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The Support Available for Traumatic Brain Injury Victims

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Imagine life as you know it suddenly changing. A bump on the head, a fall, or a sudden blow to the skull can cause a Traumatic Brain Injury (TBI), disrupting brain function. TBIs affect millions globally annually, according to the Centers for Disease Control and Prevention.

These injuries can range from mild to severe and may interfere with critical thinking, memory, speech, movement, and emotions. The road to recovery can be long and complex, often requiring a multifaceted support system. Here, we’ll explore the resources available to help TBI victims navigate their journey back to health.

It’s important to remember that if you or someone you know has suffered a TBI, seeking immediate medical attention is crucial. In some cases, consulting a traumatic brain injury lawyer can also help ensure you receive the compensation and support you deserve.

Medical Support

Getting prompt medical care is critical after a TBI. Even a seemingly minor bump on the head can have serious consequences. Doctors can assess the severity of the injury, identify any bleeding or swelling in the brain, and recommend the best course of treatment.

Several medical professionals play a vital role in TBI care. Neurologists specialize in the nervous system and diagnose and manage TBI-related issues like memory problems or seizures. Neurosurgeons perform surgery to address bleeding or blood clots in the brain caused by severe TBIs. Rehabilitation specialists design personalized programs to help regain physical, cognitive, and communication skills.

Treatment options for TBIs vary depending on the severity of the injury. In some cases, surgery may be necessary to remove blood clots or repair skull fractures. Medications can help manage symptoms like headaches, dizziness, or sleep problems. Therapy is a cornerstone of TBI rehabilitation, encompassing physical, occupational, speech-language, and cognitive therapy to improve function and independence.

For individuals with chronic TBIs, long-term medical management is essential. Regular doctor visits allow for the monitoring of symptoms and medication adjustments as needed. Additionally, ongoing therapy can help manage challenges and adapt to changing needs.

Rehabilitation Services

The road to recovery after a TBI often involves a combination of rehabilitation services. Each type addresses specific needs and works together to maximize potential.

  • Physical therapy: Focuses on improving strength, coordination, and balance, helping to regain mobility, and reducing pain.
  • Occupational therapy: Teaches daily living skills like dressing, bathing, and cooking, promoting independence in everyday activities.
  • Speech-language therapy: Addresses communication difficulties like speaking, understanding, or swallowing.
  • Cognitive therapy helps with memory, problem-solving, and focusing, improving a person’s ability to manage thoughts and emotions.

Individualized rehabilitation programs are essential. Therapists assess each person’s unique needs and goals, tailoring a program to target specific deficits. This ensures a more focused and effective recovery journey.

However, accessing and completing rehabilitation programs can be challenging. Insurance coverage may be limited, and finding qualified therapists can be difficult. The intensity and duration of therapy can also be demanding, requiring a significant commitment from the patient and their support system.

Support Groups and Communities

Social and emotional support are powerful allies in the recovery process after a TBI. Feeling isolated or misunderstood can be discouraging. Support groups provide a safe space to connect with others who have similar experiences.

These groups come in various forms: online communities offer flexibility and anonymity, while in-person groups foster a sense of camaraderie. Additionally, some groups cater to specific demographics, like age groups or those with similar injury types, allowing for a more tailored experience.

The benefits of support groups are numerous. Sharing experiences with others who “get it” can be incredibly validating. Learning coping strategies from peers who have successfully navigated challenges can be empowering. Most importantly, support groups reduce feelings of isolation and build a sense of belonging, which is crucial for emotional well-being during recovery.

Finding a support group is easier than ever. Many hospitals, rehabilitation centers, and brain injury associations offer group meetings. Online resources like the Brain Injury Association of America can help you locate support groups in your area.

Financial Assistance Programs

The road to recovery after a TBI can be financially draining. Medical bills, therapy costs, and potential lost wages due to disability can create a significant burden.

Fortunately, several programs can help ease the financial strain. Government programs like Social Security Disability Insurance (SSDI) can provide monthly income for individuals unable to work due to a disability. Medicare and Medicaid can help cover medical costs for those who qualify.

Beyond government programs, many non-profit organizations offer financial assistance to TBI victims. These organizations may provide grants or assistance with specific expenses, like transportation to therapy appointments.

Navigating the financial aid application process can be complex. Here are some tips: 

  • Research different programs and their eligibility requirements.
  • Gather the necessary documentation, such as medical records and proof of income.
  • Seek assistance from social workers or patient advocates familiar with TBI resources.

With perseverance and the right support, accessing financial aid can become a reality.

Advocacy and Awareness

A strong voice can make a significant difference. Advocacy for TBI research and improved care paves the way for better treatment options and increased support for victims. Organizations like the Brain Injury Association of America tirelessly champion these causes.

Individuals can play a vital role in advocacy efforts. Donations directly support research and programs. Volunteering your time or skills can benefit organizations working with TBI victims. Raising awareness by sharing your story or educating others about TBI can have a positive impact. Every voice counts in creating a brighter future for those living with TBI.

How Epsilon Data Management Facilitated Elder Fraud Schemes and What to Do if You Lost Money

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Epsilon Data Management Fraud Case

Between 2008 and 2017, Epsilon Data Management sold lists of customer names and addresses to companies involved in fraudulent activities. These companies sent letters or emails to consumers saying they won a big prize or free psychic reading if they paid a reasonable fee. These scams were aimed at the elderly and other vulnerable individuals who paid the companies for the prizes or physic readings and received nothing in return.

The Epsilon Data Management Company had to pay $150 million for fraud and in 2021 entered an agreement with the Department of Justice and the US Attorney’s Office for the District of Colorado. They continued to sell client information even when their employees knew some of their partners had been arrested for fraud and scams.

Companies that sell customer lists have a responsibility to sell the lists to ethical companies and protect consumer information. Victims of this scam by Epsilon Data Management were to be contacted directly by the company, and funds are expected to be distributed by an independent claim administrator.

Types of Consumer Fraud

There are many distinct types of consumer fraud. For example, one company called consumers on the phone and told them their personal computers had serious technical issues. They posed as technicians and demanded payment for unneeded technical support.

There have been wire transfer companies involved in fraud, and consumers have reported that their funds never arrived at the bank or that the person for whom they were intended never received them. Some customers lost thousands of dollars, and the issue has never been resolved.

During the pandemic, companies sold fake vaccine kits and cures to consumers. Robo calls, telemarketing calls, emails, texts, and even door-to-door solicitation are just some of the ways scammers market their schemes. The level of federal fraud security class actions in 2019 was high, with plaintiffs filing 424 cases in 2019 as compared to 413 in 2017. Federal fraud security cases and federal civil cases continue to increase every year due to new scams.

What to Do About Scams and Fraud Schemes

When you discover you have been swindled or scammed, report the company and the scam to the appropriate agency. If you are a senior, you can report it to the Elder Fraud Hotline or the Department of Justice. Additionally, your state financial controller and attorney general take reports and complaints about fraud. You can report your case to the Better Business Bureau if a local company is involved in a scam. In severe scam cases, charges may be brought to the federal court. In 1962, 11.5% of federal civil cases went to trial. Today, only around 1% of civil cases actually reach trial in the Federal courts. However, for cases as large as the Epsilon Data Management case, taking the case to the federal level is essential.

If you are regularly paying the company that scammed you, do not pay any more money. Collect emails, documents and conversations you have had with the company to document the fraud. What websites or phone numbers did you use to contact them? Where did the money you paid come from and how did it affect your finances? All this information can be used to file a complaint.

If you provided a credit card number, debit card number, or bank account number to pay for services, you should contact the bank or credit card company to report the scam and fraud incident. You can change your passwords or be issued a new card or account number. Your financial institution can also freeze your account until the issue is resolved.

Some homeowner’s insurance policies have fraud theft protection for losses related to identity theft that affects your finances. You can hire a lawyer to help you with your case and a financial counselor to help you devise a plan to improve your financial situation. In cases of severe money loss, chapter 7 bankruptcy debt allows consumers with credit card balances, medical bills, and personal loans to have the fees discharged. This allows you to move forward with rebuilding your finances after you have been frauded out of your savings.

Reporting scams to the right agency can help protect other consumers and may be a way to help you with finances. Hiring a lawyer, financial advisor, or accountant can be a way to deduct costs from your income taxes and help you recover and protect yourself from scams going forward.

Four Tips For Avoiding Cryptocurrency Scams

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The demand for cryptocurrency has become a global craze today, creating more opportunities for scammers. Whether you’re an experienced or new trader, you might fall into a cryptocurrency scam when you’re not careful. Therefore, you could lose a lot or even all of your hard-earned investment or assets.

Investing in cryptos has now become a trend worldwide. Scammers now have many ways to encourage or pursue people to fall into their schemes with the advent of technology. 

Here are some ways to combat or avoid cryptocurrency scams:

Be Careful Of The Apps You’re Installing

Because apps have many functions and provide several benefits to their users, crypto scammers use them to mimic other apps and use them to their advantage. If you fail to see the warning signs of these fake apps, you’re at risk of having your vital information stolen from you. 

For instance, they may have mimicked a crypto trading app. When you’re not careful, you may install and use it without knowing the danger it can cause you. It may work at first, but the app could steal your cryptocurrencies in no time. This is possible when hackers present you with an address to send your payments or receive your funds. However, you may be sending your funds or cryptos to the fraudster’s crypto wallet address instead. You can’t undo such transactions, so you’re left feeling helpless when this happens. 

Hence, you should always check the publisher’s credentials when downloading from the Google Play Store or Apple Store apps to avoid such scams. For example, you may look at here now if you want to download an Australian crypto exchange. You may also download a given link from a trusted source or the app developer’s official website.

Learn About Crypto Pyramid Schemes

Some fraudsters may show that their new ‘crypto’ is steadily gaining value by running a website. Unfortunately, they can make fake ‘real-time transaction logs’ or ‘mining and trading’ activity appear legit. They may even ‘prove’ that the crypto investors are doing well by showing regular payouts. These are all ways to encourage you to join the craze as one of their investors. 

When you make an account and invest in them, they’re more likely to create fake growth of your initial investment. It may show your gains and the period limit you should withdraw them. 

However, your earnings may come from the funds of other investors. This means they’re using other investors’ money to create interests or dividends on your account. Thus, the crypto you thought was yours could be a nonexistent fund. This scam is popularly known as Ponzi or pyramid scheme, named after Charles Ponzi, a con artist and swindler in the 1920s (per wikipedia).

What you can do to avoid such is to ensure that crypto exists. You must research the crypto you intend to invest your money in, its founders, and its utility. Look at third-party websites, such as this site that helps people check if crypto project is a scam, or review sites to determine their legitimacy. If you can’t find one or only see one or two review articles about it, your best course is to avoid it right away.

Don’t Fall For Giveaway Scams

Fraudsters also use the names of influencers or celebrities. They’ll try to promote their crypto offerings using famous personalities to organize fake giveaways. Some even use fake accounts to respond to the giveaway post so that it would appear legit. 

In this scheme, you may see a QR code or link to a website where you’ll enter your credentials to participate. They may ask for your crypto wallet address for ‘verification’ purposes before they can send you the ‘giveaway,’ which we all know would never come any day soon.

Hence, if the giveaway seems too good to be true, disregard it altogether. Moreover, never enter your wallet address in such cases. Legit crypto companies will never ask for your crypto-wallet information.

Picture of a man whose cryptocurrency wallet has been stolen.,

Read About Initial Coin Offering (ICO) Scams

The ICO is like a stock’s initial public offering where founders will outsource funds to support their crypto project or development. As an investor, you will receive the issuance of such cryptos in exchange for the funds you pledged. 

Some ICOs may not come from well-established companies. Hence, you should see if the company has any operating history or perform a background check on the management team and developers of the ICOs. It may be best to shy away from such if you can’t find any trustworthy information on them or they don’t provide a whitepaper. There’s a big chance they’ll abandon their investors once they’ve collected the funds, so you’ll never hear from them again. 

Conclusion: Be Safe, Stick To Major Well Known Platforms and Avoid Sketchy Links

The best way to avoid crypto scams is to buy or sell cryptos on a legitimate trading platform. Ensure you double-check links or apps before clicking on them. Furthermore, consider the tips mentioned here, so you’ll be safe from inviting schemes of crypto scammers.

For more great Free Financial Advisor articles, read these:

How To Increase Your Net Worth

Financial Resolutions, Debt, Saving and Crypto

Should You be Investing In Shiba Inu?

Is The ADA Cardano Going To The Moon?

 

 

Investment Risks in the World Today

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investment-risks

The world is crazy right now. The war with Russia and Ukraine has created investment risks and opportunities with commodities, specifically. Inflation is also an issue. What do you do with all of these moving parts in the global economy?

Gold

Gold has only gone up since the war began, up over $2,000 for the first time since 2020. The reason being is that gold is a store of value and is often seen as a safe asset during times of uncertainty, like war, inflation, or a pandemic.

Gold isn’t the only asset that’s used in times of uncertainty. Cash, bonds, and other precious metals have also seen a massive inflow lately.

Crypto

Cryptocurrencies have also seen a run-up in recent weeks, for two reasons. One, some people do see cryptocurrencies as a store of value like gold. And two, cryptocurrencies have played a role in this war. Because Russia has been cut off, financially, from the rest of the world, they’ve used crypto to finance operations. Ukraine has done the same, but for the reason of being able to raise money from different channels.

Oil

The price of oil has been on a roller coaster since the war began. Russia supplies a lot of energy to the world. It supplies the U.S. with just 3% of oil, but it supplies Europe with most of what they use. That said, the price of oil went up very fast to about $125/barrel because the US and other countries blocked them off to further disrupt their finances.

It’s come back down since then thanks to OPEC+. They pledged to increase production to make up for the loss in supply.

Inflation

Inflation is off the charts right now. The most recent reading came in at 7.9%. There are quite a few things that are seeing the effects of it. Food is getting more expensive. Gas, obviously, due to supply constraints and inflation is getting more expensive. Property is also getting more expensive. Interest rates are going up as well. My wife and I refinanced late last year and locked our rate in at 3%. The most recent reading came in at 4.5%.

The FED is going to make some moves as well. Because of the war with Russia and Ukraine, they will take a more measured and conservative approach, so it’s possible that inflation is a problem for longer because the FED won’t hike rates as quickly as they may have previously intended.

Commodities

There are some other commodities, besides gold and other precious metals, that are feeling a pinch due to the war between Russia and Ukraine. Wheat is the biggest example of this because between Russia and Ukraine, they produce and ship a third of the world’s wheat.

Unintended consequences

Even though the war is between two countries, it’s affecting everything (though differently than how it’s affecting Russia and Ukraine). There are logistical problems that are delaying shipments of things. The air space above the scuffle is off-limits, so flights around the area are taking longer than they previously would have. Longer flights = more fuel and reduced volume on flights = increased costs.

There are a lot of investment risks and opportunities due to the moving parts in the world right now and the market will continue to be volatile until things settle down. If you have time to ride out some ugly markets, stick to your plan. If you’re in retirement or close to retirement, reducing your risk might not be a bad idea.

Related reading:

How to Invest in Gold: 5 Ways to Get Started

How Inflation is Changing Our Lives and Not for the Better

Weekly Wrap: Crypto Aids Ukraine Putin Aids Inflation and Russian Investments Tank

Safeguarding Your Future: A Comprehensive Review Of Augusta Precious Metals

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

Finance Lessons Learned from the Pandemic

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The Covid-19 pandemic changed life for two years and there are definitely still elements of what life was in the world today. No doubt there were some terrible things that happened. People lost their lives and their jobs. But there were also positives that came out of it. We’re going to highlight the lesson we can learn from this pandemic, particularly some personal finance lessons we can learn.

Working from home

This new type of work does not apply to everyone and I don’t like leaving people out, but this needs to be talked about. Working from home and articles about it took over during the pandemic and continue to be discussed.

Working from home, at least from some of those articles and studies, appears to be a net positive for employees and employers. Let time commuting, less overhead costs, more productivity thanks to no commute, increased job satisfaction, and improved work-life balance.

Thanks to the work-from-home setup, people who were able to do that moved out of the city or rented an Airbnb for an extended amount of time. In either case, those people were, likely, able to reduce their housing costs by moving to the suburbs or giving themself a little vacation/change of scenery.

Savings rate

A lot of people saved money during the pandemic thanks to stimulus payments. In April of 2020, the personal savings rate for Americans was 33%. In March of 2021, the personal savings rate for Americans was 26.6%.

The savings rate has fallen since then but is still above 12% which is higher than it was before the pandemic (less than 10%).

Stimulus payments

According to the National Bureau of Economic Research (NBER), most Americans either saved or paid down debt with the majority of their stimulus payments. 40% of the stimulus payment was spent, 30% was saved and another 30% was used to pay down debt.

Personal finance lessons

I think there were a lot of personal finance lessons that can be learned from the pandemic. Here’s a list of them below:

People saved more money

The future was very uncertain so people were more conservative with their spending and less conservative with their savings. That mindset shouldn’t change. The future, in principle, is uncertain. We do not know what tomorrow holds, so saving for a rainy day/goals/retirement is very important.

You don’t need to spend money to have fun

At the very beginning of the pandemic, you couldn’t go anywhere. Quarantine and lockdown orders came in right away. Instead of getting together in person, people utilized Facetime, phone calls, and Zoom. I, personally, had group Zooms with family members where we played and had conversations like we would if we were in person.

Diversification is important

Early in the pandemic, the market tanked. We lost over 30% in six weeks. Granted, it came right back up not long after, but that might not always be the case. If you don’t have time to ride out the ebbs and flows of the market, it’s important you get your asset allocation right. Talk with your adviser to make sure your investment matches your time horizon and risk tolerance.

Get rid of debt

You never know when your job and your ability to earn can be taken from you. Some people lost their jobs, some people were furloughed, and some people just weren’t able to go to work. If you don’t have an income, the only other part of the balance sheet you can affect is your expenses. Get rid of your debt. That’ll help you reduce your expenses in case that happens (you can also save more).

Protect your loved ones

Get life insurance. A lot of people passed away during the pandemic. If you contribute income to your household, you need to make sure you financially protect the people that rely on your income.

Related reading:

5 Personal Finance Tips from the Pandemic

How to Regain Control of Your Finances Amid the Pandemic

How to Save Money on Your Post Pandemic Vacation

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

Retirement Costs to Consider

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Retirement Costs to Consider

You save for years and years…decades and decades. When you’re saving for retirement, an important consideration to keep in mind when you set your nest egg goal is your retirement costs.

When determining and estimating retirement costs, you need to consider what the average expenses are in general and for the retired folks in your area/state. Once you figure out the generalities, you must adapt them to your situation.

Some items to consider:

  • Travel – Will you stay in your current home? Will you move to a warmer state or a state without an income tax? Do you have family spread around the country? Will you take vacations on an annual basis? If you’re planning on traveling every year, possibly multiple times a year, it’s important to factor those costs into your monthly/annual budget – so you can save for it.
  • Healthcare costs – When you get older, your body doesn’t typically work as it has in the past. You are also more susceptible to illness (as we’ve seen over the past two years). As a result, your healthcare costs go up.
  • Housing – There are a few things to consider when determining your housing costs. Will you stay put or will you move? If you move, will you downsize? If you move, will you move to a different state? Does that state have income taxes? What do you anticipate energy costs will be?

Typical retirement costs

People 65 and older have spent an average of $4,847. On average, utilities, public services, and fuel cost an additional $3,743.

On average, Americans spend $10,160 per year on transportation. Retirees spend a little less. Anywhere between $4,963 and $6,618.

The general American population spends $5,204 on healthcare. Retirees spend between $6,792 and $6,619.

American retirees spend $6,303 on food. They also spend, on average, $2,282 on entertainment.

Expect to spend between 55%-80% of current expenses in retirement.

There are 9 states without a state income tax – Alaska, Florida, South Dakota, Tennessee, Texas, Washington, and Wyoming.

These are the states with the cheapest monthly utilities – Idaho ($343.71), Utah ($350.17), Montana ($359.03), Washington ($369.18), and Nevada ($3376.93).

Conversely, here are the top 5 most expensive ones – Hawaii ($730.86), Alaska ($527.96), Rhode Island ($521.98), Connecticut ($496.07), and New York ($477.31).

Related reading:

Managing High Inflation in Retirement

5 Solutions for Managing Money After Retirement

Retiring Out of State

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

Managing High Inflation in Retirement

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Managing High Inflation in Retirement

Inflation is high. We all know that. I’ve been writing about it for months and it appears that it’s here to stay. With all of that said, I saw a question the other day about how to manage the high inflation when you’re in retirement, and I thought it was a good topic to talk about today. So we’re going to discuss high inflation in retirement, how it’s impacting retirees, budgeting strategies, investment strategy changes, and if inflation will be an ongoing concern for retirees.

Inflation right now

It’s high…no surprise to anyone. In January it was 1.4%, in April it was 4.2%, in July it was 5.4%, in October it was 6.8%, and in December it was 5.9%. That’s historically high. The highest it’s been in 40 years. Will that stay, only time will tell and we’ll get into that later.

How is it impacting retirees?

Things are getting expensive, so when you set a budget at the beginning of your retirement you account for the current price of the things you need. You should also account for increased costs of items as time goes on because there can be big or small increases…either way, prices costs will go up.

Groceries and energy are two prime examples of things that have gotten more expensive recently. So when those things went up in price, it probably pinched people’s budgets, and/or pushed forward costs that probably weren’t expected for several years. Odds are, they’re spending more money now on food and energy than they anticipated. Hopefully, people have been able to make adjustments already.

Budgeting Strategies

There really aren’t a lot of tips I can give you. The best thing I can really say is to cut costs where it makes sense to account for things that are now more expensive. The other tip, though this is more of a gamble, is to not make any changes now and make changes in the future when inflation comes down.

Investment Strategies

With your investment, you’ll need to reallocate some assets. I wouldn’t take any money out of stocks. What I would do is take some money out of your bond investments and put it into precious metals. The FED said that they plan on hiking rates three times in 2022. Bond prices will go down when interest rates go up. Increasing your stock allocation or putting some money in precious metals could be a good way to combat inflation.

High inflation here to stay?

No, I do think it will be here until the FED hikes rates, but my reasoning for that has to do with what happened in 2018. If the FED can raise rates without putting a cork in the recovery, then I think there’s a possibility that inflation and the federal funds rate will stay elevated until the bubble pops.

Related reading:

Why Asset Allocation Matters

The Factors Causing Inflation

How to Beat Inflation with Investment

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

How to Set Investing Goals

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set-investing-goals

Saving money for the future is important, but I believe it’s even more important to invest that money and make it work for you. With that said, you can’t just start investing. You need to lay some groundwork first, you need to have goals in mind, and you have to be intentional so that when things get difficult, you stick with the plan instead of abandoning it during the discomfort. Today, we’re going to talk about how to set investing goals.

What kind of goals are there?

There are typically three-goal time horizons: short-term, medium-term, and long-term. A short-term goal is something you plan on achieving in 2-10 years. Saving for a down payment is a pretty common goal that fits into that window. A medium-term goal is 10-20 years. Saving for educational expenses for a child fits into that window. A long-term goal is retirement or anything else that’s 20+ years down the road.

These time windows are my opinion, though I think they’re pretty close to conventional opinion. Also, there are more goals than the ones I listed above.

How to think through your goal-setting

There are three things to keep in mind when you set investing goals (not to mention figuring out the goal itself). How much time do you have? Is this a short-term, medium-term, or long-term goal? Do you have time to take some risks or do you have to play it safe?

Speaking of risk…what are you comfortable with? Usually, this goes hand in hand with how much time you have. A short-term goal like saving for a down payment will need to be invested conservatively, if at all. In this scenario, you’ll have a set price you’re saving for so you can’t take a chance that the market dips and your savings fall below what you need it to be at.

Conversely, when you’re saving for retirement, you’ll have an opportunity to be more aggressive (at least in the beginning) because you have time to make back the money that you’ve potentially lost.

The last part of positioning your portfolio according to your goals is your comfort level/investor psychology. Time horizon and risk tolerance are small factors here, but it’s more about how volatility affects your mind. If the market drops and you’re panicked, maybe you need to be more conservative.

How to invest based on your goals

Here are some thoughts on how to invest based on your goals. If you’re saving for a short-term goal, like a down payment, I wouldn’t even invest it. UNLESS you’re very confident and you’re an expert in the particular field (though that applies to all of the time horizons).

If you’re saving for a medium-term goal, like saving for college, here’s what I’d do. You can be a little aggressive in the beginning because you have time to earn some money back. As you get closer to the end of your window, you’ll need to be more cautious. Maybe start 50/50 (stocks/bonds) and as you get closer, either get out of the market entirely or something like 10/90 or 20/80.

For your long-term goal, you’re able to be more aggressive for a longer period of time. 90/10, 80/20, 70/30, 60/40 all work great here. It depends on what you’re comfortable with. Same as the last one, as you get closer to the end of your window, you need to shift your allocation to be more conservative.

Keep in mind, these are blanket recommendations. I don’t know your situation, so you need to talk to a professional first before you set investing goals and make investment decisions.

Related reading:

How to Invest for the Long Term

Financial Resolutions: Debt, Saving, Investing, Real Estate, Crypto

Worthy Goals for You to Set and Crush

Why Asset Allocation 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

How to Prep your Finances Before you Quit your Job

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prep-your-finances

There are a lot of jobs open right now. Maybe you’re not particularly happy in your current role so you’re looking for other opportunities. Before you leave, you need to make sure you have your affairs in order. Here’s how to prep your finances before you quit your job.

Some things to make note of first.

Plan Ahead

If you want to quit, but don’t have anything lined up yet, get that process started ASAP. There may be a plethora of jobs available right now, but that doesn’t mean you’re going to get one right away.

Ideally, you’ll have an accepted job offer before you quit your current job, but that won’t apply to everyone.

You could be leaving a hostile work environment, you could have a bad work/life balance, or you’d like to explore different opportunities.

That’s why you must do your best to always be prepared because you never know what is going to happen. You can’t predict the future.

Before you quit your job, here’s what you have to do.

Have Money Saved

Make sure you have money saved. You truly don’t know how long it’s going to take to find another job. That’s why I say you should have one lined up before you quit your current job. That’s also why the common advice is to have 3-6 months of living expenses saved in case you lose your job.

It’s also important to see what’s out there. As I mentioned in the beginning, there are a lot of jobs available, but that doesn’t mean you’re going to find a better one. Do your research.

Prep Your Finances

If you want to be able to have less liquid money available, work on your expenses. Cut down where you can. If you’re servicing debt, get it paid off so you don’t have that liability sitting out there. If you don’t have any liabilities, you remove the chance that you’ll miss a payment (which is bad for your credit score). Your credit score is important in today’s economy, especially when looking for a job.

Back-Up Plan

Whether you are exploring a different field entirely or looking for a better role in your current industry, it’s a good idea to have something to fall back on. Even with a record number of job offerings, the job market is still unpredictable. Make sure you have a contingency job picked out that matches your skillset and expertise just in case the role you’re pursuing doesn’t work out.

Make Money in the Meantime

Learn how to make money…quickly. If the job hunt is taking longer than you expected, find a way to supplement the income you lost. There are several ways to hustle your way into a wage nowadays. Uber, Lyft, Instacart, UpWork, Fiverr, and more. There are plenty of companies that’ll hire you as a contractor. If you’re making money, that could enable you to be very picky on the job you take.

Health Insurance

Last thing. Don’t forget about healthcare costs. If you get benefits from your current job, figure out how/if you’re going to get health insurance while you are out of work. Short-term plans might meet a need if you’re just looking for disaster coverage, but if you’re someone that requires ongoing medical care, there’s probably something else that’ll meet your needs better.

Prep your finances BEFORE you make a move.

Related reading:

Can an Employer Charge you Fees to Turn Over your 401(k) After you Quit your Job?

Why Financial Literacy is Important

Everything you Need to Know to Set Up Your Emergency Fund

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

Technological Investment Opportunities

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Throughout history, some of the best companies are ones that created a product or service that solved a problem. I believe the vast majority of successful companies in the future are going to be technological or innovative in nature. In the coming years, there will be incredible technological investment opportunities. Here are some areas I think we should watch.

Space

When billionaires start spending billions of dollars, it’s hard to ignore. Especially, when all eyes seem to be on them when they’re making these gigantic moves. When it comes to colonizing Mars, space tourism, and all of that, it’s hard to see, at least right now, a company being able to profit on this segment. Eventually, we’ll be advanced enough that it’ll happen, but I don’t know how far away that is.

When it comes to sending satellites to orbit and payloads to the International Space Station (ISS), profitability seems more likely and much sooner.

Medical equipment/Pharmaceuticals

These are separate sectors, but I’m lumping them together for the sake of organization. I do this because they are both going after the same goal, making the human population healthier. They are doing this by helping cure diseases and making it more efficient and effective to maintain health.

There are plenty of diseases that need cures and a lot of self-sabotaging behaviors that humans need help with. It’d be silly to think that this area won’t be innovative and an incredible technological investment opportunity.

Renewable energy/Nuclear fusion/Clean up carbon emissions/environment

I’m not going to lie, with regard to the areas/sectors in this article, this section is my favorite. With all of the reports, publications, politicians, and scientists sounding the alarm bell about climate change, it’s impossible to ignore the technological investment opportunities coming down the pike.

Fintech

I’ll be perfectly honest, I’m not 100% sure what kind of advancements will come out in the financial technology space that hasn’t come out already. Perhaps what will end up happening is more efficient iterations of the processes, programs, and products we have right now.

Robotics/AI

Right after the renewable energy section of this post, in terms of my favorite, is this one because it has the ability to have an impact on everything.

Here’s the challenging part, at least challenging in terms of investability. There are going to be a lot of companies that invest in AI and machine learning. The biggest spenders and investors of AI technology are large technology companies that exist already.

Apple, Amazon, Google, Microsoft, and the like are already changing the game for AI. Finding a smaller company whose sole product/service is AI is going to be tough, but that doesn’t mean it’s impossible.

There are a lot of cutting-edge, technological investment opportunities that will present themselves in the future. Make sure you’re paying attention and take advantage of those opportunities.

Related Reading:

Investment Concerns and Opportunities

Why Financial Literacy is Important

Inflation, Gold, Semiconductors

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