October OverHall IT! Issue
LAST CHANCE TO TAKE * Become a Money Magnet
& Maximize Your Time-Even When You Never Have
Enough-in 21 Days or Less! * See Events below.
Welcome to OverHall IT!
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OCTOBER, 2000
Vol. 1, Issue 10
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OverHall Consulting is proud to send you the monthly
organizing newsletter that you have subscribed to OR
that someone has forwarded to you. If you are receiving
this issue as a forward, and would like to get your own
free subscription, visit
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Here in OverHall IT! it is my hope to help you stop
juggling areas in your life around and help you
"OverHall" the areas that might have become cluttered,
ignored, or put on the back burner. I want to help
you bring back into focus the things that are important to
you. I want the chaos to stop for you and help bring you
some structure and hopefully some useful advice and
systems so you can accomplish the most important
task...running your life!
Please recommend this newsletter to anyone you
know that is interested in getting control of their life
They can sign up at
http://www.overhall.com/newsletter.htm
PRIVACY STATEMENT: We will not distribute your
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Information for subscribing or unsubscribe
is available at the end of this newsletter.
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Table of Contents:
1. Welcome Message
2. OverHalling and Balance
3. Tip of the Month
4. Guest Article
5. Events
6. COMING SOON
7. Ask the OverHaller
8. Jokes, Quotes, and Anecdotes
9. Products, Books, and Web Site Reviews
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1. Welcome Message
Life has been kind; I've been overflowing with meetings,
business, writing, teaching, friends, and activities! I hope
your October was as full as mine, and that you took some
time out for fun.
I threw myself a birthday party and attended a fun filled *
full moon bomb fire * with hayride, and great friends!
Now that all the ghost, goblins, and fun are behind me; I
can get back to some work, mainly this newsletter!
Okay, ready to start "OverHalling"?
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2. Does Your Life Include a RIPE Plan?-Planning Tips
for Retirement, Investing, Protection, and Estate
Planning - Part 3 (Protection)
by: Janet L. Hall
Protection Planning - What IF?
What if something should happen to you, a family
member, or one of your costly possessions? Are they
protected?
Just like your computer should have protection against *
viruses *, your assets, family, and self also need to be
protected.
First, let's look at some assets that might need protection:
~~ HOME
If you are buying a home, you are usually required to
have homeowners insurance, and depending on what area
of the country you live in, you might need additional
insurance protection, such as for natural disasters:
hurricanes, tornadoes, earthquakes, flooding, and just
regular old storms!
If you are renting a home, apartment, townhouse, or
condo, it is also a good idea to look into renters insurance
to protect your belongings.
~~ AUTO
If you have an auto, you are probably required by law,
depending on where you live, to have auto insurance. If
the car is still being paid for (you have a loan against the
car) you have to have full coverage, which is more
costly.
~~ EQUIPMENT
If you're a business owner, you'll need to protect all your
company assets, and if you rely on your computer to
make a living, get some protection for it ASAP!
You can get protection * in case of death * that will pay
off your home, auto, and some other bills.
You can get protection * in case of disability * that will
help you pay your bills while disabled.
Today, make a list of all the assets in your life that are
protected, and review the coverage you already have to
make sure it meets your needs.
Make a list of all the assets in your life that AREN'T
protected, and find out what kind of protection is
available, the cost, and if there is a real need to protect
them.
And don't forget if you use your hands, such as a pianist,
or your voice; such as a singer to make a living, these too
are assets that need to be protected!
Second, let's take a look at some of the protection you
and your family might need, such as life insurance.
NOTE: I'm going to skip over Health Insurance because
I wrote about that in the March issue (see Puzzled by
Your Insurance Coverage? Let's OverHall the Pieces! At
http://www.overhall.com/mar00.htm
). If you're new to
OverHall IT! or have forgotten about this, I urge you to
read and review this article.
Life Insurance can provide you and your family with
financial security as protection or as an investment.
The purpose of life insurance is to fill the gap between
Social Security, Investment Income, and any other
sources of income your family might receive, and THEIR
needs after you leave this World.
So, how much insurance will you need to replace your
income, and to take care of your families needs?
If you've been doing the OverHall IT! exercises for the
past six months, you've got a head start on evaluating
these needs.
According to life-line.org, "While there's no substitute
for evaluating needs, one rule of thumb is to buy life
insurance equivalent to five to seven times your annual
gross income."
Life-line.org has a needs calculator that can help you
with your evaluation, but basically you need to gather up
your financial information and sit down and play the *
what if * game.
NOTE: I realize that this subject matter might be too hard
for many of you to think about, talk about, or even plan
for, BUT it is a VITAL part of OverHalling and bringing
Balance to the financial area of your life. True, many of
us think * that will never happen to me *, or think you'll
stay healthy and young forever; sadly, this is not the case
for ANY of us. Everyone must leave this World at some
time, we just hope it's later then sooner. With that said,
let's continue.
First look at what kind of anticipated illness expenses and
funeral expenses your loved ones will need to make
IMMEDIATELY. What is the cost today? Ten years
from now? At the age of 75 or 85? Total that.
Remember, you are playing the * what if * game and you
need to cover all bases, so to speak.
Next, add to that your total monthly family budget; this
should be slightly less now that you are gone. Do this as
above: budget today, ten years, different ages, different
scenarios.
Next write down any income your family might receive
from any of the following:
~~ Your assets (savings, stocks, real estate investments,
etc)
~~ Social Security Benefits
~~ Survivors Benefits from your pension plan
~~ Your spouse's salary and/or pension
~~ Other sources
Total these items and you have total income available
without life insurance.
Now you need to subtract the total income your family
receives from income required (your monthly budget
expenses).
Write down the number of years income is required
(spouse's life expectancy).
Next multiply your required income by 12 and by the
number of years for your spouse's life expectancy.
Subtract the amount of insurance you already have.
Add in the last illness and funeral expenses.
Your total will be an approximate of how much life
insurance should be maintained.
Please remember, as your lifestyle changes, your
insurance needs might change.
This is a lot of work, I know, but isn't your family worth
it?
Now what if you don't have a family, children, or anyone
that relies on your income? Then you probably don't
need life insurance, unless you want to be a nice relative
or friend and leave some money to others in your life
<g>.
Do you need to buy life insurance for your children? I
say no, unless your child is a movie star or bringing in
income that the family relies on. However, you can get
life insurance for children that you would use as an
investment for future expenses, such as a college.
Do your homework first, and then you're ready to go and
have a serious talk with your insurance representative.
All this insurance, protection, and coverage can become
very costly, being prepared and KNOWING what you
WANT and NEED will aid you in making the correct
decisions.
Remember, this is YOUR life, and your families, please
take care of both, now, before a * what if * really
happens to you.
TIP: Don't forget to look at the need you might have for
Long Term Insurance.
NOTE: Sometimes, and some people look at Asset
Protection Planning as a way to avoid future lawsuits,
financial privacy, reduce liability insurance costs, and a
way to save on income and estate taxes. To find out
more about asset protection strategies, go to
http://www.rpifs.com/lawsuits/apbeneft.htm
Next month Part 4-the E in RIPE!
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WHAT IF you take care of all the home activities,
important documents, vendors, and maintenance? Does
your loved ones KNOW WHO to call? WHEN things
get done? WHERE you keep things? Get the Little Red
WHO, WHEN, and WHERE Home Managers Booklet,
so you'll be prepared for a What IF?
http://www.overhall.com/wwwh1.htm
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3. OverHall IT! Tip of the Month
by Janet L. Hall
If you haven't started your holiday planning and
organizing, start now so you won't find yourself running
around at the last minute, or clearing out the guestroom
for unexpected company. Plan your holiday budget, and
make a list of gifts and sizes and carry with you. Sign,
address, stamp, stuff, and seal your holiday cards.
Plan your holiday meals and menus, and list any
parties you HAVE to give or attend. Declutter the guest
room; making space in the closet and drawers, make the
bed and put clean towels and toiletries out on the bed and
close the door!
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4. Excerpt from Insuring Against the Unknown
by Deloitte & Touche LLP
Listed below are different types of life insurance:
~~ Traditional Whole Life. Provides level premiums and
level insurance coverage. It generally costs more than
term in the earlier years of the policy and less in later
years. Nontaxable dividends may be paid on the policy.
~~ Universal Life. Combines term insurance with an
investment fund that generally has a minimum earnings
rate. Within limits you can vary the premium
payments from year to year. You may even skip premium
payments as long as the cash value is sufficient to cover
all of the costs of the insurance. You can raise or lower
the death benefit, although increases in death benefit may
require proof of insurability.
~~ Variable Life. Is a whole life policy under which the
policy owner "directs" the investment of cash values.
This product has a guaranteed minimum face amount and
fixed premiums similar to traditional whole life.
However, there is no minimum guaranteed rate of
investment return or cash value, and the death benefit is
variable based on investment performance.
~~ Variable Universal Life - A combination of the
flexibility of premium payments of the universal life
policy, with the investment direction feature of the
variable life policy.
~~ Survivor Life. Also called "second-to-die,"
survivorship life insurance pays a death benefit only after
both of the insured individuals have died. Premiums are
lower than for equivalent coverage in two separate
policies. This product is often used to help pay estate
taxes.
~~ Single Premium Life. Requires a single, large, front-
end premium payment to keep the coverage in force for
the life of the insured. Because of the high single
premium, this type of policy provides the maximum
allowable tax-free (or tax-deferred, depending on how
proceeds are received) investment buildup permitted in a
life insurance policy. The insurance portion must meet
a minimum level so that the product continues to qualify
as "insurance" (vs. an "investment" which would be
subject to current tax). Before 1988, these policies were
marketed as "tax shelters" because the cash values were
invested on a tax-free basis and could be withdrawn tax
free after a certain period of time. However, in 1988,
Congress significantly curbed the tax benefits for policies
issued on or after June 21, 1988, by restricting the ability
of insureds to receive distributions from these policies
free of tax.
Similarly, a policy that allows you to earn more by
making your own investment decisions may not protect
you from your poor investment choices.
Some of the situations in which people purchase
permanent or whole life insurance policies include the
time needed to shift the risk is over 15 years.
For example, providing for the income security of a
surviving spouse could involve a time period of over 50
years.
In these situations, permanent insurance should be
considered because the cost of term coverage in later
years can be prohibitively expensive.
~~ The amount of the need remains relatively constant or
increases over time.
~~ The family wants or needs to take advantage of a
forced savings program. (Some people correctly
recognize that they do not have the financial discipline to
save without being "forced" to do so.)
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5. OverHall Events
Nov. 16 (6pm-9pm) Become a Money Magent &
Maximize Your Time-Even When You Never Have
Enough-in 21 Days or Less! at the Southern MD Higher
Educational Center, 44219 Airport Rd., California, MD
with Prosperity Advisor, Paula Langguth Ryan,
Professional Organizer, Janet L. Hall, and special
musical guest Mary Byrd Brown will provide
motivational music. Cost: $29.95/person or $53.95 for
two!
For more details or to register:
http://www.overhall.com/enoughisenough.htm
or call
800-687-3040.
Paula and I are kicking off our 3-week winter 2001 tour
(OverHall Your Life for More Space, Time and Money
& Break the Debt Cycle-For Good!) on January 29
and will be speaking in the following towns:
VIRGINIA: Warrenton (1/29), Roanoake (2/18),
Richmond (2/15), Alexandria (2/16)
TENNESSEE: Johnson City (2/1), Knoxville (2/2),
Chattanooga (2/4)
NORTH CAROLINA: Asheville (2/6), Charlotte
(2/8 & 2/9), Greensboro (2/10), Raleigh-Durham
area (2/11-2/14)
SOUTH CAROLINA: Greenville (2/7)
If you know of any organizations, spiritual groups,
associations or corporations that might like to
host a seminar in these cities, please have them
contact us at 800-687-3040, 800-507-9244, or
janet@overhall.com for booking information.
If you would like to attend, please call or email us for
more details.
To get these seminars on audiotape, give us a jingle!
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6. COMING NEXT ISSUE
Are you new to the Internet, trying to decide if you
should have a website, do it yourself, hire it out, confused
by the lingo, don't know where to start, what works and
what doesn't? Next issue we will start exploring all this
and more! (In an organized manner of course).
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Have you gotten your * tickle * for the day? Check out
The secret organizing tool that ALL SUCCESSFUL
PEOPLE have at their fingertips at
http://www.overhall.com/tickler_file.htm
7. Ask the OverHaller
Our guest bedroom is approximately 14 x 8, and in this
room we will be moving our L-shaped desk and a long
set of drawers (6ft) that we use for storage and files. We
have a queen-size bed in the room. We sleep on it from
time to time because my back aches so much. So I would
like to keep it. HELP!!! -- Adelle
As far as the bed, if that is the bed that feels better to
Your back, why not put that one in your bedroom and get
rid of the one you are currently using? The best advice
I can give you at this time is to measure carefully (it
seems you are doing that), get the bed out and before
moving ANYTHING into the room, decide how
you would like it set up. Then, still before moving
anything in, measure ALL items of where you want them
placed. I remember in Home Ec. we made a cardboard
room of scale and furniture to help rearrange our
bedrooms. You might try a simpler version of this
technique by using graph paper, each line could represent
a foot, draw in the furniture by the measurements you
have taken and where you want them placed in the room.
8. Jokes, Quotes, and Anecdotes
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>From The Funny Firm Evergreen Jokes and Humor
~~ You're getting old when getting lucky means you find
your car in the parking lot.
~~ You're getting old when you're sitting in a rocker and
you can't get it started.
~~ You're getting old when tying one on means fastening
your MedicAlert bracelet.
~~ You're getting old when you don't care where your
wife goes, just so you don't have to go along.
~~ You're getting old when you wake up with that
morning-after feeling, and you didn't do anything the
night before.
~~ You know you're getting old when you stop buying
green bananas.
~~ Last Will and Testament: Being of sound mind, I
spent all my money.
~~ I used up all my sick days, so I'm calling in dead.
~~ Middle age is when you choose your cereal for the
fiber, not the toy.
~~ My mind not only wanders, sometimes it leaves
completely.
~~ The more you complain, the longer God lets you live.
~~ If you have a joke, quote, or anecdote that would fit
well into OverHall IT!, please feel free to email it to me.
mailto:janet@overhall.com?subject=newsletterjokes
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9. Products, Books, and Web Site Reviews
Insurance Needs Calculator:
http://www.life-line.org/life/life_value.html
Human Life Value Calculator:
http://www.life-line.org/life/ins_needs.html
Home Based Business News:
Before you vote, check out the views of Gore and Bush
regarding home businesses at
http://netbusiness.netscape.com/channels/vote2000
If you have a site that covers home-based work issues
or news, let me know and I'll try and post it here!
Organizer Link of the Month:
A wonderful site dedicated to getting organized for the
holidays. Check it out at http://holidayorganizer.com
Cynthia Townley Ewer is the owner of this as well as
OrganizedHome.Com, and HouseholdNotebook.Com
If you're an organizer and you'd like to be
considered for the link of the month, please contact
me!
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FREE ARTICLES FOR YOUR PUBLICATION or WEBSITE
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I have many articles available for reprint in your
publication, company newsletter, website, etc. You may
use articles written by me that you see in OverHall IT!
Back issues can be viewed at
http://www.overhall.com/issues_and_articles.htm
All you have to do is print the article in its entirety along
with my by line, and complete contact information at the
end of each article.
I would appreciate a tear sheet or electronic copy too.
Thanks
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That's it for this month! Hope to see some of you at our
upcoming events!
Smiles, not Piles,
Janet L. Hall
Professional Organizer, Speaker, and Author
http://www.overhall.com
"If your current systems aren't working for you...
get an "OverHall"!"
Janet L. Hall is the owner of OverHall Consulting, which
is based out of Southern Maryland and can be
reached at 800-687-3040 or 410-586-9440, or e-mail her
at mailto:janet@overhall.com
Janet can
"OverHall" your office, home, and computer clutter and
can prepare a customized speech or seminar for your next
event.
Copyright (c) 2000 by OverHall Consulting
P.O. Box 263, Port Republic, MD 20676
All Rights Reserved. Permission is granted to
reproduce, copy, or distribute OverHall IT! or any
articles by Janet L. Hall so long as article(s) is kept
intact, this copyright notice, and full information about
the author is attached.
ISSN pending.
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