Transforming financial awareness, empowerment, and action
I recently had the opportunity to be interviewed by journalist AG Billigs on her European radio program about my newest book ‘The Law of Attraction Meets Financial Stewardship.’ We talked about my mission for financial education and empowerment for everyone around the world, and how the book specifically helps us change our financial stories and conversations going forward. Here’s the fifteen minute condensed audio version of the hour and a half session we had.
This post has gotten so much attention since I published it last year that I’m re-posting now with a few updates.
The good news: Your child got their college acceptance letter. The bad news: Your child got their college acceptance letter. You may have been saving and planning this for years and may be prepared for the financial challenge of funding their college education OR you may not be as prepared. So, how to NOT fund their education?
Changing Times Requires a Different Approach to College Funding
The following choices very often lead to significant and serious financial problems long after a student has attended a college or technical school program There are other more prudent, but effective, options available ~ so please contact an advisor experienced in this area (such as a CFP, CPA, or independent education specialist) to help you plan ahead.
Using your retirement funds for your children’s education: Your working years are significantly fewer than those of your 20 something students, and your work life is now also subject to potential health issues, company layoffs, age discrimination situations, and other unforeseen events. If you’ve used up most or all of your own safety net of savings and investments, you will have little flexibility to weather these types of changes and maintain a reasonable, independent life for you and your partner.
Co-signing on student loans for your children, grandchildren or other family members: If your student is not able to make the payments on their loans, you are on the hook forever to cover these payments yourself. It doesn’t matter whether they initially pay and then later default, or they are never in a position to cover the loan amount from the beginning. As an older adult, you are then facing hundreds or thousands of dollars in payment per month, often at a time when your income may be fixed on a pension, social security, or part-time work.
Maxing out your home loan and equity line to either reduce your student’s exposure to loans or to pay for a program that is really too expensive to prudently handle: For most people, the equity in their home represents the majority of their savings and net wealth. Unless you have significant pension benefits, retirement account savings, or are guaranteed of a significant inheritance, the various real estate cycles may well catch you unexpectedly with decreasing house values, property tax increases, and deferred maintenance expenses. Losing all that equity or having missed payments impact your credit score will greatly reduce your own housing options and quality of life during retirement years.
Failing to question the value versus cost of a particular college program or technical degree: Sometimes, parents are just so relieved to have their child finally choose a program, or want to provide ‘what we never had’, so all parties then dive into the great/exciting/unique opportunity without really looking at the total cost – and what the potential for repayment will actually be. Maybe this choice really isn’t a good long term prospect, perhaps there are more reasonably priced alternatives, or maybe the student could benefit from having more ‘skin in the game’ themselves before committing to that large of an investment? You’ll never really know until you take the time to step back from the emotions and family traditions, and take advantage of balancing all factors for your particular situation.
I just had the wonderful opportunity to talk with J Hood Jackson (Jesse) at LookTV about the new book (The Law of Attraction Meets Financial Stewardship) and also how we all go through significant life transitions when some extra financial education and coaching can really be helpful in successfully moving forward again. Please check out the other wonderful quality interviews and programs on LookTV too!
http://www.looktvonline.com/laurie-bonser-interview/
Wow…I had a a very gratifying (and emotional) experience on Saturday when I received a review of my new book ‘The Law of Attraction Meets Financial Stewardship’ from Erik Graham at TopBookReviewers.com.
“Laurie Bonser brings a refreshing aspect to personal finances in her latest book on Financial Health, The Law of Attraction Meets Financial Stewardship. For many individuals, the words personal finance cause them to cringe or look for ways to procrastinate from the inevitable chore of budgets, banking, or any investing. Laurie’s book not only soothes these anxieties, she makes it fun to look again at your own personal finances and well beyond that. Laurie takes the reader on a thought provoking mental and spiritual check-up that ties in with your finances and investments. She does this through engaging the reader in her well-defined chapters and not preaching to them. I have read hundreds of self-help, “personal finance” books that inform me that I am the problem and I better use their magic fixes to rectify my situation. Laurie’s approach had me sitting back in the airplane seat that I was in and …” READ THE ENTIRE REVIEW HERE
Here’s a terrific video I saw today from The Piano Guys called ‘Cello Wars’ in the style of Star Wars. It’s the perfect accompaniment to the final sentence in my new book The Law of Attraction Meets Financial Stewardship, which literally is “May the Force be With You ~ and In You!’ Enjoy!
Check out the November 2015 issue of Natural Awakenings, Page 26:
http://issuu.com/albanyawakenings/docs/alb_1115
This week my special guest is Laurie Bonser. Laurie is a Certified Financial Planner® professional, a CPA, Reiki Master practitioner, shaman, teacher and coach. As you can see, Laurie and I are kindred spirits, both having extensive financial and metaphysical backgrounds and blending those two things in our work to serve clients at a very deep level.
Laurie is also one of our Experts on the Corporate Hostage, No More! membership site, http://www.corporatehostagenomore.org. After listening to this podcast I’m sure you’ll see why.
I think you’re really enjoy our exploration of ways that both corporate hostages and business owners can thrive on their terms.
Listen in and learn from Laurie’s deep and caring wisdom. And if you like what you hear, share it with your friends.
