financial planning - Whole Hearted Way https://www.wholeheartedway.com Meditation instruction for those who cannot meditate Sat, 21 Jan 2012 00:46:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://i0.wp.com/www.wholeheartedway.com/wp-content/uploads/2021/07/cropped-Fern.jpg?fit=32%2C32&ssl=1 financial planning - Whole Hearted Way https://www.wholeheartedway.com 32 32 195550711 Black Death of a Financial Plan https://www.wholeheartedway.com/black-death-of-a-financial-plan/?utm_source=rss&utm_medium=rss&utm_campaign=black-death-of-a-financial-plan https://www.wholeheartedway.com/black-death-of-a-financial-plan/#comments Sat, 21 Jan 2012 00:46:27 +0000 http://wholeheartedway.com/blog/?p=80 Many baby boomers are finding themselves in the uncomfortable position of becoming parent to their parents. Research shows that caregivers caught off guard by an ailing parent may suffer almost as much vocationally and emotionally as they do financially. If you planned to withdraw 5% a year to support your lifestyle when you retire, and then have to increase that to care for an ailing parent, there goes your retirement plan. What can you do? Plan far ahead by having proactive family discussions. Invariably, one child takes on the bulk of the care giving responsibilities. This can cause tension and resentment that can be avoided by discussion. Target specific scenarios so that it is easy to discuss difficult subjects such as when Dad can no longer drive. Consider Late-in-life care such as long term care insurance and in-home care insurance. Children can end up writing a check for the premiums or sharing costs with parents. Joe Birkofer tackles the issue of negative inheritance in the Rice University financial planning class that he teaches. He asks a simple question: “What’s the Black Death for a financial plan?” The answer: “it’s your parents“. Coaching Question – How do you plan on taking care of your parents?

The post Black Death of a Financial Plan first appeared on Whole Hearted Way.

]]> Many baby boomers are finding themselves in the uncomfortable position of becoming parent to their parents. Research shows that caregivers caught off guard by an ailing parent may suffer almost as much vocationally and emotionally as they do financially. If you planned to withdraw 5% a year to support your lifestyle when you retire, and then have to increase that to care for an ailing parent, there goes your retirement plan.

What can you do?

  • Plan far ahead by having proactive family discussions. Invariably, one child takes on the bulk of the care giving responsibilities. This can cause tension and resentment that can be avoided by discussion.
  • Target specific scenarios so that it is easy to discuss difficult subjects such as when Dad can no longer drive.
  • Consider Late-in-life care such as long term care insurance and in-home care insurance. Children can end up writing a check for the premiums or sharing costs with parents.

Joe Birkofer tackles the issue of negative inheritance in the Rice University financial planning class that he teaches. He asks a simple question: “What’s the Black Death for a financial plan?”

The answer: “it’s your parents“.

Coaching Question – How do you plan on taking care of your parents?

The post Black Death of a Financial Plan first appeared on Whole Hearted Way.

]]> https://www.wholeheartedway.com/black-death-of-a-financial-plan/feed/ 2 80 Building Wealth 30 Minutes at a Time with Christine Benz https://www.wholeheartedway.com/building-wealth/?utm_source=rss&utm_medium=rss&utm_campaign=building-wealth Wed, 14 Jul 2010 07:17:40 +0000 https://www.wholeheartedway.com/?p=698 You know I am not a big fan of personal finance journalists, but I have high regards for the work of Christine Benz. Christine is Morningstar’s Director of personal finance and senior columnist for Morningstar.com. She gets it about the financial planning process and it’s role in building wealth for people. This interview is packed with valuable information to help you with your portfolio no matter how small or large. Build Wealth Christine wrote the book, 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances Agenda: • Learn how to break down the financial planning process into manageable steps • Tips to develop a portfolio you can live with through the long term • How to make the best choices in a bad retirement or 401k plan • Special tools and resources revealed to help you stay on track with your financial goals.

The post Building Wealth 30 Minutes at a Time with Christine Benz first appeared on Whole Hearted Way.

]]> You know I am not a big fan of personal finance journalists, but I have high regards for the work of Christine Benz. Christine is Morningstar’s Director of personal finance and senior columnist for Morningstar.com. She gets it about the financial planning process and it’s role in building wealth for people. This interview is packed with valuable information to help you with your portfolio no matter how small or large.

Build Wealth

Christine wrote the book, 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances

Agenda:
• Learn how to break down the financial planning process into manageable steps
• Tips to develop a portfolio you can live with through the long term
• How to make the best choices in a bad retirement or 401k plan
• Special tools and resources revealed to help you stay on track with your financial goals.


The post Building Wealth 30 Minutes at a Time with Christine Benz first appeared on Whole Hearted Way.

]]> 698