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Congress has stolen your credit card! Don’t you want it back?

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Chad Parks is Founder, President, and CEO of Ubiquity Retirement + Savings, formerly The Online 401(k), has helped savers contribute over $1.4 billion towards their retirement since 1999. As one of the first flat-fee-for-service small business plan providers in the nation, Ubiquity delivers peace-of-mind with zero hidden-fees in the fine print. The company is headquartered in San Francisco with satellite offices from coast-to-coast. Read More...

Parks started out as a broker in the financial services industry by growing a portfolio of individual clients at San Francisco’s Piper Jaffray. Driven by a desire to better serve his clients while anticipating the phasing out of the traditional broker model, Parks left Piper Jaffray in 1997 to obtain his CFP designation and start his own fee-for-service, independent financial planning practice, Retirement & Education Group, Inc.

In his financial planning practice, Parks came across many small business owners looking for cost-effective and quality retirement plans. Finding the small business market highly neglected and underserved, Parks saw the opportunity and took it by launching The Online 401(k). Today, Ubiquity serves more than 7,000 small business customers in 50 states, providing solutions both directly and through partners, such as Zenefits, Charles Schwab & Co. and Morningstar, as well as payroll companies, financial planners and CPAs.

Parks has been quoted in many financial services as well as national publications such as The Wall Street Journal, The New York Times, Fox Business, Yahoo! Finance, USA Today, CNN Money, Bloomberg Wealth Manager, Business Week, Entrepreneur and Plan Sponsor for his considerable work performed in the space of small business retirement as well as his foray into documentaries with his independently produced Broken Eggs Film, released in 2014.

With his extensive work in Washington DC in getting legislation passed in order to stop the practice of hiding fees in the fine print, Parks has become the go-to expert on public policy as it relates to 401(k), as well as the looming retirement crisis in America, and what we can do to fix it.

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January 23, 2013 at 9:33 am
Retirement News

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You have probably been hearing a lot about the ‘Fiscal Cliff’, our national deficit, the need to raise taxes and lower spending, the sequestration (whatever that is), and the debt ceiling (again).

Let me try and put this in easy to understand terms for us.

I recently came across an illustration that we can all relate to. Instead of talking in billions, and trillions, this illustration uses the magic of the decimal point and chops off a whole bunch of zeros.

Basically, this is the national budget; zeros removed to make it look like a household budget:

Household Income: $21,700
All Expenses: $38,200
Difference: ($16,500)

Amount to be charged to our credit card: $16,500

Existing credit card balance: $142,710

Amount the family has agreed to reduce their spending next year: $385

When stated like this, it makes much more sense doesn’t it? Or no sense at all, depending on your stance.

This is what we are dealing with:

• Accumulation of massive debt over many years
• Earning too little to support our lifestyle
• Spending more than we are earning
• No will to change our ways

We need to declare enough! For the love of God, our country, our friends and family, we cannot continue like this!

We’ve been using the credit card when we should have been using the debit card!

 

We have been pick pocketed, and our credit card is in the hands of Congress, who, in what can only be described as a drunken binge, have run up a huge balance, Republican and Democrat alike.

And there is another problem! Just like the borrowing limit on your credit card, we as a nation have a borrowing limit, and we have hit it – many times!

So what would you do? Rational, sane people would say wow; we really got ourselves in a bind didn’t we, we better work at cleaning this up.

Non-rational, not so sane people would instead call up the credit card company and ask for more credit.

In our national case, our credit card company is mostly China and Japan. How many more times will they be willing to take that call?

And Congress is calling on our behalf, asking for an increase to our credit card so they can spend more.

Not sure about you, but no one asked me if this is ok. No one from Congress has checked with me if I am ok with increasing the amount I have to pay for this party, and no one has asked me if I am ok making the payments on our national credit card.

I am not ok with it, and I want my credit card back.

The time has come to take control of our futures, and for us to care more! This is it people, it’s not too late. But it will be soon.

This course is unsustainable. Never before in modern history has there been such a complex mix of a demographics, an aging population, a shrinking tax base, and such a lack of foresight. History tells us our empire will fail; we are close to crossing the point of no return.

Take action. Take control. Stop outsourcing our futures to 535 people in Washington who crave instant gratification, at all costs. Because, like it or not, we are all in this together, and if we do not take serious measures today, this party will be over – one and done.

What do you think about this? Do you get it? Are you pissed? Do you care? Tell me and share with your friends.