Category: Uncategorized

I saw an ad on TV for a new upcoming series called “Cities of Success,” hosted by Carl Quintanilla.   My understanding is that they would profile a different city each week whose economy is doing well.

Season One, Episode One aired on Wednesday, December 6^th featuring one hour in Nashville, Tennessee aka “The Music City!”  I figured it would include interesting information about different cities both financially and as a vacation destination. 

It turns out that the Nashville economy is booming with cranes everywhere!  Nashville is home to 2 million people and 52,000 businesses.  Dozens of publicly traded companies (such as Sony, Amazon, Mitsubishi Motors, and Oracle) have offices there and more are moving in.  In 2006, Nissan moved their corporate headquarters from Los Angeles to Nashville.  In 2018, investment firm Alliance Bernstein moved theirs from New York City to Nashville. 

Nashville is known as the center of the global country music scene.  It has the largest concentration of music-related jobs in the USA!  Companies like Nissan, Oracle, and Amazon are spending millions to build campuses with many jobs to feed Nashville’s tremendous growth.  Nashville has gone from the Mecca of Country Music to becoming a powerhouse in culture, innovation, and business!

Music is a magnet for tourism where, according to CNBC and the Nashville Chamber of Commerce, visitors are spending $27 million per day!  Two music superstars, Taylor Swift (as a 14-year-old) and Garth Brooks, launched their careers, both discovered while playing at the tiny “Bluebird Café” in downtown Nashville.  Nashville’s music industry brings in a whopping $10.3 billion dollars of revenue per year! 

This got me thinking about New York City and our State’s struggling economy. While we have 2 newer arenas in the UBS and Barclays Centers, so many small clubs such as CBGB’s, Studio 54, Copacabana, and Rockaway are long gone. 

In the past four years, the money in the music industry has skyrocketed like never before!  In my opinion, the reason for this is that investors, including private equity firms, have poured billions into the music market.  This started when interest rates were very low, and firms were looking for alternative investments.  Now, music royalties are considered a safe type of commodity, meaning an investment with a predictable return and low risk, somewhat like real estate.

Since 2020, music artists have sold all or a majority stake of their catalog rights for mega dollars.  As per BuzzFeed, see below:

            Musician                              Year Sold                              Price

Bruce Springsteen                          2021                                       $550 million

Bob Dylan                                         2020                                       $300+million

Sting                                                   2022                                       $300 million

Phil Collins plus Genesis               2022                                       $300 million

David Bowie                                     2022                                      $250 million

Dr. Dre                                               2023                                       $225 million

Justin Bieber                                    2023                                       $200+million

Motley Crue                                     2021                                       $150 million

Music has never been monetized to this level in history.  Nobody epitomizes this more than Taylor Swift, whose “Eras Tour” has just surpassed $1 billion in revenue.  Taylor Swift as an economy would have a higher output than the gross national product (GNP) of 50 of the world’s roughly 195 countries! 

Perhaps New York should start to open or reopen more music venues!

It’s that time of year, it goes by so quickly!  Before getting into the numbers, I wanted to mention something now referred to as “Tipping Fatigue,” which could also be known as “Guilt Tipping!” 

I feel like this type of “Fatigue” is real as I have already suffered from “Zoom Fatigue.”  It gets to a point where it’s ENOUGH Already!  I first started feeling “Tipping Fatigue” last year during the holidays.

This new digital economy has changed many things so quickly and tipping is one of them.  Thinking about this, tipping used to be both a subtle and private transaction.  For example, handing a “Fin or 10 spot” to the guy or gal who brought up your luggage or telling a cab driver to “keep the change!” 

At restaurants back in the day, the server would run your credit card and leave the bill for you to complete, sign and leave in the bill holder.  Usually, there would be a tip jar, so you could opt to leave a cash tip with nobody watching.  Now, at times, the server stands there and waits with the digital wallet and scanner and watches what you tip them.  At coffee shops, they often watch to see what you tip them, sometimes before they have even prepared your order.  I call this “Tipping Pressure!”  I wonder if customers are frequenting places that do this less often to avoid potentially uncomfortable “Tipping Pressure” situations. 

Now to the guide.  Like pizza, tipping is a personal preference.  Usually, one tips people that make your life easier during the year!

The following is a benchmark or starting point for tipping, and if you live in Manhattan, bump up these numbers by at least 25% across the board, then adjust based on your service level or experience.

1. Your House or Apartment:  Reception/Doorperson $20-$100 and up, Handyman $20-$100, Super: $50-$100 & up, Manager: $50-$100,

Porter: $20-$50

• Home Service Providers: Housekeeper: 1 day’s pay, Sanitation/Trash Collector: $20-$30, Nanny: 1 day’s pay plus a gift from the child! Mailperson: $20-$40 & up
• Monthly Garage Workers: Manager/Supervisor: $50-$100 & up, Rank & File Workers: $25-$100
• Weekly or Monthly Personal Service Providers:  Hairstylist: Price of 1 session, Manicurist: 1 session pay, Personal Trainer: 1 session pay & up,

Massage Therapist/Healer: 1 session pay & up, Pet Groomer: 1 regular service pay & up. 

It’s not easy trying to figure out all these tips, so I hope this guide is helpful! 

Another rule of thumb is the 20/30/50 rule!  For example, if you are a regular at a particular restaurant and/or have a special relationship with a service provider, consider tipping them an extra 20% for good service, 30% for great service, and/or 50% for exceptional service!  They will notice and continue being outstanding!  Cash, gift cards, and even Venmo/Zelle, etc. with a note are now acceptable!

If you are ALL TAPPED or Tipped Out, consider regifting or a warmly written thank you for your service card.  It is acceptable to buy them a pre-cooked meal, dessert such as cookies or a bottle of alcohol can suffice in a pinch. 

Whatever you decide, I wish you and your family the Happiest of Holidays!

Where did all the time go?  There’s no question time flies as it’s December already.  I really notice how fast time flies every time I see my teenage nephews, who seem to be inches taller every few months or perhaps, I’m shrinking.

What does December mean?  It’s Holiday time.  Hanukkah started on Thursday and by the time you read this, Christmas will be less than 2.5 weeks away.  We have covered holiday shopping tips, as holiday time seems to flush out emotions that have accumulated during the year.  Holidays can be stressful with year end goals, exams, holiday shopping responsibilities and choosing which holiday parties to attend.

Unless you have a career where you wear a suit or female business attire daily, holiday parties are condensed into these next 2-3 weeks of dressing up regularly, which ratchets up your dry-cleaning bills during the time when “Financial Stress” hurts the most!

As per Lending Tree, the average American took on $1,249 of holiday debt in 2021 and $1,549 of holiday debt in 2022, a 24% increase.  Dry cleaning plays a part in holiday spending, as it all adds up as you will see below!

As per getonedesk.com, the dry-cleaning industry generates $5 billion in revenues per year across the United States.  This industry is expected to grow by 4% per year.

If you have been to the dry cleaners recently, (many have closed during COVID-19) you might have noticed significant price increases compared to pre-COVID-19.    For example, I have seen pricing for dry cleaning men’s shirts between $6- $8 and from $14-$18 for a 2-piece suit.  The average cost (it’s on a case-by-case basis) to clean a woman’s dress is in the $20-$25-dollar range. 

I decided to take it one step further and called Micky’s Dry Cleaning at 67-20 Rockaway Beach Boulevard.  They have favorable pricing, as men’s shirts cost $6.25 to dry clean ($3.95 to wash and press) and dresses start at $13.50, although they recommend taking the dress into them for a more accurate price quote.

That being said, see my top 6 money-saving tips below:

1. Take off your work clothes and hang them up immediately upon returning home from work:  Let clothes “air out” for a few hours before putting them back on a hangar in a closet.
2. For men, wear a washable t-shirt: To prevent perspiration stains, wear tee shirts under dress shirts and jackets.
3. For semi-wrinkled clothes:  Either use Downy wrinkle releaser or hang garments in your bathroom while showering.  Close the door and let sit for 10 minutes.
4. Search and clip coupons:  Choose a dry cleaner located close to your home.  Try Groupon.com for dry-cleaning specials.
5. Opt to Wash & Press Instead of Dry Clean:  If you follow tips 1-3 and there are no visible stains, opt to wash and press men’s shirts instead of dry cleaning.  Be careful with this as some shirts MUST be dry cleaned.  Be sure to read the label carefully.
6. Travel Tip, when on a business trip:  When packing, leave shirts/suits/dresses in the dry-cleaning plastic.  This will reduce most if not all the wrinkles from movement in flight, etc.

Unless you have been living under a rock the past month, you have probably heard more than you needed to hear about Black Friday!  Black Friday used to be the initial day of discounted holiday shopping the day after Thanksgiving.  Now, the lines are blurred as the big retailers; Walmart, Best Buy, Target, and Amazon have been offering discounts for weeks. 

As per Adobe Analytics, and with American consumers spending a record $9.8 billion shopping online last Friday, the importance of online shopping cannot be ignored!  This is the first time that smartphone mobile orders could outpace desktop computer-generated retail sales.

The retail federation estimates that $966 billion will be spent on holiday gifts from November 1^st through year-end.  Experts agree that many of the best deals are still to come, so don’t fret if you haven’t started your holiday shopping yet! 

Brian Kelly from “The Points Guy,” was interviewed on Good Morning America and had several outstanding tips.  The takeaway is that anytime one is shopping online, one should either click through a cash-back portal or an airline miles shopping portal every time, to buy the same goods and services.  By doing this, one earns regular points for using their credit card, then extra points or cash back for clicking through the portal.  The reasoning behind this is the portal companies get rebated from retailers, and they pass some of those rebate savings on to you! 

If you are on a fixed salary, aside from getting a second job, the best way to improve your financial position is to reduce your expenses.  Check out my 5 tips below for BIG savings:

1. 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.  
2. Download the FREE app called IBOTTA: IBOTTA is a money-saving app that allows you to redeem cash back on certain purchases you make in-store or via mobile phone.  You select the item you plan to purchase, then you submit verification inside the app to prove you have bought the item.  Once you have done that, IBOTTA will add the rebate amount to your cash-back balance.  When you redeem a rebate (once it hits $20), you can redeem your cash back for retailer gifts or get ACTUAL CASH through PayPal or Venmo.
3. 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 (IBOTTA usually posts cash back in 48 hours) for purchases made during the spending period, and you can get cash-back bonuses for joining and shopping.  These 2 platforms give you an opportunity to make money by buying things you would ordinarily buy!
4.  Consider using EBAY for items you are interested in: EBAY, founded in 1995, facilitates consumer-to-consumer and business-to-consumer sales through its website www.Ebay.com.  EBAY is the world’s online marketplace and many good deals can be had by bidding or just buying at their offer price, often with FREE shipping.
5. Consider using Poshmark as an alternative to eBay: Poshmark, founded in 2011, is a website where people 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.

I know this could be a bit overwhelming for new online shoppers.  The most important thing is to have a plan and budget and follow it!  Happy Holidays!

Life insurance is the most flexible financial tool known to humankind!  Policyholders own life insurance for various reasons.  Some range from replacement of income to covering a mortgage to two partners insuring their business to paying off estate taxes.

Often, the most important reason to own life insurance is the tax-free transfer of a large sum of money to beneficiaries at the death of the insured. It is a valuable benefit to families and estates and the protection of loved ones and those depending on you.

The protection of widows and orphans that life insurance provides is so vital in fact, that Congress has granted life insurance with numerous important tax advantages.

While premiums for life insurance are generally not tax-deductible, nearly everything else about permanent life insurance policies, including universal life, variable universal life and whole life insurance enjoy significant favorable tax treatment compared with other financial alternatives.

1. Tax-free death benefits — As mentioned, death benefits paid to beneficiaries are generally totally free of federal income tax.
2. Growth within the policy is tax-free — As long as your policy has cash value, all growth within that cash value account or variable universal life subaccounts is tax-free. Any commensurate growth in eventual death benefit is also tax-free.
3. Loans against your policy are tax-free— As your cash value grows, you may wish to access some of the cash for other purposes. There are no age restrictions on this benefit. You can borrow against the policy for any purpose and free of federal income tax.

This money can be used to pay college expenses, finance cars, down payment on a home, secure a loan, pay retirement living expenses or anything else. You may choose to pay your own policy back or allow the life insurance company to deduct the balance owed from any eventual death benefit. The choice is yours!

If you are receiving Social Security benefits, loans from your policy are not counted against you for the purposes of calculating taxes on Social Security benefits.

• Tax-Free Exchanges — Under Internal Revenue Code Section 1035, you can exchange your universal life insurance policy for an annuity free of income tax. This is tremendously useful for anyone who may no longer need or want a life insurance policy, so you retain the tax-advantaged cash without having to pay further premiums.
• Estate tax benefits — Personally owned life insurance contracts are considered part of your taxable estate. However, if you are concerned that your estate may be subject to an estate tax, you can transfer your insurance policy to someone else or transfer it into a trust, which removes it from your taxable estate. 
• Bypasses Probate: All life insurance policies have a beneficiary so they bypass probate and are private, meaning nobody can look up how much you had, nor will your heirs pay court costs of proceeds, which are paid directly to beneficiaries bypassing Uncle Sam.
• Protected Cash Values from the FAFSA: It is important to know, for college planning, that cash-value life insurance is not included in FAFSA (Free Application for Federal Student Aid) calculations, meaning it is FAFSA-friendly!  For example, a parent wants to lower their EFC (Expected Family Contribution) score, so they reposition a $100,000 CD (bank certificate of deposit) into cash value life insurance.  Because CDs are included on the FAFSA and cash-value life insurance is not, this move lowers their EFC score by almost $6,000, which puts the family in a position to qualify for an additional $24,000 ($6,000/year X 4 years) of merit-based endowment (FREE) money!

My takeaway

Given the many tax advantages of permanent life insurance, it should be part of a well-balanced portfolio and it’s the most efficient way to pass down assets to the next generation.  Life insurance does have moving parts and can be confusing to understand if not explained properly.  Recently, there have been major changes to underwriting and we have two insurance companies that will consider a non-smoker rating for those who smoke marijuana (or take pot gummies, tinctures, etc) or cigars or pipes if they don’t smoke cigarettes.  Smoker’s rates run about double non-smokers rates so if you or a family member falls into this category, feel free to reach out to me for a review at Rob@Insurancedoctor.us. 

As per statista.com for 10 years leading up to 2019, food and drink sales in the U.S. restaurant industry steadily increased and reached over $773 billion in 2019!

America prides itself on being a melting pot of all cultures. This has led to an incredible variety of cuisines, some of which have origins that are no longer clear. We may sometimes feel tricked into believing we are eating Italian, Chinese, or Mexican cuisine when in fact, many items on the menu originated here in the USA!  As per “Trip Trivia,” here are six “international” foods that are American creations:

1. Spaghetti and Meatballs:

What could be more Italian than spaghetti and meatballs?  Meatballs in Italy are typically served alone, either as an appetizer or a main course. Pasta toppings and sauces have a finer texture in Italy and are designed to stick to the noodles so that you can enjoy a mixture of all the flavors in every bite. If you’re a true Italian chef, meatballs have no place in pasta because they’re too big to stick to the noodles. So don’t try to order this “Italian” dish in Italy.

Spaghetti and meatballs are an invention of Italian immigrants who moved to America at the turn of the century!  Immigrants were making a lot more money in America than they were in Italy. Eating became less about necessity and more about crafting the food with as much taste as possible.

With more affordable meat, traditional meatballs went from being marble-sized to too big to fit into your mouth.

2. General Tso’s Chicken:

While there is some debate over where this popular “Chinese” dish was invented, one thing is for certain; it wasn’t invented in China. A Taiwanese man named Peng Chang-Kuei claimed to have invented the sweet and savory dish in the 1950s when serving U.S. military leaders!  He then brought the recipe to his New York restaurant where it became a favorite of politicians like Henry Kissinger. Kissinger was supposedly one of the first persons to try General Tso’s chicken, and he helped boost its popularity nationwide. As for the dish’s name? It might have been named after a Chinese military leader.

3. English Muffins:

In 1880, a man named Samuel Thomas moved to New York from England and opened his bakery. He was accustomed to making crumpets in England, which are very similar to English muffins except they are typically smaller and eaten whole. Thomas started making a brand-new recipe called “Nooks and Crannies,” which were larger and meant to be cut in half and toasted. Today, we know them as Thomas’ English Muffins.

They have been an American favorite for 140 years.  Yes, English is in the name, and yes, they were made by an Englishman, but the muffins were invented after Thomas moved to America.  So officially, English muffins were invented in New York City!

4. German Chocolate Cake:

German chocolate cake is tricky. Most people believe that it is named for its origin; however, it’s named after its inventor. Sam German was an American baker who invented a new style of baking chocolate in 1852. The recipe stayed under the radar until 1957 when it was published in a Dallas newspaper. That’s right, German chocolate cake hails from Texas!

Originally, the cake was called German chocolate cake, which would have helped ease some of the confusion. Over years of reprints and publications, the name lost its apostrophe and “s,” and now people everywhere believe that it’s a fancy foreign dessert.  Perhaps that helped it become so popular.

5. Fajitas:

In the 1960s, a Texas butcher shop owner named Sonny Falcon wanted to come up with a way to sell unwanted skirt steak. He started to cook the undesirable meat and roll it into tortillas to entice shoppers with the smell and to be able to provide samples. He called the invention “fajitas” because he thought the skirt steak looked like a belt; “faja” means “belt” in Spanish! The recipe exploded in popularity. Falcon even traveled around making the famous recipe at rodeos and events all over Texas.  Falcon became known as the “Fajita King.”

6. French Roast Coffee:

After World War II, Americans had forgotten what it was like to drink good coffee. During wartime, importing good beans was too expensive, and coffee took a back seat to more pressing issues. People forgot that better coffee was out there when the war was over. When Alfred Peet made his way to the United States from Holland, he couldn’t figure out why the richest country in the world was drinking the world’s worst coffee. He made it his mission to change the coffee-drinking culture.

In 1966, Peet set up his coffee shop in California and started making dark roast coffee that Americans hadn’t seen before. He called one of his brews “French Roast.” By brewing superior beans, Peet inspired the craft coffee revolution and even helped Starbucks get its start!

For these 6 reasons (and there are more) I must give credit where credit is due, as the USA has some of the best food (not the healthiest) in the world!

It was the beginning of the pandemic and I decided to start writing bi-weekly briefings for clients, advisors, and influencers.  Someone forwarded the briefings to Wave Editor Mark Healey and thankfully, he gave me the opportunity to write this column, which started on 5/1/2020. 

There are what I call ancillary (insurance term) benefits to writing the column.  One is, I appreciate the positive feedback I receive when I run into readers in Rockaway or when I receive emails from readers who appreciate The Financial Wave, thank you very much!  I also benefit as I now constantly think about what readers might want to know.

This week it hit me when I looked in the cabinet (I was jonesing for rice and beans) and noticed I had 3 cans left of black beans from 3 different companies (see picture).  Goya, Trader Joe’s and Wegman’s black bean cans were staring at me, so it was time to compare.  This would have never happened before this column hatched!

Regular “Financial Wave” readers already know my pet peeve against misleading food labeling in the USA, which is supposed to be regulated by the FDA (Food and Drug Administration).  I partially blame them for the obesity and diabetes epidemic we have in the USA, projected to get worse. 

Here is how the back of the 3 cans read:

                                    Trader Joe’s              Goya              Wegman’s

#servings/can                      3.5                  3.5                  3.5

What disturbs you about these numbers?  I have bolded what disturbs me!

My initial questions for the FDA are, “How many grams are in a cup?”  Google says 120 grams in a cup of water.  How can ½ cup have 3 different numbers of grams?        

Looking at the front of the cans, the Goya cans, in my opinion, have the most pleasant packaging to the eye.  It says, “Chefs Best Award” Excellence, and “Prime Premium” at the bottom.  What Chef are they referring to and what does Prime Premium mean?    

Trader Joe’s can says, “USDA organic, black beans made with sea salt, BPA free and kosher.  Beans are enlarged to show texture.”  

The Wegman’s can (Wegmans are now in Manhattan) says, “Food you Feel Good About, no Artificial Colors, Flavors or Preservatives.”

            You might be asking yourself, what does this all mean as it is confusing?  Sometimes I think they want you/us to be confused.  This is the first time I have compared cans of black beans.  Usually, I buy what is on sale, as I have seen the regular Goya black beans on sale 5 cans for $5. 

Here is my take:

1. The Regular Goya Can of Black Beans has 410mg of sodium, almost 300% more than Trader Joe’s.  Should one be hungry and eat the whole can in one sitting, that is 1,435 mgs of salt.  The USDA recommends less than 2,300 mg of sodium per day.  I am DONE with Goya regular black beans!  To be fair, Goya does sell low-sodium black beans with 140mgs of sodium costing 50% more money.
2. Carbohydrates: The Goya regular beans have 30% more calories at 130 than the Trader Joe’s Beans at 100.  These differences illustrate how important it is to read labels! 
3. This convinces me that if one educates oneself and reads labels and ONLY changes the products with the same exact diet, one can lose weight and be healthier.

To give you an idea of the money spent on weight loss (not including monthly Ozempic shots at over $1,000 each), as per www.GlobeNewsWire.com the USA spent $72.6 billion on weight loss products and services in 2021!

To summarize, the Goya regular black beans (when not on sale) are more expensive than the Trader Joe’s black beans.  I hope after reading this, you will pay attention to reading labels carefully!

I teach health insurance to clients, which is much different than selling products!  Once my new client understands how the insurance company makes money, it’s amazing to see what I call “the Visine effect!”  This occurs when the eye-glazing lifts and it “gets the red out,” so to speak, meaning they get it!

Are you either unhappy with your agent or unhappy with your current health plan?  If yes, keep reading as there are many upcoming 2024 health insurance changes ahead that your agent/broker should be telling you about!

There are 2 worlds, Traditional (Obamacare) and Non-traditional health insurance!  In traditional, there are what I call the main 5.  See below what’s in store for most of you for 2024:

1. Emblem Health: Used to be called GHI (Government Health Ins). They are removing ALL group policyholders from their “Prime Network” and forcing them into their, what we call SKINNY “Select Network” where it’s hard to find doctors.  NO MORE BROKER Commissions!  Good Luck getting service directly from Emblem from mostly non-licensed staff.
2. Health First: The least expensive of the main 5 in terms of monthly premium.  They are forcing ALL group policyholders to take their platinum plan which is expensive and NO MORE Broker commissions on new business.  Good Luck getting advice and service from mostly non-licensed service persons!
3. Oxford: They are changing their prescription plan in the “Liberty Network” to Broad RX and rates are going up 4.7% over the current bloated premiums for their middle network. 
4. Aetna: They are reclassifying many of their drugs (in a 12-page memo) to non-formulary or not accepted!  What this means is if you have Aetna and are on prescription drugs every month, there’s a chance you will be paying a higher co-pay, or they might no longer be covered at all!
5. Empire Blue Cross: They have changed their name to “Anthem” after their parent company and are quietly raising co-pays on many of their plans which are going up 6.8% in January 2024!

The definition of insanity is doing the same thing (such as renewing your same health plan year after year) and expecting a different result!!!

There is a whole other world called “Non-Traditional” insurance which offers access to additional networks (through partnerships, associations, and unions) such as Cigna PPO, Empire “Blue Card” network, PHCS Multiplan network, Magnacare and HIP, etc. on a discounted basis. 

It is no secret that the U.S. healthcare system is broken!  See below for my top 6 reasons for this:

1. The USA spends over $12,000 per person per year on health-related issues: This is by far the most in the world.  Other than Germany at $7,500 per person per year, the rest of the world is under $6,000, meaning we spend twice as much as the rest of the world!
2. Obamacare Rules and Regulations: Obamacare is a “guaranteed issue” meaning everyone who applies is accepted.  Many persons who had no health insurance for years (and accumulated health issues) were able to secure subsidized plans and “buy a claim!”  Buying a claim is when one has no insurance, buys new insurance, and immediately gets that surgery they have needed for years. 
3. Dependency on Prescription Drugs: Having been in the life, disability, and long-term care insurance business for over 25 years, it is rare to find someone who is NOT taking prescription drugs.  Because these drugs are expensive, there is a cost share between the insurance company and the policyholder, further driving up costs.
4. The Juvenile Diabetes and Obesity Epidemic: A recent report from the CDC (Centers for Disease Control) projects a 700% increase in Type 2 diabetes for juveniles under age 20 by 2060!
5. Processed Food Label Rules and Bad Habits: We have a national problem with misleading food labels that must be remedied.  There are more than 60 synonyms for sugar, which is found in most baby foods starting the sugar addiction early.  In fact, a NEW WARNING is out from the AAP (American Academy of Pediatrics) on ALL products labeled “Toddler Formula,” saying “Products MAY Contain Too Much Sugar and MAY NOT Provide Adequate Nutrition!”  “Toddler Formula” labeled food sales are UP 158% in the last year!
6. No Market for Individuals: In the current state of health insurance, individuals are doomed!  If one doesn’t work for a company that offers group insurance or owns a corporation, there are VERY few options with traditional health insurance.

Because of these 6 reasons, health insurance premiums will continue to outpace inflation!

One potential solution is to look at Non-Traditional insurance offered through groups, associations, unions, and partnerships!  Some of these plans are medically underwritten, meaning one needs to qualify to get onto the plan.  The benefit is having a much healthier pool of policyholders; hence, reducing claims and future premium increases.

To learn more or get quotes, feel free to email me at Rob@InsuranceDoctor.us.  Let’s hope you never need to use this insurance!

I am a big music fan, although admittedly, pop music is not my thing.  That said, one would have to be living in seclusion not to notice what is going on with “Swifties,” aka Taylor Swift fans!

Before we get into “SWIFTonomics,”  I first noticed that Taylor Swift did something no other band or solo artist has ever done.  She had all 10 of the current top 10 songs on the Hot 100 Billboard charts.  Before Taylor, in 1964, only the Beatles occupied the top 5 songs on the charts at the same time.

It didn’t fully hit me how big Taylor Swift is until she recently started spending time with Travis Kelce.  Travis is the tight end on the Superbowl Champion Kansas City Chiefs and has been one of my favorite NFL pro football players for years.

The story goes, that Travis attended her concert with friends on her Kansas City stop of her “Eras Tour.”   He had a friendship bracelet made up and tried to get it to her during the show but was shut down by her security.  He mentioned it hurt his feelings a little bit during his podcast (with his brother Jason Kelce, NFL Center for the Philadelphia Eagles) radio show.  He said since Taylor rocked the arena, he invited her to Kansas City to watch him rock the stadium and she showed up on Sunday, September 24^.

Two days later, Travis Kelce’s red #87 K.C. Chiefs jersey sales were up almost 400%.  Fox Sports announced the following Tuesday that the Sunday game drew 24.3 million viewers making it the most-watched NFL game of that weekend.  That broadcast had the largest improvement in the females ages 12-17 category and led in female audience in every major demographic. 

Taylor started her current “Eras Tour” in March of 2023 and after 53 shows, she has been on break since August 9 until this November when she starts her 2^nd leg both in the USA and overseas, which runs to November 2024.  Although her ticket prices are high, there is value as she’s been known to belt out songs for 3.5 hours straight. 

The music industry (I blame “The Eagles” first reunion tour) had been trending with higher prices and shorter shows, many of which barely run for 90 minutes.

Below you will see the “Eras Tour” financial statistics and projections as the “Taylor Swift Movement” is having major economic effects on the cities she visits:

1. As per Time Magazine: Analysts estimate that the “Eras Tour” will likely surpass $1 Billion in revenues by next March, while Swift is touring internationally. 
2. Elton John’s Record will be Broken: Elton’s multiyear farewell tour wrapped up this summer and holds the current tour record at $939 million. 
3. Projected USA Consumer Spending:  This tour goes much further than just net profits.  The tour is projected to generate close to $5 billion in consumer spending, just in the USA!
4. Taylor Swift as an Economy: She would be bigger than 50 countries.
5. The “Eras Tour” Opening Night in Glendale, Az: Her tour’s opening night generated more local business revenue than the Super Bowl that was just played this past February in the same stadium!
6. Three to Five Times Ancillary Revenue: Typically, there is a $300 “ancillary revenue” for every $100 spent on performances.  This includes purchases such as hotels, food, transportation, merchandise etc.  Swifties are spending an average of $1,300-$1,500 at every event.
7. Taylor’s Slice of the Pie: Artists earn an average of 85% of the tour’s revenue, as per the Washington Post.  With the average ticket price of $456, Swift’s earnings from this tour exceed the output of 42 countries.
8. The Seattle Show: Swift set a record for single-day revenue for downtown Seattle hotels hitting $7.4 million, which is $2 million more than the MLB (Major League Baseball) All-Star game played there the same month.
9. Ticket Sales per Show: They are averaging $13 million per show on the road.
10. The Taylor Swift “Eras Tour” Movie: The movie version of her tour opened last weekend and has already become the highest-grossing concert film, beating Justin Bieber’s “Never Say Never” concert movie.

The Federal Reserve’s next meeting wraps up on Wednesday, November 1^st.  “The Fed” meets every 6 weeks to decide if short-term interest rates should be raised, lowered, or stay the same.  Interest rates have been raised 11 times since March of 2022 and are at 22-year highs.  Perhaps The Fed should ask Taylor Swift what to do!

In a recent report from US News and World Report, Baruch College was ranked first for value and social mobility!  This is college application season for high school students and their families.

For many students, paying for college involves student loans. In 2021, almost 64% of college graduates had taken on student loan debt.  Americans owe $1.77 Trillion in student loan debt!

If you’re preparing for college, know that there are ways to avoid graduating with a massive debt burden. Graduating without student loans can be challenging, but it’s possible with the right strategy.

Read for the 7 strategies that can help you pay for college without loans:

1. Strategically Accumulate Credits-  Before enrolling in college classes, students should consider looking for placement exams for subjects like languages and mathematics. If they test well, they may be able to skip basic introductory classes like Spanish 101. High school students with high scores on Advanced Placement or International Baccalaureate exams may also earn college credit . Students typically need 120 credit hours to graduate with a bachelor’s degree. Skipping basic classes and getting credit for high school work can help students graduate faster, which can save them money on tuition, room and board, and other college-related expenses.
2. Consider Staying Local- Attending a public in-state college may be one of the easiest ways to avoid student loans – or at least minimize them. Public schools charge much lower rates for state residents than for out-of-state students. For example, tuition at the University of California at Berkeley is $43,980 per year for out-of-state students, while it only costs California residents $14,226.  Check to see if you qualify for special grants, scholarships, or other incentives from your state to attend a public institution. For example, New York’s “Excelsior Scholarship Program” makes it possible for New York state residents whose families earn $125,000 or less to attend any State University of New York or City University of New York institution without paying tuition.
3. Consider Earning Credits in a Community College- It’s possible to save money on tuition by taking some courses at a two-year community college and transferring those credits to a four-year institution. For the 2022-2023 academic year, the average cost of tuition at a public two-year institution was $3,860 for in-district students, while it cost $10,940 in tuition for in-state students to attend a four-year public school, according to “Trends in College Pricing and Student Aid 2022, an annual survey from the College Board.  Before enrolling in a community college, verify that the credits you earn will transfer to the four-year institutions you’re interested in. Keep in mind that you may have to pay higher tuition if you attend a community college outside your state or district.
4. Apply for Scholarships- Receiving scholarships is one of the best ways to pay for school, and applying can require a good amount of research, planning, and effort.  High school students should consider talking to their college guidance counselor about finding scholarships from community organizations, like a local Rotary Club.
5. Consider Applying for Subject-Based Awards- While students might assume that scholarships are only for incoming first-year students, there are still awards available for sophomores, juniors, or seniors. If you decide on a career path after you enroll, take the opportunity to search for scholarships specific to your major. For example, if you decide to major in chemistry, start looking for awards geared toward chemistry students.
6. Don’t Rule out Private Schools- While public universities may have lower initial tuition rates, private colleges may provide generous financial aid packages to worthy students.  Smaller and mid-sized private colleges are often trying to compete with major public universities.  They may be more generous when it comes to courting students, especially those with high needs and high grades.
7. Complete the FAFSA No Matter What- The bare minimum every student should do to minimize loans is to fill out the FAFSA (Free Application for Federal Student Aid).  The FAFSA provides access to federal student loans and grants, including the Pell Grant.  Filling out the FAFSA is the only way to qualify for federal grants, loans, and work-study programs. Many states also require the FAFSA to be submitted before awarding their own grants and scholarships. The FAFSA is available starting Oct. 1 the year before you plan to attend college, and there is good reason to apply early. Schools that use the FAFSA for their own internal awards may have a limited number of scholarship slots, so check for school-specific priority filing dates. You should also look for any deadlines from your state.

Another reason to complete the FAFSA early is because endowment money is “first come, first serve!”  When alumni graduate and donate/give money back to their school, that money goes into the school’s endowment fund.  This fund is used to fund merit-based endowment (free money) scholarships.  Better to apply when their coffers are full!