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Money Matters: Financial Considerations When Caring for a Parent

Q: My father is getting on in age, and I believe that he might have to live with us in the near future. We’re not sure what to do or how to plan. What do we need to consider?

 

A: Caring for a parent can be financially and emotionally challenging. But with some pre-planning, those challenges can be met intelligently. Plan ahead and have a meaningful conversation with your father before the situation occurs.

Caring for your father will be easier if you take advantage of these strategies:

 

  1. Have your father give you Power of Attorney: This will be important if your father is ever unable to make sound decisions. Having power of attorney gives you the power to act as an agent for him. This typically includes all activities related to finances and other business concerns.

 

  • Even if your father is capable now, that might not be true in the future. It’s easier to plan ahead and make arrangements now.

 

  1. Know your father’s financial situation before...
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Get More Retirement Income: Avoid These 7 Social Security Mistakes

Social Security may be an important part of your retirement future. It’s crucial to avoid common mistakes that can cost you money during retirement.

 

Consider these strategies to avoid common mistakes:

 

  1. Avoid claiming benefits too early. If you have other income coming in and can afford to wait, then you may want delay claiming your benefits. Your benefits grow every year you wait to claim them.

 

  • By claiming benefits early, you reduce how much money you will receive for the rest of your retirement.
  • However, it’s important to note that sometimes claiming early benefits can be more advantageous than waiting. For example, if you’re expecting a shorter lifespan, you might want to start receiving your Social Security earnings early. Also, if you have children under 18 years old when you’re 62, you may get more by claiming early.
  • It’s always good to check your estimated benefits on the calculators at the Social Security website at ...
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9 Beliefs That Make Life Easier and Success More Likely

Do you manage your beliefs? It’s our beliefs that determine our actions. And our actions determine our results. If you’re not getting the results you desire, your beliefs deserve some examination. Your beliefs are the core of your results. Life and success are both easier and more consistent when your beliefs are supportive.

 

Adopt these beliefs and your life will change:

 

  1. There is a way. If you don’t believe you can succeed at a particular task or goal, you’ll never get started. It just wouldn’t make any sense. You’re much more likely to chase those big goals if you believe there is a path that works for you.
  2. Everyone is doing the best they can. It’s easy to take things personally when people are cross or let us down. In many instances, you aren’t the issue. The other person could be having a bad day or maybe had a rough childhood.

 

  • This belief doesn’t imply that everyone is operating at the limit of their...
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How to Create an Estate Plan

An estate plan is an important part of organizing your future. Legal forms used in estate planning let you stay in control of your care in the event of incapacitation and establish how your assets will be passed along when you pass on.

First

Find an estate planning attorney. You will need an experienced attorney to help you put together an estate plan. This can be a complicated matter that requires a great deal of legal paperwork.

Second

Organize your files and examine your assets. Your attorney will need to see the details of your assets.

Third

Discuss potential issues with your attorney. Do you anticipate a big fight among your children once you're gone? Do you have extensive debts that need to be paid off?

Fourth

Ensure you have a will. You may also want a living will so your wishes for your medical care are followed if you become incapacitated.  Learn more about wills in our articles, "A Simple Will: What to Include (mid March 2019)" and  "Do You Need a Will and How...

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Money Matters: How to Best Spend a Windfall

Q: Recently my wife’s great uncle died and left us some money we weren’t expecting. At first, we thought of all the things we could buy for our own enjoyment. Then, we settled down and started thinking about spending the money wisely.

 

A few ideas we came up with were to apply the total amount to our home mortgage, pay off a couple of credit card debts, or invest in mutual funds to make the money work for us. My wife and I are waffling over what’s the best way to use this unexpected windfall. Can you help?

 

A: Congratulations on coming up with three smart ideas about how to best spend the unexpected cash. You should take many different issues into consideration before making your final decision about what to do with the money.

 

Consider these points:

 

  • If you’re within 5-10 years of retiring and the money would actually pay off your mortgage or ensure you’d successfully pay off the mortgage before you retire, applying the dollars...
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Passive Profits: Do It Once and Profit Forever - Rental Income

Introduction

 

It’s practically universal to want to increase your income. Regardless of how much money someone has, they would still like to make more.

 

If you’re like most, you swap your time for money. Even highly paid, successful doctors and lawyers are limited because they have to trade their time in exchange for payment. Doctors can only see so many patients in a week. Their potential income is limited by time.

 

Passive income is money coming in that requires you to invest very little time. You may spend some time initially, while you’re getting it all setup. However, once it’s up and running, you’ll continue to receive income for a long time to come.

 

A few examples of passive income include:

  1. Rental Income (February 8th Blog)
  2. Dividends, pensions, or interest from investments (February 15th Blog)
  3. Earnings from a business that doesn’t require your involvement (affiliates and silent partnerships) (February 15th Blog)
  4. ...
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Types of Investments 101

 

A good number of people have heard of Real Estate, Stocks, and Bonds, but there are other ways you can invest your money. This is a guide of the main types of investments and what they are. Of course, new investments are popping up all the time but these are the basics.


There are lots of terms associated with each investment, too. Some of these you need to know. Most importantly, Robert Kiyosaki taught me that assets put money into your pocket and liabilities take money out (This is why your home is not an asset). We’ve listed some of the terms used with each investment. To get you started, we decided to also list a few general investing terms. Let’s get started.


General Investing Terms


Asset: Assets put money into your pocket. They are the investment you control that makes you money. You don’t always have to own them, only control them. They are usually things like stocks, bonds, commodities, and real estate. However, they can include other things.


Asset...

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Emergency Retirement Withdrawals for Hurricane Victims

 

Emergency Retirement Withdrawals for Hurricane Victims

It is important to know that your 401(k), IRA and Social Security can assist you in paying for storm-related costs. Here is how.


Eligibility for the Victims of Hurricanes to Make Emergency Retirement Withdrawals


The Survivors of Hurricanes are now eligible to obtain loans and hardship distributions from 401(k) plans and other similar types of retirement accounts, thanks to a relaxed IRS rules. There are several options in which retirees who haven’t received their scheduled social security payments can pick up their checks. Read along to know how your retirement savings can assist you to manage the costs of the storm.

401(k) and IRA hardship distributions: Between August 23, 2017, and January 31, 2018, Retirement savers in Texas, Florida, and Puerto Rico who were affected by the storms will be permitted to take hardship distribution from 401(k) plans, 403(b), and 457(b) plans. This has been extended every hurricane...

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7 Ways to Protect Yourself from a Recession

 

Just the word, “recession,” is scary for most of us, but you can put many of your fears to rest. By adopting these seven basic principles into your life, the pain of a recession can be largely minimized.

 

  1. Live within your means. Living within your means every day is just another way of saying that you should never need any additional consumer debt. Once you begin creating debt in your life, more inevitably seems to follow. Gas prices may be high, but buy that gas with a credit card at 27% and you'll see just how expensive it can be.

 

  • Taken to the extreme, if you have a two-income household, you may want to try to learn to live off just one income. Think of the retirement you could fund with the other income. And if one of you should lose your job, you'll already be living on one salary.

 

  1. Have a second source of income (or a third or a fourth). A second income source is never a bad idea, even if you just put in a few hours here and there. Job...
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How to Create a Wealth Mindset

Wealth rarely comes without belief and intention. It’s possible to luck your way into financial abundance, but the odds aren’t in your favor. While a wealth mindset isn’t enough to create wealth, it makes wealth possible.

 

If you’re struggling financially, your mindset is the best place to start. It doesn’t cost anything to have a wealth mindset.

Give yourself the gift of wealth with these strategies:

01)  Develop a positive attitude around money and wealth. Most of us would like more money, but we also harbor a few negative feelings or beliefs around money. Negative beliefs can be more powerful than positive beliefs.

  • When you think of wealthy people, what are your thoughts? Are any of them negative? If so, it would be best to adjust your perceptions.
  • You’re sure to sabotage your efforts if you have negative associations around money.

02)  Hang out with like-minded people. If you want to become wealthy, it makes sense to...

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