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Will I Outlive My Money? 

Need Help Planning For Retirement? 

Planning one’s retirement can be an intimidating process. Are you having trouble solidifying your retirement plans? Do you worry that unforeseen circumstances might interfere with your desirable retirement plan? Do you wish you could lean on the advice of an expert as you plan for your future? I’m Dr. Penelope Tzougros, and I’ve helped hundreds of people with these same concerns. Now, I’m ready to help you. 

The Retiree’s Online Guide Lays Out Your Options 

As a financial advisor, I’m eager to help retirees make informed choices about their retirement. That’s why I’ve designed an accessible online course for retirees called the Retiree’s Guide Online Course. You can access this guide online from the comfort of your own home and receive the same level of help that you would if you were to visit my office in person. 

Will I Outlive My Money? 

The Retiree’s Online Guide is made to help answer questions like the one above. This course will help you vividly see the possible risks that come with the decisions you must make about your retirement, thus allowing you to make an informed decision about your future. Other questions this course addresses are: 

  • Should I stay or should I move? 
  • Can I stay in my home and stay independent? 
  • Can I cut costs? 
  • Can I increase income? 

Select One Of Three Options For The Retiree’s Guide Online Course 

If you’re ready to have your questions about retirement answers, sign up for the Retiree’s Guide Online Course today. You have three choices for this course: 

Option one includes the entire Retiree’s Guide Online Course. 

Option two includes the entire course plus a one-hour consultation with me, Dr. Penelope Tzougros. 

The third level includes the entire course plus a comprehensive financial plan prepared by me. 

Sign up today to learn more about how you can prepare for retirement. 

The Retiree’s Guide Helps You Prepare For Retirement 

Wouldn’t be it nice to rely on expert financial advice as you prepare for retirement? I’m Dr. Penelope Tzougros, and I’m ready to offer the expert advice you seek. I use my experiences as an author, a speaker, a financial planner, and a Professor to help you prepare for the future and for retirement. Making financial plans can feel scary, confusing, or overwhelming – but it doesn’t have to be. Contact me today to learn about how you can prepare for retirement now! 

Retirement Planning: Should I Stay Or Move? 

A Retiree’s Big Decision: Should I Stay Or Should I Move? 

As you reach the age of retirement, you can expect to make many important decisions that will impact your life during your retirement years. One of the big decisions you’ll find yourself thinking about is this: Should I stay home, or should I move? If you’re having a difficult time answering this question, don’t worry. I’m Dr. Penelope Tzougros, and I’m here to help you understand your options for retirement. 

Seek Professional Advice As You Approach Retirement 

As a financial advisor, I help people like you take a more informed approach to retirement and to the question of if you should stay or if you should move. You may think you already know your best assets as you prepare for retirement, but there is a wide range of risks – including social, physical, financial, emotional, and health-related risks – that could interfere with your desirable plan for retirement. 

Weigh The Pros And Cons 

If you want to understand your choices as you approach retirement, if you’d like to have someone to lay out the pros and cons for you, then you’ve come to the right place. I’ve developed an online course to help people like you. It’s called the Retiree’s Guide Online Course. You’ll receive professional advice in the comfort of your own home. 

How Will The Retiree’s Guide Online Course Help Me? 

No matter if you’re leaning more towards moving, staying home, or are in a state of uncertainty, this course will help you clarify your thinking, help you avoid mistakes, and increase your satisfaction about your decision. 

Sign Up Today 

The Retiree’s Guide Online Course is currently offered at three different levels: 

The first level of the Retiree’s Guide Online Course includes the entire course. The second level includes the entire course plus a one-hour consultation with me, Dr. Penelope Tzougros. The third level includes the entire course plus a comprehensive financial plan prepared by me. 

The Retiree’s Guide Helps You Prepare For Retirement 

Wouldn’t be it nice to rely on expert financial advice as you prepare for retirement? I’m Dr. Penelope Tzougros, and I’m ready to offer the expert advice you seek. I use my experiences as an author, a speaker, a financial planner, and a Professor to help you prepare for the future and for retirement. Making financial plans can feel scary, confusing, or overwhelming – but it doesn’t have to be. Contact me today to learn about how you can prepare for retirement now! 

Can I Stay In My Home And Stay Independent? 

How Do I Plan For Retirement? 

Do you find yourself wondering what you need to plan for in order to be ready for retirement? Are you uncertain if your finances are what they need to be to support you for retirement? Are you uncertain if you should stay in your current home or move once you’re retired? I’m Dr. Penelope Tzougros, and I’m here to answer your retirement-related financial questions. 

Can I Stay In My Home And Stay Independent? 

As you approach retirement, one of the biggest decisions to consider is the Stay-Move Decision. Do you stay in your current home or move to a new one? If you stay in your home, will you be able to stay independent?  

Even if you’re confident in your ability to remain independent now, there are many factors that can interfere with your desirable plan for retirement. For example, consider how any combination of social, physical, financial, emotional, and health risks can completely change the quality of your life. You could easily go from a content retired life to one of stress and agitation. 

The Retiree’s Guide Online Course Helps You Consider Your Options 

As a professional financial planner, I’ve developed a program to help guide retirees as they make decisions for their retirement. You’ll receive the same caliber of help that you would if you were visiting with me in person, in my office.  

I’ll help you vividly see both the pros and cons of living at home vs. moving to a new home. Whether you’re in the Stay Forever, Maybe Move, or Move Now mindset, this program can help you. Sing up for the Retiree’s Guide Online Course today to clarify your thinking, avoid mistakes, and increase your satisfaction in your decision. 

The Retiree’s Guide Helps You Prepare For Retirement 

Wouldn’t be it nice to rely on expert financial advice as you prepare for retirement? I’m Dr. Penelope Tzougros, and I’m ready to offer the expert advice you seek. I use my experiences as an author, a speaker, a financial planner, and a Professor to help you prepare for the future and for retirement. Making financial plans can feel scary, confusing, or overwhelming – but it doesn’t have to be. Contact me today to learn about how you can prepare for retirement now! 

Where Should I Live In Retirement? 

Are You Preparing For Retirement? 

As you approach retirement age, there are many things to consider about how you will live your retired life. One of the biggest decisions retirees make is the Stay-Move decision. I’m Dr. Penelope Tzougros, and I’m here to help you consider the best options for your retirement. I’ve used my expertise as a financial planner and author to help hundreds of people, and now I’d like to help you. 

Do You Struggle With The Thought Of Leaving Your Beloved Home? 

When retirees consider whether they should stay in the home they’ve lived in for years or move, they often struggle with the thought of leaving their beloved home. After all, if you’ve gotten along just fine in your home for years, why should that change? Many retirees also consider their home to be their best retirement asset. You may be wrong, however.  

Unpredictable changes in your finances, health, physical needs, social needs, and more could make it more difficult to continue living in your home. Additionally, your house may not be the asset you think it is. It’s best to be sure you understand the role of your house in retirement. 

The Retiree’s Guide For The Stay-Move Decision 

I’ve created The Retiree’s Guide Online Course as a way to guide retirees like you, just as though you were sitting in my office. This online course is easily accessible and can be taken from the comfort of your own home. 

Whether you’re of the mindset that your want to Stay Forever, Maybe Move, or Move Now, this course can help you clarify your thinking, avoid mistakes, and increase your satisfaction with your decision. Don’t wait – sign up for the Retiree’s Guide Online Course today. 

The Retiree’s Guide Helps You Prepare For Retirement 

Wouldn’t be it nice to rely on expert financial advice as you prepare for retirement? I’m Dr. Penelope Tzougros, and I’m ready to offer the expert advice you seek. I use my experiences as an author, a speaker, a financial planner, and a Professor to help you prepare for the future and for retirement. Making financial plans can feel scary, confusing, or overwhelming – but it doesn’t have to be. Contact me today to learn about how you can prepare for retirement now! 

Your Jeans Can Grow Your Money

When I was growing up what are now called jeans were called dungarees. That likely derived from the “dungri,” the Hindi name for the thick cloth that was manufactured near Mumbai.  A popular brand then and now is Levi’s. It’s got cooper rivets. Why? It’s a very American story.

A Bavarian immigrant, Levi Strauss, arrived in San Francisco during the Gold Rush. He realized the miners needed sturdy work pants and he observed that the tools that they stuffed into their pockets as they worked tore the pockets. Rivets at the point of strain on the pockets were the solution he and a tailor, created and patented.

Touch the copper rivets and connect your process for mining for the gold in your own life with this story of ingenuity. Notice too that many jeans have five pockets, just the right number to organize your money. Two big pockets on the front, two on the back and one small pocket top front.

Starting at the front right- that pocket is for the essentials- what you must spend money on to get through the week. These are your “operating expenses.”

The other front pocket is for your safety net. Money you set aside for health insurance, life insurance etc. Rotating to the back pocket you set aside money for goals in the next twelve months. The other back pocket is for goals you want to achieve in two to five years.

That little pocket front right side is called by some, a change pocket, but I’d say it’s your retirement money. That’s because a little (no matter how many dollars) consistently invested for the future can grow significantly.

Suppose you were able to set aside $50 a week for ten years and a hypothetical investment could earn on average annually 8%. That might become over $36,000. If you didn’t invest it but just put it under your mattress, that might become $26,000: $50 x 52 weeks x 10 years. You’d be concerned your mattress being vulnerable to fires and thieves. Investors worry about a variety of risks which may include- market risk, liquidity risk, and interest rate risks.

No saving plan, and no organization for your longer-term goals are ways to undermine your financial future.

Instead, the visual of your five jean pockets can be a constant reminder about the various jobs for your money. Have you put the right number of dollars in each pocket to reach your goals?  Pay for your daily operating expenses, create a safety-net, save, and invest for goals to be achieved in one year, two to five years, and for retirement.

Your jeans can help protect your money because they remind you to have a plan for each of the jobs of your money. These miner’s pants can help you build your own “gold,” without the hardships of mining for gold.

All investing involves risk including loss of principal. No strategy assures success or protects against loss. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

Penelope S. Tzougros, PhD, ChFC, CLU. Financial Planner, Author, National Speaker. Wealthy Choices.com. 51 Sawyer Road, Suite 340, Waltham, MA 02453. Direct to Penelope 781 577 2311.

[email protected]. Fax 781 893 3565. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPC. She is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.

What If No One Says, “Wow?”

How others respond to us matters. We shape each other by our reactions. We shape our communities by our interactions.

Kids doing some daring feat like riding a two-wheel bike solo for the first time, might call out “look at me!” It’s great if someone is there to cheer them on and say, “wow, look at you!”

As you grow, the cheers might be a promotion at work for a job well done. There may be other acknowledgements like honors, trophies, awards, and commendations that say in their own way “Wow!”

If you buy something at a great price and tell a friend about it and the friend is impressed with your being such a savvy shopper that reinforces your pleasure in the item, you bought. If no one sees value in the unique object you cherish, does it diminish your regard of that object?

Suppose you live alone, and dress nicely each day though no one will see you, and you prepare tasty food that no one else will share with you. You exercise. You read. You learn. There are no gold stars for doing right things. There are no wow’s that admire you for holding it together, being positive and not falling apart. Would the lack of positive reinforcement change you over time?

Can you separate out the wow reinforcement? If there were no one to say “wow” about whatever you did that was special, or what you bought that was one of a kind, how would that lack of feedback change you?

Though it is good to be self-motivated and purposeful, being part of a community that can encourage us, and offer “wow’s” of appreciation, helps us thrive. The more we can offer each other genuine appreciation for the good we do, the more we create an environment that nurtures our capacity for love, creativity, and compassion. I send you a cheerful “Wow!” for reading this mediation and for considering the power of your “Wow!” in shaping the goodness around you.

All investing involves risk including loss of principal. No strategy assures success or protects against loss. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

Penelope S. Tzougros, PhD, ChFC, CLU. Financial Planner, Author, National Speaker. Wealthy Choices.com. 51 Sawyer Road, Suite 340, Waltham, MA 02453. Direct to Penelope 781 577 2311.

[email protected]. Fax 781 893 3565. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPC. She is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.

Balance, Credit Card Debt and “Her Niece, Elizabeth”

“From now on, I will always [fill in the next part: exercise, control my temper, eat more vegetables, save more money…]. If you are successful in following up on whatever statement you made, bravo. If you continued your plan for a long-time, months, years, you deserve more praise.

However, my friend Charlotte says, “People are uneven.” Sometimes we follow-up with what we think is best and other times we don’t.

So, how do we stay steady and in balance with our goals whatever they are? I think there are two parts to this. The first is Vision and second is Action.

First you envision your corner of the world. What do you want it to be? What are its virtues? How do people treat each other? What are the standards that you except for yourself?

Second is your action. How does what you do every day in all your interactions make that vision a reality?

Your actions can undermine your vision. Suppose you say, “I should be financially responsible and not carry credit card debt.” You know that is best and yet, you continue to carry debt.

Why the disconnect? Get that answer by having a quiet, honest conversation with yourself. “I did this because….I can do better because I can put my credit cards in the freezer, so they are not available.” That may seem extreme, but you are finding a way to interrupt the habit of making a purchase easy.

The story that follows “My niece, Elizabeth,” is about inner balance. It is about getting to your goal, in this case managing credit card debt, not by yelling at yourself, but having the deep insight about what runs you and what runs your money. Balance comes from having the vision that pulls us back to what is higher and better when our uneven actions lead us astray. At best, we are a work in progress.

Her niece Elizabeth 

Gina wants to buy a birthday present for her favorite niece, but she doesn’t know exactly what she wants to buy. She does know the effect she wants to have. She wants her niece to feel loved and spoiled.

She’s been thinking about the gift for a while. She’s walking around a mall at lunchtime waiting for something to call to her, “This is the right gift for Elizabeth.”  Gina’s lunch hour is running out, but just in time she sees the perfect suit for Elizabeth. Next week she has a job interview. She is excited and worried about it because it could be a career breakthrough. The suit is exquisite. It will make Elizabeth look her best and give her just a bit more of an attitude that says, “Of course you want me for this job.”

Gina talks with Elizabeth’s mom later that day.

“Yes, Louisa, I know the suit costs more than I can afford, but she’s going to love it and look ….”

“Didn’t you tell me you were swearing off charging, so…

“Oh, don’t do the big sister sober stuff. I have been excellent. I take a thermos and lunch to work. I haven’t used the cards since we shopped six months ago for Dad’s gift.”

“Gina, this is just a job interview. You spoil her.”

“Will it make you feel better, If I debated about it? I didn’t do my usual rush to buy it and not give it a second thought. That’s a great improvement.  Now I’m like you. I worry before, during and after I buy something.”

“You’re bad.”

“If there weren’t laughter in your voice maybe I’d believe you. When will she be home? I want to see if this will look as good as I think. Maybe she won’t like it.”

“That would be the first time since she was born!”

What’s your view of this story?

Why is this a story about a successful goal and not about sloppy justification? Email me with your view, [email protected].

All investing involves risk including loss of principal. No strategy assures success or protects against loss. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

Penelope S. Tzougros, PhD, ChFC, CLU. Financial Planner, Author, National Speaker. Wealthy Choices.com. 51 Sawyer Road, Suite 340, Waltham, MA 02453. Direct to Penelope 781 577 2311.

[email protected]. Fax 781 893 3565. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPC. She is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.

 

Seven People, One Bathroom, Equals A Financial Plan

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Part of what is the matter with America today is we have too many bathrooms.  How many people shared a bathroom in your home when you were growing up?

We were blessed to have one set of grandparents living with us, so we were seven, and we shared one full bathroom, and yes, a half bathroom on the first floor.  What we have now is therapy, sensitivity groups, time management experts, organizational behavior experts, and others doing the job formally done by the necessity of really understanding another person’s needs and quirks.  If everyone has a TV, phone, and bathroom, when do we learn the idea of negotiation, give, and take, and appropriate interdependence?  This theory of mine: One bathroom = meaningful interdependence – may not hold water, but it does lead me to the discussion of our connection with our older relatives and how to help them.

Thanksgiving and other gatherings at the end of the year are especially full of the richness and complexity of family.  You see either in your imagination or at your holiday table the faces of loved ones, some of whom will need your care, just as you at one time needed theirs.  What should you do? 

You may already feel that there are too many demands on your energy, time, and money. Nonetheless, you feel interconnected and want to do something. Here are some preliminary steps you can take before Mom or Dad or Aunt or Uncle has a stroke, suffers a serious fall, or begins to show signs of Alzheimer’s.

Small steps to take as you begin to consider these significant matters

  • Conversation starters

Because it can be hard to talk about health issues and frailty having a conversation starter can help. You’ll know best what will work with your family.

For instance, you can blame the discussion on a financial planner.  The lead in is: Mom, I’ve been speaking with a financial planner who asked me (try any of these) …

 Will your mom and dad come to live with you?

 Do you know if they have written a will and if so, where is it?

 Are they covered by a long-term care policy?

 Perhaps, Mom and Dad will be pleased that you are being financially prudent.

Another approach is referencing an article or news story. “Dad, I read an article about… What do you think about …” 

Start with something that has happened to a person they know. What did you find out about your friend, Pat’s going into a nursing home, or assisted living…?

Ask your parents about anyone they know and how that family is dealing with a health change. The discussion can lead to your asking, “If that had been you, what would you want us to do?”

    • Executor/executrix or currently called Personal Representative

You asked me to be the person in charge of dealing with your estate. I can do that, and I pray that will be many years from now.

Just so I can do whatever you ask, does each of you have a current will? Who is your attorney? Is there anything you want me to know about it? Any surprises that you want the family to know about? Do you want me to read it over?

You are communicating your willingness to help without intruding too far at the moment. If they are open to your reading the will that is the best outcome.  You will want to check on specific bequests to family, friends, and charities. Our Aunt Mary many years before her death allowed each of the nieces and nephews to choose which of her paintings they wanted. So, our names were listed in an addendum to the will and a tag was attached on the back of each canvas.

If your parents answer that the legal documents are in a safety deposit box, that may present a problem. In many states the safety deposit box is sealed at death. Find out the rules at their bank. Will you have access if your name is added? That is a step in the right direction but if a death occurs when the bank is closed, how will you know the directives for the funeral and other arrangements?

Be aware that taking on the role of the executor/executrix or personal representative requires work on your part. The larger and more complex their holdings, the more time and expertise you will need. You may need the help of accountants, appraisers, attorneys, real estate agents and others. Here’s one list of the duties of an executor https://www.elderlawanswers.com/what-is-required-of-an-executor-6434

  • Know the neighbors

Mom and Dad, you said you really like the neighbors who moved in next door. I’d like to meet them. Do you have their phone number?

You want the numbers of people who live right near your mom and dad so you can call them, or they can call you in an emergency.

Mom and Dad, do you have a written Health Care Proxy? If you were hospitalized, who has the right to speak to the doctor about your medical care? 

You want to be sure that your parents have such documents and that copies are in your hands, and available to their doctors’ and the local hospital.

  • Everyone can help

Plan a strategy session with other concerned members of the family- siblings, cousins, grandchildren. Discuss how you could help Mom and Dad if it becomes necessary.  Who could give them house space?  Who could provide some income?  Who would cut the grass? Could you pool your money and cover the premium for long-term care insurance so that professional care could be brought into their home? That way one family member would not be responsible for all the care.

One nurse I recently met did not like the spoiled Me-first attitude she began to see in her teenagers. So, she set the goal that each week they must do specific chores or acts of kindness for their grandparents.  Some items on the list were: preparing a meal, being available for a set time to do whatever chores were required, shopping for them, etc.  The nurse was encouraging “meaningful interdependence”.  The grandparents had been there to nurture the young people, now it was appropriate for them to be respond with creative caring.

Perhaps we learned interdependence because of limited resources like one phone, one bathroom, or maybe we learned it by love or duty. In any case, we are richer for caring, accommodating, and understanding our common human condition with its joys and frailties.  We may also find that how we address the needs of our older relatives draws the blueprint for how we in turn may be cared for. Let’s perpetuate the best of caring.

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A Wonderful Day and Why Words Matter at the Heart of Good Financial Planning & Discerning What Matters Most to Us

I knew it was going to be a wonderful day because as I brought my toothbrush to my mouth, I smelled peanut butter. I had coated my toothbrush with the mini poodle Tilly’s toothpaste. Tilly does not like having her teeth brushed but she tolerates the process because her toothpaste tastes like peanut butter.

My sleepy gesture got me laughing. How centering it is to start the day laughing at my own foibles. I take my work seriously, my loved ones and many other things seriously, but I’ve got to be able to laugh at myself, with myself and keep things in perspective.

Since the Covid-19 lock-down in Boston mid-March, I have worked twelve-and fourteen-hour days, because my dear clients wanted words, not just reports with numbers.

What are the words they wanted to hear? They’re the words at the heart of financial planning. My work with those whom I am privileged to serve is about many unknowns and some facts. We have facts that detail the patterns of market downturns and recoveries. We know the history of all sorts of investments and what conditions nurture particular investments. Charts and graphs can support all sorts of hypotheses.

Words at the heart of good financial planning are words that allow us to talk about our fears and the unknowns. We don’t know how long we may live, or what level of robust health we might enjoy. We don’t know if our money will last or if some extraordinary event will wipe away a lifetime of building for the future. We don’t fully grasp how breathing the air between us as we laugh, and chant can kill us. That sort of worry and social distancing violate our sense of being friends and neighbors.

Words allow the pain to take shape and get out, so it can be put in perspective, even if it cannot be removed. Words no matter how stuttering and inadequate can strengthen us. Like my modest toothpaste story, words can center us and focus us on what really matters. Whenever we are aligned with what is crucial in our lives, we can push aside the distractions and be open to the humble wonders around us. May we each experience many such restorative times.

 

All investing involves risk including loss of principal. No strategy assures success or protects against loss. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

Penelope S. Tzougros, PhD, ChFC, CLU. Financial Planner, Author, National Speaker. Wealthy Choices.com. 51 Sawyer Road, Suite 340, Waltham, MA 02453. Direct to Penelope 781 577 2311.

[email protected]. Fax 781 893 3565. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPC. She is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.

You Don’t Need Superpowers to Be Your Own Money Manager

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If you’re working and able to contribute to a retirement plan, are you investing in the plan? Who should manage your money? You may be eager to identify the most talented fund manager so you can invest in that fund. That’s an understandable search.

But if the most you contribute to a retirement plan is 15% of your income, then 85% of your money is in your control. Yes, some of your money pays taxes. Let’s guess that’s 30%. That would leave you in control of 55% of your money (100 -15 – 30 = 55%).

If you’re making decisions on 55% of your money and the professional fund manager is only handling 15%, then you should be as talented or more talented than the fund manager. Are you?

Here are seven questions to test your talent in handling the 55%:

  1. When you buy a piece of clothing (i.e. slacks, a suit, a coat), are you able to evaluate how well the price reflects the workmanship?
  1. Do you buy something that is on sale because you need it?
  1. Do you pay your bills, taxes, licenses on time?
  1. Can you explain how 95% of what you spend advances your goals?
  1. Do you have an emergency cash reserve to cover a car or house repair or some other unforeseen event?
  1. Do you think it is essential for you to give gifts and give to charities?
  1. Do you save for short and long-term goals?

The more “Yeses” you have the better, and the more talented you are in managing your money. You are your most valuable money manager.

Here’s what the yeses indicate:

  1. There are plenty of reviews for you to read before you buy electronics and machines of all sorts, but rarely any when you’re buying slacks. An informed shopper can identify workmanship in a suit, a dessert or anything else. If you are buying designer labels, you may not be getting quality in the workmanship. Take the time to learn from someone what to look for in a well-made garment.
  1. If you are attracted to and give in to the temptation to buy items with a deep discount sales price, you may buy things you don’t really need. You may justify the purchase by saying that it may come in handy later on. Do you have clothes or shoes that you bought and don’t wear? Have you bought a tool or gizmo for the garden or workshop or kitchen that isn’t used? The thing would have been a bargain if the thing were used. Alas, temptation in any area of life can lead us in the wrong direction.
  1. Paying bills, taxes and licenses on time takes organization and discipline and saves you money on fines and late fees. If your cash flow is uneven because of your job, then you need to be even more clever about juggling the bills so that you don’t waste money on fees and fines.
  1. Buying an air conditioner for the bedroom so that you can get a good night’s sleep and get up refreshed is in line with a goal for health. A less expensive item like toothpaste definitely advances the goals of good dental hygiene and being more socially acceptable. Buying a quart of your very favorite ice cream when you have decided to concentrate on losing a little weight is undermining your goal.
  1. Though credit cards may cover an unexpected repair, for every month that the balance is not paid off you are paying 2% a month more for that repair if the interest on your card is 24%. Building up a substantial cash reserve is ideal.
  1. Gifting is one way we say to others, “I see you; I care about you. I want to do something that makes you smile.” Each of us is complex, partially known and closed in with our own perceptions, pains, and joys. We break out of our isolation, aloneness, and fragility when we connect to someone we care about, and causes we care about. Gifting is one creative way we make a connection of heart and mind. We are not focusing on the function of that person in our lives but on the unique person. We are empathizing with that charity and see how it is contributing to a more humane community. We enrich our lives and those around us with gifts. Those gifts may be things, or money, or listening or lending a hand, or giving enthusiastic appreciation and support.
  1. Goals are often on a timeline: within this year, 3-5 years out, 10 or more years away. Fewer dollars can be committed to the later goals since the investment has time to grow. Saving toward each at the same time is a satisfying system because it helps us dream about the future we want and gives us a concrete plan for reaching those goals.

You are your most valuable money manager. Your wise daily choices can allocate money to your top priorities, keep you from wasting money, create community, and advance you to your goals and dreams. What is in your control is critically important. Isn’t it satisfying to know that the skills that you need are skills you have? You don’t need superpowers, just daily wise choices. These can lead to your success.

 

All investing involves risk including loss of principal. No strategy assures success or protects against loss. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

Penelope S. Tzougros, PhD, ChFC, CLU. Financial Planner, Author, National Speaker. Wealthy Choices.com. 51 Sawyer Road, Suite 340, Waltham, MA 02453. Direct to Penelope 781 577 2311.

[email protected]. Fax 781 893 3565. In all 50 states, Penelope S. Tzougros is registered with, and securities and advisory services are offered through, LPL Financial, Member FINRA/SIPC. She is affiliated with Bay Financial Associates, LLC. Financial Planning is offered through Wealthy Choices® and Bay Financial Advisors, Inc. Both are registered investment advisors. Neither is a broker-dealer nor affiliated with LPL Financial.

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