“Money Makeover of Dallas-area retiree brings out beauty of not spending a lot - Dallas Morning News” plus 1 more |
| Money Makeover of Dallas-area retiree brings out beauty of not spending a lot - Dallas Morning News Posted: 03 Dec 2010 08:44 PM PST 12:00 AM CST on Saturday, December 4, 2010Doreen Cluck wanted to know if she was on track financially so she could maintain her independence. "I don't want to depend on the kids for anything if I can help it," said Cluck, a 78-year-old Addison resident who has three grown children, one of whom lives in The Colony. Possessing good health and an enthusiasm for life, Cluck decided to apply for a Money Makeover sponsored by The Dallas Morning News and the Dallas-Fort Worth Financial Planning Association. The retired accounting clerk also wanted more investment knowledge to be more productive with her stockbroker. Cluck's late husband, Claude, handled all of their financial affairs before his death in 2001 and worked with their stockbroker, who has served them for 25 years. "I wasn't unhappy with him," Cluck said. "I just didn't know enough about stocks and bonds to converse with him. But that was my fault, not his." By certified financial planner Jan Valecka's assessment, Cluck has done a superb job of managing her money. Valecka, of Valecka Wealth Management in Plano, handled Cluck's Money Makeover. "You have done a very good job of managing your expenses and keeping your everyday costs of living low," she told Cluck. Cluck's income for 2010 is $25,619, mainly from Social Security, her investments and two pensions. She has expenses of $20,493, leaving her a small surplus of $5,126 for this year. She has no debt, and her townhome is paid for. Cluck demonstrates that even if you don't have much income, it's still possible to have something left over after paying the bills. "It is not what you make, but how you spend it, and she has done a great job of keeping current expenses below current income," Valecka said. Protecting assets Cluck is a conservative investor, concerned more about protecting her assets than growth. "Income is the most important thing [to Cluck]," Valecka said. Cluck needs to continue to watch her pennies because, by Valecka's calculations, she will start running an annual deficit in a decade, primarily because of inflation. "At age 88, she will need to access her investment savings to supplement her income shortfall going forward," Valecka said. Valecka prepared a worst-case scenario by assuming that Cluck wouldn't get annual cost-of-living increases for Social Security and her pensions over the next 10 years. Valecka also factored in a 3.2 percent annual inflation rate for Cluck's personal expenses. Cluck needs to be mindful that a sudden change in her health could throw everything off. "She will always have to keep an eye on expenses, knowing that a major change, such as assisted living, would deplete her investment savings at a faster pace," Valecka said. Cluck has the good fortune of good health and a family that is emotionally close. "She is very lucky to have a close family who are more than willing to help if the time ever comes that she needs to sell her townhome and move to help with care," Valecka said. "I am sure the happiness from this close family relationship has contributed to her good health and outlook on life. She also volunteers and gives back to her community four days per week, which keeps her active and engaged with others." Cluck's investments will be crucial to fund her long-term care needs because buying long-term care insurance would be too expensive at her age, Valecka said. Cluck's net worth of $173,279 also isn't high enough to make the purchase of a long-term care policy worthwhile, Valecka said. "The rule of thumb is total net worth should be over $250,000 to protect assets," she told Cluck. "You will have to rely on your investments and possible home sale to self-fund any possible home health or assisted living in the future. Keeping expenses low and growing your assets are important." Needs vs. wants Cluck's investments are on track, Valecka said. "Her current investments were properly allocated, and she should continue to work closely with her financial adviser to keep her portfolio invested and moving forward," she said. "Mrs. Cluck has done well to stay invested in the current market and not be too conservative with her investments. She needs the growth of her portfolio to hedge against inflation." Cluck, who grew up during the Depression, is more than familiar with belt-tightening. "My dad had to go out and hunt the meat we had for dinner," she said. "I remember him and my uncle going out hunting for pheasant, squirrels and rabbits." With four kids in the family, her parents didn't have much to spend on multiple gifts for each child. "Each Christmas, we always got a new set of clothing and a stocking with an orange, an apple and nuts," Cluck said. "That was it, and a gift or two from Santa Claus." The most valuable lesson she learned from her parents was frugality, Cluck said. "You don't go into debt and you don't spend if you don't need it," she said. She goes grocery shopping with a list and seldom deviates from it. She washes plastic food storage bags and reuses them. Cluck passed on one key lesson she's learned about managing money: "If people can learn not to overspend, individual families wouldn't be in as much trouble and the country wouldn't be in as much trouble," Cluck said. "People don't know the difference between needs and wants." This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
| Health and Beauty Gift Ideas from the Latin Grammys - Hollywood Today.net Posted: 03 Dec 2010 05:24 PM PST Awards show gift suites provide holiday gift ideas By Gabrielle Pantera  Modern Family's Sarah Hyland with InStyler HOLLYWOOD, CA (Hollywood Today) 12/3/2010 – In the second part of this 3-part series, we look at gift ideas for health and beauty seen at the gift suites of the Latin Grammys. Tre Milano InStyler hair styler features a rotating heated polishing cylinder with four rows of precision-aligned bristles. The first set of bristles gently sort and separate hair. Then the rotating heated polishing cylinder gently glides over your hair, smoothly polishing, straightening, and styling each strand. The second set of bristles puts the finishing touch on hair, leaving it shiny and silky. $100. Live In Fitness Enterprise fitness and weight-loss vacation week-long all inclusive stay at the world's premiere weight loss and fitness retreat. $4,850. www.liveinfitnessenterprise.com The Burn Machine Speed Bag is a handheld cardio unit that tones and conditions muscles while providing an aerobic workout. The signature exercise of the unit emulates the punching motions used in a conventional boxing workout. $149. American Heart Association – Go Red Por Tu Corazón is a bilingual health movement for Latinas that is dedicated to raising awareness of heart disease, the number one killer of Latina women. Go Red Por Tu Corazón promotes a heart-healthy lifestyle through healthy eating and physical activity, building on Latinas' strong ties to family and cultural traditions. EFX Performance are performance-enhancing wrist bands and necklaces. Holographic mylar embedded in wrist band effects naturally occurring frequencies enabling the bodyto operate at an optimal level. $100. M Spa Beverly Hills Custom Facials offers facials from Dr. 90210's Dr. Motykie $145. LaloFitness: LaloFit DVD features two personal training sessions. $250. Each It's a 10 product provides ten unique benefits for your hair. Products include Miracle Leave in Product, Miracle Styling Serum, Miracle Hair Mask, and Miracle Texture Fiber. It's a 10 is sold in salons and beauty suppliers worldwide. Founded by former stylist and salon owner Carolyn Plummer and marketing and business executive Scott Scharg. $100. Innovative Custom Products, Inc. CureCeuticals Itchy Scaly Skin Lotion with Skin Cleaning Spray A Natural and Safe formula fortified with powerful Manuka Honey and Real Aloe Vera to help protect against bacterial infection and to promote rapid healing of cuts, scrapes and bites with minimal scarring. Provides rapid relief for dryness, itching, and scaling caused by eczema, acne, psoriasis and dermatitis. $12.95 Love, Lulu Mae Hair accessories mini signature feather accessory clip for hair or lapel. $18.50. Dr. Christine Rodgers Enpointe Skin Solutions are safe for all skin types and paraben-free. Encore Renewal Serum (30 ml) transforms skin's appearance with natural brighteners, powerful anti-inflammatories and anti-oxidants to reduce pigmentation. $85. Eclairci C Serum (30ml) is a morning dose of powerful serum to improve skin firmness and elasticity for a luminous, healthy complexion. Specifically formulated to address free radical damage to the skin caused by environmental stress. $75. LaVigne Organic Skincare: Mayan Magic healing balm treats the most challenging visible damage and painful skin irritations, including psoriasis, eczema, rosacea, dry and cracked skin, cuts, burns, diaper rash, cradle cap and rashes. $27. Lisa Ashley Beauty: The Ultimate Eye Cream delivers immediate and ultimate results. Uniquely integrates six different benefits in one eye cream. $55. Pureology SuperSmooth shampoo and conditioner $54. The Latin Recording Academy hosted the 11th Annual Latin Grammy Awards on November 11, 2010, in Las Vegas and broadcast live on Univision. Distinctive Assets produced the official talent gift bags and the official backstage Talent Gift Lounge for the Latin Grammys. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php This posting includes an audio/video/photo media file: Download Now |
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