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    Ask the RIGHT Questions Get the Right ANSWERS: For Sound Financial Retirement Planning
    Ask the RIGHT Questions Get the Right ANSWERS: For Sound Financial Retirement Planning
    Ask the RIGHT Questions Get the Right ANSWERS: For Sound Financial Retirement Planning
    Ebook105 pages1 hour

    Ask the RIGHT Questions Get the Right ANSWERS: For Sound Financial Retirement Planning

    By Robb Hill

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    About this ebook

    Planning for the future has always been important and there is no more valuable way to prepare for it than by making sure our finances are in good order. 

    This is particularly relevant when it comes to planning for retirement and in Ask the Right Questions, Get the Right Answers you will be treated to some of the mo

    LanguageEnglish
    PublisherR Hill Enterprises Inc
    Release dateJan 25, 2017
    ISBN9780998590028
    Ask the RIGHT Questions Get the Right ANSWERS: For Sound Financial Retirement Planning

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      Book preview

      Ask the RIGHT Questions Get the Right ANSWERS - Robb Hill

      Introduction

      Poor Is a State of Mind

      The goal of this book is to impart to you, the reader, a basic understanding of financial planning considerations and why they are necessary. I pray that the information contained in these pages will assist you in formulating a financial plan that will cover all the bases, fill in the gaps, and ensure that you will avoid the many problems that can arise as you reach your golden years.

      As I write this book, I have been in the financial services industry now for fifteen years. It has been my observation over the years that many of the people that I’ve counseled had no idea why they purchased this or that financial product. Most of the time, they bought something because the salesman said so, and they had no idea about all the different aspects of financial planning.

      One of the first organizations that I worked for used an approach that I call the bait and switch. You are asked to respond to a free, no-obligation benefit you receive via mail in a flyer. The job for the insurance agent was to basically sell you a product that you had not requested. The home office and up-line management justified this practice by stating that everyone needs insurance.

      Although the company was very profitable using this practice, I didn’t like the idea of talking someone into something that they unknowingly requested. Needless to say, I didn’t stay with that company very long. While I did make some money there, it was not my idea of being of service.

      I then moved to another organization that I thought was the ultimate in insurance sales. The people that I was fortunate enough to call on had requested insurance. This was a no-brainer; all I had to do was just take their order. So I had been doing this for a while and then it dawned on me: I was only halfway helping these people who had returned the inquiry letter. So, I began to look more into other aspects of financial services.

      I realized that to truly be of service, there was an education gap that I needed to bridge—I had to educate my clients about financial products and how to incorporate them into their financial plans. The biggest hurdle that I have encountered in this process and by far the hardest to overcome is to explain to people something that they think they already know about but really don’t.

      The concept of being poor is a state of mind that needs to be overcome; you need to realize that you do have a say in your financial well-being. The thought of being poor keeps many people stuck in poverty. The funny thing is that most people who consider themselves poor just have their priorities out of order, and a simple shift in thinking can make all the difference in their financial lives.

      The goal of my company, R Hill

      Enterprises, Incorporated, is to educate consumers. The formula for accomplishing this is through lectures in four areas of financial preparation: the first is on Wills and Trusts; the second is on Long-Term Care; the third is on Safe Alternatives to the Stock Market; and the fourth is on Final Expenses. (See part 4: Solution Mode.)

      This book is about education; well, actually, a more precise term might be training. The reason why I changed terms is because education to me is being able to bring out of you a greater expression of what you already know. With these lectures, this training, I hope to impart some knowledge that you don’t already know. So, for the sake of that definition, let’s embark on the training that I have put together.

      Part 1

      The Wake-Up Call

      Chapter 1

      It’s a Consumer-Driven Economy

      As I was growing up and learning from my elders, it became clear that you work to get what you want. As I have gotten older and more informed, I learned that this mentality of working to get what you want is only half of the truth.

      We must revisit the past in order to gain some insight into our current situation: In short, the Depression of the ’30s began early for farmers and the working class. In 1929, just before the bust, when poverty-level income was estimated at $1,000 per year, and a family of five needed $1,800 per year for minimal health and decency, no less than 42 percent of all US families earned less than $1,500. Some workers, of course, were making it, particularly workers among those immigrant groups that included many artisans, tradespeople, and skilled workers (i.e., people who were already at the top of the working class, such as Jews). But for those less fortunate—Italians, French, Canadians, Poles, Ukrainians, and especially black Americans and Mexicans—the ’20s provided no escape.

      Nevertheless, prosperity and the rise of a consumer society did have a major impact on the middle class and on at least part of the working class, and it requires closer discussion.

      Recall that as early as the 1890s, the American economy had shown signs of stagnation because of the apparent saturation of consumer markets. There were two readily apparent ways of solving this problem: (1) expansion of both trade and investment abroad, and (2) consumption at home. We will not discuss the former, for it only had an indirect impact on domestic social policy. As for the latter, to state the solution merely raises another problem: How could the consumption of the American people expand, given that most Americans were already spending every cent they earned to ensure bare survival?

      The answer, in essence, was to persuade people to save less of their income (if they had any to save); to spend it all; and then go into debt—that is, to spend more than their income. The future of business, wrote one trade magazine lies in its ability to manufacture customers as well as products. ¹

      Advertisements and the mass media were used to create the image of a consumer society, and in propagating the ideas of right living, they did their part. ²

      What was needed, it should be emphasized, was nothing less than a major change in American values. Industry, recalled Boston merchant Edward Filene some years later was perfected to a point which made it absolutely necessary for the masses to spend their money freely and to unlearn their previous habits of thrift. Buy instead of save; consume instead of work; go into debt; live for today, not for tomorrow.

      It is difficult to overstate the magnitude of the

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