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Platform Scottsdale: What would you say to your younger self?

platform-scottsdaleI’ve seen a lot of mention lately on social media on the topic of “What you would say (or a letter to) your younger self?” This really spoke to me, as I just celebrated a milestone birthday that is so unbelievable, so unfathomable, that I really can’t even say the number. It’s not so much about the number, it’s what you grew up hearing your parents, grandparents and elders saying about their own lives. They just don’t know where all the years went and how fast the time flew by. Now, I am not sentimental but in reaching this milestone birthday, I’ve realized I’ve lived an interesting, full, and happy life so far. Yes, it’s been full of success, and disappointments, wonder, and adventure.

As I was approaching this birthday, I was first touched when I found a “friendship book” and letter my lifelong BFF, Holly, had given me when we graduated High School. We’ve been best friends since we’re 14 and our mothers were friends as well. It’s a very special friendship. She also celebrated her milestone birthday, and I’m happy to say she is and will always be 10 days older than me. When I read this book and what she wrote to me all those years ago, all I could think of is “how did this happen”? Weren’t we just the 14 year old girls, who thought they were so grown up, writing poems about boys, going to the ice skating rink on Friday nights and having sleep-overs? What she said to me in that letter really touched me and stood the test of time and is as true and relevant today as the day she wrote it.

Our paths did go in very different directions, I’m in AZ, she’s in NJ, she has been married since we were 19 to one of those boys we wrote poems about as teenage girls, and it took me until recently and a number of mistakes to find my true love, but our bond, and friendship and love for each other endured even through some years of separation from each other, life challenges, tragedies and many changes. After lots of tears and memories, I sent her that book she gave me so many years ago, to celebrate her big birthday. You can imagine, the emotions in our next conversation and how that conversation went.

So that got me reflecting on what I believe and have learned is most important in life. I’m still a work in progress and I still work on all of this every day. I’m sure you’ve heard most of these before, and sorry for the clichés, but they are all my truths.

~ There will always be someone younger, prettier, smarter, and more successful than you. Appreciate where you are and what you have and look forward to what’s next.

~ Love deeply, passionately and strongly. Don’t hold back. Tell the people you love that you love them every time you see or talk to them because you don’t know when you’ll have that opportunity again.

~ Surround yourself with diverse people in your life of all different ages, backgrounds and beliefs. It just gives you a better balance and perspective on life.

~ Don’t be afraid to seek or ask for help. You’re not alone. There are many times in my life and throughout the years including now, that I reached out to friends, family, acquaintances, coaches, therapists and mentors. It makes you stronger recognizing that you needed help outside of yourself.

~ Be true to yourself. This is key. Anytime I’ve strayed from my instincts and knowing myself, I’ve been sorry.

~ Get rid of and know when to walk away from negativity and drama in your life, both people and situations. If you don’t, it will take you down.

~ Many people will pass through your life, but the ones that stay or come back, mean everything.

~ Say “Yes” and take the risk. Most of the time, you’ll be pleasantly surprised with the outcome.

~ Take good care of yourself both mind and body. Continue to challenge yourself, setting and achieving new goals, and be healthy. Exercise regularly, you don’t have to go overboard or spend hours in the gym, just make it part of your daily routine. Eat healthy as a choice, but don’t deprive yourself. Have that ice cream, pizza, cookie, cheeseburger, bacon or cocktail, just all in moderation.

~ Most importantly, never give up on your dreams and wishes and always continue to have new ones. I’ve reinvented myself so many times in my life, more times than Madonna or Brittany Spears, and truly believe when you stop dreaming, you stop living.

Getting old sucks, but as my friend Lori told me many years ago after losing a sister to cancer at a very young age, think of the alternative. There is a ton of more maintenance as you get older – hormones, hair (it seems to grow where you don’t want it to and stops growing where you want it), doctors, eye glasses, nails, hearing loss, it’s endless. My body hurts more, my skin is more saggy & wrinkled, my washboard abs that I always worked so hard on are no longer so washboard, but, I love deeper, I’m more fearless, I’m not afraid to do or say what I want. I’m happier and more balanced than ever for lots of reasons, and I look forward to the future and whatever it brings me. I’ve lived a lot and done it all. I’ve done everything that all of you have done and probably much, much, much more, but thank goodness it wasn’t documented on Facebook or Instagram.

Yes, I’m 60 Years young! I said it. Although I really don’t know where those years went, it was a flash, and wish I had done certain things differently, it all took me to where I am today and who I am today. I can’t wait to see what’s next and what’s ahead.

As I was writing this, I came across this quote from one of the most beautiful, sexy, talented, accomplished, and admired women in the world. It sums up everything I’ve wanted to say on turning 60:

“There is a Fountain of Youth. It is your mind, your talents, the creativity you bring to your life and the lives of the people you love. When you learn to tap this source, you will truly have defeated age. “ – Sophia Loren


Most people don’t have financial plans

Most of us put more effort into planning a vacation than planning our financial future.

According to a study issued by BMO Harris Financial Advisors, only 38 percent of Arizonans have a financial plan, yet a majority admit a financial plan plays a critical role in achieving key life goals, such as saving for a home and being comfortable in retirement.

“There’s an obvious disparity when it comes to financial plans – most people know they need one, but they don’t have one,” says Larry Skolnik, regional sales manager, BMO Harris Financial Advisors. “No matter your income level, a financial plan can be an essential component to achieving your financial goals and ensuring the fiscal security of you and your family.”

Experts say a financial plan helps people work towards their short and long-term goals, providing a roadmap that outlines the path from where they are today to where they want to be in the future.

“Everyone should have some type of financial plan,” says Jason Miller, vice president and director of financial planning – Western U.S., BMO Private Bank. “Whether you are just starting out in your working years or nearing retirement, a solid plan is crucial to reaching your goals and protecting yourself and your loved ones.”

One crucial mistake people is assuming that they cannot afford to create a financial plan and will do so when they are making more money in the future, says Lisa S. Jackson, a certified public accountant and financial advisor with Whitman & Jackson CPAs.

“There is no better time to start than immediately,” she says.

Miller says the goal of a financial plan is to understand exactly where you are today and where you want to be in the future and then determine the necessary steps to get from point A to point B. A financial plan should include an analysis of where you currently are and what risks and/or challenges you currently face, as well as an analysis of how likely you are to reach your financial goals. Common areas included in a financial plan may be:

  • Budgeting and cash flow management
  • Asset allocation and investment management
  • Retirement planning
  • Risk management (e.g. life insurance coverage, disability insurance coverage, long-term care, creditor protection, etc.)
  • Estate planning

“When establishing goals it is recommended to include dollar and time specific targets in order to regularly measure the plan with clarity,” says Mary Collum,  senior vice president and director of private banking, National Bank of Arizona.

“Staying true to the vision is very important and will take discipline on both the planner and individuals’ part. Circumstances such as consistent injections of savings for the future, coupled with a plan to enjoy life today and live within one’s means, will weigh in on how successful the plan is.”

One of the most important elements to consider is making sure your financial plan is comprehensive and takes into account various possible outcomes, experts say.

“One of the most important elements of a plan is to make sure you are testing the outcome of your goals based on various economic environments such as rising interest rates, inflation, economic expansion or deflation and unforeseen events,” says Curtis L. Smith, registered investment advisor and wealth advisor for Raymond James Financial Services.

Smith’s list of things to consider when establishing your financial plan include:

  • Asset and investment allocation
  • Retirement accumulation and retirement income forecasts
  • Risk management items (liability coverage, life, disability, long-term care and health insurance)
  • Estate and philanthropy planning
  • Your economic and lifestyle goals (retirement needs,  savings goals, housing goals, vacations, etc.)
  • Family legacy goals

Another mistake people make when establishing the goals for their financial plan is not looking at all their investment options.

“People can get too focused on one investment strategy and forget to look at all options,” says Erik Pedersen, vice president of AXA Advisors. “The one they are focused on might not be the most suitable to reach their goals.”

Once your goals and plan are established, experts say you must remember to keep your financial plan organic and revisit the plan often.

“Be sure to revisit the plan when your goals have changed or events have happened in your life such as marriage, divorce, loss of job, inheritance or children going off to college,” Pedersen says. “But, there is truly never a bad time to revisit your financial plan.”

Once established, it’s been proven that financial plans will keep you financially responsible and healthy. According to the BMO Harris Financial Advisors study, 85 percent of Americans who have a financial plan say those plans have helped them achieve their goals, and 61 percent wish they has created a financial plan sooner.

“We are quick to take our car into the shop when the engine light blinks, giving us peace of mind our vehicle will take us safely to the next destination,” Collum says.

“Take charge of your financial world with this same sense of urgency in order to create and ensure you are headed on a successful journey to your financial destination.”

Soaring College Cost and Financial Planning

What Parents Should Know Before Paying for College

From $20,000 to $65,000 a year – that’s the tuition cost for one year of college, says John McDonough, a money expert who helps retirees and parents plan for their families’ futures.

“For the 2012–2013 academic year, the average cost for an in-state public college is $22,261. A moderate budget for a private college averaged $43,289,” says McDonough, CEO of Studemont Group College Funding Solutions, www.studemontgroup.com. “But for elite schools, we’re talking about three times the cost of your local state school. Either way, your kid’s higher education can easily shoot into six figures after four years.”

Along with worrying about rising tuition prices, parents also fear for their own futures if their retirement savings are drained by children’s college costs, McDonough says. Only 14 percent, for example, are very confident they’ll have the money to live comfortably in retirement, he says, citing a 2012 survey by the Employee Benefit Research Institute.

“Families feel they’re faced with conflicting goals, but there are numerous ways to pay for college while investing in your future retirement,” says McDonough, who offers insights for parents to keep in mind while planning for their child’s education:

• The ROI of a college education: At a time when so many American families are financially strapped, college is an especially stressful topic because parents know higher learning will help their kids succeed. College graduates earn 84 percent than those with only a high school diploma, according to Georgetown’s Center on Education and the Workforce. Here is how earning breaks down over one’s life time, based on education: a doctoral degree-holder will earn $3.3 million over a lifetime; $2.3 million is estimated for a college graduate; those with only a high school diploma can expect $1.3 million.

• Move retirement assets to qualify for grants: Most parents know about the 529 savings account, but that’s not necessarily the best or only option. Reallocating your retirement assets, such as 401(k)s, can better position a child to qualify for grants and scholarships. This legal and ethical maneuvering may be the single most important factor when considering how to pay for college.

• Know your student’s strengths and weaknesses: Consider independent and objective analysis of your future college student. Assessment might include a personality profile and a detailed search for a future career. Also think about a more nuts-and-bolts approach, including scholarship eligibility, SAT and ACT prep courses, review of admissions essays and an in-depth analysis of chances for enrollment in a student’s top four choices of colleges.

• Make a checklist of financial aid forms: In order to maximize a fair price of higher education, remember there is plenty of data to review. McDonough recommends a checklist with a timeline and notable deadlines. Be ready to troubleshoot the “alphabet soup” of data forms: FAFSA – Free Application For Federal Student Aid; CSS profile – College Scholarship Service; SAR – Student Aid Report; and more. Think about this process as a second job, or find professional help you can trust.


Save money with smart open enrollment changes

Employers will soon be offering workers their yearly opportunity to make changes to their health care benefits. All too often this open-enrollment period has required combing through pages and pages of confusing insurance terms, according to an Associated Press report.

But this year workers will receive help translating that jargon thanks to a new requirement that insurers provide a user-friendly coverage summary of all health plans. Combined with innovative wellness plans that reward employees for staying health, experts say millions of workers should be able to make smarter benefit decision and save money in the process.

“There’s a $5 or $10 bill just sitting there,” says Jody Dietel, chief compliance officer with WageWorks. “They have to do a little bit of homework, but that $5 or $10 is theirs for the taking.”

More than 55 percent of insured workers estimate they waste up to $750 each year because of mistakes during open enrollment, according to a recent survey by insurance provider Aflac. Those wasted dollars are more crucial than ever. Even three years after the recession ended, 62 percent of middle class Americans tell the Pew Research Center they have been forced to cut back on spending in the past year.

Here are ways to make sure you’re getting every dollar’s worth from your health benefits:


“I think people spend less than an hour on (open enrollment) — not because they don’t want to — but because they feel it’s overwhelming and complicated,” says Rebecca Madsen, a senior vice president with UnitedHealth Group. Open enrollment generally starts in October or November for plans that begin Jan. 1.

Many insurers are trying to present benefit information in interesting, more user-friendly ways. UnitedHealth runs the website www.healthcarelane.com , which lets visitors explore a virtual town, where each person they encounter offers information and advice about a different health plan offering. The Department of Health and Human Services offers a more straightforward website designed to demystify health care topics: www.healthcare.gov .

This year’s open enrollment should be easier to navigate even for those who get their information from paper and ink sources. Starting this month insurers are required to provide standardized 8-page summaries that explain key terms and cost details of their plans. The rule was passed as part of the Obama administration’s health care overhaul and is intended to make it easier to compare policies and the costs and benefits of various plans.


Most large employers now offer wellness programs designed to keep employees healthy and, ultimately, cut medical expenses. These programs often come with financial perks to increase participation. More than 81 percent of businesses with 50 or more employees offer at least one wellness benefit, such as gym memberships, quit-smoking programs and stress management classes, according to the Wellness Council of America, an insurance industry group.

These companies are trying to curb health insurance costs that have climbed more than 25 percent over the last five years, outpacing inflation.

For several years now, many companies have offered cash or gift certificates to encourage employees to participate in their programs. Some still do, but low participation rates have prompted an increasing number to offer insurance cost breaks instead.

For instance, employees enrolled in UnitedHealth’s personal rewards program can cut their premiums by $1,000 per year for meeting basic health benchmarks for cholesterol, blood pressure and other measures.

“The two-pronged trend here is that there is more money on the table, but at the same time you have to do more to get it,” says Ian Duncan, actuary and professor of Actuarial Statistics at University of California, Santa Barbara.

In some cases employees must provide evidence they are filling important prescriptions, or attending exercise classes before they can claim the financial reward.

Meanwhile, other employers are trying an opposite strategy by assessing penalties on those who have health risk factors. Eleven percent of large employers require employees with unhealthy habits like smoking to complete classes to avoid higher premiums, according to a survey by the Kaiser Family Foundation.

Experts say such carrot and stick approaches will likely increase in the years ahead. Under President Obama’s health care overhaul, employers can increase the value of such penalties to as much as 30 percent of workers’ total premiums.


Employers continue to give workers a chance to save money by setting aside pre-tax money for medical expenses. These flexible spending accounts can help employees save 20 to 40 percent on medical expenses not covered by insurance, such as braces, glasses and contact lenses.

Employees should estimate their out-of-pocket health care expenses and have that amount withdrawn from their paychecks over the course of the year. The money contributed to an FSA is not subject to payroll tax, which effectively lowers participants’ taxable income, but with the condition that they must spend the money before the end of the year. Money left in the account on Dec. 31 is forfeited.

Wageworks estimates about 75 percent of U.S. employees have access to a flexible savings account, though just 20 to 25 percent participate, mainly because of concerns about the “use it or lose it” rule.

The health overhaul makes one major change to flexible spending accounts beginning in 2013: Health care flexible spending accounts will be capped at $2,500, which could limit tax savings for people with large families or expensive medical conditions. The government previously didn’t limit how much workers could set aside, but most companies capped contributions at around $5,000.