Whoever Knows the Rules Best, Wins!
I remember my father telling me about baseball rules when I was first playing Little League. “It’s not just hitting and catching”, he said, “You have to learn the rules too.”
As I recall we had a little book and I can see my dad quizzing me about stealing bases, fly balls, paying attention to which umpire could make a call and other things I had little desire to learn. But I did learn them and applied them in later years, as I got more confident at the game.
My dad knew the rules and on more than one occasion reminded coaches and umpires of an overlooked or misinterpreted rule. As I recall, his knowledge helped us win a game or two. Yes, my dad was one of “those parents”. But, he was nice about it. No yelling, just a stroll to the dugout or fence behind home plate. I can see the coach reaching for his rulebook, even now.
I’ve learned through a lifetime of rigorous study, plus a large dose of trial and error, about all sorts of rules for all manner of games, contests and life situations. (Here comes the link to my purpose today.)
Rules are constantly changing in the areas we give advice concerning financial matters. Two of them were highlighted for me just this past week. I tweeted them too.
First up was a reminder article from AARP about the upcoming changes to Medicare. If you don’t pay attention, you may be paying more next year. If you do pay attention, and do a little investigation, you could end up paying less for the Part D, drug benefits among other things. (Article: http://goo.gl/vUyeo4)
Secondly, after viewing a webinar on IRA rule changes, I was reminded that what you can do with IRA money for up to 60 days between custodians was being severely limited to correct a perceived abuse of being able to use retirement money for without paying taxes. @Bankrate published the story: http://goo.gl/5yPJ4D
So here’s my point. When it comes to financial matters you can’t leave it to your past experience to guide you in all situations. That’s one of the reasons our firm tweets, writes blogs, does videos and provides our ongoing clients with a subscription to Money Magazine or Kiplinger Personal Finance. We want you to be aware of rule changes to prevent mistakes or provide opportunities.
So before some rule enforcer calls STRIKE THREE on you, make an effort to stay abreast of changes in the rules. Better yet, stay tuned to this channel. Film at 11.