Fix our Deficit and Congress

(Google Image)  

I recently received an email with some of the below information included.  After checking with Snoops.com to verify the quote by Warren Buffett – thought it was worthwhile sharing on this Blog.

Please let us know what you think.  Thanks

(Google Image) 

Warren Buffett said during on July 7, 2011 in interview with CNBC’s Becky Quick:

“I could end the deficit in 5 minutes.  You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election”. (Verified at Snoops.com

(Google Image) 

The 28^th Amendment concept has been around since at least 2009 and has had more than one name – though recently it has been the Congressional Reform Act (2010, 2011, 2012 and probably 2013).  I support this concept and believe it is long overdue and probably the first or second step in cleaning up the mess that has been created during the past several decades.

(Google Image) 

Congressional Reform Act (AKA 28^th Amendment, etc.)

1. No Tenure / No Pension.

A Congressman/woman collects a salary while in office and receives no pay when they're out of office.

2. Congress (past, present & future) participates in Social Security.

All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans do.

4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressmen/women are void effective upon signing of the bill. The American people did not make this contract with Congressmen/women.

Congress made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

(Google Image) 

If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S.) to receive the message. Don't you think it's time?

THIS IS HOW YOU FIX CONGRESS!

(Google Image) 

(Google Image) 

Financial Planning

(Google Image) 

By Terry Orr

Of all the important skill sets to have – this is one that I yet to master – one that should have been mastered long before completing high school – and should be required for all kids going to school.  We all need to understand the importance of financial planning – for our immediate, mid and long-term.

(Google Image) 

“If you can, you will quickly find that the greatest rate of return you will earn is on your own personal spending. Being a smart shopper is the first step to getting rich.” - Mark Cuban

Ric Edelman
(Google Image) 

Ric Edelman is the chairman and CEO of Edelman Financial Services, LLC -  the author of several personal finance books and the host of a syndicated weekly personal finance talk radio show called The Ric Edelman Show.  Ric is extremely popular here in the nation’s capital and most medium to large companies sponsor him to help their employees financial planning.  A very good friend of mine has read all of his books and took to heart the advice Ric provided – would have been helpful if I had followed in my friends footsteps.  The first book of Ric’s I read was “The New Rules of Money” - 88 Strategies for Financial Success Today; and the next two I plan on getting are – “The Lies About Money” and “Rescue Your Money”.

(Google Image) 

“Only buy something that you’d be perfectly happy to hold if the market shut down for ten years.” - Warren Buffett

(Google Image) 

A very good friend of mine told me - that early in his Air Force career, he got some excellent advice on financial management.  With each promotion and or pay raise – put half of that into your long term savings; but half of the remaining into your short term savings and the remainder for you. Now that is pretty simple and straight forward and makes a lot of sense.

(Google Image) 

“Experience taught me a few things.  One is to listen to your gut, no matter how good something sounds on paper.  The second is that you’re generally better off sticking with what you know.  And the third is that sometimes your best investments are the ones you don’t make.”  Donald Trump

(Google Image) 

One of our daughter’s parents came up with a smart financial plan for their children by establishing CDs and savings accounts for things like – their education; autos and insurance; and the like.  So when they were ready to purchase their car, then withdrew the funds from their CD and made monthly car payments into the auto CD.

(Google Image) 

Long before laptop, tablets, smartphones were everywhere – many of us used the back of a napkin to do our planning.  This process helped us understand the concept and identify key factors which were later typed and distributed.

(Google Image) 

So here is my advice - do your research, gather your ideas, sketch out rough plan on what you are hoping to achieve.  Then find yourself a good professional financial adviser.  Develop your plan, begin executing it and make sure you review and update you plan frequently and the situation warrants. Good luck.

(Google Image) 

References and Links:

http://www.ricedelman.com/

http://financialplan.about.com/

http://www.fpanet.org/

"The mint makes it first, it is up to you to make it last." - Evan Esar