On a beautiful fall evening five years ago, a retirement party was
held in New York for two men after long and successful
careers.
They were very much alike, these two older men. Both had led fulfilling professional careers, both were personable, and both -- as retirees often are -- were filled with ambitious dreams for the future.
Recently, these men ran into each other at Publix, a grocery store in Florida.
They were still very much alike. Both were happily married. Both had recently become grandparents. And both, it turned out, had bought their retirement homes in Boynton Beach, FL.
But there was a difference. One of the men was buying groceries for what seemed to be a large BBQ party. The other one was working at Publix bagging his groceries.
What Made The Difference?
Have you ever wondered, as I have, what makes this kind of difference in peoples' lives? It isn't always a native intelligence or talent or dedication. It isn't that one person wants success and the other doesn't.
The difference lies in what each person knows, and how he or she makes use of that information.
And that's why I am writing to you today.
How Will the Debt Crisis Affect You?
A government in debt has three choices: raise taxes, cut spending and/or print money. And the deal being negotiated in Washington now will include all three.
Those of us already living on a fixed income will be hit hardest:
Higher taxes. Less services. Inflation. In very real ways…
The Middle-Class 'Rich' Will Be Wiped Out
How will this impact my retirement? How can I prepare for it? How can I protect my assets? How can I grow my assets? What should I do? Where do I even begin?
My mother's retiring this year. Those are the questions she and her friends ask me almost every day.
Last week I asked the fellas here (Costas, Teeka, Chris and Ed) if they were dealing with the same issues I was. Given that we're all of similar age, I wanted to know if they were helping their parents plan for retirement and if so, how?
They were. And what we've all learned is that it seems most financial advisors weren't trained to handle this kind of economic environment (to put it politely). Or they're too young to remember the lessons of the 70's.
That means that some of you reading this right now who are retired, or close to retiring, may have the same questions as my mother and her friends. Or you could be like me and the fellas here, and have parents who are.
It wasn't long before we were kicking around the idea of creating a new monthly publication dedicated to teaching you how to plan for retirement or how to live when you are retired. In a way, it would be dedicated to our own parents. And to existing retirees. And to your parents.
Each month one of the five of us would teach you how to plan for a successful retirement by sharing the same advice with you that we're sharing with our own parents.
For example, each issue would cover topics such as --
Basically, we'd be sharing with you exactly what we're teaching our parents. And given the combined century of experience we all have in the financial markets, there is a lot of sharing to be done.
For posterity, not profit
This is an issue close to my heart.
As a young boy growing up in Queens, I used to shop and run errands for neighbors too old to shop for themselves. (My mother was always quick to offer the services of my brother and I, despite how scary they appeared to the eyes of an 8 year old.)
I'll never forget one lady. For years, I used to pick up her groceries each week. Some weeks she asked me to buy her what you'd expect a person in their late 80's to buy: soft foods, like macaroni and cheese, toiletries and the like. Other weeks, she would ask me to only buy her cat food.
When she passed away some years later, I remember sitting at the funeral parlor wondering what would happen to her cat. But everyone I asked told me she never owned a cat -- she was allergic to them.
I soon found out that all those years she was eating the cat food! I couldn't believe it. I was stunned. Game over: innocence lost. To this day, the thought of it just sickens and angers me.
We wouldn't be doing this for the money. To get this in the hands of as many people as possible, we couldn't imagine charging more than $50/year (just .13 cents a day) for it: Just enough to cover expenses, like the costs we would incur in staffing researchers, production, compliance, etc.
(We're even kicking around the idea of taking whatever funds we generate from this and dedicating it to improving financial literacy in America).
We need your help
Please understand that we're all burning the candle at both ends. I had to wake up at 4 AM today just to write you this letter. It was the third time this week. And I know Costas, Teeka, Chris and Ed are working just as hard, if not harder.
I'm not complaining. None of us are. In this market, we're blessed just to have jobs. But any extra work now means spending less quality time with our families. As noble of a project as this is, it isn't more noble than spending time with my daughter.
That's why I want to be perfectly clear when I say this --
We'd be thrilled if you think this kind of product could help you. And we would go out of our way to make it the best product we can. But as I said, we can't do it without you.
They were very much alike, these two older men. Both had led fulfilling professional careers, both were personable, and both -- as retirees often are -- were filled with ambitious dreams for the future.
Recently, these men ran into each other at Publix, a grocery store in Florida.
They were still very much alike. Both were happily married. Both had recently become grandparents. And both, it turned out, had bought their retirement homes in Boynton Beach, FL.
But there was a difference. One of the men was buying groceries for what seemed to be a large BBQ party. The other one was working at Publix bagging his groceries.
What Made The Difference?
Have you ever wondered, as I have, what makes this kind of difference in peoples' lives? It isn't always a native intelligence or talent or dedication. It isn't that one person wants success and the other doesn't.
The difference lies in what each person knows, and how he or she makes use of that information.
And that's why I am writing to you today.
How Will the Debt Crisis Affect You?
A government in debt has three choices: raise taxes, cut spending and/or print money. And the deal being negotiated in Washington now will include all three.
Those of us already living on a fixed income will be hit hardest:
(1) You'll Have Less Money: Higher taxes
on dividends. Higher taxes on IRA withdrawals. You name it and
they'll tax it. They call it "closing loopholes." I call it
raising taxes. The bottom line -- future retirees have to plan
their retirements with far less money.
(2) You'll Have to Pay More for Services: Future retirees will have far less services. The government simply cannot afford them. That means they'll need to make their dollars stretch much further than many are anticipating.
(3) Your Money Will Be Worth Less: As always, the government will pay for its debts in part by printing money. Every $1 you have could be worth .50 cents in ten years if the government begins printing money.
Those of us who are ten years from retirement will also be
hit hard, as you don't have as much time to make back the losses
suffered from the housing collapse and weak markets. Ten years is
just not enough time. (2) You'll Have to Pay More for Services: Future retirees will have far less services. The government simply cannot afford them. That means they'll need to make their dollars stretch much further than many are anticipating.
(3) Your Money Will Be Worth Less: As always, the government will pay for its debts in part by printing money. Every $1 you have could be worth .50 cents in ten years if the government begins printing money.
Higher taxes. Less services. Inflation. In very real ways…
The Middle-Class 'Rich' Will Be Wiped Out
How will this impact my retirement? How can I prepare for it? How can I protect my assets? How can I grow my assets? What should I do? Where do I even begin?
My mother's retiring this year. Those are the questions she and her friends ask me almost every day.
Last week I asked the fellas here (Costas, Teeka, Chris and Ed) if they were dealing with the same issues I was. Given that we're all of similar age, I wanted to know if they were helping their parents plan for retirement and if so, how?
They were. And what we've all learned is that it seems most financial advisors weren't trained to handle this kind of economic environment (to put it politely). Or they're too young to remember the lessons of the 70's.
That means that some of you reading this right now who are retired, or close to retiring, may have the same questions as my mother and her friends. Or you could be like me and the fellas here, and have parents who are.
It wasn't long before we were kicking around the idea of creating a new monthly publication dedicated to teaching you how to plan for retirement or how to live when you are retired. In a way, it would be dedicated to our own parents. And to existing retirees. And to your parents.
Each month one of the five of us would teach you how to plan for a successful retirement by sharing the same advice with you that we're sharing with our own parents.
For example, each issue would cover topics such as --
- How to inflation-proof your portfolio.
- How to earn safe, tax-sheltered, high-interest returns (like 7.43%) in a low interest environment.
- How to earn 500% 'government-guaranteed' profits with certain "zero-coupon" bonds.
- How to get stock market profits with CD safety.
Basically, we'd be sharing with you exactly what we're teaching our parents. And given the combined century of experience we all have in the financial markets, there is a lot of sharing to be done.
For posterity, not profit
This is an issue close to my heart.
As a young boy growing up in Queens, I used to shop and run errands for neighbors too old to shop for themselves. (My mother was always quick to offer the services of my brother and I, despite how scary they appeared to the eyes of an 8 year old.)
I'll never forget one lady. For years, I used to pick up her groceries each week. Some weeks she asked me to buy her what you'd expect a person in their late 80's to buy: soft foods, like macaroni and cheese, toiletries and the like. Other weeks, she would ask me to only buy her cat food.
When she passed away some years later, I remember sitting at the funeral parlor wondering what would happen to her cat. But everyone I asked told me she never owned a cat -- she was allergic to them.
I soon found out that all those years she was eating the cat food! I couldn't believe it. I was stunned. Game over: innocence lost. To this day, the thought of it just sickens and angers me.
We wouldn't be doing this for the money. To get this in the hands of as many people as possible, we couldn't imagine charging more than $50/year (just .13 cents a day) for it: Just enough to cover expenses, like the costs we would incur in staffing researchers, production, compliance, etc.
(We're even kicking around the idea of taking whatever funds we generate from this and dedicating it to improving financial literacy in America).
We need your help
Please understand that we're all burning the candle at both ends. I had to wake up at 4 AM today just to write you this letter. It was the third time this week. And I know Costas, Teeka, Chris and Ed are working just as hard, if not harder.
I'm not complaining. None of us are. In this market, we're blessed just to have jobs. But any extra work now means spending less quality time with our families. As noble of a project as this is, it isn't more noble than spending time with my daughter.
That's why I want to be perfectly clear when I say this --
(1) We will only create this product if
you want us to.
(2) We can only create this product with your help.
(2) We can only create this product with your help.
We'd be thrilled if you think this kind of product could help you. And we would go out of our way to make it the best product we can. But as I said, we can't do it without you.
Remember, the best way to show your interest in this
soon-to-be-named product is to help us create it.
You can do that by filling out this short survey here >>>
You can do that by filling out this short survey here >>>
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