Women and Money Conference

The Women & Money Conference sponsored by the Ohio Treasurer’s office was held today at the Copley Fairlawn High School in the Akron, Ohio area. What an honor it is to teach at this conference.

I have been an instructor for the Women and Money workshops since 2003 and always love the interaction with the women who have chosen to take the time out of their busy days to attend the workshop. They come to learn, to  take control, to become money savvy. Today was no exception.

I taught two Elder Care Classes which focused on retirement concerns. Topics included estate planning, taxes, income strategies, protection of assets, understanding ROTH and Traditional IRA’s, and long term care issues. Wow! Quite a lot to cover in just an hour’s time.

I’ll be sharing some of the top points we discussed as well as answers to some of the questions asked.  Ask questions.  We’ll answer. You can either use the Contact Us form or the comments section below.

Required Minimum Distributions at 70 1/2

One of the more interesting questions asked today involved taking a required minimum 401k distribution. More specifically, if you happen to still be working at age 70 1/2 (wow!) , must you take your required minimum distribution from your 401k plan?

The answer is no … IF

• You are still working,
• Have money in your current employer’s retirement plan, and
• Are not more than a 5% owner of the company.

your money can remain within the 401k plan.  The required minimum distribution rules do not apply until you reach age 70 1/2 or retire, whichever occurs later.

Traditional IRA Distribution Requirements

However, required IRA distributions are treated differently. If you own a traditional IRA, you must (as in no exceptions) begin your required minimum distributions upon reaching 70 1/2 or be faced with a stiff 50% penalty. The IRS imposes this penalty on the amount that should have been withdrawn.

EDIT: 2009 IRA RMDs have been waived because of the stock market declines

What about ROTH IRA Advantages

A major advantage of owning a ROTH IRA is that the the ROTH is not subject to minimum distribution rules. Another advantage is the tax-free growth of a ROTH. But we’ll talk more about ROTHs later.

Have questions?  We’ve got answers.

Your Most Important History is the History You Are Making Today

History. It is how you define yourself. Your personal history, a combination of age and experiences, tells you what you can and cannot do. History erects barriers or opens doors.

Your belief system, formed by your experiences, your attitudes, and how you view yourself within the story that is you, is your silent inner guidance system. Those beliefs follow you wherever you go, stifling your potential or giving you the courage to face a new beginning.

Your past history cannot be changed. But each and every day you are given a fresh start. The choices you make and the chances you take have the power to mold your life and create your history of tomorrow.

It is never too late to begin.
Choices Chances Change

Women and Money Mistake #2

Danger – The Monthly Payment Can Be Hazardous to Your Wealth

“I can afford that!”

Ahh, the dreaded monthly payment trap has placed more than a few buyers onto a trecherous financial tightrope. One false move, one unexpected life transition, and you are thrown into a chasm of debt with no safety net. Owing more on a car or house than it is worth, you can’t get out from under the debt. You have no equity … just an “affordable” payment that has you bound. You have voluntarily given up your future power of choice.

Want to avoid that trap? Here is what you need to look for:

Read more

Women and Money Mistake #1

You Don’t Know Where Your Money Goes?

Do you have more bills than money at the end of the month? Do you wonder where your money disappeared? Are you afraid to open your credit card statements for fear of what you will find? When you do, are you shocked by how much you owe, knowing there must be a mistake?

The number one money mistake people make is also the easiest money mistake to fix. Awareness.

Awareness is the first principle of successful living and is the foundation for building a strong, secure financial future.

Money affects every facet of your life. Every single life transition (changes in career, health, marriage, retirement, inheritance) impacts your money and your future.

Not being aware of exactly how much you owe, what you have in available savings, what interest rate you are paying or receiving, or your life priorities, puts you at a huge disadvantage.

Let’s fix that. Right now.

How to Get Started on the Path to Financial Peace

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Are you making these Money Mistakes?

The inconvenient reality is that money mistakes are made daily that have a dramatic affect on both your present and future financial security. Often, you aren’t even aware the mistakes are being made.

Needless money mistakes are made either because you don’t know what you don’t know or you practice the art of self-deception through the Ostrich Syndrome. There is a simple solution.

• Become aware of the issues.
• Transform information into knowledge; knowledge into wisdom.
• Make an action plan and dare to begin.

We can help.

Solid Information – Guidance You Can Trust

Our goal is to provide you with solid information you can trust without fear of someone trying to sell you an investment or an insurance product.

Over the next few months, the Swan Journal for Women will provide you with resources and information to end deadly debt and beneficiary blunders; to provide strategies for reducing retirement risks and dealing with sudden money. Credit cards, insurance coverage, beneficiaries, inheritance, retirement rollovers, IRAs, sudden money issues, security sandcastles and banking bloopers cause untold problems that we will help you avoid. So, it is your choice. Who are you?

The Ostrich?

The Ostrich continues to practice the art of self-deception by avoiding the obvious and pretending the problem doesn’t exist; or

The Swan

Secure and wise, you have aligned your values to your life. You know how to navigate from where you are now to where you want to be: financially secure and spiritually strong. You are free.

Sign up for the Swan Journal for Women

If you haven’t done so already, be sure to sign up for the Journal so you don’t miss a single post! The sign up form is in the top left corner of the blog. Learn more about the Journey to Swan decision-making process. Discover who you are, what you want, and how to get there. This SWAN decision-making process provides clarity, answers and empowerment for your future which can be applied to all facets of your life: money, relationships, health, career, and life-balance issues.

Resource: You Need a Budget

The Journey to Swan is the ultimate journey of self-discovery and awareness. Until we meet again, this is Lynn Shepherd, with Guidance You Can Trust.

What’s love got to do with money? Everything Part III

What’s love got to with money? Everything – Part III Making the Complex Simple (or not)

MP3 File

Bob and Karen, both having both been married before, were thrilled to find one another, full of hope for a promising future together. In spite of the love they shared, Karen was a smart and practical woman in her early 40’s who had seen the mistakes her girlfriends had made. She was determined that wouldn’t happen to her.

Bob and Karen wisely discussed money long before they ever married to make sure they shared common beliefs about how they would handle money. Karen made sure she and her new husband went to an attorney to draw up a will naming each other as beneficiaries of their estates. Bob and Karen specifically planned for Bob’s children by setting up a trust and funding it with life insurance.

After fifteen years of marriage, Bob unexpectedly died.

And Karen was shocked by what she learned. Read more

What’s love got to do with money? Part II

Let’s continue our discussion from What’s Love Got to Do With Money Part I about the written, meaningful words of love that are the true gifts to and from our loved ones. Doing what is right … for the benefit of others. Your legacy.

Before we continue Part II of our discussion about love and money, here is a short article I thought you might enjoy about the origin of Valentine’s Day, compliments of an email I received from The System Seminar Founder, Ken McCarthy.

Valentine’s Day: “In a time long ago and a land far away, in the reign of Roman Emperor Claudius II, things were not going well for the empire. Claudius had launched so many bloody wars that he was running out of soldiers and no one wanted to volunteer for his latest adventurers. In a stroke of madness, Claudius decided that the solution to his problem was to ban all engagements and marriages. This way, he reasoned, young men would not be ‘tied down’ to their families and would be more inclined to sign up and ship out. Obviously, folks who wanted to get married were not happy with the new law.

Valentine to the Rescue. One clergyman, a man named VALENTINE, thought the law was nuts and unjust and took to secretly marrying couples. It worked great…until he was caught. While in jail waiting for execution – it was a capital offense to oppose the Emperor – young people threw flowers and notes of appreciation to the man who stood up to a power-mad government on their behalf. Valentine knew he had done the right thing and, thanks to the support and love and received from so many, kept his spirits high to the very end. For the ‘crime’ of marrying people who loved each other, Valentine was executed on February 14. And thus the origin of today’s holiday. ” Legend also says that a jailed St. Valentine sent a letter to his beloved, the jailor’s daughter, signed “Your Valentine.” Now you know!

Straight from the Heart So St. Valentine’s Day is really all about honoring someone for doing what he knew in his heart was right … for others! Valentine’s Day is the third most celebrated holiday, surpassed only by Christmas and Easter. The average Valentine’s Day consumer is spending $113. We spend $2.3 Billion (with a “B”) on greeting cards and $1.7 Billion (another “B”) on candy! $4 BILLION in one day. To tell someone we love them.

I can think of a better way.

Words of Love

In the true spirit of of St. Valentine, let’s continue our discussion from Part I: the written, meaningful words of love that are true gifts to the people who mean the most to us.

Read more

What’s love got to do with money? Part I

February is the month for celebrating love. So it is with a heartfelt celebration of my father’s life that I share his legacy of love. Love of family. Love of knowledge.

I’d like to share some ideas that will provide you with answers to questions you may not have even thought to ask. I hope these tips help you as you make plans to pass on your personal legacy of love.

There are many forms of wealth, only one of which is financial.

However, money is a powerful and emotionally complex tool which impacts every facet of our life. Money provides us with a sense of power and control; security and independence. How we spend, save, and exchange our life energy for money reflects how we value ourselves and others.

So why don’t we talk about money? Money is the last taboo.

We are secretive about money because we don’t know who or what to trust. Indifference and not taking control of our finances destroys true inner wealth. When you are on an emotional roller-coaster, you can’t possibly learn all you need to know about money. Often times, it’s even too late.

The one thing constant in life is change.

None of us has a crystal ball to know when a life-changing event will transform our lives. Transitions are often accompanied by feelings of overwhelm and the fear of what ifs. Decisions must be made and action steps taken. Wouldn’t it be great if you knew you were making the right choices? For you? By anticipating and preparing for the unthinkable … our own mortality … we are telling our loved ones that we care; that we have purposely chosen to simplify their lives. Thousands of dollars and our most precious asset, time, can be saved just by becoming aware of the issues.

Understand Six Simple Steps to Security

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