Tag Archives: coronavirus

Your best financial behaviors

I have covered a variety of financial topics in many posts, but it has come to my attention that there is one topic that is the foundation of financial education. Everyone has a philosophy of life, habits, proclivities, and leanings towards various ways that they live life. This applies to money and our spending habits as well as our beliefs about money. This concept is known as behavioral economics, and this is prevalent in our day-to-day life in ways that you may not realize.

Behavioral economics studies the effects of psychological, cognitive, emotional, cultural, and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory. This studies how people react when markets and other economic changes drive decision-making made amongst consumers. Common examples of this would be the supply and demand of PlayStation 5 consoles. There is consistent demand for the consoles and the supply is never stable enough courtesy of scalpers and others who have bought them. This would drive the consumer to either wait for the demand to drop and supply to increase (such as yours truly) or pay a higher premium for one from another source such as eBay. Another example would be the toilet paper shortage during the beginning of the coronavirus pandemic among other supply shortages courtesy of panic buying considering world events and fears of lacking supplies for survival. These purchases were made based on scarcity, excitement, and fear. Scarcity makes a consumer value something more because it’s in limited supply and some might be willing to pay more for it or if one is willing to wait, they can delay that gratification until a later date.

Our beliefs about money can be formed by the market as well as by those around us. Growing up, we’ve all seen how our parents have handled money and their financial choices for better or worse. These experiences can shape our own viewpoints and we can also study more on our own to learn more about finance. From a coupon clipper, a shopaholic, a minimalistic saver, or a person who likes to enjoy the finer things in life. This can be found in our spending as well as investing style from a more conservative investor buying growth/value stocks to a more aggressive investor looking for growth in more speculative stocks. Some may be more risk and loss averse while others may not be and that can shape decision-making in terms of investing and spending. Some may be more prone to impulse and spend their funds for whatever might be seen. Some may subscribe to the prospect of hustle culture and building streams of income. Some may be more content to have the essentials and nothing more and that is fine for them. Others might think that wealth corrupts and might be more financially inclined to not aspire for wealth to excess. Our social circles also can help determine our financial potential. From friends who always go on lavish nights on the town to those who are content to have a game night a home. The choices of those around us can be another influencing factor.

No matter the school of thought regarding money, it is imperative that we continue to educate ourselves about how money works and how to leverage it as needed. Without proper financial education, there is stagnation and no growth. Without that growth, we cannot reach our full financial potential in whatever walk of life we may be in. I encourage you, dear reader, to evaluate your feelings when making your next purchase. Is it vital to survival? Can the purchase be delayed if needed? Can you afford to go out on the town with friends? Are you hitting your savings and investing goals? I urge you to examine your spending habits and evaluate your goals and see how you can reach what you are seeking to accomplish financially. Until the next time dear reader. Excelsior!

The mental game

The pandemic has caused more stress levels about work, health, money, relationships, and other parts of life. The economy and world events and constant inflow of information on social media are causing a never-ending flood of stimulation. All of these factors and other underlying situations we find ourselves in will cause us to feel drained mentally, physically, spiritually, emotionally and this can cause us to be off-center in whatever it is we do in life. Unlike a cold or flu, one cannot always detect when we’re in need of a mental break, and keeping a strong mind is paramount in today’s times.

In the world of customer service and sales, there is constant switching of gears and situations that our minds must figure out in order to get through the day. I personally have my own ways to help me stay on top of my mental game for what I do for a living.  There are numerous ways to keep your mind functioning in tip-top shape but I will highlight some of my favorite methods in hope that you can see how they work for you or find some of your own.

Method 1: Physical exercise

I am a firm believer in having a healthy body. Gym or no gym I have a workout plan I utilized that yielded me good results. It is scientifically proven that exercise has numerous benefits such as benefits to bone health, energy levels and gets the blood flowing to wake you up more before you head to the shop, office, or wherever you work. Utilize various workouts from cardio, plyometrics, yoga, powerlifting, etc. no matter what keep moving and work that heart rate up. Your body will thank you for it.

Method 2: Remembering your why and positive self-talk

Goals are achieved by remembering what got you there and sticking to them. Maybe your goal is to close a million dollars in sales deals, win a sports competition, build a business. Whatever that goal is, remember to keep in mind WHY you are doing it. Is it to make a better life for yourself and your family? Is it to put your name in a record book for athletics? Is it to be the top salesman for your company to eventually become a sales manager? Keep your why in front of you and you will be able to keep onto your motivation to keep pressing forward. In conjunction with this, positive self-talk will help encourage you to keep up the great work. I recall a time in my childhood when my father would have me stand in the mirror and proclaim that “I am somebody, I am successful, I am capable” I would do this daily (and I still do to this day) and it would reinforce that no matter what I have what it takes to be successful in whatever I put my hand towards. These help with shaping confidence and instilling it deep within you. Even when you make a mistake treat it as a learning opportunity to improve, failure is fuel for eventual success.

Method 3: dealing with opposition (aka haters and doubters) are secret fans and blocking out excess noise

Focus is important in keeping your mental game in optimum efficiency. In life, you will have opposition and people who may prove to be naysayers and detractors. In life, there will be a constant conversation one any and everything and sometimes you might be the topic of conversation. It is important to block out the distractions that will take you off your path to achieving your goal (destructive habits/behaviors, associating with the wrong crowd, etc.) and forge ahead. There will be those that talk about you in the pursuit of your goals, give them something to talk about once you accomplish the goal you set out to accomplish. I am a believer that hecklers and naysayers are secretly a fan deep down somewhere inside and if you have some feel free to rejoice. To quote Winston Churchill “You’ve made enemies? Good. That means you’ve stood up for something sometime in your life.”

Method 4: knowing when to take a break and when to ask for help

It is important to be able to take a break as I have highlighted once before. I have learned that you cannot be switched to “on” 24/7 because our minds are like our bodies, there is a need for rest. Without taking a break (via a few minutes away from the work, taking that lunch break, going on vacation, or taking a day off) there is a risk of burnout. When burnout happens, it can hit like a truck and derail your ambitions to accomplish your goals. I believe in taking at least one personal day per month if I already don’t have a vacation planned out to give myself time to take care of myself and other matters of business if needed. Take time out to get a massage, cook a home-cooked meal, spend time with your loved ones or just read or spend time outdoors. It is also important to know if you get overwhelmed it is fine to ask for help. In our culture, we tend to neglect our vacation and sick time to take care of ourselves and we are prone not to ask for help and just try to take it all on alone. No man is an island, no one individual can make a car or even a pencil. It is fine to ask for help at work, with loved ones, or if needed professional help via a therapist.  It is ok to recognize that you need a break and need a second to breathe o need a little help. To continue to perform at high levels athletes need trainers to keep them sharp and recovery methods to keep their bodies in top form, the same applies for us as individuals.

I have shared some of the different ways that you can stay on top of your mental game and keep yourself in top form when getting to where you want to be in life. There is no one way to achieve having a better warranty on your mental health and these methods (and others) may vary in terms of your results. I encourage you to find ways that work for you if one doesn’t work for you. I hope that you can take what I have brought forth and use it to better your own mental state to stay sharp. Until next time dear readers, excelsior.

Opinion: Respecting our fellow human

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This month I will be taking a break from the usual personal and professional development material to discuss a prevalent topic during these peculiar times. It has occurred to me based on what has been in the news, the radio, and the internet that there are a lot of things going on that have been rather stressful, aggravating, and just downright infuriating. From the #speakingout movement to the #blacklivesmatter movement that has been going on for some time, and even wearing a mask during the ongoing pandemic. One key factor that these events revolve around is the fact that there is a lack of respect in the world for our fellow man, woman, and children

There are people who disregard others lack of interest in their romantic advances to the point of where it causes others to resort to vile behavior and causing virtually irreparable harm to another physically, mentally or spiritually. There are those that work in law enforcement who disrespect minorities and treat them with unnecessary severity. There are those that say things that are uncouth about their political rivals and those who simply lack empathy for their fellow human. I Have discussed this topic in a presentation earlier this week and it rings clear. It is time that we as a people exercise more respect and empathy and learn a willingness to help those around us.

We need to recognize that if all status and recognition and money in the world were taken away at the end of the day, we all bleed the same blood. We are at a time where it is important to come together and work together. Let us learn to respect one another as well as ourselves in order to make life, especially in these times, a little more bearable. That is my two cents on the matter. let’s all do better and do our best for the future. Excelsior!

Beneficiaries: Assigning your money to infinity from beyond

What Is a Beneficiary and How Do I Choose One? | DaveRamsey.com

In my few years in my banking career I have seen many things but one thing that breaks my heart it is seeing someone without a beneficiary for their funds. This simple step can lead you to avoiding months if not years of hassle with the courts (or even court costs if necessary). It is relatively simple process that I preach on constantly whenever I see it, so get ready for me to get back on my soap box once again.

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During this trying time, bank accounts, insurance accounts, brokerage accounts, retirement accounts, you name it. The sheer number of financial institutions that count us as customers may seem staggering and in the rush to open an account, we may have forgotten to add a beneficiary, or even simply postponed that last little detail until it was more convenient (or maybe someone hasn’t thought of one yet). Simply taking the time to ask about it, either you or the agent, will help move the conversation in the right direction for several reasons.

The first reason is that you want to make sure you want the people of your choosing to inherit your money. The person you can list can be a spouse, a child, a relative you trust, or even your trust (we’ll come back to that later don’t you worry). By naming your beneficiaries, you ensure that your money goes where you intend for it to go. That could be to a relative who really needs the financial assistance, a charity that’s close to your heart or whomever you want the money directed to. Without clear directions as to your wishes, executors or the state will follow only what the law says in distributing your assets and that’s not fun. You can name as many beneficiaries as necessary to split the proceeds as well if you would like as well. But do keep in mind if a beneficiary passes or any circumstance arise to compromise the beneficiary that these can be changed in most cases. This way everyone can speed up the probate process (because probate court is not a fun time for your family or the financial institutions reporting process) in addition there’s less going to a court appointed estate to be taken care of.

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The second reason is being able to update it on an annual basis. If you’re married, you can almost always change the beneficiary of your accounts without your spouse’s permission. In fact, this is one of the first recommendations I make in a divorce process. The worst that can happen is being forced to put the beneficiary designation back to the previous spouse if ordered by the court or other arrangements. You can change a beneficiary so make sure to periodically check to see if you have a beneficiary listed or if you need to change or add one (my recommendation is once a year or every six months if needed.) This will help for several reasons: 1) it keeps your information up to date 2) you can also use this way to limit family fighting over your assets once you’re gone. 3) Beneficiaries trump wills as well, so make sure you plan accordingly. (contact your estate planer regarding this to make sure things are done appropriately.

 Naming a beneficiary is an easy thing to skip over when opening an account, but this small step can save a huge headache – and potentially a lot of money – later. So take an inventory of your financial accounts today, and ensure that your wishes are up to date. Then resolve to keep the accounts updated annually so that you continue to avoid problems for yourself and your heirs. During this time, I urge you now, more than ever. Please get your beneficiaries in order if you haven’t considered it before because we are all human and a simple two-minute process can help save your loved ones from a longer time trying to take care of your estate. Until the next time friends. Stay safe and healthy, Excelsior!

Taking a chill pill

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We live in a rather stressful and uncertain time. There are a lot of things happening during this trying time in everyone’s life now. Here in the good old U S of A we are used to the hustle and bustle of daily life but now everything is on a pause. Now is an opportune time to talk about something that is never really taken seriously, rest, and taking a moment to slow down.

Right now many things have been put on pause: visits to your favorite pub, café or restaurant, going to get your reps at the gym (see my previous post on no gym fitness), and even seeing loved ones. There is some good to be found during this time of uncertainty. People are getting creative in terms of cooking abilities, video parties with friends, and even finding ways to still stay in shape. It’s also important to use this time to spend it with our loved ones (even if you have to facetime or conference call them) and also take a moment to rest and take a moment to just recalibrate for when things go back to normal.

Our society has been defined by consistently being on the move. We’re running to meetings, conference calls, fundraisers, recitals, work, you name it. We never take the time anymore to stop and enjoy the smell of the flowers or the warmth of the sun. We see it and know it’s there but do not actually bask in it to truly appreciate it. Our constant hustle and shuffle keeps us from our things that matter most to us (you know what those are), enjoying small moments in life that we take for granted (like breathing clean air, the taste of the morning coffee you chug down without taking a moment to enjoy the smell and taste of it, or the feeling of the wind in your hair…or scalp. We’re always busy or busy bragging to the point where the word busy has become trite and bland.

During this time connect with your loved ones. Call up your grade school pals, learn how to perfect your homemade bread recipe, enjoy the taste of your favorite dessert and the sensation of the wind in your face if you go sailing/biking (since we can do that now in Michigan). Enjoy the moment to turn this lemon into lemonade. Take the time out to take the time and enjoy it as best you can.

During this time of uncertainty, take a moment to take a breath and make this rough period of time to recalibrate and enjoy the finer details of life and use the extra time to get creative and even learn new things. Let’s come out of this quarantine and period of uncertainty smarter, stronger, have more expanded skills, and become more cognizant of the need to take a moment to breathe.  Until the next time my friends, stay safe and healthy and Excelsior.

No gym? No problem!

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Due to recent circumstances, lots of things are closed. These things include bars, restaurants, salons, and fitness centers. Since the fitness centers are closed, now is a great time to get creative with physical fitness. I will share with you a sample of some great bodyweight workouts that will help keep you in motion and will pose a challenge for you. This will be more of a circuit dedicated to building strength and endurance. For these exercises, I recommend a warm-up and some pre-workout stretching before the actual task begins. after you’ve finished please make sure you do a cooldown of either cardio and/or stretching. I also recommend a 1 and 1 circuit. Do as many reps as possible in that one minute and rest for one minute. To start 3 rounds will suffice. As your conditioning improves feel free to add an additional round as you progress.

First, let’s start with a warm-up to get the blood flowing. Here are some warm-up ideas:

1 minute of jumping jacks (as many as you can) or

1 minute of high knees or

1 minute of butt kicks

After you get some blood flowing, it’s time to get some stretching in. ( I use a number of different stretches in my regimen. I recommend holding the stretches for about 10 seconds or more depending on how mobile you are. ) Click here for some nice ways to get yourself limbered up.

Now let’s get to work. 1 minute of work, 1 minute of rest 3 rounds and then you are done. feel free to try some variants of these exercises once you get used to the current routine to make it more intense. Then feel free to add a round or even cut your rest time if you wish to present more of a challenge.

Three rounds, 1 and 1, as many reps as you can (variants are in parenthesis for your convenience :

Simple circuit

Squats (traditional, squat thrust, single-leg squat)

Push up (traditional, elevated, decline)

Sit-ups/bicycle crunches/v up (pick your poison)

Dips (feel free to use a counter, a chair, porch steps etc.)

Lunges (traditional, reverse, springing lunges)

Pull-ups (narrow, wide, backward using a tree limb, playground set, I beam in the basement, maybe the threshold of a doorway if it can support you)

What’s that? You want even more of a challenge? I have a challenge for you. This one is intense, so I recommend keeping a lot of water nearby. You will sweat a lot:

The Assassins Circuit (Crafted by your truly)

Warm-up: high knees for 2 minutes

Burpees

Clockwork pushups

Dragon flags

Walk up bridge

Alternating grip pull-ups (switch grips between sets)

Jumping jacks

Spiderwalks

Cooldown kickboxing drills

This is merely a sample of some great exercises to help keep you in shape during these trying times. Until the next time, stay healthy my friends. Excelsior!