I saw this quote recently, and while I know it to be true, it was a good reminder that I wanted to pass along. Times get tough and life gets busy, so much so that we tend to gripe and complain instead of focusing on the things that we can be thankful for. When the kids are screaming at each other we may lose sight of the fact that here are two beautiful children with very healthy lungs! When work feels like it takes every ounce of energy, we may forget that we have the opportunity each day to do our best.
Even if you do not feel that you are making a big difference in the world, you are impacting those around you and maybe people you do not even realize you are reaching, and that is something to be thankful for.
Now, this being a blog related to life and finances, I would be remiss if I did not talk about how thankfulness relates to our finances. You may be surprised to find that being grateful can have a tremendous impact on your bank account. You see, often when life is tough we tend to spend money on “band-aid” types of fixes, for example going on a vacation to escape life’s pressures or heading to therapy when marriage gets tough (I’m not saying this is never a good idea, but not always necessary). What about something as simple as shopping or eating to feel better? Unfortunately, when you get back from vacation life is still there, and now you have to make up for lost time from when you were gone.
If we could take time each day to really think about the things we are thankful for, we could maybe avoid the trap of spending on these band-aids and instead use our hard-earned money for things that are important to us. If, instead of wishing your spouse would just one day listen to you for once in his life, you were to list the qualities of your spouse that you really enjoy and think about how great it is that he helps out with the kids, cooks dinner often, keeps the yard looking fantastic, and so on… you might save yourself from arguments and those visits to marriage counselors. And you could spend that saved money on something important to your family, like a true family vacation or braces for the kids or a new car with no loan. The possibilities are endless.
What is the best way to start? Well, to be honest, I thought about a year ago that I would like to try a journal to jot down 10 things a day that I was thankful for all the way up to 1,000 things (an idea from the book One Thousand Gifts). I actually went out on a limb and asked my husband to do this with me. We each ended up writing 5 things a day and went to 2,000 items. He was not thrilled with the idea at first but decided to humor me, and as time went on we got to talking about the things we were each thankful for in our day. We told stories about things the kids did or what happened at work. It not only helped each of us be more positive and constantly watching for our 5 things each day, but we grew closer together and happier.
So pull out a journal and try writing just a few things each day that you are thankful for. Maybe jot down a note here or there when you notice what that positive gratefulness does in your life or if you notice an effect on your finances (or avoid spending on a “band-aid” solution in some way thanks to this process). Be sure to come back and let us know what you discover!
That’s right, I said it, don’t retire. Refocus. When you really think about it, “retirement” is more akin to “waiting to die” these days. Working people everywhere long for the days when they can relax, sit down all day and do nothing. Or they long for days of being able to travel the world or have time to go out with friends and get a new hobby. But, there are only so many days you can just sit and do nothing before your brain starts getting mushy, and if you are going to be out and about instead, you have to be able to fund all that.
Here at iMoneyCoach we often tell people that they should not plan on retiring. What?! Yes, that’s right. You shouldn’t spend your whole life working for that magical day when you don’t have to work anymore. It’s not realistic, and it’s not healthy.
We should at any stage of life have some way of bringing in income. Is that to say I think my 96 year old grandmother should be standing at a check-stand all day? Not at all. Or does it mean that Jim’s 7 year old son should be shoveling rocks all day? No. We all walk through different times and different stages in our lives, and our efforts to bring in cash should change accordingly. A 30-something couple with 2 kids will have to work hard to bring in money to support the family and make sure to have enough food and clothing for their kids. Someone in his 70’s would not have that same charge of supporting a family anymore, so he would not need to seek the same income, but he may have worked hard earlier to invest in a rental property that would now pay his bills as he acted as landlord.
Did you know that the idea of retirement has changed vastly in the last 50 years. When people retired in the 1950’s and 60’s, they were often “forced to retire” or “had to retire.” Now we start talking in our 20s about when we “get to retire.” This shift in mentality is dangerous, and we need to turn it around. For one thing, if all you are thinking about at work is when you don’t have to work anymore, you are less likely to do a great job, which means you may get passed up for promotions or bonuses or even lose your job. We do need to think about and plan for the future, but remember that we also have to live in today. Plus, who wants to work toward the day where they are going to be virtually worthless and not contributing anything anymore? That is a sad position towards which to be working so hard.
Well, when you retire you are not only going to go on vacation, but you are going to volunteer right? Volunteering is a good way to help others and has been shown to have health benefits. But studies have also shown that people who only volunteer and do not have some way to keep earning income often worry more and have more stress than those who can still earn money. You may want to think about easing into volunteering as you ease out of your job. Could you reduce your work pace or hours so that you are still gaining income but now also have time to help others? Or could you right now work on generating some other streams of income that will be easy to sustain in the future?
Whether you are 20 or 50 we invite you to sit down and consider what you have been thinking about retirement and completely flipping that upside-down. Don’t think about retirement. Don’t accept that death sentence, where you will work until you are done and then sit and do nothing. You have value, and as long as you are alive you can share that value with the world. And you can still earn income. Start thinking now about your plans for the future and what changes you might make as you enter different stages in your life. How will you plan on earning income in the next 5, 10, 20 years? Consider some of our ideas about generating alternate income and see if some of those might fit your life and plans. There are always ways that you can be generating income. If you would like more ideas be sure to give us a call or send a quick email, or you can comment below!
In all this, just remember: Don’t retire…Refocus!
Tags: earn money, retirement, retirement planning
Identity theft and fraud are growing problems with ever-increasing technology. And iMoneyCoach wants to help make sure you are protected.
We have all heard stories of credit card information being swiped at various places, but for those who have their credit card information stolen the fraud is usually worked out and a new card sent out in a couple of days. With a debit card the thief has access directly to your bank account, and a large fraudulent purchase could cause more harm to your finances if it comes directly out of your account.
Here are 5 risky places to swipe your debit card and what you can do about it:
1. Gas stations – Thieves love gas stations for stealing your card information. Because there is little supervision and more pay-at-the-pump activity, they can easy mount swiping devices at the pump. Then they can sit across the street with an antenna and capture your information when you swipe your card. Before you even make it home, they can debit your account. So it might be a better idea to pay at the counter or use a credit card the next time you fill up.
2. Outdoor ATMs – When the public has access to an ATM, thieves are able to create card skimming devices or position cameras on the ATM to capture your information. It is better to use indoor ATMs at the bank or even retail locations that do not have as much traffic.
3. For a deposit – If you put down a deposit using your debit card, you will not have access to those funds. Instead, use a credit card so that the store or company gets their security deposit while leaving you access to all of your funds in your bank account.
4. Online – You can’t believe everything you read, and even if a site says it is secure, you do not know for sure who is handling your debit card information. There are also numerous steps along the purchasing process where hackers can “eavesdrop” and steal your information, so it is a good idea to avoid using your debit card for online purchases.
5. Recurring payments – In case a company does not stop charging your card or if you forget to write a charge down in your checkbook, you may want to consider using a credit card for recurring payments. Then just be sure you pay your credit card in full and on time each month.
6. Restaurants – Or anywhere you lose sight of your card for a while. When you hand over your debit card to your waiter and he disappears for a few minutes, you hope that he is going straight to the register to run your information, but unless you see him do just that, you do not know what he is doing with your debit card. Now most waiters and waitresses are completely trustworthy, but it only takes one to steal your debit information and drain your bank account.
Remember, it is OK to use your credit card as long as you pay the full balance on time each month to avoid any fees, penalties, or unnecessary interest payments.
Tags: debit card
It is that time of year when juniors and seniors should be thinking about college. For juniors this means attending college fairs, getting information about colleges, and planning college visits. For seniors it means sending in applications and focusing on the financial pieces of the process.
While finances for college differ for every family, from the family that has enough to cover all expenses to the family that needs to take out loans, there are some things that every student should be looking at to help with college expenses (even if your family can foot the whole bill, scholarships would allow you to put that money towards something else):
1. FAFSA – Free Application for Federal Student Aid
A part of the U.S. Department of Education, Federal Student Aid makes college possible for students all over the country by providing grants, loans, and work-study. Not only does filling out the FAFSA form give you access to funds from the government, but colleges and universities use the data from the form to offer additional aid. Everyone should fill out the FAFSA form, regardless of income or age. A mathematical formula determines how much your family should be able to contribute to your college education, so even if the family income is high, you may still qualify for financial aid both from Federal Student Aid and from your college or university. The form is not overly complicated, and is well worth the time spent in filling it out.
2. Scholarships (FastWeb)
I applied for many scholarships and received a few that helped me pay for college and be able to attend. But I still wish I had known to start sooner. There are an overwhelming number of scholarships out there to help pay for college. Websites like FastWeb.com consolidate many of those scholarships and make it easier to sort through the ones you should focus on the most. There ARE scholarships available for high school juniors, so start EARLY in applying. Be sure to pay attention to deadlines. It would be a shame to miss the opportunity to get a great scholarship by failing to turn in the application on time. Spend time at the counselor’s office at school to see what scholarship applications are available there. Check the local library. Keep your eyes open at the grocery store. I recently saw a scholarship contest sponsored by Dr. Pepper that involved writing an essay and possibly getting to be on a Dr. Pepper can (not to mention having some of your tuition paid for!).
3. Student Loans
Although it would be nice to have college paid for ahead of time, not every family has the resources to do this. Parents, it may be more beneficial for you to save the money for your retirement so that your children do not have to take care of you financially later on than for you to pay for their college now. It may be a good idea for your student to wait a year and work to save up some money for college – or it may not be a good idea. As a family you need to be in constant coversation together about finances and what you all need to be doing.
When you fill out financial aid applications or visit the bank, you will find that there are many student loans available. Please remember that a student loan is a loan that must be repaid, like a home or car loan, and regardless of whether you finish school and get your degree or if you get a job in the field. Be sure you research the types of loans available to you and decide which ones would be best for your family. You may find that after you turn in your FAFSA you could get loans to cover all your tuition plus room and board, but you figure instead that if you take less you could work part-time to cover room and board so that you will have that much less to pay back Again, talk together about the best options. Have conversations with the financial aid office at your college or university so that you have enough information to make the best choices for your family and your future.
Be sure that you work out a budget together. It is good to know exactly how much you need to live on and what income you need to cover those expenses. When choosing which loan to get, if you do need to get one, be sure that you do not use it to cover “having fun” in college. Use a job or limit those activities (you can still have fun without spending a lot of money in college) so that you are not using loan funds and spending years of your life working hard to pay for that fun later.
If you happen to be reading this blog and college is a few years down the road, please do not hesitate to get in touch with iMoneyCoach to see how we can help you prepare better for college, including saving up enough so that loans are not such a burden (or may be avoided altogether). We have a FREE college prep guide that we would love to send you to help out with college planning and knowing which steps to take next. You can comment below or send an email to coach@imoneycoach.com.
Tags: college, financial aid, loans, paying for college, scholarships
We are already in fall – where has the year gone?! – but there are still some things you can do to save money this fall. And these are not the life-changing, tough kinds of things, but instead they are pretty easy ways to save money. Who doesn’t like to save money when it just takes a little bit of effort instead of spending a bunch of time and energy that you don’t have, especially when the kids are back in school and sports, and your calendar is full.
- Recaulk windows while it is still nice enough outside to do so but before the cold comes and tries to pull all the cold air out of your house.
- Check your cell phone bill and usage. It’s good to set aside time each year (or more often) to do an analysis of your cell phone and see if you could change your plan to something less expensive or that suits your needs better (i.e. if you don’t need that many minutes or if you are spending a fortune on text messaging and need an unlimited plan).
- Cooler weather beckons many people to start walking and spending more time outdoors. It’s not too hot, and it’s not too cold. Unfortunately allergies tend to cause problems during this time. Remember to shower after mowing the lawn, rinse your nose and eyes after being outdoors, and be sure to look for generic brands of your allergy over-the-counter medication to save some money.
- Rent yard work equipment. Instead of buying expensive machinery that is only used once or a couple times a year, check your local hardware store or rental store. You can also share equipment if you have a good relationship with your neighbors or family members.
- Flex-Spending. Fall is usually the time when employees can sign up for an employer’s flex-spending account which can save you money on taxes. Check with your employer to see if a flex-spending account is available and when you can sign up.
- Plant a Fall Veggie Garden. Many gardeners think the end of summer means the end of gardening, but it doesn’t have to. You can plant a fall garden and save money on groceries and water, and you get fresh tasty food! Just be sure to check out the average first frost date in your area and count backwards from there to see when you should plant your veggies.
- Close the curtains as soon as it gets dark. This won’t save you tons of money, but it will help keep the warm air in and help you cut back on the heating bill.
- Clean the gutters. Every year gutters get full of dirt and debris and should be cleaned. This can save you major headaches in the winter and spring by keeping your gutters working properly and avoiding gutters falling or roofs leaking due to over-full gutters.
- Decorate for less. Visit the dollar store for much less expensive decorations for fall and Thanksgiving. You can find all sorts of cute decorations or use a little bit of creativity to put together something all your own with inexpensive items (i.e. make a beautiful wreath for your door with dollar store fall leaves and maybe a small pumpkin).
- Start your Christmas shopping early. Instead of packing a huge blow to your budget, start picking up some Christmas gifts now and spread out the spending. Just remember, you should be making a list of how much you want to spend on Christmas gifts (for each person!) and stick to your budget.
Tags: fall, save money
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