7 Steps to Spring Clean Your Financial House

A popular New Year’s resolution is to get your financial house in order. But if addressing money matters wasn’t your goal in January, spring is the perfect time of year to get started! In this season of new beginnings, there are plenty of steps you can take to freshen up your finances. Spring cleaning your home is a big project, but it’s easier if you tackle it room-by-room. You can tidy up your financial house in the same manner by going step-by-step and not getting overwhelmed by trying to do everything all at once. You’ll thank yourself as you enjoy the lazy days of summer, knowing you’ve taken action to pay down debt, save and invest for the future, protect yourself and your loved ones, and simplify your accounts and documents. Follow these seven easy steps to master your money management this year and improve your financial health. You can take care of a few of these steps while you check off some of your regular spring-cleaning tasks. Consider tackling others on a rainy weekend morning or in place of scrolling social media feeds for a few minutes each night. 1. Weed Out Your Belongings As you declutter closets, drawers, cabinets, and other areas of your home such as the basement, garage, shed, or attic - you’ll find plenty of items you no longer want or use. Place each item into a toss, donate, or sell pile. Discard the items in your toss pile and donate household goods to local organizations such as Goodwill, Salvation Army, or Habitat for Humanity. Don’t forget to ask the organization for a tax receipt if you think you’ll itemize deductions (rather than use the standard deduction) when you file taxes for this calendar year. Next, decide how you want to sell the items in the last pile. You could host a garage sale or join in an upcoming neighborhood yard sale. Facebook Marketplace, Craigslist, eBay, Poshmark, and ThredUp are just a few of the online options where you can sell your unwanted stuff. You can use the money you make from spring cleaning to pay down debt, help fund a summer vacation, or work toward meeting other financial goals. And don’t forget to clean out your wallet too! It might surprise you that up to $3 billion of gift cards go unused each year! 2. Purge Some Paperwork As you organize your home this spring, you might question what to do with your files full of financial documents, too. Organizing what you should keep and shredding unnecessary paperwork is key to an uncluttered, money-savvy home life. The first step is to figure out what to save and which documents you can purge. This depends on the type of paperwork and your financial and tax situation. If you aren’t sure where to start, use these articles to help you decide what important paperwork to keep and for how long and where to store important documents. Make sure to shred any financial paperwork you can discard to help prevent identity theft. If you don’t own a shredder, search online for “shredding events near me” to see if your community hosts free shred events. Don’t forget to clean up your digital documents too. Update and safeguard passwords for your electronic files and mobile devices. Consider an online password manager such as LastPass or Dashlane. It’s also a good time to do a clean sweep of your email and unsubscribe from businesses that may tempt you to make impulse buys that bust your budget. 3. Polish Your Credit You may have easy access to your credit score as a benefit of one of your credit cards. And websites such as Credit Karma, Credit Sesame, or Nerd Wallet also offer ways to get your credit score for free. It’s essential to monitor your credit score because of its impact on your overall financial health. Remember, your credit score can influence things like credit card and loan interest rates, insurance premiums, and your ability to land the apartment or job you desire. Have you reviewed your credit report yet this year? You’re entitled to a free credit report annually from each of the three leading consumer-reporting agencies - Equifax, Experian, and TransUnion. Request copies of your credit report at AnnualCreditReport.com. Obtain all three reports at once or stagger downloading them throughout the year. Examine reports and report any errors to the credit bureau. Consider asking for credit line increases on credit cards to improve credit utilization. (Note: If you struggle with credit card debt, this could be a dangerous strategy to improve your credit score.) If you won’t be applying for any new credit soon, freezing your credit may be a good idea to help protect against identity theft. Each credit bureau has directions on freezing your credit on their website and a phone number to call for assistance if needed. Planting new financial habits like consistently monitoring your credit history and score can help your bank account balances and net worth bloom! 4. Refresh Your Budget Spring is also tax season, and there’s a good chance you’ve recently finished your annual tax return (or it’s at the top of your “to-do” list!) After sorting through W-2’s and 1099’s and considering your tax expenses, you’ll want to do everything you can to make sure that your earnings are working for you. Are you maximizing your income? If you haven’t received a raise for a few years, it may be time to ask for one. You could also consider changing jobs and negotiating a higher salary or better benefits package. If you are making more money, try to avoid keeping up with the “Joneses”. Pay down high-interest debt (credit cards or personal loans) or increase investments rather than letting lifestyle inflation take over. Are you struggling to stick to a budget because you’re living beyond your means or because your spending plan needs adjusting? If you haven’t carefully tracked your expenses, it can be challenging to create a realistic budget. There may be many ways to save money if you work to trim your expenses. Did you drop cable TV because of the cost but replaced it with four or five subscription services? Have you called to negotiate your internet bill or asked your lender to reduce the interest rate on your credit card? If you’re too busy to take this on, consider using the Trim app to do the work for you. If you’ve slipped into the habit of grabbing coffee on your way to work, buying lunch, and ordering take-out for dinner a few times a week, you might be spending a lot more money than you realize. There’s nothing wrong with ordering food or going out to eat if it fits your budget! Just make sure that this category’s spending isn’t causing you to fail to meet other financial goals. Consider adding sinking funds to your budget for short-term savings goals that you can expect to need. If you plan to spend $900 for the holidays, add a line item for holiday spending of $75/month to help you reach that goal and avoid debt. Are the kids going to camp, or is a much-needed summer vacation in your plans? Take the expected cost and divide it by the number of months until the event and put aside money each month in your plan to help you save for those goals. 5. Scour Your Bank Accounts While it makes sense to have more than one bank account (checking and savings) and even use more than one lender, some people have more accounts than necessary. You might choose to simplify your finances by having accounts at one brick-and-mortar (traditional lender) and one online lender. Consolidating accounts may help you avoid monthly fees on accounts that require a minimum balance. You can also earn more interest on savings if you move money to an online lender’s high-yield account or certificates of deposit (CD’s). Consider setting up automatic bill payments from your bank accounts to ensure your payments arrive on time. You can also create scheduled transfers of funds between your accounts to help you meet savings goals. If you think you may have left money in an old bank account years ago, search for it at Unclaimed.org. It might surprise you, but there are billions of dollars of unclaimed funds in the United States! Don’t forget to change your passwords on bank accounts and make them strong and unique. Two-factor authentication is another smart move for financial accounts. The same holds for any types of digital wallets you use, such as PayPal or Venmo. 6. Clean Sweep Insurance Policies If you can’t remember the last time you reviewed your insurance documents or shopped for better rates, it’s time to dust off your policies. Putting your monthly insurance premiums on autopay is a great way to make sure payments are on time - but you may be paying a lot more than you need to if you don’t stop to consider the increased costs when your policy renews. Start by reviewing your auto and renters or homeowners insurance policies. Are these policies “bundled” with the same carrier? If not, you may be missing out on significant discounts offered by many insurers. What are the deductibles on your policies? If you have enough money saved to cover a higher deductible in case you need to make a claim, it may make sense to increase deductibles to pay lower premiums. You should also consider the amount of insurance coverage you have and assess whether you need to make adjustments (up or down!) An older, high-mileage car may not need the same coverage it did when you bought it with a loan years ago. But if you remodeled your home or put on an addition, you may need to increase coverage to ensure you have adequate protection. The amount of life insurance you carry may also need to be increased if your family situation has changed. A growing family or a stay-at-home parenting situation are good reasons to boost coverage. If you’ve put off buying disability insurance, it might be time to review whether it can fit in your budget now, too. Research how much sick leave you have available at your current employer and if your employee benefits package offers short- or long-term disability insurance and the coverage level. If you’re self-employed or lack a high level of coverage through work, this protection may be vital to you based on your level of savings and risk tolerance. Spring showers are also a good reminder to consider your needs for an umbrella insurance policy. Umbrella insurance provides additional liability coverage above and beyond your standard insurance policy. Own a pool, trampoline, or dog? Have a teen driver in your household? Rent out property to others? These are all examples of when you may want extra protection from an umbrella liability policy. 7. Cultivate Your Wealth April is the month where organizations countrywide focus on helping people grow their financial literacy and capability. It’s a great time to learn more about managing your finances and investing in your future. Whether you enjoy books, blog posts, podcasts, or courses - there are thousands of free and low-cost resources at your fingertips. Our suggestion is always to read multiple sources and consider the author’s expertise and how they make money before blindly following their strategy. You can start right here on the Medi-Share blog, explore other reputable personal finance sites such as NerdWallet, Investopedia, The Balance, and our site Women Who Money (be sure to check out our directory of blogs and podcasts too). Visit your local library or fire up your e-reader and check out these great books: The $1K Investor: A Guide To Help You Start Investing The Simple Path to Wealth Save Yourself: Your Guide to Saving for Retirement and Building Financial Security Work Optional: Retire Early the Non-Penny-Pinching Way Napkin Finance: Personal finance for visual learners While you’re improving your financial literacy, take steps to improve your current investments, too. Have you increased contributions to your retirement accounts recently? Remember that the power of compound interest lies in investing early and often. You may want to roll over and consolidate old 401k accounts and unify brokerage accounts too. Make sure to analyze fees being charged to your investment accounts. You should aim for far less than one percent to maximize the growth of your investments. Remember to rebalance your portfolio to match your age, risk tolerance, and time to retirement. If you have questions about investing, asset allocation, and diversification of your portfolio, consider scheduling a consultation with a fee-only financial advisor. If you haven’t started estate planning, it’s time to get started with that, too. Don’t skip this necessary process because you think you’re too young or don’t have enough assets to have an estate. Every adult needs at least some of the primary estate planning documents in place, including advance healthcare directives, financial power of attorney documents, and a will. To learn more, read 10 Steps to an Estate Plan. Final Thoughts on Cleaning Up Your Finances This Spring You’ll be set up for organized and healthy finances for the rest of the year if you take time to clean your finances this spring. Whether you need to “deep clean” or simply “spruce up” money matters, decluttering, simplifying, and taking control of your financial health is priceless. You’ll reap the rewards for your efforts as you save time, money, and frustration while going about your busy life. Source: women who money, 4/26/21.

Turning happy customers into customer advocates

Need more business? Customer advocates are your key to more leads — and as a result, more revenue. People are more likely to purchase a service or product based on a recommendation than ads they see or research they have to do themselves. In fact: Ninety-two percent of people trust recommendations from friends and family over any other type of advertising Positive reviews and user-generated content highly impact purchasing decisions as customers want to know real people are using the products and services they are considering “Word of mouth brings in 5 times more sales than paid media” Seventy-six percent of millennials and baby boomers surveyed are more likely to trust content shared by “normal” people than by brands. Referral marketing, advocacy marketing … whatever name you give it, turning your happy customers into ambassadors for your brand can have a big impact on both your reputation and your bottom line. In the wake of the global pandemic, word of mouth marketing via customer advocates is more important than ever. When budgets get tighter, and more people are online reading reviews to learn about the companies they are considering being patrons of, the businesses that have the most people shouting your brilliance from their digital rooftops will be the most likely to survive and thrive. Especially now, customers have their ear to the ground and are listening and watching to see what companies are doing – how they are treating their employees and users, if they are keeping safety top of mind, and even their political stance. It’s critical that you have brand ambassadors on your side, telling others why purchasing from your business is a good choice. Loyal customers vs. customer advocates What’s the difference between loyalty and advocacy anyway? A loyal customer will keep coming back. They will renew contracts and buy things you’re selling regularly. When you launch new courses, books, or other products – they’re the first in line. A customer advocate, though, is more than just loyal — they are your biggest cheerleaders. Customer advocates are the ones singing your praises, referring people to your business and bringing them into your doors. Through word-of-mouth, social media, review sites and more, customer advocates share how passionate they are about your company, your products or services, and everything you do. Customer advocates do the heavy lifting Consider the last time you made a purchase. You likely asked people for their referrals, and made your buying decision based on those recommendations. Perhaps MVE Media stated it best: “With referrals, you basically have someone vouching for you. Therefore, it is easier, because potential clients have a living proof that your services worked and they were good enough to be recommended by the referral.” In fact, MVE Media found that you have a 95-percent higher chance of converting that lead into a customer as well, because the referral did the hard sell and pitch on your behalf. How to acquire customer advocates Now that you know you need customer advocates, what’s the process of transforming a happy customer into your biggest fan, someone who’s willing to promote your business to others? This down-and-dirty checklist might help: 1. Ask for referrals. 2. Offer an incentive. 3. Stay in touch. 4. Nurture the relationship. 5. Turn new customers into new customer advocates. Could it really be that simple? Yes! Now let’s look at each step in this checklist a little closer, to help you get all the fangirls and fanboys spreading the news of your business! 1. Ask for referrals - You’ve wowed the customer and perhaps achieved repeat business. Now it’s time to ask for referrals. But, don’t just ask. Make it stupid simple for your satisfied customers to share your business information. For example, you could send an email they can forward to their database. Or you could share an image on social media and tag them with the ask in the caption or comments. The easier you make sharing your business with the world, the more likely people will be to actually do that for you. Still, asking is not going to be enough for most people to promote your business. Which brings us to step two. 2. Offer an incentive - The incentive is what gets the most loyal of customers jazzed up enough to shout your awesomeness from the rooftops! You might be wondering, though, what kind of an incentive will yield the best results? I’m so glad you asked. Here are the three best incentives: a. Coupons or discount codes for your products or services Everyone likes a good deal. And, if you give them a code or coupon that they can share with their friends, all the better. It will make your advocates feel good to spread the wealth for things they are already a fan of. Anytime a business can offer an incentive, it’s a win-win for not just the two parties that are purchasing, but also for the business. They acquired a new customer, and cemented a relationship with someone who is already a fan! b. Swag and invites to exclusive events Some people like to be the VIPs who get things others don’t have access to. That exclusivity factor is enticing. You could even call your customer advocates your street team, or your wolf pack, and make a spectacle of it. Let’s say you own a company that sells dog treats called Bob’s Barkery. Your street team could be called Bob’s Barkers, and you could host exclusive events like yappy hours (socially distanced of course!) where your customers can bring their dogs for treats, and their owners get treated to beer and wine. Everyone leaves with a custom shirt (including the pups) for additional promotions. Then, to take it to the next level: Offer an extra incentive that if they take pictures in this shirt and share on social media, they get entered to win a gift card for more treats for their dogs. Without having to spend too much money you are that much closer to more shares and hype for your business. c. Cold hard cash Who doesn’t love THAT as an incentive? You could offer your customer advocates cash in exchange for leads that convert. Something as simple as $50 cash for every five paying customers could mean bigger profits for you. 3. Stay in touch - The more you can keep in touch with your loyal customers, the more likely they are to transition into an advocate. A few ways to do this include: a. Automatic emails that you send on their birthdays and customer anniversaries. On the one-year anniversary of their first purchase you could send a note that says, “Happy anniversary,” along with a coupon to buy again. The month or day of their birthday send a nice note with a freebie to get them back in the doors. b. Send text messages, emails and even snail mail of news and upcoming events. c. Give them a phone call — no one really does that anymore, with the exception of that company who’s trying to reach everyone about their expired vehicle warranty, so perhaps it could help you stand out. d. Mail them a surprise care package. For cost purposes, obviously, you’ll want to save this for your customers who are frequenting your business the most, but you get the idea. e. Don’t forget to include your social media handles and relevant hashtags with your surprise care package. 4. Nurture the relationship - Keep nurturing that relationship even as new leads come in. The fastest way to lose a customer advocate? Stop showing them you care. Here’s the thing — people want to feel like they matter. When it seems like you genuinely have an interest in them, they are more likely to preach the gospel of your stellar customer service. The kicker is you can’t just squeeze some leads out of them and then drop them like a bad habit. You have to keep the love going. Don’t neglect them once you start getting more business. A long-term customer advocate is the goal here so that you can keep building on top of all the free promo. If they haven’t reached out in a while, or haven’t made a purchase, reach out to them. Don’t pitch them, just check in. Let them know how grateful you are that they are a part of your business’s community. 5. Turn new customers into new customer advocates - Once you start converting those leads from your current customer advocates into customers, you can start the process of transitioning them into advocates as well. Building relationships and making offers. Converting those offers to sales. Wowing them with the sale, and making them so happy to spread the news of your business. And ‘round and ‘round we go. With a little luck, and a lot of relationship building and nurturing, your business will have several customer advocates bringing you heaps of leads in no time. Who knows? You might get so busy you have to expand your business. Talk about a great problem to have! Source: Ashley Grant, 3/29/21.

The Pros and Cons of Getting Ahead on Your Mortgage

Some people like the peace of mind that comes with living debt-free. Others don’t mind a little debt hanging over their heads. Regardless of which camp you fall into, it’s wise to consider getting ahead on your mortgage payments. This isn’t to say there’s a black and white answer to this financial question. Doing so may or may not be the right choice for you. However, a closer look at the pros and cons should shed a bit more light on the issue and help you determine the best course of action. Pros: Depending on your financial goals and lifestyle, you may be able to get ahead on your mortgage — but should you? If you have the money to pay off your home loan early, there are a few benefits to doing so. 1. Freedom From Debt At some point or another, most people have to deal with debt. While some are comfortable with the reality of borrowing — feeling they have control over their finances with credit cards and loans — others are not. If you fall into that second category, you may want to consider getting ahead on your mortgage. Doing so will allow you to pay it off sooner so you can experience freedom from debt and a more carefree life. Your personal values might lead you to want to truly own your property, and that’s valid. 2. More Savings Putting more of your income toward your mortgage will leave less money for savings. Accelerating your payment timeline might mean making some short-term sacrifices or being mindful of bonuses and other financial windfalls. However, you won’t be in this situation for very long if you can pay off your debt more quickly. Once you’ve eliminated mortgage payments, you can begin saving more money than you would have otherwise. Imagine how much you can commit to your family time and charitable endeavors without worrying about your housing costs. 3. Less Interest The average interest rate on a 30-year fixed-rate mortgage is about 2.88% right now. If you used the full 30 years to pay off your mortgage, you might pay thousands of dollars in interest over that period. However, if you pay off your debt sooner, you’ll pay less interest, potentially saving lots of money in the long-term. This is funding you can put towards other concerns in decades to come, whether that’s supporting children, enjoying retirement, or managing residential care. 4. Option to Leverage Equity Putting a large chunk of money toward your loan balance can also help you build equity more quickly. Once you’ve paid off 20% of your loan, you can cancel any private mortgage insurance you may have and further lower your monthly payment. You can then leverage that equity and turn it into cash to cover renovations, emergencies, and other costs. Just be mindful of whether this is the best financial move for you — home equity lines of credit are not tax-deductible until 2026. Ultimately, how valuable your home equity is to your family comes down to your desire for improvements and whether or not you plan to sell in upcoming years. Cons: Of course, getting ahead on a mortgage isn’t a good choice for everyone. In fact, doing so can even come with a few disadvantages. 1. Insufficient Retirement Savings Depending on your financial situation, paying off your mortgage early can divert funds away from your tax-free retirement account. Subsequently, you’ll miss out on any interest you could have earned with those funds. Plus, you’ll give up the annual tax break you would have received from your 401(k) or IRA. 2. Small Emergency Fund Tying up more money in mortgage payments will also leave you with less income to put into savings or your emergency fund. If you’re comfortable with taking the risk and having less in savings, then getting ahead on payments may be the right choice for you. However, if you foresee a few unexpected costs in your near future, you might want to pay the minimum on your mortgage for a few months. 3. Less Diverse Investments Investing in your home and getting ahead on your mortgage may seem like a historically sound decision. However, you’re still putting all your eggs in one unreliable basket. Therefore, you may be better off maintaining your mortgage so you can diversify your investments. Doing so will allow you to hold more assets and attain more financial stability. 4. Lower Credit Sometimes, paying off your mortgage loan early can lower your credit score. Banks like reliable borrowers and often use consistent payments to determine whether or not you’re dependable. Thus, eliminating your mortgage in just a few years might be a red flag to lenders and quickly deflate your credit. Conclusion: Should You Get Ahead on Your Mortgage? Ultimately, the choice is yours. After carefully considering your finances and personal lifestyle, simply pick an option that works best for you. Talk to a financial adviser and homeowners who have already walked this path if you want some more advice. Remember, you can always refinance later on if you change your mind. Source: Evelyn Long, 3/14/21.

Burnout Is About Your Workplace, Not Your People

We tend to think of burnout as an individual problem, solvable by “learning to say no,” more yoga, better breathing techniques, practicing resilience — the self-help list goes on. But evidence is mounting that applying personal, band-aid solutions to an epic and rapidly evolving workplace phenomenon may be harming, not helping, the battle. With “burnout” now officially recognized by the World Health Organization (WHO), the responsibility for managing it has shifted away from the individual and towards the organization. Leaders take note: It’s now on you to build a burnout strategy. The Non-Classification Classification The term “burnout” originated in the 1970s, and for the past 50 years, the medical community has argued about how to define it. In May, the WHO included burnout in its International Classification of Diseases (ICD-11) and immediately the public assumed that burnout would now be considered a medical condition. The WHO then put out an urgent clarification stating, “Burn-out is included in the 11th Revision of the International Classification of Diseases (ICD-11) as an occupational phenomenon, not a medical condition… reasons for which people contact health services but that are not classed as illnesses or health conditions.” Although the WHO is now working on guidelines to help organizations with prevention strategies, most still have no idea what to do about burnout. Since it was explicitly not classified as a medical condition, the case is less about liability for employers and more about the impact on employee well-being and the associated costs. The Emotional and Financial Toll When Stanford researchers looked into how workplace stress affects health costs and mortality in the United States, they found that it led to spending of nearly $190 billion — roughly 8% of national healthcare outlays — and nearly 120,000 deaths each year. Passion-driven and caregiving roles such as doctors and nurses are some of the most susceptible to burnout, and the consequences can mean life or death; suicide rates among caregivers are dramatically higher than that of the general public — 40% higher for men and 130% higher for women. If those statistics aren’t scary enough, consider the fact that companies without systems to support the well-being of their employees have higher turnover, lower productivity, and higher healthcare costs, according to the American Psychological Association (APA). In high-pressure firms, healthcare costs are 50% greater than at other organizations. Workplace stress is estimated to cost the U.S. economy more than $500 billion dollars, and, each year, 550 million work days are lost due to stress on the job. Another study by the APA claims that burned-out employees are 2.6 times as likely to be actively seeking a different job, 63% more likely to take a sick day, and 23% more likely to visit the emergency room. Obviously, this is a real problem. And it can feel like a herculean task for leaders to tackle perhaps because the concept seems too ambiguous or overwhelming. When experts still struggle to define burnout, how can we ask our managers to actually prevent it? It’s Not Me, It’s You According to the foremost expert on burnout, Christina Maslach, social psychologist and professor emerita of psychology at the University of California, Berkeley, we are attacking the problem from the wrong angle. She is one of three people responsible for the gold standard of measuring burnout — the Maslach Burnout Inventory (MBI) — and the coauthor of the Areas of Worklife Survey. Maslach worries about the new WHO classification. “Categorizing burnout as a disease was an attempt by the WHO to provide definitions for what is wrong with people, instead of what is wrong with companies,” she explains. “When we just look at the person, what that means is, ‘Hey we’ve got to treat that person.’ ‘You can’t work here because you’re the problem.’ ‘We have to get rid of that person.’ Then, it becomes that person’s problem, not the responsibility of the organization that employs them.” To Maslach’s point, a survey of 7,500 full-time employees by Gallup found the top five reasons for burnout are: 1. Unfair treatment at work 2. Unmanageable workload 3. Lack of role clarity 4. Lack of communication and support from their manager 5. Unreasonable time pressure The list above clearly demonstrates that the root causes of burnout do not really lie with the individual and that they can be averted — if only leadership started their prevention strategies much further upstream. In our interview, Maslach asked me to picture a canary in a coal mine. They are healthy birds, singing away as they make their way into the cave. But, when they come out full of soot and disease, no longer singing, can you imagine us asking why the canaries made themselves sick? No, because the answer would be obvious: the coal mine is making the birds sick. This visual struck me. Although developing emotional intelligence skills — like optimism, gratitude, and hope — can give people the rocket fuel they need to be successful, if an employee is dealing with burnout, we have to stop and ask ourselves why. We should never suggest that if they’d just practiced more grit or joined another yoga class or taken a mindfulness course, their burnout would have been avoided. I have long been a proponent of empathy and optimism in leadership. I believe in practicing gratitude skills for a happier, higher performing work and life experience. I endorse the idea of building resilience to better handle stress when it arises. But these skills are not the cure for burnout, nor are they the vaccine. So, what is? First, ask yourself as a leader, what is making my staff so unhealthy? Why does our work environment lack the conditions for them to flourish? How can I make it safe for them to work here every day? We have to ask our people what would make work better for them. More generally, we need to better understand what causes people to feel motivated in our organizations, and what causes them frustration. Motivation-Hygiene Theory Frederick Herzberg is known for his dual-factor, motivation-hygiene theory — essentially, what motivates us versus what basic needs must be met in order to maintain job satisfaction. Herzberg found that satisfaction and dissatisfaction are not on a continuum with one increasing as the other diminishes but are instead independent of each other. This means that managers need to recognize and attend to both equally. Motivators are different than hygiene factors. Motivation factors include: challenging work; recognition for one’s achievements; responsibility; the opportunity to do something meaningful; involvement in decision making; and a sense of importance to the organization. On the other hand, hygiene factors include: salary; work conditions; company policy and administration; supervision; working relationships; status and security. Often, employees don’t recognize when an organization has good hygiene, but bad hygiene can cause a major distraction. The latter can come down to seemingly innocuous issues, like having coffee in the break room one day and no more coffee the next. People feel it. Burnout happens when these presupposed features in our day-to-day work lives are missing or taken away. Maslach has affectionately named this feeling “pebbles.” She describes them as the tiny, incremental, irritating, and painful stuff at work that can wear you down. Through my work, I’ve seen this in action. Consider this example: The music faculty chairs at a university where I worked decided to put their entire annual improvement budget towards building a sound-proof studio. They were certain the rest of the group would be thrilled. They were wrong. In reality, staff just wanted new music stands at a cost of $300. The existing ones were imbalanced or broken, and students would often find their sheet music on the floor when practicing. The ribbon-cutting event for the studio was lackluster, and engagement was low. Some faculty didn’t even show up. The leadership expressed frustration with the lack of gratitude. Neither group shared their dissatisfaction with the other, and over the course of the following year, that seed of anger grew. The non-tenured high-performers sought out new opportunities, and the faculty lost talent. If staff had been given a say in how the budget was allocated, the team might still be intact for just $300. Maslach shared a story with me of a CEO who decided to put a volleyball court on the roof of his office building. Employees would look up at it and see how little people were using it. It would make them cynical because that money could be going to so many other things. “They would think, “If only I had some of that budget, I could fix [insert problem to be solved here].” Leaders could save themselves a huge amount of employee stress and subsequent burnout, if they were just better at asking people what they need. Ask Better Questions When investing in burnout prevention strategies, it’s best to narrow the efforts down to small, micro-pilots, which mean a lower budget and less risk. I suggest starting with one or two departments or teams and asking one simple question: If we had this much budget and could spend it on X many items in our department, what would be the first priority? Have the team vote anonymously then share the data with everyone. Discuss what was prioritized and why and start working down the list. Employees may not have the perfect silver-bullet solution, but they can most certainly tell us what isn’t working — and that is often the most invaluable data. A larger pilot can start with some critical but some simple tactics. For example, take a referendum on some of the annual events. Ask your employees if they like the holiday party or the annual picnic? What would they keep? What would they change? Or is there something else that they would rather do with that money? Digital tools and simple surveys are easy to use and deploy — particularly if you ask a simple question. The part critical to making this tactic successful is in how the data is used. Before engaging in a practice like this — or any employee survey for that matter — something has to be done with the information. If you ask questions and don’t bother with a reply, people begin to get wary and stop answering truthfully, or at all. If sending out questions digitally doesn’t feel right, start by walking around. Some of the best data-gathering comes from the MBWA style of leadership — management by wandering around. Maslach says she’s witnessed hospital CEOs walking the floor only to realize why people keep asking for, say, a new printer. They see that because the existing one is always breaking down and never serviced, it rarely has paper. So, when someone wants to print out something for a patient, they are forced to run down the hall and get somebody to help or to find a printer that works. It’s hard for leadership to then ignore needs after witnessing them first-hand. Organizations have a chance, right now, to fix this type of thing. Burnout is preventable. It requires good organizational hygiene, better data, asking more timely and relevant questions, smarter (more micro) budgeting, and ensuring that wellness offerings are included as part of your well-being strategy. Keep the yoga, the resilience training, and the mindfulness classes — they are all terrific tools for optimizing mental health and managing stress. But, when it comes to employee burnout, remember — it’s on you leaders, not them. Source: jennifer moss, harvard business review, 2/17/21.

COVID-19’s Ripple Effect on Mental Health and Addiction

Society must prioritize mental health now to avoid more painful outcomes later. Typically, the holiday season means end-of-the-year corporate parties, family gatherings, and festive get-togethers with friends. But the holidays in 2020 looked very different. As the coronavirus numbers continue, schools are returning to in-person learning, offices are keeping employees home, and the fear of another lockdown is on everyone’s mind. People are being encouraged to stick to their “COVID pods” and embrace more intimate gatherings, with virtual parties sprinkled in. 2020 has presented a host of challenges, and there is a grave concern for what the mental health effects on our society are going to look like in a post-COVID era. Substance Use Disorders One outcome of coronavirus related stress is the accelerated use of drugs and alcohol. Reports released throughout the year have highlighted how the pandemic has intensified America’s substance use so far. Between March and December of last year, there was a 34 percent increase in prescriptions used to treat anxiety. Alcohol consumption in the face of mounting concerns has also climbed and will most likely continue post pandemic. A study by RTI International discovered that between March and December of 2020, survey participants’ alcohol intake increased in terms of their average number of drinks per day as well as rates of excessive drinking and binge drinking. Last but not least, the opioid crisis continues to burden Americans and shows no signs of slowing down during the coronavirus outbreak. Last year, at least 40 states had seen an uptick in the number of opioid overdose fatalities, which were already occurring at alarming rates prior to the pandemic. Left unchecked, these trends are likely to continue years from now, and lead to an even more dramatic increase in the number of people who struggle with drug addiction and alcoholism. OCD and Other Mood Disorders Because the mental health crisis created by the current coronavirus outbreak will persist for years post pandemic, society can also expect to see an increase in anxiety disorders, especially Obsessive-Compulsive Disorder (OCD). Fear of catching a deadly virus through other people’s germs has exacerbated OCD symptoms in those who have been previously diagnosed with the illness. A Journal of Anxiety Disorders study of 394 individuals with OCD revealed that 72 percent of participants experienced heightened symptoms during the COVID-19 crisis. The virus has additionally created OCD symptoms in many who have other preexisting anxiety diagnoses or are prone to suffering from stress. The increased isolation of quarantines and lockdowns has likewise had an impact on rising rates of depression and agoraphobia, an anxiety disorder that causes an aversion to certain surroundings. Mental Health and Younger People COVID-19’s damage to our collective psyche has not been limited to adults. This is also uncharted territory for children and adolescents, who may have trouble processing the events of the past year. A CDC report found that mental health-related visits to emergency departments between April and October 2020 increased 24 percent among children aged 5 to 11 and 31 percent among children between the ages of 12 and 17. Similarly, it is predicted that children will experience a greater onset of anxiety disorders and worsening of social anxiety disorders specifically when they are able to gather in person again. There are children who have not been allowed to see their friends since the pandemic started, and even younger ones who have yet to meet another child or human outside of their quarantine bubble. Insufficient Funding for Behavioral Health Services The current healthcare system does not treat mental health needs the same as medical needs; there is pay disparity, coverage disparity, and more restrictions on the authorization of services for mental health than medical needs. Mental health costs largely rest on poorly funded state insurance and on privately insured or self-funded plans that can make up their own rules with very little oversight for what is best for their policyholders versus the bottom line. When the pandemic started, some insurance providers waived co-pays and allowed for all services to be telehealth. Co-pays have now been reinstated in many cases, and restrictions on telehealth services are currently being put in place by private insurance companies. It will be difficult to treat what is expected to be an overwhelming mental health crisis post pandemic when the cost of any decent insurance continues to go up for the members on an annual basis and reimbursement rates for providers continue to go down. With the impending mental health crisis we face, it is worrying that some states have already made cutbacks in their mental health departments. The pandemic has been an unprecedented time for all. Post pandemic will also be unprecedented, and our healthcare system, as it stands now, is not adequately prepared to deal with the enduring mental health effects. Source: psychology today, 1/31/21.

2021 - How to Fit Exercise into Your Day

Most of us know it’s not good for our health to sit all day, but many jobs involve hours of sitting. Many of us work long hours then have family and home responsibilities once we leave work. Is there a way to be productive at work and home while still getting the physical exercise we need each day? Many experts recommend getting in exercise in the morning so that you benefit from an elevated metabolism as you start your day, as well as improved sleep at night. Completing a workout before the commitments of the day begin can ensure that other activities do not distract you from your workout. However, morning workouts can be easier said than done. Many of us don’t get enough sleep as it is, so to wake up extra early to workout doesn’t always happen. How do you get in more exercise at work? 1. Stand up at work - While on the phone, stand or pace. Take a stretching break by extending your arms over your head or swinging your arms side to side. Try a twist at your waist or a triceps stretch to waken up your body and mind. 2. Take fitness breaks - Taking a quick walk around the building, a few hikes up and down the stairs, or even a few squats or lunges at your desk can get your blood pumping to beat an afternoon slump in the time it would take to get a cup of coffee. 3. Keep fitness gear nearby - Having a set of dumbbells or elastic bands at your desk can make fitting exercise into your workday easier. Doing a few bicep curls while on the phone or performing some abductor moves with the band around your ankles can be done while typing on your computer. Many exercises can be done without taking you away from your work. It may be as simple as establishing a routine in your workday. If you have a workout facility or gym at your workplace, be sure to take advantage of it. Usually this is offered as a free service. If you pack your lunch, you will save the time you usually spend driving and waiting for food to be prepared. This time saved will give you the time to workout at lunch. Even if you do not have a designated workout space within your building, going for a run or finding a nearby tennis court or gym will still allow you to use your lunch time to improve your health. Here are some suggestions to keep in mind that will help you stay motivated to workout at lunch time: 1. Choose physical activities that you enjoy doing - You are more likely to stick with an exercise routine if you choose activities that you enjoy. 2. Work out with a buddy - Having someone hold you accountable helps you to show up on days you don’t feel like it. You will have opportunities to return the favor with your friend as well. In addition to strengthening your health, you can strengthen relationships through this shared experience. 3. Set goals - Instead of just exercising for a set time or even a set numbers of days, set an achievement goal so that you feel that you are working towards something. Train for a race, a level of flexibility, or a weight to lift. Set realistic goals and benchmarks along the way to get yourself to your goal. 4. Participate in group activities - Consider participating in a sport, like doubles tennis, where others depend on you. This will help keep you motivated to show up. 5. Bring your lunch - If you know you have a healthy lunch ready to eat after your workout, you will not feel like you need the time to run out and get lunch. It’s already there. 6. Keep a set of workout clothes at work - The easiest excuse to not workout at lunch is that you have the wrong clothes or shoes. Always keep an extra set of active clothes and shoes at work. 7. High intensity for a shorter duration - Results keep us motivated. If you have limited time to work out, make the best use of it. If you are cleared by your doctor to do so, workout at a higher intensity so you gain the same benefit in less time. For example, run for 30 minutes instead of walking for 60. If your job is staying home with growing kids, include them in your workout routine. Kids need exercise too and will love the attention. Play active games. Roll a dice and let each number represent an activity. Do workouts in the park. If the kids fade out, they can play on the playground while you continue your routine. Conclusion Active lives may require creativity in the beginning. Once you find a system that works for you, make it a routine. Consistent exercise will reap the biggest reward. Most of us have busy lives. It may be very easy to come up with reasons why you can’t fit exercise in your daily routine, but with a little effort and determination, you will be able to come up with solutions on how to fit exercise in your life. Your increased productivity and improved mood will make the time invested in your health well worth it. Source: medshare.com, 1/1/21.

Facts from 125 years of chiropractic

The first U.S. state law licensing chiropractors was passed in 1913; and by 1931, 39 states had given chiropractors legal recognition. Each day more than one million adjustments take place across the globe. In over 125 years of chiropractic, the first blind chiropractor was Charles Robinson Johnson, born in a mining camp and accidentally blinded at age 27. He graduated from the Palmer School of Chiropractic in 1918 at the age of 39. Women are twice as likely to suffer from severe headaches or migraines than men. Chronic pain causes depression in 77% of people who report it. Chronic pain costs the U.S. $2,000 per year in health care costs per person on average, with 36 million Americans missing work per year. Whiplash, one of the most common car accident injuries, is treated primarily by chiropractors. A Nobel prize winner by the name of Roger Sperry found that 90% of the brain’s stimulation and nutrition comes from the movement of the spine. An injured worker is 28 times less likely to have spinal surgery if the first point of contact is a chiropractor rather than a surgeon. There are approximately 10,000 chiropractic students in 18 nationally accredited chiropractic colleges across the United States. The term “chiropractic” derives from two Greek words: “cheir” which means hand, and “praktos” which means “Done by Hand”. Chiropractors treat over 35 million Americans; this includes adults and children annually. Treatment for low back pain by a chiropractor costs up to 20% less than when started by an MD. Workers in the health care industry sustain 4.5 times more overexertion injuries than any other type of worker. In 2017, the American College of Physicians released an update to its low back pain treatment guideline that recommends first using non-drug treatments, such as spinal manipulation (a centerpiece of chiropractic care), for acute and chronic low back pain. Also, in 2017, an analysis published in the Journal of the American Medical Association supports the use of spinal manipulative therapy as a first-line treatment for acute low back pain. A study conducted at 3 military medical centers found that chiropractic care combined with medical care for low back pain provides greater pain relief and reduction in disability than medical care alone. An estimated 10% of the world’s population suffers from lower back pain. 29% of Americans believe stress is the cause of their back pain. More than one million back injuries are sustained in the workplace annually. Nursing assistants suffer the most from work-related musculoskeletal disorders involving the back. Americans spend at least $50 billion annually on treating back pain. Back pain accounts for more than 264 million lost workdays each year. 77% of people who saw a chiropractor in the last year described their care as “very effective”. After the common cold, back injuries are the biggest reason for absenteeism from work. A study involving almost 1,000 people over a period of 12 months concluded that one-third of patients are likely to have a recurrent back-injury episode, with approximately half having to seek care. Research by The Journal of the American Board of Family Medicine found that replacing a visit to a doctor with a visit to a chiropractor for back pain could save Medicare $83.5 million every year. People who are immunodeficient can seek chiropractic care for treatment of their symptoms. While it is not a cure for immune disorders, a chiropractor has effective therapies for such challenges as joint pain and digestive problems. All 32 NFL teams have their own chiropractor to boost performance, maintain wellness and treat musculoskeletal strain and injury. The lifetime prevalence of low-back pain is reported to be as high as 84%. Chiropractic assistants (CAs) number 40,000 in clinical and business management roles for chiropractic practices across the United States. In over 125 years of chiropractic, chiropractors are the third-largest group of healthcare providers. Nearly one out of 10 Americans goes to a chiropractor each year. Chiropractors are designated as physician-level providers in the vast majority of states and the federal Medicare program. The essential services provided by chiropractors are also available in federal health delivery systems, including those administered by Medicaid, the U.S. Departments of Veterans Affairs and Defense, Federal Employees Health Benefits Program, Federal Workers’ Compensation, and all state workers’ compensation programs. Today, there are more than 70,000 active chiropractic licenses in the United States. All 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands officially recognize chiropractic as a health care profession. Many other countries also recognize and regulate chiropractic, including Canada, Mexico, Great Britain, Australia, Japan and Switzerland. Source: Chiropractic Economics, 12/19/20.

20 Ways Cars Are Keeping us Poor

Many people in America are “car poor”, which means they are dumping much of their cash into their vehicle. The vast majority of Americans own cars. Overall, most of us are a part of this society that is draining their bank accounts in order to get from point A to point B. Take a look at the 20 ways cars keep us poor. 20. Owning A Car Is A Necessity - The U.S. has such wide-open spaces that there are plenty of places without public transportation. And even when it does exist, it’s not always reliable. When buses are late, it means trouble at work, which is why most people are forced to own a car. According to the Department of State, 85% of Americans own cars. Those who don’t own a car typically live in a city or have access to rides when they need them. Some people would see this as a huge advantage to the rest of the world because Americans have the freedom to go anywhere they want. However, it’s also a financial burden. 19. Easy to Get Car Loans - Have you noticed how difficult it is to get a mortgage or a credit card with a high limit, and yet it’s easy to qualify for a 30,000 car loan? Money is still money no matter where you borrow it from. But car companies make it extremely easy for people to take on debt. Most people justify getting a car loan because they realize that they need a vehicle to get to work, so lenders take full advantage of American’s need for transportation. One of the biggest mistakes people make when purchasing a vehicle is not shopping for car financing. They will often ask the dealership to apply for loans on their behalf. It’s actually far better to look for car loans from your existing bank, they will often give you a better interest rate and monthly payments. 18. Cars Can Cause Bankruptcy - A lot of people don’t realize that just because you get approved for a car loan doesn’t mean you can actually afford it. This puts people in awful financial situations. Car repossessions are on the rise as there has been a sharp spike in people defaulting on their car loans since 2018. As of 2019, there were more than seven million Americans whose car loans were more than 90 days late, which is grounds for repossession. At that point, some people need to file for bankruptcy to keep their creditors at bay. Aside from medical debt, credit cards and car loans are the leading cause of bankruptcy in America. 17. A Poor Public Transportation System - The U.S. has one of the worst public transportation systems in the world. Buses are often late and unreliable, and bus stops are often uncovered during inclement weather. There is also a social stigma that only the poorest would resort to using the bus, which makes people feel less inclined to take it unless they are truly desperate. But this attitude may be changing soon. According to the US Census Bureau, the number of car-less households has increased ever-so-slightly from 8.9% to 9.1%. This isn’t a huge change, but it is significant because the number of households with at least one car has been increasing since the 1960s. This trend could be due to the availability of rideshare apps like Uber and Lyft. Millennials are also becoming more conscious of vehicle emissions affecting the environment and may hold off from buying a car. 16. The Outrageous Cost of Car Repairs - When you’re struggling with money, expensive car repairs can be devastating. In my teens and early 20’s, I was working multiple part-time minimum wage jobs. I drove a beat-up old car that I bought with cash to get to work since I couldn’t afford a monthly car payment. Since I was making so little money, I would struggle to save up a few hundred dollars in savings. Then it was almost like my car knew because it would break down, and I needed a repair, which wiped out all of the money in my savings account. Eventually, when I got to my mid-20s, I bought a much newer car because I realized that the amount I was paying averaged out to $300 a month for repairs. That is the cost of a newer car payment, minus the stress of my car breaking down all the time. Someone who uses public transportation would never have to deal with this sort of issue. 15. Cars Depreciate in Value - If you buy a brand-new vehicle, your car loses 10% of its value as soon as you drive it off the lot. In five years, the car will lose 40% of its original value. This would be considered a terrible failure of an investment if you were to put that same amount of money in the stock market. Yet people think it’s a completely acceptable way to spend their money. Depreciation happens to every car out there. The best way to reduce your losses from depreciation is to buy a car that’s already a few years old with a low amount of mileage. A car’s value has already decreased to the point where you aren’t likely to lose much more money. 14. People Always Want An Upgrade - Just like everything else in life, once you have used an object for a long time, you start to get tired of it. As the years go on, technology improves, and so do cars. People want to look stylish and hip, so they’re willing to continue buying new cars in order to keep up with appearances. There are some professions were this matter more than others, but some people truly feel as though they need a new car to be taken seriously in their field. Others have a “dream car” that they want to get someday when they make more money. Plenty of people will swap out their cars earlier than necessary. 13. Price For Used Cars is Rising - For a long time, buying a used vehicle was seen as a way for people to save money. Unfortunately, now the price of used cars is getting higher. According to a report by Reuters, the increase in the number of people losing their cars is beginning to have a direct effect on the prices of used cars. As people lose their car to the repo man, the demand for cheaper used cars has done up, and so have the prices. For many low-income Americans, they knew they could save up some cash and buy a car at a local dealership. But prices will continue to go up since demand is so high. This only makes life more difficult for the poor. 12. Car Accidents Are Costly - According to the National Highway Traffic Safety Administration, the United States pays $871 billion every single year for car accidents. This amount includes the cost of government assistance, insurance claims, medical care, loss of life, loss of income or lifestyle, and the list goes on. To make matters worse, insurance experts say that the average American will be involved in four car accidents during their lifetime. If you have car insurance, you will probably be covered if the accident was not your fault. However, if you make a mistake, it could end up costing you a lot of money. Even if you’re fully covered, being in an accident takes away your time, and can be traumatic. 11. Gas Prices Keep Getting Higher - It’s no secret that gas prices keep getting higher in the United States. The average American also pays $386.09 per year on gas. Back in 1970, gas was only 36 cents per gallon. As time goes on, it will only become more expensive to drive. Cars typically have better gas mileage, and people are starting to buy more electric and hybrid vehicles. For the people who are focused on optimizing their mileage, they might be able to save money. But for the millions of Americans who can’t afford an electric car, they have no control over how efficient gas mileage is. 10. The Increasing Number of Super Commutes - The definition of a “super commute” is when someone has to travel 90 minutes or more to go to work. This trend is on the rise in the United States and has risen by 32% in the past 10 years. This is more common for people who live near major cities but it’s too expensive for them to live there. If you need to drive long distances to find a better job, so be it. Time is one of the most valuable resources people have. Even if you are a millionaire, you still only have 24 hours a day just like everyone else. If you are wasting several hours each day just getting from Point A to Point B, it can cut down on your productivity and energy levels. 9. Multi-Car Households - Americans in the middle and upper class typically live in multi-car households. Until 2006, the average amount of cars per household was two. This is due to the fact that both partners may have full-time jobs. Even stay-at-home moms need their own vehicle to take their children to sports practice, doctors’ appointments, and grocery shopping. So instead of coordinating with each other’s schedules, Americans choose the most convenient option even if it’s far more expensive. However, in today’s world, you can call an Uber to get a ride if your car needs to get repaired for one day. The cost of paying for a few rides in emergency situations is far cheaper than having an actual vehicle per person. 8. Cars Aren’t An Asset - Most people don’t know the difference between a liability and an asset. They wrongly assume that their car is an asset because it is something they are buying that holds long-term value. Once the car is paid off, you can usually get something back if you choose to sell it. Just because you can resell something later doesn’t make it an asset. Cars are actually a liability. We already mentioned how you immediately lose value in your car through depreciation. This happens to both new and used cars, so you are always losing money when you buy a car no matter which one you buy. An asset is something that holds value that will make you money. 7. Owning a Car is Linked to Job Opportunities - In the U.S., there is a direct correlation between high rent prices and access to opportunities. The more expensive somewhere is to live, the closer it usually is to high-paying work. If you grew up in a poor neighborhood, the businesses in your immediate vicinity might only pay minimum wage. The Atlantic published an article called, “How Car Ownership Helps the Working Class Poor Get Ahead”. They explained that there is a direct correlation between poverty and car ownership in the United States. Out of the small percentage of households without a car, they are often living on housing vouchers, and would otherwise be homeless. Once they own a car, they get more access to better neighborhoods as well as work opportunities. 6. Add-On Fees - When you buy a car from a dealership, they will try to add on extra fees to make the price of the car higher. These are upgrades that aren’t actually necessary or could be done by yourself for a fraction of the price. Keep in mind that once these are added onto your total bill, you are also paying interest on these add-ons. Before you buy a car, always check the itemized list of add-on fees. 5. People Are Nervous to Sell Cars - People who buy from dealerships typically trade their old cars in for a down payment. They assume that they are getting a good deal, but the reality is that you lose money every time you hand over your old car to a dealership. The average person loses $2,340 when they trade in a car. Everyone has the ability to sell their own car, but they just might not have the confidence to do it themselves. If you have no experience with this, check out Dave Ramsey’s article called “How to Sell a Car.” 4. Health Hazards - Anyone who has anxiety already knows how nerve-wracking it can be to drive in traffic. Some of us tense up, have back spasms, and high blood pressure when driving in terrible circumstances. According to Web MD, driving is actually hazardous to your health and can potentially lead to your death. Distracting yourself by texting while driving, looking at the GPS, or any other distraction has been known to cause more accidents than anything else. One-second distractions kill 42,000 people every single year. Basically, if you didn’t drive, the odds of you dying an early death go down exponentially. For the families whose loved ones have died, it can be devastating both financially and emotionally. 3. Traffic and Parking Tickets - It’s no secret that traffic and parking tickets can be a huge expense. This is especially true if you live in a city where it’s difficult to find parking. The average cost of a speeding ticket is $152, which can be devastating to someone who’s on a tight budget. Obviously, if you used public transportation to commute to work, this would be a non-issue. To make matters worse, when people can’t afford to pay their parking and traffic tickets, you may have to go to court to fight the charges. This means taking time off of work, causing you to lose money. 2. The Annual Cost of Ownership - Even if you own a car outright, having a car is never free. The average cost of car ownership in the United States is $2,671 per year just for insurance, repairs, fuel and registration. Of course, most people also have to worry about their monthly car payments on top of the normal upkeep. The average payment for new cars is $554, while used cars are $391. Multiply those figures by 12 months in a year, this means people are paying between $4,692 to $6,648 per year on their monthly payments. If you add on the average cost for everything, it means most people are paying about $8,000 per year. For someone who makes minimum wage, this is completely unaffordable. 1. Parking Passes - If you live in a city, you’re already used to the idea of paying for parking, or getting a special permit. In rural areas, there is plenty of space to park, and it’s usually free. But on college campuses and urban areas, you will need to pay to park your car. The price of parking passes will change depending on where you live, but many places require at least $50 a month. Some cities will allow you to pay a flat fee to get a permit for the entire year, but it usually costs several hundred dollars upfront. Source: moneyppl.com, 12/5/20.

4 Self-Care Tips for Remote Employees

As offices all over the country decided to close their doors and send employees to work-from-home in the wake of the pandemic, employees were forced to learn how to successfully work remotely very quickly. This was a drastic change for many as it stripped employees of their usual day-to-day office activities and required them to create new workplace habits. Working remotely can make it more difficult to keep work and personal activities separate, leave the house for a change of scenery, take breaks from digital devices, stay organized, and stick to a routine. It’s important that employees put themselves first during this time but self-care often falls to the wayside in times like these. Here are 4 key tips to ensure employees take care of themselves and stay productive throughout the work week! 1. Separate Work and Personal Activities Many employees dreamed of having the opportunity to work-from-home before now, but what they didn’t realize is that the office creates a separation between their work life and personal life. Working from the office allows employees to leave their responsibilities and tasks behind at the end of the day. When they step out of the office, they officially step into their personal time, but when they’re working from home, there is no longer a barrier between work life and personal life. When they are not in the office, employees tend to slip into bad habits like feeling obligated to work late because they have all of their supplies with them at all times. In order to avoid overworking and burnout, remote employees need to set boundaries. Employees should set specific work hours into place just as they would in the office, and stick to them. These work hours should not be altered unless it is truly necessary, and coworkers should be made aware of strict stop times to avoid last-minute requests at the end of these hours. This will allow employees to set boundaries and feel accomplished without overworking themselves. 2. Get a Change of Scenery As many employees have probably noticed by now, remote work limits the amount of time they spend coming and going from their homes. They used to leave for work in the morning, spend the day in the office, and look forward to coming home at night. Now, employees can easily go a few days without leaving their homes because there is no pressing need to. This can be very unhealthy for remote employees because they are likely spending all of their time on digital devices, sitting stationary, and missing out on the benefits of fresh air and sunlight. Employees should take time during the day to get outside for a walk or simply clear their minds. This will allow them to take a break from work and their computers, get their heart rate up, and be more productive overall. Don’t underestimate the importance of frequent breaks. 3. Limit Use of Digital Devices During quarantine, people have become even more reliant on digital devices than before. As mentioned above, remote employees are spending more and more time on their devices because they are homebound and limited to interacting via computers, smartphones, and televisions. Research has shown that data usage has increased by 47 percent since COVID-19 began. Increased use of digital devices for both work-related and personal activities, such as working from home, communicating with co-workers, friends, and family, telemedicine appointments, and entertainment can have negative effects on employees. The excessive use of digital devices in both work-related and personal situations can cause digital eye strain, which can lead to headaches, blurred vision, lack of focus, and fatigue. This will make it more difficult for employees to complete their daily tasks and perform their duties efficiently. Employees can avoid digital overload by limiting their use of digital devices. Unfortunately, that can be easier said than done, especially during this time when remote employees have to use their computers to complete their work and communicate with co-workers. Along with limiting their use, there are also certain techniques and products employees can use to avoid digital eye strain like adopting the 20-20-20 rule, which suggests that for every 20 minutes spent engaging with a digital screen they look at something 20 feet away, for 20 seconds and repeat. This allows the eyes to completely relax and readjust to a non-digital visual. Also, wearing blue light blocking glasses can further protect employees from the negative effects of digital devices. Digital screens produce blue light wavelengths, which cause digital eye strain and digital fatigue. Blue light blocking glasses can filter out those blue light wavelengths, so employees can reduce their probability of developing eye problems just by viewing their screens. 4. Set a Routine into Place Now that they are working remotely, another common disruption to an employee’s day-to-day is the lack of a morning routine and detailed schedule. Whether it’s with a morning walk, stretching, or a simple cup of coffee, following a routine to start their day can be very beneficial. It has become quite common for remote employees to wake up 10-20 minutes before they begin their workday because there is no need to get ready to go. This can hold them back from having a productive day because they are likely still groggy and have no detailed plan prepared for the day ahead. A detailed plan doesn’t have to be exact and it can be altered if need be, but keeping a list of tasks they intend to accomplish throughout the day will motivate them to be their most productive. When working from home, employees need to be their own motivators because there are no co-workers or team members to push them like there are in the office. Employees struggling with motivation should use a scheduling service like Microsoft calendar to plan out their day ahead of time. This will demonstrate just how much time they have to complete any given task, allow them to delegate tasks to co-workers if needed, and make them feel more accomplished as they check tasks off of their calendar. Conclusion It appears that remote work is here to stay for many companies across the country, at least for the foreseeable future. Employees should take advantage of the situation and make sure they are their most productive while working from home, but also maintaining a healthy work-life balance. If they use these self-care tips, they may find they can be even more productive at home than they were in the office due to fewer distractions, quiet areas, and being able to set-up their work station and daily schedule to benefit their personal workflow and needs. Source: c c m.com, 11/6/20.

17 Signs You're Having a Midlife Crisis

Some find themselves facing a challenging (and possibly eye-opening) time anywhere between their 40s and early 50s — something that's been referred to as a "midlife crisis." The term, coined in the '60s, refers to a crisis of self-identity and self-confidence that can happen around mid-age. While there is no empirical evidence that suggests that the midlife crisis is a typical phenomenon, there are many changes in life and stressors that cause people to enter into a midlife emotional crisis. "In some ways, we look for the midlife crisis," says Dr. Robi Ludwig, a psychotherapist and author of Your Best Age is Now. "And it is — on some level — a self-fulfilling prophecy because we really can experience a crisis throughout various phases of our lives. So I think it's when you're going through a transition and an adjustment during the mid-years and we slap the title 'midlife crisis' onto it." These are 17 possible signs that you or someone you love is experiencing a midlife crisis. 1. YOU'RE GAINING OR LOSING WEIGHT. Midlife crises often share similar traits with depression, according to Jennifer Wickham, a licensed professional counselor for Mayo Clinic Health System, with drastic changes in weight being one of them. The American Psychological Association also lists weight gain or loss and one of the many disruptive factors that may indicate a person is having an emotional crisis. According to Wickham, while some changes can be a normal part of midlife, if you or a loved one is undergoing any out-of-character or sudden changes, it's a good idea to seek professional support in the form of a therapist. 2. YOU'RE APATHETIC. If you or someone you know has suddenly lost interest for the things in life that they used to enjoy, that could be a sign of an oncoming emotional crisis. According to self-help author self-help author Yocheved Golani, apathy adds a deeper, more complicated layer to a midlife crisis, as it can affect how willing a person is to help themselves or seek out help. "Apathy might complicate matters, losing interest in life borders on self-sabotage." Christine Hueber, a member of the Forbes Coaches Council, encourages those who are feeling apathetic to think every day about what positive things they have going on for them. "My top tip is to appreciate what's working in your life, then take action every day to shape your life how you want it to be," Hueber writes for Forbes. "Resolutely move forward, let go and leave the past in the past." 3. YOU'RE JEALOUS OF OTHER PEOPLE. Are you finding yourself constantly comparing yourself to others, and feeling jealous of everyone else's successes? It's not uncommon for those who are experiencing a midlife crisis to feel this way, especially when you've reached a point in your life where you perhaps thought you would be more successful or and see other achieving more than we have. Life Coach Erica McCurdy encourages those who are experiencing feelings of jealousy during a midlife crisis to remember that everyone has had entirely different life experiences, which affect our abilities and opportunities for success. "When you find yourself spending more time analyzing other people's past than thinking about your future, remember that the achievements of others are largely based on a different set of opportunities than you had and choices they made that were different than yours." McCurdy tells Forbes. 4. YOU'RE EXPERIENCING UNUSUAL PHYSICAL PAIN. It's no secret that psychological difficulties can result in physical manifestations of the problem, and midlife crises are no different. Headaches and gastrointestinal issues that don't seem to have any physical cause, and do not respond to usual medical are often linked to this kind of emotional crisis, according to Mayo Clinic. In an article for the Los Angeles Times, Dr. Yolanda Reid Chassiakos chronicles a patient who began experiencing physical symptoms, most notably intense migraines, due to the stressors she was feeling at mid-age. Chassiakos concludes that she recommended a combination of prescription-strength medication to help alleviate the migraines, and professional counseling. 5. YOU'RE ASKING YOURSELF DEEP, PROBING QUESTIONS. "One of the things that can happen and identify the onset of a midlife crisis is feeling ill-fit for the life you're leading," says Dr. Ludwig. "There's a tendency to stop and pause during midlife and question whether you're on the right track." In other words, you feel the need to give yourself a strong evaluation about where you wanted to be in life versus where you actually are. Perhaps you realize you've been following the dreams your parents set out for you or you've been abiding by the "rules" of society. "There's suddenly a stronger desire to listen to one's soul, and perhaps the crisis comes when you feel off-track," continues Dr. Ludwig. However, keep in mind that a period of self-reflection can be positive, she adds, "because it can get you to eliminate those things that are no longer in sync with who you are today." Also, a 2016 study from the British Psychological Society discovered that individuals who experience either a quarter or midlife crisis by becoming ultra-focused on their purpose in the world were likely to find creative solutions for their challenges. "This enhanced curiosity may be the 'silver lining' of crisis," stated the co-author of the research in a press release. "Armed with this knowledge, people may find the crises of adult life easier to bear." 6. YOU'RE MAKING RASH DECISIONS. As a result of soul searching, it's possible that you've drawn some significant conclusions about the state of your life, like perhaps that your marriage isn't as romantic as you had hoped or your career is no longer fulfilling. "The danger is when somebody makes an impulsive decision — like a knee-jerk reaction — based on these feelings [it might] not lead to therapeutic results," Dr. Ludwig says. Acting before thinking about the possible long-term ramifications of leaving your spouse or quitting your job, for example, can lead you down a road of regret. "Overall, it's an avoidance of reality," Dr. Ludwig says. 7. YOU FEEL LIKE YOU'RE SLOWLY LOSING YOUR MIND. "Women will come into my office and say, 'I feel like I'm going crazy,' 'I can't remember where I've left things,' 'I don't know why I walked into a room,' 'I have such a short fuse,' 'I'm angry all of the time,' or 'My kids and my spouse don't want to be around me,'" says Leah S. Millheiser, MD, director of the Female Sexual Medicine Program at Stanford University School of Medicine's Department of Obstetrics and Gynecology. She says this sudden shift in personality traits may be due to a decrease in estrogen, which can begin anywhere between five to 10 years before menopause. (FYI: Menopause is defined as one straight year without a period.) "Think of it like PMS but on steroids, so that's why women feel like they're going through a 'midlife crisis,'" says Dr. Millheiser. And like Dr. Ludwig, she is hoping to steer away from the negative stigma attached to this term. "Yes, going through perimenopause, menopause, or a midlife change can be very challenging because it may disrupt your entire existence," continues Dr. Millheiser. "But today, women no longer need to suffer with these symptoms." She strongly advises speaking with your physician if these mood changes feel significant to you. 8. YOU CAN'T SLEEP THROUGH THE NIGHT. If you're waking up in the middle of the night, then staring at the clock for hours on end, your hormones may be to blame. "Even if you're having a monthly period, you may notice some common changes associated with menopause because of a decline in estrogen and testosterone levels," says Dr. Millheiser. In fact, the National Sleep Foundation states that waning levels of estrogen during perimenopause through menopause can make a female more susceptible to environmental and other factors, which can further disrupt sleep and lead to insomnia. 9. YOUR VISION OF THE FUTURE IS DISMAL. "One of the wonderful things about youth is that you really think you have all the time in the world and the future is where all your dreams will come true," says Dr. Ludwig. "That shifts at midlife, so the future isn't necessarily where all of these positive things are happening. In fact, it can potentially be a scary time." While it's natural to remove those rose-colored glasses, feeling jaded about what's in store or seeing nothing but a bleak forecast ahead can lead to a downward spiral. And believe it or not, it might be wise to take a life lesson from those twentysomethings, she adds. "Those in their youth see the future in a more optimistic way, and that's something we need to be deliberate about in midlife, because we've been culturally trained to believe in the 'deficit model,'" Dr. Ludwig says. 10. YOU'RE CONSTANTLY BORED. "Boredom — feeling passionless — can be a sign of a midlife crisis," says Dr. Ludwig. "The truth is, the pressures of adulthood can weigh people down at this time — they can feel stuck in a rut — where the opportunity to introduce fun for fun's sake can get lost." A possible solution: Doing something outside of your typical routine that lights you up. For example, if you enjoy watching cooking shows about desserts, consider signing up for a cake decorating class. If listening to music soothes your soul, research upcoming concerts in your area. "There are similarities between midlife and adolescents — they call it "middle-escents" — but it doesn't have to be a bad thing," Dr. Ludwig says. "It's about learning to embrace exciting experiences and newness into one's life while incorporating optimism and dreams, which we should be doing throughout our lives." 11. YOU HAVE AN OVERWHELMING SENSE OF LOSS. Do you have this nagging feeling that something in your life has slipped away — yet you can't quite put your finger on what it is? "I don't know if I would call it clinical depression, but there is a dealing of some degree of loss," Dr. Ludwig say. "The loss of a wish, the loss of the idea of who you wanted to be — it's a confrontation with reality that can leave people feeling disappointed and unsettled." For others, it could be that previous goals have been met (Corporate job? Check! A trip to Hawaii? Check!), resulting in a "Now what?" mentality. Dr. Ludwig quickly notes the positive in this scenario: "At this point in life, we're wiser and we know ourselves better," she says. "So, whether or not we've accomplished our goals, we can create new goals." Also, having the belief that there must be something more ahead can be a good thing. "Because we're never going to arrive at the 'there' place because there's always going to be a new 'there,'" she adds. 12. YOU BECOME OVERLY CONCERNED ABOUT YOUR APPEARANCE. Wanting to look and feel your best is one thing, but staring into a mirror for hours to point out emerging lines and wrinkles could indicate a crisis. "And some people will go to extremes trying to achieve a look of youth or perfection," says Dr. Ludwig. "Sadly, they tend to ruin themselves — it's like that false plant that is too green and too perfect. This behavior is based in fear — fear of losing one's looks — but this is cultural brainwashing. "She adds that single people are likely to obsess more over their changing face compared to those in committed relationships (who tend to care more about their weight and being fit). "And this is true for both men and women — it's a response to physical changes that identify there's an inevitable shift going on, but it doesn't have to be worse," continues Dr. Ludwig. 13. OR YOU STOP CARING ABOUT APPEARANCES COMPLETELY. While some women in their middle years become fixated on perfecting their appearance, others may trash their beauty products altogether or stop picking up their broom on a regular basis. "People should never give up on themselves, but if they do, they're probably more inclined to experience a midlife crisis," says Dr. Ludwig, who suggests finding an "older woman" role model who can serve as motivation. "Of course, not everyone is Christie Brinkley, but the fact that Christie Brinkley can look like that at 62 is wonderful. There is nothing elderly about her! That's nice to know, and I think there is a trickle-down effect." 14. YOU THINK OF YOURSELF AS AN "OLD PERSON." Take a quiet moment to close your eyes and ask yourself this simple question: "How old do I feel?" If you consider yourself to be older than your years (or refer to yourself as being an "old lady" or "over the hill"), you might be in a midlife crisis. And science backs up this theory: A ten-year study conducted at the University of Waterloo found that simply feeling older predicts lower psychological well-being and lower life satisfaction compared to those with more favorable attitudes about aging. Dr. Ludwig believes this negative narrative may derive from your environment. "If someone in their middle years feels old, I question if somebody is treating them like they're elderly or if they are reading from a cultural script that has been internalized," she states. But if thinking about yourself in a younger light feels silly, it may help knowing that this thought process has become a growing trend. In fact, research out of Florida State University in 2016 discovered that many women in their middle and older years are likely to maintain youthful perceptions of themselves in order to enhance their emotional well-being. 15. YOU RARELY (IF EVER) HAVE INTEREST IN SEX. If you can't remember the last time you were in the mood for some one-on-one time with your partner, your hormones may be playing some not-so-sexy tricks on you. "Sex can really suffer when women go through perimenopause or menopause because of vaginal dryness and low libido," says Millheiser. However, there is no need to toss out your pretty panties and crawl under the covers in your oversized pajamas. "You don't have to 'grin and bear it' because there are so many options today," she stresses. "Treatments are available, both hormonal and not hormonal, to deal with all of the symptoms associated with sexual pain." 16. YOU THINK YOUR BEST YEARS ARE BEHIND YOU. Believing that all of the wonderful happenings that will occur in your lifetime have already taken place can be a sign that you're in crisis mode. "Again, it's about losing that sense of excitement," states Dr. Ludwig. However, she says this belief is a fallacy. "Isn't it sad that we train people to think that the only time they can have happiness is when they're young — and it's so not true!" she continues. "The nice thing — and this is something we overlook culturally — is that many people have the best times of their lives as they get older. Why? Because your enjoyment with life has less to do with age and more to do with how gratified you are and how good you feel about yourself — and that can happen at any point." 17. YOU THINK EVERY BAD DAY MEANS YOU'RE HAVING A MIDLIFE CRISIS. Even though a psychologist named Elliot Jaques coined the term "midlife crisis" back in 1965, ongoing research indicates that this so-called "crisis" may not even exist. According to a 25-year longitudinal study conducted by the University of Alberta, happiness does not come to a screeching halt when you turn 40. Instead, there is an overall upward trajectory of happiness that begins in our teens and early twenties. "I think it's important that we redefine the 'midlife crisis' and we make it potentially be [something] good," Dr. Ludwig says. "Sometimes in the crisis, you are evaluating what is no longer working in your life and trying to introduce people, places, and things that might be useful, of value, or bring joy." Dr. Millheiser concurs, adding that middle aged women in the 21st century aren't like middle aged women from the '70s and '80s. "There's been a shift in attitude," she concludes. "Women in their 40s and 50s today are empowered and in better shape than they were when they had their children. They're really taking the bull by the horns and saying, 'I'm not going to let this bring me down!''' Source: women’s day, 9/24/20.

15 Myths About Money and Finances

You may learn basic personal finance principles and make better money decisions based on some of what you see, hear, and read. But other "money talk" may be incomplete or filled with misinformation leading you to take on debt you can't afford or make severe financial mistakes, impacting your ability to build wealth. While not purposely trying to sabotage your financial future, keep in mind some people aren't as money savvy as they think or sound. They likely don't know a lot about your budget, personal circumstances, or future goals. That's why it’s important to pause before you act on financial advice you're given, or comments others make about money. Let's take a look at 15 common financial myths and why you should question them. We'll also offer guidance to help you make choices aligning with your finances. 1. All debt is bad debt. When you have debt, you've borrowed money and need to pay it back. But owing money doesn't mean all of your obligations are bad. While it's essential to focus on paying off credit card balances with double-digit interest rates, rushing to pay off the low-interest mortgage on your home might not make the most sense. Loans helping you grow your net worth and boost your earning potential are better debt than consumer spending you can't afford. Always be mindful of the type and amount of liabilities you take on - and have a plan for how you'll pay it back. A job loss or serious medical event can affect your income, savings, and ability to make payments. 2. It's normal to have a lot of debt. If you have a mortgage, student loans, a car loan, and maxed-out credit cards, you’re not alone. According to Experian, consumer debt reached a record high of $14.1 trillion in 2019. Many people need to take out a loan to buy a car, house, or earn a degree. But normalizing large amounts of debt can negatively impact your financial future by preventing you from building wealth. More of your income goes toward payments with the more liabilities you have, so you can’t save for your future. Instead of taking on more debt, consider using sinking funds to put money aside for expected future expenses - wants and needs. You can also try to cash flow specific items - such as an advanced degree to keep from adding to your debt load. Avoid lifestyle inflation and stick to spending aligned with your values. Your future self will thank you for avoiding more debt now. 3. Slashing expenses is the only way to save more money and build a nest egg. As you start managing your finances, tracking spending and using a budget are great ways to handle your debt and boost savings. Dropping cable TV, cutting back on restaurant spending, and minding your utility usage can save you hundreds of dollars each month. But that's not the only way to save more money. You should also think about boosting your income. Negotiate for a raise at work. Update your resume and apply for new jobs with a higher salary. If you have extra time in your schedule, pick up a side gig or part-time job to put some extra cash in the bank. You might also be surprised how much money you can make by decluttering your possessions and selling things you no longer need or use. 4. A bank is the safest place to keep your money. Your parents may have taken you to open a savings account when you were young. They probably keep their money in that local bank too. When you can drive up or walk into a trusted lender to cash a check, make a deposit, or discuss loan options, you feel your money is safe. That’s also true because most savings and checking accounts with banks or credit unions (even many online lenders) are FDIC-insured up to a balance of $250,000. But putting all of your money where its “safe” may instead be a risky move because of inflation. With the average interest rate for savings accounts paying only 0.1 percent and inflation hovering near 2% in the US, your money loses future buying power each year. Talk with a financial professional and review your risk tolerance and financial goals for retirement before deciding how much money to “safely” keep in the bank. 5. You shouldn't talk about money problems with others. It seems there’s an unspoken rule that you shouldn't talk about financial struggles. Money is a very personal topic laden with the potential for judgment and scrutiny. While it may seem easier to hide money problems than to face them and talk about your challenges, staying silent might be worse. Your stress about money hurts your health. Financial issues are a top reason many couples split up. Kids know when you’re hiding money problems, too. Regularly talking about money can help you solve problems and prevent them from affecting your health and relationships. When you start discussing your financial concerns, you’ll realize you’re not alone and learn that your money doesn’t need to define you. You can get help and start aiding others. 6. It's smarter to buy a house than keep on renting. Many Americans believe home-ownership is the American Dream. But the reality is many people can’t afford to buy a home or don’t want to. According to Bloomberg, while homeowners outnumber renters in the US two-to-one, there are still over 100 million renters. These renters likely hear the message that they're “wasting their money renting” often. Some renters who want to buy can't qualify for a mortgage. But plenty of people prefer to lease because it's less risky and more flexible. Renters may get move-in bonuses and have lower monthly payments. Their utility, maintenance, and repair costs are also minimized when they rent. Savings can go toward paying down debt, building emergency and sinking funds, and growing investment portfolios. 7. You don't need an emergency fund if you have credit cards or a line of credit. Many financial gurus talk about saving at least $1,000 to cover an emergency. But your next goal should be to accumulate at least 3-6 months (or more) of expenses in an emergency fund. Most people feel relief when having a money 'cushion' in case of unexpected expenses. But as the balance grows in your emergency fund, you may question whether it's smart to let the money sit idle waiting for something terrible to happen. This is especially true if you have credit cards or access to equity in your home. Some people gamble on using credit cards or a home equity line of credit (HELOC) in an emergency. But don't forget that your crisis may affect your ability to earn an income and pay your bills. If you’re unable to pay off your credit cards each month, you'll incur high rates of interest to your lender. An unpaid HELOC could lead to a foreclose on your home. Consider shifting your emergency fund into a high-yield online savings account. You can then pay emergency expenses on your credit card or HELOC if you choose, but you'll also have the cash set aside to make payments on that debt. 8. You need to have a lot of money to invest. If you're living paycheck to paycheck or struggling to add to your savings account each month, you probably aren't considering putting away money for retirement. But you should start investing - even if you can only contribute a few dollars each month. That's because of the magic of compounding. Compounding helps your early years of investing "snowball" over time. Even small investments can grow exponentially over a few decades. This is why you don’t want to wait until you pay off all your debt or earn a higher salary to start investing. If you think investing is confusing or hard, you can begin micro-investing through an online app like Acorns or Robinhood. Major companies, including Schwab, Fidelity, and Vanguard, welcome new investors and provide a tremendous amount of information about investing on their websites to get you started. 9. A high income makes you wealthy. A high income means you make a lot more money than many others. But high salaries don't always translate into higher net worth. As your paycheck grows, it takes discipline to avoid spending money on more of your wants. A bigger house, a luxury car, and more expensive vacations won't make you rich. That old saying, "the more you make, the more you spend" describes lifestyle inflation. You can adjust your budget and enjoy some of your income along the way. But achieving an adequate level of wealth requires paying attention to your spending, focusing on your financial goals, and long-term investing for your future. 10. You'll need to work until age 65 (or longer) before you can retire. There’s no shortage of headlines claiming that you'll need to work until you're 65 (or older) before you can afford to retire. And it’s true; many older Americans are facing a retirement crisis. Choosing to work at 65 is one thing. But depending on working until at least 65 is a problem. Many people can't work into their 60’s because of personal health issues or caregiving responsibilities for a loved one. Rather than banking on working through your 'golden years' - adopt a save early and often mindset. Compound growth will help build your nest egg. Despite what you read, it’s possible to retire before age 65 and have enough money to last your lifetime. 11. You don't need a will or estate plan unless you are rich or have children. Planning for your death is not an easy process. But it's one of the most important things you'll ever do. Some people think they can skip making a will or estate plan until they have kids, a lot of money, or property. But if you don't have a will, you'll die in intestacy. So, rather than those close to you handling your assets without beneficiaries, an administrator from probate court will distribute them. Without making a legal will, the people you want to receive your assets or distribute them may never even get them. Don't make assumptions when it comes to your final wishes. When you research your state’s intestacy laws, you might be surprised to learn who’ll get your possessions or how they’ll be divided up between loved ones. 12. Life insurance is just for wage earners. People purchase life insurance to protect the finances of their loved ones in the event of their death. Many think of it as a replacement for the salary of the person who passes away. Life insurance payouts can relieve some of the financial burdens on the loved ones left behind. But it's essential to think about the contributions of stay-at-home parents, too. It could cost thousands of dollars each month to replace all of the services a stay-at-home parent provides. Don't be short-sighted when it comes to buying life insurance for a parent who stays at home. While they may not be a W-2 employee bringing home a paycheck, their value to your family (and your finances) is worth protecting. 13. You work hard and deserve to buy nice things. You’re conscientious and put your best effort in at work each day. But you also like to spend money as a reward for your productivity. There's nothing wrong with spending money you've earned on nice things you can afford. But you may need to be careful about how often you make purchases with this mindset. You may be able to afford wonderful things, but not every wonderful thing you want. Take time to consider your needs vs. wants. Set up a sinking fund to save for something you've been waiting to buy. Or add a line-item to your budget to include affordable self-care options. Do whatever you can to avoid taking on debt when you reward yourself for a job well done. 14. You should work with a professional to manage your finances. There's nothing wrong with hiring someone to help you manage your money. But that doesn't mean you should skip taking an active role in improving your understanding of your current and future finances. Many people are led to believe that investing is difficult and requires someone with experience and certifications to make recommendations and follow investments. But keep in mind that some financial services come with hefty fees that can add up over the decades you’re investing for retirement. While there are plenty of excellent financial advisors worth their expense, you have other options, too. First, boost your financial literacy. There are thousands of personal finance books, blogs, podcasts, and courses that can teach you the basics of investing. You can also hire a fee-only financial planner rather than someone paid by commission on products. Only you can decide your comfort level with your finances, but don't trust all of your financial planning to someone else. 15. The more money you have, the happier you'll be. Having enough money to pay for all your needs and some of your wants, while also putting away enough money for a comfortable retirement, can keep you smiling. But there’s a saying that ‘money can’t buy happiness,’ too. There are plenty of millionaires and lottery winners who can buy whatever they want but still aren’t very happy. While those who struggle to pay bills would experience less emotional pain if they had more money, research on high income shows a threshold (approximately $75,000) where more money no longer improves your emotional well-being. Since everyone experiences happiness differently, it’s crucial to figure out what you need to boost your emotional wellness. Chasing a bigger paycheck may not be the answer. Final Thoughts on Money Myths After looking through these financial myths, there’s a good chance you could add more to grow the list. Pick any money topic and you’ll notice there’s no shortage of opinions on how to spend, where to invest, or ways to save more money. If you realize you’ve shared some of the same (or similar) money messages with others, think about how your words could affect their actions. Expounding on how you took out the biggest mortgage you could because rates were low might have worked out great for you. But it could spell financial disaster for someone else. Always remember that personal finance is personal. If someone gives you financial advice, make sure you do your research before taking action. While sharing your own experiences with money can help others, suggesting they follow your lead may not help them at all. Source: women who money, 8/15/20.