Tag Archives: Relationships

8 Money-Saving Tips for Large Families

Budgeting, Frugal Living, Saving Money,

 

A woman and her five kids having fun on a light blue couch

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This post was contributed to Leisure Freak by freelance content writer Charlotte Wyatt.  

Having a large family means constantly working on your spending discipline and finding different ways to save more money. After all, there is no such thing as a never-ending supply of money, and taking care of a large family can get quite expensive. However, even with everything you have to handle financially, there are ways to save extra money. In this article, we’ll let you in on eight money-saving tips for large families that will make your everyday lives that much easier.

Surprisingly simple money-saving tips for large families 

Many people dream of having a large family, but most of them end up quitting this idea due to financial concerns. After all, it’s not a secret that taking care of a big family can be very expensive.

A large family walking across a bridge during a sunset
Even though taking care of a large family is expensive, there are plenty of ways to make it work without having to sacrifice a lot.

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But even with all of that in mind, we often see many large families making it work with smiles on their faces. So, we did our research and found money-saving tips that might make you decide not to give up on your dream of having a large family.

#1 Set a budget and stick to it

The bigger the family, the more important it is to focus on determining your budget. Make sure to write down what money is coming in as well as what money is going out. Even the smallest expense should be on your list as it will help you understand your spending habits. More importantly, it will help you see if there is any more room to save.

By creating a budget, you’ll be doing yourself, as well as your entire family, a huge favor. There’s no better way to save money than rationally and strategically deciding how to spend it.

#2 Live simply

Most people think that having more kids means needing extra space and more things. But many large families do quite the opposite – they downsize their belongings and live a simpler life. This helps them save money and still live comfortably.

Four siblings hugging in the middle of a field and looking at the sunset
Living a simpler life will help your kids learn and nurture strong core values and become good people.

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Thus, you don’t need to wait to downsize after retirement. Your kids can learn to share rooms, and even if you don’t have a backyard, we’re sure there’ll be great parks in the neighborhood. Your holidays will still be magical without spending too much on decor, and your kids will still feel happy and loved.

Living simpler will surely help you save money. But, more importantly, it will help you teach your children the value of togetherness over material things.

#3 Save while shopping

Shopping for a large family is very different from your regular weekly visit to the grocery store. In fact, it usually requires thorough planning and detailed considerations.

Here are just some of the ways large families save money while shopping:

  • Many large families buy in bulk. 
  • Shopping online allows you to stay organized and curb impulse buying.
  • Visiting thrift shops is a great way to find cheap treasures your entire family will love.
  • Research coupon and promotion websites and take advantage of good offers.

#4 Don’t run away from hand-me-downs

Hand-me-downs are not something that’s reserved only for large families. Even in families with two kids, hand-me-downs are entirely common. We completely understand if you want all of your kids to have their own things, but just remember how expensive kids’ clothes can be and how fast they outgrow them, and you’ll realize you can spend that money on something more valuable.

If you want to save even more, consider sharing with other families. This way, you’ll not only save your money, but you’ll also help another family save theirs, too.

#5 Dine-in and prepare meals

Taking a large family out to eat is not just an expensive experience, but it can also be quite stressful and frustrating, especially if younger kids are involved. And even if you choose more affordable restaurants, the bill quickly adds up.

Preparing meals together and eating at home is one of the money-saving tips for large families
Cooking family meals together is a great way to teach your kids responsibilities while strengthening your relationship at the same time.

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This doesn’t mean you can’t make your home dining experience fun and meaningful. For instance, you can have a “make your own pizza” night and watch a family movie together after. You’ll still have a great meal, but you’ll also spend quality time together, and your kids will learn new skills.

#6 Look for free activities

Every kid wants to participate in different activities, join classes, try sports, and similar. However, these things cost money, and these expenses are much bigger when a large family is in question.

Luckily, there are ways to save money by doing a little research. You may find that your town or city is hosting free events for kids, or perhaps the school district offers different classes at reduced rates. You can never know until you start digging and asking around.

#7 Teach your kids to place a higher value on experiences than on things

Take a moment and think about your childhood. We are almost sure that you most remember fun family trips, movie nights, and even family dinners that were enriched with some silly anecdote. We’re also sure that you probably don’t remember most toys you begged for and quickly lost interest in them.

Your kids will likely remember the same things. They’ll cherish precious family moments and always happily reminisce about the quality time you’ve spent together. Sure, there will always be a toy or a gift with a special meaning to them, but we guarantee that, for most people, experiences are much more memorable and meaningful than any material thing. The best part about them is that they’re mostly free!

#8 Remember – there’s always room to save more

Lastly, always keep in mind that no matter the situation, there are always ways to save more money. The trick is in thinking outside the box and looking for creative alternatives for otherwise expensive solutions. And trust us, if you put your mind to it, you’ll be able to get a lot of things done more or less free of charge. 

For instance, let’s say you and your family are moving. Sure there are costs that are unavoidable but saving money when moving is not impossible. A good way to cut costs during the process is by asking family and friends to help you instead of hiring movers or using things you already have at home, such as blankets as moving supplies.

Final thoughts

On top of everything we’ve listed, there are plenty more money-saving tips for large families you can test. Always have in mind that every family is unique and specific in its way. Therefore, it’s always good to think outside the box and come up with creative ways to boost your family’s budget. If you put enough effort, soon you might even be able to start thinking about ways to fund your early retirement.

Much thanks to Charlotte Wyatt for sharing these timely money savings tips when squeezing some discounts out of daily life has never been more needed.
8 Money-Saving Tips for Large FamiliesAuthor bio:

Charlotte Wyatt is a single mom living with her two kids in Washington D.C. She is working as a freelance content writer which gives her flexibility to spend a lot of quality time with her kids. Being that she’s supporting her family on her own, she learned many money-saving tips and she’s always happy to share them in her articles. 

Early Retirement Using Matrimonial Bliss Split Budgeting

Budgeting, Retirement Plan, ,

I married my highschool sweetheart at the age of 18. That was a bit over 44 years ago. We quickly discovered that always being on the same financial page with someone else is tough to do. We both reached early retirement using what I call matrimonial bliss split budgeting. Our split budget didn’t start because of early retirement goals. We did it to keep the peace. But later it did provide the boost for us to reach financial independence together, but separately.

Early Retirement Using Matrimonial Bliss Split Budgeting

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Our Matrimonial Bliss Split Budgeting Ride

We didn’t come to matrimonial bliss split budgeting overnight. There were many years when our children were young where there was only a single income. Basically, one budget handled by two people in a partnership of aligned goals, but with different ways of thinking. Separate minds will have different mentalities on financial priority rating. I think that captures it. 

We had very tight income to outflow limitations and our shared checking account was the battlefield. There were many marital conflicts when money went to something required, like home utilities. When the other had planned on it going towards something else required, like grocery or children’s clothing. We also had to work on communication.

Balancing the daily costs of living and raising a family, let alone saving for the future, can be a marriage challenging experience. 

Once our kids started school we entered back into the dual income realm of making ends meet.

My bride was able to work part-time and bring in much needed income. We were still on a single budget, but now with a little more income to work with. That didn’t end the financial stresses of two people trying to find a middle ground on financial priorities. 

Don’t get me wrong, her Yin was needed to balance my Yang. It’s hard to relax or have fun until all work is done and bills are covered. Even when there’s likely time later to meet those needs. She on the other hand can let go knowing there’s realistic time to enjoy things and take a break from the pressure of pending needs. 

Realizing our differing mental dynamics is how our split budget was created. 

We both needed to support our overall financial goals. Like providing for our family, keeping a roof over our head, and having a meal on the table. But we also needed to have some control over our spending without infringing on each other’s different mental processes when determining financial priorities or happiness. 

In a nutshell, aside from the benefits of having a covered budget, there are things that are needed to be happy. What makes a person happy is a unique human experience. It isn’t always shared, or equally felt and enjoyed in the same way between different people when shared. If only one person of a couple is happy about things most of the time, the chances of staying a couple gets murky. Blown finances regardless of reason just adds stress to anyone’s happiness.

Matrimonial Bliss Split Budgeting to retire earlyImage Source

We Split Our Budget Based On Two Factors, Earnings And Preferences

Percentage of income budget separation-

I earned a higher income than my bride’s part-time and later full-time earnings. With that in mind I took on the bulk of the budget. Initially we both had tight budget demands that left just enough to fund our own 401Ks and little left for discretionary spending. As incomes increased over the years there was more wiggle room but our budget allotments were only slightly altered. 

Preferred happiness and strength based budget separation-

It isn’t like I love paying utilities, insurance, mortgage, auto and home maintenance, vacation, debt, etc. But I sure didn’t enjoy or care more about grocery or clothes shopping than my wife did.

Our split budget settled on my portion including all living expenses other than grocery, toiletries, household cleaners, her clothing, her auto gasoline, and her 401K. This way we could budget for our share. It ended the chance for surprise hits to the account balance from the other. When we could afford it, we would treat each other and the family out to dinner, movie, or other impromptu fun.

What This Did For Our Marital Financial Peace

Having the separation provided with matrimonial bliss split budgeting allowed us to have control over our earnings and spending without infringing on each other. While still working towards our common and separate goals. Whenever a spending emergency occurred beyond one’s capability to handle, we would both chip in to make it work. 

Establishing Separate Finances To Accommodate Our Separate Budgets

Bank Accounts

We had started our marriage having a single joint Checking, Savings, and Credit Card account. We kept that for my wife to use, then opened another joint account at a Credit Union which I utilized. Having the 2 joint accounts allows us to separately track and balance our budgets. While also allowing us access to either account in the event of an emergency situation. 

Credit Cards

Initially we each used separate Visa cards to track and pay for. As time went we settled on a single Rewards Visa to use for any of our spending. We still pay our respective budgetary expenses in full monthly, but we separately track our Visa use and split it out on the monthly Visa statement. The shared rewards card distributes cash every Holiday season. We use it to cover our shared Christmas holiday and gift budget. 

Retirement Savings 

Our retirement savings evolved from just the normal separate 401K withholding from our respective paychecks to my also funding both mine and my wife’s yearly Roth IRA savings. 

Early Retirement Goals And Split Budget Impact

I had a far more aggressive attitude toward early retirement than my bride did. 

She actually loved her job when I explored the possibilities of retiring young. We both took part in the initial financial planner meetings when my 10 year early retirement plan took form. Our own retirement goals were based on our unique budget and income. When I retired early at age 51, she wasn’t onboard then with her also retiring. She wasn’t menatlly or financially ready to go and had some other milestones she wanted to continue working towards. 

After I retired early we maintained the same split budget even though the earnings dynamics were now reversed. 

My monthly IRA funded retirement income was far less than her full-time salary. But I had just enough coming in to make it work. The thought was for my wife to continue a higher retirement savings rate while still trying to hit her milestones. The split budget arrangement living off of a now more limited retirement income was tight but workable. We enjoy frugal living and I was still able to cover everything. 

Having my budgetary needs being met allowed me to stretch myself to pursue opportunities of interest and passion. I see retirement as the absence of needing to work, not the absence of working. I had always planned on doing my “retire early and often” thing whenever the perfect opportunity presented itself. I’ve had some exciting and rewarding adventures with retirement gigs that checked off a lot of my “would like to learn and do” bucket list. As I was funding my retirement from my IRA, any income I earned was added back into the portfolio and even pay off our modest mortgage. That certainly relaxed my part of the split budget expenses. 

A year into my early retirement my wife saw the early retirement light.

Seeing how I was free from obligatory toil and making it all work without having to work, my wife decided it was time for her to get more serious and join me. We tweaked her savings plan and set a retirement funding strategy to cover her budget to also retire early. A couple of years later she ditched the rat race. We both have the retirement income to cover our split budgets. 

There are lots of ways to do this to keep the marital peace and financially benefit

We certainly had some marriage challenges over the decades. There were a lot of changes in us over the years from when we married at such a young age. 

There are many many things that can challenge a marriage. Finances is one of the big ones that can creep in and ruin everything. I think the most important financial success part of this matrimonial bliss split budget story is that we stayed together, sticking it out through all of what life threw at us. Struggles of all kinds, growing up together and ultimately becoming different people, and raising kids while balancing life and careers can be a relationship meat grinder over time. 

Our having love and a commitment to each other and family; having aligned lifestyle and financial goals; and managing financial stress with our budgeting decisions, played a big role in our marriage longevity and ultimately our financial independence, separately but together.

Is It Callous To Mention Early Retirement Now?

Non-financial Aspects of retirement, ,

It is a time of hardship for many. There’s so much misery of illness, death, unemployment, and people waiting in food pantry lines. Even for those who still have an opportunity to earn income there’s health worries and income insecurity. For some essential front line workers they’re overworked with little power to make things better for themselves. Then there are the deniers. Those who push for everyone to suck it up and get back to work regardless of safety. No wonder anyone who has been financially preparing for many years can still feel it’s callous to mention early retirement.

I struggle to find the right words to promote the worthy goal of early retirement without first considering whether it’s insensitive. But should we not mention it? There are things to be considered before bringing early retirement up during these trying times for those who are about to announce their retirement or those who are already happily in it.

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Could It Be Callous To Mention Early Retirement In Today’s World?

This pandemic’s selectively ravaged job market has done a number on many people through no fault of their own. Unfortunately, this world does its best to pick winners and losers. We can’t and won’t always win. Even the best will eventually suffer the sting of loss. We accept it, make corrections or changes to better our odds of winning the next round, and move on. Those who pitifully whine about it are avoided. Try whining about your previous job treatment or anything else at a new job interview and see how far you get. 

Nobody likes a sore loser. But the only thing worse than a sore loser is a sore winner. Early retirement is certainly winning. So yes, depending on how we handle things, it can be callous to mention early retirement.

Today’s trying times share hardship similarities to when I retired young in 2009. 

My company had been in constant cycles of laying people off even before the recession. But once the recession hit they took it to another level. I was FIRE ready in 2008 but stayed another year. I hoped to be selected for downsizing to secure the boost of a happy paid severance send off, but it never came. Many others who were dismissed were personally and financially devastated. 

When I decided it was finally time to leave, my mentioning early retirement was met with different reactions. Some congratulatory, some with envy, many said I was insane, and others I later heard were wishing me failure. I tried to handle the issue with sensitivity and I still couldn’t avoid negative reactions. But that doesn’t mean I was callous regarding my early retirement success during a time of hardship for many people. 

Pointers To Avoid Being Insensitive When Talking About Early Retirement 

Don’t Gloat- 

Early retirement is an accomplishment to celebrate, not boast about. Early retirees have to make financial decisions over a long period of time to reach the milestone. Other people make different financial decisions. There is no need to consider ourselves superior, it’s just that we had and have different values. Nobody enjoys having someone’s success rubbed in their faces. If asked, then simply share future plans as if everything is normal regardless of the economic and pandemic turmoil. There is nothing wrong with doing well and expressing optimism about the future. 

Keep Your Portfolio To Yourself –

I never earned enough to accumulate a million dollar portfolio even with my frugal living habits. My salary never hit six figures, but I still considered myself wealthy. It’s not what you make but what you keep that makes you wealthy. I knew that most of my peers likely didn’t get the big bucks either. Instead of mentioning my portfolio amount when the subject came up, I talked about my strategy to fund my lifestyle budget and how I structured things. Embrace the concept of stealth wealth and focus on the income bracket you will be happily living in. It would cross into callousness to stick your portfolio amount in other’s faces in this environment just as it would have when I retired during the recession. 

Be Honest – 

Nobody enjoys having smoke blown up their keister. I would honestly say that although I would miss some of my work and peers, not all of it would be missed and left it at that. Then I would say that although it may appear like I’m crazy and in a midlife crisis to some, I was looking forward to pursuing my interests and passions and that our paths may cross again. My retirement may include other paid opportunities that come my way. I made sure that it was understood that my early retirement was the result of years of plan execution that included financial discipline and some sacrifices to make it happen. Early retirement wasn’t easily won.

No Guilt Or At Least Don’t Show Signs Of It – 

Haters will look for any signs to latch onto to justify their hard feelings. Showing guilt because of these hard times will give them ammunition. Something that will certainly add to any success guilt you may already have. Focus on being successful because of setting aside your unprofitable dreams over many years, delaying gratification, and developing disciplined lifestyle habits that supported the financial responsibility to be able to retire now. 

Ditch Pride and Ego –

It could be callous to mention early retirement now while so many others are not doing well if we do so through pride and ego. Early retirement is winning the game big-time. It’s beyond reaching a special status. But there’s no call to go to the other’s locker room to scream that you won and they lost. Instead enjoy and celebrate your victory and start thinking about ways to improve things  for you and others where you can. 

If that doesn’t fully work for you, then just think that leaving your job means possibly creating a job opening, saving someone’s job, or providing an opportunity for someone else to advance that might not otherwise be there. That is certainly what I thought when humbly mentioning my early retirement during a bad economic time for so many. That and deciding to choose my words carefully to be more inspirational than controversial. 

 

Some final food for thought. In the end, after so many years have passed since I retired, it isn’t what anyone else thought about my retirement that matters. What matters is how I feel about the way I treated people in my early retirement victory. I think most people would find that to be true.

Caring For Older Parents- What Options Do You Have?

Long Term Care,

This informative article was contributed to Leisure Freak by Holly Klamer. We all should understand the care options available to us as we and our parents age. 

Parents are the one who enlightens us in every walk of our lives. They try to comfort us every possible way during our growing up. However, when they reach old age, it takes a toll on their ability to take proper care of even their own daily needs. It is always very tough to think that your parents can no longer take care of themselves.

Caring For Older Parents- What Options Do You Have?

Usually, in this situation, it is the family caregivers who commit themselves to help and comfort the old parents. Still, it is hard for family caregivers to take personal care of the parents as they also have other responsibilities and jobs. Furthermore, in old age, people suffer from several health complications that require special assistance.

Fortunately, there are varied types of elderly care facilities to help you find the definitive solution for your lovely old parents.

Types of Elderly Care

There are several types of elderly supervision prevailing from which you need to contemplate the precise requirements for your old parents.

It depends upon the specific needs and preferences and, most importantly, the health conditions of the elderly to choose the right care. There are mainly two types of care – Skilled care and Custodial care. Skilled care includes medical therapies and nursing, whereas custodial care is non-medical assistance to help the elderly in their ADL.

    *Residential Care Homes:

Residential care homes are for those elders who want to have a homely feel. In this type of private home, your elderly ones will dwell like they used to do in their own home.

The caregivers of the private care home provide custodial assistance to the seniors in their daily living activities like housekeeping, laundry, meal preparation, bathing, and dressing.

Options for Caring For Older Parents

   *In-home Caregivers

Home health care is doctor-prescribed medical care. The professionals cure the illness, administer injections and medical equipment.

It includes medical assistance like skilled nursing, palliative care, and hospice care.

   *Assistive Living Communities:

A supportive or assisted living community helps those elders who do not need custodial help for 24*7.

Here, the elders live in an apartment with enough scope to socialize and participate in various recreational activities. The staff members will be present all the time to take care of their daily necessities.

This community also includes Alzheimer’s care facilities for seniors. The seniors receive licensed nursing and personal care for their well-being.

   *Nursing Home And Skilled Nursing

Nursing homes are for seniors who have health complications and, thus, requires all-round the clock assistance.

Here the residents share rooms with others and eat meals at the central dining room. A medical professional team, including therapists and nurses, are available 24*7 in their assistance.

   *Senior Independent Living Communities:

Retirement communities are commonly known as Senior Independent living communities. These types of complexes are for those seniors who do not need custodial services and can manage their daily living skills. Side by side, they wish to live an independent life in a community along with their peers.

These complexes have private flats in different sizes with amenities and enjoyable activities for its residents. The seniors also get daily meals, housekeeping, and transportation services upon request.

   *Specialized Non-Medical Care

Some seniors dealing with Alzheimer’s, Parkinson, disability or multiple disabilities, surgery need care but not necessarily a licensed medical team. These seniors get assistance from specialized non-medical caregivers.

The caregivers are specially trained and experienced to look after the seniors dealing with any of the complications mentioned above.

   *Memory Care Community

Memory care communities are communities that cater to the needs of dementia and Alzheimer’s patients. By providing Alzheimer’s and dementia care, they can help slow down the mental decline associated with various forms of dementia. These communities concentrate on having a secure environment that prevents wandering, and typically have many different programs to stimulate mental activity for their residents. Many communities use innovative tools such as pet or music therapy to help dementia patients.

   *Continuing Care Retirement Community (CCRC)

Also known as Life Plan Community, a continuing care community is a retirement community where independent living, assistive living, and nursing care are under the same campus. The seniors move at CCRC till their last breath. If the senior suffers from any major illness or injury, then the senior can return after recovery from the hospital.

   *Companion Care

The seniors need a companion as we get busy in our job. To fill that space, the companion caregivers build rapport with the seniors and then provide them with emotional support.

Choose The Best Elder Care Option

We know you often ponder over how to empower your elder ones with the best care options. First, you need to figure out the type of assistance your elders need or wish to have.

Think of the basic daily activities where they require assistance. You must check if they need specialized health care or independent living with little assistance or just everyday check-in care services. It will ensure to find out the level of the aid the elders’ need.

After all this, you need to quest for the best care service for the elderly. While selecting senior assisted living homes and facilities, make sure you appoint a licensed and insured center.

Remember, both the care agency and caregiver should be knowledgeable and experienced in dealing with similar types of cases in the past. Analyze the information about their charges and screening process. You can also interview them to choose the most suitable caregiver.

Conclusion

There are many senior living options, including assistive care homes for the elderly. Choose the service complimenting the specific needs of your parents. Also, involve your parents in the process and counsel them that you are not taking them away from their home or your heart. Prepare yourself for an emotional conversation. Once you and your parents determine whether to go for in-home service, assisted living, or nursing homes, take the next step to appoint. Do not forget your parents deserve care and happiness.

Author bio:

Holly Klamer guest post Holly Klamer is a seasoned writer who loves to create content related to aging issues and everything to do with senior living. She is a frequent contributor to many top online publications including Assisted Living Near Me, where she creates content that is specific to assisted living for older adults, as well as SeniorLivingFacilities.net, where she writes about common issues affecting senior citizens and provides senior living advice.

 

Three Retirement Expenses to Avoid at all Costs

Budgeting, Retirement Plan,

If you are reading this blog you are already considering retiring, and you have put into place or are putting into place your plan for being able to do so. This post will set forth three expenses that you should avoid in retirement if you are to be as comfortable and secure as you wish.

This might be considered advice along the lines of “tough love,” but if you are not going to hear it here, who else will tell you? Know that as you approach retirement you are going to be perceived as financially-secure, and you might be approached for financial help by family members. Of course, de minimis gifting is always appropriate – it is the large financial commitments we want to avoid.

Three Retirement Expenses to Avoid at all Costs

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Do Not Cosign Student Loans

If you have children or grandchildren hoping to attend college and needing to take out student loans, do not offer or agree to cosign those loans. Why? Because student loan debt is the only debt you can not get rid of, through bankruptcy or any other means, and if your child or grandchild later defaults on the loan, that debt will haunt you for the rest of your life.

Of course, the student has the best intentions when taking out loans to attend college, but the economy and job market are in flux right now and there is no guarantee that he or she will be employed and able to make student loan payments when they fall due. Your loved one may fail to make student loan payments as agreed through no fault of their own.

If this happens, and unfortunately it often does, the lender will surely pursue you as well as the student for payment. Penalties will accrue if payments are made late, and if you refuse to pay, the lender can garnish wages and social security payments and can levy on your bank accounts. The lender can even place a lien on the home you are working so hard to pay off!

Nothing can derail your plan for a financially-secure retirement more than a student loan in default. You must think of yourself first and if you don’t take care of yourself, who is going to? It  is difficult to say no to a loved one, but you must explain that you don’t have the resources to back up a promise to pay if the student fails to pay. Again, tough love. 

Affordable Ways to Help a Loved One with College Expenses

We are not saying you can’t help a child or grandchild attend school, just that you shouldn’t put your financial well-being at risk by co-signing student loans. There are alternative ways to help your loved ones attend college or post-secondary training if you wish, that involve less risk to you. 

What you might offer instead of co-signing for loans, if you can afford it, is some financial contribution to education expenses in an amount that matches the student’s earnings over the summer. Or, you might offer cash incentives for achieving a certain GPA. 

If you are planning to contribute to a child’s college expenses and you have some time to save, explore the possibility of opening a 529 college savings plan. A 529 plan is a state-sponsored tax-deferred account that allows you to save money for college, for yourself or someone else. The money may later be used to pay any and all qualified higher-education expenses, including room and board.

While a 529 plan does not offer any tax break for you, as contributions are made with post-tax funds and are not tax-deductible, it grows tax-free and will not be taxed to the student when withdrawn. If you start saving while a child or grandchild is very young, even small contributions will grow over time and provide a tidy sum when the child is ready to attend college.

Of course, you can and should help loved ones attend college if you can afford it, but you should help in a way that is prudent, responsible, and in keeping with your retirement plan.

Do Not Support Other Family Members Financially

Again, this is tough, especially as the pandemic has the economy in a downward spin and so many are out of work.

In emergent times, such as sudden illness or unexpected job loss, it is natural for parents and grandparents to want to help their loved ones. We are not suggesting that you withhold all help, rather, that you carefully consider how much assistance you can afford, and that you avoid providing so much assistance that you are actually supporting that person or family unit.

Providing financial support is a slippery slope. Unfortunately, family members come to rely on and expect that support if it is given regularly and in a significant amount. And needs seem to always increase, not decrease.

Tips for Helping Loved Ones in Times of Financial Crisis While Avoiding Risk to Your Financial Security

Of course, you can and should assist your loved ones when they fall on hard times, if you are able. Here are some tips to help you give only what you can reasonably afford, and to manage your loved ones’ expectations:

  • Do not allow family members to move in with you. It is very difficult to get them to move out if you do. Offer instead to help with the rent or mortgage if you can afford to.
  • If you fail to take this advice, a resident loved one should contribute to household expenses from whatever income or benefits they have, and should do chores around the house and perform errands for you. Be clear that this is a temporary visit, that way all parties involved will be able to enjoy it rather than resent it.
  • Be sure to tell loved ones that whatever you give them is all you can afford, on your fixed income. Be firm and consistent about this.
  • Rather than giving cash, buy them groceries, or pay their electric bill, or put gas in their car. This ensures whatever assistance you can afford to give is spent on necessities.

Avoid Taking Out Life Insurance You Don’t Need 

If you are nearing or have reached an age where you can retire comfortably, you may also be thinking about what legacy you can and will leave for your loved ones. That is admirable, but you must be careful not to fund your legacy goals to the detriment of your current and future financial security.

You probably had term life insurance when you were a young family, to provide income-replacement for your spouse and children should something happen to you. This was relatively inexpensive at the time, but as you got older, premiums necessarily increased because the insurer’s risk of loss increased. 

Having a life insurance policy when your children are grown and independent and you have enough saved for retirement is only necessary if your spouse requires income-replacement. Otherwise, a small inexpensive policy providing for funeral expenses is all you need. 

Your legacy will be whatever is left of your estate and retirement funds when you pass, and even more valuable, the lifetime of prudent financial modeling you provided to your family. 

This informative and well timed post for today’s environment was contributed to Leisure Freak by Veronica Baxter

V Baxter Leisure Freak Contributed Post About the Author

Veronica Baxter is a writer at assignyourwriter, blogger, and legal assistant living and working in the great city of Philadelphia. She frequently works with and writes for Boonswang Law, national life insurance beneficiary attorneys based in Philadelphia.

 

Busted! When The Cloak Of Stealth Wealth Malfunctions

Automotive Hobby, Early Retirement Lifestyle, Non-financial Aspects of retirement, , ,

I never earned enough to build a giant portfolio but I still consider myself wealthy. I’m wealthy in the way that I can fund my early retirement lifestyle without NEEDING to work. That said, I purposely try not to appear wealthy. I’ve never been into status and my lifestyle is exactly aligned with the chosen socioeconomic level that I want to be in. But what do you do when your cloak of stealth wealth malfunctions? I made a small mistake that caused a crack in my financial cloaking. It caused questions within my social circle and within myself. 

Busted! When The Cloak Of Stealth Wealth Malfunctions

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Encountering Stealth Wealth Malfunctions

Stealth wealth malfunctions don’t have to be anything major to reveal one’s financial standing or challenge one’s chosen perceived standing. Retiring young already provides its share of social mystery. My stealth wealth deviation challenged perceptions and renewed long sidelined questions. 

It all started when I did something with nothing but joy in my heart. I decided to knock a longtime item off of my bucket list. Something others might consider silly, but one aligned with one of my lifetime hobbies. 

All it took was showing up in a new vehicle.

Yes, I bought a new car. Something that couldn’t be hidden nor did I want to hide it. I’m an automotive enthusiast and my car hobby is a big part of my retirement. I decided it was time to move on from my 21 year old Corvette that I’ve driven for 11 years and went to a new 2019 Jeep Wrangler 2 door Sport that was greatly discounted after the new year. I’ve always wanted to have a Jeep like this since experiences one summer with a CJ5 as a teenager. 

It was a “someday I want to” bucket list thing. 

To me it’s simple, it’s a convertible sports car that’s fun to drive in any season. Road conditions, what road conditions! Obviously it’s not a sports car like any of my past old Corvettes. But then again my driving desires dropped far below their performance capabilities long ago. Jeeps are common where I live in Colorado. In 2019 our last snow storm was the end of May and the first one in early October. Owning one is hardly a revelation of opulence. Mine’s even a stripped down model with manual windows and locks, just as I wanted. 

My automotive choices and hobby are well known and when I pulled up in it at my favorite coffee shop/craft beer purveyor I was stoked to talk about it. It took little time for that to happen because everyone knows that I have been driving the same old cars for years, for some of them even decades.

Where my stealth wealth sin occurred is in the way I answered the question: What’s your payment? 

Without thinking I just said, zero, I paid cash. That was instantly met with the snarky reply, it must be nice. Those who were within ear shot quickly jumped into the conversation. Look what Tommy just wrote a check for. When are you buying the next round of drinks for everyone here? They were obviously kidding me, or were they?

I innocently made a simple mindless slip. While I was successfully and happily living my lifestyle using stealth wealth practices, I was unaware that I’m in a perceived income zone with a financial status below the capability of paying cash for a new car. 

Whether or not in the overall scheme of things it even matters much to them, it mattered to me. 

Surprisingly, I found this unsettling. I’m someone who prides himself on not caring what others think about me. Especially those who flaunt their wealth and title. For them I go out of my way to let them know I dropped out of the rat race and retired early with just enough. Purposely choosing employment liberation over being a financially desperate servant to the system. But with this new slip-up within my chosen socioeconomic level I now felt like I might have messed up and revealed more about me than I comfortably wanted to. 

I enjoy being part of the socioeconomic groove I chose and am perceived part of. 

People accepted that I have enough to live on a budget and not need to work. I’ve preached my personal finance FIRE beliefs and was considered as being one of them, watching my dollars and making it all work out. But a new question will now have to be answered: Is it acceptable that I can make a cash purchase like this too? In my stealth wealth efforts I missed this aspect. This is the first time since FIRE that I broke character.

What I Did Right 

My Chosen Income Zone

We live in a moderate cost area where the median household income is $121K. I am sure that the published figure I’m using here is actually lower than what is current. Still, our overall household budget today comes in less than half this amount. It’s only that high because it includes the $20K a year I pay for our health insurance and associated out of pocket expenses. That is my chosen stealth wealth zone. It matches perfectly with the majority of my social circle. I enjoy frugal living and that includes free activities that most of my social circle are part of. What I did right is choosing an income zone where I never have to fake it to fit in or live the lifestyle I want to live. 

Don’t Drive Status Cars

Although I love cars and could have expensive rides, I instead have a few old purpose driven autos. When I say old, my daily driver (weather permitting) is a 1981 Toyota SR5 truck. I bought it in 1993 and my then 12 year old son and I customized it by turning it into a hardtop convertible. All of my cars together, including the Corvette, would add up to be worth $20K. 

Although the Jeep is new and raises my overall auto net-worth, it’s hardly unique or a status car and is less expensive than most newer autos on the road. 

Dress For The Income Zone I Want To Be Seen In

I prefer casual attire and that fits right in where I’m happiest. No expensive clothes, shoes, cell phones, or watches. I dress like the group I want to be part of and is representative of the way I prefer to live. 

Don’t Brag

I never self promote or brag about anything. I stick to my budget living the way I want to live and practice what I preach. I’m humble when talking about finances with anyone. Although my portfolio’s size is nothing like most FIRE aficionados, I keep it private and avoid talking about what I have. I know it’s most likely more than the majority of people in my chosen income zone.

Share and Encourage

I’ve a habit of talking about personal finances and share the common good practices that I’ve used to retire early. I use my early retirement story to encourage others that they could make it their goal too. I also volunteer in the community because I not only want to be part of my chosen social income zone, I really enjoy it and want to give back too. 

What I Did Wrong

I Got Too Comfortable With My Financial Freedom and Capability

It’s one thing to live in the perfect stealth wealth income zone that’s aligned with your budget, but another to underestimate onetime visible moves that challenges it. If we were a true $60K a year household living here, could we have been able to do this? Most of my social circle are local folks who fall below the median household income levels. While some who commute into the city for professional occupations earn more, many work and live in town where earning a $40K salary with benefits is a big accomplishment. For most people, paying cash for a brand new car even with a trade-in isn’t possible.

My Answer Was Short and To The Point Without Showing Pain

Although it wasn’t my intention, my answer that I paid cash could be seen as hubris or bragging. In a way, rubbing their nose in it that I can do this, when they probably can’t. My actual answer should have shown a sign of ordinary financial pain or sacrifice in making the decision to pay cash for it. It came across as being easier than it actually was. I was caught off guard and cut off by the snarky reply and the subsequent comments because I hadn’t thought enough about this aspect.   

What Now, The Cat’s Out Of The Bag

I’m happy to report that all is well. As the ribbing commenced one of the group came up and put their hand on my shoulder saying, I knew you would buy a Wrangler. You’ve only been asking me questions about mine for over a year. We should be buying your drink because you’re probably broke now.

That snapped me out of my malfunctioning fog. I was able then to say, I took some market profits earlier and was waiting for a great deal. I had just enough cash with my Corvette to pull it off with its discounted price. It’s something from my bucket list and after my recent health scare I had to ask myself, if not now, when? Best of all, it was all true.

All was forgiven. No, not by them, but myself. 

In the end they really didn’t care one way or another. It was all me. This malfunction only lasted a short time. But it stuck with me how I felt guilty about how it might have looked or came across. I care about these people and our relationships. I know and will never forget the struggle of trying to get by to make ends meet.

It’s just another mental issue of my early retirement to learn from. I grew up low income, raised a family, made it to engineer, cut living expenses, and invested until I had just enough. Then pulling the plug young while I was still on top and just walked away. Something I’m proud of but realize I had some luck to have pulled off. My brain decided to remind me of that. 

In my new ride exuberance I slipped up and was caught off guard. I said something in a way that should have immediately included the additional conversation. It didn’t matter that I stayed within my personal finance rules of which I also eventually included in extended conversations:

  • Only buying what I can afford to pay cash for. 
  • Doing all the research and clearly making sure it’s something that will add happiness to my life. 
  • Finally, if I’m going to do it, get the best deal I can. 
What else can I say about my stealth wealth malfunctions? 

I had done such a great job of living within my stealth wealth practices that my stepping out of character with this purchase messed with me. Early retirement continues to be an adventure in more ways than one. Just when you think everything seems figured out, something comes up to surprise you. Even after 10 years in early retirement I’m still learning new things.

Retirement And Decreased Money Drive: The Evolving Relationship With Money

Non-financial Aspects of retirement,

No doubt about it, there comes a time when you just don’t chase after it like you used to. Don’t get me wrong, everything is working as it should. Needs are being met but those needs are far less than they were in the past. All of sudden you realize you have a decreased money drive. Don’t worry, it’s just a naturally evolving relationship with money that cumulates with retirement. It eventually happens whether you want it to or not.

Retirement And Decreased Money Drive: The Evolving Relationship With Money

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Our Evolving Relationship With Money

We will go through great lengths to get it when we are young and just starting out.

We do everything possible to make ourselves more attractive to ensure success. Lucky are those who do find the perfect fit for a partner. But most of us will enter into relationships that we know won’t be a happy long-term one. We simply rationalize doing it to meet our basic needs for it and for getting as much of it as possible.

Some of us will always be looking for something better. 

We will choose to be  promiscuous to fulfill desires, jumping from partner to partner or engaging in side hustles even when our primary partner would not like it if found out. Living complicated lives feeding our wants for it while juggling the needs of many and risking our primary relationship. Just to get more of it with no guarantee of long-term success.

Others will find themselves sticking to a less than perfect relationship through thick and thin.

They do it because it meets longer term goals where benefits outweigh other longed for desires.

Some people’s money relationships don’t evolve.

They never stop playing the field or doing whatever it takes to keep chasing after it. It is the life they choose to live right to the bitter end. Their end or when nobody wants them anymore and there will be an abrupt life altering relationship crash.

Those who get comfortable and feel safe in their partner relationship will stop trying to be the most attractive or desired.

They no longer fully chase after more of it. They instead settle in, knowing that at some point it will be over and time to leave them behind. Just going through the motions to keep their partner satisfied. But all the time wishing and waiting for their way out.

Things get really interesting once we do leave.

Suddenly the lack of regular access to it messes with our minds and we question our decision to call it quits. We have to adjust our mindset and accept that it will be limited going forward. It’s a natural transition that takes a little time to get through. And then it hits us, chasing after more and more of it really isn’t as important to us as it used to be.

The Clues of a Decreased Money Drive

There comes a time either before we leave or soon after when we are no longer tempted to chase after it. We even find it easy to turn down opportunities for it. It can be troubling for some of us, seen as unnatural after a lifetime of doing everything to score more of it. But we soon realize we aren’t the same as we once were.

Some of us will retire and again try to re-enter the game. Even making ourselves a little more attractive to new partners. However, with a decreased money drive we’ll do it smarter and be far more selective about who that will be with. The first clue something has changed is our focus goes from just having it to wanting something more fulfilling and rewarding in the relationship we are entering into to get it. We instead seek to have a good experience beyond just getting it to be truly happy. It no longer rules or drives us away from what we value or the way we want to approach life going forward.

A New Perspective About Money

My relationship with money has changed dramatically since I retired.

Money and the way I got it through job title no longer defines me. I don’t need to be the person who is always getting it or seen as trying to. Retirement brings all kinds of transformation. There is a big retirement transition from working and doing everything necessary for money accumulation to simply living off of it. I just had to give myself time to mentally adjust.

My retirement gigs paid me more than just money.

I chose opportunities that I wanted to experience regardless of salary and thought I was making a retirement work mindset shift. But it was really about transforming my relationship with money. When I make even a small amount of money doing something I enjoy doing, it means much more to me than my old career income did. It just takes being picky about any work I choose to do.

I refuse to let myself go to pot.

I may have a decreased money drive and have stopped trying to be the most attractive to recruiters and hiring managers, but I still maintain my professional network and LinkedIn profile. There are actually some of the people from my past life that I like. I also stay curious and invested in the payable skills I still enjoy doing. I see it as a great way to exercise my biggest asset, my brain.

My evolved relationship with my only early retirement income source, my portfolio.

It took time but I have learned to detach from my portfolio. Even as I have watched the bouncing market of late, any market declines caused less emotional impact than it did before my decreased money drive fully kicked in. I no longer chase after a specific number. It’s there doing its job and I now just trust my portfolio diversification and financial plan.

 

What matters to me more now is how I live a life aligned with my values and with people I want to be around. Maybe that’s the biggest sign there is a decreased money drive, when relationships with people becomes much more important than chasing after more money.

The longer I am retired the easier it is to embrace having a decreased money drive. I don’t think our evolving relationship with money ever really ends until we leave the planet. Hopefully things always go more in our favor and it will continue to evolve in only the happiest of directions.

Small Changes You Could Make To Your Health, This Year

Early Retirement Lifestyle, Health, Non-financial Aspects of retirement, , , ,

Whether busy in the working world or in retirement, it can be hard to maintain a healthy lifestyle. You might try a diet for a few weeks before slipping into old ways, or you might try to quit drinking so much but you end up falling off the wagon when you go to a bar with your friends. Healthy living can seem like a chore, but it shouldn’t. With gradual steps in the right direction, you can start to form habits that’ll become part of your daily routine. Staying healthy shouldn’t be time-consuming. It should simply be a part of your existing schedule. Here are some small changes you could make to your wellbeing.

Small Changes You Could Make To Your Health, This Year

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Exercise every day.

First of all, you should aim to exercise every day. It’s a small change that could make a massive difference to your physical and mental wellbeing. Rather than fretting about strenuous sessions at the gym once or twice every week, you could achieve better results by simply doing 10 to 20 minutes of exercise on a daily basis. Run around your local park, do some push ups in your living room, grab a chair and do some triceps dips, or simply go on a walk with your family and friends. Staying physically active can help to not only keep your waistline trim but also keep you mentally healthy. Exercise releases endorphins in the brain, and that boosts your mood. Establishing a routine exercise activity and incrementally pushing yourself a little more as time goes will generate positive health results.

Reduce your unhealthy habits.

Everybody has unhealthy habits. For some people, it might be that they snack on junk food when they’re bored. For other people, it might be that they drink a little too much wine on a frequent basis. Whatever the unhealthy habit, you should aim to improve your attitude towards excessive consumption of things that are bad for you. Being healthy isn’t just about exercising or eating well; it’s about avoiding the things that are unhealthy for you.

If this seems an impossible task to get onboard with, some people have found success with hypnotism. If you’re struggling to kick a habit such as smoking then you might even want to look into nicotine patches, gum,  or getting a cheap e-juice as an alternative that is a bit healthier for you. Sometimes, weaning yourself off bad habits is easier than going cold turkey. Aside from the health benefits that can come from quitting bad habits, most come at great financial cost. Think about all the things that you could better use your money towards.

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Work on your mental health.

Remember, your mental health is just as important as your physical health. One important change you could make to your health this year is to look after your mind. Your mental wellbeing can be improved in many small ways. For starters, you should talk to your family and friends as often as possible. Sharing your feelings, whether that means laughing or crying, is crucial to your mental health.

You might also want to start making smarter financial decisions. For many adults, the root cause of their high stress levels is money. Whether you’re having problems with your finances or not, you probably worry about money a lot. You might find that it helps your mental health to start being more organized with your finances. An organized budget leads to an organized mind. The point is that you need to think about aspects of your lifestyle which could be improved in order to improve your mental wellbeing.

Becoming a Caregiver, The Retirement Game Changer That Can Happen To Anyone

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Surprise! I never saw it coming. It was something that escaped all of my early retirement planning and it touches everything from finances to lifestyle. It can consume dreams if you let it. Taking on the role of caregiver is a retirement game changer. It is seldom planned for but chances are good that the caregiver role will touch many people.

In my case it was rather sudden. But even if we can see a loved one’s health declining, it is usually a slow-moving but unstoppable train and we fail to grasp ahead of time the challenges to come. For me it was doubly heartbreaking as illness struck my bride right in midst of our early retirement.

My wife and I worked hard to save enough money to retire early and stay as healthy as we could. We made all the lifestyle and financial plans that everyone does to finally live free from the obligations of the rat race. We had looked at and carefully planned for our early retirement of energetic youthful bliss. Even making considerations within our plans for long-term care in our old age. It was all about living life on our terms for what was left of it. Well, life is messy, and the terms were changed. It can happen to anyone.

Caregiver- The Retirement Game Changer

Our planned retirement life together was thrown into the air. People tend to only focus on the awesome parts of retirement, not plan for this. We didn’t plan for it, at least not for this at our young age. This meant learning on the fly in real-time. Saying it is a challenge can be an understatement. Here is what I’ve learned through this experience so that you can at least think about the possibility and plan accordingly

Shifting Finances

I was already retired and didn’t have a job that I was relying on. Having to give up a job to become a caretaker not only interferes with earning income, but also interrupts adding to retirement accounts. Saving for retirement is tough enough for most people. Working folks who become caretakers have huge financial hurdles to overcome and many end up using their retirement savings earlier than they planned.

For already retired folks the budget gets blown apart. Medical costs can climb much higher than other budgetary items that may decrease like travel and entertainment. We hit our health insurance out-of-pocket maximum before mid-year. Not only did we spend much more for medical but when treatments and medications were ineffective or failed, we also paid for natural remedies in an attempt to increase my wife’s quality of life. You are willing to try anything that looks promising when illness hits hard.

Takeaway: It is important to have some flexibility in your budget. Have at least enough extra funds easily available to pay up to the health insurance plan’s out of pocket maximum amount each year.

Emotional Challenges

Taking on the duties of being a caretaker comes with a lot of emotional tugs. Not only do you have to recognize and help your loved one through their physical and emotional challenges, but you must deal with your own thoughts about what could have been had this not happened. It is all too easy for frustration, sadness, disappointment, anger, resentment, and depression to creep in for both parties.

Be prepared for an emotional roller-coaster for all involved. We communicated what we were feeling and both deployed super patience with each other. With open dialog it is easy to understand that it is a difficult situation but one that we are lovingly willing to fight for the best outcome. We both were disappointed about all of our unrealized early retirement plans and an unknown future, but we kept a positive attitude by agreeing that everything was postponed, not cancelled.

Takeaway: Everyone feels frustration in this dynamic. Over communicate instead of hiding feelings. Keeping a positive attitude has healing powers for both the cared for and the caretaker.

Self Imposed Isolation

We are private people and that can be a detriment. It has never been easy for me to ask for help for anything. To all around us it was obvious something was going on. I was always seen alone and my wife seldom left the house for other than medical appointments. People with good intentions would ask how things were going. I would hold back and just say that things were going good and that she had some health challenges but was doing well. I wouldn’t complain or talk about how things really were going or express our fears and concerns. Even when our daughters called we would downplay how things were. When they visited we both tried to hide the seriousness of the situation.

I just couldn’t ask for anyone’s help. We both felt that everyone has busy lives and we don’t want to burden them with our problems. Many months went by before I started to leak the situation. Once I did that I then found I wasn’t alone. So many people had experienced similar life hurdles and had helpful advice. There were sincere offers for help. Even the littlest of things were a huge help. We loved when our daughters would prepare meals to give us a break from my grilling everything and my poorly skilled cooking.  

Takeaway: Share what is going on with the people in your life. Self isolation is unnecessary. It’s alright to accept help, especially when in a possible long-term caregiver situation. Then appreciate and be thankful for any help and to anyone who can make the time to lend a hand.  

Wasteful Worry

It’s easy to get caught up in worry when you don’t KNOW the outcome. Will this get better or will it become worse? What if medical treatments continue to fail? What if something happens to me, what will we do then?

It can cause sleep disorders, which is exactly what I experienced. My sleeplessness left me physically run down. Not only was I dealing with the mental side of being a caregiver I now was adding another negative physical dynamic.

Instead of worry, let the doctors work through what they do and take care of yourself. As a caregiver, aside from our worrying being a waste of time, it can cause us to neglect our own health. The caregiver role is demanding and we need to stay up to the task by doing things to stay healthy while also allowing joy in our life. I found I was concentrating solely on my wife’s health, needs, and everything related to her medical treatment. I needed to set aside time so I could introduce healthy actions for myself too.

Takeaway: Exercise, go for a walk if you can get away for a short time, get outside in the sunshine, and eat right. Allow your mind daily mental escape and relaxation to recharge. All the healthy things we know we should do goes a lot farther towards our health and means much more when we are in a stressful and challenging caregiver situation. Strive to find some balance.

Becoming a Caregiver, The Retirement Game Changer That Can Happen To AnyoneAnd Now?

My retirement caregiver experience lasted about a year. Although my bride will live with her illness the rest of her life, thankfully the doctors found the right treatments and medications for her to return to a fully functional and active life. That breakthrough was almost a year ago. We know we are very fortunate and that many people have to deal with much more than we did. Living through this really opened our eyes. We appreciate and cherish our health more than ever.

What happened came out of nowhere and totally sidelined our retirement for a year. Fortunately it didn’t come at a time in our lives when we were depending on our employment for income to live. Our retirement budget did take a hit but nothing catastrophic because we did have decent medical coverage once out-of-pocket limits where breached. We plan to happily take advantage of this second chance and live our retirement to the fullest. The future is always unknown so we don’t want to waste any of our young and healthier time of life that we have left.

Why I Shared Our Story

I know our story is unique, there are many different caregiver scenarios. Even within our story, my wife’s experience from the cared-for side in her early retirement will be different from mine. The caregiver role can come with many different requirements like making your home wheelchair accessible or even having to move. It could be a retired couple caring for a parent and having to curtail their planned retirement life. The reason I shared our story is that I believe this kind of retirement impacting situation can happen to anyone and some of the issues we worked through will be common.

At Least Think About The Possibility

As we look at our retirement plans we should consider thinking about the impacts of a spouse, parent, sibling, child, or grandchild needing us to step-up as their caregiver. Even when we aren’t an in-home caregiver but taking on some care activities for an independent but failing loved one may mean being anchored close by and disrupt our retirement lifestyle and travel plans. This retirement game changer is becoming far more common than you think. It is an uncomfortable reality.

We should all understand that our plans for our retirement can turn out a lot different. We should prepare ourselves both financially and mentally for the possibility of becoming a loved one’s caregiver and if the unfortunate should occur, go into it happily and courageously as just another detour in our life’s journey. As far as I am concerned, we have one life to live the best way we can so don’t allow a bump in our retirement plans derail us.

Update 10/4/18: For anyone who has interest into looking at long-term or short-term care insurance I have found an informative article at ALTCP that compares short-term vs. long-term care policies.

Do you have frustrations or concerns about and/or have tips to counter the disruption of your retirement plans because of being a caregiver in some capacity?

How to Use Your Money for Fun and Growth

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Life is to be lived deeply and passionately, not just dealt with and endured. Whatever money you make, and however you choose to arrange your personal finances, you should always create openings in your life for fun, and set aside a reasonable portion of your income for experiences that make you feel alive. 

Of course, there’s no reason why you shouldn’t kill two birds with one stone. Where you can  have those “fun” activities also serve your personal growth.

Whether you’re on the path to retirement or already retired, here are a few ideas for how to enjoy the best of both worlds.

Money for Fun and Growth

Using Some of  Your Money for Fun and Growth

Learn a skill you’ve always admired

At the core of our memories and recollections of our lives are stories. A great way to develop those stories and add new textures to our life-tales is to learn new skills and put ourselves in new situations.

Everyone has an idea of a skill they’ve always admired or been fascinated by in others. Why not take the plunge and sign yourself up for a class in one of those skill-sets? Whether it be learning how to play the guitar, or starting a course on rock-climbing.

Not only will you have a blast, make new memories, and meet more people. But you might even find new future-income avenues down the line, as an instructor or guide.

Travel

Travel is one of the most uplifting and intriguing experiences a human being can undergo. It’s fun, eye-opening, and if done right, can be an immense source of inspiration.

By travelling to those natural wonders or medieval cities which have always fascinated you, you not only allow yourself to feel truly alive, you also give yourself room to innovate.

The simple fact is that being in unfamiliar environments allows the mind the space to work in unconventional ways. Don’t be surprised if great revelations about the direction of your life, or inspired ideas about your hobbies or career, come to you when travelling.

Invest in self-development

In a sense, this entire article could be said to be about investing in self-development. This point is somewhat more specific, however.

Instead of just investing in activities where self-development is a byproduct, consider also those activities where self-development is the main point, and where fun and satisfaction happily come along for the ride.

By starting a new fitness program, or even a meditation regimen via a service like Headspace, you’ll be directly enhancing your own physical and mental well-being. The renewed sense of vitality you experience as a result can be truly breathtaking.

Meet up with friends

While it’s probably best to avoid spending too much money drinking a bunch of beers down at the bar. Meeting up with your friends should never be seen as just a luxury. It should be seen as something integral to your health and well-being as a human being.

We discover ourselves most deeply in our interactions with other people. The friendships we nurture today can pay dividends in years to come — as a source of happiness, support, contentment, and even opportunity.