Ellie's World

Wednesday, December 18, 2013

The Christmas Money Tree

Once upon a time, there was a tree that grew money every Christmas. People came from all across the land to share in the joy of Christmas and take money from the tree that would last for a year. If I was writing this program, that's the fantasy I would create, but alas, our reality doesn't work that way. Congratulations to the two Meg Million winners and their families who celebrate a special Christmas in 2013. For the rest of us, the dreams of what we would do with the money now fade from mind as we return to our regularly scheduled programming.

Finance is the focus of the day. People ask questions about year-end bonuses and what the economy will look like in 2014 both for themselves and the world. Major changes in the way we do business - from the smallest retailer to international finance - will happen in 2014. Lots of revisions on all fronts will be implemented as once again you will be forced to adapt. People will read, listen, process, explore patterns old and new, evaluate, criticize, then make choices and decisions they may never have considered. Hang tough, don't overspend at Christmas and always be prepared as natural disasters and climate changes accelerate. I read too many people in 2013 who didn't set aside extra money for emergencies. You must prepare until the end.

CNBC News

CNN Money

6 retirement myths you need to ignore CNBC - December 17, 2013
Academic, institutional and media reports tend to serve up workers with warnings - often wrapping up with a "save now and save more" silver lining. It doesn't seem to be inspiring the masses. According to a Wells Fargo study, 37 percent of Americans expect to work until they are too sick to work or die.
Myth # 1: The 401(k) was created to boost your retirement dollars.
Myth # 2: You need 80 percent of your current income level in retirement.
Myth # 3: You're too young to start paying for long-term care.
Myth # 4: Don't ever touch your principal.