Single Moms and the “I” word…

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Posted on October 26, 2011 by admin

You have given your life and sacrificed your single lifestyle for the betterment of your child or children. Few if any moms could be labeled as “selfish” when it comes to your children’s health or basic needs. Until one has a child, it’s really tough to truly comprehend how much things change in the parent’s world. Moms are committed and dedicated to protecting their kids from harm. Where’s this leading? There is no “I” in team (or seemingly in parenthood) but there is in Insurance.

The last thing imagined when dreaming of becoming a parent was ending up being so “alone.” But more than one in four children under age 21 are raised in single parent homes. And about 84% of custodial parents are mothers; of those moms, almost half are currently separated and almost a third has never been married.

Astonishingly, nearly 40% of single moms are over 40 years old.

Single moms often must bear the burden of at least “two.” Single Moms often are the sole provider of money, food, shelter and education. And yet, few moms (only one in four) have any life insurance. And of those few that do have any life insurance, typically they have way too little.

In 1960, the cost of raising a child was $25,000. Today that figure is more than $220,000, not including college. Few single parents, especially single moms, have enough life insurance to pay their final debts, let alone provide for their children’s basic needs.

Life insurance should be a priority for all parents but especially for single moms who can’t rely on the income or support of their children’s father. For those who cannot afford a lot of coverage; there is still a little peace of mind in knowing they have a life insurance policy that can contribute toward their child’s future, regardless of the amount. The first step is to create a budget to figure out how much insurance a single mother can afford. Even if you think you can’t get life insurance, it pays to find out for sure. Contact us for more information on your budget plan and on locating affordable life insurance.

Then the next step is to have a plan to pay off debt and pay for life insurance. It’s remarkable how inexpensive some life insurance actually is, particularly “short term” life insurance that is in force only until the kids are grown. Beg borrow or steal (okay, not really steal…) but moms need to ensure life insurance is obtained.

Stories abound of tragedy where a mom didn’t buy life insurance and well… you don’t want to hear the rest.Instead, rest assured that your kids will have something to help support them in a worst case scenario. When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track. Your IRA or rollover is just too important of an investment to ignore. Local professional advisors are willing and able to help.

Losing your mom hurts, losing your home, food and everything else hurts more. Be there for your your children fiscally even if you can’t be there physically.

You are not alone…

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Posted on October 21, 2011 by admin

Some of us Baby Boomers fondly remember the TV show of our youth: “Lost in Space.” It was another variation of “Gilligan’s Island,” with a lost or stranded theme which made for great entertaining television. Boomers are infinitely familiar with self improvement, introspection, wondering, wandering and years spent or “lost” in the process.
But enough is enough already.

At an age and time in life when most boomers thought we’d be slowing our pace professionally and transitioning to playing with grandkids, just the opposite has and is occurring.

There is consistently more month than money. Split families, layoffs, corporate downsizing, divorces… just to name a few. Result? Doubled expenses coupled with lower wages and outrageously higher costs. Many Boomers and Gen-Xer’s have not made personal financial planning and expense budgeting a paramount necessity; IRA’s and 401k’s seemed like a luxury instead.
The world both seniors and boomers grew up in; one where it was customary to anticipate our income and wealth to generally rise every year, has somewhat evaporated into the smoke and mirrors of the derivatives created by investment bankers and Wall Street. If the NASDAQ Composite Index (which is an index of over 5,000 stocks used to gauge the general price direction of the overall stock market) were to literally double in value from where it closed recently (10/3/11), the Index would still be 5% lower than it was 11 ½ years ago. Generally speaking, no one has made any real money investing the past ten years.

It gets a little worse. Think about this: those living on a fixed income the past twenty years (1990 – 2010) have suffered a whopping 39% loss in purchasing power of their money. In other words, if your income stream has not risen by nearly 50% over the past two decades, your lifestyle is dramatically “smaller” than back in the 1980’s.

And now that boomers are in their fifties and sixties, there is not as much time, energy, opportunities or resources to tilt this listing financial ship. No financial spreadsheet or software program in the universe can solve this dilemma. You may need to seek professional help to guide, advise and most of all to create and reassure that you have answers for a protected income stream you cannot outlive.
This is the New Lost Decade Boomers are most familiar and lamenting. Lack of real growth in wages, earnings or appreciation of assets has effectively set back expectations and realistic retirement dates by 15 years or more. Some Boomers in professional, non-physically demanding careers, plan to basically never officially retire. And how could they with the looming threat of hyper inflation literally around the corner? There are solutions and personal adviceavailable.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track. Your IRA or rollover is just too important of an investment to ignore. Local professional advisors are willing and able to help.
Now is the time to pick up the telephone and focus on finding solutions for your financial plan, IRA’s, 401(k)’s and any retirement plan or account. Long term Interest rates are at sixty-year lows and in some cases, short term interest rates are literally at zero percent. Hypothetically, rates can’t go negative; ergo this is a unique time of insight as we can almost be 100% assured interest rates will eventually rise. Knowledge such as this may present money making opportunities for those who know what to do.

What you don’t know about Divorce

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Posted on October 13, 2011 by admin

I don’t have all of your answers; I’m just taking my chances as I see them. Someone get me home, every day I feel a little more alone. I see the looks on their faces and I don’t feel the same… And it’s getting old. Trying to do what I’ve been told, I see it all in front of me now; Waiting on someone to feel the same, waiting for someone who can talk straight and it’s getting late… Let me Out, Let Me Out.

Isn’t it strange how lyrics to a song can often perfectly describe a situation gone awry. Nobody said it would be easy. Divorce sucks, plain and simple. Especially if you have kids. Actually, it really sucks for the kids, but good news: kids are super resilient. The fact is that more kids today are in divorced or blended families. It’s becoming more of the norm than the exception, and that fact sucks too.

Life is hard, and no one can make you happy, other than yourself. There are others to consider besides yourself. But when you’ve concluded that there is no other path for you, you need to get out. Having your personal budget in place financially is a semi-no-brainer; enumerating the cost of living single, figuring out how much to spend or save is just a math problem. We can help you set up your personal budget spreadsheet and teach you how to track and live within your means. But allowing for the emotional cost is much more difficult when transitioning to a single income and living alone or living without spousal support.

And here are a few things about the cost of Divorce you won’t learn or believe until you take the plunge and begin your freedom journey:

Joined Forever. As a parent you will ALWAYS have interaction with your ex spouse. No matter how much you believe you will be totally free from that jerk, you will cross paths with them eternally and their new significant others and their bonus kids. And you best learn how to deal with this otherwise you will completely stress out your kids as they will hate the icy confrontations. Learn to fake or feign friendliness.
Unintended Consequences. Arguing cost more than money; it cost your sanity and worse, your trust not only in others but in yourself. You will become disenchanted with everything for a while. You will not feel comfortable making decisions due to fear of negative outcomes.
Spoiled Kids. Since you have your children every other weekend, both parents will do something extra special to make those weekends fun. Thus, children of divorce get indulged with special weekends every weekend. Also, summer trips are doubled, Christmas or Hanukkah and birthday presents doubled and yep, even allowances seem to get doubled for the children. But most of all, the kids will always have an escape route and will certainly use it to perfection, unless you communicate constantly with the “ex.” (see item #1 above)
Friendships End. It is a Noah’s world out there – everybody is paired up. At first, your married buddies and friends will be so supportive, but that won’t last long. You will not be “set up” as much as you think. And your married friends won’t dig their spouse hanging out with the “free single person” much. They’ll be a little jealous of your new freedom and as hard as you try, the drama of the split will be a novelty at first but it will fade very quickly. And your old friends will not want the guilt, hassle or confrontation of figuring out “which one” to include in social events; ergo you’re both out.
Welcome to Therapy. Therapy not only for you but for your children, and that’s not cheap. And neither your lawyer nor your friends (soon to be former friends, see item #2) are therapists, and both of them will ultimately cost you way more than professional help. As hard as you may try, try even harder to not discuss anything with anybody (other than your paid professional therapist or help group) about your divorce, ex and kid issues. Remember, divorce sucks, no one else wants to hear about it for more than a very brief time and whatever you say, may and will be “used against you” in social situations for years to come.
Crazy Singles. It may seem exciting to fantasize about being free and single at least every other weekend but it’s nutso out there… literally crazy. You’ll go through the nightlife and cool evenings out and meet other “really super cool” divorced people, but it’s get old fast. You’ll miss those random “boring” Tuesday nights of just going home to your spouse and kiddo’s and the comfort of a home, simple dinner and schedule. And those super cool new friends will disappear as suddenly as they appeared when they meet a mate. Note: the first serious relationship post-divorce rarely ever works out.
Imagination Lost. You’ll have to focus very hard to not become jaded and cynical. In the end, imagine a happier future for yourself. It will happen. But it is all up to you.

When you need the best local financial advice or budget help available, contact My Money Track to help you get your life back on track. Your IRA or rollover is just too important of an investment to ignore. Local professional advisors are willing and able to help. Stay positive, get into support groups with other folks going through transitions, divorce or loss. Divorce is similar to a death in the family. Often it may seem like the death of the family, but it’s not. Eventually you will be happier and it will have been worth the pain and effort. Just be prepared and stay strong. We are here to help.

Fear…Not.

Posted on October 10, 2011 by admin

Worry is the biggest obstacle standing between most people and their dream, all because they’re basically scared of being “rejected.” Franklin Roosevelt made history when he commented that “we have nothing to fear but fear itself.” With tough economic times made worse daily by the bombardment of the media with stats and data of doom, no wonder we may be fearful. But we needn’t fall victim to the negative mass hysteria. We needn’t worry…

Worry is prepaid interest on debt that hasn’t come due yet.

Of course, it’s easy for us to convince ourselves otherwise. We sit at home or at our desk at work conjuring up all of the things that may or could go wrong and what we will do when the bottom finally falls out. We work on our hypothetical playbook and end up spending most of our time on the “sidelines” instead of “in” the game of life. Time’s up, practice is over.

It’s time you really put yourself “out there,” with the energy and commitment necessary to succeed. Forget fear. Here’s how to defeat fear and its paralyzing, energy-robbing force and kill the anxiety of the unknown:

1. What’s the Worst that could Happen?
“Why do I fear rejection and what could happen that’s so devastating so that it’s not even worth trying?” 98% of the time when you ask for the order or the job (or the date) if the other party declines your offer, they will be polite and professional. So what’s so bad about that? Big deal, they said no and most of the time that’s what you will hear. BUT NOT ALL OF THE TIME.

And it’s those one or maybe two times a day (or week) that will make the big difference in your life today versus yesterday and more importantly, tomorrow. You can make a hugely successful business or career with those one or two “yes” answers – it’s simply a numbers game. Just keep asking the question you want answered to enough people every day and you’ll succeed in finding your next job, career, partner, soul mate, passion and revelation or epiphany. You won’t get hurt or damaged – be brave, you can do this.

In reality, most people you ask for help or a job (or anything, for that matter) will be flattered that you made the attempt (although they may not show it). But don’t take my word for it, get a handle on this by going out there and proving it to yourself. Start now or first thing in the morning by jumping in, connecting with a few of your target prospects with something easy first, such as an email that begins asking for their help or input and ends with your promise to call them tomorrow to follow up. Or just go straight in for the close and ask to meet at Starbucks, the mall, their office or home, but ALWAYS FOLLOW UP WITH A PHONE CALL and get an in-person face to face meeting.

That’s right, start approaching those who can help you reach your goals, in person, and as many times as you can. Besides the fact that nothing improves performance like practice, all of this real-world “evidence” about what really happens will become a brand new reality to you.

You’ll finally know for a fact that “rejection” won’t kill you.

It won’t even leave a bruise.

2. Be the Ball = Visualize SUCCESS (And Its Rewards)
Once you’ve escaped the destructive habit of imagining “devastating” rejection, you will be able to see the light at the end of tunnel. Understanding how to stop fearing and start creating (by acting confident, in control and mixing in the right amount of humor) will result in positive changes in your life and career. The reward is life changing. Take the time to literally close your eyes and visualize “you” where you dream to be, imagine it.

How would your current life be different starting tomorrow if the job request or partner/mate you’ve always dreamed about said, “yes!” If you’re brutally honest with yourself, the image alone should be powerful motivation for leaving behind your fear of rejection forever.

3. Practice makes Perfect – Work On Your “Mental Game”
You must understand how to create feelings of ATTRACTION for your skills, your product or a relationship to enhance the chances of success.

Creating attractive feelings has nothing to with looks or money, but with becoming confident with asking for the order or the personal meeting that will allow you to start connecting with them emotionally. Just continue daily working through the mental motions to master the emotions.

To eliminate your fear of rejection for good, you must replace that false evidence of potentialrejection with the facts about what really happens when a confident, in-control person who has seen their mental picture of success approaches a situation or a prospect and creates opportunity.

Marriage is about Love but Divorce is about Money

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Posted on October 6, 2011 by admin

His wife met his girlfriend, so she filed for divorce. He apologized, they reconciled and wife took him back on condition that her husband put half their money in her name solely. He promised he would. Two years later and the promise is still unfulfilled. Worse still, is that the wife supported him while he earned his degree and licenses to practice and now she finds herself with three grown children and left out in the cold, at least financially.

But now, some states consider those licenses as perks earned during the marriage as marital assets and common property, which you are entitled to a portion. Regardless, love hurts. More than half of all marriages will end in divorce. Sad but true, and yet no one wants to spend their life alone. When the I do’s become the I don’ts, (or I didn’t and I won’t), it’s time to prepare yourself financially and brace for impact. Lacking a budget or retirement game plan going into the deal stinks. When leaving the marriage one must have a plan and personal budget and execute it faithfully (even if nothing else was faithful in your marriage).

Many successful men (and women) are controlling “A” types, assertive and do not like being asked a bunch of questions about “his” business or “our” money. This strong personality is what helped achieve their success but now it’s an obstacle you need to circumvent. No need to even try and butt heads or play legal hard ball – it typically won’t work out for either party. Playing nice and non-confrontational will be your best bet, until you get the decree signed.

You can search the internet for free software and a budget checklist for divorce. There are budget spreadsheet programs for looming divorces. Maybe you’ll reconcile but you still need to prep yourself in case the gig doesn’t work out and he cheats again later. Here are the big items or the must “do’s” before you take the first big step and separate.

1. Repair your automobile and make home repairs (if you intend to stay in the home), and buy necessary clothes for yourself and your children. This will begin your divorce process with these expenses already paid, rather than arguing with your spouse about who should pay them later. It seems that judges usually enforce the status quo, so establish a precedent now for what you will want to continue after the divorce: go back to school, get braces for the kids, begin medical treatments, etc.

2. You’re going to want a mailing address so that your soon-to-be ex cannot get confidential mail addressed to you out of your home mailbox. Open a post office box and use that to provide a stable mailing address as your life changes. And while you’re at it, start making copies of anything that looks like a statement for any account: credit cards, bank and savings accounts, investment and brokerage accounts, tax information, mortgage or loan statements and even frequent flyer airline miles or bonus points on credit cards that may have cash back or rewards accumulated. Even vacation and sick pay, season tickets, club memberships, timeshares and prepaid insurance all are assets that have value and should be split. Don’t delay gathering financial information, even if you are not sure if you want to divorce. Learning about your finances will make you a better partner if the two of you stay together, and will help you get the best settlement possible if you don’t.

3. Most women seem to focus on keeping the house and although you may be able to afford the mortgage, the other expenses of upkeep and maintenance usually surprise you and will likely exceed the amount you originally budget. Be aware of dirty little tricks the ex may pull such as turning off the utilities if he/she moves out of the home. Call the electric, gas, water and sewer, phone, internet and cable providers, burglar alarm monitoring service (also change the password code on the key pad and the “safe” word code with the company) and get all of these transferred into your name solely.

Do not fret and worry as much of the family laws on things such as child support are pretty much cut and dry and won’t leave much room for arguing over in the long run. Try to keep an open mind and have the goal of getting the process done and over with ASAP. The longer it drags on, it won’t improve your odds of a better deal and it just costs much more in legal fees and stress to you and your family. For help with these or other topics on divorce and budgets, please call or contact www.mymoneytrack.com. Please consult an attorney for specific help as My Money Track is not a legal service provider and does not offer legal advice.

No Wonder this Sucks…

Posted on October 3, 2011 by admin

Some of us Baby Boomers fondly remember the TV show of our youth: “Lost in Space.” It was another variation of “Gilligan’s Island,” with a lost or stranded theme which made for great entertaining television. We Boomers are infinitely familiar with self exploration, introspection, wondering, wandering and years spent or “lost.”

But enough is enough already! At an age and time in life when most boomers thought we’d be slowing our pace professionally and transitioning to playing with grandkids, just the opposite has and is occurring. There is consistently more month than money. Split families, layoffs, corporate downsizing, divorces; causing doubled expenses coupled with lower wages and outrageously higher costs have made personal financial planning and expense budgeting a paramount necessity.

Think about this: a person living the past twenty years on a fixed income (1990 – 2010) has suffered a whopping 39% loss in purchasing power of their money. In other words, if your assets and income stream have not risen by nearly 50% over the past two decades, your lifestyle is dramatically different and “smaller” than what we had back in the 1980’s. And now that we boomers are in our fifties and sixties, there is not as much time, energy, opportunities or resources to tilt this listing financial ship. No financial book keeping spreadsheet or financial software program in the universe can solve this dilemma.

The world we grew up in; one where it was customary to anticipate our income and wealth to generally rise every year, has somewhat evaporated into the smoke and mirrors of the derivatives created by investment bankers and Wall Street. If the NASDAQ Composite Index (which is an index of over 5,000 stocks used to gauge the general price direction of the overall stock market were to literally double in value from where it closed Friday (9/21/11), the Index would still be 2% lower than it was 11 ½ years ago!

This is the New Lost Decade Boomers are most familiar and lamenting. Lack of real growth in wages, earnings or appreciation of assets has effectively set back our expectations and realistic retirement dates by 15 years or more! Some Boomers in professional, non-physically demanding careers, plan to basically never officially retire. And how could they with the looming threat of hyper inflation literally around the corner? But there are solutions and personal advice available for low to no cost.

Not to bum you out or bring you down, but clearly now is the time to focus on your financial plan, IRA’s, 401(k)’s and any retirement plan or account. Long term Interest rates are at fifty-year lows and in some cases, short term interest rates are literally at zero percent! Hypothetically, rates can’t go negative; ergo this is a unique time of insight as we can almost be 100% assured interest rates will eventually rise. Knowledge such as this may present money making opportunities for those who know how to invest and profit in a rising rate environment.

Just “dumbing” yourself down and relying on banking savings account and CD’s won’t even keep you up with the pace of inflation anymore (factually, it very rarely ever has). Calculate into those minuscule earnings after affects of income taxes and now you’ve locked yourself into a sure fire guaranteed loss of the ability to feed and clothe yourself in the not so distant future.

Relax and be assured, for those who are prepared will be fine. Remember those lucky passengers on the maiden voyage of the doomed Titanic ship? Even after striking that deadly iceberg, they had hours to evacuate and calmly flee to safety. Yet, there were many life boats that went unused and most were barely filled, leaving thousands ultimately and unnecessarily stranded. Practice your life boat drills today, get a guide plan and get a budget strategy. There is still time before the proverbial fat lady sings. Be brave. Take that first step to your personal financial freedom. If nothing else, learn to dance with your lifejacket on.

An individual living on a fixed income over the 20 years from the end of 1990 to the end of 2010 would have suffered a 39% loss of purchasing power over the 2 decades using the CPI as a gauge of his/her inflation (source: Department of Labor).

Monthly Archives: October 2011

You are not alone…

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What you don’t know about Divorce

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Marriage is about Love but Divorce is about Money

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