The Wylie News (Wylie, Tex.), Vol. 53, No. 34, Ed. 1 Wednesday, January 19, 2000 Page: 9 of 20
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Wednesday, January 19. 2000 THE WYLIE NEWS Section A Pag
Opinion & Commentary
| www.wylienews.com publisher@wylienews.com THE WYLIE NEWS J
Should you take out loans on your 401(k)?
You may not like the com-
pany cafeteria, and you
may not have the best
parking space, but if your employ-
er offers a 40l(k) plan, then
you've got at least one pretty good
perk at work.
In fact, a 40l(k) is one of the
best retirement-savings vehicles
available. Your contributions are
made with pre-tax dollars, which
means you can lower your taxable
David
Gillaspy
^Aow tax-deferred,
” To taxes until witf
income. And your 401(k) earnings
, so you may pay
____________withdrawal, usually
at retirement. Consequently, your
money has the potential to accu-
mulate much faster than if it were
placed in an investment on which
you paid taxes every year.
Many people take advantage of
another feature offered by a
40l(k): loans. Your 40l(k) plan
may allow you to borrow money
from your account. Typically, you
can borrow up to half of your vest
ed account balance, or up to a
maximum of $50,000
The question really isn't whether
you can borrow money from your
401(k) -- it’s whether you should.
As with most Financial decisions,
there are “pros” and “cons” to con-
sider.
On the “pro” side:
■ You'll have ready access to
needed cash. Most 40l(k) plans
permit you to borrow money for
any reason - and you may be able
to get your money with a week.
■ You pay interest hack to your-
self. You’ll have to pay your
account back through after-tax pay-
roll deductions. The interest rate
charged on your 401(k) loan may
be slightly lower than that of a bank
loan, but the 401(k) loan rate would
still have to be competitive.
However, the exact rate depends on
your individual plan.
On the “con" side:
■ You may be missing out on
investment growth. Your account
might be able to earn more if you
left the money invested, despite the
fact that you’re paying interest to
yourself on loans. Over the past
several years, for example, the
Standard & Poor’s 500 has aver-
aged more than 15 percent annual
return But if you had borrowed
from you 401 (k), and you were
repaying yourself, you may have
earned interest on only 8 or 9 per-
cent.
■ You may have to pay off a
lump sum if you leave your job.
Most plans require you to repay
your loan within five years. If you
leave your job, you will probably
have to repay the outstanding bal-
ance within 30 to 90 days. If you
can’t make the payment, your loan
will be considered in default, and
the balance will be considered as a
taxable withdrawal. If you are
under age 59M , you also may have
to pay a penalty for early with-
drawal. (However, if you are 55 or
older when you leave your job, you
may be able to avoid this penalty.)
You’ll have to weigh these and
other issues before you decide
whether to take out a 401 (k) loan.
Keep in mind, however, that your
401(k) is a retirement plan. The
government provided 401 (k)s with
special tax advantages, with the
specific purpose of helping people
save for retirement. - a huge need
for most people. So. think long and
hard before using your 40l(k) for
some other purpose, no matter how
tempting.
David Gillaspv is an investment
representative w ith Edward Jones
Direct questions or comments to
840 Helt line Rd. Garland. IX
75040. or phone 1972) 5JO-2466
Get your finances in order before it’s needed
Once you have reached the age ol
responsibility, you must lake mea
sures in addressing personal affairs
to prepare for dispersal of assets
upon your death
Having your finances in order and
having an estate plan in place will
be a great comfort to your family
and friends. The following are steps
to consider as you organize and sep-
arate your business and belongings
Write a Will
■ Although it seems obvious to
have a will, many find it difficult to
write. List who will inherit property,
family heirlooms and other loved
possessions.
■ Most people should have a liv-
ing will specifying the type of med
ical care they want or don’t want if
they become ill and are unable to
communicate.
■ Make sure to name alternate
executors and guardians for chil-
dren. You may never know what cir-
cumstances may keep someone
from fulfilling your will.
■ You need to update your will
regularly to encompass family
deaths, divorces, new births and
laws that can alter your plan.
Have a Plan
■ The goal of estate planning is
to distribute a person's assets and
minimize taxes at death For most,
this means making and periodically
updating your will.
■ Various types of trusts or gifts
can be arranged to help preserve
assets for heirs. In general, trusts
should be set up with the help of a
attorney experienced in estate taxes.
■ ITie law allows you to give a
gift of $10,000 to anyone and to an
unlimited number of people you
choose each year. There is no gift or
income tax.
To Find Personal Information
■ Make a list of where all your
important documents are located.
Include bank accounts and numbers,
insurance policies, credit cards, your
security number, safe deposit box
and keys, the location of your
income tax returns for at least three
years and the names and phone
numbers of all your financial advi-
sors.
■ This list will help your family
protect your assets, including divi-
dends, interest, insurance, pensions.
Social Security payments and safe
deposit contents
Beware of the IRS
■ I’he larger the estate, the more
likely you w ill be questioned.
■ Leaving financial and income
tax documentation will help ensure
the government with respect the
intentions staled in your will
In planning ahead, you make sure
your family will not face a major
task in sorting out your affairs
This column was provided by the
Independent Hankcis Association ol
Texas
Dawn of new millennium brings
more questions, fewer answers
With the dawning of the new millennium (and
notice I didn’t say century that doesn’t start until
Jan. I, 2001!), I’ve been doing some thinking and
come up with some more questions.
How can Hwy. 78 and Ballard Avenue both be
north and south?
Just what kind of machine did they use to twist
the branches off the trees on East Blown Street?
How come it takes an entire lifetime to teach
your kids to say please and thank you but they pick
up that cuss word the first time you let it slip?
Is there someone somewhere laughing hysteri-
cally about how many people they were actually
able to convince about the Y2K bug thing? And
just how long is bottled water good?
What does ‘unretouched photos’ mean?
Why did it take a major grocery store chain so
long to decide that even the cover of Cosmopolitan
magazine is inappropriate for youngsters? Mothers
have known that for years.
Does anyone, besides me. think it is a tragedy
that two Wylie High School varsity basketball
players can be arrested on drug-related charges and
be suspended from (he team for fewer actual
school days than a player who failed a class?
Why is it so easy to know what other people
should do to solve their problems and so hard to
decide what to do about your own?
Donnita Nesbit Fisher is managing editor of The
Wylie News. The opinions expressed are her own
and do not necessarily reflect those oj this news
paper, its staff or management.
Fostering gratitude in ehildren isn’t easy
By Father Vai Peter
A child who gels whalevet he
wants will never develop a sense ol
gratitude. Instead he will Income
over indulged and ungrateful
In other words . a spoiled brat
Let's look at the dynamics ol an
ungrateful child
Let's say you and your little
daughter are in the grocery store
She spies M&M's at the checkout
counter and says "Mommy I want
some of these.''
You reply. "No Maria, you can t
have those right now."
Mana escalates the request in a
louder, firmer tone Then, your reply
becomes louder and firmer.
Illis goes back and forth until
Maria is screaming a the top of her
lungs.
You give her lire MA M s to keep
her quiet.
Maria has learned a very impor
tant lesson from this experience that
if at first you don't succeed, holler
louder until you do succeed.
Is Maria grateful for the M&M's'.’
Of course not! She does not say.
"Thanks. Mom. for being genet
OUS.”
I'hat is because an oveiindulged
child is not grateful chilli
A grateful child is a child who
knows how to accept "no" for an
answei. and the three simple steps
yo do so
■ I oof ai the adult
■ Say "(fkay "
■ Do not whine oi complain
While simple steps, they aie not
easy lor a child to learn especially
il the child is already oveiindulged
Io do this effectively, the parent
must Imd the middle ground
between ovcritidulgence and break-
ing a child's spun Here are some
suggestions:
■ I list surround the "no" with
calmness - You can t beat your child
into platitude
■ Stick to your guns-lt may Ire
painful al lust, but it pays.
■ Express approval when your
child does accept "no" Do this in
warm and heartfelt manner and do it
many limes, not just once.
In addition, parents need to role
model gratitude and incorporate it in
to everyday life.
Here are some simple examples:
■ Set aside some time each night
at the suppei table where everyone
can lake tin ns describing something
good that happened today.
■ leach your children to say
"thank you" for a good dinner or a
rented video or anything positive
they receive.
■ leach your children there are
two ways of being grateful:
I > To say "thank you" because
they really are happv with what thev
received: and
2) To say thank you for things
given with good intentions, even if
they aren't "what I always wanted '
■ Catch your kids in the act ol
giving to one another and praise
them for it.
■ Offer ptayers ol thanks before
and after meals
■ Don’t ever let a Sunday go by
without your kids putting something
in the collection "Wliat icturn shall
I give to the Lord for all he Inis
given me ? "
■ Finally, let your children know
there is an added benefit to living
grateful. People spontaneously like
a grateful person.
A grateful person is fun to share
with and just Ire around
lather Vai Peter is executive
director of Hoys Town USA. the
famous home for troubled bos s and
girls in Hoys Town. Neb There are
now Hoys Towns in California. New
York. Louisiana. Texas. Florida,
Nevada. Rhode Island. Iowa.
Pennsylvania. Georgia and
Washington. D.C.
OSHA recommendations
would hurt small business
By Bill Hammond
The nation's businesses were
handed an unwelcome gift during
the recent holiday season
Before Thanksgiving, without a
»d ol warning. Washington
aucrats surreptitiously slipped
into the Federal Register, a vague
and ill-conceived proposal that
would allow workers to claim finan-
cial compensation for ergonomic
injuries without having to prove the
injuries occurred on the job.
Equally outrageous is that work
ers would be able to stay home and
receive 90 percent ol their salary
and benefits, even if they failed to
show that their injuries prevented
them from doing their job The pro-
posal, put forward by the Labor
Department’s Office of
Occupational .Safety and Health
Administration, is as expensive as it
is shocking. Its price lag is estimat-
ed to be more than $75 billion
Business owners and executives
are both angry and indignant. Ilrey
arc worried that hundreds of compa-
nies that will be affected by the plan
remain in the dark because OSHA’s
outlandish ideas have not received
broad media attention and the dead-
line for comment is only days away.
Equally sobering is that the rules
do not have to be approved by a leg-
islative body. It’s bureaucrats at the
U.S. Department of Labor who get
the last say.
Organizations like the Texas
Association of Business and
Chamber of Commerce, therefore,
are scrambling to spread the bad
news before the Feb. I deadline for
companies to send their comments
to OSHA
Labor Department Secretary Alex
Herman has already made a partial
retreat, retracting one of th propos-
als. which would have included
home offices in the new rules and
would have held companies liable
for health and safety violations that
occur in the homes of workers who
telecommute. Our organization
would like to see the secretary back
oil all the remaining proposals in
O.SHA's LINK) page manifesto.
Every state, including Texas, has
workers compensation insurance
that provides for employees injured
on the job Generally speaking,
workers receive a maximum 70 per-
cent of their weekly wages The
OSHA plan would create a new
level of compensation Its monetary
effect comes to a total of $ 18 billion
additional dollars that businesses
will be forced to pay for worker’s
compensation type injuries.
flic rules make no provisions for
a waiting period nor do they call for
ceilings. Such broad, open-ended
proposals have huge potential for
abuse and remove the incentive for a
worker to return to the job in a time-
ly manner.
Employers are committed to pro-
viding their workers with a safe and
healthy environment where they can
be productive and do their best
work.
Instead of working with the
nation's businesses and helping
them find ways of providing the best
possible ergonomic conditions,
OSHA has laid out a plan that will
result only in confusion, unneces-
sary expense and abuse
Hammond is president of the
Austin-based Texas Association of
business and Chambers of
Commerce.
"Why, Hello Mrs. Barnes -
I recognized you from Sally's
drawings. "
_________
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Editor & Publisher
Donnita Nesbit Fisher
Managing Editor
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Engbrock, Chad B. The Wylie News (Wylie, Tex.), Vol. 53, No. 34, Ed. 1 Wednesday, January 19, 2000, newspaper, January 19, 2000; Wylie, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1175928/m1/9/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Smith Public Library.