Another friend of mine said that he had an accountant to take care of all his tax liabilities and had been doing so for over ten years. That was about three weeks before the tax accountant was led out the door in handcuffs on a variety of federal charges involving taxes. My friend then discovered he owed the IRS the equivalent of the gross revenue from his business for at least three years because the tax accountant had been incorrectly reporting his income and expenses.
For every insurance horror story, Joe, there is an equivalent-other. The entire insurance industry is predicated on fear. They make people afraid of what-ifs.
My fatherinlaw did not buy into this fear, took out no insurance policies and died age 90, never having had to make any claims for
anything. His widow, my motherinlaw, regarded that as a triumph against the climate of fear which the industry promotes.
I'm not saying he's a good example, just a real example. I'm not saying that insurance is a scam, I'm saying that they prey on peoples' fear of the unknown and possible bad times.
The whole world runs on two motives:
Fear and Greed. The insurance boys make millions out of it. Of course they do! Millions of policy-buyers
never claim. Their instalments are used to pay out to the few who do claim. Easy money for them - usually. Actuarial-tables-usually.
By investment securities, I am referring to whatever financial investment instruments the monies that will be used to pay the pension are invested in. In this country that could be anything from a bank savings account, government bonds, money market accounts, mutual funds, stocks, etc. If those pension funds are not invested an earning money, then you are being systematically robbed.
Are you unaware of zero-interest which pertains nowadays? How can you be? There is nowhere for savers to put their spare funds. No where pays interest beyond a microscopic amount. This has a good-side: credit cards don't charge interest on debts either. Mortgage payments have been halved, in our case.
Thanks for reminding me about corporate taxes BTW, I then remembered a Corporate Tax bill for ~£700 which must be paid before tne end of the year. I'll sort that out tomorrow. Honest, I am glad you reminded me.
I don't need to tell you (all) this, but to explain my current mien, my little brother died a month ago. I have been struggling with my grief ever since, because he died so young and needlessly too. It didn't help to find out that he cashed in his own life insurance about a month before he went, thus leaving his own widow with no funds as she had expected. She couldn't have insured against that happening, could she?
