Q2 2014 Newsletter
Dear Friends and Family,
We appreciate you taking the time to review our 2nd Quarter newsletter on elder abuse awareness, and hope that you are enjoying the summer.
Chris Baker, CPA, Managing Director
Phone – 678.640.8512
Did you know…
June 15th was World Elder Abuse Awareness Day. This day serves as an opportunity to share information and spread awareness about abuse, neglect, and exploitation that occurs later life. Everyone can make a difference, but together, we can unite as one nation and take a stand against elderly abuse, and spread elder abuse awareness across the world. Our seniors need our watchful eye.
A MetLife Mature Market Institute study estimated that annual financial loss by elder abuse victims totaled $2.9 billion in 2010, a 12% increase from the 2008 estimate. It’s estimated that for each case that is reported, 43 others go unrecognized. This is very troubling when you consider that seniors control 70% of our nation’s wealth.
How this may affect you or someone you love: Seniors become easy targets because isolation, loneliness, and disabilities lend themselves to the trusting of people who are willing to give them time and attention. Financial abuse is especially harmful because, for many seniors, recovering from a large financial loss can be almost impossible. Some ways to spread elder abuse awareness and prevent it include reducing isolation, having a family member or close friend help balance their checkbook, having a family member or close friend assist in reviewing their mail, and/or hiring a responsible party to help them manage their funds.If you know of a senior who might benefit from financial assistance, please contact Chris Baker at 678.640.8512.
What Do Your Wallet And You Refrigerator Have In Common?
Consider your refrigerator and think about everything that’s in it. If someone who didn’t know you had the chance to look through it, what would they find? Would they find half-empty containers of Chinese food from last week? Maybe they wouldn’t find much at all. Maybe they’d find a well-stocked crisper full of fruits and vegetables sitting below a container of Soy Milk. Your refrigerator, like it or not, tells a story about you. That’s why, for example, Gordon Ramsay spends so much time going through restaurant’s pantries on Kitchen Nightmares. He knows he can tell what kinds of business owners that he’s dealing with by understanding how they treat their walk-in refrigerators.
Your wallet is much the same. By taking an inventory of what’s in it and where your money is going, you can tell a lot about your spending habits and financial acumen. In many ways, when we help our clients, we’re a lot like Chef Ramsay sorting out the mess in the walk-in. But, we have a much softer approach, for sure. So, don’t worry! The next time you pull out your wallet, think a little bit about the story it tells about you. You might be able to figure out some ways in which you can improve your financial status and wellbeing. Even better, why not let us take a look for you? We’re experts when it comes to reading the story in your wallet and helping you craft a new narrative for your financial future.
Tip of the day…
Young Americans Bank in Denver is the only kids-only bank in the U.S. It offers savings and checking accounts, credit cards, and loans. It takes just $5 to open a savings account (an adult most co-sign). ATM cards are free. How cool is that? To visit the site, click here.
(Source: Kiplinger Personal Finance, June 2014)
It’s good to laugh…
One day a man goes to a pet shop to buy a parrot. The assistant takes the man to the parrot section and asks the man to choose one. The man asks, ”How much is the yellow one?”
The assistant says, ”$2000.” The man is shocked and asks the assistant why it’s so expensive. The assistant explains, ”This parrot is a very special one. He knows typewriting and can type really fast.”
”What about the green one?” the man asks. The assistant says, ”He costs $5000 because he knows typewriting and can answer incoming telephone calls and takes notes.”
”What about the red one?” the man asks. The assistant says, ”That one’s $10,000.” The man says, ”What does HE do?”
The assistant says, ”I don’t know, but the other two call him boss.”
It’s good to smile…
And it’s good dream…
“Seek always to do some good, somewhere. Every man has to seek in his own way to realize his true worth. You must give some time to your fellow man. For remember, you don’t live in a world all your own. Your brothers are here too.”
Albert Schweitzer, 1952-