http://www.wealthychoicesforyou.com/ Dr. Penelope Tzougros - financial planner, consultant and speaker, shows you how money works and how to make it work for you. en Copyright 2008 Thu, 19 Jun 2008 02:21:46 +0000 http://www.sixapart.com/movabletype/ http://blogs.law.harvard.edu/tech/rss

]]> http://www.wealthychoicesforyou.com/2008/06/my_cat_francis.html http://www.wealthychoicesforyou.com/2008/06/my_cat_francis.html Cat Francis Large Thu, 19 Jun 2008 02:21:46 +0000

]]> http://www.wealthychoicesforyou.com/2008/06/what_is_your_stuff_factor_1.html http://www.wealthychoicesforyou.com/2008/06/what_is_your_stuff_factor_1.html Money and your habits buyers crowded house savings shoppers too much stuff vacation money Sun, 15 Jun 2008 16:11:28 +0000 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. ]]> http://www.wealthychoicesforyou.com/2008/06/what_is_your_stuff_factor.html http://www.wealthychoicesforyou.com/2008/06/what_is_your_stuff_factor.html Money and your habits Consumer Having what you want Money Regret Quotient Spending Stuff Thu, 05 Jun 2008 11:44:29 +0000 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. http://www.wealthychoicesforyou.com/2008/05/what_to_do_with_mom_when_she_n.html http://www.wealthychoicesforyou.com/2008/05/what_to_do_with_mom_when_she_n.html Long-term care cost of care financing care long-term care real story loss of activities of daily living Mom Senile dementia Tue, 20 May 2008 05:00:00 +0000

$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? ]]> http://www.wealthychoicesforyou.com/2008/01/what_can_100000_buy.html http://www.wealthychoicesforyou.com/2008/01/what_can_100000_buy.html general investing ideas assets converted to income death family security income stream paying the bills Mon, 28 Jan 2008 15:05:44 +0000 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

]]> http://www.wealthychoicesforyou.com/2008/01/can_i_retire.html http://www.wealthychoicesforyou.com/2008/01/can_i_retire.html money to retire retirement analysis retiremnent sustainable retirement Mon, 28 Jan 2008 12:45:36 +0000 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 ]]> http://www.wealthychoicesforyou.com/2008/01/do_you_need_a_financial_planne.html http://www.wealthychoicesforyou.com/2008/01/do_you_need_a_financial_planne.html Money- how to... financial advice planning trouble spots to avoid Fri, 11 Jan 2008 03:17:58 +0000