midlifejourney.com

Author: Dale Adams

Front and center in every form of media is information on how to save money. Consumers are scrambling to find ways to battle inflation. Since the U.S. government has pumped 700 billion dollars into our economy, the value of the U.S. Dollar will fall and inflation will continue to rise. Consumers will need to learn how to save and make money to survive during this economic turmoil.

Most Americans believe they have to get up every day and go to work for somebody else to make money. Consumers are discovering that their paychecks are not sufficient enough to cover all of their needs. Most of them only consider getting another job or a different higher paying job. However, there are many ways people can make money by themselves without having to work for somebody else. Continue Reading »

I heard on the radio this morning about a woman with 19 credit cards - $21,000 in debt - no job, on disability, three kids, husband out of work. How bad can it get.

The economy in the U.S. is getting rough. Especially for those with few resources. I understand this woman: how one crisis can lead to another. I’ve been there. And the credit card companies keep throwing pre-approved offers in your path with no or low interest on all balance transfers. The temptation to keep rolling from one card to another is high and the dangers even higher.

Credit Consolidation Companies are everywhere, trying to “help” you out of your pain… but if you read the small print, some of them are no better than Shylock the money lender from Shakespeare’s Merchant of Venice, looking for their pound of flesh. Charging outrageous amounts to “help” you figure your way out of the deep hole you’ve dug for yourself.

Best advice I’ve heard: cut up the #$%@^! cards. If you have to, keep one for emergencies but put it in a metal can filled with water, and put it in the freezer. To use it, you have to let the can thaw - no microwave! and by the time the ice melts, perhaps that “have to have it” item is no longer such a necessity. Then begin to pay off the card with the highest interest rate. Little by little the debt goes down and in the meantime, you feel a lot better about yourself.

When is it time to hire an investment professional? For some, it may be when they have a lot of money, for others it may be that they haven’t got much at all but are getting serious about saving.

There is a growing need for financial knowledge as we all get closer to that moment when our earning power deteriorates and we must live on what we have invested. There is no shortage of folks that would like to tell you how to get ahead, and along with that, a tidal wave of confusing double-speak.

So, how do you know what YOU need? I’ve designed a few questions to help you think through your situation and decide it you wouldn’t be better off asking for help. Investment advice can be expensive, but not if you really need it and it helps you meet your goals. Start by asking yourself these questions:

The free investment advice runs from being very valuable to absolute trash, can you tell the difference? Expensive investment advice runs from being valuable to absolute trash, can you still tell the difference? Knowing how to find hidden fees is absolutely critical. Know how much it really costs you to invest!

Are you a woman? Studies by several groups have consistently shown that women outperform men when they invest. The various studies have looked at both individuals and investment groups. There are several theories about the reasons why, but I prefer to just let you bring the subject up at your next social gathering and see what people say.

Are you in an investment club? If you enjoy investing, continue to learn about investing, and are open minded enough take advice from other people with similar goals you will more than likely beat the pants off the professionals over the long run. Studies show that disciplined individuals often outperform the broad market when they know what they are doing and control costs. Smaller investors are like speed boats next to the behemoth mutual funds that are trying to buy and sell stocks.

Are you too conservative or nervous? On the other hand, there are many more investors that aren’t interested enough open a brokerage account and trade their own stocks. The news is grim indeed if you’ve been sitting in CD’s for 10 years or if you are still too wounded from the tech-bubble of 2002 to get back on the investment horse.

Do you know how to measure your performance? I don’t mean can you calculate your return to the nearest millionth decimal place. It isn’t enough to shoot the finest arrow ever made if it’s pointing in the wrong direction. There are plenty of free tools available to help you determine if your savings plan is on target, but don’t forget to include the eroding effect of inflation. If you are the type that gets a Christmas Club account every year and always has plenty to spend on your loved ones, skip to the next question; if your plan includes crossing your fingers and jumping into the unknown, you probably need some professional advice.

Are you a spontaneous romantic? Get an advisor- we’re boring but we can really provide a service when you hate going to your ‘spreadsheet place’.

I’m not ready to start the money stream… still have quite a few working years ahead… but I was really interested in the Scott Burns Q&A column in the Boston Sunday Globe this past week.

Confusion reigns when it comes to this whole issue. How do I plan for this benefit? Which age should I begin to draw down?

In his column Scott focuses on tips to calculate SS Benefits and mentions using a calculator that will help you plan. Find the entire article at AssetBuilder.com.

If you want to go directly to the calculator, here’s the direct link: http://www.ssa.gov/planners/calculators.htm

- Phyllis Goldberg

As your kidults begin to pack up for college, does the thought of creating a more grown-up nest sound good? Can you visualize more simplicity and less chaos? Think about what it would be like to clean out the drawers, give away the memorabilia your kids don’t want, get rid of all the stuff they’re outgrown and make your home yours again.

If you decide to make a change, it will be an ongoing process filled with both positive and negative emotions. This transition signifies the end of an important chapter in your life - the house full of family and activity, of growing children and all their antics. You may mourn the loss of many things, material and otherwise - valuable pieces of history relegated to the attic or sold for some ridiculous price, the hard discs of your past life, memories triggered by stuff. Yet, you’ll grow to feel content, surrounded by what is most important to you - perhaps the photo albums that trace your family history, souvenirs from your travels or your treasured books - and all the precious memories that you carry around in your head.

Soon, you may find yourself anticipating the changes and getting excited about making a fresh start. Altering your surroundings at home can stimulate you to modify your outlook on life. This shift can give you the impetus to explore new areas and discover adventures outside your familiarity. As you consider feathering a nest that works for you, here are some ideas to help get you started. Remember that any process takes time and, by definition, involves flexibility.

1. It is never too early - or too late - to begin gathering information about the changes you plan to initiate. What do you need to learn more about? Speak to as many people as possible who have already explored or gone through this experience. Surf the net and be on the lookout for books you can read or seminars you can take to learn more. Talk to anyone who is in a position to inform, educate and help you.
2. As the Greek sages told us centuries ago, know thyself. Increase your self awareness by examining who you are now and who you want to become. Are your old dreams still meaningful to you? What else are you committed to now? What ‘contracts’ have you made with yourself or your significant other that impact your choices today? Now that you do not have the daily responsibilities of 24 hour, hands-on parenting, will you have more time for yourself? Do you expect to work, play, volunteer, or continue to explore your options? Keeping a journal will provide some structure as you brainstorm, set new goals and put your plans in motion.
3. Once you have created the dream, let your priorities determine what is realistic. Are you alone in making the decision? Is this change financially feasible? Are there work or personal issues to take into consideration? Are there others in your household whose needs you will consider?
4. Understand that emotional reactions at times of transition are both common and normal. Allow yourself to express and accept your feelings as they emerge. Although you may regret what you have given away, you will also feel relieved about less clutter. Perhaps you will vacillate between enthusiasm about how your new digs reflect the current you and sadness about what you have left behind. Your interest in exploring new opportunities may fluctuate with your fears of the unknown.

As you begin feathering your grown-up nest, be mindful of what you need. Have confidence in yourself and trust that you will maintain in your life what is truly meaningful. While drawing from past experiences, traditions and values, you will create a present for yourself that is rich and rewarding.

(C) 2007, Her Mentor Center

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About the Author: Phyllis Goldberg, Ph.D. is the founder of http://www.HerMentorCenter.com, a website for midlife women and http://www.NourishingRelationships.Blogspot.com, a blog for the Sandwich Generation. She is the author of a forthcoming book about Baby Boomers and family relationships. She offers a free newsletter Stepping Stones.

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