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Standing Up
to the IRS... Page 2
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We met with her sons and their families, and I backed her up as she explained that they
would need to support themselves starting right now.
She still gives her sons and their families love and emotional support, but the financial
faucet is turned off. As a result, her oldest son sold his house and moved to a home he
can afford. He is working again, and the entire family is meeting regularly with a
psychologist to deal with the buried emotions that surfaced as out-of-control spending.
As for Tamara, she has well over $1,000,000 left. At her current spending level of $70,000
a year, she'll be just fine. She can live a long and happy life, and ultimately her sons
will have a nice inheritance. She's back on track.
If like Tamara you find yourself in a difficult financial position, here are five tips to
gain control:
- Stop! Reassess your
situation to determine what's going wrong. Don't beat yourself up about it. Examine the
financial facts and start over.
- Establish realistic goals, and spend only what you have allocated each month. Pay for
the necessities first – mortgage, utilities, etc. If you run out of money, stop
spending. Do not use credit cards to tide you over until the next month.
- Bring your advisors into the picture. Ask your accountant, financial planner or
investment advisor to help you get your finances back in line.
- Review your progress on a monthly basis, or even weekly at first. Managing finances is
like going on a diet. ongoing improvements count, not the one time fix. Stick with the
program, and don't give up.
- If your kids’ money problems are creating yours, set limits for them. Let them know
you can't afford to fund their every need. That will be best for them in the long run.
The Women's Institute for Financial
Education (WIFE) is a non-profit organization which provides financial education,
networking opportunities, seminars, and workshops for women of all ages. |
