UNEMPLOYMENT LAWYER IN PENNSYLVANIA

Our Main office is located in Paoli, Pennsylvania, with offices throughout Delaware County, Chester County and Montgomery County.

John A. Gallagher handles a number of Unemployment Hearings each and every week in Malvern, Norristown, Springfield, Bristol, Reading and Philadelphia.

We know all of the rules pertaining to unemployment, the preferences of Pennsylvania Unemployment Referees, the cases in Pennsylvania that govern your matter and the tricks employers will employ in an effort to defeat your claim.

We also litigate many harassment, discrimination and retaliation cases in Philadelphia area Federal Courts each year, as well as cases arising under the Family and Medical Leave Act, the Fair Labor Standards Act (overtime), the Americans With Disabilities Act, and other laws governing wrongful termination.  Sometimes, the evidence gathered at an Unemployment Hearing is very helpful in pursuing such claims.

If you feel it is appropriate, consider calling today at 610-647-5027, or e-mail John directly.

If you would like to educate yourself further on employment laws in Pennsylvania, just sue the Search Key on this Blog - chances are, we have addressed your issue ion the past.

Thanks for checking in with us.

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INTERNET AT THE OFFICE - The New Best Way to Get Rid of Unwanted Employees

We are seeing a major, major uptick in employees being terminated because they surfed the Internet at work.  Indeed, as the attached Article makes clear, monitoring Internet usage at work is the newest HR focus.

Why are employers doing this?

To get rid of employees they do not want anymore for (alleged) "legitimate, non-discriminatory, non-retaliatory" reasons.

Why do employers care about having a" legitimate, non-discriminatory, non-retaliatory" reason for firing an employee?

First, all employers nowadays have Internet policies that essentially forbid employees from using work computers to surf the Internet "for personal reasons."  So, if they can prove that the employee violated that rule, they can assert the employee engaged in "willful misconduct," and is therefore disqualified from getting unemployment compensation benefits.

Second, employers who have "legitimate, non-discriminatory" reasons for firing an employee have a much easier time defeating discrimination and retaliation claims.  It is easier to argue that discrimination or retaliation was not the root cause for the termination when a work rule was "clearly violated."

Here is the problem for employers:

Not a Good "Legitimate, Non-Discriminatory" Reason: One of my favorite ways to prove that an employer was motivated by a discriminatory or retaliatory motive is to show that , even though the employer was aware that other people engaged in similar conduct, only my client was "singled out" and terminated.  Everyone surfs the Internet at work, it seems, so firing someone for that reason really makes it seem as though the employee was "singled out," thereby making it easier for employee-side attorneys like me to prove a discrimination or retaliation case by simply showing that "everyone does it, and the company knows it."

Not Strong Evidence of Willful Misconduct:  At unemployment hearings, Referees are seeing this reason come up so commonly that they are in many cases very suspicious as to whether it is the "true reason" for the termination.  This of course makes it easier to win the unemployment hearing.  Moreover, an employee will not be deemed to have engaged in willful misconduct by violating a work rule if the employee can demonstrate that the rule was never enforced (i.e. that everyone does it).  A little good, clear testimony can develop such evidence.

The bottom line?

The best advice is to stay off the Internet except on your lunch break.  Of course, stay away from pornography and the like, and you probably don't want to spend a great deal of time on a given site (such as your Fantasy Baseball site).  Also, understand that anything you say or do on the company's computer may be examined at any time by your employer.  If you follow all of these guidelines, and are nevertheless fired, you probably want to speak with a qualified employment lawyer about your unemployment claim, and maybe a lawsuit as well (if the facts suggest unlawful discrimination or retaliation were the "real reason" that you were fired).

Thank you for checking in with us today.

John A. Gallagher, Esquire, Paoli, Pennsylvania, 610-647-5027. 

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BECAUSE I HATE YOU: The Reasons Why Many Employers Fight Unemployment Claims in Pennsylvania - and What You Can Do About It

People Who Are Mad at Other People Sometimes Try to Hurt Them

In many, many unemployment hearings that I attend in Pennsylvania, the employer has little financial interest in the outcome in the case (claims against smaller employers are paid exclusively by the unemployment compensation fund; however, there is a tax paid into the fund that increases every time an employee is successful in obtaining benefits, so there is some financial motivation to fight a claim).  Yet, these are typically among the most hotly contested cases I handle.

Why?

The employer is mad at the employee.

Why?

Many reasons such as 1) the employee quit the job; 2) the employer believes the employee engaged in willful misconduct that led to termination; 3) the employer did not like the employee, and that is why the relationship ended; or, 4) the employee has the nerve to question the employer's wisdom by seeking unemployment benefits.

Why is this important to know?

Human nature is such that people who are angry and have an axe to grind will do whatever they can to hurt their enemy.  It is shocking to say, but that means that sometimes angry employers will lie at Unemployment Hearings.

So?  Can't I prove they are lying?

Not very easily - unless you have mastered the rules of evidence (and particularly those relating to hearsay) and fully understand what facts/lies are important.  And, it is important to bear in mind that, while this is probably your first or second unemployment hearing, your former employer has probably been to many before.

Won't the Unemployment Referee help me?

Don't count on it.  I appear in front of many of these Referees, and I cannot say much about some of the things that I have seen them do (right in front of me).   Many of them are fabulous, some are not.  But very few of them protect an unrepresented Claimant at a hearing.  That's what attorneys are for.

OK,  then I will appeal what the Referee decides and prove they lied.

Not so fast.  On appeals from a Referee's decision in Pennsylvania, the only things the Review Board considers is what was said and introduced into evidence at the Hearing.  Even it it was all lies, and you can prove it, the Review Board will not consider ANY new evidence (except in the very rarest of circumstances).

Lesson?

Angry people lie, unrepresented people get hammered by the system sometimes, unemployment benefits are very important.  Therefore, even if you are not going to hire an attorney to represent you at your Pennsylvania Unemployment Hearing, you should read up on hearing procedure and unemployment law as much as possible before you go into the Hearing.  While learning the Rules of Evidence is an impossible task, try and learn as much as you can about the hearsay before you go in there.

More questions about Pennsylvania unemployment law and procedure?  Click Here for our answers to your most FAQs.

Very best of luck, and thanks for reading!  John A. Gallagher, Unemployment Lawyer in Pennsylvania.

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Seven habits of highly effective financial parent.....

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

Parental responsibilities in the current scenario is quite challenging with the kids catching up very fast than what we could imagine. They also grow up with unlimited ambitions and aspirations. It's the duty of the parents to regulate their thought process as it involves huge financial implications. It is also crucial to teach them the values of life with reference to money . Let's look at some the key points here on financial parenting:

Seven habits of highly effective financial parent:

1. Preaching financial values to the kids:

Preach them the life's values particularly the financial values as they never carry an expiry date. Story telling can be a very effective tool to preach such values at their young age. Values such as

a) Saving money.

b) Helping others.

c) That there is a life beyond money.

d) That money is not the only thing in this world.

e) Difference between " I want" and "I need".

Just to mention a few...

2. Moderating and managing their expectations:

Kids are growing fast and ambitious. It's good to have reasonable, attainable ambitions, but with the kind of peer pressure and other factors, kids tend to develop higher level of expectations from their parents. It is essential to manage their expectations and moderate them in an appropriate way. Because unmanaged expectations can imply a huge financial burden.

3. Openly communicating the family's financial realities:


Make them understand the family's financial realities which can develop a healthy financial atmosphere @ home.

4. Desisting from huge and unmanageable financial commitments:



It's not a great idea to shoulder huge and unmanageable financial burden for the kids as there are better ways to fund their goals and aspirations. 

5. Teaching them the importance of financial independence:

Kids must be taught to be independent and more so financially from the younger age. They must also know what costs are incurred on their school, college education and how are they managed to be paid. Bottom line is that they should not think money is easily made. They must also be encouraged to look at sponsorships and grants to reduce the financial burden of the parents. It's a good idea for young adults to work as interns and trainees which gives them the responsibility of earning and spending the money on their own.

6. Financial planning for the children's future:

Planning your child's future becomes essential, given the fact that the costs are escalating in the space of education. Planning also ensures that the financial burden is spread over the time which eases the stress when they grow up and get ready for higher education.

7. Planning the distribution of wealth to the children:

On distribution of wealth to the children, billionaire Warren Buffet once remarked “Enough so they can do anything, but not enough so they do nothing”. The prophetic words should be a great eye opener for all who would want to distribute their wealth to their children. Wealth distribution should focus on children to earn it and not own it. Create wealth wisely, but distribute it responsibly...



(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

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Seven financial habits of highly effective 40 year olds...

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

Age group of 40s is the crucial stage in one's life in terms of  income generation and income distribution. A properly planned 40s will lay a strong financial foundation for the future which includes retirement and other financial goals. The following are the seven financial habits of highly effective 40 year olds...

1.Follow "Financial Parenting**" diligently:


 

Kids of today grow with unlimited ambitions which sometimes may be reasonable and sometimes unreasonable. They may ask for the sky and the moon. It is the duty of the parents to regulate the flow of ambitions as they come up with huge costs in the present scenario. Hence the importance of "financial parenting". Let's look at it very briefly:

a. Teach the kids, the value of saving.

b. Help them understand the difference between "I need" and " I want".

c. Manage their expectations, particularly when it involves borrowing.

d. Openly communicate the family's financial situation.

e. Teach them manage their regular expenses.

**As financial parenting is a very lengthy subject, will handle it separately.  

2. Moderate the debt levels:

40s is the time to ease out debt out of the books gradually; should ideally reach zero or near zero debt levels.

3. Investment decisions based on a Financial Plan:

Well laid financial plan should guide the investment decisions during this phase. The asset allocation pattern for investments (equity, fixed deposits, real estate, gold etc) should dictate the decisions and not impulsive decision making. The level of risk taking in investments should gradually decline during this phase.

4. Well planned retirement:

Though everyone's wish is to retire early and pursue our other interests, it's not the case with our incomes. We always wish our incomes not to retire. This is the phase to consolidate the retirement fund for which the plan should start in the 30's and be ready for payouts at a future date.

5. Planned other financial goals in a SMART way:

Our goals do not end only with our retirement; there are other goals as well which would involve our children, spouse and parents. This is the phase to consolidate those goals as well.

These goals should be Specific, Measurable, Attainable, Relevant and Time bound. In short the goals should be SMART.

 























6. Up to date Insurance cover:

This is a critical need during this stage, as 30s would have given phenomenal growth in incomes and careers. Its ideal and necessary to have life insurance up to date. For eg., If one is aged 45, earning 50 Las PA, the family's expectation from the person is to bring home 50 lacs every year till the next change in income. So the person in the present date should atleast have a life cover of 50 lacs * 10 times = 5 Crores to leave  to his family in his absence.

Earlier is not better, it's the best...

7. Creation of an Emergency fund:

With corporate careers getting more dynamic and uncertain, there may be several factors which can lead to early retirement, entrepreneurial ventures, geographical relocations etc. Such situations can come at a short notice and they need a special fund to take care of the sustenance to a reasonable extent without regular income. Plan for such a fund which can be handy during the rainy days.

- Gopalakrishnan V

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

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Seven financial habits of highly effective 30 year olds...

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

Age group of 30s is the crucial stage in one's life in terms of career and income generation. A properly planned 30s will lay a strong financial foundation for the future. The following are the seven financial habits of highly effective 30 year olds...

1. Keeping bare minimum in the savings bank account:

Savings bank account is just a temporary custodian for your money. One does not deserve interest @ 3.5% for the money invested and certainly not at this age. Look beyond this.

2. Rationalize and restructure debts:

20s is the time normally one spends and enjoys and in the process adds up the debt. 30s is to rationalize the debts which will go a long way in securing the future.

3. Definitely make a sound financial plan:

30s will be crucial to one's life as that's the galloping time for the career and income. A sound financial plan should include your dreams on retirement, children education, well being of children, acquiring homes, foreign holidays etc., Remember, starting earlier is not the better solution, it's the best solution...

4. Saving should not only be for Taxes:



Saving for taxes is important; but that's not the end of the story on financial planning. Thinking beyond tax saving will be key to the financial success during the 30s.

5.Increase in saving levels proportionate to the pay rise:

30s is the time for faster rise in careers and income levels. Adjusting the saving according to the rise in income is important. Starting earlier is not better, it is the best...

6. Saving Wisely, but Investing Intelligently:

Saving alone doesn't matter to one, but right kind of investing matters the most. 30s is the stage to explore above ordinary investment avenues for superior and fast track returns. for eg., investing in stocks in a diligent manner can work wonders over the long term.
 

7. Insuring self and the family in a comprehensive manner:


Life insurance is a powerful tool to protect you and your family's interests in the future. And the insurance cover is the legacy you leave behind for your family in your absence. So avail a comprehensive cover and upgrade the cover as you move in the income levels. It's important for you and your family.

(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to reachyourviews@gmail.com)

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Seven habits of highly ineffective investors

Seven habits of highly ineffective investors:

1. Keeping all the money in the bank savings account

2. Assuming one to be too young or too old to start investing

3. Being too busy with the work and not spending enough time on personal investing

4. Postponing the basic financial planning

5. Treating financial planning as a boring affair

6. Not saving a regular amount automatically out of the paycheck

7. Not having enough health or life insurance for the self and for the family:

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20 College Degrees to Avoid if You Want a Good Paying Job

Ok, so you've busted your butt to get into a good college, and then you struggled with deciding what you wanted to be when you grew up.  When your anxiety peaked, you picked your Major.  Ahhh, relief. 

Now, you have busted your butt to graduate from college with a good GPA.  It's time to look for a job, pay back those student loans, get your own apartment, and start building financially for your future.

Perhaps as important, its time to start building a career!

So, for the first time, you begin to examine, really examine, just exactly what your college degree is worth.  Click Here to get an overview.  Certainly, money isn't everything, and it can't buy you love (hmmmm....), but if financial security in the near future is your goal, you may have a difficult finding it in these professions.

Recently, I blogged on the best paying entry level jobs.  Click Here to see that list. 

As a father with 2 in College (Go, Pitt Panthers!), I have asked my daughters to consider these lists before they pick a Major.  No, I do not object in any way to them choosing a life path rich in personal fulfillment and perhaps financial struggle - I just want them to make a clear, informed decision.

Hope that this Blog may help some other Parents and Children do the same thing!

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FEBRUARY 9 2011 - NEW BILL FOR 99ERS INTRODUCED

Well, perhaps there is hope yet for the 99ers....

Two Democrats, one from Virginia and one from California, Bobby Scott and Barbra Lee, respectively, introduced a Bill in the House of Representatives on February 9 which would, in effect, provide 14 weeks of retroactive benefits to the 99ers.  Click Here  (a link to http://www.jobstakeout.com/, one of our favorite sites) to read more.

While there is perhaps a little room for optimism, this Bill faces significant hurdles...

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Can Facebooking, Tweeting, Blogging, Linking-In or Texting Be Deemed Willful Misconduct Under Pa Unemployment Law

Previously, I blogged about how employers looking for a "legitimate" reason to fire a "troublesome" employee are turning to spying on their employee's Social Media sites to find a basis for discharging the employee (or to support the termination in defending a lawsuit).  The recent NLRB case cast some publicity on this issue.  Click Here to read more on that.

I handle a lot of unemployment claims, and I am seeing this issue come up now with some greater frequency.

Says Employer:  "We fired Jane because she was saying horrible things about her boss on Twitter.  It is simply very bad for company morale."

Says Employee: "Freedom of Speech."

Cue Jeopardy Buzzer:  Freedom of Speech only protects you in public places, not in the work place.

Query:  Is Twitter a public place?  Is Tweeting or posting on Facebook at night about the Boss an action that could be deemed a basis for termination?  Is it willful misconduct?

Recently, the NLRB won at least a partial decision on behalf of a woman who was fired for posting a negative opinion about her boss on Facebook.  However, as the author of the attached Article surmises, and I agree, I do not think it will provide much protection for non-union employees.

Why? New Internet policies prohibiting company-directed criticism are being prepared by companies around the world even as we cyberspeak. Look for one to slide accross your desk in the coming months.

So?

In other words: A company can create a reasonable rule that limits what you can say about the Company via Social Media.  And I have done enough Unemployment Hearings to know something else: Repeated violations of a work rule after warning, or even a single violation of a work rule if the violation is sufficiently serious,  is enough to constitute willful misconduct under Pennsylvania Unemployment law.

So, I think it is prudent to heed the words of our Mothers:  If you don't have anything good to [Blog, Tweet, Post, Share, Announce], then [Blog, Tweet, Post, Share, Announce] nothing at all.

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Insight Into Management's Views of FMLA - Can You Say Bullseye on Your Back?

Ahhh, the Cold War between employee-side employment lawyers (we are in the minority) and management-side employment lawyers and advisors (they sprout like weeds - Holy Prolific Bloggers!!!) continues....

I have on numerous occasions blogged about FMLA Leave, and what a powerful tool it is to combat stress caused by discrimination, hostile work environment, illegal retaliation, etc.  (Use the Search Key on this Blog and the phrase "FMLA" to see what I mean).

Why?  I consider it to be among the most powerful employment laws in the Nation.  A true Bastion of Protection foR those of us with families, medical issues or job-related stress.  Not surprisingly (I know I sound paranoid and am indeed guilty of stereotyping), Management nearly unanimously HATES FMLA - it seems companies very often feel that workers who take FMLA lack a "work ethic" or are malingering.  So, unfortunately, taking FMLA often puts a target on your back.

The attached Article (and there as many of these type articles as grains of sand in the Sahara, just Google "FMLA Abuse" or "FMLA Fraud" to see my point), provides excellent insight into how management plots and plans to find "lawful" ways to retaliate against employees who take FMLA Leave.

Knowledge is King!

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Careful With That Tweet and Facebook Post! Big Brother (Your Boss) Is Watching!

Not long ago, I blogged about why you should save your e-mails and text messages if you feel your job is in jeopardy.  I was speaking, of course, about saving your complaints of discrimination, your requests for Family Leave, your demand for Overtime, or incriminating responses from your employer about such topics.

Now, let me suggest why you should not be airing your thoughts or complaints about your job, your boss or your co-worker on Twitter, Facebook, MySpace, Linked-In, or any other Social Media platform.

Big Brother is watching. Orwell had it right, he just wasn't prescient enough to know how it was that, technologically, society's ruling parties (which includes Corporate America, of course), could gain such total insight into our thoughts and deeds.  See the attached Article detailing how Management is monitoring your activity!

The answer?  Many of us put them out there every day via stream of conscious blurbs on the Internet!  Its the new way to vent, and since only our Friends, Followers and Connections can read what we are writing, it's all good.

Except, if you are like me, you want as many Friends, Followers and Connections as you can get, and the more you get, the less you scrutinize who they are, what their motives may be, or who they "work for." 

Not only that, but who among us knows who Follows the Followers of our Tweets, much less who Follows our Followers' Followers....Or, if you permit Friends of Friends to see your Facebook profile, who knows who is peeking in on your page, maybe a Friend of a Friend, or a Friend of a Friend of a Friend, who is not your friend....As far as Linked-In is concerned, most of us fly buck naked on that one, let everyone see me, please!

You think Management doesn't know this?  Think they won't go "snooping around" to look for a "legitimate" reason to fire you when they want to terminate your employment?  Ok, call me paranoid, then....

And, you think that management-side attorneys don't know all this?  Hah!  They are a cunning lot.  Social Media is the first thing that the smart ones want to know about now when they get a case.  And, Heaven help us if, after the suit was filed, your computer crashed, or was attacked by a vicious virus (a startlingly frequent occurrence in employment litigation, it seems).  "The plaintiff has destroyed incriminating evidence!" they bellow.  Check out this Article to see what I mean!

Here is the Computer Age version of getting your A#* handed to you at trial.

My client is outraged when the Company shows up at the Preliminary Injunction Hearing arguing that my client was starting a competing business while still employed under a non-compete agreement.   I look at my client again, because, I think uneasily, the company's attorney sure seems confident in what she is saying....  I look at my client casually, sideways, for this is a conversation we have had many times before this fateful day.  A barely perceptive shake of the head from my client is all I need to reconfirm what we have talked about in the past.  I rise.

"Show me proof," says I.  "Show me a single letter, fax or even e-mail about this so-called enterprise," I say, with the type of confidence that only an attorney has been told everything except one little itty bitty fact can muster.

"I do not have a single letter, fax or even e-mail to prove my contention," says the employer.

 "No, you don't," I reply with equal measures disdain and condescension.  "No further...."

"But I do have 17 Tweets, 9 Facebook posts and the announcement of this new venture on Linked-In, all of which we discovered just a day or two before we fired your client."

Please don't do that, potential clients of all we windmill tilting employee-side labor lawyers. Please don't Tweet, Blog, Post, Share, Text or otherwise publish anything in the public domain about your feelings of discrimination, retaliation or future plans where your employment status or plans are concerned. Not only can it cost you your job, but it can cost you Unemployment Benefits and your potential for recovering for unlawful discrimination or retaliation.

Of course, it is also not a good idea to comment via Social Media on the anatomy of a co-worker, to speculate on Twitter about the affair you think the boss is having with her secretary or to post on Facebook your critical analysis of a decision made by your employer.  This could also cost you your job, and provide a bsis for denying you Unemployment Benefits. 

I know, I know, who would be dumb enough to do that?! Hmmm, how about Brett Farve?  Or the woman who was fired for calling her boss some rather tawdry adjectives on Facebook?  Or the (now former) employee of the Philadelphia Eagles who called the Eagles "retarded" after they let Brian Dawkins go. Or....

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Amazing story of three friends - Part 3

Three friends Mr. Cautious, Mr. Responsible, and Mr. Fun aged around 50 meet up after a long time in the Alumni Club. After the usual chats on the good old days, the discussion turned towards investing habits. 



Mr. Cautious was proud of his investment habit, he said "I have been been saving and investing since my age 30 and made good 12% returns".


Mr. Responsible said "I started my saving and investing once I established my family at my age 35 and made great returns of 15%". 



Mr. Fun said " I enjoyed my life thoroughly, went on foreign holidays and started my saving and investing only at the age of 40. But I made it up  by earning a fantabulous return of 18% ".

Now, let's for a moment assume, three of them put Rs. 1 Lac each. 

• Mr Cautious put 1 lac at the age of 30 earning @ 12%.
• Mr Responsible put 1 lac at the age of 35 earning @ 15%.
• Mr Fun put 1 lac at the age of 40 earning @ 18%.

Now let's see who wins the race.....

At 50, during the time of their get together, can you imagine what kind of money each one of them would have made?

Mr. Cautious put Rs 1 lac at his age 30 and at his 50, he accumulated @ 12%

Rs.9,65,000

Mr. Responsible put Rs 1 lac at his age 35 and at his 50, he accumulated @ 15%

Rs.8,13,900

Mr. Fun put Rs 1 lac at his age 40 and at his 50, he accumulated @18%

Rs.5,23,450

Result: Mr. Cautious, @ 12% made Rs 1,51,100 more than Mr. Responsible, who got 15% ; And Mr. Cautious made a whopping Rs 4,41,550 more than Mr. Fun, who got the highest return of 18%. 

Moral of the story:

Saving should begin at the earliest even if the returns are moderate. Trying to catch up at the later stage may not yield desired results even if the returns are good.


As we saw in this case, the winner was Mr. Cautious who made higher returns than the other two despite deploying his money into lower returns than the other two.

The power of compounding is at work always and very very silently..... 

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Amazing story of three friends - Part 2

Three friends Mr. Cautious, Mr. Responsible, and Mr. Calculative aged around 50 meet up after a long time in the Alumni Club. After the usual chats on the good old days, the discussion turned towards investing habits. 


Mr. Cautious was proud of his investment habit, he said "I have been been saving since my age 30 and investing only in deposits and happy with 9% returns". 


Mr. Responsible said "I save and put largely in deposits and some money in equities" and my overall returns stood at 12%. 


Mr. Calculative said "I saved and always had a good balance in investing into deposits and equities and I managed a return of 15% ".

Now, let's for a moment assume, at their age of 35, three of them put Rs. 1 Lac each in an avenue which gave them about 9%, 12% and 15% returns per annum respectively. 

At 50 during the time of their get together, can you imagine what kind of money each one of them would have made?

Mr. Cautious put Rs 1 lac at his age 35 and at his 50, he accumulated @ 9%

Rs. 3,64,000

 
Mr. Responsible put Rs 1 lac at his age 35 and at his 50, he accumulated @ 12%

Rs.5,48,000

Mr. Calculative put Rs 1 lac at his age 35 and at his 50, he accumulated @15%

Rs.8,14,000

Result: Mr. Calculative made Rs 4,50,000 more than Mr. Cautious; And made Rs 2,66,000 more than Mr. Responsible. All this happened in the differential return of 6% and 3%.

Moral of the story:

Saving alone is not important; investing wisely is all the more important.

The power of compounding is at work always and very silently..... 

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Beware and be aware of rising health costs

 

One of the key challenges we may face going forward in our financial plan is the possibility of a huge rise in health risks and corresponding escalation in health care costs. And this is going to be boosted by innovations in the health care sector and that comes definitely at a higher cost to all of us.

Do consider the following check list on your health care cover:

1. Do I have adequate health cover?
2. Do my dependents have adequate health cover?
3. Am I covered by my organization?
4. Is the cover offered by my organization sufficient enough for me and my family?
5. What happens during job transitions? ( Remember, you will be left with no cover during the job transition.)
6. What happens at a later stage when I decide to be on my own, rather than working for an organization?

For eg., If you were to incur Rs 2 lacs towards the cost of health care now, can you imagine what could be the probable cost after 15 years which is equivalent to Rs 2 lacs???

 Rs. 16.3 Lacs

Yes, It may cost you about Rs 16.3 Lacs.. Or even more than that..


Do your homework on your health care cover........


If you are part of an organization, do review the adequacy of cover you and your family receive...


If you are independent then all the more important to review the cover's adequacy...

Remember, you are better off when health cover is taken at the early stages of life. The principles  of "Earlier the better" & "Better late than never" work perfectly in taking health cover decisions.

Sarve Janah Sukhino Bhavantu

(May all people be happy)

Lokah Samastah Sukhino Bhavantu

(May the whole world be happy)

You have read this article with the title February 2011. You can bookmark this page URL https://clapclapclappp.blogspot.com/2011/02/beware-and-be-aware-of-rising-health.html. Thanks!