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Are You Prepared For a Recession?

Are You Prepared For a Recession?

The purpose of this article isn’t to speculate whether or not a recession is on the horizon. It’s to make sure you’re ready if it is.

Some downturns can be seen from a mile away. Others, like the Great Recession and the Coronavirus lockdowns, are black swan events—they catch even the experts off guard.

But they don’t have to find YOU unprepared.

Here’s a quick checklist to help you assess your recession readiness.

Your emergency fund is fully stocked.

Without well-stocked emergency savings, losing your job could spell disaster for your finances—you’d be forced to rely on credit to cover even basic expenses. When you re-enter the workforce, a huge chunk of your income would go straight towards paying down debt instead of building wealth.

That’s why it’s critical to save three to six months of income asap. It may be the cushion you need to soften the blow of unemployment, should it come your way.

You’ve diversified your income.

Recessions don’t discriminate. They affect everyone from the poorest to the wealthiest. But one group weathers downturns better than most—those with multiple streams of income.

If you have more than one source of income, you’re less likely to feel the full brunt of a recession. If one stream dries up, ideally you would have others to fall back on.

What does that look like? For many, it means a side hustle. Some create products like books, online guides, etc., or they might do something like acquire rental properties. These types of businesses typically only require a one-time effort to produce or purchase but will yield recurring income.

If you’re ambitious, you could create a business to generate income that far exceeds your personal labor. It’s not for the faint of heart. But with the right strategy and mentorship, it could lend your finances an extra layer of protection.

You’ve diversified your savings.

Just as you diversify your income streams, you should also diversify your savings. That way, if one account loses value, you have others to fall back on.

What could that look like? That depends on your situation. It’s why talking to a licensed and qualified financial professional is a must—they can help tailor your strategy to meet your specific goals.

You’re positioned to make bold moves.

The wealthy have long known that recessions can be opportunities. With the right strategy, you may actually come out ahead financially.

But in order to take advantage of those opportunities, you need to have cash on hand. That way, when others are forced to sell at a discount, you can scoop up assets at a fraction of their true value.

So if you want to be in a position to take advantage of a downturn, make sure you have ample cash on hand. That way, when an opportunity comes knocking, you’ll be ready to answer.

No one can predict the future. But by following these tips, you can prepare your finances for whatever the economy throws your way.


Tips For Handling Criticism

Tips For Handling Criticism

Receiving criticism is rarely fun.

Having flaws in your work pointed out to you can be a stressful experience and seriously affect your mood and self-image. Even criticizing someone else’s performance may make you feel uncomfortable and self-conscious.

But criticism is incredibly important. When done correctly, it can empower us to improve our weaknesses and maximize our strengths. But first, we have to learn how to receive criticism well and not let our egos get in the way. Here are a few ideas!

Pause and reframe.

It’s easy to react poorly even to the best intentioned criticism. There’s an emotional leap we make where something simple like “I think this could be said better” gets interpreted as “you’re dumb and made a dumb decision and will always be dumb.” But that’s often our own emotions or insecurities talking and unnecessarily connecting dots. Next time you’re facing criticism, try taking a deep breath and pausing before you respond or react. You can also take that pause to reframe the situation in your mind. Is this really your boss seeking to degrade and destroy you or is this an opportunity to learn and improve?

Know your value.

One of the key factors in how you handle criticism is how you value yourself. Even gentle advice can deeply hurt someone who has a low estimation of their worth. To them, it may seem to confirm their suspicion that they’re really not that useful and that they should probably just give up. The same goes for people who are dependent on praise and approval. Criticism can make them feel like they have to perform like a superhuman to earn the approval of the person criticizing. Until they do that, they’ll be a nervous wreck!

The key to overcoming these barriers is to understand that you have value in and of yourself. Part of that worth comes from your accomplishments and skills, but some of it comes down to your mindset. What do you tell yourself about yourself? Have you really studied the art of self-confidence? Start developing the skills it takes to know your own worth and watch as your attitude towards feedback changes!

Consider the source.

It’s also worth remembering that not all criticism is created equal. There’s some feedback that might not be worth taking seriously whatsoever. Your nagging grandmother, your impossible to please friend, and your nitpicking coworker are probably not the best places to turn for useful critiques and advice. But bosses, experts, and mentors? That’s where you need to put aside your pride, remember that you still have value, and actually listen.

You might be surprised how these simple steps can transform your perspective on criticism. Suddenly, the advice and critiques of others seem less like threats and more like opportunities. There’s so much wisdom walking around in your peers and mentors. Learning how to handle criticism like a pro opens up access to a whole new world of experience and ideas that just might change your life!


Improve Your Creativity

Improve Your Creativity

There are some aspects of creativity that you just can’t fake.

Some people seem to be born with an eye for the new and the unexpected and the exciting. There’s nothing wrong with conventional thinking; you probably don’t want a doctor or nurse known for an avant-garde attitude! But there are times when we’re confronted by problems without obvious solutions. We have to think outside the box to overcome and make progress. Fortunately, there are some steps you can take to approach life more creatively. You might not become a Van Gogh, but these tips might come in handy the next time you encounter a roadblock.

Talk to the experts to expand your horizons.

Experts can be a touch boring, especially when they keep lording their knowledge over you at dinner parties. But they can also be a huge source of inspiration, if you know how to talk to them! Instead of zoning out or looking for a way to interject your own opinion, start listening for opportunities to ask questions. Look for things you don’t understand about what they’re saying or an idea that strikes you as interesting and ask them about it. And when they’re done explaining it, try repeating it back in your own words. You might be surprised by the connections that your brain starts to make. Plus, the person you’re talking to will feel valued and appreciated!

Get bored.

Boredom births creativity.¹ It’s counterintuitive, but it makes sense when you think about it. Your brain likes to be busy. Watching paint dry or reading the phonebook is so dull that (if you actually did those activities) you’d spontaneously start exploring new ideas just to pass the time. Your brain is never less inhibited or less constrained than when you’re performing a mundane task. Clear out some time in your schedule for a boring activity. Maybe (safely!) try voice recording your ideas in the car on your commute to and from work. You might find a long shower is the perfect time to brainstorm and think through problems. Get creative and do something monotonous!

Pick up a creative hobby.

If your schedule is already full and you’re constantly on the move, picking up a hobby might seem kind of pointless. But a hobby can teach you important lessons about creativity that you can’t learn anywhere else. You might learn that performing a beautiful song is composed of dozens of little micro-movements and components that all take time to learn and master. You might learn that painting a stunning landscape starts with a single brushstroke. And you might learn that out-foxing your opponent in chess comes down to your burgeoning ability to imagine a dozen possible outcomes and responding well when things don’t go your way. Clear out some time, talk to an expert, and start creating something just for fun!

Start with the craziest idea first.

Convention is the biggest enemy of creativity. We’ve all had ideas that we’re afraid to share or voice because we think people will think we’re stupid. But being creative is all about seeing potential where no one else can. And that by default means some folks are going to shoot you looks. Overcome all of that by expressing your wildest ideas first. Come out of the gate with a barn burner. Listen to serious feedback and criticisms, but don’t be afraid to voice your ideas. You might just stumble on something brilliant!

These tips may not transform you into a generation-defining sculptor or wordsmith*. But they might just spark the creative edge you need to see problems in a new light and find opportunities where others see danger. So make some time, start some conversations, pick up some hobbies, and start dreaming!

*Please let me know if this article does happen to make you into a generation defining artist of any kind!


¹ “How boredom can make you more productive and creative,” Ivana Fisic, Clockify, Jun 22, 2022 https://clockify.me/blog/managing-time/boredom-can-make-you-more-productive-and-creative/


Too Much of a Good Thing

Too Much of a Good Thing

Diversification is a key strategy for anyone who’s serious about building wealth.

That’s because no single source of income or wealth is perfect. They’re all subject to ups and downs, highs and lows.

Think of it like going to the golf range and handing the caddie an armful of drivers. You’ll make powerful drives every time, but what happens when it’s time to putt? Even worse, how will you escape bunkers?

It’s a classic case of too much of a good thing. If you’re a serious player and plan to play for the long run, your golf bag needs a variety of clubs—a few different irons, wedges, and putters—to handle whatever challenges you’ll face during the game.

The same is true of building wealth.

You need…

  • Different accounts that each leverage the power of compound interest.
  • Income streams besides your main job.
  • Savings that feature at least some protection against loss.

It’s not a silver bullet. But diversification can offer a layer of protection against the ups and downs of the economy. It can also provide you with supplemental income during lean times.

So how can you start diversifying today? Here are two ideas…

Start a side hustle. This simple strategy can diversify your income sources. Regardless of what’s happening at your 9-to-5 job, you can count on your side hustle to help generate cash flow.

Meet with a financial professional. A licensed and qualified financial professional can help you implement diversification in your savings. This could make a huge difference in protecting your wealth from the ups and downs of a changing economy.

Contact me if you want to discover what this strategy would look like for you. We can review what you’ve saved thus far and check your opportunities for diversification.


What You See Is What You Get: The Power Of Visualization

What You See Is What You Get: The Power Of Visualization

Imagination is underrated.

We live in a world of dollars and cents, ones and zeros, and cold, hard facts. Dreams and hopes are great, but results will always be our number one priority.

But what if your imagination mattered?

What if your mind’s eye actually held the key to success? There’s strong evidence that actually visualizing certain outcomes can reduce stress and empower you to achieve your goals and dreams. It might sound like voodoo, but it’s actually not! Here’s how it works.

Mind and Muscle

Your brain is connected to your body. Your brain registers things that happen to your arms and legs and ears and lets you know if they’re good or bad. A soft blanket? Good! Stubbing your toe? Bad!

But the connection between your brain and body goes both ways. Imagining an action in your mind can actually improve your performance in real life. There’s plenty of anecdotal evidence for this; legends like Arnold Schwarzenegger and Muhammad Ali.¹ ² But there’s also research to back it up. People who imagined exercising certain muscles gained almost as much strength as people who physically exercised!³

Visualization can also reduce stress. Studies have found that novice surgeons and police officers who receive imagery training feel less stress and have less objective stress.⁴

Some visualization tips

Imagining yourself on a generic island paradise in 15 years is just daydreaming. The key to effective visualization is specificity. Be as precise as possible. Break down how you’ll achieve your goal or throw that game-winning pass into as many tiny movements as possible, and imagine how you’ll execute each one. Incorporate your senses; what will you smell and hear when you finally achieve that goal?

Verbal affirmations can also help with this visualization process. Take a page from Muhammad Ali, and tell yourself that you’re the greatest every morning before you get breakfast! Even better, say your goal out loud before you go to bed or eat lunch. Writing up a mission statement that you read daily or making a vision board of images that inspire you are also ways to boost your visualization!

Just remember that one of the key strengths of visualization is that you can do it anywhere. Develop your goals, make them as specific as possible, and then start imagining!


¹ “The Power Of Visualization And How To Use It,” Lidija Globokar, Forbes, Mar 5, 2020, https://www.forbes.com/sites/lidijaglobokar/2020/03/05/the-power-of-visualization-and-how-to-use-it/

² “Seeing Is Believing: The Power of Visualization,” A.J. Adams MAPP, Psychology Today, Dec 3, 2009, https://www.psychologytoday.com/us/blog/flourish/200912/seeing-is-believing-the-power-visualization

³ “Seeing Is Believing: The Power of Visualization,” Adams MAPP, Psychology Today

⁴ “The Power Of Visualization And How To Use It,” Globokar, Forbes,


What's Up With Online Banks?

What's Up With Online Banks?

Online banking is pretty normal these days.

Most major banks have apps or websites that allow you to transfer funds and manage your account without ever going into a branch. But what about the new generation of online-only banks that seem to be popping up? Can you be a reliable bank without brick and mortar locations? Let’s explore the world of online banks and some pros and cons.

How do online banks work?

Online banks and physical banks have a lot in common. They’re both places that store and protect your money. They both loan out your money for a profit. So what’s the big difference?

For one thing, banks with brick and mortar locations have high overhead. They may pay rent on properties, maintain buildings, hire managers to operate locations, and pay tellers to serve customers. Online banks typically have drastically lower upkeep costs. Sure, you need to pay developers to keep the system running smoothly and securely, but it’s generally much lower compared to the costs of maintaining physical locations.

Pros

So what do those differences mean for you, the consumer? Banks with physical locations will pass on their location upkeep expenses to you, the customer. That means they’re more likely to charge you for opening an account, give you as little interest as possible, and crank up rates on loans for houses and cars.

Online banks aren’t weighed down by those physical locations. They have fewer expenses and don’t have to charge you as much to make ends meet.¹ That means you might get significantly higher interest rates on your savings accounts. They also tend to lean less on fees than traditional banks.²

Cons

But there are some drawbacks to using an online bank. You might find withdrawing cash without paying ATM fees more difficult than before.³ Depositing cash might also take some more leg work and research.⁴ Customer service can’t be handled in person so problems must be solved via phone or online chat. Plus, safety deposit boxes are harder to come by with an online bank. In short, many of the old school conveniences just aren’t provided by the new generation of online banks.

It’s important to weigh the pros and cons before pulling the trigger and opening an account with an online bank. Trying to make more with your savings account? You may want to investigate banking online. But if you’re on a strict cash diet to avoid excessive spending, a traditional bank might have some classic services that will come in handy. Talk with a licensed financial professional before you make the decision.

¹ “What Is Online Banking? Definition, Pros and Cons,” Amber Murakami-Fester, Nerdwallet, Mar 25, 2021, https://www.nerdwallet.com/article/banking/pros-cons-online-only-banking

² “What Is Online Banking? Definition, Pros and Cons,” Murakami-Fester, Nerdwallet.

³ “What Is Online Banking? Definition, Pros and Cons,” Murakami-Fester, Nerdwallet.

⁴ “What Is Online Banking? Definition, Pros and Cons,” Murakami-Fester, Nerdwallet.


Passive Income Requires Work

Passive Income Requires Work

“I want passive income!”, said the community of struggling entrepreneurs (and retirees).

“But what exactly is passive income?” they asked. A simple Google search revealed thousands of articles with a common theme—passive income is money you make while you sleep!

But is passive income really possible, or does it just live in the dreams of people looking for a way to make money without working?

To answer that question, let’s look at what passive income is (and isn’t). Then you can see if it will work for you!

Passive income, generally speaking, is a product or service that requires an upfront investment of time, effort, or wealth to create.

Examples include…

- Rental properties that require wealth to purchase, and are cared for by a property manager while creating rental income - Books, music, and courses that required time and creativity to create and now generate income without regular upkeep - Investing wealth in a business as a silent partner and taking a slice of their revenue

Can those income sources generate cash flow while you sleep? Of course! But notice that all of those opportunities require either work or resources that can only be acquired by work.

Does that mean you shouldn’t prioritize passive income sources? No! They can sometimes provide the financial stability you need.

Just don’t expect a passive income stream to effortlessly appear in your lap.

Remember, there is no such thing as free money. All wealth building opportunities require time, effort, and energy to reach their full potential.

If you want to learn more about creating passive income sources, contact me. We can review your talents, your situation, and your dreams to determine smart strategies for developing passive income.


Common Sources of Retirement Income

Common Sources of Retirement Income

Does retirement income sound like an oxymoron? It’s understandable—most people’s only source of income is their job.

But by definition, your job ceases to become your source of income once you retire.

Instead, you’ll need to tap into new forms of cash flow that, most likely, will need to be prepared beforehand.

Here are the most common sources of retirement income. Take note, because they could be critical to your retirement strategy.

Social Security. It’s simple—you pay into social security via your taxes, and you’re entitled to a monthly check from Uncle Sam once you retire. It’s no wonder why it’s the most commonly utilized source of retirement income.

Just know that social security alone may not afford you the retirement lifestyle you desire—the average monthly payment is only $1,543.¹ Fortunately, it’s far from your only option.

Retirement Saving Accounts. These types of accounts might be via your employer or you might have one independently. They are also popular options because they can benefit from the power of compound interest. The assumption is that when you retire, you’ll have grown enough wealth to live on for the rest of your life.

But they aren’t retirement silver bullets. They often are exposed to risk, meaning you can lose money as well as earn it. They also might be subject to different tax scenarios that aren’t necessarily favorable.

If you have a retirement savings account of any kind, meet with a licensed and qualified financial professional. They can evaluate how it fits into your overarching financial strategy.

Businesses and Real Estate. Although they are riskier and more complex, these assets can also be powerful retirement tools.

If you own a business or real estate, it’s possible that they can sustain the income generated by their revenue and rents, respectively, through retirement. Best of all, they may only require minimal upkeep on your part!

Again, starting a business and buying properties for income carry considerable risks. It’s wise to consult with a financial professional and find experienced mentorship before relying on them for retirement cash flow.

Part-time work. Like it or not, some people will have to find opportunities to sustain their lifestyle through retirement. It’s not an ideal solution, but it may be necessary, depending on your financial situation.

You may even discover that post-retirement work becomes an opportunity to pursue other hobbies, passions, or interests. Retirement can be about altering the way you live, not just having less to do.

You can’t prepare for retirement if you don’t know what to prepare for. And that means knowing and understanding your options for creating a sustainable retirement income. If unsure of how you’ll accomplish that feat, sit down with your financial professional. They can help you evaluate your position and create a realistic strategy that can truly prepare you for retirement.

This article is for informational purposes only and is not intended to promote any certain products, plans, or policies that may be available to you. Any examples used in this article are hypothetical. Before enacting a savings or retirement strategy, or purchasing a life insurance policy, seek the advice of a licensed and qualified financial professional, accountant, and/or tax expert to discuss your options.


¹ “How much Social Security will I get?” AARP, https://www.aarp.org/retirement/social-security/questions-answers/how-much-social-security-will-i-get.html


How Entrepreneurs Think About Money

How Entrepreneurs Think About Money

Entrepreneurship demands a specific mindset about money.

Ask a friend this question—“what would you do with $1 million?”

Your friend will pause, look at the ceiling for a moment, repeat the question to themselves, and then say something like…

“Well, the first thing I would do is plan a trip to Europe. I’ve always wanted to go, but I’ve never been able to afford it.”

Or…

“Down payment on a new house. Definitely. We’ve outgrown our place and we’re ready for the forever home.”

Or, if they’re really savvy…

“First, I’d knock out all my debt. Then, I’d use half of what’s left to generate compound interest. Then, I’d see about a condo down in Florida.”

These responses are well and good. But they show that your friend is no entrepreneur.

An entrepreneur would instantly respond…

“I’d use it for the business.”

Translation—they’d use the money to make more money.

Maybe they’d use the money to hire an ad agency to run a marketing campaign, driving revenue through the roof.

Maybe they’d use the money to hire more workers, exponentially increasing their ability to serve clients.

Maybe they’d use the money to purchase software or hire a third party to streamline their workflow, boosting their efficiency.

Everyone views money as a tool. It solves problems. Living in a house that’s too small? That’s a big problem. And money can easily solve it.

But entrepreneurs see money as a tool to earn even more money.

To start thinking like an entrepreneur, ask yourself this question—how can I use my money to start making more money? There are only a few answers to that question, and the right one will lead you down the path of starting your own business.


The Cash Flow Quadrant

The Cash Flow Quadrant

Need an income boost, but not sure where to start? Then you need to encounter the Cash Flow Quadrant.

It’s a concept pioneered by Robert Kiyosaki of Rich Dad Poor Dad fame. And it’s one of the best explanations of creating income around.

Here’s what it looks like…

Employee | Entrepreneur

Freelancer | Investor

The employee and freelancer trade their time for money.

The entrepreneur and investor create or purchase income generating assets.

Think about what an employee does. They show up, punch in, and work for a set number of hours. In exchange, they either get paid by the hour or a set annual salary.

If they’re extra conscientious and prove their worth to their employer, they may get a raise or bonus as a reward. But their income is entirely dependent on the good graces and success of their boss. They never directly enjoy the fruits of their labor.

The same is true for the freelancer. Sure, they may enjoy greater independence than an employee, but they’re still trading their time for money. Think of them as a mercenary rather than a soldier.

Compare that with the entrepreneur. The difference is that the entrepreneur creates a system for delivering a service that’s duplicatable.

Let’s say you start a lemonade stand. You put up a few bucks to buy some lemons, sugar, cups, a cooler, and stand. It’s a risk—there’s no guarantee you’ll have any customers.

Fortunately, it’s a hit—the neighbors line up to enjoy your refreshing beverage!

After a few days, you’re swimming in cash. In fact, you earn enough to open another lemonade stand. So you buy the same supplies, and hire a friend to run the new location. Just like that, you’ve scaled your lemonade business.

Eventually, you have so many lemonade stands that you don’t have to manage one yourself. Instead, through initiative and upfront commitment, you’ve created an income stream. That’s how entrepreneurship works.

But now suppose that a friend comes along. She’s been eyeing your success and wants in. She’ll put up the cash to open another ten lemonade stands across the neighborhood (it’s a BIG neighborhood).

In exchange, she gets a slice of the profits from all the stands. She takes on some risk by giving you money in exchange for some income. In other words, she’s an investor. She’s using her money to earn more money.

There are two critical points to notice about the entrepreneur and the investor.

1. They take risks. Being an employee is relatively predictable—if your employer continues to do well, you’ll give X amount of time, and you’ll get X amount of money. But starting a business is a risk. Giving money to an entrepreneur is a risk. Entrepreneurs and investors commit resources to projects with no guarantee of success.

2. They have far greater potential. There are only so many hours you can trade for money. When successful, entrepreneurs and investors have far more resources at their disposal to trade for money.

Simply put, entrepreneurs and investors face greater risks, and greater potential rewards.

Which quadrant generates most of your income? Is there a quadrant you would like to explore further?


A Holiday Reminder

A Holiday Reminder

The holidays are reminders. They cut through the boredom of daily life to reveal what truly matters.

What’s your favorite thing about the holidays? Maybe it’s family, tradition, generosity, or even nostalgia.

Your answer is a window into your values. That’s what makes the holidays so special—they’re opportunities to reconnect with what’s important to you.

But here’s the truth—that connection isn’t reserved for the holidays. In fact, it can be yours year-round.

This holiday season, make note when you sense that connection. Look for it while you’re celebrating holiday traditions with your family. Or notice someone’s expression when they open that gift, the one they’ve wanted for years. Or any child’s face when they’re mesmerized by the lights in the neighborhood.

Next, strategize about how you can have more of what you value in life. Maybe you need an opportunity that gives you more time with your family. Maybe you need an income boost to afford greater generosity. It’s likely that you’ll need to make financial moves in addition to personal moves.

Finally, follow through. That might involve taking massive leaps forward. It may involve a small, unassuming step. Whatever it is, start working towards that sense of connection.

So here’s wishing you a holiday full of what matters most. And may you have the courage to chase those things in the upcoming year.


5 Things to Consider When Starting Your Own Business

5 Things to Consider When Starting Your Own Business

Does anything sound better than being your own boss?

Well, maybe a brand new sports car or free ice cream for life. But even a state-of-the-art fully-decked-out sports car will eventually need routine maintenance, and the taste of mint chocolate chip can get old after a while.

The same kinds of things can happen when you start your own business. There are many details to consider and seemingly endless tasks to keep organized after the initial excitement of being your own boss and keeping your own hours has faded. Circumstances are bound to arise that no one ever prepared you for!

Although this list is not exhaustive, here are 5 things to get you started when creating a business of your own:

1. Startup cost

The startup cost of your business depends heavily on the type of business you want to have. To estimate the startup cost, make a list of anything and everything you’ll need to finance in the first 6 months. Then take each expense and ask:

  • Is this cost fixed or variable?
  • Essential or optional?
  • One-time or recurring?

Once you’ve determined the frequency and necessity of each cost for the first 6 months, add it all together. Then you’ll have a ballpark idea of what your startup costs might be.

(Hint: Don’t forget to add a line item for those unplanned, miscellaneous expenses!)

2. Competitors

“Find a need, and fill it” is general advice for starting a successful business. But if the need is apparent, how many other businesses will be going after the same space to fill? And how do you create a business that can compete? After all, keeping your doors open and your business frequented is priority #1.

The simplest and most effective solution? Be great at what you do. Take the time to learn your business and the need you’re trying to fill – inside and out. Take a step back and think like a customer. Try to imagine how your competitors are failing at meeting customers’ needs. What can you do to solve those issues? Overcoming these hurdles can’t guarantee that your doors will stay open, but your knowledge, talent, and work ethic can set you apart from competitors from the start. This is what builds life-long relationships with customers – the kind of customers that will follow you wherever your business goes.

(Hint: The cost of your product or service should not be the main differentiator from your competition.)

3. Customer acquisition

The key to acquiring customers goes back to the need you’re trying to fill by running your business. If the demand for your product is high, customer acquisition may be easier. And there are always methods to bring in more. First and foremost, be aware of your brand and what your business offers. This will make identifying your target audience more accurate. Then market to them with a varied strategy on multiple fronts: content, email, and social media; search engine optimization; effective copywriting; and the use of analytics.

(Hint: The amount of money you spend on marketing – e.g., Google & Facebook ads – is not as important as who you are targeting.)

4. Building product inventory

This step points directly back to your startup cost. At the beginning, do as much research as you can, then stock your literal (or virtual) shelves with a bit of everything feasible you think your target audience may want or need. Track which products (or services) customers are gravitating towards – what items in your inventory disappear the most quickly? What services in your repertoire are the most requested? After a few weeks or months you’ll have real data to analyse. Then always keep the bestsellers on hand, followed closely by seasonal offerings. And don’t forget to consider making a couple of out-of-the-ordinary offerings available, just in case. Don’t underestimate the power of trying new things from time to time; you never know what could turn into a success!

(Hint: Try to let go of what your favorite items or services might be, if customers are not biting.)

5. Compliance with legal standards

Depending on what type of business you’re in, there may be standards and regulations that you must adhere to. For example, hiring employees falls under the jurisdiction of the Department of Labor and Federal Employment Laws. There are also State Labor Laws to consider.

(Hint: Be absolutely sure to do your research on the legal matters that can arise when beginning your own business. Not many judges are very accepting of “But, Your Honor, I didn’t know that was illegal!”)

Starting your own business is not an impossible task, especially when you’re prepared. And what makes preparing yourself even easier is becoming your own boss with an established company like WealthWave.

The need for financial professionals exists – everyone needs to know how money works, and many people need help in pursuing financial independence. WealthWave works with well-known and respected companies to provide a broad range of products for our customers. We take pride in equipping families with products that meet their financial needs.

Anytime you’re ready, I’d be happy to share my experience with you – as well as many other things to consider – when becoming an associate with WealthWave.



The Greatest Financial Mistake Young People Make

The Greatest Financial Mistake Young People Make

Everyone makes mistakes—some more severe than others.

There’s a significant financial mistake people in their 20s and 30s make. It’s simple, but if you’re young, it could change your financial future…

Have you made this mistake? Think you know what it is?

Young people don’t save enough. Not by a long shot. On average, Millennials have only saved $23,000 for retirement.¹ And a recent survey revealed that 65% of 50 year olds felt the greatest financial mistake of their 20s and 30s was not saving.² It’s no wonder, then, that the same group feels they have under-saved and under-prepared for retirement.

So what can you do if you’re a young person seeking to build wealth? Here are three ideas…

Automate saving every month. The power of automation makes saving easy. Saving stops being a conscious decision with which you may or may not follow through. Instead, it’s a background process you can set and forget.

Meet with a financial professional. They’re the guides you need for navigating the world of budgeting, saving, and building wealth. They can help you identify the goals and strategies you need to inspire your savings.

Focus on your own financial growth. Comparing your lifestyle to your peers is tempting, especially when you’re young. But it can be dangerous, especially if it causes you to spend more than you earn. Just remember—you may not really know the financial situation of your friends as presented on social media. People tend to just show the good and not the bad. Orient yourself towards improving your own situation and building your future.

So don’t make the mistake that so many have made. Follow the tips in this article and start laying the foundation of your financial future.

¹ “Retirement Security Amid COVID-19: The Outlook of Three Generations 20th Annual Transamerica Retirement Survey of Workers,” Transamerica Center For Retirement Studies, May 2020, https://transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2020_sr_retirement_security_amid_covid-19.pdf

² “Money Mistakes: Exploring the financial situation of people over 50,” Caring Advisor, https://caringadvisor.com/money-mistakes/


Should I Buy Or Rent?

Should I Buy Or Rent?

Home ownership is a big part of the “American Dream”.

But sometimes it might seem more convenient (or economical) to rent rather than buy. Here are two things to consider if you’re looking to buy a house instead of renting.

How long will you live in the house?. When you own a home, the hope is generally that it will increase in value and that you would be able to sell it for more than you bought it. The best way to do that is to plan to stay in your house for the long haul. So if you’re looking to remain in an area for a while and put down roots, buying a house is a strong consideration.

But let’s face it, not everyone is in that position. Maybe you’re young and hopping from opportunity to opportunity. Perhaps your job requires you to travel frequently or change locations. You might just prefer discovering new, exciting places and not being tied down. Unless you plan on renting out your property, it may not make sense for you to buy. Renting might give you more flexibility to move about as you please!

Can you afford to buy a house? So you want to settle down in a city or a certain neighborhood for the foreseeable future. Does that automatically mean you should buy a house?

Well, maybe not.

You simply may not be able to afford a house right now. Do you have significant debt in student loans or a car? Have you been able to save up enough for closing costs and a down payment? Mortgages might be cheaper than rent at certain times, but that might flip-flop before too long. Are you ready to maintain your house or pay for unexpected damages? These are all questions to ask before you decide to become a homeowner.

Still weighing your homeownership options? Let’s talk. We can review your situation and see if now is your time to buy!


How to Budget for Beginners

How to Budget for Beginners

Everybody needs a budget.

But that doesn’t stop “budget” from being an intimidating word to many people. Some folks may think it means scrimping on everything and never going out for a night on the town. It doesn’t! Budgeting simply means that you know where your money is going and you have a way to track it.

The aim with budgeting is to be aware of your spending, plan for your expenses1, and make sure you have enough saved to pursue your goals.

Without a budget, it can be easy for expenses to climb beyond your ability to pay for them. You break out the plastic and before you know it you’ve spent fifty bucks on drinks and appetizers with the gang after work. These habits might leave you with a lot of accumulated debt. Plus, without a budget, you may not be saving for a rainy day, vacation, or your retirement. A budget allows you to enact a strategy to help pursue your goals. But what if you’ve never had a budget? Where should you start? Here’s a quick step-by-step guide on how to get your budgeting habit off the ground!

Track your expenses every day. Start by tracking your expenses. Write down everything you buy, including memberships, online streaming services, and subscriptions. It’s not complicated to do with popular mobile and web applications. You can also buy a small notebook to keep track of each purchase. Even if it’s a small pack of gum from the gas station or a quick coffee at the corner shop, jot it down. Keep track of the big stuff too, like your rent and bill payments.

Add up expenses every week and develop categories. Once you’ve collected enough data, it’s time to figure out where exactly your paycheck is going. Start with adding up your expenses every week. How much are you spending? What are you spending money on? As you add your spending up, start developing categories. The goal is to organize all your expenses so you can see what you’re spending money on. For example, if you eat out a few times per week, group those expenses under a category called “Eating Out”. Get as general or as specific as you wish. Maybe throwing all your food purchases into one bucket is all you need, or you may want to break it down by location - grocery store, big box store, restaurants, etc.

Create a monthly list of expenses. Once you’ve recorded your expenses for a full month, it’s time to create a monthly list. Now you might also have more clarity on how you want to set up your categories. Next, total each category for the month.

Adjust your spending as necessary. Compare your total expenses with your income. There are two possible outcomes. You may be spending within your income or spending outside your income. If you’re spending within your income, create a category for savings if you don’t have one. It’s a good idea to create a separate savings category for large future purchases too, like a home or a vacation. If you find you’re spending too much, you may need to cut back spending in some categories. The beauty of a budget is that once you see how much you’re spending, and on what, you’ll be able to strategize where you need to cut back.

Keep going. Once you develop the habit of budgeting, it should become part of your routine. You can look forward to working on your savings and developing a retirement strategy, but don’t forget to budget in a little fun too!


¹Jeremy Vohwinkle, “Make a Personal Budget in 6 Steps: A Step-by-Step Guide to Make a Budget,” The Balance (March 6, 2020).


Why Generation Z's Financial Habits are Fascinating

Why Generation Z's Financial Habits are Fascinating

Gen Z has grown up in a world where social media rules. They’ve never known it any other way.

The older Gen Zers have just come out of college, but this group’s imprint on society is already clear. You might be surprised by their attitude towards money and wealth! Let’s explore how these digital natives interact with money and why their financial habits might be influencing your business strategy.

Social media is an integral part of their world. They spend more time on their phones, tablets, and laptops than any other generation. The iPhone was old news by the time younger Gen Zers were born. This generation needs a whole new set of rules for how they shop and find financial advice.

For instance, Gen Zers are 72% more likely to buy from brands they follow on social media.¹ And there’s been an explosion of financial advice–not all of it good–on TikTok—#personalfinance has 3.5 billion views on the platform.² So if you’re interested in not just understanding Gen Zers, but also getting their attention, it pays to keep up with social media trends.

Gen Zers have yet to accrue massive debt. Gen Zers have thus far avoided the traps of credit card and student loan debt that have burdened every generation before. The numbers aren’t stellar–on average, Gen Zers have over $10,000 in non-mortgage debt–but that’s just a fraction of the debt carried by the typical Millennial or Gen Xer.

Of course, Gen Zers haven’t had as much time to accrue debt. It could well be that in 10 years they have just as many student loans and high credit card balances as older generations. But there is hope! Why?

Gen Zers are avid budgeters. 68% of Gen Zers use some form of budgeting system.³ Only 41% of the general population can say the same.⁴ That’s a massive improvement! If Gen Zers can use their budgets to avoid massive debt, they could find themselves well positioned financially.

In other words, Gen Z is hungry to learn how money really works. They’re already taking steps to avoid the missteps of past generations. The real question is who will teach them what it takes to become wealthy?

¹ “Generation Z Spending Habits for 2021,” Lexington Law, Feb 8, 2021, https://www.lexingtonlaw.com/blog/credit-cards/generation-z-spending-habits.html

² “Viral or vicious? Financial advice blows up on TikTok,” Nicole Casperson, InvestmentNews Feb 15, 2021, https://www.investmentnews.com/financial-advice-blows-up-on-tiktok-but-at-what-cost-202260#:~:text=That%27s%20what%20financial%20advice%20is,form%20of%2060%2Dsecond%20videos.

³ “Generation Z Spending Habits for 2021,” Lexington Law, Feb 8, 2021, https://www.lexingtonlaw.com/blog/credit-cards/generation-z-spending-habits.html

⁴ “What Is a Budget and Why Should I Use One?,” Tim Stobierski, acorns, Sep 6, 2019, https://www.acorns.com/money-basics/saving-and-budgeting/budget-meaning/#:~:text=While%20many%20factors%20likely%20contribute,budget%2C%20according%20to%20U.S.%20Bank.


How You Can Make Money By Thrifting

How You Can Make Money By Thrifting

Thrifting doesn’t just save you money—it can make you money, too.

Here’s how that works. Items are typically cheaper in thrift stores and flea markets than they are online. That means there’s potential to make a handsome profit if you buy something at a thrift store and then sell it on a digital marketplace.

Let’s look at an example…

You notice an item at your local thrift store that you’re certain sells online for about $60. You check the price tag—it’s only $5. You buy it and make a listing on your favorite digital marketplace. It sells! Let’s say shipping costs and selling fees are also $5 each. Your net profit is $45. You’ve made back triple the cost of your initial investment and business expenses.

It’s a simple, elegant, and fun business model that can potentially generate extra cash flow.

If you decide to start a thrifting business, consider these tips to maximize your profits!

Start at home. Before you send something to a landfill or thrift store, search for it on an online marketplace. You might be surprised how much of your “trash” is actually treasure! Make no mistake—some items aren’t worth your time salvaging and selling. But if you have clothes, toys, and books that are in good condition, consider listing them online and see what happens!

Scout out the right locations. Whenever possible, shop at thrift stores in wealthier neighborhoods. They’ll typically have higher-end products that fetch better prices. Also, consider using an app like Nextdoor to monitor local garage and estate sales—those are where you’ll find the real treasures at potentially deep discounts.

Prioritize the right items. Not all resale items are created equal. Books, textbooks, picture frames, and designer clothes tend to have strong returns. But always check the price of an item on eBay or another online marketplace before you buy it.

Buff up what you buy. Before you buy anything from a second-hand vendor, check it for damage or blemishes, but don’t be put off by surface-level issues. You might be surprised at how many items are simple to repair, fix, or clean. Putting in a little elbow grease may substantially boost the selling price.

Remember to have fun while you’re thrifting. The beauty of the reselling business is that it allows you to make money and enjoy a hobby at the same time. It’s perfectly fine if you don’t walk out with an incredible find. Embrace the process, see what’s out there, and make some extra cash while you’re at it!


Passive Income: How It Works

Passive Income: How It Works

What if there were a way to increase your cash flow without starting a second job, changing careers, or getting a raise?

If you’re like many, that sounds exactly like what you and your family need! Who wouldn’t want some extra money coming in? It might seem like pie in the sky, but it’s not a fantasy.

Earning a passive income is more achievable than you might realize. Read on to discover how passive incomes work, what makes them so advantageous, and common ways to create them.

In general, a passive income is cash flow that requires little to no regular effort to create and maintain.

That’s not to say that they don’t require work. But the labor involved in opening a passive income stream is normally upfront—you spend time and/or money in the beginning to set up the income stream, then sit back and reap the rewards as time goes on.

It’s an advantageous model because it can potentially free up your time—which is the most valuable resource you have.

But be warned—not all opportunities to create passive income are created equal. Here are a few proven strategies for you to consider!

Create digital products. EBooks, online courses, stock photos, and stock music are all passive income generators. They require initial time investments to create and publish, but then earn you money as users buy them over time.

Rent out property. Renting is a classic source of passive income. It requires money upfront to buy the property—and maybe time and more money for renovations. But once rent starts coming in, they’re income sources that don’t require your daily attention. (Note: Becoming a landlord may have other costs involved, like repairs or replacing old equipment or appliances.)

Build a team of sales professionals. This is the hidden gem of passive income. There’s a starting commitment of time to learn about your market and how to close sales. Then you’ll need to create a team of salespeople. Every time they make a sale, you earn a portion of the profit. Once you’ve mastered the basics, the sky’s the limit for how much passive income you can potentially earn!

If having a passive income stirs your interest, let me know. We can review your financial position, skills, and the opportunities available and see which one might work best for you!


Odds Are You're Going to Need This

Odds Are You're Going to Need This

If there’s one thing that could pose a serious threat to your retirement fund – and hard-earned independence during your Golden Years – it’s the need for long-term care.

7 out of 10 Americans over the age of 65 will need long term care at some point.¹ And the US National Median cost of a private room in a nursing home was $8,821 in 2020.² That’s $92,376 a year!

When you factor in the cost of doctor visits, medical procedures, prescriptions, etc., that number is going to keep climbing.

If your need for long-term care comes after you retire, that financial burden could fall onto your loved ones.

The right life insurance coverage has the potential to keep you living well and independently. Long-term care as a part of a tailored life insurance strategy is a great way to protect your retirement funds – and keep your loved ones’ finances protected, too.

I can help. Contact me today, and together we can explore your options for long-term care – and do what we can to help keep those Golden Years golden.

¹ “Life Insurance: Long-Term Care,” Nationwide, https://www.nationwide.com/personal/insurance/life/long-term-care/

² “Cost of Care Survey,” Genworth, 2020, https://www.genworth.com/aging-and-you/finances/cost-of-care.html


Savings Rates Need Some Serious Saving

Savings Rates Need Some Serious Saving

Ever hear the old story of the 7 years of plenty followed by 7 years of famine?

In the years when there was an abundance of crops, it was wise to store up as much as possible in preparation for the years of famine. However, if instead of saving you ate it all up during the 7 years of abundance, the result would be starvation for you and your family during the 7 lean years. This might be an extreme example in our modern, First World society, but are you “eating it all up” now and not storing enough away for your retirement?

The definition of retirement we’ll be using is: “An indefinite period in which one is no longer actively producing income but rather relies on income generated from pensions and/or personal savings.”

According to this definition, the “years of plenty” would be the years that you are still working and generating income. While you still have regular income, you can set aside a portion of it to save for retirement. This amount is called the “Personal Savings Rate.”

According to the latest statistics, the monthly personal savings rate for Americans is approximately 13.6% of their income.¹ For much of the past decade it’s hovered around 7% to 8%, briefly spiking during the first months of the COVID-19 Pandemic to over 30%.

Suppose you’re looking to retire for at least 10 years (e.g., from 65 years old to 75 years old). Even if you’re planning to live on only half of the income that you were making prior to retirement, you would need to save up 5 years worth of income to last for the 10 years of your retirement. Just raw saving at average rate without the power of interest would take years before it became the wealth most people need to retire.

So unless you’ve found the elixir of everlasting life, we’re going to need to do some serious “saving” of the personal savings rate. Is there a solution to this dilemma? Yes. If you’re looking for possible ways to store up and prepare for your retirement, I’d be happy to have that conversation with you today.

¹ “Personal Saving Rate,” U.S. Bureau of Economic Analysis, Federal Reserve Bank of St. Louis, Nov 25, 2020, http://bit.ly/2qSGrR3.


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