In China, 8 is an extremely lucky number and is said to bring with it wealth and good fortune. This is probably one reason why the Olympics also start today where 8 repeats itself 3 times!

So, with number 8 being lucky, you can also see why so many couples are excited to get married today.

According to an article on MainStreet.com, weddings are up 545% today, compared to the average number of Friday August weddings. The funny part is, usually weddings are slightly discounted if you have them on a Friday vs. a Saturday because it is harder for people to attend due to work and other priorities.

The average wedding costs $27,852 for an average day. But on a day like 8/8/08 you can see why the supply and demand make the costs rise. Not only do you have to plan to spend more for such a premium date, you also have to plan well in advance otherwise the venue, photographer, and time that you want may not be available.

From an article on MSNBC.com, couples are just stopping with the 8/8/08 date. They are continuing the number 8 throughout their entire wedding including 8 course dinners, 8 bridesmaids, an 8:08pm first dance time, the list goes on!

Will we see this trend continue throughout the next few years? My prediction is yes. With 9/9/09 only 13 months away, people really need to start planning this wedding now. Although it doesn’t hold the same luck as 8/8/08, people are still looking forward to it.

My friend from England is getting married on Oct. 9th next year. Our first question is why she didn’t choose 9/9/09 instead…her reply? So many of the venues she was looking at are already sold out. Although she may have enjoyed it, it seems as though people were ahead of the ball and thought about this date much before her, maybe after they couldn’t get their 8/8/08 date…?

The downfall also with the 9/9/09 wedding?…It is on a Wednesday. If you thought it was hard for people to attend your Friday wedding, it will be much harder to allow people to take a few days off for a Wednesday wedding.

I understand the fascination about an 8/8/08 wedding…and believe me if I was getting married I’m sure that the thought of this specific date would cross my mind as well. However, just be sure that you take into consideration your budget when planning your wedding. You don’t want to get so caught up that you over-spend and afterwards have to find a way to pay off the bills.

Congratulations to anyone who may be getting married today! And hope the lucky 8 works for you!

Photo: Charmaine Swart

Related Links:
Prenup Agreement…Is It For You?
How To Do Throw A Great Do-It-Yourself Wedding
Tips on How To Throw a Green Wedding

Have you seen the movie The Bucket List with Jack Nicholson and Morgan Freeman? If not, you should! It’s a comedy about two guys who make a list of things they want to do before they “kick the bucket.” It is actually quite funny and takes a light hearted look at death.

In an article on MainStreet.com, The Bucket List is described in the following way:

In the film, the two seniors—the independently wealthy Nicholson and the not-so-wealthy mechanic Freeman—embark on Nicholson’s private jet and travel around the world, making pit stops in India, China, Tanzania, and other far-flung destinations. They stroll around the Taj Mahal, ride across the Great Wall on motorcycles, go on safari in the Serengeti and ultimately rack up a bill of $105,730 according to an estimate by the Los Angeles Times.

However, not all of us have that much money to spend, but we should all have our own personal bucket list for what we want to accomplish before we die.

Mine would include something like the following:
• Go skydiving in Hawaii
• Travel to Australia, New Zealand, Fiji
• Backpack through Europe
• Work on Habitat for Humanity
• The list goes on and on…

However, although these are more light-hearted topics and fun, there are some more serious issues that people also need to consider before they die.

As my parents get older, different topics arise in the house that had never been discussed before. It is scary to think of my parents getting older, but the truth is that it is still comforting to know that they want to be prepared.

There are obviously many things that need to be dealt with as you get older and further more before you die. Nobody wants to think about death, but when it happens, it is definitely better for everyone close to you that you were well prepared. It makes the decisions that they have to make much easier.

Some documents and things that you should do before it is too late…
Or in other words, a more serious bucket list:

• Last Will and Testament – This one is a MUST HAVE. You do not want to die without a will. In your will you state where you want all of your assets (money, home, etc.) to go. In the case that you have children, it also provides them with a legal guardian so that you do not have to worry about who they will be with when you are gone. Check out this other Geezeo article about the Importance of Your Will.

• Advanced Health Care Directive – This document states what you want to happen if you have a terminal illness. It is hard for your loved ones to make the decisions for you, so in this document you state what you want to happen if this is the case. Such as if you want to be on medication, life support, or a feeding tube to prolong your life.

• General Power of Attorney – This document gives someone power to handle all of your financial affairs if you are unable to. You want to make sure your debt is paid off and everything is handled in case you are unable to do so.

There are many other documents that could be added to this list, it is your choice which you think you need. Make sure that after these documents are signed and dealt with that you put them in a fireproof safe or safety deposit box in case anything unexpected happens.

Also, make sure to include some fun things in your own bucket list as well! Not all of it has to be documents and legal things to cover; try traveling the world, flying a plane, or bungee jumping out for size!!

Photo: Scott Liddell

Related Topics:
Retiree Health Coverage on the Decline
How to Plan Spending in Retirement
How To: Save for Specific Goals

When people consider retirement they automatically think of the financial planning and uncertainty that often comes along with your retirement. However, many are quick to overlook the emotional toll that retirement can add to you.

When people retire often they are left with a feeling of asking themselves, “What now?” It is a really heavy question. After years of working a job and having a daily routine, many are not really sure what to do when this routine suddenly changes.

In an article on CNN.com, psychologist Dr. Dwight Moore explains that retirement has several stages with the first one being excitement and usually lasts around a year or so. During this time, those who have just retired find themselves enjoying their free time and often taking trips that they have always wanted to go on.

Dr. Dwight Moore explains that after this initial stage, people often feel a sense of identity loss and then fear. Often times after retirement you just need to find out what fits your personality best. Instead of allocating time for your job, you must now allocate your time to enjoying the rest of your life!

Some things you might like to do after retirement:
1. Travel – This does require financial planning, but fit it into your budget and go somewhere you always dreamed of going.
2. Spend more time with family/grandchildren – Some move closer to family, others just visit more often.
3. Continue your career (just on a smaller level) – Take a “fun” job that you always wanted to do.
4. Join a club or discussion group – There are so many groups you can join that fit your interests, many join book clubs to discuss books they have read and find new books they hadn’t considered reading. Even discussions/blogs online can keep your interest.
5. Spend more time with your significant other – If you are both retiring at the same time, this is a great time for you to spend quality time together and re-connect by doing something fun and entertaining.

A big thing to consider after reading all this, is that you should prepare not only financially by psychologically as well. You don’t want to all of a sudden get caught up with a sense of loss. Remember that this should be a happy and “free” time in your life; you don’t need the stress of being un-prepared.

For some the transition may be easy and for others it may be a lot harder than they predicted. Being prepared can help you out a lot. Planning out a new daily routine may help you overcome the sense of not knowing what to do now that your job is done.

Photo: Scott Liddell

Nobody really wants to think about retirement. But the truth is, you really need to consider all the important options and lifestyle choices you must make BEFORE the paychecks stop coming. You want to be prepared when that day comes, not struggling to figure it out once it happens.

Some aspects of retirement you should start to consider (the earlier the better!):

1.) Saving vs. Spending – This is obvious. There will be no retirement without saving some money each month. But the difference between saving and spending the same amount of money is significant. In an article from our partners at BankingMyWay.com, Jeffrey Strain writes about Spend $10 Today, Be Out $100K Tomorrow.

In this article Jeffrey Strain explains the following:

“If a person were to save $300 a month (approx. $10 a day) and invest it to get a 5% yearly return, that person would have $20,402 in the bank after five years. On the other hand, if a person ends up spending $300 a month more than he has and puts it onto a credit card that he doesn’t pay off over the same 5 year period, that person will owe $36,259, assuming a 26% credit card interest rate. After five years, the difference between saving $10 and spending $10 each day results in a $56,661 gap in net worth between the two.”

When you look at it this way, it is easy to see how much money you are able to lose, even though spending $10 a day does not seem extravagant.

2.) Keep Your Will Updated – This is extremely important. Although many people (along with retirement) do not like to consider their own death, a will is your only way to make sure things run smoothly when you are gone. It also helps your family through the hard times if all of your decisions are put on paper and they don’t have to struggle to figure out what you would want. Check out this Geezeo article to get more information on the importance of your will.

3.) Lifestyle – Again, this may seem obvious but your savings really determine what type of lifestyle you will lead after you retire. Many people underestimate how long they will live and also how much to save per month. If you want to be able to live the same type of life, make sure not to underestimate these important aspects! You want to be able to travel and live an easy life…not struggle to make ends meet.

4.) Where To Live/Housing – This one is obviously no easy decision. Will you stay in the same house? Should you move to a community living area? Or do you want to move closer to your families? Or how about moving to warmer weather climates? All of these are important questions to consider and the current housing market does not make the decision particularly easy. According to an article on MainStreet.com by Lauren Tara LaCapra, it was found that baby boomers could really struggle with the housing market drop because it will be harder for them to change their spending and saving habits compared to those that are of a younger generation.

5.) Taxes – Regardless of if you have a steady income or not, you will still be affected by current tax levels. For instance some states have income taxes but will not tax your retirement income or your social security. Do some research; maybe you want to live in one of these areas to save some money!

These are just a few things to consider but obviously there is much more! Just make sure to plan EARLY. Being prepared for the unexpected will help you out the most in the long run.

Photo: Michael Connors

There are contracts for many things; home ownership, buying a car, opening a bank account, etc. Employment contracts are extremely important to the safety and stability of your career. There are many companies that still do not have new hires sign a written contract. The reason for this…? – Many employers like to have the flexibility to be able to fire whomever they believe is not performing efficiently without being bound by a contract.

Although many people believe that an offer letter is a good enough form of a contract since it usually states your salary and certain aspects of your job, this is not a binding contract and has many loop holes. It also does not cover ALL the aspects regarding your employment at the company.

Employment Contracts Work For Everyone Involved
Signing a contract is not just beneficial for the employee but also for the company that they are employed by. A contract makes sure that all the terms and conditions of your employment are what you thought they would be. By signing your employment contract, you and your employer are in agreement with the correct terms. Make sure you are to read your contract carefully so as to not overlook anything you may disagree with. A good contract ensures that promises made by the company to you will be kept.

What Should Your Employment Contract Include?

* The position you are being offered at that you have accepted (this may also be what some of your daily tasks will include).

* The salary (or compensation) that you have agreed upon with your employer.

* How long you will be employed for or if your employment is “at will” (this means you can quit at any time or be fired at any time that is not illegal).

* Other things that should be included are with regards to how much sick and vacation time you will receive, what paid holidays you get off, etc.

* There may be other terms/conditions that your employer may include…make sure to review all of these!

Who Signs the Contract?
Both you and your employer should sign the contract after you have reviewed it to make sure everything is correct. Afterwards, make sure you keep a copy of your contract in a safe place in case any problems arise regarding your employment (this should be done with any important paper work).

Employment contracts are important to make any disputes or controversies run more smoothly. You don’t want to get caught in a nasty legal battle with your employer in case anything regarding your employment changes. An employment contract helps to smooth out many wrinkles that can occur with your career since your income is such an important part of your life.

Most importantly, make sure to review the entire contract before signing! Although you may trust your employer and think everything is correct, you want to be sure that you are not signing to anything that you may not agree to in the long-run.

If any changes are to be made to your contract, there must be a re-negotiation between yourself and your employer and a new (revised) contract must be signed.

Check out our Career Groups on Geezeo to look for any other questions that you may need answering!

Photo: Dave Wicks

A will is probably one of the last things that someone wants to sit down and write. It really is not an easy task. How do you put your life onto paper? How do you decide who will take care of your children when you are gone? None of these are easy decisions, but it is better to take care of the specifics while you can and not leave any issues unanswered.

Why do you need a will?
A will makes sure that all of your property goes to the people that you want it to…this includes everything from your home, to your expensive jewelry, to everything as small as a book that was important to you or someone in your life. According to bankrate.com, 7 out of 10 Americans die without having composed a will. Although some people don’t feel they have enough to put into a will, writing one makes things run more smoothly for those you leave behind.

When does a will take effect?
A will only takes action upon your death. This means that you are able to change and revise your will as you please up until you are gone. Many people make sure to revise their will (or at least look at it) as often as they feel the need (maybe once a year) just to make sure nothing drastic needs to be changed.

According to an article on TheStreet.com about Writing Your Will, the person writing the will must be of “sound mind” and free of “undue influence.” This means that nobody can force you to put anything in your will that you don’t want to by threatening you. TheStreet article also states that your will must name all of the beneficiaries (those who will receive property or money) in your will and be signed by two witnesses who are not beneficiaries.

What will happen with the will?
When you are gone, in your will you will have appointed an executor of your will who will be responsible in making sure everything is carried out the correct way. The person you choose (lawyer, friend, etc.) should know that they are the executor and understand all of their responsibilities.

What about your children?
In the will, if your children are still minors you must make sure to find a legal guardian for them that you know and trust. This is one of the most important reason people write wills – to make sure their children will be okay.

A will is not something you want to put off until further into the future. If you have a house, money in savings and children, it is important that these all go to the people that are important to you in case anything does happen. Although a will is not something you will enjoy writing, it will give you peace of mind knowing that it is written.

Photo: Álvaro Daniel González Lamarque - Montevideo, Uruguay

June is around the corner. Are you hearing the faint beginnings of wedding bells? If so, be careful and avoid some of the biggest marriage mistakes.

Here, another great article from Mainstreet.com.

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Say ‘I Don’t’ to a Wedding Loan
By Jeffrey Strain

Taking out a wedding loan is one of the biggest financial mistakes a couple can make.

With the wedding season upon us, brides and grooms are going to be shelling out big money to get married. U.S. couples spend on average more than $28,000 for a wedding, with the average wedding in bigger cities costing as much as $50,000.

These numbers don’t even include the honeymoon, engagement ring, bridal consultant or wedding planner, all of which can add tens of thousands more to the cost of a wedding.

In the past, families of the bride and groom typically helped out with wedding expenses, but with the prices of weddings so high and people waiting until later in life to get married, it’s becoming more common for the bride and groom to pay for part or all of these expenses.

This is fueling the growing trend of couples getting wedding loans.

Both secured and unsecured wedding loans are available, and loan amounts can vary greatly, from as little as $1,000 all the way to the high five-figures.

Continue reading to avoid some common wedding and partnership money mistakes!