My mother has been friends with Arnie for the last 18 years. Twelve years ago he was diagnosed with Parkinson’s. His health declined over the years to the point that he grew frail, could no longer walk, and most people could not understand his speech.

Last Sunday, my mother and sister went to visit Arnie in an assisted living facility where he resides. They found him on the floor. He suffered a major heart attack and was rushed to the hospital.

There he lives.

He has lines of life support, nutrition and monitors. He only has 15% of heart function, is in the beginnings of congestive heart failure and can no longer swallow so the doctors want to insert a tube in his stomach. He has declined. He is not talking but he is of sound mind. He is giving up.

He has no money, no savings, and no insurance. Just social security and a small monthly pension from years of being a science teacher in the Philadelphia school system.

Hospice is willing to take him and make him as comfortable as possible until he passes. The one requirement they have is funeral arrangements must be in order and paid so that hospice has instructions upon his death and has no financial liability.

The power of attorney/executor of his affairs is his daughter. She lives in California. He is in New Jersey. She arrived yesterday. She has no money either, is maxed out on her credit cards and is leaving NJ in three days, never to see her father again.

Arnie does not have a will. He has no assets so he did not think a will was necessary. He lived in the moment and spent every cent he ever made. He enjoyed the opera, fine dinners and travel.

My mother, his friend, is a wreck. I have 3 sisters who are all nurses who feel he probably won’t make it more than another week. If he has no money and his daughter is not willing to put the money up or get a loan for a funeral, hospice won’t take him.

In that case, he will die in the hospital. His remains will go to the state of NJ for disposal.

What are the lessons to learn here?

1. You have probably read this a thousand times, but please have a will and spell out how you want to be buried. Who gets what, etc?

2. Either have an insurance policy or savings to pay for funeral expenses.

3. Make sure your power of attorney/executor knows where everything is and is prepared to follow through with your instructions.

Don’t let this happen to you or your loved ones.

In the end, Arnie will not die a pauper; our family will make sure of it.

Many of us have the philosophy of “acres of diamonds in our own backyard.” I used to believe this myself, and it showed in my investment strategy as I invested heavily in real estate over the years.

As market conditions continue to change, I realize I need to look at other alternatives, other investments to diversify and grow my retirement portfolio. That is part of the reason why I have a self-directed IRA. It gives me complete flexibility to invest in assets that I believe in. (To learn more about how you can self-direct your IRA visit www.theentrustgroup.com.)

I recently attended a conference where I had the opportunity to observe and learn from people who invest in a variety of different areas based on their belief systems. “Green Investors,” for example, invest in products that support renewable energy, such as wind turbines and hydroelectric plants. Now, I know virtually nothing about these types of investments which is why I generally do not write about them. I bring them to your attention to show you the vast opportunity out there if we seek to explore, do our research, and believe in not only the investment itself but the future of where the investment is going.

Gold, silver, foreign currencies, oil and gas leases, royalty payments and more can diversify a portfolio. The keys to any truly self-directed investment are vast. Take the time to learn about the different assets out there in today’s marketplace. It could make a difference to your financial future.

Here is a link to a promotion from Asset Strategies International on a gold/silver mine excursion to Australia. Take a look at this exciting itinerary. For more information you can email them directly.

Lisa

With rising mortgage delinquencies, we will see an increase in the number of bankruptcies. The bankruptcy law changed in 2005 to discourage homeowners from seeking bankruptcy protection. If a homeowner files chapter 13, they will still be liable for their mortgage loan. In other words, the loan must be paid or the homeowner will lose their home.

The problem is many lenders issued adjustable rate and other flex-type mortgages during the housing boom. The law gives no protection or aid to borrowers who should have never received a loan on the home in the first place. Now you may think that’s their problem. True, people bit off more than they could chew.

But think about the effect this will have on our economy–potential tax increases for everyone and the possibility of a real recession. This could be a disaster and put the national economy on a roller coaster ride.

I am not saying people should be able to get off “scott free,” but perhaps the government should reform the law to provide some insurance for borrowers who can’t repay their debt due to circumstances out of their control.

I recently read a great article in a British publication that talks about what women really want. It’s not a husband, children, or career. They want to be able to go out and party and have a taxi take them home. Due to this overwhelming response, a business was formed called MY DRIVER, with a hotline number for any woman, no matter where she is, to call in for a “pick up.”

The tagline on the business card was “Drink and be driven.” How rich is this???

Tonight I had the privilege of meeting an extraordinary woman. I hope that when I am her age, I have led my life just like her.

She started investing in real estate 57 years ago when her only child was three. As a way to supplement her income, she and a coffee klatch friend decided to buy and fix up properties. She was living in Sacramento, California at the time.

As she started accumulating wealth, she started to look for creative ways to acquire more property. First, through estate sales, then when that did not work, she got involved in foreclosures. Many times she was the only investor at the court house steps. She paid an average of $7,000 per property, all cash. She jokes about how she beat out realtors and other investors. This was in the early 1960’s when the thought of being a real estate investor was not a career one aspired to, let alone being a female investor!

Today, at age 87, Tess still buys and holds investment properties including land, as well as commercial real estate. Twenty one years ago she started investing outside the U.S. in Swiss francs and other currencies. More recently, she has added oil and gas leases as well as wind turbines and live cell therapy to her portfolio.

I asked Tess what she would say if I were to ask her to share her secret to achieving a rewarding financial career. Her answer: put yourself out there and take advantage of new opportunities as they come; don’t be afraid—if it feels right, do it. You will make mistakes and lose money along the way. But that is part of life’s lessons. Without life’s lessons, you cannot grow.

Tess is not a woulda, coulda, shoulda person. She does not second guess decisions. There is no self doubt, and despite mistakes along the way, Tess has no regrets. “Investing is what keeps me going, keeps my mind sharp, plus I get the opportunity to work with wonderful people and have friends all over the world. I am 87 years old and have no intention on stopping anytime soon!”

She looks beautiful. She is the eternal optimist. She is a WISE WOMAN INVESTOR.

Many of us have careers in addition to being successful investors. For those who enjoy and are passionate about your career, keep at it. I believe it helps keep us young. With that in mind, here are the top 5 U.S. cities that are home to top-level female executives.

1. Washington D.C.
2. San Francisco
3. New York
4. Chicago
5. Dallas

Happy hunting! Lisa

Are you looking to make investments outside the U.S. but are concerned about the laws, the language, or the actual investment itself?

U.S. financial services firms are now offering global REITs (Real Estate Investment Trusts) in Europe, Asia, and other parts of the world, both residential and commercial. These funds are aimed at U.S. investors who want to diversify their portfolio. This year, U.S. investors have poured more then $6 billion into international real estate funds, substantially more than was invested in domestic property funds, according to a recent Morningstar report.

Like any investment there are risks, so make sure you research the REITs you’re interested in and look at the return. Real Estate stock prices around the world are pricey because of years of gains and could surpass the value of the actual underlying properties. Currency fluctuations are another risk.

Other global investments, such as stocks, hedge funds, and other products, are becoming more popular as U.S. investors become more concerned with the U.S. economy and the devalued dollar.

So it turns out that when you actually count the words, there isn’t much difference between the sexes when it comes to talking, according to findings from a University of Arizona research project.

The researchers placed microphones on 396 college students, sampled their conversations, and calculated how many words they used in a day. The study found that in the workplace, men used more words than women. Just goes to show that perceptions are not always correct! So just keep that in mind when someone says to you what women are capable of and not capable of. It might just be their false perceptions rather than the facts.

When looking for investment property outside your local market, cash flow, income, and tax benefits should be key factors in your decision making. Ultimately, your investment strategy should dictate what and how you buy. Here are some of the top cities with lower cost housing as a starting point. These median prices are based on a three-bedroom and two-bath home.

Tulsa, OK
$97,059

Columbia, SC
$109,658

Cleveland-Akron, OH
$123,833

Columbus, OH
$126,961

Pensacola, FL
$132,565

Price alone does not make the investment decision. You need to research the local rental market and know the local economy. Are there jobs? Are people moving there? For instance, Columbus and Columbia are university towns, so there may be a student housing niche for cash flow and income.

The National Association of Women’s Business Owners connects women through local chapters, conferences, and other media. Its website contains links to group that certify businesses, host a variety of online courses, or help a new woman business owner get her business off the ground.