None of you really want to hear my opinions on the general bailout package passed by the Senate last night, but I felt it my duty to inform you of the implications of the added section regarding mental health (since some of you are obviously crazy).

NAHU (National Association of Health Underwriters) sent me a good summary this morning, so I’ll give you some excerpts:

Modern Healthcare (10/2, DoBias) explains that the Senate measure “includes the already agreed upon mental-health parity language that passed the Senate as part of a tax-extenders package and the House as a stand-alone bill.” According to MedPage Today (10/2, Walker), an earlier mental health parity bill, passed by the House in March, “was dead on arrival in the Senate because of language that would have required insurance companies to give equal coverage to all mental illnesses outlined in the DSM [Diagnostic and Statistical Manual of Mental Disorders]. This was a far-reaching stipulation that made some conservatives squeamish,” according to Peter Newbould of the American Psychological Association’s Practice Organization. The new mental health parity language, included in the rescue plan, “removes any mention of the DSM.”

[…]

Meanwhile, the New York Times (10/1, A28) editorializes, “The bill is endorsed by President Bush, business groups, insurance companies, the medical community and mental health advocates. … But it requires a final shove because the measure is snarled in a broader legislative struggle over how to pay for tax revenues that would be reduced by this measure and others. Is there a statesman who can push this worthy parity legislation through to final passage before adjournment?

I’m not a mental health expert and I don’t even play one on TV, but “Mental Health Parity” is not something that I have always been an ardent supporter of.  It would be good for me, insurance companies, medical professionals, medical health advocates, etc.  I’m just not 100% sure that it’s good for patients.  This is most likely because I don’t believe that “medicine” is always the best approach to mental health problems, but if I talk any further I will begin to effectively display my ignorance on the matter.  I’m hoping to get some input from our “Behavioral Medicine” specialist.  If and when I do, I’ll post again or have him do so.

OUTRUNNING THE FINANCIAL LIONS–Here’s a new take on a popular fable. Everyday, three financial “lions” come roaring after you. Find out who they are, and what you can do to avoid being caught by them.

BUY-SELL AGREEMENTS–Many profitable businesses are built on the combined efforts of two or more people. But what happens when one of the partners isn’t there anymore? A brief overview of the most effective responses to the departure of an owner.

USING A FALSE IDENTITY TO FILE A TAX RETURN–It’s the latest bit of twisted ingenuity by identity thieves: Stealing your ID to file a false income tax return, either to receive a refund, or to hide other income.

DO YOU HAVE AN “INHERITANCE PORTFOLIO?–If you can’t take anything with you, are there some things you’d like to be sure you leave behind? This article explains why certain types of assets might be better suited to be passed on as an inheritance.

THE SODA GAME–A neat game you could play with your children or grandchildren to teach them the value of money, and the importance of saving. Oh, and there’s a grown-up version as well.

For the full PDF, click here.

The March edition of the Financial Times is out:

READY FOR A PEP TALK?

With all the economic bad news, the natural reaction might be to cut your losses, cut your expenses and retreat. But even in bad times, asking the question “How can I be most productive in this moment?” may yield some surprising alternatives to simply hunkering down.

SOME INTERESTING NOTES ON LIFE INSURANCE

• Why even fee-based financial experts need help from life insurance agents

• Why one of the fastest-growing demographics in life insurance sales are people over 70

• Why a presidential campaign may have been rescued by a life insurance policy
  

AN ALTERNATIVE TO THE DEBT SNOWBALL

What’s the best way to pay off credit card debt? A look at a popular conventional approach, and a thought-provoking alternative.

THE ENROLLED AGENT

Enrolled Agents are tax experts empowered by the licensed by the U.S. Treasury to represent taxpayers before the IRS. With audits of high-earning individuals rising significantly, this article gives several reasons why you might want to know an
Enrolled Agent.

For the full version of the articles in PDF form, click here.

Elon Spring Open House
Saturday, April 5, 2008
Please note that this event is for high school juniors and transfer students. Registration is required for attendance.

Schedule

8 a.m. Check-In and Continental Breakfast Koury Center Concourse
8:45 Welcome and Admissions Information Session
9:30 a.m. Campus Tours with Elon students
11 a.m. Exploring Majors with faculty
12 - 2:30 p.m.
Lunch* and Special Interest Sessions:
•Study Abroad
•Fellows Programs
•Internships
•Campus Life
•Financial Planning and Scholarships

*Free lunch for prospective students ($7.25 for other family members, and $4.50 for childrenunder 12)
Please call 800-334-8448 if you have any questions.

Below are some notes on the February edition of the Financial Times.

IF YOU SAVE TOO MUCH, DOES IT HURT THE ECONOMY?

According to some prominent economic thinkers from the past century, individual saving can actually make bad national financial situations even worse! So right now, with the sub-prime mortgage crisis, high fuel prices and shaky stock markets, should you consider cutting back on your saving?

WHAT DO YOU DO WHEN YOU CAN’T PAY YOUR MORTGAGE, OR YOUR PROPERTY TAXES – OR THE NATIONAL DEBT?

A brief overview of “innovative” ways to solve desperate financial circumstances. But will they really work, or just delay inevitable financial pain?

LARRY KING’S LIFE INSURANCE PROBLEMS

Life settlements can be a legitimate way to immediately leverage the financial value of insurance on your life. But the strategy has consequences, as talk show host Larry King found out. A report on his legal proceedings gives some insight to the unique value of life insurance.

PREDICTING YOUR PERSONAL FINANCIAL FUTURE

Economic forecasters have all sorts of formulas and indicators to predict the future. Similarly, there’s a simple way to gauge your financial future. Read an excerpt from John McCormack, on how he can tell if someone is going be financially successful.

For the full article click here.

The January edition of the Financial Times is linked at the bottom. Here’s my summary:

THE REASONS NOT TO–Sometimes the best way to understand why you should do something is to also understand why not to do it. An article about what you can learn from a good financial professional by asking what not to do – along with some cautions about using the reasons not to as excuses.

THE TAX YOU CAN’T PLAN FOR–The sharp differences of opinion regarding the federal estate tax have made for some unusual legislation – and as we approach 2010, the situation will get even stranger. A quick overview of the issues, and ramifications.

ONE BAD YEAR–In non-guaranteed financial instruments, there’s always the risk of losing money, but there is the expectation that over the long haul, the losses will be overcome by gains. But it’s surprising how much impact even one bad year can have. Check out the math; you’ll be amazed!

HOW LONG IS LONG-TERM?–A companion article to the one about losing money. A new article reveals the best time horizon for profit in the stock market may be a lot longer than you think.

DETAILS, DETAILS–For many, a will doesn’t become a priority until it’s too late. However, doing a few things right on a regular basis could make it easier for everyone.

For a complete PDF of the article, click here.

Some Key College Admissions Facts:

• Currently, more than 17 million students are enrolled in college, an all-time high.
• Grades in college prep courses, strength of curriculum, SAT/ACT Scores, and overall Grade-Point-Averages are the top factors in the admissions decision.
• Approximately 75% of 4 year colleges reports an increase in the number of applications they are receiving
• Parents and students are left on their own in developing a college admissions plan, with little assistance from high school guidance counselors.
• College search can seem overwhelming.
• Getting started early will make senior year much less stressful.
• This time in a high school student’s life means a big change in family life, too.
• Parental involvement is critical to the college admissions and selection process.

…But College Vision can really help!

• The individualized attention of the College Vision process is priceless.
• Parents are fully involved in the process with both the student and the College Coach. This makes the process very collaborative.
• Each student is different. Each parent is different. Each student requires an individualized plan and approach to the process. There is no one-size-fits-all.
• The SYLVAN Academic Assessment will identify areas, for each student, that need to be addressed. We are identifying these areas early enough to fix them. Students that don’t go through our program will most likely find out about these gaps, after they first take the SAT, which is often too late.
• Parents have the comfort in knowing that they have a resource to call at anytime.

Click here to schedule a meeting or phone conversation.

Finally! The December issue of Financial Times, with the following official comments from your Trusted Financial Advisor:

RIPPLE EFFECTS OF PROSPERITY–When you have your financial stuff together, you make the world a better place. Most of the time, financial decisions are evaluated in terms of their personal impact, but well-managed and prosperous individuals also have a positive impact of society at large. Read about the interesting way in which your prosperity ripples out to others.

OVER-PAY YOUR WHOLE LIFE INSURANCE–Conventional financial wisdom often touts the idea of paying less for insurance of all kinds. But there are some occasions where overpaying might be better long-term strategy. A brief overview of paid-up additions and how using them can provide more long-term flexibility in your life insurance program.

SUB-PRIME SUBPLOTS–The financial fallout from the failure of many sub-prime mortgages is receiving major play in the financial press. But behind the headlines are several other stories, some that might be more interesting and revealing.

SPEND-DOWN MATH–The ultimate purpose of all accumulation is distribution. So after decades of saving, how do you start spending it? A little touch of math to illustrate the fundamental differences in the most prevalent spending strategies.

For the full PDF of the Newsletter, click here.

The newest issue of the Financial Times is out. Here is a summary of some key issues:

Bill Gates got lucky (How you can get lucky too.): For the past decade, Bill Gates has been the richest person in the world. Believe it or not, one of the reasons Bill Gates achieved such financial success is because of luck. A commentary on random chance affects your chances for prosperity, and what you can do to increase the odds.

What’s at the end of your housing curve?: Should you ever want to pay off your mortgage, and own your home free and clear? What about as you approach retirement? Several perspectives on the financial and psychological benefits of life without a mortgage.

Beware of the bear in retirement: When using financial vehicles that deliver fluctuating returns, buy-and-hold may be a suitable long-term approach. But a simple mathematical discussion highlights the difference between accumulation and distribution strategies.

Social Security crisis no longer in the distance: When the first baby boomers start drawing Social Security benefits this January, the dire warnings about the demographic problems plaguing the governmental “security net” are coming closer to reality. How will this crisis be resolved? Besides the political response, what can you do as an individual?

For the full issue on PDF, click here.

Worried that your son or daughter may not get into the college you want?

What parents are saying about College Vision……

“We’re extremely happy with the work College Vision has done in raising awareness of the importance of a good head-start and early planning for college. Our son’s grades have already jumped up, he has a plan to fill in the gaps, and he’s showing a lot of interest in the overall process of qualifying for a quality school.”
A parent of a High School Junior

(Purcellville, Virginia) A new company has just opened its doors, to help area parents and their high school-age children get more organized in planning & preparing to get into their targeted colleges & universities.

After a year of fine-tuning their offerings, building an advanced, interactive website, and identifying & training a stable of experienced College Admissions ‘Coaches,’ College Vision, LLC, is ready to start working with local area students and their parents. (more…)