Tag finances

1 in 3 Americans Has $0 Saved for Retirement

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I recently came across this article and was shocked by the statistics. In an effort to make people aware of the importance of saving for retirement, I am reposting Elyssa Kirkham’s article below.

To see the original article, please go to: http://www.gobankingrates.com/retirement/1-3-americans-0-saved-retirement/

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By Elyssa Kirkham March 14, 2016

Saving for retirement is not an area of financial strength for Americans. Too often, meeting the financial demands of today means delaying, diminishing or simply never starting to save for tomorrow.

“There are plenty of obstacles Americans claim are in their way when it comes to saving for retirement: credit card debt, student loan debt, low wages, the need to save for a child’s college education, and the list goes on,” said Cameron Huddleston, Life + Money columnist for GOBankingRates. “Although all of these things can put a strain on our budgets, they don’t necessarily make it impossible to save for retirement.”

GOBankingRates asked Americans how much money they have saved for retirement and found that most people are behind on their retirement savings. These survey findings also provide a helpful benchmark against which readers can compare their own retirement savings balances and progress.

Survey: How Much Americans Have Saved for Retirement

The GOBankingRates survey was conducted as three Google Consumer Surveys, each targeted at one of three age groups: millennials, Generation Xers, and baby boomers and seniors. Each age group was asked the same question, “By your best estimate, how much money do you have saved for retirement?” Respondents could select one of the options as displayed below:

Less than $10K
$10K to $49K
$50K to $99K
$100K to $199K
$200 to $299K
$300K or more
I don’t have retirement savings.

GOBankingRates analyzed the survey results to reveal key insights into how Americans of all ages are saving for retirement. Whether due to various economic factors or not correctly prioritizing finances, many people are not on track to have enough money to cover their expenses during retirement.

56% of Americans Have Less Than $10,000 Saved for Retirement
Most Americans are falling short of the amount of savings required for a comfortable retirement ― if they are saving at all. The most common responses to the question of what people have saved for retirement across all age groups are “I don’t have retirement savings” and “less than $10K,” breaking down as follows:

One-third of Americans report they have no retirement savings.
23 percent have less than $10,000 saved.
Survey: 1 in 3 People Has $0 Saved for Retirement

This lack of savings indicates that just getting started on retirement planning is a significant obstacle for many people. This difficulty can be due to a lack of education on the importance of retirement savings, said Kristen Bonner, the GOBankingRates research lead for this survey. “Americans might also be feeling as though their employer match ― or lack of ― is not enough to make it worth it to open an account, as well the growing trend of changing jobs every couple years and not wanting to deal with rolling over funds from one account to another,” Bonner said.

It’s not all bad news, however:

After “less than $10K,” the most common balance Americans have saved for retirement is “$300K or more.”
A significant 13 percent of Americans’ retirement savings balances are in the top bracket.
“The fact that so many Americans do have $300,000 or more saved for retirement goes to show just how easily the amount of money in your retirement fund can grow over time if you are dedicated to contributing regularly,” Bonner said.


Women More Likely Than Men to Have No Retirement Savings

The gap between men’s and women’s retirement savings is cause for concern for anyone planning for retirement. It’s as much as 26 percent, according to the 2015 Gender Pay Gap in Financial Wellness report from financial education company Financial Finesse. Overall, GOBankingRates’ survey findings show that women are significantly less likely to be sufficiently saving for retirement:

Women are 27 percent more likely than men to say they have no retirement savings.
Two-thirds of women (63 percent) say they have no savings or less than $10,000 in retirement savings, compared with just over half (52 percent) of men.
Survey: Retirement Savings Gap Reveals How Far Behind Women Are

The gap between men’s and women’s retirement savings widens as balances get higher: Whereas men and women are about as likely to have $10,000 to $99,000 saved for retirement, men are twice as likely as women to have savings balances of $200,000 or more.

One reason women fall behind is the gender pay gap. “Women cannot save as much for retirement because they are not earning as much,” Bonner said, citing 2015 U.S. Census Bureau data that shows women earned $0.79 for every $1 men earned in full-time positions. Families trying to prepare for retirement need to factor such deficits into their financial plans.

“Women also are more likely to have gaps in employment to raise children and might not be contributing to retirement accounts during those periods when they’re not working,” Huddleston said.

Women’s retirement savings needs are also greater than men’s. “Women not only need to catch up with men but they also need to save more because their medical costs tend to be higher in retirement,” Huddleston said. Women are also more likely to live longer, increasing their chances of outliving retirement funds.

To make up for anemic earnings and plan for their higher retirement costs, women need to be proactive and save aggressively. “Financial experts typically recommend saving 10 percent to 15 percent of your annual pay, so women should aim for that higher percentage to close the retirement savings gap,” Huddleston said.

Retirement Savings Correlate Closely to Age

Retirement savings are closely tied to savers’ stages of life. For young people just starting their careers, simply saving at all could be a sufficient goal, while those nearing retirement will likely want to have at least a few hundred thousands of dollars in their retirement accounts.

GOBankingRates conducted this survey in three different parts aimed at specific generational age ranges ― millennials ages 18 to 34, Gen Xers ages 35 to 54, and baby boomers and seniors ages 55 and over ― to get an accurate picture of how Americans’ savings differ by life stage:

Millennials are 40 percent more likely to not have retirement savings than Gen Xers and 50 percent more likely than people age 55 and over.
About half of Gen X is making a significant effort to save for retirement ― 48.2 percent have saved over $10,000, including 26.7 percent who have saved $100,000 or more.
Boomers and seniors are 85 percent more likely than Gen Xers to have $300,000 or more in retirement accounts and 4.6 times more likely than millennials to have saved this amount.
Survey: Comparison of How Much Millennials, Gen Xers, Boomer and Seniors Have Saved for Retirement

3 of 5 Millennials Have Started a Retirement Fund
As the youngest group surveyed, millennials are the least likely to have substantial retirement savings. Three in four (72 percent) of millennials have saved less than $10,000 or nothing at all.

Survey: Majority of Millennials Are Saving for Retirement

Additional findings show how millennials’ retirement savings reflect their life stage:

42 percent of millennials indicated they have no retirement savings.
The number of millennials with no retirement savings yet is 52 percent for younger millennials ages 18 to 24 but a more reasonable 36 percent for older millennials ages 25 to 34.
The most common balances that younger millennials have saved are “less than $10K,” at 30 percent, and “$10K to $49K,” at 11 percent.
Older millennials are twice as likely as younger millennials to have saved $10,000 to $49,000, at 14 percent versus 7 percent, respectively.
Related: Retirement Planning Checklist for Millennials

Overall, fewer millennials are saving for retirement than should be, but many millennials’ retirement savings are actually on track, especially among the those ages 25 to 34. For this group, saving now and saving regularly will make all the difference.

“The earlier you start saving, the easier it is ― really,” Huddleston said. “Thanks to the power of compounding, if you start regularly setting aside even small amounts as soon as you start working, you could easily have enough for a comfortable retirement.”

Saving as little as 5 percent of your income can make a big difference long term, Bonner added. “Make sure to always take advantage of any employer matches, and automatically transfer funds from your paycheck to your retirement fund so that you do not even think of that money as disposable income,” she said.

Gen X Still Playing Catch-Up on Retirement After Great Recession
Survey: Most Gen Xers Are Behind on Retirement Savings

Although some Gen Xers are hitting their retirement savings goals, just over half (52 percent) still have less than $10,000 in retirement savings. A big contributor to this low amount could be the Great Recession, which hit Gen X the hardest, costing members of this generation 45 percent of their net wealth on average, according to The Fiscal Times. This loss was a major setback for a generation that is saddled with a wide range of financial obligations, from mortgages to aging parents and children entering adulthood.

Younger Gen Xers are falling further behind on retirement savings than their older counterparts, who are twice as likely to have retirement savings with high balances:

Both younger Gen Xers (ages 35 to 44) and older Gen Xers (45 to 54) are equally as likely to not have a retirement account, at 31 percent.
Among younger Gen Xers who have a retirement account, most have lower balances of less than $50,000.
Older Gen Xers’ balances reflect good starting contributions that could earn considerable compound interest over time:

An impressive 40 percent of older Gen Xers have managed to save $50,000 or more in retirement accounts.
Over half of those older Gen Xers in that 40 percent have balances of $200,000 to $299,000 (7 percent) or $300,000 or more (15 percent).
“These figures are encouraging,” Huddleston said, “but this generation still could be setting aside a lot more if they actually want to have a comfortable retirement.”

Only 1 in 4 People Age 55 and Over Has More Than $300K Saved
As respondents get older, the gap between the savers and the save-nots widens. Although a larger portion of people age 55 and over report high-balance retirement funds, there remains a significant subgroup that has little to no retirement savings:

About 3 in 10 of respondents age 55 and over have no retirement savings.
26 percent report retirement savings with balances of under $50,000, an amount that is insufficient for people nearing retirement age.
Over half (54 percent) of people age 55 and over have balances far behind typical retirement fund benchmarks for their age group.
Survey: Nearly 30% of Boomers and Seniors Have No Retirement Savings

Some of those 55 and over who lack savings might not need them, Huddleston pointed out. “[They] might be among the dwindling group of Americans who will get a pension and will benefit from having an employer who set aside retirement funds for them.”

More likely, however, those without retirement savings couldn’t or didn’t make saving for retirement a financial priority. “Without savings of their own, they’ll have to rely solely on Social Security,” Huddleston said. Baby boomers most often cited Social Security as their expected primary source of retirement income (35 percent), according to a 2015 report from the Transamerica Center for Retirement Studies, whereas Gen Xers and millennials expected retirement accounts like 401ks or IRAs to be their main source of retirement income.

On the other end of the spectrum, many baby boomers and seniors have successfully socked away substantial savings in retirement accounts:

26 percent of baby boomers nearing retirement (ages 55 to 64) report healthy retirement savings with balances of $200,000 or more.
31 percent of seniors at or above the retirement age (65 and over) have balances of $200,000 or more.
“Those who have saved more than $300,000 have clearly made saving for retirement a priority and want a more comfortable lifestyle in retirement than what Social Security benefits will afford them,” Huddleston said.

About 75% of Americans Over 40 Are Behind on Saving for Retirement
Using this survey data as a snapshot of Americans’ retirement savings progress ― or lack thereof ― GOBankingRates sought to get a better look at how many people are actually on track to retire comfortably. To do so, GOBankingRates compared survey responses to key retirement savings benchmarks based on a savings rate of 5 percent of income and checkpoints sourced from J.P. Morgan Asset Management, as well as Census Bureau data on median incomes by age range. Based on those data sets, GOBankingRates determined that people of the following ages, representative of the survey age groups, are on track or behind at the following rates:

Age Median Income Retirement Savings Benchmark Percentage on Track Percentage Behind
24 $34,605 Started a retirement fund 48% 52%
30 $54,243 $16,272.90 33% 67%
40 $66,693 $100,039.50 20% 80%
50 $70,832 $212,496.00 22% 78%
60 $60,580 $260,494.00 26% 74%

A little less than half of people ages 18 to 24 are on track simply by having started a retirement fund. Among the people just a few years ahead of them, around age 30, significantly more ― two-thirds ― are already behind on saving for retirement.

Younger people are in the best position to recover if they’ve fallen behind because they have more time to use compound interest to their advantage. “Those who are in their 20s and 30s with $10,000 or less in retirement savings still have time to catch up if they make saving a priority,” Huddleston said.

For those age 40 and over, however, the picture is bleaker: Among those in their 40s and 50s, four in five savers have balances that fall behind the benchmarks for their age groups, which means only about 20 percent are on track for retirement. Among those 60 and over, about a quarter have sufficient retirement savings, but the other 74 percent are still behind.

“The real problem is procrastination,” Huddleston said. “People naturally tend to focus on the bills that are due today ― and the things they want now ― and assume they’ll have time to save for retirement later. But, before you know it, 20 or 30 years have passed; you’re approaching retirement age but you don’t have enough saved to retire.”

How to Catch Up If You’re Behind on Retirement Savings

With less time to save as each year passes, these older age groups need to reevaluate their financial priorities. The large majority of Americans age 40 and over who are behind on retirement savings can potentially catch up or compensate for their anemic retirement accounts by making changes to their savings plans now.

1. Stick to a Routine
The first step is to start saving regularly. Consistent savings, even in just small amounts, is the best way to ensure a retirement fund is growing. “Day to day, it might not seem as if the balance in your 401k or IRA is increasing significantly, but 10, 20, 30 years from now, your future self will be thanking you,” Bonner said.

If money is put into high-yield accounts or invested wisely, compound interest on small savings can help produce a sizable nest egg. “If you wait until you’re 40 or so to start saving, you’d have to save three or four times as much ― or more ― each month to accumulate the same amount as those who start saving earlier,” Huddleston said.

2. Prioritize Changes That Have Long-Term Benefits
Upping retirement savings contributions is also necessary to catch up. People age 50 and over can make catch-up contributions of $6,000 to a traditional 401k, for example, in addition to the regular $18,000 annual 401k contribution limit, according to the IRS.

Those nearing retirement can also help prepare for retirement by reducing spending and paying down debt, which will trim monthly expenses and enable them to stretch their savings further once they retire.

3. Save Like You’ll Retire Tomorrow
Lastly, those nearing retirement might need to adjust their expectations, Huddleston said. “Older Americans with little saved will have to work a lot harder to set aside more and likely will have to work longer ― or never fully retire,” she said.

Many Americans do not recognize retirement savings should be an urgent priority in their lives, according to Bonner. “The trending attitude today is to ‘enjoy life to the fullest,’” she said. “However, even though retirement seems far away to many people, and they think that there is still plenty of time to begin saving, Americans must make their future selves a priority and take all necessary steps to set themselves up for a comfortable financial future.”

People who view retirement as something that is just around the corner can help themselves stay on top of their retirement contributions so that they don’t fall behind. By keeping retirement at the top of the financial priority list, it can become less of a far-off dream and more of a soon-to-be reality.

Your Latte Habit Is Costing a Fortune

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starbucks-menu

Every time I go into a Starbuck’s, I cringe at the inflated prices of their coffee drinks. Even a plain cup of coffee is pretty expensive, at $1.75 for a Tall (12 ounces), $1.95 for a Grande (16 ounces), and $2.25 for a Venti (20 ounces). Look at the prices of some of the other coffee drinks sold at Starbuck’s:

Item Price

CAFFE LATTE
Tall $3.05
Grande $3.80
Venti $4.20
Trenta $4.30

CAFFE MOCHA with WHIPPED CREAM
Tall $3.45
Grande $4.20
Venti $4.50
Trenta $4.70

WHITE CHOCOLATE MOCHA WHIPPED CREAM
Tall $3.90
Grande $4.65
Venti $4.85
Trenta $4.95

Starbuck’s Coffee is a treat for me, not a daily habit. I may have five Starbuck’s beverages a month at the most (my average is one or two Starbuck’s beverages each month), but I know many people who indulge in Starbuck’s beverages on a daily basis, and some of them get the fancy drinks every time. All of those multisyllabic coffee concoctions can really add up and burn a hole in one’s wallet over time. In addition, the mochas, the lattes, and certainly the frappucinos are loaded with calories. Here is the nutritional breakdown of my favorite Starbuck’s beverages, a Tall Caffè Mocha. I get it with nonfat milk but even then, the calories, carbs and sugars really add up:

Caffè Mocha (Espresso with bittersweet mocha sauce and steamed milk)

Nutrition Facts Per Serving (12 fl oz)
Calories 190 Calories from Fat 20
% Daily Value*
Total Fat 2g 3%
Saturated Fat 1g 5%
Trans Fat 0g
Cholesterol 5mg 2%
Sodium 100mg 4%
Total Carbohydrate 32g 11%
Dietary Fiber 3g 12%
Sugars 27g
Protein 10g
Vitamin A 10% Vitamin C 0% Calcium 30% Iron 20%
Caffeine 95mg**
*Percent Daily Values are based on a 2,000 calorie diet.
**Each caffeine value is an approximate value.

Let’s look at how much someone would spend in a year by getting a Grande Caffè Mocha every day, including weekends (after all, when you need your coffee, you don’t take breaks on the weekends, right?). At $4.15 per Mocha, you would end up spending $1,514! That same $1,514 could be invested in a vacation fund, put into an IRA, or be used to pay bills. Do you really think it is worth spending that amount of money on coffee drinks each year? I certainly don’t. What I do is I load up a Starbuck’s card with some money, say $50, and use it when I visit Starbuck’s. I find that I re-load my card maybe one or two times in a year, and I confine my consumption to special events, travel, and the occasional weekend coffee run. I am comfortable with the idea of spending $100 to $150 on Starbuck’s coffee in an entire year, and couldn’t imagine being hooked on those beverages and having to pay ten times that amount!

I challenge all of you who have a daily Starbuck’s habit to spend one month in which you brew coffee at home. Then what I want you to do is to set aside the money you would have spent at Starbuck’s ($126 in the example above). You will dip into the money you set aside to buy ground coffee and whatever ingredients you add to your coffee (like chocolate, sweeteners, milk). At the end of the month, see how you feel. If you truly love Starbuck’s Coffee (or Coffee Bean, or Peet’s) THAT much, then by all means, resume your habit. But if you can’t stand the idea of spending a small fortune on caffeinated delights, you might want to continue with your home brews.

Competing On A Budget

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Originally published on RxGirl.com on Sunday, 14 October 2012. The original post was published with white text on white background, so the only way to read it on the site is to highlight the text. To make things easier for everyone, I have copied and pasted the article here for you to read.

http://www.rxmuscle.com/rx-girl-articles/6778-competing-on-a-budget.html

Figure top 5
Several weeks ago I calculated the total amount which has been spent by my sponsors and by me on all costs associated with the half dozen national qualifiers and the thirteen pro qualifiers I have competed in since 2009, and almost fell over in my chair. I am by no means blessed with disposable income so I can honestly say that my drive to compete has required a tremendous amount of financial and personal sacrifice. However, I realize that many of you prefer to keep expenses to an absolute minimum, so I offer a number of suggestions on how to meet the financial demands of competing without putting undue strain on your wallet.

1. Set a specific competition budget and stick to it. I have a separate “show fund” in which I set aside money for competitions and am well aware of what I can and cannot afford. I know competitors (and I admit I have foolishly pushed myself to the limit in the past) who have paid a show entry fee then later came to the realization that they could not afford the other expenses for the event and had to back out of it. Once a budget is set, it is important to limit oneself to the number of competitions which will keep one within budget. This can be challenging, especially when one is on a mad quest to chase a national qualification or pro status.

2. Look for a sponsor. I have had competitors ask me how to obtain sponsorship and who also lament the fact that it is exceedingly difficult to land sponsorship from a supplement company. My response to this is that sponsors can come in all forms! Here are some suggestions for potential sponsors:

Fans
Friends and family
Business associates
Fitness clothing companies
Smaller supplement companies

The trick to asking for sponsorship is to graciously ask for assistance in paying for an event. Remember that even a small amount will help. I have competed at events which have been sponsored by a number of entities, with the tan covered by one, entry fee covered by another, flight by yet another, etc.

3. Stick to nearby contests. It makes sense to compete within your geographic area if you are trying to keep costs down. If you are competing at local and regional events, make sure these events are within reasonable driving distance from where you live. National-level events are much trickier since they are fewer in number and take place in very specific areas. If your budget allows it, you may consider competing at pro-qualifiers provided 1) your budget allows it, and 2) you limit the number of pro-qualifying events you enter.

4. Stay with friends. If you are considering competing at an event which is far from where you live, consider asking friends or family who live near the venue if it is possible to stay with them.

5. Purchase a used competition suit. Many competitors will retire gently used suits and put them up for sale. This is a great way to get a suit without breaking the bank. Keep in mind that you should determine whether your body is similar to the competitor who has worn the suit, as this will greatly affect how the suit fits YOU.

6. Bling out your own suit. A competition suit encrusted with crystals can range from several hundred to thousands of dollars and can really kill a competition budget! A great option is to purchase a plain suit then purchase crystals, beads or sequins from wholesale supplier online, then apply the embellishments yourself. Please refer to my article on How To Bling Out Your Own Suit for more details on how to do this. By choosing this option you will save a considerable amount of money. In addition, you can customize your design, making your suit truly one-of-a-kind.

7. Do your own makeup. Out of the eighteen competitions I have been in, I only had my makeup professionally done four times, and that was in 2009 and 2010. Since then, I learned how to apply makeup for the stage and as a result, have saved a significant amount of money. Please refer to my article, Perfect Stage Makeup for pointers. Also make sure to PRACTICE a couple of times before the contest so that you don’t wind up with a disaster on the big day. There are plenty of great tutorial videos on YouTube which will walk you step-by-step through makeup application for a smoky eye.

Pro Bikini gals backstage
8. Do your own hair backstage. Generally speaking, you really don’t need to get too fancy with your hairstyle. For figure and bikini, either flatironing for a sleek look or adding big, soft curls will look nice onstage. Fitness, women’s physique and women’s bodybuilding may necessitate putting some hair up if you have hair that is long enough to get in the way of your routine. Make sure to use either smoothing serum for flatironed styles or hairspray for curls so that things stay in place. However, do NOT make your hair so stiff that you cannot gracefully move it off your back during your back pose.

9. Apply tanning solution yourself. This is a tough one, since I always have my tan done professionally. However, if you are truly on a tight budget, it is certainly possible to apply tanner yourself. The only limitation will be when you need to tan your back. There is a tool which you can purchase called Xen-Tan Hard To Reach Back Applicator which does a decent job of evenly depositing self-tanner on hard to reach areas if you aren’t able to find someone to help you apply your tanner. This clever device is available at a number of sites, including Neiman Marcus, Zappos, 6 PM, Amazon and Ulta. I merely chose the Ulta site because that is where I purchased mine.
http://www.ulta.com/ulta/browse/productDetail.jsp?skuId=2242675&;productId=xlsImpprod4141877&navAction=push&navCount=1&categoryId=cat90022

Make sure to apply a thin, even layer and allow to dry before applying the next layer. The number of layers you will apply will depend on your base skin tone and the brand of solution you decide to use, but you should plan on applying two to five coats of color.

As for the solutions which I consider the best for stage, I love Jan Tana High Definition Color and Liquid Sunrayz. Bronze Angel by Dream Tan is also great. Some people love Pro Tan so this brand may also work well for you. However, I personally cannot use this product as it fades immediately on me, hence my hesitation with this particular brand.

I hope these tips will enable you to compete at the shows you have your eye on! Best of luck!

The Mind Of A Competitor

drstaceynaito 1 Comment

Oh, to be a competitor in the world of bodybuilding. It is empowering, exhilarating, inspiring, stressful, challenging and at times heartbreaking. A fascinating psychology exists in this world which can best be described by listing some of the quirks competitors have.

Ripped versus “Fat”:

First of all, competitors develop a bizarre love-hate relationship with their bodies in which they marvel at their bodies when they are lean and muscular and in contest shape, but will curse their bodies when they are the slightest bit mushy or fluffy. Competitors live in a world in which the bar is set VERY high. Competitors will see themselves as fat when others see an amazing body and will say so. Competitors will always believe that the more ripped and lean they are, the better they are. While this is a necessary component of contest prep, it plays games with a person’s self-esteem because it is a constant battle to reach or remain at the pinnacle of leanness and muscularity.

2012 North American
Overtraining:

Some competitors will overtrain in an effort to get their bodies dialed in, without considering the inevitable damage they are doing to their bodies. Yes, we are warriors, and yes, it can be a great thing to push through, but with too much training, the law of diminishing returns kicks in. I completely relate to the principle of training constantly for a big contest because I have done it many times. I have endured double training and double cardio sessions which at times had me in the gym for five hours at a time. I have sustained injuries in my foot, ankle, knee, shoulder and forearm and continued my training because a big event was looming around the corner. Was it smart to train through injuries? No, but at the time I couldn’t imagine slowing down or stopping just because of a silly injury. This is the very thing I now scold clients about. No contest is worth hurting yourself!

“A judge told me I suck!”

Another thing that competitors have a habit of doing is worrying about what judges say and taking criticism hard. Competitors need to remember that bodybuilding, to a considerable degree, is a subjective sport, and if you are going to allow a judge to rip you apart and kill your spirit, then you probably shouldn’t be competing at all. The word of one judge is exactly that. Now if you speak to a bunch of judges and people in the sport who know what the ideal for the division you compete in is, and they all tell you the same thing, then you can probably assume that what they are all telling you is constructive criticism which you can then use as a reference when you make adjustments to your training program. That way, you will address certain weaknesses without throwing in the towel.

Money drain:

Bodybuilding is a VERY expensive sport. When you tally up the cost of food, supplements, coaching, competition apparel, spray tanning, accessories, hair styling and makeup application, travel expenses, and entry fees, the financial load can be immense. Competitors will often go broke, scraping up whatever money they have to make the dream of competing happen. This is not a poor man’s sport! That is why I tell competitors to establish a budget and be judicious about which events they want to do and what they can afford to do. I also advise competitors to seek out sponsors to help out with the enormous costs of competing. It is not unusual to see competitors forgo other hobbies and vacations in an effort to gather enough funds to support their competing habit.

Food Porn:

As a competitor who used to dream about food, I completely understand the fantasizing which occurs in competitors when on a contest prep meal plan. Contest prep meals are usually bland as a result of how clean they are, and some meal plans are so restrictive that one may eat only two food items throughout the day, such as chicken and asparagus. It’s only human nature to rebel against this type of meal plan after a while, because it is quite a chore to adhere to it every single day with no treats and no cheats. It is a normal occurrence for competitors to discuss what foods they plan to eat post-contest. What’s also interesting is that some competitors will become so rigid and so fearful of backlash from their coaches that they will only have a quasi-cheat meal post contest, then return to the same rigid eating plan they were on before. Other competitors may go off the deep end, eating everything in sight for days or weeks, only to deal with considerable rebound.

Conclusion:

Those of us who compete are indeed a strange breed. We are disciplined, driven and focused. I am fine with our quirks and accept them as part of the sport.

Bleeding Money

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flying money

Do you ever find yourself in a vicious cycle in which any influx of money leaves your hands almost immediately because a bunch of bills come at once, or unexpected expenses pile up? I have been going through a pretty consistent “money bleed” for the last few weeks, and it is extremely frustrating because I just cannot catch up. I take one step forward, only to take two steps back.It This has been happening when extra funds have come in, almost like clockwork. It’s just random and weird and it needs to end!

I am sure many of you can relate. Times are tough, and people continue to struggle to make ends meet. Salaries are not rising sufficiently to accommodate the rise of inflation, soaring credit card APR’s, and the mess that is the Obama Care Act. Sadly, many people are slowly trying to dig themselves out of financial holes, at times losing their ground and falling back. It’s enough to make one give up.

I have literally received payment in the mail for jobs I have completed, only to find 1,2 or more bills in the same stack of mail which equal or exceed the amount of the payment I received. Money in…money out! I have taken on more work to try to absorb expenses, only to find that such a tactic doesn’t work. It’s almost like I am meant to always scramble, that perhaps for the time being, that this is my karmic lesson. The strange thing is that I am NOT a spender, and I pretty much detest shopping. So it doesn’t make sense that the bottom always seems to drop out on me. I am a planner, a saver, and never gamble, qualities which I suppose have kept me afloat during especially rough times when others would have sunk.

The goal is to be one step ahead. I am determined to accomplish this, SOON!