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Revisiting Your Cash Flow Before You Retire September 18, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , 2comments

Reviewing and understanding your cash flow, income streams versus expenses, is an important part of retirement planning that is frequently overlooked. The lifestyle you have created based on your income during employment may require some modification when you leave your current position.

Let’s start with understanding income; I define income as a consistent, scheduled, reliable stream of payment, for a determined amount of time. Social Security is an example of income; you receive your check at the same time each month, for the same amount, for life. If you have a Defined Benefit Pension with your employer, you can choose an option that will provide income to you based on your life expectancy or one that will continue to provide an amount to your surviving spouse.

Bond and CD interest fit the definition of income however; an issue may present itself at maturity. These products have a shelf life and at maturity and renewal, there is no guarantee the same opportunities will exist. Annuities can also provide a lifetime stream of income.

The key to these sources is in the definition, consistent, scheduled, and reliable for a determined period. If you receive a check on January 2 and you run out of money on February 1 you know there is another check coming on the third. Your income sources will not run out, they may stop after a pre-determined date, but not run out.

Drawing down on savings to supplement your income is a strategy to offset a shortfall but does not provide income. One reason is that savings can run out; if you spend it too quickly, it will be gone. Unless you are able to add to savings or, receive a high enough return to replace your withdrawal, you will eventually run out. As a strategy this requires careful consideration, drawing down on savings too early can have a negative impact in later years.
Once you have determined your income flow the next step is to list your outflow, expenses. Expenses fall into one of two categories, necessary or lifestyle.

Necessary expenses are those you need to survive, shelter, food, medical, insurance utilities, transportation. These are bills that if not paid will have a direct negative effect on your ability to live, or function day-to-day.

Lifestyle expenses are not necessary for us to live but, they are the ones that we like best, these expenses are fun and make us feel good. They can be impulse or emotional purchases, planned or unplanned, practical or not, but expenses that are not needed for survival. They include your daily out-of-pocket expenses that add up each time you swipe your debit or credit card.

Tracking lifestyle expenses on a daily basis can be key factor in understanding where your money goes and where spending habits need to be changed.

Understanding your income and expenses will become critical when you decide to leave your current job and paycheck. You no longer will have the regular paycheck you have grown accustomed to, and your lifestyle may require some modifications. Reviewing your situation and preparing for these changes will make the adjustments easier when the time comes.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

Twitter Weekly Updates for 2009-09-18 September 18, 2009

Posted by Jason Dobbins in : Timeshare Resource , add a comment

BuyATimeshare.com Proves its Strength in the Timeshare Resale Industry September 17, 2009

Posted by Bryan Connelly in : ARDA, General, Marriott Timeshares, Timeshare Rental, Timeshare Resale, Timeshare Resource, Travel, Wyndham Timeshares , add a comment

Almost through the year 2009 and many companies have not been able to recover from the slow economy. Even fewer businesses are able to make a profit in such a stifling economy affecting every sector of commerce. How is it that a young company like BuyATimeshare.com is able to flourish in the vacation and leisure industry? As articles in both Perspective and BusinessNH Magazine have noticed this relatively small firm, it has quietly helped thousands of people liquidate their vacation properties in a time when money counts most.

As the financial world evolves, more companies are beginning to rely on advances in technology to keep conjure business. But few have the ability to outlast a tight economy when consumers have cut spending out altogether. BuyATimeshare.com has released their current statistics of confirmed offer numbers. This means that a specialist calls and confirms each offer that is entered and only the legitimate offers are counted.

Proving the strength of BuyATimeshare.com, records show the site sees between 10,000 and 15,000 thousand unique visitors per day and receiving between 500 and 1000 offers every day. As BuyATimeshare.com continues to emerge as the top timeshare resale company, who would have guessed old-fashioned hard work would drive commerce through the economic crises of the new millennium?

If you are looking for a reputable timeshare resale firm, you can go on to BuyATimeshare.com and download the report in confirmed offers for free. Hopefully the release of this report and the success of BuyATimeshare.com will urge other companies in the timeshare resale sector to focus on integrity and help us bring a new reputation to the timeshare industry.

Twitter Updates for 2009-09-17 September 16, 2009

Posted by Jason Dobbins in : Timeshare Resource , 1 comment so far

Living Longer and Retirement September 16, 2009

Posted by Mike Bonacorsi, CFP® in : Timeshare Resource , add a comment

Last week I watched a video about the oldest practicing lawyer in India. He is 99 years old and has been practicing law for 74 years. He will not take any new cases, but he has 15 left to finish this year. He will then retire at the age of 100 and hope to enjoy a “long and happy retirement.”

Today this is considered and oddity but, could it become the norm at some point? The world population is getting older, the number of people and older is expected to increase from 516 million in 2009 to 1.53 billion in 2050, according to data released by the US Census Bureau.

The number of centenarians (100 years) has increased to more than 340,000 worldwide versus a few thousand in the fifties. By midcentury, the number of centenarians in the US could grow from 75,000 to 600,000.

Advances in medicine, healthcare and education concerning lifestyle choices have been big factors in longer living. Problems like heart disease, and many types of cancer a few years ago were the beginning of the end, now with proper treatment and monitoring they have become health issues rather than life-ending.

As a segment of the population grows fast another slows down, while the age group over 65 is expected to see a jump by 2050, the group under 15 years old will grow at a much slower rate, from 1.83 billion to 1.93 billion. In 2017, the number of people over 65 will exceed the number under age 5.

The aging population will stress Social Security, Medicare and health services, while the disappearance of pensions and lack of savings for retirement will then modify their original thoughts of retirement. Longer and healthier life expectancies will find people working longer at their current job or starting a new career to provide income, benefits, or to remain active will be the norm rather than the exception.

About Mike Bonacorsi, CFP®

Mike Bonacorsi is a CERTIFIED FINANCIAL PLANNER™ professional, public speaker and award-winning author of Retirement Readiness: A Guide to Creating Your Vision, Knowing Your Position, and Preparing for Your Future. You can listen to his radio show, The Mike Bonacorsi Show, at WSMN, 1590AM or on your computer at http://wsmnradio.com on Tuesdays from noon – 1:00 PM EST. For additional information, visit http://mikebonacorsi.com or email Mike at MikeBonacorsi@gmail.com

Twitter Updates for 2009-09-16 September 15, 2009

Posted by Jason Dobbins in : Timeshare Resource , add a comment

Twitter Updates for 2009-09-16 September 15, 2009

Posted by Jason Dobbins in : Timeshare Resource , add a comment

RCI Adds Five New Resorts in India September 15, 2009

Posted by JConnolly in : Timeshare Resource , 1 comment so far

As the largest timeshare exchange company, RCI is pleased to add five more to their list of eighty-two affiliated resorts in India. These desirable destinations include The Country Club Sarjapur in Bangalore, The Country Club Coconut Grove in Tumkur, The Country Club Treasure Cove in Kovalam, East Bourne in Shimla, and Cambay Palm Lagoon in Kollam. These high-end resorts are located in some of the most popular areas of India and will be a welcome addition to RCI’s list of over 73,000 affiliated resorts worldwide. India sees more than five million annual foreign tourists, 527 million domestic tourists, and is considered a growing sector for tourism, with a projected annual revenue growth rate of 9.4%. One of the challenges that India has faced through the years was a lack of tourist-class hotel units, and by extending RCI’s affiliation to these resorts, they are made available to over 3.8 million timeshare owners that are members of RCI.

The first three resorts listed above are all affiliates of Country Club India Ltd, a group of 205 established properties throughout India, Sri Lanka, and the United Arab Emirates. These high-end properties focus in eco-friendly resort projects with state-of-the-art fitness clubs, international cuisine restaurants, business centers, swimming pools, and other facilities. The Country Club locations of Bangalore, Tumkur, and Kovalam are undoubtedly up and coming destinations in India.

The East Bourne in Shimla is a beautiful resort just outside of the main town, surrounded by oak and deodar trees over a hundred years old. The Cambay Palm Lagoon consists of six acres along the Asthamudi Lake and features a variety of accommodations including tents, cottages, suites, and even houseboats. The area is known for its exotic wildlife sanctuaries, breathtaking parks, and relaxing beaches.

RCI’s main goal is to provide timeshare owners with unique access to other timeshare resorts worldwide, and by adding these five resorts in India they are continuing to expand as the global leader in timeshare exchange. One of the easiest and least expensive way to access RCI’s resorts worldwide is by buying a timeshare resale in India or by renting at timeshare in India online.

Residents Concerned About Proposed Timeshare Project in Upstate New York September 15, 2009

Posted by JConnolly in : Timeshare Resource , add a comment

In the town of Lake George, New York, public opposition slows a proposed timeshare project. Replacing an existing hotel, the Lake Shore Lodges development plans to utilize thirteen acres for its projected 38 timeshare units, boathouse, swimming pool, marina, restaurant, bar, retail space, and parking garage. However, over ten residents appeared at a board meeting to express their dismay.

The locals are protesting due to concerns regarding the environment, traffic patterns, and quality of life—for example, some are worried that their water pressure may change after adding the resort. Many are apprehensive about the potential tourism, thinking that it is “out of character” for their small town.

The developers argue that they have taken all of the environmental concerns into consideration and are have already planned to implement solutions such as permeable pavement and a new, state-of-the-art, waste water treatment. The developers also stress that the nature of the tourist in a fractional ownership-type of timeshare will more closely mimic that of families in their own personal vacation homes, versus the transient, short-term tourists currently inhabiting the existing hotel.

Often, residents in a town are unreceptive to changes in travel and tourism. However, if handled properly, these developments can assist the local economy and actually improve the environment in a smaller town. It is essential that the developer is sensitive to the residents’ needs, and that they work together to  find a mutually satisfying solution.

Twitter Updates for 2009-09-14 September 14, 2009

Posted by Jason Dobbins in : Timeshare Resource , add a comment