whether it is a creative and cool card, collage, or getting a special picture frame, it has a special meaning when coming from your heart 😊!
    5. Breakfast in Bed: If you have never done this, give it a try.  They say the most important meal of the day is breakfast.  Let Mom sleep in and serve her a fabulous breakfast in bed to start the day off right.
    6. Move the Day:  There are many people who work on weekends and cannot see Mom this Sunday.  Moving celebration dates have been the norm during Covid-19 and are much more acceptable.  Moving her special day to Tuesday or Wednesday can save you between 50%-70% on chocolates and 25%-50% on flowers.
    7. Hit the Clearance Section Button:  If clothes are her thing, try going to her favorite store’s online website and clicking on the clearance section, usually on the far-right hand side of the website.

    The most important thing is to do something to acknowledge your Mother, Wife or Grandmother on Mother’s Day!  It is about making this day different and special!  Let me know how it goes!

    I would like to wish my Mother, Sharon Rose Meade Intelisano, the happiest of Mother’s Days.  I Love You Very Much!

  • 7 Money-Saving Tips at the Gas Pump!

    7 Money-Saving Tips at the Gas Pump!

    Due to a combination of events including Covid-19, the Suez Canal 2021 container ship backlog, and the current Russian invasion of Ukraine, there are gas supply-side issues that are driving up prices.  At one point, the U.S. was producing enough gas domestically to not have to import any gas from overseas. These are some reasons why we are in economic turmoil today! 

    During the past three months, we hit 40-year highs for inflation over a 12-month period.  From February of 2021 through February of 2022 the inflation rate was 7.9%. 

    What does this all mean?  To examine the rise in the annual inflation rate, we must first go back and examine the recent past.  Look at the annual inflation chart since 2017 below:

    Calendar Year                      Annual Inflation rate

    2017                                       2.1%

    2018                                       1.9%

    2019                                       2.3%

    2020                                       1.4%

    2021                                       4.7%

    2022                                       9.0?

    From February 2020 through February 2021, the overall inflation rate has been 7.9%.  Inflation is felt across our economy, starting at the supermarket as food prices have gone up by 8.6%.

    These days, pulling up to the gas pump is somewhat of an adventure and a major topic of conversation.  The cost of gasoline has gone up 38% since last February 2021.  There are significant ripple effects of these gas prices, as over 70% of our goods and services are trucked across the country. 

    Have you recently taken a cab ride from one of the airports?  Drivers from yellow cabs, Uber, and Lyft for the most part, use their own money to gas up their vehicles.  There are not enough vehicle charging stations (yet) available for cabs currently, so they must rely on gas-powered vehicles.  In order to earn a living, they must pass on the majority of their gas price increases to their ridership!

    As of this writing, California has the most expensive gas in the country.  Their average cost is $5.57 per gallon, the only state with an average cost of over $5.  More than one friend of mine texted me a photo of a Shell station in Los Angeles charging $6.99 per gallon of regular gas!  The states with the least expensive gas are Kansas and Oklahoma, both averaging $3.79 a gallon. 

    Unless the “Keystone Pipeline” project gets reawakened, I don’t see this issue subsiding anytime soon.  Windmill power is being developed and many years away, so me must reply on gas.  Gas prices can vary as much as 10-15 cents a gallon even a few blocks or miles away.  The savings add up over time!

    Heed My 7 Tips to Save Money at the Gas Pump:

    1. Wholesale Clubs: Members of wholesale clubs such as Costco, Sam’s Club and Krogers receive member discounts on gas!
    2. Pay with Cash:  There is a saying, “Cash is King!”  You can usually save between 5-10 cents a gallon when you pay in cash.  If you have a big truck or SUV, this adds up quickly.
    3. Loyalty Programs and Gas Cards: Nearly all gas stations have some type of loyalty program.  Most of us are creatures of habit and fill up at the same station or two.  Sign up at the stations you most often frequent or consider changing stations.
    4. Investigate Your Credit Card Rewards: Check to see if your credit card company has any deals on gas purchases, even if only in the short term.
    5. Time it Just Right: According to GasBuddy, the best day to save at the pump is Monday, the day that has the lowest gas prices in most of the country.  Do NOT fill up if you see the gas delivery truck leaving the station!  There are air bubbles that can temporarily negatively affect the gas quality until they have time to settle.
    6. Smart Phone Apps:  Downloading apps, such as GasBuddy, Gas Guru and the AAA mobile app, can be helpful, especially when traveling.  Also consider downloading CityMapper (a fluorescent green icon) which gives you the time it takes to get to your desired location by train, bus, citi bike or walking and it shows the estimated calories you will burn by doing so.
    7. Check the Internet:  Before embarking on a road trip, you can check in advance online where the cheapest gas is.  For example, www.NY1.com/gas is one site you can check in advance of road travel.

    Spring is officially here this Sunday and there will be more cars on the road.  The bottom line is, a little bit of reconnaissance can save lots of $$$$!  Let me know how it goes at Rob@InsuranceDoctor.us.

  • Autumn Money Saving Tips

    Autumn Money Saving Tips

    Now that the fall is here, it is a good time to tighten up your budget before the holiday spending splurge!  Christmas and Hanukah shopping can get out of hand if you let it.  Heed these money-saving tips to avoid overspending:

    1. Consider Installing LED or CFL Lights Where Possible: New lighting technology has come a long way the past decade.  LED (Light Emitting Diode) lights can last for years without replacing them.  Although it costs more now, you will save big money going forward.  You can save about $45 per year for every 4-5 bulbs you replace.  You can replace a room or 2 at a time and enjoy the savings!  CFL (Compact Fluorescent Lamps) are a less expensive option that are more energy-efficient than traditional incandescent bulbs.
    2. Try to Quit Smoking:  I know this is a tough one; however, now that the summer barbeque (and drinking) season is over, now is time to take care of business!  A pack of cigarettes per day habit costs over $2,000/year!
    3. Buy Offseason Gifts:  If you see something offseason on sale you know would make a great gift for someone, buy it and keep it in a gift drawer or closet for future use.  You will be glad you did when the holidays arrive, and you have a head start.  There will be product shortages during the holiday season.  You will be 1 step ahead!
    4. Cancel Unused Subscriptions:  Go through your credit card expenditures and checkbook and see where you can cut expenses.  Whether it is a hardcopy newspaper, unread magazines that are piling up, or excess television channels, now is a good time to “Trim the Fat!”
    5. Make a Grocery List BEFORE Shopping: Did you ever go grocery shopping when hungry (or “Hangry) and wind up with much more than you had planned on buying?  Try making a list and eating a full meal before heading to the supermarket.
    6. Buy in Bulk: One of the easiest ways to start saving money is to buy in bulk!  Stores such as Costco, BJ’s and Sam’s Club are a good place to start.  Items that have a long shelf life like paper goods, cleansers and detergents can be bought in bulk.  Families can also alternate shopping runs and share the savings.
    7. Use Government Rebates to Get Solar Panels:  There are new 2021 rebates that can save thousands of dollars (depending on what zip code) of discounts to get solar panels installed in your home.  Sometimes, it can be FREE!  There are many companies that specialize in solar.  They can visit your home, and depending on the slope and measurements of your roof, you may qualify for a FREE or deeply discounted installation.
    8. Brew Your Coffee at Home: This is a good time to make a switch to less expensive coffee and home brewing.  Coffee is usually less expensive at supermarkets and specialty stores, such as Home Goods.  An average cost of a Starbuck’s coffee in New York is about $4.50-$5.00.  The average cost to brew at home is 30 cents per cup.  If you do the math, 2 cups per day (5 days/week) of Starbucks is about $2,500/year.  That is your IRA (Individual Retirement Account) money for the year!
    9. Look for Veteran and Senior Discounts:  These discounts can add up.  All active Military and Veterans are eligible for a 10% discount at Lowe’s!
    10. Add an Extension to Your Computer if you Use Chrome:  There are several extensions (you only need to choose 1) you can add to your chrome browser.  I prefer using “Honey.” These extensions will automatically search for better deals before you pay for your online purchases.

    Saving money is not difficult as it is more about changing habits.  This can be done in baby steps, and you will be amazed at how much you can save.  An old adage, “a dollar saved is a dollar earned” is an understatement, because it is after-tax money.  If you are in the 20% tax bracket, a dollar saved is equivalent to a $1.20 earned.  Try these tips and let me know how you are doing!

  • Back to School $$$ Saving Tips

    Back to School $$$ Saving Tips

    As we begin the 2021-2022 school year during what I call, “The Covid-19 Era,” there is much uncertainty and trepidation.  Some schools commenced last week, others will start this week or after Labor Day weekend.  Our Mayor says the school must be in person because “our children are safer in the classroom.” 

    Whether or not you agree with him, there is one thing that is a certainty,  our students will continue to be schooled and they will need school supplies this year and going forward. 

    Like many things, back to school shopping is a habit.  Some are efficient habits, and some should be broken.  I notice differences in shopping habits between men and women.  The evolution of the internet, Covid-19, and the closing of many malls and brick and mortar stores have forced a change in buying habits for many parents and grandparents.

    Regardless of your habits, there are always things to learn, new habits to form, and ways to save money on these annual expenses, which can add up.  Take a look at my top 8 money-saving tips and perhaps start a new habit:

    1. Make a List, Then Check the House First:  Go through closets, storage, and utility drawers first.  There is a possibility you might have items leftover from the last school year.
    2. Craft a Budget:  It is always a good idea to have a price-range limit that you are willing to spend.  Keep the list with you when you are shopping either on-line or in person.
    3. Consider Setting Up a Gift Closet or Large Draw: A client shared this tip with me as she showed me how she turned a little used hallway foyer closet into a gift closet.  She buys many offseason gifts early at a deep discount and has saved big $$$ over the years.
    4. Check Out the Dollar Store First:  Before going to the big on-line and mega-retailers, there is a chance your local dollar store will have the items you are looking for at a discount.  They often buy excess lots or last year’s leftovers in bulk at a big discount, and pass some of their savings on to you.
    5. Consider a Desktop, Laptop or Tablet: For on-line shopping, it is prudent to use the bigger screen to look at and compare prices.  In addition, although smart phones have many good apps, there are discount and coupon finding extensions that can be added to your computer (especially if you use google chrome) to save you major search time.  See Tip #6.
    6. Consider Adding the Honey Google Chrome Extension to Your Computer: On your laptop, desktop, I pad or other tablet, click www.JoinHoney.com and add the Free extension.  This extension (not for phones) automatically searches for the best prices (often less than Ebay and Amazon) and you are notified immediately before “check-out!”  There are other extensions (such as Capital-One) that you can use, although some are better than others.
    7. If You Use Amazon, Consider Camel, Camel, Camel:  The big four (Amazon, Walmart, Target and Ebay) account for most internet sales.  If you are a loyal Amazon user, consider Camel, Camel, Camel. (CCC) Camel is an Amazon price tracker.  Find the product you are interested in buying, then cut and paste the URL into CCC to look up the item’s price history and/or add it to your price watch list.  If this is too complicated, go back to #6!
    8. Consider Holding Off Buying Trendier Gear:  It is advantageous to wait a few weeks after school starts to see what are the “in” styles.  Sometimes kids are wrong, so it is better to wait instead of trying to anticipate the hip new clothes and sneakers.

    Heed these 8 tips and watch your savings start to add up.  It has been a tough run for our grade-school and young adult students (due to no fault of their own).  I wish you and your families a safe and productive school year!

  • Lucky-7 Tips 2 Save $$$ in 2021!

    Lucky-7 Tips 2 Save $$$ in 2021!

    By the time you read this, we will thankfully have waived “good riddance” to 2020! Wishing you and your family a Happy, Healthy, and Prosperous 2021!

    Covid-19 has created many behavioral shifts in the year 2020! Some behavioral shifts are temporary, and some could be here to stay. One of those shifts has been toward internet shopping for holidays, tangible gifts, and sometimes large purchases we previously bought at the “brick and mortar” store. Instead of touching, feeling, and trying on, we now click the mouse a few times and “voila,” the item appears. If you are an “Amazon Prime Member,” your purchase is received within 48-72 hours and with FREE Shipping.

    2021 could be another difficult year, especially with the uncertainty in the job market. There will always be the need to shop for gifts, seasonal purchases, and necessary items, so heeding these LUCKY 7 TIPS can go a long way to controlling your 2021 expenses:

    1.   Consider Buying Off-Season:  A little bit of internet price studying and patience can go a long way to spot pricing trends. New Year’s Sales are underway and many summer items are now on sale. 

    2.   Consider Setting Up a Gift Closet or Large Draw: A client shared this with me as she turned a little-used hallway closet into a gift closet, which saved her money many times throughout the years. She buys offseason gifts only on deep discount then decides later who gets what.

    3.   Camel, Camel, Camel: Amazon.com discounts by category.  Camel, Camel, Camel (CCC) is an Amazon price tracker. Find the product you are interested in buying, then cut and paste the URL into CCC to look up it’s price history and/or create a “watch-list” for that item.

    4.   PriceBlink: PriceBlink lets you know when the item you are viewing can be bought for a lower price elsewhere. After Amazon, online stores such as Walmart, Target and Ebay account for the majority of internet sales. PriceBlink searches over 11,000 merchants for lower prices, coupons, and FREE shipping.  Give it a try!

    5.   Download the Rakuten FREE App or Browser Extension: Rakuten (formerly EBATES) works like all cashback sites (like IBOTTA) by sharing the commission that they receive from retailers. You are paid every 3 months for purchases made during the spending-period, and you can get cashback bonuses for joining and shopping.

    6.   Consider Using Poshmark as an Alternative to Ebay: Poshmark, (founded in 2011), is a website where one can buy and sell new and used clothing, shoes and accessories. It is FREE to list an item for sale on Poshmark. After the item sells, Poshmark deducts a fee from the final order. For sales under $15, a flat rate of $2.95 and for sales above $15 the fee is 20%. On the higher-priced items, EBAY might be the better choice.

    7.   Add the Honey Google Chrome Extension to Your Computer: On your laptop, IPAD, or desktop click www.JoinHoney.com and add the FREE extension. This extension (not for mobile phones) automatically searches for the best prices (often less than Amazon and eBay) and notifies you immediately at checkout

    Since we are headed into the dog days of winter and quarantining is safer than going from store-to-store, these Lucky-7 online shopping Tips can save you big $$$ in 2021, albeit with a little patience. Give these Lucky 7 TIPS a try!

    To be added to our monthly email (which includes 3 articles) newsletter, email “ADD ME” as well as any feedback, questions, or financial topics you are interested in learning about to Rob@InsuranceDoctor.us.

    Be Positive, Test Negative, Happy New Year!!

  • 5 Financial Moves to Make Now During COVID-19

    You do not need me to tell you these are crazy times!  They will be talking about 2020 for many years to come.  Although the last 6 COVID-19 pandemic-months have been long; in a way, blink your eyes and it is already the 4th quarter of 2020.

                What does this mean financially?  There are MAJOR OPPORTUNITIES AVAILABLE for ALL American’s to set up a better financial future NOW! Some of these opportunities need to be taken advantage of NOW, and over the next 60 days, since many laws and what I call “Covid-19 Special Rules” will be changing “sun-setting” on 12/31/2020. 

                These times are unique as we are in an historically low interest rate environment with low tax rates and a stock market near record highs!  In 2020, a married couple “filing jointly” can earn $325,000 (combined) and only be in the 24% tax bracket.  Our current level of spending is unsustainable, and most experts agree that taxes will be raised!

    September 30th closed our “fiscal year,” and our federal debt exceeds $23.4 Trillion.  It is estimated that this could grow another $13 Trillion by 2028.  Tax rates will likely go up and we/you can stay a step ahead by strongly considering these 5 financial moves NOW!

    1. Refinance Your Debt: Whether it is a home mortgage, business loan, and/or a student loan, there has never been a better time to refinance.  If you or your children have any loans over 4%, consider refinancing now.  Yes, interest rates should stay low next year; however, banks want to close new deals now to boost their 2020 year-end revenues. 
    2. Take Some Profit Off the Table:  Some advisors call this “tax harvesting.”  Remember, gains are only “paper gains” until you sell, and they are sitting in cash.  If you have doubled your money in an account, why not reposition half in cash and let the rest ride “on the house” so to speak?  With the upcoming election on the horizon, choppy waters lie ahead.  Double-check this with your investment professional and CPA.
    3. Consider Doing A Roth IRA Conversion: If you convert all or a portion of your IRA to a “ROTH IRA” in 2020, you are permitted to spread out the current tax burden over the next 3 years, your choice as to what percentage to declare each year.  Many people have less income this year, so you would be paying less tax this year in a lower tax bracket in 2020.  What is a little more pain for a big long-term gain?
    4. Consider Buying Life Insurance Now:  Consider buying before premiums go up (due to Covid-19 death rates) as many life-insurance companies have filed for rate increases with the state.  The NEW life insurance policies have “chronic Illness” riders that function similar to long-term care policies, allowing policyholders to tap into their death benefit while living, to pay current “qualified” ongoing chronic health issues and bills.  They are called “living benefits” which most OLD policies do not have.  There are 2 companies in New York State that include these critical riders FOR FREE on inexpensive term insurance policies which can now run to age 80.  Current cash-value life policies can be “rolled-over” into a new life insurance policy.  This is called a 1035 exchange, similar to a 1031 exchange in real estate.
    5. Revisit Your IRA’s, Trusts & Estate Plans NOW!: There are people sitting on their IRA’s, 401K’s (which can be converted to a self-directed IRA) thinking that they will pass the IRA down to multiple generations just like their parents did. 

    THINK AGAIN!  Beginning in the 2020 tax year, The 2020 SECURE ACT (Setting Every Community Up for Retirement Enhancement Act) made some positive changes such as the ability to make IRA contributions after age 70.5 (if you are still earning income) and deferring RMD’s (required minimum distributions) to age 72. 

    The 2020 “Secure Act” has eliminated the “Stretch Ira” also known as “Super Ira” or “Inherited Ira.”  Spouses can inherit this money then their heirs MUST TAKE IT ALL OVER 10 YEARS!  These changes will cost children and grandchildren dearly.  It also makes it a better idea to consider taking the IRA money now (with low current tax rates) and buying life insurance which goes TAX-FREE and LUMP SUM to named beneficiaries while bypassing probate.

    These tax changes can also render existing “Trusts” obsolete, so they should ALL be reviewed.   In addition, ALL existing wills and beneficiaries should be updated.  If this is the first you are hearing about the SECURE Act, perhaps it is time to change advisors.

    Feel Free to reach out to me at Rob@InsuranceDoctor.us for more information and to be added to our e-newsletter and briefing email list.

    Stay Safe and KEEP THE FAITH!

  • Thinking Clearly in the Middle of Chaos

    Thinking Clearly in the Middle of Chaos

    You don’t need me to tell you that this country is upside down right now.  There has never been a more important time to think clearly and adapt to the current situation.  With 40 million unemployed and another 10 million not seeking work, many are in a “financial” survival mode.  One in three Americans have yet to receive their unemployment checks!  Most advisors suggest keeping an “emergency fund” of 6 months income.  Even for those who have heeded the advice, the six-month fund is dwindling as New York City has been slow to reopen.

    The way unemployment is structured, with the Federal Government adding $600/week in addition to the state unemployment benefits, can be a deterrent to employees returning to work.  In New York State, the maximum is $504/week plus the $600= $1,104/week.  This could represent a raise for many, so why go back to work when you can stay home and possibly earn more money?  New Jersey caps out at $681/week, Connecticut at $649.  Florida has the lowest cap at $275; however, they have no city or state income tax.  The highest cap is Massachusetts, which has a range of $769-$1,220 depending upon the eligibility.  These numbers don’t mesh well with the Paycheck Protection Program (The Triple P), because business owners have to spend the money now over the next 8 weeks when their employees refuse to return to work.

    The public knows this “generosity” won’t last forever, so many are tightening up on their spending.  If you’re on a salary, you can’t increase revenues, only decrease expenses.  Here are a few tips to reduce expenses:

    1. Whole Life Insurance: If you have a traditional dividend-paying life insurance policy (the older the better), consider changing your dividend option to “reduce premiums.”  For example, you have an old $50,000 policy, the premium is $1,000/year and your dividend is currently $600.  You can change the $600 dividend to “reduce the premium” and now you would only have to pay the $400 difference, saving you 60%.
    2. Auto Insurance: Since many are self-quarantining, auto insurers are reducing prices.  Some are giving credits.  It’s a good time to shop the auto insurance market.
    3. Life Insurance Settlements: During the Covid-19 pandemic, “Life Insurance Settlements” can be a lifeline for seniors who could be struggling financially, and who own a life insurance policy in danger of lapsing.  These policies can hold significant re-sale value.  We have been able to sell policies with zero cash value for 20%-30% of the death benefit.  It’s important for seniors to realize they can sell their policy for a lump-sum of cash, instead of having to continue to pay premiums. We have 23 Funders who bid against each other in an auction, which ensures our clients will get the maximum lump-sum offer.

    Feel free to reach out to me to continue these conversations at Rob@InsuranceDoctor.us or www.InsuranceDoctor.us and complete our simple contact e-form.

    Be Safe and Wash those Hands!

  • 5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    5 Tips to get “Free Money” from the $2-Trillion Stimulus Package

    On March 27th, President Trump signed the $2Trillion stimulus package for small business owners (sole proprietors or firms with fewer than 500 employees) to get two and a half months’ expenses in a lump-sum payout. The loan could possibly be forgiven depending on how you spend it.  I’ve never seen a loan program option as good as the PPP!

    1. The PPP package is better: PPP stands for the Paycheck Protection Program.  The PPP is better than the SBA (Small Business Administration) loans because there’s no creditworthiness, no 3-years of tax returns are required and interest is forgiven if you spend it on “qualified expenses”.
    2. Call your bank: All banks must participate however some will do a better job than others.  Once approved you should have the money in 1-5 business days.  The 4-page PPP application was just released by the IRS.  Online applications are expected to kick off on Friday, April 3rd!
    3. The formula: is based on your business’ average expenses over the last 12 months including payroll (salaries up to $100k), health insurance premiums paid and 401(k) match.  The monthly average is then multiplied by 2.5 = your lump-sum loan.
    4. Qualified additional expenses: You can spend it on utilities, internet, payroll, interest, rent, cash tips, tax on employee compensation, sick leave and sole prop salary up to a $100,000 cap per person.
    5. Numbers and exclusions: The maximum loan amount is $10 million.  Interest rates may range between 0.5% to 4% on any non-qualified expenditures made with loan monies. The beauty of this program is if you spend the loan proceeds on qualified expenses the loan may be forgiven, hence ‘free’ money if no more than 25% of the forgiven amount is spent for non-payroll costs.  You will also owe money if you do not maintain your staff and payroll. Keep in mind, you must spend all of the funds received in 8-weeks!                                    

         Folks this is an opportunity to keep businesses afloat and people employed; take advantage of it and be Safe! 

    Feel free to reach out to me for the PPP loan application!

  • 5 Fun CV Time Iced Coffee Money Savers

    5 Fun CV Time Iced Coffee Money Savers

    My mother Sharon and I have been enjoying and experimenting with iced coffee for many years now.  During the CV pandemic, one must keep expenses under control while still enjoying life.  Be Safe!

    1. Buy in bulk: 10 years ago iced coffee was half price vs hot coffee.  Now it’s usually more expensive.  Now that folks are hunkered down, it’s time to transition to at-home daily iced coffee drinking.
    2. Set weekly goals: Every Sunday I make 12 cups for the week.  It’s important to have and monitor consumption routines when working from home.
    3. Cut it with Costco Kirkland: Most flavored iced coffee is too strong & expensive.  Try mixing their medium roast 50/50 with Sarabeth’s hazelnut or your favorite flavor and enjoy the subtle aftertaste while saving lots of $$.
    4. Shop on-line or at Home Goods and Marshall’s: Great deals to be had at $5/Lb. for flavored coffee instead of the $8-$12 that many supermarkets charge.
    5. Have Fun with it and share: You would be surprised how many people love iced coffee.  I’m working on a 50% medium roast, 25% TJ vanilla and 25% Sarabeth’s hazelnut blend right now.  Enjoy and talk it up!