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Financial Planning Ideas

greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

I'm not rich...but then I'm not poor either.

I pretty much have some money that if I need something or if something breaks I can make arrangements to purchase a replacement.

But I also have to pay my way for all medical, dental and vision expenses. Since I believe conventional medicine isn't of much use unless it is a true medical emergency, I always try to make sure I have some money set aside for the day when it might be needed. That means since I prefer alternative therapies well we know that is money out of our pocket. And since we never know when there will be a true emergency those insurance policies for conventional insurance are again money out of our pocket which will never get used unless there is an emergency.

Isn't it dumb we have to pray for an emergency to actually get to use our own money?

But after meeting with several different financial planners I just get the opinion this whole market is a rigged race also.

So has anybody else run into any good ideas what we can do with our funds for the long term but we still must have access to those funds if the need arises?

Comments

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭

    @greyfurball - Re: "anybody else run into any good ideas what we can do with our funds for the long term, but we still must have access to those funds if the need arises?"

    Um, since you specifically want "good", as in SAFE, that about Disqualifies... lotsa endeavors, Unless a millionaire to begin with.

    Three ways I know of: 1.Real estate, & 2. 'trading the markets' (either as a day-Trader, or otherwise), & 3.Piggy-bank pennies.

    I can tell you that Both 1.&2. carry endless RISK; particularly with the latter you can end up in the street, homeless. Been there, done that, homeless I mean, & not from 1.&2 either. - otoh if you become truthfully Skilled, you can succeed in both.


    However, been trying to Figger-out for five years How to get (myself) of that thieving $110+/m "Medicare" scam OUT, that I was forced on, after the wonderful (NOT) 'medical establishment' decided... to put me into heart-Failure, by no less forcing a drug IV for a condition I did not have. And without my say so, I was Stuck on MEDICARE.

    Before all that, the only insurance I carried for decades was for "medical Emergencies only". - Well, can I go back on that ?

  • blevinandwombablevinandwomba Central PaPosts: 639 ✭✭✭✭

    I don't have any investment ideas, but there are alternatives when it comes to insurance. If you just want catastrophic, there are some pretty inexpensive healthcare sharing groups. Here is a very extensive review of them

    I have CHM, and it is very inexpensive. That being said, I can't testify to their customer service, as I haven't had a catastrophic accident costing more than $5,000 yet. And that is all my plan covers- no doctors visits, etc. But its pretty nice only paying $45 of month.

    https://www.chministries.org/programs-costs/

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @blevinandwomba thanks I'll have to check into this.

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭

    Well, as always there's the Details: For the $45/month, "At the Bronze level, you have a $5,000 personal responsibility per incident. In other words, you need to pay $5,000 (or receive at least $5,000 worth of discounts on your medical bills) per incident before CHM helps share your expenses.

    The next level ((when compared to Medicare)) sound MUCH better & more doable: "$85 per unit, per month

    The Silver program is primarily for hospitalization. At the Silver level, you have a $1,000 personal responsibility per incident. In other words, you need to pay $1,000 (or receive at least $1,000 worth of discounts on your medical bills) per incident before CHM helps share your expenses. You can receive assistance up to $125,000 per illness.

    Like most everyone else, do they have that darn "age"-limit ? - Age-Discrimination is soo insane.

  • blevinandwombablevinandwomba Central PaPosts: 639 ✭✭✭✭

    @rainbow The website says there is no age limit

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭

    Well, now I'm checking this out, too. Thanks for your recommendation @blevinandwomba

  • wbt.affiliateswbt.affiliates Posts: 100 ✭✭✭

    We use the "envelope system." This means that we put out budget into tagged envelopes: This amount goes for groceries, which also includes household expenses such as toilet paper. Another amount goes for gas for the car. This amount goes for gifts and tithes, and so on. It works for us.

  • merlin44merlin44 Posts: 425 ✭✭✭✭

    @wbt.affiliates I use the "envelope system" too. "Every dollar has a name" per Dave Ramsey. I feel the 10% tithe, my "Give Away" money might be the most important part of the budget, Universal Law-give cheerfully and everything else is taken care of.

  • toreytorey Posts: 2,349 admin

    I use Mason jars. For us it has been working better than any savings account.

  • Ruth Reyes-LoiacanoRuth Reyes-Loiacano Posts: 13 ✭✭✭

    Let's get @Marjory Wildcraft in on this conversation. This is one of her areas of expertise!

  • Marjory WildcraftMarjory Wildcraft ✭✭✭ Posts: 989 admin

    Hi @Ruth Reyes-Loiacano and @greyfurball I'm not sure how much you have to put away every month but one option I've just started is the "Bank On Yourself" concept. You put your money into it and you have access to 80% of it at any time to barrow against it. It is a mutual arrangement of people who all fund this, and then everyone can barrow from it. The health qualifications are quite stringent - I passed their tests with preferred premium, which means they don't think I am going to die for a long time :) But I think you can set up the plans using a younger healthier person as the insured so you don't even have to be healthy. I think the minimum it makes sense for this would be a $500/month savings plan. And after about 10 years it generates enough returns it starts funding itself. It doesn't return huge amounts, and it takes a few years to get going, but does not depend on stock markets, real estate, or bonds - os it is essentially crash proof. Basically the fund lends out to the other owners of the policy - so it is like a club in a way. Apparently, they have always paid out dividend every year and some companies have been in exestance for over 100 years through world wars and the great depression. It is not a high return, but your money is quite safe. If you want a recommendation on a friend of mine who structures these, let me know.

    If you are a US citizen, a Roth IRA account where you put the money in after taxes, but any earnings and capital gains are tax free is a good option. You can start taking the money out tax free after age 59 1/2. You can setup a self directed IRA where you invest in precious metals that you keep at home. You can take loans from your IRA, so the money is available that way.

    Personally I would not be in the stock market right now. I'm going to wait until awhile after the next crash... which will be coming soon enough.

    I'll think some more about this.

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭
    edited November 2019

    What I learned two years ago is that the fed (aka the Federal Reserve as the U.S. central banking 'system'), instead of using the Gold standard, is using totally worthless 'paper' money to loan, & then charge interest. Iow it > prints $ out of thin air <, & that's what the entire world runs on too. - So the reason prices continue to sky-rocket, is not that "things cost more", but because the dollar (not backed by gold or silver etc) is not worth the paper it is printed on. - AND as such should be Abolished. And we should go back to the REAL way of doing things. - What is everyone else's understanding of such matters ?

    IF, or hopefully when that happens, some kind of Transition would need to take place, yes? - And what would that look like, & how long might it last, & How would the average person get the gold & silver needed to carry on ?

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @Marjory Wildcraft thanks for your explanation. Yes I would like to speak to someone else about it if you could pass the info along to me. But in case it matters, I'm already pushing 70 years of age so no there won't be any young person to add to the account. I do have several health conditions but they are all controlled by me so health should not be a troubling factor.

    Thanks for the info.

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @rainbow earlier this year I did buy into the gold market buying a rather sizeable chunk of pure gold coins. When I purchased them I was told then don't even bother to keep checking on the price of gold. It is so stable right now it could be ten years or more until you actually get any return.

    Well, that statement bottomed out less than three months later. Since I was a newbie to precious metals sure I was curious and a coule times a week I had to check. After about 7 weeks I noticed there was fluctuations but I didn't know what that meant. Into the beginning of the third month the changes were more noticeable, larger and faster. Before the end of that third month I sold out.

    The market has been unstable ever since. So I am no expert at this but I do know I was smart enough to selll out when I did or I would be taking a very big loss if I was trying to sell now.

  • merlin44merlin44 Posts: 425 ✭✭✭✭
    edited November 2019

    @rainbow So true, the Federal Reserve, which is not part of the federal government, has quite the ponzi scheme going on. President Kennedy was the last president with plans to abolish it but he was assassinated. In days past, currency used were gold coins, silver certificates (now federal reserve notes), and silver coins (now filled with cheaper metals). As countries around the world stop using the dollar, its value will continue to drop. Refer to @Marjory Wildcraft post above for what a transition might look like-a crash, from what I've read the next one will be worst than "the great depression". The ability to grow food and "make do" during the 1930's has been replaced by dependency on grocery stores, city utilities and the "need" for the latest gadget. Regardless of what the future may look like, I don't think the 'private' Federal Reserve will go away quietly, too many 'rich, powerful' people pulling the strings. We live in interesting times, don't we?

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭

    @merlin44 - Thank you for agreeing. - Some insanities are just hard to get used to, because (slight derail here =

    I was raised under 'communism': where people don't 'own' anything but 'self'. So how we lived was Growing our own food, etc. (shared many x here in the group about grandpa's garden of eden #2). Everything we ate (except Salt, pepper, & flour), we First grew, or we did Not eat it. - We sewed our own clothes. We washed them by hand (once a month, maybe). We had NO bathroom, & so in the 13 years I lived in East Germany, no one ever bathed, let alone showered. Yet guess what? - Because our Immune system stayed strong, we stayed well... only 3x did I ever run across a 'doctor'. ( Drs were mostly useless, uttering stuff like: "Well, either she's going to die the rest of the way, OR she wakes up tomorrow". Happened once to me.) --- And drugs ?? <- What in hell is that? . Obviously we had NO phone, & (NO TV thank goodness). Making DO was our everyday life, & Yet without 99% of American gadgets, we were Rich because we had EACH OTHER, & this makes 'Good sense'. Agreed ?

    Maybe now you can understand, a bit Why for the 1st. 9 yrs. after arriving in USA my mouth hung open..., trying to get used to HOW we live in America. For one thing, over across the pond we had NO homeless. Everyone had a place to sleep, & everyone had a place to grow their own food, etc. etc. --- The week after I got off the plane, I found out nearly all USA kids were vastly Ignorant: - While I was busy learning a 4th. language, Yes, in the 7th. grade they knew how to swear, & make fun of a "stranger"; but did they know how write an Essay, let alone Debate intelligently ?? And why were they still learning decimals, fractions, etc - Topping that, they had nary a clue HOW to grow their own food. And what do you need a "grocery store" for, anyway?? - Anyway, I think you get the picture, eh ? )

    okay back on this/here Track: When got my 1st. job at 15, the math did NOT add up. How can I be working at $1.50/hr. x 80 hrs, = $120. But the piece of 'paper' had some weird 4 #s on it, incld. pennies. I thought: "Yikes, beyond the kids not knowing math, as adults they still don't know Basic math". - That's when I learned about TAXES' explanation "The government Steals your $ now, so when you get old, they will give you a few pennies back" - I yelled "The government are THIEVES !!", & they said "Welcome to America". HMPH. And since the feds already know HOW MUCH $ they steal, why do we need to Report/File every year ?? - Now re the FED (true, not only are they Not a part of the federal. government, they have NO reserves). The only way they know we as Individuals exist is as some #. - Wait, how is that any different than living under communism... ). Maybe now you can understand, a bit Why government FRAUD has never made any sense to me. Yes ?

    Okay, so let me ask you this: Supposing the Great Depression is actually a SANE RESET for teaching people how life can be lived SANEly... WHY do people think that is bad? - when in all actuality it could be REALLY GOOD, Agreed ?

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @rainbow of course you are correct in your comment. Our federal government lies to us all the time, first because they can get away with it and second because they cater to the whims of the rich and powerful first and foremost.

    The average American citizen, his desires, needs and wishes are far from their decision-making process in this country.

    Everyone who takes any time at all to actually think their way thru a decision which was made and passed into law in this country should easily be able to figure out who they actually were being generous too that time because it sure wasn't the actual "people" who are considered just Americans.

    But this country is still full of "sheeple" and they will listen to all kinds of rhetoric out of the mouths of many and still they fall into line and pledge their allegiance to them anyway. Go figure! Commonsense and morals have rapidly run down the drain in this country.

  • Marjory WildcraftMarjory Wildcraft ✭✭✭ Posts: 989 admin

    OK, here is a micro investment idea. Has zero downside and plenty of upside.

    Why did this crazy woman give me a roll of nickels?

    If you are worried about inflation and/or hyper-inflation, saving lowly nickels is an option for those on the smallest of budgets. Of course, silver and gold are also excellent for those who have the resources to buy that. And the best options are fertile land in a remote area, backup food supplies, open-pollinated seeds, hand tools, medical supplies, good quality guns and ammo. Basically, tangible assets.

    Well, real skills, family, and community are actually the best investment :)

    Anyway, back to tangibles: the lowly nickel is the last 'honest' currency created by the US Govt. It is 75% copper and 25% nickel.

    It currently has a melt value of about 4.1 cents, and it fluctuates depending on the price of copper and nickel - I've seen it as high as being worth 9 cents. Note that it is illegal to actually melt the coins.

    Fortunately, the US Govt moves pretty slowly.... But a multipurpose bill named the “Coin Modernization, Oversight, and Continuity Act of 2010” became law in December of 2010 The United States Mint will be granted new powers to produce coinage through the use of different alloys. Greshams Law states that 'bad' money will chase out 'good' - which is common sense that when the US Govt starts minting new nickels with cheaper alloys, the old nickels will suddenly disappear from circulation as both you and I start stashing them aside. And even if we don't have inflation, those older nickels will probably jump in vale a bit one the new alloyed nickels come out.

    I have picked up a couple of $100 'bricks' which is a box full of rolls of nickles I got from the bank, to give my kids at some time in the future. I would have loved it if my Mom had stashed away a bag of lowly dimes prior to 1963.

    The cool thing is, those boxes will always be worth at least $100.


     1946 - 2010 Jefferson Nickel Value (United States)

    U.S. MINT SPECIFICATIONS

    Denomination:

    $0.05

    Obverse Image:

    Thomas Jefferson, 3rd President of the United States and author of the Declaration of Independence.

    Reverse Image:

    1946-2004, 2006-2007: Monticello, Jefferson's mountaintop home in Virgina.

    2005: Westward Journey Series including "American Bison" and "Ocean in view! O! The joy!".

    Metal Composition:

    75% copper, 25% nickel

    Total Weight:

    5.00 grams

    Comments:

    The 1938 through 1942 D versions of the nickel are also made of the same composition, but generally are sold for a premium over their melt value due to rarity.

  • Marjory WildcraftMarjory Wildcraft ✭✭✭ Posts: 989 admin

    Hi @greyfurball There are several good books on the Bank on Yourself concept. It's pretty cool - if a bunch of us did this than we would no longer need the Federal Reserve. The way I see it, is I am building my own private bank. I've been through enough ups and downs to know that finding sources of lending during heard times is almost impossible, and yet that is when the best deals are around.

    I really don't know what's going to happen going forward with the US Dollar, digital currencies, infaltion, or deflation. I've read so many interesting viewpoints: no fiat currency has ever stood the test of time and they almost always go out in hyper-inflation which looks like the path of the US dollar. But the US has such a strong hold on world trade - and a huge military to make sure you keep trading in dollars... it could be a long time for it's demise.

    The digital currencies could undermine the US dollar as the tech giants in general usurp the power of mere national governments. AI being such a powerful tool and a complete game changer for the planet. Definitely see my interview with Dr. Kai Fu Lee on the coming storms with AI.

    Anyway, it took me awhile to fully understand the BOY concept. Here is one of my favorite books on the Bank on Yourself Concept: "Becoming Your Own Banker" by Nelson Nash https://www.amazon.com/Becoming-Your-Own-Banker-Infinite/dp/B001NZO1DS/ref=sr_1_3?keywords=bank+on+yourself&qid=1573837407&sr=8-3

    And I am working with Teresa Kuhn who has helped me to select the best vehicle to set this up. You can reach Teresa here: https://livingwealthyfinancial.com/

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @Marjory Wildcraft thanks Marjory. I have copied all your info down and will work my way thru the two sites you recommend so that I can familiarize myself with the principle first.

    But from reading thru your material I can understand how what you say would and could work. It's always unfortunate though I think that the most lucrative method available to us is also the one that very few talk about.

    So I'll see if I can figure it out and then make use of the BOY concept for myself, friends and family also.

  • Marjory WildcraftMarjory Wildcraft ✭✭✭ Posts: 989 admin

    Hi @greyfurball

    I find it very inspiring that we could collectively completely bypass and eliminate the Federal Reserve. BTW, Teresa Kuhns is very clued in as to what the Fed is, so youc an speak openloy with her about that... The BOY system is an alternative that really appeals to me personally. It is definitely a long term perspective with only slow but steady returns. But I'm good with that. Plus I'll have created a bank that I can pass on to the next generation - which is a huge gift. I have one kid who is repsonsible enough... LOL, let's see how long it takes the other one to grow up.

  • merlin44merlin44 Posts: 425 ✭✭✭✭

    @rainbow For many who live a simple life, grow their own food, seek a degree of self-sufficiency, living through a "greater depression" would no doubt be challenging but possibly doable. But for the millions, as @greyfurball mentioned, of "sheeples" who do not see or hear what is before them, a "reset" will be anything but "sane". Imagine what a city might be like if the grocery stores are empty, the electricity is out, water does not flow from faucets. Venezuela is a good example. It will be anything but sane. Though in the mean time, we can continue to share knowledge, grow our food and medicine and pray. As I've heard it said "Beans, bullets and Bible" and save your nickles!:)

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @Marjory Wildcraft I had to chuckle when you mention "let's see how long it takes the other one to grow up". My younger brother is 61 years old now we are still waiting. Have patience!

  • ines871ines871 zn8APosts: 1,290 ✭✭✭✭✭
    edited November 2019

    @merlin44 So you Agree that how we lived in Germany was the sane way, yes?

    And it was our Way-of-life. And in these villages today people continue living like this as an Agrarian society. (And In our time there, No need for 'bullets' . People had no guns, because what crime was there? -> it was SAFER as everyone did it.) - Too, people were busy... staying Healthy, so of course the drug-insanity was alien to us (& the 'doctors' were in cities... Yeah, for NOT living in one. 🙂).

    Tho I knew little about geld (money) other than the Pfennig (pennies) in my piggy-bank. And that held little meaning, except in summer us kids could buy a huge cone of Sauerkraut für fünf Pfennig (saurkraut for 5 pennies) , & too on hot days icecream for which we had 2 choices: Vanilla, (or none, lol).

    Now you brought up Venezuela: (as yet another example how too many in govt. not do right by their people). The idea of any human 'Ruling-class' is always a recipe for humanitarian disaster!. Elected people are just that, & their function (aside invasion protection) is to serve... to Empower, & Enable, & Encourage people/families to care for themselves. Had they done that, Venezuelans would not be existing so desperately, & in the streets now.

    Since we in the USA are fortunate enough to have a few with morals & heart to serve us, we have the opportunity to live Frugally within our means. Except who here can Afford to buy a house outright by writing a single check? - So questions:

    1.Trying to figger out the BOY-strategy, is that a fancy "Whole-life insurance" policy ?

    2.When the fed-banksters go to where they really belong, & the Gold returns to pay with, what can a person, or family buy with a roll of 40 nickels, $2 Face Value ? - & how long will a 'Brick' of them last ?

    3.as far as the markets, they work by going Up, & down, incldg. Always 'correction'. - Since now when the market falls fast on a given day, circuit breakers would shut it down, & there's deposit Insurance, what other than not having enough liquidity in the economy to support the stock market, would cause it to Repeat 1929 ?

    4.The above of course applies to traders too: has one got enough liquidity in one's economy to support whatever course the stock market brings to bear ? Too many 'teach' others to trade, while not doing well themselves, so they exist off other people's fees. Too few learn that a bazillion 'Past-indicators' can't tell what the market's going to do next. Only one ability can do that.

  • Obiora EObiora E Posts: 517 ✭✭✭✭

    I went to a seminar in Atlanta, GA this February that was sponsored by Anderson Advisers (https://andersonadvisors.com) dealing with Asset Protection, investing, taxes, real estate, and much more. It lasted for three full days (8 or 9 in the morning until about 8 at night) and it was very informative. They have 3 or 4 of the seminars in different parts of the country and you can go to them for free. I happened to get a postcard in the mail last year and registered and never paid anything.

  • greyfurballgreyfurball Southeastern PennsylvaniaPosts: 592 ✭✭✭✭

    @Obiora E since you gave me a web site I will check it out and see if they are ever coming anywhere near me too. I'm always interested in new ideas about the market place. And I'm willing to admit I feel safer when it is a decent return without all the risk. I know that sounds counter-intuitive but I guess it's just the way us country girls work.

  • Obiora EObiora E Posts: 517 ✭✭✭✭

    @greyfurball You are welcome and it makes perfect sense. The summits seem to be regional. I went to one in Atlanta, GA last February. Next February it will be in Nashville, TN. I know they had one in the Fall in Las Vegas. I don't recall where the others were located though. I assume they will also have one in the Northeast or on the East Coast but not sure as to those dates.

    Good luck to you!

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