Palacios Beacon The Magic of Money

Sunday * May 11, 2008

Palacios, Texas

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Dear Carol:
I recently visited the Matagorda area. I happened to read your column. You gave credit restoration tips that week. I have a situation that I am embarrassed to talk about to my friends and need your advice. I am an accountant and an attorney. I have made good money over the years. I have my own practice and handle my clients’ accounts very responsibly. I do not understand how I can help them grow their futures but cannot seem to manage at home. After 40 years in the business, personal money management still eludes me.

Most of my buddies are retiring. I enjoy my work and my clients immensely. I have several clients that are still challenging. I do not want to retire anytime soon, but what I do want is the option to retire. I don’t have the cash or investments required to retire, so can you give me some simple tips to begin planning for retirement, or am I too old and have run out of time? I have arranged to read your column every week until I get an answer from you. I truly need your help. Don’t forget me.

Thanks,
Robert in Austin

Robert, Robert, Robert,
Let’s go back to Accounting 101. The basics always work. You are never too old or too broke to turn your financial situation around. You know that, deep in your heart. You have personal issues that are fogging your brain. You are experiencing career victories. Let’s work on personal victories.

You show signs of being a spendaholic. What is a spendaholic? Just as many people cannot stop drinking or drugging, many cannot stop spending. The difference between an ordinary spender and a spendaholic is that for a spendaholic, one purchase leads to another and another. The ecstasy of buying overshadows the consequences of overspending. Overspending becomes an addiction. It destroys you, your family, your work, your faith.

With the complexities and stresses of life, many are turning to spending as a place of refuge. The next few weeks will be devoted to overspending since it is becoming epidemic. Robert I want you and other readers that are overspending to complete the following assignments during the next week:

1. go to www.banksite.com/debtconsolidation/shopaholic Take the “What Is A Shopaholic Test.”

2. If your test results indicate a problem go to the phone book, find the number for “Debtor’s Anonymous,” call the number, and arrange to go to the next group meeting. Debtor’s Anonymous is a fellowship of individuals who want to recover from compulsive overspending. It is anonymous so have not fear or shame. Just Go!!!

3. Google the internet for Spendaholic and Debtor’s Anonymous. Go to the groups, blogs, and sites that deal with this issue.

If you cannot find a Debtor’s Anonymous chapter, email me at csmylie@MagicOfMoney. We will help you find or start a group.

••••••••••••••••••••••• Learn more about money. BEST Institute will have Magic of Money workshops throughout 2008. Call the Business Development Center at 979-245-5057 for details.

Email or mail your questions and victory stories. Email to csmylie@MagicOfMoney.com. Mail to Magic of Money, c/o BDC, 1900 5th Street, Bay City TX 77414-6144. Carol, an accountant, is the Executive Director of Basic Economic Stabilization Training (BEST) Institute and Administrator of the Business Development Center.

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