The Insurance Doctor

Tag: Investment

  • What is the Value of a Yankees Number?

    I was one of the privileged Yankee fans to be at the game last month where Derek Jeter’s #2 jersey was retired meaning no other Yankee will ever wear that number.

    insurance, New York, Queens, Forest Hills, financial planning, insurance doctor, YankeesJeter is the 19th Yankee to have a retired number and it’s the Yankees’ 18th different number retired (both Yogi Berra and Bill Dickey wore #8), the most in   Major League Baseball.  There are no more Yankee numbers available from 1-10.

    Jackie Robinson’s #42 is now retired from all MLB teams and there is lobbying to retire Roberto Clemente’s #21 from all teams as well.

    When Ricky Henderson joined the Toronto Blue Jays in 1993 he gave $25,000 to Turner Ward for his beloved #24.  In fact, I met Ricky in 2004 when he was playing at age 45 for the Newark Bears of the independent league.  His response to a 10 year old boy was “Ricky Henderson don’t sign no autographs”.

    When Brian Jordan joined the Atlanta Braves in 1999 he gave a $40,000 motorcycle to then 3rd base coach Fredi Gonzalez for #33.

    What happens when there’s no numbers left?

    Supply and demand dictate that jersey collectibles will become more rare hence driving prices up for retired jersey collectibles.

    It’s only a matter of time before they become a part of a well-diversified portfolio.

    It’s only a matter of time before they become a part of a well-diversified portfolio. Contact Rob today for your free consultation.

  • Tips on what to do with your Tax Refund

    Tips on what to do with your Tax Refund

    Other than folks who receive an annual bonus this is the only time of year when some people will receive a lump sum of money. Instead of squandering your money consider the following options:

    • Add to your IRA: you can contribute up to $5,500/year to a traditional and/or Roth IRA or $6,500 if you are 50 or older by the end of 2014taxrefund
    • Pay off debt: If you are carrying more debt than you are comfortable with, consider paying it down. It’s like investing at the same interest rate being charged on the loan. Try to pay off your credit cards with the highest interest rate first.
    • Top off your emergency fund: You should have 6 months salary liquid in case of an emergency. Keep the money in an interest earning account.
    • Boost retirement savings: If you aren’t contributing enough to a company retirement plan to capture 100% of the company match, you are walking away from free money! Use the extra cash to increase your contribution.
    • Keep the money in a side fund for college: Putting the money in a 529 plan decreases what your student can qualify for in endowment “Free money”.
    • Prepay your summer vacation: Use some of the cash to pay off your vacation in advance so you don’t have to take it from your income in the summer.

    Do yourself a favor by choosing one of these options instead of wondering where all the money went at this time next year! Contact Rob today for a free consultation on this and other concerns you have here. 

  • 6 Tips for your Financial New Year’s Resolutions

    6 Tips for your Financial New Year’s Resolutions

    Six out of ten American’s will make some type of financial based New Year’s resolution for 2016. Usually there’s a triggering event like receiving your December 2015 credit card bill or spousal pressure to name two. Follow these tips;2016-resolutions

    1. Consolidate Financial accounts: Close 1 or 2 existing financial accounts that you are not tracking or have insignificant monies in. This will save brain space, reduce statement clutter and avoid paying unnecessary fees.
    2. Increase your 401k/employer retirement contributions: Raise your contributions 1%/year minimum. You won’t feel the difference however over time it can make a major impact when entering retirement.
    1. Develop a budget and/or expense statement: Review credit card, bank and checkbook statements to get a handle on inflow and outflow of money. Start using a program like quick books or if old school draft a budget by hand and hang it up where you can see it. This can cause heavy emotional denial however better now than later.
    2. Set up a system to save systematic money: Either something informal like putting the $20 you are saving in gas on fill-ups in a jar. Formal ideas like buying a cash value life insurance policy or setting up an Eft thru your bank account.
    3. Protecting your health saves your wealth: We all know about the escalating cost of health insurance and health care in general. Renew that gym membership, yoga studio or dust off that treadmill in the garage.
    4. Bring balance to your life: Take that vacation you have been putting off. The rest and rejuvenation will impact you health. Statistics show that one who works 46 weeks/year will out produce a 52 week/year worker. It will give you something to look forward to and forces one to be very productive before leaving and when returning home. Use frequent flyer miles if need be.

    Contact Robert today to help achieve your New Year’s Financial Resolutions