Before you invest, Do Your Homework

Where Does Your Financial Advice Come From?

Financial advice can be found anywhere on the internet. Social media has financial gurus and others not known for financial expertise speaking on the best investment for you. Talking heads show up on television news programs suggesting many stocks and investment recommendations. But are these good for you?

The headlines of the past couple of weeks has had me stand up and take notice. Though I usually cringe when I see the likes of actor Matt Damon promoting crypto or former football star Joe Namath pitching for Medicare Advantage.

Celebrity promotion may be changing. First Matt Damon was bashed for his television promotion of a crypto company. Fortune Favours the Brave | Crypto.com. Then crypto prices dropped and he seemed to apologize by creating his own ad about “Almosts” – though only seen on Steven Colbert, not the Superbowl advertising audience. He knew he made a mistake.

The number at the end of the “Broadway Joe’s” ad seemingly for Medicare? That rings at an insurance company and not at a Medicare office. Anyone wanting to get coverage or chose a new plan wants to be sure to check with an objective source before making a decision because once chosen you are stuck with the plan for a year. Awareness that Medicare Advantage is an insurance option open to all but actual benefits depend on the plan you chose. Joe Namath missed the goal post on that one.

Last week I felt justice was done by the Securities and Exchange Commission (SEC) which monitors all investments and professional financial advisors. Kim Kardashian was fined $ 1.3 million dollars for not revealing on Instagram she was paid for her post on cryptocurrency. Kim Kardashian to Pay $1.3M to SEC for Crypto Touting | ThinkAdvisor

Marketing is dangerous. Celebrities are touting all sorts of products. The combination can be detrimental to your finances.

Be careful where you get your financial advice. I am always reading about who on television may not have been honest with the audience. CNBC Personality Charged With Securities Fraud (fa-mag.com)

Check the advisors experience, education and objectivity, not their celebrity status. Just because a financial company is on television or on social media or well known, does not necessarily mean the investment is good for you. Their presence simply means they have a large amount of marketing dollars.

Certainly there are bad apples in the investment industry but after thirty years in the industry that is the exception rather than the rule. This does not mean you cannot protect yourself and should even if someone has come highly recommended. Former Wells Fargo Advisor Faces Two Years In Prison For Identity Theft (fa-mag.com)

When you are ready to seek out financial guidance, be willing to do the footwork and even pay for good advice. Two organizations come to mind: NAPFA and Garrett Planning Network.

There are other reputable organizations as well:

• Financial Planning Association

• AICPA

Ask the advisor if they are a fiduciary, meaning they have your best interests in mind. MoneyPeace Blog Post: Fiduciary

And be sure to check their past history with the SEC and any state organizations.

IAPD - Investment Adviser Public Disclosure

If someone is selling Fritos, there is a small cost and risk if you make a purchase. However, your hard earned retirement dollars need sound investment knowledge and decision making. Be sure to vet your investment advice before you make a big mistake.

Elders of Excellence

Those gone before me have taught me so much. I am grateful and am always trying to give back in anyway that I can.

This spring I was busy supporting UPenn Memory Center. We did a financial handout together and I was asked to speak at an event they sponsored.

With the rise in dementia, the brain fog of COVID, concussions and issues around mental health, I believe this information is relevant to all, not just our elders.

Please take the time to watch the recording of the event. The video is an hour long but if your time is limited, I come on around 24 minutes: https://youtu.be/2H3ImHjsDxQ

If you would like the handout to accompany this piece, you may download it here.

Be Prepared in Life and Finances

Observe what’s blowing in the wind lately? A range of economic factors and change. The winds of the future are becoming the winds of now. The past year conditions are shifting in the economy along with a raging war in Europe.

Here is the thing, even economists who make a living studying this stuff cannot predict a depression or recession. Yet, everyone is talking about the possibility of one soon, if it is not here already. No one knows for sure. Professionals can only confirm its existence after they have the statistics from the past months and review a trend. That is why no one used the term recession in 2007 or early 2008 – The numbers weren’t in yet. Yet, many people felt the turn in their homes, loss of homes or jobs by then.

Inflation increased shockingly fast and has now leveled off. Who can help being complacent? Yet, even when picking up staples at the grocery store it is hard not to notice the small increase in prices. Blue Cross/BlueShield and other insurers been approved for significant price increases. Is there more to come?

There are so many economic issues to consider including the trends and cycles witnessed in the past.

As global uncertainty surround us, this does not stand alone as a symbol of potential economic change. Combined with the other factors fluctuating, we should at least pause to rethink and revisit our lifestyle.

Whatever the coming school year brings, business as usual is not expected. Expect the unexpected. Be ready with cash to take care of yourself. A strong mental fortitude to weather whatever is going on in the outside world is essential. A little forewarning is critical.

My point is not to instill fear, but rather action and positive steps to take care of yourself. I guarantee that I do not know what will happen in the next year. Yet, I know from experience that most people get complacent and expect the same over and over again. Then, act surprised when things change. That happened in 2000 right when the tech bubble bust. Then again, in 2008 with the housing crisis. The only thing we know is that life changes. We do not know when. Read the winds and pay attention.

So now is the time to reconfigure your finances. A saying I have heard over the years but do not know where it originated, describes how to think about this potential change:

“Hope for the Best & Tie up your horse.”

Your “horse” is your personal world. We always have control over that piece of life.

So I leave you with a suggestion to make a different choice this month to reign in your horses.

Go do one thing differently this month: Pay off some debt, save some extra money, learn a new skill. These things are what you can do to take care of yourself and your family no matter what is blowing in the wind.

Financial Freedom: Watch Your Language

“Let Freedom Ring.”

We all associate our country’s freedom with that phrase. The ringing of bells symbolizes freedom in this country. So does some of the most famous songs – our national anthem and “America the Beautiful.” Sound touches something deep inside us.

What we hear impacts us greatly, not just as Americans but also as human beings. Words get into our psyche and become a part of us. With enough repetition, we can begin to believe anything we hear.

This applies to money. We are what we habitually hear. To truly know your money self, pay attention to what you hear on the job, at home, while out with friends. There is often a tendency to focus on the negative. We share our complaints to build camaraderie. We are suffering from language problems. Change your language if you want to change your money attitudes, which is the beginning of improving money’s place in our lives.

The phrase “I cannot afford...” should be the first to go from your lingo. With this phrase in use, there is no way to allow freedom to ring. It encourages folks to use lack of money as an excuse to not act. Saying “I cannot afford” takes the responsibility away from the speaker and therefore takes their power of choice away.

You can afford to live how you want within reason. What you are doing, what all of us are doing is making choices based on our resources and experience. Begin saying, “I choose not to” or “That is not a financial priority.” This demonstrates your involvement in the decision and that you are making choices. On the other hand, ’I cannot afford” shifts responsibility. The speaker becomes a victim, using the phrase as a rationale - it is beyond my control, implying you have nothing to do with it.

Making the effort to use language that demonstrates ownership and responsibility around money is what is important. Positive language changes our attitude around money when heard often enough.

What you are doing, what everyone does, is making choices based on our resources and experience. Simply shifting to saying, “ I choose not to” or “That is not a financial priority” demonstrates your involvement in the decision. You are making the choices. You are not a victim to your financial circumstances. You can afford to live how you want within reason.

If you decide to get a more expensive house with a larger mortgage and maintenance expenses, then you may not have as much discretionary income to spend on vacations, clothes, or a big screen television. It does not mean that you cannot afford the big screen television, it simply means that you have spent your money elsewhere.

All of us make decisions of this type everyday- specific to our lifestyle choices. These decisions are based on priorities and values and experience. Our decisions reflect what is important to us.

In this time of celebrating our political freedoms, create your own financial freedom month. Make the emphasis this month to focus on the positive. Pay attention to what sounds are all around you. See what you can learn from watching yourself and shifting the sounds of your language. Here are the steps along the path to freedom:

1. Pay Attention to the Words You Use:

Ask yourself: How are you regularly talking about money? What words do you use?

Are you consistently telling your children that we cannot afford this or that?

Are you regularly complaining to your friends that you do not get paid enough, reinforcing a negative financial attitude?

Next time you hear yourself, catch yourself, pause before continuing. Think about what you really want to say. Then, overtime you may stop yourself before you get started. The goal is to stop totally with the negative financial comments.

2. Focus on the Positive:

When you are trying to make a change, it is important to replace the habit with something positive. Your goal is to start talking more positively about money. Being positive may mean displaying gratitude for your weekly paycheck, looking at the checkbook as partially full rather than dwindling, or choosing your words carefully around money. Pick one way to focus on as your change in language is being enacted. You may even want to elicit the help of a friend or family member for mutual support. Make it game where you are calling each other on ways to improve and encouraging the new positive language.

3. Reward Yourself:

Everyday you do not succumb to negative talk, give yourself a small treat; a walk, phone call to a friend or a soothing cup of tea may just be the ticket. Though the treat may involve money, it does not have to cost anything. Being kind to yourself is what it is all about. Positive actions results in positive language. Treat yourself well. Reminder: It takes thirty days to create a new habit, so keep it up.

This month “Let Freedom Ring”with money. Listen to your words. And create the sounds that open you up to more abundance in your life. Let Financial Freedom Ring!

Feeling the Cash Flow Pinch at the Pump?

The price of gas is unforgettable. Here on the East Coast it is $4.99 and on the West Coast even higher. Inflation is ripping through every grocery aisle. Not to mention almost everything else we need has increased in cost and hit our wallets with a crash. What is one to do?

Though it is not officially mid-year, at the end of the month it will be. This is the time to revisit your spending goals and plans for the year with the rising costs of basics in mind. For example, if you are saving for the holidays monthly, you may want to save a few dollars less each month to cover the increasing costs you did not anticipate in January. If you are planning a vacation, save some money by staying fewer nights at the resort or combining time closer to home with some road trips.

While you are looking over your spending plan for the year, remember that the incidentals add up. Those expenses that come annually or even periodically that seem hard to predict but are ever present in everyone’s life. Consider setting some money aside for the inevitable now so that you won’t be surprised by:

• Annual Furnace Cleaning

• New/Used Sporting Equipment purchases

• Medical Bills and deductibles

• Repairs to lawn mowers, appliances and vehicles.

Festive events seem to come all at once, straining the best of financial plans. Start looking at the year ahead so that friends and family special occasions will not be a surprise. These days even $50 a month on a special dinner or gift can through a wrench in your spending. Don’t let a lack of cash flow dampen the fun in your life.

Previous to 2020, inflation had not been over 3% since 2007. Easy for us to get complacent and forget that the decade of the Seventies had the longest period of sustained inflation. US Inflation Rate by Year: 1929-2023 (thebalance.com)

If nothing else, this six month change in 2022 has taught us to always leave a bit of wiggle room in a spending plan for future years. Inflation does happen. Lest us not forget to start to plan for it as a fact of our financial life.

Build Equity & Build Your Home

When it comes time to get a mortgage, many people focus on the payment. However, you also want to pay attention to how much equity you are building in your home. Home ownership means owning all of your home eventually not always being saddled with a financial connection to the bank. Listen here and learn more:

More From Ben Franklin

Wisdom of Ben Franklin:

Light purse, heavy heart.

Borrowing makes sorrowing.

Great Spenders are bad Lenders.

Beware of little Expenses: a small leak will sink a great Ship.

Who is rich? He that rejoices in his Portion.

Wisdom compliments of the book

Sayings of POOR RICHARD

From Poor Richard’s Almanack

Benjamin Franklin, 1960

Thrift & Ben Franklin

As a gift, I was given a 1960 copy of Poor Richard’s Almanac sayings. (Thanks Trish!) You may recall that Ben Franklin as the publisher of Poor Richards Almanack.  He was brilliant and his words still apply today.In his chapter titled, “How to Get Riches” is one of my favorite lines:

“The Art of getting Riches consists very much in Thrift.” (p.19)

This I find so much to be true.  From my experience of working with high-end clients over the past few decades, each and every one of them has created their priorities.  They do not spend frivolously or randomly.  They may have a lovely home.  From there they chose a few areas that are important to them.  So, whether it be travel, clothes, education, where their money goes, they are content rather than looking to spend more. 

Spending just for the sake of spending is not in their repertoire.  They are thoughtful when making decisions about their money.  I find that these conscious souls know how to share with others while taking care of themselves.  Self-care never means going “overboard” as some people insist with their money.

In contrast, some of the folks striving to get ahead do not prioritize in the same way. Here is what I hear from the “average” person:

·       I just got a raise; I might as well splurge on dinner.

·       As I am going on the trip anyway, I might as well spend the money.

·       Another hundred dollars won’t matter.

These sentiments are not in line with “The Art of Riches consists very much in Thrift.”

Consider where you are thrifty and where you are making conscious spending decisions.  Then, from that point of clarity, build on good decision making for the rest of your financial life.  Ben Franklin would be very proud of you as build riches through Thrift.

To stay on your path to thrift, sign up for the MoneyPeace Monthly newsletter:

We would love to have you subscribe. MoneyPeace Newsletter — MoneyPeace

St Patrick and Riding the Wave of the Stock Market

Beyond Saint Patrick: The Other Important Irish Saint

Studying the facts of history can make you change your perspective. For example, have you heard of St Brendan? He is a much lesser known Irish saint who discovered America. According to history, he journeyed across the ocean to a new land in the 6th century.

He had his team of monks for his sail boat and lots of sailing experience. They sailed for months and months, before finding what they were looking for: the Promised Land of Saints. The trip was well documented technically. No miracles were recorded just pure practicality with time and distances travelled. He was gone from his native Ireland for years.

This “Irish Sailor Saint” sounds inconceivable. Despite the stories and documentation, how could anyone cross the ocean in a basket-like wood frame boat that was covered in ox hide.

Find this hard to believe? Well, if you can read Latin, check out his Navigatio. Christopher Columbus was said to have made a stop in Ireland to read this work. His writings are full of details and information about his journey.

Suspend your disbelief for a moment so that we can use some of his story for today’s history lesson. Here are some of Brendan’s pointers we need today:

• He took risks - These were physical risks with a bigger motivation. But they were also calculated risks as he had a team and the guidance from those who had gone as far as Iceland on an ocean journey. He was not expecting a miracle. He was prepared.

• He had a plan – The plan included a solid sailboat filled with food and an understanding of the ocean.

• He had faith – This is the intangible piece that we all need when we take on something different or new.

This must be a myth you are thinking. Well, many people thought so. Then, in 1976, Tim Severin, an adventurer and scholar, reenacted the voyage. He left from Ireland and eventually landed in Boston. ( I went to see the boat and crew on a warm summer day in 1977.) The boat made it. The crew made it across the Atlantic. So perhaps there is something to Saint Brendan discovering America.

Both crews that crossed the Atlantic needed perseverance in the storms that surrounded them. They had some calm seas but the powerful inner strength came through in adversity. In this world of quick service and instant internet information, we are having a moment when we are all in need of perseverance.

When you are thinking about the stock market this Saint Patrick’s Day week, consider the questions of Saint Brendan:

• Are you prepared?

• Are you being practical?

• Do you have a bit of faith?

Watch those who have gone before you. Whether in sainthood, family lore or history, having role models and stories help us today. When there are no clear answers, there is history and story to support and remind us that life will go on. And there has been a long line of people gone before us who have endured. And a few saints as well.

ABC's of Personal Finance

Here is how I spent my time on many Mondays pre-pandemic.  The long-time television show "Across the Fence" had me one for Money Monday. 

Spend fifteen minutes watching or listening.... Gain Knowledge and Save Money. Search here and find some valuable information to keep you financially sound.

http://www.uvm.edu/extension/atfence/?m=201808

Happy Solstice!

May Light & Love shine in your heart this holiday season.

Best Wishes for a 2022 filled with Good Health & Good Cheer!

Peace & Prosperity,
Christine

Does the Stock Market Direction Match Your Mood Swings?

This Week’s Ups and Downs but mostly Downs, have many people struck in terror. First of all, as of this writing, the stock market is down 2% for today. Yes, you may say but what about the week? While let’s look at the long-term picture for a better perspective. Since this time last year, the market is up. Not a lot but higher than it was on December 6th in 2017 as far as the Dow Jones and S&P are concerned.

Second, the real question is….How are your investments doing? Technology for example is up. If you have some equity diversity and bonds in your portfolio, the decline of the past few days may be balancing your portfolio to the point where the losses are not so dramatic. Look closer at what you before you panic.

Third, do you have cash? Not just in your pocket but in the bank. Perhaps as part of your asset portfolio where you can access it if you needed. Remembering that cash is one of the three main forms of investment is essential to managing your money. Despite its poor return record of the past ten years, the reason cash is always in style is for its dependability. The currency is always there and insured if parked in an FDIC insured account.

Finally, if you are truly affected in your daily life by the market swings, this is a time for a two pronged improvement to your life. One, take the time to create an investment strategy that matches your age, needs, and personality. Talk to a professional investment person who can educate you and create this for you, before making any changes. Two, do some important work on yourself by finding ways to decompress more in your life. Your health is worth it.

Meantime, know what you can control and cannot. You cannot change the market. You can change your investments. Most of all, you can lower your stress level with some good information.

Traveling? Spending? Think Ahead.

According to CBS this Sunday morning, “over 60% of Americans are planning to travel on vacation this summer.” We are post peak of the pandemic and many people are jumping at the opportunity to get out, do some things and have fun socially – something we have been unable to do since March 2020 – and for those of us in the winter tundra of the north – since September/October 2019.

The human urge is to jump on board and get going – whether it is a vacation or new car or clothes to look fabulous, we are making moves. The issue will come up if we are not making conscious well-thought-out choices.

After all, so many were nesting during the emergency orders that the housing market went crazy. As did the remodeling market. Yet, according to the experts, almost 30% of people who bought houses regret their decision.

So before you do any more spending beyond the basics, take a moment to set an overall intention such as remaining financial stable. Review your values.

Then, take the following steps:

1. Reassess what you need and want in your safety account.

This is the money in savings for unexpected events. Just because we experienced a once in a hundred years pandemic, does not mean another event will not strike you personally or the world globally.

2. Plan what you want.

Over the past year and half, people have gotten great at naming the basics that they need to spend on and a few extras, like Netflix and Door Dash, to get them through the hard times. So planning that vacation or for new clothes or sporting equipment the time has come. Rather than an unlimited budget or credit card long term pay off, decide now what is reasonable to spend.

3. Set aside that amount you need

Either in cash, a separate savings account, or noted with a sticky note on your credit card. That reminder will help you stick to plan and give you permission to spend without going over the plan.

4. Enjoy!

If you do not enjoy what you spend on, then there is no sense to money at all. We are meant to have fun. Buying with a plan helps you have no regrets.

Be Smart, Be Slow and Thoughtful as you emerge.

Conscious Choices, Live Peacefully.

It is happening!

We are emerging from the pandemic lockdown mentality. Though variants and vaccine stragglers abound, there is the socializing side that so many are struggling to get used to again. Then, there is the piece that is gaining some traction but not enough attention.

Emerging financially. Our spending habits changed with covid. First there were none – with eating out dropping majorly and credit card use plummeting. Then, we began to adjust to home and with it the cost of monthly subscriptions to keep us entertained, in shape or stretching personal growth. The next step of the financial pandemic was home improvements over looked or not necessary until we spent so much time at home. Finally, the housing plunge which is still going on. The demand for a home in the suburbs or country were powerful.

The need for more sweats, less makeup and creative recipes changed us and our spending habits. Now, we are changing again. I have events to go to! I need clothes! I get to go somewhere without a mask. There is a global demand for lipstick. Dinner out is an option. A respite from takeout is available. Those recipes may collect dust.

How do we manage this radical change to our spending habits without damaging the savings we have built? A bit of planning always helps. And before that creating your own money philosophy so you do not get washed away in the fun of shopping, traveling and upgrading your home without thought.

How do you do it?

1 - Create your values list.

What three things are important to you? Health, Family, Adventure, Spirituality

Do it with your partner if you have one. But only after you have each done it yourself.

2 - Remind Yourself!

Once you know your priorities it is important to remind yourself. Maybe a sticky note on the back of your credit card. Or on your computer so before you hit that one click purchase option you can realize how important it really is to you. Or is it an impulse purchase.

3 - Look at Your Income!

Then, take the practical piece and look at your income. Do you know where it is going? For example, households on average have 22 subscription services. Your priorities are changing as we reemerge. So maybe all of those are not critical to your well-being. More than a few may not match your values.

When we spend our money to match our values, we feel better – more peaceful about our spending. Knowing what is really not as important, makes managing money so much easier.

So with those major values in mind, consider what you have for disposal money after the basics of living – food as in groceries, not eating out, housing monthly costs, not including decorating, and transportation and medical and insurances.

4 - Decide what spending supports your values.

For example recreation may be that class you take or golf course you belong to or the travel to kayak on a lake. Keep those in your spending plan.

Decide if the you would feel better if you had spending set aside for the each of your values.

I have clients who feel guilty about spending money on vacation. Yet, time with their spouse is a priority. Setting up an account that they save in and then use it exclusively on vacation, prevents them from stopping themselves. There is money set aside for something they enjoy and appreciate. They find it easier to follow through.

After all, what you spend money on is as important as what you do not spend money on.

Enjoy your money, You deserve it!

Just plan a bit differently and come up with your philosophy first.

Spring Cleaning for Finances: Two Important Tips

Gardeners are thinking of clearing the soil, fertilizing, planting and preparing the soil this time of year. They know that for growth and new nourishment the land must be cleared and prepared for the upcoming season. This is the time to purge, process, and clean up your financial world to make more space for the new.  We must be open to the abundance of the new season and make room for it. This applies to financial paperwork as well. 

My Nanie taught me the most about spring cleaning and gardening that is very helpful still today:

1. Don’t Do Too Much

2. Enjoy a Treat At the End

Here is what I remember: The ritual of dusting and vacuuming the house leaving no rug unturned as we freshen up the house after the winter. As a young girl, I loved joining my grandmother in the task of spring cleaning her home. She would add rearranging the living room furniture and changing the curtains to the usual cleaning. When we finished, the house smelled fresh, and the floors and furniture sparkled.  We would take a moment to examine and appreciate our work when we were done. I found the process satisfying as well as an opportunity to spend time with my grandmother. She always sensed when I was tiring and rewarded the cleaning with cup of tea and a treat.

Spring clean your financial life! Here are two places to start so you do not get overwhelmed:

First, find out how much you are paying for subscriptions on-line: Videos, music and podcasts add up. Once you know how much, you can decide if you use all those services. Which ones to keep? Change? or Unsubscribe? Take some action.

Second, set up a place to keep all your financial information. Whether you put it in a digital file or a paper file, be sure you have investments, banking and insurance information all in one place for easy access.

Then, be sure to give yourself a non-financial treat: A walk with a friend, bake something special or just sleep in tomorrow!

Happy Spring!

Beyond Mourning: Your To Do List

Beyond the funeral, memorial service and figuring out the immediate tasks of handling the death of a love one, lies the void of a life without their caring presence.  In between these pieces is a wealth of activities and paperwork to manage the final affairs of someone close.  Many of these tasks can wait a few days or even a few weeks but knowing what they are will help take the stress away.  There will be less of a chance you will have something fall through the cracks if you have a list to refer to and know what you may be looking for in the personal effects of your loved one.

Here’s a list to work from when you need it:

• Death Certificates – The funeral home will often handle getting the initial document from the town. Be sure and request several original copies. I suggest ten so that you never have to wait for one when a financial or legal institution requests a death certificate.

• Write a list of Assets and Debts, including the estimated values - This list is good for the accountant, courts and lawyer for settling the deceased estate. Also, this is a reminder for you if you have included everything.

• Find their Will – If the will is not available, notify their lawyer who devised it in case they have insight into the trust or division of assets.

• Notify Social Security – Often the funeral home will do this. Social Security is most important for those who were collecting monthly income because:

  • Cancel future payments to deceased

  • Receive the $250 burial amount

• Notify Bank – The deceased checking accounts should not be used after death. So the two immediate issues are:

  • Close out accounts per will

  • Cancel any autopays

• Clarify the Car Ownership - Find the title to the car or other vehicles. No one should be driving them without proper insurance and ownership.

• Cancel Health Insurance – Seems obvious but someone has to take the step to do it. The estate may be entitled to a refund.

• Find Life Insurance Policies – If the deceased had insurance, someone needs to follow up and make sure the details are handled.

  • Notify company and update addresses and information

  • They will need a death certificate (as well as most contacts involving disbursements of money)

• Contact Retirement Accounts - They will want a death certificate.

  • 401(k) and IRA’s will distribute according to the beneficiary instructions

• Defined Benefit Pension Plans may or may not provide benefits to survivors

• Manage Real Estate - All taxes and bills must be paid on the property in a timely manner.

  • Find deeds if available so they can be changed to survivors per will

• Contact Investment Institution – Other investments will be distributed per the will or by state law if there is no will. The company will need to be contacted.

• Notify Credit Cards – All credit card transactions need to stop. For final estate numbers, a balance will be needed.

• Pay Bills - The estate is responsible for the bills and debts of the deceased (except for student loans). Notify the companies such as utilities, phone and others of the death and clarify that they will be paid by the executor. If there is not enough money to pay all the bills, the final accounting and court decides what happens. It is not the personal responsibility of the executor.

• Talk to the Accountant – Current year taxes will have to be filed. In addition, depending on the size of the estate, there may be estate tax forms to file.

• Keep A Paper Trail - Anything related to burial expenses, travel expenses for executor, and all paperwork and expenses related to settling the estate are important for a final accounting.

Much of this financial detail work is the same no matter how much or how little someone has.  All of it is time consuming.  But this needs to be done.   Being prepared is the best way to make this transition go smoothly.

Get More Green with MoneyPeace

Anyone out there remember S&H Green Stamps?  

S&H Green stamps  were issued at grocery stores, department stores or gas stations. Then you would collect them in a book. And once you had certain number of pages you could turn them in for a “free gift.”  (Sounds a lot like the reward credit cards today.   Right?)  Yes, they were popular in the Sixties and Seventies to the point that the company issued more stamps than the post office!

The catalogue was a glossy tome of all sorts of goodies – mostly household treats and small appliances.  My Mom got me interested as I was task oriented and trained by her to be motivated to get something for free. One time she told me I could save the stamps for something I wanted.  I remember the joy of collecting those stamps, cautiously sticking them to the pages.  I loved the idea of a prize at the end.  I cannot remember the prize I got but the process of organizing and planning grabbed my attention as a system with an outcome.

Today, the MoneyPeace philosophy is much like the Green stamp principal.  MoneyPeace is built on first saving.  Saving money, a bit at a time and with a system for that money to be held in with a personalized goal.  With the system in place, the path to the goal is clearly laid out. And like S&H Green Stamps, you can set many goals. 

Getting there may not be half the fun for everyone, but most people who have adapted the MoneyPeace approach have been preaching and teaching it themselves to others.  They recognize they are indeed more peaceful as they have stabilized their finances, accomplished their goals and feel more financially flexible than they ever have in their life.  They have the flexibility to adapt to the ups and downs of life without losing their balance.

Many people were never taught to manage their money.  Financial “gurus” teach their way as the best and only way.  With a MoneyPeace system, we start with the basics and then, personalize the system so you get what you want.  This takes you beyond getting out of debt, saving for retirement or buying a home to a  financial life for the long-term.  When you know where your money comes from and where it goes, you can appreciate your personal cash flow and more importantly, adapted as needed.  Making conscious choices for the future is building a wise financial plan to sustain you and keep you in the green.

So if you liked S&H Green stamps, collecting bonus points or just need a financial boost, learn more about MoneyPeace through our videos, sign up for the newsletter and prepare yourself for a more peaceful life. 

Springtime Baby? Plan for Their Health, Wealth and Future Now.

Birthing Classes.  Pre-Natal Check ups.  Sonograms.  Baby books and morning sickness are all well known.  Expecting mothers attend to the medical needs of the new child and herself by regularly receiving medical check ups. Prospective parents plan for the physical needs of the child by setting up space for the new crib and some clothes and even books and toys. Others join in the fun with baby showers and gifts for both the new mother and the baby.  But what about the money side?

 Less anticipated and planned for are the financial decisions that a couple needs to make. Several financial planning check-ups are needed as much as the routine medical tests during the months of pregnancy. Why?  Because if the financial needs of the parents and the child are not met before the baby arrives, the full of lack of sleep and fast moving priorities may sideline needed financial planning basics. 

Add these four things to you list before the birth:

Health Insurance for the Child: Know Where and How You Will Get Insurance.

Will: Be sure your Estate Planning Documents are In Order.

Cash Flow: Understand the Implications of the added expenses: from diapers to daycare.

Life Insurance: Be Sure you have enough for a family. Do not be surprised as a pregnant woman if you have to wait until after the birth to finalize it.

Having a child is a beautiful and momentous experience. Plan ahead to lower the stress financially before the baby arrives. You will be taking care of yourselves and your child.  And thinking ahead will mean one less thing to worry about and more time and energy to enjoy your child.

Use Your Time Wisely

Take time to work.

                  It is the price of success.

                  Take time to think.

                  It is the source of power.

                  Take time to play.

                  It is the foundation of happiness.

                  Take time to read.

                  It is the foundation of wisdom.

                  Take time to dream.

                  It is hitching your wagon to a star.

                  Take time to love and be loved.

                  It is the privilege of God.

                  Take time to look around.

                  The day is too short to be selfish.

                  Take time to laugh.

                  It is the music of the soul.

                                                An Old Irish Proverb

Do You Know Where Your Money is?

In casual conversation, Someone told me that they were great with their investments because they had someone they trust at a big firm taking care of all that.  I said terrific, how is it invested?  The look they gave me was the look most people do, confusion, misunderstanding and discomfort.  If I already knew what big company it was at, doesn’t that mean I know where and how it is invested? 

If someone I loved was in Mercy Hospital, that would tell you one thing.  But if you wanted to know more because you were close to your loved one, you would ask who the doctor is and what they were doing to them and what the diagnosis was.  Yet, an established financial firm seems to be the cover for many financial questions. 

There is so much more.  You want to keep your money close to you and understand.  You are the only one responsible, no matter who is managing the money for you.  You have given them the power to manage it but still your job is to be sure they are doing what you want.  And what feeds your needs and goals. 

According to Financial Planning magazine and Schroders research, you are not alone:

Half of people in their mid-40s to late 50s saving for retirement don’t know how their money is divvied up between stocks, bonds and cash, according to a survey released on Thursday by Schroders.

That was true even for respondents between the ages of 60 and 67, a time when retirement is near, if not imminent. When broken out by gender, 39% of men didn’t know how their retirement funds were divvied up, compared with 59% for women. And while 35% of men said they had done a “very good” amount of planning and preparation for retirement and were fully on track, just 17% of women said the same.