Should I Pay Off My Mortgage? Part 1

Financial advisors disagree

Many people think that the Holy Grail of financial fitness is to be debt free as soon as possible. They’ve paid off all their credit card debt (bravo!), and they buy new cars with cash (excellent idea!). The last thing to go is the mortgage. They have some extra cash from an inheritance or another windfall and are tempted to just pay the thing off and be done with debt forever. But is this the best use of extra cash? Read More >>

Treasure Hunting at Home

Know the value of what you have

In my line of work, I spend my days deciphering what has value in estates, what is to be sent to donation, and what has no value. Not long ago, I was asked to go through a home to evaluate its contents. Many of the items were not in the best shape because of mold and mildew. Many items were from the turn of the 20th century or before, and many of these had value.

Imagine the surprise when I found two old pottery vases that turned out to be a fantastic treasure! When I mentioned to the executor that the vases had value, he was very surprised: “They were headed for donation drop off because they are ugly,” he said. Read More >>

The MMI Report on Retirees and Working

Let's move on

You have to read the report, but you don't have to like it. That's the MetLife Mature Market Institute (MMI) report on retirees and the gap between wanting to work and actually finding work. The implications of the report are of a current and worsening Depression-style gap between the 75% of those aged 55-70 who, perhaps unrealistically, need and expect to keep working and the 35% of them who have jobs.  Read More >>

Reverse Mortgages: The Basics

View it as a last resort

Federally insured reverse mortgages, also called home equity conversion mortgages, have been available since 1990. Aggressive marketing, the deflation of the housing bubble, and last year’s stock market crash have all contributed to a surge of interest. Applications are expected to exceed 120,000 for 2009. Read More >>

Parenting Questions for Those with Adult Children

Yes, parents, they still need you

Your children are now adults. Does that mean that they don’t need you anymore? Of course not! They still need you, but in a different way than when they were little. So, are you prepared to parent a different way today than when you did in years past?

Here are seven questions to help you balance the letting go and the holding on. Read More >>

Take Time When Selling Your Business

Make yourself visible

Dear Ellie:

I have had a successful business for more than 20 years. I am a manufacturer’s rep for dancewear. My territory includes four western states, and I travel to see my clients, who own dancewear retail stores, a few times a year. I have one full-time employee who knows the business well and does my bookkeeping.

The time has come for me to think about retiring from my business. I’d like more free time to travel with my husband and grandchildren. What steps should I take? Read More >>

A Lifetime of Perfectly Good Red Rubber Bands

The importance of the process of downsizing

Early on in my career, I worked with a client, Mrs. Jones, who was responsible for teaching me a very valuable lesson when working with the senior population. This single experience gave me a clear understanding of the importance of helping older clients with not only the physical aspects of a later-life move, but also the psychological preparation for this transition, and what makes the downsizing process the hardest part of any move.

 

 Read More >>

Should I Just Be a Waitress Until This Economy Turns Around?

Dear Ellie:

I have been trying to make it in my own business for a number of years, and I was doing OK until this economic downturn happened. Now, my clients have disappeared, and I have not been successful finding new ones. Do you think I should stop trying and just get a waitressing job until this blows over? I am 56 years old, divorced, with a grown son and daughter. My health is good.

 Read More >>

I Know Where I Want to Live, but Now What?

Options that feel right for you

Okay, you have narrowed down some of your options for where you want to live. You’ve decided between urban and country, you know the weather you want, and you feel comfortable with your decisions.

Well, here are some more options for you. You are fortunate that you have quite a variety of choices, and you probably have decades of living left, so you want to be sure you think things through. Check these out, and see what feels right for you. Read More >>