About Jerry Maldonado

Jerry specializes in retirement, insurance and tax off-set strategies for professionals and small business owners. His focus is to help clients identify their definitions of legacy and financial security while simultaneously implementing innovative strategies to help make those financial goals a reality. For more information on his services, he can be reached at: JGM Consulting LLC [email protected] (951)858-0798 Lic#0H33733

Moneywoman: Unleash Your Inner Financial Superhero

The first National Women’s Equality Day was in 1971. Women couldn’t get credit cards in their own name back then. And if a woman became pregnant, she could be legally fired. Thankfully, a lot has changed, but some things haven’t. Women still do not receive equal pay for equal work. The gap is roughly 20%1, and women continue to live longer than men, now by an average of seven years. That one-two punch — lower earnings over a longer lifetime — makes it critical for women to become even more knowledgeable and confident about their finances. We talked with Darrelyn Dunmore, an agent with Strategic Wealth Specialists in Mobile, Alabama about her own journey to financial confidence and how she helps other women become more empowered.   HOW DID YOUR JOURNEY TO FINANCIAL CONFIDENCE BEGIN? We know that 80-90% of women will become solely responsible for their finances at some point in their lives, mainly due to divorce or widowhood. That’s what happened to me. I went through a divorce in 2000. Suddenly, I was a single mother of two daughters and scared to death.   WHAT DID YOU DO? I signed up for a seminar about how women could work towards financial freedom. The leaders encouraged us to take a “financial snapshot” of where we were at that moment, and to map out where we wanted to be in the future. We also gained an understanding of basic financial concepts and how they applied to our lives. That experience gave me the courage and understanding to move forward.   HOW HAS YOUR EXPERIENCE TRANSLATED INTO YOUR WORK? Nearly two-thirds of American women, ages 40 to 79, have already dealt with a major financial “life crisis,” such as job loss, divorce, the death of a spouse, or serious illness. I meet with women of all ages and every socioeconomic level. And they all share the same concern: “How can I protect myself financially?” Married women want to know whether they will be okay if something happens to their husband. In many cases, the husband doesn’t understand their financial situation himself or he won’t give his wife this vital information. I’ll never forget talking with an 81-year-old widow who said, “He wasn’t supposed to go first. I don’t know what we have or where to start.”   WHAT ABOUT YOUNGER WOMEN? Many millennial-age women contact us because they’ve seen what their parents went through in the 2008 financial downturn. Savings wiped out. Jobs lost. Net worth slashed. They want to begin developing a financial strategy now so a similar crisis doesn’t set them back. Many women are just like I was back in 2000: divorced and scared. All these women are educated, but they just don’t know what they don’t know about their finances.   HOW DO YOU HELP WOMEN BECOME FINANCIALLY CONFIDENT? Financial education made all the difference in my life — and that’s what we provide to our clients. We help women get financially organized, [...]

2021-07-28T18:31:56-07:00By |

5 Reasons Why Financial Spring Cleaning Should Always Be in Season

Financial spring cleaning is an important part of being fiscally fit, but don’t limit yourself to clearing the financial clutter during a specific season: Financial spring cleaning should always be in season, keeping you focused on your short-term and long-term money goals.   Less Paperwork, Less Stress Letting paperwork pile up can lead to clutter and stress. Consider cleaning out the clutter. When possible, move to paperless financial statements and store digital versions of your statements in an encrypted folder, which makes them easy to search in the future. Set up a filing system that allows you to store your papers as they come in. That way, you won’t have to sort through them all later. Create a folder for tax receipts and other important documents. Irreplaceable documents should be placed in a fireproof document safe. Once you have a system in place, it’s also less stressful to manage your documents and your finances. You’ll spend less time with paperwork, and feel better for it.   Stay on Top of Things Periodically review your statements and documents to keep track of your financial picture. Review your latest policy papers and note changes in coverage, and make sure beneficiary information is up to date. Stay connected to your situation. If you need to change beneficiaries, or if you need additional coverage, you can take care of matters before it’s too late.   Protect Against Offline and Online Theft Regularly review your account statements to protect against offline and online theft. Because you are more organized, it’s a simple matter to compare your records with your account statements. If you notice something out of place — a fraudulent charge or an account that isn’t yours — you can report it early and limit the damage. At least once a quarter, review your important papers and take stock of your valuable items. Checking these items can help you make sure nothing has been stolen. If you work with a money manager, periodic reviews help you ensure you aren’t being taken advantage of. You can also double-check your insurance policies to ensure adequate coverage. If you’ve made some valuable purchases for your home, or if you have upgraded your car, you want to make sure that those increases in value are covered under your insurance policies, just in case those items are stolen.   Identify Holes in Your Insurance Coverage In addition to your homeowners and car insurance, periodically review your other insurance policies to ensure you are adequately covered. Insurance is meant to protect your assets. Holes in your coverage can be costly when the unexpected happens. From health insurance to disability protection to liability coverage, make sure you are prepared for any potential costs. You also can protect your family’s financial future by reviewing your life insurance coverage. When you receive a raise, consider increasing your life insurance to cover the increase in your salary.   Monitor Your Credit Because your credit is basically your financial reputation, [...]

2021-05-14T17:49:04-07:00By |

How to Help Protect Against a Financial Emergency

Without even realizing it, most people are familiar with protection-first thinking. If you remember travelling on an airplane in a not too distant past, you would recall this important point in the safety demonstrations “In the event of sudden decompression, secure your own oxygen mask before helping others.”   EMERGENCIES ARE SUDDEN For money emergencies, developing a protection-first plan with a financial professional can help secure your own financial safety before other priorities. In life and in finances, emergencies are sudden. Everyone thinks, “It won’t happen to me.”   EMERGENCIES HAPPEN But consider this short list of potential emergencies: job loss, accidents, long-term illness leading to loss of income, home or car damage or natural disaster. It doesn’t take long to think of someone in our circle of family or friends who has faced one of these crises in the last year. An emergency can happen to anyone.   THE MAJORITY OF AMERICANS ARE NOT PROTECTED 41% Americans have savings of $1,000 for an emergency. 37% say they would have to turn to credit cards, friends or family, or personal loans to pay for it, putting them in the black hole of debt.1   MEDICAL DEDUCTIBLES ARE ON THE RISE In the United States, the number one cause of personal bankruptcy is medical costs.2 Furthermore, before the final straw of bankruptcy, many more people struggle to keep up with their medical bills. This is true whether or not a patient has an employer-sponsored healthcare plan.   HEATH SAVINGS ACCOUNTS CAN HELP In fact, from 2005-2015, the amount employees paid towards their deductibles increased by 229 percent – vastly exceeding wage growth.3 More people could safeguard themselves against high medical costs through a health savings account (HSA), but too few people understand the benefits of these accounts even if it is available to them.4   A BETTER PLAN By putting your own financial protection first, you create a plan to cover unplanned life events. This can include putting layers of protection in place, life insurance, disability insurance and emergency savings, even before paying down debt.   WHY PROTECTION FIRST? Even though it’s common to think that your most urgent need is to pay off debt, what happens if you’re paying off debt, but not generating any emergency savings? If you lose your job or are unable to work, you may have to take on new debt to keep paying even just your basic expenses. Then you’re back to square one. A better plan is to help protect yourself from sudden changes through protection layers, including emergency and long-term savings. -- About the Author Jerry specializes in retirement, insurance and tax off-set strategies for professionals and small business owners. His focus is to help clients identify their definitions of legacy and financial security while simultaneously implementing innovative strategies to help make those financial goals a reality. For more information on his services, he can be reached at:   JGM Consulting LLC  [email protected] (714)644-9066 Lic#0H33733 www.jgmconsultingllc.com   Brought to you by The Guardian Network © [...]

2020-11-17T19:49:57-08:00By |

6 Steps to Rewire the Mind-Money Connection

Every  new year brings promise, but sometimes this annual ritual can feel more like Groundhog Day. You start the year determined to keep your resolutions, but before too long, you default back to bad habits. For many people, this is especially true regarding old behavior patterns with money. People develop their relationship to money from a young age, and it’s reinforced by family dynamics. By the time they become adults, it can feel permanent. Yet, it is anything but. Increasingly, psychologists are looking to the brain’s neuroplasticity as the pathway to change patterned behavior.1 Neuroplasticity is “the ability of the brain to modify its connections or rewire itself.”2 In other words, anyone can reshape mental (and physical) habits towards money.   IDENTIFY YOUR TRIGGERS Let’s say you’ve developed a shopping vice. You’re spending too much money on things that you don’t need. One approach to curb this is to examine the triggers that lead to a shopping binge. Do you shop before a big date or a job interview to calm your nerves? Is there a favorite store on the way to work?   STOP THE PHYSICAL REPETITION Habits are reinforced by repetition. To break a habit, you have to stop doing it over and over. When you feel prompted to shop by a familiar trigger, it’s time to change your next action in the chain of events. If the store on the way to work pulls like a magnet, find a new route. If the problem is compulsive online shopping, add website blockers to your browser to bar the sites that eat up time and money.   CONSIDER A SPENDING FAST Another way to stop bad financial habits is to go cold turkey with a spending fast. For instance, perhaps you always treat your friends to dinner, whether you can afford it or not. For a set period of time, resist the temptation to grab the check when it lands on the table (especially if it’s going on a credit card). Bear in mind that studies show it takes at least sixty-six days for a new habit to become automatic.3 So if you fall off that horse, keep getting back on it!   PRACTICE MINDFULNESS Acting on old behavior is usually preceded by old, negative thinking. Often people are hardly conscious of negative thoughts; they simply act on them without examination. By practicing mindfulness, however, we can avoid the effect of mental autopilot. Mindfulness involves bringing your attention to your immediate experiences and helps us examine anxious thoughts more rationally.4 If you’re feeling anxious about an upcoming date, for example, perhaps you’re at risk of splurging on new clothes. But if you look at this thought mindfully, perhaps you’ll see you have plenty to wear already. Or better yet, you may imagine yourself enjoying the date, regardless of what you’re wearing.   ENVISION THE BIGGER GOAL Lastly, take the time to write out what you want. Make a plan and add in the financial numbers that will make [...]

2020-09-16T18:53:42-07:00By |

Ask a Financial Professional: Couples & Money

If it were easy to talk about money, everyone would do it. But in reality, conversations about finances are tough for a lot people. Money is an intimate topic that can make people feel vulnerable. This is true even for (or especially for) people in long-term romantic relationships. Some couples hardly discuss money at all. In fact, one survey found that six percent of married people commit “financial infidelity,” by keeping a bank account hidden from their spouse. Further, 20 percent of the respondents have made a $500 (or higher) purchase, and not disclosed it to their partner.1 Meanwhile, financial problems are a leading cause for break-ups and divorce. To avoid this path to heartbreak, here are some strategies for helping couples establish a financial plan to achieve both of their goals.   MONEY: THE HOT-BUTTON TOPIC Money conversations can often make or break a long-term relationship. Early on, as couples start to become serious, they’re often hesitant to share about their finances. Can you relate? How about making a game out of it? Imagine you each have $1,000,000 to do whatever you wanted with it, what would that be? Write down five answers without showing the other person. Then when it’s time for the grand reveal, you can learn to appreciate your differences, look for commonalities and assess your real-world finances to see what’s possible.   THE BIG DAY AND FINANCIAL BEYOND Once a couple decides to take the plunge and get married, hopefully they have discussed their finances apart from and inclusive of each other. That’s the best case scenario, not always a viable one. Ideally before saying their wedding vows, couples can make a vow to one another to always be an open book when it comes to money and finances. A vow to not judge or criticize one another, but to be considerate of each other’s point of view and be willing to come to a mutual agreement. Also, consider seeking the advice of professionals who can help “quarterback” your financial decisions for you.   INVESTING IN EACH OTHER Most Americans are conditioned to immediately start saving big into their 401(k)s, and they neglect their responsibility to establish liquidity. So the need for cash may come from unnecessary debt or loans. It’s important for couples to invest in their future by asking themselves the following questions: If we need cash, how risky is it to borrow against our 401(k)? How much of our monthly income should be going toward rent or mortgage? What percentage of our paycheck should be going toward retirement, investments, savings? Based on their answers, a financial professional can help them develop a custom-fit plan.   IT’S NEVER TOO LATE  It’s never too late to change your investment strategy. Life sometimes throws us curveballs. It is important to always communicate financial emotions and feelings. It’s also vital to understand you don’t know what you don’t know when it comes to money matters, which is where a financial professional adds value. For instance, [...]

2020-07-06T17:52:39-07:00By |

6 Steps to Rewire the Mind-Money Connection

Every  new year brings promise, but sometimes this annual ritual can feel more like Groundhog Day. You start the year determined to keep your resolutions, but before too long, you default back to bad habits. For many people, this is especially true regarding old behavior patterns with money. People develop their relationship to money from a young age, and it’s reinforced by family dynamics. By the time they become adults, it can feel permanent. Yet, it is anything but. Increasingly, psychologists are looking to the brain’s neuroplasticity as the pathway to change patterned behavior.1 Neuroplasticity is “the ability of the brain to modify its connections or rewire itself.”2 In other words, anyone can reshape mental (and physical) habits towards money.   IDENTIFY YOUR TRIGGERS Let’s say you’ve developed a shopping vice. You’re spending too much money on things that you don’t need. One approach to curb this is to examine the triggers that lead to a shopping binge. Do you shop before a big date or a job interview to calm your nerves? Is there a favorite store on the way to work?   STOP THE PHYSICAL REPETITION Habits are reinforced by repetition. To break a habit, you have to stop doing it over and over. When you feel prompted to shop by a familiar trigger, it’s time to change your next action in the chain of events. If the store on the way to work pulls like a magnet, find a new route. If the problem is compulsive online shopping, add website blockers to your browser to bar the sites that eat up time and money.   CONSIDER A SPENDING FAST Another way to stop bad financial habits is to go cold turkey with a spending fast. For instance, perhaps you always treat your friends to dinner, whether you can afford it or not. For a set period of time, resist the temptation to grab the check when it lands on the table (especially if it’s going on a credit card). Bear in mind that studies show it takes at least sixty-six days for a new habit to become automatic.3 So if you fall off that horse, keep getting back on it!   PRACTICE MINDFULNESS Acting on old behavior is usually preceded by old, negative thinking. Often people are hardly conscious of negative thoughts; they simply act on them without examination. By practicing mindfulness, however, we can avoid the effect of mental autopilot. Mindfulness involves bringing your attention to your immediate experiences and helps us examine anxious thoughts more rationally.4 If you’re feeling anxious about an upcoming date, for example, perhaps you’re at risk of splurging on new clothes. But if you look at this thought mindfully, perhaps you’ll see you have plenty to wear already. Or better yet, you may imagine yourself enjoying the date, regardless of what you’re wearing.   ENVISION THE BIGGER GOAL Lastly, take the time to write out what you want. Make a plan and add in the financial numbers that will make [...]

2020-05-20T15:50:39-07:00By |

Financial Hacks for Millennials: From Side Hustle to Savings

As of mid-2019, 45% of Americans have a side hustle1, and that figure is only continuing to grow. In any economy, side gigs can be a great way to earn extra cash or explore new interests. And especially in these uncertain times, it may also be essential. How can you take those side-hustle dollars one step further—from using them to make ends meet to turning to them as a key savings resource? The first step to making the most out of your side hustle starts with taking a look at your specific skills and interests.   CAPITALIZE ON YOUR SKILLSET While side hustles that makes today’s top lists can be great for earning extra money—think driving for Uber and Postmates or selling on eBay—the best side hustles are actually those that don’t feel like a hustle at all. The key is to leverage the skillset and passions you already have so you’ll be more likely to not only stick with it, but to also make more money at it. And for millennials, this can also align perfectly with our current virtual landscape. The first generation in history to be truly digital natives, millennials have a broad base of versatile skills that can be easily translated to today’s digitally driven marketplace2. Side hustles like creating virtual chatbots, offering online courses or instructional YouTube videos based on your specific skills—from teaching kids how to perfect their baseball swing to yoga routines to fashion and beauty how-to’s—and even reselling curated closets on niche fashion apps can all allow you to dive into your distinct skills and interests. This allows you make it your own, which may mean more chances to earn, faster.   TREAT YOUR DAY JOB LIKE AN ACCELERATOR Side gigs can be ideal for more than money. They can also be an easy way to explore your passions—and a recent study showed that more than half of people would like to transition their side hustle to be their main income-generator3. But if you’re hoping to turn your side hustle into a real hustle, the key, according to former Google exec and business coach Brook Taylor, is to view your day job as an accelerator—not a venture fund4. Look at your 9-to-5 as a lab where you can maximize all the opportunities a corporate or full-time setting offer: for career learning, for networking, for gaining a competitive edge. This will help you get in a better position to make the leap to shifting your side gig to a full-time one.   MAXIMIZE YOUR EARNINGS In order to make your side hustle fully work for you, you’ll want to tap into the experience of financial professionals. There are tips and tricks they can share to make sure you leverage your side hustle, from managing cash flow and expenses to retirement planning. A financial professional can also help you take your side hustle to the next level by helping you implement a growth strategy and plan for maximizing your earnings—and turning your [...]

2020-05-01T17:29:45-07:00By |

What Do Fine Wine and Financial Planning Have in Common?

Do you love wine? Next question: Are you financially confident? This one is a little harder to answer, right? To be financially confident means that you feel good about your current financial situation and future outlook. If this sounds like you, you’re a confident planner. Research shows that 21 percent of Americans are Confident Planners when it comes to their financial lives.1 (The remaining 80 percent of Americans are stressed-out, largely due to financial worry.) In exploring answers to the questions above, you may be surprised to learn that the worlds of wine and financial planning have a lot in common.   HIGH-QUALITY INGREDIENTS The best wines in the world begin with top-quality ingredients. Starting with the land, vintners plant premium grapes in rich, verdant soil. And not all land is of equal value. For example, the celebrated wines of the Burgundy region in France come from land priced at around $5 million per acre.2 The land is the first factor in the quality of wine. For confident planners, the same principle holds true for a strong financial plan. One of the best ways to begin is with a plan that includes products like life insurance, disability income insurance and a retirement strategy.   IMPROVE THE HARVEST OVER TIME Wine lovers know that their favorite vintage doesn’t happen overnight. On the contrary, it’s a long, steady process of planting, growing, harvesting, storing and bottling. Through continually refining their process, vintners can improve their final product. For example, a maker may use machine harvesting in the field, and produce a wine that earns an 85 rating — “very good.” Yet if this maker transitions to harvesting by hand, he’s more likely to earn a coveted 95 rating for “classic” wine excellence.3 Like those high-performing vintners, confident planners, have model behaviors that can help them optimize outcomes. And like vintners, anyone — Day-to-Day Decision Makers, Ambitious Spenders, or Retirement Realists — can adopt these practices. One of these behaviors is to work with a financial professional to develop a financial plan. Next, Confident Planners understand that it takes time for a financial plan to come to fruition, just like wine needs to age. During the process, they live within their means and stick to the long-term plan. They understand that their efforts will pay off in the end, as it will with the vintage.   THE MASTER VINTNER Think back to a recent occasion when you enjoyed a bottle of wine among friends. Even if the wine was unforgettable, it’s likely no one craved the years-long experience of producing it. Thankfully, there are vintners around the world who begin each season with a harvest plan based on years of experience in the field. Over the course of the year, they gauge the ever-changing factors that may affect the harvest — like the levels of sun and rain, for example. No growing plan is identical from one harvest to another. Likewise, there is no one-size-fits-all financial plan for everyone. (You can find [...]

2020-03-30T12:34:29-07:00By |

Do I Have To Pay Income Tax On These Items?

Individuals who win court awards, or receive proceeds from lawsuit settlements, or receive certain governmental benefits, often question whether the amounts received are taxable or not. The answer to this question typically is, “it depends.” What drives the result usually stems from the specifics of the facts and circumstances.   WHAT GENERALLY ISN’T TAXABLE As it pertains to awards, settlements, and certain government benefits, some income items that aren’t generally taxable include: Income, disability, and death payments received in connection with military or terrorist attacks. Workers’ compensation awards if paid under a workers’ compensation statute. Compensatory awards for “personal injury” or “physical sickness”. Damages you receive for emotional stress caused by the injury or sickness. Damages awarded to reimburse medical care costs due to emotional stress. Disaster relief received under the Disaster Relief & Emergency Assistance Act, provided the relief is for “necessary” expenses, including housing, medical, dental, funeral and other expenses. Awards and damages for replacement or loss of personal property (e.g., a building you own is damaged by someone recklessly driving his/her automobile.)   WHAT GENERALLY IS TAXABLE Some income items that are generally taxable include: Retirement plan benefits received under a worker’s compensation statute. Lost wages or income due to damages from the Gulf Oil spill. Damages from emotional distress that are NOT due to “physical injury” or “physical sickness” Back pay and damages due to emotional distress under a claim under the Civil Rights Act of 1964. Awards for compensation for lost profits or lost wages. Any amounts received as a result of a settlement where the amount represents a “pension right,” i.e., the right to the money is due to contributions not made by you. “Punitive damages” regardless of whether they came from sickness or injury If interest is credited to an award, then the interest is typically taxable. Copyright infringement damages. Any awards or damages due to “interference of business operations.” Note that most employer/ employment-related settlements and damages are considered returns of lost pay or wages. Since wages are taxable as a general income tax principle, these amounts are generally subject to income taxation, as well. Certain amounts received shown to be attributable to medical expenses that were previously reported as itemized tax deductions on one or more previous returns. Legal fees to the extent those fees can be allocated to time spent recovering non-taxable awards (if the award isn’t taxed, then the legal fees can’t be deducted.   TAXABLE OR NOT TAXABLE, IT’S STILL CONFUSING Taxation of settlements, judgments, and certain government benefits is complex. The scenarios listed above are a mere sample and largely dependent on unique facts and circumstances. Consult with your CPA and/or tax and legal advisors.   Brought to you by The Guardian Network © 2018. The Guardian Life Insurance Company of America®, New York, NY 2018-53403 Exp. 01/2020 -- About the Author: Jerry Maldonado pecializes in retirement, insurance and tax off-set strategies for professionals and small business owners. His focus is to [...]

2020-02-21T12:41:41-08:00By |

Financial Fixes: 5 Tips for Handling Inheritance

Remember that family reunion you wanted to forget? You barely got through it by trading jokes with your great uncle over servings of marshmallow salad. Well, it turns out it was a day to remember for him. In fact, he left you money in his will, and today, a surprise inheritance check arrived. Your first reaction is probably to jump for joy, but what you do next matters a lot. Many people daydream of a windfall as the answer to all their financial problems. However, approximately 70 percent of people who suddenly acquire large amounts money no longer have it a few short years later.[1] Indeed, inheritance can be a turning point, but it depends on how you handle the money from the start. #1: DO TAKE A DEEP, LONG BREATH (LIKE 30-DAYS LONG) It’s common to worry about money, especially if you’re a day-to-day decision maker around finances. Yet, in the event of an unexpected inheritance, the most important thing you can do is hold off on making new purchases. Behavioral psychologist, Dr. Daniel Crosby, notes that when people suddenly acquire money, they tend to spend it quickly. In contrast, we spend our hard-earned cash in slower, more level-headed ways. Give yourself at least 30 days to get used to the idea of your inheritance — without spending any of it. #2: DO MAKE A LIST OF IDEAS FOR HOW TO SPEND THE MONEY You may feel an impulse to buy things. Maybe even a lot of things. But rather than spend any of your inheritance in the first month, channel that impulse through pen and paper. (Or thumbs and phone.) Make a list of all the things you’d like to do with the money, whether it’s an extravagant vacation or adding to your family’s emergency fund. Review this list a few times over the month, and it will help you clarify what you really want. Also, suppose you inherited $50,000. It’s easy to come up with a list of what you could do tomorrow with $50,000, right? Now let’s look at the sum another way: what would you do with $5,000 over ten years? Write down your ideas for this approach as well. #3: DO WORK WITH A FINANCIAL PROFESSIONAL While it’s beneficial to enlist a financial professional’s guidance at any income level, it’s particularly helpful after a cash infusion. A professional can help you create a long-term strategy tailored to your unique financial goals. She will work with you to determine how much money should be saved for a financial cushion, or go toward debt, or finance a dream like starting a business. #4: DO HONOR THE GIVER’S LEGACY One of the best ways to feel good about how you spend an inheritance is to honor the legacy of the person who gifted it. Did your great uncle value education? If so, he’d be pleased to see his gift go toward your student loan payments or your child’s education. Did he love skiing in the Alps? [...]

2020-01-24T12:44:41-08:00By |

Five Ways to Help Make Your Money Last Longer

The good news is that Americans are living longer these days. The average life expectancy has risen steadily from 49 years in 1900 to 79 years in 2000. Congratulations if you live in Hawaii – your state has the highest life expectancy at 81.5 years! (In the chart, you can see the average for your state.) There are more than 53,000 centenarians (people at least 100 years old) in the U.S. Over 80% of them are women, since women tend to outlive men by about five years. Want to see 100 candles on your birthday cake? Longevity strategies include getting enough sleep, adopting a pet, and making friends. Exercise helps too. Researchers say that even moderate activity for 2.5 hours per week may extend your life by 4.5 years! All of us want to look forward to a long life with confidence. How can we make sure our money will last through our retirement years – especially with life expectancy increasing? Here are five tips to help your money grow with you: Start saving now –The U.S. personal savings rate is around 5.3%, according to Bureau of Economic Analysis 2010 data. The time value of money is powerful – the sooner you start or increase savings, the faster you can put it to work for you. Work longer – More older workers are staying employed – some by choice, some by necessity. The longer you have income coming in, the greater your financial resources for retirement. Get strategic – To maintain your current lifestyle during retirement, you will likely need financial resources worth 10 to 20 times your annual salary. That takes a strategic plan focused on developing retirement income solutions that are practical for you. Getting advice from a financial expert is important. Maximize Social Security – If you can delay drawing Social Security benefits until age 65, you may increase your monthly benefit significantly. Get covered – Insurance for medical and long-term care expenses is an important consideration in retirement planning. The average 65-year-old couple with Medicare will likely need $220,000 to cover medical costs in retirement, not including long-term care. -- 2019-85345 Exp. 9/21 About the Author Jerry specializes in retirement, insurance and tax off-set strategies for professionals and small business owners. His focus is to help clients identify their definitions of legacy and financial security while simultaneously implementing innovative strategies to help make those financial goals a reality. For more information on his services, he can be reached at: [email protected] www.jgmconsultingllc.com   DISCLAIMERS: This material is intended for general public use to potentially assist you in planning for your future. By providing this material, Guardian/Park Avenue Securities is not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Guardian and its affiliates, subsidiaries, employees, agents, and outside contributors, are not authorized to provide legal, tax, or investment advice in the materials of this website including but not limited to any blogs. The information provided does not [...]

2019-12-05T15:15:31-08:00By |

The Importance of Protecting Student Athletes

When only 1 percent of collegiate student athletes end up making a living at their athletic craft1, it’s a wonder that financial literacy is not taught to every NCAA athlete. As parents, fans and athletes prepare for yet another exciting collegiate sports season, parents and athletes of all ages should prepare for life beyond athletics. ESPN’s documentary “Broke” shows the dramatic picture of young athletes’ lack of financial knowledge. “Some guys don’t even know how to open a bank account,” noted professional basketball player Jamal Mashburn. When you mix financial illiteracy and the fact that high-performing athletes are more prone to devastating injuries than others, the risks to their financial future are palpable. Luckily, the NCAA recognizes these risks and does offer various forms of insurance for these athletes to protect against potential lost wages due to catastrophic injury.2 Despite the odds being against athletes making it to the big time, parents and schools can do small things to ensure the long-term financial future of those they care about the most.   GOOD CREDIT First and foremost is earning and maintaining good credit. College students aren’t known for making sound financial decisions, and many find themselves saddled with crushing debt from student loans and credit cards. A 2013 nationwide study3 by the private, nonprofit student loan guarantee agency NSLP found nine out of 10 first-year college students scored a “C” or below on financial literacy. Understanding credit is vitally important to good financial habits. Good credit can be built by limiting student loans and making payments on time. It can also mean not rolling up credit card debt. If students do pick up a credit card for incidental expenses, those balances must be paid off each month. Doing so builds good credit and good financial habits.   REMEMBER TO SAVE The average professional athlete retires at 33 and his or her earnings must stretch longer than the average person. And if you’re not one of the “chosen” ones, saving should begin early to prepare for whatever future may come. This saving is less about compounding interest and more about learning to plan and prepare for the unknown. Athletes notoriously view themselves as invincible and saving is part of planning for the unknown. Be it for a broken bone, loss of scholarship or an unplanned car repair, saving is a part of sound financial planning.   STICK TO A BUDGET A budget is the basis of everything; It guides the way to purchases large and small and, when implemented appropriately, provides a clear view of a true financial situation. Student athlete softball player Maria Pandolfo4 attended a financial literacy course at Boston College, to great advantage. “The program taught me how to be smarter with my money and I realized it’s never too early to make a budget,” she said. Before going to college (or deciding which college to attend), students and parents should talk about their budgets: how much school will cost, where that money will come from and [...]

2019-09-20T12:42:21-07:00By |

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