I have a few coworkers who are always offering unsolicited and unwanted advice.

Now, I know they mean well, and I appreciate that.  They aren’t advising me based on any personal gain for themselves (unlike the former coworker who always advised me to use specific Mary Kay [...]]]> Do any of you have a problem with unwanted advice?

I have a few coworkers who are always offering unsolicited and unwanted advice.

Now, I know they mean well, and I appreciate that.  They aren’t advising me based on any personal gain for themselves (unlike the former coworker who always advised me to use specific Mary Kay products – of course, she also sold Mary Kay).  There sometimes seems to be an air of “I know everything” along with this advice, but really, a lot of great advice comes with that.  After all, how can you advise without some knowledge?

Lately, however, I feel like I’m being bombarded with unwanted advice from a few people.  Something happens and I hear “Oh, you should…”  Well, thank you for that advice, but that’s actually pretty terrible advice.  I’m really starting to get frustrated by it.  But I think that other than my current plan, which is to smile, nod, and thank them for their advice, all the while planning to not follow it (after all, it’s often something I’ve already considered and decided against), there’s not much I can do.  Clearly, I don’t want to come off as rude.  I do appreciate that others are trying to help, but I wonder if they realize just how arrogant they are beginning to sound.  It’s one thing to advise on occasion, but on a daily basis? 

Does anyone else deal with unwanted advice?  What do you do to keep from getting frustrated?

According to the article, women live an average of 22 years after retirement, while men only live 19 years after retirement, and given the increase in medical costs, women therefore need to save 2% more than men every year for 30 years to [...]]]> Yesterday, an AP article discussed that “Women should factor longer life into retirement.”

According to the article, women live an average of 22 years after retirement, while men only live 19 years after retirement, and given the increase in medical costs, women therefore need to save 2% more than men every year for 30 years to maintain their standard of living.

Doesn’t sound too terrible, does it? But there’s more.

On average, women start saving later than men (by 2-4 years), invest less (7.3% rather than 8.1%) and are often in and out of the workforce more than men due to family reasons.

Ladies, we need to step up!

One thing that surprised me was that 25% of women don’t contribute enough to their employer’s retirement plan to take advantage of the company match. It’s free money! Of course, I do realize that many people are living at their means and really can’t afford to contribute more to their retirement accounts. But if you can, you absolutely should. If you make a few small sacrifices now, you will be rewarded for it in the future.

I was frustrated by one of the tips in a sidebar to this article. “Start investing two years earlier and increase your nest egg by 18%. Four years earlier boosts it by 23%.” I suppose this might spur into action people who haven’t started saving for retirement yet. But I wonder how many people who could start contributing to their retirement accounts today are thinking about retirement enough to have actually read this article.

One very scary point to the article: one expert recommends that workers will need to replace 126% of their salary after retirement to maintain their lifestyle due to inflation and rising medical costs. I wonder if that number factors in the expenses one does not have when not working (such as the contributions to retirement, for example). Either way, that’s a big number.

I don’t know when I’m planning to retire. If I stay with the government, I’ll be eligible to retire in 30 years at age 57. That’s 10 years before what the Social Security Administration calls full retirement age for someone born after 1959. That assumes fairly steady work, as I’d have to put in a full 30 years with the government first. While retiring at 57 seems appealing, it also seems a little scary. Given my family history, I hope to live at least another 30 years after that, maybe even longer. So I think the odds are good that I’ll be working past age 57, especially if I find myself in a job that I love.

Maybe I should be saving more money. With my Roth IRA and my TSP (government retirement plan), I’m putting away between 12% and 13% of my salary every year, plus a 5% match. Of course, both accounts have lost money over the past year, but I’m choosing to not think about that. I’m definitely not putting the limit into my TSP though. Depending what happens over the next few years with my job and my living situation, maybe I’ll think about bumping up my contributions. A few dollars here and there could make a world of difference in 30 years.

Abundant Life Spending Spree – $102,400
These purchases are getting more and more random. But that’s the fun part, right? For today’s purchase, I would buy a Weebee and some really beautiful land to put it on.

It’s been just over a week, but I’m really working to separate my emotions from my money. I turned down a request from a [...]]]> Since my entry on Emotions and Finance was included in the Festival of Frugality, I’ve noticed a number of people linking to it, and I thought I should provide an update.

It’s been just over a week, but I’m really working to separate my emotions from my money. I turned down a request from a friend to loan him $20 because I really didn’t have $20 to loan, and because I knew he wouldn’t pay me back. Now, the situation may have been different if it were some sort of emergency, but he simply wanted me to spot him money for lunch. Instead, I offered him a granola bar. Not quite the same, but I protected my finances, he wasn’t upset at all, and I managed to not feel bad about saying no.

As for the semi-uninvited house guest, I let her presence bother me nearly all week. It was really starting to wear on me. I was stressed at work and stressed at home. My co-workers pointed out that by staying with me for two weeks, she should owe me a check for 25% of my rent, 25% of my cable bill, and at least something for groceries. Sure, in terms of rent and cable, she wasn’t costing me more, as the bill would have been the same regardless of her presence, but I pay a “premium” to live alone. And they were right. However, while I might have had the “right” to ask her for that money, it felt wrong. I had agreed to let her stay for free, and that wasn’t going to change. But we did need to talk about how long she was staying. So we did, and she will be departing soon. She has also started pitching in for groceries.

What surprised me the most? As soon as I finished talking to her about when she was leaving, it felt like a weight was lifted off of my chest. The stress that had been present for days was suddenly gone. I stood up for myself, stood up for my finances, and everything worked out. And best of all, it felt good.

Standing up for myself can be hard. It just seems easier to loan someone the $20 or let them stay for free for weeks on end, even though it might be stressful or something I can’t afford. But while “no” might be more difficult to say, it’s worth it.