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The Truth About Money And Happiness

The Truth About Money And Happiness

“Money can buy you happiness.”

Well, not exactly. But money CAN help remove stressors that impact your happiness.

A new study by Penn State University revealed that happiness increases with income. On the surface, that may appear obvious.

But in fact, people who equated their self-worth with money were LESS satisfied with their lives.

So it’s not the money itself that brings happiness.

Instead, money can provide security and freedom. It helps eliminate the fear of going without, and opens up choices for how to live your life.

Think of it as a foundation for investing in the things that matter most, like…

- Your relationships - Your career - Your life mission

If you only take one thing away from this article, let it be this…

Money itself isn’t the goal. It’s a tool to help you achieve your goals.

So keep your eyes on what matters most, like your family and mission. Then, take an inventory of ways money can help you safeguard and pursue the things you value. That’s how money can help you “buy” happiness.


Wealth and Relationships

Wealth and Relationships

Do you want wealth? Do you want happiness?

Having one doesn’t mean you’ll necessarily have the other. But if you want to have both, there’s strong evidence that healthy relationships can be a key investment in your earning potential AND happiness.

A Harvard study followed 100 graduates through their adult lives. The results were profound—those with strong relationships earned far more than their peers.2 In fact, there was a deeper connection between love and income than intelligence and income.

The takeaway? One of the greatest investments you can make is in the people around you. Screening out negative influences and creating warm, loving relationships can profoundly transform your potential. Don’t ignore what matters most in the name of your career or success.

That’s easier said than done. Few are ever taught what it takes to build healthy relationships, how to identify negativity in friends, or what toxic people look like.

Everyone’s situation and knowledge level is different. But for most, it’s wise to seek out a mentor. Who is someone you know who’s built happy, prosperous relationships with their family and friends? Talk to that person! Study how they see the world, how they process information, and handle conflict. It might just change your perspective and the course of your life.

¹ “What is the secret to a long and happy life? Not money, but relationships,” Claire Badenhorst, Biznews, Jun 22, 2021, https://www.biznews.com/sponsored/2021/06/22/happy-life-relationships


Bad Financial Habits and How to Overcome Them

Bad Financial Habits and How to Overcome Them

Read on if you ever find yourself struggling to stay afloat financially.

Do you ever feel like no matter how much money you make, it never seems like enough? You’re not alone. A recent survey found that more than half of middle-income families didn’t have three months of expenses saved.¹ Debt and spending can be out of control for many reasons—the economy, our upbringing, or even because we’re hardwired to want more. This article explores three bad habits that may be hurting your financial situation. You might be surprised by what they are!

Treating credit cards like free money. When you’re tempted to buy something and don’t have the cash, it’s easy to just use credit. But instant gratification can have serious consequences. Little by little, you may find yourself racking up more and more debt. Paying your monthly credit card bill can start requiring all of your cash flow… and maybe more. Yikes.

The solution? Limit your credit card usage as much as possible. Make a habit of only using your credit card for certain low-dollar items, like gas. If you can’t buy your impulse purchase in cash, go home!

Trying to buy happiness. It’s tempting to think that you’re going to be happy if you buy one thing or another. But what happens when the newness wears off? Suddenly, you have a closet full of clothes and shoes that really aren’t making you any happier! The same is true of houses, cars, gadgets, anything you can think of. Buying things to keep up appearances or just because you think they’ll make you fulfilled is a recipe for overspending on things that, ultimately, don’t matter.

The key is to find happiness beyond your material possessions. That’s no small task, and there’s no set road map for it. But it’s absolutely critical to find a source of meaning that isn’t tied to stuff and things. You could be happier—and more financially stable—for it.

Ignoring your financial situation. Let’s face it—finances can be scary! Overwhelming debt, paying for college, and feeling out of your depth are uncomfortable emotions. And ignoring and denying uncomfortable feelings is often a first line of defense.

But it’s a dangerous game. Ignoring what the numbers tell you can lead you deeper and deeper into financial instability. You could be setting up a much harder path for yourself in the future than if you tackled your financial situation now.

Tackling your financial fears isn’t always easy. It might require serious soul searching. Just know these three things…

Acknowledging the problem is the first step. Once you can admit that your finances need help, you’re ready to start making positive changes.

Seeking help is always wise. Whether it’s a friend, spouse, qualified counselor, or financial professional, enlisting help can give you the courage you need to face your fears.

You can do this! It might not feel like it, but you have what it takes to confront this challenge… and win! Don’t lose hope, and start moving forward.

Managing your money wisely requires more than knowing different techniques and strategies. It takes maturity. The more you invest in making improvements to your life overall, the better emotionally equipped you’ll be to navigate the world of personal finances.

¹ “A year after COVID, personal finances are not so grim for millions of Americans,” Jessica Menton, USA TODAY, Apr 9, 2021, https://www.usatoday.com/in-depth/money/2021/04/09/irs-stimulus-check-2021-third-covid-payment-unemployment-benefits/7015277002/


Is There a Better Way to Find Happiness?

Is There a Better Way to Find Happiness?

The results are in—experiences bring greater satisfaction than possessions.

A recent set of studies demonstrated that enjoying experiences created more anticipation, in-the-moment excitement, and longer-term satisfaction than purchasing items.¹ The results held true regardless of how much money was spent.

Why? Because an experience creates memories that last a lifetime. Possessions, however, can quickly become boring.

What does that mean for your budget?

Try shifting your discretionary spending from items to experiences for a month. Instead of spending your weekend at the mall, take your family on a day trip. Cut back on visiting designer stores and opt to walk through the park with a friend. Spend your time online planning exciting vacations instead of scrolling through store websites.

Then, take stock of how you feel. Has your quality of life–and cash flow–improved? Let me know how this simple shift makes a difference for your family and your budget!

¹ “Spending on experiences rather than things is associated with greater immediate happiness, study finds,” Susan Perry, MinnPost, Mar 12, 2020, https://www.minnpost.com/second-opinion/2020/03/spending-on-experiences-rather-than-things-is-associated-with-greater-immediate-happiness-study-finds/#:~:text=coverage%3B%20learn%20why.-,Spending%20on%20experiences%20rather%20than%20things%20is,greater%20immediate%20happiness%2C%20study%20finds&text=Plenty%20of%20recent%20research%20has,such%20as%20clothing%20and%20gadgets


Are You Going for ‘Normal’ Spending?

Are You Going for ‘Normal’ Spending?

What’s your definition of ‘normal’ spending?

For example, how much would you spend on a meal at a restaurant before it moves into lifestyles-of-the-rich-and-famous territory? $100? $50? $20? To some, enjoying a daily made-to-order burrito might be par for the course, but to others, spending $10 every day on a tortilla, a scoop of chicken, and a dollop of guacamole might seem extravagant. Chances are, there may be some areas where you’re more in line with the average person and some areas where you’re atypical – but don’t let that worry you!

In case you were wondering, the top 3 things that Americans spend their money on in a year are housing ($20,091), transportation ($9,761), and food ($7,923).¹

Those top 3 expenses might very well be about the same as your top 3, but everything else after that is a mixed bag. Your lifestyle and the unique things that make you, well you, greatly influence where you spend your money and how you should budget.

For example, let’s say the average expenditure on a pet is $600 annually, but that may lump in hamsters, guinea pigs, all the way to Siberian Huskies. As you can imagine, each could come with a very different yearly cost associated with keeping that type of pet healthy. So although the average might be $600, your actual cost could be well above $3,000 for the husky! That definitely wouldn’t be seen as ‘normal’ by any means. And that’s okay!

What are we getting at here? It’s perfectly fine to be ‘abnormal’ in some areas of your spending. You don’t need to make your budget look exactly like other people’s budgets. What matters to them might not be the same as what matters to you.

So go ahead and buy that organic, gluten-free, grass-fed kibble for Fido – he deserves it (if he didn’t pee on the carpet while you were away, that is)! If Fido’s happiness makes you happy, then more power to you. Just make sure that at the end of the day, Fido’s food bill won’t bust your budget.


¹ “American Spending Habits in 2020,” Lexington Law, Jan 6, 2020, https://www.lexingtonlaw.com/blog/credit-cards/american-spending-habits.html


So You’ve Graduated...Now What?

So You’ve Graduated...Now What?

Graduating from college is a big deal.

It represents a transition from student to adult for millions of people. But leaving university and joining the workforce can be intimidating. Looking for a job, paying bills, commuting, and living independently are often uncharted territory for recent grads.

Here are a few tips for fresh graduates trying to get on their feet financially.

Figure out what you want <br> It’s one thing to leave college with an idea of what career you want to pursue. It’s something else entirely to ask yourself what kind of life you want. It’s one of those big issues that can be difficult even to wrap your head around!

However, it’s something that’s important to grapple with. It will help you answer questions like “What kind of lifestyle do I want to live” and “how much will it cost to do the things I want?” You might even find that you don’t really need some of the things that you thought were necessities, and that happiness comes from places you might not have expected.

Come up with a budget <br> Let’s say you’ve got a ballpark idea of your financial and lifestyle goals. It’s time to come up with a strategy. There are plenty of resources on starting a budget on this blog and the internet on the whole, but the barebones of budgeting are pretty simple. First, figure out how much you make, how much you have to spend, how much you actually spend, then subtract your total spending from how much you make. Get a positive number? Awesome! Use that leftover cash to start saving for retirement (it’s never too early!) or build up an emergency fund. Negative number? Look for places in your unnecessary spending to cut back and maybe consider a side hustle to make more money.

Looking at your spending habits can be difficult. But owning up to mistakes you might be making and coming up with a solid strategy can be far easier than the agony that spending blindly may bring. That’s why starting a budget is a post-graduation must!

Meet with a financial professional <br> Find a qualified and licensed financial professional and schedule an appointment. Don’t let the idea of meeting with a professional intimidate you. Afterall, you trust your health, car, and legal representation to properly trained experts. Why wouldn’t you do the same with your financial future?

Being scared of starting a new chapter of life is natural. There are a lot of new experiences and unknowns to deal with that come along with leaving the familiarity of college. But the best way to overcome fear is to face it head on. These tips are a great way to start taking control of your future!

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Tips on Managing Money for Couples

Tips on Managing Money for Couples

Couplehood can be a wonderful blessing, but – as you may know – it can have its challenges, too.

In fact, money matters are the leading cause of arguments in modern relationships.* The age-old adage that love trumps wealth may be true, but if money is tight or if a couple isn’t meeting their financial goals, there could be some unpleasant conversations (er, arguments) on the bumpy road to bliss with your partner or spouse.

These tips may help make the road to happiness a little easier.

1. Set a goal for debt-free living.
Certain types of debt can be difficult to avoid, such as mortgages or car payments, but other types of debt, like credit cards in particular, can grow like the proverbial snowball rolling down a hill. Credit card debt often comes about because of overspending or because insufficient savings forced the use of credit for an unexpected situation. Either way, you’ll have to get to the root of the cause or the snowball might get bigger. Starting an emergency fund or reigning in unnecessary spending – or both – can help get credit card balances under control so you can get them paid off.

2. Talk about money matters.
Having a conversation with your partner about money is probably not at the top of your list of fun-things-I-look-forward-to. This might cause many couples to put it off until the “right time”. If something is less than ideal in the way your finances are structured, not talking about it won’t make the problem go away. Instead, frustrations over money can fester, possibly turning a small issue into a larger problem. Discussing your thoughts and concerns about money with your partner regularly (and respectfully) is key to reaching an understanding of each other’s goals and priorities, and then melding them together for your goals as a couple.

3. Consider separate accounts with one joint account.
As a couple, most of your financial obligations will be faced together, including housing costs, monthly utilities and food expenses, and often auto expenses. In most households, these items ideally should be paid out of a joint account. But let’s face it, it’s no fun to have to ask permission or worry about what your partner thinks every time you buy a specialty coffee or want that new pair of shoes you’ve been eyeing. In addition to your main joint account, having separate accounts for each of you may help you maintain some independence and autonomy in regard to personal spending.

With these tips in mind, here’s to a little less stress so you can put your attention on other “couplehood” concerns… Like where you two are heading for dinner tonight – the usual hangout (which is always good), or that brand new place that just opened downtown? (Hint: This is a little bit of a trick question. The answer is – whichever place fits into the budget that you two have already decided on, together!)


Source:
Huckabee, Tyler. “Why Do People In Relationships Fight About Money So Much?” Relevant, 1.3.2018, https://bit.ly/2xiflG9.

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Breast Cancer Awareness Month: Reduce Your Risk Today

Breast Cancer Awareness Month: Reduce Your Risk Today

All of the info on this blog about reducing your financial risks – tailoring life insurance coverage, managing cashflow, preparing for retirement – is here for you for one reason: your financial wellness is one of the most important things you can have and maintain.

But solid financial “health” is harder to enjoy if your physical health is suffering. It’s like being all dressed up with no place to go!

In fact, 37% of US citizens surveyed said that their physical health was most essential to their financial future – even more essential than happiness (19%), security (19%), peace of mind (16%), and independence (9%).

Research in Canada has uncovered that people who are financially unwell are less likely to engage in physically healthy activities. Only 51% of the financially unwell claimed to be in good health. And to top it off, 60% of the financially unprepared delayed or even avoided medical help completely. But avoiding the doctor when you’re sick is never a good idea.

Many illnesses are easier to treat when they’re caught early – and this month is dedicated to spreading awareness about the most frequently diagnosed cancer in women around the world: breast cancer.

Somewhere in the world, a woman dies from breast cancer – Every. Single. Minute. That adds up to more than 1,400 women per day. And illnesses like cancer do not discriminate: While it’s rare, breast cancer does occur in men, too.

You can’t control all of your risk factors for breast cancer, but there are a few things you can do to reduce your risk:

  • Maintain a healthy weight
  • Exercise at least 4 hours a week
  • Get enough sleep
  • Avoid or limit alcohol to 1 drink per day
  • Limit exposure to carcinogens or chemicals known to cause cancer

Any of these can be started today! And don’t forget: Talking with your doctor about your personal risk factors as well can make a world of difference for you and your loved ones.


Sources:
Transamerica: “New Transamerica Survey Shows Investors Identify Health as Key Component to Their Financial Planning and Security.” 10.6.2016
Manulife: “How your employees’ financial wellness affects your business.” 2016
The Susan G. Komen Breast Cancer Foundation: “Breast Cancer Fact Sheet.” 2.2017
CDC: “What Can I Do to Reduce My Risk of Breast Cancer?” 9.27.2017

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