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Financial Gaps = Knowledge and Emotional Gaps?

“Life is too short to be spending it in tax denial.”

~Liz Davidson (Chapter 5 of What Your Financial Advisor Isn’t Telling You)

Being in the financial business has given me plenty of insight into people’s behaviors and attitude when it comes to personal finance. It’s fascinating to see how people respond whenever the topic of money comes up. Some people are able to casually talk about it, but more often, people avoid discussing money matters even though we acknowledge that money matters. One of the most sincere, thoughtful, and helpful books that I’ve read on financial planning is Liz Davidson’s What Your Financial Advisor Isn’t Telling You. Much of what Davidson says in her book is similar to the financial ‘lessons’ that I share with people. However, a teacher can only teach so much; the learner has to be willing to learn and take action in order to change his/her financial situation.
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Writing to inform and inspire others to be a blessing in the world. Always exploring ideas, listening to music, and seeking the truth.

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Financial Education in the Era of SDGs

Wealth formula-FLM_Social_Media_Infograpics-01There is a general consensus that financial education is necessary. The global financial crises during 2000-01 and 2007-08 pushed the international community to better educate the population on how to manage their finances. Several of the Sustainable Development Goals (SDGs) aim to promote a robust economy while narrowing the socioeconomic gaps within and across the nations. While April is considered as Financial Literacy Month in the U.S., financial education is a lifelong process. After all, the economic landscape is always changing.

The long-term effects of having a financially illiterate population may prove to be more damaging than the recent economic recession if there are no interventions in place. Hastings, Madrian, and Skimmyhorn (2012) highlighted an array of financial mistakes that people have made and continue to make, such as irresponsible credit card usage, inadequate diversification of assets, and failure to refinance fixed rate mortgages during a time of declining interest rates. Individually, these mistakes are already costly; collectively, they create a complex web of economic problems.

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Writing to inform and inspire others to be a blessing in the world. Always exploring ideas, listening to music, and seeking the truth.

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Long-term Care (LTC): How do we prepare for it?

Long-term care Long-term care involves a lot of long-term planning. Seeing my grandparents who have dementia, among other illnesses, makes me realize why it is crucial to plan for long-term care as early as possible and while we are still healthy. Needless to say, there are plenty of emotional and financial costs involved when caring for the elderly. For those of us who have not yet reached that stage in our lives, this is a good time to think about potential strategies so that when the time comes, hopefully we can feel less stressed about the situation.

 

What is long-term care (LTC)?

Most people probably associate long-term care with nursing homes, but that is not the complete picture. It is helpful to think of long-term care as the support that a person needs in order to perform his/her activities of daily living (ADLs) during his/her later years [More on ADLs here]. This can mean receiving care at one’s own home or living in a nursing home or assisted living.

 

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Writing to inform and inspire others to be a blessing in the world. Always exploring ideas, listening to music, and seeking the truth.

Queen for Seven Days posters

A Short Note on Financial Literacy and Financial Health

When we hear the word ‘health,’ I assume we think about our physical, emotional, mental, and spiritual health. We sometimes forget to take care of our financial health, even though finances affect all aspects of our lives. In our family business, we help families and individuals consider options for education planning, retirement planning, and long-term care. Most importantly (and this is my favorite part), we can provide financial education.

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Writing to inform and inspire others to be a blessing in the world. Always exploring ideas, listening to music, and seeking the truth.