Five Fact Friday – June 4, 2021

This week’s links:
Transcript Below

Quick, what is the one kitchen appliance that least needs a touch screen? I have the answer for that in the links this week because I’m Victor Medina and this is Five Fact Friday.

Hey everybody, welcome back to the Medina retirement planning channel, where we help you know it so that you don’t blow it. I’m Victor Medina. This is five fact Friday, our weekly newsletter or biweekly newsletter, where we share with you five interesting links that we think that you’d love to learn more about and our little journey of sharing with you interesting things from around the world.

And we’ve got five great links for you this week and I’m gonna jump right into them because the first link is what I am reading and it is actually a new diagnostic test that will help determine whether or not you’re at risk for Alzheimer’s. It is a combination of both a blood test and a simple memory test. And in taking it, they’ve been able to use an algorithm to be able to figure out whether or not you’re actually suffering from Alzheimer’s. Before then, the only way that you would know about that is if there was an autopsy. After you passed away, they’d be able to look at what the coding was on your neurons and figure out whether or not you’re actually suffering from Alzheimer’s. This actually helps you determine that while you’re still alive.

The next link is what I’m watching and woo, they’re out to get you, what is encryption and why is it important? It’s a great little four minute video that talks generally about what encryption is and why it’s so important on the world. You know, everything that you are sending out from your phone with pictures and texts, without encryption would be entirely available to the people that are sniffing for that information and who knows what they would be able to learn from seeing what your sending back and forth. It’s not just about what you’re posting on Facebook, but even the transmission of information. One of the things that I do is I host a tech conference for attorneys who use Mac computers. In fact, we’re gonna be relaunching that this September, 2021, it’s always in Disney world and it’s called Mac track legal. But one of the things that I teach people there is that email is not as secure as people think. In fact, they’re much better modes of communication that are better encrypted than just simply sending an email. So much of that is actually just pretty much available for anyone to see if you’re looking for whether or not a website that you’re using uses encryption, look to see whether or not that web address has a little S after the HTTP, it should say HTTPS. That will tell you that is in fact using a secure communication and that’s encrypted back and forth, but watch the video because it’s actually really interesting.

Now, the next link is what’s new in tech and it’s what I hinted at at the beginning of the video. And so what was your guess as to the kitchen appliance that least needed a touch screen? Well, this link is all about a toaster. Yes, $300 toaster that is revolutionized or so they claim, the toasting of bread, the furthest advance in toasting in over 100 years. In fact, the review suggests that it’s absolutely right that they use a new diamond, something enameled whatever that toasts bread faster that with better control and doesn’t burn it. I have no words for what this is, but I do have one response, which is I have much better things to do with $300 than to buy a toaster. My toaster is working just fine, but if you really wanna be at the cutting edge of everything integrated in the world with a touch screen, get this toaster. One thing about it, though, it’s actually not connected to wifi. So you’re not gonna be able to remote toast your bread. Like if you set it up the night before and you’re upstairs, there’s no connectivity off of it. It’s just got a touch screen and this new fangled technology for how to toast stuff. I don’t know, I’m not buying it, but I found it to be an interesting link and I wanted to share it with you.

The next link is what’s new in legal and actually it’s what’s not new in legal, because I am reposting a link to an article that I’m quoted in back from 2017 about why estate planning for people without children is so important. I’m quoted in there as is another friend of mine named Pat Siemaszko an elder law attorney in Michigan, but it spends time talking about why it’s so important for people who don’t have children to have a valid estate plan. It actually came on the heels, the death of prince who had died without a will and with all of this other stuff and he had no kids. So it was really important to kind of talk about those issues. So if you’re somebody without children, realize that there’s a lot of reasons why you may wanna make sure that you in fact have a valid will and a complete and comprehensive estate plan in place way beyond just doing simple documents because without any children there or who you’re leaving money to, you could have inheritance tax problems. You could be figuring out who was going to be your executor. You might be relying on a friend if you both single and without children. So really very important to get that done and we encourage you to review your state planning and make sure that you’ve got a greatest state plan in place.

Finally, the link for what’s new in retirement and it is a link from CNBC that talks about what the average net worth and the median net worth is for Americans over 75. It turns out that the median net worth has about 121,000 for people who are younger than 75, but for 75 and older is almost twice as much. Now, why is it important for us to be thinking about how much net worth somebody has when they’re getting older? Well, it’s an important metric when we get to retirement because the size of your estate will often determine what sustainable draw rate you can be using to create your own paycheck in retirement from the savings that you have. Have you have any questions about this? We actually offer an opportunity for you to have a comprehensive plan put together as part of our retirement planning services. So we love being able to talk to somebody and give them answers about whether or not they’ll have enough money to get through retirement and what that picture is gonna look like or what their investments should look like, how they can save on taxes. And of course, how their estate plan should be set up. So if your interested in getting a make it last checkup plan put together for you, contact us and we will be happy to do that.

So let’s recap the links for this week. What I am reading is a new diagnostic tool for determining whether or not you have Alzheimer’s. What I’m watching is a four minute video on the whole concept of encryption and why it’s important. What’s new in tech is a $300 toaster that I’m not buying. What’s new in legal is actually what’s old in legal, which is an old article that I was quoted in from 2017 about why estate planning for people without children is still important. And finally, what’s new in retirement is the average and median net worth of Americans over 75. So those are the links for this week. Hope you find them helpful and attractive. Don’t forget to hit the subscribe button if you’re not otherwise as a subscriber of our YouTube channel. Also hit the notification button, which is the little bell in there because I don’t actually let you know when we’re posting substantive things like we recently had a video put up about the 4% inflation that was reported and how that would impact you in retirement. So if you’d like to watch that and be advised about when our videos like that are posted, you have to subscribe to the channel, you have to hit the notification button and I’ll let you know when we’ve got those new videos. You may wanna check out that 4% inflation when that’s actually a really good one. Those are the links for this week. We’ll catch you in a couple of other weeks in the next five back Friday. See you soon. Bye.