Finances

Taking Fear out of Family Finances
An Interview with Financial Planning Expert, Dan Benson, by Mike Nappa
This material appears courtesy of Nappaland

(MN): What would you say are the biggest mistakes families make in managing their finances?

(DB): If you pin me down to just two or three, I'd have to say, first, letting spending get out of control, and second, failure to save and invest wisely for the future….I think these phenomena are intertwined-we're saving too little because we're spending too much. For this reason I devote considerable attention to helping readers gain control of their spending habits, eliminate their consumer debt, and step up their savings and investment programs. It's really easy to do once they learn the strategy.

The third biggest mistake families make is thinking they don't have much money in their budgets to save. In reality, everyone has more money than they think they do! So one of the most fun chapters in Never Retire helps families locate "found money" in their budgets-hundreds and even thousands of dollars they didn't realize they had. I show them where to find the money and how to put those dollars to work to turn their finances around.

(MN): What's the best advice you could give to the people reading this column about family finances?

(DB): Samuel Johnson said it in just five words: "Whatever you earn, spend less!"

(MN): You speak out strongly on the issues of gratitude and giving. Why are those elements so important to a financially healthy family?

(DB): I don't think it's possible to be financially free without a heart of gratitude and thankfulness for the blessings we've been given. No matter what your circumstances, there's something to be grateful for. Everything we have is from God, and gratitude is simply our humble acknowledgment of His provision. Giving is gratitude in work clothes-it's sharing the blessings of God with others. Because giving helps us keep money in perspective, it's essential to financial freedom. God doesn't really need our money, but He knows we need to give.

(MN): How did the writing of Never Retire affect you personally? Did you learn anything new?

(DB): I learn something new with every book I write. Never Retire has underscored for me that we need to discard the traditional stereotype of "retirement" as a time to sit back and rust out. We baby boomers are going to spend up to one-third of our lives in retirement-mode-almost thirty years. So I'm encouraging everyone age thirty and above to look on retirement as "Commencement"-a time of new beginnings. Rather than a time to sit back, it's the time to step up to new adventures, to pursuing those postponed dreams. Instead of resting and rusting, let's use those years to rejuvenate ourselves and reach out to others. The "seven pillars" strategy will help put readers in a financial position to do just that.

(MN): In Never Retire you discuss in depth the "Seven Pillars of Financial Independence." Could you briefly summarize what those pillars are for people who haven't had the chance to read your book yet?

"Taking Fear Out of Family Finances" by Mike Nappa. Copyright © 2000 Nappaland Communications Inc. Reprinted by permission. All rights reserved. For permission to reprint this article in another publication, please send your request to: authors@nappaland.com.

For all other comments or questions, you can contact the author directly through the free webzine for families at: www.Nappaland.com.

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