- Small Steps, Long Term Results, They told me it wasn't going to happen overnight – and they were right., While trying to dig out of my financial ditch, I looked for quick solutions everywhere. Cashing in retirement savings to keep my car on the road. Using credit cards to make loan payments. Borrowing money from family to make ends meet. I wasn't fixing the ditch. I was digging myself deeper. You may have heard this before, "The first step to getting better is admitting you have a problem." I heard…, Financial hardship can start to dictate your life. But it doesn't have to., Recruit financial allies., It wasn't easy to ask for help, but doing so made the biggest difference in regaining control over my personal finances. For me, the allies I enlisted were Visions, my older sister, and her spouse, my brother-in-law. They became my accountability partners , and we met regularly to help me stay on track. If you're trying to pick a team, keep in mind your finances should stay private, so you should…, people, at the center of their mission,, instead of profits, . They're committed to service . By the end of my first meeting, I learned that Visions offers a free financial counseling service, budgeting tools – all kinds of support – and it's not only for people who were in the same boat as me, but also for people who just want a second opinion about their goals and financial plans. The biggest relief was that most of these resources are free and easily…, Request settlements and payment plans., My financial wellness coach at Visions helped to guide me through the next steps. The things I had been avoiding–¦ While I was behind on utilities and bills, I avoided contact with my service providers. I was expecting some kind of verbal abuse or beratement, so the thought of it gave me a feeling of dread. Then, sitting down with my financial wellness coach, I learned that I could call the…, Within less than six months, of slow, steady payments, my credit score started showing significant improvements., Find affordable alternatives., Working with my financial coach and allies, I addressed one of my other roadblocks: my budget. Without understanding how to budget , even if I managed to pay off a few debts, I could have easily fallen back into the same old traps. My budget – the system of record-keeping, allocating, and tracking my income – would be my ticket to change. It helped me to define which expenses are necessary, which…, explore a truly, affordable, lifestyle, . That's the big thing with a budget. You have to decide what you can and can't afford, but sometimes it's not as clearcut as you want it to be . For example, I can afford a car payment while saving for some repairs. I can't afford an expensive new vehicle, especially one with a higher insurance cost or low fuel efficiency. For now, I'm sticking with the affordable option, and attempting to save…, Consider Consolidation, My last bit of advice is to try to consolidate your debt. My brother-in-law mentioned this as a good idea, but I didn't get to it right away. That was part of my biggest frustration as I started to tackle my debt. My credit was too low. But I didn't feel comfortable letting my family cosign. I wanted to take that ownership and be responsible for my own debt. If you need help with credit, you may…
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #3: The distant artist, Some people like to work hard and play hard, like my cousin JJ on the other coast. With a passion for cinema and photography, JJ left for California as soon as she had enough money for an apartment. She loves her work, both in study and creation, and it consumes her – she'd be the first to admit it – but JJ also loves to schmooze. She's a pro at working the room at a party, fulfilled by the small…, Here's what I learned from my cousin, the distant artist:, 1. Residual income is a return on investment. Think of someone who owns a successful business. They work hard early in life, investing in a company that should pay off later in life, right? That's the ideal: the company earns a healthy profit, managers handle the daily grind, and the company runs itself. For many artists, it's a similar game. In one industry, musicians pitch albums that make some…, Read more Lessons From My Elders:, My Crafty Neighbor, A Veteran's Folly
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #2: A veteran's folly , Everyone called him Gramps, even though he had no grandkids. Through his church and the local VFW, Gramps had many companions, and everyone he met, he treated like a brother. People generally connected with his relaxed attitude and his sense of humor, which would sometimes raise doubts to his mostly pious nature. Still, I've never met anyone more averse to saving money. When he passed away, his…, Here's what I learned from Gramps and his financial folly:, 1. Without debt, subscriptions, or financial obligations, life can be remarkably affordable. Isn't it obvious? Things cost money. So if you have, want, use, and do less stuff, you're likely to spend less money. That pretty much describes Gramps' lifestyle. He was as minimal as minimal gets, getting by on slim income from his military pension and social security. He had a car, but most days he…, Read more Lessons From My Elders:, My Crafty Neighbor, The Distant Artist
- Unless you have accumulated substantial wealth where money is not a concern, you face a critical task when you reach retirement to make sure that your assets will support you through your lifetime. When you retire and no longer earn an income to pay for your bills and living expenses, developing and adhering to a financial plan – where cash flow is clearly defined – can help you balance your…, Connect with Visions Wealth Management, This material was prepared for Visions Investment Services and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional…, Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer., (Member FINRA/ SIPC). Insurance products offered through LPL Financial or its licensed affiliates. Visions Federal Credit Union (VFCU) and Visions Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name Visions Investment Services, and may also be employees of VFCU. These products and services…
- An important document that everyone should consider as part of their estate planning is a, power of attorney, . This is a legal document that gives another adult person – or even a Trust Department like at Visions – the authority to act on your behalf and make decisions regarding your money or property. Most often used in the event of illness or incapacity, a power of attorney document avoids the possibility of a court ordered guardianship. However you choose a power of attorney, the agent or agents…, agent, , and it's best practice to have a, successor, in place in the event that the initial agent cannot act. When it comes to multiple agents, you can designate whether you would like them to act separately or together. In most instances, it's best to allow them to act separately. For example, many institutions do not offer two signature checking accounts and therefore would not be able to accommodate agents who must act together. Remember that a…, personalized to your needs, . The authority can be very broad or limited – it's up to you – and that's why it's important to appoint someone you trust and who you know will act in your best interest. And, while powers of attorney are governed by specific state laws and should be prepared by an attorney, Visions can help you determine how it may fit into your estate planning. For information on Trust services at Visions,…
- A Will is Not the Only Way, Today marks the largest intergenerational wealth transfer in history, with $30 trillion in assets projected to pass from baby boomers to their heirs in the United States alone. Yet 60% of American adults don't have an estate plan. Plan ahead for the possibility of incapacity with a Revocable Living Trust. We know that while you can't predict the future, you can prepare for it. Instead of only…, Revocable Living Trust, is a legal document that does double duty by setting forth how you want your assets managed and distributed in the event of your incapacity. As a result, if you're ever unable to manage your own finances, a court wouldn't need to get involved to appoint someone to manage your financial affairs. Want to meet with someone on our Trust and Estate Planning team? If you are interested in seeing what…
- Family Budgeting with Coupons, Adulting is hard, even when it's filled with great things. Nothing brought me to that sense faster than having $36,000 in student loan debt and working my dream job while being newly married , a new homeowner , and – the cherry on top – having a baby on the way ! Even though we lived on a budget and were fine financially, I was panicked about money. We had lots of great things happening, but I…, I don't know whether it was fate or divine intervention., Shortly after a major money meltdown, I stumbled across a friend's social media account where she had posted about a shopping haul she made with her sister. I remember the photo in her post showcased several packages of diapers, baby wipes, and laundry detergent, among other things, but what intrigued me most was the caption: they paid something like $6 for all of it! I immediately reached out…, extreme couponing, . I must be honest, "couponing" is not for everyone. It can be time consuming to clip, print, organize, and match coupons to deals, but there's nothing like the euphoria you get from having a cart full of groceries and paying almost nothing for it! At first, I used couponing to stretch the money I had budgeted as far as I could – and if I could start contributing more to my savings, that would be…, My Tips and Tricks for Couponing, Always sign up for a store's savings card program and download their app. They often have exclusive coupons paired with them Decide on a budget, plan your shopping trip, and stick to your list Become familiar with each store's policies (for coupons, rainchecks, etc.). If you can, bring them along when you're shopping Instead of a card, use cash. Then after your shopping trip, deposit the…
- What's an internship, anyway?, , Why would I need an internship? How do I get one? When do I start applying?These are just a few of the questions I asked myself four years ago while transitioning from high school to college. If you're reading this, I'm guessing you're a high school or college level student, who's struggling to maneuver all the expectations around graduation or starting a career, and considering an internship in…, it's okay., Believe it or not, I was in your shoes not long ago. My senior year of high school, I had been working an awful retail job, so I knew it was crucial for me to start my search for something more professional. I had a goal to work part time through college, because I needed extra money for my car payments, auto insurance, and phone bill. So, as far as I was concerned, any unpaid job or internship…, Here are some things I wish I knew., What Do I Want Out of an Internship? There are a few things you'll need to consider before applying for an internship. Do you want to take the internship as school credit, or would you rather be paid? Are you willing to relocate? Are you willing to take an unpaid, no-credit offer? These are all important to think about before you make any sporadic decisions. Internships are designed to give you…, Good luck!, Emily E.
- Lessons From My Elders, I won't always be young. I'm not jaded by the notion that I have a lot of years ahead of me, and many lessons to learn. But eventually, I won't be able to work the same 40 hours per week (plus the occasional side gig) to support my family and cover my health expenses. Not forever. So when someone older than me talks about life, I'm happy to listen because I might be in their shoes someday. I'm…, Retirement #1: My crafty neighbor, My neighbor isn't from here. And by "here," I mean "this country." As a teenager, he boarded a ship and sailed to America in the 1960s to start a new life in the Land of Opportunity. He worked in construction but his passion was art, and I've never heard anyone say a negative word about him – always referred to as a hard worker, kind, family man, talented, helpful, funny – the list goes on! …, Here's what I learned from my crafty neighbor:, 1. Real estate is an investment you can suit to your needs. By the time he retired, my neighbor had no mortgages between a sizeable residence and a modest rental property. The rental offered a first apartment for his kids to live when they moved out of the house, then became extra income in later years, until he decided to sell it. He recouped his investment again in later years, when he and…, Read more Lessons From My Elders:, The Distant Artist , A Veteran's Folly
- Putting Your Bills On "Auto Pilot", For most of my life, I've struggled to keep track of things, especially my to-do list. Then, as an adult, I was diagnosed with ADHD (attention-deficit/hyperactivity disorder), which explained a lot of the challenges that I had dealt with throughout my life. However, a diagnosis like that doesn't solve the problem, it only helps to define it. One lesson I learned the hard way was, when it comes to…, auto pilot, !, This is how my system works., First, I added up my monthly expenses: mortgage, insurance, utilities, groceries, etc. Next, I divided that sum between my paychecks. By knowing this amount, I was able to put the necessary funds into a separate checking account each time I received my direct deposit . Anything leftover goes into my "personal" checking account, and anything in that personal account, I'm free to spend – with the…
