Chic Galleria » Jane Mudgett

Kiwi Sweaters Made from Possum

Jane Mudgett — Sat, 28 Aug 2010 07:04:28 +0000

When you travel to the southern hemisphere in summertime, you bring home winter gifts. It just makes you blink and scratch your head, but of course that’s because you’ve traveled to the opposing pole with opposing seasons. This brings me to sweaters and the cute animal most Kiwis (New Zealanders) have learned to hate, but some have developed a warm heart for them.

The Europeans – although all Kiwis blame the Australians – brought the Possums to the islands of New Zealand. You’re probably thinking of the rat-like critters with the thin snouts and long narrow tail. Alas, those are the Virginia Opossums (pronounced “possum”) which can be found all over the southern plains and southeastern U.S. The Opossums trigger memories of hearing these nocturnal marsupials on the roof of my Florida home. So cute they were hanging upside down by their tale with their babies close by for security. However, to me they sounded more like a nuisance having a party, which is what these omnivores do most nights.

Possums, on the other hand, appear to be more likeable – fluffy and furry – perfect for Europeans with goals of establishing a fur industry. However, when the settlers turned their heads, the Possums began to take over thanks to their broad diet (said another way, most will “eat anything”) and successful reproductive process. Creativity swept the research and development of a company called, Untouched World, who over a lamb dinner realized the full potential of the lowly Possum.

Let’s listen in on two Aussies talking out in the pasture*…

“Hi Mate, you sure have some beautiful Merino sheep there in your pasture.”

“If it weren’t for those pests those ol’ possums that scare them plum to death at night – I can’t keep up with shooting them all off my land.”

“Yeah, but they are furry buggers aren’t they, seems like they’d be good for something.”

Now, the conversation between the men didn’t brew into anything, but those women listening in decided to experiment and knit some lovely light, warm and comfy sweaters that year. The whole family was happy and curious because their new sweaters did not weigh on their shoulders when they bundled up in the land of the Lord of the Rings. The mothers said the new sweaters were as good as Merinomink © and hence, a new product was born.

To credit the Kiwis, they took a solution to a problem and added a wonderful dose of environmental responsibility and marketing and now the fashion label Untouched World offers lovely Ecopossum and Merinomink sweaters. As I look outside to see the heat rippling off the pavement, I pack up my new sweater and scarf and am please to have a souvenir of my trip. The company is one of few with the “United Nations Decade of Education for Sustainable Development (UN DESD) logo on its labeling – one of a small number of organizations internationally accredited.”

So this winter, I will wrap up in my native Kiwi sweater and congratulate the real women who had the good sense and creativity to develop a new product from a problem. Check out their story at http://www.untouchedworld.com/Information/389 . I’ll check in with you again in December!

* Fictionalized version. The real story can be found at www.untouchedworld.com

Jane Mudgett, balances her daily financial planning and investment management, with being a curious world traveler. Jane also fosters her altruistic nature by being actively involved with community non-profits. Her philosophy is: “It’s better to have ten new experiences than one experience ten times.”

Winter in July: These boots are Made for Walking

Jane Mudgett — Tue, 27 Jul 2010 07:49:56 +0000

I recently returned from a vacation in Australia and New Zealand. I left in summer of June 2010 and arrived in the winter of June 2010; yes, going to the Southern Hemisphere does put a kink in one’s circadian rhythms, mind and body. However, it did give me a chance to see a new view of people, fashion and life.

Let’s start with boots, boots, boots. They were everywhere and in every height. From ankle books with tights and leggings to thigh highs. How about shorts, tights and boots all in one with a cute sport coat and scarf – yep, saw that too. If you don’t have boot options this fall and winter, you will feel just simply out of place. We of course, had some of this last year, but more combinations with boots will be on the horizon. Some of the most stylish were leather boots that just covered the knee in the front; tight enough to show off a woman’s calf, but comfy for your knee. There were a few open toed styles too, which seemed a bit impractical, but looked charming even with dark tights.

In the land where Uggs are bred (from local sheep) and manufactured, I saw many UGG sellers, but very few locals wearing them – except my American niece. What’s with that? Well, apparently, the fashion is fading in the land Down Under (#1) AND, it just wasn’t cold enough for the locals (#2). The prices, however, were terrific and I wanted to buy a pair just to get a bargain, but I left them for others.

Hosiery – I must say that European women, and I can now say, Australia women too, do a much better job wearing interesting hose. Hose in unique dark colors, not too flashy more like classic blues, blacks, grays, maroon, even dark teal. The patterns were wavy or geometric and most were opaque, but not too translucent. Also, I observed when women were wearing the lovely patterns, they also were wearing more simple outfits to better emphasize the hosiery. It was stylish and I just don’t see it often enough – this winter, I’m adding more variety to my hosiery.

Even if the price of nice boos and out of the ordinary hosiery may be a bit higher than the average offering, they’re a wonderful way to update a simply outfit or to add some charm to your legs. Kick off your shoes and zip up your boots; get on the look-out now for fall selections.

Photo Credit: New York magazine

Designer: Elie Tahari

I Scratched “Overly Helpful” from My Vocabulary

Jane Mudgett — Thu, 22 Jul 2010 07:08:37 +0000

After a couple days of traveling through Sydney and Melbourne, Australia, I realized that something was missing in my life. It was something that I take for granted, don’t always appreciate when it’s around, and often expect, but am let down…it was courtesy and friendliness, helpfulness. I truly think that the one exception I observed was a person not ignoring me, but a man that was actually quite deaf, and once I realized that, then “voila”, he joined the troup of the affable.

It started with basics – I heard “please” and “thank you” and “excuse me” from young and old; that in itself would have been satisfying. This show of good manners, was followed by a genuine “welcome” when we walked into shops. The store keeper was not on the phone, talking or texting and they were actually glad to see us. When we had questions, they were knowledgeable about their products, as if they really read the instruction manual or talked directly with the craftspeople. We asked for directions and recommendations, and I briefly complained to my traveling partner, that the man helping us was overly helpful after he walked us to the corner, pointed at a shop sign and told us to ask for “Bob” when we got there. I had to stop myself when I heard my own comments; “overly helpful” was immediately scratched from my vocabulary and replaced by gratefulness. Of course, we asked for “Bob” who was delighted his mate had sent us his way, and proceeded to hear stories about both men. There were some circumstances when the stories were more interesting than the wares being sold!

Haglund driver at the Antartica Exhibit

One evening we arrived to a group of dockside stores near a commercial area to realize they had closed for the evening. We walked to the main avenue, but could not flag down a cab. So, I found the building that looked the brightest with someone in the lobby and entered the headquarters of the AFL – the Australia Football League. WOW – this was fun. We were surrounded by memorabilia, posters and mementos of famous players and teams – completely unknown to two Yanks – my niece and I. The receptionist allowed us to look around before we asked to use her phone to call a cab. But first, she wanted to know our story and why were we there and where were we going, “Oh no, I don’t think that’s a proper neighborhood for two women to dine,” she said. She asked us to wait 5 minutes and she would give us a ride to a different Sydney neighborhood with many restaurant options one of which would be suitable to the two of us. Well, by now, you realize that we had a wonderful Greek meal in a lovely neighborhood after being chauffeured there by our personal AFL representative.

For over two weeks in Australia (OZ) and New Zealand (NZ), we were treated to humor, friendliness and courtesy that I have not experienced so consistently for such a long period of time. For this alone, I hope to return and will recommend these countries to others. Oh, by the way, the Sydney Harbor views, museums in Melbourne, and the Lord of the Rings tour in NZ were also outstanding.

Written by Jane Mudgett for Chic Galleria magazine.

Women and Divorce, Part 2

Jane Mudgett — Mon, 12 Apr 2010 07:02:44 +0000

Negotiating Your Future

Once you’ve got a handle on your current financial situation by developing your budget, it’s time to start thinking about the future.

What Do I Want to Keep?

In the heat of the moment, many women make rash decisions and declare, “I don’t want anything; I just want to be free!” Try to remember that this is a “business decision” not a personal decision. Keep your best interests in mind, when planning for the future.

List the items you’d like to have after the divorce. This includes both assets and the related liabilities (mortgage or loan). Be sure to bring this list when you meet with your attorney.

Also remember that the kids should be allowed to keep their own belongings. This should never be a question.

Retirement Accounts

One thing many people forget to consider during a divorce is the value of your spouse’s retirement savings.

If your spouse has an employer-sponsored retirement plan such as a 401(k) or pension plan, you’re legally entitled to part of the balance. However, it’s important that you protect your share.

A Qualified Domestic Relations Order (QDRO) is a court order that instructs your spouse’s pension plan on how to pay you your negotiated share of the plan benefits. A QDRO gives you protection that a marital settlement agreement does not. Just because your divorce decree states that you have a right to part of your spouse’s retirement funds, don’t assume that your interests are secure. Talk to your lawyer about getting a QDRO.

QDROs only apply to plans that are IRS tax-qualified and covered by the Employee Retirement Income Security Act (ERISA). They do not apply to military or government pensions, which are governed by other laws.

Consult a financial advisor to make sure you understand all the requirements and tax ramifications when dealing with retirement funds. You don’t want to pay penalties because some small detail was overlooked.

Future Value of Earnings

Another thing that many women forget to consider is the future value of their husband’s earnings. You need to think about your spouse’s current income, but also consider his increasing future income, particularly when it comes to alimony and child support.

This needs to be a part of the settlement discussion, especially if you supported your husband financially while he attended college or graduate school, or while he started a new business. In such cases, you may be entitled to a portion of his future earnings because you helped create his success. The amount and duration of this type of settlement can be negotiated. Don’t overlook this.

Some Questions to Consider:

What do you expect your husband’s income to be in the future?

Will his pay increase over time?

Did you help him pay for education or professional training and have yet to receive any income benefit?

What will your income requirements be in the future?

How much will your personal income contribute to your overall needs?

How long will you need income support from your former spouse? While the kids are in school? Through retirement?

Are you the primary income producer, and will these questions be asked of you?

Calculating Future Value of Earnings

To make these calculations, it’s best to seek assistance from a financial advisor, certified financial planner or accountant. Your attorney also may be able to provide help with this calculation.

Because of inflation, the value of a dollar may be worth less in the future than it is today. So, many financial professionals add up the expected future income, but then discount it to take inflation into consideration. Once this is calculated, you and your advisor can decide whether to take the money as a lump sum or to expect payments over a period of time.

For example, if you received a lump sum of $10,000 in 2010, it has the same buying power as $7944.97 in 2000. Looked at another way, if you were given $10,000 in 2000, you’d need $12,586.59 to equal the same buying power in the year 2000.

Protecting Future Payments

If part of your divorce settlement includes future payments, be sure to protect your interests. Payouts that depend on future earnings can be secured by a life insurance policy purchased before the divorce is granted. You should be named the owner of the policy as well as the beneficiary. This will prevent your spouse from changing the beneficiary. A large one-time premium payment can make sure the policy remains in existence for as long as necessary.

Tax Ramifications

Once a divorce is finalized, each party enters a new tax situation. The recipient of maintenance money may need to file quarterly estimated tax payments. Now, more than ever, it’s important to get good tax and investment advice based on your new financial situation. And once it’s all done, don’t forget to change your estate plan to conform to your new situation.

Issues related to child support bring another dimension to the issue of ongoing payments. Child support is typically neither a deduction nor income to either party. However, most attorneys will require a decision regarding which parent gets to claim the child as a dependent on his or her tax return.

Protect Yourself (and Your Credit)

As soon as possible, you should cancel any joint bank accounts and open individual accounts. Cancel all credit cards and get new ones in your own name. Close all unused credit accounts, and notify your creditors of your change in marital status.

When your divorce is final and assets have been legally divided, change names on house deeds, stocks and bonds, and car titles, as necessary. Remember to update beneficiaries on investments, retirement plans, life insurance policies, and savings accounts. Another important task is to update your will. Check your credit report to make sure your spouse hasn’t incurred debts in your name since your divorce or separation.

Paying for an Attorney

Don’t be afraid to pay for a good attorney. Often, women worry that they can’t afford good representation, or they shouldn’t dip into joint accounts to pay for one. As a result, many women get the “short end of the stick” during divorce proceedings.

There are several ways you can pay for a divorce attorney.

Your legal fees can be paid out of your own pocket, or from a joint account. Any joint account you share with your spouse at the time of divorce is considered part of the “marital estate.” Some of this money is yours. Don’t be afraid to use it.

Some corporations provide legal benefits for their employees. This often works like a medical benefit, where you sign up in advance, and a small amount of money is automatically deducted from each paycheck to pay for your legal services.

You can also obtain legal aid through various community resources.

Another option is to ask friends and family for help. Don’t let shame prevent you from asking for assistance. To make the best long-term decisions, it’s important that you don’t skimp in the short run. Paying for good legal representation is an investment in your future.

Stay tuned for Part 3 where we’ll include worksheets to help you track you budget and finances during and after your divorce.

Finances and Divorce, Part 1

Jane Mudgett — Thu, 25 Feb 2010 07:15:25 +0000

Your Finances…Planning for the Future

In an ideal world, everyone would have time to plan for a divorce. Why? When it comes to finances, it takes time to gather information, and it’s helpful to avoid emotional decision-making. During times of stress, it’s easy to confuse feelings with facts, but you need to get away from emotional reactions so you can plan for your new life.

Try to separate the personal and emotional experience of divorce from the “business” side of divorce. Take some time to put together a plan. Ask yourself, “How do I get from where I am now to where I need to be in the future?”

Decisions about money will not only affect your life during your divorce, it will also affect your future. If possible, take the time to plan ahead and seek advice from an attorney and financial professional.

Getting Started

Make a list of everything you own (assets) and everything you owe (liabilities). While you don’t need a complete inventory, try to write down everything that has value. You will use this list when you meet with an attorney to discuss your divorce settlement. Also remember that the kids should get what is theirs. This should never be a question.

What you own (assets):

Home

Cars, boats

Jewelry

Furniture

Household items

Checking account (balance in the account)

Savings account (balance in the account)

Retirement accounts (balance in the account)

Investment accounts (balance in the account)

Business (value of business)

What you owe (liabilities):

Mortgage

Car, boat loans

Credit card debt

Other debt and loans

What if I Don’t Have Access to the Finances?

If your spouse always handled the finances, it may be harder for you to know exactly where you stand financially. You may be able to access this information by looking through files at home, on the computer, mail, etc. If not, you can ask your attorney for help. There is a process called “discovery” that allows your attorney to gain legal access to your spouse’s financial information, so that you know where you stand.

What Do I Want to Keep?

List the items you’d like to have after the divorce. This includes both assets and the related liabilities (mortgage or loan). Be sure to bring this list when you meet with your attorney. In the heat of the moment, many women make rash decisions and declare “I don’t want anything; I just want to be free!” Try to remember that this is a “business decision” not a personal decision. Keep your best interests in mind, when planning for the future.

Future Value of Earnings

One thing that many women forget to consider is the future value of their husband’s earnings. You want to think about your spouse’s current income, but also his increasing future income, particularly when it comes to alimony and child support.

How to Pay for an Attorney

There are several ways you can pay for a divorce attorney.

In addition, some corporations provide legal benefits for their employees. (This often works like a medical benefit, where you sign up in advance, and a small amount of money is automatically deducted from each paycheck to pay for your legal services.)

You can also obtain legal aid through various community resources.

Gather Documentation

You may contact your local mortgage broker for mortgage advice to help you better manage decisions concerning your current circumstances with your home. Gather and organize all your financial information in one place. It’s a good idea to make copies of everything and put them in a three-ring-binder. Your binder should include:

Tax returns

Bank statements (checking and savings)

Investment statements

401K and pension/retirement statements

Credit card statements

Mortgage and other loan documents

Insurance information (health, life, auto, home, property)

Business and personal financial statements

Develop a Current Budget

Although the actual costs may be different, estimate what your current expenses are, and what they will be after the divorce. You’ll also use this list to help your attorney determine your divorce settlement, alimony, and/or child support.

Make a list of your income and expenses and develop a budget. This will help identify how much you’re making, how much you’re spending. It’s also a useful tool to help identify areas of possible savings.

Stay Tuned for Part 2 where we’ll discuss more money issues related to FUTURE income, savings and investments.