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  3. Willie Huang, a certified financial planner with American Express Financial Advisors, Ink in Queen, New York, himself an immigra

Willie Huang, a certified financial planner with American Express Financial Advisors, Ink in Queen, New York, himself an immigra

admin2010-01-10  52
问题 Willie Huang, a certified financial planner with American Express Financial Advisors, Ink in Queen, New York, himself an immigrant from Taiwan Province, regularly advises recent arrivals from Asia He says they often make the same mistakes.  After evaluating the Tsang’ assets, Huang praised their knack for saving money. "Their ability to live within their means is excellent," he says, comparing them favorable with some of his native-born U.S. clients who are deep in credit-card debt. But Huang found several dangerous flaws in the family’s financial strategy. His advice:
Invest more aggressively. Huang asserts the couple needs to invest in the stock market, the only place where they can find the growth they need to be able to retire comfortably. He wants the Tsangs to put some of their money into growth-oriented mutual funds, but like many Asian immigrants, Eric has watched friends and family lose money on the Hong Kong SAR stock market. He prefers to bet his family’s future on real estate and restaurants over which he has more control. Huang reluctantly recommends certificates of. deposit, bank tome deposits that offer a much smaller return--around 5% vs. average long-term returns of double that for growth stock funds. His plan: Keep a third of the $18,000 of saving in a checking account as a cash reserve. Put the other $12,000 in bank CDs.
Get good health coverage. Eric has looked into competitive health care plans and found that for a family of four the monthly cost would be between $ 600 and $ 800--too much, he decided. Most new Asian immigrants don’t carry health insurance, notes Sher Sparano, president of benefits Advisory Service, Inc. in Queen, New York. Sparano suggests that Eric look into the New York State Health Insurance Partnership Plan for small business owners. This state plan subsidizes up to 45% of the cost of health care premiums of an employees or owner (and their families) of a participating small business. For a family of six (which Eric can claim because his parents are dependents), an applicants like Eric with no more than $ 47,708 in income would have to pay only $18,751 a month.
Purchase disability insurance. In the case of a catastrophic accident or illness, Eric would not qualify for federal social security disability payments since he has worked less than 10 years in the U. S. If permanently disabled, he would prove an unbearable drain on his family, which could not survive on Rebecca’s $ 8,400 salary. Huang advises the family to immediately look for a disability insurance policy for Eric is guaranteed renewable and non- cancelable. Price: 100 a month for coverage that would pay 1,500 a month in case Eric is disabled.
Replace your life insurance policy. Many Asian immigrants buy life insurance, but usually the wrong kind. "Eric’s policy needs to be restructured to better cover the family for about the same amount they’re now spending per month," advises Huang. Eric’s coverage should be raised to $ 350,000 because he is the primary breadwinner. The policy for the children should be scraped because they are a poor way to save.
Eric is still against stocks and is not convinced that CDs are a good idea, either. "I have a business to run," he says. "What if I need emergency money for the restaurant?" He is, however, very interested in disability insurance and the health insurance plan, particularly since the latter will cover his parents. As for the life insurance advice, he says he wants to study it a bit more before making a decision.  
It is most probably for Eric to invest in ______.
选项 A、stocks
B、bank CDs
C、disability insurance
D、real estate
答案C
解析
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