Protecting Survivorship Benefits

Have you considered what you would like to do in retirement? Most people leave their full-time jobs and move into a phase of life that is focused on relaxation, fulfillment, and leisure time.  

They often depend on retirement savings, pensions, and Social Security benefits to keep them financially stable. Most want to maintain their standard of living, include more travel, and do things they could not while they were working. Family time and quality relationships often become more important with many choosing to stay busy by doing volunteer work or going back to school. 

These were likely the same goals Bruce and Anne Freidman, a Brooklyn couple, had for their golden years. However, things did not quite work out that way for them. 

Why we wait to get our finances in order

Personal Money Planning has taken up a group virtual challenge. The task consists of running (or walking) a total of 1083 miles, which is the distance across the United Kingdom. As a team, we total our activities to accumulate the 1783km distance. Since Gary is really into running, and logs about 4,000 miles per day (well, not quite, but almost), he is pulling the rest of us along well. However, the competitive nature in me could not allow him to take full credit for getting us from Lands End to John O'Groats. Each day I have been logging a few miles myself. I’m just as determined to claim my medal as he is- 

The other morning, I was approaching my third mile when the temperature began to quickly rise. Since I was at the opposite end of my starting point, I had no other option but to continue my trek. As I was rounding the corner, a lady in a dark SUV drove by, looked at my red, sweaty face, and gave me an encouraging thumbs up. That doesn’t seem like much, but it gave me the enthusiasm I needed to make it the rest of the way.

Why is it that we often ignore or avoid the things we know are good for us, take for instance, exercising? 

Which Money Language Do You Speak?

Shark Tank star Robert Herjavec once said, “If you can’t speak money, you will be broke for the rest of your life”.   

So how exactly do you “speak money”? Money language is how you view money, and the understanding of how you use money to express yourself. Money is often cited as the number one reason couples argue. That’s because when it comes to financial matters, many people don’t speak the same language. Learning to  understand your partner’s money language, fears, and goals could help minimize this dilemma.

 

Having an open and honest discussion about your differing financial viewpoints might seem treacherous at first, but by doing so it can add depth and perspective to the relationship. Since both perspectives are integral pieces in the joint financial journey, the collective input encourages an equal collaboration in working towards the same goals. 

Tips and Tricks to Help You Create a Sustainable Spending Plan

Need some help creating a spending plan? What about just making some minor adjustments to the one you already have? Well, good news...I've got you covered-

Creating a spending plan may seem a bit daunting at first, but can actually be quite easy. The areas that give most people grief are categorizing their expenses into various buckets, like groceries, housing, transportation, and cash items. 

What if you could just separate these expenses into two categories...discretionary and non-discretionary expenses (wants and needs)? Would that not make it much easier? I'll show you how.

Here are some tips and tricks to help save money without having to resort to a steady diet of Ramen?

Check out the video here: https://www.youtube.com/watch?v=IoeAIpbe2hc&t=731s

Technology can improve a loved ones independence

What options do you have if an aging parent or loved one needs assistance but is not quite ready to move? Technology can be a great personal assistant.

With products like Samsung's wireless security cameras with two-way audio, you can periodically check in, and even talk with them, remotely. Alerts can be established and send notifications when activity happens based on set criteria. 

Are You Spending Too Much On Groceries?

One of the most challenging tasks when trying to rope in your finances is creating a budget. It's not so much gathering all of the data...that's the easy part. Maybe a bit time consuming, but still rather easy. Nor is it plugging those figures into a software program or spreadsheet. It's not even seeing the results, good or bad, once you hit the enter button. Where I find most people have problems is figuring out what they should be spending in each category.

Your Home Sweet Home (Repair) Fund

We all know (or should) that an emergency fund is a vital part of any savings plan. Having three to six months worth of non-discretionary monthly expenses to continue paying the mortgage, vehicle payments, and other bills can be such a blessing in the event of a financial catastrophe. However, that isn’t all you should be saving when it comes to protecting the roof over your head.

A housing maintenance fund should also be established to help cover those inevitable expense that creep up. Here’s why…

How To Protect Your Finances When Leaving An Abusive Relationship

What unique financial hurdles does someone face when they are in an abusive relationship?

Unless you have personally been a victim, it is truly hard to understand the reasons one stays in an unhealthy relationship. More often than not, the abuser has made the victim feel as if they are dependent upon the abuser. That without the help of the abuser, the victim could not survive financially in the world, and it is only by the grace of the abuser that the victim has a roof over their head, and food on the table.

Bring children into that equation, and the hold one has over another can significantly multiply. The fear of breaking up a family, uprooting kids from their home, and denying them from seeing both parents every day can be too much for one to handle.

Who Gets Custody Of The Retirement Funds During A Divorce?

Like the car wreck you don’t want to look at, yet can’t turn away from--they are shocking, yet strangely intriguing.  No, I’m not talking about the leaked Ashley Madison hack list. I’m referring to the disturbing stories of financial burden imposed on those who have incorrectly distributed funds from a retirement fund due to a divorce.

Whether you’ve experienced it first hand, or been an innocent victim injured by verbal shrapnel, divorce can be a devastating event for any family. Not only can it fracture delicate relationships, it can also be financially debilitating for all of those involved. This is especially true if delicate care isn’t taken when it comes to the division of retirement assets.

The Baby Boomer Boomeranger: Adult Children Returning Home

Jeopardizing Your Retirement By Financially Helping Adult Children

As parents, we want to give our children more than what we were given growing up. Whether it’s the latest technology, the newest clothing trends, or the most memorable vacations. That’s human nature, and there’s nothing wrong with that. But at what point is it time to cut the financial umbilical cord?

The Boomeranger

One-third of baby boomers are still helping their adult kids in their 20’s and 30’s financially. Actually it appears many of these baby boomers gave birth to boomerangers…adult children returning home to live with their parents. Not only are these parents stuck covering the cost of a roof overhead, but at times also a cell phone, car payment, car insurance, and health insurance.

At what cost do these extra expenses have on the parents? More often than not, a hit to their retirement savings. Whether it’s less being put back, or funds being borrowed or disbursed, not as much is getting holed away.

Which Debt Should You Pay Off First?

When it comes to the best techniques and ideas for paying off debt, there are about as many out there as there are chocolate chip cookie recipes. And while it may take a few recipes until you find the tastiest one, finding the best fit for you when it comes to debt payoff may also take a few tries.

When you break it down, there are really three basic ways to pay off debt:

Don't get buried by your debt~

A while back we had our male puppy, Kassel, “fixed”. I use the word “fixed” lightly, as I have since discovered this term is now politically incorrect. The more friendly term being used is “altered”, seeing as the word “fixed” implies that something was wrong with him to begin with. And although marking his territory may be construed as a natural display of dominance for some, I chose to “fix” the issue. The line was drawn when he “marked” my flip flops…

As we picked up our sweet little four pound ball of fur from the vet’s office, I felt a great sadness in my heart for what we chose to put him through. You see, not only did we have him neutered, but also elected to have five of his remaining puppy teeth pulled. In addition, he received his Parvo and Rabies vaccinations. Basically, he was “tore up from the floor up”…