• nfcc.org - help with budgeting

The Los Angeles Times has been working on a series of stories about a new scam targeting the elderly that will shock you. Crooks have figured out that they can easily assume guardianship of aging people simply by telling a judge that they are no longer mentally stable. These people don't have to prove they are related, so they basically seek out elderly folks who are losing faculty and then go to court seeking guardianship. Family members have no idea that it's happening and have no recourse if it happens. Busy courts and judges don’t have time to make sure these crooks are above board, and there is no requirement to do so. So when the scamsters go to court seeking a ruling, it happens quickly and the victims don’t even know it happens. Clark doesn’t know how these people get leads on their victims. But it’s up to children of aging parents to look out for them and make sure they are not being victimized. It’s easy to steal the money and very hard to get it back. Several legal forms can protect them, as well. First is the “Durable Power of Attorney for Health Care,” which allows someone to handle your health care issues if you cannot speak or act on your own behalf. These are sometimes available for free. The other edict is a regular “Durable Power of Attorney,” which is a bit more difficult to get and requires the help of an attorney. It allows the appointed person to take care of someone’s finances, which would make it impossible for these crooks to step in and steal your parents’ assets. Having both of these in place is a great idea to ensure your parents are safe if you cannot always be there

GM, which owns Pontiac, Buick, Cadillac, GMC and others, is in a tough spot right now. The company has temporarily shut down assembly lines around the country and there are rumors that GM is about to file for bankruptcy. On top of that, GM is having a very difficult time selling cars. GM has discovered that it can only sell cars when the company offers huge discounts. So, GM is now back at it and has launched a new sale known as the “Red Tag Sale.” So, when you go to a dealership, you’ll see the Monroney label on the car and, next to it, a “red tag” price. This is the no negotiation, maximum price, so the car can’t be sold any higher than that price. Then, if you’re a savvy shopper, you’ll be able to negotiate below that price.

A new study published in the Boston Globe shows that more than half of baby boomers are going to have to work past retirement age. By their own admission, these people don’t have enough money saved to be able to retire. Not to mention the fact that many people think they have more than they really do. About 30 percent of people have saved enough to last them about two years after retirement. And one in seven people have no money saved at all. About the same number have enough to live comfortably. So, it’s a big bell curve. Those born in the 40s, may not be able to get out of this working cycle. But if you were born in the 60s, you still have time to reverse this trend.

We’ve clearly had problems with energy and gas prices have hit us hard this year. But prices are dropping, and we can expect to see prices under the $2 mark in certain areas of the country. People are adapting well to the energy crisis and are choosing to drive smaller cars or more fuel efficient cars to lessen the blow. Clark and his wife are having new duct work installed because they had an inspection and found out it was severely lacking. Another inevitable change is the use of windmills and other alternative sources instead of dirty coal to produce energy. Fuel cells will also be a thing of the future if we continue in the right direction.

Employers are starting to offer pet insurance as part of the company benefits package. There is no subsidy from the company, but people are getting it at a lower rate because of the number of potential customers. So, should you buy it? Well, the average owner spends just over $200 a year. Pet insurance would not be worth it in that case. But if the dog or cat is going to undergo a complicated surgery or major procedure, it would be a better idea. Also, if an unexpected expense occurs, would you be able to pay for it? If you don’t have the money, you have a potential case for pet insurance. Keep in mind that Consumer Reports gives it two thumbs down, though.

Every book Clark has written includes some mention of Starbucks and how much money people could save if they gave up this “extra” in life. Competitors have picked up on the trend and have started making one-serving coffee makers that brew gourmet coffee in the comfort of your home. It’s convenient because it’s pre-made and there is no measuring or mixing. And it’s great for the companies because they make a great profit on each serving. Not nearly as much as Starbucks, which is making massive amounts of money off its overpriced coffee. But compared to about 4 cents on a regular cup at home, these companies make about 30 cents per cup. What do you spend money on daily or a few times a week that you could cut out of your life? Clark used to buy and consume a pint of ice cream almost every day, but he stopped and he’s saved a bunch. There are a lot of possibilities, so think about it.