731 W Skippack Pike
October 28, 2011 6:20 pm
According to a recent SEI publication, many wealthy parents are waiting until their children are well into adulthood before discussing how they should use their inheritance. In fact, SEI ran a recent survey that showed that just over a third (36 percent) of wealthy parents have discussed their wealth and its implications with their children before the age of 21.
SEI reports that only 16 percent of wealthy families have had that discussion with children before the age of 16. The survey results point to a growing wealth communication breakdown in high-net-worth families—one that many believe is inhibiting the ability of future generations to sustain long-term wealth.
According to the company, their survey—which polled more than 100 individuals representing families with an average net worth of more than $20 million—was carried out by independent research firm Scorpio Partnership. It highlighted a significant communication barrier between current and future generations related to the challenges and expectations of wealth. The majority of those polled (51 percent) said they have strong expectations for how family members use the wealth they will inherit, yet only 19 percent said they have communicated their hopes and fears about wealth to their families. Only 11 percent of respondents believe their children have communicated their hopes and fears about the family's wealth with them.
"There is a communication breakdown in many wealthy families that must be fixed if future generations are going to sustain wealth for the long term," said Michael Farrell, Managing Director for SEI Private Wealth Management. "Parents need to make talking about money a rite of passage with their children. The most successful families talk about finances early and often, making children feel involved, empowered, and better prepared for the future."
The survey showed that when families do communicate about their wealth the results are often positive. Nearly half of those polled (43 percent) described the experience of having their families involved in financial interests as fulfilling or liberating, while slightly more than a third (39 percent) described the experience as challenging, frustrating, or uncomfortable. When families do share information about financial matters it is mostly in informal settings. Seventy-one percent of respondents said family members were made aware of financial interests through general family conversations, while 18 percent said the conversations took place in formal family meetings, and 11 percent were made aware at private bank/investor meetings.
The survey results clearly suggest that many wealthy families lack the level of comfort or tools to effectively communicate on wealth issues with their children. To help facilitate healthier and more frequent family wealth conversations, SEI has compiled the following set of wealth-talk tips. The tips include:
Start Early -- It's never too early to start talking to your children about money. The subject matter and level of detail may change, but it's important to show children you are comfortable and approachable on the topic. Whether it's over a game of Monopoly or about a child's allowance, small conversations early will make the bigger talks you have to have later in life less daunting.
Initiate Conversations with Your Child -- If you wait for your child to start the conversation, it likely won't happen. Many children take a parent's silence on any subject, intentional or not, as a sign that the topic is off limits. Take the initiative to start a money conversation with your kids. It will break down the invisible sound barrier and lead to healthier wealth communication habits.
Communicate Your Own Values -- It's important that children understand their parents' values. Talk about what you want your wealth to do and what expectations you have for your children related to it. Sharing your values will help children embrace their own values and ultimately help create more productive financial behaviors.
Use Everyday Opportunities to Talk -- Money talk doesn't have to be confined to formal settings or family meetings. Talk about the issues and implications in the context of real life. Whether it's paying a restaurant check or monitoring the performance of your investments, use everyday occurrences as teaching opportunities. The frequency and practicality will serve your children better than any formal annual debriefing.
Don't Just Talk, Listen -- Wealth conversations or any effective conversation must be two-way. Don't mistake a lecture for a dialogue. Listen and respond to your children's questions, thoughts, and concerns. If they know you're listening they are more likely to open up, which will make the talks a lot more valuable.
The survey results are part of an ongoing series that SEI has developed in collaboration with Scorpio Partnership to help gain front-line insights on wealth goals, behavior, and issues of ultra-high-net-worth families.
For more information, visit www.seic.com.
October 28, 2011 6:20 pm
Multiple listing. Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.
October 28, 2011 6:20 pm
Q: Why do lenders require a down payment?
A: It protects them should you default on the loan, especially if you fail to make payments in the early years of the loan when more is owed on it. Foreclosure, property fix-up, and resale costs could result in a loss on the mortgage loan.
That is a bad situation the lender wants to avoid. So they have historically required cash down payments of 20 percent of a home’s purchase price.
However, if you purchase private mortgage insurance, the down payment requirement can drop to 5 or 10 percent of the purchase price.
Few lenders will lend the full value of a home unless they have special guarantees, such as that offered by the Veterans Administration (VA) under its mortgage assistance program.
October 28, 2011 3:20 pm
When it comes to setting healthy behaviors, many people have the best of intentions. However, due to hectic schedules, stress at jobs and a variety of other influential factors, many of these changes only last a few short weeks.
Most people know what they need to do to improve their health—taking steps like making healthier food choices and maintaining an active lifestyle. It's figuring out how to do these things and fitting these changes into the daily routine that can present the biggest challenges.
It takes 21 days to fully incorporate a new habit. In the grand scheme of things, 21 days is a small time period to make a healthy behavior a part of your life, and the boons are extensive. Maintaining a healthy weight and staying active can help lower risk for developing a number of illnesses, including diabetes, heart disease, hypertension and more.
Make a Plan
To reach your goal, you need a plan. How do you get started? Take these steps:
• Think about what is important to your health. What are you willing and able to do?
• Decide what your goals are. What changes do you want to make? Choose one goal to work on first.
• Decide what steps will help you reach your goal.
• Pick one step to try this week.
Ask yourself these questions to help you shape your plan:
• Why haven't I made this change before?
• What challenges stand in my way?
• How can I work around what gets in the way?
• What's my goal?
• What might get in the way of making this change?
• How can I plan ahead to make it easier to stick to my new habits?
• How will I reward myself?
Making healthy lifestyle choices is hard work. However, once you have your routine down, these healthy habits will become easier and easier to maintain, and the benefits—slimming down, gaining energy, cutting cancer risks, feeling healthier—are more than worth the extra effort.
October 28, 2011 3:20 pm
After a long day at the office or running after the kids, preparing a healthy and delicious meal may seem daunting. When you add in the time it takes to pick a recipe that everyone will enjoy, and go to the store for ingredients, just the thought of cooking a nutritious meal may be exhausting.
Bonnie Taub-Dix, MA, RD, CDN, author of "Read It Before You Eat It," director and owner of BTD Nutrition Consultants and former spokesperson for the American Dietetic Association, believes that cooking with simple and quality ingredients is critical to keeping your health in check.
"Learning to prepare a few quick and healthy meals will help you eat better and motivate you to continue to stay on track," says Taub-Dix.
To help you prepare smart, quick and simple meals your family will enjoy, Taub-Dix offers these tips:
• Use what you like. Pick a few meals that you enjoy eating out and learn to make them at home using fresh vegetables, lean meats and reasonable portions.
• Frozen zone. Stock your freezer with healthy, frozen vegetables and all-natural, lean meats without preservatives so you can always have healthy options on hand. Perdue's new breaded line of chicken, including SIMPLY SMART® Lightly Breaded Chicken Filets, have up to 40 percent fewer calories, 50 percent less fat and 25 percent more protein than the USDA standard for breaded chicken.
• Keep an eye on the details. Make sure to shop at well-maintained stores with quality produce. Ask your local grocer about the temperature settings they use to store refrigerated and frozen items.
• Know your food. Ingredient lists can be hard to pronounce, let alone understand. Try to choose foods that have ingredients that are simple, recognizable and real. If you don't know an ingredient, do some research before purchasing the product.
• Go for lean. One 3-ounce portion of chicken provides a powerhouse of lean protein, with the breast meat being the leanest part of a chicken.
• Refrigerate and freeze ASAP. Select your frozen and refrigerated items at the end of your trip and freeze or refrigerate within 30 minutes of purchasing.
October 28, 2011 3:20 pm
A schedule full of fun events like sports practice, dance recitals, movies and activities can be fulfilling for the whole family, but without a plan, your fun weekend may mean more stress, less playtime.
Recently, Olympic gold medal figure skater and mom of two Kristi Yamaguchi, shared her secret to busy family fun with Smucker’s® Uncrustables. "Like so many parents, it can be a challenge to keep my active family organized, especially on the go," says Yamaguchi. "I am thrilled to share with other moms and dads my favorite tips for unstoppable families."
1.) When a busy day has you skating from one activity to the next, it's important to be prepared. Bring along a backpack with everything you might need for your on-the-go day, including handheld snacks, like fruit, water, sunscreen and easy activities for down time.
2.) Unstoppable families are always on the move. Post a large calendar in the kitchen or family room to capture and keep track of your family's weekly activities. Assign a different color marker to each member of the family. This will help keep everyone on time and in line.
3.) Let the games go green! Encourage creativity by finding ways to repurpose everyday items into fun activities. A drinking straw and some ribbon becomes a magic wand. Two painted paper towel rolls can become a pair of backyard binoculars. Reuse magazines to make colorful collages and other fun art projects.
4.) Sometimes fast-paced weekdays leave little time for family fun. Set aside time each weekend to enjoy the outdoors and each other's company. Plan hiking trips and bike riding adventures that will appeal to everyone. Put together a "scavenger list" with fun things to look for along the way like a yellow flower, a white cat, a BIG bug and other outdoor items.
5.) Have a little fun while on the run. Store books, games, markers and paper in the car to keep kids entertained on the road or in-between events. Also, make sure to have some kid-friendly tunes to keep the kids singing from your driveway to the soccer field.
6.) Ask around at your local community center or health club about family fitness classes. Try an aerobics or swimming class as a family; it will be a great way to stay active and spend time together.
7.) Like the title of my book Dream Big Little Pig, I always teach my kids they can accomplish anything with practice and perseverance. Encourage your kids to try their best at every activity they pursue and explore their interests no matter how sky-high. You might be raising an award-winning musician or the future President of the United States.
8.) Think outside the toy box when it comes to family activities. An old blanket quickly transforms into a magic carpet when spread across the living room floor. Couch cushions and bed sheets always make the best forts. A simple flash light becomes a projector for shadow puppets in a dark playroom. Use soccer balls, hula hoops and other everyday items to create a fun obstacle course in the backyard.
9.) My family spends a lot of time on the ice and it has shown us the importance of teamwork. Encourage your kids to join a local soccer or basketball team. They'll have fun while learning team building skills.
10.) Don't let a rainy day dampen your outdoor plans. Pitch a small tent in the living room and have a "camp in" complete with a construction paper campfire and sleeping bags. Weather the storms outside with tall tales shared over campfire treats.
October 27, 2011 6:18 pm
It's an unfortunate part of homeownership—things break down. Heating and cooling systems have limited lifespans and can cost thousands to replace. Home appliances go on the fritz or the plumbing system shuts down, and before you know it, you've had hundreds of dollars worth of unexpected repairs to deal with.
One thing that can help with unexpected costly repairs is preventive maintenance. In fact, think of it as giving new meaning to the phrase "home health."
Just like your annual physical, preventative maintenance can play a critical role in keeping your home's systems and appliances running smoothly and efficiently. Most homeowners are aware of the basics, like regularly changing the air filters on their heating and cooling systems, checking for leaky faucets, and so on. However, the to-do list of preventative maintenance tasks can get long, and not everyone has the time or experience to do it all themselves.
Unfortunately, without a professional preventative maintenance program, most home systems and appliances never get a thorough check-up, leaving them vulnerable to costly—and often avoidable—problems.
A professional preventative maintenance program can be a homeowner's most important ally when it comes to the upkeep of their heating and cooling system, plumbing, electrical system, and most major appliances. Quality service providers take a comprehensive approach to preventative maintenance, and are trained to look for early signs of wear and tear, perform recommended maintenance, and record the condition of your appliances and home systems so any repairs and/or replacements can be made before they lead to an unexpected breakdown.
Along with the convenience and confidence of regularly scheduled check-ups, homeowners can also realize other benefits, too, such as reduced energy costs, improved system reliability and lower repair costs over the life of their covered items.
"Preventative maintenance is an investment in the health and well-being of your home's systems and appliances," says Matt Wendl, director of American Home Shield's new preventative maintenance service, which the company recently launched in 45 markets across the nation. "Early detection of problems can help eliminate the need for more costly repairs."
Wendl offered the following tips for homeowners considering a preventative maintenance plan:
• Get a detailed, written list of all items to be inspected, and how frequently they will be inspected.
• Be sure they are doing a visual inspection, as well as testing how key components of your systems or appliances operate.
• Confirm costs up front for any needed repairs. Some providers offer discounts off their regular rates for repairs.
• Contactors should be licensed, bonded and pass a criminal background check.
To learn more about preventive maintenance and taking care of your home, visit www.AHSpm.com.
October 27, 2011 6:18 pm
According to a recent study from the U.S. Fire Administration, residential clothes dryer fires were associated with 12,700 fires nationally, resulting in 15 deaths and 300 injuries annually. Clothes dryers may seem harmless, but failure to provide proper maintenance can have deadly results. Avoiding a dangerous situation is actually pretty easy in most cases, just think air flow.
"A significant build-up of lint can block the flow of air, which can result in excessive heat which can result in fires," says Kurt Dettmer, vice president of marketing for Fremont Insurance. "Failure to complete simple maintenance such as minor cleaning is the leading contributing factor for clothes dryer fires in homes."
Here are some simple steps you can take to avoid creating a dangerous situation.
• Clean the lint screen and compartment and brush off any remaining lint every time you use your dryer
• If you use fabric softener or any product to reduce static electricity, wash the screen in warm soapy water periodically to eliminate film buildup that restricts air flow
• Inspect the screen for even lint distribution and tears, and replace immediately to prevent overheating or lint passing into the duct and restricting air flow
• Do not open the lint panel while the tumbler is in operation
• Inspect the duct, dampers, and access covers for damage
• Clean all removable parts and make sure they operate freely
• Vacuum the duct to remove excess lint buildup
• On the unit itself, wipe down the blower, drive motor and thermostat
• Check the belt tension and condition and replace if worn or cracked
• Beware vapors that could ignite when heated
• Don't dry items that have been cleaned or soaked in gasoline, dry cleaning solvents, vegetable or cooking oil, machine oil or anything containing wax or chemicals such as mop heads and cleaning clothes or any flammable or explosive substances
• Do not operate your dryer if it is smoking, grinding or has missing or broken parts
• Disconnect electrical power or close the gas shut-off valve
• Disconnect electrical power or close the gas shut-off valve as applicable before servicing
• Never bypass any safety devices
For more information, visit www.fmic.com
October 27, 2011 6:18 pm
When you open your doors for a cocktail party, you want to do it right. It’s natural to want to ‘wow’ and please your guests by setting the right atmosphere, and impressing them with delicious foods and proper drinks. Have you always wanted to host a wine-tasting shindig, but don’t know the first thing about vino? Don’t stress! The following tips will ensure an evening of entertaining success, even for the first-timers out there:
• Get Organized! It's the secret to a successful party. You know, the ones that go off without a hitch and leave everyone buzzing the following day. But where do you start? Grab a notepad and create lists so you are sure to cover the bases: guests, menu, décor, and cocktails. Once you’ve cleared your mind of the essentials, you are free to get creative and start thinking of personal touches you want to sprinkle in to the upcoming event.
• Spin That Track! Decide the music genre appropriate for your guests and prepare a mix of songs on your computer or entertainment system. Make sure to have this set up in advance so during the party you can turn it on, and walk away. You don’t want to spend the whole night changing songs, or you’ll miss out on good conversation.
• Have a little extra time? Make a back up genre that includes dance music, in the event your guests want to start groovin'.
• Get Your Drink On! Come up with one or two fun mixed drinks. Have them mixed and ready to pour into pitchers, so guests can help themselves. Make sure to have a nice selection of white and red wine. The importance of serving and drinking wine at the right temperature is integral to a proper wine experience.
• Let’s Eat! Now that the music is spinning, and drinks are flowing, it’s time to indulge in delectable cuisine. Hors d'oeuvres are usually easiest to make and convenient to eat while socializing over cocktails. Offer five to seven choices with a mix of cold and hot. You don't want the kitchen too hot, nor do you want to be stuck at the stove all night. Be sure to offer a few vegetarian appetizers also, so that there is something for everyone. Scatter bowls of nuts, and other grab-as-you-pass cocktail snacks throughout the entertaining area so that no one leaves hungry.
That’s it! Feeling ready to put on the cocktail party of the year? It’s simple and fun, and if you follow the tips above, your friends are sure to enjoy a night filled with flawless service, memorable atmosphere, and wine that will properly satisfy their palates. Cheers to you!
For more information visit http://ravisolution.com/.
October 27, 2011 6:18 pm
While the holiday season puts many in the spirit to give, it’s also important to do some research before opening your wallet to support charitable causes.
"There are many worthy charitable causes and residents should feel free to contribute to causes with personal meaning, whether a local homeless shelter, food bank, soup kitchen, animal rescue, or an international organization with global outreach," says Pennsylvania Secretary of the Commonwealth Basil L. Merenda. "However, I urge everyone to take the time to understand where their dollars will be going so they can have confidence that their donation will have the biggest benefit and get to the people who need it most."
Before giving to any charitable organization, research how your money will be used. Most charities are legitimate and strive to ensure the majority of dollars go directly into worthwhile projects, but some may misrepresent their cause or spend a high percentage of donations on administrative costs. Be sure that the charity's spending practices match your expectations.
Here are some tips and warnings to help ensure your donation goes to the right place:
1. Never give to a charity you know nothing about.
2. Request written information from the charity about its programs and finances.
3. Do not feel pressured into giving on the spot or allow someone to come to your home to pick up the contribution.
4. Never commit to donate over the phone unless you are familiar with the organization.
5. Never give cash, credit card numbers or bank account numbers. Always write a check payable to the charity so you have a record of your donations.
6. All charities have expenses, so check carefully and understand how your donation will be spent.
7. Consult with a tax advisor to determine whether your contribution is tax deductible. If giving before Dec. 31, charitable donations may be tax deductible for the upcoming tax filing.
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