by Derek Sisterhen on June 30, 2010
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Past Due: Radio 112 – Life In The Retirement Slow Lane
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I stumbled upon a great new study from U.S. News & World Report about life for retirees these days. What the study revealed was pretty astounding – most retirees are cutting back on the lifestyle they thought were going to be able to live.
I shared the study and what we can do today – especially those in Generation X and Y – to practically and effectively support the lifestyle we want to live in retirement.
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by Derek Sisterhen on June 29, 2010
My guess is that at least some of you have kids that cost money.
Well, of course, Derek, kids cost a fortune.
Right. That’s why you have a very critical lesson to begin teaching your kids right now, this summer. The lesson is connecting work with reward.
In the summer time, we take vacations, send the kids away to camp, let them sleepover at friends’ houses, hang out at the neighborhood pool, and so on. Each of these events and activities opens the door for kids to spend money. Maybe it’s a souvenir bottle of colorful sand at the beach, buying snack foods at camp, going to a movie before a sleepover, or buying a mask and snorkel for the pool.
Instead of forking over one $20 bill after another for these economy-stimulating endeavors, why not invite your kids to earn their reward? Since most kids are out of school during the summer, consider yourself to have just retained the services of an intern.
What jobs or tasks can be done around the house or can your child help with to earn money? Clearly identifying what responsibilities are required simply because your child is a member of the family is a must, too. However, if you set a list of tasks your kids can complete for pay, as well as set limits on what you will be paying for during the summer, you’ll create a wonderful teaching opportunity. And when you carry this into the fall, you just might be building up future self-sufficient, productive members of society.
I was speaking with a couple recently who said they have a son going away to camp this summer. When they told him they wouldn’t be paying for all the little extras that come with camp, that he’d have to pay for those things on his own, he became a lot more aware of his spending. They said, “Before now, he never had any trouble spending our money.”
It’s always easier to spend someone else’s money. Doing so doesn’t make us any better at managing our own, no matter how old we are.
by Derek Sisterhen on June 23, 2010
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Past Due: Radio 111 – Managing a Roller Coaster Income
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When self-employed, working on commissions, or receiving bonuses throughout the year, it can be very difficult managing volatile income. Sometimes – who are we kidding, ALL the time – it feels like riding a roller coaster!
Today, I talked about some simple, practical ways to manage a fluctuating income. From creating a realistic, working budget, to formula I use to determine how much income I can count on in the future.
Today’s Mentionables:
Millennium Force – Cedar Point’s Roller Coaster that made Derek scream for his mama!
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by Derek Sisterhen on June 23, 2010
A few years ago my wife and I were walking through Home Depot on our way to the paint section. When we got there, another couple of similar age struck up a conversation with us about what rooms we were painting, etc; you know, small talk. By the end of the conversation, they said we should try to get together some time. Seemed harmless enough, so we exchanged phone numbers.
A week later I got a phone call from the guy, inviting us to dinner and offering to “tell us about his business.” Turns out he was a Kool-Aid-drinking Amway fanatic.
Just this past week, a good friend was offered an opportunity to hear an Olympic athlete speak on health and wellness. As a doctor, she jumped at the chance. Turned out to be a pitch for a vitamin supplement multi-level marketing program.
Now, I happen to have a few friends that have been successful with multi-level marketing businesses simply because they operated them like, well, successful businesses. The funny thing is that they never told me about what they did until I asked!
Apparently they missed the orientation meeting that taught about misleading, deceiving, and manipulating people into attending a high-on-emotion, low-on-facts presentation from someone who will happily belittle them for not singing up. (“You’re a smart guy. Only a fool wouldn’t want to take advantage of an amazing opportunity like this,” I still remember hearing.)
Many – though not all – of these “opportunities” are positioned as the solution to personal financial challenges. All you have to do is utilize your network of friends and family to build your business and then you can make residual income hand over fist.
Here’s my point: Is it safe to say that many of those falling into the trap of chasing money are doing so at the expense of their relationships?
And yet there are some of us working in careers that demand we work 70 or 80 hours a week…
Rather than drive those we love away from us, what can we do to have a significant, meaningful impact on the lives of those around us?
If we have that kind of impact and it leads to business, great. If not, at least you haven’t lost any friends or alienated people that care about you.
