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Subject: persfin-digest V4 #32
Date: Tue, 6 May 1997 22:29:47 -0400 (EDT)
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persfin-digest Tuesday, May 6 1997 Volume 04 : Number 032
IN THIS ISSUE:
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL [Oppenheimer Software <Connect_sa]
About to Go On The Road ["Jim Reed" <jreed1@airmail.net>]
RE: First To Die Insurance/ ["Cal Lester C.L.U." <Cal_Lester@msn.com>]
SIMPLE IRA? ["Peter Diamond" <diamond@vsi.net>]
Why One Might Need a Personal Financial Advisor [WPooha10@aol.com]
Re: Michael Fasciano Fund? [Jim Garcia <jimgarci@pacbell.net>]
Re: Fasciano Fund [bbasden@orion.tstar.net]
Re: My Opinion on the HMO Debate ["Hank Gillette" <Hank_Gillette@smtp.svl]
Re: Paying Bills Less Than $2 - You Should Do It [hartwig@gate.net (Bob H]
Tax Status of Neighborhood Association? [Joel Elias <solutns@vivanet.com>]
Re: Long Term Care Insurance at age 53? [Avrum Lapin <avrum113@cyberg8t.c]
Status of Capital Gain Tax on Sale of Home [jbettin@coefmd3.uswc.uswest.c]
SFNB Changes [rfrego@blitz.net]
Can child under 18 cash Savings Bonds & checks ? [james cook <i000404@di]
Re: Consultation with a Financial Planner - what do I ask? [jimm@hi.com (]
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Date: Tue, 6 May 1997 21:58:28 -0400 (EDT)
From: Oppenheimer Software <Connect_sales@mcimail.com>
Subject: ADVERTISEMENT: MCI CONNECT FOR CC:MAIL
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------------------------------
Date: Tue, 6 May 1997 22:02:11 -0400 (EDT)
From: "Jim Reed" <jreed1@airmail.net>
Subject: About to Go On The Road
Hi, my family and I are about to go on the road traveling the U.S. in a
motorhome. We'll be gone about 2 1/2 months. The problem is how to do the
mutual fund downloads while I'm on the road. I use Quicken and
periodically download my share prices from a www site called NetWorth.
My concerns are these:
- - I'm wondering if any of you have experienced this and how you took care
of it? We'll be parking our motorhome in campgrounds which usually have
pay phones, but usually no place to hook up a modem. I remember a long
time ago that there were acoustic couplers that could be hooked to the
mouth-piece of phone set, but I don't think these are available anymore.
I can't think of any other way to hook a modem to a pay phone.
- - I'm guessing that a type of cellular modem may be available, but we
will be staying in remote locations, which may or may not have cellular
service. It appears that I will have to stick with a type of land-line.
- - I'd also like to pick-up e-mail if I could. My current internet
provider is a local call but, when I'm out-of-state, it will be a long
distance call. I'm thinking of signing up with AOL since they have a
1-800 number (maybe that will be less expensive than a long distance
call). I don't know........
Anyway, I'm a little confused about how best to handle this and was
wondering if there may be some techniques that I haven't thought
of........
Kindest regards,
Jim, in Texas
jreed1@airmail.net
P.S. Oh yes, my other alternatives are to pick up a copy of USA Today and
update the prices manually.................or.............
maybe just forget the whole thing........hey, this is supposed to be a
family vacation......the reason I'm going is to have fun and be with my
family........that's the reason that most of my equity investments are
with mutual fund managers. <grin>...... hmmmm......maybe my last idea
is the best!
------------------------------
Date: Tue, 6 May 1997 22:10:30 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: RE: First To Die Insurance/
>Subject: Any Information on First-to-Die Policies?
>From: "Jim Reed" <jreed1@airmail.net>
>Subject: Second-to-die Term Life Insurance?
>
How about some information on first-to-die policies, which would be valuable
to people concerned not about estate taxes, but support for minor children.
David Cay Johnston
Reporter
The New York Times
>>>> Very simple. A First to Die policy, is simply a policy ( could be
Term or Permanent ) on two or more lives. It provides that the Face Amount
will be payable ONLY on the life of the first one of those lives that
dies. If it is Term Insurance, then the "policy" itself dies, and the
other person or persons no longer have any Life Insurance ( generally NOT
a good situation ). If it was some form of permanent policy, then the
other person will become the Primary Insured, and in all possibility the
policy could continue ( at what rate I do not know)
It is a risky type of policy IF you are looking for Life Insurance
( defined as Insurance that will be IN FORCE at YOUR Death ). However, IF
there is an obligation such as a mortgage or similar note, that is
callable or due on the death of either ( and there would be no need for
that particular amount of Life Insurance after that time ), then it could
be the least expensive way to insure that payment
However, in most cases, the NEED for insurance really continues, and
therefore some form of Permanent Life Insurance would, in the long run, be a
better purchase.
Cal Lester CLU
Insurance Course CoOrdinator
Broward Community College
------------------------------
Date: Tue, 6 May 1997 22:12:09 -0400 (EDT)
From: "Peter Diamond" <diamond@vsi.net>
Subject: SIMPLE IRA?
Hello,
Does anyone have any experience setting up a SIMPLE IRA?
I have a full time job, but also have self-employment income. It appears
that I can put up to $6000 of self-employment income into the SIMPLE
plan. Since my self-employment income is usually less than $6000 per
year, I can put all the profits into the plan and never pay any taxes!
This sounds too good to be true. It sure beats the $2000 you can put
into a regular IRA.
I read the information from the IRS on their web site and confirmed much
of this with people at Vanguard, but I am still skeptical since it sounds
very unlike the IRS to allow such a generous plan.
Any information would be appreciated. Thanks in advance
Peter Diamond
------------------------------
Date: Tue, 6 May 1997 22:14:09 -0400 (EDT)
From: WPooha10@aol.com
Subject: Why One Might Need a Personal Financial Advisor
Personal Financial Advisor
There are several reasons why an individual or a small business
should have a personal financial advisor.
1. To maximize your income through career earnings, investments earnings
and other forms of income.
2. To minimize your expenses through review and control of living expenses,
insurance expenses, and investment expenses.
Using an advisor to achieve the above objectives will produce the
maximum disposable income which will permit a higher standard of living,
additional cash for future investing, funds for travel to places of your
dreams, and the attainment of as yet undisclosed goals.
Should you decide to hire a financial advisor what capabilities
and experience should the person have?
1. He must be able to analyze your present career status,
investments and retirement plans and project future incomes.
2. He must be able to analyze and prioritize all of your living
expenses and recommend changes to reduce costs to permit a higher standard
of living.
3. He must be able to evaluate the things you own such as real
estate, securities, and other assets to ascertain their earning power and
true worth.
4. He must be able to evaluate your debt to ascertain a proper
balance of debt, a proper use of debt at a reasonable cost and time
limitation.
5. Can he make recommendations in all of the above areas.
It is important to evaluate an advisor and his experience in all of
these areas. For example, many people in the world of finance say they can
help with financial planning when their background is really inadequate.
CPAs will know all about taxes and how to construct your personal
financial statements, but generally they are lacking in experience in real
estate, investment securities, purchasing of living expense items, debt
management, insurance, and retirement planning.
Your insurance man should know about all insurances, which include
auto, life, property and casualty, umbrella, high values items, business
continuation; but many do not.
Your banker should know about debt management, but he/she may not.
Your personal financial advisor however, should have expertise in all
of the above areas so that he/she can make a comprehensive review of all of
the above items, make pragmatic recommendations, assist you in the
implementation of these recommendations, and if you wish, manage your
financial affairs for you.
Many people wish they had the help of a personal financial advisor,
but their vanity and ego prevent them from hiring one. One exception to
that statement are people in the entertainment business. Whether it be
sports entertainment, music entertainment, or theater, most of these
people have personal financial advisors. Entertainers prefer to focus on
their area of expertise and leave financial matters they know little about
to experienced advisors.
First it takes the desire to use an advisor. You have to make a
committment.
Second it takes careful consideration to make the proper selection
of the right advisor for you. He should not be a salesman of insurance,
stocks or any other financial products. You should be prepared to deal
with him on a fee for service basis. You should not give up control of any
of your financial assets.
He is at your service to advise you and not to control you.
Finally, you must be prepared to be open and trusting in your new
relationship with your choice. He is after all your financial doctor.
Is a personal financial advisor for you?
..............................................................................
...................................
Dowwhizkid@aol.com aka Hugh Kellogg (847-332-2654 ) is a
former Arthur Andersen & Co CPA who has spent 30 years in business as a
financial executive. During those years he consulted with individual clients
in all areas of personal financial management which included investments,
insurance, estate planning, taxes, retirement planning, purchasing, real
estate,and other areas which have a financial impact on an individual. For
the past five years he has devoted full time to these efforts.
------------------------------
Date: Tue, 6 May 1997 22:15:09 -0400 (EDT)
From: Jim Garcia <jimgarci@pacbell.net>
Subject: Re: Michael Fasciano Fund?
>
> Ok, Folks here is the challenge!! The article did not mention the funds name,
> and stated that they are saving this undiscovered fund exclusively for
> renewing customers. Can anyone name this fund? Regards! Sarge
>
It's probably the Fasciano Fund (symbol FASCX). Found using GALT.COM.
Jim Garcia
------------------------------
Date: Tue, 6 May 1997 22:15:41 -0400 (EDT)
From: bbasden@orion.tstar.net
Subject: Re: Fasciano Fund
Fasciano Fund. That's the name, all right.
Barry
------------------------------
Date: Tue, 6 May 1997 22:17:08 -0400 (EDT)
From: "Hank Gillette" <Hank_Gillette@smtp.svl.trw.com>
Subject: Re: My Opinion on the HMO Debate
> % setenv SARCASM on
>
> Why stop at health? Why not "squeeze the profit out of all the
> middlemen" in all industries? Think of the waste grocery stores are.
> Wouldn't it be far better to have a single-payer deal directly with
> farmers, buying what it feels is best and making that available to you
> and me? Or what about cars. Think of how much we buyers could save
> if all those car dealerships had the profits squeezed out of them.
> The government could just buy cars directly from the automakers in
> bulk at a reduced cost and pass the savings along to us. Heck, why
> not eliminate all profits and just have the "single-payer" run
> everything. That way we can be sure that the consumers are getting
> the best possible deal, since they won't be getting ripped off in the
> form of companies earning profits on goods.
>
> % setenv SARCASM off
>
> - --
> Rich Carreiro
I knew I would get hammered on this, but why did it have to be from one of
the most respected (and one of my favorite )posters?
I have two arguments for a single payer system. One, there are some things
we consider too important or unsuited to be left to the free market.
National defense and the postal service are two examples. The ideal health
care system would be efficient, universally available, and affordable to
all. The system we have in the United States is none of these. Most
developed countries have decided that the best way to achieve these goals is
a single payer or (dare I say it) socialized health system. While these
systems are not perfect, by objective standards such as infant mortality or
average life expectancy, they provide better health care than the U.S.
system at a lower cost.
Second, even if you believe that health care should be left to the free
market, the system we have does not work as a free market . The power in the
current system is in the hands of the large insurance companies and the
large corporations that provide employee health care, not the consumer.
Grocery stores, to pick a random example, have an efficient market. Grocery
store margins are low. Grocery stores actively compete for business by
placing ads in the newspapers. I can easily shop several different grocery
stores and compare service and prices.
By contrast, it is very difficult for an individual to compare health care
options or to shop for the best value. The great majority of us who are
salaried employees are limited to the health plans that our employers offer.
While I work for a large company and have several choices (although I can
change my choice only once a year), people working for small companies often
have only one choice or no health care at all. Self-employed or unemployed
people have the choice of doing without or buying an expensive individual
health care policy.
The worst of it is, even though we are not providing universal health care,
we are still paying for it. When people without health insurance get sick
enough, they go to the emergency room. To recover these costs, hospitals
raise the prices for everyone else.
Hank Gillette
------------------------------
Date: Tue, 6 May 1997 22:17:55 -0400 (EDT)
From: hartwig@gate.net (Bob Hartwig)
Subject: Re: Paying Bills Less Than $2 - You Should Do It
There are two reasons why you should pay a bill, no matter what the amount,
provided that it is accurate.
1) You bought it--you owe the money for it. Taking a good or service
without paying for it is stealing. I don't tell my 4-year old that he can
grab anything he wants from the candy store so long as the total is less
than $2.
2) The same computer that generates a bill for $1 or $2, despite the
transactions costs, will also blindly generate a negative mark on your
credit report. It will cost you a lot more time and effort than it is worth
to clear up that blemish It's easier to just send in a check for $1 or $2.
Several years ago I received a bill from Sears for $0.02. I paid it for the
reasons discussed above.
------------------------------
Date: Tue, 6 May 1997 22:18:39 -0400 (EDT)
From: Joel Elias <solutns@vivanet.com>
Subject: Tax Status of Neighborhood Association?
I have just taken over as treasurer of a neighborhood association which is
responsible for maintenance of common areas and social functions in our
development. The association is funded by voluntary dues payments by the
homeowners and maintains a low 5-figure balance in an interest bearing
checking account. Recently, our vice-president suggested moving some of
these funds into short-term CD's to reap higher earnings. I questioned the
former treasurer about this and was told that he had considered doing so
but had been advised not to do because we might be perceived by the IRS as
a profit-making organization and be required to file and pay income taxes.
The association has a TIN, but does not file taxes.
Can someone out there provide guidance on how the tax status of a
non-profit neighborhood association is determined and whether moving some
of our funds to higher interest accounts would jeapordise that status.
Thanks in advance for your replies.
Joel H. Elias
Pittsford, NY
mailto:solutns@vivanet.com
------------------------------
Date: Tue, 6 May 1997 22:20:02 -0400 (EDT)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Long Term Care Insurance at age 53?
I didn't save the post but that was a good approach to decide when
to buy Long Term Care. The 7% annual premium increase as a function of
delaying the purchase is a bit on the low side. Based on quotes from 4
different outfits at age 60, 65, and 70 show that the annual premium
increase as a function of delaying purchase is closer to 8%. There seems
to be a fair variation in premiums for what appear to be the same coverage
from different companies.
California (and perhaps other states) allows one to exclude the
amount what long term care insurance pays out before determining
eligibility for MediCal (welfare) if you buy from an insurance company on a
list
As for waiting until age 65 before signing up for Long term care.
I've seen the following rationale:
a) at age 65 your assets/income may be sufficiently low that you are better
off using the premiums for quality of life expenses and depending on
Welfare if you go into a nursing home.
b) at age 65 your assets/income may be sufficiently high that you can be
self insured if you go into a nursing home.
c) at age 65 you may not have a spouse at home (one of the two reasons to
buy long term care insurance)
d) at age 65 you may be healthy as a horse and so you may want to take a
chance.
The only reasons I can see for buying long term care insurance is
a) a loved one depends on your income/assets that would be consumed in long
term care.
b) you expect to be able to resume independent living after discharge from
the nursing home. I suspect that most inmates of a long term care facility
are discharged in a box.
My observation is that the quality of care you receive in a nursing home is
directly porportional to the ability of a loved one to visit often and bang
on the table when necessary
Avrum Lapin
Upland., CA
------------------------------
Date: Tue, 6 May 1997 22:21:30 -0400 (EDT)
From: jbettin@coefmd3.uswc.uswest.com (Judy Bettinger)
Subject: Status of Capital Gain Tax on Sale of Home
I have a question about the legislation/budget that's making its way
through Congress. (Or has it actually passed and been signed
by Clinton by now? I haven't read the paper in the last
few days.) Did Congress get rid of the capital gains tax hit
that used to result from selling an expensive home and trading
down to a more modest one?
- --
Judith C. Bettinger jbettin at uswest dot com
========================================================================
"We've heard that a million monkeys at a million keyboards could produce
the Complete Works of Shakespeare; now, thanks to the Internet, we know
this is not true." Robert Wilensky, University of California
------------------------------
Date: Tue, 6 May 1997 22:22:33 -0400 (EDT)
From: rfrego@blitz.net
Subject: SFNB Changes
Looks like some future changes to SFNB. I have an allotment going to them so
hopefully am covered.
Regards!
Sarge
May, 1997
When we opened over the Internet on October 18, 1995, we didn't know what to
expect. We were the first Internet bank, with no existing customer base and no
brand equity. At that time, the Internet was the domain of early adopters,
with only nine million users. Access was limited, with only a handful of
boutique Internet service providers, and slow, with 14.4 modems the normal
speed of access.
>From the beginning, our philosophy was clear: to provide unparalleled personal
service combined with the best financial products available. We would use
cutting-edge technology to realize below-average operating costs and to pass
those savings on to customers.
Given this philosophy and the Internet's uncertainty, we created a price
structure that allowed any and all to " get their feet wet" in the world of
Internet financial services. For as little as $100, you could open an account
with no monthly fees, no minimum balance requirements and you would be able to
pay 20 bills a month electronically, free of charge ! If you weren't
satisfied, you could close your account and get the remaining balance...no
questions asked. The goal was to motivate people to try us because once they
did, we were confident we'd earn their business.
Well, the results have been great. SFNB has enjoyed average growth of 20% a
month with $40+ million in Internet deposits and 10,000+ U.S. accounts
worldwide. And we're only a year and a half old! Like anything new, we still
have customers "dipping their toes in the water." They've tried us, even
applauded us, but still haven't made SFNB one of their primary banks.
Why?, we've asked. Many tell us that they just haven't gotten around to it.
And frankly, we don't blame them. It's hard to make time for something mundane
like banking. However, our lives are so busy, we should. Why spend 4 hours a
month writing checks, balancing check books, or keying data into other
financial software, when you can do it all in a few minutes?
We feel so strongly about this that we have created a way to nudge you into
the water once you've tried us. Effective June 1, we are asking our new and
existing customers to test us for six months with the same pricing outlined
above. After 6 months, all we ask is that you "jump into the water". This
means doing any one of the following: [1] setting up a monthly direct deposit
into your Basic Checking account, [2] carrying a minimum daily balance greater
than $1,000 in your Basic Checking account or [3] carrying combined balances
of $10,000 in other SFNB accounts (excluding CDs). Reasonable requests, are
they not? Compare us to anyone out there!
If after six months you're not ready to commit, you can "stay at water's edge"
for only $3.95 a month. We believe, however, that you'll be convinced. And,
unlike other institutions that tease you with one rate and then switch to
another, SFNB gives you the chance to sustain the best pricing and rates on or
off the net with this approach, staying true to our original philosophy.
So -- come on in -- the water's great!
Sincerely,
James S. Mahan III
CEO
Security First Network Bank
Sincerely,
Eric W. Hartz
President
SFNB - Atlanta
------------------------------
Date: Tue, 6 May 1997 22:23:45 -0400 (EDT)
From: james cook <i000404@disch3.disc.dla.mil>
Subject: Can child under 18 cash Savings Bonds & checks ?
Hi:
My son, 10, went into a local Phila. bank to cash a US EE Savings Bond.
The bond was issued in his name with his SSN. The bank refused to cash
the bond, saying he was a minor and he can not cash the bond until he
is 18. He has cashed many bonds in the past (at this same bank - they
now have a completely new staff) with no problems. He has a account
with this bank and he wanted to deposit the bond's proceeds into his
account for later use.
I spoke to the bank manager and she confirmed the banks' policy not
to redeem this bond. She mentioned that it is a federal policy. She even
stated that my son is not allowed to cash personal checks made out to my
son, which he has also done in the past.
Is this a new federal policy that someone under 18 can't cash a Savings
Bond? Why can't he cash checks made out to him? He always gets Savings
Bonds and personal checks made out to him for birthdays and holidays.
Any help would be appreciated.
Thanks.
Jim Cook
jcook@discg1.disc.dla.mil
------------------------------
Date: Tue, 6 May 1997 22:27:29 -0400 (EDT)
From: jimm@hi.com (Jim McGrath)
Subject: Re: Consultation with a Financial Planner - what do I ask?
>
> My wife and I recently attended a seminar on retirement
> planning which was hosted by a local financial planner and
> have taken him up on the offer made to all attendees to come
> in for a private 1 hour consultation. We are fully aware that
> Questions:
> What questions should we ask this guy and what answers should we hope to
> hear?
Ask how he is being paid. If he is being paid by commission, he is
unlikely to recommend no load funds. He may bill a small percentage
of the money he manages for you, or he may bill on an hourly basis.
My preference would to pay on an hourly basis.
You should ask about his background and years of experience. Ask
about lawsuits.
> What questions should we expect him to ask us?
He should ask about your income and expenses, plans for large
purchases, life and health insurance, short and long term goals.
> What questions should we be asking ourselves as we consider using an
FP?
What your short and long term goals are.
> Red flags to look for?
If he pushes annuities, or pushes life insurance as an investment.
> Why is using a Financial Planner a bad idea?
Using the wrong Financial Planner is a bad idea. Paying for advice
you don't need is a bad idea.
> Why is using a Financial Planner a great idea?
When you need advice. When you don't know how much life and health
insurance you need. When you need help setting up a budget for short
and long term goals. When you need help in making mutual fund
selections.
> Any other advise/input would be appreciated.
Don't let the free meeting give you a sense of obligation to use a
particular planner. Pick someone with whom you will be comfortable
and trust.
Pick a Financial Planner with the same care you would use in picking a
Doctor.
Jim
(Editor's Comment - Also ask for his Form ADV. This is a form the SEC
requires of financial planners. There are 2 parts - ask for both. I
believe one of the parts details legal actions pending. The financial
planner isn't required to disclose that part, but not furnishing the form
says volumes. -IK)
------------------------------
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