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You are here: Home / Archives for Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University. 

What Do You Do When Things Go Wrong? – 2 Guys and Your Money

March 4, 2013 by Joe Saul-Sehy 12 Comments

Have shows come automatically to your iPod! Use the 2 Guys iTunes page here.

Listen to shows on your smartphone! Try the Stitcher app here.

30 episodes and going strong! To celebrate, we’re bringing our best show yet.

OG lost a computer last week, forcing him to take a week off from the podcast (thanks to Doug for filling in!). That means that it’s a good week to talk about risk management… What can go wrong? What should you do about it? Joe & OG tackle some lessons gleaned from Hollywood stars who’ve lost fortunes, PK discusses credit, Lance from Money, Life & More and Greg from Club Thrifty join Joe to discuss covering your bases with insurance, and finally, we give you our Top 5 Ways to Protect Your Portfolio.

As usual, show notes will fill in throughout the day Monday

2 Guys & Your Money Show 30: Notes

<> Open

<1:50> H&R Block offer: Save 15% on your tax prep!

<4:56> Lessons learned from stars who’ve run into money trouble

<15:58> PK’s Fractional Sense: Credit

1 in 20 have a catastrophic error on their credit report

Link in PK’s segment: annualcreditreport.com

<23:54> Shortwave: Lance from Money, Life & More and Greg from Club Thrifty join us to discuss contingency planning.

Don’t want to sit at your computer and listen to the show? Take it with you! Use either iTunes or Stitcher to listen to the show on the go.

Link to the 2 Guys iTunes page here. Listen on the Stitcher app here.

<40:11> Let’s Give Something Away

Our March Giveaway is Here! This month win one of Laura Vanderkam’s eBooks.

Link to our Giveaway

<> Top 5 Ways to Protect Your Portfolio

OG Top 5

5) Create a system to monitor your portfolio

4) Options (writing covered calls)

3) Stop loss

2) Diversification. Proper asset allocation

1) Nothing. We are our own worst enemy.

Joe Top 5

5) Dollar Cost Averaging

4) Rebalance

3) Scheduled meetings

2) Options (buying puts)

1) Stop loss

 

<> End: Films

– OG – Flight

– Joe – House of Cards

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Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Podcast Tagged With: financial advice, financial advisor, financial radio, fun financial podcast, H&R Block, iTunes, podcast, radio, Risk management

Average Joe’s Saturday Read-Along

March 2, 2013 by Joe Saul-Sehy 34 Comments

Wow! So how long has it been since I’ve done one of these, huh? I know. I’ve been waiting, too. It’s always good to throw down a few shout outs (but never as many as I’d really like…by the time I get these posts done I’ve read a bajillion great pieces).

 

The Diary

 

Thanks to everyone who responded to my last Diary post. It’s awesome to get so many words of encouragement. Pauline at Reach Financial Independence gave me great suggestions on hiring a VA, Kathleen at FrugalPortland wrote to ask about which class we’re taking, Siccora at Tackling Our Debt wrote to me about KeePass (awesome tip) and last, Matt at Dumb Passive Income offered to help me with SEO by working on a joint project together. Check out his site…pretty soon he’ll SEO some Average Joe’s Money Blog posts. Can’t wait for the lesson, Matt!

Not getting my Diary? What the hell are you waiting for? Sign up and we’ll get you caught up on the action behind the scenes at the blog. A quick note…the Diary is different than our newsletter (which is filled with awesome tips and discounts). Follow this link to find the Diary subscription page and we’ll bring it to your inbox, pronto!

 

I’m a braggart

 

Total non-sequitur. Check out this kid.

 

Nick taking off

That’s my son warming up at the Texas State Swimming Championships! He finished 14th in the state in both the 100 and 200 freestyle and anchored both of his team’s freestyle relays. Thanks to our friend Kathy Anglin for the killer action shot.

By the way: He doesn’t get it from me. I swim like a brick.

 

Some of My Favorite Reads

 

Holy cow. Again, I’d like to apologize to people who don’t appear here today. I read these lists of “favs” on other blogs and totally get depressed when I don’t see some of my AJ Money Blog awesomeness listed. First, I can’t put as much time into these as I’d like AND there is just too much good writing.

Could you help me? To make this list easier, please write other bloggers and ask them to suck a little more. That’ll help both you and me. Thank you.

I no longer do “Blog Post of the Week,” but if I did, it would go to John’s spouse Nicole at Frugal Rules. Her post “Losing Isaac, Finding Life in the Death of a Child” is so incredibly sad, yet unbelievably inspiring.

Our good friends Len Penzo and PK at DQYDJ never fail to make me laugh and teach me a lesson at the same time. Check out Len’s 9 ’Oops’ Moments That I Ultimately Paid For (One Way or Another) and PK’s take on the blog world’s latest drama: On Shortcuts, Originality…and Casablanca.

KrantCents has written some fantastic pieces. The Case Against Paying Off Your Mortgage may be my favorite of all.

Possible Reason #1 I can’t wait for FinCon: to personally again witness one of Jana’s rants. If you’ve never seen the sun set over the Pacific Ocean, the Statue of Liberty in the early morning, the Grand Canyon at dusk, or heard one of Jana’s rants, you’re missing out on life. It’s true. After meeting her last year at FinCon I now read her posts as if she’s reading them to me. It makes them authentic. Check out Change Your Situation With a Little Drastic Action at Daily Money Shot. Special thanks, too, to Jana for running the Bloggers helping Bloggers program. Maybe that’s why there’s been so much good content lately around the interwebs….

Speaking of friends and FinCon, my friend Erin at Dog Ate My Wallet writes some wonderful, contemplative prose in Walking in the Rain.

John and Todd at Fearless Men are back with another awesome round of Best Fearless Men quotes. My suggestions, such as “Don’t piss in the bathtub” never seem to make the cut. The bar must be pretty high….

Kim at Eyes on the Dollar writes a well-thought piece called Is Poverty in the United States an Excuse to Do Poorly in School? If you’ve watched Waiting for Superman, you know this is a complex problem. Read the comments for some great discussion, also.

A website I have more appreciation for all the time is Brick by Brick Investing. Soon-to-be-daddy Marvin does a super job of laying out the details of investing as well as anyone I’ve read. Read Lazy Attitudes…I Absolutely Love Them.

See that? I just went over my self-imposed “eight post” limit AGAIN and I still have about 30 more I loved this week.

Thanks everyone for stopping by our site. It’s increasingly the fun of being a part of this community (even when we have the drama of your average 10th grade hormonal class) that gets me excited about doing this.

 

Hello…My Name is….

 

Check out two “new to me” promising bloggers on the scene since my last read-a-long:

Jose at The Wise Dollar has a unique voice and situation. He’s taking care of his elderly parent’s finances AND his own situation. Because of that you’ll get a little of everything from his blog. Check out a sample: Estate Planning – Our Return From Miami.

The blogger at Write Your Own Reality is another distinct new voice. Check out To DRIP or not to DRIP where I promise he isn’t talking about post-nasal anything….

 

Join In!

 

My friend Maria at The Money Principle and I are on Daily Mile, a fun site to track your running. Friend us both! We’d love to have more people out there (I say that and I’ve only been there twice…help me get there more often!). Aloysa at My Broken Coin pinged me a while ago, but I have changed profiles, and Shannyn at FrugalBeautiful uses the site often. Let’s hold each other accountable to our running goals!

 

 

We’re Very Popular and Modest, Too…

 

I’m grateful that our work has been displayed in many places in the past few weeks, including:

Laurie at The Frugal Farmer was nice enough to nod toward our post Average Joe vs. Upside Down Teacups and Other Nonsense in her awesome post Oops, I Did It Again (Almost!). Ever fight to reach your goals? Sure you have. Read Laurie’s story about ALMOST forgetting the big picture.

Thank you to John at Frugal Rules, Holly and Greg at Club Thrifty and John & Todd at Fearless Men for pointing readers toward 5 Great Stock Buying Tips to Practice Today. Like two guys who high five each other because they wore the same shirt to school, John and I had similar posts on the same day (not eerily similar, like elsewhere on the internet this week, but “dude, awesome” similar….).

Maria at The Money Principle mentioned The Power of Big, Fat Audacious Goals, a post I was honored to write about my friends who ran 100 miles.

Marvin at Brick By Brick Investing, Grayson at Debt Roundup and Adam at Money Bulldog kindly pointed readers toward Average Joe vs. Upside Down Teacups and Other Nonsense. Thank you, guys!

Pauline at Reach Financial Independence and Erin at The Dog Ate My Wallet mentioned Long Term Care Planning, What Would You Do? to her readers. Thanks, Pauline!

Hope you’re having an awesome weekend!

Photo: aussiegall

 

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Carnival

Win a Canon Rebel T4i DSLR Camera!

March 1, 2013 by Joe Saul-Sehy Leave a Comment

Happy Friday, peeps!

I was about to give you an episode of Average Joe’s Friday Read-a-Long, but then I thought…hey, if a lump sum settlement company would pony up a camera, how about if I give it away to a blog reader?

Then my brain said, “Awesome!”

So, let’s go win a kick-ass camera! Lots of exclamation points! Too much coffee! Nap Time Later!

a Rafflecopter giveaway

Photo: David Boyle in DC

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Uncategorized

5 Great Stock Buying Tips To Practice Today

February 26, 2013 by Joe Saul-Sehy 36 Comments

Care enough about your portfolio to practice, practice, practice.

Small investors are a mess. Too many of us want to have a portfolio that looks clean and tidy, but we don’t want to be bothered to practice learning the skills it’ll take. Why not? I just left the Texas High School State Swim Championships, where my kids both swam with the best of the best. Do you know how they got there? Would it surprise you if I told you that it wasn’t walking around saying, “I think I can swim a really fast time this meet?”

Of course it wouldn’t surprise you. People who don’t care don’t read financial blogs, do they? You’re ready to rock!

Since they were 7 years old, my kids have been in the water practicing for this last weekend. Sure, at the time they were just looking to get through the next meet, but because they’re seniors in high school, there’s a big chance that neither will go beyond the speeds they swam in the pool this weekend ever again. All of that work culminated in this last chance at the pool. My daughter swam her fastest time ever and my son swam in 2nd fastest times in all of his 4 events. Practice didn’t make perfect. Perfect practice made perfect. Lots of hours of perfect practice.

 

What does this have to do with stocks?

 

When I see failing investors, it’s often because they want success in the moment. Because anyone can buy a stock, it looks easy, doesn’t it? Who can’t pick the next big winner?

Watching pros trade and then observing Main Street trade you begin to understand the difference. The pro takes a ton more time and care when picking than just asking the dude next to him at work what’s rockin’ for him!

You too can become a better stock picker if you take the time to learn identifiers of a reliable investment. You can pull the trigger on your investments in a better way once you’ve picked the stock.

 

5 stock buying tips to practice today to become a better investor:

 

1)   Practice comparing stocks in a category and read the annual report. I actually love to read the message at the beginning of annual reports. Why? I get a feeling for the business and their focus. You’ll learn who the competitors are, what the product does, and what their concerns are.

Several years ago I happened to be reading the annual reports of GE and a casino back-to-back. Jack Welch, then CEO of GE, wrote about how the company needed to improve on all fronts. He wrote about how empowering their workforce was the #1 goal of the company. He also wrote that someone asked him about the end customer, and why that wasn’t his focus. He said that if he focused on his people, they’d do a better job with customers, and everyone would win. The casino? They talked about the current economic climate and how it was difficult to do anything when people weren’t gambling. They focused on regulatory changes and travel costs. Guess which one won my hard earned money that day?

Don’t stop at the fluff messages written by PR people, though. Take one statistic each week and become familiar with it. Start with PE ratio, then Price-to-Book. Learn to compare revenue and earnings numbers. Dive into insider trades (not the illegal variety…stick with watching what the “big wigs” at the company are purchasing).

2)   Learn to make watch lists, and watch them.  When I created my first watch lists, they were WAY too long and unorganized. I learned through my experience, though. Good stock picking is about creating crude systems and then working your system to improve.

3)   Buy stocks at the market, and avoid the open. How egotistical is it to think that a stock that’s been rocketing (those are the ones you should focus on, by the way), will turn around and reverse course just long enough to descend to YOUR CHOSEN SPOT and then turn around again and shoot to the moon? How omniscient do you think you are?

A key part in realizing the danger of the market is in knowing that you are a little itty-bitty part of a much bigger financial market that you cannot possibly understand. As much as CNBC and Fox Business try to tell you “why” the stock market moved, they have no clue. If you understand that you have no idea where the market is going to go tomorrow you’ll do two things better: 1) you’ll buy stocks you really like on an up-trend, and 2) you’ll pay a hell of a lot more attention to your downside risk.

4)   Buy an option. One time, write a covered call. We’ve written about how these work already. If you haven’t done it yet, what are you waiting for? Sure, you may lose a dollar or two, but what’s the price of education? You’ll never know how it works REALLY until you REALLY do it. Jump in and sell a covered call. It’s the least risky option available.

5)   When you screw up (and you will), don’t think “I’m never doing that again.” Sadly, that’s the message most investors receive when markets turn against them. This is the market teaching you a lesson! Use the lesson! Don’t go off and mess up some other area where you’re clueless!

Photo: Jim Bahn

What “Golden Rules” do you practice when investing outside of “buy and hold?” Put your 5 Stock Buying Tips out there so others can learn!

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Investing, successful investing Tagged With: 5 Stock Tips, market open, stock trading, trading

Zillow’s Top 10 Cities To Find True Love – 2 Guys and Your Money 029

February 25, 2013 by Joe Saul-Sehy 1 Comment

Have shows come automatically to your iPod! Use the 2 Guys iTunes page here.

Listen to shows on your smartphone! Try the Stitcher app here.

 

Twue wuve…… (bonus points if you can identify that line below).

If you’re lookin’ for love, we’ve got the best episode EV-AR. Plus, we show you how to plan your mortgage and the pitfalls of running financial planning simulations. I get the chills just thinkin’ about how fun this episode will be for you!

Alison Paoli from Zillow joins the show this week to share the results of a recent study: The Top 10 Towns to Find Love. If you missed your true love this Valentine’s Day, maybe it’s time to move. She’ll show you to the top cities that should be on your list. Many of them you’d expect, but some are big surprises.

Worried about financing a mortgage when you move? Joe and special guest neighbor Doug discuss a USA Today piece which suggests interest rates may stay low for some time. We even throw in a great way to pay your mortgage….one that gives you flexibility and helps you pay off the mortgage earlier than you might have expected. You are so, so welcome!

Finally, PK discusses Monte Carlo simulations. Don’t know what they are? Not only are probabilities used in financial planning, but they’ll also share with you the percentage probability that you’ll meet your goals.

Thanks again to my mom’s neighbor Doug for filling in this week. No thanks to him for eating pizza the entire episode…don’t worry….it’s not nearly as gross as you think it might be….

 

2 Guys & Your Money Show Notes

<> Open

<3:30> H & R Block Offer

<5:23> USA Today: Fed will continue policy for the next year

<13:55> Alison Paoli, Zillow: The Best Cities to Find Your True Love

<29:25> Let’s Give Something Away

February 2 Guys and Your Money Giveaway!

The awesome giveaway is right here: 2 Guys & Your Money Giveaway Page

<34:45> PK from DQYDJ talks about the upsides and big downsides of Monte Carlo simulations

<40:30> End Show

– Life of Pi (Doug – thumbs up)

– Warm Bodies (Joe – thumbs up)

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Podcast

Behind on Your Bills? 5 Easy Steps to Sanity

February 21, 2013 by Joe Saul-Sehy 9 Comments

Impossible? You can do that…but you can’t keep doing the same thing you’ve been doing.

I was talking to my friend Tony last week. “I can’t seem to get ahead,” he said. Every time something good happens, something bad comes along to knock me back down.

I remember this feeling. When I spent an entire year with little income, it seemed like every time I did something good, like get a credit card below the maximum, my muffler would be dragging behind my car.

How did I get ahead? How did I counsel my clients in this situation to get ahead? Put away the firehose.

When the fires from debt collectors are all around you, it’s easy to panic. They make good arguments. You read well-meaning pieces telling you how your credit is gonna be screwed for at least seven years if you don’t pay this bill NOW. Even though you’re avoiding the phone, you still see the caller I.D. You know exactly who’s calling, and the pit in your stomach grows bigger and bigger.

One night I came to a realization. I couldn’t sleep, so I’d grabbed a beer and a movie and was sitting staring at the screen. It hit me.

I was screwed anyway, so why was I sitting awake, worried about debt collectors? I’d never kill the fire unless I started walking toward the actual furnace.

That day I forgot about the debt collectors. I actually laughed at one guy when he threatened me. Do you know how empowering that is? At the time, I think he thought I was some deadbeat nutjob. But once I realized that he couldn’t hurt me, I became stronger.

My New Debt Payment Plan:

1)      We set up automatic savings. From then onward, whenever money came in ¾ went to debt and ¼ went to build a reserve.

2)      I scheduled financial meetings with Cheryl so we were on the same page (at the time she paid the bills and I took care of the debt repayment people…for the first time we were doing it all together).

3)      Instead of solving every fire by throwing cash at it, we started to get creative. Our weekends were spent going to garage sales for school clothes for the kids. Pot luck game nights at our house became a boon (people would all bring over food and nobody would take it home…we’d eat other people’s leftovers for a good part of the week).

4)      When things broke I learned to fix them myself. I’m an oil change and vacuum cleaner repair expert.

Maybe they didn't all look great, but I saved a ton of money!

Maybe they didn’t all look great, but I saved a ton of money!

5)      I began bringing work home to cut down on daycare bills. Sure, it took me longer to get stuff done with twin five year olds running around, but I adopted the motto that I can “sleep when I’m dead.”

Every dollar we came in under our original “budget” went to debt. It didn’t matter that our budget wasn’t balancing. I could starve a little today. I didn’t want to live this way forever.

I can definitively point to that day as the time when things turned around for me. Did things get better right away? Ha! Of course not! They got worse, as you would expect. The second I put down the fire hose, we were consumed by the little brush fires. But I was finally moving toward the actual furnace, and was able to turn the tide much faster than if I’d just kept trying to handle all the little problems.

Photo: Official U.S. Navy Imagery

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: budget tips, Debt Management, Planning

Long Term Care Planning: What Would You Do?

February 19, 2013 by Joe Saul-Sehy 38 Comments

Be the bigger adult and address the hard problems with people you love before you’re forced to make tough decisions down the road.

My father in law was a smart, active man. An engineer who built houses on the side for fun and profit, he ran nearly every day and lived on healthy foods. He was that guy who everyone knew when you went out to lunch. He had an easy smile and a nearly easier laugh.

I was lucky that a guy this smart would come to his daughter’s son for financial advice. In some ways (like most of my clients) he didn’t need it. He was at the top of his game in most aspects. He just had one big gaping hole in his plan: he didn’t want to talk about illness or mortality.

One problem I saw in most financial plans, including my father in law’s, was that although they did a fine job of picking investments that they knew, their plans generally had no escape valves. Some people only invested in stocks,. Others owned only real estate. Some had all their money in the 401k plan at work and wanted to retire at 50.

My father in law’s problem? He was so insurance-adverse that he’d decided to do nothing.

 

Disturbing Long Term Care Stats

 

The threat of a catastrophic illness is real. While the threat of a fire burning your home is 1 in 1,200 and the risk of an automobile accident is 1 in 240, the chance you’ll need some sort of long term care help is 1 in 5. Those ain’t good odds.

So, as I did with every client, my job was to talk about it. Did I like this talk? Absolutely not. It was my least favorite meeting. But I had a job to do. What action they took was up to them.

When you talk about long term care, talk about the three options available:

 

Long Term Care Strategy: Your Three Choices

 

Assume the risk. This option is best for people with nothing to lose or for people with enough money that they can “self insure.” Much like most life insurance uses, long term care protects assets you can’t afford to lose.

What’s interesting about long term care is the way many of my wealthiest clients saw the products. Based on past comments here on the blog, many of my readers are like me: they want as little insurance as possible. That’s smart for people who are struggling to reach the “finish line” on financial independence. But when financial independence is assured, I met many wealthy individuals who could afford to self insure who decided not to because the cost in assets was potentially so great. In short: the premium payments on an insurance policy is so small that they’d rather insure the risk.

 

Hand the risk to an insurance company. Regardless of what I said earlier about wealthy individuals, this is a tough pill to swallow. The reason my father in law didn’t want to talk about long term care? It’s uber-expensive. The funny thing is….the reason it’s expensive is why you need it: actuaries for the insurance companies price policies higher when they think the product will be used. LTC is expensive because they think you’re going to need it.

 

Here’s a creative strategy that worked for a few people: I had some clients that weren’t worried about outliving assets, but who did want to make sure they still had a legacy for their family. Instead of buying a long term care policy they purchased an immediate annuity. The money from the annuity purchased long term care and an insurance policy in the amount of the annuity. While the person lived the annuity paid the insurance cost and when they died the insurance policy replaced the money that was spent.

 

Take some of the risk and hand some of the risk to an insurance company. In this scenario, you play the statistics. The average person will need long term care for 2 and a half years, so buy a policy that covers just longer than that. Sure, it doesn’t cover the horror stories of long, long term care, but you’ll cover the likely amount of time. Raise the deductible so that you pay for anything short term out of pocket. Moves like these can decrease the cost of insurance so that you can still focus on your goals while not worrying about the “what if’s” associated with long term care.

 

How it turned out for us:

 

My mother in law was very worried about the threat of long term care, but my father in law decided to assume the risk, even though they weren’t wealthy. His family had a history of Parkinson’s disease. Sadly, it struck him, too. Because they didn’t have enough money to afford long term care, my mother in law ended up caring for him. He fell a lot. She couldn’t help him up so she’d have to call an ambulance. He became harder and harder to take care of. In some ways it was lucky that he fell and hit his head while insisting that he walk the dog. He passed away before the big bills would have happened. However, the toll on my mother in law, seven months after his death, is noticeable.

 

What you should do: If you have anyone over age 50 in your family, talk to them about catastrophic illness. If you talk about your options early, you’ll never have to worry about the topic again.

Have you had to have this hard talk with a friend or relative? How did it turn out? What would you advice people to say or avoid?

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Insurance, Planning, risk management Tagged With: discussion, Long-term care, ltc, statistics, strategy

Average Joe vs. Upside Down Teacups and Other Nonsense

February 18, 2013 by Joe Saul-Sehy 42 Comments

Stop focusing on bullshit and address your goals. It’s time to rock in your life. 

Early in my career a guy walked into my office and wanted to talk about day trading. This was in the late 1990’s when the hot new thing was buying a bunch of positions in the morning and selling them all by the market close. If you score a 1% return every session, you’ll pad your net worth significantly by the end of the year.

It sounds great in theory, doesn’t it?

Anyway, this guy comes into my office and says, “Check out this chart.”

Me: “What about it?”

Him: “Upside down teacup. This sucker’s goin’ to the moon!”

Me: “What’s an upside down teacup?”

I thought he was going to laugh me out of my own office. His face was all red, like I’d just insulted his mother. “Upside down teacup? See how on this day the stock makes a quick move up and then pulls back? That’s the handle. Now look. It’s heading up again but this time it’s gonna break through the resistance.”

Me: How much money do you need to retire?

Him: Huh? Retire? Crap, I’m gonna retire next year, using this! How the hell can you call yourself a financial advisor when you don’t know basics like the upside down teacup? Don’t you do any chart reading?”

Me: “No, not really. You have any debt?”

Him: “Debt? Who cares about debt? I’m not sure how you can help me. You don’t know the first thing about making money.”

Me: “How much money are we actually talking about here? What have you done with your stock chart strategy?”

Him: “What are you talking about? This is ridiculous. I can’t believe you don’t know this stuff.”

Me: “I’m just curious. How much money are we talking about?

Him: “I’m getting ready to start.”

Me: “You haven’t saved any money yet? How old are you?”

Him: “32.”

Me: “And you haven’t started yet?”

Him: “This will help me catch up.”

That wasn’t all. It turned out he had about $29,000 in credit card debt, too.

He didn’t want to talk about goals, the debt or tax shelters. It was all about the quick return.

People like you and I should have laughed him out of my office, shouldn’t we?

It’s sad how many people get stuck on irrelevant concepts or in fruitless arguments. We waste time and energy in places we shouldn’t be involved. Upside down teacups mean zip to someone with debt and no savings, don’t they? You and I will stick to the real issues:

– Torch your debt.

– Start building wealth NOW!

– Build defensive strategies to avoid getting burned.

…or we can use this guy’s approach and buy a lottery ticket.

 

Whatever. Just Focus On the Right Tree In Your Forest

 

I bring this up because a popular blog recently debated the semantics of early retirement. Apparently, Mr. Blogger has his panties in a bunch because somebody on the internet said he really wasn’t retired. Then follows a 1,000+ word piece retorting that, yes, in fact, Mr. Blogger really is retired. There are tons of comments and righteous outrage on the piece….comments like, “You tell them, Mr. Blogger!” People are oh, so, so angry.

…and about what?

I think the blogger’s brilliant, by the way. It’s not that he has a smart argument. It’s more that he’s built a whole blog post (and in many ways a whole blog) on an irrelevant argument (in this case his big “proof” that he’s right is because he has “the biggest blog about early retirement on the internet” … proving what again????) and the villagers are following with pitchforks and fires, ready to kill the heretics who dare cross Mr. Blogger.

It’s funny, and totally upside down teacup. It’s another play for the pedestal for Mr. Blogger. Yawn. He already has that pedestal. What about your own pedestal? What about your own dreams? Who gives a shit about whether you can live in the woods making your own furniture and still be called “retired.”

I’m going to start calling myself Superman. Does it matter what I’m called?

I hope you don’t see this as a Control Your Cash-style rant against any blogger. It isn’t. As I mentioned, I really like the dude’s considerable writing talent. If you’re striving for independence, though, let’s look at the forest and see the right tree. The correct tree has more to do with you and your goals than it has to do with anything else.

Whether Mr. Blogger wins a war about early retirement means nothing to you. Upside down teacups and ruby slippers won’t help you reach anything. Determining the steps to find and reach your own finish line is the right thing to focus on today and tomorrow.

You deserve to rock in life. Don’t get stuck holding the torch in a fight that has nothing to do with reaching your goals.

Love, Superman

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: irrelevant stories, Meandering

The Power of Big Fat Audacious Goals

February 12, 2013 by Joe Saul-Sehy 55 Comments

Do you get caught up in living today instead of designing tomorrow?

Snap out of it.

Check out what these two guys accomplished with just a little planning.

As an advisor, I can’t tell you the number of times I heard “but” or “I just can’t.” It was discouraging to watch some people achieve everything they wanted for themselves, while others sat in front of the television, so paralyzed by fear that they never reached anything.

I have a close family member who spends much of the time I’m with her saying, “I wish we could…”, or “Some day I’d like to….” in a really whiny voice. It’s clear that this woman has no intentions of ever turning her “I wish” into “I did.”

Let’s talk about the power of getting what you want.

If you listen to our podcast, you’ll know that last weekend I went with two good friends, Troy and Malcolm, to help them run 100 miles. You read that number correctly. They set out to run a race longer than most would ever dream.

If you read this post and think, “This doesn’t apply to me! I don’t think I’d want to run 100 miles,” you’ve completely missed the point. Go read Disney.com and live in Fantasyland. The point is this: What is it that you want to do? What is your plan to reach that pinnacle?

The course was a 20 mile loop the runners would circle five times. Each loop was a mixture of trails and two-track access roads. Sprinkled around the loops were 3 aid stations, one of which runners would hit twice on their journey. Along with the finish area, runners could stop 5 times each loop for food, water, or first aid.

The day before the race we headed for the pre-event briefing. I was amazed. How many people do you think would try to do something this crazy? There were over 700 runners listening to the rules on littering, race courtesy, and how aid stations worked. Half the runners were signed up for the 100 mile race. Half! The other half? They were going only 50 miles.

Malcolm had finished the 50 miler a year earlier and whispered at the briefing, “This is the only event where you’ll race 50 miles and feel like a total wimp.”

I found out another statistic later: over 200 of the starters wouldn’t finish the trek.

 

Troy and Malcolm before the start better

 

The Starting Line

 

We were at the line early Saturday morning (about 5:30 AM). The 100 race began at 6 AM and the 50 started an hour later. Runners streamed across the campground, nearly all wearing headlamps, and some with a second flashlight in hand. When the starting whistle sounded, imagine people with headlights slowly jogging down the trail. It looked like a stream of fireflies leaving the campground and dancing single file through the woods away from us.

 

Malcolm and Troy entering an aid station.

Malcolm and Troy entering an aid station.

Early Miles

 

It was amazing to me that, while I went back to my high end hotel (LaQuinta!), caught another hour’s sleep, and edited our podcast, Troy and Malcolm were out there running. I picked up another friend to grab some lunch, and they’d been going for 6 hours and weren’t even halfway done. By the time I reached the campground again at five in the afternoon, they’d still completed less than 60 miles.

All in all, the reports on the runners were good. Malcolm had some trouble with blisters on his feet (he’d popped three) and Troy seemed a little punch drunk. But when they came in after dark to complete their third lap, both still looked to have plenty of energy.

 

Troy and pacer Barry headed out at 60 miles

Troy and pacer Barry headed out at 60 miles

 

Malcolm and Christy

Malcolm and pacer Christy leaving the start/finish area after 60 miles

Pacers

 

Runners were allowed pacers after 60 miles. Here was the plan: our friend Christy was going to pace Malcolm the entire way, because she was training for her own 50 miler in a few weeks.

Four of us would pace Troy. Barry, an experienced triathlete would pace for 12.5 (where an aid station was located) and Rob, another experienced triathlete would take over. Both of these guys had completed an Ironman, so they were ready. I’d jump in and pace from miles 80 to 92.5, where Christi, Troy’s spouse (and also an experienced marathoner) would take over.

 

My Turn

 

What a blast…and a challenge at the same time. Troy and Malcolm, who’d been running together the whole day, didn’t reach the finish line together to start the final lap. Troy was now alone with his pacers. Barry had stayed on to run with Rob and Troy the last 7.5 because there were so many roots that it was too easy to fall in the dark.

I strapped on my light helmet, Barry gave me instructions for pointing out roots and changes in the footing, and we were off. It was midnight. Troy and Malcolm had been running for 18 hours straight.

It became clear to me immediately that running 80 miles had had a huge impact on Troy. He mumbled most of the time, and I tried to tell stories to keep him moving. However, there were so many roots that I spent the majority of my time hunched over each one, making sure he cleared his feet as he shuffle-ran down the path.

 

The System

 

After awhile, we found a system rooted in rally racing. I’d watched some of this sport on extreme sports shows. The driver kept his eye on the road while the navigator called out turns and obstacles. I started calling the run like I’d seen on television. I felt like a dork, but here’s what it sounded like,”

“Step down. Step down again. Watch this bump. Clear. Stay left. Stay left. Step up. Uneven footing. Another big root. Okay, we’re clear. Nice job.”

Troy was in such bad shape that as we went to leave the aid station at 83 miles, he turned and started walking up the path the way we’d arrived. I turned him around and we were on our way.

Using our new system, we passed quite a few runners. These were the nicest people on earth. A friend joked that it was what you’d imagine Woodstock would have been like if everyone was incredibly physically fit. “Great job, man.” “Keep going, dude.” “Lookin’ good!” were the calls of the day.

There’s a feeling you get when you’re in the middle of the freezing woods at 2 am and suddenly you see the yellow glow of the next aid station. It feels like an oasis. You know that just up the road there will be warm or cold drinks, tons of food, and most of all, a little bit of civilization. Troy would celebrate a little at each one. He’d made it another few miles.

 

Troy-getting-ready-to-go-out-after-60-miles_thumb.jpg

 

Problems

 

But I knew at the 12.5 aid station that we were going to have a task on our hands. Time was running down and our pace wasn’t fast enough to bring Troy in at his stated goal: 24 hours. While we maintained a positive outlook around Troy, the team seemed pretty negative. At least we’d finish. That’d be a huge accomplishment in itself. In fact, Malcolm was now about 45 minutes behind us, and was clearly trying to finish rather than race to 24 hours.

Because of the roots, I decided to stay on. We’d be a three person team, Christi, Troy and I. I’d run out front and call roots out, while Christi would shine her flashlight on them as we went. After a brief stop, the three of us trudged into the darkness again. Seven miles and just over an hour and a half to go.

 

Luck

 

We got lucky.

Troy was in no position to tell us, but most of the rest of the loop was a clear two-track jeep trail. We made good time, but at the last aid station, with three miles to go, it was clear: we were right on the edge. I could see Troy gathering the little strength he had left to try and make it. The guy could barely stand up and he was still running! It was an incredible human feat.

Throughout the night, we’d been relying on my Nike + system rather than Troy’s GPS to keep track of miles. This tracking, while wildly inaccurate, helped us keep Troy’s spirits up throughout the segments. During the last three miles he must have asked us twenty times, “How much time do we have?” “How far does she (the female voice on my Nike + system) say we have to go?”

Finally I announced, “Troy, she says we’re done.” She’d been early all night, calling miles before we reached them, but the three of us celebrated that moment, and then moments later celebrated again when we crossed what we knew was the last road before the home stretch.

 

Want to hear more motivational stories from people with big goals? Check out our 2 Guys & Your Money episode with Natalie Sisson (who left New Zealand and travels the world) and Chris Klinke (who climbed Mt. Everest).

 

The Finish

 

I couldn’t believe the change in Troy when we turned the corner and saw the yellow glow of lights across the finishing tent a couple hundred yards away. He let out a war whoop, as did Christi and I. There were echoes of people at the finish whooping back at us. We sounded like animals barking back and forth at each other until he crossed the line.

Did he make it in 24 hours?

We crossed the line at 23 hours, 52 minutes.

Malcolm finished in just over 25 hours.

It was an amazing bucket list accomplishment for both of these men.

 

Malcolm removing chip at finish

 

What Does This Have To Do With Your Goals?

 

Everything.

1) Set huge goals. While Malcolm finished in 25 hours, instead of his 24 hour goal, he still accomplished something that few will ever do. Don’t set your goals too small. Set them high. Even when you don’t reach them, you still can hold your head high.

2) Set milestones and celebrate. I find people get lost on their way to big goals because they don’t have any markers along the path. Those aid stations were a great oasis to refuel, plan, and then set out. Rather than setting out to accomplish 100 miles, the race became a struggle to reach the next 3 miles.

3) Find qualified friends to help. Troy and Malcolm said that the pacers were a shot in the arm at 60 miles. It became much easier when you had a fresh voice who’d run some serious distances themselves helping you through it. They say you are the people you surround yourself with. Find people who’ve been on your journey. Even if they aren’t going for the same goal, they’ll be able to help you win.

4) Use technology. Sure, the Nike + was innaccurate, but it was close enough that it helped us monitor our progress at any point. Troy and Malcolm still had to run, but without the flashlights, GPS, and suitable clothing, they would have never made it.

5) Stick to a system and work hard. Sure, we got lucky the last 7 miles, but we wouldn’t have been able to learn from that luck if Troy hadn’t worked his ass off to get to that point. My old mentor used to tell me “Work hard and the opportunities will come.” In this case, as nearly always, the opportunity came.

 

Malcolm and Troy afterward...ready for bed

 

What big goals are you working on? What are you waiting for? Get started!

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: irrelevant stories, Planning Tagged With: 100 mile race, goal setting

Banks and Financial Advisors of the Future – 2 Guys and Your Money 028

February 11, 2013 by Joe Saul-Sehy 4 Comments

Have shows come automatically to your iPod! Use the 2 Guys iTunes page here.

Listen to shows on your smartphone! Try the Stitcher app here.

 

Monday…already? Where has the weekend gone? Luckily, we’re here like a little ray of sunshine in your drab Monday existence…with another awesome episode.

This week, not only one interview, but TWO, AND Carrie Smith is BACK in the house. I’m not sure how we’ll ever beat this episode.

How long has it been since you’ve been in a bank lobby? Forever? Sadly, for the most part, they haven’t changed…and neither have financial advisory offices. We’re talking this week with two men with teams pushing the envelope in the customer service department: Ted Jenkin and Ty Abston. We’re going to talk about the customer experience in banks and advisors offices and what they’ve done to overhaul the customer experience. Oxygen bar? Concierge? Conference rooms dressed like kitchens? Islands instead of a teller wall?

Enjoy!

 

Show Notes

<> Open

<> H&R Block – Save 15%

<6:40> 7 Biggest Mistakes on Tax Returns

<14:00> Interview: Ted Jenkin, oXYgen Financial

Ted discusses the lobby, reception and conference rooms that his team uses to help families relax, be more productive, and complete a financial plan.

<25:35> Interview: Ty Abston, Guaranty Bond Bank

– Ty shares his firm’s new bank lobby and online experiences.

<43:10> Shortwave: Customer Service

Don’t want to sit at your computer and listen to the show? Take it with you! Use either iTunes or Stitcher to listen to the show on the go.

Link to the 2 Guys iTunes page here. Listen on the Stitcher app here.

Carrie Smith – Monthly Progress Report: Time to Make a Change

Dominique Brown – Fighting the Rising Cost of Business Phones

Len Penzo – How To Tell If You’re Dating a Deadbeat

<57:55> Let’s Give Something Away!

Enter Our February Giveaway Here

 

<1:04:25> PK from DQYDJ.net – State Income Taxes

<> End

Photo of Joe Saul-Sehy
Joe Saul-Sehy

Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University.

joesaulsehy.com/

Filed Under: Podcast Tagged With: bank customer service, bank lobby, financial advisor lobby, Ted Jenkin, Ty Abston

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