Tag: 4 Tips

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4 Tips For Making Your Retirement Savings Last Longer

piggyBank

September 24,2016

the staff of the Ridgewood blog
Ridgewood NJ, Many retirees and those nearing retirement express a common fear.

They worry about running out of money; finding their bank account drained with years of life still ahead of them.

“The reality is that a large percentage of Americans simply don’t have the kind of savings they need,”  says Chuck Price, president of Price Financial Group Wealth Management Inc. (www.pfgwm.com) and author of “Investing Simplified: What You Don’t Know Can Hurt You.”

“When that’s the case, there are other strategies they’ll need to consider.”

His suggestions for stretching retirement dollars as much as possible include:

• Work longer. Nothing says you have to stop working at a particular age. You can continue in your career, find a new one or just work part-time. Even temporary employment can help keep the cash flowing so you don’t have to tap into your savings too much.
• Cultivate alternative income streams. You can reduce your reliance on your retirement portfolio by cultivating income streams. “This could be done through a side business or maybe by making investments outside your retirement portfolio that pay dividends,” Price says. “There are a number of ways you might be able to come up with some extra income.”
• Cut costs. Are there expenses you can get rid of if money becomes too tight? Maybe you don’t need to play golf every day or dine out so often. Are you paying for insurance on an extra car that you really don’t need anymore or for a motorcycle you rarely ride? “Retirement is supposed to be fun, I know, but in tough economic times you’ll have to make decisions,” Price says. “If your situation improves, you can add some of those luxuries back later.”
• Reconsider the financial help you give others. Older people often want to help their children and grandchildren financially, but you might need to cut back on your charity. “If your own survival and financial situation is being threatened, you need to pull back a bit,” Price says. “You’re trying to make your money outlive you, so it might be necessary in times of economic turmoil to reduce how much you provide to others.”

On the upside, Price says, it’s worth noting that expenses in retirement might not end up being as much as you think.

“Most people spend less money as they get older because they stop driving, traveling and buying clothes,” Price says. “The main exception is if there’s a need for long-term care, which can be very expensive.

“But most of my clients in retirement, usually after about age 80, aren’t spending anywhere close to what they planned for.”

About Chuck Price

Chuck Price (www.pfgwm.com) is president and wealth manager for Price Financial Group Wealth Management Inc. He also is author of “Investing Simplified: What You Don’t Know Can Hurt You.” Price has more than 40 years of financial experience and hosts a popular radio show, “Investing Simplified,” that airs on Freedom 970 in Portland, Ore.

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4 Tips For Helping Your Child Disconnect From The Electronic World

Stay Cool and Catch Pokémon at the Riodgewood Public Library

September 12,2016

the staff of the Ridgewood blog

Ridgewood NJ, Ever since Nintendo made the Pokemon Go video-game app available, young people have been exploring their communities with their eyes firmly fixed on their smartphones rather than on the wonders of the world.

If endless hours spent capturing imaginary creatures seems like an electronic addiction, it very well may be, but that’s nothing new. Many children have been plugged into electronic devices for a long time now, rarely looking up as they help virtual animals save the day, keep race cars on track and watch endless loops of videos on YouTube.

And that can be a concern, says Elaine Fogel Schneider, Ph.D., a therapist and author of “7 Strategies for Raising Calm, Inspired & Successful Children” (www.askdrelaine.com).

“They are so attached to technology at such an early age and it’s changing their brain circuitry,” Schneider says. “They begin to lose the back and forth communication with their parents, and/or siblings, and the whole notion of empathy. For really young children, these devices have become the babysitter. I fully understand that parents need a break (as do grandparents), but there have to be limits.”

Schneider has tips for parents who worry about how they can control their child’s electronic pastime.

• Set rules. Limit the amount of time your child can spend on an electronic device and be consistent in enforcing those rules. This way your child knows that when you say he or she only has two minutes left, then there really is only two minutes left, not three or four hours.
• Use a timer. A timer does not “lie” and can take the blame away from you when you’re limiting your child’s time on the device. Use the timer that measures down the time your child is spending on the tablet, smartphone, and/or technological game, so that your child knows the end for using that device is approaching, and it won’t be a surprise when time is up. You can even have your child select a tone on the smartphone that he or she likes.
• Be ready with another activity.  Plan an alternative way of engaging your child so when the device is turned off, some other interest can be provided and take his or her mind off the electronic device. “Describe what you’re going to do so the child’s interest is piqued into doing something else that he or she enjoys,” Schneider says.
• Use these tips in your home at first. As with everything, at first there’s a learning curve, so there may be tantrums, tears, melt downs and even depression. That’s why Schneider recommends following these tips at home first. “I wouldn’t think of trying this out in public right away since I don’t think you want to endure the wrath or glances of diners or shoppers as they hear your child scream,” Schneider says.  In time, though, the child will know what is expected, she says, and will be able to disconnect from a smartphone, tablet, or other electronic device without major meltdowns.

“In the long run, you’re doing a service for your child by limiting the amount of time spent on an electronic device,” Schneider says. “I can remember hearing my own mother’s words, ‘I’m doing this for your own good!’ And that’s really true.”

About Elaine Fogel Schneider, Ph.D.

Elaine Fogel Schneider, author of the Amazon bestseller “7 Strategies for Raising Calm, Inspired & Successful Children” (www.askdrelaine.com), is one of the country’s leading authorities on touch therapy, and founder of Baby Steps, preparing young children for educational readiness and providing parent coaching. As a sought-after speaker and trainer, she offers interactive presentations and workshops for educators, parents and healthcare professionals.

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4 Tips For Helping Your Child Disconnect From The Electronic World

ScreenTime

August 10,2016
the staff of the Ridgewood blog

Ridgewood NJ, Ever since Nintendo made the Pokemon Go video-game app available, young people have been exploring their communities with their eyes firmly fixed on their smartphones rather than on the wonders of the world.

If endless hours spent capturing imaginary creatures seems like an electronic addiction, it very well may be, but that’s nothing new. Many children have been plugged into electronic devices for a long time now, rarely looking up as they help virtual animals save the day, keep race cars on track and watch endless loops of videos on YouTube.

And that can be a concern, says Elaine Fogel Schneider, Ph.D., a therapist and author of “7 Strategies for Raising Calm, Inspired & Successful Children” (www.askdrelaine.com).

“They are so attached to technology at such an early age and it’s changing their brain circuitry,” Schneider says. “They begin to lose the back and forth communication with their parents, and/or siblings, and the whole notion of empathy. For really young children, these devices have become the babysitter. I fully understand that parents need a break (as do grandparents), but there have to be limits.”

Schneider has tips for parents who worry about how they can control their child’s electronic pastime.

• Set rules. Limit the amount of time your child can spend on an electronic device and be consistent in enforcing those rules. This way your child knows that when you say he or she only has two minutes left, then there really is only two minutes left, not three or four hours.
• Use a timer. A timer does not “lie” and can take the blame away from you when you’re limiting your child’s time on the device. Use the timer that measures down the time your child is spending on the tablet, smartphone, and/or technological game, so that your child knows the end for using that device is approaching, and it won’t be a surprise when time is up. You can even have your child select a tone on the smartphone that he or she likes.
• Be ready with another activity.  Plan an alternative way of engaging your child so when the device is turned off, some other interest can be provided and take his or her mind off the electronic device. “Describe what you’re going to do so the child’s interest is piqued into doing something else that he or she enjoys,” Schneider says.
• Use these tips in your home at first. As with everything, at first there’s a learning curve, so there may be tantrums, tears, melt downs and even depression. That’s why Schneider recommends following these tips at home first. “I wouldn’t think of trying this out in public right away since I don’t think you want to endure the wrath or glances of diners or shoppers as they hear your child scream,” Schneider says.  In time, though, the child will know what is expected, she says, and will be able to disconnect from a smartphone, tablet, or other electronic device without major meltdowns.

“In the long run, you’re doing a service for your child by limiting the amount of time spent on an electronic device,” Schneider says. “I can remember hearing my own mother’s words, ‘I’m doing this for your own good!’ And that’s really true.”

About Elaine Fogel Schneider, Ph.D.

Elaine Fogel Schneider, author of the Amazon bestseller “7 Strategies for Raising Calm, Inspired & Successful Children” (www.askdrelaine.com), is one of the country’s leading authorities on touch therapy, and founder of Baby Steps, preparing young children for educational readiness and providing parent coaching. As a sought-after speaker and trainer, she offers interactive presentations and workshops for educators, parents and healthcare professionals.