5 Reasons You Need To Hire A Financial Consultant

If you’re a busy individual and have no time for the day-to-day management of your money, you may need to consult a financial consultant. Beyond being busy, however, there are major turning points in your life where working with a financial consultant is absolutely necessary. For instance, if you’re approaching retirement, you’ll have to figure …

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The Baby Steps Explained, And Why They Work!

These are the steps that introduced me and my husband to what financial independence is and for that I am eternally grateful. But a lot of important considerations get looked over if you just find a list of the steps…

The post The Baby Steps Explained, And Why They Work! appeared first on Modern Frugality.

5 Frugal Ways to Celebrate Your Debt Successes

One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road. … Continue reading →

The post 5 Frugal Ways to Celebrate Your Debt Successes appeared first on SmartAsset Blog.

How to Cope with Change at Work Without Stressing Out

While each person’s experience in 2020 has been unique, I bet many of you lived through some version of the following:

One day you were in an office, shaking hands, having in-person meetings, and serving a known set of customer needs. And the next day, your home was your office, Zoom was your conference room, handshakes were lethal, and customer needs were being completely reinvented.

Feel familiar?

Change has become our everything. Get ready to be stretched.

Prior to 2020, you could still get by as a great performer at work even if you were a little resistant to change. But now? Not so much. Change has become our everything. And if it’s not something you naturally lean into, then the time has come to fix it. Stat. 

So if you’re someone whose default has been 'I don’t want to learn this new system, process, or way of engaging with customers…', then get ready to be stretched. If you want your career to continue to soar, you’re going to need to be able to roll with change.

Resisting change is natural

If you find it hard to get comfortable with change, you're not alone.

When my kids were babies, getting them to try new foods was an experience. After they spit spoon after spoon of strained peas or carrots back into my face, I talked to my pediatrician. I learned it would take seven to eight experiences with a new food before my baby would begin to like it, or at least stop spitting it at me.

In our work lives, we’re not always offered a grace period of seven to eight exposures to a new idea.

This is due to the mere-exposure effect. While we may like or appreciate some things out of the gate (hello, chocolate fudge sundaes), our natural inclination is often to resist anything that feels different. But more exposure equals more comfort. We're wired to prefer the familiar and comfortable.

But in our work lives, we’re not always offered a grace period of seven to eight exposures to a new idea before we have to adopt it.

So let’s talk about actions you can take to open your mind and expand your comfort zone with change.

1. Scope the change

Sometimes “a change is coming” can sound like “the sky is falling.” But usually, the blue abyss above stays put. So let’s start by putting change into perspective.

Before you panic, check the sky. Is it still there? Phew! You’re OK.

Your boss just told you that you’ll be reporting to a new team. Or you’re switching to a new people-management system, or you’ll be managing a new product or account. Before you panic, check the sky. Is it still there? Phew! You’re OK.

Start by asking yourself what's really changing and what’s staying the same. You may have a new boss or new relationships to manage, but your day-to-day responsibilities aren’t shifting.

You may have a new system to learn, but the data it’s tracking, the reporting it offers—how different will they really be? Your skills will carry over.

So start by putting some boundaries around the change. This should help you take a deep breath. Now, let’s charge ahead!

2. Find your bright spots

When my kids—the spitters of pureed peas and carrots—began remote schooling this year, the change was all kinds of unwelcome. They missed friends. Their new homeroom teacher (yours truly) was highly unqualified. Everything felt messed up.

But I asked them to spend a few minutes finding and focusing on the bright spots. Because every change has bits of sparkle.

Focusing on bright spots helps open your mind, readying it for the change ahead.

They came up with extra sleep (don’t we all need it?!), jammies all day, and breakfast and lunch in bed. (Yes, we've let go of the reins a bit here at my house.)

Maybe for you, it’s the opportunity to add fluency in a new system to your resume, or to build your reputation with a new leader, team, or customer base. What’s something you can get excited about?

Big or small, focusing on bright spots helps open your mind, readying it for the change ahead.

3. Acknowledge the pains and challenges of change

Do focus on the upside. But not at the expense of acknowledging and preparing for the challenges. Don’t put your head in the sand.

If this triggers mild concern or anxiety, don’t push that down. Give it space. Address it.

We resist change for a reason. There will be growing pains. Transitioning to a new system does provide you with new opportunities. But there will also be a learning curve. It will take time, focus, and effort. You’ll be pushed out of your comfort zone. If this triggers mild concern or anxiety, don’t push that down. Give it space. Address it.

Part of gaining comfort with change is giving yourself a chance to master it. The only way to master change is to resolve and repair pain points. We can’t resolve what we can’t see, so give yourself the space to list out every single thing, big or small, that scares or challenges you.

RELATED: Why Negative Emotions Aren't All Bad

What might live on your list?

  • Finding time to learn a new system
  • Having to build new relationships virtually
  • Feeling like a novice after years of feeling like an expert

4. Identify actions within your locus of control

Part of what makes change feel scary is the sense of losing control.

According to the Harvard Business Review:

Many employees have had to abruptly accept fundamental changes to their work routines. And these changes have been stressful… because stripped people of their autonomy… is detrimental for employee performance and well-being.

In other words, it’s normal to crave a sense of autonomy, of control. So here is where you focus on what you can control, and you make it happen.

Look at your sources of anxiety or discomfort. Identify tangible actions you can take to close the gap or minimize the pain of change.

When I left the world of full-time employment to start my own business, I was terrified of managing that change, even though I’d been the one to initiate it. But as a taker of my own medicine, I followed this very process. And when I arrived at this step, I identified a series of actions in my control.

Here’s a sampling of what I came up with

  • Invite every small business owner I know to coffee and pick their brain
  • Read one book per month on a relevant topic—consulting, marketing, pricing, etc.
  • Hire a coach to help me learn to build
  • Hire a lawyer to ensure I don’t step off a cliff

You get the idea. I was stepping into the unknown. But by identifying a series of actions designed to get me incrementally closer to known, I was re-establishing a sense of autonomy and control.

Maybe you have to learn a new system and you’re afraid it will be complicated. What steps can you take to close the gap? What can you control?

5. Commit positive change experiences to memory

I reflect on the days of smushed peas and carrots. Mostly, it was gross. But once in a blue moon, a baby would accidentally swallow a mouthful. And I was nothing but jazz hands. 

Turns out, my jazz-hands-enthusiasm was accidental genius because now, baby associated mush with entertaining Mommy gymnastics. For her it became fun. And over time she downed more mush.

And really, that’s kind of your goal. 

When you have your first positive experience with that new system, even if it was an accident, make a note of it. When your first client lights up at the description of that new product feature, capture that.

These winning moments add up over time. And suddenly one day you realize: Hey, these smashed peas and carrots are kinda delish! Who knew?

10 Financial Steps to Take Before Having Kids

According to the U.S. Department of Agriculture (USDA), raising a child to the age of 18 sets families back an average of $233,610, and that’s for each child. This figure doesn’t even include the cost of college, which is growing faster than inflation.  CollegeBoard data found that for the 2019-2020 school year, the average in-state,

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20+ Business Ideas For College Students

If you’re interested in starting a business while in college, here are some ideas that you might want to consider.

The post 20+ Business Ideas For College Students appeared first on Bible Money Matters and was written by Marc. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

How to Decide If Pet Insurance Is Worth the Cost

Woman deciding if pet insurance is worth the cost

Last fall, our greyhound Tivo refused his breakfast on a Friday morning. He didn’t eat or drink water all day, and we were worried. That night, we took him to the 24-hour emergency veterinarian and Tivo was diagnosed with a bacterial stomach bug and dehydration. We went home with antibiotics, a saline IV, and a $200 vet bill.

Thankfully, we could afford this bill for unexpected emergency care for Tivo. But if he were diagnosed with a chronic condition or needed a very costly intervention, we might find ourselves facing some heartbreaking financial decisions.

Pet insurance is often touted as a solution to these worries. With pet insurance covering some costs of veterinary care, you’re never forced to choose between your beloved pet and your finances. However, does this kind of coverage make sense for most pet-owners?

Here’s what you need to know about pet insurance so you can keep your fur babies bright-eyed and bushy-tailed for years to come.

Premium costs

As with human health insurance, pet insurance charges you a monthly premium for your pet’s coverage. According to Value Penguin, the average monthly cost for canine pet insurance is $47.20, and the average for feline insurance is $29.54 for accident and illness coverage.

Of course, this doesn’t tell the whole story of what to expect from premium costs. Many pet insurers increase premiums with the age of your pet. Which means the $47 per month you pay to keep your 4-year-old pup healthy could rise with his/her age, making the premiums harder to keep up with just as they’re more likely to need age-related medical intervention. In addition, different breeds can have different premium prices, since there are some hereditary conditions that various breeds may be more prone to.

However, even with these potential issues, there are some methods to keep premiums manageable. For instance, some tried and true insurance reduction strategies work just as well for your pet’s health insurance as they do for your own. These include increasing your deductible, reducing the percentage that the insurance reimburses, or limiting the annual payout rather than choosing unlimited coverage.

These strategies can keep your premiums affordable while still helping with big veterinary bills. But you need to be prepared to pay anything above and beyond the coverage limits you set up. (See also: 8 Ways to Lower Your Vet Bills) 

Coverage

It’s also important to note that pet insurance does not necessarily cover every kind of health cost for your pets. To start, unlike (some) human health insurance, most pet insurance will not cover preventive care and annual exams. So you will need to plan for these costs on top of your premiums.

Pet insurance policies generally come in two varieties: accident and illness policies, and accident-only policies. In general, accident-only policies do not raise their premiums as your pet ages, making this kind of insurance more affordable long-term. However, accident-only policies tend to be cheaper because your pet is less likely to get injured than fall ill. If you decide to invest in pet insurance, getting both accident and illness protection will likely offer you more protection.

That said, each insurer gets to decide which illnesses, conditions, and services it covers, and not all ailments are covered. Many insurers also do not cover the diagnostic exam for a particular illness, even if the treatments are covered. Make sure you pay attention to the details of what your potential insurer will cover before signing up for coverage.

As with many types of human health insurance, most pet insurance policies exclude preexisting conditions. Unfortunately, some insurers consider health problems to be "preexisting" if they crop up within a year of the purchase of your policy. Insuring your pet when they’re young is the best way to avert the preexisting condition coverage gap.

Finally, pet insurance coverage is usually handled via reimbursement. That means you’ll be on the hook to pay the vet bill at the time of service, and you’ll submit your receipts to your insurer to receive reimbursement. (See also: 7 Things You Need to Know About Pet Insurance)

Should you buy pet insurance?

With all the caveats, coverage gaps, and reimbursement requirements, pet insurance is not necessarily a slam dunk for everyone. In fact, many consumer advocates recommend that pet owners put aside an amount equal to the annual premium into a savings account each year. This will give you the same peace of mind that you can cover any potential health care needs for your pet while also allowing you to keep the money if you never need to use it.

However, if you struggle with financial discipline, this strategy will leave you in a difficult situation if your furry friend needs an expensive procedure. Pet insurance can provide you with the protection your pet needs even if you struggle with money. 

Show your love with an emergency fund

Whether or not you decide to purchase pet insurance, remember that you’ll have to pay upfront for any veterinary procedures. With insurance, you will get reimbursed for covered care, but you will still need to have access to funds to pay for Mittens’ kidney stone removal or Rex’s arthritis care at the time of care.

This means that one of the best ways you can protect your furry friends and avoid heartbreaking financial choices is to have an emergency fund. With or without pet insurance, set some money aside for the unexpected so you can enjoy your four-legged family members for years to come. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

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With pet insurance covering some costs of veterinary care, you're never forced to choose between your beloved pet and your finances. Here's what you need to know about pet insurance. | #pets #petcare #insurance


What Are the Consequences of Not Having Life Insurance?

Before I started writing in the personal finance space, I spent nearly 8 years working alongside my husband in a funeral home. My husband Greg worked as a mortician, and I was the Director of Family Services. I learned so much about living and dying during my years in the mortuary business, but there’s one

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