Budget for Retirement – How to Calculate Inflation

Posted on by marilynwhittaker

How to Budget Can Be Tricky.

How much will we need to retire is the million-dollar question. Most folks try to calculate it based on the lifestyle they wish to have in retirement and how much they believe that will cost, and save towards that number.

But what about inflation?

When planning for retirement, it’s crucial to consider the impact of inflation on your savings and income. Inflation refers to the gradual increase in the prices of goods and services over time, which erodes the purchasing power of money. To account for inflation in retirement planning, you’ll need to calculate how it will affect your expenses and income during your retirement years.

One way to calculate inflation when planning for retirement is to use the Consumer Price Index (CPI), which measures changes in the cost of a basket of goods and services commonly purchased by households. By examining historical CPI data, you can estimate the average annual inflation rate and use it to project future increases in living expenses. For example, if the historical average inflation rate is 3% per year, you can assume that your expenses will increase by approximately 3% annually during retirement.

Medical Expenses

Another method to calculate inflation in retirement planning is to consider specific categories of expenses that may be subject to higher inflation rates than the overall CPI. For instance, healthcare costs tend to rise at a faster pace than general inflation, so it’s essential to factor in potential increases in medical expenses when estimating your retirement budget. Similarly, housing costs, especially property taxes and maintenance expenses, may also outpace general inflation rates in certain regions.

Additionally, when calculating inflation for retirement planning, adjusting your expected investment returns is essential. While certain investment vehicles such as stocks may provide returns that outpace inflation over the long term, others like bonds may offer more modest returns that barely keep pace with inflation. By incorporating an inflation-adjusted rate of return into your retirement portfolio projections, you can ensure that your investments will continue to generate sufficient income to cover your expenses throughout retirement.

Adjust Retirement Plans Periodically

Finally, it’s crucial to revisit and adjust your retirement plan periodically to account for changes in inflation rates and other factors that may impact your financial situation. As you approach retirement and throughout your retirement years, regularly reviewing your budget, investment portfolio, and financial goals will help you stay on track to achieve a secure and comfortable retirement despite the effects of inflation. Working with a financial advisor can also provide valuable guidance and expertise in navigating the complexities of retirement planning in an inflationary environment.

Diabetes 1, 2 and 3

Posted on by marilynwhittaker

Diabetes mellitus type 1, often referred to as juvenile diabetes or insulin-dependent diabetes, is an autoimmune condition where the body’s immune system mistakenly attacks and destroys the insulin-producing beta cells in the pancreas. This results in a lack of insulin production, leading to elevated blood sugar levels. People with type 1 diabetes require lifelong insulin therapy to manage their blood sugar levels effectively.

The exact cause of type 1 diabetes is not fully understood, but genetic predisposition and environmental factors, such as viral infections, may play a role in its development. Management of type 1 diabetes involves monitoring blood sugar levels regularly, administering insulin as prescribed, maintaining a balanced diet, engaging in regular physical activity, and attending regular medical check-ups to prevent complications such as diabetic ketoacidosis, nerve damage, and cardiovascular disease.

On the other hand, type 2 diabetes mellitus is characterized by insulin resistance, where the body’s cells become resistant to the effects of insulin or the pancreas fails to produce enough insulin to maintain normal blood sugar levels. Type 2 diabetes is strongly associated with lifestyle factors such as obesity, physical inactivity, and poor dietary habits.

Although genetics also play a role, lifestyle modifications, including weight loss, dietary changes, regular exercise, and medication when necessary, are key components of managing type 2 diabetes. Unlike type 1 diabetes, which typically develops in childhood or adolescence, type 2 diabetes often develops later in life and is more common in adults, although its prevalence in children is increasing due to rising obesity rates.

Alzheimer’s disease has been referred to as “Type 3 diabetes” or “brain diabetes” due to emerging evidence suggesting a link between insulin resistance and neurodegeneration in the brain. Research indicates that insulin resistance impairs brain function and contributes to the accumulation of amyloid-beta plaques and tau protein tangles, which are hallmark characteristics of Alzheimer’s disease. Insulin is crucial in maintaining brain function, including memory and cognitive processes.

Therefore, insulin resistance in the brain can lead to cognitive decline and increase the risk of developing Alzheimer’s disease. Lifestyle factors associated with type 2 diabetes, such as obesity, physical inactivity, and poor dietary habits, also increase the risk of Alzheimer’s disease. This has led to growing interest in exploring therapeutic strategies that target insulin signaling pathways in the brain as potential treatments for Alzheimer’s disease.

How To Make Money Work for You

Posted on by marilynwhittaker

Saving and investing are essential financial practices for beginners to secure their future and achieve their financial goals. Earning a return on your investment is the best way to have your money actually working for you. While you sleep, you earn. While you vacation, you still earn.

Saving involves setting aside a portion of income regularly, while investing involves putting money into assets with the expectation of generating returns over time. Both practices are crucial for building wealth, managing financial emergencies, and achieving long-term financial stability.

One of the first steps for beginners in saving and investing is to establish clear financial goals. Whether it’s saving for a down payment on a house, building an emergency fund, or planning for retirement, having specific goals provides direction and motivation. Setting realistic and achievable goals helps beginners stay focused and committed to their saving and investing plans.

Creating a budget is another fundamental aspect of saving and investing for beginners. A budget helps individuals track their income and expenses, identify areas where they can cut costs, and allocate funds towards savings and investments. By living within their means and adhering to a budget, beginners can free up money to save and invest for the future.

When it comes to saving, beginners should prioritize building an emergency fund. An emergency fund acts as a financial safety net, providing a cushion to cover unexpected expenses such as medical bills, car repairs, or job loss. We recommend saving enough to cover three to six months’ worth of living expenses in an easily accessible account, such as a high-yield savings account. If you have children then it’s ideal to have a full 12 months’ worth of expenses saved.

For investing, beginners should start with basic investment vehicles such as employer-sponsored retirement plans like 401(k)s or individual retirement accounts (IRAs). These accounts offer tax advantages and typically include a range of investment options such as stocks, bonds, and mutual funds. Beginners can choose a diversified mix of investments based on their risk tolerance, investment horizon, and financial goals.

If you’re not in the US to take advantage of the 401K, then consider investing in an oil company in your country. Generally buying shares in an oil company and holding them to earn dividends quarterly is a good way to invest. As you learn more you may sell shares purchased at a lower cost to earn the difference of what those shares are trading at today. However, no dividends will be earned on those you have just sold.

We offer more investment advice on this blog and will continue to add articles that we hope you’ll find beneficial.

How to Stick to Paying Off Debts

Posted on by marilynwhittaker

Sticking to paying off debts requires a combination of discipline, strategy, and mindset shifts. First and foremost, creating a realistic budget is essential. List all your sources of income and categorize your expenses, distinguishing between necessities and luxuries. Allocate a portion of your income specifically towards debt repayment, ensuring that it’s a priority. By visualizing where your money goes, you can identify areas where you can cut back and allocate more towards debt repayment.

Next, consider consolidating your debts if feasible. Consolidation can simplify your payments by combining multiple debts into a single monthly payment, often with a lower interest rate. This not only streamlines the repayment process but can also reduce the total amount of interest paid over a period of time. However, be cautious and do thorough research to ensure that debt consolidation is the right option for your financial situation. Don’t add a small debt to a huge debt and pay a higher interest rate over a long period of time. Instead, get rid of the small debt on its own as soon as possible.

Set realistic goals and milestones for paying off your debts. Break down your total debt into manageable chunks and establish a timeline for each. Celebrate each milestone achieved, whether it’s paying off a credit card or making a significant dent in your student loan. This not only provides motivation but also helps you stay on track and committed to your debt repayment plan.

Find ways to increase your income or reduce expenses to accelerate your debt payoff journey. Consider taking on a part-time job, freelancing, or selling items you no longer need to generate extra income. Additionally, look for opportunities to trim unnecessary expenses from your budget, such as dining out less frequently, cancelling subscription services you don’t use and maybe some you use but could easily live without, or negotiating lower rates on utilities and insurance. When you sell an item place that entire income on getting rid of the smallest debt.

Stay accountable by sharing your debt repayment goals with a trusted friend or family member or a coach. Having someone to support and encourage you can make a significant difference in your ability to stick to your plan. Consider joining a financial support group or online community where you can share your progress, seek advice, and gain inspiration from others who are also working towards financial freedom.

Finally, cultivate a positive mindset and practice patience throughout your debt repayment journey. It’s important to acknowledge that paying off debt is a gradual process that requires persistence and determination. Focus on the progress you’ve made rather than dwelling on setbacks and remind yourself of the long-term benefits of becoming debt-free. By staying committed to your plan and making consistent efforts, you can successfully stick to paying off your debts and achieve financial freedom.

How to Stop Preventable Deaths!

Posted on by marilynwhittaker

Did you know many people die prematurely simply because of their diet?!

Let me say that differently: Did you know the foods you’re putting into your mouth each meal could be killing you?!!

Fries

They are possibly the worst food you can eat. Why? The rancid oils they are fried in can cause so much harm to the body, primarily artery blockages that cause heart attacks, but also gallstones which could lead to loss of your gallbladder, an organ they say you can live without but what they don’t tell you is how different life will be without the gallbladder. Of course, in addition to fries, there are all the other fried foods which are very popular with fast food restaurants. Convenient foods are killing us.

Sugar

It has always gotten a bad reputation but again not enough is said about the vast number of diseases that stem from consuming too much sugar on an ongoing basis. Alzheimer’s is now referred to as Diabetes Type 3. We know that Diabetes Type 2 is a horrible disease that can ultimately lead to the person having to have a limb amputated. Persons who have lost their leg/s have been known to say they wish they known how bad sugar and carbohydrates really are.

Carbohydrates

It’s the other sugar. Every “bad carbohydrate” is high glycemic and breaks down into sugar in the bloodstream. Some cultures eat three and four sides to lunch and again at dinner and most sides are carbohydrates such as mashed potatoes, rice, macaroni and cheese, etc. “Good carbohydrates” such as sweet potatoes, pumpkin, and the like will take longer to break down and therefore do not spike insulin production.

Diabetes Causes Other Diseases

Over time, repeated spikes in your blood sugar can cause heart and kidney problems. Diabetes can also cause problems with your eyesight and nerve issues such as neuropathy which is the loss of feelings in your fingers and toes. We are not doctors so we won’t get into the stages of these various illnesses. The purpose of this is to enlighten readers to reconsider the foods they put in their bodies each day as many are literally killing us.

The pancreas is involved in the processing of sugars and pancreatic cancer has been known to claim lives fast. In my personal experience, a close relative died only two months after being diagnosed with stage four pancreatic cancer. When we asked the doctors why this wasn’t diagnosed earlier, they advised there’s no screening for pancreatic cancer.

Whole Foods

With so many foods being bad for different organs of the body, what are we supposed to eat? Whole foods – vegetables, fruits, nuts and grains. There are so many varieties. We just have to get creative and try a variety of different recipes. I didn’t eat cauliflower for years because of its texture and it’s so bland. Now, cauliflower is the main item in our “chip n dip” nights. We lightly brown the cauliflower in a frying pan with a sliver of olive oil (good fat) and dip them in our special “green mix” a blend of green onions, parsley, cilantro, avocado (another good fat), olive oil, and sour cream. We experimented with different amounts and found a whole avocado gives it a smoother taste.

Salads

In some cultures, a salad is all they ever have for lunch. When I first tried salads I found them bland and boring. Then I added walnuts (which are good for the brain) and pumpkin seeds (mostly because they taste so good – but they are also rich in antioxidants and protect our cells from disease), a fruit such as blueberries or pear really makes all the greens have a more delicious taste. Usually, I just have one fruit as I watch the sugar content although the sugar in fruits is not the same as sugar in a dessert. Each day I changed the nut, the seed, and the fruits and soon learned what my true preferences were. My almost-daily salad has arugula as my base, walnuts (helps with memory), sliced almonds, avocado (good fat), strawberries (or blueberries – also good for memory), pumpkin seeds, beets, sweet potato chunks, chickpeas and black olives. Yum!

Breakfast

We go for fish or eggs (sometimes just whites) with carrots or pumpkins and arugula or asparagus, with a cup of Joe! We limit sugar to one spoon of brown sugar and reduced milk to half and half instead of whole milk. It’s not 100% healthy but it’s pretty close. Notice there’s no bread. We opt for Ezekiel bread if we want bread, as it’s much healthier.

Dinner

Chicken (try to get grass-fed chicken), duck or fish with two sides of vegetables, and occasionally a portion of arugula or spinach to increase the greens on our plates in our home. Nothing is ever fried. We air-fry occasionally if we want chicken and sweet potato fries for a change. Poultry or fish are always baked or grilled.

Exercise

No healthy regime is complete without exercise. If time is an issue then 15 minutes of cardio in front of your TV before the start of the day, and another 15 minutes at the end of the day. For us, we mix it up – dancing three nights a week as that’s so much fun, walking some mornings and gym workouts three times a week to get the weights in for body shaping and of course, we do a minimum of 20 minutes of cardio each gym workout. Cardio is essential for your heart – and the heart, for life.

How to Prevent Having to Remove Your Gallbladder

Posted on by marilynwhittaker

Few people talk about the fact that they had to have their gallbladder removed and fewer explain why it became necessary. We want to help you prevent needing gallbladder surgery with some advice and tips. Caring for the health of the gallbladder is essential to maintain overall well-being and prevent potential complications such as gallstones and inflammation.

Healthy Meals and Water

Maintaining a balanced diet plays a pivotal role. Incorporating fiber-rich foods such as fruits, vegetables, and whole grains can help regulate cholesterol levels in the bile, thus reducing the risk of gallstone formation. It’s crucial to limit the intake of high-fat and high-cholesterol foods (oily foods), as they can contribute to gallstone development. Additionally, staying hydrated by consuming an adequate amount of water daily supports proper digestion and prevents bile from becoming overly concentrated, which can lead to gallbladder issues.

Portion Control

Moreover, practicing portion control and mindful eating habits can help alleviate strain on the gallbladder. Overeating can overwhelm the digestive system, leading to discomfort and potential complications for the gallbladder. Eating smaller, more frequent meals throughout the day can ease the workload on the gallbladder and promote efficient digestion. It’s also beneficial to avoid skipping meals, as this can disrupt the gallbladder’s regular function and contribute to imbalances in bile production.

Physical Exercise

Regular physical activity is another cornerstone of gallbladder health. Engaging in moderate exercise for at least 30 minutes most days of the week can aid in weight management and promote overall digestive health. Maintaining a healthy weight is particularly important, as obesity is a significant risk factor for gallstone formation and gallbladder disease. By incorporating regular exercise into your routine, you not only support gallbladder health, but promote overall cardiovascular and metabolic well-being.

Minimize Stress

Adopting a lifestyle that minimizes stress and prioritizes relaxation can indirectly benefit gallbladder health. Chronic stress can trigger inflammation and disrupt digestive processes, potentially exacerbating gallbladder issues. Incorporating stress-reducing activities such as meditation, yoga, or spending time in nature can help manage stress levels and support overall digestive wellness.

Improve Sleep

Additionally, getting an adequate amount of quality sleep each night is crucial, as poor sleep habits can disrupt hormone regulation and metabolism, which may impact gallbladder function. By implementing these holistic approaches to gallbladder care, individuals can promote optimal health and reduce the risk of gallbladder-related complications.

How I Paid My Mortgage Off In 2 Years!

Posted on by marilynwhittaker

After almost losing my house to the bank, I devised a plan to pay my mortgage off ASAP! First, I had to change my mindset and commit to saving as much money as possible. As I stopped buying unnecessary stuff (including clothing) I was able to use those funds to invest in a specific (high performing) share each month, I became excited at the prospect of one day owning my home. During this time I paid only the exact monthly payments that were required to keep the mortgage in good standing.

Mindset plays a crucial role in your ability to hoard finances and pay off your mortgage quicker. Having a mindset focused on financial discipline and frugality encourages you to prioritize saving over unnecessary spending. By adopting a mindset that values long-term financial security over short-term gratification, you will be more likely to make conscious decisions to cut expenses, increase savings, and allocate extra funds towards paying off your mortgage faster.

A mindset centred on goal-setting and perseverance provides the mental framework necessary to stay motivated and committed to financial goals. Setting a clear objective, such as paying off the mortgage ahead of schedule, will give you a sense of purpose and direction. With this mindset, you will be more inclined to develop and stick to a strategic plan, whether it involves increasing income streams, reducing expenses, or both, in order to pay the mortgage faster and achieve your desired financial freedom sooner.

Thinking Outside the Box

Second, I had to do something more and tried to create new income streams like renting a space in my house with an exterior door. That rental income went directly into purchasing more shares. But my calculations showed me this was still going to take more than ten years to master and I really wanted to offload this debt.

Third, I remained opened to new possibilities and consistently kept my mind on how to bring in more income. Soon I learned I could take a pension pay-out and followed the guidelines of the three plans I had participated in and stashed all those funds into more dividends.

The moment I purchased shares I opened for the dividend-reinvestment program and by the time I had enough funds to pay off my mortgage I learned that my reinvestments had yielded me over $27,000. Had I taken those dividend payments each quarter, it would have taken me at least another year to pay off that mortgage. There will be some sacrifice but you can do it if you stay on track month after month. Once the value of my shares reached $93,977 I cashed them in and paid the mortgage off immediately.

Along the way investors offered many other investment options. One cost me some money and this was disappointing but I did not allow it to get me down for too long. I immediately made the decision to not take any further risks and kept investing in the stock that was consistently yielding a reasonable return. I had to stay positive that this would continue to work for me.

Lastly, a positive mindset can help you overcome challenges and setbacks along the way to paying off your mortgage quicker. By cultivating resilience and optimism, you will be better equipped to navigate unexpected financial obstacles, such as job loss or economic downturns, without derailing your progress. Instead of succumbing to fear or doubt, a resilient mindset will encourage you to adapt, persevere, and find creative solutions to stay on track towards your financial goals, ultimately enabling you to achieve the satisfaction of homeownership without the burden of mortgage debt looming over your head.