All Forum Posts by: Rich Schroeder

Originally posted by Eddie Ziv:

As I said many times before, find me a law maker who is openly promoting cuts in Medicate, SS benefits, or any other entitlement program while his or her constituents are heading to the polls. I still remember the shouts in town meeting last summer: "Don't you dare touch my Medicare!!"

Congressman Paul Ryan of Southern Wisconsin.

Originally posted by S Yu:

Hi guys, I am about ready to rent out a two-family. I am wondering if you guys recommend any lease agreements? I searched the web and didn't find any great ones.

I will be renting to people in MA.

Any recommendations or point me in a direction would be great.

Thanks!

Hello,

save yourself some time, trouble, and money by finding a real estate attorney who preferably does rental properties of their own. Some will have a recommended lease that is specialized for your investment area. When I started, I compiled a lease from different sources. Sent it to my attorney, and for $800 he went over it line by line and made a bunch of suggestions. He has been through all kinds of evictions in my investment area, so he knows exactly what to look for in a lease.

Good luck with your investment!
Rich

Rich, it's only $40 per year per child...you must HATE THE KIDS!

I would suggest that people not have kids if they can't afford them by eliminating financial incentives. I would also argue that many of these children are on government assistance already...which, if managed correctly, would supply plenty of food for these families.

I recommend that, instead of giving out credit cards from the government (that are promptly wasted on gas station ice cream bars and traded for crack), we should have food centers in each county where food is distributed to needy families. A designated amount of food would be distributed, and a large majority of the waste and fraud would be eliminated.

Not sure why federal programs are being duplicated here.

when the "war on poverty" was started in 1964, welfare was 1.2 percent of the GDP. In 2008, it was 5 percent. The problem with any entitlement program is that it grows unchecked because the liberals play on emotion. How can anyone say no to a hungry child? If the proposal was $10 trillion, they'd call you a horrible human being for voting against it.

http://www.heritage.org/Research/Reports/2009/09/Obama-to-Spend-103-Trillion-on-Welfare-Uncovering-the-Full-Cost-of-Means-Tested-Welfare-or-Aid-to-the-Poor

All I'm saying, Jon, is that every day I see guys applying for coverage in their 30's and they already have hypertension, diabetes, etc. The premium then quadruples. As far as planning, you're the expert. I'm just sharing what I see from a medical standpoint.

while I agree with most of your points, the main thing I'm trying to get across is cheap coverage when someone is young. I see all too often that young people don't lock in rates, then their health deteriorates. Why not lock in $1 million of 30 year term at $50/month? Then if you have health conditions that change your insurability, you can typically convert that term if you can't qualify for underwriting later in life.

I'm not a financial planner, I deal with underwriting, so I agree that the above planning advice is very good...but always think of health and take advantage of it when it is good.

-Rich

Originally posted by Andrew R:

Well thanks Richard for this thread.

I have to ask - I'm a 18yr old Male and
I wanted to know how much should insurance be for me ?

Also what plan would be good for a person my age ?

Thanks :)

Hi Andrew. The answer depends on a couple of factors. For young people, we usually underwrite for 25-30 times your annual gross income. If you have the ability to save money, term is the way to go as opposed to universal life. The reason being...the older you get, the more wealth you will accumulate (hopefully). So as you age, your mortgages get paid down and hopefully get paid off. Any debt you have should mostly be paid off by the time you're 50 or so. I would lock in as many term years as possible (30 is typically the max). Term rates are affordable because if you don't collect your money, you're out the money.

A universal life policy would be geared towards someone who isn't a good saver or investor. It's a good way to accumulate some money that is kind of hidden away...out of sight, out of mind. The premiums tend to be higher than term, but the insurance companies make more money off of this plan.

Hope I've answered your questions.
Thanks,
Rich

I feel warm and fuzzy! Oh wait...that's the case of 9mm ammo I just received today.

there is a post from a kind physical therapist offering free advice to BP members. I think this is a great idea and willing to do something similar.

I've been a life insurance underwriter for over 13 years, dealing mostly with high face amount ($5-$40 million) business and estate tax type of policies. I'd be happy to answer anything from face amount justification to medical questions (in relation to life insurance...I'm not a doctor). Of course, you should be warned that I cannot give tax advice, medical advice, or recommend products as I am not a licensed broker.

This is kind of a "pay it forward" approach as BP has done so many good things for me.

Thanks,
Rich