This week, a few quick questions about planning for college:

1: In your house, who helps your child(ren) with homework?
a) Me
b) My husband

2: Who helps your child(ren) research college choices?
a) Me
b) My husband

3: Who helps with the college application process?
a) Me
b) My husband

4: Who’s in charge of planning financially for college?
a) Me
b) My husband

According to a recent survey of more than 1,700 American parents from OppenheimerFunds, these answers are as follows. Question 1: you 83%, your husband 55%; Question 2: you 89%, your husband 62%; Question 3: you 87%, your husband 62% and Question 4: you 65%, your husband 85%.

In other words, we women are in there – fully participating, even leading the charge, at every step of the way – until it comes time to pay the bills.

Is this a problem? I’d say so. Because in many households, the financial end of this college planning process isn’t getting handled at all. According to the study, 62% of households have saved less than $10,000 for college, 43% have saved less than $5,000 and 12% have saved nothing at all. This isn’t a low-income problem. More than 40% of homes with incomes of more than $100,000 have saved less than $10,000 for college.

I’m not suggesting that men back out of their engagement. Or that families prioritize saving for college over saving for retirement. I’m a believer that retirement – where there’s no financial aid – trumps college – where there is. I am falling back on the old adage: When you want something done, ask a busy person. We women are the busy ones, but it’s time for us to engage.

Why? First of all, we believe more than men (74% vs. 69%) that it’s crucial for our kids to get college degrees. But second and perhaps more importantly, if the right kind of planning isn’t done, we are going to be the ones picking up the slack … and worse.

Think about it: We go about raising our kids, paying for what they need as they grow, as well as the other necessities of everyday life: the mortgages, car loans, here-and-there emergencies, health care. We shove as much as we can into our retirement accounts, knowing that it probably won’t be enough, and save a little for college on the side.

Then Harvard comes calling. Or maybe UMass. And so Junior doesn’t have to borrow all that much, we soft-pedal those 401(k) contributions and pay what we can out of cash flow. Life goes on. He graduates, as does his little sister. A decade later, we retire. We’re doing okay on our retirement stashes – living not lavishly, but comfortably. Ten years later, we’re still living, a little less lavishly. Your husband – sadly – passes away. And ten years from that, the nest egg is about gone. But you’re not. And you raise the white flag to ask the kids (who are now struggling to pay for college for their own kids, and fund their own retirements) for help.

Could the scenario be avoided? Maybe not in every case, but certainly in some. How? By getting in the game and acknowledging that you’re going to step up and pay for at least part of those college bills – parental guilt won’t allow you to do anything else – so you might as well build them into your financial plan. Doing so sooner rather than later will help us all.

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My wife and I have a disorganized stack of things that came in the mail — bills, receipts, bank statements, and others. I know we need to keep things organized, but I’m not sure what we should be keeping. Help! - Edward, Texas

You’re not alone — in fact, because so many people have a tough time keeping their finances organized, I recently launched a line of money organization products at Target (like the folders at left) — which I’m sending you a sample of in the mail! When it comes down to it, though, so much mail comes into the house every day – I understand your confusion on what is important, and what really isn’t. First, you need to invest in a filing cabinet or portable box (personally, I prefer using a portable box with hanging files – that way, I can pay my bills and file them away where I want and when I want). Get some hanging files and manila folders, and then break them down. The hanging files should cover general categories, like taxes, banking, credit cards, legal, and so on. Then within each hanging folder, be specific. For example, within “credit cards,” you should file by type and year (American Express 2010, Visa 2010). That way, when 2011 rolls around, you can archive those 2010 folders and start fresh in the new year.

Then, it’s time to tackle the task of going through that disorganized stack, and decide what to keep and what to toss.

When you bring in the mail each day, go right ahead and toss out the offers for credit cards (after shredding them, if you can). Some things that don’t come in the mail, like ATM receipts, information about prospective investments, and receipts for items you’re keeping, or don’t have a warranty on, should all be tossed after a month – or once you’ve compared them to a bill or bank statement.

Once a year has passed, taxes have been filed, and consolidated statements have come in, you can get rid of a bunch of papers (which, in the meantime, should be filed). Toss things like:
· Bank and brokerage statements
· Household bills (utilities, cell phones, cable, internet, etc.) – but keep them if you deduct them for office expenses.
· Credit card bills
· Pay stubs
· Social Security statements

I suggest keeping the following for seven years (or when you don’t need them anymore for taxes).
· Childcare records
· Flexible spending account documentation
· 401(k) and retirement plan annual statements
· IRA contribution records
· Investment purchase records
· Records of charitable donations
· Records on houses you’ve sold
· Tax returns and backup documents.

Papers regarding specific assets (homes, cars, etc.) should be filed away for as long as you have the asset. That includes everything from insurance policies to titles, receipts for home improvements, technologic devices, art, and jewelry, as well as warranties.

However, there are some papers that you should keep for a lifetime – with copies in a safe place (like a safe-deposit box) that’s not your home (in case of a fire or theft). These things include:

· Adoption papers
· Appraisals
· Birth Certificates
· Citizenship papers
· Custody agreements
· Deeds
· Divorce papers
· Financial aid documents
· A comprehensive list of credit card numbers, bank and brokerage statements, insurance papers, and contact numbers for all of the above.
· List of contacts like lawyers, doctors, accountants, and family members.
· Military records
· Powers of Attorney
· Wills and living wills

Is this list daunting? Yes, of course it is – even in this age of technology, there is a lot of paper to keep track of – and it can be hard to tell if it’s important or not, and where it should go if it is. Just take some time to go through it all and put it away, safely – trust me, you’ll enjoy the counter space.

In today’s economy, it’s hard enough to find a job – let alone, a flexible one that suits your needs both as a professional and a working mom.  But don’t despair – in actuality, this may be one of the BEST times to land the flexible gig you need to finally achieve and maintain some form of life/work fit.

While the economy has definitely taken a toll on the job market, it has also forced us companies and employees to reevaluate how we work – and we have seen flexibility placed at the forefront of this change. When companies couldn’t afford to reward and entice employees with bonuses or raises, they were forced to get creative and offer flexible work schedules, four-day work weeks, sabbaticals, and telecommuting options instead.  When workers could not find full-time, traditional positions, they in turn started freelancing, contracting, and even interning.  Both corporations and workers have seen the benefits of workplace flexibility in terms of morale and profits, and the average 9 to 5 has been redefined during the recession.

So how can you find a flexible job that matches your skill set and experience?

• Start your own freelance or consulting company.  Many employers who were forced to downsize over the past year are hesitant to invest in full-time hires as their business picks up.  Temporary and contract work is the fastest growing segment of employment right now, and USA Today recently reported that up to a quarter of the nation’s workforce could become temps over the next two years.  Would your skills and experience make you a valuable asset to a product launch campaign or three month operations manual overhaul for a local company?  Sign up at elance.com or sologig.com to promote your temp services and work how and when you’d like.  One thing to note – be prepared to cover your own health insurance and retirement costs, as that is one of the employer benefits for not actually bringing you on full-time.
• Approach your current employer.  Flexible work arrangements allow organizations to cut payroll costs without large-scale staff reductions.  Companies such as KPMG implemented an optional four-day workweek last year in exchange for a 20% lower base salary.  Cost-saving strategies are at the forefront of your supervisor’s mind.  If you are willing to take a slight decrease in pay in exchange for your dream schedule or are willing to forgo your bonus in order to telecommute one day per week – now is the time to approach him or her about it.
• Throw a party.  Today’s Tupperware party is not your mother’s Tupperware party.  If you are strictly looking to find a source of secondary income, sign on to host an in-home party and make a profit off of your sales.  Many products these days can sell for over $100, allowing you to generate a sometimes significant amount of profit.  Many women have also turned to in-home jewelry, culinary, and clothing sales in order to keep their skill-sets fresh, gain new experience, and make money according to their scheduling needs.
• Go to a temporary staffing company.  Of course, make sure that you make the company aware of your flexibility needs and find out if they are willing to work with you.  Some might have part time or flexible jobs and others may not.  There are a few firms that focus specifically on flexible work, like the one I founded, Mom Corps. Mom Corps matches up candidates like you with premier employers who have flexible work opportunities (part-time, contract, telecommuting, etc.)
• Network creatively and strategically.  The definition of networking has also changed substantially.  You don’t have to put on a power suit and attend a sometimes awkward business luncheon or cocktail reception in order to collect business cards and contacts anymore.  Some of today’s best networking takes place at the soccer field with parents of your children’s friends, over Twitter and Facebook with other working moms’ groups, and while volunteering in your community.  Cast a wide net professionally – and personally – in order to set yourself up for as many leads as possible. Let your network know what you are looking for and you might just find the perfect opportunity!

Most importantly, have fun!  There are some great flexible opportunities out there just waiting for you!

WHO:

WHAT: Lollibomb Beauty – Vegan and handcrafted bath, body, and cosmetic products.

WHERE: Fort Lauderdale, FL

WHEN: 2006

HOW: Sitting behind a desk in a commercial real estate office, Luca Cusolito needed a diversion. She was busy – working a desk job while simultaneously pursuing a college degree – but, as she says, “the siren song of business ownership was calling me.” Having done some research, Cusolito discovered Etsy.com – an online retailer featuring thousands of unique, handmade products. “I was immediately smitten by the spirit of the handmade movement and all the inspirational people that sold their DIY creations,” says Cusolito, and with an idea for unique cosmetics, she launched Lollibomb.

Cost-conscious, Cusolito started small. “Ingredients, incorporation, and product liability insurance included, I think I started up with less than $3,000,” says Cusolito. Only offering a few products at first, she took advantage of social media to spread the word about her line, in lieu of pricy advertising. “Free samples to test-drive new fragrances and earn reviews also helped propel Lollibomb in its infancy,” she adds.

Like many, however, Cusolito faced a decision when her business started to grow. A third generation woman entrepreneur, she had the drive and business know-how to really get Lollibomb off the ground, but loved her position in real estate. However, she made the choice to leave her job and take a chance – and credits much of that decision to her age. “Being under 25 helped,” Cusolito says. “My car was paid off, I had an inexpensive mortgage, and felt like I was at a good time to pursue entrepreneurship.”

In her first year and a half on Etsy.com, Cusolito made over 2,300 sales – a number that earned her company recognition on the site. However, after slowing down a bit in 2009 (when “life intervened,” she says), Cusolito is kicking back into gear – with some goals set for 2010. This year she hopes to take on a partner – which she believes will really propel the business’ success. Along with introducing seasonal fragrances, Cusolito hopes to add another incentive to buying some of her lip balms and lotions – artsy packaging that doubles as a collectible tin.

HER ADVICE: “Don’t let fear limit your imagination and drive,” says Cusolito. “Yes, we are in a difficult time in terms of small business ownership, but view your obstacles as a chance to get creative and make your own opportunities.”

In Saturday’s New York Times, Alina Tugend tackled the complicated subject of choosing. More options, she pointed out – and the research backs her up – don’t necessarily benefit consumers, job-seekers, even daters looking for someone to share their lives. Having a plethora of options, she points out, seems to have two distinct downsides. One, it makes those people who do eventually choose less happy with their picks; they wonder if the grass would have been greener on the other side. Two, and more dangerously, it stops others from choosing at all.

I’m worried about the second group – in particular where their money is concerned. In the same section of Saturday’s paper, Ron Lieber wrote about keeping your money safe from the next bubble. (Yes, there will be one. The only real questions are when? And in what?) His story pointed out how some financial advisers are starting to employ more complicated – more diversified – strategies in order to protect their clients’ interests. In other words, more choices – precisely the stumbling block that will keep too many people from investing at all.

I’ve always thought about the world of personal finance as having two hemispheres. There is the clear hemisphere, which includes insurance, credit cards, auto loans and mortgages. Ask me a question in this hemisphere – Should I pay off this credit card or that one? Is this mortgage better for me or is that one? – and I can give you the right answer. Then there’s the foggy hemisphere where questions don’t have right answers. They may have answers that are more likely to be correct, in the future, when it all shakes out. But there are very few guarantees. This is where investing falls. Should I buy this stock or that one? Will I be better off with a mutual fund that has performed well over the past decade, or a newer one that has shown steam out of the gate? It’s this fog that keeps people from investing altogether.

And that’s not OK. Because investing – in the markets – is the only way for most people to make certain that their money keeps pace with taxes and inflation. In other words, that it doesn’t lose purchasing power over time.

The solution I embrace is one posed by Swarthmore College’s Barry Schwartz, author of The Paradox of Choice. Dive in as soon as you find something that’s good enough. The key is understanding that investing money is something you do in order to meet tangible goals. You want to replace enough of your income in retirement so that, when supplemented with Social Security, you can live comfortably. You want to cover a certain portion of your child’s college tuition. Once you know what you’re aiming for, then you can figure out how much you need your investments to yield in order to get you there. You’re not aiming for the sky, the very best mutual fund in the rankings, but one that will meet your goals, more or less.

The more-or-less concept of the equation is one women have a particularly tough time wrapping our brains around. I know it’s cliché, but we like to cook with recipes and we like to drive with directions. We like to know there is a correct answer before we tackle the question. In the foggy hemisphere, this is simply not possible. But not tackling the question at all is far more dangerous than diving in after doing your homework, assessing a few good options and picking one of them. And if you can’t? If you’re so stuck you can’t choose? You need help in the form of a financial adviser. Go to napfa.org to find a fee-only financial adviser in your area, or to garrettplanningnetwork.com to find one willing to bill you by the hour.

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Shortly after finishing this morning’s Money 911, I checked in with my colleague Michael Falcon.  He’s responsible for much of the work that has gone into this site — and as well as the Debt Diet Online and many of the other projects I’m involved in.  But he also spent years working in the retirement industry, most recently running the retirement business at Merrill Lynch.  He had a bone to pick with one of the answers — and he has a very valid point.  Here’s what he had to say.

I’ve gotta disagree with you and David Bach on the 401(k) rollover question this morning.  If she was with a large or even mid-sized accounting firm, that advice could be costing her over 1.0% per year in fees.  The question is not so much “Who is your plan provider?” but more importantly, “How large is your plan and what is the cost?”.  She can get information on her plan costs and how they stack up against other plans at www.BrightScope.com – and can even compare it to an on line, low cost IRA.  If she has more than $5,000 and less than $100,000 in the 401(k) (I’m assuming she does since she is 25 and was with a professional services firm) and there are more than 500 -1,000 participants in the plan, then I would guess that keeping the money in the plan might be the best option.  She can always roll it directly into her new plan when she gets her next job.

A few points:

In a retail IRA she is likely to be sold B or C fund shares and this can be relatively expensive — especially if she sells them to transfer money back into a (k) plan at a future employer in a few months.  If she is in a plan that is large enough (over $1 to 3 million or 500 employees), she can be invested in A, R or I share classes with cost savings from 0.1% to 2.0% or more vs. B and C shares (depending on when she might sell).  

While IRA’s offer the full universe of investments and her plan menu might not, I doubt that she needs all these choices.  1 or 2 diversified stock funds should do the trick.

While over the course of a career not rolling-over can lead to unnecessary accounts and administrative complexity, she is 25 and likely only has this account and maybe one other?

In the past, it was common for employers to hit former employees with charges to stay in the plan.  If this is the case in her plan, I would agree — get out.  But many if not most plans now encourage (or are at least neutral) to staying in the plan.  

Again, for a 25 year old who will likely and hopefully find that next job soon, this is a relatively minor and financially insignificant issue — the great thing is that she is rolling over or staying in the plan and not cashing out like so many others.  That said, many older people are in this same boat and the automatic assumption (and pressure) is to rollover when you leave or even retire.  For many workers, this is not the right answer.

…. and you know I usually agree with both you AND David…  ;-)

Cutting down. When you have debt like this that you need to repay, sometimes it’s possible to slow your spending and free up some additional money each month.  Now, that’s not to say it’s easy. Making lifestyle changes like this one can be a challenge – but you’ll save your credit score, and learn some new budgeting strategies that will stay with you and keep you out of debt in the future.  First, since you haven’t had problems making monthly payments in the past, you may be able to lower your interest rates. Call your credit card companies to ask – but only give them a small amount of information to work with, so it can’t be used to flag you as a risky customer. Then, look for places you can pinch your pennies – whether it’s using coupons you find in your newspaper or online, unplugging your appliances when you’re not using them, or adjusting your thermostat, you might find you have more money to work with once you make some small changes.

Credit Counseling. After cutting down and pinching every penny you can manage, you should visit a credit counseling agency. A good, reputable credit counselor – one who considers your specific situation before putting you into debt management, takes at least a half hour to meet with you initially, can help with all kinds of debts (not just credit cards), and charges less than $75 initially, and $50 monthly – will set you up with a debt management plan. They’ll try to get your creditors to cut you a break – but in exchange, you have to agree to stop using your credit cards or opening new lines of credit until it’s completely settled.

There’s no guarantee you’ll be eligible for credit counseling, but if you are, it is a better option to pursue than going straight to debt settlement. Credit counseling can hurt your credit score initially, yes, but in the long run, you’ll have less debt, make payments on time – both of which can boost your credit score over time.

Debt settlement. Debt settlement is a last resort – and in very few cases is it even a good option. Debt settlement works like this: the company you choose will tell you to stop paying your creditor, and send the money directly to them instead (which helps demonstrate to the creditor that you don’t have the money to pay them). After a few months, your settlement company will go to the creditor and say “I’m holding X dollars on behalf of your customer,” so the creditor can decide if they want the money badly enough to accept that money as a settlement.

There are some pros to using debt settlement companies to get back on track. Often, you can settle your debt to a fraction of what you actually owe. It can save you thousands in the long run, and for many, it’s the only way to get out from under a mountain of debt. However, there are plenty of cons to these programs. Debt settlement is automatically placed on your credit report – and it can be a big black mark if you plan on opening any new lines of credit. While your payments are held, you can incur late fees (which sometimes, depending on your creditor, allows them to raise your interest rates). Also, you have to be very careful when looking into debt settlement, because there are a lot of dishonest companies ready to take advantage of your situation. You should be wary of any company charging you a percentage of your current debt, one without a money-back guarantee, promises of debt settlement in only a couple of months, or companies that ask you to hold your own money instead of passing it to their FDIC-insured account.

My advice? If you can make the payments, don’t take the hit on your credit score that debt settlement will inevitably give you. Instead, try to cut your spending as much as possible to get through this, and if you really, truly can’t manage after that, see if you qualify for credit counseling. Hopefully, then, you won’t even need a Plan “C.”

But right about this time of winter, I start to lose my motivation.  It’s cold.  It’s dark.  And, at least in my neck of the woods, it has snowed entirely too much this winter.  That’s why this article in the March issue of ShopSmart, a magazine put out by the folks at Consumer Reports, caught my eye.

It’s about fitness freebies, free or very cheap tools to help you recover your motivation to sweat.  The best part?  Most don’t require you to leave the comfort of your warm, cozy living room, and many are customizable to your time frame – important for busy moms like us.  I talked to the editor of the piece, Jody Rohlena, about her favorites of the lot, then added one or two of my own tips.

• ACEFitness.org.  Run by the American Council on Exercise, this site offers an entire library of exercises for free.  “You can see step-by-step how to do different workouts or moves, and if you’re trying to shape up a particular body part – maybe your tummy, if you’ve had a baby – you can use the site’s search tool,” says Rohlena.  ACE doles out certifications to personal trainers and group fitness instructors, so you know the information is coming from a trusted source.
• iTrain.com.  This is a podcast that can be played on your smart phone, computer or MP3 player.  There are 300 plus workouts available, many from celebrity trainers, so you’re likely to find something you’re interested in (the iTREAD workouts, which are for walking and running, caught my eye). This is a paid site, and individual podcast downloads range from $0.99 to $9.99.
• YogaToday.com.  A site that, you guessed it, focuses on yoga classes that stream in video form on your computer.  “Yoga is a really great way to get fit as well as soothe your mind and body, and this site is cool because you can access a free class every week.  If you haven’t been working out for a while, yoga might be a good way to ease back into it,” says Rohlena. Membership is free, and aside from the weekly free class, there are downloads available for $3.99 each.
• ExerciseTV.  Many cable companies offer this channel, which runs constant workout videos, as well as an On Demand channel that lets you access select videos at your convenience.  The selection rotates frequently, which is great for variety. My company is currently offering popular videos like Jillian Michael’s 30 Day Shred and Jackie Warner’s Power Circuit Total Body.  For these, and many others, all you need is a set of dumbbells (or even soup cans, if you’re a beginner) and a mat or carpeted surface.
• Finally, be careful. You don’t want to take direction from just anyone, and while there are countless free demonstration and workout videos on sites like YouTube, there isn’t a lot of quality control, says Rohlena.  “You should avoid videos taught by people who aren’t qualified.  Usually people who have a fitness certification will let you know, so look for an accreditation from the American Council on Exercise or the American College of Sports Medicine.”  The last thing you want to do is get hurt.