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The Food In The Middle Sucks!!

With the explosion of large scale stores like Whole Foods and Farmer’s Markets in just about every different neighborhood, it is clear that the movement to eating more healthy food is becoming important to people in America. The new buzz word all around is “organic” food, mostly from the way it’s grown and produced. It’s clear that most households want to watch their health and wallets, but are more than willing to pay premium money today for food that they think is better for them. Restaurants have almost overused the term farm-to-table, giving us the indelibly etched picture in our minds that what’s on our plate got here from something directly down the street or in the backyard of the restaurant. Recently, I had a chance to interview one of the owner of the restaurant Bocado in West Midtown, Brian Lewis, and he made a very interesting comment to me during our lunch. He said, “Ted, the food in the ...

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Five Insurance Policies Every Small Business Owner Needs

This is the weekend you finally decided it’s time to start your own business.    You’ve had enough of the corporate rat race and now you want to take matters into your own hands.   After you determine whether you want to set up as a sole proprietor, LLC, S-Corporation, or C-Corporation, there will be a litany of items to strike off the checklist to make sure the business is up and running.   One of the key areas that most small business owners ignore is getting the right type of insurance policies set up as they initiate their new businesses.   Even as the business gets established, business owners often ignore getting the right type of protection in place to insulate their business in case of unforeseen circumstances.   Here are five insurance policies every small business owner needs. Disability Insurance– The challenge that most new business owners don’t understand is that if you show no verifiable income, you’ll have no chance of getting ...

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Six Financial Moves To Make When You Lose A Spouse

Almost 25 years ago, my father passed away.   My mother was a 5th grade school teacher and we had one of those households where dad predominantly took care of the finances even though both of my parent’s held down full time jobs.   When my father died, it not only left my mother in a complete state of shock, but she also had no roadmap provided to her on what steps to take to get the financial house in order.   In many households, one spouse usually controls and manages 80% or more of the family finances.   Should you have a spouse pass away, here are six financial moves to make that can help you during this difficult transition. Handle Funeral Expenses– Funerals can end up becoming a very expensive proposition. Did you make arrangements and prepay burial expenses?  Were their specific instructions around burial in the will?  It’s important that those who are helping you with final and funeral expenses understand ...

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Why Is Gen XY Worth Less Than Their Parents?

Common sense says it’s no surprise that older Americans are wealthier than young Americans. Simply put, they have had more time to develop a strategy, learn from their mistakes, and build long term wealth. However, would it surprise you to hear that young Americans today are doing much worse than young Americans 30 years ago? According to the Pew Research Center, households headed by the XY generation are worth 68% less than their counterparts 30 years ago. In 1984, median net worth was $11,521. In 2009, it was $3,662. The age based wealth gap has gone from a 10:1 ratio to a 47:1 ratio. These numbers seem pretty shocking, and the easy culprit would be to point at the recent problems with the economy. However, there are some pretty interesting long term trends we can look at to see why the economy may not be the only reason: Overwhelming Forces Urge You Not to Save – every day, everywhere you ...

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401(k) Charges Are Coming To A Theater Near You

New rules about 401(k) charges finally surfaced from the Department Of Labor last month.  Since 401(k) plans have become one of the largest assets owned by U.S. households today, the whole idea behind these rules are to help consumers have a good idea about the fees charged in these retirement plans. Beginning January 1st, 2012 your statements will have a whole new look laying out most of the fees and charges in plain language. The new regulations will affect about 483,000 retirement plans and 72 million workers who will be able to gain a better feel about what they are paying for in the plan.  (source: www.miamiherald.com) The details may be able to help investors fill a big void because many people don’t know about the litany of fees that may be charged against their 401(k) account for recordkeeping, investment advisory, brokerage, or other administrative services. Sometimes, as many as 6 to 8 indirect fees and expense can be charges ...

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