Certain things go as you get older. Is your cognitive ability a casualty? Learn what you can do to keep your skills sharp.

Why is the scenario below a common occurrence in my everyday life?

Me: Hi, I’m John.
Maximus Lazarus Falcon: Hi, John. I’m Maximus Lazarus Falcon.
Me: It’s nice to meet you.
Maximus Lazarus Falcon: It’s nice to meet you, too.
Me: Um, what’s your name again?

Now that I’m in my 40s, one might claim that I’m starting to suffer from a decline in cognitive skills. Au contraire! I’ve always lacked such cognitive skills. I’ve been struggling to remember people’s names for as long as I can remember anything.

What are cognitive skills?

As LearningRx.com says, “Cognitive skills are the core skills your brain uses to think, read, learn, remember, reason, and pay attention. Working together, they take incoming information and move it into the bank of knowledge you use every day at school, at work, and in life.”

A common belief is that we lose our cognitive skills as we age. The truth is that we gain our cognitive skills between birth until about 18 to 20 years old. At that point, some cognitive skills decline, and some continue to improve. Even in our older age, as some cognitive skills decline, other stay stable.

The reason why I couldn’t remember people’s names in my 20s is likely because I lacked cognitive attention skills. I’m not ADD or ADHD. I just lacked and maybe continued to lack solid cognitive attention skills. As I age, my inability to recall people’s names whom I’ve met less than six times (apparently) could be attributed to a decline in my cognitive memory skills.

What cognitive skills tend to improve with age?

Cognitive intelligence skills tend to improve and outperform younger people only because older people have acquired more knowledge and experience over time. Likewise, reason and problem-solving skills tend to develop because every year a person doesn’t die they’ve rationalized and solved more problems. Coming up with a solution for an older person may take longer than for a younger person, but they can find a solution, and often a better one, because of their history. Consequently, wise people in movies, think Yoda, tend to be or look much older.

Another cognitive skill that may improve or, at least, stay consistent until much later in life is cognitive attention skills . Therefore, a three-year-old can’t sit still for three minutes, and a 40-year-old can listen to a two-hour lecture on cognitive skills.

Another cognitive skill that typically improves or maintains homeostasis is language proficiency. Older people have lived longer and, therefore, have heard, read and used more words. An expected improvement is vocabulary is why we expect our wise, old sages to use more than one and two-syllable words or to use more than 140 characters to make important policy decisions.

What cognitive skills tend to decline with age?

Aging isn’t all roses and sunshine. Some cognitive skills do decline. That’s why you get upset when driving behind an older person.

Memory is often the first cognitive skill to be recognized as declining. By now, it’s almost expected and, at first, it’s humorous. I have three nieces and no matter whose name I’m trying to recall, I always recall the other two first. This why we chuckle when we walk into another room to get something only to forget the very thing we went into that room to get.

Of course, the humor may someday end. For this reason, it’s scary when an older adult goes missing. We’ve all heard the stories of older people who went for a drive and ended up hundreds of miles away in another state.

How can you maintain or slow the decline of cognitive skills?

As with our physical and mental health, best maintaining cognitive skills comes down to “use it or lose it.” That is, of course, unless there are extenuating circumstances such as an illness, accident or disease.

Exercise more

Also along the lines of physical and mental health, physical exercise is one of the best ways to fight the decline of cognitive skills. Studies show that just 60-minutes of exercise three times a week has a positive effect on cognition. So, get moving, no matter how old you are. I recently read that 40 is the new 20. Join me in getting fit!

Stimulate your brain

Learn something new. Try a new hobby. Watch documentaries and foreign language movies. Read more, especially on topics that make you think. Play games such as crossword puzzles, chess, Trivial Pursuit, Jeopardy, Poker, Rummy and even Memory.

All these will make your brain work and keep it working longer. So, start playing, just avoid betting when playing. For more brain stimulation, add more culture to your life.

Stay positive and reduce stress

Depression and isolation have been shown to have an adverse effect on the elderly in numerous ways, including causing a decline in cognitive skills. Research indicates that “not only do we know of the cognitive deficits present during acute depression episodes but we also know that some cognitive deficits do not completely go away even when depression is in remission.”

Look for ways to stay social and engaged with friends and family. As we age, we tend to want to stay home. This is the exact opposite of what we should do.

It’s, also, beneficial for us to engage in creative ways to stay positive. It’s impossible to stay depressed when you’re dancing naked in your living room or surrounded by amazing people – but maybe don’t do both at the same time – well, why not? Go ahead and dance naked in your living room surrounded by awesome people.

The takeaway is that some decline in cognitive skills is inevitable, however, in many cases, we can at least slow that decline. Likewise, some things get better with age, so it’s not all negative. The more aware we are of the signs of declining cognitive skills and the more steps we take to slow that decline, the better.

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Living healthier takes time, commitment, and information. If you have a phone, you have the information, the rest is up to you.

The gig-economy isn’t great only because it makes working excellent and entrepreneurship more accessible. I love the gig-economy because it is also creating mic-dropping technology.

The gig-economy created Uber and Lyft that has elevated the taxiing experience. It has brought us robotic crop pickers. The gig-economy has made waiting 36 hours for my Amazon package a long time!

There are other ways life is getting better. Picture it! Ten years ago, a little company called Apple invented something smaller called the iPhone and this made phones “smart.” Finally, there was a device small enough to fit in a pocket that played music and people could talk to and text with each other on it.

The world was amazed.

That little Apple, though, knew the greatest part of its invention was its “app technology.” Now anyone could create technology to add to these phones that improve life in the 21st Century. One such way apps are helping humans is with healthier living. Below are some of my and my friend’s favorite healthy-living apps. Try some and live healthier, too.

Exercise.

Zombies, Run!

As a fan of running and a bigger fan of The Walking Dead – so much so I’m even still watching Fear the Walking Dead – I’ll start with my personal favorite. Zombies, Run! combines a little virtual reality, gaming, music and fartlek.

That’s right. I said fartlek. Fartlek is Swedish for “speed play” and is an efficient way to lose weight and get in shape because it fluctuates the heart rate.

Zombies, Run! plays music while you run and notifies you when a zombie starts chasing you. If you don’t speed up, you’ll die. Not really, but it’s fun to pretend. There are 200 missions, and you’ll collect supplies and points as you go.

7 Minute Workout

Have 60, even 30 minutes to exercise? Me, either. The amazing gig-economy isn’t putting more hours in the day. That’s why I love the 7 Minute Workout app because I can usually find 7 minutes to workout, sometimes 14, sometimes 21 and . . . you get the picture.

The 7 Minute Workout app has 72 exercises, 22 workouts that can create up to 1,000 variations and the app progresses with your fitness level to make sure you don’t plateau or regress. I especially love that the 7 Minute Workout includes both aerobic and anaerobic exercises, as most training apps focused only on aerobic exercises.

iScubaToo

Jerry Garcia, the lead singer and a founder of The Grateful Dead, once famously said that he never would’ve tried drugs if he had tried scuba diving first. Aside from being Nancy Reagan’s most ardent ally, scuba diving is great for the mind, body and spirit.

CEO and Founder of iScubaToo, Chad Nash says of scuba diving, “It’s great for both the mind and body by keeping you present at all times. It’s a kind of meditative state. You don’t have to be the most physically fit to dive to start, so it fits everyone. From there, you can move onto other active, healthy opportunities.”

iScubaToo helps you easily find, rate, review and connect with dive shops around the world. Not all dive shops have quality safety or equipment ratings. This app works like Airbnb and Uber but for divers to find quality dive shops anywhere in the world.

Yoga

I love yoga! The human body is the best weight-machine, and we take ours everywhere. Unfortunately, many think they can only get a good weight workout at the gym, but that’s not so. So, let’s combine tranquility with technology.

Down Dog

Who doesn’t like to do it doggy style? Not only is Down Dog a great whole-body stretch and mild inversion yoga pose, but it’s also a great app. If you’re intimidated about doing to a yoga studio and falling all over yourself in front of strangers, or you simply don’t have the $1,000,000 to buy a yoga studio membership, check out Down Dog.

Down Dog claims it has so many sequences that you could never run out of content. That’s great because that keeps you challenged. Along with sequence and instruction, Down Dog plays appropriate music for a “studio-like yoga experience from the comfort of your home.”

Yoga Wake Up

If you like to do your yoga early in the morning like me to do yoga, it’s hard to go from an earth shattering alarm to a gentle yoga experience. That’s why I love Yoga Wake Up.

Yoga Wake Up wakes you with peaceful, meditative sounds rather than a noise that lets miners and steel workers know their shifts ended. It also lets you start your yoga practice with “slow, delicious morning stretches from the warmth of your covers.” That makes me want to wake up several times a day.

Meditation.

Deep Sleep with Andrew Johnson

Have trouble falling asleep at night? You’re not alone. According to the National Sleep Foundation, about 45% of Americans report having trouble falling asleep at least once a week.

Deep Sleep with Andrew Johnson, brought to you by Michael Schneider, is the answer. I don’t know a single thing about either of those men, but they’re the only strange men I allow in my bed because their app and Johnson’s calming Scottish voice helps me fall asleep when the sheep refuse to jump the fence.

Omvana

For pure, lotus-sitting meditation, I love listening to Vishen Lakhiani’s 6 Phase Meditation on the Omvana app. In 21 minutes, Lakhiani walks listeners through a comprehensive meditation routine that includes connection, gratitude, forgiveness, visualization, daily intention and blessing.

As an overly-scheduled person with a perpetually wondering mind, Omvana helps me exercise uninterrupted meditation and feel the full effects of that kind of meditative focus.

Healthy eating.

Lose It!

Studies consistently show that one of the best ways to lose weight is to track your eating. But, keeping a ledger of the food you eat all day, every day and having to track the portion-size and calorie count of everything you eat sucks more than sucking lemons. That’s why Lose It! is great.

Lose It! lets you track the food you eat three different and easy ways. The first is by searching its database rather than going to some random site referred to you by Google. The second is scanning a bar code, if one’s available. Now, you can take a picture of your food and the resident experts at Lose It! will let you know how many calories you’re eating.

Lose It! connects with other apps, like other fitness trackers, and lets you set goals and track your progress.

Fit Men Cook

How can you find meals that won’t make the eyes of the resident experts at Lose It! pop? Get the Fit Men Cook app. Fit Men Cook gives easy and affordable meals that can be prepared in advance. It helps you to choose healthy meals and not succumb to a fast food meal because of time.

Fit Men Cook even makes grocery shopping easier. Based on the meals you choose to eat that week; Fit Men Cook will create a grocery list that can be checked off as you toss items into your grocery cart.

Plus, even if you can’t find a single recipe that you like, Kevin Curry, who invented Fit Men Cook, is delicious in and of himself.

Embrace the gig-economy. Embrace apps. They’ll help make you happier, healthier, and because most apps are free, they may make you wealthier.

Do you use apps to help you have a healthier lifestyle? What are some of your favorites? We’d love to hear about it over at the #Adulting Facebook community

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Insurance is the way you financially CYA.

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Insurance feels like a waste of money. However, the reality is that you probably need it. Without it, your assets — meager as they may be — are at risk.

When you buy the insurance you need, you can cover your assets in many situations. Let’s be real: if you totaled your car, and you still owe money it, could you really afford to buy a new car right now? Plus, you’d still have a loan to deal with.

In this episode, we look at the disturbing reality that insurance is a necessary part of financial planning. In some cases (like health insurance and auto insurance) it’s even the law.

We’ll help you figure out what insurance you need to be effective.

Concepts

  • How insurance works.
  • Ways insurance can keep you from ending up in a worse financial situation.
  • Types of insurance required by law.
  • Insurance policies everyone should have.
  • Insurance policies that can be beneficial, depending on your situation, but that aren’t for everyone.
  • Types of insurance policies you should avoid.
  • Tips for figuring out what insurance you need.

This week, DO NOWs look at what you need to do in order to get the insurance you need. This includes writing down your needs, and documenting what you have in your home so you’re ready in case of a claim.

This week’s listener question looks at how you can feel better about the whole insurance thing. We look at ways you can get over the idea of “wasting” money on insurance.

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Adult sibling rivalry.

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More than 6.5 million people in Florida were instructed to evacuate before Hurricane Irma struck the state. Leaving everything behind is not easy for a family — and it’s not cheap. While insurance may cover damage due to the storm, how do you handle the expenses you have when you need to change your plans with a moment’s notice?

You need an emergency fund. It’s one of the first steps for preparing for the unexpected — and handling your money like an adult. If you don’t have an emergency fund yet, you need to start it now.

Here are some of the best banks for emergency funds today — because they pay out some of the highest rates.

My friend’s brother lives in Florida, and his home was hit hard by Irma. He, his wife, and his daughter secured their home as well as possible and left town, driving with thousands of others north, away from where the hurricane would do the most damage. Because he had an online savings account with CIT bank, an emergency fund for the family, they were able to come up with the money they needed to get out of town and stay in a hotel for a few days before reaching family.

Start that emergency fund now.

Add to your emergency fund little by little. Transfer a small portion of every paycheck. It won’t hurt you to miss 1% of your pay today, and it will help you later when you need to come up with money fast.

Could you make more money by investing your money in stocks instead of a savings account? Sure, but it could take more time to withdraw the value of those stocks when you need the money, and chances are good you’ll need the money at a time when the stock value is lower than you’d hope.

Add the taxes you have to pay on top of that, and it’s easy to see why investing is not a good option for money you might need in an emergency. That’s why high-yield savings accounts are the best options for emergency funds — like the one you need to withstand the next hurricane.

Choose a bank below to start your emergency fund.

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Amassing debt is easy. It’s a lot harder to answer the “how” and “why”. These answers can help you avoid mistakes and they can help you remedy them.

When the topic of credit card debt came up on the Adulting editorial calendar, it only made sense to assign it to one-half of the Debt Free Guys.

In case you’re not familiar, my husband and I acquired $51,000 in credit card debt despite having years of experience in financial services. The reason we amassed that impressive total was that we were living and spending unconsciously and trying to make up for years of insecurity and self-doubt.

Our story is just one example of how people find themselves in more debt than they can handle. There are numerous reasons why people get into debt.  Below is a list of what to look out for so you can avoid getting into debt yourself. And if any of these describes your story, know that there is a way out.

Don’t know their financial goals.

It’s my belief (and my husband’s) that more people are in debt than there needs to be because they aren’t clear on what their financial goals are.

It’s like knowing your destination when you’re in the car. The very first and most important thing you need to know is where you want to go. You can have the nicest car, years of experience driving, and it may be a beautiful, bright, and sunny day. But if you don’t know where you want to go, you’ll never get there.

This issue was my challenge. I didn’t know what my financial goals were and so I spent my money on any and everything. I sought short-term, easy satisfaction rather than long-term, secure satisfaction.

Don’t know their life goals.

The sister reason why people get into too much debt is that they aren’t aware of their life goals. Financial goals and life goals are not synonymous.

For example, our stepson just graduated high school. He recently asked for help to create a plan to ensure he’ll be financially secure, not necessarily wealthy, but stable. Financial security is his financial goal. After doing some exercises with him, we’ve since attached a dollar sign to what financially secure means to him and how to get there.

His life goal is to be an artist. He’s currently interested in videography and photography and is going to college for photography. He knows there’s a chance he won’t make a fortune in photography, but in that instance, his financial goals will support his life goals.

Without knowing what you actually want and developing a strategy to get it, you’ll go in any direction the wind takes you. Have you met people like that? Every time you meet them, they have a new goal, they’re moving elsewhere, they’re focused on something new.

Try to keep up with the Joneses.

It is challenging to live in such a consumption society. Everywhere you turn, someone has something newer and nicer than you. Whether it’s your neighbor or the guy on television who you want to be like or be with, it’s easy to get sucked into competitive consumption.

My sister and brother-in-law experienced this in their neighborhood. Theirs is an interesting case study. They lived in a quiet area full of homeowners about their age and children all about their children’s ages. They were all middle-income earners, all within the same income bracket.

Sure enough, when a neighbor did an upgrade to their home, suddenly several other neighbors did upgrades. When someone bought a new car, suddenly there were new cars all over the neighborhood. It all ended finally when one couple said they had to move away because the competition was hurting them financially.

Trying to keep up with The Joneses is like trying to live someone else’s dream. In either case, you’ll never achieve true happiness if you’re living someone else’s life.

They don’t know how to manage money.

Most of us never learn how to handle money. It’s a major disservice of our school system. We motivate and encourage our students, regardless of student loan debt, to get the best and highest job possible, and yet they don’t know how to manage their money.

Being financially secure is not contingent on how much money you earn, but how you handle the money you do earn. With the accessibility of the internet, there is a host of financial information at anyone’s fingertips.

They live and spend unconsciously.

This issue is synonymous with sticking your proverbial head in the sand. Often people live and spend unconsciously because taking the time to learn about their financial situation would mean they’d have to live and spend better. Whether they earn too little income to support their lifestyle or are trapped in an increasing cycle of amassing debt, they continue not to pay attention because it’s easier than addressing the truth.

Unfortunately for many, they learn Stein’s Law the hard way. That law says that if something can’t go on forever, it won’t. Stein’s Law is why most of the emails my husband and I receive are from people who are about to file bankruptcy or have reached retirement age and can’t retire.

They just divorced.

Divorce can be paralyzing to one’s life and finances. No part of divorce is fun, and it can leave both parties bruised emotionally and financially.

Not only is divorce itself expensive due to legal and court fees, but the division of assets rarely seems fair to both sides. The compound effect is that contractual obligations, such as requirements to repay debts, don’t disappear when you divorce.

Over 75% of Americans are in debt. It’s logical to conclude that 75% of couples in America who get divorced also have debt. Those debts must still be repaid despite the status of your marriage.

They have unexpected or large medical bills.

Healthcare in the United States is not getting cheaper, and a health scare or issue can easily wipe out one’s life savings. Even with an increased usage of HSA accounts and access to retirement funds to cover medical expenses, the wrong ailment can ruin one’s financial life.

For this reason alone, more Americans need to have an emergency savings account. But, with the estimation that 47% of Americans would go into debt if they had a $500 emergency, we have a long way to go.

They have an addiction.

People don’t make logical decisions when they have an addiction. You might automatically assume that this point is about gambling. To be sure, gambling does ruin a lot of people’s financial lives. They lose life savings and acquire numerous, even sketchy forms of debt.

This point also applies to people with drug and alcohol addiction who may make poor financial decisions that can cause them to acquire debt. It’s easy to get wrapped up in letting debt subsidize your addiction.

They don’t understand how credit cards work.

In part, because many people don’t understand money, most people don’t know how debt works. We receive too many emails from people saying that they weren’t aware that their interest rate could increase. They assume that the only reason their credit limit increased was that they’re doing well financially. They assume that the only reason they were offered a credit card was due to their creditworthiness – because they’re doing well with their existing credit cards.

That’s simply not true.

Just as with purchasing investments, it’s important for people to understand the nuts and bolts of how credit works. This is where reading the fine print helps and reading personal finance blogs that you can trust helps even more.

They’re unemployed or underemployed.

Even though the economy has been recovering since 2008, and wages are increasing, too many people are unemployed or underemployed. The economy is changing, and more jobs are being automated.

It’s incumbent upon American workers to increase their skill-sets and diversify income streams. This is one of the reasons why I recommend to everyone –everyone – to start a blog. Regardless of your career or skill set and regardless of what direction you want to take your career, a blog is a critical component of future career and financial success. Some people, in fact, think having a blog is more important than having a resume.

These are the top 10 reasons why many people find themselves in more debt than they can manage. Once you know what to look out for, it’s easier to avoid the mistakes. If you see yourself in one or more of the reasons above, now that you know your problem, you’ll more quickly remedy it.

Have you experienced one or more of the reasons above? Were you able to climb out of debt? We’d love to hear about it in the #Adulting Facebook community.

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You can learn the hard way, by making more mistakes, or you can learn an easier way, with the help of a mentor.

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One of the best ways to get ahead in your career and in life is to learn from someone else. If you can find a mentor, you have the benefit of wisdom and experience.

But how does one go about finding a mentor? And what can you do to maintain a good relationship with a mentor?

Concepts

  • How it can help your business and life to find a mentor.
  • How a mentor can help your career.
  • Advantages of an outside view.
  • The importance of learning from others and benefitting from their experiences.
  • Tips to help you find a mentor.
  • How to get referrals from your networ for a mentor.
  • How to use mentorship to network and find new opportunities.
  • Tips for developing a good relationship with your mentor.
  • What you need to know about choosing the right mentor for you.

As you prepare to find a mentor, this week’s DO NOWs can help. Start by identifying one area of your life you want to work on, whether it’s money, career, or your health. Pick one area of focus. Write down the names of people in your network who can help in your area of focus. Ask one of the people on that list to lunch or coffee.

This week, our listener question deals with concerns about using a mentor someone else picks out for you. We talk about taking a chance, and how to identify if the mentoring relationship is going to work early on.

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Your retirement plans may be a bit different than your parents’ and you’ll probably need more money than they’ve saved up. It won’t be easy but here’s how to get there.

For many of us, retirement seems a million miles away. And, with more and more companies handing retirement responsibilities into the hands of their employees, many of us are wondering: how on earth do I retire with more than my parents?

Fortunately, it is possible to retire with more money than your parents-if you have a financial plan that you work ruthlessly.

Let’s be clear, your parents may have a completely different vision about retirement than you do. When conceptualizing your own retirement, you need to be clear on what retirement will look like for you and an understanding of what your monthly expenses will entail during the duration of your retirement.

Are you just dreaming about golfing or fishing in your old age?

Retirement in 2017 has become somewhat sexy and there are a ton of different ways to create the perfect retirement that reflects both lifestyle and your future finances.

You may want to embrace FIRE (financial independence retire early) and retire in your thirties. Your retirement may be on a boat sailing around the Caribbean. Or, you may want to live in a large house in your hometown.

Own your vision for retirement and then begin working a plan to move you towards that vision.

Look for ways to save more.

For those of you who are younger and are currently  in the process of deciding where to go to college, double down on going local. Local tuition is always cheaper than out of state. In fact, if you’re still in high school, earn college credits

In fact, if you’re still in high school, earn college credits at  a discounted rate before going to college so that you can decrease your time in school. With the money that you save on tuition, begin saving for the future.

Negotiate every financial expenditure with the idea of investing your savings for the future. Keep your housing costs as low as possible and work hard on keeping your overall monthly and yearly operating budget as low as possible.

Currently, I have a budget of $2500 for both my personal and business expenses and I’m aggressively working hard to lower that number. It took awhile to lower my expenses, but once I did, I’ve been able to reallocate my money towards financial choices that will serve me well in the future.

I also embrace the “keep it small” philosophy.  You’ve probably heard the buzzword “minimalism” and, in my view, keeping it small and simple is basically the same thing without the snazzy  black t-shirts that minimalists always seem to wear.

I’ll be honest and say that I have no interest in super sizing my home and having a larger mortgage. Keep your housing and car expenses low so that you can invest your savings for your future.

Finally, don’t drive away your savings by purchasing too much car for your needs. In 2016, CNBC reported that the average monthly car loan payment was $503. Imagine if you paid cash for a used car and used the money that you saved on transportation costs towards retirement savings?

You also need to earn more.

Look at every opportunity to earn more money and to save money on every financial transaction you find yourself in.

Earn more money.  Let’s be frank, financial conversations seem to always cover: paying off debt, spending less, and changing your habits, but never seem to cover earning more money.

As you look at your career and your earning capability, focus on careers that start with higher earning potential.

Don’t mind dealing with blood and can get scholarships? Think about becoming a nurse or doctor.   Do you love teeth? But, you don’t want to take on student loans to become a dentist? Become a dental hygienist instead. Do you love science and computers? Become an engineer of a highly specialized field or a computer coding badass.

Embrace a financial strategy that includes finding employment with an organization that matches your retirement savings. Increase your savings as you earn more (while being mindful of savings limits). Don’t let your lifestyle costs creep up, just bank your earnings so that you save more over time.

If you want to retire with more money than your parents, keep your eye constantly on your ultimate retirement savings goal and work your plan unapologetically.

Start a business. One of the best things about becoming an entrepreneur is access to retirement savings tools that enable consumers to save substantially more than for someone who is employed.

It’s not too late.

And, for those of you who started late, all of this advice still is applicable to you. But, in all honesty,  you’ll have to double your efforts and approach your long-term retirement goals with a single-minded focus and tenacity that someone who started early won’t have to deal with.

Have you begun mapping out your retirement plan? Are there any helpful methods you could share? Please join us in #Adulting Facebook community

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Self-care is important.

Once in a while, we present Adulting.tv LIVE! Subscribe on YouTube to hear about future events, and share your questions about or suggestions for our next discussions!

Show Notes

We don’t have a video this week, but we do have an interview with an expert. Lynette Davis is an entrepreneur coach and mental health advocate. She knows what it’s like to lose touch with yourself and the importance of mental health as an entrepreneur.

In this episode, Lynette talks about the importance of self-care, watching for signs that you might need to pay better attention to your mental health, and how better mental health can help you make the most of your business.

We also talk about the importance of getting help when you need it and removing some of the stigma related to mental health from the national conversation. Listen in to find out what you need to know about mental health as an entrepreneur.

Website: http://lynettedavis.biz/
YouTube: https://www.youtube.com/user/AplusDMedia
LinkedIn: https://www.linkedin.com/in/lynetted

Hosted byHarlan L. Landes and Miranda Marquit
Produced byadulting.tv
Edited and mixed bySteve Stewart
Music bybensound.com

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Suffering from renter’s guilt? People making you feel less adult for not buying a house? Dude… please. See why you’re probably better off.

When it comes to the game of adulting, buying a home is often seen as the final challenge. It’s easy to think that once you own a home, your peers will admire you, your parents will respect you, and the Adult Club certificate will arrive in the mail shortly after.

Maybe buying a home was the final step to becoming a true adult at one time, but things have changed. The barrier to entry is much higher, with rising home costs, stagnating salaries and a general frustration with the intense home buying process.

If you have no interest in owning a home, you’re not alone: according to a recent survey from Experian, consumers who aren’t planning to purchase a home in the next 5-10 years have increased by 8% in the last year.

The truth is, buying a house just isn’t all it’s cracked up to be. Here’s why.

It’s time-intensive.

Owning a home isn’t just a financial decision. It’s also a question of how you want to spend your time. Do you want to devote your weekends to picking tile patterns, installing a new garbage disposal or fixing the broken toilet?

You might think it’s a joke that all homeowners spend their free time fixing something around the house, but those stereotypes exist for a reason.

When my pipes get clogged or the gutters get full, I don’t have to worry about taking care of them. I call my landlord, who fixes the problem himself or hires someone else to do it. I don’t have to decide if I want to replace the pipes now or wait a few years.

It limits your options.

Most financial experts say you shouldn’t buy a house unless you’re willing to stay there for at least five years, since that’s how long it takes to see a profit on your investment. That’s partly why people equate buying a home with settling down and starting a family. It’s something you only do when you’re prepared to be somewhere for the long haul.

Owning a home and having a mortgage makes it harder to take a job across the country, to start your own business, or to travel the world. Buying a house doesn’t make sense if you’re the type who’s always dreamed of living abroad or being a digital nomad.

My then-boyfriend and I considered buying a home a few years ago, but now I’m glad we didn’t. Instead, we moved to Colorado where we’ve continued to rent. If we had owned a house, it would have been harder to quit our jobs and move across the country.

It can lead to financial ruin.

Most people assume that buying a home is a decision that every real adult makes when they can afford to. If you have a good job and decent salary, you can afford to buy a house. Many people say it’s the best investment you can make, but it can also be the worst.

Becoming a homeowner ties you to a property in a way that a lease doesn’t. If you’re a renter who needs to downsize, you can get out of your lease early, rent out a spare room, or list your place on Airbnb. Most leases are only a year long, and no one can force you to live there after your lease runs out.

A house is different. Until you find a buyer, you’re stuck with the mortgage, property taxes, and insurance payments. It took my parents four years to sell their house after the Great Recession because of declining home values and high unemployment rates. In the end, they sold the house at a $20,000 loss.

Buying a home isn’t always cheaper, even when the mortgage payment is less than what you’re currently paying for rent. For example, renters insurance is about $10-$15 a month, but homeowners insurance is closer to $60-$100 a month.

Utilities can also be more expensive, especially if your landlord pays for your heating, electric and water bills. If you dive in unprepared, those extra costs could leave you struggling to make mortgage payments and headed down the road to disaster.

What to do instead.

If you don’t want to buy a house now, but anticipate being a homeowner at some point, it’s still a good idea to start saving for a down payment. A basic mortgage requires a down payment between 3.5% and 5% of the asking price, and many experts recommend putting at least 20% down to avoid extra insurance fees.

Start by making automatic transfers to a separate savings account, as much or as little as you want. I wish I had done this years before I was ready to own a house so I’d already have a nice nest egg. Instead I’m saving aggressively, forced to cut expenses, and live on a shoestring budget.

If you decide to never buy a home, you can use that money for a vacation, another deposit into your retirement account, or a new car. You can even use the money to fund your rent indefinitely. If you do want to become a homeowner, you’ll already have a down payment, so it’s a win-win.

Have you decided to opt-out of the home buying experience? We’d love to hear about it in the #Adulting Facebook community

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How to be wealthier and healthier — at the same time.

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Show Notes

Harlan and Miranda are joined by Jessica Moorhouse and Jaclyn Phillips. Jessica is a personal finance expert (blogger, podcaster, speaker) and Jaclyn Phillips is a fitness expert (fitness coach, yoga instructor, champion bodybuilder). We talk money and fitness — and how they go together.

Jessica Moorhouse is an award-winning personal finance blogger, speaker and host of the popular Mo’ Money Podcast, who regularly shares helpful money tips with major news outlets and magazines as a go-to millennial money expert.

Focusing on building her community offline (in addition to online), Jessica founded the Millennial Money Meetup in 2016 to promote financial literacy amongst millennials in her city of Toronto. Aside from being passionate about personal finance, she’s also a fitness & balance advocate, having launched her first e-course with fitness coach Jaclyn Phillips, the Rich & Fit Bootcamp, in June 2017.

Facebook: https://www.facebook.com/jessicaimoorhouse/
Instagram: https://www.instagram.com/jessicaimoorhouse/
Twitter: https://twitter.com/jessi_moorhouse
YouTube: https://www.youtube.com/c/jessicamoorhouse1

Jaclyn Phillips is a registered yoga teacher, fitness coach and international bikini competitor based out of Toronto. She has been active her entire life and approaches health and wellness from a holistic perspective. Finding balance between work, fun and health has always been her focus and lifestyle.

Priorities for Jaclyn are making the time to eat healthy, work hard and train hard, and she has a passion to share this with others. Her goal is to inspire and motivate others by sharing her fitness journey and experiences through progress, nutrition and workouts. Jaclyn has a soft spot for animals too – especially dogs – and loves all things nature.

Facebook: https://www.facebook.com/jaclynphillipscoach/
Instagram: https://www.instagram.com/jaqioh/
Twitter: https://twitter.com/JaciPhillips
YouTube: https://www.youtube.com/channel/UCaDJnkBMVkdlR6Yz41GqcGA

Hosted byHarlan L. Landes and Miranda Marquit
Produced byadulting.tv
Edited and mixed bySteve Stewart
Music bybensound.com

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