Open Enrollment 2019

Ah, another year of benefits selection and more changes. Here are some tips that should apply for all.

Life Insurance - Be sure to maximize this. Most people don't take advantage and it's a shame. It's one of the cheapest things you can do to benefit your family financially if something happens to you. The group rate from your company is better than any rate from private insurance.

PPO & FSA or HSA - This was an interesting thing we learned. If you're fortunate enough to have both spouses working for a company that provides health insurance, this will apply to you. 

1. My company hits me with a surcharge for covering a spouse that has access to insurance ($75 a month), so we are forced to have 2 separate policies. When she was pregnant, I paid the fee to cover her in case some complications arose. Luckily nothing happened and we paid practically nothing for the hospital visit itself. In the new year, we each have our separate plans, but cover the children under both our policies. 
2. When you have dual coverage for the children, they go by the oldest spouse, not what you select as the primary insurance. So we kinda got screwed because I had the HSA plan and she was the PPO. So we couldn't just pay the co-pay. Be sure to have the older spouse select the PPO and the younger spouse with the HSA. 
3. When you select the HSA, be sure to max out the benefit because there is a tax savings. In 2019 you can put $7,000 for the family. Under my PPO I maxed out my FSA at $2,700. Now remember that you need to spend the FSA money, NOT the HSA, by the end of the year. As a family, you can put away $9,700 pre-tax. 

Also, a reminder, it's close to the new year so get ready to make that annual folder to see where you are financially and have a record of all accounts. 

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2018... New Year, but same old.

So at this point, I can keep up with blog posts every 2 years. LOL

Keeping with my tradition of New Year Realization for 2017 & 2018:

2017: "Embrace change." 

The world and technology is moving at a record pace. See the new, learn from it, adapt to it and protect yourself from it. Evolution works the same way, those that evolve move forward and those that do not, become extinct.

2018: "Don't believe everything you read on the internet." 

There is so much noise and so many bubbles, it has become a haven for "click bait" ads. Don't be baited. The only thing that affects you, affects you directly. Everything else is designed to make you angry.

Other than that, what has changed? Nothing much, the same life rules apply, see my 2016 post: https://goo.gl/Y8BJFd

Some good reminders below:

1. Still need to complied a file of all your year end statements for the family or tell who manages the family finances they need to. 
2. "The Brand Called You", still holds true. Makes sure your resume is updated, regardless if you are seeking employment or not. Opportunities come up so don't miss out. See this post: https://goo.gl/nuU9xr
3. Personal security online still applies: https://goo.gl/8s0EbD (Due for an update, so that will be another post in 2018. Look out for it.)

Till my next post... 

Happy New Year! (It's been a while....)

I can't believe the last post was in 2014!! Where did the last 2 years go??

Time for that annual review!

1. Don't waste your time on resolutions you are never going to complete. It's dragging you down and depressing you while leading you to a "Failure" mindset. Just remember we can't spell failure without U R A. LOL Seriously though, you need to have New Year Realizations! What did you learn last year? I'll start you with the first one:

"You can always make more money, but you can never buy more time." 

Want to do something? Do it. Don't be that old person sitting there with regret. Don't have enough money? Work some over time or better yet, get a job that pays more and go do it. Make all the excuses you want, but ultimately, it's up to you. The world will continue to spin on and go on without you. It's too late when you're dead and time's up. For those cheapskates, remember that when you're dead, you can't take that money with you. You're hoarding money for the government to take or someone else to live it up on. Enjoy your hard earned money yourself, not on someone else.

2. Do that review of your finances. Besides tax season, make sure you have everything documented for your significant other or loved one. With everything digital, there is no hard copy. No one will find anything. Year end statements of everything. Put it in a folder and put it somewhere safe with a label on it.

3. Re-read my post from Dec 2012 (http://goo.gl/4K8nlm), the information is still relevant. Normally done during open enrollment, but still a good review and to be kept for this coming year.

4. Your personal security online. Most find it an inconvenience and annoying, but all it takes is one incident and you're completely screwed. Protect your self: (http://goo.gl/8s0EbD)

Have a happy and prosperous new year! See you next post!

What Radio Shack really needs to do…

Radio Shack needs to retool and get out of being a cheap clone of Brookstone. What do they sell anyway? They truly need to embrace their D.I.T. (Do It Together) mantra, that is hidden on their site.

To me Radio Shack was always the go to place to find tools and gadgets you need to fix things. What happened to that? Now they sell junk gadgets, toys and cell phone contracts? It’s the cheap version of Brookstone.

Did you notice how many people are walking around with shattered smartphone screens? How many small “shady” places are offering repairs? Hello!? Why doesn’t Radio Shack get into that business? Sell warranties? Parts? Classes? D.I.Y. (Do It Yourself). If not, get a Really Smart Associate to fix it. Get it? RS? Radio Shack – Really Smart?

How to do that? Here’s the plan. 

1. Buy iFixit.com, they already have a HUGE customer base, with videos on how to fix things and a retail business going. That’s already 50% of the work done for you.


2. Get into the warranty service business. Technology companies need this for all their gadgets, become the “Apple Store” for everyone else. Samsung, HTC, Blackberry, etc. Upsell the RS Complete Coverage, for ALL gadgets. Fill in the missing gaps.


3. Get into the trade-in business for electronics, can’t fix it? Buy it from us, while you’re here.


4. BE Maker Faire (http://makerfaire.com/). Embrace those customers, I mean people. They are people who will come back to your stores and support the brand. Goldsmith sponsor is good, but BE the Presenting Sponsor. Have one every week in your store!


5. Get into home automation on the ground floor. Home Depot and Lowes CAN’T compete. Get a Really Smart Installer to install the system and show people how to use it. It’s a growing field, be the pioneer!


6. Get into 3D printing, it’s going to be high margin big business. Get in on the ground floor. No one else has the distribution or reach that you do, right now.

A lot of these are very easy to get into immediately and wouldn't require much retooling, just branding.