Women Over 50 - 5 Tips For Financial Independence

Financial independence is the goal of most people especially as we approach retirement. Once we can see that turning

retirement age is just around the corner, thoughts of financial independence seem to become more frequent. Unfortunately, some of these thoughts are more than that. 

They are mild forms of panic attacks and financial anxiety, especially if the retirement nest egg isn't looking great. 

While these concerns affect all people, women over 50, especially those who are single, becoming financially independent is important for our survival, if we are desiring a comfortable retirement. And why shouldn't they be. 

Working for most of our life, retirement should be a reward for our hard work. But if the retirement pot is a bit empty, what can we do to fill them so that our senior years are not on "Struggle street".

For women over 50, here's 5 tips to help you create financial independence: 

1. Create More Income 

Yes it is easier to create wealth by having more income or a higher paying job. However, for women over 50 it is sometimes harder to move into a higher paying job- based on our age, qualifications or prolonged employment gap if we took time out to support family members. 

Perhaps an online or home based business could provide some extra cash, or a part-time job. 

2. Invest Your Surplus 

There are many courses and associations to assist women over 50 to learn how to invest their surplus income to provide for a better retirement. Look for such associations in your local area and start taking an interest in the share market, cash management funds and real estate. With time this surplus correctly invested will compound to build you a nice nest egg.  Femvestorsglobal is an amazing support network of women, in terms of commencing your investing journey. We hold your hand along the journey so you can take control of your finances sooner rather than later.

3. Money Is Taxing 

Make sure you have a good accountant and/or tax advisor to give you great advice on the best investments offering the best tax advantages. While women over 50 need extra income to invest, it is also important to cut your expenses especially by paying lower taxes.

4. Get More Out Of Your Time 

Having more time is a dream of most people. But there is only 24 hours in a day. How do you maximise your time especially with earning money. You engage the power of leverage. 

If you can earn additional income over and above you main job' you will create more wealth. But you are still exchanging your time for money. And there is only one of you. 

What if you could 'employ' a team of people whereby you could earn a percentage of their income. As well as leveraging people you can also leverage time - more specifically time zones. Why not have your team not only where you reside but also in different states and countries. So when you are asleep, your team members in another country are working and you're earning as well. Home based online businesses can offer such an opportunity.

Alternatively, (and I appreciate this is not for everyone!), you could relocate overseas to a country with not such a higher standard of living, so you can accumulate more money with an online business. You have the ability to work anywhere, whilst reducing your monthly out-goings/bills. Ultimately, our money will go so much further,

 5. It Takes Two To Tango

Going solo in life does have some advantages, however, it can also have it's limitations. Creating wealth or extra money can be one of those limitations. 

Sharing experiences and creating opportunities to jointly build wealth is more enjoyable when you're not on your own. 

Note that Women over 50 should never have a sub par retirement. There are ways to ensure this doesn't happen. 

The great opportunity is that there is still time for many of us over 50 to have financial independence. We just need to take action sooner rather than later.

Article Source: https://EzineArticles.com/expert/Greg_N_Reed/245120

Ladies- Why Do We Need To Invest?

It is vitally important in this current day and age for all of us to begin taking control of our financial situation and start planning for our future, and the futures of our children. 

We can no longer rely on the government to hand out an aged pension once we retire. We cannot take for granted that at the end of our working life we will be taken care of financially. 

The world population is ageing, due to the baby boomer generation, and within 30 years there will be so many retired people, compared to the number of working age people, that it will be economically impossible for the government to afford to provide any reasonable source of monetary assistance for the elderly. 

The Australian government realised this, that is why they introduced the compulsory employer paid superannuation scheme and are even now beginning to give financial incentives to Self-Funded retirees. 

(For non Australians, the Superannuation scheme (also known as 'super'), is a way of saving money while you are working, so that you will have money when you retire. Whist working, your employer is required to allocate a percentage of your salary each pay, to make sure you have money to live on in the future. The U.S. equivalent to a Superannuation plan would be defined benefit or defined contribution plans).

Most of us have never sat down and even considered the ramifications of why the compulsory super was introduced and for many of us it is a matter of too little too late. Even for the young women in our society - who have a full working life ahead of them, they still cannot rest assured of a comfortable retirement. 

Why is this? It is because that unfortunately even with contributions at the current level of less than 10%, someone on an average wage who works continually for 30 years, is still going to find themselves trying to survive on an income equivalent to less than $20,000,00 per annum in today's dollars. 

You will notice that I said continually working for 30 years. This is another reason why women are particularly disadvantaged. Firstly because they often have to take up to ten years leave from the workforce to raise children, secondly because women in general earn less than their male counterparts and thirdly because an enormous proportion of the women in Australia, for example, will never have received any superannuation contributions, prior to the compulsory superannuation being introduced, and will therefore not have had contributions made over their entire working life so far, giving them even less to fall back on by the time they retire. 

Many women may previously not have thought of lack of superannuation contributions as being a problem, as their husbands may have been contributing to super since they first began work. Unfortunately though with the high number of divorces in this country, it is unwise to rely on the fact that your partner's superannuation will be there for you in your retirement years and even if a large proportion is awarded in a settlement - that it will be sufficient to sustain a comfortable retirement for any length of time. 

All of these factors are why women now more than ever, need to begin taking action to build up a source of ongoing income, that will grow to such an extent, as to be able to provide a secure and happy future for themselves and their children. 

It needs to be a source of income that is unrelated to physical work...that is an income that is generated from income producing assets - and not from our personal efforts. 

One of the best sources of creating this ongoing income stream is to begin building an investment property portfolio, also aptly paraphrased as bricks and mortar. 

We need to start investing in income producing assets now, so that they will have time to grow and develop so that we will be financially independent for our retirement years. 

The most important concept to grasp in relation to building wealth for retirement and for creating finances that can be directed toward charities, or helping out your family is that of Compound interest.

 In mathematical terms 72 divided by Compound Interest Rate of Return = Years for Money to Double in Value. 

Therefore if you have $1,000.00 invested at 10% interest, then the number of years that it will take for your money to double to $2,000.00 is 7.2. It will quadruple in 14.4 years and be worth 8 times as much in just over 21 years. 

If your money is invested at 7% interest, then it will take approximately ten years to double in value. If it is invested at 5% it will double in just over fourteen years. 

The two most important aspects of compounding are one: rate and two: time. The higher the rate and the longer the time something is left to compound, the greater the final result will be. 

This is why the sooner we start investing, the better. 

Article Source: https://EzineArticles.com/expert/Debra_Lohrere/27054

Women Facing Poverty in Retirement

Women often reach retirement age with fewer pension benefits and retirement assets than men. All workers need to save more for retirement, but women face added challenges because we have lower earnings, experience higher job turnover, and have a longer life expectancy. Women generally begin retirement with smaller pensions than our male counterparts but usually live longer than men. Our retirement pot is intended to be a supplemental source of income in retirement, but too many women are forced to rely on it as our sole source support in retirement. As a result of these issues, elderly women in the many western nations have high poverty rates. 

Women Save Less than Men for Retirement 

Among the reasons that women save less than men is that women earn less than men; lower earnings equal lower retirement savings. The Equal Pay Act was passed between Mid 60's and early 70's in the majority of western nations and yet half a century later, women make only 81 cents for every dollar earned by men. According to the National Women's Law Center, "This persistent pay gap translates to more than $10,000 in lost wages per year for the average female worker."

Equal pay is not just a women's issue; it is a family issue. Women make up half of many countries' workforce and mothers are the primary breadwinners or co-breadwinners in nearly two-thirds of families. Wage discrimination harms many families by limiting their economic security now and their retirement security in the future. 

Women Have Different Work Patterns 

Women generally spend less time in the workforce due to family care-giving responsibilities, from raising children (and grandchildren) to caring for elderly parents. Also, women are more likely to work in part-time jobs that don't qualify for a retirement plan. Such job interruptions mean less opportunity to save for retirement and to contribute to a retirement fund. 

Married Women Often Rely on Spouse's Savings 

It is not unusual for many married women to rely on their spouse's retirement savings. Under traditional pension plans, benefits to married workers were paid as a lifetime annuity with benefits for the spouse. You will need to understand the details within your spouse's retirement plan to find out if you qualify to claim any entitlements on that plan should your spouse pass away and you receive the benefit automatically, 

You will also need to ensure you discuss the retirement fund should divorce proceedings arise, please don't just accept the house as a settlement without discussing all options prior to an agreement being reached.

Women Invest More Conservatively Than Men 

Studies indicate that women invest more conservatively than men. Women tend to emphasise safety over return. They often save less for retirement and then sacrifice long term growth with a low risk investment strategy. The interest rates on a bank account will not suffice given current inflation rates.

Women Need More Money for Retirement 

Women have longer life expectancies than men. Life expectancy for women now is approximately five years more than that for men. Consequently, women spend longer in retirement. For married women, 70% of them will outlive their husbands. Unmarried women (including widows) age 65 and older rely on a retirement fund for 50 percent of their total income. Because women tend to live longer than men, they are in greater danger of outliving their other sources of retirement income. 

Startling Statistics 

The latest Census Bureau data show a significant and alarming increase in poverty and extreme poverty among women, men and children. The shocking statistics is that 1 in 5 working women retire with $0.

Changes Needed to Close the Retirement Savings Gender Gap 

• Continue to work to eradicate the wage disparities between men and women 

• Increase retirement coverage for lower-wage, part-time and temporary workers

• Provide additional retirement support for women whose primary role is care-giving

• Require policy changes for countries which do not support an easy transfer of retirement funds for partners of spouses

• Allow tax-free transfers of retirement assets between spouses

• Provide investment education specific to the overly cautious investment strategy chosen by many women. 

Ultimately, the basic saving strategies are the same for men and women: start saving early, contribute as much as you can to your company retirement plan and don't take money out of your retirement plan to meet short-term needs. 

However, it is especially important for women to stay focused on saving for retirement as pay inequity and the work patterns of many women reduce our future retirement income. 

Article Source: https://EzineArticles.com/expert/Stacey_L_Spencer/784370

Why Us Women Fall Off the Financial Cliff

Why do so many women leave their financial future to chance? Why do women face so many challenges with their finances? If you could learn how to overcome your financial concerns, would you take action? After speaking to several women, which is the reason for writing my book which will be published later this year "Femvestors". Women don't get involved with their financial security. We leave it up to a myriad of other possibilities. 

Us women already face additional challenges that are unique. First, we have a longer life expectancy. According to "Statista 2021 Report" for developed countries, the average life expectancy for a man is age 79 and for a woman it is age 82. That's a 3 year difference, which means retirement savings must last longer. With longer life expectancy comes the possibility of health issues and the need for long term care planning. 

According to the World Economic Forum Global Gender Gap Report 2020, worldwide, women on average earn around 20% less than our male counterparts for equally valuable work. Major variations exist across countries and regions- the gender wage gap ranges from 3% in Luxembourg to a staggering 37% in South Korea  – no country in the world has yet achieved income parity, however, Iceland is on track to become one of the first countries to achieve this. The impact is that we are contributing less to our pensions, superannuation, 401ks and social security, resulting in less retirement savings to draw income from in retirement. We also have less discretionary funds to invest and save to sustain our lifestyles now and in the future. 

Women also fall into the role of primary care giver taking more time off from our careers to fulfill care giving roles to either our children, elderly parents or a sick spouse. Less time earning income further reduces their ability to save. 

Women tend to rely on our partner to manage investments, balance budgets, and create financial plans. With the divorce rate at 50% (and climbing post Covid), us women could find ourselves single and not knowing where our money is or how much it is worth. Even worse, not knowing if our partner carefully managed the family assets or possibly squandered them away. For the widowed woman it may mean trying to manage our finances with little knowledge at a much older age after a lifetime of being out of the financial picture. Many women don't plan for the possibility that we may lose our partner's pension and other benefits. Either of these cases could come with detrimental effects.

Lack of financial knowledge ranks high on the list of challenges facing us. Traditionally, we are not encouraged to educate ourselves on financial issues. More than 70% of men say they have a good understanding of stock market basics, but less than 45% of women feel that way. This puts us at a disadvantage to our male counterparts. This lack of knowledge leads us to be more conservative, under utilising stocks, bonds and other invests. As a result our long term returns and ability to hedge inflation are affected. Research released by HSBC showed that many women are not prepared for retirement, with just 24% of women in their 50's claiming to have a financial plan in place. 

After learning about the challenges us women face with our finances, do you want to leave your financial future to chance? What are you ready to do to overcome these financial concerns? Please consider taking charge of your future by working on a financial plan. Don't let a longer life expectancy, lower earnings, and lack of financial knowledge take you off course. Make a plan to take charge today!

 

Article Source: https://EzineArticles.com/expert/Bill_Leavitt/1496352

Retirement Planning Tips For Women

A lot of the attention to retirement planning lately has been spent on preparing men for retirement. It's devastating to see that since us women generally live longer than men, nothing is openly discussed about how those savings stretch further to compensate for the additional years women live as a comparative. 

But, if a majority of male baby boomers are having trouble saving for retirement, are female baby boomers in the same boat?

You don't have to answer. I'll pretend you nodded. 

This article will talk about how women can plan for their retirement and start saving for their retirement lives. 

Setting up a retirement plan and saving for your retirement may be many years away for you but, if you start early, especially in your twenties and thirties and do that until you retire in your fifties and sixties, you'll have a much more comfortable retirement than your female counterparts who didn't save anything and now are relying on the government to help them out. 

Planning for your retirement may seem too far in the future but it can be here before you know it and the sooner you start saving the better off you'll be when it sneaks up on you. 

Studies show that there are 60 million working women out there and a little less than half are enrolled in a retirement plan. It will be hard to have a retirement fund if there are no contributions to it. 

Women don't work as long as men do at the same job. This is due to taking time off to care for the family to raise the kids. So women don't build up the required years to qualify for a sizable pension or retirement plan, leaving them with little or no savings from the companies they are working for. 

Women live longer than men. If you retire at 55, you can expect to live another 27 years on average. Men can expect to live another 23 years on average. If you're married and your husband was the bread winner and you have no retirement savings of your own, where will the income come from for those extra 4 years? 

Women also are risk averse when it comes to investing, choosing to invest in conservative investments and bonds which have guaranteed returns but lower overall returns. You'll preserve your capital but you won't have much to show for it when you retire and start drawing on those savings. So the choice is either have more money working for you in low, but safe, investment vehicles as you near retirement or invest more aggressively. 

Either way, women need to read about retirement planning as much or even more so than men because we will be spending more of our life in retirement. Talk to a financial advisor, read retirement planning books and check out all the free resources out there to help you save for your retirement. Most people have less than $USD60,000 saved in a 401k or IRA. The average Australian superfund is $A180k and average UK Pension is 80K GBP. There is no way this will last men or women for 20+ years of retirement. Government are not going to be able to supplement everyone... 

Article Source: https://EzineArticles.com/expert/Chris_Campos/110750 

Get Out of Debt: 5 Tips for Taking Charge of your Finances

Getting out of debt and creating a stable financial future may seem like an impossible feat. You could be wondering, “How did I get here?” or “How can I get out of debt when my income is the same as it was before, and I owe even more money?” 

In order to gain a positive and realistic view of your finances, you should instead ask yourself, “What can I change to insure that I have savings, not debt, when I retire?” or “What is my attitude towards money, and how has it affected my financial situation?” By doing this, you can get to the root of the problem and begin tackling your debt in a practical manner. (Remember it may take a little time to get back on track). Here are five methods that can help you take charge of your finances: 

1) Live within your means 

This seems easy enough, but how many people have racked up hundreds or even thousands of dollars in credit card debt? If you have to rely on your credit cards, then you are clearly not living within your means. The most obvious and suitable way to get out of debt is by resisting the temptation to buy stuff you don’t need. Depriving yourself of things you want can be the most difficult thing to do. However, buying whatever you want can also the most damaging to your financial success. Maybe you did get a great deal on those shoes, but is it worth that extra $50 to $100 interest that your credit card may eventually accrue? When you have the desire to buy something, think it through. 

You can also make lists before you go to the store to prevent impulse buying. Even if you are just going to get groceries, you should bring a list and stick to it. Otherwise, you may end up spending $50 more than you thought you would on unnecessary purchases. 

Another change you can make to get out of debt is to start shopping for the holidays and/or birthdays well ahead of time. Many people put off shopping until the last minute and end up charging it all to their high interest credit cards. Why not start early this year and pay for all of your gifts in cash? Try buying one gift a week. By paying with money that you actually have, you will be saving yourself a lot of money in credit card charges. You will also be less stressed when the holidays or birthdays come around because you will already have your shopping finished.

2) Create a budget of all of your necessary expenses and stick with it 

Notice how “stick with it” was added onto that sentence? That’s because almost anyone can sit down and write out a budget. The real challenge is tracking and maintaining it. If having a program on your computer or app on your mobile helps, go for it. Just be sure to save all of your receipts throughout the day and then input them into your app/program. It is important to give each of your expense categories, such as rent/mortgage, food, and utilities, a realistic limit. 

If you only buy according to your budget, you will probably find yourself with extra money each month. With this extra money you can take charge of your finances, get out of debt, and start saving for the future. It will also help you to figure out which items are draining money from your budget. For example, if you buy lunch at work everyday for $8.00, you would be better off making your meals at home and then bringing lunch to work. Just remember that it takes many small steps to resolve your finances and take charge. 

3) Set Realistic Expectations for Your Future 

 Yes. The average person’s salary increase averages between 1.5% and 3.5% per year. And you may be beginning to expect that yearly raise or anticipating that big promotion because then you will be able to pay off your debt. Many people have the attitude that their debt is fine because they will have more money next year to compensate for their spending. It’s the adage, “Why do today what you can put it off until tomorrow?” They spend beyond their means because they are banking on the fact that they will be making more money later. And when they receive a raise, instead of paying off debt, they increase their spending because they think they have more money to spend. The reality is that living this way can extinguish any future financial stability. Also, what if the raise never comes? The promotion never happens, or something worse occurs, such as getting fired or laid off? Then you will be left with all this debt, out of control spending habits, and no money in the bank. 

So, when you receive a bonus or small raise, take that money and pay off your debt or put it towards your savings. Even if you think that you have great job security, be prepared for the unexpected. If you expect that you will be making more money, you will spend it; however, if you acknowledge that your prosperity could end at any time, you will save it. 

4) Pay your unsecured debt off—ASAP 

I know this can be a very daunting task, especially when you have several credit cards with large balances on them. You may think that you will never get out of debt. Your best bet is to begin with the credit card with the smallest balance; pay as much as you can on it each month (try to make it at least double or triple your minimum balance) while maintaining the minimum balances on your other cards until the card is paid off. This will help you to work towards your goals and will help motivate you to pay off your other cards. 

Remember, if you just pay the minimum balances, you are probably barely covering the interest. You could potentially end up paying double or triple for an item you bought a year or two ago.

5) Plan for the long term 

It’s important to plan for your retirement now, so you can enjoy it later. Look into an IRA, 401(k) program, Superannuation fund, CPP or Pension (dependent upon your geographical location). Usually your employer’s program will simply deduct money from your paycheck each month. That is one of the easiest ways to do it because you’re saving money each month without really missing it. Some employers even have a matching program if you contribute enough to your fund each year. 

Also, in order to plan for the future, you need to calculate how much money you will need if you live for another twenty years after you retire. Be sure to take into account the cost of living in your area or the area where you plan to retire. You may be living well right now, but planning and saving so that you can retire comfortably is crucial. 

Follow us on Social Media and our weekly blogs to discover how to get out of debt, save and invest your money wisely

Article Source: https://EzineArticles.com/expert/John_H._Tran/61724 

Going Through a Divorce - Everything You Need to Know to Protect Yourself and Your Children

 Going through a divorce is never an incredibly happy time, but there are ways to make it as stress-free as possible - and protect yourself and your interests while you're at it. Even if your divorce is a relatively amicable one, you still want to get the best deal you can, and hopefully protect yourself and your assets now and in future. 

Top Ways to Protect Your Finances 

Don't forget to change your will. Many couples forget to do this after the divorce. Don't. When an imminent divorce is inevitable, there are simple ways to protect yourself from the financial fracas that will ensue. 

Get your finances in order and you'll be on your way to surviving the battle without any deep monetary scars... 

* Open an individual checking account. Do this as soon as possible. Not only will it help your credit rating, but will also help you sort out who has what. 

* Establish as much credit as possible. Credit is vital when it comes to borrowing money, and credit scores can affect future properties you may rent and even the type of job you get. Make sure you don't suffer any fall-out from your spouse's lousy credit rating, and do as much as possible to establish a solid credit rating of your own. If you've never had a credit card of your own before - and many women haven't, believe it or not - get on the horse as soon as possible. 

* Track down credit cards. Make sure your spouse isn't charging things to your name, or on a joint credit card, which could affect your rating. Track down and cancel any joint accounts. This can be difficult if they are not being sent to your home address. You can freeze accounts by telling the credit card companies that you are going through a divorce.

* Take care of the mortgage and other loans. If you will continue living in the house it's important that only your name is on the mortgage, and vice versa. The divorce proceedings will sort out who is paying for what. Transfer the car to one name as well through the Department of Motor Vehicles, and sort out who is paying for what loans. 

* Keep track of all investments etc. Go through all you and your spouse own with a fine-toothed comb, and make copies of every single financial document you unearth. This can include mortgage and life insurance documents, pension/super statements, tax returns, bank statements, money market accounts etc. Also, make sure your name is on every legal document, especially the title or deed of property the two of you bought together. 

* See if you qualify for alimony, support and/or maintenance. Support isn't based solely on gender - both men and women can get it. Similarly, you don't need to have kids to receive it. Don't make assumptions, get the facts. Speak to a divorce lawyer as soon as you can. 

* Save money. You never know when you will need it, so now is not the time to be a spendthrift. Squirrel away what you can in your individual bank account - it might soon come in handy!

 * Consider mediation as opposed to litigation. A lot less time-consuming - and costly. If it works, this is usually the best - and more financially viable way - to come to an agreement for everyone concerned.

* Don't forget to change your will. Many couples forget to do this after the divorce. 

* Hire a financial planner with a specialty in divorce. They can advise you what to do next as far as asset division is concerned based on your current situation. Top Ways to Protect Your Children Your children should be top priority when it comes to a divorce, so don't make things worse by acting badly. Children do best when both parents stay involved in their lives, so keep this in mind next time you feel like telling your ex to jump off a tall building or move to the North Pole. Here are other ways to make your kids deal better with your divorce... 

* Explain that it's not their fault. Don't let your kids grow up thinking they could have done something to prevent Mommy and Daddy from splitting up. Tell them it has nothing to do with them, and that both of you still love them more than anything. 

* Answer their questions as honestly as possible. That doesn't mean telling them that Daddy had 12 affairs and is in love with a woman half his age, and that he enjoys dressing up in high heels and a pink feather boa when they're asleep. What it does mean, however, is being as honest as possible, while not involving them in things they don't really need to know. 

* Keep things as amicable as possible in front of them. Airing petty grievances in front of the children and arguing constantly will only backfire in the long run.

 * Aim for shared custody arrangements, if possible. Children benefit from being with both parents. Make sure they have two happy, harmonious home environments and try to have both parents as involved in their lives at school as possible. Encourage your child to maintain a close relationship with the other parent, and encourage each other to be as active as possible in your children's lives, without canceling appointments and trying always to be on time. 

* Avoid the temptation to quiz your children about what is going on in the other parent's life, and don't use them to carry messages back and forth between you. They don't need the added responsibility, and it's not fair on them to feel they have to take sides or be in control of your relationship with your ex. Also, resist the urge to say bad things about the other parent in front of the kids. Top Ways to Protect Yourself Personally When all is said and done, you still have a life to live - on your own. Flying solo can be a liberating experience, once you've got over the shock of the divorce. Make it easier on yourself by following these simple tips... 

* Make sure you are employable. If you haven't worked for years, don't panic. Speak to a career counselor or life coach about re-doing your resume. Maybe all you need is to take a few courses or have an internship to get back on top of things. Maybe not: your life experience will count for more than you think! 

* Have lots of friends and family around you. Don't suffer things on your own. Seeing a film or visiting an art gallery can take your mind off your problems, if only for a few hours. Ask for support if you need it and try to enjoy the little things in life. 

* Seek new friends. Many married couples rely on other married couples for companionship, and often are left high and dry when they venture out on their own. Starting a new hobby can help you develop new interests and meet new people while you're at it. 

* Resist the rebound. While having new relationships can be fantastic, don't jump into a full-time romance immediately. Take the time to look around and enjoy yourself. Don't let friends set you up on a date, at least for a while. Being on your own is important - for now. Going through a divorce is never easy, but there are ways to minimize both the pain and the hassle. If you play your cards right you can make the whole process run as smoothly as possible - and make sure your future is financially secure as well. Take your time and get the help you need, and keep up a positive, optimistic outlook. Good luck!  

Article Source: https://EzineArticles.com/expert/S_Matthews/489059

Protect Yourself and Your Loved Ones From Financial Predators

Do you have an income, a home or have a financial nest egg? Are you divorced or widowed and have received any kind of financial settlement or insurance payout? Are you looking for a new start in life or a financial investment opportunity? Are you a caring, conscientious, moral, or spiritual person or have an emotional void? If you answer yes to most of these questions, you meet the criteria to be a target for a predator or con artist. Especially in these times, financial predators are sharpening their tools to get at your funds. 

What they are looking for: 

The main thing that attracts a recession predator is your money and whatever you have that can translate into money. Even the stolen hoards of these predators have taken a hit in the markets, so they too will be looking to replenish what they have lost. Make no mistake, these people check you out well before they meet you. This is an actual, well established and corrupt business model with a beginning a middle and an end that can span anywhere from a few months to several years. These people know how much to take from you without triggering the judicial and tax system resources toward investigation and prosecution and you will never get your money back because these predators will make sure you will never have the resources to go after them. 

How they target you: 

If you are between the ages of 40 and 70 you could have the most to lose. If divorced, you may have received substantial assets, have felt wounded and unappreciated by your ex and are open to the sweet talk and affections generated by the predator. If widowed, you may be facing loneliness and the void of not having your partner around in your day to day routine. Because of the times during which you grew up, especially if you are a woman, you may have the self-image that you may be inexperienced or incapable of handling significant amounts of money. This is the perfect setting for the con and his cronies to arrive. A simple search of death notices, wills, divorce court records, land titles and church events is how the predator trolls for the next victim. 

How they meet you: 

Once they know your inheritance or divorce settlement, your address and other basic information, they can position themselves to accidentally meet you. The coincidental meeting can be at the home you are building or a renovation, a volunteer event, the supermarket, the hospital, a funeral, dance clubs or at a singles event at church. Predators are poised to be that most kind and helping hand of your dreams just happening to have all the time to dedicate to you. 

How they take advantage of your good nature: 

The predator presents him/herself as always being helpful, going beyond the call of duty to be that amazing caring and supportive knowledgeable person. They are determined to be your best friend, soul mate and are always reminding you that destiny brought you two together. They tell their sad tale, how things didn't work out for them and how they have been in the same boat. You build quality time together. The predator then starts to monopolize your relationships, slowly dividing you from your trusted friends and family, doing it so gradually and subtly that you never see it happening. 

How they drag you into their net: 

Suddenly the predator has an emergency. Whether it is automotive, a job loss, business difficulties, encumbered assets, apartment eviction, flood or fire, these are all things that they supposedly had no control of. They need help now and you are their best and only friend. They then use your moral conscience against you. Since they have helped you during your times of need, it is your turn to help them. The situation is crafted to make it look like it was all your idea to help. Paperwork, small IOU's are drafted and the first debts or loans are paid back. Then the loans get bigger and the trust and relationship card gets thrown in. You and the predator are now a couple deep in a romance. They convince you that paper is just meaningless and that you have a sacred bond of love and trust. You are now building a life together. The predator's friends and so-called business partners (who are all part of the game) can consist of a team of a lawyer an accountant and often some sort of psychological advisor, who the predator says they have known for many years. They include you in everything at first and all claiming to be looking out for your best interest, except that they just can't seem to get the contracts written up that show your ever growing investment. You now have no escape and they know it. 

How they control the relationship: 

You start to press for some written contracts just so that even you know where you stand. Suddenly the money becomes an issue and the predator team now creates staged events that show that the relationship just "isn't working". They are knowingly dividing your soul. You don't know which direction to go. You are trying to save your relationship as well as your finances. You still don't have your money back and they are continuing to use all your resources for their deals. It seems harder to get a rational conversation with the business partners who start to treat you like a mental patient, while they pretend to also have problems in dealing with the predator because of problems in your relationship. They continue play the good guy routine of "don't worry you will get your money back" while you still have nothing on paper. Then the predator tells you it's over, that they can't stand your bad attitude and that you don't have the same religious or spiritual connection. The predator complains about your constant harassment about money, that the "love" is gone and they are leaving and that it is your fault. Meanwhile the accountant and the lawyer have squirreled the money away. They give their predator/partner a well loaded credit and debit cards with instructions to withdraw only small amounts of cash so as not to attract attention (anywhere in the world) all of which, of course, you will never see. 

How they defend themselves: 

The predator claims everything you handed to them was a gift, not a loan. They claim to the authorities that your issue is merely a lovers' quarrel and anything you do is out of spite, jealousy and/or mental instability. Depending on their greed factor, their risks and how much they intend to cover their tracks, these people may actually decide to sue you on bogus grounds, possibly claiming that they own your house due to having lived together for over the local time limits for common law relationships. This means you will have to come up with even more time and money (and stress) to defend yourself. It's the finger pointing routine, a tactic to distract the spotlight from them and to further demoralize you. They don't ever really want to take the chance of losing in court or settle anything. Even if there is a court settlement, there is a very good chance that the monies have already been forwarded to other jurisdictions which in turn requires more litigation to recoup those funds. Usually the predator team will delay repeatedly until receivership kicks in rather than apply for bankruptcy so the accountant in the team can maintain the "cleanliness" of his professional standing. As part of the stalling tactic, they will delay discovery for examinations repeatedly and alternatively use a lawyer or self-represent themselves in court thereby using the judicial system to drain you from anything else you have. 

Keep your finances private and locked up: 

Although many times it isn't always easy to keep things private, it isn't necessary or prudent to broadcast your entire life on the web, or blogs or other social circles. These predators make it their career to look to getting your money. Having your assets placed in long term investments or insurance products that remove them from easy access is one way of protecting your funds. Having monies paid out as annuities is another method. Find a licensed financial and/or insurance consultant who will really take the time to understand you and your situation and who has the intestinal fortitude and knowledge to help you protect yourself from getting drawn into anyone or anything that is ultimately not in your best interest. 

Get a background check done: 

You don't have to spend a fortune on this. You can hire someone or start to do some basic checking on your own. Running a basic check at the court house to see if this person and/or their associates have their names come up can be very enlightening. You can learn a lot about a person from how many times they are in court, who they took to court and who took them to court. Look for things like bankruptcies, receiverships, loan defaults, divorces, child support non-payments, restraining orders, assault, arson, stalking, fraud and other charges. It may reveal more about their stories to you than you wanted but it gives you valuable insight into their tales and what they are capable of. If this individual and their associates keep asking you for "business development", "marketing development" or "legal funds" and there is a pending or unresolved court case on the books, this is a definite red flag. Be sure to look into the business or corporate registration. If these folks have changed their corporation status and names coincidentally at the same times as the legal actions, you have another cross hair for the investigative scope. People like this cannot get "normal" financing for a reason so they prey on your emotion and good nature. 

Understanding the "ponzi scheme": 

The ponzi scheme or principle is the means by which these predators operate and facilitate the growth of their business. The predator and his team take the money from the first victim or victims and go through the scenarios discussed earlier. As monies are taken they are put into the multiple streams of outlays of cash which then circle around back to the predator's financial home tributary. As part of the planned demise of their company, corporate shares and assets are quickly dispersed and reassigned using the lawyer and the accountant. Among other things, this is known as receivership fraud. Once the predatory team feels that the dust has settled, the cycle begins all over again. The monies that are drawn out of this next victim are trickled back to the previous victim who is so demoralized that they are grateful to get anything they can. This then adds perceived legitimacy to the new victim of the scheme because the previous victim is then produced to proclaim that they did indeed get their money back. This further enables and supports (knowingly or unknowingly) the perpetrators of this scam. 

Final thoughts: 

The things a predator hates most are scrutiny, the truth and your friends and family. Predators usually have a track record of some kind. Do those background checks. Use the same things to evaluate them that they used to find you. Seek out and talk to the people the predator keeps ranting about. Predators usually say the same things about you once they find the next victim and will run a very aggressive and ugly smear campaign against you. To counter this onslaught you need the support of your friends and family more than ever. Together you can face down the predator and warn others of these individuals. Vera Saar is a strategist, career and asset management coach, education facilitator, project manager, engineer, visual artist and animator. Her interests extend to gardening, water ponds, martial arts, motorcycling, general well-being and ways to make our personal and world environment better. 

Article Source: https://EzineArticles.com/expert/Vera_Saar/137092

What Women Need To Know About Money

Life is definitely more than just about money. There are so many things to know about money. The list is endless, but here are a list of important things you as a woman should know about money:

1. Men and Women are Different

Understand that men and women are different in how we use money, how we feel about money, and how we communicate about money. In most relationships one partner will be the spender and one will be a saver. Understand the differences of each and take the positives of both personalities to make the most out of your money and your relationship. Set time aside each month to have a "money date." A money date is once or twice a month where you and your spouse go over your finances together. You can use this time to pay bills, review your expenses, review your investments and to use this time to understand and appreciate how you and your spouse view money. Discuss your monthly spending and saving. If you are single, your money date can be with either researching yourself or alternatively with a Financial Advisor.

If women stay at home to care for the kids, on average they stay at home for 11 ½ years. That is 11 ½ years that they don't have money going into a retirement plan or social security. Also, it costs more as women to live. Just look at drycleaning. Women's shirts cost more than men's. What about haircuts? Women's haircuts cost more than men. Also, women live on average 7 years longer than men. Plus women tend to care for others before they care for themselves.

Also, we as women tend to be more conservative investors. A recent Bloomberg survey reported that female investors outperformed male investors by 55 percent in the past nine years. Another is our income. Studies show that women still earn 76 cents for every dollar that a man earns. This is one of the reasons women start their own businesses two times the rate that men do. Another scary statistic is that 55% of women over 65 are widows and their income is $9,366.00 a year! So, to sum it up we have a lot going against us, but we are smarter investors.  

2. Have A Cushion

Any financial coach/advisor/research online is going to tell you that you want a minimum of 3 months worth of income set aside for emergencies. This is for if you lose your job, car accident, medical emergencies, etc. Focus on where you are at financially and if you lost your income how long you could live off your savings. The main focus point is to make sure that your money is working hard enough for you. It is important to have the money in an account that earns interest. If you have your liquid money in a checking account or underneath your mattress it is earning no interest. Money that is liquid is immediately accessible to you such as in a checking or savings account. But, ideally in an insured money market account - some place where you can earn the most interest on your money but still keeping it liquid.

3. Know One Rule

The Rule of 72 is a simple formula that helps you understand how fast money grows and how assets appreciate. If you divide 72 by the interest rate that you are earning on your money, you will find out how many years it takes for your money to double. For example, if over the last seventy years the stock market produced an average return of 10.4%, you round that down to 10% and plug it into the formula, and you will find that your money should be doubling every 7.2 years. The Rule of 72 is a mathematical concept and is not a guarantee of investment performance or a predictor of investment results. It is simply an approximation of the impact a targeted rate of return would have. There is no assurance an investment will double in value.

4. Save Money Monthly and Buy SMART Assets

The more money you can set up in an automatic investment program the easier it may be to save. If you are like me and when you have money in your purse, you may spend it. With automatic investment programs, you are able to save as little as $25 a week or month and have the money come directly out of a checking or savings account. The goal is to buy things that produce income. That is the whole goal. The goal is that you accumulate enough assets so that you do not have to go to work and take your time to earn your money. The goal is that you accumulate enough assets that you can live off of them. Examples of these assets include businesses, rental property, stocks, and most bonds. Consider buying assets that are expected to produce cash flow, but do not require daily management. This can help you attempt to build and preserve your wealth. 

5. Know Your Money

 Money is simply a vehicle to get you to where you want to go. Take control of your vehicle and control your path and destination. The one thing women are great at is relationships. Your relationship with money is important. One of the things you can do to feel more in control of your money is to take time to attend seminars on money and investing. Learn what assets are and how they work. Use this educational time to then relate it to your own financial situation. 

Know the three basic types of investments: stocks, bonds, and cash. 

What is a stock? A stock is a share of ownership in a corporation.
What is a bond? Think of a bond like a loan. You take your money, loan it out to someone and in a number of years you will get your money back plus interest. What is cash? Cash is liquid money. Cash is your money in a money market, savings account, and in your purse.

6. Happiness in Retirement

The first step in saving for retirement is to answer these two questions.

• At what age do you want to retire?
• How much income do you want when you retire?

If you can tell me how much you have saved up so far and the answer to these two questions, I can tell you if you are on track towards retirement. Or if you are not on track. And if not on track, I can tell you how much you need to save every month to get on track. There are a number of different vehicles that you can use to save for retirement such as 401K, IRA, Superannuation, Pension, ISA

7. Investing Makes Sense

When it comes to investing we need to find balance. The balance can come by spreading risk over time. There are many different types of things to invest in such as stocks, bonds, mutual funds, exchange traded funds, structured CD's, and so many more types of investments. Either seek out a financial advice/research online for they can help you to have investing make sense.

8. Helping Kids

How to help your kids be happy with money is by talking about your values and what is important to you about your money. I encourage you to give yourself and your kids an allowance. I also recommend setting up a family fund. With a family fund, you as a family come up with a goal for your money; as a parent, you can offer a matching program. The goal could be a trip or a new toy. So, for example, if your daughter puts in $1.00 to the family fund, you could match her 50 cents. This way she can learn about finance so that when she starts her first job she understands the concept of money and investing. There are many options available for saving for kids for college such as a 529 Plan and IRA.


9. Plan For Your Estate

Estate planning is a topic that sometimes people do not like to talk about. Who likes to plan for their death? Estate planning can be crucial unless your plan is to die broke. I encourage you to set up a will or trust. The woman that is organized, and truly wealthy plans for when she will no longer be around. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you. Stock investing involves risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

Article Source: https://EzineArticles.com/expert/Nicole_N_Middendorf/1358640