Goal getter's guide: Tips for upping your credit score game

BRANDPOINT - As any athlete will tell you, you can't win unless you have a game plan.

According to the U.S. Bureau of Economic Analysis, the personal savings rate in the U.S. hovers below 4%, while household debt and credit card delinquency rates are both rising, especially among Gen Z, as reported by the Federal Reserve Bank of New York.

In the game of life, saving should be just one part of your financial strategy but knowing the benefits of responsibly managing your credit is equally important. Whether you are gearing up to buy a home, get an education or start a business — understanding your FICO^® Score is an important first step in laying the foundation for financial literacy.

That’s why this summer, FICO, a leading software analytics company, teamed up with Chelsea Football Club and the U.S. Soccer Foundation to offer free financial education workshops for students and adults in the cities where Chelsea is playing on their summer tour.

Workshop participants were also able to attend their local match for free.

Here is a starter playbook of the 3 ways soccer and financial literacy are similar:

• Know Your FICO^® Score. A credit score is a three-digit number that helps lenders, such as a mortgage company, auto lender, or credit card issuer, quickly (based on data and without bias) determine how likely you are to repay a loan as agreed. The higher your number, the more likely it is lenders will offer you credit and better repayment terms such as interest rates.
  
  Many factors go into your FICO^® Score. It’s calculated based on data that is collected by the three major credit bureaus. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). Because your credit report changes based on your financial behaviors, like whether you pay your bills on time, so does your FICO Score. That means it’s important to know how your financial choices can impact your FICO Score.
  
  You can check your FICO^® Score for free at https://www.myfico.com/free.
  
  
• Have a Game Plan. Championships don’t happen accidentally. They require thoughtful planning, precise execution, and the ability to make in-game adjustments as events unfold. It’s just as important to have a game plan for your household finances to help foster positive habits such as creating a monthly budget, setting a system to stay up to date on bill payments, and keeping credit card balances under control.
  
  FICO also offers free educational resources on myfico.com relating to budgeting — like a college budget calculator and articles about budgeting systems and budgeting for couples.
  
  
• Focus on Continuous Learning and Improvement. Athletes continuously train to stay in shape and are always looking for ways to improve their skills. You can do the same to understand more about building good financial habits. FICO has developed many free educational tools and resources to help educate people throughout their financial journeys.

To access useful educational resources — and find out how to participate in a live or virtual Score A Better Future™ workshop — visit https://www.fico.com/sabf/.

Whether your goal is purchasing a home, financing a car, or simply starting off your financial journey strong, these educational tips can help you win in the game of life.

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Small business employ 44% of workers in Illinois, two laws set to expire will hurt if not renewed

by Terri Dee
Illinois News Connection

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A large tax hike could appear soon, that would affect Illinois' small businesses still rebounding from the pandemic. One group hopes Congress will act before two bills expire, and the tax increase takes effect.

A small business advocacy group, The National Federation of Independent Businesses (NFIB) says one of them - the 20% Small Business Deduction Act - was created to align small business tax rates with those of larger corporate competitors.

The group's Vice President for Federal Government Relations Jeff Brabant said...

"It's difficult for small businesses to be able to compete with a lot of their larger competitors, and increasing prices isn't always a great option for them," said Brabant. "If you're an employee and you go to a small employer who may not have the money to be able to offer great benefits, versus a large employer who can offer those benefits, it's always going to put the smaller employer at a little bit of a disadvantage."

If Congress decides not to renew the 20% Small Business Deduction Act, Brabant predicted that 90% of America's businesses would face additional barriers to growth and hiring more workers.

According to the U.S. Small Business Administration's 2023 Profile report, Illinois has slightly more than 2 million small business employees - which account for 44% of the state's employees.

The other law up for review by the House is the Main Street Tax Certainty Act, which permits small businesses to deduct up to 20% of their qualified business income and make it a permanent deduction.

Brabant noted that the NFIB strongly supports both measures, which expire on December 31, 2025 - and have bipartisan support.

As the country waits to see the presidential election results, he said he believes the plight of small businesses should be the "number one issue" on Congress's mind.

"It shouldn't be a Republican or Democratic issue," said Brabant. "This should be 'small businesses are the foundation of the economy,' and I don't think anyone wants to see Main Street businesses have a tax hike."

Brabant said the organization is glad both presidential candidates have talked about small businesses, because these discussions don't always occur.

He said NFIB's focus is to educate and increase Congress' awareness, and he said he hopes they will act sooner rather than later.

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Keywords: Illinois small business tax increase, 20% Small Business Deduction Act, Main Street Tax Certainty Act, Small business tax reform 2025, Impact of tax hike on small businesses

Money Matters |5 ways to prepare for out-of-pocket healthcare costs

BPT - According to McKinsey & Co., 82% of U.S. consumers consider wellness a top priority, with more than half saying they prioritize it more than they did a year ago. However, rising healthcare costs pose significant challenges to consumers, and an unpredictable healthcare payment landscape can leave them with substantial out-of-pocket expenses.

These expenses can force people to forgo the care they want or need, leading to poorer health outcomes.

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Photo: PEXELS/Pixabay

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Given these realities, it's important to consider the following steps to inform financial decisions about potential out-of-pocket health and wellness costs.

1. Research the cost of your procedures or services in advance. Many websites provide estimated costs of various procedures by region or provider. You can also get estimates by calling your insurance company or the provider directly in advance of your appointment

2. Check if you qualify for subsidized coverage or financial assistance. People with incomes below certain levels may be eligible for health coverage at reduced or no cost. Hospitals may offer free or discounted care, known as charity care, to people not able to pay.

3. Confirm with your provider and insurance company that you are maximizing health plan coverage. Take advantage of your annual benefits, including getting recommended preventive screenings and visiting in-network providers that usually cost less than those who are out-of-network.

4. Enroll in an employer-based program that uses pre-tax dollars. Flexible Spending Accounts (FSA) and Healthcare Spending Accounts (HSA) allow employees to set aside money from their pay for qualified medical expenses.

5. Consider promotional financing options. Health and wellness credit cards, such as CareCredit, that offer deferred interest financing, enable you to pay for care over time with the opportunity to avoid interest charges, making out-of-pocket costs more manageable. Here are a few things about deferred interest financing to consider:

• Deferred interest: No interest is assessed if the balance is paid in full by the end of the promotional period.
• How deferred interest promotional financing works. Deferred interest financing allows consumers to avoid interest charges on larger expenses if they are paid off before the promotional period ends. If you don't pay off the full balance before the promotional period ends, you will have to pay interest that has accrued as of the transaction date.
• The required minimum monthly payments. Understand the required minimum monthly payments and if those payments will pay the balance off in time. Online calculators, such as CareCredit's payment calculator, are a valuable resource to estimate possible monthly payments needed to pay off the balance within a given promotional period. Those payments may be more than the lender's monthly minimum payment requirement.
• Mark your calendar for when the promotional period ends. It is important to track and pay the balance of the purchase before the end of the promotional period to avoid paying the deferred interest that has accrued on the purchase.

In the end, it's important that people have access to health and wellness care for themselves, their family and pets. As healthcare costs continue to rise, it is critical consumers be aware of the various benefit programs and payment options to plan for health and wellness costs. Financial literacy is key!

Unlocking homeownership with down payment assistance and savings plan

Photo: Jill Wellington/Pixabay

StatePoint Media - If you dream of owning a home but aren’t sure whether you have enough money for a down payment, take another look. You might already have enough or be closer than you think.

Down payment and closing cost assistance

Depending on your situation, you may qualify for a grant to help with your housing purchase. Grants can offer down payment and closing cost assistance. Some financing programs also allow qualified homebuyers to put down as little as 3%.

“Aspiring homeowners may want to talk with a mortgage professional to explore their options. They can help aspiring homeowners understand how much they need for a down payment and other upfront costs as well as for ongoing expenses such as insurance, homeowners’ association fees, and unexpected repairs,” says Ewunike N. Brady, head of African American Segment, Wells Fargo Home Lending.

If saving up to buy a home is your goal, how can you put more money away each month to get there sooner? Here are some savings tips to consider:

1. Pay down credit card and loan debt to save money on interest. This may also lower your debt-to-income ratio and increase your credit score, which helps when applying for a mortgage. Start with accounts with the highest interest rates, pay more than the minimum, make payments every two weeks instead of monthly, and consider setting up automatic payments.

2. Track your spending habits and evaluate what you can cut. Many helpful budgeting apps are available. Small changes can add up to big savings. For example, make your own coffee, pack a lunch, carpool, get your hair cut less frequently, or cook and watch movies at home instead of going out.

3. Reconsider subscription services and monthly memberships. How much do you spend per month, and do you use them enough to get your money’s worth? If you have gym membership, can you work out at home or enjoy public recreation areas? How many apps or streaming video or music services do you need?

4. Minimize account fees. Pay attention to when a bank account incurs fees so you can avoid them when possible – for instance, maintain the daily minimum account balance, use your debit card a specified number of times during the month, or stay below a maximum number of withdrawals from a savings account. And of course, avoid overdrafts.

5. Consider using automatic bill pay options through your financial institution or the billing entity, like your utility company. Then you’ll avoid accidental late payments and the fees that come with them.

While saving for a down payment seems daunting, it does not have to be. Understanding the facts about what’s required to buy a home and having a savings plan can put you well on your way to achieving your homeownership goal.

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Living nightmare; moving scams are the worst

Photo: StatePoint

During initial contact with the landlord or a rental company, ask questions about the leasing process. Before signing that new lease, you should read it thoroughly. If something seems off, clarify it beforehand or walkaway from the rental.

StatePoint Media - In difficult economic times, fraudulent housing schemes become more prevalent, impacting homeowners and renters alike. To help you avoid becoming a victim of fraud, Freddie Mac is sharing the following insights and tips about the most common tactics and scams.

Predatory Lending

Previous financial disasters have led to more robust consumer protection laws. Nevertheless, you should remain vigilant about predatory lending. Look for warning signs, such as pressure tactics, incomplete, confusing or contradictory loan terms, and high rates and fees, including penalties for paying your loan off early. Additionally, lenders should not suggest you take out more credit than you need or suggest a monthly loan payment that does not cover the interest due on your loan. It’s important to work with someone you trust. If you’re hesitant to move forward with a lender, consult a HUD-certified housing counselor or lawyer to gain a better understanding of the loan terms.

Foreclosure Rescue Fraud

Fraudsters often target those in distress. During times of financial hardship, be especially aware of foreclosure rescue fraud, where someone falsely promises to be able to save your home from foreclosure. Common elements of this scheme include the fraudster requiring you to sign over the title to your home, asking you to sign unfamiliar documents or share personal information, and charging you rent to stay in your home. They may also offer to pay your delinquent mortgage by purchasing your home with the promise that you can repurchase it when your financial situation improves. If you’re struggling with mortgage payments, don’t deal with unknown entities. Directly contact your loan servicer, a HUD-certified housing counselor or a Housing Finance Agency for legitimate options to help avoid foreclosure.

Fraudulent Leases and Units

Millions of Americans have lost money due to fraudulent rental listings. You can avoid becoming a victim of this scam by always seeing a unit in person or over video conference before renting it, and by never paying a security deposit until you have signed a lease. Be sure to read your lease thoroughly before you sign it, asking questions about any concerning details early in the process. When rental unit hunting, be wary of red flags such as prices that are too good to be true, listings riddled with grammatical errors and property managers asking for personal information before you’ve seen a unit.

Moving Fraud

Typically, moving fraud occurs when scammers who act like legitimate movers provide a low estimate and, once you move, demand a higher price and withhold your belongings until you pay. To avoid this scam, research the company to ensure it is legitimate, insured and has good reviews. You should also know that reputable moving companies never require advance payments or use high-pressure sales tactics.

Report Scams Immediately

If you believe you’ve been a victim of a scam, take the following actions:

• If a criminal has your identification information, call your creditors to cancel your credit cards. Review your transactions to make sure you recognize them. You can also request that creditors receive your written consent before changing your mailing address or sending a replacement credit card. Your creditors may advise additional precautions.

• Contact the credit bureaus to freeze your credit reports so that there’s no activity on your reports unless you approve it.

• Report the scam to one or more of the following entities: the Federal Trade Commission, the Consumer Financial Protection Bureau, HUD’s Office of the Inspector General Hotline, and the U.S. Department of Justice.

To access Freddie Mac’s collection of fraud prevention resources, visit myhome.freddiemac.com.

Whether you’re a prospective homebuyer or seasoned renter, a scam could potentially impact you. Familiarizing yourself with common tactics can help you identify a scam before it’s too late.

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5 solid tips for seniors to avoid financial scams

Social isolation among seniors is not only linked to numerous negative health consequences like depression and cardiovascular disease, but it’s also a primary contributing factor in financial exploitation and scams. Estimated to affect one in 10 older adults and cost billions annually, the threat of elder financial fraud is pervasive, and especially so right now.

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Illinois high school seniors already facing a challenge applying for college financial aid

Michael Wysmierski/Pixabay

by Joe Ulery
Illinois News Connection

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CHICAGO - Illinois high school seniors have new hurdles to overcome to get to college. High school students are waiting several extra weeks to get their hands on a newly designed Free Application for Student Aid. You might know it better as FAFSA.

The delay in the current process puts students behind when applying for financial aid.

Tabitha Jackson, senior seminar instructor for CICS Longwood High School, works with seniors at the charter school in Chicago. She said FAFSA has always been an Achilles heel, but the delay -- combined with the U.S. Supreme Court's decision to repeal affirmative action -- has further exacerbated the process.

"It's so frustrating and it's so hurtful to let a student know, 'Because of who I am, I may not have some additional support or some additional support benefits of being able to go to this school,'" she said. "My question is to my students: 'If affirmative action stops at this level, what's next?'"

Jackson added a lot of students don't want debt, and financial aid helps determine which college they can afford. The 2024-25 FAFSA form is expected to be available by the end of 2023.

The cumbersome conditions coincide with a downward trend for high school seniors who are participating in career and college aid counseling.

Doug Keller, partnership lead with San Francisco-based YouthTruth, said its Class of 2022 Survey underscores troubling findings from respondents.

"We found that there's significant declines among particular student groups and their participating in counseling about how to pay for college -- specifically, among Hispanic or Latinx students, multi-racial and multi-ethnic students and boys," he explained.

Keller said the largest gap is among American Indian, Alaskan and other Indigenous students, with a 14% gap between those who want to go to college and those who expect to attend.

The perfect side gigs to get you through the next pandemic or economic downturn

Some side gigs are better than others. There are five that standout for people who need or want to work from home.

Photo:Bruce Mars/Unsplash

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Night deliveries can be a perfect solution for people who work long shifts at home and need something past bedtime.

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SNS - As much as we would like to think it is, the COVID-19 pandemic is not over, even though most countries and aspects of life are returning back to normal. Facing the facts, the way we work and live has changed forever. In many respects, the pandemic has brought a new level of financial insecurity that might never ever fully go away.

Thousands of people were laid off in the last couple of years thanks to the global pandemic. For many, their earnings have been significantly reduced or put on pause. This increased the need to look for alternatives to full-time jobs and ways to earn money from home.

If you are looking for a side hustle rake in extra cash when you can’t go to the office, here are five pandemic-proof side gigs that will inspire you to jump into multiple income streams and make ends meet during the next pandemic outbreak.

Step up the delivery game

With people staying at and doing more from home than ever, the number deliveries on a daily basis has increased drastically. Nearly everything - food, drinks, medicines, and even building supplies - can be delivered to the customer's front door.

Kindel Media/PEXELS

Use this opportunity to step up the delivery game, and instead of joining big companies such as Uber Eats or Door Dash, go for something out of the ordinary.

Carefully research local delivery trends in your city. Look to see if there is a need for something else. Night deliveries can be a perfect solution for people who work long shifts at home and need something past bedtime. Plus, after hour deliveries are billed at a premium, too, so you can earn quite a bit of cash this way.

Sell and rent things you don’t need

Spending more time at home probably gave you time to clean up your home and eliminate the items you no longer need. You should consider selling some of these items and earn some extra money.

Also, renting excess stuff or space in your home is a great way to earn more without making a big commitment.

For example, people living in big cities often have storage issues in their homes. City dewellers are always looking for more space, and renting out space in your storage unit, shed, garage, or basement might be a low-stress way to bring in extra cash without having to really work at it .

Have an RV? Rent by the day, week or even month to people who love to travel. If you have a truck, you might rent out for a day to someone is moving to a new apartment or home.

Renting is a great side hustle because it is a relatively passive income, makes money from things you don’t use, and is incredibly versatile. You can rent almost anything – just be sure to market it correctly.

Become a content writer

Put those good grades in English grammar and information from all the books you have read for school or pleasure to work. It has never been a better time to be bookworm.

All sorts of websites and companies are looking for good writers to develop and provide content for their online platform. Writers who are creative, good with words, and can produce work on deadline will find no shortage of opportunites. Even working part-time, you can earn hundreds of dollars creating online content.

Photo: Alexander Grey/Unsplash

Concentrate on niches you are familiar with to make it easier to do research for you articles and write pieces quickly. And, who knows, this might become your full-time job!

On top of that, content writing is a career you can easily work from home at your own pace. It is one of the best pandemic-proof side gigs! All you need is a computer and an internet connection.

You will also need a place to work where you can focus. Create a writing nook or home office to help you stay away from noise and other distractions.

Virtual assistant – helps others be organized and efficient

If your old job was not the right place to show your organizational skills, punctuality, and creativity, this one might be the right for you. Working as a virtual assistant is a perfect way to demonstrate superior multi-tasking and problem-solving skills while helping others run their businesses smoothly or deal with significant life events organization.

While you can help a business owner deal with time-consuming, repetitive tasks such as managing calls and emails, you can also help people organize events such as weddings or even relocating to new cities.

Let’s say someone needs to move a big household without taking a break at work – you can step in and assist them with the packing organization, hiring a moving team, and other tasks, and show them they can stay productive during the move even when there is a lot on their plate.

Remote tutoring

Another pandemic-proof side-gig you can do with almost any skill you are good at is online tutoring.

The internet has given us the power of live communication, making it easy to teach someone the same way you would in person, so use this to your advantage and earn some money. You can teach kids, older students, and adults – just pick a skill or subject you are really good at and be ready to share your knowledge.

However, tutoring is not something everyone can do. You will need a lot of patience and excellent communication skills, not to mention the ability to adapt to different styles and paces of learning for your students. If you have a skill that is ready to share with others, this is the right side gig for you.

Indeed, the COVID-19 pandemic has caught the business world off guard, and many people struggled to make ends meet. A lot of Americans still have not recovered to pre-pandemic financial health.

This era brought many financial, physical, and mental health issues that we must deal with for years to come. With these pandemic-proof side gigs you can continue to earn money, explore your creativity, skills, and possibilities and feel better about yourself.

Staying at home during a pandemic can be challenging. Finding a way to keep moving forward and working is essential to your mental health and helps to keep anxiety and depression at bay. Throwing yourself into a new opportunity is a great way to develop an always-adapting mindset that will help you overcome hard times, such as job loss, and use your skill set to take advantage of the situation.

Photo: Brooke Cagle/Unsplash

Tutoring online or in-person to help others succeed is a fun and rewarding way to earn money during a pandemic or whenever you need to make extra cash.

Denied a home loan? Steps you can take to avoid it

Good credit demonstrates responsible money management and gives you more purchasing power

StatePoint Media - You have researched the best areas to live within your budget. Spent countless hours visiting homes or viewing them online and talked to seasoned homeowners to ensure you haven't missed anything. You finally make an offer on your dream home that is accepted, and then the worst happens, the bank won't okay your loan.

If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications -- a total of nearly 650,000 -- were denied in 2020, according to federal government data.

Before quickly reapplying for a loan, it’s important to first understand the reasons your loan was denied. The lender is required to disclose that information to you within 30 days of its decision. You can also call your lender for further explanation. Having this knowledge will help you work toward building your eligibility for a mortgage.

Illustration: Clker-Free-Vector-Images/Pixabay

In some instances, the situation involves a quick fix, such as providing missing or incomplete documentation. However, if the reasons cited for your application denial involve down payment cost, a low credit score, an adverse credit history or a high debt-to-income ratio, here are six steps you can take toward recovery:

1. Consult a Housing Counselor. Consider speaking to a community-based credit counselor or a HUD-certified housing counselor. They can help you create a plan to increase your savings, decrease your debt, improve your credit, access down payment assistance or take advantage of first-time homebuyer programs.

2. Improve Your Credit. In a 2022 Freddie Mac survey of consumers denied a mortgage application in the past four years, three in five cited debt or credit issues as reasons given for their initial denial. If this describes you, take time to improve your credit profile before applying for another loan. Good credit demonstrates responsible money management and gives you more purchasing power, opening doors to better loan terms and products. Visit creditsmart.freddiemac.com to access Freddie Mac’s CreditSmart suite of free financial education resources that can help you understand the fundamentals of credit and prepare you for homeownership.

3. Pay Down Debt. In the application process, lenders will look at your recurring monthly debts, such as car payments, student loans and credit card loans. By lowering or paying down monthly debts, you can build a positive credit history and lower your debt-to-income ratio. Not sure where to start? Tackle your debt with the highest interest rate first.

4. Obtain Gift Funds. If you’re short on money for your down payment, you may be able to use gift funds from a family member to decrease the amount you need to borrow.

5. Find a Co-Signer. A co-signer applies for the loan with you, agreeing to take responsibility for the loan should you default. The co-signer’s credit, income and debts will be evaluated to make sure they can assume payments if necessary. In addition to ensuring your co-signer has good credit, you should make sure they are aware of this responsibility and have sufficient income to cover the payment.

6. Look for a Lower-Cost Home. Remember, you should only borrow an amount you feel comfortable repaying. You may need to look for a lower-cost home than you’re financially prepared to purchase and maintain.

For more information and additional resources, visit myhome.freddiemac.com.

If your home loan application is denied, don’t panic. There are ways to build your eligibility so that next time, your mortgage application is more likely to be approved.

Getting a handle on bank overdraft fees

Photo: Andre Taissin/Unsplash

Overdraft fees can break your piggy bank. To help their customers, some financial institutions have increased their flexibility with regards to how and when overdraft fees are accessed and when funds are unavailable in an account.

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StatePoint Media -- When your bank account balance is low, life can be stressful. For example, when it’s time to pay large expenses that can’t wait, like car loan payments or monthly rent, it’s all too easy to overdraft a bank account. This is especially true if you don't have a ready line-of-credit or a savings account you can dip into in an emergency. The current rate of inflation in the United States doesn't make it any easier either.

In fact, U.S. consumers pay billions of dollars a year in overdraft fees for covering all types of purchases, both large and small.

There is no doubt that overdraft fees serve as a pain point for many consumers, and as the issue of overdraft continues to be discussed and debated, several banks have taken different approaches in response.

Some have taken steps to address overdrafts, mostly by eliminating fees or eliminating the ability to overdraft completely.

Alternatively, PNC Bank now offers a solution that provides customers with greater control in these circumstances. Low Cash Mode, a tool that offers transparency and choices to help customers avoid fees by managing low-cash moments or mistimed payments, is a feature available in the PNC Virtual Wallet account through the PNC Bank Mobile app.

The feature notifies you when your available balance is near or below zero and gives you at least 24 hours (and often more) to bring a negative balance to at least $0 through a deposit or funds transfer before incurring a fee. It also gives you the choice of whether to pay or return certain pending checks and electronic payments when your balance is nearing negative territory.

The Value of Overdraft

The ability to choose to overdraft can help consumers avoid bigger repercussions like credit impacts and loss of access to banking that unpaid bills or late payments can cause. Allowing customers to make their critical payments – albeit for a small fee – sometimes makes a difference that helps allow them to stay in the banking system.

For example, if you opt to pay your rent or car payment – and avoid a penalty or a negative impact to your credit score by simply paying an overdraft fee – then the option to overdraft has provided a value.

“Removing the ability to overdraw an account doesn’t address the fact that many customers need to pay bills, even during temporary cash shortfalls,” says Alex Overstrom, head of Retail Banking at PNC Bank. “The key is that the consumer should be making the decision to incur or avoid fees, not just the bank.”

Control Pays Off

This level of control has demonstrated real results. PNC reports that 64% of customers who have a negative-balance event cure their account in time to avoid incurring a fee.

“Sometimes people just need a little more time to cover important expenses,” says Overstrom. “And in these moments, they should have choices to make things right.”

Wedding on a budget? Save money with a smart plan

Photo: Sergio Souza/Pexels

NewsUSA -- The to-do list for newly engaged couples can be daunting. Finding a venue, booking a caterer, choosing a dress -- there are many details that need to be factored into a wedding budget, regardless of who is paying. Starting a new life together is a perfect opportunity to establish solid financial habits that will serve you well throughout your marriage.

With the pandemic slowly fading into the rearview mirror, most young couples probably won't have the budget or resources to have that storybook ceremony the bride has dreamed of since she was a child. An intimate setting with 40-50 guests may be a better option. Today's wedding budget should be something the bride and groom pay for comfortably. After all, there's no need to go into debt to impress a gathering of family and friends.

Setting your priorities as a couple early on will set the tone for financial decisions in the future.

A CERTIFIED FINANCIAL PLANNER™ professional can help couples develop a smart plan to manage engagement and wedding expenses. Setting priorities early on can help avoid conflicts as the big day approaches. Start by considering these four elements of planning for wedding expenses:

• Make a list. Write down everything you both need or want for your dream wedding. That includes items large and small, from the number of guests to the types of flowers or favors.
• Rank the list. Now that you have your list, put things in order of priority. Assign a number to each item in order of importance, such as a live band, sit-down dinner or elaborate cake. Or start by sorting needs and wants into categories, using 1 as most important, 2 as moderately important and 3 as least important. You will need to agree on the most important items, whatever those may be.
• Budget the list. Assign an estimated price to each category or item, according to how much you are able and willing to spend. Consider cutting back on flowers in order to fund a sit-down dinner, for instance, or opt for a buffet-style dinner so you can invite more guests.
• Listen to the lists. This is the time to be a good listener. Hear what your partner has to say about needs and wants; what is important to one of you may not be as important to the other. Financial compromise is a skill that will serve you throughout married life.

Data from loan services show that approximately 45% of couples racked up debt to pay for their wedding, and that ultimately the debt resulted in consideration of divorce. Nip that risk in the bud by avoiding debt when you assess your wedding expenses. A CFP® professional can help you think outside the box and guide you in making smart financial choices during the wedding planning process.

Visit LetsMakeAPlan.org for more information about managing wedding expenses and planning your financial future.

Financial planning strategies for LGBTQ+ couples that make sense

Photo: NewsUSA

(NewsUSA) -- Every family has a unique financial situation with its own set of challenges. However, financial planning can be a bit more complex for LGBTQ+ couples. Depending on the state in which they live, LGBTQ+ couples may find it hard to secure access to health care, higher earning opportunities and retirement savings.

CERTIFIED FINANCIAL PLANNERTM professionals can help LGBTQ+ couples navigate these challenges and develop financial planning strategies tailored to their specific needs and the laws of their state.

Here are 4 examples of strategies that a CFP® professional can help you consider:

1. Estate planning: Estate planning is important for LGBTQ+ couples, particularly when considerable assets are involved such as multiple retirement accounts or real estate. In addition to a will and beneficiary designations, your estate plan should also explain how your medical wishes should be honored. Your plan should include health care proxies and medical powers of attorney.

2. Retirement planning: A CFP® professional will work with you to choose the best savings and investment options to meet your retirement goals. They can help align your investment options with your values, combine or consolidate retirement accounts, and make annual contributions. A CFP® professional can also help you review your beneficiary designations to ensure your loved ones are protected. This includes understanding the tax implications of naming a spouse and unmarried partner as a beneficiary.

3. Insurance planning: A CFP® professional can help you evaluate your needs for foundational insurance -- that is, health, life, long-term care and disability insurance. It is important to know your rights, resources and insurance-policy details before incorporating insurance into your financial plan. For example, many insurance carriers recognize domestic partner status and will offer a preferred rate if you live with your life partner, even if you are not legally married.

4. Family planning: Deciding whether to get married and whether to start a family involves many important financial considerations for LGBTQ+ couples. Marriage may offer several long-term financial benefits, including health care coverage and federal protection of certain assets. Alternatively, a domestic partnership agreement can provide financial protections for unmarried LGBTQ+ couples. And starting a family may mean saving for fertility treatments, or a domestic or international adoption program.

These strategies, along with other financial best practices, can help put LGBTQ+ couples on a path to financial success.

You can find a CFP® professional by visiting LetsMakeAPlan.org and using the Find A CFP® Professional tool. You can also filter your search to find a planner with experience working with LGBTQ+ individuals and couples.

Commentary: The road to success is filled with disappointments and constant rejection

by Glenn Mollette, Guest Commentator

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Steady cash flow comes from steady work. If you want money you have to do something that produces money.

Much of what we want to do in life does not always produce cash. We may experience fun, enjoyment, fulfillment and entertainment but it may not render dollars. Often, much of what we enjoy in life typically costs us money and usually a lot of money.

You may love to play golf and even aspire to make a professional tour. You could spend most of your life and tens of thousands of dollars on green fees, memberships, lessons, travel and more and still never make a dime from playing golf.

You may love movies, theatre and plays and spend years in drama schools and Hollywood and never get a job that pays any money. This story is true for those who dream of making it big in music. I’ve talked to numbers of singers in Nashville, Tennessee who have spent years singing for tips and often for free. They pursued their dream relentlessly and some ended up homeless because while they pursued their dream, dollars were not coming in to support them.

Writers have spent their lives trying to write one great book that someone would notice. Painters often paint their entire lives without much fanfare or few sales. Would be entertainers and artsy folks from all walks of life know that the road to success is filled with disappointments, constant rejection, little to no support and poverty.

I was a weird guy in high school as I aspired to be a full-time minister. Sixteen years old was an odd time in life to start shunning my electric guitar, lose my passion for basketball and aspire to be a minister. It also didn’t do a lot for my dating life either.

My dad thought I was crazy but never said a whole lot. Once he did say, "Why don’t you get a good job and preach on the side?" I thought that was a crazy idea because I knew of too many ministers who had full time careers and seemed to do okay. Thus, I went to school until I was 29 years old to be a full-time minister. The post college degrees that I attended full-time for seven years were enough time for medical school, Law school or whatever but I pursued my calling and followed my heart.

I don’t regret pursuing my dream. I had about 35 years of being an average wage earner as a minister and sometimes did better than average. However, my dad had respectable advice as parent’s usually do. Today I give the same advice. Follow your dream but you need a sawmill on the side for stable cash flow. Church has changed. Many churches are small and can’t afford a full-time minister. Sadly, often ministers and congregations can’t survive in harmony for more than a couple of years so this makes for a very unstable life.

When I say, "you need a sawmill on the side," I mean you need something in your life you can count on. You need a plumber’s license, a teaching certificate, carpentry skills or a business of some kind that renders dollars. Why? You can’t always depend on what you love doing to produce income. It may be what you love to do and you may be terrific at what you do but often you can’t count on it financially.

Find a work that people must have or want very badly. If you are in a work that someone must have then there will be financial rewards. If they want very badly want you have to offer there will be financial rewards. If they want and need it both you are golden.

It may not be your passion but you will generally make enough money from your "sawmill" so you can sing, dance, paint, entertain, write, act or even preach on the side. When you do what you love to do without the constant pressure of needing money then you are free to do it enjoyably without the stress of wondering from where your next meal will come.

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Dr. Glenn Mollette is a syndicated American columnist and author of American Issues, Every American Has An Opinion and ten other books. He is read in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization.

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This article is the sole opinions of the author and does not necessarily reflect the views of The Sentinel. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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5 strategies to consider for singles heading into retirement

Photo:Tima Miroshnichenko/Pexels

(StatePoint Media) -- Planning on retiring single? You aren’t alone.

Nearly 22 million Americans age 65 and older were unmarried in 2019, according to the U.S. Census Bureau, representing 41.5% of those in that age category. And for women, it’s more likely to be the case. According to the Administration on Aging, 54% of older women are unmarried, as compared to 30% of older men.

In a study published in the "The Gerontologist", one-third of men and women between the ages of 45 and 63 who responded to the survey were single, most were never married or they were and now divorced. A small number were widowed.

Unmarried Baby Boomers face greater economic, health, and social challenges compared to their married peers in their later years.

"Retirement planning can be especially challenging for singles, who need to prepare without the decision-making and income support of a partner," says Scott Pedvis, financial advisor, Wells Fargo Advisors.

For those setting a course for solo retirement, Wells Fargo Advisors offers these five tips:

1. Create a fallback plan. Retirees commonly discover a gap between what they thought they’d need for retirement and what’s actually needed. And if you’re single, you may not have a second income stream to rely on should finances become unexpectedly disrupted. Periodically review your investment portfolio and build backup plans. Such contingency planning could involve more emergency savings and more robust disability and long-term care insurance protection than couples. You could also choose to take a part-time job for extra income.

2. Build a network of advisors. With autonomy sometimes comes a reluctance to seek advice. Consider forming a team of trusted professionals, including a financial advisor, accountant, attorney and healthcare providers.

3. Count on loved ones—to a point. Friends and family can be a lifeline in good times and times of need. However, ensuring they don’t take advantage of your independent status or create serious financial burdens for you is essential. For example, you should take extreme care before turning over financial matters to others. Stay actively involved and work with a trusted team to help make decisions in your best interests. Evaluate the possibility of engaging a corporate trustee to manage finances, should you become incapacitated.

4. Prepare key documents. According to Caring.com, more than half of American adults don’t have estate planning documents such as a will or trust. Don’t wait. Even if you’ve put some documents together, they may not ensure your wishes are carried out. Here are the key documents forming the foundation for most estate plans:

• Will
• Power of attorney (POA) for financial matters
• Durable power of attorney for health care
• Health Insurance Portability and Accountability Act (HIPAA) release authorization
• Living will
• Revocable living trust

To prevent confusion and misdirected bequests, carefully designate beneficiaries of IRAs, employer-sponsored retirement plans, insurance policies and annuities. Lay out clear directions for the distribution of remaining assets. Also, don’t forget about digital assets and accounts. Will your executor or trustee have proper authority to access and manage those items? Talk to your attorney about keeping digital planning secure and up-to-date.

5. Plan for change. Entering into a committed relationship could mean making adjustments. Look at your insurance coverage, emergency fund and future income plan.

Think about having a frank discussion with your new partner about how you’ll divide assets in the event of divorce or death. If ex-spouses or children are in the picture, consider managing finances and estate plans separately. With the assistance of your financial advisor and estate-planning attorney, you can establish a basic estate plan, and, as appropriate, discuss other strategies for preserving wealth.

"Planning for retirement is part of the financial journey. Key planning strategies can help you feel confident as you approach your golden years solo," says Pedvis.

For more information and guidance in planning your retirement, visit wellsfargoadvisors.com.