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| The Money Manager | October, 2010 |
Greetings!
Our goal is to educate the community on the latest news and information regarding personal financial management and fiduciary services.
Whether you are a family member of an older adult, a client, an attorney, CPA, financial advisor or a busy professional we hope you will find our newsletter to be valuable.
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Continuing education and connecting with others makes the significant travel worth while.
Given the amount of time I travel, one would think I would have enough frequent flyer miles to be a regular in the VIP lounge. Instead, I often find myself in the airport searching for an unused electrical outlet to charge my laptop.
So when my children ask: "Mommy why do you have to go?" I wonder to myself, is this really worth it?
As I think about the numerous trips to Denver to see clients, and the multiple board meetings, annual conferences and retreats I attend all over the country, I have come to the conclusion that I do believe it's all worthwhile.
From both a business and personal perspective I find value in reconnecting with both our clients and our referral partners. Phone calls and letters can not replace the hand shake or hug from someone who depends on you. But for me, it is also the opportunity to advance my skills and to continue my education.
This is one of the many reasons why I feel having certifications is important. Since 2006 I have been a National Certified Guardian and in 2007, I became the first certified Professional Daily Money Manager in Colorado, Indiana and Kentucky.
Not only is maintaining the certifications costly but it also comes at the expense of me being away from family and away from my business. But in the end, I know that my business, my clients and my family are better off for it. Because of the skills and education I have acquired, I can be the very best at what I do.
Thank you to everyone who continues to support and believe in BPS. We appreciate your business and your friendship.
Courtney Smith NCG, PDMM
President |
| Bill Paying & Budgeting
Daily Money Management
Financial Power of Attorney
Conservator/ Guardian of the Estate
Personal Representative
Representative Payee
Financial Coaching
Financial Auditing and Monitoring for families
Family office and household management |
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Bill paying
Budgeting
Banking-deposits
Reconcile bank and credit card statements
Medical claims management
Inventory assets
Track income and expenses
Organize information for tax preparation
Property management
Coordination of outside services
Assist with getting out of debt and increasing a person's credit score
Much more.... |
Persons with disabilities
Busy professionals/small business owners
Frequent travelers
Recipients of personal injury settlements
Individuals who are recently divorced or widowed
Persons with poor money management skills
Individuals going through or seeking bankruptcy
Sports and entertainment professionals
Active duty military |
BPS Testimonials
"Benefit Payee Services, Inc. has been my ward's Conservator for three years. We have always found them to be professional and capable of handling everyday affairs and emergencies. I can and do highly recommend them" - Barbara, Guardian for client
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Courtney Smith, President of BPS was the recipient of the 2010 Forty Under 40 Award.
This award is given to 40 dynamic business leaders who are under the age of 40 and who are on the leading edge of their occupations, and contribute their time and talents to community service.
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It is our belief that no matter how large or small all businesses have a responsibility to the community in which they operate. BPS hopes our actions will encourage others to do their part to leave a positive footprint on the world.
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Charitable donations and sponsorships include:
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4 tips for caring for mom and dad
By MP Dunleavey, contributing editor
September 2, 2010: 6:10 AM ET
(MONEY Magazine) -- Caring for an ailing or aging parent is never easy, but the challenges only multiply when Mom and Dad live far away.
Nearly 7 million Americans care for an elderly relative from a distance, reports the National Alliance for Caregiving (NAC). If you're among them, you know full well the guilt and anxiety of not being able to be there at a moment's notice.
That's to say nothing of the financial stresses involved: Long-distance caregivers spend an average of $8,700 a year providing support to their loved ones, the NAC survey found -- nearly twice as much as those who live closer. Travel accounts for most of the extra burden, but there are also expenses involved with hiring people and services in your stead.
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How to Invest in a Certificate of Deposit (CD)
Before you shop for a CD, there are two numbers you need to know:
· APR -The annual percentage rate, or the interest rate a bank is offering on the CD.
· APY -The annual percentage yield, which tells you what you'll earn over the multiyear life of the CD as your money compounds.
You've decided a CD is an ideal investment for your cash. Here's what to do next:
1. Choose your term.
2. Pick your type
3. Review the rates.
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The Danger Zone:
Why Loaning Money is Anything But Funny
from daveramsey.com on 15 Sep 2009
So the old joke goes: if you lend your brother-in-law $50 and he never talks to you again, was it worth the investment?
The joke may be funny, but experiencing this in real life is anything but funny. Loaning money to a friend or family member is a bad decision. Someone who lends money to a loved one has their heart-not their head-in the right place. It is okay to give money, but loaning money to someone with whom you have a relationship will lead to broken hearts and broken wallets.
Check out the statistics from a recent money-etiquette survey:
- 57% of people said they have seen a friendship or relationship ruined because one person didn't pay back the other.
- Almost 50% have loaned $100 or more to help out someone, but 55% don't get repaid.
- 71% lend money to immediate family members, 57% to relatives, and 54% to friends.
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Reviewing Your Medicare Plans Is More Important Than Ever This Year
Medicare open enrollment is coming! During the annual open enrollment period, which runs from November 15 to December 31, you may switch Medicare drug or health care plans. While you should review your coverage every year, this year it is particularly important because of changes brought on by the new health care law.
As the health care reform law goes into effect, there are a number of changes affecting seniors. Even if the new health law will not affect your plan, you should still review your options for 2011. Prescription drug plans can change their premiums, deductibles, and the list of drugs they cover. Medicare Advantage plans -- private managed care plans that compete with traditional Medicare -- can change their entire benefit package as well as their provider network. Many plans are also consolidating options and closing some policies. If you take no action, you will remain in your current plan.
Under the new health law, Medicare will now pay 100 percent of preventive care. That means beneficiaries will not have to pay deductibles or co-pays for certain preventive services, such as annual wellness exams. While many Medicare Advantage plans already offered this benefit, it is now mandatory for all types of Medicare plans. If you had a Medicare Advantage plan primarily because of its preventive care coverage, you may want to reassess whether that or any other Medicare Advantage plan is still the best option for you.
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Published: Tuesday, 12 Oct 2010 | 6:37 PM ET
"You need to worry about what you can control," Cramer said on Tuesday's "Mad Money." "And frankly, stop worrying about what you can't." Investors shouldn't, for example, fuss about what action Federal Reserve Chairman Ben Bernanke might take. Bernanke has said many times he's trying to help bring the economy from subpar to regular growth so jobs can be created, Cramer argued. Therefore, he thinks time spent worrying about quantitative easing is wasteful.
"There are 6,000 publicly traded instruments out there," Cramer explained. "Surely you can find five or 10 that have only minimal involvement with issues beyond your control."
Instead of spending time worrying, Cramer recommends doing homework. Research companies, listen to earnings conference calls and read the transcripts. Read full article |
Subscribe to magazines that are must reads. If you must have a certain magazine each month, subscribe. Subscriptions offer substantial savings over the cost at the newsstand. Update: Amazon offers some great deals on personal finance magazines . |
| Compound interest:
arises when interest is added to the principal, so that from that moment on, the interest that has been added also itself earns interest. This addition of interest to the principal is called compounding. A bank account, for example, may have its interest compounded every year: in this case, an account with $1000 initial principal and 20% interest per year would have a balance of $1200 at the end of the first year, $1440 at the end of the second year, and so on. |
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Mention this ad and save $100 off on your first months invoice. |
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Offer Expires: January 2011
Call BPS for a free consultation.
Colorado: 303-282-8882 Indiana: 812-944-4200 |
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Colorado: Indiana:
PO Box 101775 PO Box 9
Denver, CO 80250 New Albany, IN 47151
303-282-8882 812-944-4200
www.benefitpayeeservices.com |
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