Five Fact Friday – September 9, 2022

This week on Five Fact Friday, we’ll be heading back to Top Gun as we watch a USA Today reporter take part in a training flight! Watch to find out if he makes it. Do you have enough life insurance to provide for your family if something were to happen to you? You’ll be surprised to know that most people don’t know the answer…


Transcription Below

Are you ready to see the world through Steve Jobs’ eyes? Well, you might actually have a chance to do that. What am I talking about? Well, I’ve got that link and more because I’m Victor Medina and this is “Five Fact Friday.”

Hey everybody, welcome back to “Five Fact Friday.” This is the only video newsletter hosted by the Medina Law Group and Palante Wealth Advisors. Your one stop shop for retirement planning. I got five great links for you, but before we get into that I wanna let you know that we are gonna be holding our next set of educational seminars through the Prepare Institute. That’s a non-for-profit entity that goes and arranges these different educational classes. It’s a two day kinda thing. You do ’em one week apart all across the state. And actually, we have been keyed to do them next in Mercer County. So if you are anywhere near the Mercer County area, Princeton Theological Seminary I think is where we’re gonna be holding it, on either September 13th or 20th, I think it’s day one, or September 27th and 28th I think is day two. Anyway, if you want more information about that, you finally wanna get your head around sort of a nice class education level seminar on retirement planning, well, we have that for you as an opportunity. Unfortunately, it does cost, or not unfortunately, you get to hear me and I get to share with you all my great information. That’s worth something, right? It does cost some money. It’s about 50 bucks to enroll. But if you’re interested in attending, let us know, we can put you in touch and get you registered. Let’s get to the links for this week.

The very first link is what I am reading. It comes with a little bit of a sad news, but I think it’s got a heartwarming ending to that. You may have heard that the actress that plays Uhura, which is Nicole. No, Nichelle Nicole. That’s what it is. Nichelle Nichols. Nichelle Nichols, that’s it. Nichelle Nichols, she unfortunately passed away, and it turns out that there are all the contributions that she made as an actor on the Star Trek series, specifically breaking all kinds of barriers. Black woman on the bridge for Star Trek in the 1960s. She’s going up and being buried in space. So she’s compin’ a free ride. And listen, I hope to have risen to some level of fame that after I pass away somebody wants to take me to space. I think my wife might wanna do that right now, but it’s not for the reasons we suggest.

The next link is what I am watching. I loved catching the new “Top Gun” movie “Maverick,” and they made a big deal about all of the practical effects that were in that movie. And those CGI, they were actually flying planes. In fact, Tom Cruise took some minutes in the beginning of that movie, before they even before even showed it in the movie theater, to talk about the fact that they had spent so much on the practical effects. Well, the video that I have for you to watch is a USA Today journalist that goes on a test flight. You can figure out whether or not he keeps his breakfast down or not. But this was the stuff that Tom Cruise and all the other actors in the “Top Gun” movie were doing when they were flying and filming it. Even if they were in the back, they were withstanding the Gs, as they like to say. So you might wanna check out that video and see if that’s something that you might wanna do sometime in the future.

The next link is what’s new in tech. It’s actually the link that I hinted to at the beginning of the video. Turns out that Apple is puttin’ all their legal ducks in a row, claiming trademarks and service names for what is likely going to be their version of a virtual reality or augmented reality headset. That’s why I said, are you ready to see the world through Steve Jobs’ eyes? I’m sure that this was a project that he was interested in before he passed away and is certainly one of the novel things that Apple’s gonna be coming out with in the near future. Now they’re not first to this market. In fact, Facebook has a part of their metaverse. They’ve gone and purchased the company called Oculus. They’re now the owners of it. And they put out these goggles that, actually, my son, Aiden, has. He bought them for himself as a gift on his graduation. But you put the goggles on and you’ve got a headset and you’re walking around an area and it is completely immersive as an experience. You’re actually there. I went flying. I walked off of buildings. There’s a great interview actually with Joe Rogan on the “Joe Rogan Experience.” Reserve judgment of whether or not you like him. I’m not endorsing him necessarily, but it was a good interview where he talked about the way that he viewed the world which is try to figure out how many things does he actually need physical items for? So we need a chair for sure, we need to actually physically eat, but he anticipates that our TV is not gonna be a physical thing any longer, that we can have that projected to us and sort of in the next versions of the Oculus. Back to Apple, if you give me two choices in the world about something that Facebook produces or something that Apple produces, I’m always gonna choose the Apple one, not just because I am dye-in-the-wool Apple fanboy, but also I tend to believe that they value privacy more than anybody else. But you may wanna keep an eye on this, this is actually the wave of the future, this sort of immersive metaverse experience. And you don’t wanna be left behind. That’s where your grandkids are gonna be, you’re gonna visit them. You’re gonna be able to see them. It’s no longer gonna be FaceTime on a screen, it’s gonna be an immersive experience that you’re actually going to see. Let’s see the, for example, your grandchild or something like that. So keep an eye on it.

The next link is what’s new and legal. You probably heard that Biden signed into law the Inflation Reduction Act. If you are not key to political things, while there is arguably some stuff in here that may help inflation, really this is a form of the Build Back Better Act that’s just been rebranded as the Inflation Reduction Act. And all of the stuff that is climate change related has been getting most of the news. Changes to the credits that you get for purchasing electric vehicles. But there are some things that would help you as a retiree, some caps on Medicare expenditures and other things that are related to sort of controlling for people that are in retirement fixed incomes and the money that they have to spend. That probably has a better chance of curbing inflation more than anything else. If you want the explanation for why this might potentially curb inflation, it goes something like this. It’s essentially a way of constricting money supply. It is going to limit the amount of spending in different areas. And if it limits spending, that means that there’s not as much demand for items. And so we put the supply demand equation back in equilibrium. Really inflation is nothing more than demand without a commensurate increase in supply. They went on the demand side by having less money available. We’ll see if it works out or not, but pretty cool provisions in there that you wanna learn more about. And the link will show you more.

Finally, the last link in what’s new in retirement is all about life insurance. As a financial advisor, I get questions all of the time about life insurance. Should I own it? Should I keep the one that my company gave me? This is gonna be more expensive, do I need it in my life? What happens when I claim a pension? Should I need to replace it? Well, I’ve got a link for you that will actually show you about that. But, I also recorded a quick video that gives you my opinion on the three circumstances in which you may potentially need life insurance. We’ll include a bonus link to that video just so you can watch it. It was part of a campaign that we were sending out to our clients. You may or may not have received that. But if you didn’t, we’re gonna include the video for you so that you can go and check it out. It’s gonna be a link somewhere around here. I’m sure we can go ahead and click on that. But, the idea here is that I think that life insurance is a good tool to have when we are gonna use it for the right circumstances. And so if you are in one of those three circumstances where life insurance might be indicative, then you should pursue it. And if not, unlikely that you really need it. The three circumstances I talked about is income replacement, the liquidity needs, and also to fulfill a large commitment. Now, for my more sophisticated clients, we actually do use life insurance for income tax planning reasons, but it’s not something that we’re purchasing for the death benefit. It’s something that we’re purchasing because the great lobbyists were able to carve out cool tax provisions that my clients can benefit from by owning certain life insurance products. Anyway, go learn more about life insurance. Click on the link, watch the video, figure out if it’s for you. And by the way, if you don’t know the answer, you can always contact our team. We’d be happy to talk to you about whether or not it’s recommended.

Alright, let’s go through the recap of the links for this week. The first link is what I’m reading and it is Nichelle Nichols being buried in space, unfortunately passed away, but she’s gonna hop a ride and be forever remembered out in the great beyond. We go into what’s new in, what I’m watching, excuse me. And that is the “Top Gun: Maverick” test ride that USA Today journalists got on. What’s new in tech is the Apple on its way to be creating augmented reality, virtual reality glasses and experience for that. What’s new in legal is the Inflation Reduction Act, or the Build Back Better Biden Act. Whatever you wanna call it. There are some cool provisions in there about Medicare and spending prescriptions that you may wanna know about. And finally, what’s new in retirement, life insurance, do you need it? Don’t forget. We are going to have a set of seminars through the Prepare Institute, all about preparing for retirement. These are deep educational seminars. They are three hours on two days and they’re gonna be held in Mercer County. If you are interested, let us know, we will register for it. I’ll let you know what space we have left. They are something that you have to pay for. They are $50 for the two nights of the class, but you do get good materials and you get the experience with me. Go deep for six hours on retirement planning. We’d love to see you there if you’re interested.

That’s it for this week. If I look like I’m going quickly off of this and trying to wrap it up, it’s actually ’cause I’m a little bit emotional. Just sent off my oldest son to college. He’s at Loyola of Maryland. He looks like he’s doing great there. We set him up. The dorm room’s cool. He looks like he’s gonna be fine, but dad over here is missing him. And he was actually one of the people that would watch these videos and let me know how well I did. So I dunno if he’s gonna watch all this one to the end, but if you are kiddo, I’m pullin’ for you, you’re gonna do great this year in college. And this is the first “Five Fact Friday” that you’re not around to let me know how I did, so hopefully the camera wasn’t shaky and hopefully I didn’t talk too quickly. But that’s it, that’s all I got for this week. I’ll catch you on the next “Five Fact Friday.” Bye-bye.