Trade, capitalism, money in politics: These are the business issues to watch in the fourth Democratic debate

Former Vice President Joe Biden speaks with Senator Elizabeth Warren during the 2020 Democratic U.S. presidential debate in Houston, Texas, September 12, 2019. Mike Blake | ReutersThe impeachment inquiry into President Donald Trump is heating up Capitol Hill, but disagreements over fiscal issues could create just as much friction at the Democratic primary debate Tuesday night. Billionaire Tom Steyer, a late entry in the crowded primary field, will be making his debut debate appearance. Here are


Former Vice President Joe Biden speaks with Senator Elizabeth Warren during the 2020 Democratic U.S. presidential debate in Houston, Texas, September 12, 2019. Mike Blake | ReutersThe impeachment inquiry into President Donald Trump is heating up Capitol Hill, but disagreements over fiscal issues could create just as much friction at the Democratic primary debate Tuesday night. Billionaire Tom Steyer, a late entry in the crowded primary field, will be making his debut debate appearance. Here are
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: kevin breuninger
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Trade, capitalism, money in politics: These are the business issues to watch in the fourth Democratic debate

Former Vice President Joe Biden speaks with Senator Elizabeth Warren during the 2020 Democratic U.S. presidential debate in Houston, Texas, September 12, 2019. Mike Blake | Reuters

The impeachment inquiry into President Donald Trump is heating up Capitol Hill, but disagreements over fiscal issues could create just as much friction at the Democratic primary debate Tuesday night. The fourth debate of the primary season is guaranteed to be the biggest yet, with 12 candidates set to appear at Otterbein University in Westerville, Ohio — including Sen. Bernie Sanders, who recently suffered a heart attack. Former Vice President Joe Biden and Sen. Elizabeth Warren will hold court in the center of the stage, flanked by Sanders and South Bend, Ind., Mayor Pete Buttigieg. Billionaire Tom Steyer, a late entry in the crowded primary field, will be making his debut debate appearance. They’ll have plenty to talk about in the debate, which is being hosted by CNN and The New York Times from 8 p.m. to 11 p.m. ET. Some of the widest divisions among the Democrats relate to trade, where some candidates see tariffs — a tool condemned by free-marketeers but championed by Trump — as a viable option. Expect to see Democrats respond with skepticism to Trump’s recent announcement that he’s reached a “phase one deal” with China.

On the domestic front, many of the candidates recently released their third-quarter fundraising totals — all of which fell far short of Trump’s massive war chest. The numbers coming in have stoked tensions within the party about the role of money in politics, which could be further hashed out at the debate. Biden — who remains the front-runner in the race, according to the RealClearPolitics polling average — has the most to lose at the debate. And he’s likely to be hit with some tough and unflattering questions about his son Hunter’s business dealings, which Trump has latched onto amid the increasingly popular impeachment inquiry. Sen. Kamala Harris, entrepreneur Andrew Yang, Sen. Cory Booker, former Housing and Urban Development Secretary Julian Castro, former Rep. Beto O’Rourke, Sen. Amy Klobuchar and Rep. Tulsi Gabbard will also share the stage. Here are the business issues to watch going into the fourth debate:

Trade

The fourth debate is taking place in Ohio, widely viewed as a swing state and a bellwether for the national presidential election. Trump won the state in 2016 with about 51% of the vote. It’s also a Midwest industrial state that has struggled with the loss of manufacturing jobs and agricultural uncertainty, said Melissa Miller, an associate professor of American politics at Ohio’s Bowling Green State University. That puts the long-running U.S.-China trade negotiations into sharp focus for the debate. Democrats have previously gone after Trump over trade, but the White House’s apparent recent progress in the trade talks could complicate their criticisms. Still, the first “phase” of the deal has yet to be put on paper, and new worries about the negotiations started to emerge Monday. “The president does have a way of undermining little steps forward with big steps backward on Twitter and the like,” Miller said. “The Democrat who can really simplify and make clear to voters what’s at stake and the extent to which actual households will feel the impacts, that’s the candidate who can break through,” she added.

Fundraising

Health care

As in the previous debates, health care is set to be a major sticking point. Most politicians support finding ways to expand health coverage while avoiding spiraling costs. But there are chasms of differences among the candidates about how to achieve that goal. Sanders has long advocated a government-run program — “Medicare for All” — that applies to everyone. His proposal, currently a bill that has no chance of passing the Republican-controlled Senate, would widen the types of coverage available, as well as push private insurers out of the Medicare mix in favor of a single-payer model.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: kevin breuninger
Keywords: news, cnbc, companies, primary, issues, president, trade, money, business, candidates, capitalism, trump, watch, democratic, state, sanders, sen, fourth, politics, debate


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Trump lawyer Giuliani was paid $500,000 to consult on indicted associate’s firm

President Donald Trump’s personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday. Giuliani said Parnas’ company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients “reduce and mitigate fraud,” engaged Giuliani Partners, a management and security consulting firm, around August 2018. The New York Times reported


President Donald Trump’s personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday. Giuliani said Parnas’ company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients “reduce and mitigate fraud,” engaged Giuliani Partners, a management and security consulting firm, around August 2018. The New York Times reported
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Trump lawyer Giuliani was paid $500,000 to consult on indicted associate's firm

President Donald Trump’s personal attorney, Rudy Giuliani, was paid $500,000 for work he did for a company co-founded by the Ukrainian-American businessman arrested last week on campaign finance charges, Giuliani told Reuters on Monday.

The businessman, Lev Parnas, is a close associate of Giuliani and was involved in his effort to investigate Trump’s political rival, former Vice President Joe Biden, who is a leading contender for the 2020 Democratic Party nomination.

Giuliani said Parnas’ company, Boca Raton, Florida-based Fraud Guarantee, whose website says it aims to help clients “reduce and mitigate fraud,” engaged Giuliani Partners, a management and security consulting firm, around August 2018. Giuliani said he was hired to consult on Fraud Guarantee’s technologies and provide legal advice on regulatory issues.

Federal prosecutors are “examining Giuliani’s interactions” with Parnas and another Giuliani associate, Igor Fruman, who was also indicted on campaign finance charges, a law enforcement source told Reuters on Sunday.

The New York Times reported last week that Parnas had told associates he paid Giuliani hundreds of thousands of dollars for what Giuliani said was business and legal advice. Giuliani said for the first time on Monday that the total amount was $500,000.

Giuliani told Reuters the money came in two payments made within weeks of each other. He said he could not recall the dates of the payments. He said most of the work he did for Fraud Guarantee was completed in 2018 but that he had been doing follow-up for over a year.

Parnas and Fruman were arrested at Dulles Airport outside Washington last week on charges they funneled foreign money to unnamed U.S. politicians in a bid to influence U.S.-Ukraine relations in violation of U.S. campaign finance laws. The men were preparing to board a plane to Europe.

According to an indictment unsealed by U.S. prosecutors, an unidentified Russian businessman arranged for two $500,000 wires to be sent from foreign bank accounts to a U.S. account controlled by Fruman in September and October 2018. The money was used, in part, by Fruman, Parnas and two other men charged in the indictment to gain influence with U.S. politicians and candidates, the indictment said.

Foreign nationals are prohibited from making contributions and other expenditures in connection with U.S. elections, and from making contributions in someone else’s name.

Giuliani said he was confident that the money he received was from “a domestic source,” but he would not say where it came from.

“I know beyond any doubt the source of the money is not any questionable source,” he told Reuters in an interview. “The money did not come from foreigners. I can rule that out 100%,” he said.

He declined to say whether the money had been paid directly to him by Fraud Guarantee or from another source.

John Dowd, a lawyer for Parnas and Fruman, also would not discuss the source of the funding that Giuliani said he received for his work for Fraud Guarantee. “What I know is privileged,” Dowd said.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
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If you invested $1,000 in Delta 10 years ago, here’s how much money you’d have now

Since returning to the public market in 2007, Delta’s stock has been a consistent performer, making it a win for those who invested 10 years ago. While Delta’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results. CNBC: Delta stock as of October 10, 2019. As J.P. Morgan analysts put it, Delta’s prospects for the fourth quarter could be compared with “limping across the finish line.” But going into the fourth quarter, ma


Since returning to the public market in 2007, Delta’s stock has been a consistent performer, making it a win for those who invested 10 years ago. While Delta’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results. CNBC: Delta stock as of October 10, 2019. As J.P. Morgan analysts put it, Delta’s prospects for the fourth quarter could be compared with “limping across the finish line.” But going into the fourth quarter, ma
If you invested $1,000 in Delta 10 years ago, here’s how much money you’d have now Cached Page below :
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If you invested $1,000 in Delta 10 years ago, here's how much money you'd have now

Delta Air Lines was the first U.S. carrier to report third-quarter earnings this year, and despite rising costs putting pressure on the airline, strong travel demand helped its revenue and profit grow.

Since returning to the public market in 2007, Delta’s stock has been a consistent performer, making it a win for those who invested 10 years ago. A $1,000 investment in 2009 would be worth more than $6,600, as of Oct. 10, 2019, for a total return of nearly 570%, according to CNBC calculations. In the same time frame, by comparison, the S&P 500 earned a total return of nearly 240%. The Atlanta-based airline’s current share price is hovering around $54.

While Delta’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.

CNBC: Delta stock as of October 10, 2019.

Despite performing well in its third quarter, Delta’s fourth quarter could be tough due to the airline’s expectation that costs, excluding fuel, could rise as much as 5% year over year, CNBC reports. As J.P. Morgan analysts put it, Delta’s prospects for the fourth quarter could be compared with “limping across the finish line.”

Delta’s stock has faced both ups and downs this year. In January, the shares tumbled almost 9% in one day after it predicted lower revenue growth. However, the stock is up almost 8% this year.

But going into the fourth quarter, many experts stand behind Delta, despite a lackluster forecast. Mark Tepper, CEO of Strategic Wealth Partners, said he’s a fan of Delta’s stock — as opposed to other popular U.S. airlines — for three main reasons.

For one, Delta doesn’t fly the Boeing 737 Max, a type of airplane which has been grounded since March after two fatal crashes, Tepper said during a recent segment of CNBC’s “Trading Nation.” Two, it has “the best maintenance team in the industry,” which helps extend the life of its aircraft, making it a good move financially. And three, Tepper supports Delta’s partnership with American Express, which he calls “the gold standard,” because it helps the company’s bottom line.

Delta gained extra business while its competitors such as Southwest and American Airlines were forced to stop operating the Max and cancel thousands of flights. While Delta CEO Ed Bastian agrees the extra market share helped the airline’s third-quarter performance, he doesn’t believe “it was the main driver,” Bastian said during a recent appearance on CNBC’s “Squawk Box.”


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: anna hecht
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Warren pledges to turn down money from Big Tech and top Wall Street executives

Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives. Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry. Warren has capit


Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives. Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry. Warren has capit
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner tucker higgins, lauren feiner, tucker higgins
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Warren pledges to turn down money from Big Tech and top Wall Street executives

Presidential candidate and U.S. Senator Elizabeth Warren (D-MA) speaks at a campaign rally at Keene State College in Keene, New Hampshire, September 25, 2019.

Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives.

Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. After previously pledging not to take large contributions from pharmaceutical executives, Warren’s announcement on Tuesday expanded the umbrella of forbidden donors.

Some Democratic donors in those sectors have already expressed reluctance to side with the Massachusetts progressive.

“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,'” a senior private equity executive recently told CNBC on the condition of anonymity.

Warren has doubled down on her attacks on the tech and banking industries in recent weeks, claiming their executives wield a disproportionate amount of power on politics and elections. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry.

Warren has capitalized on the fear she’s stirred in executives at tech and banking firms over her campaign. After CNBC reported that Democratic donors on Wall Street are privately warning they may sit out or even back President Donald Trump’s re-election campaign should she be the nominee, Warren tweeted that she “won’t back down from fighting for the big, structural change we need.”

After a recording of a private staff meeting with Facebook CEO Mark Zuckerberg leaked calling her potential presidency an “existential” threat to the business, Warren used it in her ads encouraging supporters to donate to her campaign. This week, she escalated her fight with the company over its new policy that states ads placed by politicians will not be fact checked by deliberately running a false ad of her own.

Warren’s attacks on Big Tech have not kept some pockets of Silicon Valley from supporting her. Several Democratic donors in the region recently told CNBC they are now planning to support her campaign despite her unambiguous jabs at the tech industry.

“I think people are begrudgingly coming around to admit that she’s the best answer, because Bernie [Sanders] is crazy,” a California-based money manager recently told CNBC on the condition of anonymity. “The guy they thought they were going to get in Joe Biden is looking like an old man, and I think they are looking around and wondering who else is there.”

-CNBC’s Brian Schwartz contributed to this report.

Subscribe to CNBC on YouTube.

WATCH: Sen. Elizabeth Warren criticizes Facebook’s handling of political ads


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner tucker higgins, lauren feiner, tucker higgins
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You can trick yourself into saving more. Here’s how

If you’re like a lot of people, you know you need to save more. Now, research has found that taking just two additional steps could help turn that intention into a reality. The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals. Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates


If you’re like a lot of people, you know you need to save more. Now, research has found that taking just two additional steps could help turn that intention into a reality. The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals. Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates
You can trick yourself into saving more. Here’s how Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lorie konish
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You can trick yourself into saving more. Here's how

If you’re like a lot of people, you know you need to save more.

Yet actually following through on that goal can be easier said than done.

Now, research has found that taking just two additional steps could help turn that intention into a reality.

The Chazen Institute at Columbia Business School found that people are more likely to stick to saving if they got certain support to back their financial goals.

More from Personal Finance:

Here’s how to feel richer with money you already have

How much more you need in retirement savings, based on age

Why millions of Americans are only $400 away from hardship

Researchers at the school studied low-income microcredit bank clients in Chile. These entrepreneurs operate small businesses and tend to borrow money regularly.

Because they are self-employed, one of the most powerful ways of socking away money — automating their savings — does not always work, because their income fluctuates.

So the researchers at Columbia set out to see if other methods of encouraging savings worked.

And the strategies they identified could also help you accumulate a bigger cash cushion.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lorie konish
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5 side hustles that can earn you extra money this holiday season

The holiday season isn’t just great for gift-giving — it’s also a great time to earn more money with a seasonal side hustle. If possible, merge your passion with an in-demand job during the holiday season to get the most bang for your buck. “For most seasonal work, you should think about it not necessarily as a side hustle you’ll be investing in long term. Rather, think about it like, ‘How can I make the most money for my time this holiday season?'” Here are five side hustles that are in high de


The holiday season isn’t just great for gift-giving — it’s also a great time to earn more money with a seasonal side hustle. If possible, merge your passion with an in-demand job during the holiday season to get the most bang for your buck. “For most seasonal work, you should think about it not necessarily as a side hustle you’ll be investing in long term. Rather, think about it like, ‘How can I make the most money for my time this holiday season?'” Here are five side hustles that are in high de
5 side hustles that can earn you extra money this holiday season Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: myelle lansat
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5 side hustles that can earn you extra money this holiday season

The holiday season isn’t just great for gift-giving — it’s also a great time to earn more money with a seasonal side hustle.

Retailers are in a hiring frenzy ahead of the holidays, but if your schedule doesn’t allow for long shifts during standard business hours, you still have options.

“If you don’t have that kind of time, or your schedule is such that it’s harder to commit yourself in advance, think about something in the gig economy that increases during the holidays,” like stocking shelves, pet-sitting, or craft-making, says Kathy Kristof, cofounder and editor at SideHusl.com, an independent side hustle review site.

If possible, merge your passion with an in-demand job during the holiday season to get the most bang for your buck. “For most seasonal work, you should think about it not necessarily as a side hustle you’ll be investing in long term. Rather, think about it like, ‘How can I make the most money for my time this holiday season?'” says Grant Sabatier, creator of Millennial Money, an online personal finance community.

Here are five side hustles that are in high demand over the holidays.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: myelle lansat
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The moment of truth for banks approaching

The moment of truth for banks approaching10 Hours AgoBanks set to report earnings later this week. How will financials fare? With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Carter Worth, Steve Grasso and Guy Adami.


The moment of truth for banks approaching10 Hours AgoBanks set to report earnings later this week. How will financials fare? With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Carter Worth, Steve Grasso and Guy Adami.
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The moment of truth for banks approaching

The moment of truth for banks approaching

10 Hours Ago

Banks set to report earnings later this week. How will financials fare? With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Carter Worth, Steve Grasso and Guy Adami.


Company: cnbc, Activity: cnbc, Date: 2019-10-14
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This is the No. 1 habit self-made millionaires share—and it’s also the most overlooked, says money expert

Nearly all of the self-made millionaires I interviewed said one of their top priorities was cultivating “rich relationships” and avoiding the “toxic” ones. ‘Rich relationships’ are about mindset, not moneyIt’s important to note that a “rich relationship” is defined by mindset, rather than wealth. “I limit my exposure to toxic, negative people,” one individual in the wealthy group of my study told me. As for the people who often contribute to “toxic relationships,” they usually have a very pessim


Nearly all of the self-made millionaires I interviewed said one of their top priorities was cultivating “rich relationships” and avoiding the “toxic” ones. ‘Rich relationships’ are about mindset, not moneyIt’s important to note that a “rich relationship” is defined by mindset, rather than wealth. “I limit my exposure to toxic, negative people,” one individual in the wealthy group of my study told me. As for the people who often contribute to “toxic relationships,” they usually have a very pessim
This is the No. 1 habit self-made millionaires share—and it’s also the most overlooked, says money expert Cached Page below :
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This is the No. 1 habit self-made millionaires share—and it's also the most overlooked, says money expert

You are who you associate yourself with

That’s what I discovered through my “Rich Habits” study, in which I spent five years interviewing and researching the daily activities, habits and traits of 233 wealthy individuals (with at least $160,000 in annual gross income and $3.2 million in net assets) and 128 low-income individuals (with at least $35,000 in annual gross income and $5,000 in liquid assets). It’s human nature to associate ourselves with like-minded people with whom we feel the most comfortable. The ultra wealthy and successful, however, are a lot more selective when it comes to who they allow into their inner circle. Nearly all of the self-made millionaires I interviewed said one of their top priorities was cultivating “rich relationships” and avoiding the “toxic” ones.

‘Rich relationships’ are about mindset, not money

It’s important to note that a “rich relationship” is defined by mindset, rather than wealth. In other words, individuals who contribute to rich relationships don’t necessarily have big bank accounts (though they do know how to save money and don’t spend recklessly), but they all have lofty goals and aspirations — and they spend much of their time trying to achieve them. “I limit my exposure to toxic, negative people,” one individual in the wealthy group of my study told me. “Some of them may bring you down and infect you with their negativity, which can undermine your ability to creatively find solutions to problems and overcome obstacles.” And it makes sense, doesn’t it? Those with a positive attitude are better able to stay focused on seeking and finding solutions to their problems. Positivity can make you a problem-solver, whereas negativity can make you a problem-finder. Based on my research, individuals who contribute to rich relationships have at least one or several of the following traits: Positive mental outlook: They’re the entire opposite of downers; they bring an upbeat and optimistic type of energy to the table.

They’re the entire opposite of downers; they bring an upbeat and optimistic type of energy to the table. Gratitude: They are appreciative and focus on what they have, not what others have.

They are appreciative and focus on what they have, not what others have. Encouraging attitude : They inspire and motivate others to pursue their dreams.

: They inspire and motivate others to pursue their dreams. Hard work ethics : They take action on their goals and never quit.

: They take action on their goals and never quit. Health-oriented : They devote time to taking care of their physical and mental health. This might mean engaging in leisure time or exercising.

: They devote time to taking care of their physical and mental health. This might mean engaging in leisure time or exercising. Humility: They see egotism as a deficiency.

They see egotism as a deficiency. Future-oriented: They invest in themselves and for the long-term, instead of seeking instant gratification.

They invest in themselves and for the long-term, instead of seeking instant gratification. Open to feedback : They accept feedback — from their friends, colleagues, family and mentors — and see it as a means to pivot what they’re doing in order to achieve success.

: They accept feedback — from their friends, colleagues, family and mentors — and see it as a means to pivot what they’re doing in order to achieve success. Loyalty: They are trustworthy, responsible and reliable.

They are trustworthy, responsible and reliable. Authenticity: They don’t pretend to be someone they aren’t. This is because they like who they are.

They don’t pretend to be someone they aren’t. This is because they like who they are. Influence : They have some degree of influence, power or recognition in their field of work. They can open doors for others that otherwise would have been closed.

: They have some degree of influence, power or recognition in their field of work. They can open doors for others that otherwise would have been closed. Curious: They seek to improve their knowledge and skills in topics they want to learn more about. This might mean going the library, taking an online class or actively seeking mentors. As for the people who often contribute to “toxic relationships,” they usually have a very pessimistic view on everything and a “poor, poor me” attitude. They rarely take any sort of responsibility for the circumstances in life.

Nurturing ‘rich relationships’


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: tom corley
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Not having long-term care insurance can be ‘the single biggest devastator’ of your financial plan

Terry Vine | DigitalVision | Getty ImagesNo one likes to think about needing long-term care. About 60% of those turning 65 can expect to use some form of long-term care in their lives, according to the U.S. Health and Human Services Department. Her mother suffered from Alzheimer’s disease and had a LTC policy that covered in-home care and eventually, a nursing home. Cost of careMore than 8 million Americans have long-term care insurance, according to the American Association of Long-Term Care In


Terry Vine | DigitalVision | Getty ImagesNo one likes to think about needing long-term care. About 60% of those turning 65 can expect to use some form of long-term care in their lives, according to the U.S. Health and Human Services Department. Her mother suffered from Alzheimer’s disease and had a LTC policy that covered in-home care and eventually, a nursing home. Cost of careMore than 8 million Americans have long-term care insurance, according to the American Association of Long-Term Care In
Not having long-term care insurance can be ‘the single biggest devastator’ of your financial plan Cached Page below :
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Not having long-term care insurance can be 'the single biggest devastator' of your financial plan

Terry Vine | DigitalVision | Getty Images

No one likes to think about needing long-term care. Yet the reality is that many people will at some point in their life. About 60% of those turning 65 can expect to use some form of long-term care in their lives, according to the U.S. Health and Human Services Department. That may include a nursing home, assisted living or in-home care. Paula Nangle understands the importance of having insurance to protect against such an event. Her mother suffered from Alzheimer’s disease and had a LTC policy that covered in-home care and eventually, a nursing home. “We were able to keep her in individual living for as long as possible,” said Nangle, a certified financial planner with Marshall Financial Group, based in Doylestown, Pennsylvania. “She had the opportunity to feel like it was a little more normal.”

Cost of care

More than 8 million Americans have long-term care insurance, according to the American Association of Long-Term Care Insurance. However, the cost of that insurance is rising. For example, Genworth Financial received approval last year to increase premiums on its LTC insurance business. The weighted average rate increase was 45%.

There are so many creative ways to buy it today that will fit into your financial plan. Tom Henske partner, Lenox Advisors

The increase is due to a number of factors, including the fact that companies underpriced their policies for years and misjudged how many would drop coverage, said Tom Henske, CFP and partner at New York-based Lenox Advisors. Because of those rising premiums, some may opt for self-insurance, which means saving a pool of money to put towards long-term care. Coverage is also available through Medicaid, which has eligibility requirements. However, despite the increases, Henske said he still advises clients to get some form of coverage. Not being insured “can be the single biggest devastator of a financial plan,” he said. Elder care is expensive. The annual national median cost of a private room in a nursing home was $100,375 in 2018, according to Genworth Financial. Assisted living ran about $48,000 a year and a home health aide was $50,336 a year.

‘Don’t wait’

The rule of thumb generally has been to purchase LTC coverage around age 55. However, when to get it really depends on your situation. Kent Schmidgall, a CFP and wealth advisor at Buckingham Strategic Wealth in Burlington, Iowa, bought his policy about 10 years ago — when he was 27 years old. “I view insurance as important for protecting against catastrophic risks,” he said. “I felt like I had all of the catastrophic risks, such as premature death, loss of income, the house burning down, liability due to a car accident …. taken care of but one glaring risk: At some point, statistically, between my wife and I, we are going to need care.”

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While younger people may be concentrating on other financial obligations, such as paying off student loans, saving for retirement and getting life and disability insurance, some experts advise addressing long-term care as soon as they can. “The giant unknown … is health,” said Schmidgall. “The chances of being able to qualify for coverage at age 60 or age 30 or 40 is dramatically different.” For Henske, there is no better time than the present. “My biggest piece of advice is don’t wait to buy it,” said Henske, who purchased his own policy when he was in his early 30s. One reason is his concern about the availability of insurance to new policyholders in the future, thanks to increasing claims and low interest rates, which aren’t giving insurers the return on their money they expected. “There are too many creative ways to buy it today that will fit into your financial plan.”

Different options

A traditional long-term policy will cover the costs of care for a certain amount of time, generally up to six years. The amount of coverage depends on the average cost of care for your location. Most insurers offer it in the form of a monthly benefit, like $6,000 a month, and some may offer inflation protection. In other words, that monthly benefit will grow with inflation. If you don’t want to lay out money for something you may never use, there is a newer option: a hybrid policy that covers long-term care costs, but becomes life insurance paid to heirs if it is not used. More from Invest in You:

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Do this simple thing once a year to ratchet up your financial security Of the 350,000 Americans who bought long-term care protection in 2018, 85% chose the hybrid coverage, which is also called combo or linked-benefit, according to the long-term care insurance association. The main difference is price, Henske said. You’ll pay more for the combo product. There is also a way to reduce the cost of traditional policies. “Look at designing a policy so that you get maybe not the full cost, but offset a portion of it,” Marshall Financial Group’s Nangle said. This way if you need it, some of it is covered. If you don’t, you aren’t out as much money. It’s also important to remember to always pay your premium. “Once you stop you lose the benefit,” said Nangle.

Going without LTC insurance


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: michelle fox
Keywords: news, cnbc, companies, care, biggest, longterm, single, cost, having, insurance, coverage, money, policy, financial, henske, devastator, plan, ltc


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