Month: June 2022

We are in the midst of an unprecedented transfer of wealth, with trillions of dollars being moved from one generation to the next. This transfer challenges many commonly held notions as new values and interests become more prominent. In short, the economy is changing, and while some of these new practices might raise an eyebrow or two, not all of these ideas are without merit.

For someone from the boomer generation, it might be easy to become upset with or confused by millennials’ differing points of view. However, taking note of the differences between the two generations can foster better communication and understanding.

The younger generations, including millennials, Gen Z, zoomers, and whatever else you call them, have a different perspective on wealth than their forebears. As these generations reach middle age, an interesting trend has emerged in emphasizing YOLO (You Only Live Once). Now that these generations have the steering wheel, they seem to be stepping on the gas and running full force into exciting, once-in-a-lifetime experiences.

At this point, it bears looking at the “why” of the YOLO economy. In other words, why do these forty-somethings spend as if there is no tomorrow?

Less money: Your average 40-year-old earns about $49,000 a year. While this is more than the 40-year-olds of the previous generation, the rising cost of living has taken a significant bite out of that difference.¹

Less control: This generation also holds a smaller piece of the pie. While the post-WWII cohort controlled 22 percent of wealth in the United States once it reached middle age, millennials only controlled seven percent.²

Perhaps the biggest factor is less marriage: Middle-aged millennials are less likely to be married or start families than prior generations. Only 44 percent of millennials have walked down the aisle by age 40, compared to 61 percent for Generation X and 53 percent for baby boomers. Only 30 percent of millennials live with a spouse and at least one child, far lower than prior generations. This means that the expenses that come with a family are also off the table. If you aren’t married, the costs of a possible divorce are simply gone. Without children, you don’t have to pay for school clothes each fall, braces, and everything else that comes with helping a child grow up.³

The result is a very different economic picture for today’s middle-aged individuals. Consequently, all of these differences have informed a different set of values. Among millennials, 78 percent prefer spending money on experiences rather than material things. While prior generations may have placed more importance on things like home ownership, car purchases, and investments, millennials are looking at a different future with disparate priorities. For these reasons, spending on travel, exclusive events, and entertainment has become a priority.⁴

Of course, many boomers today find themselves in similar situations as middle-aged millennials. Most of the boomer generation is in their retirement, with their children growing and perhaps finding themselves needing further stimulation in their golden years. While many keep working part-time, start businesses, or help their families with childcare, there may be a pang of that YOLO spirit in them as well, and a similar yearning for adventure.

And for good reason. While their middle-age experiences may have been very different, there is no better time than now to take that big trip you’ve always thought about. Maybe it’s time to splurge on those expensive concert tickets or challenge yourself through a special adventure that always seemed impractical, like learning to SCUBA dive or skydive.

This might be too far for some, but it’s important to remember that wealth can serve us in two ways: providing security and allowing us to enjoy life. If you’ve been working hard with your financial professionals to pursue that security, maybe it’s time to talk to them about your need for enjoyment.

It’s also possible that the younger people in your family have done too much YOLO and not enough saving and investing. A conversation with a trusted financial professional may help them understand how to balance living for today and preparing for tomorrow.

1. Businessinsider.com, February 22, 2023
2. Fortune.com, March 22, 2023
3. Pewresearch.org, October 19, 2023
4. Harris Interactive, October 19, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

Preparing for college while still in high school can be difficult for even the most academically-minded student. These days, you need to excel in the classroom, make sure you’re involved in extracurricular activities, and enroll in challenging classes to impress a college admissions board. On top of that, the financial cost of higher education may add to what is already a stressful time in an ambitious student’s life. Luckily, with a little preparation, you may be able to make applying for financial aid painless and stress-free. Read on to learn more.

Standardized testing matters

Every October, second and third-year high school students can take the Preliminary SAT (PSAT), also known as the National Merit Scholarship Qualifying Test (NMSQT). Even if they won’t need to take the SAT for college, taking the PSAT/NMSQT is required for many scholarships, such as the National Merit Scholarship.¹

Looking forward to the spring of their junior year, college-bound students will want to take the SAT or ACT. An early test date may allow time for repeating the test their senior year, if necessary. No matter how many times your child takes the test, most colleges will only look at the best score.

A Fresh FAFSA

“The Free Application for Federal Student Aid (FAFSA) is the single most important form you need in order to secure financial aid from the federal government.”

Each year, roughly 17.6 million students file their FAFSA and receive a combined total of more than $112 billion in grants, work study, and low-interest loans from the U.S. Department of Education. Recent changes to the FAFSA website have streamlined the application process, but some preparation before you sit down to submit your FAFSA can make it even easier. Make sure you gather all the information you can regarding your and your family’s finances. Pausing now to make sure those documents are close at hand can save both time and frustration later on.²

Don’t forget about “gift aid”

Grants and scholarships are often called “gift aid” because they are free money – financial aid that doesn’t have to be repaid. College-bound students can learn about grants and scholarships in several ways, but the most-effective strategy starts with contacting the financial aid office at the college or university you plan to attend. Doing your own research can also be an effective strategy, but be careful: scholarship and grant scams are plentiful.³

1. CollegeData.com, 2023
2. StudentAid.gov, 2023
3. StudentAid.gov, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

According to recent statistics, data breaches have become common in today’s digital world. In fact, it is estimated that more than 111.7 million Americans have their personal information exposed to data breaches every year. Whether it’s a major retailer, a subscription service, or another online platform, the risk of a data breach is a reality that we all face.¹

Names, email addresses, passwords, and other sensitive information are being swept up by hackers for fraudulent activities. These breaches come in two flavors: breaches of institutions that people trust with their data, such as retailers and banks, and breaches of entities that acquire user data secondarily, such as credit bureaus and marketing firms. However, individuals can take steps to protect themselves and minimize the impact of a breach.

If you receive a notification that your sensitive information has been stolen in a data breach, it’s important to take immediate action to mitigate the damage. Data breaches can occur even if you practice good cybersecurity habits and are not personally targeted. Organizations and businesses can leak data due to human error, leaving your information vulnerable to bad actors.^2,3

To help you navigate this stressful situation, we have compiled a checklist of steps you should take if you have experienced a data breach.

1. Stay informed: Keep yourself updated about the breach by setting up news alerts or signing up for updates from the affected company. This will ensure that you are aware of any developments or actions being taken to address the breach.
2. Understand what data has been compromised: Read the notification carefully to understand what specific information may have been exposed. This could include your name, address, email, passwords, credit card details, or even your Social Security number. Knowing exactly what data has been compromised will help you take appropriate action.
3. Set up multi-factor authentication: Enable multi-factor authentication for all your online accounts. This adds an extra layer of security by requiring a second form of verification beyond your password, such as a unique code sent to your phone.
4. Change passwords: Change the passwords of all your online accounts, especially those that may have been compromised. Use strong, unique passwords for each account, and consider using a password manager to keep track of them.
5. Credit and financial accounts: Monitor your credit reports and financial accounts for any suspicious activity. You can request a free credit report annually from each of the three major credit bureaus (Equifax, Experian, and TransUnion.)
6. Watch out for phishing attacks: Be vigilant against phishing attempts, in which scammers try to trick you into revealing personal information or login credentials. Be skeptical of emails, messages, or phone calls asking for personal information or directing you to click suspicious links, and avoid clicking those links or providing sensitive information through email or phone calls. When in doubt, contact the organization directly through its official website or phone number to verify the request.
7. Report identity theft: If you suspect you are a victim of identity theft, report it immediately to the Federal Trade Commission (FTC) through its website IdentityTheft.gov. This resource will guide you through the necessary steps to recover from identity theft and protect yourself from further harm.
8. Use strong, unique passwords: Avoid using common or easily guessable passwords. Instead, use a combination of letters, numbers, and symbols. Additionally, use a different password for each online account to minimize the risk of multiple accounts being compromised if one password is breached.
9. Update your software: Keep your operating system, web browser, and antivirus software up to date to ensure you have the latest security patches and protections against known vulnerabilities.
10. Limit the information you share: Be cautious about sharing personal information online, especially on social media platforms. Avoid posting your full address, phone number, or other sensitive details that could be used for identity theft.
11. Use secure Wi-Fi networks: When accessing the internet in public places, use secure, password-protected Wi-Fi networks. Avoid using public Wi-Fi networks that are unsecured, as they can easily be intercepted by hackers.
12. Regularly back up your data: To be prepared for a breach or other data loss event, regularly back up your important files and data to an external hard drive or cloud storage service.

While these steps can minimize the risk of personal data breaches, it’s important to remember that no security measure is foolproof. It’s crucial to stay vigilant and be proactive in protecting your personal information.^2,3

Experiencing a data breach can be a stressful and overwhelming situation. Following this checklist enables you to take the necessary steps to protect yourself and minimize the potential damage caused by the breach. Remember to stay informed, be proactive in securing your accounts, and report any suspicious activity to the appropriate authorities.

1. Zippia.com, June 15, 2023
2. Wired.com, February 17, 2023
3. FultonBank.com, July 27, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

Maintaining good records is important to help meet your tax and legal obligations. The right record keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system.

What Records Do You Need to Keep?

The first step is identifying the records you need to maintain. The obvious examples include leases, contracts, payroll and personnel records and a range of accounting and finance information, such as invoices, receipts, checks, payables, and inventory. Please consult a professional with tax expertise regarding your individual situation.¹

How Do You Want to Keep Them?

Record maintenance can take three basic forms:

• Paper-based—It’s old school, but maintaining records in file folders stored in a metal cabinet may be sufficient, though at the risk of files being damaged or destroyed with no back-up.
• Computer-based—Maintaining records on computers save space and make records management easier. Consider backing up files and keeping them off-site.
• Cloud computing—Records are stored and managed on the internet, offering possible savings on software, reducing the risk of lost data and providing access from any location.

What Software Should You Use?

The right software can make life more productive; the wrong software may cost you time and money.

When shopping for software, consider:

• The size of your organization. Do you want an easy-to-use package, or are you able to hire a dedicated employee to take advantage of a more sophisticated alternative?
• What sort of training and support is provided? Without the right measure of either, your software may not be productivity tool you envisioned.
• Is specialized software available? The needs of different professions can vary greatly. Specialized software may have capabilities not available with more generic software.
• What are its mobile capabilities? If you operate your business from the road, you may want your software to have robust mobile features.

1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

The common thread that runs through all small businesses, from professional services to manufacturing, is that a motivated workforce is central to the business’s success.

Here are some quick, inexpensive, and potentially effective ways to motivate your employees and improve your employee retention.

Weekly “Good News” Emails

Too often the business day can be about addressing problems or issues, large and small. We forget to recognize the “wins” and other positive accomplishments. Yet, it is the successes we achieve that inspire us to reach new heights.

Encourage Mental Breaks

Whether it is making sure employees go out for lunch, take a mid-day walk, or even take a short “power nap,” these breaks away from the grind can re-energize, refresh, and even lead to new ideas.

Be Visible

As a leader, your troops appreciate your visibility and a human connection to you. Walk around the floor. Write handwritten notes of appreciation. Roll up your sleeves to help meet a deadline.

Break the Routine

Think about bringing in a community speaker for a “lunch and learn” session. Perhaps even sponsor a “bring your pet to work day!” Changing up the routine inspires, invigorates, and makes it more fun to be at work.

Invite Staff to Client Visits

Not only will an employee appreciate the opportunity to visit with a client and the vote of confidence it implies, but he or she will gain a valuable perspective on what a client needs and the integral role he or she has in delivering your service or product.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

For many older adults, finding time to experience nature can be one of the greatest pleasures in retirement. And what better place to take in America’s splendor than one of our over 400 National Park Service sites? For over a century, generations of retirees have explored these stunning landscapes, marveled at the diverse wildlife, and discovered the physical benefits of a retirement spent in the great outdoors. But recent research suggests that the mental benefits could be even more important for retirees. Read on to learn more.¹

The Cortisol Connection

Have you ever had a stressful day? One that left you tired and irritable? Those feelings are most likely caused by the stress hormone, cortisol. Cortisol serves an essential purpose in the human body of helping to regulate your mood, motivation, and fear. However, when someone experiences sustained stress, their elevated levels of cortisol may greatly increase their risk of heart disease, depression, and even negatively impact their memory. Luckily, multiple studies show that connecting with nature for at least 20 minutes each day may be correlated to significantly lower cortisol levels. But the benefits don’t stop after 20 minutes. In fact, longer durations spent in a natural environment may further enhance feelings of peace and well-being as well as increased mental performance.^2,3

A Thrifty Option

The American National Park system is considered by some to be one of the healthiest and most financially smart ways to vacation in retirement. There are currently 425 National Park Sites spread across the United States, encompassing over 85 million acres. For those who want access to everything the National Park Service (NPS) offers, the Lifetime Senior Pass ($80) or the Annual Senior Pass ($20) are both a steal. Regardless of which you purchase, remember that:^4,5

• The Senior Pass may provide a 50 percent discount on some amenity fees, such as those related to camping, swimming, and specialized interpretive services.
• The Senior Pass generally does NOT cover or reduce special recreation permit fees or fees charged by concessioners.
• There may be a service fee depending on how you purchase your pass. For more details, including the most recent ticket prices, visit the National Park Service website before planning your next trip.

A Prescription for Nature

Even though locations like Yellowstone, Yosemite, and Zion are the most popular destinations for retirees, many communities benefit from smaller parks and nature preserves as well. For those who haven’t hiked or camped much, these local areas can be a great way to get started. Even those with more than a few years of national park experience stand to benefit, both physically and mentally, from visiting one of their local wildlife areas. So, before you pack your bags and load up the camper, do yourself a favor and look into what your home offers. You may discover that one of the best ways to stay happy, healthy, and sharp is closer than you think.

1. NationalParks.org, 2023
2. WebMD.com, 2023
3. OneMedical.com, April 19, 2023
4. NPS.gov, 2023
5. NPS.gov, 2023

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.