"Are you afraid?" asked Suze Orman. "Are you afraid when it comes to your money? Well, you should be." The lively personal finance expert and host of CNBC's The Suze Orman Show appeared at Chicago Ideas Week (CIW) last night, where she was interviewed by CIW founder Brad Keywell before an auditorium full of people who admitted, via raised hands, that they were racked with credit card debt, that they struggled to pay their mortgages and that they had no idea what a municipal bond was.
"How is that possible?" asked Orman, astonished. "Why aren't we teaching personal finance in school?" (A municipal bond, by the way, is a bond issued by the local government; income from it is often—although not always—exempt from income tax.) At Chicago Ideas Week, Orman offered a no-nonsense, tough love type of financial advice that says if you can't afford something, don't buy it. Here are some of the ideas she had: (See a Q&A with Suze Orman on the death of the American financial dream.)
Idea No. 1: You can't wait for the market to save you.
"The real estate market isn't going to come back until at least 2023," Orman predicted. "If you can't afford your home, you need to figure out what to do. You have to make a plan and that plan can't be that the market will save you." Similarly, if you see a house on the market that looks like a good deal, don't buy it. "Don't you dare," said Orman. Unless, of course, you can easily put 20% of the money down and pay the property taxes, mortgage and insurance comfortably with your current salary—and your job is secure. Then, as long as the house will be your primary residence, go right ahead.
Idea No. 2: Pay in cash
If you pay for something in cash, you won't have debt. It's as simple as that. If you have credit card debt, pay that off as fast as you can. (See Suze Orman in the 2010 TIME 100.)
Idea No. 3: Men need to stop pretending they know more about financial planning than they do. "Men are financial fakers," said Orman. When she worked as a financial planner, she said, married couples would come in for advice and "when the wife got up to go to the bathroom, I'd lay out this very complicated, totally made up plan for the husband. I'd say, 'You do this, and this, and this—are you following me?' and the husband would nod and say, 'Yes, Suze. To the letter.'" Then when the wife came back, she'd ask the husband to explain it to her and he couldn't. "Of course he couldn't! It wasn't a real plan!" Orman says that even today, men feel pressure to pretend like they know what they're doing. "That's how Bernie Madoff happened," she said. "One guy told another guy, who told another guy, who told another guy, and not one of them knew what they were doing." Women, on the other hand, have no problem asking someone to explain an idea to them again.
Idea No. 4: Save money.
This was a weaker point in Orman's talk because she didn't explain how people are supposed to save money. Orman recommends having eight months of savings in the bank so that if you find yourself without a job, you can still pay your bills. That's a nice idea, but many people can barely pay their bills now; how are they supposed to save money? "If you lose your job, how are you going to continue to pay those bills?" Orman counters. That's a good point, but it still doesn't explain anything. Becoming financially secure can sometimes be harder than you think.
Read more: http://www.time.com/time/specials/packages/article/0,28804,2096504_2096506_2096751,00.html #ixzz1aiZ9vlXp
Thursday, October 13, 2011
Saturday, October 8, 2011
Crucial to name caregiver while mentally competent
Only 1,038 people have appointed caregivers under the Mental Capacity Act since its implementation in March last year. -AsiaOne
Sat, Oct 08, 2011
AsiaOne
The Office of the Public Guardian (OPG) is increasing measures to raise awareness of the need to name a caregiver before one's mental health declines in old age.
The Straits Times reported that Acting Minister for Community Development, Youth and Sports (MCYS) Mr Chan Chun Sing led by example yesterday by appointing his wife to take charge of his welfare should anything untoward happen to him.
Speaking to about 1,000 people at the Grand Copthorne Hotel yesterday, Mr Chan also reiterated that caregiving is "becoming a prominent issue" in the context of an ageing population like Singapore's as we are "one of the fastest ageing socieities in the world".
As of Oct 1, only 1,038 people have appointed caregivers under the Mental Capacity Act since its implementation in March last year.
The act allows people above the age of 21 to make a "Lasting Power of Attorney" as long as they are deemed mentally sound by a doctor or lawyer.
Here is the full text of Minister Chan Chun Sing's speech.
The Honourable the Chief Justice Chan Sek Keong
Mr Richard Magnus, Chairman, Public Guardian Board
Members of the Public Guardian Board
Distinguished Guests
Ladies and Gentlemen
Good afternoon.
Thank you for taking the time to join us at this forum today to discuss a very important and pressing issue.
It is the issue of caregiving within the framework of the Mental Capacity Act; that is, caring for those who have lost the capacity to make their own choices and decisions.
We are honoured to have in the audience, members from the legal fraternity, healthcare, grassroots and social service sectors, and members of the public who are caregivers or proxy decision makers for someone who has lost his mental capacity.
It is heartening that this forum has attracted such a wide spectrum of participants, from the Public, Private and People sectors.
This reflects the nature of caregiving for a vulnerable category of individuals - one which is community-based, involving multi-agencies and individuals who all play distinct, yet equally important roles that contribute to the well-being and protection of individuals in need.
Caregiving is becoming a prominent issue in the context of an ageing population like ours.
We are one of the fastest ageing societies in the world. Our rate of ageing is projected to rise from an average of four percent per annum in 2000-2011, to six percent per annum from 2012- 2020[1].
With longer lifespan, we will have a higher proportion of Singaporeans living to ages of 85 and beyond.
As the incidence rate of dementia increases with age, we can expect a higher portion of elderly developing dementia in the future.
By 2020, one in 12 Singaporeans above 65 years of age is likely to develop dementia, compared to one in 20 currently[2].
A fast ageing population will present unique and diverse challenges relating to the care of individuals with diminished capacity.
Besides professional caregivers, most, if not all of us, will play the role of a caregiver, in varying degrees, at some point in our lives.
What then are our roles and responsibilities as caregivers; particularly in relation to those who depend on us to decide and act on their behalf?
The Mental Capacity Act, which came into effect in March 2010, now provides a legal framework for the care of persons lacking capacity.
There is also a Code of Practice, which was drawn up to provide information for the general public, specifying basic guidelines and highlighting best practices in caring and making decisions on behalf of a person without capacity.
Decision-makers include caregivers, nurses, doctors, donees of a Lasting Power of Attorney (LPA) and court-appointed deputies.
These guidelines emanate from the basic social value of respect for the dignity of all individuals which is a key tenet in the Mental Capacity Act.
An important guiding principle within the Code of Practice is the concept of 'best interests' 'Best interests', is a familiar common law concept. But many will likely ask how this can be exercised practically in relation to caregiving for those without capacity.
Let me illustrate how this concept of 'best interests' is practised from the experience of Ms Joyce Soon who, for the past eight years, has been the primary caregiver for her mother who suffers from Alzheimer's disease.
Joyce will be sharing her caregiving experience at one of the sessions later.
Joyce had initially placed her mother in a non-home environment in the hope that she would benefit from professional care.
However, she soon realised that her mother did not settle well there and looked depressed. She knew that this would only cause her mother's condition to deteriorate faster.
Hence, instead of making a decision that would likely cater to her own convenience, Joyce decided that in her mother's 'best interests', she should provide care for her in a home environment.
Joyce's experience and the options that she made for her mother's 'best interests' in this case may not be applicable to all caregiving situations given that each circumstance is unique.
Determining the person's 'best interests' should underpin all our caregiving approach for an individual without capacity.
'Best interests' as advocated in the new Mental Capacity Act is part of the protective framework to ensure that the needs and interests of the vulnerable in our society are protected.
It also provides an avenue for caregivers to account for any action or decision made on behalf of a vulnerable person without capacity.
In a fast ageing population like Singapore's, demand for caregiving is growing and continues to evolve.
While the Government continues to work with our partners to meet the needs of the vulnerable in our midst, the community plays an equally, if not more important role.
A successful country is more than the economic success it has achieved. The hallmark of a truly developed country is the compassion that its citizens have for the needy, disadvantaged and vulnerable amongst us.
I applaud each of you here who has contributed to caregiving, and play your specific roles whether at home or professionally. I hope together, we can make a positive difference in the lives of those in need.
Last but not least, I wish you a fruitful seminar. Thank you.
Sat, Oct 08, 2011
AsiaOne
The Office of the Public Guardian (OPG) is increasing measures to raise awareness of the need to name a caregiver before one's mental health declines in old age.
The Straits Times reported that Acting Minister for Community Development, Youth and Sports (MCYS) Mr Chan Chun Sing led by example yesterday by appointing his wife to take charge of his welfare should anything untoward happen to him.
Speaking to about 1,000 people at the Grand Copthorne Hotel yesterday, Mr Chan also reiterated that caregiving is "becoming a prominent issue" in the context of an ageing population like Singapore's as we are "one of the fastest ageing socieities in the world".
As of Oct 1, only 1,038 people have appointed caregivers under the Mental Capacity Act since its implementation in March last year.
The act allows people above the age of 21 to make a "Lasting Power of Attorney" as long as they are deemed mentally sound by a doctor or lawyer.
Here is the full text of Minister Chan Chun Sing's speech.
The Honourable the Chief Justice Chan Sek Keong
Mr Richard Magnus, Chairman, Public Guardian Board
Members of the Public Guardian Board
Distinguished Guests
Ladies and Gentlemen
Good afternoon.
Thank you for taking the time to join us at this forum today to discuss a very important and pressing issue.
It is the issue of caregiving within the framework of the Mental Capacity Act; that is, caring for those who have lost the capacity to make their own choices and decisions.
We are honoured to have in the audience, members from the legal fraternity, healthcare, grassroots and social service sectors, and members of the public who are caregivers or proxy decision makers for someone who has lost his mental capacity.
It is heartening that this forum has attracted such a wide spectrum of participants, from the Public, Private and People sectors.
This reflects the nature of caregiving for a vulnerable category of individuals - one which is community-based, involving multi-agencies and individuals who all play distinct, yet equally important roles that contribute to the well-being and protection of individuals in need.
Caregiving is becoming a prominent issue in the context of an ageing population like ours.
We are one of the fastest ageing societies in the world. Our rate of ageing is projected to rise from an average of four percent per annum in 2000-2011, to six percent per annum from 2012- 2020[1].
With longer lifespan, we will have a higher proportion of Singaporeans living to ages of 85 and beyond.
As the incidence rate of dementia increases with age, we can expect a higher portion of elderly developing dementia in the future.
By 2020, one in 12 Singaporeans above 65 years of age is likely to develop dementia, compared to one in 20 currently[2].
A fast ageing population will present unique and diverse challenges relating to the care of individuals with diminished capacity.
Besides professional caregivers, most, if not all of us, will play the role of a caregiver, in varying degrees, at some point in our lives.
What then are our roles and responsibilities as caregivers; particularly in relation to those who depend on us to decide and act on their behalf?
The Mental Capacity Act, which came into effect in March 2010, now provides a legal framework for the care of persons lacking capacity.
There is also a Code of Practice, which was drawn up to provide information for the general public, specifying basic guidelines and highlighting best practices in caring and making decisions on behalf of a person without capacity.
Decision-makers include caregivers, nurses, doctors, donees of a Lasting Power of Attorney (LPA) and court-appointed deputies.
These guidelines emanate from the basic social value of respect for the dignity of all individuals which is a key tenet in the Mental Capacity Act.
An important guiding principle within the Code of Practice is the concept of 'best interests' 'Best interests', is a familiar common law concept. But many will likely ask how this can be exercised practically in relation to caregiving for those without capacity.
Let me illustrate how this concept of 'best interests' is practised from the experience of Ms Joyce Soon who, for the past eight years, has been the primary caregiver for her mother who suffers from Alzheimer's disease.
Joyce will be sharing her caregiving experience at one of the sessions later.
Joyce had initially placed her mother in a non-home environment in the hope that she would benefit from professional care.
However, she soon realised that her mother did not settle well there and looked depressed. She knew that this would only cause her mother's condition to deteriorate faster.
Hence, instead of making a decision that would likely cater to her own convenience, Joyce decided that in her mother's 'best interests', she should provide care for her in a home environment.
Joyce's experience and the options that she made for her mother's 'best interests' in this case may not be applicable to all caregiving situations given that each circumstance is unique.
Determining the person's 'best interests' should underpin all our caregiving approach for an individual without capacity.
'Best interests' as advocated in the new Mental Capacity Act is part of the protective framework to ensure that the needs and interests of the vulnerable in our society are protected.
It also provides an avenue for caregivers to account for any action or decision made on behalf of a vulnerable person without capacity.
In a fast ageing population like Singapore's, demand for caregiving is growing and continues to evolve.
While the Government continues to work with our partners to meet the needs of the vulnerable in our midst, the community plays an equally, if not more important role.
A successful country is more than the economic success it has achieved. The hallmark of a truly developed country is the compassion that its citizens have for the needy, disadvantaged and vulnerable amongst us.
I applaud each of you here who has contributed to caregiving, and play your specific roles whether at home or professionally. I hope together, we can make a positive difference in the lives of those in need.
Last but not least, I wish you a fruitful seminar. Thank you.
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