Holiday wish list: casino annuity?Blog added by Paul Cross on December 20, 2012
Paul Cross

Paul Cross

Pekin, IL

Joined: December 21, 2006

On Thanksgiving evening after the children and grandchildren had gone home, my wife and I were nestled by the fireplace when she presented me with her wish list. I unfolded the list and noticed the top line of the long list: casino annuity.

I looked up in amazement and asked, "What is a casino annuity? I’ve been selling annuities for 39 years and I've never heard of it.

With a big smile, she said, "You could give me a free casino annuity and I could go to the casino with free cash."

Trying to look beyond the sparkle in her eyes, I asked, "And how do I do that?"

She said, "Well, if you would just transfer enough money into one of those big premium bonus annuities, that bonus is like free money, right?

I said, "OK, tell me more."

She said, "Well, at the end of the first year, you could transfer that 10 percent bonus into an income annuity. That would be a free income annuity and I could go to the casino once a month with free money.

It was Thanksgiving, a day to celebrate with gratitude and to gracefully show thanks. How could I have possibly said no?

Her persuasiveness and sparkling eyes loomed into the following day, Black Friday.

The original Black Friday was a stock market crash; now Black Friday for so many is a cash crash.

My wife returned from a very costly shopping spree much earlier than I anticipated. On her way in the door I asked, "Are you home already?"

She responded, "I ran out of money but I saved a lot of money before I ran out of money." I immediately said, "Is that money we can save or invest?" With a big smile, she said, "Don't be silly."

I was reminded of an evening of a few years ago.

My wife and some lady friends had planned a day at the casino. That evening, I just had to fearfully ask, “How did your day go?” She responded, “You're not going to believe it! I hit a $500 jackpot!”

I said, “Are you kidding me? Are you telling me you came home a winner?” She said, "Oh no, I put it all back in." She sounded as though it was the honorable thing to do.

When making purchases, especially unnecessary items, I ask myself this question: Would I rather have this item or would I prefer to have my money earning and compounding with more money?

Personally, I favor bonuses for saving, not spending. For example, premium bonus annuities that are credited with a bonus on day one that compounds and grows tax-deferred.

Best wishes for happy holiday shopping with money smart ways to enjoy more income and more growth with less tax.

And, very importantly, don't forget your local holiday charities and appropriate gifts for your clients. You'll stand out among the competition. Help others enjoy the holidays and a prosperous New Year and your new year will be rewarded with prosperity.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Blog