Moving Past the COVID Chaos: Tips for Your Insurance, Finances, and Business - August 7, 2020

August 07, 2020
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News. Insights. Analysis. Inspiration.

Today's Key Question:

Do you know about Switch Dollar Spilt Dollar? It has advantages in today's low interest environment.

See the article below from JD Supra.

  

"Homeschool pods are gaining traction amid worries about school reopening; here’s how parents are getting the finances to work"

From USA Today:

* Katrina Mulligan says her decision to organize a homeschooling “pod” – a modern version of a one-room schoolhouse, with a small group of parents splitting the cost of hiring teachers – wasn’t done lightly.

As the coronavirus pandemic continues to spread across the nation, she’s grown increasingly wary about her public school’s plan for getting kids back in the building.

 

"Why Pandemic Pods are 'the Ultimate In Parent-Driven Education Innovation'"

From Reason:

* Each teacher crafts the students into an assortment of, well, pods: Four kids at a table, learning together. The pods are shuffled all year long, so all the kids develop relationships and learn from each other. She worries that giving the education budget directly to parents means that some would choose to avoid any kind of mixing. She also stresses the possibility that a tutor would not be well-trained, and she argues that draining the ed budget would starve what Isaacs calls an already stretched-thin, "duct tape-and-Velcro" system.

"You're not draining the system," counters McDonald. "You're redistributing it to students and allowing for the freedom of choice we have in all other areas of our lives." As for hiring sub-par instructors, McDonald says "parents have the utmost interest in insuring that their children are highly educated" and will choose wisely.

  

"Anyone Who Doesn’t Know The Following Facts Should Keep Their Mouths Shut About Capitalism"

From Wealth Advisor:

* In 1820, 94% of the world’s population was living in extreme poverty. By 1910, this figure had fallen to 82%, and by 1950 the rate had dropped yet further, to 72%. However, the largest and fastest decline occurred between 1981 (44.3%) and 2015 (9.6%). Reading these figures, which were compiled by Johan Norberg for his book Progress, is enough to make anyone rub their eyes in disbelief. For according to leftist anti-capitalists, these were the very decades in which so much went so wrong in the world. In his book Capital in the 21st Century, the left-wing French economist Thomas Piketty writes that it is precisely this period that is allegedly so problematic. He bemoans a widening of the gap between the rich and the poor in terms of income and wealth in the period from 1990 to 2010. But what is more important to these hundreds of millions of people—that they are no longer starving, or that the wealth of multi-millionaires and billionaires may have increased to an even greater extent than their own standard of living? 

In his book, Norberg cites a seemingly endless array of facts that prove the benefits of economic progress. The weekly hours worked by the average American are now 25 hours less than they were in 1860. At the same time, people enter the world of work later in life, retire earlier and live longer after retirement. All of these positive developments are the result of technical progress and an economic system that made this progress possible in the first place. A study of 180 countries over four decades shows that the increase in income for the poorest in a society is primarily due to growth rather than redistribution: 77% of income growth for the poorest 40% of a population are directly linked to the average growth of a country. Capitalism is not the problem, as anti-capitalists tell us. In fact, it is capitalism that has very successfully solved many of the world’s most serious problems over the last two centuries.

  

"Switch Hitter! Maximizing the Flexibility of Split Dollar Life Insurance to Create Maximum Financial and Tax Leverage"

From JD Supra:

* Switch Dollar is a financial strategy to convert an existing Split Dollar Agreement into a Loan Regime Split Dollar plan. Loan Method Split Dollar provides tremendous financial and tax leverage in the current low interest rate environment for a taxpayer to accumulate wealth in a tax-advantaged manner. It may be the best thing going that you haven't thought about!

 

Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here