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Health & Fitness

Lessons Learned

Lessons learned on becoming financially sound.

So far, I have learned quite a lot during my time on Earth and am still learning much
needed lessons. The older I get, the more information I gather – especially
concerning money and how to hold on to it.

Since 1963, I have contributed to Social Security. My first job was a part-time summer job
as a secretary in my cousin’s real estate firm -- fielding incoming calls, valiantly
trying to transfer my minimal shorthand skills into actual letters, and being
the target of good-natured jokes by my cousin’s employees.

In the beginning, I made minimum wage (25 cents an hour), cashed my payroll checks,
and spent all my money. I never thought of saving my earnings. Money was a big
mystery to me. My family never talked about money. I didn’t know how much my
parents made, or if they were having money problems. This was a forbidden topic
and not to be discussed with the children. During my school years, money was
never broached as a topic. I didn’t know how to write checks or apply for a
savings account. There weren’t courses on money management, nor for that
matter, any courses offered on what to major in college or what occupations to
research before graduation.

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These difficult life lessons were finally mastered during my travels through middle age and
into my 60s. Eventually, I overcame many of the obstacles concerning finance
that eluded me when I was young.

It is never too late to get control of one’s finances. My advice is to start a savings plan
in either a savings account or a 401(k) or Roth account. In this economy, savings
should be initiated as soon as possible. This is necessary for “rainy days” and
for extra funds needed in retirement. By age 55 or earlier, plans should be
made to pay off that home mortgage, as a mortgage is usually the biggest
payment and one doesn’t want to be saddled with that huge debt.

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When still employed or newly retired, eliminating other debts may become necessary, such
as: initiating a car loan payoff plan, eliminating shopping sprees, and eating
at home instead of frequenting restaurants, etc. Getting a part-time (or
full-time) job will bring in extra income, and there are many senior discounts that
can be investigated. Being more frugal may become necessary, especially in this
economy.

Since I have my “frugal” life, I am enjoying it much more than when I was young and always
struggling to make ends meet! Lessons learned.

Marilyn A. Gehrand

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