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If you are thinking about opening a CD, short for certificate for deposit, it's time to act now to lock in the best rate possible.
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Strike a balance to avoid regrets |
A primary job of financial planners is to help their clients see what is possible. It is also to help them balance living today while preparing them for tomorrow. But not knowing how many tomorrows we have can create too much emphasis on an uncertain future.
How do you strike a balance to avoid regret? The answer is simple but not easy: Be conscious of the choices you are making and for whom you are making them.
One of our long-term clients is now in hospice. As we were talking, she said how grateful she was for what she and her husband did with their family and how they were not too conservative too soon with their money.
The couple never fully lived in the comparison world, so their own personal values influenced their decisions.
They did not spend much money on housing, but they lived comfortably. They chose to invest in their children's education and travel, both things that brought them joy.
They often paid for their adult children to travel with them to underscore their value around family. Although cancer will rob her of some years, she has lived her life fully.
I have worked with countless clients, and here is some wisdom I have discovered that helped them avoid regret:
They don't begrudge others for what they have.
Being genuinely happy for the happiness of others reduces the focus on what you don't have and increases the satisfaction of your own life, a surefire antidote for regret.
They don't compare their lives to those of others.
You make the choices that are important to you, not because you are measuring yourself against someone else.
They say yes more often.
Sure, you end up making some mistakes, but you also open yourself up to more fulfilling experiences. Pleasant memories expand through time, and time tempers the sour ones.
As I look back on my life, something I won't regret is my simple morning walk with our dog.
Spend your life wisely.
Ross Levin is the founder of Accredited Investors Wealth Management in Edina. He can be reached at ross@ accredited.com.
WILMINGTON, DEL.
President Joe Biden on Saturday signed a $1.2 trillion package of spending bills after Congress had passed the long overdue legislation just hours earlier, ending the threat of a partial government shutdown.
"This agreement represents a compromise, which means neither side got everything it wanted," Biden said in a statement. "But it rejects extreme cuts from House Republicans and expands access to child care, invests in cancer research, funds mental health and substance use care, advances American leadership abroad, and provides resources to secure the border. ... That's good news for the American people."
It took lawmakers six months into the current budget year to get near the finish line on government funding, the process slowed by conservatives who pushed for more policy mandates and steeper spending cuts than a Democratic-led Senate or White House would consider.
The impasse required several short-term spending bills to keep agencies funded.
The White House said Biden signed the legislation at his home in Wilmington, where he was spending the weekend. It had cleared the Senate by a 74-24 vote shortly after funding had expired for the agencies at midnight.
The White House had sent out a notice shortly after the deadline announcing that the Office of Management and Budget had ceased shutdown preparations because there was a high degree of confidence that Congress would pass the legislation and the Democratic president would sign it Saturday.
The first package of fullyear spending bills, which funded the departments of Veterans Affairs, Agriculture and the Interior, among others, cleared Congress two weeks ago with just hours to spare before funding expired for those agencies. The second covered the departments of Defense, Homeland Security and State, as well as other aspects of general government.
When combining the two packages, discretionary spending for the budget year will come to about $1.66 trillion.
That does not include programs such as Social Security and Medicare, or financing the country's rising debt.
On Ukraine aid, which Biden and his administration have argued was critical and necessary to help stop Russia's invasion, the package provided $300 million under the military spending umbrella.
That funding is separate from a large assistance package for Ukraine and Israel that is bogged down on Capitol Hill.
Biden, in his statement, again pressed Congress to pass additional aid.
"The House must pass the bipartisan national security supplemental to advance our national security interests.
And Congress must pass the bipartisan border security agreement — the toughest and fairest reforms in decades — to ensure we have the policies and funding needed to secure the border. It's time to get this done."
The spending package largely tracks with an agreement that then-House Speaker Kevin McCarthy of California worked out with the White House in May 2023, which restricted spending for two years and suspended the debt ceiling into January 2025 so the federal government could continue paying its bills.
The Club PUBlication
Report shows which scams had the biggest impact in 2023
by: Jennifer Bullock Posted: Mar 14, 2024 / 06:30 PM EDT Updated: Mar 14, 2024 / 06:11 PM EDT
COLUMBUS, Ohio (WCMH) – On the heels of National Consumer Protection Week, the Better Business Bureau of Central Ohio released its Scam Tracker Risk Report, which highlighted how scams are carried out, who is targeted by them and which ones have the biggest impact each year. “We know that scams are a major problem, scammers are very smart, and really, education is the best way to protect ourselves and avoid falling victim to scams,” said Judy Dollison, President of the BBB of Central Ohio.
According to the report, the riskiest type of scam for consumers in 2023 was investment scams, including those involving cryptocurrency.
Dollison said more than 80% of people targeted by this scam type reported losing money. Keeping it consistent in the second spot — employment scams. In fact, the BBB said reports increased 54.2% from the year before. At number three, dropping from the top spot for the first time since 2019, online purchase or shopping scams.
“Online shopping is, like you said, consistently in the top three of scams in terms of exposure,” said Dollison. Last year, the BBB said 41.9% of scams reported to its Scam Tracker were online purchase scams, and 82.6% reported losing money to them. “You are either dealing with a fake retailer who doesn’t exist at all, whose name you don’t even recognize, but they have a really great website and it looks like a legitimate product,” Dollison said. “Or, they’re an imposter of a legitimate company but they have stolen their names and logos, they’ve created a site that looks like a brand that you might know, but it’s not, it’s a scammer.” Dollison said any business conducted online is more susceptible to money loss. So, consumers should do research before they buy.
“Just make sure that it is a legitimate retailer before you put in your credit card information and make purchases,” said Dollison. “You want to look at the website to make sure there are no misspellings in the URL. And if something seems too good to be true, it probably is. So, if you see a really good price on something, if it just doesn’t seem right, I would avoid it.”
Tax season has begun and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that's often left to the last minute.
Whether you do your taxes yourself, go to a tax clinic or hire a professional, the first step is to get organized. Navigating the tax system can be complicated and stressful.
"Take a breath. Take some time, set out an hour, or go through it over the weekend.
You'll hopefully see that it's a lot simpler than you think," said Courtney Alev of Credit Karma.
First off, the deadline is April 15 to submit returns from 2023.
What do I need?
Required documents vary, but for sure you'll need your Social Security number; W-2 forms if you are employed, 1099-G if you are unemployed or 1099 if you are selfemployed; savings and investment records; and evidence of any deductions like educational or medical expenses or charitable donations.
Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all of your documents in one place before you start your tax return and also having your documents from last year if your financial situation has drastically changed.
O'Saben also recommends taxpayers create an identity protection PIN number with the IRS to guard against identity theft. Once you create a number, the IRS will require it to file your tax return.
Are resources available?
For those who make $79,000 or less per year, the IRS offers free guided tax preparation that does the math for you.
If you have questions while working on your tax forms, the IRS also offers an interactive tax assistant tool that can provide answers based on your information.
Beyond the popular companies such as TurboTax and H&R Block, taxpayers can also hire licensed professionals, such as certified public accountants. The IRS offers a directory of tax preparers across the United States.
The IRS also funds two types of programs that offer free tax help. People who earn $64,000 or less a year, have disabilities or are limited English speakers, qualify for the VITA program.
Those who are 60 or older, qualify for the Tax Counseling for the Elderly program (TCE).
How can I avoid scams?
Tax season is prime time for tax scams, said O'Saben. These scams can come via phone, text, email and social media.
The IRS uses none of those means to contact taxpayers.
Sometimes scams are even operated by tax preparers so it's important to ask lots of questions. If you can't see what your tax preparer is working on, get a copy of the tax return and ask questions.
Morga writes for the Associated Press.
Lincoln asked, "What seems to be the trouble?"
"It's our house," said the farmer angrily. "I want to paint it brown, and she wants to paint it white. We got into a big argument about it."
After calming the man down, Lincoln suggested that he go back to his wife and try to work out a compromise. The farmer was very doubtful that any such solution was possible, but he agreed to try. Lincoln told him to come back in four weeks.
After four weeks, the farmer returned to Lincoln's office saying, "There is no need to start proceedings against my wife. We've made up. Compromise is how we did it."
A pleased Lincoln asked, "How did you manage it?"
"Well," said the farmer, "we decided to paint the house white."
Maybe this is why novelist Robert Louis Stevenson said, "Compromise is the best and cheapest lawyer."
I was recently asked how my wife, Carol Ann, and I have managed to stay together for 64 years. I replied that when we got married, we agreed that Carol Ann would make all the minor decisions, and I would make the major decisions.
Luckily, there have never been any major decisions.
All kidding aside, compromise is absolutely vital in both our personal and professional lives. It is the lubricant that keeps the gears of relationships and business dealings moving smoothly.
Understanding what you want and why you want it is crucial to successful compromise.
It is about knowing your nonnegotiables and being clear about what you are willing to give up. This clarity allows for more effective negotiations and outcomes that are acceptable to all parties involved.
Compromise also facilitates progress and it maintains integrity. It is also important to recognize when not to compromise.
Compromise should never come at the cost of honesty or integrity.
I have found that the most successful compromises I have reached have resulted from face-to-face meetings, where both sides can read the situation clearly. Depending on the importance of the negotiation, it might be best to choose a neutral location, perhaps a restaurant or even a golf course where the atmosphere can be more casual.
Go into the meeting understanding that no one is going to get everything they want. And be prepared to come to a different outcome than you had originally considered.
Each side needs to respectfully listen to the other's concerns and requests. No interruptions, no protests, no questions until it's your turn.
Stay on topic and resist the temptation to bring in other demands that will only confuse the conversation. Review what you heard and put agreements in writing with deadlines or responsibilities as appropriate.
Finally, shake hands or otherwise leave your meeting (or meetings) on a positive note.
Chances are you will be doing business with them, or running in the same circles as them or even merging your companies at some point. Spit out the sour grapes and instead look forward to the fruits of your labor.
Mackay's Moral: Compromise is an attitude, not a pastime.
Harvey Mackay is a Minneapolis businessman. Contact him at 612-378- 6202 or email harvey@mackay.com.
Young adults are giving up "living large" for "loud budgeting."
In this latest viral TikTok moment, folks aren't staying silent about being on a budget.
They're candid about needing to reduce debt or shore up emergency savings when passing on dining out, concert tickets or travel they cannot afford.
It's frugality with a social media bullhorn.
"I pay a lot of money to stay at home, so that's where I'll be," one person commented on TikTok.
Another says in her video: "It's about being transparent about your money and what fits and what doesn't ... not folding to peer pressure."
In 2024, it's chic to be cheap.
It's box-dyeing your hair, a drink or dinner but not both, and staycations. Loud budgeting is a guilt-free decline to a budget-busting social invite.
I love this money movement. It's a new phase, but, really, it's the old practice of pennypinching, which centers on not being ashamed to say "no" to yourself or others who pressure you to spend.
I've never been ashamed to proclaim my frugality. I've shared over the years that I'm so cheap that I continued to wear my maternity underwear long after my children could walk and talk. Are you chuckling now or criticizing why I would admit such a thing? If it's the latter (which is what loud budgeting is all about), don't judge. Appreciate.
Maternity underwear is expensive, and I wasn't going to throw it out because I wasn't pregnant anymore. Besides, this type of lingerie provides great support. I frequently joke that I breastfed all three of my children because the milk was free.
That's loud budgeting!
No more feeling like you can't be honest not wanting to splurge on a weekend bridal or bachelor party in Las Vegas. It's pushing back when someone says, "Come on, it's not that much money," implying that you're being cheap when what you're doing is sticking to your financial priorities, such as saving for retirement.
Years ago, I had a "Penny Pincher of the Year" contest. The first winner saved money by solar-cooking her food on her rooftop. All it took was a sunny day, water-resistant and aluminum-laminated cardboard, a clear plastic oven roasting bag to create a minigreenhouse effect, and a dark pot with a tightfitting lid for maximum heat absorption.
I was amused and amazed by the money-saving strategies described in the entries.
I'll never forget the letter from one woman about her grandmother's determination to make her own potholders from shoulder pads.
This penny-pinching strategy wasn't successful, though, because the homemade holders were prone to catching fire.
One past winner took a cutoff plastic 1-gallon milk jug into the shower. According to this frugal fellow, it took a few minutes for the hot water to reach his shower. So, he captured the potentially wasted cold water in the jug and filled the toilet tank.
If young adults want to repackage parsimony, that's great, because the struggle to save while managing monthly expenses is real.
Last year, credit card debt hit an all-time high of $1 trillion.
Inflation is still haunting consumers.
A Bankrate survey found only 44% of Americans had enough savings to handle a $1,000 emergency expense.
The Federal Reserve Bank of New York released a report that found auto and credit card debt began rising for low-income borrowers in 2022 through the third quarter of last year.
"While delinquency rates were unusually low during the pandemic, financial stress appears to have risen," the report's authors wrote.
The big expenses in people's budgets — housing and transportation — make saving difficult.
The average monthly payment on a new vehicle hit a record-high $739 in the last quarter of 2023, according to data from Edmunds, a carshopping website. It was $717 a year earlier.
The share of borrowers paying $1,000 or more a month swelled to 17.9%, also a record, during that period. That compares with 15.7% for the same three months of 2022.
Rents are extraordinarily high for many in the country. In 2022, half of renter households — a record 22.4 million — spent more than 30% of their income on rent and utilities, according to a just released report from the Harvard Joint Center for Housing Studies. Within this group, 12.1 million were in the precarious position of using more than half of their income to cover their rent. That figure was also an all-time high.
"Though rent growth has recently slowed substantially, the extended period of rising rents during the pandemic propelled cost burdens to new heights," according to the report.
Encouraging yourself to be honest about your budget constraints can be liberating. It's also the answer to FOMO, or the fear of missing out.
I can get behind a trend that preaches penny-pinching without awkwardness or embarrassment.
Embrace loud budgeting, because it's OK to boldly own your financial truth.
In 2024, it's chic to be cheap. It's box-dyeing your hair, a drink or dinner but not both, and staycations.
One of the most famous lines in Shakespeare's "Hamlet" consists of Polonius' advice to his son, Laertes. He says:
"This above all: To thine own self be true, And it must follow, as the night the day, thou canst not then be false to any man."
You've doubtless heard that quote many times, but what does it mean? In today's language, it's all about authenticity. Authenticity is acting in accordance with one's true self. Being authentic means behaving in congruence with your values, beliefs, motives and personality.
Everyone has a personality. It is a blending of traits, thought patterns and behaviors, all taken together. An authentic person is true, reliable, dependable, faithful, trustworthy, accurate, genuine and realistic.
Authenticity is more than just a popular buzzword these days — it is a way of living that many strive for in their personal and professional lives. The problem is that we live in a society that tries to get us to conform to the dominant culture, taking away our authenticity.
As American poet e.e. cummings wrote many years ago: "To be nobody-but-yourself — in a world which is doing its best, night and day, to make you everybody else — means to fight the hardest battle any human can fight, and never stop fighting."
Authenticity is a cornerstone of any successful relationship, both personal and professional. In the sales world, it is about being genuine in your interactions with clients and colleagues.
For me, authenticity in sales comes down to trust, long-term relationships and consistency. Authenticity fosters trust, the bedrock of any business transaction. If your clients believe in you, they are more likely to believe in what you are selling.
Authentic interactions lead to stronger, more resilient business relationships. People want to do business with those they feel are real and relatable. Clients and colleagues know what to expect from you, which builds confidence in your consistency.
So how do you demonstrate authenticity? Transparency, listening and personal touch. Be open about what you can and cannot do for your customers. Don't overpromise and underdeliver. Active listening can go a long way in showing that you care. Share appropriate personal stories or insights when they can add value to the conversation. This can humanize interactions and create deeper connections. People remember how you made them feel.
There is a personal satisfaction that comes from knowing you've been true to yourself and others. It is not just about making a sale; it is about how you make the sale.
Author and motivational speaker Simon Sinek offers this food for thought: "To be authentic is to be at peace with your imperfections. The great leaders are not the strongest; they are the ones who are honest about their weaknesses. The great leaders are not the smartest; they are the ones who admit how much they don't know.
Sinek is telling us we don't have to be perfect, but we need to be the best we can be. We can acknowledge our weaknesses, but we work with others who can help fill in our blanks.
So whether or not you are a fan of Shakespeare, keep his words at the front of your brain. If you wouldn't want to be your own friend or your own customer, it's time to check your authenticity — truthfully.
Mackay's Moral: Who you are is judged by what you are.
Harvey Mackay is a Minneapolis businessman. Contact him at 612-378- 6202 or email harvey@mackay.com.
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