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Start The New Year Asking For A Raise

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As the new year approaches, many professionals set new goals for their careers. One common one is finding ways to earn more money. If you’re in that camp, starting the new year by asking for a raise could be a smart move. It may let you increase your income without having to launch a job search, something that really works in your favor if you enjoy your current role and workplace. If you aren’t sure how to approach asking for a raise, here’s what you need to do. [Read more…]

4 Reasons To Partner With Insurance CRM Companies

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Business, Technology, Internet and network concept. CRM Customer Relationship Management.

There’s so much buzz around insurance CRM (Customer Relationship Management) companies and their ability to help businesses grow. These partnerships can make the insurance industry even more competitive, particularly among small and mid-sized players. This article will look at what these collaborations entail and the reasons why insurance CRMs can be an excellent addition to your business.  [Read more…]

The Factors Causing Inflation

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It’s no mystery. Inflation is becoming a problem. We thought it might be an issue a while ago when the economy started to come back and the FED continued easing. The FED then said the inflation was transitory, meaning it would only be here temporarily until it went back down to pre-pandemic levels. That no longer looks like it’ll be the case. What are the factors causing inflation? Is there a major force behind it? What are the industries that’ll be hurt the most and which industries will be unfazed?

Demand returns to normal

There are several factors causing inflation. Because of the pandemic, we saw demand evaporate instantly. Then, as vaccines started to roll out, demand started to pick back up again. Also, in the middle of the pandemic, the government sent out three stimulus payments and increased unemployment benefits. People realized what it felt like to bring in more money and sought out better-paying jobs, or demanded higher wages. Demand picked up and people started to make more money, so they had more disposable income.

The wage/price loop

The recovery got going, but the FED continues to buy bonds and keep interest rates low. What also happened was the supply chain crisis. Prices went up because demand stayed the same and supply dried up. There’s also a wage/price loop that takes place. Wages go up, so companies raise prices to make up for the increased cost of wages. Increased prices create wage pressures. Wages go up. Then prices go up to make up for the increased cost of labor. And so on.

What industries are affected?

There are several current industries and product lines that are being affected by inflation. The most notable is gasoline. But I don’t need to tell you that. I’m sure you’ve noticed when you go to fill up your tank. A lot of food items have also increased a bunch since before the pandemic. To be honest, I can’t think of many industries that aren’t affected by inflation. I would assume if you provide a service you can be more flexible with your charges.

Competition decreasing?

Something else that’s being said is industries are becoming increasingly centralized, so there’s less competition. If there’s less competition, companies are able to do what they wish with their product offerings and their prices. I really don’t know if that’s the case or not. I would think not because the current administration said they were going to limit anticompetitive practices, but who really knows what they’re actually going to do.

Related reading:

What Currently Presents a Risk to Markets?

What Does an Increase in Yield Look Like?

Why Financial Literacy Matters

Disclaimer:

**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com

Developing Healthy Financial Habits to Achieve Financial Freedom

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The saying is true: old habits die hard. And that saying applies to financial habits, both healthy and unhealthy, for those of us who are in debt.  

Healthy financial habits are conducive to living the lifestyle you want without wasting money or going further into debt when you don’t have to. Healthy financial habits include spending within your means, saving when possible, and setting aside money for emergencies, the future, and your dependents (for instance, setting aside money for your kids to attend college).  

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Is It Time for a Financial Power of Attorney?

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When it comes to finance. Many people try to put safeguards in place to ensure that everything runs smoothly. However, not everyone has a system in place in case they become incapacitated and are unable to manage their financial lives for a period. Luckily, a financial power of attorney can address that issue. If you’re wondering what a financial power of attorney is and whether it’s time to get one. Here’s what you need to know.

What Is a Financial Power of Attorney?

A financial power of attorney is a formal legal document that gives an appointed person – usually referred to as an attorney-in-fact or agent – permission to manage your finances in specific situations. Often, the document allows the person to handle basic tasks. For instance, depositing checks, paying bills, directing insurance benefits, and similar activities. However, you have complete control over the permissions. Thus, allowing you to pick and choose what you want the person to be able to do.

The goal of a financial power of attorney is to ensure that someone can manage your financial life during an unexpected event. It’s designed to provide you with peace of mind. It will also prevent money-related issues that could occur if no one was able to handle the types of tasks outlined above.

Technically, there are two forms of financial powers of attorney. A general financial power of attorney only applies if you are not incapacitated. Usually, it’s meant to reduce the burden of a person who is struggling to manage all of their financial lives but is still technically able to do so.

With a durable financial power of attorney. The person you select as your agent can make decisions if you’re incapacitated. Although their capabilities end if you pass away. This version is more common for end-of-life planning, as well as addressing certain unexpected situations. This includes such as a sudden incapacitating illness. It can also be used during scheduled events, such as during planned surgeries that involve anesthesia, or to address issues relating to mental decline, such as dementia.

How to Tell If It’s Time

Generally speaking, it’s wise to have a financial power of attorney in place as part of your estate planning endeavors. By getting a durable financial power of attorney in place, you’ll have an agent who can act on your behalf should you become incapable of managing your finances.

Since events like accidents, illnesses, strokes, and other potentially incapacitating issues can occur without notice. Being proactive is best. Regardless of your age or family situation. Having a durable financial power of attorney ensures someone can handle critical tasks either until you recover or until your passing. Which can prevent a range of financial issues.

However, if you’re waiting for a triggering event, preparing to undergo surgery could be one. Since going under anesthesia is risky and there may be decisions that need to be made during the procedure, setting up a durable financial power of attorney before the surgery is wise.

Similarly, if you’re diagnosed with a degenerative condition that will impact your mental capabilities, you’ll want one then as well. Setting it up while you’re of clear mind is always best, as it increases the odds that your chosen agent will be respected once your abilities decline.

Even a medical diagnosis for a hard-to-manage condition could indicate it’s time for a financial power of attorney. For example, while cancer may not directly influence your cognitive abilities, the impact of treatment and the stress of battling the condition could make you forgetful. By appointing an agent to assist you during that time, you have someone who can ensure that something important doesn’t fall through the cracks.

Picking an Agent

Whenever you’re setting up a financial power of attorney, you’ll need to select a person to serve as your agent. The decision is ultimately yours. Ideally, you want to choose someone that you trust to act in your best interest who is also capable of handling the assigned responsibilities above all else.

You aren’t limited to specific relationships with the chosen individual, and you aren’t required to favor one option over another. Depending on your situation, you could choose a spouse, family member, or friend. If the decisions relate to a business you run with another person, selecting a business partner may be wise.

In some cases, you may even want several financial powers of attorney. That way, you can divvy up various tasks between individuals that are best suited to those tasks. For example, you could ensure a spouse can handle your personal finances, while a business partner manages company-related matters.

It’s also important to note that you can change your mind and revoke a financial power of attorney. As a result, if your situation changes and you want to ensure someone can no longer act on your behalf. yYu can do so as long as you’re considered mentally sound. Then, you can select a new agent. Thus, allowing you to adjust your choice whenever necessary.

Have you set up a financial power of attorney before? If so, what prompted you to do so? If not, is there a reason you haven’t moved forward? Share your thoughts in the comments below.

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How to Teach Children about Budgeting through Holiday Shopping

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Teaching kids about money is a worthwhile endeavor no matter what time of year it is. Holiday shopping might be one of the better times to take them to school, though. Here are some ways to teach children about budgeting through holiday shopping.

You can take your time

Because of the internet, the majority of the shopping is done online. You are able to take your time and actually show them what you’re doing and why you’re doing what you’re doing.

Let’s say you’re on a website and you’re buying several things for your family members (as long as it’s stuff for them…no spoiling surprises). The items in your cart total $200 and your budget per person is $50. With those numbers, you’re able to show your children that you’re buying for 4 people. You’re able to show that you set a number and you’re sticking to it.

Saving money

With spending comes saving. Another item you can incorporate when teaching your children about budgeting is saving money.

Our family has a separate savings account specifically for holiday spending. We determine how much we’re going to spend per person and add up how many people we’re going to buy for. Then we take that total and divide it by 52 (for 52 weeks in a year). The next thing we do is take the total from that equation and set up an automatic transfer from checking to holiday savings. That way, we have the money saved and ready when we start buying gifts for people. That enables us to continue with our normal budget and financial plan without eating into our regular cash flow.

How to teach

I think there are a lot of parts of the holiday season that you can model for your children. When you walk into a store, there’s typically someone outside ringing a bell for the Salvation Army. That could be a good opportunity for you to teach your children about paying it forward and giving it to someone less fortunate than them.

You could give your children $20 or some other dollar amount of your choosing. With the money you gave them, you could give them some options. Buy something for yourself, buy something for someone else, or split up the money and buy for a few people. Depending on what they do, it could be a good opportunity for your to teach them about thinking of others instead of thinking about yourself.

Related reading:

Set a Holiday Budget that Works

Your Go-To Budget Guide

Holiday Saving and Spending

Does Money Reduce Your Holiday Cheer?

Disclaimer:

**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com

Anyone Can Become a Millionaire-Here’s How!

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become a millionaire

Many people dream of becoming millionaires but assume that it isn’t possible. In reality, practically anyone can get on the path toward a seven-figure nest egg; you just have to use the right approach. If you’re wondering how you could potentially become a millionaire, here’s what you need to do.

Say “No” to Debt

Few things can hold you back from your financial goals quite like debt. A buy-now, pay later attitude comes with consequences. Monthly debt payments will take bites out of your budget. Additionally, you spend far more overall for the things you buy if you aren’t repaying your debt right away. That’s money you could be using to improve your financial standing essentially slipping through your fingers.

If you’re hoping to become a millionaire, saying “no” to debt is essential. Instead, focus on only purchasing essentials, saving for what you want to buy, and maintaining things you own. That way, you can focus more of your money toward your goals.

Start Investing

Gathering up a seven-figure nest egg doesn’t mean you have to save a full one million dollars. Instead, you need to set aside as much as possible using an approach that lets your money grow.

By investing early and regularly, you get to take advantage of compound interest and long-term gains. With compound interest, the interest you earn also starts earning interesting, helping even modest deposits grow.

Other types of earnings can also help. For example, reinvested dividends can boost your balance, adding a bit of something extra while you continue making deposits. Even stock value increases matter, as that’s money you make without increasing how much you’re personally saving.

Now, even though your savings can grow, that doesn’t mean you shouldn’t be setting a significant amount aside. While a general rule of thumb is to save 15 percent of your income for retirement, you may want to invest beyond that if you’re hoping to become a millionaire. That way, you can stash away as much as possible, allowing you to get to a balance that makes you happy faster.

Boost Your Income

Since you need to set money aside if you want to become a millionaire, increasing your income is a good idea. That way, you’ll have more cash to stash, allowing you to grow your balance as quickly as possible.

There are several ways to boost your earnings. You could ask for a raise if you’re exceeding expectations at work or seek out a new job where you’re paid fairly for your contributions. Volunteering for overtime is an option, as well as getting a second job or launching a side hustle.

Acquiring new skills that let you qualify for a better-paying position should also be on the table. While heading back to school could potentially help, there are alternatives. Internships, apprenticeships, and other forms of on-the-job training could do the trick. Going online and using free resources may also work.

Stave Off Lifestyle Creep

One issue with boosting your income and savings is staving off lifestyle creep. If you start thinking that luxuries are suddenly affordable, you may forgo savings and start spending instead. As a result, you may not have enough set aside to reach a $1 million balance.

If you increase your income and start thinking about moving to a new home, buying a new car, or something similar, pause for a moment. Consider whether what you’re contemplating is based on needs or wants.

If what you’re thinking about doing is a legitimate need, then moving forward may be okay. However, you want to do it as frugally as possible, ensuring you don’t end up spending more than necessary to cover that requirement.

However, if it’s a want, remind yourself about your dream of being a millionaire. That way, you can focus on your goal.

Do you have any other tips that can help someone work their way toward becoming a millionaire? Share your thoughts in the comments below.

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Set a Holiday Budget That Works

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With the holidays right around the corner, it’s time to get your shopping and holiday preparation done. That means you’re going to have to spend money. The holidays can be rather expensive for people. Especially, if you have a lot of people to buy gifts for, you have to travel, or you’re hosting a party. Here are some tips on how to set a holiday budget that works for you.

Start by asking some questions

If you want to make progress, it all starts by asking questions.

  • How many people do you have to buy gifts for?
  • Would your friends or family be open to a gift exchange?
  • Do you have to travel?
  • Do you have to host a part?
  • Would you be open to a potluck?

Having answers to these questions would help a lot when budgeting for the holidays. While we’re here, you should ask these questions far in advance so you can save throughout the year.

Budgeting

For example, you have 10 people to buy gifts for. How much do you want to spend on each person? Do you want to spend more on your parents than you do on everyone else? Let’s say you plan on spending $50 per person. That’s $500 worth of gifts. If you save $10 per week, you’ll have enough saved for gifts in your holiday budget.

Traveling

Knowing ahead of time if you have to travel is useful too. Then you can be picky about your flight, but buying in advance is usually more economical than waiting until the last minute.

When it comes to buying your plane tickets, it might not be a bad idea to put them on a credit card and pay off the balance right away. When you do this, you’ll show some activity to the credit card company, show an on-time payment, and accrue some rewards points.

Planning ahead

Another point about planning ahead – supply chains are disrupted and products are more expensive. If you plan ahead, you a) allow enough time for your purchases to be sent to you and b) you’re able to find deals on the things you want to buy.

Decorating

When it comes to holiday preparation and decoration, it might make sense to get a few items to get you through this holiday season, and then when everything goes on sale, load up for next year.

Gift exchange

A gift exchange could relieve a lot of financial pressures during the holiday season. If you get a group together and establish a budget, you could enjoy the gift-giving and receiving process without breaking the bank. You could also have fun with it and make the gift exchange a white elephant, where you buy gag gifts instead.

Buy Now, Pay Later

One last thing you can keep in mind. With the rise in popularity of Buy Now, Pay Later (BNPL), you might want to consider it if your finances are tight. BNPL gives you the ability to spread payment over several months. Be careful though, you can get into trouble if you start missing payments, and your credit can take quite the hit.

The holidays can be expensive, but if you plan ahead it doesn’t have to have an impact on your wallet. Set a holiday budget that works for you.

Related reading:

Your Go-To Budget Guide

Getting Your Finances Back on Track After the Holidays

Holiday Travel – Wins and Losses

What Is The 2023 Walmart Holiday Schedule?

Best Costco Laptops

Disclaimer:

**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com