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2010 Executive Tidbits
IBM, P&G, General Mills, McKinsey, and McDonald's have the best manager training programs according to Fortune 2009. |
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Check out Keith's other site:
Virtual Writing Coach |
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The
Executive Connection SM
a publication of The Virtual Executive
Coach SM
"Vision + Accountability = Success!"
www.virtualexecutivecoach.com
June, 2009
In This Issue:
1. Preview
2. Executive Summary
3. Job Loss for Older Americans
4. Helpful Hints
1. Preview
The Executive Connection explores the creative and analytical
process of business development, team-building, and executive
development. We are an interactive community of executives
and small business owners who desire to network with like-minded
high-performance executives to enhance our knowledge,
skills, and aptitudes in the competitive business world.
Published monthly, the Newsletter offers coaching suggestions
around the topics of: business development, financing,
marketing, networking, incorporations, mergers, human
resources, governmental regulations, and tax laws. Topics
are presented from the perspective of Keith Barton and
represent only his ideas on creating and running your
business.
Because we are an interactive community of executives
and business owners, other viewpoints are welcomed and
may be printed in future monthly newsletters with permission
from Keith Barton.
2. Executive Summary
June, 2009
Dear Executive Connection Subscriber,
This month's newsletter features: Job Loss for Older Americans
3. Job Loss for Older Americans
AARP has an interesting article regarding how those over
65 view job loss. Yes, many people in this age range haven't
retired yet, because they can't survive on social security
benefits alone. Among those who have had life crises:
- 40% say they were not prepared financially
- 54% say keeping emotions in check was a challenge
- 52% call family and friends their most trusted source for financial guidance
- 5% say it was hard to trust the guidance they received
Richard Hisey, AARP Financial President, suggests six
must dos:
- Imagine the worst: People's optimism often
masks fear - plan your life with just one-half your
income. You may be surprised to learn that you focus
more on what really matters.
- Save already: Save for emergencies. You
should have six months of savings for job loss or
other financial disaster like long-term illness. If
you're over 65, your long-term disability benefits
ended five years ago. 35% of those laid-off had less
than a month's notice while 42% had none.
- Work your network: Tell everyone you're
out of work. There are many people who are too proud
to tell their church friends, neighbors, past employers
that they're out of work. In Houston, there is a non-profit
organization called Between Jobs Ministry (BJM), that
helps folks network through churches in Houston for
jobs. Also, maintain your certifications and licenses.
- Cover your assets (CYA): Your most important
asset is your earning power. Only two-thirds of folks
under 60 have disability insurance through their companies.
Most policies cover only 60% of your current income.
Another avenue is social security disability income
(SSDI). Most initial applications are rejected but
keep trying, because attorneys who specialize in SSI
and SSDI can typically win your case. The benefits
accrue from the first application date.
- Be an equal partner: Defend against divorce
because you will soon find yourself with only 50%
of your combined assets. If you require a pre-nuptial
agreement, seek an attorney for advice if you have
large assets to protect and this is your second marriage.
Also, set up trusts with beneficiaries to bypass estate
and death taxes (only for those who have a nest egg
over 4 million dollars). Spouses should jointly manage
their finances and both should establish credit.
- Prepare to act: Have a succession plan
if you own a small business. There are many financial
advisers - go to www.aarpmagazine.org/money
for a list of credit counselors, financial planners,
and financial service companies. Running a spouse's
business runs the risk of bankruptcy and the ability
to act quickly is paramount. Work out payment plans
with creditors, look at selling the business; breaking
even is better than paying down a half-million in
debt when you're over 65 and should be living off
retirement income.
Check your crisis readiness score (CRS): Are
you saving for the future? Do you have enough insurance?
Are your assets really diversified? What financial
advice would you give a friend in your exact circumstance?
First, pay off any credit card debt that generally
runs 10-22%. Only spend 5% of your nest egg each year
(this gives you 20 years). You should have term life,
long-term care, or disability insurance depending
on your age - take your age and that's the percentage
you should have in liquid assets versus equities (stocks).
Avoid impulsive decisions.
Helpful Hints:
- Thrift is the word in these economic times. AARP
has fifty thrifty ideas in their latest issue. Go
to www.froogle.com
and learn how to get the best prices on purchases.
- Cut out the lawn and pool guys if you want to save
money. Do the work yourself and cancel your health
club membership.
- Keep your thermostat at 77 degrees during the summer and 67 degrees during the winter.
SUBSCRIPTION INFORMATION
The Executive Connection SM is a free publication.
If you want to continue to receive this Newsletter, you
can SUBSCRIBE
by clicking here or by sending a blank email message
to keith_barton@att.net
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To
UNSUBSCRIBE click here or send a message to keith_barton@att.net
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Be assured your name and email address are confidential.
We do not sell, rent or share our mailing list with anyone.
Contact Information:
Keith Barton, Ph.D.
Voice: 281-583-5005
Fax: 281-583-5008
Web: http://www.virtualexecutivecoach.com
E-Mail: keith_barton@att.net
(c) Copyright 2009, Virtual Executive Coach SM
and A. Keith Barton, Ph.D.
All rights reserved.
Distribution Rights:
The Executive Connection SM is copyrighted,
but you may retransmit or distribute it to whomever you
wish as long as not a single word is changed, added, or
deleted, including the contact information. However, you
may not copy it to a web site.
Republication of The Executive Connection SM
in paper media is encouraged and permitted by individuals,
organizations and associations, as long as the issue is
reprinted in its entirety, without change, and includes
the contact information.
With advance permission, we are happy to edit an issue
to fit your space requirements. Republication also is
encouraged under other circumstances. However, the advance
permission of
A. Keith Barton, Ph.D. must be obtained in the event that
changes in the text are desired.
The Executive Connection SM
Mission:
The Executive Connection SM is dedicated to
helping first-time business owners and executives to recognize
resistance to change, while they create and manage their
own businesses. My goal is to help you transform your
vision into a successful business venture with the addition
of accountability structures and silent partner.
The Executive Connection SM is a publication
of The Virtual Executive Coach SM and Keith
Barton, Ph.D.
We would like The Executive Connection SM to
be as interactive as possible. If you have feedback, comments,
topics you would like addressed, or can suggest additional
resources to benefit us all, please email us at any time.
Send your e-mail to keith_barton@att.net.
Please forward this issue to anyone you think would find
The Executive Connection SM interesting and
beneficial. Your recommendation helps us keep growing,
and ensures an excellent exchange of information and techniques.
Archives:
You can read previous issues of The Executive Connection
SM in our archive section.
About Keith Barton, Ph.D
Dr. Barton received his Ph.D. in 1972 from the University
of Texas at Austin and has been a practicing therapist
for over thirty years. He is a graduate of MentorCoach
and is accepting new clients.
He has been an adjunct professor at the University of
South Carolina, consultant to Fortune 500 companies in
executive development, founded and managed Texas Community
Living Ventures, Inc., in 1986 for providing group home
services to persons with mental retardation. Keith founded
and has been running a clinical practice in Northwest Houston since 1990.
He writes part-time with the goal of completing one novel
a year. His desire to coach others derives from his passionate
interest in helping others become attuned to their creative
powers of storytelling.
Dr. Barton has training in coaching, cognitive and family
therapy and health psychology. He has published articles,
made presentations and conducted workshops about:
Small Business Development
Employee Wellness Programs
Anxiety and achievement
Stress management
Self-esteem
Communication skills
Leadership styles
Core values in the workplace
Executive Development
High-performance groups
Physician support groups
Writer support groups
© 2009 The Virtual Executive Coach SM
and Keith Barton.
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