by Derek Sisterhen on July 15, 2010
My wife and I were in Bed, Bath & Beyond last weekend for a particular set of cups we’ve had our eye on for a while. The place was crawling with people (which usually bothers me – I don’t like to shop with 800 new friends), but I found myself observing them like little mice in a social experiment.
Did you know that you can get any kitchen utensil you could ever dream of at BB&B? There are even some utensils aliens probably dreamt about, because I can’t see any benefit of having them. Why would anyone need a lazy Susan for a cheese grater?
Pots, pans, cosmetics, sheets, pillows, fine china, crystal, shoe insoles, gourmet candy, and – wonder of all wonders – a 20-foot high wall of Tassimo beverage cartridges. Because making coffee with a filter is so last millennium.
What struck me as I observed the mice was the apparent randomness with which they shopped. Some stopped in the pots and pans, got distracted by the inflatable mattresses, and wound up in the smelly candles. Others made a beeline for bedding, only to later be spotted with the latest “As Seen On TV” contraption in their buggy.
When going into stores like BB&B, recognize that the marketing powers that be have studied the mice. There is a reason the bed and bath items are at the rear of the store: you have to go beyond everything else to get there.
Everything else that you didn’t know you needed (and that they’d love you to buy).
I always recommend having a list when visiting a grocery store. Boundaries aren’t a bad thing and a list provides them so you get what you came for and don’t wreck the grocery budget in the process. Now that so many of the big box stores are offering everything necessary to human existence – and alien existence, for that matter – setting boundaries with a list for these shopping adventures will help you avoid the mousetrap, too.
by Derek Sisterhen on July 14, 2010
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Past Due: Radio 114 – What Help Is The Best Help?
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When you think about it, there are so many ways to get help with your finances we couldn’t even count them all. You can buy books, listen to podcasts (like this one!), go to workshops, or even hire a financial coach.
But determining what form of help is best for you right now can be tricky and overwhelming. Today, I broke down the pros and cons of these different forms of help and gave my two cents on where to get started.
Today’s Mentionables:
Lukas Coaching Free Resources – everything you need to make it count with your money
Episode 109 – What Are You Waiting For?
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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 May 6, 2010
Once upon a time, people would go to work for a company for many years, retire with a nice pension and health care benefits to last the rest of their lives. Once upon a time, kids could go to college without incurring mortgage-sized student loans.
The good ol’ days.
“Sandwich Generation” is the term used to describe the folks in our country with aging parents and children on the cusp of higher education. The squeezing effect – or sandwiching – sounds like the ringing of a cash register: aging parents may not be prepared to live out their lives financially and the expense of raising children and transitioning them to college can be overwhelming.
If you’re already feeling the squeeze, it’s time to buckle down. There are conversations that need to occur with both sides of the sandwich.
For aging parents, it’s time to get real about their financial and physical situation. Do they have enough cash flow for rising medical costs? Will they need to be relocated or require an assisted living arrangement? Would you (or a sibling) be providing some level of care – physical or financial – as a result? Should your parents’ ability to make clear, rational decisions diminish with age, who will step in to help?
For children on the verge of leaving the nest, it’s time to reveal the realities of life on the outside.
Do your children understand how a budget works? Do they have an accurate understanding of the cost of living? Kids know how much music downloads, clothes, and lunches at their favorite restaurants cost, but they might not know what it takes to keeps lights on, water running, and a roof over their heads. Have you set expectations for life after college? If your children return home, is there a timeline in place for them to move out on their own? What expenses will they be responsible for when back in the nest? Do they avoid taking on new debt?
Just because you’re caught in the middle doesn’t mean you’re stuck between a rock and a hard place. You can work out of the sandwich – start with some proactive conversations today.
