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Just for Women

Women Face Unique Challenges. Good Decisions are Essential.

By | 2019, Executive Message, Money Matters, Newsletter | No Comments

This year marked the 4th anniversary of our Just for Women conference and the launch of Smedley Financial’s Just for Women community. Hooray!

We want to thank the women who have participated in our community. Together, we have created a meaningful experience that engages, empowers, and educates women of all ages and from all social and economic backgrounds.

Women face many unique challenges when it comes to financial security: longer life expectancies; the likelihood that they will be in the driver’s seat, financially speaking; reduced pension payouts and retirement account balances due to periods away from the workforce to raise children or care for an aging parent. This reality makes it even more important that they set precedence regarding finances. Women should become more educated, build financial confidence, and most importantly–make good financial decisions.

Good decision-making will have a more significant impact on financial success than skill and talent combined, regardless of your gender. Dalbar, an independent research firm, has confirmed this. Their 25 years of research has found that investors’ performance has suffered significantly due to poor decision-making. Decisions which have been emotionally based or made in the “heat of the moment” tend to end with poor results.

This issue recaps some of the highlights of our Just for Women conference. If you were not able to attend, please make it a priority to join us next year — mark your calendar for May 8, 2020. Hopefully, our women’s community will help ignite a financial passion in everyone who participates.

If you would like to receive our Just for Women – Money Matters email, send us a request at [email protected] Provide your name and email, and we’ll make sure you receive the next issue.

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Instant Pot Cooking

By | 2019, Newsletter | No Comments

We had the excellent opportunity to hear from Alex Daynes at our Just for Women conference. Alex is a self-taught food blogger and a monthly contributor on Fox 13 and Studio 5. She has always loved to cook, and it shows.

She is an expert in Instant Pot cooking and taught us the basics of how to use the Instant Pot. She then taught us three easy recipes that we can make on our own; Chicken Coconut Curry, Spicy Green Beans, and Mango Sticky Rice.

If you would like the recipes, give us a call, or you can check out her blog at:
myownmealplan.blogspot.com/

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Rock Steady Boxing

By | 2019, Newsletter | No Comments

We had the opportunity to hear and participate in a presentation given by Sherrie Bickley, a coach for Rock Steady Boxing. Rock Steady Boxing is a fitness class designed specifically for people with Parkinson’s disease.

The program focuses on specific skills and motions that are difficult to do or that begin to deteriorate when someone has Parkinson’s. They practice vocalization and learn how to get up off the floor if they fall. They learn the benefits of living a healthy and active life, along with the benefits boxing can have for people diagnosed with Parkinson’s disease.

The results Sherrie has seen have been incredible. We even got to meet one of the boxers in a Rock Steady Boxing class and hear how it has improved his life!

Sherrie showed us what she called “the world’s shortest boxing class.” We learned a few boxing punches, and she took us through the basic outline of what she does in a Rock Steady Boxing class. We had a great time learning about boxing!

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Your Values Matter

By | 2019, Money Matters | No Comments

When it comes to money, your values matter, why? If what you value most and your goals are not in alignment, you will experience a state of financial and emotional conflict. Your ideals and your actions will not match up, making it difficult to reach your goals.

Here’s an example of a value and a goal that would be in alignment. If family is important to you, then you value time spent together and want to take care of them. Your goal would be to protect your family financially if something should happen to you. Your actions might be to provide money to cover debts, pay for children’s college, replace your income, and provide end of life care. You would make saving for emergencies and retirement a priority, so you are prepared to live a dignified retirement, you would have legal documents and beneficiary designation in good order to protect your loved ones.

There is no right or wrong answer when it comes to personal values. They can be anything from Family, to Independence, to Education. There is no prerequisite to what you value; it is the culmination of your life experiences, education, and beliefs. The trick is which values are most important.

What are your top 5 values? You may be able to name two or three right off. Then you may go into a stupor, wondering “What else do I value”? Sometimes it is not easy to identify our top 5; it takes time and thought. If you find yourself stumped let me know; I can help.

Your decisions and actions have the most significant impact when it comes to reaching your goals. They have more to do with your financial success than the market or the investments you choose.

That’s why your values matter!

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Is Your Heart Making the Decision?

By | 2019, Money Matters, Newsletter | No Comments

Women generally have huge hearts and can sometimes let their hearts lead their financial decisions. Even the most educated and most successful women can let their hearts influence their financial decisions. Here are some examples of how women may be dealing with financial situations:

–    Children ask for money for the latest thing(s), and mothers usually say yes. When mothers spend too much money on their children, they may not be saving enough for retirement.

–    Women who allow their husbands to handle every aspect of financial decisions may find themselves in crisis when a spouse is injured, they are divorced or widowed and discover they are unprepared to manage all facets of their financial life.

–    Single women – those who never marry or who are divorced – are often uncomfortable with finances and may even be bored with financial matters. Still, they are anxious about being financially secure now and in the future.

As women, we need to take control of our financial life and be honest with ourselves and others in our relationships.  We are generous with our love, time and money and we shouldn’t stop being kind, generous people, but we must be sure that our acts of generosity are not depleting our financial future and retirement plans.  We must learn to say “NO” out of love, not out of fear. If you pay for a child’s college education, will it jeopardize your future retirement? This act of generosity could potentially create financial stress for years into the future. Your act of charity should never put you at financial risk.

Women need to set financial limits. Our goal should be to raise financially independent, successful children. While it may seem reasonable to help a family member, continuing to pay expenses for grown children will not help them become financially successful adults. It might feel like tough love, but in the big picture, it truly helps everyone. 

Make financial decisions that support your financial goals and secure your financial future by taking time to think through the situation and process the outcome. Lead with your head, not your heart. Being financially smart will help you secure your goals and achieve financial success.

If you are faced with a decision and need additional information or maybe just a sounding board, reach out to us and let us help you think through your options. Together we can find the right solution for you.

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An unexpectant caregiver

By | 2019, Money Matters, Newsletter | No Comments

As we welcome in the New Year, I want to give you some food for thought. New Year’s resolutions come and go – some fulfilled, some forgotten. What if you can do one thing in 2019 that will benefit you and those you love? Would you take the time to consider it?

I want to share the recent experience of a close family member of mine. This woman is kind, loving, and if it were in her power, would do anything for anyone – especially those in her family.

Unexpectedly, this woman found herself in the role of primary caregiver to her single sister. Her sister had been financially self-reliant and remarkably independent throughout her life. She was diligent in putting money aside from her earnings to help supplement her income during retirement. What she didn’t plan on were unforeseen medical events that left her completely dependent on the help and support of others.

After many months of cancer treatments, she experienced a stroke, which severely limited her mobility and slowed her speech, leaving her dependent on others for her care. Luckily, she had an older sister who stepped up and took over. Unfortunately, there were no legal documents granting anyone access to medical information, financial information, or allowing them to make decisions on her behalf.

As you can imagine, this created many difficult hurdles. Not only were there medical treatments that needed to be coordinated, there was also the issue of what insurance was available to cover the numerous hospital visits and the ensuing stays in rehab and care facilities. Add to that the dilemma of what money was available to pay for coinsurance, deductibles, and prescriptions. And what about her ongoing bills at home, how would they be paid? It was an unbelievable challenge. It took time, patience, and a great emotional toll.

This situation is not uncommon. We see it all too often. We believe that if we plan financially for the future, everything will be okay. In some cases that is true. What most of us tend to overlook is the emotional impact on those who would so willingly step up to take care of us should the need be presented. Instead of planning for the unforeseen, we unwittingly tie their hands and create unnecessary emotional stress on those we love. Waiting until next week, next month, or next year may be too late. Do it now! Make it a priority for the new year. Take the time to meet with your financial advisor and an estate planning attorney. Create the documents that will minimize the burden on those you love.

Estate planning documents generally include: Will, Trust, Medical Power-of-Attorney, Medical Directive, and Durable Power-of-Attorney. Depending on the complexity of your situation and what you are trying to accomplish, other documents may be needed. An attorney can advise you on the right documents for your personal situation.

Wishing you a healthy, happy, and prosperous New Year!

 

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Where does all the money go?

By | 2018, Money Matters | No Comments

Why does the word budget feel like a personal judgment? Maybe it’s because creating a budget may uncover the spending we know is happening, but don’t want to address. It brings out some feelings of guilt.

Let’s ditch the word budget and call it a spending plan.  Now we are in control. The truth is following a spending plan provides some freedom. Regardless of our age, we need to have a plan. When starting out, a spending plan allows us to have what we need for today while also planning for future needs. It gives us the green light to spend a predetermined amount on things we want and enjoy. Without a plan, we spend first, then save what’s left over. This is a recipe for financial disaster. Too often there is nothing left over at the end of the month. The result, nothing gets saved for the future.

Later in life, we have some financial flexibility and incorrectly believe we no longer need to worry about a spending plan. This is also a recipe for financial disaster.  At retirement are income sources become limited. Making sure our nest egg is available to provide income for the lifestyle we want, throughout our retirement years, becomes paramount. After all, who wants to reduce their standard of living at the time we should be enjoying the fruits of our labor?

Creating a spending plan will take some thought and time but it doesn’t have to be overwhelming. Here are some tips:

  1. Look over your expenses for the past year to determine where your money is going. If you haven’t been tracking your spending, begin doing so.
  2. Categorize your expenditures by non-discretionary and discretionary.
    a. Non-discretionary includes things you must have; groceries, mortgage, rent, utilities.
    b. Discretionary includes things you like to have; cable, eating out, entertainment.
  3. Determine your goals – saving for retirement, down payment on a home, travel.
  4. Decide how much you need to put aside to reach your goals. Then break it down to a monthly amount.
  5. Review your discretionary spending to determine where you could cut back in if needed.
  6. Follow your spending plan. In the beginning, it will be hard and may require a few tweaks.
  7. Use an app or excel spreadsheet to help track your spending.
  8. Review and adjust regularly.

Now congratulate yourself. You have taken the first step to financial freedom!

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Giving Back

By | 2018, Money Matters | No Comments

Finding opportunities to give back was a consistent theme among the participants at the Just for Women 2018 conference. We agree. Giving has an empowering effect on the giver, the charity that serves a need, and most importantly, on the recipients. The desire to give back is innate – not generally driven by financial benefits. Having said that, there are ways you can give that benefit both you and the charity; financially speaking. Here are two that you may want to consider.

Donation-in-kind. If you have an investment in a non-retirement account, you can donate the investment directly to a qualified charity. By doing this you completely avoid capital gains taxes. Furthermore, if you itemize your taxes, you can claim the value of the investment, on the day it was donated, as a deduction. The key benefit is that the charity receives the full value of the donation tax-free. One caveat; you must have owned the investment for at least one year and one day and it must have increased in value.

Qualified Charitable Distribution. If you have reached the wonderful age of 70½, congratulations! Uncle Sam has been waiting for this day. It is at this age that you are required to take money out of your retirement accounts; i.e. IRA, 401(k), 403(b). This is called a Required Minimum Distribution (RMD) and will occur every year going forward. If your retirement account is an IRA, you can choose to have the money you are required to take out – all or part – go directly to your favorite charity, taking advantage of the Qualified Charitable Distribution (QCD) option. The benefit to you – you do not have to claim the distribution as income or pay tax on the money that comes out. This is valuable because the distribution will not have a negative impact on your Medicare Part B premiums. The benefit to the charity – it receives the full value of your donation; tax-free.

I have the pleasure of working with the Utah Parent Center, a local charity that has served families of people with disabilities for over 35 years. I have been impressed by the positive influence they have on so many lives. While they have served more than 25,000 individuals, there are many more who could benefit from the services they provide. However, they need the support of our community to provide services to those additional people. One family’s story is below.

If you would like more information on making a donation-in-kind or qualified charitable distribution using your investments call our office at 801-355-8888. To donate directly to Utah Parent Center, use this link: https://utahparentcenter.org/donate/.

Together, we can make a difference.

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Increase the fun… not the expense!

By | 2018, Money Matters | No Comments

Did someone say “Summer”?

It’s finally here and vacation planning is in full swing. How do you enjoy your vacation without the financial worry of vacation spending? Here are 3 financial tips to get more fun and enjoyment for your time and money.

Tip 1 – Everyday doesn’t need to include costly entertainment. Do some research before you go. It’s amazing what you can find to do for free—public parks, hiking, lakes, art exhibits, museums. Check the local tourism site before you go to see what’s happening when you’re in town. They can provide information on popular, and less known, places to see and things to do.

Tip 2 – Save some extra cash for the fun stuff by renting a vacation suite or villa. It’s easy to underestimate the cost of food when eating out three meals a day. Suites and Villas have small kitchens giving you the option to eat breakfast and a few meals in. They also provide space to spread out and relax after your day of fun. Pick up some snacks to munch on while playing and avoid spending on high priced treats at tourist destinations.

Tip 3 – Yes, impulse buying happens, even while on vacation. To avoid this, give yourself, and your fellow travelers a souvenir budget – in cash. When the money is gone, the spending ends. T-shirts, hats, and other theme-related souvenirs are generally available online at a better price. Purchase them before you go and wear them to the theme park. If you see something you like at the local boutique or gift shop, ask if there is a company website. If you’re still thinking about the item when you get home, buy it online. This will cut down on impulse spending and you’ll avoid the peril of packing your souvenirs for the journey home.

Wishing you a summer packed with fun!

Sharla J. Jessop, CFP®
President

Bonus Tip – Leaving town? Before you go, let your credit card company know you will be traveling. Your credit card provider may view a charge as suspect if made from another state. It can be extremely frustrating if your credit card is rejected when you’re trying to make a purchase. I’m speaking from experience!

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Just for Women – Cooking with Herbs

By | 2018, Money Moxie | No Comments

Rufo Dina, the executive chef at Archibald’s Restaurant in Gardner Village, gave us a cooking demonstration on how to cook with herbs. He prepared the two recipes below and they were a hit!

Other tips from Rufo:

  • Add dry spices to food early so they have time to soften up.
  • Use less dry spices because the flavor is more concentrated and potent.

Bruschetta
Dice tomatoes and mix in a little olive oil, fresh chopped basil, chopped garlic, salt, and pepper. Place on sliced, toasted baguette. Then top with fresh mozzarella and balsamic glaze.

Fried Green Tomatoes
Slice green tomatoes, coat in all-purpose flour, dip in buttermilk and then coat with panko breadcrumbs. Place tomatoes in hot oil (about 350°F). Fry until slightly browned on each side.

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