tag:,2008:/182 2008-06-16T01:29:29Z Dr. Penelope Tzougros - financial planner, consultant and speaker, shows you how money works and how to make it work for you. Movable Type 4.1 tag:www.wealthychoicesforyou.com,2008://182.4282 2008-06-19T01:21:46Z 2008-06-16T01:29:29Z

Watch the amazing 25 lb cat Francis...

Jody Colvard http://www.beashowhosttips.com

]]> tag:www.wealthychoicesforyou.com,2008://182.4283 2008-06-15T15:11:28Z 2008-06-16T03:21:14Z

Are you buying too much stuff? Is your buying ruining your vacation?

Penelope Tzougros http://www.remember.org/penelope

]]>

]]> tag:www.wealthychoicesforyou.com,2008://182.4249 2008-06-05T10:44:29Z 2008-06-05T05:04:38Z

Do you have a lot of Stuff? Why? If you evaluate your possessions and how happy you are with them, you may find that you have a high Regret Quotient about how you spent your money. Are you living YOUR idea of the good life?

Penelope Tzougros http://www.remember.org/penelope Wealthy Choices (R) For You asks you, "What is your stuff factor" and why does it matter? Have you been impressed by the fact that people are buying storage units to hold their furniture or overflow of possessions? I have wondered about it. I thought that such storage units were only for people in transition. Moving from one home to another and having to store household goods until they could move in to the next property. Or maybe an inheritance of valuable antiques that did not fit the decor and had to be stored until they could be sold. But it seems that a good deal of the reason for such storage is there is just too much stuff in the house and people are crowded in their living space but unwilling to sell or give away the items. This complaint of overcrowding is corroborated by hearing from so many people who are trying to sell their homes that realtors have told them to remove items and clutter to make the rooms more appealing to a prospective buyer. Why do we have so much stuff? Is it necessary? Is it nesting material? Is it thoughtless accumulation? Is emotionally significant? artful? comforting? To test out your home "stuff factor", do the following inventory: start with any room, list every item in that room and ask 1) would you rather have the thing or the money? Then ask the next questions: 2) Why would you rather have the thing or the money? 3) Can you justify why you should keep the item? 4) Why did you buy the item? 5) Do you regret the purchase? 6) What is your Regret Quotient on a scale of 1 to 10. At ten -- every time you think of it you get upset and at 1 you can almost laugh about it or tell a good anecdote about it. 7) What would you do with the money if you could get the full price for the item? 8) If it was a gift, do you keep it because of its intrinsic value or for the relationship with the person who gifted it to you. Tally it up the stuff score. For instance in room one, there is only one thing for which you would rather have the money, but your Regret Quotient is 10 for that item. So the stuff score is 10. That comes from multiplying each item by its individual Regret Quotient and adding it all up. If there were three such items that you really regretted you'd be up to 30. If there were 15 items with a 2 Regret Quotient each that would be 30. This is dangerous territory. Having more than three items per room that you don't want now, or which carry a really high Regret Quotient or many other items you don't want should tell you that you are ruining your next vacation. Why? Because you are working to put stuff in your home that is costing you money, and taking that money away from other pleasures like vacation or other necessities like retirement. To the extent that you are an avid consumer with a high stuff score, you are adding stuff to the house and taking away money from other things. You keep reaching for the next nice thing that may add excitement, prestige, style, comfort, who knows what. You are consuming and consuming and never really savoring, or enjoying deeply. Slow down. You should have the things around you that you really want, but you will more likely get to that desirable condition by becoming a connoisseur. Yes, I know that buying and owning things can also relate to stages of your life and to experiments. We "try on" things. Like thinking you want to learn to play the guitar. You buy the guitar, but a year later give up playing. It sits there. However, if you are constantly buying things that you give up on, are you giving yourself enough time to think it out the initial purchase? In the next edition of Wealthy Choices for You, I'll explain what I mean by connoisseur. Maybe you will agree that there is value for your happiness in applying the distinction between consumer and connoisseur to your choices. Until next time, remember I'm here for you. I'm Penelope coaching you and cheering you on so that you make money choices that lead you to both inner and outer wealth. My website is www.wealthychoices.com. Securities offered through LPL Financial, Member FINRA/SIPC. ]]> tag:www.wealthychoicesforyou.com,2008://182.3330 2008-05-20T04:00:00Z 2008-05-20T04:53:37Z

Mom took care of us and we couldn't figure out how to take care of her. The long-term care dilemma- what we feel, how we pay for the care, some realities. New strategies

Penelope Tzougros http://www.remember.org/penelope I'm Penelope and I am happy to welcome you to Wealthy Choices - the place that links your money, your values and your goals. Today's question is: What do you do when Mom needs long-term care or a nursing home? That was a question that confronted my family. And what did we do? We were three college-educated adults who loved our wonderful mother, so we did what so many adult children do, we denied the evidence. We claimed it was just her being distracted when she was talking to us. She was busy cooking and talking to us that's why she asked the same question more than once. The fact that the refrigerator had some spoiled food was that she... that she what? She was a fabulous cook. She would have thrown it out. But we did not want to admit that the reason she didn't, was that she was losing her mind. Losing it to what the doctors called senile dementia. New strategies: For some people, who have sufficient assets and want to preserve them, long-term care insurance can help. For a family who does not want to have a battle over which sibling should take Mom in, or pay for care, they might all chip in to pay for a policy. In addition there is a new generation of life insurance products with long term care riders that work well for people who can use life insurance and who say, "What if I never need long term care?" This combination product can handle estate settlement issues as well as providing for beneficiaries. There will no doubt be more strategies as more people face these difficult issues. In the meantime, a careful look at the financial picture of your parents, and of the adult children in your family could create alternatives and options that are better for each of you. The key is to act now. Keep the best options on your side by being courageous about something so many people won't face. Have your family be proud of their courage and thoughtful expression of love. That is a worthy legacy. In the meantime -stay well, and party with great enthusiasm. Life is a joy. For more information, go to www.wealthychoices.com/long-term-care If you want to discuss long term care with me, just email me at Penelope@wealthychoices.com or call me at 1800 631 1970. Until next time, consider the idea that your daily choices with money lead you to or away from wealth. I'm financial planner, Penelope S. Tzougros, PhD, ChFC, CLU. 95 Sawyer Road, suite 500, Waltham, MA 02153 Securities offered through LPL Financial. Member NASD/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult me or your financial advisor prior to investing. ]]> tag:www.remember.org,2007:/penelope//182.3179 2008-01-28T15:05:44Z 2008-04-15T11:16:37Z

Today's question is-- What does $100,000 buy? Yes, I bet you can list a lot of desirable items from cars to trips to home improvements. But if I ask you in terms of the goal of financial security for your...

Penelope Tzougros http://www.remember.org/penelope

$100,000 may seem like a good sum of money when you are paying your monthly bills. And the bills are each for under $2,000. But how many months of bills would that hundred thousand cover for your family if you had died last week? Have you recently added up all of what you spend to maintain your life style? What is the absolute minimum the family needs? What is the amount you are currently living on? What would be the right target? Suppose you had $100,000 of life insurance or of assets in the stock or bond market how long would that money keep your family's bills paid? ]]> Here is one way to answer that with a hypothecial example which is not representative of any specific situation. Your results would vary. If you could find an investment that earned 5%* on average every year and you invested $100,000 in that hypothetical investment, that might provide your dependents with about $790 dollars a month for 15 years. Then the money would run out. Will $790 pay all the bills each month? How many times $790 would the family need to be able to pay all the bills? If you owned $500,000 of life insurance on your life, then that death benefit might provide your family with about $3,953--under $4,000. Is that about right? Do you need more insurance, more assets? Whether the money comes from life insurance or from other assets, figure that each $100,000 might provide about $790 a month. Hold that thought $100,000 for each $790. That will help you gauge your goal of providing financial security for the family's bill paying. Yes, there are other aspects of financial security but we will take them up another time. If you would like a simple cash flow sheet to figure out what your monthly expenses are just download one from www.wealthychoices.com/cashflow. Once you complete filling in your expenses you can ask--"Is my money being spent on what I really care about?" If you want to discuss it with me, just email me at Penelope@wealthychoices.com or call me at 1800 631 1970. * The hypothetical rate of return does not reflect the inherent cost of investing. Until next time, consider the idea that your daily choices with money lead you to or away from wealth. Wealthy Choices(R) where money, values and goals make plans. I'm financial planner, Penelope S. Tzougros, PhD, ChFC, CLU with offices at 95 Sawyer Road, Suite 500, Waltham, MA 02453. Securities offered through Linsco/Private Ledger. Member NASD/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you consult me prior to investing. tag:www.remember.org,2007:/penelope//182.3182 2008-01-28T12:45:36Z 2008-02-06T03:00:31Z

Until next time, consider this idea: Your daily choices with money lead you to or away from wealth. I’m financial planner, Penelope S. Tzougros, PhD, ChFC, CLU. Securities offered through Linsco/Private Ledger.Member NASD/SIPC. 95 Sawyer Road, Suite 500, Waltham, MA 02453. www.wealthychoices.com. Financial Planning is offered through Wealthy Choices® LLC.

Penelope Tzougros http://www.remember.org/penelope go away". I hear them and I hear all of you who might agree with them, but as the founder of Wealthy Choices (R) LLC with over 20 years of advising people about life and money I have to say people are amazing. I am continually impressed by how clever you are. You are creative and you will figure out a path to retirement success, maybe with the help of a financial planner, or maybe just because you have bailed yourself out of lots of difficult situations. You will adapt whether there is enough money or not. Money with laughter and praise

]]> bare bones, how much money would you need each month? (Click here if you want a handy cash flow sheet to itemize all your expenses.) 2 How much would you need each month to maintain a comfortable life style? 3 Have you always managed your lifestyle by having loans and credit card debt that took years to pay off? Will that work during retirement? 4 How much would you need if you moved to someplace where housing, heating, food costs, etc. were less expensive? 5 How much income are you sure of receiving from Social Security and other sources? 6 How much income might you receive from investments? To help you with this estimate, consider that each $50,000 of investable assets earning on average 5% in some hypothetical investment might provide $329 a month for 20 years. Then the money would be gone. Answering these six questions helps you gauge whether your money can sustain your retirement. Yes, there are many more questions to ask, and more sophisticated analysis of investments, health, inflation, risk, portfolio construction, real estate taxes, income taxes and estate settlement costs. At some point you may want me or some other qualified person to create a personal strategy for you. If you want a strategy for retirement, just email me at penelope@wealthychoices.com or give me at 1 800 631 1970. ]]> tag:www.wealthychoicesforyou.com,2008://182.3585 2008-01-11T03:17:58Z 2008-01-12T07:52:40Z

You may be very independent but sometimes it is wise to ask for help with your money. Don't drive yourself into a ditch- listen to the warning signs. When? What are the signs of trouble

Penelope Tzougros http://www.remember.org/penelope Click Arrow to Listen

A friend asked this question-- "When would I need a financial planner?" and I thought is was worth exploring with you. If you wake up with a toothache or a painful, maybe contagious rash, you know you need to call a doctor. But is your need for financial advice that clear and dramatic? Probably not. Let's consider the five top reasons you may need a financial planner and then let's look at what financial planning can do for you. A financial planner can help if you are in one of these five situations. They happen to all start with the letter "U". Your situation is 1) Unusual 2) Unexpected 3) Ugly 4) Unruly 5) Uncharted ]]> Let's start with Unusual. 1) Something unusual has happened in your life. You won a big lottery. You are getting a divorce. Your spouse died. You inherited money. In each case--good or bad, a significant change in your lifestyle may occur. These have in common that you are not in control. They happen to you. 2) The Unexpected has happened: you are about to lose your job or you just lost your job. Here you have some control because you can look for another job and you have kept your skills or resume up to date. Maybe you contributed to the reason you were let go. Your home was destroyed by fire, but you had insurance. So you were prepared as prepared as you could be for something this awful. 3) Something Ugly has happened that throws you into court or a hospital: a law suit against you; identity theft; a terrible accident; a debilitating illness. The courts and hospitals although they can bring about good outcomes are often stressful and financially draining. 4) Your finances are Unruly on a day to day basis. You feel out of control not knowing where the money is going. You think that you are making an adequate living but for some reason there's "no money." What are you doing wrong? 5) You, or you and the person you manage money with, are yelling about money, or do not have a joint vision of where you are going with your money, or you are not maximizing your money for the goals that you have. You find your future is just Uncharted. There are: Conflicting goals, No stated goals, Goals with no strategy for reaching them. So whether you are in a situation that is unusual, unexpected, ugly, unruly or uncharted, you are feeling uneasy or even frightened, and you want to do the best you can with your money. In addition to feeling uneasy, you feel that you don't know enough for the next stage. You've reached your limit for figuring out how to improve your situation, and you do not have enough knowledge of the marketplace of investments. Now is a good time to call in a financial planner. A good financial planner is first a good listener who wants to know what you want, what worries you and what fits your money lifestyle. The first meeting with the planner should be about you. At the next meeting, the planner should set out strategies for resolving problems, taking steps toward your goals and/or answering your questions. If the advisor was really listening, the plan should feel sensible and doable, maybe even exciting. It is exciting to feel we are on a path that can lead to our achieving what we want. That does not mean you won't be uncomfortable about being told to do something like save more money for retirement, but it does mean a compelling argument will be made based on your statements and your timelines for retirement. Financial planning is a road map. You are here and you want to get to there. Yes, we are talking about your money not a car trip, but there are similarities. If you want to drive from Boston, Massachusetts to San Diego, California, there are many roads that you could take. You decide how fast, how scenic, how expensive a trip you want. With a financial plan, you are stating your goals and asking someone with training to show you some choices that can get you to those goals. A good advisor, financial planner, money coach, will get you on the right road given 1)who you are, 2)what your money habits are, 3)how much money you have to invest, and 4) how much stick-to-it-ness you have. Let's take on those five points. 1) Who are you? Are you someone who wants to learn about investing, or someone who just wants a strategy to follow? Are you too busy with your life to care about money? Do you have a love-hate relationship with money? What is your history with money? 2) What are you money habits? Money habits are not about how big your paycheck is; they are about how you define: needs, wants and luxuries. Has the paycheck covered the needs or is there a worry about paying your bills? Is your habit of mind about money that it is to be used today without much concern for tomorrow? Are you so used to saving, that it is hard for you to have fun? 3) How much money you have to invest and when you need to arrive at your financial destination are key components for the financial plan. If you have $25 a month to invest you can begin a program, but there are not as many investment vehicles available to you. But you can make a meaningful beginning. If you have a goal that must be reached in one year, then too you have fewer choices. So dollars and your time frame narrow down the many investment options. 4) Can you stick-to-it? This financial plan is about the process of investing which includes the paperwork of applications and forms, as well as the nature of how money grows in the marketplace. If your investments go down instead of up will you bail out or will you learn enough about long-term investing to stay with your financial plan? So bring in the advice of a financial planner when you want to do better with your money, and you want a strategy to lead you to your goals.