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How to Control Money Worries and Start Really Living

By U.S. News & World Report

When my daughter and I took a six-day rafting trip down the Grand Canyon with 12 other people last summer, one of our companions was Gerry Abrams, the producer of “Houdini” and more than 70 other films. He is also the father of J.J. Abrams, director of ” Star Wars: The Force Awakens” and co-creator of the show “Lost.”

When you’re traveling down some of the strongest rapids in the world, you really get to know people, and during the trip, he asked me a question about money: “What does it take to have enough?”

“That really depends,” I said.

[See: 11 Great Investing Tips for Women.]

“I think I finally won the war,” he said. “I finally have enough money. I don’t care what the government does to me. I don’t have to invest aggressively. I don’t have to worry.”

I was glad to hear it — except for the fact that it took him until his 70s to feel that way.

The conversation reminded me of many I’ve had with many clients I’ve advised. Gerry probably would have felt he had “enough” 20 years ago, if he had understood then exactly what he wanted from life and what it would take to get there. But many successful people don’t declare victory as early as they should in life. Even if they’ve saved more than they will ever need, they don’t think they’re prepared for retirement. They worry they will go broke along the way.

One of the smartest things you can do for yourself is toss out the fairy tale of retirement that you hear so often in the financial services industry. Instead of sacrificing the present and doing things you don’t like now so you can finally relax and do what you think you will enjoy when you retire, slow down and do what you love today. In my new book with Scott Ford, “The Sustainable Edge,” we call this being busy with balance. It’s something anyone can achieve.

To do so, you have to break away from the conventional wisdom. We’ve built our society around the idea that everyone should retire by a certain age. Unfortunately, retirement is a rainbow without a pot of gold. Many people don’t want to quit doing what they love because they’ve hit a certain age. That’s especially true if, like me, you see your work as a passion that pays. Trying to accumulate more and more savings out of fear can keep you from fully embracing the opportunity to enjoy the gift of today.

Financial advisors often feed this mindset, encouraging clients to save so much that they never live life. I’ve seen some successful people die with millions of dollars, never having lived the way they wanted. No one ever sat them down and said, “You have enough.”

I’m not saying anyone should avoid saving for retirement. Many Americans don’t save enough. And some financial advisors encourage clients to live a life that is well beyond their means. That is just as unhealthy as scaring them into saving too much. We all need to be able to take care of ourselves in case we can’t work.

[See: 10 Tips for Couples and Young Families to Build Wealth.]

So how do you know how much to save for the future? Smart financial planning can guide you, discussing the financial freedom you desire. It starts with asking some important questions: What do I want as a human being? How do I truly want to spend my time? What significant things do I want to accomplish? What resources do I need?

Write down what your answers will be one, three, five, 10, 20 and 30 years from now as you make your financial plans. This exercise will help you tap into your subconscious mind and connect it with your conscious mind, so you can take steps each day to pursue what truly matters to you.

When you let go of the idea you have to retire by a certain age, the monetary dynamics of your life will change significantly. You will be astonished at how much more you achieve if you stop sacrificing the present and enjoy the gift of each day. Once you start doing what you love, even if you have only a modest amount of cash, the money and resources you need will show up in surprising ways. I’ve experienced this personally. Changing my mindset allowed me to build my firm, Carson Wealth, to $6 billion in assets under advisement. I have also seen it often among my clients and the independent financial advisors I coach.

You don’t have to be wealthy to benefit from this mindset. Landing my plane in Buena Vista, Colorado, on a hiking trip in Aspen not long ago, I had a chance to talk with an elderly man who brought me the Jeep I rented. When I asked about some of the trail heads, he told me he maintained them.

“They actually pay me to do it,” he said. “I’m very happy. I love being outdoors. I make enough to sustain the life I want to have.”

He didn’t feel he had to quit working because he hit a certain age. He lived where he wanted, in breathtaking surroundings, doing what he loved — without needing a fortune to do it.

Why not embrace a completely new approach to life, one based on hope and anticipation of spending each day the way you really want — starting now? Anticipation taps into our deepest core as human beings and makes life a lot richer. Think of the last time you anticipated something and how good that felt.

[Read: What’s Your Plan B for Retirement?]

When you live your life by design, and not the way society says you should live it, you will have plenty of experiences to anticipate, whether you want a big lifestyle or a modest one, like the gentleman I met in Aspen. Your best days will be ahead of you. Tossing out dated concepts like retirement will help you take charge of your future. It is a key step to leading a life where you have no regrets.

Securities offered through LPL Financial, member FINRA/SIPC. Investment advisory services offered through CWM, a registered investment advisor. LPL Financial is under separate ownership from any other named entity.

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How to Control Money Worries and Start Really Living originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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