Archive for the ‘Posts’ Category

Five Secrets for Creating your Perfect Life –
Personally and Financially

By Katana Abbott

No matter what our life circumstances may be, every one of us longs for something better, something more. We think, though, that we are different than those that already have what we desire. We think we have to work hard and long to achieve even the smallest amount of success. The truth is, we can have it without years of blood, sweat and tears, if we understand five basic principals or “secrets” to creating our Perfect Life.  The secrets are:

Secret #1:  Clarity – Visualize your Perfect Life:

The number one reason people fail to get what they want, is that they don’t even have a clear vision of what they really want.  Often we just continue to live day by day without adequate focus.  Exercise:

Close your eyes and visualize you life three years from now…you are getting ready to go somewhere and have a huge smile on your face…Why are you smiling?  What are you doing? What are you wearing? Where are you living? How does it feel?  Who are you in a relationship with?

Write down what you were thinking and what your life looked like in this exercise; then write down what has to happen in the next three years for you to be feel that way every day?

Secret #2:  Identify what’s not working in your life:

The things that are not working in your personal life are showing up in your financial life. The things that are not working in your financial life are showing up in your personal life. Consider what’s happening for you:

• Financially – are you in debt? Do you have cash reserves? Are you saving 10 percent? Personally – are you growing? Do you wake up excited to start the day?
• Career – are you passionate about your job or career?  Why?
• Health – are you taking care of yourself?  Are you making time for yourself?  Are you living with Joy, Purpose, Passion and Purpose?
• Relationships – do you have great relationships?

Let’s take a look at a recent Smart Women Survey to over 200 women, “What is the single biggest Challenge holding you back from living your Perfect Life?”

• 32%  Financial
• 22%  Don’t Know Where to Start
• 12%  Confidence
• 10%  Time
• 7%  Relationships
• 3%  Health
• 14%  Other

What is holding you back from living your perfect life?  Identify things that you can control in your life and start with one thing.

Secret #3: Make a Decision to Change and Prepare for Resistance…FEAR:

Resistance comes out in statements such as: “I’m too busy, I’ll do it later, This is boring, it’s not my thing, I meant to, but I forgot..” and other excuses.

Recognize that these are excuses, and you are in resistance – craving the comfort of the familiar.  Your challenge is to accept temporary discomfort for the opportunity to change and grow. Your family and friends may not support you, but when you embrace your fear and walk through the door of uncertainty, you’ll come face-to-face with your personal power – and have control over your own life.  Write down what you are going to do now…What are you committed to?  Now watch for the magic and coincidences!

Secret #4: Create a Game Plan by Creating Written Goals:

Create a list of clearly defined goals. You may not think this important, but a Harvard Study showed that 30 years after graduation, the 3 percent of students who had written goals were more successful than the other 97 percent combined, and were also healthier and happier.

Make separate lists for personal goals, family/friends goals, financial and career goals. This is an important step in the holistic approach to financial freedom and being “in your power.” Write your goals in the present tense, print them out, review them daily. We get what we focus on, so focus on what you want – not what you don’t want. Write out your goals now, and then rewrite them in present tense (as an affirmation).  

Secret #5: Find Support/Get Help/Hold yourself Accountable

Educate yourself. Read books on personal growth, financial planning, whatever areas you feel you need to explore. Register for classes and seminars. Hire a financial planner or a coach. Join or create a support group, such as those at WebMD or Smart Women’s Coaching.

Questions:  How will you build your support community?  How will you handle negativity, fear and rejection?

Your Perfect Life will not come about overnight. It is a process, one that comes about from understanding the power of our thoughts and focused action. Put these five “secrets”  into practice in your life, and you will achieve your Perfect Life!

Katana Abbott, CFP, CSA is a Midlife Millionaire Coach and Co-founder of Smart Women’s Coaching.  After a 20-year career and building a successful financial planning business and managing over $100 million in assets placing her in the top 1% of money managers nationally, Katana retired financially independent to follow her dream of helping women experience true joy and abundance by following their passion in life. She is the host of Smart Women Talk Radio and is currently writing her new book, “Secrets from a Midlife Millionaire: How to Create a Millionaire Lifestyle While Following Your Passion. Katana is a contributing author in the books Thank God I, and Breaking Through.  Visit her new Free online Community: www.SmartWomensCafe.com to receive access to bestselling authors, 24/7 Library, member forum, their six virtual tea rooms AND to receive your Free Report on Goals by Smart Women’s Coaching Contributing Expert, Brian Tracy (a $100 value)!

Five Sensible Steps for Taking Control of your Finances

By Katana Abbott

One day it hits you like a rock. You’re knee-deep in financial quicksand with no savior in sight. Maybe it comes as a declined credit card purchase, or a minimum payment higher than your bank balance. Maybe it’s just the realization that you really are mortal and will need funds to support you when your working days are over. The bad news is you’ve got to dig out of the hole before you can build for the future. The good news is that with commitment and time, you can gain control of your finances.

Start with these five sensible steps:

1. Pay yourself first

• Start a cash reserve fund with the intent of building it over time to at least three months worth of fixed expenses – rent or mortgage payments, utilities, auto payments, credit cards, food, and gasoline. Start today, even if you can only save $10 a week in the beginning.
• If your employer offers a retirement plan, enroll immediately. Since women outlive men and often take time out of the workforce to care for both children and aging parents, it is important for women to save more than men.

1. 2. Respect Money and Control your Debt

• Pay your bills on time, and pay off your credit card every month, if you can. If you are in debt and able to make only minimum payments, stop spending and get help immediately.
• Buy a small journal and document every penny you spend for one week to identify your “spending leaks.” Typically, leaks are things like late fees, movie rentals, overpriced coffee, fast food, and anything else you don’t need for survival. These are the dollars you will use to begin paying off your debt and building a cash reserve.
• Saving $4/day at age 20 at 10% could potentially build to $1,000,000 by age 65.  Wait until you’re 30 and you will need to save $11/day. At 40, you’re up to $30/day and by age 50 it’s $95.  So get serious and start now!

1. 3. Assess your job or career path

• How is your income affecting your life and your finances?
• Are you passionate about your work, or is it “just a job”? Would you still do it if you won the Lottery, or had a magic wand? If not, then why are you still doing it?
• Are you utilizing your unique talents and skills?
• Are you earning what you are worth?
• Stretch – take charge of your career, and you’ll take charge of your income.

1. Create a game plan

• Write down your goals for the next 12 months.
• Make your goals clear, measurable, and time-specific so you can track your success.
• Tape the list to your mirror, on your refrigerator, or on your bedroom wall, where you can read them and focus on them every day.  We really do attract the things on which we focus, so keep your focus on what you want in your life!

1. 5. Find support and hold yourself accountable

• Surround yourself with positive, supportive people.
• Hire and meet regularly with a financial planner.
• Find a life coach or mentor.
• Read self improvement books and learn how to be smart about money.
• Get help on the internet with a virtual community or forum group.
• Take a tele-class or seminar focused on money, career or starting a business.

Money and financial growth consciousness doesn’t come in flash. It may take months – maybe even years – to gain total control of your finances. But if you consistently follow these steps, that day will come. And when it does, celebrate!

ABOUT THE AUTHOR: Katana Abbott is currently writing, “Secrets from a Midlife Millionaire – Create Your Perfect Life”. After a 20-year career, she left her $100 million investment management and financial planning practice to follow her dream of helping women find their passion, be financially aware and prepared, have access to the right resources and meet some of the top business-building experts in the country. Visit www.smartwomenscoaching.com to sign up for her free 7-part audio mini course, “Your Perfect Life Focus” and to access her other programs!

Five Secrets for Making Your Dreams a Reality

By Katana Abbott

No matter what our life circumstances may be, every one of us longs for something better, something more. We think, though, that we are different than those that already have what we desire. We think we have to work hard and long to achieve even the smallest amount of success. The truth is, we can have it without years of blood, sweat and tears, if we understand five basic principals or “secrets” to Making Your Dreams a Reality.  The secrets are:

Identify what’s not working in your life. The things that are not working in your personal life are showing up in your financial life. The things that are not working in your financial life are showing up in your personal life. Consider what’s happening for you:

• Financially – are you in debt? Do you have cash reserves? Are you saving 10 percent?Personally – are you growing? Do you wake up excited to start the day?
• Career – are you passionate about your job or career?  Why?
• Health – are you taking care of yourself?
• Relationships – do you have great relationships?

Visualize your Perfect Life

Close your eye and visualize your perfect life three years from now. What are you doing? What are you wearing? Where are you living?

How does it feel?  What has to happen in the next three years for you to be feel that way every day?

Make a Decision to Change and Prepare for Resistance…FEAR

Resistance comes out in statements such as: “I’m too busy, I’ll do it later, This is boring, it’s not my thing, I meant to, but I forgot..” and other excuses.

Recognize that these are excuses, and you are in resistance – craving the comfort of the familiar.  Your challenge is to accept temporary discomfort for the opportunity to change and grow. Your family and friends may not support you, but when you embrace your fear and walk through the door of uncertainty, you’ll come face-to-face with your personal power – and have control over your own life.

Create a Game Plan

Create a list of clearly defined goals. You may not think this important, but a Harvard Study showed that 30 years after graduation, the 3 percent of students who had written goals were more successful than the other 97 percent combined, and were also healthier and happier.

Make separate lists for personal goals, family/friends goals, financial goals and career goals. This is an important step in the holistic approach to financial freedom and being “in your power.” Write your goals in the present tense, print them out, review them daily. We get what we focus on, so focus on what you want – not what you don’t want.

Find Support/Get Help/Hold yourself Accountable

Educate yourself. Read books on personal growth, financial planning, whatever areas you feel you need to explore. Register for classes and seminars. Hire a financial planner or a coach. Join or create a support group, such as those at WebMD or Smart Women’s Coaching.

Your Perfect Life will not come about overnight. It is a process, one that comes about from understanding the power of our thoughts and focused action. Put these five “secrets”  into practice in your life, and you will achieve your Perfect Life!

ABOUT THE AUTHOR: Katana Abbott is currently writing, “Secrets from a Midlife Millionaire – Create Your Perfect Life”. After a 20-year career, she left her $100 million investment management and financial planning practice to follow her dream of helping women find their passion, be financially aware and prepared, have access to the right resources and meet some of the top business-building experts in the country. Visit www.smartwomenscoaching.com to sign up for her free 7-part audio mini course, “Your Perfect Life Focus” and to access her other programs!

When Parents Need Caregiving:
How to Prepare for that Call in the Night

By Katana Abbott

As women, we are often expected to fill multiple roles: loving mother, career woman, supportive wife or partner and for many, a new role – that of a caregiver to aging parents or disabled loved ones. For the last 20 years, I have helped clients create financial plans for their “golden years,” and address issues of aging and remaining independent.

We all dread the idea of that “call in the night” – the one that means we must step into the “Designated Daughter” role, manage our parent’s lives and make tough decisions about their care and welfare. But for many of us, that call will come, and it pays to have everything in place in advance. Here are five steps that you can take now to get prepared:

Step 1 – Get Organized

Before attempting to discuss financial, tax and estate planning issues with your loved ones, be sure to sit down with a financial advisor and get your own life plan in order.

Step 2 – Initiate “The Discovery Conversation” with Your Loved Ones

One way to initiate this conversation is to ask them what they would do if something happened to you. Do they know the names and contact information of your advisors? Your doctors? Do they know where to find documents such as your will, or medical forms? This may help lead the conversation into what your role would be for them. Are you needed as a caregiver, a trustee, or a personal representative? Who else might be involved? Knowing this up front will help you plan for your own future.

Step 3 – Start Planning as Early as Possible

Don’t wait until the unexpected happens. It’s never too early to start planning for the unexpected. Meeting with an attorney, financial planner and insurance agent to create the proper planning may be all it takes to make sure your needs are met. Planning early when your have the most options makes sense – being proactive rather than reactive.

Step 4 – Consider Purchasing Long Term Care Insurance

Start the conversation when your parents or loved ones are young and healthy and then suggest that they apply for long term care insurance as early as possible. We are living much longer and the need for healthcare and related services is exploding. In fact, seriously consider purchasing your own policy now while you are still healthy and the premiums are affordable!

Step 5 – Create a Team of Trusted Advisors

This is not the time for-do-it-yourself-planning. Find a “key advisor” who is an eldercare expert and have them manage the team with you based on your loved ones goals, values and objectives. The final product should enable your loved ones to maintain their dignity, lifestyle and assets. It should also meet the needs of the caregiver. The end result: everyone involved should be able to sleep better at night knowing all concerns have been addressed and that a team and a plan is in place to meet the unexpected.

ABOUT THE AUTHOR: Katana Abbott is currently writing, “Secrets from a Midlife Millionaire – Create Your Perfect Life”. After a 20-year career, she left her $100 million investment management and financial planning practice to follow her dream of helping women find their passion, be financially aware and prepared, have access to the right resources and meet some of the top business-building experts in the country. Visit www.smartwomenscoaching.com to sign up for her free 7-part audio mini course, “Your Perfect Life Focus” and to access her other programs!

A Caregiver’s Manual for Being Prepared for That Call in the Night

By Katana Abbott, CFP® , CSA®

As women, we are often expected to fill multiple roles: that of a loving mother, career woman, supportive wife or partner, volunteer in the community and, at some point for many, a new role—that of caregiver to our parents or loved ones.

For the last 20 years, I have helped clients plan for their “golden years”, including how they will address the issues of aging and remaining independent. And now I am personally experiencing it myself; I am the Designated Daughter with my own parents. Because my parents and I had “the important conversations” and did the proper planning, I was prepared when I received that ‘Call in the Night’. Part of creating the life of your dreams is making sure you address all the “what ifs” in your life. Skipping this step could create unpleasant complications that might be avoided. Our parents and loved ones are living longer and we need to know how this may affect our lives and be prepared with a plan. Take a look at these statistics:

• When Social Security, Medicare & Medicaid were designed, life expectancy was 63.
• Our fastest growing population is age 85 plus and 50% may have some form of      Alzheimer’s.
• By 2030, 70 million people in the US, or 1-in-5 people, will be age 65.
• Another 1 million people will be 100 years old.
• The need for healthcare and related services is exploding!

Source: Working with Seniors Health, Financial and Social Issues, 2003

According to USA Today:

• 60% of US caregivers are female
• 66% are married or living with a partner
• 45 is the average age of US caregivers
• 77 is the average age of the care recipient
• 41% of caregivers have children under the age of 18 at home
• 52% of caregivers are employed full time

Learn how to be prepared, how to talk to your parents or loved ones, what you and they should do to make sure your lives continue to run smoothly and how to avoid costly mistakes.

Step One ~ Get Organized!

You’ll need to gather together the following: One filing cabinet, complete with hanging file and manila folders; a copy of all important documents; a large three-ring binder with big tab dividers; and a colored marker.

Use the binder to store copies of important documents. Label the document title on the tab divider. This will come in handy should you need to transport documents. Using your marker, write on the back of each document where the original is stored (i.e. Will stored in safe deposit box and son John has the key.) Have a section on beneficiaries that lists all documents with appointed beneficiaries. Always keep this section current.

Next, organize your file cabinet. If you don’t want to store original documents in your file cabinet, note the original’s location in the appropriate file. Create the following titles for your hanging files and store items under each category in labeled manila folders.

Important Information

1. Location of safe deposit box and key
2. Passwords for debit card, online accounts, computer, and voicemail
3. Armed forces documents
4. Birth and marriage certificates
5. Names and phone numbers of your attorney, CPA, financial planner, broker, and insurance agents
6. Copy of tax returns and winter/summer tax assessments
7. Copy of Social Security Estimate Statement

Legal Planning

1. Copy of will and trusts
2. Copy of life and unemployment insurance policies
3. Durable Power of Attorney (DPOA) documents
4. Prepaid funeral and burial arrangements/plan for pet relocation and expenses.

Banking/Investments

1. Copy of each credit card with contact phone number
2. Divide out by financial institution a copy of bank statements, brokerage accounts, annuities, IRA’s, stock/bond certificates, and dividend reinvestment plans (DRIP)
3. Copy of retirement plans and investment real estate documents
4. Copy of “Survivor’s” Pension Benefit (what will surviving spouse receive after the retiree dies?)

Medical

1. Name and phone numbers of physicians, dentist, and pharmacy (list prescriptions)
2. Copy of medical insurance card and benefits guidebook
3. Long term care and disability insurance policies
4. Patient Advocate Designation document. Give primary care physician a copy
5. Copy of Medicare card and account number

Household

1. Copy of home deed, homeowners insurance (umbrella policies)
2. Copy of mortgage and home equity loan statements
3. Copy of auto title, loan/lease, and insurance documents
4. Copy of statements for gas, electric, water, waste management, telephones, etc.
5. Home maintenance file to include repair receipts, phone number of repairmen, warrantees, and appliance insurance.

Step Two ~ Discovery

Your documentation is organized. Breathe a sigh of relief! Next, you’ll need to have a series of important conversations with your loved one and other family members including:

• What do they think they want for their long term care?
• What are their needs as they are aging and who can provide it?
• How do they want to handle their money and property as their lifestyle changes?
• What kind of legacy do they want to create for themselves?

All of this may take a number of conversations. Try asking if you can talk about these things in general terms because you are doing your own future planning for college savings or retirement. Ask for their help to assess their situation and welcome their input on solutions. Role play a bit… Try talking about how they would feel if they had to make these decisions for you instead? Ask what their friends are doing about these types of things? Patience is key here! The most important thing is to really take a look with them at their values, lifestyle and spiritual picture as they ultimately have to “own” the solutions.

Next, you’re ready to select the individuals you want on the caregiving team. Include any that apply: family members, doctors, home care specialist, attorney, certified elder law specialists, insurance agents, brokers, CPA, caregivers, certified financial planner, therapist, etc. Many of these professionals are trained to help families deal with health, financial, and social issues in a holistic way.

Step Three ~ Create a Financial Plan

Sit down with a certified financial planner and develop a financial plan that addresses the following:

Financial Position:

• Create a cash flow statement which breaks down income and expenses.
• Determine your net worth by listing assets and liabilities.

Income Taxes

• Review tax situation for capital gains/losses with real estate or stocks.
• Discuss inherited IRA status vs. pension /profit sharing plans.

Investments:

• Analyze investments for quality, safety, income needs, tax situation, etc.
• Are investments manageable, properly diversified, or all over the place?

Retirement:

• Establish amount of assets necessary to meet your lifetime income needs.
• Project retirement income needs in several situations (i.e. home care/assisted living, utilizing long-term care insurance benefits if applicable.

Estate:

• Review documents and analyze current estate plan.
• Verify beneficiaries on life insurance, annuities, retirement plans, & 401K
• Decide what you need and desire for financial independence. How much will you leave for a family legacy? How will you allocate your social legacy regarding gift and tax?

Protection:

• Assess cash flow projections and alternate scenarios regarding disability, long-term care, and premature death.

Step Four ~ Meet with Your Team and Create a Plan

Now that you’ve got everything in place, sit down with your caregiving team members and develop a plan of action that satisfies your loved ones’ goals, values, and objectives. The final product should enable you all to maintain your dignity, lifestyle, and assets. In addition, the plan should be clear, concise, easy to manage, and tax efficient. It should also acknowledge the needs of whoever becomes the main caregiver.

The benefits of early planning are numerous, including:

• clarifying your loved ones wishes
• identifying the best possible resources
• minimizing confusion and stress during times of crisis
• increasing overall peace of mind

The end result…everyone involved is able to sleep at night knowing all concerns have been addressed and that a team and a plan is in place to accommodate all those “what ifs”.

Certified Financial Planner and Vision Coach, Katana Abbott is the Co-founder of Smart Women’s Coaching®. She has presented her Designated Daughter® Panel Discussion and Workshop various organizations, including the Federal Reserve’s Money Smart Week and the Area Agency on Aging 1B. For more information visit her website at www.DesignatedDaughter.com.com or email her at katana@DesignatedDaughter.com

Across the country in December, families will be coming together for the holidays.  Sometimes the holidays are one of the few times of year that family members see each other.

Read more here at Original Post:
Five tips for holiday conversations

CNN and Fortune Magazine recently featured a fascinating article  about the legal battle between John Randloph “Bunky” Hearst, Jr., and his ex-wife.  Bunky is one of the grandsons of famed media mogul William Randolph Hearst, who left behind the powerful Hearst Corp.  William Randolph Hearst died in 1951 with a trust and estate worth about $400 million in today’s dollars.  But, more importantly, his trust established a corporate framework that enabled his board of trustees to expand the Hearst holdings into a multi-billion dollar media empire, owning hundreds of magazines, newspapers, television stations, 20% of ESPN, and more.  Here is the wikipedia page about Hearst Corp. that overviews how expansive it is.  William Randolph Hearst’s estate plan is a great example of how trusts can be used to maximize financial legacies and protect your heirs.  While most people don’t have to establish complicated boards to manage extensive business holdings like Hearst, everyone can learn a lesson here.  Livings trusts are the best way to pass along assets (be they vast or limited) because they can be individually tailored to meet the needs of any family.  Do you have modest assets and children who are good with money?  Maybe you want your trust to leave it to them all at once.  Or do you have a greater net worth, or perhaps heirs who would do more harm than good with money left to them?  If so, consider following William Randolph Hearst’s example.

Read more here at Original Post:
Hearst Family Legal Battle teaches important lessons

A couple weeks ago, I wrote how  Katherine Jackson had a surprising “change of heart” by dropping her challenge to the executors for Michael’s estate.  In fact, her husband Joe Jackson was shocked — his lawyer called the move “despicable”.  Well, if this exclusive report from the United Kingdom website News of the World is accurate, we now know why Katherine did so. According to this report (which has been picked up by MSN Entertainment along with other websites), Katherine made the deal because the executors, John Branca and John McClain, had agreed to add a trusted family member as a third executor.  And, even better, this new executor would have veto power over decisions of Branca and McClain.  So who is the trusted family member?  Taj — Tariano Adaryll Jackson, Michael’s 36-year old nephew and Tito Jackson’s son.  He is reportedly very close to Michael’s children and mother, and was Michael’s favorite nephew.  He’ll be able to give the family a voice

Read more here at Original Post:
New Michael Jackson Estate Deal Reported

Ladies, it’s time to put ourselves on the list.  With everyone pulling us in every direction and all wanting a part of us, it’s so easy to keep moving our own needs down to the bottom of the list, but let’s think again.   

A few years ago, I was told that I needed both knees replaced.  The doctors wouldn’t do the surgery until I was older (after 50) and quite frankly, I am putting it off as long as possible.  In fact, I hope to avoid it.  I tend to be a workaholic, because I love what I do.  The problem I run into, is that I can put self care on the back burner and that’s probably part of the knee problem.  

When I turned 50, I realize that unless I take action now, having lots of money and poor health is a terrible scenario.  Besides, my husband is five years younger than I am and when he retires, we have plans for lots of travel and golf. 

Over the last two months, I have implented three new smart choices in my life and I’d like to share them with you.  My goal is to lose weight, feel more focused and calm today…and then ensure a more vibrant lifestyle later in my life with Mark.

• I joined a yoga class and am attending classes about three times a week.  I notice that I feel much calmer, more focused and feel lighter on my feet.
• I have created a bedtime ritual(inspired by Contributing Expert, Marci Shimoff’s 10:30 Angel Train) where I journal before bed to clear my mind, listen to music, read and stay away from the TV and computer after 9 pm at night.  I am sleeping so much better and waking up a lot earlier.
• I am drinking lots of filtered water with lemon during the day.  Here is the formula for how much water you should drink:  weight divided by two and add a zero.  TIP:  If you weigh 150#, then you want to drink 70 oz of water daily!  Many times when we feel hungry, it could just be dehydration. 

When we get ready to retire some day, having all the money in the world won’t mean a thing if we don’t have our health, right?  By taking these three simple actions, I find I am more affective at work, and happier and more active at home with my family at night.  Plus the yoga class is amazing…my goal is to go five times week. 

What steps are you taking today to live happy, wealthy and healthy?  I’d like to know!  Thanks!

Watch Andrew and Danielle’s interview with Forbes’ John Dobosz! Hear first hand from the authors what happened to the affairs of Jimi Hendrix, Steve McNair, Michael Jackson, Heath Ledger, and Sonny Bono.

Read more here at Original Post:
Forbes Interviews Andrew and Danielle!