Debunking Myths About Women And Finances-Pevonia Blog

Americans are increasingly glum about the odds they will enjoy a secure retirement, and those concerns flow across generational lines. New research by the nonprofit Transamerica Center for Retirement Studies reveals that 45 percent of Baby Boomers expect to experience a reduced standard of living in retirement. Meanwhile, 83 percent of Generation X workers anticipate they will have a harder time achieving financial security than their parents did and just 18 percent of Millennials foresee a comfortable retirement, the research says.

“Sadly, those results aren’t surprising because we often hear from people who have real concerns about outliving their money,” says investment advisory representative Joshua Mellberg, founder of J.D. Mellberg Financial.

“A lot of this is because so many aspects related to a traditional retirement have changed. For one, people are living longer, which means they need either to save more money or find ways to make what they do save last.”

Other factors causing anguish are that pensions are a thing of the past for most Americans, and there are constant rumbles about whether Social Security faces a bleak future.

But instead of fretting, Mellberg says, those planning for retirement should concentrate on trying to control the things they can. He says successful retirees often display three habits that are worth imitating.

• They live with some urgency. Instead of sitting idly by, successful retirees seize each and every day to stay healthy and happy. Mellberg says this can apply to all aspects of life, from what you do during retirement to the way you save money throughout your working life. “A sense of urgency can call you to action, so you’re more likely to prepare for a great retirement,” he says.
• They retire based on their financial assets, not age. Traditionally, when people think about retirement, they pick a target age rather than a target amount in their portfolio. But that may not be the right approach. “While you might have a certain age in mind, it can be more worthwhile to create a retirement plan that’s based on your finances,” Mellberg says. “That will give you a much better chance of having enough money to last you the rest of your life.”
• They aren’t afraid to take risks. In many cases, it is best to minimize risks – and that’s especially true with finances for those approaching retirement, Mellberg says. “But you also don’t always want to live your life on the safe and boring side,” he says. One way some retirees minimize their financial risk is to use a portion of their savings to purchase an annuity, which provides them a set amount of income for life, much like a pension. “Once you know your retirement income is in order,” Mellberg says, “you can be free to take some risks in other areas of your life and pursue your lifestyle goals.”

“Retirement is supposed to be about enjoying yourself after a lifetime of work, not counting pennies as you try to survive,” Mellberg says. “People nearing retirement need to understand that there are steps they can take that will help put them in a more secure position financially so they can thrive and not just survive.”

How Female CEOs Can Lead with Impact-Pevonia Blog

Working long hours, working too hard or too fast, job insecurity, conflict and inadequate support from colleagues and managers all contribute to the stress employees feel on the job, according to new research. The study is from Australia but the factors are the same for workers everywhere—which is why we can all use help to grow more resilient, says internationally recognized speaker and author Anne Grady.

Grady’s new book titled Strong Enough: Choosing Courage, Resilience and Triumph just launched during her major TED talk on Oct. 27th.  I ask: How can people build courage, strength and resilience? “Especially now, so many young people are entering the work force, their managers have to understand them and they have to be more resilient than in the past,” she says. “There are a whole new slew of challenges people are up against.”

In her talk, described as one of the best TED talks of 2016, she captivates, charms and challenge us through her amazing personal story of overcoming adversity. Here are some of her tips on how to become more resilient:

Choose Expectations Wisely
Being unhappy, frustrated, sad, or just about any other feeling, happens because our expectations and reality are out of alignment. We can’t control what’s happening much of the time, but we can certainly change our expectations.

Make Healthy Choices
Exercise regularly, get lots of sleep and stay active. It’s said so often and so adamantly because it’s true and it works.

Ask “How Can I Grow Through This?”
Resilient people challenge themselves to use their experiences as learning opportunities because they know that’s when they really grow.


From piggy banks to that first savings account, many children are taught the value of saving from an early age. But, as they grow to adolescence, following parental advice sometimes gives way to peer or media influences, and those once-thrifty children are now teenagers in a consumer-driven world where spending, not saving, is king.

“Nearly everyone falls into two categories: spenders and savers,” says John Cortines, co-author with Gregory Baumer of God and Money: How We Discovered True Riches at Harvard Business School. “Spending is easy, so it’s up to parents to start conversations with their teens on the importance of saving and, just as importantly, giving.”

Cortines and Baumer suggest three ways parents can help teens establish good financial habits before they reach adulthood, and pave the way for those teens to become generous people as well as good savers:

Help them begin saving for retirement now. Teens who land a part-time job often want to save money to buy a car or they simply want to enjoy a little financial freedom with weekend shopping sprees. Unless they’re careful, that money burning a proverbial hole in their pocket is spent before the next payday. Parents can help them think beyond today by suggesting they invest a portion of that income in a Roth IRA. Mom and Dad can even consider matching their teen dollar-for-dollar on their savings. “Explain the wonder of compounding investment returns; how the money they invest as a teen could be worth 10 to 20 times as much when they retire,” Cortines says.

Family philanthropy.  Even if the gifts are modest, Cortines and Baumer advocate involving teens in the family giving plan. Encourage them to research charities and apply for “grants” from the family’s budget for giving. “The experience of learning about nonprofits will be invaluable,” Baumer says. This is also where another portion of the teen’s earnings from a part-time job could be placed. And, teach them to buy from companies who give toward charity. For example, during October’s Breast Cancer Awareness Month, Pevonia will donate 3 percent of profits from ALL purchases to Susan G. Komen.

Let them into your journey.  Parents should model what they want their teens to emulate. Cortines said this begins with “letting them see your character as reflected in financial decisions.” That doesn’t mean letting teens know their parents’ net worth or the details of their income. Baumer and Cortines suggest explaining to teens how living modestly has short- and long-term benefits, whether it has allowed an early payoff of a mortgage, or demonstrates that frugal purchasing decisions leave money available for charitable giving.

“If you frame the conversation well,” Baumer says, “teens will benefit from seeing your character on display as you navigate your finances.”

Once saving and giving goals are fulfilled, teens can then begin to focus on spending.

“But unless spending is kept under control,” Cortines says, “saving and giving simply aren’t possible at any meaningful level.”

Photo by Chirobocea Nicu


Business mentor and serial entrepreneur Allison Maslan has helped thousands of entrepreneurs take their business to the next level by revealing the importance of creative a strategic vision. Today she helps our Pevonia readers, not only to create the vision, but to understand the why behind it.

1. Confidence and Clarity: In order to put the right strategic vision in place, you need confidence in your vision and clarity in your strategy. If you want to answer the question, “How does your strategic vision benefit you?,” you have to achieve confidence and attain clarity in your intention.

2. Action and Execution: When you are scaling your business or job responsibility, you have to take the big picture and break it down into steps. More often than not, the next step is daily action and daily execution. Create a strategic vision so you can make your strategic vision a reality every day.

3. Assessment and Teamwork: Be empowered to look at your work holistically. Assess your progress; that’s the only way to improve teamwork and switch gears into high performance.

4. The Big Shift: You are in control, so take the wheel.  The fate of your work is in your hands. Set your goal, set your intention and align your vision with your strategy to make it happen.

Photo by Luis Llerena