MONEY matters

Based on a recent trip back east to visit my elderly parents and in-laws, I realized that for some, stressing over money never ends.  Even though I have reviewed both sets of parent’s financials and showed them they are in fine shape, they still worry that they won’t have enough to last their lifetimes. The one difference is that for both of them, their first priority is making certain the kids get an inheritance. In our case, our parents have plenty of money to see them through the end of their lives, and the inheritances they planned on giving are a reserve to dip into should they need it. I imagine it is part of that generation in having a legacy of giving – so unlike the bumper stickers I often see affixed to RV’s stating “I’m spending my kids inheritances.”

If you find yourself just about ready to say yes and commit to the development of a comprehensive financial plan but for some reason you keep getting stuck on making the final move, my guess is the thought of compiling the documents needed is your roadblock.

So imagine my joyful surprise when a new client just emailed me her very positive feedback after gathering all the info needed to design her financial plan...

Yet another study - this one telling me something I've noticed in my own financial planning practice for several years. According to Prudential Financial's latest study, The Financial Experience and Behaviors Among Women, 53% of the 1,400+ women surveyed are primary breadwinners in their households. The study polled 1,410 American women and 604 American men between the ages of 25 and 68.

Women are taking on the primary breadwinner role for several reasons; because of their partners loss of employment as a result of the financial crisis, as a result of divorce and because women are marrying later in life.

There’s really no easy way to define the experience of waking up your first Monday morning after a lifetime of work, and realizing you’re retired and financially independent. You made it! You don’t have to go to your cube/office/practice/business again - EVER.

For some, this first Monday morning is a Zen experience, transformational in essence, very spiritual and very powerful. For others, it’s one of the most terrifying days of their life.

When was the last time you dreamed about the life you imagine yourself living, the career or business you see yourself owning, the soul mate you see yourself marrying and loving, the abundance you see yourself manifesting?

Sunset magazine had an article in the Feb 2012 issue featuring 20 'dream towns' in a best places to live list. The criteria was that these towns had to be slow paced and stress free - not easy to find anymore in our crazy busy world.

Who could resist fantasizing about taking off for Nelson, BC or Whitsunday Islands in Australia. It's interesting to read about these couples who actually did it, leaving behind friends, family, careers and homes in search of a more mellow lifestyle.

In a recent survey by Fidelity Investments, 500 couples were asked about their plans for retirement. The survey targeted couples near retirement or those who had already retired.

What the survey revealed was that although many couples work hard in the savings aspect of retirement – they do a very poor job at communicating with each other about their individual goals, dreams and expectations around retirement.  Since they hadn’t previously discussed it, a large percent of couples reach retirement age without having decided on the big questions like where to live or at what age to retire.  

Are you planning on a miracle or planning for success in 2012?