By Mary Stephan
Allons Travel
There are lots of myths out there about using a travel agent. One of the myths is that you can book the same trip on your own without using a travel agent. True, you can. There are a lot of online travel providers.
However, travel agents have access to exclusive pricing and package deals that often times are not available to the public. Travel agents collectively have more leverage, buying power and help with hotels claiming to be booked.
Another myth is that travel agents are a waste of time. Tell that to my client “Tom.” Tom called me from the tarmac of his home airport today. The major winter storm moving through the Midwest and Great Lakes into the northeast played havoc with flights. Due to ice, snow and flight delays he missed his connecting flight to Chicago. To say that Tom was upset was an understatement. Tom is supposed to be the keynote speaker at an event tomorrow. Did I mention he is getting paid for his address? Needless to say, for his own marketing interests -- and his checkbook -- he is highly motivated to get to his final destination.
Travel agent saves the day! I was able to re-book him on a later flight that will still get him to his destination so he can make his speaking engagement tomorrow. By the way,, I also got him upgraded to first class.
Which begs the question: I wonder what the other flyers sitting around him that booked on-line are doing. What they were thinking if they overheard his conversation with me while he sat on the tarmac? The moral of the story (but what the on-line discounters don't tell you) is that if you don’t use a travel agent -- and you run into problems -- you are on your own.
Mary Stephan is president and senior travel consultant at Allons Travel in Powell, Ohio. Call her at 614-562-3157, or email her at mbs@columbus.rr.com.
Wednesday, January 28, 2009
Wednesday, January 21, 2009
Katie St. John joins BNA
Katie St. John, design manager at An Occasional Florist, has joined Business Network Associates. Katie's business is focused on special occasion-only floral needs for special events, weddings, banquets, etc.
We welcome Katie to BNA! Hopefully, she will be contributing news about the floral industry, and tricks and tips for utilizing flowers for various events.
We welcome Katie to BNA! Hopefully, she will be contributing news about the floral industry, and tricks and tips for utilizing flowers for various events.
Sunday, January 11, 2009
BNA Member Elected To Top FPA Post
A note from Brent Greer, Prudential CRES Commercial Real Estate:
She is too modest to mention it, but Pam Birkenholtz, one heck of a financial planner at Waddell & Reed, is the incoming president of the Central Ohio Chapter of the Financial Planners Association. She knows her stuff and I am proud to call her my friend and colleague. I would not hesitate to recommend her services.
She also is a past president of our Business Network Associates group. Congratulations Pam. FPA is going to have a great year under your guidance!
She is too modest to mention it, but Pam Birkenholtz, one heck of a financial planner at Waddell & Reed, is the incoming president of the Central Ohio Chapter of the Financial Planners Association. She knows her stuff and I am proud to call her my friend and colleague. I would not hesitate to recommend her services.
She also is a past president of our Business Network Associates group. Congratulations Pam. FPA is going to have a great year under your guidance!
Tuesday, November 18, 2008
Shawn Barklow Joins BNA
Business Network Associates is delighted to announce that Shawn Barklow, an independent distributor for Sent Out Cards, has joined the organization. Shawn's business is helping other business people and individuals easily and efficiently stay in touch with their prospects, suspects and clients. His is a fascinating business that exploits the PC desktop to send greeting cards, and is a good fit for this network of entrepreneurs and service providers geared toward high net-worth clients. We welcome Shawn to BNA!
Wednesday, September 10, 2008
BNA WELCOMES 3 NEW MEMBERS
Business Network Associates wishes to welcome three new members aboard this fast growing networking organization.
They are (in alphabetical order): Sherrie Herrick, Derek Pierce, and David Truitt.
Sherrie and her husband operate Herrick Custom Furniture in Plain City, Ohio. "Made to order and out-of-the ordinary" is Herrick's claim to fame. As Sherrie puts it, "we build furniture you will remember."
Derek Pierce is president of Greater Columbus Life & Health Solutions, a provider of innovative life and health insurance programs. As an independent agent, Derek's specialty is tailoring insurance solutions that fits his clients' needs, rather than pushing a one-size-fits all agenda.
David Truitt is a residential real estate agent with Coldwell Banker King Thompson. He has earned the reputation as a negotiation specialist in the residential market, and thoroughly understands the complexities of today's housing market.
We welcome Sherrie, Derek and David to the BNA family!
They are (in alphabetical order): Sherrie Herrick, Derek Pierce, and David Truitt.
Sherrie and her husband operate Herrick Custom Furniture in Plain City, Ohio. "Made to order and out-of-the ordinary" is Herrick's claim to fame. As Sherrie puts it, "we build furniture you will remember."
Derek Pierce is president of Greater Columbus Life & Health Solutions, a provider of innovative life and health insurance programs. As an independent agent, Derek's specialty is tailoring insurance solutions that fits his clients' needs, rather than pushing a one-size-fits all agenda.
David Truitt is a residential real estate agent with Coldwell Banker King Thompson. He has earned the reputation as a negotiation specialist in the residential market, and thoroughly understands the complexities of today's housing market.
We welcome Sherrie, Derek and David to the BNA family!
Thursday, August 28, 2008
COMMERCIAL/INVESTMENT REAL ESTATE: 'Group Investing' Alleviates Anxiety
By Brent Greer
There are many fallacies about getting into commercial/investment real estate as an investor. Sadly, too many people don't use their brain, but worry about tiny little things and that keeps them out of the market. I like professional financial advisers. They usually understand the intricacies of utilizing investment real estate to build wealth, and the myriad of tax benefits that accompany income. But increasingly, I find that people will say they need to consult their financial advisers, and it is their uncle, or a neighbor, or a long-time (and now retired) stockbroker friend.
Listening to the news, one would think that the market is in the toilet and that a one-and-a-half percent passbook savings account is the way to go to keep your money safe. It is anything but that. Remember, it is the residential market that is having difficulties. People buying and selling homes in which to live. If you are a buyer, however, it is your market. Don't like the terms on this house? Pick another one down the street. You might get a better deal.
With investment real estate, it's all about the numbers. If the deal doesn't work financially, you go on to the next opportunity. And there are tons of opportunities today.
One of the possibilities is group investing. This is where a number of people go in together on a property. While there isn't a lot of risk in a good, income-producing property, when people buy something as a group the perception is that whatever risk there was has just diminished exponentially.
Here are some of the excuses people will use to block their ability to succeed:
I don't have enough money I don't have the know how I don't know where to start What if I buy the wrong property What if my timing is wrong What if prices go down What if I make a mistake; people will think I'm foolish What if I can't get a loan What if this is a bad location
Here is why people buy interests in real estate:
To gain net spendable cash flow To take advantage of favorable tax laws to real estate To acquire equity through leverage To hedge against inflation To profit from appreciation To put existing capital to work To achieve overall higher investment yield To avoid the management burden To avoid signing a large mortgage note To purchase without a credit report or bank financing
With group investing, everyone puts in some cash at the beginning -- often from existing equity in their homes (dead equity), or self-directed IRAs. But not out of pocket, meaning not from the weekly or monthly checking account. The property can be paid for up front, or over a period of two to three years. Either way, cash flow begins immediately. Add in appreciation, cost recovery (depreciation) and avoidance of capital gains when the property is sold later on (utilizing an IRS 1031 tax deferred exchange) and you have the makings of a solid investment that will build wealth.
I have written many times before, if you want to put a few extra dollars in your pocket, go the "flipping route," dangerous as it is. If you want to build wealth, you buy and hold real estate for investment.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
There are many fallacies about getting into commercial/investment real estate as an investor. Sadly, too many people don't use their brain, but worry about tiny little things and that keeps them out of the market. I like professional financial advisers. They usually understand the intricacies of utilizing investment real estate to build wealth, and the myriad of tax benefits that accompany income. But increasingly, I find that people will say they need to consult their financial advisers, and it is their uncle, or a neighbor, or a long-time (and now retired) stockbroker friend.
Listening to the news, one would think that the market is in the toilet and that a one-and-a-half percent passbook savings account is the way to go to keep your money safe. It is anything but that. Remember, it is the residential market that is having difficulties. People buying and selling homes in which to live. If you are a buyer, however, it is your market. Don't like the terms on this house? Pick another one down the street. You might get a better deal.
With investment real estate, it's all about the numbers. If the deal doesn't work financially, you go on to the next opportunity. And there are tons of opportunities today.
One of the possibilities is group investing. This is where a number of people go in together on a property. While there isn't a lot of risk in a good, income-producing property, when people buy something as a group the perception is that whatever risk there was has just diminished exponentially.
Here are some of the excuses people will use to block their ability to succeed:
I don't have enough money I don't have the know how I don't know where to start What if I buy the wrong property What if my timing is wrong What if prices go down What if I make a mistake; people will think I'm foolish What if I can't get a loan What if this is a bad location
Here is why people buy interests in real estate:
To gain net spendable cash flow To take advantage of favorable tax laws to real estate To acquire equity through leverage To hedge against inflation To profit from appreciation To put existing capital to work To achieve overall higher investment yield To avoid the management burden To avoid signing a large mortgage note To purchase without a credit report or bank financing
With group investing, everyone puts in some cash at the beginning -- often from existing equity in their homes (dead equity), or self-directed IRAs. But not out of pocket, meaning not from the weekly or monthly checking account. The property can be paid for up front, or over a period of two to three years. Either way, cash flow begins immediately. Add in appreciation, cost recovery (depreciation) and avoidance of capital gains when the property is sold later on (utilizing an IRS 1031 tax deferred exchange) and you have the makings of a solid investment that will build wealth.
I have written many times before, if you want to put a few extra dollars in your pocket, go the "flipping route," dangerous as it is. If you want to build wealth, you buy and hold real estate for investment.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Sunday, February 3, 2008
TRAVEL -- 10 Myths About Travel Agents
By Mary Stephan
1. Myth: All Travel Agents and Agencies are the Same. Fact: Every travel agent is different and has a different area that they specialize in. So, depending on what type of trip you are looking to take one travel agent will suit you better than another. That’s why it is important when planning a trip to find a travel agent that specializes in where you want to go.
2. Myth: No One Uses Travel Agents Anymore. Fact: Travel agents still sell 51 percent of all airline tickets, 87 percent of all cruises, 81 percent of all tours and packages, 45 percent of all car rentals and about 47 percent of all hotels.*
3. Myth: Travel Agents are Trying to Cheat Me if They Don’t Quote Me the Cheapest Price. Fact: Travel agents know the ins and outs of different itineraries. While you might find one that is a little bit cheaper, that cheaper itinerary might involve a whole slew of headaches. For example, longer waits at the airport and odd travel times. A travel agent will be looking to get you the best value for you money spent which should include the most direct and time friendly itinerary they can find. – Unless you have told them you would prefer to have the cheaper options presented as well expect value to be a factor included in the trip they plan.
4. Myth: It is Expensive to Use a Travel Agent. Fact: The fee a travel agent charges really depends upon the agent. While some of the more luxury agencies have higher fees, the average fee is quite marginal. Some travel agents will even drop the fee or offer a discount once you have finalized your trip with them. Plus, you can always ask an agent upfront what their fees are and decide for yourself if it’s worth it. Also, it is important to remember that a lot of online booking sites, such as Orbitz and Expedia, charge a booking fee as well.
5. Myth: I Can Easily Book the Same Trip on My Own Without Using A Travel Agent. Fact: Although travel agents have access to all of the same outlets you would use when looking to book travel, they also have access to exclusive pricing and package deals that are most times not available to the public. Your travel agent also has more leverage in helping out in situations such as hotels claiming to be booked, when in fact they may still have rooms available that are on hold for travel agents reservations. So when everyone else is telling you “No” your travel agent can help turn that to a “Yes.”
6. Myth: Travel Agents Don’t Have Information as Updated as the Internet. Fact: Travel agents obtain some of their information from the same sources as online booking sites such as Orbitz and Travelocity. They also receive daily emails and faxes with new specials from resorts and hotels that may not be published on the internet. Travel agents can also call a place directly to see if they can work out other kinds of special deals for you, something an online site can’t do.
7. Myth: Travel Agents Are a Waste of Time. Fact: Although you can find much of the same information that the travel agent provides for you on your own, you are going to spend a lot of valuable time doing so. A travel agent can actually save you from hours of painful research and price comparison shopping. They have up to date prices, hotel conditions, and interesting new activities. Their prior knowledge and experience gives them the upper hand in trip planning.
8. Myth: Travel Agents Have Lost Their Clout. Fact: Travel agents book hotels, cruises, and activities every day. The companies that provide these services know that and want their business and will work to keep that business coming back. So while a place might be telling you “Sorry we are booked,” for your one time trip, they are more likely to make an acceptation for the travel agent to insure that the agent sends them more business in the future.
9. Myth: Good Travel Agents are Hard to Find. Fact: While there are some below par travel agents out there, sources such as Tripology are great outlets to go to find reliable specialized travel agents that will match your needs.
10. Myth: Travel Agents Can Only Book My Flight and Hotel. Fact: Travel agents can arrange car service, personalized tours and activities, in addition to all the basic travel services they provide. They are also excellent sources of information concerning good restaurants, good sites to see, and tips on what to pack.
Mary Stephan is principal of Allons Travel in Powell, Ohio. She may be reached by emailing: mbs@columbus.rr.com, or calling 614/562-3157.
1. Myth: All Travel Agents and Agencies are the Same. Fact: Every travel agent is different and has a different area that they specialize in. So, depending on what type of trip you are looking to take one travel agent will suit you better than another. That’s why it is important when planning a trip to find a travel agent that specializes in where you want to go.
2. Myth: No One Uses Travel Agents Anymore. Fact: Travel agents still sell 51 percent of all airline tickets, 87 percent of all cruises, 81 percent of all tours and packages, 45 percent of all car rentals and about 47 percent of all hotels.*
3. Myth: Travel Agents are Trying to Cheat Me if They Don’t Quote Me the Cheapest Price. Fact: Travel agents know the ins and outs of different itineraries. While you might find one that is a little bit cheaper, that cheaper itinerary might involve a whole slew of headaches. For example, longer waits at the airport and odd travel times. A travel agent will be looking to get you the best value for you money spent which should include the most direct and time friendly itinerary they can find. – Unless you have told them you would prefer to have the cheaper options presented as well expect value to be a factor included in the trip they plan.
4. Myth: It is Expensive to Use a Travel Agent. Fact: The fee a travel agent charges really depends upon the agent. While some of the more luxury agencies have higher fees, the average fee is quite marginal. Some travel agents will even drop the fee or offer a discount once you have finalized your trip with them. Plus, you can always ask an agent upfront what their fees are and decide for yourself if it’s worth it. Also, it is important to remember that a lot of online booking sites, such as Orbitz and Expedia, charge a booking fee as well.
5. Myth: I Can Easily Book the Same Trip on My Own Without Using A Travel Agent. Fact: Although travel agents have access to all of the same outlets you would use when looking to book travel, they also have access to exclusive pricing and package deals that are most times not available to the public. Your travel agent also has more leverage in helping out in situations such as hotels claiming to be booked, when in fact they may still have rooms available that are on hold for travel agents reservations. So when everyone else is telling you “No” your travel agent can help turn that to a “Yes.”
6. Myth: Travel Agents Don’t Have Information as Updated as the Internet. Fact: Travel agents obtain some of their information from the same sources as online booking sites such as Orbitz and Travelocity. They also receive daily emails and faxes with new specials from resorts and hotels that may not be published on the internet. Travel agents can also call a place directly to see if they can work out other kinds of special deals for you, something an online site can’t do.
7. Myth: Travel Agents Are a Waste of Time. Fact: Although you can find much of the same information that the travel agent provides for you on your own, you are going to spend a lot of valuable time doing so. A travel agent can actually save you from hours of painful research and price comparison shopping. They have up to date prices, hotel conditions, and interesting new activities. Their prior knowledge and experience gives them the upper hand in trip planning.
8. Myth: Travel Agents Have Lost Their Clout. Fact: Travel agents book hotels, cruises, and activities every day. The companies that provide these services know that and want their business and will work to keep that business coming back. So while a place might be telling you “Sorry we are booked,” for your one time trip, they are more likely to make an acceptation for the travel agent to insure that the agent sends them more business in the future.
9. Myth: Good Travel Agents are Hard to Find. Fact: While there are some below par travel agents out there, sources such as Tripology are great outlets to go to find reliable specialized travel agents that will match your needs.
10. Myth: Travel Agents Can Only Book My Flight and Hotel. Fact: Travel agents can arrange car service, personalized tours and activities, in addition to all the basic travel services they provide. They are also excellent sources of information concerning good restaurants, good sites to see, and tips on what to pack.
Mary Stephan is principal of Allons Travel in Powell, Ohio. She may be reached by emailing: mbs@columbus.rr.com, or calling 614/562-3157.
Friday, January 18, 2008
COMMERCIAL REAL ESTATE -- Greer Elected President of Exchangors Organization
Brent Greer, BNA's commercial/investment real estate representative, has been elected president of a regional group of brokers and agents specializing in IRS 1031 tax deferred real estate exchanges. Brent, an investment specialist with Prudential CRES Commercial Real Estate, will head Columbus Real Estate Exchangors (CREE), a 130-member organization of Ohio exchange counselors and wealth advisers, for the 2008 business year.
There is a write-up about Mr. Greer's election and business philosophy on his Ohio Investments online journal.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
There is a write-up about Mr. Greer's election and business philosophy on his Ohio Investments online journal.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Monday, October 22, 2007
COMMERCIAL REAL ESTATE - Using Self-Directed IRAs To Buy, Hold and Sell Investment Real Estate
By Brent Greer
Did you know that self-directed IRAs are being used with increasingly frequency to purchase, hold, and sell investment real estate?
There are a number of advantages to doing so. If you have a piece of investment real estate you want to hold for income, your IRA can purchase the property. The title is held in the IRA, and is titled to the IRA. For example, if it were in my name, the title might read, "XYZ Trust Company Custodian For the Benefit of (FBO) Brent Greer IRA." Get it? Here are the major benefits: 1)Tax advantages -- When you sell you do not pay tax at that time because all the proceeds are kept inside the IRA. Any gain you have from the sale of real estate within your IRA will be tax-deferred (tax-free for a Roth IRA). 2)Access to capital - A frequent barrier to purchasing investment real estate is initial capital. But many people have money in their IRA that can be used to buy property for income (multi-family, commercial), raw land, even mobile homes. In addition, you do not have to own the entire property yourself. You can go into partnership with another investor.
For more detail on self-directed IRAS and commercial/investment real estate, I have a longer discussion of the possibilites on my CASH ON CASH Investment Blog. Click here to read the longer version of the above discussion.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Did you know that self-directed IRAs are being used with increasingly frequency to purchase, hold, and sell investment real estate?
There are a number of advantages to doing so. If you have a piece of investment real estate you want to hold for income, your IRA can purchase the property. The title is held in the IRA, and is titled to the IRA. For example, if it were in my name, the title might read, "XYZ Trust Company Custodian For the Benefit of (FBO) Brent Greer IRA." Get it? Here are the major benefits: 1)Tax advantages -- When you sell you do not pay tax at that time because all the proceeds are kept inside the IRA. Any gain you have from the sale of real estate within your IRA will be tax-deferred (tax-free for a Roth IRA). 2)Access to capital - A frequent barrier to purchasing investment real estate is initial capital. But many people have money in their IRA that can be used to buy property for income (multi-family, commercial), raw land, even mobile homes. In addition, you do not have to own the entire property yourself. You can go into partnership with another investor.
For more detail on self-directed IRAS and commercial/investment real estate, I have a longer discussion of the possibilites on my CASH ON CASH Investment Blog. Click here to read the longer version of the above discussion.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Thursday, August 23, 2007
BNA Welcomes Another New Member!
Business Network Associates would like to welcome Cary Hager to the organization. Cary is a veteran insurance professional with Insurance Office of Central Ohio, located in New Albany. He holds the CPCU designation and has experience with properties ranging from condomiums and land to multi-million dollar homes. His practice covers most of the nation, so he can help in just about any property insurance situation.
Cary will be contributing to the Business Network Advisory at a future date! Welcome Cary!
Cary will be contributing to the Business Network Advisory at a future date! Welcome Cary!
Wednesday, August 8, 2007
BNA Welcomes Newest Members!
Business Network Associates is pleased to announce that two new members have joined our networking organization. Michael and Kathy Ritsch are the principals of Fortune High-Tech Marketing. Their business headquarters is in Morrow County, Ohio about 45 minutes north of Columbus. They will be talking more about their business in coming posts on this blog. Welcome Michael and Kathy!
Tuesday, July 3, 2007
TRAVEL -- Fall In Love With New Orleans All Over Again
By Mary Stephan
Travel Escapes
If you have not been to New Orleans lately, it is time to rediscover the city. New Orleans has a lot to offer if you are looking for a weekend getaway with your girlfriends, a family vacation or a romantic long weekend with your spouse. There is plenty to do for everyone in the Big Easy. World class dining, fun & unique watering holes and dance clubs, history, culture, arts, antiques, music, play dress up at Mardi Gras World, and drink café au lait at Café du Monde and watch the world go by.
Take a ride on a paddle wheel steamboat down the mighty Mississippi River, stroll along the River, shop till you drop, take a walking ghost tour, visit the World War II Museum, walk in the footsteps of pirates. New Orleans is back and better than ever!
(Editor's Note: The benets at Cafe du Monde are killer!!)
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
Travel Escapes
If you have not been to New Orleans lately, it is time to rediscover the city. New Orleans has a lot to offer if you are looking for a weekend getaway with your girlfriends, a family vacation or a romantic long weekend with your spouse. There is plenty to do for everyone in the Big Easy. World class dining, fun & unique watering holes and dance clubs, history, culture, arts, antiques, music, play dress up at Mardi Gras World, and drink café au lait at Café du Monde and watch the world go by.
Take a ride on a paddle wheel steamboat down the mighty Mississippi River, stroll along the River, shop till you drop, take a walking ghost tour, visit the World War II Museum, walk in the footsteps of pirates. New Orleans is back and better than ever!
(Editor's Note: The benets at Cafe du Monde are killer!!)
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
Wednesday, June 20, 2007
We're Looking for Colleagues in Central Ohio!
Business Network Associates, which meets weekly in Dublin, Ohio, is looking for business professionals to join our networking organization. We are seeking individuals from all types of professional areas. Currently, our roster consists of: travel consultant, financial planner/adviser, commercial realtor, residential realtor, title company professional, home mortgage broker, certified public accountant, commercial banker and an information technology services consultant. If you are an attorney, printer, auto salesperson, builder/remodeler, in auto salesperson, architect, or from just about any profession, we'd love to hear from you!
Feel free to drop by our weekly meeting on Mondays at noon, and see for yourself. We meet at the Dublin Retirement Center, Post Road (1/4 mile west of Avery-Muirfield Drive) in Dublin, Ohio. Take the elevator in the lobby to the second floor, and turn left into the conference center/lounge.
Feel free to drop by our weekly meeting on Mondays at noon, and see for yourself. We meet at the Dublin Retirement Center, Post Road (1/4 mile west of Avery-Muirfield Drive) in Dublin, Ohio. Take the elevator in the lobby to the second floor, and turn left into the conference center/lounge.
Wednesday, June 6, 2007
COMMERCIAL REAL ESTATE -- Ohio Lawmakers Ready To Tinker With 9-Month Old Property Registration Law
By Brent Greer
For owners of residential investment property in Ohio (one unit or more), get ready -- state lawmakers are getting ready to noodle around with the newly enacted "property owner/contact" registration process.
Originally a statewide answer to widely varying registration schemes in cities large and small around the Buckeye State, the registration "standard" now is apparently causing problems. And state lawmakers are going to see what they can do to make everyone happier. The issue is that smaller counties, which had no registration process at all, or had small towns with their own registration programs, are now responsible for the process and view the mandatory registration of contact information for residential property owners as an unfunded mandate. Which, technically, it is.
County auditors offices in the state's poorer counties are concerned about the extra requirements being assigned to them. The registration idea was born in Ohio's urban markets, where city and county officials were having trouble tracking down absentee landlords who skipped on taxes or neglected their properties. The thinking is that some counties might have the option to enforce the state law. THAT will be an interesting fight!
Stay tuned . . .
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
For owners of residential investment property in Ohio (one unit or more), get ready -- state lawmakers are getting ready to noodle around with the newly enacted "property owner/contact" registration process.
Originally a statewide answer to widely varying registration schemes in cities large and small around the Buckeye State, the registration "standard" now is apparently causing problems. And state lawmakers are going to see what they can do to make everyone happier. The issue is that smaller counties, which had no registration process at all, or had small towns with their own registration programs, are now responsible for the process and view the mandatory registration of contact information for residential property owners as an unfunded mandate. Which, technically, it is.
County auditors offices in the state's poorer counties are concerned about the extra requirements being assigned to them. The registration idea was born in Ohio's urban markets, where city and county officials were having trouble tracking down absentee landlords who skipped on taxes or neglected their properties. The thinking is that some counties might have the option to enforce the state law. THAT will be an interesting fight!
Stay tuned . . .
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Wednesday, May 16, 2007
IT -- From Fishing To Phishing, Goal Is Same - Hook Something!
By Jeff Slack
Phishing. When I was growing up, I would have told you the word was spelled wrong. Fishing was done with a pole, line, a hook and bait. The idea was to relax in the outdoors and possibly obtain a tasty meal. Often, the bait was an innocent worm -- which has also taken on a nefarious definition -- will be discussed at another time.
Today, the term "Phishing" is defined by Wikpedia as "the act of sending an e-mail to a user, falsely claiming to be an established, legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft." It's the same idea . . . Uncrupullous individuals are fishing for your personal data. E-mail, however, isn't the only media used by phishers. Since their purpose is to obtain (i.e. -- steal) personal information on people for identity theft, they will try any method -- including going through your garbage. This isn't a highly technological method to use but it works for them. In fact, attorney general from several states have come across evidence in identity theft investigations that people in this country illegally -- working under the radar -- are being used to literally piece and tape together sheets of personal information that people tear once or twice and carelessly toss into the traash.
Other phishing methods used are conventional telephones (pre-recorded messages that tell you you've won something and ask for personal data to transfer your winnings) and postal mail.
The best defense against the phishers is to constantly be way of even the most innocent sounding scams, and careful in every way not to let anyone unknown have your personal information. When using the internet, each one of us needs to be sure of who we release information to -- either in email, instant messaging or the web sites we visit. Above all, find a way to verify that the recipient to whom you are sending information is indeed who you think they are. The scammers, unfortunately, are very good.
Be careful out there!!!
Jeff Slack is president of Amaxx Inc., a full service information technology and telephony solutions provider, headquartered in Dublin, Ohio. Email: jslack@amaxx.com.
Phishing. When I was growing up, I would have told you the word was spelled wrong. Fishing was done with a pole, line, a hook and bait. The idea was to relax in the outdoors and possibly obtain a tasty meal. Often, the bait was an innocent worm -- which has also taken on a nefarious definition -- will be discussed at another time.
Today, the term "Phishing" is defined by Wikpedia as "the act of sending an e-mail to a user, falsely claiming to be an established, legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft." It's the same idea . . . Uncrupullous individuals are fishing for your personal data. E-mail, however, isn't the only media used by phishers. Since their purpose is to obtain (i.e. -- steal) personal information on people for identity theft, they will try any method -- including going through your garbage. This isn't a highly technological method to use but it works for them. In fact, attorney general from several states have come across evidence in identity theft investigations that people in this country illegally -- working under the radar -- are being used to literally piece and tape together sheets of personal information that people tear once or twice and carelessly toss into the traash.
Other phishing methods used are conventional telephones (pre-recorded messages that tell you you've won something and ask for personal data to transfer your winnings) and postal mail.
The best defense against the phishers is to constantly be way of even the most innocent sounding scams, and careful in every way not to let anyone unknown have your personal information. When using the internet, each one of us needs to be sure of who we release information to -- either in email, instant messaging or the web sites we visit. Above all, find a way to verify that the recipient to whom you are sending information is indeed who you think they are. The scammers, unfortunately, are very good.
Be careful out there!!!
Jeff Slack is president of Amaxx Inc., a full service information technology and telephony solutions provider, headquartered in Dublin, Ohio. Email: jslack@amaxx.com.
Tuesday, May 15, 2007
TRAVEL -- European Cruising Explodes
By Mary Stephan
While Caribbean Cruise sales are flat, European cruising is experiencing an unprecedented growth. Bob Dickinson, CEO and President of Carnival has declared, The Mediterranean is the New Caribbean."
Why has European cruising taken off and the Caribbean flat lined? Analysts say there are several reasons:
New ships and new itineraries. Once upon a time European ships were old and dated. Yesteryears work horses. Both Carnival and Royal Caribbean have introduced new, sleek and modern ships with the amenities guests demand. Other lines such as Disney are re-positioning ships in the Mediterranean and making European cruising family friendly.
Many ships sailing a longer European season, from March through November.
Infrastructure upgrades. Again, Carnival and Royal Caribbean lead the way in infrastructure and port upgrades.
With the dollar to Euro exchange rate, cruising is a good value. Cruises are paid in American dollars and include lodging, meals and transportation. A similar land based vacation in Europe can cost twice the amount as a cruise.
Convenience, familiarity. The ability to travel with no packing and unpacking. English is spoken on board. Familiar food and customs.
Family Friendly. With more and more families vacationing, cruising is very family friendly. Onboard activities for kids and teens make this a great option for families.
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
While Caribbean Cruise sales are flat, European cruising is experiencing an unprecedented growth. Bob Dickinson, CEO and President of Carnival has declared, The Mediterranean is the New Caribbean."
Why has European cruising taken off and the Caribbean flat lined? Analysts say there are several reasons:
New ships and new itineraries. Once upon a time European ships were old and dated. Yesteryears work horses. Both Carnival and Royal Caribbean have introduced new, sleek and modern ships with the amenities guests demand. Other lines such as Disney are re-positioning ships in the Mediterranean and making European cruising family friendly.
Many ships sailing a longer European season, from March through November.
Infrastructure upgrades. Again, Carnival and Royal Caribbean lead the way in infrastructure and port upgrades.
With the dollar to Euro exchange rate, cruising is a good value. Cruises are paid in American dollars and include lodging, meals and transportation. A similar land based vacation in Europe can cost twice the amount as a cruise.
Convenience, familiarity. The ability to travel with no packing and unpacking. English is spoken on board. Familiar food and customs.
Family Friendly. With more and more families vacationing, cruising is very family friendly. Onboard activities for kids and teens make this a great option for families.
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
Tuesday, May 8, 2007
COMMERCIAL REAL ESTATE -- Leverage Or Pay All Cash?
By Brent Greer
Prudential CRES Commercial Real Estate
Recently, I received a number of emails from readers asking about debt. The consensus was that utilizing debt to purchase property (borrowing from a lender) isn't a hard-fast rule, its more a choice. I would agree. The words I use with my clients are "comfort level." It all depends on your comfort level. There is nothing wrong with purchasing investment property TO HOLD by paying all cash -- if you can swing it. You will still have the benefits of income, appreciation, depreciation and expense deduction. You just won't be able to leverage -- utilizing a lender's money, and you are tying up a large amount of personal capital.
One thing that amazes me in this ongoing discussion about debt taking place in our nation and around the water-cooler each day is how people will shudder at the thought of utilizing debt to purchase investment property. Yet they don't blink an eye at their consumer debt to buy "pretty things" that provide no income. And it is these impulse purchases on debt that is getting people into trouble, as they pile more and more charges onto their credit cards.
Leveraging a lender's money to purchase investment property is a smart approach. But ultimately, it is a personal choice.
It all comes down to each and every buyer's comfort level.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Prudential CRES Commercial Real Estate
Recently, I received a number of emails from readers asking about debt. The consensus was that utilizing debt to purchase property (borrowing from a lender) isn't a hard-fast rule, its more a choice. I would agree. The words I use with my clients are "comfort level." It all depends on your comfort level. There is nothing wrong with purchasing investment property TO HOLD by paying all cash -- if you can swing it. You will still have the benefits of income, appreciation, depreciation and expense deduction. You just won't be able to leverage -- utilizing a lender's money, and you are tying up a large amount of personal capital.
One thing that amazes me in this ongoing discussion about debt taking place in our nation and around the water-cooler each day is how people will shudder at the thought of utilizing debt to purchase investment property. Yet they don't blink an eye at their consumer debt to buy "pretty things" that provide no income. And it is these impulse purchases on debt that is getting people into trouble, as they pile more and more charges onto their credit cards.
Leveraging a lender's money to purchase investment property is a smart approach. But ultimately, it is a personal choice.
It all comes down to each and every buyer's comfort level.
Brent Greer is an investment specialist in Columbus, Ohio with Prudential CRES Commercial Real Estate. Brent represents buyers and sellers of income-producing properties, particularly multi-family, land and office, and consults on IRS 1031 tax-deferred exchanges. Email: bgreer@prudentialcrescolumbus.com
Wednesday, March 28, 2007
RESIDENTIAL LENDING/MORTGAGES -- What's Happening in Finance
By Eric Holmes
American Home Mortgage
A lot is happening in the residential lending business. And world money market trends impact all of our personal finances. I have put together some snippets of financial news -- serious and thought-provoking -- for your review.
1. STOCK PERFORMANCE - The S&P 500 has gained +72% (total return) in the four years since the Iraq war began in the early hours of March 20, 2003 -- an average annual return of +14.6% (source: BTN Research).
2. BACK TO A NEW HIGH - In the first 8 bear markets which produced at least a 20% decline in the S&P 500 in the last half century (1957-2007), the stock market eventually recovered 100% of the loss sustained, i.e., going above the previous bull market high. The average time the stock market took to recover back to a new closing high from the low point in the downturn was 19 months. The longest time it took to reach a new high was 69 ½ months following the end of the 1973-74 market drop. As of today, it has been 53 months since the low point from the 2000-02 bear market (i.e., the 9th bear market since 1957) and the stock market has not advanced back to the previous bull market high of 1527 from March 24, 2000 (source: BTN Research).
3. IT’S BACK - The Chinese Shanghai stock index opened at 3041 on February 27, the day that ultimately resulted in an 8.8% decline, setting off losses worldwide. It closed March 21 at 3057 (source: BTN Research).
4. IMPACT OF INFLATION - $1 million dollars will pay out a fixed amount of $6,000 per month for 28 years and 7 months assuming the principal continues to earn six percent annually. If the $6,000 monthly payment is increased by + three percent each year to account for the impact of inflation, the original $1 million dollars will last 18 years and 2 months. The mathematical calculation ignores the ultimate impact of taxes on the account which are due upon withdrawal, are for illustrative purposes only and are not intended to reflect any specific investment or performance. Actual results will fluctuate with market conditions and results will vary (source: BTN Research).
5. DID NOTHING - The Fed’s # 2 meeting of 2007 ended with a no-change decision, the central bank’s 6th consecutive meeting resulting in maintenance of the status quo. The Fed has either raised or lowered interest rates at least 1 time in each of the previous 13 calendar years (source: Federal Reserve).
6. REAL ESTATE FALLOUT - Some sobering news . . . 13% of adjustable rate mortgages taken out during the past three calendar years (2004-06) are projected to ultimately end in foreclosure (source: First American CoreLogic, Wall Street Journal).
7. DOLLAR DATA - As the financial woes of the mortgage industry continue and concerns about the health of our economy heighten, the value of the dollar has slipped in world markets. As of last Wednesday’s close, the euro had increased (i.e., dollar had fallen) to $1.3381, its highest value since March 16, 2005. A falling dollar theoretically increases the cost of foreign imports but drops the cost of US exports being sold abroad (source: BTN Research).
8. DIFFERENT COUNTRIES - Over the past 16 calendar years (1991-2006), the average American home has appreciated +139%. By comparison, residential properties in Japan declined in value each year for 15 consecutive years (from 1991-2005) and then gained just +0.1% in 2006 (source: OFHEO, Wall Street Journal).
9. TAX TRIVIA - Based upon the 2004 tax year, individual returns with at least $100,000 of adjusted gross income make up 12% of all returns and paid 65% of all federal income tax (source: IRS).
10. SPOILED ROTTEN - Of the 946 billionaires in the world today, the youngest is a 23-year old German prince worth $2 billion who first made this exclusive list as an eight-year old (source: Forbes).
11. BIGGER THAN MOST - To rank in the top one percent of American households based upon net worth (including the value of a family’s primary residence) requires a net worth of $6 million or more (source: Federal Reserve, WSJ).
12. THE CHECK IS IN THE MAIL - An individual retiring in 2007 who is eligible for the maximum social security benefit will receive $2,116 per month or $25,392 per year (source: Social Security Administration).
13. UNION BENEFIT - In August 2005 Shaquille O’Neal signed a 5-year, $100 million contract (i.e., an average of $20 million per year, $54,800 per day) to play basketball for the Miami Heat through 2010. But the 35-year old center still receives $106 of cash each day that his team is on the road (as all NBA players do) to spend as he chooses as a result of the league’s collective bargaining agreement (source: NBA).
Eric Holmes is a sales manager and mortgage planner with American Home Mortgage in Westerville, Ohio. He provides his clients with honest answers and straight advice on residential mortgages. Visit Eric on the web at: www.americanhm.com/Eric.Holmes
American Home Mortgage
A lot is happening in the residential lending business. And world money market trends impact all of our personal finances. I have put together some snippets of financial news -- serious and thought-provoking -- for your review.
1. STOCK PERFORMANCE - The S&P 500 has gained +72% (total return) in the four years since the Iraq war began in the early hours of March 20, 2003 -- an average annual return of +14.6% (source: BTN Research).
2. BACK TO A NEW HIGH - In the first 8 bear markets which produced at least a 20% decline in the S&P 500 in the last half century (1957-2007), the stock market eventually recovered 100% of the loss sustained, i.e., going above the previous bull market high. The average time the stock market took to recover back to a new closing high from the low point in the downturn was 19 months. The longest time it took to reach a new high was 69 ½ months following the end of the 1973-74 market drop. As of today, it has been 53 months since the low point from the 2000-02 bear market (i.e., the 9th bear market since 1957) and the stock market has not advanced back to the previous bull market high of 1527 from March 24, 2000 (source: BTN Research).
3. IT’S BACK - The Chinese Shanghai stock index opened at 3041 on February 27, the day that ultimately resulted in an 8.8% decline, setting off losses worldwide. It closed March 21 at 3057 (source: BTN Research).
4. IMPACT OF INFLATION - $1 million dollars will pay out a fixed amount of $6,000 per month for 28 years and 7 months assuming the principal continues to earn six percent annually. If the $6,000 monthly payment is increased by + three percent each year to account for the impact of inflation, the original $1 million dollars will last 18 years and 2 months. The mathematical calculation ignores the ultimate impact of taxes on the account which are due upon withdrawal, are for illustrative purposes only and are not intended to reflect any specific investment or performance. Actual results will fluctuate with market conditions and results will vary (source: BTN Research).
5. DID NOTHING - The Fed’s # 2 meeting of 2007 ended with a no-change decision, the central bank’s 6th consecutive meeting resulting in maintenance of the status quo. The Fed has either raised or lowered interest rates at least 1 time in each of the previous 13 calendar years (source: Federal Reserve).
6. REAL ESTATE FALLOUT - Some sobering news . . . 13% of adjustable rate mortgages taken out during the past three calendar years (2004-06) are projected to ultimately end in foreclosure (source: First American CoreLogic, Wall Street Journal).
7. DOLLAR DATA - As the financial woes of the mortgage industry continue and concerns about the health of our economy heighten, the value of the dollar has slipped in world markets. As of last Wednesday’s close, the euro had increased (i.e., dollar had fallen) to $1.3381, its highest value since March 16, 2005. A falling dollar theoretically increases the cost of foreign imports but drops the cost of US exports being sold abroad (source: BTN Research).
8. DIFFERENT COUNTRIES - Over the past 16 calendar years (1991-2006), the average American home has appreciated +139%. By comparison, residential properties in Japan declined in value each year for 15 consecutive years (from 1991-2005) and then gained just +0.1% in 2006 (source: OFHEO, Wall Street Journal).
9. TAX TRIVIA - Based upon the 2004 tax year, individual returns with at least $100,000 of adjusted gross income make up 12% of all returns and paid 65% of all federal income tax (source: IRS).
10. SPOILED ROTTEN - Of the 946 billionaires in the world today, the youngest is a 23-year old German prince worth $2 billion who first made this exclusive list as an eight-year old (source: Forbes).
11. BIGGER THAN MOST - To rank in the top one percent of American households based upon net worth (including the value of a family’s primary residence) requires a net worth of $6 million or more (source: Federal Reserve, WSJ).
12. THE CHECK IS IN THE MAIL - An individual retiring in 2007 who is eligible for the maximum social security benefit will receive $2,116 per month or $25,392 per year (source: Social Security Administration).
13. UNION BENEFIT - In August 2005 Shaquille O’Neal signed a 5-year, $100 million contract (i.e., an average of $20 million per year, $54,800 per day) to play basketball for the Miami Heat through 2010. But the 35-year old center still receives $106 of cash each day that his team is on the road (as all NBA players do) to spend as he chooses as a result of the league’s collective bargaining agreement (source: NBA).
Eric Holmes is a sales manager and mortgage planner with American Home Mortgage in Westerville, Ohio. He provides his clients with honest answers and straight advice on residential mortgages. Visit Eric on the web at: www.americanhm.com/Eric.Holmes
Tuesday, March 27, 2007
TRAVEL -- Five Reasons to Visit Europe This Spring
By Mary Stephan
TravelEscapes
Spring is a great time to visit Europe. Lush green pastures, fields ablaze with a riotous explosion of color from poppies, tulips, crocuses. Pastel tree blossoms. Ahhh, Paris in the spring conjures images of romance and love. Even better, less expensive and less crowded.
So here are the top reasons you should visit Europe this spring.
1.) Cheap Airfare. $550-$750 per person as opposed to double that mid-summer. Midweek fares are even less.
2.) Hotel discounts and lots of availability. Top hotels are usually $150 and up in the spring, double that in summer.
3.) Bargain prices for rental cars.
4.) Less crowded museums, less waiting in line.
5.) Europeans are home, savoring the quiet, sipping cappuccino in cafes and restaurants. Enjoying their cities and towns before the summer onslaught of tourists. Art festivals and other events are abundant.
So there you have it. The best reasons to visit Europe this spring!
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
TravelEscapes
Spring is a great time to visit Europe. Lush green pastures, fields ablaze with a riotous explosion of color from poppies, tulips, crocuses. Pastel tree blossoms. Ahhh, Paris in the spring conjures images of romance and love. Even better, less expensive and less crowded.
So here are the top reasons you should visit Europe this spring.
1.) Cheap Airfare. $550-$750 per person as opposed to double that mid-summer. Midweek fares are even less.
2.) Hotel discounts and lots of availability. Top hotels are usually $150 and up in the spring, double that in summer.
3.) Bargain prices for rental cars.
4.) Less crowded museums, less waiting in line.
5.) Europeans are home, savoring the quiet, sipping cappuccino in cafes and restaurants. Enjoying their cities and towns before the summer onslaught of tourists. Art festivals and other events are abundant.
So there you have it. The best reasons to visit Europe this spring!
Mary Stephan is a travel consultant with TravelEscapes in Westerville, Ohio. Email: mbs@columbus.rr.com
Thursday, March 15, 2007
BANKING/COMMERCIAL LENDING -- Did You Know?
By Reggie Pace Sr.
The First Citizens National Bank
We occasionally send out interesting news of note from the bank. I thought I would share a recent "Did You Know?" roundup with Business Network Advisory readers!
1. DOMESTIC vs. FOREIGN - The S&P 500 has outperformed the international stock index in just 13 of the last 30 calendar years (1977-2006), the last time taking place in 2001. The international index has been the better performing index in each of the last five calendar years.
2. HIGH TO LOW AND BACK AGAIN - From the 2002 bear market low-point until mid-February, the total market capitalization of the US stock market has nearly doubled in value. Domestic stocks were worth $9.5 trillion on 10/09/02, rising to a value of $18.5 trillion last month. At the peak of the bull market in early 2000, the total value of all US stocks exceeded $26 trillion.
3. ANOTHER FED AT WORK - The central bank of Japan (i.e., the Bank of Japan) raised its key benchmark interest rate on February 27 by +0.25% to a new level of 0.50%, its second rate hike in the past seven months. Before its July 2006 rate change, the Bank of Japan had kept interest rates unchanged since 9/19/01. The USA's Federal Reserve has its benchmark interest rate currently set at 5.25%.
4. EVERY MONTH - American workers save $696 per month on average for their retirement years. The median amount saved each month by US workers is $352.
5. LESS AND LESS - An estimated 11% of all US workers will be covered by a defined benefit (DB) "pension plan" in the year 2011 -- four years from now. In 1983, 62% of all workers had a DB plan.
6. BIGGER SLICE OF THE PIE - The national total of health costs in America has escalated from 9% of our economy in 1980, to 16% in 2005, to a projected 20% of our economy in the year 2016.
7. RETIREMENT EXPENSE - A 65-year old husband and wife couple will need $295,000 on average during their retirement years to pay for health insurance premiums and out-of-pocket medical expenses if they live until life expectancy.
Reggie Pace Sr. is first vice president of The First Citizens National Bank in Powell, Ohio. Email: powell.fcnb@firstcitizensnational.com
The First Citizens National Bank
We occasionally send out interesting news of note from the bank. I thought I would share a recent "Did You Know?" roundup with Business Network Advisory readers!
1. DOMESTIC vs. FOREIGN - The S&P 500 has outperformed the international stock index in just 13 of the last 30 calendar years (1977-2006), the last time taking place in 2001. The international index has been the better performing index in each of the last five calendar years.
2. HIGH TO LOW AND BACK AGAIN - From the 2002 bear market low-point until mid-February, the total market capitalization of the US stock market has nearly doubled in value. Domestic stocks were worth $9.5 trillion on 10/09/02, rising to a value of $18.5 trillion last month. At the peak of the bull market in early 2000, the total value of all US stocks exceeded $26 trillion.
3. ANOTHER FED AT WORK - The central bank of Japan (i.e., the Bank of Japan) raised its key benchmark interest rate on February 27 by +0.25% to a new level of 0.50%, its second rate hike in the past seven months. Before its July 2006 rate change, the Bank of Japan had kept interest rates unchanged since 9/19/01. The USA's Federal Reserve has its benchmark interest rate currently set at 5.25%.
4. EVERY MONTH - American workers save $696 per month on average for their retirement years. The median amount saved each month by US workers is $352.
5. LESS AND LESS - An estimated 11% of all US workers will be covered by a defined benefit (DB) "pension plan" in the year 2011 -- four years from now. In 1983, 62% of all workers had a DB plan.
6. BIGGER SLICE OF THE PIE - The national total of health costs in America has escalated from 9% of our economy in 1980, to 16% in 2005, to a projected 20% of our economy in the year 2016.
7. RETIREMENT EXPENSE - A 65-year old husband and wife couple will need $295,000 on average during their retirement years to pay for health insurance premiums and out-of-pocket medical expenses if they live until life expectancy.
Reggie Pace Sr. is first vice president of The First Citizens National Bank in Powell, Ohio. Email: powell.fcnb@firstcitizensnational.com
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