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Tag Archives: bankruptcy

How Seniors can Cope with Financial Stress

A little while back I received an email from a woman who had come across this blog and, specifically, had perused posts tagged with the word “retirement.” She wrote me that “a combination of my father being downsized in his 60s and my mother falling ill have combined to seriously affect their financial planning for retirement and has exacerbated their health problems. They have inspired me to write a guide for seniors and their families about the most common causes of financial stress, how it affects the person, and provide some coping strategies.” She provided a link to the guide she wrote and asked if I would consider posting it, along with an intro she wrote for it.

I said I would be glad to consider it and she wrote back with the following introduction, which I’m just pasting in, below. I’ve gone over the Guide she wrote and am providing her info here as a service to anyone considering or preparing for retirement, or for anyone who just might be interested in what to expect and, perhaps, how best to plan for one’s eventual exit from the workforce. What follows come from Ms. Jenny Holt.

PS – I will offer one observation. The site her link points to is called “Reverse Mortgage Alert”, which I have to admit raised a red flag for me. I’m not a fan of the concept, at least not as I’ve learned it is frequently practiced. However, after reading some of the info provided there, I do believe what they have to offer is useful information. They are not “pushing” reverse mortgages. Rather, they seem to be intent on providing useful information that anyone seeking to make a major investment move, especially with the home they’re living in, should take into account. If you have info that proves this wrong, I’d really appreciate hearing from you. Thanks.


With more limited access to financial services and often post-retirement, a money problem for seniors can be magnified more than for other age groups. While many have saved or invested in property and pensions, there are common causes of financial issues for the over 55s. These include:

  1. Job Loss/Reduction – 51%

  2. Healthcare – 29.5%

  3. Other – 21.6%

  4. Unpaid Taxes – 12.7%

  5. Divorce/separation – 8.2%

  6. Bankruptcy – 6.7%

  7. Foreclosure notices – 5.7%

The onset of stress can cause a range of emotional and physical problems which may exacerbate any health-related financial issues. These include insomnia, headaches, chest pains, anxiety, and depression.

However, it is more than possible to mitigate these issues. Of course, finding a solution to the financial problem in the first place is preferable. That being said, clearer and more focused decisions can be made with the right approach. Many seniors find stressful situations easier to cope with by combining a better diet with more exercise and meditation.

There is more to learn about this issue and more information can be found in the full Senior Financial Stress Coping Guide.

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Are Marie Callender’s & Applebee’s Providing Us Object Lessons?

Recently, our local (here in Simi Valley, CA) Marie Callender’s restaurant – a staple of the community for at least a couple of decades – was shut down as part of the recently merged (with Memphis based Perkins) company’s bankruptcy. I belong to a business network that has met there for most of the time they’ve been in business, though I’ve only been a member for less than a year. Still, having to eat breakfast there once a week was a bit of a trying experience, as the food was a couple taste buds short of mediocre.

The business network has a system of points one can earn for providing “tips”, which can run the gamut from a couple thousand dollar repair to your vehicle or home or eating a meal at a member’s (which Marie Callenders was) establishment. It’s a system that just invites gaming (in the worst sense of the word), inasmuch as each tip carries the same weight or value. Needless to say, many of the members found themselves eating there a couple of times a week. I never could bring myself to do so.

As part of my membership, I offered to provide a couple of free hours of social media marketing coaching and to see to it that each member had access to those services that promised to help their business out. Very few of them took me up on it; probably because most of these guys are almost as old as I am :). Marie Callenders was one of those businesses I struggled valiantly to see the efficacy of at least paying attention to what was being said about them online, especially the reviews that were being written on Yelp. They wouldn’t pay attention. My research had shown they were getting some pretty uniformly horrible reviews and, clearly, no one was paying much attention to them. I’m not surprised they’re no longer in business.

Though I can no longer check the reviews of our local Applebee’s – you see, they’ve closed down as well, actually before MCs did. Yelp doesn’t retain reviews after a business closes its doors. I now wish they would, if only so I could make sure my understanding of what happened is close to the truth.

I’m bringing this up in large part because a friend of mine posted an interesting piece entitled “Applebee’s Review Explains Why Companies Should Care About Online Reviews” (link). I think Mark hits the head right on the nail (sic) and find myself wondering if the experiences we’re seeing with Marie Callenders and Applebee’s aren’t indicative of just how useful these growing online review services are to those of us who like to eat out.

For quite some time in the enterprise world, the questions those of us advocating for greater use of social media had to answer consistently was, “What’s the ROI (Return on Investment) of using these tools? Why should we spend the money unless you can show us there’s added value in it?” Frankly, for a long time I struggled with the answer. It seemed clear to me they provided the basis for greater collaboration, easier communication, faster innovation, etc., but these things were hard to quantify in a classical sense. The answer that has stuck in my mind, though, (and I can’t recall where I heard it) is “The ROI of using social media is you’ll still be in business in five years.” I know that was somewhat glib, but I’m wondering now if Marie Callenders and Applebee’s aren’t providing us object lessons on just how prescient that statement was.


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