Tag Archives: Emergency

Handling Your Financial Monsters

Join me behind the reinforced walls of Office Nomads for
a glass-in-hand look at financial monsters and how to OUTSMART them.

We all know that tackling our finances can take lots of preparation, and sometimes, a little wine to grease the wheels. So does the Zombie Apocalypse. That’s why I’m hosting a tax-season recovery event to turn you into a Financial Apocalypse Prepper – Zombies and Zinfandel.

Zombies and Zinfandel is Thursday, April 21, 2016

TFE.ZZ.Michael.Adrada.70391(1)

Come at 6:45 to mingle with other Zombie Fighters. Art courtesy of Michael Adrada

Together, we’ll talk about survival through planning (for your tax refund), creating strong safety nets (like managing credit), and the allies you’ll need (just as much as those fences) to preserve your resources.

Although this is a fun excuse to hop on the zombie zeitgeist bandwagon, it also strikes at the heart of my mission at Twight Financial Education – to empower clients to break through money taboos and meet your financial goals on your own terms. This is the third class in my wine series, after Mutual Funds and Merlot and Riesling and Retirement. Please pre-register here through Brown Paper Tickets.

Don’t like zinfandel? No problem – there will be some alternative beverages on hand.

This just in! Office Nomads is now accessible via light rail. The entrance to the Capitol Hill Station is 3-4 blocks from Office Nomads. Additional parking details at the event site.  Reserve your spot in the shelter before it’s too late!

Shoutouts

Thank you to my main collaborators Christopher Mathias, Andrea Carey, along with Casey Middaugh.  Seattle artist Michael Andrada designed the really cool poster you can see here.  Also to Chateau Diana (creator of Zombie Zin), who gave us some giveaways.

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Mending Your #Safety Net

Edwin Harris - Mending The Nets

Edwin Harris – Mending The Nets (Photo credit: Wikipedia)At the end of the season, it’s a good time to mend your nets.

When we reach the financial adult stage (your chronological age may vary); you may wish to mend or create a safety net.

Safety nets are different from person to person; so feel free to select the pieces that match your own situation.

Security Risk management: often solved with insurance products. Car, renter’s, condo, house, flood, fire and theft, cell phone, jewelry, business continuation etc. Can you afford being without [insert category here]?

Savings (also known as cash these days due to barely visible interest). One person’s emergency fund is $500, another’s is $10,000 and I have met someone whose security needs are met by one year’s income in the bank ($65,000). I like to suggest thinking of this fund in terms of months of income or expenses (whichever is greater). There’s a joke in there, sort of.

Residence  Home is where the heart is (and the bills) and your fridge. (see my earlier post called Clean One Refrigerator Shelf at a Time here)

Friends and Family Shoulders to cry on or celebrate with. Who can help you stay accountable to yourself? Who will understand and support your goals? Which of your friends or other loved ones can give you an assist with tangible or intangible help? Do you need to move into someone’s spare bedroom for three months while you save up for XYZ goal? (Tip: set a deadline for being in-residence-the relationship is something you don’t want to lose).

The Future What does your future hold? What’s on your bucket list?

Tools
Education, knowledge or wisdom (not to be confused with advertising, too many data points, endless supply of new products, Squirrel!),
Wisdom comes from mistakes, mistakes come from experience.  Or,

There is only one thing more painful than learning from experience, and that is not learning from experience.  ~Laurence J. Peter

Emotional IQ  Know yourself. Are you a DIY (do it yourself) person? How resilient are you? Can you reframe an experience and move forward?

How do you like to learn new information? Are you a lifelong learner?

I have always enjoyed the opportunities I have had in my career to ask other people about their questions, or to consider what the important questions are for me when making a decision. Getting help with the right questions can be better than only searching for the answers.

Before You Quit Your Job-Five Factors to Consider

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Filed under Be Prepared, Family Lessons About Money

America Saves Week Begins February 25th

"WE ARE SAVING THROUGH PAYROLL SAVINGS&qu...

“WE ARE SAVING THROUGH PAYROLL SAVINGS” – NARA – 516067 (Photo credit: Wikipedia)

In Washington state, there are multiple activities this week to help citizens “Build Wealth, Not Debt”.

From our Governor’s Office:

“Understanding that having emergency savings, retirement funds and being able to manage one’s debt are crucial to Washington residents’ personal financial security, Governor Jay Inslee has proclaimed Feb. 25-March 2, 2013 Washington Saves Week.” www.dfi.wa.gov/financial-education/wa-saves/pdf/2013-proclamation.pdf

“The campaign theme “Set a Goal. Make a Plan. Save Automatically.” is aimed at reminding consumers to utilize the automatic payroll deduction options at their place of employment to begin building an emergency fund, create a retirement fund or develop a targeted savings fund for their future.”

This ties in with my business philosophy, and using the automatic options available to you is a refrain my clients hear often. We all need a little boost to get the money in the right place, whether you call it a jar, an envelope or a savings or retirement account. In the past, many people were encouraged to use payroll savings to buy US Savings or War bonds.

Right now, your choices can include:

  • your savings account linked to a checking account,
  • a savings account at the  “First National Bank of Inconvenience” * [location varies],
  • a stock mutual fund
  • or even a charitable destination.

One well-known financial writer [and former wealth manager] David Bach trademarked the phrase “The Automatic Millionaire”.

Here is one way to begin: Set up an automatic transfer to from your paycheck to an account. It can be a savings account and the transfer can begin at $5 per paycheck. The habit is the first priority. After you have saved some emergency funds (everyone’s number is different), from $100 to $500 to a minimum of three months expenses, then you can set a new goal.

You might be surprised at how accommodating your HR department can be. One company that I work with will send funds to as many as ten different destinations on your behalf.

America Saves has programs on homeownership, surviving a financial crisis, and free tax assistance offered this week in our state. For an event near you, check this calendar.

*No disrespect for banks here, just a label created for keeping your funds in the bank or credit union.

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Filed under Be Prepared, Everyday Financial Tasks