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Dr. Karen’s
MONDAY GREETING!
Risky Business Definition of Risk:
a situation involving exposure to danger. “flouting the law was too much of a risk” synonyms: possibility, chance, probability, likelihood, danger, peril, threat, menace, fear, prospect “do not use the stove inside a tent because of the risk of fire” verb 1. expose (someone or something valued) to danger, harm, or loss.
Letter from the Editor
“he risked his life to save his dog” synonyms: endanger, put at risk, put in danger, expose to danger, put on the line, take a chance with, imperil, jeopardize, put in jeopardy, hazard,
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gamble (with), bet, wager, chance, venture “a father risked his life to save his twin babies from a fire” Sometimes we have to take risks. Even though at times it may be difficult, it is necessary. Pray about the risk, receive the confirmation, and move forward without fear. Dr. Karen S. Ratliff Editor In Chief, I Love Mondays with Dr. Karen
06 Caring for aging parents. Getting looped in.
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Building your business and personal credit.
09 This month’s video.
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Table of Contents
Building your retirement strategy.
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RETIREMENT STRATEGY
Retirement planning is crucial for whatever life stage you’re in. Here are some tips by the decades: In your 20s—The best thing to do now is to start saving. Make a habit of contributing regularly to a savings account or IRA. When you start saving now, your money has a chance to grow. Use a retirement savings calculator to estimate how much you should save toward retirement. In your 30s—Three key things. First, have a safety net for your family—six months’ worth of income for unexpected, urgent family expenses. Next, write down your retirement goals—it’s useful to jot down your best guesses for the age you want to retire, where, and what you plan to do in retirement. Thirdly, start saving (yes, this is a repeat from your 20s!)—you’ll benefit hugely from the power of compound interest, as you’ll see in the Wells Fargo Compounding Calculator.
RETIREMENT PLANNING
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In your 40s—Keep your debt down so you’ll have more money to save. Also, be sure you have a suitable investment mix in your tax-advantaged retirement savings plans. A financial advisor can help you plot a strategy and take advantage of the best ways to save for retirement.
In your 50s—You may have the ability to earn and save more. Make the most of these years by increasing the amount you’re saving in tax-advantaged retirement plans or save even more by going beyond workplace plans. If you’re behind in your savings goal, take a look at catchup strategies.
In Your 70s and beyond—Focus now on your income plan – how you pay yourself in retirement – and your estate plan. Manage your retirement finances to make your money last and design a plan that can protect you, your spouse, and your heirs no matter what life brings. Consider working with a team of specialists to manage and administer your assets for future generations.
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RETIREMENT PLANNING
In your 60s—It’s time to start preparing for the transition. Create a realistic plan for your life in retirement— What do you want to do? Who do you want to spend time with? Where do you want to live? Determine these answers and then decide if your retirement plans are in line with the resources you have to fund them. It may make sense to consolidate your retirement savings with one provider to ensure your investment plan is coordinated, making it easier to track your savings, and possibly take advantage of reduced fees.
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BUILDING BUSINESS AND PERSONAL CREDIT
A strong credit history isn’t just nice to have – it’s a must-have in today’s world. Many consumers only consider their credit when they are applying for a new credit card or loan. But, lenders aren’t the only people who look at a person’s credit: landlords, cell phone companies and utility providers often do, too. BUSINESS TIP
If you’re just starting out and haven’t established credit, or if you’re starting over again after your credit took a hit, these steps can help you establish and responsibly manage your credit over time.
BUSINESS AND PERSONAL CREDIT
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Know what’s currently on your credit report
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Check your credit report regularly so you know the information contained in it is accurate. Report any errors to the credit bureau. By law, you can request a free credit report (credit score not included) once every 12 months from each of the consumer credit reporting companies: Equifax®, Experian® and TransUnion®. You can request all three reports free at annualcreditreport.com. Understand how your credit is scored
Your credit score is calculated using various criteria like length of your credit history, and the types of credit you have. But, the two most important criteria are: 1. Payment track record – whether or not you pay your bills on time. 2. What you owe – what your overall outstanding balances are, plus how much of your available credit you’re using. Revisit and update your budget
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BUSINESS AND PERSONAL CREDIT
At its core, a budget is a worksheet with two columns: one for income and one for expenses. To save for the future, aim for a monthly spending total that’s only 60 percent of your gross income. This doesn’t mean you’ll be able to start saving 40 percent of your income overnight – it can take years to build to that number. But if you create a budget with a goal in mind, you can begin to move your finances in that direction.
M Apply for a credit card
Retail and gas cards may help you build your credit history. But, your credit score is partly determined from the variety of different credit you have, so adding a major credit card could help improve it. If you can’t get an unsecured card yet, you might consider shopping for a secured card. Some things to consider when choosing a secured card: 1. Are there application fees or an annual fee? 2. Does the issuer provide an opportunity for the secured card to become an unsecured card after a period of making payments on-time and meeting other eligibility criteria? 3. Does the issuer report your payment history to major credit bureaus? Consider an installment loan As you establish your credit history, you may want to include installment loans to meet your occasional financing needs. This might start with auto loans or personal loans, but may eventually include a mortgage or home equity loan. If you limit the amount you borrow and keep the term of the loan short, you may strengthen your credit without paying a lot of interest. If you can’t qualify for an unsecured loan yet you have some personal savings, consider a loan secured by your CD (certificate of deposit) or savings account. Get help
March Money Madness
BUSINESS AND PERSONAL CREDIT
Credit counselors can help consumers analyze their finances and help find ways to improve their situation. Credit counseling organizations, such as members of the National Foundation for Credit Counseling, offer free or low-cost services for people who are struggling financially. Be patient
You want a credit history that helps you get where you want to go in life. Yet, establishing and maintaining good credit is like losing weight—there’s no quick fix. It takes time, effort and guidance. For more credit tips, visit Wells Fargo’s My Financial Guide at wellsfargo.com/myfinancialguide.
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GET LOOPED IN
About 22 million people age 60 or older have named someone a power of attorney to make financial decisions for them. If you have an aging parent, it may be a good idea to start the conversation regarding their finances.
Here are some tips to get you started on managing your parents’ money: 1. Get Looped In Start by asking your parents for a copy of their tax return each year. If you have a joint account already set up, then you have complete access to the information about that account anyway, but if not, you’ll need to ask your parents about their income, their bills, and their plans for their future, especially regarding health care.
Communicate and discuss their personal preferences: What happens if there are health issues? What would the days be like if they had to live alone? Has each parent thought about their own ability to maintain the household and manage their finances?. Discuss where they want to live, and what they’d prefer to do if they had to move. And the dreaded question…ask if they’ve made funeral arrangements.
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CARING FOR AGING PARENTS
2. Talk Lifestyle
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Lisa Frison, vice president, African American segment manager, Wells Fargo stated: “Make your conversations as positive and productive as possible by talking with your parents in person and not over the phone. Initiate the discussion while your parents are healthy and able to participate fully. Plan your talks for non-stressful times — not at holiday get-togethers.” Try to creative a light and joyous environment while having the conversation. 4. Proceed with Caution
Manage their money and property carefully. Your ability to manage your parents’ money carefully is reflected through the way you handle your own pocketbook. If you feel that it may be a burden for you to assist your parents in this area, ask a more reliable relative to assist. If you are confident that you can take on this role because you have your financial house in order, start by offering to pay their bills or speaking with a financial adviser on their behalf. 5. Be a Bookkeeper Maintain good records, such as the types and amount of bills they pay, their sources of income, and what types of insurance they carry. Ask if they have a will, durable power of attorney, and health care proxy. Find out if the documents are up to date and where they’re stored. Bottom Line: Do not be afraid to talk to your parents about their money. Having a conversation with your parents about their finances now is not only essential, but it can be a rewarding experience for everyone involved down the line. Whether you are a solo entrepreneur or leading a small business with a bookkeeper on your payroll, it is important to complete the small business checklist before you enter into 2014. Below are a few guidelines to help you end the year on a high note:
6. Close any inactive businesses. CARING FOR AGING PARENTS
If you’ve ever registered a business with the state and are no longer in business, you should file for a formal termination with the operating state immediately. · In order to terminate a business, you should file an “Certificate of Termination” or “Articles of Dissolution.” Don’t forget to settle any debt you owe the state BEFORE you file for termination. · File an “Articles of Amendment” to record any company change.
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In order to keep your LLC/Corporation in good standing with your state, you’ll need to file an “Articles of Amendment.” If you changed your business address, phone number, or board members, for example, be sure to submit changes as soon as possible. · Prepare for Year-End Tax Reporting.
Shaun Coard, senior vice president/business banking manager at Wells Fargo Bank, stated: “Be sure that your business’s tax records for the year are in order and make sure you know filing dates so you can plan ahead. Find out if there’s anything you can do to minimize the taxes you’ll owe before the end of the year. Temporary tax incentives available to business owners through Section 179 of the 2012 Taxpayer Relief Act are scheduled to expire on December 31. For business owners, it may be more cost efficient to upgrade or purchase new equipment in 2013 than waiting until January.” Create your 2014 budget and sales projections and analyze your business cash flow. Develop your annual business budget and update your sales projections for next year. The most important thing to understand is how many sales you need to make every 30 days to cover expenses and earn a profit. This 30-day sales goal can help put your revenues into perspective by showing you the amount of money you need to make each month.
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CARING FOR AGING PARENTS
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About the Editor in Chief
Connect with ILM with Dr. Karen!
facebook.com/ilovemondaysdrkaren @ilovemondaysdrkaren @ilovemondaysdrkaren ILoveMondaysinc.com Cover Design, Magazine Layout Design Young Dreams Publications/Media www.youngdreamsbig.com www.youngdreambig.com/ydmedia info@youngdreamsbig.com
Dr. Karen Ratliff is a native of Chicago, Illinois. As the founder of 365 Consulting Group, she assists individuals and corporations reach their desired visions, dreams, and goals. She is an author, motivational speaker, certified life coach, ghostwriter, and consultant. Her motto is “How May I Help You Win?” Dr. Ratliff was the writer for Jet Magazine “Cents and Sensibility” column. She is also a professor, course designer and curriculum developer. She is the trailblazer for the approval of a charter school located on the south-side of Chicago, where she now serves as the Board President. Most recently Dr. Karen became a 2018 recipient of the “40 under 40,” Young Women Professional League where she is recognized as a trailblazing professional under the age of 40. She loves Mondays because Monday is the day that sets the tone for the week. Don’t wait until Friday to get things done. Get it done early and chill the rest of the week.
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