Mike Gorny

Regional Vice President
San Diego

Specializing in life insurance and retirement planning.

mgorny@thepromarkgroup.com
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If you told your friends you wanted to do the impossible, would they say you can’t or ask how you were going to do it?
It’s only five bucks: Or, why I’m broke.
Bottle of water, pack of gum, and a cliff bar from the gas station. It’s only five bucks, not a big deal. It is a big deal. All of these small impulse buys add up to a lot of money every month, year, and over a lifetime. I’m guilty of it just as many people are. An item that costs $500 will give one pause as to whether they really want it, if it’s the best in its class, and if they can afford it. 
Take a few minutes to review your bank statement and see how much you’re spending on these impulse buys over the course of a month. If it’s substantial, make an effort to reduce spending and be happy at the extra zeros in your bank account at the end of next month!

It’s only five bucks: Or, why I’m broke.

Bottle of water, pack of gum, and a cliff bar from the gas station. It’s only five bucks, not a big deal. It is a big deal. All of these small impulse buys add up to a lot of money every month, year, and over a lifetime. I’m guilty of it just as many people are. An item that costs $500 will give one pause as to whether they really want it, if it’s the best in its class, and if they can afford it. 

Take a few minutes to review your bank statement and see how much you’re spending on these impulse buys over the course of a month. If it’s substantial, make an effort to reduce spending and be happy at the extra zeros in your bank account at the end of next month!

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Happy Birthday Dr. Seuss! An absolutely brilliant writer. Take some time today to learn about this amazing author.

Dock Dogs! Rowdy, our year old chocolate lab, will begin his training soon!

Life insurance is a complex financial tool, and each family has unique needs. In order to ensure your family is properly covered, it’s important to consult with a licensed life insurance agent. To be better prepared here are some common types of life insurance and an overview of each type.

Term - Provides the most coverage for the least amount of money. This type of coverage is temporary for temporary liabilities, it provides a set amount of coverage for a certain period of time. When purchasing term, ensure the term length is long enough to cover your liabilities. If it’s too short and there is a change in your health, it may be difficult to acquire additional coverage. No matter the length of the term, try to make sure the policy is convertible. This will allow you to change the term into a universal life policy, usually without re-qualifying. This gives you a safety net in case there is a change in health and you become uninsurable.

Universal Life - Provides a death benefit as well as a cash value account. This type of coverage is ideal for long term liabilities such as final expenses, providing spousal benefits for a pension, and mitigating estate taxes. Universal life is more expensive than term life, but it can allow you to have life insurance coverage that will last the rest of your life. In addition to the death benefit, the cash value account accumulates interest tax-deferred. There are many scenarios when a universal life policy will outshine a simple term plan.  

Indexed Universal Life - Provides a death benefit with a cash value account that earns interest based on an index, the most common being the S&P 500. This type of coverage works similarly to the standard universal life, but allows the cash value account to earn greater interest. It allows the interest rate to go up with the market, but the interest rate will never fall below zero even during severe market downturns. These policies are typically funded with excess premium to allow the cash value account to accumulate faster. The tax advantages and flexibility make it a good choice for retirement and college funding. 

As with any financial instrument it’s important to consult with a licensed professional to ensure your needs are met. Feel free to contact me with any questions or concerns you may have.

When planning for retirement there are a few things that are often forgotten. Consider these important points:

  1. Lifestyle - If you want to travel, visit friends and family, see new places, you have to consider these additional costs in your retirement. You might have less normal expenses, but these extras add up.
  2. Inflation - The average price for a gallon of gas in 1988 was $1.08 cents, today it’s $3.67. The cost of everything from gas, bread, and airline tickets continues to rise. The total amount you’ve saved may look like a lot today, but you have to consider future purchasing power.
  3. Life Expectancy - Medicine and advances in technology have allowed us to live longer, healthier lives. The downside of this is that we have to stretch our retirement savings further. Consider the impact of stretching your retirement savings over 20, 30 and even 40 years.
  4. Market Exposure - The financial collapse of 2008 caused many people to lose over half of their retirement savings. If all of your assets are directly placed into the market, it could leave you having to work longer to recover the losses.

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