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July 4, 2009

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Congressional Pensions Prove Crime Does Pay!

Congressional pension plans are by far the biggest perk offered to lawmakers.

Here’s the low-down on these lavish plans.

As with private pensions, Congressional pensions rise with years of service. However, congressional pensions provide double to triple the benefits offered by most employers.

Congressional also pensions rise every year due to a cost of living adjustment. Virtually no other pension plans offer this generous benefit.

Both staffers and lawmakers can retire with a full, guaranteed pension at age 50 after 20 years of service. Most workers can only start collecting after they reach 65.

And let’s not forget about their tax-deferred savings plan which is similar to a 401(k). Taxpayers are also forced to match this dollar for dollar.

So how does it all add up?

Many members who have recently left Congress will draw more than $1 million over their retirements. Some are expected to bring in more than $2 million.

Unfortunately, unless you’re the former CEO of Home Depot, your retirement plan won’t be quite as cushy.

So how much is their life of luxury costing you and I?

Money Magazine estimates that just by bringing Congressional pensions in line with private pensions, that taxpayers would save $100 million a year!

Adding insult to injury is the fact that even members of Congress who are convicted of crimes against taxpayers are still entitled to receive their annual pension check—from the very same people they screwed in the first place!

This really rattles my cage!

And guess who tops the list of at least 20 convicted former members of Congress who are collecting these pensions. That’s right, our very own Dan Rostenkowski — convicted felon and embezzler of public funds.

You may remember, Rostenkowski was fined and served 15 months in prison.

What you probably weren’t told is that now he rakes in an annual $126,000 pension, which is set to increase with inflation every year!

All in all, it costs taxpayers $1 million a year to fund these crooks pensions - and that figure doesn’t include the public funds used to defend our “public servants” in court. (Yes, we get to pay their legal bills too!)

Of course there has been talk on capital hill about putting the kibosh on pensions for felons. Not surprisingly, no action has been taken on this issue.

But seriously, can you really blame them?

I mean, wouldn’t your retirement plan look rosier if you controlled how much you would be paid and had an unlimited source of funding?

And that, my friends, is the crux of the problem.

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Welcome

Why Do Richer Doctors Take Home A Whole Lot More Money Than Other Doc’s On The Very Same Income?!?!

Nineteen years ago, on a beautiful late spring day, two young doctors graduated from Northwestern University medical school. Both were smart, full of determination, and filled with ambitious dreams of the future.

            Recently, these two doctors met for a round of golf.

            To their surprise, they were still very much alike. Both were happily married. Both had two children. And, both were making about $300,000 per year.

            But there was one big difference. One of the physicians was taking home $163,245 a year. The other was taking home $246,231.

What Made The Difference?

            Have you ever wondered why some doctors have the knack for handling money? Why some doctors always seem to have more than others? Is it just dumb luck? Is it sheer intelligence?

Absolutely Not!

The true difference is a doctors’ ability to keep their non-patient related activities running smoothly and efficiently.

Easier said than done, right?

Especially when it comes to all the choices we must make with our money:

ü      How do I make sure I don’t overpay taxes?

ü      What’s the best way to protect my assets from lawsuits?

ü      How do I ensure my money lasts as long as I do?

ü      What’s the best way to sell or transition my practice?

ü      What type of retirement plan is right for me?

… and the list goes on, and on.

When did they teach about this stuff in medical school, anyway? And when do they think we have the time to stay on top of it all?!?!

After all, we must spend most of our non-patient time keeping up with the latest health news. Not interpreting Congress’ latest fiasco or deciding which economist has any idea of what’s going to happen.

Yet, there’s no way to be a successful as a doctor if you aren’t successful as a financial manager and business person. So what do you do?

Do you spend countless hours studying the tax laws? Do you put your blind faith in a financial advisor or salesperson? Or, maybe you watch the financial shows to see what they have to say.

If these alternatives seem a little lame, it is because they are.

That’s why I created the Richer Doctor Inner Circle. The only club in existence dedicated to providing the financial know-how doctors need to simplify and make the most of their financial lives!

Richer Doctor Is All About MAXIMIZING The Income You Take Home From The Things You Already Do!

Make no mistake. This is NOT one of those lame site filled with hype about getting hundreds of new patients… getting rich quick…or the next ‘hot’ investment.

Instead, Richer Doctor uncovers the jealously-guarded secrets for improving your life and lifestyle, by making smart, time-tested financial choices! We help simplify your financial life - which makes other aspects of your life easier, too. And we do it all without putting you to sleep!

“…would you like to improve your take-home profits right now – without seeing one more patient or putting in more hours at the office?”

If you answered “yes,” then you are at the right place!

But a quick word of caution before you enter: Having specialized in helping physicians maximize their income from their practices for more than a decade, I can safely say that a lot of what you’ve been fed about money and the “proper” moves to make is flat out wrong!

It’s sad but true. I see it everyday in the files of doctors who come to me for help. Most financial advisors simply don’t know how to legally set doctors up to maximize their take home profits. Why? Because your practice, lifestyle and income level allow advanced techniques that over 95% of their clients don’t need. So they have limited knowledge and experience using them in daily practice.

So enter with an open-mind. Get ready to see some stuff you’ve never seen before and may not agree with. And most importantly, prepare for the shock that comes when you realize how much money you’ve lost because “that’s the way I was always told to do it.”

Only then will you become a Richer Doctor.

Enter or register now, if you dare…

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The Economics Of Happiness

Society and media lead us to believe that having lots of money and material things is the ticket to happiness.

But is this really true? Or, is it just a ploy to get us to get us to buy more of their advertisers goods. Let’s take a quick look at the facts:

According to the Bureau of Economic Analysis, since Elvis made his first appearance on the Ed Sullivan show in 1956, the average American’s disposable income (in 2000 dollars) has tripled from $9,431 to $27,792.

But our level of happiness hasn’t increased at all during that time.

It seems money does factor into the happiness equation but only to a certain degree. Studies have shown that if we go from making $20,000 per year to $50,000 per year, our happiness will just about double. However, going from $50,000 to $90,000 will only yield a slight increase.

Which would you prefer: getting paid $50,000 per year while other people get paid $25,000 or getting paid $100,000 per year while others get paid $250,000? According to one survey, more people preferred the first option.

This shows that happiness from money is relative. As long as we make more than our “comparison” group, money makes us happy. So happiness is partially based on “staying ahead of the Joneses.”

Even our young people are money focused. The latest UCLA annual survey of college freshmen indicated that nearly 75% of them said it was essential or very important to be “very well-off financially.” That’s up from 42 percent in 1966, the study’s first year.

It’s a similar story with material goods. Just as a shiny new coin dulls with use, so does our happiness with the goods and services increased wealth can buy.

Over time, we become used to our new standard of living and our happiness level flat lines. Continually buying bigger and better things just leads to the “hedonistic treadmill.”

Okay, so if becoming a millionaire is not the passport to happiness, what is?

According to various studies, here are seven keys that can make us happier.

First: Build strong family relationships. We need the closeness and love of a family. Divorce and separation are two situations that can cause the largest drop in personal happiness.

Second: Secure an adequate financial situation. As described above, a certain level of income is necessary for a base level of happiness.

Third: Find rewarding and meaningful work. Paying the bills is important but finding work that makes us feel like we are contributing to society and helping others is also very important.

Fourth: Cultivate friends and a local community. Research from the University of Chicago indicates that people with five or more close friends are 50% more likely to describe themselves as "very happy" compared to people with fewer friends.

Fifth: Focus on health. We tend to ignore our health—until we don’t have it. By proactively trying to stay in shape, we can feel better, live longer and be happier.

Sixth: Find the “zone.” Whether it’s work or leisure, happiness ensues from being “in the zone.” You know, that state where we are totally engaged in an activity and absorbed in the moment.

Seventh: Be grateful. It’s easy to lament what we don’t have but it’s better to focus on appreciating what we do have.

Yes, life can be difficult and unfair; however, by consciously focusing on the seven items above, we can improve our odds of living the good life we deserve.

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