Are you entering the holiday season short of cash? Learn the best ways to search for a seasonal job.
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الأربعاء، 21 نوفمبر 2018
9 Holiday Shopping Tips: Be Festive While Saving Big Bucks
The holiday season is here! Discover a few simple shopping tips that will increase your holiday cheer and your savings account simultaneously.
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Americans Added $18 Billion in Personal Loan Debt in 2018. This Could Be Why
In fact, they’ve surged to an all-time high in the United States, with Americans taking out a whopping $125 billion in personal loans as of 2018. That’s a huge jump from $76 billion as recently as 2015.
Personal loans are now the fastest-growing consumer-lending category in the U.S., outpacing the growth of auto loans, mortgages or credit cards, according to an analysis by the credit bureau TransUnion.
Why so many loans?
Online Lenders Now Account for 36% of Loans
In a nutshell, we’re attracted to the eye-popping convenience of getting a loan online.
“Nowadays you can go online, input your information and within minutes find out how much of a loan you qualify for and the possible rate,” Greg Palmieri, a financial planner with the online lender SoFi, told The Penny Hoarder via email.
“Before, you would have had to wait on hold over the phone with your bank or physically go into your bank’s branch, fill out an application and wait to find out if you were eligible and then approved.”
Innovative financial technology — “fintech” — companies are driving the growth in personal loans, according to TransUnion’s data. Online loan marketplaces and peer-to-peer lending platforms have changed the game by serving up quick and easy credit.
Consider the following:
- Fintech companies originated more than a third of all U.S. personal loans in 2017, compared with less than 1% of them in 2010. That’s a huge change in only seven years.
- When the total balance of all U.S. personal loans hit a record $125 billion in 2018, it was an 18% rise from the year before. That’s a big increase!
1 in 17 Americans Have a Personal Loan
It also helps that you can get these loans more or less anonymously.
“It’s far less intimidating than walking into a bank, sitting down with a personal banker and having to deal with the stress of not knowing whether you’re approved,” says J.R. Duren, a personal finance analyst and editor at consumer reviews website HighYa.
“It can be pretty embarrassing to sit across the desk from someone who tells you they can’t approve your loan.”
At this point, roughly 6% of U.S. consumers have an open personal loan, according to TransUnion’s data.
That’s about one out of every 17 Americans.
Why so many loans?
Some experts say that, in this era of rising costs and stagnant wages, more people are taking out personal loans because they have to. It’s their best option.
“Very simply, people are overextended. They have no margin in their finances, so when the unexpected happens, they have no cushion,” says Len Hayduchok, a certified financial planner and CEO of Dedicated Financial Services in Hamilton, New Jersey.
“Between house payments, school loans for themselves or children, medical expenses for parents and increases in health insurance premiums, people need more money to meet their needs and wants — and wages have not kept up with inflation.”
Freedom Is Spending Your Loan on What You Want
Others view it differently.
Lending expert Joe Toms, president of online lender FreedomPlus, believes personal loans are becoming more popular simply because of the freedom they offer — borrowers can use the loans for whatever they want.
Many borrowers, wary of credit card debt that can linger for years, are attracted by a personal loan’s ironclad payment schedule of 36 to 60 months, Toms says. It means they’ll have to stay on track, making sure they eliminate their debt.
Maybe that’s why more and more Americans are taking out loans.
“More consumers than ever are seeing value in a personal loan,” said Jason Laky, senior VP of consumer lending at TransUnion, “whether for debt consolidation or home improvement finance.”
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. Can you loan him some money?
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This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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This Company Offers Life Insurance That Actually Responds to Your Changing Needs
Time’s up! Did you think of pushy salespeople? Or maybe your mind went to the dreaded thought of getting locked into a 20-year policy that isn’t right for you even five years down the road.
Your life is constantly changing, and that’s a good thing. What you really want is life insurance that can change along with you.
According to the Insurance Information Institute, an independent resource for information on all things insurance, 44% of consumers overestimate the cost of life insurance, and more than half of them say they’d get it if they could just get it priced without a physical exam.
If you think you’re ready for a term life insurance plan to help protect your family, check out Ladder. You’ll find that you can get life insurance that is easy to get and easy to change when your life takes a new path.
My Life Changes. What About My Policy?
One of the hardest parts about choosing a life insurance policy is trying to figure out just what kind of policy is the best fit for you and your life. What if you sign a 15-year policy and your life situation changes?
People get married, buy houses, have kids and then, eventually, those kids move out and do their own thing.
Ladder gets it. Your life is dynamic, and your life insurance coverage should be able to change with it. That’s why it offers flexible coverage.
Sign up for the coverage you need, but when your life takes a new path, Ladder lets you add more or even reduce your coverage without dealing with high-pressure agents or even tedious paperwork.
Back up — What Is Term Life Insurance?
Simply put, term life insurance is a life insurance policy that pays out a benefit upon the death of the policy holder. The policy is purchased for a certain term, for example 10 or 20 years, and the policy holder can choose to renew their policy once it expires.
The biggest determining factors in the cost of a term life insurance policy are the amount of coverage (the amount left to the family) and the age, gender and health of the person insured.
The primary benefit is the ability to leave money for loved ones for things like funeral and living expenses.
For example, imagine a man who is 35 years old, married and has two kids. He may choose to purchase term life insurance. If he should die unexpectedly, the insurance policy would leave a predetermined amount of money to his wife and kids to help pay funeral costs. It would also help them get by without his income, so they could continue to pay their bills, stay in their home and continue their education.
Keep Life Simple
You can use Ladder’s coverage calculator to figure out how much coverage you should have. Then your online application only takes a few steps:
- Take about five minutes to answer a few questions about your life and health, such as your income.
- You’ll get an instant decision on coverage, and there’s no risk. You won’t even have to go get a full physical. Some simple lab work might be required, but that’s easy, right?
- You’ll need to enter your driver’s license and social security number, which is true for any life insurance application. The company needs this information to verify your identity and prevent fraud,. It uses a secure website and will not sell your private information.
- You’ll pay no policy fees, and you can cancel anytime. You even get a 30-day money-back guarantee.
Your life is full of changes. Make sure your life insurance can change with you.
Life can be hard, and making decisions about it can seem even harder. Ladder makes life insurance easy to get and easy to change.
Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Best Personal Finance Software
Managing your money isn’t easy, so it’s no wonder that only 41% of Americans have a budget, according to the National Foundation for Credit Counseling.
A budget is the most fundamental financial planning tool out there, and with one, you’ll have a better chance of reaching your short- and long-term financial goals. And if the “b word” makes you bristle, don’t worry: The best personal finance software can make it surprisingly painless.
“Online banking is a great tool to pay bills and reduce paper statements,” says Dan Crimmins, New Jersey-based financial coach at Crimmins Wealth Management. “However, it cannot establish a budget or categorize your expenses. A financial tracking software gives you the ability to review how you are spending your money.”
Several personal finance apps and websites can help you plan and keep track of your spending. No one service is best for everyone, though, so it’s important to compare several options to find the one that works best for you.
To help, we’ve put together a list of the top three personal finance software options and how they can help you achieve your goals.
Best Personal Finance Software: The Simple Dollar’s Top Picks
- Mint: Comprehensive, free, and easy-to-navigate software; great for beginners.
- You Need a Budget: Hardcore budgeting for people who want to know where every dollar is going.
- Albert: Does a lot of the legwork for you and provides you with timely and actionable advice.
Mint
Mint has more than 20 million users, and it’s easy to see why. For starters, the software is free to use, and it automatically syncs your financial accounts so you can budget and track your spending all in one place.
Budgeting isn’t the only service Mint offers, though. You can also:
- Monitor your Equifax credit score.
- Stay on top of your bills.
- Track your investment accounts.
- Get alerts when you’re being charged fees or going over budget.
- View your home’s value (courtesy of Zillow) and track your overall net worth.
For budgeters, Mint’s most valuable feature is its automatic syncing. Just sign into your bank and credit card accounts through Mint’s platform, and you’ll get updates on each account every time you make a transaction.
When transactions come through, Mint will automatically categorize them based on their details. If the assigned category is wrong, you can update it and even split transactions into more than one category online or on the mobile app.
Based on your spending, Mint will also create a budget for you. But as with the transactions, you can customize your budget based on your needs and spending habits.
If you want a bird’s eye view of your spending habits, Mint has a Trends feature that shows you how you’ve spent your money by category over a set period. You can also compare two periods to see how your current spending compares with spending in the past.
While the service is free to use, Mint makes its money by recommending targeted financial products to its users. Depending on your tolerance for such ads, it can be frustrating to feel bombarded with the unsolicited advice.
“Most free financial softwares make money by providing product recommendations or having advertisements within the software or app,” says Dominique Broadway, CEO and personal finance expert at Finances Demystified.
Mint is a great option for:
- Beginners who are overwhelmed with the idea of budgeting.
- Hands-off budgeters who want everything in one place.
- People who don’t mind the ads.
You Need a Budget
You Need a Budget, or YNAB for short, is an intensive budgeting software with the goal of giving every dollar a job. The software is also designed to help users get out of the paycheck-to-paycheck cycle and live off of the previous month’s income.
When you first sign up, YNAB provides you with some general budgeting categories to start with, like Rent/Mortgage, Electric, Groceries, and other essential expenses. You can add or change categories based on your spending habits.
As you continue setting up your budget — either online or with the mobile app — you can add individual accounts and clarify whether each is a budget account or just an account you’re tracking, such as an investment account or auto loan.
While YNAB allows you to connect your financial accounts for automatic transaction importing, it doesn’t require it, allowing you to choose how hands-on you want to be.
As you use YNAB over time, you’ll have access to a few reports to help you make better financial decisions:
- Spending report: This gives you a snapshot of how much you’ve spent in each category over a set period. You can also view how your spending in each category has changed over time.
- Income and expenses report: With this report, you’ll get a detailed breakdown of every source of income, plus exactly how much you spent in each category by month.
- Net worth report: You’ll not only get to see what your current net worth is but also how it’s changed over time. This is valuable because your net worth is a good measure of your overall financial health.
If you have a specific financial goal you’re working toward, you can monitor your progress using YNAB’s goal tracking feature. Choose a target balance or a monthly funding goal, and the software will track your progress and give you some tips along the way.
In addition to giving you a platform to budget, YNAB also offers free, live workshops to give you advice on budgeting, paying off debt, saving and more.
The biggest drawback to YNAB is that it’s not free. When you first sign up, you’ll get a 34-day free trial. But after that, you’ll pay $83.99 per year, which comes out to about $6.99 per month.
YNAB is a great option for:
- Experienced budgeters who want a more hands-on approach.
- People who like to analyze their spending using reports.
- People who don’t mind paying for budgeting software.
Albert
If you prefer mobile over using your computer, both Mint and YNAB have mobile apps. But with Albert, all you get is a mobile app.
Like the other software we’ve listed, Albert allows you to connect your financial accounts when you first get started. From there, though, it does most of the work for you.
For starters, the app will automatically create a budget for you based on your spending, bills, and income. You’ll also get a personalized financial plan, which can help you spot ways to save more and meet other financial goals. If it spots something out of the ordinary, you’ll get an alert.
If you opt in, Albert will automatically set aside a portion of your money into a savings account each week based on what it thinks you won’t miss. Albert even helps you negotiate your bills, which can save you money on ongoing monthly expenses like your phone, cable, security, or other bills.
If you want more personalized service, you can sign up for Albert Genius, which allows you to text the app’s human financial experts and get advice. There’s a fee for this service, but Albert allows you to choose how much to pay. According to its website, most customers pay $6 per month or more for the Genius service, while the minimum cost to operate it is $4 per month.
Albert is a great option for:
- People who want to make better financial decisions but don’t have the time or desire to do it all alone.
- Budgeters who want to automate every aspect of their financial lives.
- People who like the idea of getting personalized advice whenever they need it.
How to Pick the Best Personal Finance Software For You
The best personal finance software is easy to use and helps you improve your money management. But with so many options out there, no single app or website is best for everyone.
As a result, it’s important for you to research these and other options and pick one that best serves your needs. Specifically, ask yourself how hands-on you want to be with the process and what kinds of tools and resources you’d need to make better decisions and stick with the program.
If you’re new to budgeting and feel overwhelmed by the process, it may be better to pick software that does a lot of the work for you. On the flip side, if you’re an experienced budgeter and enjoy getting into the weeds, choose an option that gives you more control.
Whatever you choose, expect to put in a bit of time at the outset to get yourself up and running. “Investing time in the initial setup is crucial to having the system work for you,” says Crimmins.
After you get started, you may think your work is done. But the real challenge becomes checking in with your budget software regularly, even if the app does most of the work for you. “Once you’re all set up, make sure you actually look at the software,” Broadway explains. “Many people will take the time to set it up and never look at it again.”
Most importantly, it’s crucial to understand that while the best personal finance software can help you make better decisions, it won’t, by itself, change your habits. As you take advantage of the different tools and resources available to you, use them to help you develop better spending and savings habits — so that eventually, making wise spending choices and sticking to a budget becomes second nature. It can take some time, but it’s time well spent.
Related Articles:
- The Miracle Money Cure: Six Common Financial Problems a Budget Can Help Fix
- Does Budgeting Seem Too Complex? Five Simple Alternatives
- The Magic Math of Paying Yourself First
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'Keep the Faith': Trump Admin Confident About Economy Despite Big Stock Losses
Stocks plummeted across the board yet again on Tuesday, dropping 551 points, wiping out all the gains the market made in 2018.
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Don’t Get Scammed on Black Friday: How to Identify Deals vs. Duds
Even if your spouse looks at you strangely from the other side of the mattress, you know you’re getting the best deal possible on something you need and would buy anyway. (Because that’s the only reason you’re spending money on Black Friday, right?)
These deals aren’t going to repeat themselves, and they’re too good to miss… Or are they?
Not Every Black Friday Deal Is a Bargain
Turns out, maybe not.
While some Black Friday deals are unbeatable, some are just OK. You might already be able to get an item for the sale price, or cheaper, on Amazon.
Some vendors even have the items listed at the same discounted price in stores right now. But in the Black Friday ads, they list the MSRP (manufacturer’s suggested retail price) in bright red to inflate savings percentages. More like MSRPointless.
In fact, many “deals” are actually complete rip-offs: Did you know some companies create custom items just for Black Friday sales? And I don’t mean exclusive limited editions.
Some retailers flood their sales floors with “derivative products” that look like the real deal. Think TVs with screens with fewer pixels or computers with slower processors.
“Black Friday is about cheap stuff at cheap prices,” DealNews.com’s CEO, Daniel de Grandpre, told BankRate in 2015. Manufacturers can make these slightly less-awesome items more cheaply and sell them at a jaw-dropping discount. They get consumers in the door, but burden them with subpar stuff.
Even the good deals aren’t necessarily “one time only.” If you think you’re seeing the same Black Friday deals year after year, you probably are. Retailers rerun the same (or even better!) deals each year — which means waiting an extra year might save you a few extra bucks, due to inflation and a potentially lower sale price.
How to Spot the Best Black Friday Deals
So how do you know if it’s a deal or a dud?
Know the Likely Suspects
It turns out there are some noticeable trends regarding which deals are bogus. (Notice the same things popping up from year to year.)
Doorbuster TVs, tablets and laptops are more likely to be derivatives with fewer HDMI ports or lackluster specs, and tools for Dad are offered at a better discount in June.
Seasonal items, like winter clothing and decorations, or easy and popular gifts, like chocolate, flowers or vacation packages, also won’t be as steeply discounted. Vendors know you need those items right now and are willing to pay for them.
Beware of Repeat Deals
Need a new cookware set? I bet Rachel Ray’s 20-piece set is going to be available this year for $89. Just an educated guess.
Before you pull out your credit card, check last year’s ads, Amazon or current in-store prices for the item you’re eyeing — is that Black Friday deal really so special?
Creating pressure to purchase right now is a standard psychological trick in the sales industry. How many “limited-time offers” are still on infomercials three years later? Ever been subject to a landlord’s claim that the potential next tenant is coming with cash in hand, so you’d better sign now?
Keep informed and shop around. That knowledge could mean cash in your pocket.
Check the Model Number
Want to make sure that new laptop is really the one you want? Check the model number.
Manufacturers may create new derivative products for Black Friday, but they have to use a unique model number to differentiate the product. Those numbers can’t lie.
Check Reviews
If you’re like me, you exhaustively — or annoyingly — check reviews every time you purchase anything, even a lamp or a dress. I check reviews before I go out for ice cream.
You should probably not try to be like me.
But when it comes to Black Friday, reviews are your friend.
Before you blindly buy the laptop or TV at the biggest discount — you know, the one proudly displayed on the first page of the flyer — check its reviews online. Even a great sale price is too much to pay for a bad product.
Plus, if there are no reviews or the product doesn’t exist yet, that’s a good hint (though no guarantee) the item might be a derivative.
Avoid Rebates… or Make Sure You Actually Use Them
That bold-print sale price might have a fine-print catch: It might include a mail-in rebate. Or maybe the discount isn’t that great, but the purchase of a specific item comes with coupons or gift cards for future use.
Of course, we Penny Hoarders love rebates, cash-back sites, free gift cards and other easy ways to save a few bucks.
But vendors love them for a different reason: Research has shown that statistically, you’re unlikely to follow through with mailing in a rebate. They get the marketing benefit of a shocking sale price with none of the profit cut.
So make sure you’re taking retailers up on those well-advertised offers! If you know you’ll probably forget, skip these deals in favor of regular, discounted prices.
Be vigilant this season, and make sure your Black Friday deals are worth your while. Anything less is a waste of time and money.
Jamie Cattanach is a writer whose work has been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Intentionality
I absolutely love hot sauce.
I put hot sauce on everything. If it’s savory and I have some hot sauce around, I’ll put hot sauce on it. Pizza. Burritos. Scrambled eggs. Grilled vegetables. Beans and rice. All of it gets hot sauce.
Even dishes where you wouldn’t expect hot sauce are dishes where you’ll often find me doling out the hot sauce. I have a savory oatmeal recipe that I often make for myself in the mornings that I consistently add hot sauce to (it’s not sweet at all – much different than the pre-sweetened oatmeal packets from the store).
There are many times where my love for hot sauce has become so routine and automatic that I just put hot sauce directly on things without even really thinking about it. That can backfire if someone has already put some in the dish before serving it, which makes the dish extremely spicy. Sometimes, it can result in me not really appreciating the dish itself because I just drown it in hot sauce without even really considering the food itself.
In those moments, I’m operating pretty much on autopilot. If I see a savory dish, I reach for the hot sauce almost without thinking about it.
Sometimes, however, I’ll find myself at a restaurant where there’s no hot sauce available, or I’ll find myself at the dinner table and we’re out of hot sauce.
It’s in those moments that I eat am meal without it being slathered in hot sauce… and, usually, I end up discovering that I quite like the flavor of something when it’s not bathed in hot sauce.
In recent months, I’ve even chosen not to put hot sauce on a lot of meals that I once smothered with the stuff.
It turned out that somewhere along the line, my use of hot sauce had gone from an active decision to something I did on pure autopilot.
Of course, it’s not just hot sauce. There are many, many, many things that I do – and that we all do – that were once decisions that were taken so regularly that they gradually moved to a state of “autopilot.” It’s no longer really a decision – rather, it’s just something you do in a given situation without thinking.
I see a savory meal in front of me. I drown it in hot sauce. There wasn’t even really a decision making process there.
Autopilot mode has its advantages. It basically subtracts an active decision away from our busy lives so that we don’t run into decision fatigue too quickly, theoretically saving our actual decisions for something more important.
The problem is that autopilot mode can easily run amok, as with my hot sauce usage. You start relying on it for things like buying a coffee on your way to work or going out to eat instead of making food at home and before long, it’s adding up to a pretty hefty expense. It’s taking away from other things you might enjoy. It’s putting pressure on your financial life.
And, yet, autopilot kind of blinds you from the consequences. You’re doing something automatically that’s worked for a long time, so it seems like this thing should be “safe.” The troubles must be coming from elsewhere. You don’t even put that “autopilot” decision on the table when looking at things to change.
That’s where intentionality steps in.
Intentionality is the power of the mind to direct itself toward that which it finds meaningful and take action toward that end. It’s essentially the opposite of autopilot. It’s all about having a clear purpose for every action that you take, one that you can clearly explain.
Do you know why you’re doing what you’re doing? That’s the question that intentionality is always asking you.
I find that taking an intentional approach to the things I’m doing – really focusing on what I’m doing with each step and why and only doing it if it’s sensible and justified – melts away a lot of spending and helps me discover new things in life.
Being intentional let me really enjoy the flavor of several dishes that I hadn’t really considered in years, just by backing off the automatic hot sauce.
Being intentional causes me to order less food when I go out to eat, choosing a small portion rather than a regular one, which is less expensive and healthier for me (and less likely to waste food).
Being intentional means that I don’t go to the coffee shop or stop by any coffee kiosks that often, because I think about whether I really want that coffee and it’s usually the most fleeting of desires. I’m better off money-wise and health-wise to just keep going.
Being intentional isn’t really that difficult. It just means really thinking about everything you’re doing and taking your time with it. Stop and ask yourself why you’re doing this, or why you’re doing that. Is it a really good reason? Or is it just something you’re doing on autopilot?
I find that being intentional with my actions usually leads to me “undoing” some of my worst autopilot decisions. If I’m being carefully intentional about what I’m doing and I bump up on an autopilot decision that really isn’t a good choice, I’ll not only make a different choice in that moment, but I’ve usually smashed down that autopilot decision (or taken a big step toward doing so).
The thing is, once I intentionally knock down an “autopilot” decision a few times, it ceases to be an autopilot decision. It moves back into a conscious decision, and if I’ve already recognized it’s a bad one, I’m often choosing “no.” Often, it begins to fade completely into the background of an option I don’t even consider, like when you’re walking by a bunch of stores on the way to your destination and you don’t actually even consider going into them.
Simply being very intentional about your actions is a powerful personal finance strategy, but it’s difficult to do constantly, if for nothing else the decision fatigue factor. Making decisions is like a muscle – you can make it stronger through certain practices, but it still gets tired and needs rest, and it’s through being automatic about a lot of our decisions that we have the mental energy to make good decisions sometimes.
So, what can we do about this? How can we use intentionality to break down some of our worst automatic decisions to live a financially, physically, and emotionally healthier life? Here are some things that I personally do.
Be intentional at certain moments. Try to be intentional at the grocery store, for example. Think carefully about every decision you make when you’re there rather than just throwing the old familiar items into the cart. Be intentional when you’re going out to eat so that you choose a healthy meal that’s appropriate for your hunger level and don’t spend money on relatively thoughtless decisions. Make a point to be careful and intentional at those moments when you might be spending money, and then let it rest afterwards.
Be intentional about everything for short periods of time. I often practice this for short periods in everyday life, just to get used to it. I’ll just be very intentional with my choices for, say, 15 minutes. I’ll try to think carefully and live in the moment with literally everything I do for 15 minutes.
Practice good “mental hygiene.” This is kind of a catch-all term I’ve started to use for things like getting a good night of sleep, writing in my journal, meditating, and trying to get in a flow state when working. Doing those things tends to decrease my overall decision fatigue, making it easier to be intentional about the things you’re doing.
Autopilot decisions are incredibly helpful in getting us through everyday life, but it can lead us into routines that actually work against what we want most out of life. Being intentional about our choices, even over short periods, can reveal poor autopilot decisions and give us an opportunity to fix them.
Good luck!
More by Trent Hamm:
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How to invest in artificial intelligence
Artificial intelligence is dramatically transforming our lives, by learning to perform tasks that hitherto required human intelligence
It is filtering into all areas of work and life, and is emerging as one of the mega trends of the coming decades.
But how do investors get involved? There are both actively managed and cheaper passive funds available that invest in AI technology.
However, the opportunities still come with a high level of uncertainty and, as well as the possibility of strong gains, you could lose money. AI should only be a small proportion of your investment portfolio for most people and should not be money that you can’t afford to lose.
While change is happening at an almost frantic pace, it still can’t be viewed as a get-rich-quick scheme.
As John Gladwyn, investment manager at Pictet Asset Management, explains: “We are long-term investors and encourage investors seeking exposure to these markets to take a long-term view; it will take a long time for these mega trends to play out fully.”
From PAs, such as Siri, to self-drive cars, AI is already changing our lives
Investing in different types of AI
Researchers at the cutting edge of AI are working on ‘general AI’, which aims to develop intelligent computers that can think and plan across broad areas, teaching themselves just like humans.
Yet the most promising near-term uses are in ‘narrow AI systems’ such as stock-trading algorithms.
Its uses are growing fast. IDC, a US Market intelligence firm, forecasts cognitive and AI spending will grow to US$52.2 billion in 2021, achieving a compound annual growth rate of 46.2% over the 2016-2021 period.
Sheridan Admans, investment manager at The Share Centre, says: “Artificial intelligence systems are becoming entrenched, operating silently in the background… From personal assistants such as Siri to self-driving cars, AI – which is often depicted in fiction as taking on a human form – today manifests itself as search algorithms, such as those used by Google, news generation often referred to as ‘news bots’, medical diagnoses and minimally invasive prostatectomies,plus cybersecurity and autonomous weapons systems.”
AI funds
For those investors seeking to profit from this nascent technological revolution, probably the safest way is via a collective investment vehicle. In recent years, a number of funds have been launched that provide explicit exposure and some diversification in what is still a very high-risk area.
One such fund identified by Ms Admans is the Pictet Robotics fund, which was launched in 2015.
Senior investment managers Peter Lingen and John Gladwyn jointly manage this fund, and Mr Lingen told Moneywise: “We focus our investments in robotics, automation and AI, and we are extremely excited by the potential of these three markets. Given the breadth of use-case/adoption, we do not want to be constrained to the traditional tech sector, parts of which address legacy end markets.
“Similarly, we also want to have breadth across our investment universe so that if one area becomes overheated we are able to allocate assets away from this area into investments where we see better return potential.”
While the fund holds some stocks that could be found in most tech funds, one that isn’t to be found in many and yet offers exposure to AI is Siemens Healthineers.
“Healthineers is a market leader in imaging, diagnostics and advanced therapies. Its new Atellica Solution is leading the automation of the diagnostic lab. Furthermore, Healthineers is taking advantage of its unique position to enable ‘algorithm-supported solutions’, which will both improve patient outcomes and help reduce costs in healthcare,” says Mr Lingen.
An AI-badged fund was launched by Smith & Williamson in June 2017 and, unsurprisingly, its manager Chris Ford is keen to stress the advantages of a specialist AI-focused fund.
“A traditional technology fund will be somewhat hidebound within the sector it is designed to invest in, and as a result is probably missing out on the AI opportunities that exist in sectors such as consumer services, healthcare, energy, financial services and industrials,” he says.
Change is at a frantic pace, but it’s not a get-rich-quick scheme
Offering some exposure to ‘narrow’ AI, AXA Framlington has a Robotech fund that was launched in February 2017, run by Tom Riley. It offers exposure to a robotics market that is estimated to grow 10% to 15% a year until 2025, with what it claims is “a focus on the investable area of the robotics market such as industrial automation, robotics-assisted surgery, driverless vehicles and the underlying intelligence that supports robotic technologies”.
Most recently, Polar Capital also launched an AI-themed fund in October 2017.
The Polar Capital Automation and Artificial Intelligence fund, is run jointly by Ben Rogoff, Nick Evans and Xuesong Zhao. With approximately £350 million funds under management, it is dwarfed by the £1.9 billion Polar Capital Technology Trust, also run by Mr Rogoff, whose share price is up by approximately 1150% over the past 10 years.
Mr Rogoff admits to being hugely excited by AI, but cautions: “I think that for the bulk of the decade to come AI will remain narrow in focus and will be used primarily to augment human decision-making,” he says.
“The exposure in our AI fund today is largely limited to the technology enablers, primarily in the same stocks that the investment trust will invest in. But the long-term plan is very much that as we can identify companies that benefit from AI, we can buy those companies within it. While cloud computing and ubiquitous mobile internet have been core themes within our portfolios over the past decade, we expect adoption of AI to be the driver of the next technology cycle – although we are early in the adoption cycle,” he adds.
Mr Rogoff’s funds hold companies that are enabling AI, such as Nvidia and Xilinx, which are computer-chip companies, and Google, Amazon and Microsoft, which are providing platforms for other companies to access neural networks (computer systems modelled on the human brain and nervous system).
One more general technology trust that Mr Admans suggests for exposure is AXA Framlington Global Technology, which is in The Share Centre’s preferred range of funds. Run by Jeremy Gleeson, it numbers among its top three holdings Alphabet, Apple and Facebook.
Passive investing
For those willing to invest in AI via an exchange traded fund (ETF – a fund that can be bought and sold like a share), there are a couple of options cited by Mr Admans.
“Investors with a preference for index trackers might consider the iShares Automation & Robotics ETF, which seeks to track the performance of an index composed of developed and emerging market companies that are generating significant revenues from specific sectors associated with the development of autonomous and robotic technology.
“Another suitable option could be the GO Units Solutions Robo Global Robotics & Auto (ROBG), which tracks the performance of the ROBO Global Robotics and Automation UCITS Index.”
Chris Menon is a financial journalist and runs the investing blog Safestocks.co.uk
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Diversify if you’re worried about exchange rates
We usually only think about currencies when it comes to holiday spending money. However, currencies – or more specifically exchange rates – can also have an impact on our investments
Brexit: a recent example
A good example of the impact currency movements can have on our investments came when we held the EU referendum.
The day of the vote, the London currency markets closed with the Sterling/US dollar spot exchange rate at 1.4947. This means that £1 bought you $1.50. The political fallout and resulting uncertainty of the ‘Leave’ result caused the pound to fall sharply in value. When the markets opened on the Monday morning, the exchange rate had fallen to 1.3445, meaning you would now only get about $1.34 for your £1. In holiday terms, we had less spending money but what about in investment terms?
As an investor in the UK investing in a US company, the returns you will ultimately receive will be influenced by movements in the Sterling/dollar exchange rate too. If Sterling weakens against the dollar, your returns will be enhanced. If it strengthens, returns will be diminished.
Let me explain. Darius’s US equity fund (a fictional fund investing in US companies) has shares worth $5 each. The exchange rate is £1/$1.50, so each share is worth £3.33. You invested $500 (or £333) before Brexit and got 100 shares. Assuming the share price is still $5 after Brexit, but the exchange rate is now £1/$1.34, $500 is now worth £373, so you gained £40 as a result of the weakness of Sterling.
The de facto global currency
There are other currencies in the world, but the US dollar tends to dominate when it comes to our investments. This is because it is the de facto global currency and makes up 64% of all known central bank foreign reserves. So it’s important to know a couple more things about the greenback if you are a global investor.
Firstly, the US dollar is seen as a safe-haven currency. At times of extreme stock market stress or geopolitical uncertainty, it is the asset everyone turns to. In 2008, when the global financial crisis took hold, investors rushed to buy the US dollar at the expense of other assets. So while global stock markets fell, the value of the US dollar increased.
Secondly, the US dollar can have a major impact on emerging markets – mainly because a lot of emerging market economies have dollar-denominated debt. So if the dollar strengthens, their loans become more expensive to pay back.
When there is extreme stock-market stress, everyone turns to the US dollar
Protecting your portfolio from currency risks
Over the long term, currency fluctuations tend to be ironed out and it is very rare to get the extreme currency movements we have seen in recent years.
But if you want to minimise your currency exposure, you can choose one of three options:
- Invest solely in UK companies (but note that some will have revenues from overseas still).
- Invest in an overseas fund with a ‘currency-hedged’ share class if one is available (currency fluctuations are lowered by using financial instruments called derivatives).
- Make sure your portfolio is diversified, so any one currency has less of an impact.
Personally, I would pick option three as the easiest way to achieve diversification is to choose a global equity fund.
A few I like, which have a good spread of investments across the globe, include Fidelity Global Dividend, Standard Life Investments Global Smaller Companies and F&C Global Smaller Companies trust.
The first invests in larger companies that also offer a good yield. It currently has around 30% invested in the US, 22% in Eurozone countries, 20% in the UK, 8% in Japan, 8% in Switzerland, and the rest in Asia.
The other two invest in smaller companies and have larger exposure to the US (40%-plus), but also have more exposure to Asia and emerging markets right now.
Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. Darius’s views are his own and do not constitute financial advice.
Darius McDermott is managing director at Chelsea Financial Services and FundCalibre
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الثلاثاء، 20 نوفمبر 2018
ESU names Williams as dean of Business and Management
EAST STROUDSBURG — East Stroudsburg University this week named its new dean of the College of Business and Management. Sylvester Williams, J.D., will lead the division effective Jan. 1, ESU Provost and Vice President for Academic Affairs Joanne Bruno, J.D., announced in a Monday statement.“It's an exciting time for our business and management programs,” said Bruno. “The depth and breadth of Dr. Williams’ experiences are certain to help us as we [...]
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These Free Apps Will Actually Pay You to Skip Those Holiday Desserts
And by out of control, I mean I have none. Especially when it comes to sweets. As you can imagine, the holidays are a particularly difficult time for me.
Sweet potato pie? One more slice, please. Homemade fudge? I’ll eat it ’til I feel sick. Caramel cake? Don’t count on leftovers…
But this year, I’m making big plans to step away from the dessert table. I’ve spent the past few days considering my options.
Sure, I could excuse myself from the table and run far, far away. Or I could just hide in the depths of my childhood closet, only emerging once every last crumb is gone.
Or I could do something slightly more normal: I could reward myself — in cash and gift cards — for skipping dessert.
Yes, you can actually get paid to lose weight.
I’ll share with you a few strategies I’m considering.
1. Walk It Off, Man
Sometimes the best tactic to avoid any situation is to just say no and walk away. (Isn’t that what they taught us in D.A.R.E.?)
For that reason, I’ve downloaded two apps that’ll reward me for the number of steps I’ve taken.
- Achievement: This is an app you can connect to other apps to keep track of your daily activity.
For example, hook Achievement up to your Fitbit, Garmin, MapMyRun or MyFitnessPal (among a bunch of others). It’ll keep track of your steps and reward you in points. Once you collect 10,000 points, exchange them for a $10 gift card. About 20,000 steps equates to 50 points.
On that note, I’ve got to say, this isn’t the fastest way to earn money, but it’s so passive I don’t mind. Plus, Achievement delivers weekly progress reports to my inbox, which motivates me to keep moving.
2. Bet Yourself You Can Skip Dessert
Because I have terrible self-control, I have this Negative Nancy voice in my head saying, “You can’t do it. Give up.” This goes for anything — from going on a two-mile run to lifting five-pound weights to, yup, skipping dessert.
But as I grow older and wiser (lol), this voice is slowly fading. Plus, it helps when I have something I’m working toward — like money. You can quite literally get paid to lose weight.
The holidays are a wonderful time to sign up for a service like HealthyWage to keep yourself accountable. HealthyWage allows you to place a bet on yourself and your weight-loss goals. (Yeah, with, like, real money.)
Start by using the HealthyWage Prize Calculator. Here, you’ll enter how much weight you’d like to lose (a minimum of 10% of your starting weight), how long it’ll take (six to 18 months) and how much you want to bet (anywhere between $20 to $150 a month). The calculator then determines your price amount.
Then, officially place your bet, agreeing to pay the monthly amount for the duration of the challenge. When you hit your weight-loss goal (yes, when!), you’ll earn your prize. If you don’t hit your goal, the money goes toward HealthyWage.
Read some inspirational HealthyWage stories here before setting out.
Bye, Negative Nancy.
3. Get Out of The House
If you’re lacking in the self-control department, I have to say: This might not be your best tip. (You’ll understand why in a second…)
Anyway, download the Shopkick app. It’s one of our favorite cash-back rewards apps because you don’t even shop to earn money back. Our very own Khiem Nguyen has earned nearly $450 in gift cards using Shopkick.
Here’s how it works: You earn kicks for completing various tasks. These include walking into affiliated stores (like Target, Best Buy and Walmart) and scanning barcodes of various items throughout the stores.
I started using the app recently, and it definitely becomes a game. How many items can I scan in Target? Which will reward me with the most kicks?
The only issue? I get blinded by all the pretty, shiny products along the way and have to resist impulse purchases.
But once I hit a certain amount of kicks, I can exchange them for a gift card. Right now, I’m working my way toward a $25 Amazon gift card.
Needless to say, this has become a fun game to play when I have to run errands. And it could prove to be a fun way to escape the temptation of dessert and to scope out Black Friday or after-Christmas shopping crowds.
You can even get your family and friends in on the action and refer them to sign up. When they do, you’ll bank 250 bonus kicks.
What do you think? Is money a strong enough motivation to pry you away from the dessert? Are you ready to get paid to lose weight?
*Sighs deeply*
We’ll see…
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She’s just going to tell her mom to make licorice pudding — because that’s probably the only dessert she’d never eat.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Some Thoughts on Aging Parents
I’ve had a draft of this post in various forms floating around for years and I felt that right now, on the cusp of Thanksgiving, when many families are getting together to celebrate a meal and a day together, it might be a good moment to write about the ins and outs of aging parents. I hope that some of this might spur healthy conversations in your family over the next few days.
My parents are still in pretty good shape. They’ve been retired for a few years and live together in the house I grew up in. My dad still has a nice garden, though it’s not as big as it was when I was a kid and there were a lot of mouths to feed and kids to help with the weeding. He still goes fishing when the weather is nice. My mom still cooks up a storm any time anyone in the family is within 100 feet of their house. They joke and banter with each other just like they always have. My mom still loves to dote on the grandkids and utterly wear herself out doing things with them. My dad still loves to dress up a little for Halloween and joke with children as he passes out candy.
Still, they’re getting older. That’s just the reality of how things go. Over the last several years, I’ve really had to come to grips with the idea that there will come a day when my parents aren’t around any more and I know from the conversations we’ve had that they know that day is coming, too. Hopefully, it’s many years off in the future, but they’ve reached a stage in their life where there are hints of their mortality everywhere, in the passing of their old friends, in the aging of their bodies, in the aches and pains, and so many other little things. They handle it with dignity and minimize how it impacts anyone else because that’s how they are, but I’ve been an observer of them for decades and I see it.
Over the last several years, I’ve done a lot of reading about what children should do to help their parents as they age and begin to have to deal with issues such as their retirement, their estate planning, and how to handle a big number of end of life issues. I’ve also had to process a few regrets of my own, of things left unsaid when people I care about have passed away unexpectedly with our relationship in a place that I didn’t like. That reading and thinking has spurred me into a lot of conversations and other things with my parents, and I’ve learned a lot from the experience. Here are six invaluable lessons I’ve learned over these last several years.
(It’s worth noting here that some parent-child relationships are burdened with some additional difficulties that aren’t really addressed here. What I’m generally discussing are relationships that are on generally good terms, but perhaps not as close as they could be, with both parents and children worried about what might come. I find this kind of relationship very common among my circle of friends and among many readers who have shared their thoughts over the years.)
Take the Time. You Won’t Regret It.
The biggest issue for many people who are middle aged with aging parents is time. You’re trying to sustain a career. You might be trying to build and maintain a strong marriage. You might be trying to raise kids. You probably want some time for your own hobbies and interests. You’re responsible for all of the things an adult is responsible for – household chores, bills, and so on.
Often, finding time for parents can seem really difficult. It’s easy to let a phone call to mom and/or dad slip your mind simply because they’re just a constant in your life. It’s so easy to feel like they’ll always be there, even though in your conscious mind, you might recognize that they won’t be.
My recommendation? Make time.
Block off some time for your parents on your calendar each week. Give them a call (if you live remotely) and just talk about life. If you live anywhere nearby, stop by for a while.
Literally insert a block of time into your weekly calendar to call your parents or visit them. Once every month or two, block off time to spend an afternoon with them. Spend that afternoon with them just hanging out or taking care of little things that they need done around their home.
There are a bunch of reasons for this, but I’ll give you two.
First, spending time with your parents before they’re gone is one of those “important but not urgent” tasks we all have in our lives. So often, we let those things be trumped by things that are “urgent but not important” – a television show we’re itching to watch or an online conversation or something like that. We tell ourselves that the “important but not urgent” thing can be done later… until it can’t, and we feel like we’ve failed. I feel this way about at least one relationship in my life, and it’s an awful way to feel. Don’t let it happen. Always prioritize “important but not urgent” things like spending some time with your parents while they’re still around over “urgent but not important” things like the big game on television.
Second, it’s that consistent time that opens the door to enough trust that they’ll actually talk straight with you about what’s going on. Without that trust, your parents are very likely to not let on what’s actually happening with them and try to minimize any worry you might have. Often, that results in a “funhouse mirror” image of their actual situation. Strong relationships, ones where you can break through that “public face” and actually talk about deeper issues, are ones that require time.
If you genuinely, authentically want to be there to help your parents during the latter years of their life and to have some good quality time with them before they pass, you’ve got to make that time. There’s no shortcut around it.
Ask Them What They Want, and Let That Take the Lead
My parents and I have had several conversations about what they want done with their estate, conversations that just wouldn’t have happened without a lot of quality conversations and time spent together as adults that care about each other.
Without those conversations, I might very well have substituted my own ideas for what they wanted out of the remainder of their life and operated based on those assumptions. In truth, however, those ideas are actually what I want for myself late in life, not necessarily what they want for themselves late in life.
This would have probably caused me to push them in a direction they didn’t want, one that they would have either fought against (making us both unhappy) or acquiesced to (making them very unhappy). Neither one helps me to figure out what they actually want, and they both do damage to our relationship.
The best solution here is to ask them what they want, and listen. Close your mouth. Stop thinking about what you’re going to say next. Listen. Listen carefully. Even if they’re not directly telling you what they want, they’re still often telling you indirectly, and you can pick up on that quite easily if you just listen and afford them that respect.
You can start to build the kind of relationship where you’ll get an honest picture of things by listening to the smaller stuff. Listen to what’s going on in their life and what’s important to them, without interjecting your own thoughts or tales of your own activities (do some of that, sure, but let them talk, too) and what you think they should be doing. Let them tell you.
That will build over time into conversations where you can talk about what they want in terms of their estate and in terms of the rest of their years.
Figure Out Their Goals (Not Yours) and Come Up With Very Simple Steps to Help Them Get There
Your relationship is strong enough that you can easily talk about what the future holds for both of you. That’s a good first step. The next step is to talk about goals and planning for those goals.
What do they want their upcoming years to look like? What do they want their estate plans to look like? Start with very open ended questions like these, and let them tell you what they have in mind in a very open ended way.
The thing is, the more specific you make those kinds of questions, the more you’re guiding them toward what it is that you want. As I noted above, that’s one of the surest ways to cause such a conversation to turn into a conflict. You might want an elderly parent to go to a retirement home and they are flat-out not ready to do so, so if you turn the question into “when are you going to the home, Mom?” it’s going to be bitter.
Instead, ask something like “how would you like the next several years to go, Mom?” Tell her that you want to know what she wants to do so you can help make that happen as easily and peacefully as possible.
Often, this kind of conversation is helpful for everyone involved. It lets the person being asked to actually articulate what they want, and it lets the person listening get a very clear picture of what the other person wants. It removes the issue that both sides might substitute other factors into the picture – pleasing the other person and taking the easiest path are both removed.
Once you have that picture, you can start talking about how to get there, and the best way to handle that is to break it down into one small piece at a time. Often, big tasks like making a will or planning an estate can seem overwhelming on their own, but if you work together to break it down into a checklist, or even one single task that constitutes a step in the right direction, it becomes much more manageable and everyone involved can feel like you’re working toward that vision.
They Might Not Take Your Advice… and That’s OK
There are going to be times where you think you have the perfect plan for where your parents seemingly want to go… and then they just don’t do it. It can feel frustrating. Really frustrating.
The thing is, there’s usually a really sensible reason for this, and it’s not a good reason to get upset. Here are a few potential causes for it.
One, the “plan” you constituted together isn’t one they’re on board with. The plan you came up with together to get to that destination they want might be more “your” plan than theirs, and they have a different way of getting there. This often happens when there are plans that involve other people and your parents simply want to handle things differently than you do. In this case, be patient. Just ask for updates once in a while and let it be. Don’t push it through, because there may be dynamics you’re unaware of.
Two, your parents may not be as on board with the big goals as you thought they were. It is extremely easy to “push” your parents toward a goal that you want rather than the one that they want, and if you do that, they’re often going to be agreeable with you in the moment but then not take any steps forward toward that plan because it’s not something they want. If you find that nothing is happening toward that goal, stop pushing and go back to the drawing board. Let them lead with regards to the goal.
Three, the next step might be a very big step and they’re apprehensive about it. We all do it – we know what we need to do next and we even want to do it, but it’s a big frightening step, so we procrastinate. A good way to handle this is to simply offer gently to go along with them as they’re doing it, whatever that step might be. I’ve gone along with my parents for a few things as they change account beneficiaries and so on, things that I know they could have done on their own but they were simply more confident to handle if I was there. In those cases, I just simply offered to be there when they did it if they wanted and they pretty much jumped up at that offer. Just offer to go along with them when they take care of a task.
The key here is to not respond by getting upset or angry. The best thing you can do in these situations is either make the next step as easy as possible or help them rewind and start working toward a goal that’s more meaningful for them. Getting upset or angry doesn’t achieve either goal and drives a wedge.
Consider What You Want When You’re That Age
This is perhaps the most useful thing I’ve done in terms of knowing what to do and how to handle these kinds of conversations and situations. I simply think about what I might be like when I’m their age.
What I’ll want more than anything at that time, I think, is meaningful conversation and time together. I want to be a part of my children’s lives as adults in a meaningful way, not as a burden. I want to be able to help them in meaningful ways and they help me in meaningful ways so that we both benefit from that relationship.
Given that, I try to aim for being on the “child” side of that equation with my own parents. I help them with some things. They help me with some things. Often, they help me by being an ear to listen when I need to vent about challenges (often related to parenting and time commitments) and sometimes with child care. I help them with other things, like travel arrangements and being a sounding board for some things and, yes, some estate planning.
I want them to be a positive addition to my life and I try to look for ways where they can do that. It is helpful for both of us when that happens.
Be Patient
Patience is a virtue that’s often hard to come by in this modern era where things often happen at the blink of an eye. We want an answer now. We want results now.
This isn’t a situation for now. This is a situation for patience.
Having a successful relationship with aging parents is an exercise in patience, in regular conversations over years and years, with a step here and a step there. It’s very likely that things like figuring out the future and estate planning are just not going to happen overnight. They’re going to take quite a while.
And that’s okay.
This is one of those situations where the journey matters more than the destination. Sure, you’ll eventually wind up with an estate plan and some clear decisions about what to do, but if you do it over the course of a lot of regular conversations and afternoons spent together, what will actually be built is a strong relationship between adults who genuinely care about each other, and that has far more value than the specifics of an estate plan or anything like that.
Be patient. Build to the point where the conversations that need to occur happen naturally and between people who really trust and love each other. That takes time. That takes a lot of conversations and phone calls and visits.
The thing is, along the way, those conversations and phone calls and visits build into something valuable on their own, something that helps you through difficult moments right now and will stick with you for the rest of your life.
Eventually, through patience, the estate planning and the end-of-life planning goes from being difficult to being something you handle together with a lot more ease and a lot more trust. You have to build to that, though. It takes a lot of time, but the process is infinitely rewarding.
So, What Can I Do This Holiday Season?
If you’re like many Americans and you’re going to be spending time with your parents and other loved ones this week, here are some specific things you can do to start putting this all into practice.
Listen. Have conversations with your parents in which you really listen to them. Turn off the voice in your head that’s formulating what you’re going to say next and just listen, both to what they’re saying and to what’s left unsaid.
If you find that to be a struggle, ask questions. I find that asking questions is the magic formula for good conversation, because it gives the other person something to talk about, and if you genuinely listen, more questions bubble up, and then they’ll ask questions back, and before you know it, you’ve had a nice long meaningful conversation. Have a healthy number of those and you’re building a strong relationship.
Don’t substitute what you want for what they want. You might really want your parents to have a concrete estate plan in place and a concrete end-of-life plan in place. You might even think you know exactly what those plans should be. Check that thinking, right now. That’s what you want, not what they want.
Put the things you want in the backseat for a while. See if you can gently figure out what they want through lots of conversation and listening, and put that first. Don’t substitute what you want for what they want.
Start a consistent pattern of conversation and contact and time together, especially if you don’t have one. Having a couple good conversations during the holidays isn’t a substitute for a strong ongoing relationship. Let it be a starting point, but literally schedule the time to keep those conversations going. Block out an hour on your calendar once a week to have a real conversation. Send a text every once in a while, too. Plan an afternoon to stop by just to have coffee or do a little task around the house or go grocery shopping together (or get the groceries, if needed).
The key thing is to do this consistently over a long period of time. It’s a small bite out of your time, but it’s strengthening the foundation of that relationship so that the trust is there when it’s really needed.
It’s going to be difficult sometimes. You will have to face tasks and difficulties that you really don’t want to face. Remember two things. One, your parents likely don’t want this, either. No one wants to age. It doesn’t come easy for anyone, no matter what their public face is saying. Two, this is your chance to repay some of what your parents have done for you over the years. They fed you and provided shelter for you for the first two decades of your life. Hopefully, they were supportive in other ways as well, though no one is perfect. There were times when you were unbelievably difficult, and yet they were still there. Don’t forget that.
The specifics of the estate plan and other plans come second (at most). Your focus should be on a strong relationship, where you mutually help each other. If you can build that, then when they’re actually ready to make those decisions, they trust you and know that you’ll help with their wishes. You’ll find, as I have, that if you do this, such conversations just come naturally and the situation resolves itself far more elegantly than you might have ever thought.
Don’t force the conversation. Instead, build the relationship to the point where the needed conversations happen naturally and effortlessly, and then the situation resolves itself peacefully. Along the way, you’ll build an invaluable relationship, and you won’t feel regrets when your parents do eventually pass on.
Good luck.
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