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Welcome to Get Smart about Investing. Estate planning is another important area of getting your financial house in order. Few people actually like to do estate planning, but making sure the basics are covered is critical. Estate planning deals with answering a lot of complicated questions, including:

- What happens to your assets if you die?
- Who would care for your children?
- How long would the whole process take?
- How much would it cost in taxes and legal fees?
- What type of medical care would you want or not want?
- Who would you want to make medical, financial or legal decisions if you’re unable to?

Needless to say, these are all critical questions that many Americans never get around to answering or planning for. I want to make sure you understand the basics, because these have to be addressed. It doesn’t make sense to focus too much on investing when your assets would be at risk if something were to happen to you. Estate planning usually involves meeting with an estate planning attorney, to have them draft up a basic will, trust, and medical documents as needed. The bottom line is that everyone should meet with an estate-planning attorney if you haven’t already done so to review these basic issues.

Once you have an estate plan in place, you also want to revisit it from time to time, as your family, financial or personal situation changes so that your plan can reflect those changes. Just like doing your taxes, you don’t have to like estate planning, but you do have to do it. You don’t want your loved ones to have to deal with your lack of planning.

I’m Greg McGraime and Now You Know!

Filed under "Investing by Greg McGraime" by gmcgraime

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Blog Author: Fr. John Jay Hughes Related Audio Course: A Journey Through the Parables The story of the prodigal son, welcomed home with marks of honor (a ring on his finger, shoes on his feet), after wasting all his father’s money in “a distant land,” is well known. But it raises lots of problems. Why did the father entrust such a large sum of money to his son in the first place? Didn’t he know that the boy was irresponsible and would only waste it? What really motivated the son’s return? And what had the young man done to receive such a generous welcome? Wouldn’t it have been more reasonable for the father to put him “on probation,” and let him work his way back into the family circle?And didn’t the older brother get a raw deal? “All these years I have slaved for you,” he tells his father. “Yet you never gave me so much as a kid goat to celebrate with my friends.” Who can deny the justification for this complaint?One way to read the parable is to see the two brothers as representing two well known character types: the one restless for adventure and change, the other a hidebound conservative clinging to the familiar, the tried and true. Which of these two temperaments is better? In the fourth talk in his series, A Journey Through the Parables, Fr. John Jay Hughes deals with all these questions, and many more. He shows us how much more there is to this familiar story than we realize. He also points out that it is part of Jesus’ answer to the complaint of his critics: “This man receives sinners and eats with them.”

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Blog Author: Fr. John Jay Hughes

Related Audio Course: A Journey Through the Parables
Fourth Sunday in Ordinary Time, Year A. Matthew 5:1-12a
AIM: To show that the Beatitudes are Jesus’ recipe for happiness.

Decades ago, when things cost far less than they do today, a ten-year-old boy entered a crowded hotel coffee shop and sat down at the only vacant table. A waitress put a glass of water in front of him and a menu.
“How much is an ice cream sundae?” the boy asked.
“Fifty cents,” the waitress told him.
The boy pulled out the coins in his pocket and counted them.
“Well, how much is a plain dish of ice cream?” he asked.

Other people were waiting to be served, and the waitress was growing impatient. “Thirty-five cents,” she replied brusquely.

The little boy counted the coins in his palm again. “I’ll have plain ice cream,” he told her. A few minutes later the waitress brought the ice cream, plopped the check on the table, and said: “Pay up front, son.”

The boy ate the ice cream, paid the cashier, and walked out. When the waitress returned to the table to wipe it down, she started to cry. There, placed neatly beside the empty ice cream dish, were two nickels and five pennies. The boy had had enough money for the sundae. But he couldn’t order it, because he had to leave the waitress a tip.

I’d like you to reflect on two questions. What kind of parents do you suppose that boy had? And how would you rate his chances of happiness in adult life? About his parents there is no need to speculate. We can be certain that they were generous, kind, courteous, and compassionate. What about that little boy’s chances of happiness as an adult? I would rate them not just high but very high.

I base that prediction on Jesus’ words in our gospel reading: “Blessed are the poor in spirit.” The word translated “blessed” in this passage means “happy.” The nine lapidary sayings in this reading are Jesus’ recipe for happiness. How different they are from society’s recipe!

Where Jesus says, “Blessed are the poor in spirit,” society today says, “Blessed are the rich.” Where Jesus says, “Blessed are they who mourn,” society says, “Blessed are those who know how to have fun.” Where Jesus says, “Blessed are the meek,” society says “Blessed are the smart.” Where Jesus says, “Blessed are those who hunger and thirst for righteousness,” society says, “If you want to be happy, eat and drink well — live it up.” Where Jesus says, “Blessed are the merciful,” society tells us, “Blessed are the powerful.” Where Jesus says, “Blessed are the pure in heart,” society says, “Happiness is being slim, attractive, and young.” Where Jesus says, “Blessed are the peacemakers,” society says, “Blessed are those who know how to fight for their rights.” Where Jesus says, “Blessed are they who are persecuted for the sake of righteousness,” society says, “Be sure you get a good lawyer.”

We call these sayings of Jesus the Beatitudes. Whatever else we can say about them, one thing is certain: they are counter-cultural. They contradict just about everything our culture tells us. There is no way we can accept these teachings of Jesus, and at the same time accept all the values of the society in which we live. Does that mean we must opt out of society? Not at all. It does mean, however, that if we are serious about being Jesus’ disciples, we must try to live by standards that are different from those of many people around us — even when they are good people.

Nor can we choose among the Beatitudes, selecting the one that best suits us personally. The Beatitudes are not descriptions of nine different people. They are nine snapshots of one happy person: happy because he or she lives a life centered on God.

The Beatitudes challenge us. They summon us to put God first in our lives. To the extent that we do that, or at least try to do that, and keep on trying despite our many failures and the discouragement our failures cause, we discover that a life centered on God is a happy life. It is a fulfilled life. And it is a life that brings true peace. Why? Because God is the only source there is of true happiness, of fulfilment, and genuine peace. To all those who respond to this challenge, Jesus says: “Rejoice and be glad, for your reward will be great in heaven.”

Only in heaven? No, the reward Jesus promises begins here on earth. That’s why I could say that a ten-year-old boy’s tip to an overworked waitress who hadn’t treated him all that well was the predictor of a happy life. Will there be times later on, in that boy’s adult life, when his generosity is taken advantage of? Probably. When it is, will be decide to abandon generosity and start looking after Number One? I hope not.

Generosity doesn’t make us poor. It makes us rich. Winston Churchill, not a notably religious man, said once: “We make a living by what we get; but we make a life by what we give.” Jesus Christ says it best: “Give and it shall be given to you. Good measure pressed down, shaken together, running over, will they pour into the fold of your garment. For the measure you measure with will be measured back to you.” (Lk 6:38)

Is living by the Beatitudes easy? If you think it is, you probably haven’t tried very hard, or at least not very long. Is living by the Beatitudes beyond human powers? It is. To live as Jesus tells us to live in these nine sayings we need a power greater than our own. That is why we are here. To be strengthened, uplifted, shaken up, and set ablaze with joy unbounded by the love that will never let us go.

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Audio Course:  St. Francis of Assisi: A New Way of Being Christian

Blog Author:  Br. William Short 

Francis marks the beginning of his new life with the sign of meeting the leper. Those suffering from leprosy in the thirteenth century lived a radical poverty. They were “dead,” with funeral services celebrated over their still living bodies. Their property was confiscated; their family ties, friendship and social relations were broken. They lived by the gifts of others.

“The Lord led me among them”—Francis attributes this leading to the Lord. “What was bitter to me became sweet.” Francis finds among the lepers a quality, “sweetness,” which he usually attributes to God’s presence.

And he wishes to stay among them, to be with “persons looked down upon, among the poor, the weak, the sick and the lepers, and those begging on the side of the road.” Among these, the persons looked down upon, Francis wishes to live. They are like Jesus “who was poor, and a guest, and lived by begging, himself and holy Mary the blessed virgin, his mother.”

In the poor, Francis sees the image of Christ, the Image of God. The Lord Jesus Christ is poor in his birth, poor in his life, and poor in his death. And he wants to be in the world as one “looked down upon, needy and poor.”

Francis embraces the leper, and with that gesture embraces the “holy Lady Poverty,” and her sister, “holy humility.” He does this out of a profound intuition that, through giving away everything, he will share in a truly divine activity; he will be accepting his true identity as made in the image of the poor God. “God created and formed you to the image of his beloved Son according to the body,” Francis said, “all spiritual and bodily things and ourselves were made to your image and likeness.”

With his discovery of God’s poverty, Francis knows his own identity as made in God’s image, and recognizes his connection with all creatures—like him, they are images.

Filed under "Franciscans" by bshort

Related Audio Courses: Caring For Your Baby From Birth To Age One

Blog Author: Dr. Dennis Kuo

The American Academy of Pediatrics issued a new clinical report in the January issue of Pediatrics, “Effects of Early Nutritional Interventions on the Development of Atopic Disease in Infants and Children: The Role of Maternal Dietary Restriction, Breastfeeding, Timing of Introduction of Complementary Foods, and Hydrolyzed Formulas”. The report is an update of the current research looking at how infant feeding may affect a baby’s risk of developing atopic disease.

What is atopic disease? It’s a condition where a child becomes classically allergic to otherwise innocuous things. You may know it as one of the three kinds of atopic disease: eczema (dry itchy skin), allergies (including food or seasonal/environmental allergies), or asthma.  The three are all connected and tend to run in families. The ongoing question is whether giving a young infant a food too early in life triggers the child to improperly produce extra antibodies and throws the entire immune system out of whack, causing allergies.  In my career I’ve seen various recommendations for avoiding high allergy foods (egg whites, peanuts, shellfish) for longer and longer ages, at least up to age 2, possibly 3 or 4 years of age if there is a strong allergy, or atopic, history.

The report says that current evidence suggests children who are at high risk for atopy, i.e. first degree relative has atopic disease of any sort, are less likely to become atopic themselves if that child breastfeeds exclusively OR takes a hydrolyzed formula (pre-digested) in the first four months of life.  It also states that there is insufficient evidence that maternal diet restriction (e.g. mother avoids peanuts) or delaying solids past 4-6 months of age will reduce atopic disease.

The lessons?  All things considered, breastfeeding is best.  If you have to formula feed, talk with your doctor about a hydrolyzed formula if atopic disease runs in your family.  I wouldn’t go nuts (pun intended!) on restricting mother’s diet, but “current evidence does not suggest” means we still need more studies to know for sure.  I wouldn’t delay introducing solid foods any longer than 6 months of age, but it may still be prudent to be careful of shellfish and peanuts until we know more, particularly if the allergies do run in the family.

 http://pediatrics.aappublications.org/cgi/content/full/121/1/183

Filed under "Child Health" by dkuo

Welcome to Get Smart about Investing. Building an emergency fund is critical to your financial security. Most financial advisors recommend having anywhere from three to six months’ worth of your expenses invested conservatively in a money market fund so that the funds are available on a days notice should you need them. If you usually spend $2,000 a month, an emergency fund of approximately $5,000 to $10,000 would be appropriate. If you usually spend $5,000 a month, then you would want to have $15,000 to $30,000 set aside. Individuals who are in less secure jobs or are self-employed may need to have even more set aside. An emergency could be anything from losing your job to going through a divorce, or dealing with a difficult family medical situation.

Here is a really important question that you need to answer: if you lost your income tomorrow, how many months could you keep paying all of your bills without touching money in your retirement accounts? How many months could you live without taking on additional debt? So many people, even at high-income levels, are living paycheck to paycheck in such a way that if a large, unexpected event took place, it would push them over the edge. The three biggest causes of bankruptcy are job loss, divorce, or a serious medical issue. Many people going through bankruptcy had two out of three of these situations happen to them all at the same time. As you can imagine, anyone going through these types of difficult times will be strained financially.

An emergency fund is meant to serve as a buffer when life is difficult. Without this buffer, many people suffer financially. Once you have built up an emergency fund, you want to make sure you don’t use the money for a non-emergency situation. An emergency is a serious and unexpected event. Buying an iPod, the car needing new tires, or purchasing some new clothing are not emergencies. I also recommend having your emergency fund at a separate financial institution from your regular bank accounts, because from my experience, it makes it much less likely that you will use the funds if they’re at another company. In addition, we talked about most big banks paying only one to two percent interest on their savings accounts. Make sure you find a good money market account or an online savings account that’s paying at least four or five percent. Hopefully you won’t need to use this money. But at the very least, in the meantime, it’s earning a good interest rate and providing you with some peace of mind and financial security.
I’m Greg McGraime and Now You Know!

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Related Audio Courses: Caring For Your Baby From Birth To Age One,  Caring For Your Toddler , Ages One To Four

Blog Author: Dr. Dennis Kuo

Every year the Advisory Committee on Immunization Practices updates the childhood immunization schedule to reflect the release and approval of new vaccines.  After a flurry of new vaccines and recommendations over the past several years, the 2008 changes are relatively minor.  There are some clarifications for children who have compromised immune systems.  The one that may affect most young children is that the flu nasal spray vaccine is now approved for healthy children down to two years of age, which is a nice development.

If you missed the changes from past years, they’re all reflected in this year’s schedule.  The one new infant vaccine in the last couple of years is Rotavirus, given at 2, 4, and 6 months of age; it’s an oral vaccine and protects against a virus that causes some nasty vomiting and diarrhea and puts a lot of children in the emergency room and hospital.  A second chicken pox vaccine is now recommended, a nice development after years of reports that children (about 20-25%) were still getting chicken pox, albeit a mild case, after one shot.  And there’s also a recommended vaccine against Hepatitis A.  There have been even more changes for the adolescents that you can read about in the link!

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