A full third of Americans believe that winning the lottery is the only way they can retire.¹

What? Playing a game of chance is the only way they can retire? Do you ever wonder if winning a game – where your odds are 1 in 175,000,000 – is the only way you’ll get to make Hawaiian shirts and flip-flops your everyday uniform?

Do you feel like you might be gambling with your retirement?

If you do, that’s not a good sign. But believing you may need to win the lottery to retire is somewhat understandable when the financial struggle facing a majority of North Americans is considered: 77% of millennials are living paycheck-to-paycheck, as are nearly 40% of Americans earning over $100,000.²

When you’re in a financial hole, saving for your future may feel like a gamble in the present. But believing that “it’s impossible to save for retirement” is just one of many bad money ideas floating around. Following are a few other common ones. Do any of these feel true to you?

Bad Idea #1: I shouldn’t save for retirement until I’m debt free.

False! Even as you’re working to get out from under debt, it’s important to continue saving for your retirement. Time is going to be one of the most important factors when it comes to your money and your retirement, which leads right into the next Bad Idea…

Bad Idea #2: It’s fine to wait until you’re older to save.

The truth is, the earlier you start saving, the better. Even 10 years can make a huge difference. In this hypothetical scenario, let’s see what happens with two 55-year-old friends, Baxter and Will.

• Baxter started saving when he was 25. Over the next 10 years, Baxter put away $3,000 a year for a total of $30,000 in an account with an 8% rate of return. He stopped contributing but let it keep growing for the next 20 years.

• Will started saving 10 years later at age 35. Will also put away $3,000 a year into an account with an 8% rate of return, but he contributed for 20 years (for a total of $60,000).

Even though Will put away twice as much as Baxter, he wasn’t able to enjoy the same account growth:

• Baxter would achieve account growth to $218,769.

• Will’s account growth would only be to $148,269 at the same rate of return.

Is that a little mind-bending? Do we need to check our math? (We always do.) Here’s why Baxter ended up with more in the long run: Even though he set aside less than Will did, Baxter’s money had more time to compound than Will’s, which, as you can see, really added up over the additional time. So what did Will get out of this? Unfortunately, he discovered the high cost of waiting.

Keep in mind: All figures are for illustrative purposes only and do not reflect an actual investment in any product. Additionally, they do not reflect the performance risks, taxes, expenses, or charges associated with any actual investment, which would lower performance. This illustration is not an indication or guarantee of future performance. Contributions are made at the end of the period. Total accumulation figures are rounded to the nearest dollar.

Bad Idea #3: I don’t need life insurance.

Negative! Financing a well-tailored life insurance policy is an important part of your financial strategy. Insurance benefits can cover final expenses and loss of income for your loved ones.

Bad Idea #4: I don’t need an emergency fund.

Yes, you do! An emergency fund is necessary now and after you retire. Unexpected costs have the potential to cut into retirement funds and derail savings strategies in a big way, and after you’ve given your last two-weeks-notice ever, the cost of new tires or patching a hole in the roof might become harder to cover without a little financial cushion.

Are you taking a gamble on your retirement with any of these bad ideas?

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Buying a car can be pricey.

The average used car costs over $33,000,¹ while the average for a new one is around $48,000.² When it comes to transportation (or anything else for that matter), it only makes sense that you’d want to save as much money as possible. But are there times when buying a used or budget car is a better investment than buying a new one? Here are some questions to ask yourself before you make that purchase.

How much mileage can you get out of this car?

One of the big things to consider when researching a budget car is how many miles of prior travel you’re paying for. Buying a cheap (although unreliable) car that breaks down on the regular due to wear and tear may give you fewer miles for your money than paying more for a car that might last 10 years. If you’re committed to buying used, you’ll probably want a mechanic to inspect the car for issues that might affect your car’s lifespan.

How much will maintenance and repairs cost you?

You might be one of the few who know someone with the auto know-how to keep an ancient car running for years. However, the average person will need to have car problems repaired at a professional shop, which can become expensive if it constantly needs work. This can be especially costly if you sink thousands into maintenance only for your vehicle to die for good earlier than expected. It’s worth considering that buying new might save you a huge hassle and potentially give you more miles for your money.

How does the interest rate compare for a new car vs. used?

The uncertainty involved with buying a used or budget car can increase the cost of financing. Lenders will often charge you higher interest for purchasing a used car than they would a new one.³ Having a high credit score will improve your rates, but that extra cost can still add up over time.

What you’re trying to avoid is buying a used piece of junk that requires constant maintenance at a shop, has a higher interest rate, and gives out too soon. There are definitely used and budget cars out there that have great value. Just be sure to do your research before you make such a significant investment!

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When it comes to building wealth, the best thing you can do is start early and contribute as much money as possible.

But with so many different retirement savings options available, it can be difficult to know where to put your money. Should you open a 401(k) through your employer? Or would an IRA be better for you?

To help you decide, let’s take a look at how 401(k)s and IRAs work, and the pros and cons of each.

A 401(k) is a retirement savings plan sponsored by an employer. It’s a great way to save for retirement because it offers several advantages.

For one, 401(k)s have much higher contribution limits than IRAs. In 2022, 401(k)s have a contribution limit of $20,500, while the limit for IRAs is $6,000.¹

This means you can potentially save a lot more money in a 401(k) if you have income to spare.

Another advantage of 401(k)s is that many employers offer matching contributions. This is free money that your employer contributes to your retirement. It’s a great way to supercharge your savings.

But don’t write off IRAs just yet—they have some advantages of their own.

For one, you don’t need an employer to open an IRA. This makes them a great option if you’re self-employed or if your employer doesn’t offer a retirement savings plan.

IRAs also give you a lot more control over your investments than 401(k)s. With a 401(k), you’re limited to the investment options offered by your employer.

With an IRA, you can choose from a wider range of investments, including stocks, bonds, and mutual funds. This can potentially help you earn a higher return.

So, which is better—a 401(k) or an IRA? The answer depends on your individual circumstances.

If you have a 401(k) through your employer, it’s generally a good idea to contribute at least enough to get the employer match. After that, you can consider contributing to an IRA as well.

If you don’t have a 401(k) or if you’re self-employed, an IRA may be the better option for you.

No matter which type of account you choose, the most important thing is to start saving for retirement now. The sooner you start, the more time your money has to grow.

Happy saving!

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Are your finances feeling tight? It may be because your debt has outpaced your income.

Your debt-to-income ratio is a key factor in determining your financial health. This ratio is simply your monthly debt payments divided by your monthly income, multiplied by 100 to make it a percentage.

Banks and other lenders will look at your debt-to-income ratio when considering whether to give you a loan. They want to see that you have enough income to cover your monthly debt obligations. A high debt-to-income ratio can make it difficult to qualify for new loans or lines of credit since it can signal that you’re struggling to keep up with your debt payments.

Fortunately, your ratio is easy to calculate…

First, add up all of your monthly debt payments. This includes your mortgage or rent, car payment, student loans, credit card payments, and any other debts you may have.

Next, calculate your monthly income. This is typically your take-home pay after taxes and other deductions. If you’re self-employed, it may be your net income after business expenses.

Finally, divide your monthly debt payments by your monthly income. Multiply this number by 100 to get your debt-to-income ratio.

For example, let’s say you have a monthly mortgage payment of $1,000 and a monthly car payment of $300. You also have $200 in student loan payments and $150 in credit card payments. Your monthly income is $3,000.

Your debt-to-income ratio would be (1,000 + 300 + 200 + 150) / 3,000 = .55 or 55%.

A debt-to-income ratio of less than 36% is typically considered ideal by lenders—anything more can signal financial stress.¹

If your debt-to-income ratio is high, don’t despair. There are steps you can take to improve it.

First, try to increase your income. That can mean working extra hours, scoring a raise, finding a new job, or even starting a side business.

Second, you can lower your debt. You can do this by making extra payments on your debts each month or by consolidating your debts into a single loan with a lower interest rate.

Making these changes can be difficult, but they can make a big difference in your debt-to-income ratio—and your financial health.

If you’re not sure where to start, contact me! I can help you develop a plan to get your debt under control and to start building wealth.

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Inflation isn’t just eating away at your purchasing power—it’s also ravaging your savings account.

If you’re like many people, the interest you’re earning on your money is being completely eroded by inflation. That’s because the annual rate of inflation has been outpacing the interest rates on savings accounts for years.

Let’s look at some numbers…

Let’s say you have $10,000 in a savings account that pays 1% interest. After one year, you would have earned $100 in interest, which sounds like a decent return.

But if inflation is running at 2%, then the purchasing power of your money has declined by 2% over the same period. In other words, the $10,100 you have in your account can buy less than what $10,000 could buy a year ago.

As a result, your real return on investment—or the return after inflation is taken into account—is actually negative 1%.

Now, let’s bring that to the real world—in 2022, the total inflation rate has been 8.5% thus far,¹ while the average interest rate for savings accounts is just .13%.²

That means for every $100 you have in a savings account, the purchasing power of that money declines by $8.50 while the value of your money only grows by $.13.

In other words, inflation is absolutely massacring your savings account.

So what can you do about it?

Simple—find assets that grow at a rate that outpaces inflation.

One option is to invest in assets with high compounding interest rates, such as certain types of bonds. Another strategy is to invest in options that have the potential to generate high returns, such as stocks or real estate.

You could also start a business that can scale quickly and generate a high return on investment.

Whatever strategy you choose, the key is to find an asset that will grow at a rate that can outpace inflation.

So don’t sit idly by and watch as inflation destroys your savings account—take action and find an investment that will help you keep up with the rising cost of living. Otherwise, you’ll end up losing ground financially.

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You might never have thought about this before, but how are debt and life insurance connected?

Well, the answer is very simple. Debt is one of the largest financial struggles in society today—total consumer debt has grown to a staggering $14.9 trillion as of 2020.¹ That represents a staggering financial burden on Americans throughout the country.

But what happens if someone in debt passes away? The debt doesn’t just vanish. The estate of the deceased is often responsible for repaying creditors.² That means a family, already down an income, has to cope with the stress of managing debt.

That’s where life insurance can help.

Life insurance pays out a lump sum in the event of death. The money can help family members repay debt, care for children or other dependents, and provide financial security to those left behind.

So how much life insurance do you need?

That’s something only you can answer for your own household. Typically, experts recommend 10X your annual income to provide a sufficient financial cushion for your family. But, depending on your level of debt or the particular needs of your spouse and children, you may require more coverage!

Life insurance could be critical for the financial well-being of your family if you’re carrying debt. It might provide the cash they need to pay your creditors and start building a new future.

If you’re looking for life insurance, contact me. We can estimate the amount of protection that’s right for your family!

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It’s time to manage all those papers that are taking up space in your filing cabinets!

But how? Which documents should you preserve? Which ones should you shred? Here are 11 helpful tips on what to do with tax documents, legal documents, and property records.

Documents to keep.

At the top of this list? Estate planning documents. Your will, your living trust, and any final instructions should be carefully labeled, stored, and protected. Your life insurance policy should be safeguarded as well.

Records of your loans should be preserved. That includes for your mortgage, car and student loans. Technically, you can shred these once they’re paid off, but it’s wise to keep them around permanently. Someday you may have to prove you’ve actually paid off these debts.

Tax returns.

Here’s a trick—keep tax returns for at least 7 years. Why? Because there’s a 6 year window for the IRS to challenge your return if they suspect you’ve underreported your income.¹ Keep your records around to prove that you’ve been performing your civic duty by properly reporting your income.

(Check your state’s government website to determine exactly how long you’re supposed to keep state tax returns.)

Property records.

Keep all of your records pertaining to…

• Your ownership of your house
• The legal documents for buying your house
• Commissions to your real estate agent
• Major home improvements

Save these documents for a minimum of 6 years after you move out of your home. If you’re a renter, keep all of your records until you’ve moved out. Then, fire up your shredder and get to work!

Speaking of your shredder…

Annual documents to destroy.

Every year, you can shred paycheck stubs and bank records. Just be sure of two things…

First, make sure that you’re not shredding anything that might belong in your tax records.

Second, be sure that you’ve reviewed your finances with a professional who will know which documents may need preserving.

Once you’ve done that, it’s fine to feed your shredder at your discretion!

Credit card receipts, statements and bills.

Once you’ve checked your monthly statement against your bank records and receipts, you’re free to shred them. You may want to hold on to receipts for large purchases until the item breaks or you get rid of it.

When in doubt, do some research! It’s better than tossing out something important. And schedule an annual review with a licensed and qualified financial professional. They can help you discern which documents you need and which ones can be destroyed.

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A survivorship policy pays out only after two people pass away.

Why does that matter? For many families, it doesn’t. They need more traditional forms of life insurance that protect income for their spouses and children.

But there are specific situations where survivorship insurance might be critical for your legacy. Read on for the advantages of survivorship insurance!

First, survivorship insurance can be an invaluable tool for estate planning.

If one spouse dies, they can pass their assets to their spouse without facing federal estate taxes.¹ Not so for wealth left to future generations! For some couples with substantial assets to pass on to children, survivorship can leave a sizable death benefit that can offset the cost of estate taxes.²

If this strategy appeals to you, reach out to an attorney and a financial professional. You’ll need their help to get your estate in order and navigate your state’s tax system.

Second, survivorship insurance can cover ailing or elderly couples.

As a rule of thumb, survivorship insurance is a good option for those who don’t qualify for term or permanent life insurance due to health or age. That’s because the rates are based on two life expectancies, potentially lowering rates and increasing your likelihood of qualifying.³ This is especially useful if the couple has children who are still dependents or will need special care.

In conclusion, survivorship insurance can be a powerful tool for specific people in specific situations. That’s why it’s best to collaborate with legal and financial professionals to make a decision that will be right for you and your family.

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It’s time to wake up and smell the coffee!

The reality is that your retirement savings might be losing value every day. It’s because of something called inflation, and it may result in your finding yourself retiring with less than you anticipated. In this blog post, we’ll discuss how inflation affects your savings and what you can do about it.

First, what is inflation?

Inflation is a measurement of how much prices are rising over time. And it’s not just that the price of gas is skyrocketing or some other commodity—inflation affects everything.

That may not necessarily be a problem for you, so long as your wages are increasing with the rate of inflation. Commodities might get more expensive, but your rising paycheck means you can still afford what you need. But if income isn’t keeping up with inflation, an upper-class income today may only afford you a middle-class income tomorrow!

But there’s another danger that inflation poses.

Let’s say you have $1 million dollars in the bank that you’ve put away for retirement. Good for you! You’ve probably already dreamed of how you’ll use that cash once you retire. A new home, a new car, worldwide travel, you name it!

But here’s the rub. Over time, the cost of those items (most likely) will steadily increase. So will the basic cost of living. By the time you retire, your $1 million has far less purchasing power than it did when you first started saving. You haven’t lost money, exactly. Your money has just lost value.

So how can you combat the slow decay caused by inflation?

Start by moving your money away from low, or no, growth places. Your Grandma may not like to hear this, but hiding money in your mattress is an easy way to torpedo its value over the long haul!

Find investments that actually grow over time and help beat inflation. Over the last 100 years or so, the average inflation rate has been 3.1%. That’s the bare minimum rate at which your investment should grow, if you’re using it for long-term wealth creation.

A licensed and qualified financial professional can help you with both of these steps. The sooner you start the process of protecting your wealth from inflation, the more you insulate yourself from the danger of waking up with less money than you’d thought!

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Reading regularly is one of the most important disciplines you can have in life.

Practically, it’s almost impossible to function in the modern world without being able to read. But there’s a far deeper benefit to regular reading. Just ask Bill Gates—he reads 50 books per year! Why? Because “You don’t really start getting old until you stop learning… Reading fuels a sense of curiosity about the world, which I think helped drive me forward in my career.”¹

That’s high praise! Let’s explore the benefits of consistent, disciplined reading.

First, reading is quite literally good for your brain.__

Studies have demonstrated that even reading fiction strengthens brain connections, reduces your risk for mental ailments like depression, and brain diseases like Alzheimer’s.² So if you want your brain to thrive, grab a book, even if it’s a light-hearted novel, and start reading!

Second, reading can improve your quality of life.

As mentioned earlier, reading can combat mental health issues like depression. But studies seem to suggest that reading fiction can also improve qualities like empathy.³ After all, novels can offer explorations of the human experience. Reading about how others feel and live, even if they’re invented, can broaden your emotional horizons and encourage you to reflect on your own feelings. It also exposes you to new information and new ideas that can enrich your perspective. It’s an introduction to a virtually limitless world of knowledge and experiences.

The takeaway?

Make a habit out of reading! There’s no shame in what you read, whether it’s a fantasy series, a Jane Austen novel, or philosophy essay! Start a book club with some friends and discuss what you read. You may be surprised by the benefits you experience.

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Why does term life insurance seem to be so common among your friends and family?

For many, it’s simply the most affordable strategy for securing life insurance. And that means it can provide critical financial protection for many different situations. Here are a few of the most common reasons families choose term life insurance.

The power of term life insurance is that it’s typical affordable. It provides a death benefit for a limited term, typically 20-30 years, which means you can often purchase more protection at a lower price than other types of policies. As long as your protection lasts while you have financial dependents, you’re covered.

But there are more pragmatic reasons why families buy term life insurance. For many, it serves as a source of income replacement. When a breadwinner passes away, the income they provide is gone. That means a family might find themselves with a serious cash flow deficiency in addition to the tragic loss. The death benefit can replace the lost income.

A family might also need to purchase life insurance when they have dependents, such as college-aged kids with high educational expenses. If a family has dependents and no life insurance, the burden of funding higher education falls on the family, who are down an income. With term coverage in place, they have the financial power to help cover those bills with confidence.

Term life insurance can also be invaluable for families with high debt obligations. Because it’s often so affordable, term life insurance may provide significant coverage without diverting financial resources away from getting out of debt. And, if the policyholder passes away before the debt is eliminated, the death benefit can also go towards finishing off loans.

Finally, term life insurance can be used to cover the costs of funeral expenses. Families who don’t have any other form of coverage for these out-of-pocket bills often need extra cash to cover the costs of burial. Term life insurance is a simple way to pay for the funeral the family needs.

In conclusion, term life insurance can be a great way to cover the costs of many big ticket items and expenses at a reasonable cost. Would that be a good fit for your family? Contact me, and we can explore what it would look like for you!

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Starting a business can be an exhilarating experience.

It may seem like the next logical step for someone who’s looking to grow and develop their career. But before you take that leap, it’s smart to consider the pros and cons involved with entrepreneurship. In this article we’ll explore five things that budding entrepreneurs should think about before starting a new business venture!

The first thing to consider? Startup cost.

Depending on your idea, take some time to research what equipment or things will be necessary for getting started. Every penny counts. For example, if you’re opening an ice cream shop— which may seem simple enough—you’ll need freezers, scoopers, a storefront, and, of course, ice cream. That’s a lot of upfront investment for a little ice cream shop!

The second thing to consider is competition.

It’s wise to research what types of businesses already exist in your space before jumping into entrepreneurship. For example, what if there are five dog parks within a couple of miles from where you live and you want to open up a sixth? This may be fine if there’s a large population of dog owners in your area. But unless you’ve got a unique idea or innovation that will blow your competition out of the water, you may want to consider another type of business or a different location to get started.

The third thing to consider is customer acquisition.

How will you reach your customers? Do you know your exact market, their needs, desires, and insecurities? What’s the strategy for getting them in and keeping their business over time, even if there are competitors nearby with similar products/services?

At first, you might be able to rely on your friends and family as your first customers. But eventually, you’ll need to develop a marketing and brand strategy to acquire and keep new customers.

The fourth consideration should be building product inventory.

If you’re producing goods, do your finances allow for significant inventory investment? What if it’s a service-based business—will customers need to wait weeks or months before they receive the first round of services from their purchase with no cash flow in between?

When you first open, stock your business with every service or product you can possibly offer. Then, track which ones seem most popular and how much they sell. Then, start building inventory accordingly. You may need to scrap the services or products that aren’t making you money.

Finally, think about compliance with legal standards.

Some industries are regulated in ways that you may not anticipate. Food and beverage businesses need to follow health codes. Construction contractors must be bonded for their work on public projects like schools. And the financial industry is heavily regulated to protect clients. Whatever your industry, make sure you understand the legal requirements you’ll be asked to meet as a business owner.

There’s more to starting a business than excitement and glamour. It’s hard work that requires careful research and diligent preparation. Tackle these considerations before you start so you can lay the foundation for your business’s future success.

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A 5 year study of hundreds of self-millionaires has revealed their paths to achieving wealth. The findings reveal key insights that anyone can adopt and apply.

Starting in 2004, Tom Corley interviewed 225 self-made millionaires. His goal was simple—discover strategies, habits, and qualities that unite the self-made wealthy.

Along the way, he discovered four distinct types of self-made millionaires.

These are more than abstract archetypes—they represent actionable strategies and attainable goals that you can imitate, starting today.

Here are the four types of self-made millionaires…

Saver-Investors

These wealth builders come from all walks of life. What they have in common is that they save, save, and save. Add a dash—or heaping spoonful—of compound interest, and their savings grow over the course of their career into lasting wealth.

Company Climbers

It’s simple—score a job at a large company, and climb the ladder until you reach a lucrative position. Then use your significant income, benefits, and bonuses to create wealth.

Virtuosos

Got a knack for an in-demand skill? Then you may have serious wealth building potential. That’s because businesses will gladly pay top dollar for specific talents. Just remember—the virtuoso path to wealth requires both extreme discipline and extensive training.

Dreamers

From starting a business to becoming a successful artist, these are the people who go all-out on their passions. It’s an extremely high-risk solution—often, it can lead to failure. But those who succeed can reap substantial rewards.

The types may seem intimidating—after all, not everyone is positioned to drop everything and become a successful entrepreneur. But anyone can apply the basic strategies of the self-made wealthy to their finances…

Income is of the essence

The more you earn, the more you can save. Whether it’s by developing your skills or starting a side business, every bit of extra income can make a crucial difference on your ability to build wealth.

Save, no matter what

Unless you’re set on starting a business, you must save. Corely’s research suggested that saving 20% of your income is the benchmark for the self-made wealthy. Do your homework, meet with a financial professional, and start putting away as much as you can each month.

Invest in your skills Your skills dictate what you can earn. Take a note from the virtuosos—get really good at something that businesses need, and reap the benefits.

What type of self-millionaire could you become?

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Maxing out your 401(k) is boilerplate financial advice.

That’s because so few Americans are on track to retire with wealth—as of 2017, workers age 55-64 had saved only $107,000 for retirement.¹

With such bleak numbers, it’s no wonder financial professionals encourage 401(k) maxing. When possible, it’s a simple strategy that can help you reach your retirement goals and avoid a post-career catastrophe.

But consider this—the 401(k) contribution maximum as of 2022 is $20,500. For a single professional making over $100,000, that’s no big deal.

But what if you earn $60,000? Or have a family? Or have medical bills?

Suddenly, $20,500 seems like a much larger pill to swallow!

The simple fact is that saving shouldn’t be your first financial priority.

Before you save, you should create an emergency fund with 3-6 months worth of expenses.

Before you save, you should secure financial protection for your income in the form of life insurance.

Before you save, you should eliminate your debt to maximize your saving power.

Even then, you may not have the financial firepower to max out your 401(k) and make ends meet. It may take a side hustle to supplement your incomes to increase your contribution ability.

A helpful rule of thumb is to at least match your employer’s contribution. It’s a simple way to get the most out of your 401(k) without overextending your finances.

And above all, consult with a financial professional. They can help evaluate your retirement goals, your cash flow, and steps you can take to make the most of your 401(k).

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What happened to the days of the $10 lawn mowing job or the $7-an-hour babysitting gig every Saturday night?

Not a penny withheld. No taxes to file. No stress about saving a million dollars for retirement. As a kid, doing household chores or helping out friends and neighbors for a little spending money is extremely different from the adult reality of giving money to both the state and federal government and/or retiring. Years ago, did those concepts feel so far away that they might as well have been camped out on Easter Island?

What happened to the carefree attitude surrounding our finances? It’s simple: we got older. As the years go by, finances can get more complicated. Knowing where your money is going and whether or not it’s working for you when it gets there is a question that’s better asked sooner rather than later.

When author of Financially Fearless Alexa von Tobel was asked what she wishes she’d known about money in her 20s, her answer was pretty interesting:

Not having a financial plan is a plan — just a really bad one! Given what I see as a general lack of personal-finance education, it can be all too easy to wing it with your money… I was lucky enough to learn this lesson while still in my 20s, so I had time to put a financial plan into place for myself.

A strategy for your money is essential, starting early is better, and talking to a financial professional is a solid way to get going. No message in a bottle sent from a more-prepared version of yourself is going to drift your way from Easter Island, chock-full of all the answers about your money. But sitting down with me is a great place to start. Contact me anytime.

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Congratulations, newlyweds!

“To have and to hold, from this day forward…”

At a time like this, there are 3 more “I dos” for you to consider:

1. Do you have life insurance?

Any discussion about life insurance is going to start with this question, so let’s get it out of the way! As invigorated as people feel after finding the love of their life…let’s face it – they’re not invincible. The benefits of life insurance include protecting against loss of income, covering funeral expenses, gaining tax advantages, and having early access to money. Many of these benefits can depend on what kind of life insurance you have. Bottom line: having life insurance is a great way to show your love for years to come – for better OR worse.

2. Do you have the right type and amount of life insurance?

Life insurance policies are not “one size fits all.” There are different types of policies with different kinds of coverage, benefits, and uses. Having the right policy with adequate coverage is the key to protecting your new spouse in the event of a traumatic event – not just loss of life. Adequate life insurance coverage can help keep you and your spouse afloat in the case of an unexpected disabling injury, or if you’re in need of long term care. Your life with your spouse isn’t going to be one size fits all, and your life insurance policy won’t be either – for richer or poorer.

3. Do you have the right beneficiaries listed on your policy?

This question is particularly important if you had an existing policy before marriage. Most newlyweds opt for listing each other as their primary beneficiary, and with good reason: listing the correct beneficiary will ensure that any insurance payout will get delivered to them – in sickness and in health.

If you couldn’t say “I do” to any or all of these questions, contact me. It would be my pleasure to assist you newlyweds – or not-so-newlyweds – with a whole NEW way to care for each other: effective life insurance coverage – ’til death do you part!

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There is a deep yet often unconsidered connection between mental health and money.

The data is clear as day. The Money and Mental Health Institute discovered that…

• 46% of people__ with debt have a diagnosed mental health condition
• 86% of people with__ mental health issues and debt say that debt exacerbates their mental health issues
• People with depression and debt are 4x more likely to still have debt after 18 months compared to their counterparts
• Those with debt are 3x more likely to contemplate suicide due to that debt¹

What these statistics don’t reveal, however, is what comes first. Do mental health issues spark financial woes? Or do financial woes spark mental health issues?

The answer, of course, is yes.

The connection between mental health and money can’t be reduced to simple causation. Instead, it’s a spiral where both factors can feed off of each other.

Consider the following pattern…

• A financial crisis ramps up stress levels.
• Ramped up stress levels activate negative self-talk.
• Negative self-talk sparks unhealthy coping mechanisms.
• Unhealthy coping mechanisms wreak havoc on the financial situation. And repeat.

This is an example of a financial crisis sparking mental health issues. But notice that a financial crisis isn’t the only situation that can cause the cycle. For instance…

• An unhealthy relationship ramps up stress levels.
• Ramped up stress levels activate negative self-talk.
• Negative self-talk sparks unhealthy coping mechanisms.
• Unhealthy coping mechanisms wreak havoc on the financial situation. And repeat.

In short, there’s a two-way relationship between mental health and money. If you’re seeking to start building wealth and changing your life, you must address both. Practically speaking, that means steps like…

• Reducing financial stress by building an emergency fund
• Increasing financial flexibility by reducing debt
• Unlearning toxic self-talk habits that spark anxiety and depression
• Developing healthy coping skills to alleviate stress

These can be daunting steps if you’re going it alone. That’s why it’s always best to seek the help of both mental health and financial professionals. They’ll have the insights and strategies you need to blaze a different path for your future.

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Homeowners insurance should bring peace of mind.

The right policy is there to help protect you if something happens to your home. Since a home may be the most significant investment many of us make in our lives, the proper homeowners insurance should be a major consideration.

Getting the right homeowners insurance is essential, but doesn’t have to be difficult. Still, how do you know if you’re selecting the right type of insurance policy for your house? Read on for answers to some common questions you might have.

What is the purpose of a homeowners insurance policy?

A homeowners insurance policy is a contract by which an insurance company agrees to pay for repairs or to replace your home or property if it is involved in a covered loss, such as a fire. A home insurance policy may also offer you liability protection in case someone is injured on your property and files a lawsuit.

Do I have to have homeowners insurance?

Your mortgage company will probably require a homeowners insurance policy. A lender wants to make sure their investment is protected should a catastrophe strike. The mortgage company would need you to insure your home for the cost to replace it if it were to be destroyed in a covered accident.

How do I know how much insurance to buy for my home?

The limit – or amount of insurance you place on your home – is determined by several factors. The construction of your home is typically going to be the largest determinant of the cost to replace it. So consider what your home is made of. Construction types include concrete block, masonry, and wood frame. Also, consider the size of your home.

Personal property is another consideration when determining how much insurance to purchase for your home. A typical homeowners insurance policy usually offers a personal property limit equal to half the replacement cost of your home. So if your home is insured for $100,000, your policy may automatically assign a personal property limit of $50,000.

What is the best deductible for a homeowners insurance policy?

When it comes to deductibles, consider selecting one that you can easily and quickly come up with out of pocket, just in case. Homeowners insurance policy deductibles may range from $500 to $10,000. Some policies offer percentage deductibles for certain damages, such as windstorm damage. For example, a coastal resident may have a windstorm deductible of two percent of the dwelling limit and a $1,000 deductible for all other perils.

There may be some cost savings features when you select a higher deductible on your homeowners insurance. Talk with a licensed insurance professional about your deductible options and premium savings.

Know the policy exclusions

All homeowners insurance policies typically contain exclusions for accidents and damages they don’t cover. For example, your policy likely does not cover damage to your home caused by an ongoing maintenance problem. Also, most homeowners insurance policies don’t automatically cover losses resulting from a flood.

Exclusions are important because they drive coverage. Talk to your insurance professional about your policy’s exclusions.

Know the basics and talk to a professional

As far as homeowners insurance policies are concerned, it’s crucial for homeowners to know the basics – limits, coverages, deductibles, and special exclusions. If you have specific concerns about your homeowners insurance, seek guidance from a licensed insurance professional.

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Have you read an article about emotional intelligence and leadership recently? There’s a strong chance it’s misleading you.

That’s because there’s been serious confusion about how emotional intelligence works, especially among business leaders.

Often, there’s an unstated assumption that emotional intelligence measures the grasp you have on how others feel.

It’s become common to see emotional speeches, sincere apologies, and leadership styles all bathed with the label “Emotionally Intelligent” since they all employ basic human emotions to be effective.

But there’s one problem—having high emotional intelligence is a far more nuanced state of awareness than merely understanding how emotions work.

Daniel Goleman, the guy who literally wrote the book on emotional intelligence, gives emotional intelligence four dimensions:

1. Self-awareness
2. Self-management
3. Social awareness
4. Relationship management

But, as Goleman explains here, those qualities require empathy to cohere. In fact, sans empathy, they can become toxic.

It’s easy to see why, when you think about it.

How do you categorize a leader who’s aware of how others feel, but exploits those emotions to their own ends?

At best, they’re skilled at what the ancient Greeks called Rhetoric, the art of persuasion.

At worst, they’re garden variety psychopaths…

Here are two takeaways for you:

1. Beware headlines that peddle examples of emotional intelligence. Plenty of publications will try to get your click with articles about emotional intelligence in action. Maybe they’re worthwhile. But maybe they’re using a buzzword to grab your attention.

2. Develop your empathy along with your charisma. Without empathy, you’ll find yourself manipulating others with little concern for their wellbeing. Not only is it wrong, but it can have disastrous outcomes over the long haul.

And here’s a bonus takeaway, just because I care (see the rhetoric at work?)…

Just because someone speaks to your emotions doesn’t mean they care about you.

In fact, those emotional appeals can be indicators that a bad actor is exploiting you.

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“I’ll start saving when I turn 30.”

“I’m too old to save.”

“I’m in too much debt to save.”

“Why do I need to save? I don’t have any debt!”

You may have heard your friends and loved ones say things like this before. You may have even said them yourself!

It doesn’t take much sleuthing to recognize these statements for what they are—excuses. And excuses always suck.

But the fact that people feel compelled to make excuses reveals the truth…

People are afraid of saving.

In one sense, it’s easy to see why. Everyone knows saving is critical. But no one knows the “right way” to go about it. And that ignorance makes building wealth seem mysterious, or even dangerous.

An excuse serves as a justification for avoiding that great unknown. It makes not saving feel like the safer option… for now.

But never saving can have disastrous consequences like…

• Running out of money in retirement
• Struggling to cover medical emergencies
• Constant stress about affording the basics

The choice is simple…

Risk a financial disaster.

OR

Face your fears and start saving.

Here’s the good news—you don’t have to face that fear alone.

Having mentors and companions to aid you on your journey can mean the difference between success and financial shipwreck.

In fact, that’s what I’m here for—to offer insight, tips, and support as you start building wealth and financial security for your family.

So if you’re ready to face your fears and to start saving, let’s chat! We can review your situation, and what it would look like to overcome your financial obstacles.

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