Insurance Agent Forum

[healthagent]

Just don't speed in VA: Virginia Introduces $3550 Speeding Ticket

Also, in Rockville which is about 20 minutes from me they are installing the state's 1st speed radar. Wow...could it be possible that over time all speeding will be eliminated? Rockville Prepares to Launch Speed Radar Cameras As Part of State Program

[Macdaddy]

Originally Posted by healthagent

Just don't speed in VA: Virginia Introduces $3550 Speeding Ticket

Also, in Rockville which is about 20 minutes from me they are installing the state's 1st speed radar. Wow...could it be possible that over time all speeding will be eliminated? Rockville Prepares to Launch Speed Radar Cameras As Part of State Program

VA is tough. Radar Detectors are illegal. They not only have radar but "radar detector detectors" and there are signs on the interstate stating they are illegal.

Just drove thru there a couple of weeks ago. People drive noticeably slower....and for a good reason.

[CHUMPS FROM OXFORD]

I don't miss my BMWs. They were horrible in the snow. Maybe that has changed. Even so, I'll keep the SUVs for safety reasons.

[sman]

Originally Posted by healthagent

I know 4 people in my life who I consider to be extremely financially secure and one person I consider to be "rich." The person I consider to be "rich" drives a Ford Focus. The rest have regular cars.

I also have two friends who own luxury cars. Both are in incredible financial trouble right now. I posted this months ago but I have a friend with a S-class Benz, the tires are shot and he can't afford new tires so it's benched right now and he's driving his Astro Van. Insane.

I personally have a 2002 Chevy Malibu and a 2003 Chevy Tahoe (both paid for). I usually drive the Malibu to save on gas.

I can relate to what you said. I have two people I consider friends and mentors (life mentors, not business) who are extremely wealthy (at least based on my definition of wealthy). One has zero debt. He lives in a $400k home, is getting ready to build a $600k+ home on 50 acres that he owns free and clear (worth about $1 mil). All this will be done without incurring any debt. He doesn't believe in debt. He owns another parcel of land worth about $2.5 mil (according to what the county thinks it's worth). He could buy any vehicle he wants. He drives a F-150 and his wife drives an Expedition.

The other person is worth even more than the first guy and he has a 2001 Jeep Wrangler and his wife has a Town & Country van. He also owns a Harley, but my point is, he could be driving a Bentley if he wanted, but he understands that it's just a car and it depreciates in value.

I think all of us would like a super nice car if money were no object. I just find that those where money is no object, material things aren't all that important. The second guy I mentioned made a statement one time,

"Everything I own is for sale if I can make a profit. I can always get another one."

The point he was making is that he isn't owned by his material possessions.

[healthagent]

Most expensive car in the world.

[GreenSky]

Originally Posted by healthagent

Most expensive car in the world.

Not quite.

I have the same car with the OPTIONAL cup holder. Added $27.00 to the list price.

Rick

[arnguy]

Nice car, John. Who makes that car? In PA only the State Police are permitted to use radar for traffic enforcement. The local bears have other devices for the speed traps.

[CT Insure Guy]

Originally Posted by arnguy

Nice car, John. Who makes that car? In PA only the State Police are permitted to use radar for traffic enforcement. The local bears have other devices for the speed traps.

Bugatti Veyron, I saw one up close at Lime Rock a year ago.

Not technically the "most expensive car" in the world if you include re-sold classics but yes, the most expensive NEW car one could buy at this point. But f**k, for 1000 HP and a tested 0-60 time of under 3 seconds, it should be pricey!

You have to literally stop the car and engage a different setting that will allow you to travel at the upper limits of the cars ability, I believe "normally" you can go up to about 200MPH but if you feel you'd like to travel to it's claimed 253MPH limit you need to go into "insane mode" with a special key. I had one of my M3's up to 167 in RI on a closed straightaway and that was sheer madness...imagine ADDING almost another 100MPH!!

[arnguy]

If Stratos were to reveal his FE insurance carrier, I may place an oreder for a Maybach 62 S Sedan (by Mercedes Banz). Current list price for the 2007 model is $426,000.

[The New Guy]

Place an oreder for a Maybach
Mercedes Banz

Another two-fer for the assistant.

[jacodaro]

Dodge Magnum Wagon R/T, 2WD, Hemi, 2005, Vanilla White. Haven't had a car payment for years but now I do. Don't have any other toys, expensive hobbies, or children. It's my only indulgence. I frequently drive to Phx (100 miles) and this ride is roomy, stable, safe, quick enough, and doesn't beat you up. Drove Mercedes wagons for years and this is as close as it gets. This model targeted baby boomers such as myself who used to drive big horsepower American iron.

Several times maggie has been an icebreaker as my prospect wants to check it out and talk cars for a few minutes.

Don't have a clue as to the greatest car ever. Well, maybe a 55' Chevy 4dr wagon with some modern safety and convenience upgrades: power disc brakes, a/c, electric windows, seat belts.

[arnguy]

Hey, New Guy, keep up the good work. However, you are supposed to bring errors to the attention of the other posters on this board, not just those of your worthy, humble Chief!

[Mr. Bill]

Greatest car ever - the Aston Martin driven by James Bond, before he rolled it in Casino Royale - c'mon! We sell health insurance! Any car with medical devices in the glove compartment rocks!

Originally Posted by healthagent

I know 4 people in my life who I consider to be extremely financially secure and one person I consider to be "rich." The person I consider to be "rich" drives a Ford Focus. The rest have regular cars.

A recent survey said that the #1 selling car among millionaires was....a Ford F150.

[salpro22]

Originally Posted by Kyle Henson

A recent survey said that the #1 selling car among millionaires was....a Ford F150.

Hmmm, the source please?

Originally Posted by salpro22

Hmmm, the source please?

The Millionaire Next Door by Dr Thomas J Stanley and Dr William D Danko. Some other interesting findings in their book about millionaires:

• Most wealth is inherited? Bleep! Wrongo! 80% of American millionaires are first generation affluent.
• [COLOR=black]Most millionaires live in mansions? Wrong again! The average value of the homes of the rich is $320,000. (Book was published in 1998) Half have occupied their homes for over twenty years! [/COLOR]
• [COLOR=black]Well, millionaires drive current year, expensive, imported cars, right? Bleep! Sorry No cigar. Most millionaires drive domestic made vehicles, the most popular being - are you ready for this? - the Ford F-150 Pickup Truck. Three in ten millionaires drive the F-150. Another 25% drive the Ford Explorer sports utility vehicle. Caddies and Lincolns are only the third and fourth favorites, while Rolls Royces and Ferraris don't even make the top ten favorite list. And most millionaires keep their vehicles longer. Over fifty percent drive vehicles two or more years old. In fact, 36.6% of millionaires buy used cars rather than new! [/COLOR]
• Well surely millionaires wear Gucci shoes and Rolex watches? Sorry! No cigar! Fewer than 25% have ever spent more than $600 for a suit. 50% have never spent more than $140 on a pair of shoes (I guess they don't wear Nikes!). And 50% have never spent more than $235 for a watch.

7 Factors that make up a millionaire:

• They live well below their means.
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying social status.
• Their parents did not provide economic outpatient care. (i.e. they did not get handouts from their parents.)
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right profession.

__________________

[STIBROKER@AUSTIN.RR.COM]

Here's mine....

[Macdaddy]

Originally Posted by Kyle Henson

The Millionaire Next Door by Dr Thomas J Stanley and Dr William D Danko. Some other interesting findings in their book about millionaires:

• Most wealth is inherited? Bleep! Wrongo! 80% of American millionaires are first generation affluent.
• [COLOR=black]Most millionaires live in mansions? Wrong again! The average value of the homes of the rich is $320,000. (Book was published in 1998) Half have occupied their homes for over twenty years! [/COLOR]
• [COLOR=black]Well, millionaires drive current year, expensive, imported cars, right? Bleep! Sorry No cigar. Most millionaires drive domestic made vehicles, the most popular being - are you ready for this? - the Ford F-150 Pickup Truck. Three in ten millionaires drive the F-150. Another 25% drive the Ford Explorer sports utility vehicle. Caddies and Lincolns are only the third and fourth favorites, while Rolls Royces and Ferraris don't even make the top ten favorite list. And most millionaires keep their vehicles longer. Over fifty percent drive vehicles two or more years old. In fact, 36.6% of millionaires buy used cars rather than new! [/COLOR]
• Well surely millionaires wear Gucci shoes and Rolex watches? Sorry! No cigar! Fewer than 25% have ever spent more than $600 for a suit. 50% have never spent more than $140 on a pair of shoes (I guess they don't wear Nikes!). And 50% have never spent more than $235 for a watch.

7 Factors that make up a millionaire:

• They live well below their means.
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying social status.
• Their parents did not provide economic outpatient care. (i.e. they did not get handouts from their parents.)
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right profession.

__________________

I was given this book shortly after it was put in print(and I like the book), which I think was about 10+ years ago. There is only one false premise to the book, it is insinuating that having over one million dollars is rich, and quite frankly it isn't....not even close. Lots of avg folks have a million bucks today stuffed in their qualified plans and homes.

When you are at 2 million dollars you are getting closer, but still if you wanted to retire things could be tight trying to take an income stream off of it while growing the assets without substantial risk to out pace inflation.

2,000,000 x 5% CD= $100,000-31% for Fed/State Tax= $69,000 spendable income and we don't have anything left over to grow the assets.

And remember this is your nest egg, stock market risk would not be tolerable.

Actually in this example an annuity makes some smarter sense. At least the 2mm can grow tax deferred and you are only taxed on say the 69K you need for living expenses. The remaining 31K that the gov't would get in taxes would now grow at 5%.

Point is, would you feel wealthy? I don't think so. It takes a lot more than 2mm to get the job done today to be considered "rich".

[CHUMPS FROM OXFORD]

Very true about what is truly "rich" these days.

But the Roth and current (perhaps not permanent, though) Estate tax revisions help.

[healthagent]

I know my generation (I'm 40) will be re-defining what it means to retire. My parents actually have a pension, not a 401K. Huge difference. A lot of people who either chose:

*Not to participate in their 401K
*Participate but only a fraction of the allowed contribution
*Fully participate but didn't allocate properly
*Fully participate, allocated properly, but simply have poor returns

Will not ever be "retired" like our parents. I personally have no plans on ever fully retiring. Not to bust on my father, but I see what he does all day, as well as my retired father-in-law and I'd go absolutely nuts.

Companies are also far different then they use to be. It used to be mutual loyalty - company valued their senior employees and vice versa. Now senior employees are a liability and retirement benefits are a liability.

My father worked and retired from GE after 36 years as an engineer. Almost every year he got a Christmas bonus and free turkey for Thanksgiving. A few years before he left all Christmas bonuses stopped and some accountant figured out how much the free turkeys were costing. Nixed.

Most likely I'll be in the insurance field well through my 70's - even if it's a consultant or advisor role.