I was just talking to one family member about making your dollar grow and grow. OMG! All that spare money in the Bank Savings Account and it's just getting an interest of 0.03% instead of 6% if invested in annuities. I must confess I was in agreement with President George W. Bush and his administration of semi-privatization of Social Security. Anyway, nothing happened because some Capitol folks had no guts.
My Financial Advisor had the following recommendations:
- Explore the things that you've wanted to do but didn't have the time.
- Make a list of things you've always wanted to do and goals you wanted to accomplish, and prioritize the things that are most important to you.
- Schedule your top 3 things and put them on your calendar!
How to Protect Yourself
- Review your statements as soon as they arrive.
- Immediately report lost or stolen credit or debit cards.
- Shred papers with bank or credit card account numbers.
- Pay bills online rather than through the mail.
- Make a photocopy of everything in your wallet. [Did not do yet]
- Put a lock on your mailbox. [Hmmm...I pass by the mail truck in my neighborhood and anyone can take the letters/envelopes while the mail carrier is going from house to house]
- Don't carry your social security number in your wallet.
- Keep your computer and anti-virus software updated.
- Request your free annual credit report every year at http://www.annualcreditreport.com
Thrifty Giving Tips
- If you have some drawing talent, draw a simple picture of some experience you had together and frame it. [Beautiful, cheap frames at ROSS]
- Make a coupon book for the coming year - a dinner out, spa and foot massage, going bowling, or other experiences you'd like to have together.
- Create scrapbook - it's not hard.
- Buy a mini-tree and decorate it with quotes, love notes, small pictures, etc.
- Mix your own music CD - It's easy on the computer.
- Cook something special.
- Write a poem or a love letter.
- Pay attention to what they like (sports, a pet, coffee, crossword puzzles) and get something inexpensive that shows you gave serious thought to it.
- Go to CostCo and buy the number one bookseller book.
Avoiding Sibling Jealousy at Inheritance
We leave our earthly possessions to our children to help them live a better life. Sometimes, though, it sparks disagreements that do just the opposite. Here are some tips for avoiding fights when you're no longer here.
- Communicate your wishes clearly and in writing. Make a will and review it regularly. [Oops! Haven't change mine since 1980]
- If you're not dividing everything equally, clearly express why.
- Don't leave one set of stocks or investments to one child and different set to another child - divide everything equally.
- Consider the grandchildren - some people might divide 2/3 of their assets equally among their children and 1/3 equally among all their grandchildren.
- If one child needs extra help, consider paying them something extra out of the estate in exchange for being the executor or taking care of some estate management task.
Create an Ethical Will
A gift of the heart to the next generation - There are different approaches. You can find suggestions on the internet or from books, such as: The Ethical Will Writing Guide Workbook; Ethical Wills: Putting Your Values on Paper.
Last Will & Testament
- If you decide to disinherit somene, don't just leave them out. PUT IT IN WRITING.
- If you decide to leave a house (like a vacation home) for the family, consider leaving a chunk of money to be used for upkeep,etc. Also consider setting up a trust for this piece of property.
- For division of personal items, consider holding a private family auction. Everyone gets the same amount of play money to bid with, and when someone's money is gone, they can't bid any longer.
- Alternatively, hold a round robin. Everyone in turn gets a chance to pick one item. Straws are picked each round to determine the order.
Health is Wealth
- Physical Exercise - According to the research, both aerobics and weight training are important to keeping the body fit. A body in motion stays in motion.
- Mental Exercise - Recent evidence clearly shows that the brain doesn't have to go into a steep decline as we get older. Examples include: Learning a new language, playing games such as chess, bridge or scrabble, utilizing online mental game sites such as http://www.lumosity.com , practicing doing arithmetic in your head.
- Novel Sensory Experience - For example: Travel (spend time in a new environment), smell new odor (smell of coffee, bacon, fresh bread) to wake you up in the morning, take a shower with your eyes closed (your senses become more active when you cannot see), try brushing your teeth with your non-dominant hand (requires full attention the first time).
Nutrition
Not okedoke for me -- I like fat, fry and salt. And things go better wth Coke. I eat therefore I am. *Capitalist Ms. Piggy
- Monitor fat intake, but fat-free is not necessarily healthier.
- Eat what you like, but in moderation.
- Bake rather than fry.
- Drink water, not coffee, tea or soft drinks as your main beverage.
- Eat meals earlier in the day. Digestion weakens at night, and undigested food in the stomach disturbs sleep.
- Use spices to season food rather than salt and sugar.
- Applesauce can replace much of the oil in recipes.
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