Ilona L. Tobin, Ed.D.

Licensed Psychologist

Archive for the ‘Money’ Category

For many, the word “retirement” conjures up images of “Gramps” out in the garage making bird feeders while “Granma” serves tea following a game of bridge with the ladies. That stereotypical image, along with the idea that aging is inevitably accompanied by diminishing mental capacity, is no longer true—if, in fact, it ever was. A National Institute on Aging report, 65+ in the United States: 2005, found the 65+ population:

  • Is better educated
  • Lives longer, with a lower rate of disability and disease
  • Has more economic clout
  • Has more options for a fulfilling re-tirement than any generation before
  • Will double over the next 25 years(from 420 million worldwide to over 974 million by 2030)

Good news, for sure, but there is another factor that’s as important and can mean the difference between a happy retirement and a miserable one.
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(Excerpt from Fall Newsletter 2010)

John has a well-paying job, but carries a debt load equal to half his salary. He spends compulsively, buying things he doesn’t really need. Because he also doesn’t keep track of his finances, he frequently bounces checks. John would like to get control of his spending, but hasn’t been able to rein himself in.

Sarah never spends money unless she has to and neglects self-care such as dental check-ups. She is self-employed but doesn’t make enough to cover her basic expenses and uses credit cards to pay bills when she falls short. Her debt load is a great worry to her, but she feels helpless to change the situation.

John is a compulsive debtor and Sarah an underearner, but their core problem is the same. According to Jerrold Mundis, author of How to Get Out of Debt, Stay Out of Debt and Live Prosperously, repeated debt results from dysfunctional or distorted subconscious attitudes and perceptions about money and self.
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