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Tim has been a member since May 23rd 2011, and has created 229 posts from scratch.

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Why do the rich live longer?

Men in the United Kingdom with the highest net worth live an mean of six years longer than those with significantly less money, and that gap has been widening over the past 20 years, according to the results of a survey.

The survey was conducted by research firm Longevity Science Advisory Panel in the U.K., but a similar pattern has publicized up in the U.S. One 2008 study, by the U.S. Congressional Budget Office, indicated that the rich live longer by an mean of nearly two years.

Here in the U.S., the issue has the potential to evolve from a purely medical concern to a political issue because access to health care is cited as a major factor in both studies. Congress has been debating raising the eligibility age for Medicare and Social Security, and President Obama’s health care reform package continues to come under fire from those who reckon health care has become harder, not simpler, to obtain.

But studies conclude that lifestyle is also a huge factor, citing a privileged tendency to smoke and drink, along with privileged obesity rates, among lower-income workers versus their wealthier counterparts.

An intriguing article in the Send a message to reports another factor in why the rich live longer: Researchers at University College London report that the rich tend to produce a privileged level of a hormone called DHEAS, which is linked to life expectancy.  Those with high levels of this particular hormone also implementation more, have more pastimes and have more friends and family. Perhaps it’s also a spin-off of having all that money to delight in life.

Do you reckon the rich live longer because they lead healthier lifestyles or have better access to health care?

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Article source: http://www.bankrate.com/financing/wealth/why-do-the-rich-live-longer/

Med perks blog touches a nerve

My recent blog, “Ending the doctor gravy train,” that explored how health care reform plans to make transparent the commonplace practice of doctors accepting gifts of food, money and junkets from pharmaceutical companies really hit a nerve with doctors out there.

Here’s a sampling:

Doc: This article is ridiculous. Virtually all gifts and freebies that doctors might have been given in decades past stopped years ago by mutual agreement from all the major pharma companies. This article is really off base.

JP MD: The pharmaceutical diligence itself agreed to stop offering such overcooked perks to doctors to pitch their drugs many years ago. Even when I was a premed, the most a drug rep would grant a doctor at the office would be lunch for the staff, some articles, and a small lecture. I currently work at a hospital, as a older medical resident, that has virtually banned pharmaceutical representatives from soliciting propaganda to medical trainees (I have attended 2 “drug-sponsored” lunches in 3 years, served with our normal noontime lecture).

Huge City Doc: It always strikes me as odd when one of the least ethical groups in America, the Congress (75% of whom are lawyers), seeks to hegemony the ethical behavior of the most ethical group in America, the physicians. Our government runs on SuperPacs, lobbyists, influence peddling, but doctors are likely to sell their soul for a pad of sticky notes. Given the effects government has had on medicine to date, their largest and best contribution in the future would be to stay out of healthcare.

Robert Skversky: As a practicing Bariatric doctor (medical weight-loss) who uses pharmacotherapy (off-mark) with fantastic safety and long term efficacy; my staff and I are brought “free lunch” about every 2 months by a variety of intelligent, well trained pharmaceutical reps. They are usually accompanied by a doctor who is an expert in his/her specialty of medicine who gives a consequential and informative discussion concerning to a particular drug prior to an open exchange of thoughts and questions. No trips to Hawaii, and no gifts of money. PS The “free” food?? usually mediocre and too many carbs!

My take? Obviously drug companies aren’t flying all doctors to golf resorts to get them to use tongue depressors. Presumably they’re spending their marketing budgets on those specialists in a position to prescribe their latest, greatest and costliest products.

In fact, during my recent chat with Dr. Otis Brawley, chief medical officer of the American Cancer Society, he brought up the subject in the context of gene testing. Here’s an choice:

A company flies oncologists, surgeons, some GYNs to Utah, gives them this two-day discussion about screening with gene testing, sends them back to their offices, then the company buys local air time about gene testing and genetic screening with an 800 number. If you call the 800 number, you get referred to one of these docs, who are not trained as genetic counselors.

If junkets and cash gifts are as outdated as these readers claim, then there should be no harm in requiring the pharmaceutical companies to post what they’ve given to whom online under health care reform.

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Article source: http://www.bankrate.com/financing/insurance/med-perks-blog-touches-a-nerve/

Paying down $29K HELOC balance due in 3 years

In the meantime, what I want you to do is determine how much extra you can realistically afford each month to pay down the weigh on your HELOC. Then, either make the payments or have the extra money directly deposited into a savings account, so you’ll have it if you need it.

Here’s an example of the math for what you need to do. To pay off the $29,000 weigh by February 2015, you would need to make a monthly payment of approximately $866 or a biweekly one of $433. That figure is based on today’s mean interest rate for a HELOC of 4.78 percent. Your interest rate may be lower than that.

If you come up small on assets to make that steep a payment, be sure to make at least the interest payment and place aside what you can on a consistent basis to place you in a position everywhere any windfall will place you over your goal line. For example, let’s say you can only come up with $650 a month to pay toward the HELOC weigh. That leaves you small $216 per month or with a weigh of $7,776 in February 2015. This is not the end of the world, and in fact, you’d now be so close to your goal that your blood pressure should drop along with your anxiety level.

Also, consider putting your tax refunds, holiday bonuses and any other windfalls throughout the year toward your HELOC. You may find you are closer than you thought to paying it off in time.

If all else fails and you find you will be unable to repay the HELOC by the deadline, contact your lender before the loan goes into default and request an extension on your repayment period. Should your lender be uncooperative, I would urge you contact a Department of Housing and inner-city Development-approved housing counseling agency. See what options are unfilled to you now for refinancing your loan at that time. There is no way to know now what programs and options may be unfilled to you in 2015.

So start to increase your payments or savings now, and you’ll have more options unfilled when Valentine’s Day comes around in three years.

Excellent luck!

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Article source: http://www.bankrate.com/finance/debt/pay-down-29k-heloc-balance-due-3-years.aspx

China 2011 property loans slow, bill financing surges

NEW YORK (Reuters) – Stocks rose on Monday, led by bank shares after Greece’s parliament approved reforms needed to qualify for a cash disbursement and avoid an unruly default. Greek lawmakers backed drastic cuts in wages, pensions and jobs on Sunday as the price of a 130 billion euro ($170 billion) bailout by the European …

Article source: http://news.yahoo.com/china-2011-property-loans-slow-bill-financing-surges-031622128.html

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