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Elder Abuse: what it is

Elder Abuse: what it is

Written by R. A. Stewart

Elder Abuse may be a term you may not have heard of. It is a term that is being used more frequently than in the past so what does it mean?

It is when someone who is of the older generation is being taken advantage of. The abuse may not need to be of a financial nature. As with all kinds of abuse it could come in a number of forms; financial abuse

Not repaying loans

Unauthorised taking of money or other assets

Scams that rely on developing a relationship with the older person with the intention of taking their money and assets. Dating scams is an example of this.

Use of home without contributing to the costs.

Psychological abuse

This comes in many forms and could be threats, intimidation, and hostility.

Control

This can be making decisions on the behalf of the elder person or taking authority over their everyday life.

Isolation

Lack of affection

Ridicule, humiliation, and general put downs.

Physical

Intimidation

Threats of violence

Neglect

This could be neglecting the physical and emotional needs of the person.

Abandonment

This could be someone who is responsible for the care of an older person not fulfilling their obligations.

Many victims of Elder Abuse do not speak about what is happening because they are dependent on others for support. Low self-esteem is another reason why incidents are not reported by victims of elder abuse.

Elder Abuse victims are not necessarily in their eighties or nineties; they could just as easily be in their fifties or sixties and being young does not necessarily mean that you are immune to Elder Abuse. It is not recognised as such in the younger generation.

Those who like to control others will employ the same strategies irrespective of the age of their victims. They will:

  1. Use pets to control others.

Many people in bad relationships stay in the relationships for fear of something happening to their pets. They feel as though they are held hostage and are unable to escape from their situation.

  1. Intimidate their victims

Control Freaks use intimidation as a tool to gain power over others and as a result it leaves victims very down trodden and with a low self-esteem.

  1. Isolate others

Controlling people will isolate others from the outside world leaving them with no means of communication with others. 

  1. Financially controls

Controlling people will keep those that they control financially dependent on them and this makes it hard for victims to leave the situation. 

There are organisations available to help those who are victims of elder abuse. It is just a matter of finding the courage to pick up the phone or to tell someone.

About this article

You may use this article as content for your blog or website. Feel free to share it with others.

Read my other articles on www.robertastewart.com

 

“Retire with Little Money” is your practical guide to achieving a comfortable and stress-free retirement on a limited budget. This ebook covers strategies to maximize your savings, reduce living costs, and make the most of available resources. From affordable housing options and healthcare savings tips to part-time income ideas and smart budgeting practices, every chapter is packed with actionable advice. Whether you’re approaching retirement age or just planning ahead, this guide will help you create a lifestyle that balances financial security with the freedom to enjoy your golden years. Embrace retirement confidently, even without a large nest egg!

 

If you enjoyed this article, maybe you will like this ebook, “Retire with little money.” Click on the link below to obtain your copy.

https://robertalan.gumroad.com/l/sdzvl

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Book Review-Your Money, Your Future

Written by R. A. Stewart

There are a number of books on personal finance on the market and one of these is “Your Money, Your Future by New Zealand financial advisor Frances Cook. In this book Frances provides practical advice and tips on managing your finances and how to formulate a strategy for achieving financial independence. There is no size fits all when it comes to designing a life and Frances makes allowances for that. Here are some interesting points from the book which I want to share in this article.

  1. To calculate what percentage of your money should be invested in shares, deduct your age from 100. For example; if your age is 65 then 35% of your money should be in shares. I think that the majority of investors probably have a higher percentage of their money in shares than this formula suggests. It is really a case of your timeline as far as when you are going to use the money.
  2. Putting your money into a savings account may feel safe to some people but over a period of time that money is losing it’s value because of inflation. Your money has to outpace inflation and it won’t do that in a savings account. Only your emergency cash fund should be kept in a savings account and money used for utilities and everyday living costs.
  3. The rule of 72 explains how quickly you can double your money. It goes like this; simply divide 72 by the average rate of return on any investment. If the average return is 7% then it will take you 10 years to double your money (72 divide by 7).

This is the magic of compounding interest. This is all assuming that you do not take your profits but rather allow them to be added to the principal so that you are earning interest on interest.

  1. You cannot beat the market so buy the whole thing! Frances talks about diversification here and explains how this approach beats trying to time the market every time. There is a saying, “Its time and not timing which is the key to making money on the share market.”
  2. Retire to something not from something. Frances points out that life needs to have a purpose otherwise it will be meaningless. You have to have an end goal in sight for when you finish work. Your retirement plan does not have to involve spending, it could be spending more time with the family or gardening.

You may be able to find the book, “Your Money, Your Future” by Frances Cook on Ebay or Amazon if you live outside of New Zealand. In New Zealand, the Trademe auction site may have copies.

I have read a lot of books on investing and this one is one of the best. It contains several gems of advice relating to personal finance. Whatever your personal circumstances are, you will find this book helpful in pointing you in the right direction.

www.robertastewart.com

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Investing for seniors

Investing for seniors

Written by R. A. Stewart

 

Your age is a crucial factor in establishing your savings and investing strategy. Your 20s, 30s, 40s, and 50s are your savings years. It is these years when you build up your assets. 

Your 60s and 70s can be considered your spending years. It is when you tick off items on your bucket list while you are able to.

That does not mean that you do not have to work, a lot of older people are taking this option, not because they cannot make ends meet on their pension, but because they enjoy what they are doing.

In New Zealand, retirees will have access to their kiwisaver account once they reach the age of 65. Money invested in kiwisaver will be in growth, balanced, or conservative funds. Most people during their working life opt for growth or balanced funds.

It is time to decide whether to stay with the status quo or invest in more conservative funds. 

Your age and your health are the two most important factors in deciding which fund to invest your money in. 

Older people do not have time on their side to overcome financial setbacks such share market falls and so forth, therefore if you are 60+ it is a good idea to lean toward more conservative investments but still retain some exposure to risk.

It is worth mentioning at this point that New Zealand financial advisor and writer Frances Cook has a formula for calculating how much exposure you should have based on your age, and it is this…

Subtract your age from 100.

If for example you are aged 60 then only 40% of your portfolio should be invested in the share market.

I do not necessarily agree with this formula and my exposure to the share market is more than her formula suggests I have.

However, that is a personal choice; one that I do not necessarily recommend to you because your circumstances will be different as they are for different people.

If you are connected to the internet and you have a lot of spare cash in your account then I suggest that you place most of your money into an account that is not connected to internet banking. This is to reduce your chances of becoming a victim of internet scammers. 

With internet banking being the norm, this could be difficult in the future though.

In any case I still believe that it will pay to arrange your finances so that if you fall victim to a scammer then not all of your money will be lost. 

Don’t leave all of your money in the one account for goodness sake as some victims of scammers have.

If you are traveling then make sure you don’t have access to your life savings because if you do then so will be a scammer if they manage to get hold of your login details.

Scammers have all kinds of ways to trick people into handing over their login details.

Anyone can be a victim so don’t be proud by saying “I am not that stupid.”

As you get older you will have to invest more conservatively; that does not necessarily mean transferring from growth to conservative funds but investing some of your current savings into low risk accounts. The deciding factor is your timeline. How soon you need the money and funds which are going to be used within 12 months are best invested conservatively.

 

www.robertastewart.com

 

ABOUT THIS ARTICLE

This article is of the opinion of the writer and may not be applicable to your personal circumstances. Feel free to share this article. You may also use this article for your website/blog or as content for your ebook.

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Dating dangers of older men 

Dating dangers of older men 

The internet provides older people who may be single for one reason or another to connect with others without leaving their home. However, there are traps which older people need to be aware of. The main being scammers, people who try to separate you from your money.

So, what are the tell tale signs of a scammer?

First and foremost, if you are a man then gold diggers are waiting to get their hooks into you and your money, but that is not the only thing you should be concerned about if you are using any of the dating sites on the internet. Scammers are using dating sites, however, it is not romance that they are after but your money.

There are several red flags to beware of with the most obvious one being that you, as an older gentleman will be contacted by a young lady half your age. It is easy for some men to be taken in by the sweet talk of a young lady. It feeds the ego and what man does not feel good about a much younger lady showing interest in him.

Discernment and commonsense are soon ignored and in a short time the talk of a relationship soon develops.

So what are the red flags to look out for?

The first and most obvious one is the huge age difference.

Lets face it, do you honestly believe that someone half your age will contact you in the hope of beginning a romantic relationship with you without having their own agenda?

Older people are seen as easy targets by scammers because by the time they have reach 50+ they have built up plenty of assets which includes savings.

So what are the tell tale signs of an internet scammer?

1 You are contacted by someone half your age who claims that age is no barrier.

2 She comes from an African country (but not necessarily)

3 There is always a reason why she cannot meet you down for a coffee.

4 She attempts to hasten the relationship before you have ever met

5 Make note of any giveaways to her location.

For example if she ends the conversation with, “I must have some dinner now.” and it is 10 PM your time then you need to ask, “What timezone is she at?”

6 She asks for money

If she asks for money then you are definitely dealing with a scammer. 

What should you do or not do?

1 DO NOT send her any money.

2 DO NOT give out your phone number

3 DO NOT give out personal details about yourself.

4 Use a separate email address for signing up to a dating site, not your main one.

It has often been said, “If something is too good to be true then you can almost guarantee that it is.” 

As has been said earlier, if you are an older man who is using internet dating services then you are going to be a target for internet scammers so you need to be careful what information you give out and to whom.

www.robertastewart.com