Strange but True Facts

A financial planner and former client of mine, Mark Stoeker, sent this email to me.  It contains facts and figures about who is benefiting from today's economy.  I found it to be strange, but true.  In a nutshell, if your net worth starts with an M (million) or B (billion), then you are benefiting.  These facts point out that the gap between the rich and the middle class gets bigger each year.  Interestingly enough, my prior job was insuring the middle to lower class, but the clientele of my new job consists of primarily the upper class so I am able to see more and more of these transactions and habits of the high net worth on a normal basis.  It is interesting that this economy is actually helping them unlike the rest of us!

• According to the American Society of Plastic Surgeons, face lifts for men jumped 14% last year.
• The average bonus for a worker on Wall Street in 2010 was only $128,530.  It appears that more Wall Street bailouts may be needed.
• According to DataQuick Information Systems, the sale of million dollar homes rose an average of 18.6% in the top 20 major metro areas in the U.S. in 2010.
• In 2010, for the first time ever, more than a million U.S. families lost their homes to foreclosure.  That number is expected to grow even higher in 2011.
• According to Moody's Analytics, the wealthiest 5% of households in the U.S. now account for approximately 37% of all consumer spending.
• In 2009, only 18,288 vehicles with a price tag of $100,000 or more were sold in the U.S.  In 2010, 32,144 such vehicles were sold.
• Porsche recently reported that sales increased by 29% during 2010.
• Porsche has announced that they will soon be taking orders for their first hybrid sports car, the 918 Spyder.  The price tag on one of those puppies will only be $845,000.
• Approximately half of all American workers make $25,000 a year or less.
• According to the U.S. Energy Department, the average U.S. household will spend approximately $700 more on gasoline in 2011 than it did during 2010.
• According to a new study by America's Research Group, approximately 75% of all Americans are doing less shopping because of rising gasoline prices.
• According to the New York Post, Barack Obama enjoyed a total of ten separate vacations that stretched over a total of 90 vacation days during the years of 2009 and 2010.
• When 2007 began, 26 million Americans were on food stamps.  Today, an all-time record of 44 million Americans are on food stamps.
• The Ivex Packaging Paper Plant in Joliet, Illinois, is shutting down for good after 97 years in business. Seventy-nine jobs will be lost.
• Meanwhile, China has become the number one producer of paper products in the world.
• Luxury jewelry retailer, Tiffany & Co., recently announced that their profits increased by 29% in the 4th quarter of 2010.
• Average household debit in the U.S. has now reached a level of 136% of the average household income.
• The U.S. economy now has 10% fewer "middle class jobs" than it did just ten years ago.
• The average CEO now makes approximately 185 times more money than the average American worker.
• According to one recent study, 21% of all children in the U.S. were living below the poverty line during 2010.

Source: http://www.theeconomiccollapseblog.com/

First Day of...Work

August is back to school for most of the kiddos; however, August is back to work for me. 

I have been at Texans Insurance Group, formerly Curley Insurance Group, for a little over five years (five years this past July 11 to be exact).  Being employed at Texans has been like riding a roller coaster over the years.  The agency has gone from changing ownership, to changing names, to changing locations and offices, to changing policies and procedures, and now back to changing ownership again.  The agency is up for sale and the purchase will take place any day now as all of the potential buyers have done their due diligence and are now in the final phases of submitting their offer and intentions.  While I had fully intended to ride the wave even as things seem to diminish, I was approached by a past co-worker in regards to a position opening up in her agency.  A position that only I came to her mind as the perfect candidate.  I went on an interview which ended in a very positive note in all areas; I had a feeling that the job was in the bag. 

Meanwhile, two days later, my immediate boss turned in her two weeks notice.  This rocked my world as I was also contemplating leaving the agency (pending I would get an offer from the other agency soon).  My boss turning in her notice came a complete shock to me.  I thought she would be riding the wave with me at Texans, and she actually one of the main reasons I never wanted to leave Texans.  Also, with her being my mentor, I had sad feelings about separating from her and the department that we created.  All good things must come to an end, and I needed to accept the fact that my boss and I would not be working together forever anyway.  She was offered a position at a top, national (and international) agency; it is where most young professionals in our industry strive to work for, so she definitely needed to take the opportunity. 

In the midst of all of this, our upper management team met with me on taking over my boss's responsibilities and mentioned that I have the potential to take over her position and manage our department after the sale takes place (depending on the buyer).  However, there were no guarantees and nothing could be placed in writing.  Do I stick around through the sale while working overtime to satisfy mine and my former boss's accounts not knowing what really lies for me in the future, or do I turn my back and walk away...leaving it all behind me...giving myself a fresh start at another agency?

As I am sure you assumed, I did get the offer from the other agency.  I contemplated on both opportunities.  I made several lists of pros and cons.  I analyzed all of the "what ifs" by staying at Texans as well as the offer from the other agency that was laid in my hand.  I got advice from all areas and several people....  I asked many, many questions....  I tried to envision myself at both places a year from now....  I prayed to the good Lord....  And I went to a lecture led by Ron Reynolds.  Ron made a few comments that really hit home.  He said that you are not going to get anywhere in life if you continue to sit comfortably.  You have to go out and take a risk in order to gain.  You have to move yourself and make things happen.  This was the final piece to all of this mind and soul searching I was doing.  I then decided to take the job opportunity at the new agency. 

Once I made this decision and turned in my two weeks notice, I never looked back.  My only concerns were leaving my long time customers along with friends and family I had written accounts for and serviced over the years, as I have a non-compete clause stating I cannot solicit their business for two years.  Besides that and leaving our department short staffed with two people, I did feel slightly unsettling, but after informing them of my decision, I finally felt a freedom and self-worth that I have not felt in long time. 

I took a long weekend break from work.  Mark, my sister, and I took a mini-vacation with my parents to El Campo and Port Lavaca for a wedding.  I'll post on that later.  My last day at Texans was last Thursday and today was my first day of work at the new agency.  Boy did I forget what it felt like to be the new kid on the block (at Texans, I was one of the last men standing). 

Even though I am doing the same line of work, today was like my first day at school.  Everything is so new and there are so many new faces to learn.  I was sent home with homework (procedures manuals and paperwork to review and fill out).  There are several people I need to meet with this week in order to familiarize myself with their accounts.  I already have prospects coming to me that need quotes.  There are new carriers I have to get to know.  It is all so exciting but slightly overwhelming.  So much for being comfortable. 

I guess I can go ahead and tell you the name of it my new agency: TexCap-Concord Insurance Services.  It still feels funny saying that.  Everyone is so welcoming and friendly.  I know they are truly happy to have me on board.  I know I will eventually be comfortable at this new agency, and I know that I am already valued.  I look forward to this next chapter in my life and wish the same "back to school excitement" for you whether it be from a new venture, an addition to the family, or even a small, personal change.