-------------------- Thursday, August 26, 2004 -------------------- The Mail Just Keeps Coming Look, people, if you're going to disagree with me, at least make sure you read what I wrote. A reader recently wanted to take me to task for writing that older adult children are just after their elderly parents' money. She wrote rather bristly: "I am a 45-year-old working female. Yes, I still live with my mother [because of] my finances and also due to the fact that my mother has had some health scares the last couple of months. Your article stated: 'Avoid the oldest child who needs the money more than you do.' I was completely floored with this statement." The reader was referring to my column last week in which I offered tips - http://letters.washingtonpost.com/W7RT04513B50684658B4F3FAACDF80 to seniors on finding the right family member or friend to help with their finances as they get older. The woman went on to say: "As a daughter, I would never assume, or just go ahead and take, my mother's money. In the future, please think before writing articles. Some people may take offense that because they are the oldest of the children that we are all thieves and we can't wait to rip off our ailing parents." Well, the poor dear needs glasses because this is what I actually wrote: "Avoid, if you can, selecting the adult child who needs your money more than you need his or her help. You may not want to choose the son or daughter who is always borrowing from you or is just a little too concerned that your financial decisions may not leave him or her with an inheritance." And I would have no problem cautioning seniors about allowing an adult child to take over their finances because there are a lot of trifling people out there just waiting to get their hands on their parents' hard-earned money. For example, I received this letter from a reader who wrote: "My 83-year-old mother was starting to slip a little with her memory and other things. My younger brother volunteered to move in with Mom in order to help her out. I just learned that he had her change her will, leaving all her property to him and excluding me. He also put his name on her checking account, savings account, company pension account, and veterans pension account and then withdrew all of the money from each account." That's just wrong. If you can't find a family member or friend to help you with your finances, you do have an alternative. There is a growing network of professional daily money managers who can help seniors manage their personal finances. Read my column today - http://letters.washingtonpost.com/W7RT04513B00184658B4F3FAACDF80 to learn more about these folks.Multiple Levels of Irritation I recently wrote about someone who was approached by representatives of Quixtar - http://letters.washingtonpost.com/W7RT04513B10084658B4F3FAACDF80 , whose parent company owns Amway. Well, the letters haven't stop coming in from multilevel marketing (MLM for short) fanatics. "How often are you asked to make more money and get help with building your business," wrote one reader who didn't like my tone. All the time, and sometimes from crooks. Another MLM follower wrote: "Your column on Quixtar was absolute garbage. It is cheap opinion drivel." Well, let me see. I write a column, which is supposed to include my opinion. Me thinks you MLM folks protest too much. Anyway, I again suggest that if you're interested in starting an MLM business, do your homework. My column gives you warnings to heed - http://letters.washingtonpost.com/W7RT04513B80384658B4F3FAACDF80 . And check out what the FTC has to say - http://letters.washingtonpost.com/W7RT04513B90284658B4F3FAACDF80 about it. All I'm saying is if someone is evasive about the business they want you to join or won't answer your questions directly without making you sit through some long, hyped-up meeting, then you should be very, very cautious.Penny Pinchers This week, instead of a tip, I wanted to pass along advice from a professional who lives by one of my mantras: Sweat the small stuff. As I said in my book "7 Money Mantras For A Richer Life," many people are nickel-and-diming themselves into debt. If you want to create wealth, you have to sweat the small stuff. (Read excerpts. - http://letters.washingtonpost.com/W7RT04513B70D84658B4F3FAACDF80 Hans N. Beerbaum, a financial planner in Petaluma, Calif., agrees with me. He wrote: "I'm always looking for ways to cut corners. I often tell new clients that their money will drift out of their hands like sand through their fingers if they don't watch out. When they need big money for things such as life insurance or IRAs or other important stuff, they don't have the money. If they eat out six times a week, then they ate their retirement by not cooking at home." As an example of his penny pinching (and this is really pinching pennies), Beerbaum says he has two telephone lines but he sends his payments in one envelope, saving himself 37 cents. Just remember little savings add up to big bucks. As Beerbaum says: "You need to watch the pennies every day." Read Past Penny Pinching Tips - http://letters.washingtonpost.com/W7RT04513B80C84658B4F3FAACDF80 You are welcome to e-mail comments and questions to [EMAIL PROTECTED] - [EMAIL PROTECTED] . They may be used in a future column or newsletter with the writer's name unless otherwise requested. Ask Michelle Singletary Your Personal Finance Questions - http://letters.washingtonpost.com/W7RT04513B50F84658B4F3FAACDF80 -------------------- Advertisement Get your news just the way you like it. - http://letters.washingtonpost.com/W7RT04513B60E84658B4F3FAACDF80 Add your favorite columnists and topics to a washingtonpost.com newsletter delivered to your in-box each morning. It's a free and easy way to make sure you never miss a thing. Personalize your e-mail today - http://letters.washingtonpost.com/W7RT04513B20984658B4F3FAACDF80 and enjoy customized articles tomorrow. -------------------- CASH FLOW Learning Is a Dangerous Thing to Deduct - http://letters.washingtonpost.com/W7RT04513B30884658B4F3FAACDF80 Tax law has long allowed a taxpayer to deduct the cost of work-related education if it maintains or improves skills needed in his or her present job or business, or if it is required by an employer. More Cash Flow Columns - http://letters.washingtonpost.com/W7RT04513B90B84658B4F3FAACDF80 -------------------- MUTUAL FUNDS Looking Past High Oil Prices - http://letters.washingtonpost.com/W7RT04513B00A84658B4F3FAACDF80 The highest oil prices on record are helping Charles Ober, manager of the T. Rowe Price New Era Fund, beat the Standard & Poor's 500-stock index for a sixth straight year. Research Mutual Funds - http://letters.washingtonpost.com/W7RT04513B03584658B4F3FAACDF80 -------------------- Online Ticketing Looking for Legs - http://letters.washingtonpost.com/W7RT04513B13484658B4F3FAACDF80 Are you willing to pay a little extra to avoid standing in a movie line? If so, you're part of a small, but growing, number of people. Coming Soon, a 24-Plex Not So Near You - http://letters.washingtonpost.com/W7RT04513B83784658B4F3FAACDF80 New Overtime Pay Rules Take Effect - http://letters.washingtonpost.com/W7RT04513B93684658B4F3FAACDF80 Workers who earn less than $23,660 annually are now automatically eligible for overtime pay, a boost from the current threshold of $8,060. -------------------- WASHINGTON INVESTING Google Not The First To Go Dutch - http://letters.washingtonpost.com/W7RT04513B43184658B4F3FAACDF80 You don't have to be Google to challenge the way Wall Street manages initial public offerings. A little southwest Virginia biotechnology company has just gone public using the same innovative "open IPO" process as Google. More Washington Investing Columns - http://letters.washingtonpost.com/W7RT04513B53084658B4F3FAACDF80 -------------------- E-Mail Newsletter Services To sign up for additional newsletters or get help, visit the E-mail Preferences Page - http://letters.washingtonpost.com/W7RT04513B23384658B4F3FAACDF80 To unsubscribe, visit the E-mail Preferences Page - http://letters.washingtonpost.com/W7RT04513B33284658B4F3FAACDF80 (do not reply to this e-mail). For feedback, send mail to [EMAIL PROTECTED] - [EMAIL PROTECTED] Finance Newsletter . For advertising information, send mail to [EMAIL PROTECTED] - [EMAIL PROTECTED] Newsletter Feedback . 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