A presidential commission has
recommended increasing the early retirement age for Social Security to 64 and
the full retirement age to 69. Fortunately, the plan, if adopted, would be
phased in slowly and wouldn’t be fully implemented until 2075.1
It’s already begun…Halloween hasn’t
even arrived, but the Christmas trees are already out. Soon there will be the
holiday traffic as well. Maybe you haven’t already begun to shop or figure out
where the shopping money is going to come from, but unlike many consumers whose
habits are to BUY NOW/ PAY LATER, consider paying on the front end and save
yourself unnecessary emotional stress and debt!
The Great Recession has been swift, severe and enduring. 8 million jobs have been eradicated, millions of homes have been lost to foreclosure, families have been displaced and lives disrupted. If there is a silver lining, it’s that the recession forced us to re- examine our priorities. Out of necessity (the mother of invention), we are learning the difference between wants and needs and that we can ALL live with less.
If you own your own business, chances are you’ve at least thought about the conditions under which you will make your departure from the business and who is going to take over after you leave. Business continuation is difficult enough under normal circumstances, but if it has to take place following the unexpected death of a key person or owner, the complications can increase exponentially. Company-owned life insurance is one way to help protect a business from financial problems caused by the unexpected death of a key employee, partner, or co-owner. If the covered individual dies, the proceeds from this type of insurance can help in several ways. Here are some examples.
Fund a Buy-Sell Agreement: A buy-sell agreement typically specifies in advance what will happen if an owner or a key person leaves the company, either through a personal decision or because of death or disability. The death benefit from a company-owned life insurance policy can be used to purchase the decedent’s interest in the company from his or her heirs.
I'm glad I got your attention! There
was a time when the 401(k) was about 1/3 of your retirement income, but those
days are long gone. Here are the top 5 mistakes to avoid:
Last month we discussed the 5 Characteristics of Wealthy Women and 5 Steps towards Wealth. I received a lot of positive feedback about the topic, but I wondered if anyone made any significant changes in their mindset as well as behavior. I decided to share some more concrete instructions on how to Implement the Wealthy Mindset.
Have a Plan/Consider a Planner: This may sound like I’m stating the obvious, but most people don’t have a plan. Of those who do, their plan may be outdated or obsolete. If you don’t have a plan, you’re already there! A plan should be developed and monitored at least annually to make sure you are on target to reach your goals. If you’re not skilled in creating your own plan, consider a financial professional. Here are some compelling stats on why you should consider a planner.
This is Part 2 of 2. Part 1: 5 Characteristics of Wealthy Women.
In Part 1, we discussed the 5 Characteristics of Wealthy Women. Here are 5 Steps to start you on your Path to Wealth.
1. Change your PERCEPTION: Money applifies your current condition, good or bad. So if you are having a hard time managing $40k/year, managing a 6 or 7 figure income will only make things worse. Change your mindset about money and then put your money to work for you.
2. Be PREPARED: Small beginings can have huge endings, but you need to prepare yourself for success. Eliminate personal debt and start saving & investing right where you are now.
3. Remove the PAIN: Are you a slave to your finances? How bad do you want to change? You will start your path to wealth when the pain of your financial bondage is GREATER than the pain of you changing your poor money management and spending habits.
4. Have a PLAN: You know where you want to go, but how will you get there? A trusted adviser can be instrumental in helping you to map out a plan, stay on track and reach your goals. Your goal should be to build a team of advisors [i.e.: a tax advisor or CPA, a legal advisor/attorney, a financial planner, etc.] and make sure they communicate with each other for your benefit.
5. PAY it forward: As you move forward building wealth for yourself and the next generation, teach your children, nieces, nephews and grandchildren. Additionally, share with others in your professional and personal circles. Each one, teach one.
