Helen and other Gators,
I think it is great what you have done. I want to add a thought for those times when the economy improves: 1. Many years ago when I was just beginning my career, I had a good friend who sat my wife and I down and gave us some fatherly advice. He was a wealthy retiree. He told us that he had started out just like we had-no money but a lifetime of career earnings ahead. He wanted to share with us his keys to financial success. They were two very basic and simple rules. First, be careful about acquiring debt other than your home mortgage. (I would add to that-be careful not to use variable rate financing for your home.) If you don't have the money to purchase something, wait until you do. Second, when you get your paycheck, set aside 10% to pay your church. (He was religious, if you don't feel that way, don't.) The next 10% you MUST pay yourself-i. e. save! Then spend the rest if you want. 2. Keep your wealth balanced. In the past year, I like many others in the world have seen their stocks and bond retirement portfolio dramatically decline. I estimate that it is worth about 40% less than a year ago. As I am probably in the decade before I retire, this is of some concern. However, it probably will not impact my retirement timetable or decision. The reason is that over the years I have been careful to diversify my investments into several other areas. My stock/bond portfolio is down, but other things I have are still doing OK. 3. I have learned over the years to distinguish between wants and needs. As much as I want one, I have not yet bought a BAT-the newest TV in our home is about 12-15 years old. (It's old enough that I cannot remember.) 4. Finally, I do a financial planning seminar for students, churches, and other groups called the 10 Commandments of Personal Finance. Below are the highlights: a. Thou Shalt Have Dominion Over Thy Money: Manage Your Money, Don't Let Your Money Manage You! b. Thou Shalt Have a Financial Plan: Set financial goals-short, medium, and long-term c. Thou Shalt Keep Track of Thy Money: Begin With Balancing Your Checkbook then Develop and implement a Personal Budget d. Thou Shalt Know Thy Opportunity Costs: There are important trade-offs in life. Buying one thing may limit your ability to buy something else. e. Thou Shalt Plan Thy Spending: Plan when and where to buy-comparison shop and time your purchases. f. Thou Shalt Manage Your Credit Wisely: Don't unwisely substitute credit for money. g. Thou Shalt Be an Aggressive Saver: Save from every paycheck h. Thou Shalt Invest Thy Money Wisely: Diversify your investments widely i. Thou Shalt Plan for the Unexpected: Be properly insured with both insurance and a "rainy-day" fund. j. Thou Shalt Keep Thy Life Balanced: Beware of love of money. Money doesn't make happiness but can reduce stress when you plan properly. From: [email protected] [mailto:[email protected]] On Behalf Of Helen Huntley Sent: Friday, March 13, 2009 7:41 AM To: [email protected] Subject: [gatortalk] Re: Herald sports writer Mike Phillips You try to figure out what else you can do. I took a buyout from the St. Pete Times last year because I could see that things were only going to get worse for the newspaper industry. Because I was personal finance editor, I thought reinventing myself as a financial adviser was a logical course of action. (www.holifieldhuntley.com <http://www.holifieldhuntley.com/> ) I also have been doing some freelance writing and research. For example, I helped with the research for this book: http://www.amazon.com/Fight-Your-Money-Getting-Fortune/dp/0767929845/ref=sr_ 1_1?ie=UTF8 <http://www.amazon.com/Fight-Your-Money-Getting-Fortune/dp/0767929845/ref=sr _1_1?ie=UTF8&s=books&qid=1236944055&sr=1-1> &s=books&qid=1236944055&sr=1-1 . So far things are working out. However, my husband works in local government, where they are planning major layoffs, so he could be job hunting later this year. Helen On Thu, Mar 12, 2009 at 4:40 PM, <[email protected]> wrote: I was thinking about that similar thing today. I think that the Raleigh newspaper laid off its sports writers and now th only sports writers are in Charlotte covering the whole state. If all you've ever done is go to college for something, and done something for like 20 years - what do you do when you are laid off and no one is hiring in your field? It seems kind of ridiculous going back to school - after you've already graduated with a bachelor's or Master's. -------- Original Message -------- Subject: [gatortalk] Herald sports writer Mike Phillips From: Helen Huntley <[email protected]> Date: Thu, March 12, 2009 3:58 pm To: gatortalk <[email protected]> Is one of the Miami Herald writers who lost his job this week in the big layoff they had, according to a report I read. We've often had his stories posted to Gator News. </div --~--~---------~--~----~------------~-------~--~----~ GATORS: ONE VOICE ON SATURDAY - NO VOICE ON SUNDAY! 1996 National Football Champions | 2006 National Basketball Champions 2006 National Football Champions | 2007 National Basketball Champions 2008 National Football Champions | Three Heisman Trophy winners: Steve Spurrier (1966), Danny Wuerffel (1996), Tim Tebow (2007) - Visit our website at www.gatornet.us -~----------~----~----~----~------~----~------~--~---
