Every Man/Woman for Him/Her Self
@ElizabethWallace (12074)
United States
October 16, 2016 4:57pm CST
I have always believed in insurance. My mother was horribly ill every two or three years while I was growing up. If we hadn’t had medical insurance, I wouldn’t have eaten. But Long Term Care Insurance feels like a scam to me. I have seen people pay into a plan only to have the company disappear, or the premiums increase by 85%. Not for me. My plan for possible Long Term care needs is cash.
I planned to put away $10,000 for possible long term care needs every year starting one year after my retirement. I expect to need it someday, so this plan seemed reasonable to me. But I’ve lucked out. I love it when that happens. I wrote a book. Found a publisher rather quickly. He found a link to several huge school districts. It appears that money will be pouring in rather soon.
Time to reevaluate my savings plan. I know the number of books the first school district wants. It’s staggering. My royalty will be pretty darned big, just from this first order alone. They will reorder, and other districts and others will follow.
It’s easy to become overwhelmed. But I’m not. I plan. I think logically before the emotions kick in, and they will. I could go nuts, but that’s not me. Here’s my new plan: I will put ¾ of my book and speaking money into my long term care account (savings at the credit union) until I hit the amount needed to cover three years of care (the average number of years women need). I looked up the cost where I live and multiplied by three.
The other ¼ will go into my “travel account”. I recently discovered that I love cruising on Princess Cruises. I’ll take a cruise whenever the weather sucks where I live. Otherwise, I’ll be speaking to parents about how they can avoid college loans for their children and teaching school personnel how to help parents avoid becoming part of the terrible student loan crisis.
What do you think? Are you impressed that I haven’t gone nuts and made plans to buy a fancy car or something else I don’t need?
17 people like this
19 responses
@cindiowens (5120)
• North Myrtle Beach, South Carolina
16 Oct 16
I am INDEED impressed. Great job! and congrats!
6 people like this
@ElizabethWallace (12074)
• United States
16 Oct 16
Thanks. I was lucky that the first publisher I met loved the idea, and the book. Such good fortune.
3 people like this
@cindiowens (5120)
• North Myrtle Beach, South Carolina
16 Oct 16
@ElizabethWallace That is most wonderful. I hope you continue to excel with it.
3 people like this
@moffittjc (121540)
• Gainesville, Florida
16 Oct 16
Congrats on your book deal! As I've said before, I want to purchase a copy when it becomes available! And kudos to you for planning your retirement so well! Unfortunately, not many Americans are so fortunate. Luckily, I had some good mentors when I was younger and started planning for my retirement as soon as I was out of college!
4 people like this
@moffittjc (121540)
• Gainesville, Florida
17 Oct 16
@ElizabethWallace My employer requires that we put .5% of our salary into retirement, whether we want to or not. And that is in addition to our pension contributions and our defined benefit retirement contributions, and our retirement health savings contributions. In essence, they have a bunch of things in place to at least give us a leg up on most other people who do nothing to plan for retirement. Sometimes, I don't like seeing that so much of my paycheck is being deducted for all those things, but I know it will reap huge rewards when I retire, so it lessens the pain of a lower paycheck now.
4 people like this
@ElizabethWallace (12074)
• United States
17 Oct 16
@moffittjc That's great. I know it is annoying to think of all that money just sitting there, but trust me. It pays off. People who do the right things live much longer than they used to, so it's good to have money for living.
1 person likes this
@ElizabethWallace (12074)
• United States
16 Oct 16
I think it is absurd that people have to be lucky to plan for retirement. Our country should have a plan for people. We should pay into it when working and withdraw when retired. This is sort of what teachers in California do. We pay 10% of every dollar we ever make into the plan. It's invested and we live off of it when retired. My book deal is a bonus for me. So cool I can help people and help myself too.
4 people like this
@ElizabethWallace (12074)
• United States
16 Oct 16
Thank you Patsie. I appreciate your comments.
1 person likes this
@ElizabethWallace (12074)
• United States
20 Oct 16
@jaboUK I guess other people keep their opinions to themselves. I wonder why.
1 person likes this
@ElizabethWallace (12074)
• United States
17 Oct 16
Ha Ha. Okay. I guess my personality is pretty obvious. Most of my life people have joked, "Tell us what you really think."
1 person likes this
@JamesHxstatic (29413)
• Eugene, Oregon
17 Oct 16
Having become acquainted with you for a few years on this site and that other one, I am not surprised at all. You are very level headed and a real planner. Congratulations on this book. I know that you worked hard getting it all together.
4 people like this
@ElizabethWallace (12074)
• United States
17 Oct 16
Thanks. I can't take much credit for being level headed. Just born this way, but I sure am glad I was so lucky to arrive with this trait.
1 person likes this
@ElizabethWallace (12074)
• United States
17 Oct 16
Thanks. I will be able to enjoy lots more, now that I'll have so much extra money coming my way. Love it when a plan comes together.
1 person likes this
@ElizabethWallace (12074)
• United States
20 Oct 16
@msiduri It's exciting. My sister said my retirement is over. Perhaps, but at least I'm doing something I enjoy.
1 person likes this
@msiduri (5687)
• United States
17 Oct 16
@ElizabethWallace 
Well, you've earned it. Good for you! And congrats!
Well, you've earned it. Good for you! And congrats!1 person likes this
@GardenGerty (160600)
• United States
16 Oct 16
I am impressed you have looked into the long term care situation so thoroughly. There is a story that has circulated for years about aging and cruising. It was first told me by a DON at a nursing home/health care center where I worked. I have also read similar on Facebook. The gist of the story is that if you only need to have assisted living services it is more economical to go on cruises and stay on cruise ships. They have meals, laundry, house keeping and medical care on call. I wish you many happy years enjoying yourself along with helping future students.
3 people like this
@ElizabethWallace (12074)
• United States
16 Oct 16
Gary, one of the Mylotters I follow here related that story this summer. I tried it and loved it. But the travel agent I spoke with lied to me. Single people pay double what married couples pay. This makes it a plan for the wealthy. With my book, maybe that will be me. We'll see.
2 people like this
@artemeis (4194)
• China
17 Oct 16
Very few (sadly) are like you going about managing your finances for the unforeseeable future. It is even more so in my country where the elderlies do not believe in insurance, treating it like some scam or pyramid scheme. Fortunately the younger generation are educated and convinced the necessity to seek out financial tools to help manage our wealth for the future and the unforeseeable.
3 people like this
@artemeis (4194)
• China
20 Oct 16
@ElizabethWallace
It is really sad to see the elderly parents abandoned and anguishly going about with their lives. My country could not do much since this is a consequence of the imposed family planning one-child policy many decades ago. I think this is also happening in other countries as well, since the cost of living, rising medical and maintenance cost have been increasing making it really difficult for the young generation to take care of their elderly parents.
In some countries, I think you would have heard old folks working beyond their retiring age and if not, will be competing with the young generation in both the full time and part time vocations. So I believe that it is in everyone of us to plan for our old age and your model here is really an exemplary one to take upon.
@ElizabethWallace (12074)
• United States
17 Oct 16
So sorry about the older folks not planning ahead. I think it was a tradition for them to be taken care of by their son. But putting money away is always wise.
1 person likes this
@celticeagle (166595)
• Boise, Idaho
16 Oct 16
It is marvelous that you have thought this all out so thoroughly. I think that many people freak out and don't use their common sense and come up with a plan like you have. Good for you!
3 people like this
@ElizabethWallace (12074)
• United States
16 Oct 16
I was born with this odd tendency to get calm in emergencies. It works for bad times and good. I'm just lucky. I'm the one you want around in a terrible earthquake or when you win the lottery. Just luck of the draw. I can take no credit for it at all.
2 people like this
@celticeagle (166595)
• Boise, Idaho
17 Oct 16
@ElizabethWallace .....I have that same tendency when it comes to the kids, but not to myself. Nice to have a lucky streak too.
2 people like this
@changjiangzhibin89 (16752)
• China
17 Oct 16
You come across as an astute person .It is a good thing that you are on a roll with your book and the money you make from it comes in the nick of time.
3 people like this
@ElizabethWallace (12074)
• United States
17 Oct 16
It's a joy when things come together. I had the information, the time and energy to write it. Now I can use time, energy to promote it so people's kids can have an easier life.
1 person likes this
@ElizabethWallace (12074)
• United States
17 Oct 16
Thanks, but notice, I am putting some money into a pamper myself account. Girl's gotta do what a girl's gotta do.
@Juliaacv (51018)
• Canada
16 Oct 16
Like you, I had a parent with a long term condition that made me realize very early in life that you do need to be able to fend for yourself. I started saving for my last years when I was in my early 20's and working in a nursing home, it bothered me when I saw how some had to be denied certain things due to financial circumstances, and I knew that I didn't want that for me.
Its wonderful that your book has done so well. I wish you continued success, and I think that you should spoil yourself a little bit on something!
3 people like this
@ElizabethWallace (12074)
• United States
17 Oct 16
Thanks. Some people learn things early, some not at all. I do plan on pampering myself. I like going to the spa, so I'll make that a Friday treat each week, once the money starts accumulating.
4 people like this
@boiboing (13153)
• Northampton, England
17 Oct 16
@ElizabethWallace As the old saying goes - the harder I work, the luckier I get.
1 person likes this
@ElizabethWallace (12074)
• United States
17 Oct 16
Boy, is that ever true. And to those who pay attention to opportunities that come along. The publisher said he wanted to speak to two other people in the audience. They left. Oops.
@nanette64 (20364)
• Fairfield, Texas
17 Oct 16
You are doing it the 'right' way @ElizabethWallace . I wish I would have had the brains I do now back in the 70's and 80's when I was a Go Go Dancer and was making $1,000 per week PLUS TIPS. Rent on a house/apt was only $125 a month and you could buy a brand new car for only $3,000. Can you imagine on my salary for 1 year what I could have put away???????? But nooooooooo.
2 people like this
@nanette64 (20364)
• Fairfield, Texas
20 Oct 16
@ElizabethWallace I know, right? Live & learn. I now tell young people when I talk to them about doing these kind of things. Unfortunately they look at you like, "I've got plenty of time".
1 person likes this
@ElizabethWallace (12074)
• United States
21 Oct 16
@nanette64 That's why it should be mandatory. Otherwise, the people end up needing help, and guess who pays for that?
1 person likes this
@ElizabethWallace (12074)
• United States
20 Oct 16
Wow. Too bad we don't have brains then. Young and dumb. Bummer.
1 person likes this
@ElizabethWallace (12074)
• United States
17 Oct 16
Thanks. I noticed a trend and thought how many people would benefit from knowing this information. Glad to be able to share it with thousands.
1 person likes this
@DeborahDiane (40288)
• Laguna Woods, California
19 Oct 16
I think that is an excellent idea, especially since you don't have long-term care insurance. My husband and I have purchased the insurance. With his increasing number of health problems, it is a relief to me to know that we will have help, if we need it.
@JudyEv (339295)
• Rockingham, Australia
6 Nov 16
That is wonderful news! So good that you have orders for your book already. Your plan sounds good to me.
