life insurance, protection

How will your family survive?

 

My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.

 

According to a recent study by LIMRA;

  • Among households with children under 18, 4 in 10 say they would suffer immediate financial trouble if a primary wage earner died today.
  • Another 3 in 10 would have trouble keeping up with basic living expenses after several months.
  • Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.

 

To be clear 37 million households have no life insurance… none…

Another 33 million households do not have sufficient life insurance to count themselves as protected…

 

Ask yourself… “How will my family be affected if something happened? Will they end up homeless, destitute, starving, unable to attend college or get a decent job?”

 

This is a huge gap that must be addressed and reduced. Many people say that life insurance is too expensive, but the truth is as longevity increases life insurance rates decrease. Life insurance has never been more affordable then it is today.

 

The likelihood that we will eventually die is… 100%. The question is what impact our death will have on those around us. What impact will our death have on those who depend on us, like spouses, or children, or elderly parents?

What about the impact your death will have if you have a special needs child? It will be catastrophic… And yet statistics show most of us are playing Russian roulette with our children’s futures.

 

Please reach out to me to learn how you and your family can be better protected.

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

   http://jamesacox.com

 

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 RIDGEBROOK RD SUITE 300, SPARKS, MD 21152, ph# 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. DEVON FINANCIAL ASSOCIATES LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. 2017-48484 Exp. 10/19

 

 

 

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-of-Life-2016.pdf

 

charitable giving, life insurance, protection

Creating Social Impact Through Giving

 

Every day millions are helped to improve their lives due to the generosity of others. As a community we each have a stake in the success of every individual, every family. Many organizations that make massive positive contributions are struggling due to cutbacks in government supports.

We as stakeholders in American society have a responsibility to give back and help those less fortunate. A recent example of this ethos:

“The $219 million gift from the A. James & Alice B. Clark Foundation, announced Wednesday, shatters the previous record for a single donation to U-Md. — $31 million — set three years ago. It is also among the most significant gifts to any public university in the country, coming at a time when many schools have ramped up fundraising to offset declines in state support.”

 

As a result of such donations more students will be able to attend the University of Maryland and build a better future for them and their families. It is an investment in the future and fabric of the United States.

Examples of this kind of giving occur every day… sometimes in the millions of dollars, many times more just a few thousand dollars. What many people are not aware of is the ability to leverage money that is dedicated charity and planned giving to create more impact and bigger gifts.

Permanent life insurance is a tool that has provided security and abundance for hundreds of years. By planning ahead donors can use existing assets and cash flow to create endowments that are many times larger than the premiums paid.

 

As an estate planning tool, life insurance gives additional options and flexibility to charitably minded people.

If a foundation or non-profit have a limited number of apples (assets) to fund their projects, the question becomes ‘how do we add more apples to the bowl’; how do we ensure the organization is sustained for the biggest social impact?

To learn more talk to a financial advisor. Explore options. But above all take action and protect your legacy and those you care about.

If you want to discuss these issues or learn more please feel free to contact me.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

http://jamesacox.com

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. OSJ: 954 Ridgebrook Rd. Suite 300, Sparks, MD 21152, 410-828-5400. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.

 

Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

 

GEAR 2017-47562  Exp. 9/19

 

https://www.washingtonpost.com/local/education/a-record-breaking-gift-to-the-university-of-maryland-219-million/2017/10/04/80cb1e54-a76f-11e7-850e-2bdd1236be5d_story.html?utm_term=.2c9ac111e92c

disability, economy, life insurance, protection

A few life lessons…

In the past few months I have seen several friends pass away…

I have seen several people in my circle struggle with illness, addiction and disability…

All are under the age of 50. None of them planned on what happened to them.

 

None of them planned on the impact it would have on those around them.
Life is not a straight line.
We all are forced to deal with situations that are beyond our control.

 

Sometimes we are forced to deal with abusive and alcoholic parents when we are young.
Sometimes we are traumatized by sexual or physical violence.
Sometimes we are injured by an accident, or illness.

 

Many times we self-medicate to hide the pain, trying to make it through another day…
Often times we find ourselves prescribed pain meds that lead to a nightmare of addiction and devastation.

 

A recent article from the Atlantic observed how radically things have changed:

“In 2015, more Americans died from drug overdoses than from car accidents and gun homicides combined.”

“Authors (of a recent NBER study) suspect that the increased use of painkillers is a “physical manifestation of mental-health problems that have long been known to rise during periods of economic decline.” Depression and pain are twin agonies, in other words: Not only does depression make people more sensitive to pain, they note, opioids have been shown to help relieve depressive symptoms.”

“In the same paper, the Princeton University labor economist Alan Krueger found that nearly half of “prime age” men who aren’t in the labor force take pain medication daily.”

In a separate study from the Brookings Institution, authors Anne Case and Angus Deaton suggest that the links between opioids and depression have deeper roots…

“Increases in deaths of despair are accompanied by a measurable deterioration in economic and social wellbeing, which has become more pronounced for each successive birth cohort. Marriage rates and labor force participation rates fall between successive birth cohorts, while reports of physical pain, and poor health and mental health rise.”

 

These studies lend support to the idea that many opioid overdoses are “deaths of despair,” as the Princeton economists Anne Case and Angus Deaton call them—deaths brought on by joblessness, hopelessness, and both physical and emotional pain.

 

The Atlantic article continues…

“Europeans also suffered joblessness during the recession, but they aren’t overdosing at American levels. Most European countries have stronger social safety nets, which might soften the trauma of unemployment, as well as socialized health-care systems, in which prescription records tend to be centralized.”

 

Clearly this is a large societal issue that we all have to deal with. We all have responsibility to ourselves and our loved ones.

 

The fact is most Americans are unprepared for economic or financial disruption.

*37 million households lack any life insurance…
*50 million households know they need more life insurance…
*7 in 10 households would be in financial trouble if they lost their main bread winner…
*69% of those working in the private sector have no disability insurance…
*1 in 4 people will become disabled BEFORE retirement…
*68% of Americans live paycheck to paycheck…
*How many are working multiple part time jobs to fill the gap from a lost full time career?

 

The economy is changing and we have to adapt to new conditions. We have to put in place protections for ourselves and our families… we can’t rely on the government or anyone else to provide for us or the ones we love.

 

Talk to a financial advisor. Explore options. But above all take action and protect yourself and those you care about.

 

Please feel free to contact me to learn more.

 

Retirement Income. Tax Efficient Planning.
Life Insurance. Disability Insurance
Socially Responsible Investing

To learn more contact:
James Cox
Cell: 215 768 5883
Email: james_cox@devon-financial.com
Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087
http://jamesacox.com

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.
Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.
GEAR 2017-47491 Exp. 9/19

https://www.brookings.edu/bpea-articles/mortality-and-morbidity-in-the-21st-century/

https://www.theatlantic.com/health/archive/2017/04/joblessness-and-opioids/523281/

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/Facts-of-Life-2016.pdf

economy, new economy, retirement

“Morning in America…”

I was driving into work today and a Chevy Volt sped by me. Yesterday a Fisker Karma was parked in front of my office. Last month Tesla started mass production of the Model3.

Technology is bringing a renaissance to American manufacturing. New industries and new job descriptions are being created, even as “old economy” jobs become antiquated and outsourced to robots.

 

Technology is allowing people to use their existing assets in order to bring in more income, such as Uber and Lyft (using the car) and AirBnB (using the house). Websites such as Amazon, Ebay, Shopify and Etsy allow people to open their own virtual shops, without the need for brick and mortar retail space. The internet allows more and more people to connect to influencers and decision-makers, allowing people to earn money as consultants and contractors.

I remember when I was in middle school in the 1970’s, times were hard for my parents… I remember thinking ‘I want a simple government job where I don’t have to worry about things like pink slips, bankruptcy, or how are we going to afford presents for Christmas.’

The irony is after college I found I could not stand working inside an organization like the government. After a month of teaching I already felt the ulcer developing. I left and never looked back…

 

The truth is fear drives us to limit our options and many, many people today, in America and around the world, are trapped by fear. Many feel that conformity and cubicle wages are the safest path to financial security.

Nothing could be farther from the truth. The world is changing and we as individuals working within an economic system that’s evolving must be adaptable as well. We must become more cautious in our use of debt and credit; we must manage our finances… not let our finances manage us. We must learn new skills that increase our economic value and our potential income. We must become more independent and self-sufficient; we cannot rely on our company to hold the keys to our financial security.

I am no fan of Ronald Reagan (though my parents were). After the bleakness and destitution of the 1970s Reagan used the phrase that it was “Morning in America”. He was right. Through the 1980s and 1990s the economy grew and strengthened; the computer revolutionized business, increasing efficiency and corporate balance sheets.

We are currently experiencing our own “Morning in America”, thanks to technology and innovation. This has NOTHING to do with Trump. The internet is the gateway to entrepreneurship for millions that never would have pursued such a course before. It is my belief that this is going to be the Golden Age of Entrepreneurship.

 

But in order to participate, we need to change our ways of thinking. We have to plan differently (think long term, how do I become more independent), we need to set new priorities (education, skills building, saving), we need to identify our strengths and be able to creatively monetize them (create multiple streams of income).

Those who don’t will find themselves left behind; financially, socially, and emotionally.

Let me know your thoughts. I’m happy to chat.

If you want to discuss these issues or learn more please feel free to contact me.

 

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

http://jamesacox.com

 

 

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS) 7 Hanover Square, New York, NY 10004. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 888-600-4667.

Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian.

GEAR 2017-45962  Exp. 9/19

disability, life insurance, protection, retirement

Can Your Financial Plan Last to Age 149?

A recent article out of South Africa cites Betje de Vroome as the oldest living human being. She was born Sept. 24th, 1866… The world has literally changed before her very eyes. *

 

Think about how family members are now living longer. While people used to live into their 70’s, people regularly live now into their 90’s. At the church I attend we have a woman who turned 100 over the summer. With medical advancements more and more people are expected to live to 150 years of age.

 

With that being the case, as individuals we have to rethink financial planning, saving strategies and income expectations during retirement. If we work for 40 years (from age 20 to age 60), and then retire, there is a possibility that our retirement will not last 10 or 20 years, but instead 40, 50, or even 90 years. If that is the case, how do we get the math to work out without running out of money?

 

Solutions exist to build Guaranteed Lifetime Income for retirement. Using a retirement nest egg you can create a pension for yourself. The alternative to doing so is the very real possibility that your IRA will run out of money before you pass away…

 

In addition, I think we have to think more generationally. If we are going to have a tough time as 40-60 year olds, imagine what our children will face. Leveraging Life Insurance and the time value of money we can give them the safety net and head start we didn’t have.

 

The “New Normal” is challenging enough, work with an advisor to develop long term strategies that endeavor to reduce the risk of the unknown for you and your descendants.

 

*http://worldnewsdailyreport.com/south-africa-oldest-woman-in-the-world-turns-149-years-old/

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 954 RIDGEBROOK RD SUITE 300, SPARKS, MD 21152, ph# 410-828-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian.DEVON FINANCIAL ASSOCIATES LLC is not an affiliate or subsidiary of PAS or Guardian. 2017-47867 Exp 10/19

 

 

AI, Climate change, economy, new economy, retirement

A Guidebook for the Anthropocene Era

 

 

I recently had the pleasure of seeing Gary Vaynerchuk and Stephanie Ruhle in New York City at the 92Y. (1) During the evening Gary shared many insights on the nature of the new economic system that we are seeing develop and how we can survive and excel.

I have written before the current age has been called the Anthropogenic Era, the human era, because mankind is reshaping the geology and environment of the world. The economic system is adjusting to these changes taking place. The economic system set up 100 years ago does not behave or react the same way because the environment is different in which it operates.

The challenge I think is that the entire economic system is going through a stage of evolution, much like the medieval economy went through with the development of towns and the mercantile middle class, and just as the mercantile middle class and town was changed by industrialization. The change is painful. There are people who will resist the change (luddites). But change is inevitable because of the tools we develop. Gary observes “We are living in the luckiest time ever—all of us– because of this thing called the internet.”

At the end of the day I am an optimist. This statement would be shocking to many people I am sure, but it is true. I have faith in humanity, and the economic systems we construct.

Vaynerchuk’s newest book, “#ASKGARYVEE” is a guidebook on how to think differently in this new age. In it he provides his view on the need for focus, self-awareness, and leadership. Combining these ingredients with “hustle”— Vaynerchuk’s patented term for raw effort, energy, and synergy—and you have a chance at being successful in this new age.

Most people are not built for success in this new world. Most people are not trained in entrepreneurship. Most people do not have the self-awareness and self-auditing to learn and grow.

To reboot your outlook and your thinking, Vaynerchuk’s book is a great starting place. But even as you are reading it, it is clear that the hardest work is what goes on in your own soul searching, self-examination, and critical analyses. To find your place in the new economy, and to succeed, you have embrace the change. You can only embrace change and make good decisions when you have self-awareness.

We are all need to embrace the change. It has already started. We see its disruption in our lives every day. Being aware, especially self-aware, gives us the power to choose a better course.

Retirement Income. Tax Efficient Planning.

Life Insurance. Disability Insurance

Socially Responsible Investing

 

To learn more contact:

James Cox

Cell: 215 768 5883

Email: james_cox@devon-financial.com

Devon Financial Partners 744 W Lancaster Av Suite 235 Wayne, PA 19087

This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice.

Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 7 Hanover Square, New York, NY 100034. 888-600-4667. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is an indirect, wholly-owned subsidiary of Guardian. Devon Financial Partners, LLC is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

2016-20124 exp. 3/18

  1. https://www.youtube.com/watch?v=yPKzoah6A4c