Is 55 the New 21?

Is 55 the new 21? Like many of us, I find myself at 55 (or older) not really sure how I got here. It all happened so quickly that I had little time or interest in stopping to think about it until now. I’m 55. In fact, I’ll be 56 soon enough. How did it all go by so quickly and how can I possibly still think, and sometimes act, like I’m 21? When will I become an adult and what will I do when I grow up?

I’m a very lucky 55-year-old male. I have two wonderful sons who continue to make me proud in so many ways. The oldest just graduated from NYU as a Film Producer and the other will enter Auburn University this fall with the hope of playing football for his beloved Tigers. My daughter, who I don’t see as often as I’d like, is in school for her Master’s Degree. My mother is still very vibrant and I have the privilege of seeing her on a daily basis. She’s both Mom and a great friend. My psychologist/college professor sister (the intellectual of the siblings) and my twin brother are well and stay in relatively close contact. My ex-wife and I remain friends and my wonderful romantic interest is just that …wonderful.

My life is great …challenging, scary, fun, confusing, and full of hope, gratefulness, and surprises. This is where being 55 eerily coalesces with being 21 and just getting out of college. I feel very much as though a wonderfully long chapter of my life is completed, but now how best to write the next one? Like at 21, I’m filled with testosterone (though maybe not as much) induced confidence in my ability to forge ahead, but exactly to where and for how long?

I love the different businesses that I’ve had and have the good fortune to be involved with even now. From the corporate world to multiple entrepreneur endeavors, it’s been a mostly lucrative, fun, and lesson-learning trip.  I now recognize that I sometimes learned more from the tough lessons than from the easy ones, but that may just be me. Being involved now in starting yet another company, an alternative energy “Small Wind” venture (www.WindPowerSystemsLLC.com) has only served to give me more energy, strength, and creativity …Much like graduating from college at 21 and facing the future feeling as though a gale force of positive momentum is at your back.

Whether it’s an element of the dreary economic environment or simply part of the late stage baby boomers getting older, I look around and see many of my brethren in somewhat the same position that I find myself in. We’re too young and healthy to have the desire to do anything but keep on keeping on. Life is still very much about hope, aspirations, love, family, and the desire to do something great with our lives. Just like being 21 again, except with a few aches and a lot of hard-earned experience behind us.

Life is grand and I’m positively grateful everyday for so many blessings from a loving family, their good health (and mine, as well), business and personal success, and the long-held drive to start and build new earth-friendly ventures.

I just wonder what I’ll do years from now when I eventually grow up. Now that’s an exciting thought.

10 Smart Credit Card Moves for You to Go from Rags to Wealth

I recently came across this informative and interesting post by  Leslie McFadden and thought that we could all benefit by the suggestions made. Credit Card debt is a major issue today for many of us and finding a way to handle it in a positive, ethical manner is very important. Earning and Saving more money are certainly proactive ways to get out of debt, but there are defensive methods that may also help in the meantime. Read on to see if this helps even as you make & save money to become more financially independent.

The new credit card law that takes effect in 2010 will bring about changes for issuers and cardholders. Issuers will be bound by restrictions on rate hikes and fees and increased disclosure requirements. Borrowers will need to know the key provisions in the law and the loopholes.

While the new rules will clamp down on retroactive rate hikes, they don’t prevent all negative changes to card accounts. Even consumers with high credit scores may not be able to avoid unwanted adjustments. If a creditor wants to cut your credit limit, it might do so because your credit score dropped, because your card usage is low or because of a change in your payment behavior. Card issuers can close accounts on good customers or institute a new fee.

The best a consumer can do to maintain a good score and keep account terms intact is to get in a defensive posture. Pay on time, keep balances low and don’t close accounts unless it’s necessary to avoid an expensive change in terms.

Consider these 10 tips for managing your credit cards in 2010.

Pay down holiday purchases.
Reducing your outstanding balance protects against negative changes to your account, saves money and improves your credit score. Until the Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act, takes effect Feb. 22, you’re vulnerable to interest rate hikes that could apply to an existing balance. A lower balance also could help cushion your credit score against credit limit reductions. An important ratio in credit scoring formulas is the amount of credit you’ve used versus your limit. If your limits are cut and your debt doesn’t decrease, your score could drop.
Open credit card mail immediately.
The CARD Act requires credit card issuers to give you the right to opt out of a “significant” change in terms. In such cases, issuers must send out notices at least 45 days in advance of the effective date. That gives you a limited time to decide whether to reject the proposed change. Opting out cancels the account.
Check your credit report and score.
Your credit score is based on your credit report. If derogatory errors, such as delinquencies or collection accounts, are on your report, your score will be lower than it should be. That’s why you should check your credit reports at the three major credit reporting agencies on a regular basis. It costs you nothing. Federal law entitles consumers to a free copy of their credit reports from each of the three credit bureaus once every 12 months. Head to AnnualCreditReport.com and simply rotate the agency every four months to get a new credit report.

Unless you’re in the market for a loan, you may not feel a need to pay for an exact credit score. Still, it’s good to know. The knowledge can come in handy if you want to gauge whether your score is high enough for a new credit card that requires “good” credit.

Most credit card issuers use FICO scores, and most credit score estimators deliver educational scores (or score ranges) not actually used by lenders. Bankrate.com offers a free FICO score estimator. Tip: Use your statement balances when asked about your credit card debt, even if you pay in full every month. Scoring models don’t see that you’ve paid in full because that information doesn’t appear on your credit report.

Improve your credit score.
In some cases, issuers will lower credit limits because the customer’s credit score has dipped below a certain level. Having a high credit score should qualify you for most credit cards. To boost your credit rating, pay bills on time and reduce credit card balances. Avoid ordering multiple credit cards at once, because too many inquiries on your credit report can lower your score.

Use inactive accounts.
Rarely using a credit card may prompt the card issuer to close the account. Dormant accounts deliver zero profit to the institution. In addition, some issuers charge inactivity fees for unused cards. Fifth Third Bank charges a $19 fee if the account hasn’t been used in a year, and Citi is tacking on annual fees of $30 to $90 on some accounts that don’t meet an annual spending threshold.

The shuttering of an account with a zero balance will cause a drop in your available credit, which could spike your debt-to-credit limit ratio. Use a card at least once a quarter so the issuer sees some profit. Even if you pay the debt off when you receive the statement, the card issuer will benefit from interchange fee income generated from the transactions. These fees, usually 1 percent to 3 percent of the purchase price, go to banks and payment networks such as Visa and MasterCard every time you swipe your card.

Spend rewards points.
Credit card issuers reserve the right to scale back rewards programs or make it more difficult to redeem points. In this tight lending environment, cutting rewards is one way to offset losses.

Some issuers have already tweaked their rewards programs. For example, Citi made a number of changes to its ThankYou Network program this year, including an expiration date on points. Chase Freedom cardholders previously enjoyed a 3 percent cash-back rate on their three highest spending categories for the month, and now the bonus categories rotate and aren’t driven by the user.

So, watch for changes to your rewards program and check your point total regularly. When it’s most advantageous to cash out, do so.

Compare credit cards from banks and credit unions.
If you need a card with a lower interest rate and fees, compare credit union cards and bank-issued cards. Credit union cards generally offer more favorable rates and fees, but are restricted to members. Read Bankrate’s story on credit union cards for more information.

Watch out for offers to go overlimit.
Under the CARD Act, issuers can’t charge overlimit fees for transactions that exceed the limit unless cardholders have opted in to go over their limit. Opting in means you would pay a fee if your balance climbs above the limit. If you don’t breach the limit, you don’t pay a fee. If you don’t opt in you won’t pay a fee either, but you might see your overlimit transactions declined. That’s up to card issuers like Capital One.

“Capital One is reaching out to some customers to explain that their over-the-credit-limit coverage will be ending in February,” spokeswoman Pam Girardo wrote in an e-mail.

Girardo explains Capital One customers who chose not to opt in would see their overlimit transactions declined. If they opt in and go over the credit line, they will be charged $29.

Ask for credit limit increases if you have great credit.
One CARD Act provision requires that issuers not increase credit limits unless “the card issuer considers the ability of the consumer to make the required minimum payments” under the account terms.

That means it could be harder to qualify for credit limit increases. Consider asking for higher limits now while they’re easier to get. The idea isn’t to take on more debt but to increase your available credit and lower your ratio of debt-to-available credit, and boost your credit score. A higher score will help you qualify for better loan terms.

Explore free services and alerts.
If you check account benefits online, you might discover free tools and services that could help you manage your debt or credit score. You might find access to free credit scores, spending analysis tools and custom alerts for key account changes.

For example, Discover offers a tool called Spend Analyzer, which breaks down your purchases by category and tracks spending over time. Chase has a free feature called Blueprint. It lets cardholders create a payment plan that allows them to separate purchases they’d like to pay in full from those they plan to revolve.

If any free benefit comes with fine print, read it to ensure you’re not signing up for a fee-based product.

<< Read all 2010 money tips

Read tips from previous years: 2005 | 2006 | 2007 | 2008 | 2009 |

Bankrate’s content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate’s Terms of Use.

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Toyota Only the Poster Child of What’s to Come …Buckle your seatbelt and hope that you can ride this out.

What/who will the government decide to go after next? Toyota has been the automotive gold standard for years and will continue to be, but it’s up against a giant government run machine with their spoon fed media. The NBC nightly news report Wednesday evening with an extended interview with transportation Sec Ray LaHood was a recent public example of not only anti-Toyota bias, but a seemingly blatantly racist statement by Brian Williams when he asked LaHood a question by prefacing it saying that with the “history of Toyota …how could THEY be trusted”? I believe IMO that it was a veiled stereotype comment of how can we trust those “cunning Japanese”, outrageous on its face since, as any educated consumer knows, Toyota has a sterling record of being consumer friendly to a fault.
Toyota and it’s dealers have, up to now, handled the recall in a professional way, but will continue to have issues with the current administration’s anti-business/anti-capitalism tried and not-so-true mantra of private business bad – big government good.
The private sector is under attack at almost every level by the current administration and current majority in Congress. If you own a small business and/or have a job that you have worked long and hard to achieve …taking risks with your own money, employing workers, paying taxes, and generally playing by the rules of self-sufficiency, entrepreneurship, and american capitalism, then you are suspect and will be punished either by confiscatory taxes or added governmental oversight. Afterall, as a capitalist, you should be suspect and dealt with accordingly.

Toyota dealers are very successful entrepreneurial business people and many make a lot of money the old fashion way …they earn it. They have the best automotive product on the market (in spite of the current issues), the best facilities, the best sales associates, and the best trained service people. They earned their success by treating their customers with respect and remembering that they are the lifeblood of their business. Many of the dealers give back to their communities in direct and  very personal ways benefitting thousands of people. We may forget that most came up as sales associates and risked everything they had to achieve their dream of owning their own business. They know that high risk can mean high reward, but it can also work the other way, as well.

We would do well to remember as we witness the unprecedented assault on Toyota by the Federal Government (which has a huge stake in General Motors & Chrysler) that any of us can be the next target. Work hard, take risks, spend hours on end working to make your business successful, but be careful to not show up on the Federal Governments radar. Is that really the american way?

Human Spirit at Work

It’s inspiring to see the human spirit in action as so many people from  around the world respond to the recent catastrophic event in Haiti. Reports today documented heroic rescues by teams working side by side from America, Turkey, and other disparate countries. Political antagonists Bill Clinton and George Bush can be seen working together as a superstar team for the single-minded purpose of helping the long-suffering Haitian people in their time of greatest crisis. Though it is doubtful that it will be anything close to a seamless operation and there will surely be disappointments mixed with all sorts of unanticipated miscues, it’s an interesting dynamic of human nature that we can, at one point be capable of such despicable actions filled with the darkest of intent and then turn around and do the most remarkable feats of human kindness and bravery for people we don’t even know.

The Haitian people have endured a cruel history of events over the past several centuries and have somehow survived. I visited Haiti years ago on a trade mission and was struck by the stark grayness of much of the land. People were walking the streets with burnt charcoal that had been used several times over. Shanty housing was built on top of other card-board type dwellings. To call it bleak would be putting a positive spin on the situation. I can’t imagine how bad it must be on the ground there today.

The dozens of Haitian entrepreneurs that I met with while on the trade mission were an amazing group of men and women. Motivated, desirous of work, and committed to being successful. With a lot of international support, these are the people who will ultimately restore Haiti and may, actually, bring much-needed reform to help the island country prosper once again.

We’re hopeful that Wind Power Systems (www.WindPowerSystemsLLC.com) will also soon play a role in helping the Haitian people become energy independent with the “Small Wind” turbine system. It’s our wish that the units would help power hospitals, stores, gas stations, residences, and other much-needed infrastructure, including pumping fresh water and refrigeration.

In any case, the Haitian people deserve our prayers, as do the brave first responders and volunteers who risk their lives to rescue so many from the ruble. The U.S. Military also is, again, called upon to leave their loved ones and help out in an impossible crisis that few could be ready to deal with, and deserve, as always, our thanks. President’s Bush and Clinton also should be commended for coming together for the good of humanity.

It makes you believe that the human spirit at work can be a very positive force for good.

Staying Positive and Thriving When So Many Around You Are Turning to the Dark Side (And Want You to Hold the Flashlight)

It struck me again this morning listening to the Sunday political talk & news broadcasts that, according to many experts, we’re all basically doomed. Doomed to failure. Doomed to a less affluent lifestyle. Doomed to a planet that will soon be roasting us alive. Doomed to poor healthcare unless we allow the government to take it over.  Doomed because 48% of all fast food restaurant soda fountains tested positive for fecal matter particles (I’ll be drinking my Diet Coke in bottles from now on). Doomed unless we turn our basic decision-making and personal responsibilities over to those who “know better”.

It can be a challenge to stay positive when many around you are turning to the Dark Side. It’s easy to agree that it’s a tough time economically around the world and, therefore, we can very simply allow ourselves to follow the trend to negativity. However, we all know that there are success stories being written all around the world and for those of us who can gather our wits, guts, creativity, education, mentors, friends & family, and brain power to focus on how best to not only survive this period in time, but to actually thrive, this is a golden opportunity to set the foundation for a wonderfully positive vision of prosperity, health, and happiness …a true rags to wealth epic with you in the lead role.

Here are some ideas to start with to stay positive and motivated to prosper when others around you are more interested in joining the ranks of the abyss jumpers:

1. Be positive. Avoid, when possible, the negativity fueled folks around you. If you can’t avoid them then simply smile and don’t listen or, better yet, …let them know that you’re not interested in jumping over the cliff with them.
2. Stay informed, but don’t dwell on the constant media drum beat of how bad things are. Instead, remind yourself of the wonderful things in your life. Be thankful. Be grateful.
3. Get yourself in better shape. It’s always a feel good move to know that, even in a difficult time, you’re in fine shape and living a healthy life. Plus, when you look and feel better, you just naturally have more positive creative energy.
4. Meet with other positive thinkers and brainstorm. Reconnect with coaches, mentors, teachers, family members who have been a positive influence in your life ( I have a coach from when I was 19 years old who I still turn to for advice thirty years later. He continues as a motivator who can in a firm, but loving way listen and recommend).
5. Make a list of the things that you have planned on doing to improve your life and set a firm timeline for doing them. Write them down. Start with an easy one and then do them. Feel good about yourself.
6. Volunteer to help others less fortunate. Don’t simply give money. Physically volunteer locally at a charity. This may actually be the key for all of us to thrive especially when time is a premium. This is a key.
7. Network with groups of interest. If you’re unemployed, under – employed, or simply looking to improve your financial outlook in 2010, it’s a positive step to meet with others looking to also improve their lot in life.
8. Open your mind to new opportunities that may come your way. Sometimes the first view of a door that opens may not be your ideal, but take that extra moment to see for yourself what it’s all about. It may very well ultimately lead you to another door that opens up an even better view and so on.

This list is, by no means, intended to cover all the methods by which to thrive in today’s world and I’d be very interested in what others would like to add (or delete). In any and all cases …Be Healthy, Be Happy, & Be Wealthy!

Make Sure That You Have a Plan B

 

 

The White House Blog information below (not shown in it’s entirety) is another indication why we, as entrepreneurs, will be the ones who bring the country and world out of the recession. We need to strongly consider alternative methods (a Plan B) to secure our financial futures. The corporate structure will never return to its original paternalistic structure …it’s up to each of us to make it happen on our own through a variety of business opportunities where creativity and individual drive will be the driver.

White House report on Jobs

The White House Blog
On the December Jobs Numbers
Posted by Christina Romer on January 08, 2010 at 09:37 AM EST

Today’s employment report, though a setback from November, is consistent with the gradual labor market stabilization we have been seeing over the last several months.

Payroll employment declined 85,000 in December. To put this number in perspective, employment declined 139,000 in September and 127,000 in October. So, in a broad sense the trend toward moderating job loss is continuing. This trend is particularly obvious in the quarterly pattern: average monthly job loss was 691,000 in the first quarter of 2009, 428,000 in the second quarter, 199,000 in the third quarter, and 69,000 in the fourth quarter.

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