Finding Ways to Save for College

By  Kate Welker, CFP®

It is again the back to school season. Preschool through college school will look different for students this year, but one thing is the same. The changing of the year, feeling of a fresh start, and thinking about the future year ahead. For older students we are discussing college plans and for those of you with young children you may be thinking about planning for your children's eventual college. With a growing student loan debt load in this country how to pay for college is a concern we like to address. I wanted to share some thoughts on a few unique ways to think about saving for education.

Childcare Expenses- If you are paying for daycare or after school programs this is a large expense you are already budgeting for and handling with your current income. Once your children are old enough to not need that expense, convert it and start putting that same amount into their college savings. Depending on the age of children and area you live most people are paying between $8,000 and $15,000 a year for daycare. As that number decreases and then goes away that is a large amount to be contributing each year. 

Side hustle- I've had a few friends recently start a small business on the side and nickname them "college fund" jobs. They are committing to putting all of the earnings from this new venture into college savings. 

Scholarships- This is a huge opportunity for your student to start earning funds for their education. This takes time and diligence on their part, but starting in their freshman year have them look for these opportunities. Have them search out competitions that focus around their strengths such as writing, debate, or technology.

Saving on College- Combined with saving for college consider ways to save ON college expenses. Being aware in advance of the full expenses of an institution along with the scholarship and aid available should make a major impact on your choice of where to attend. If there are scholarships available for a particular GPA or test score that is a goal to work towards. 

There are many other creative ways to fund that education goal. We enjoy working with our clients to find their solution. Once your child is in high school (9th grade is not too early!) we offer college planning services and in depth analysis that will compare college costs, grants available, and the total net cost. Contact us for a consultation! 

Estate Planning 101

By: Rachel Poe

Estate planning can sometimes come across as a section of planning that is completed later in life after retirement has begun and “it’s time” to start thinking of life’s next stage. Au contraire, estate planning is a part of one’s portfolio that deserves equal attention pre and post the date of retirement. The time is now! As net worth, investments, personal property, real estate, relationships, and other intrinsic items change in status, value, and possession over the years, it is important to consistently update (or begin creating) your estate planning documents. 

According to caring.com 2019 Will and Living Trust Survey, considering individuals between 35-54, more than 60% of people do not have wills. Out of individuals 65+, about 35% are without a will. The top two reasons why people do not have a will is “I just haven't gotten around to it” and “I don't have enough assets to leave to anyone.” 

Below are some introductory terms for those stepping into the estate planning process

CLICK HERE to download a FREE poster of the definitions listed!

Estate Planning - the arranging for disposition and management of someone's estate at death through the use of wills, trusts, insurance policies, and other devices. 

Estate Tax - a tax levied on the net value of the estate that amounts above the minimum threshold by the state of a deceased person before distribution to the heirs. This is important to consider and plan for throughout the estate process!

Will - Aka Last Will and Testament - A legal declaration of a person’s wishes regarding the disposal of his or her property or estate after death

Living Will - a written statement detailing a person’s desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent, especially an advance directive. 

Executor - a person who is responsible for making sure all assets within the will are accounted for. In addition, this person is responsible for transferring these assets to the appropriate party as designated by the deceased.

Beneficiary - the person designated to receive the income of an estate that is subject to a trust; a person to receive proceeds or benefits. Beneficiaries are typically assigned within life insurance policies, retirement assets (401K, IRA), investments, real estate bank/brokerage accounts, etc. 

Power of Attorney - a legal instrument authorizing one to act as the attorney or agent of the grantor. This usually includes decisions regarding health care management. Hospitals and other third parties use POA to legally carry out decisions made by the appointed agent. 

Trusts - an arrangement whereby a person (trustee) holds property as its nominal owner for the good of one or more beneficiaries. A Living Trust can be open prior to or post death for a trustee.

Revocable Trust- A living trust that can be changed

Irrevocable Trust- A living trust that can rarely be changed

Testamentary Trust- Established after the death of the grantor through the will

Probate - the official proving of a will; the will is reviewed to determine validity. 

According to Investopedia.com, probate also refers to the general administering of a deceased person’s will or the estate of a deceased person without a will.

Guardianship - a person who is appointed to obtain custody of a minor child, protect the child's emotional and financial well-being, provide growth and protection to the child, and maintain assets left in their name. 

Financial literacy around some of these specialized planning topics can be muddy and overwhelming. It is important to partner with a planner and attorney who you can be transparent with, share experience, and build trust. Here at Rooted Planning Group, both our Nourish and Deepen program allows us to review a few basic estate planning documents to prepare for your estate planning attorney’s needs. We communicate with your attorney while continuing to share and educate the power of planning with you. It is our desire to break down the process and help you feel confident with your future.  

While it may seem uncomfortable to plan for death while alive, strategic planning while living will ensure that the legacy you have built during your lifetime will pass to those you value.

CARES Act Part 3 - Unemployment Benefits

By Kerrie Beene, CFP® and Amy Irvine, CFP®, EA, MPAS®, CCFC 

Those who are unemployed or cannot work for coronavirus related reasons will be eligible for benefits under the new Cares Act passed on March 27, 2020. 

What is Unemployment?

There are several terms being passed around that all meet the qualifying definition:

1. Termination of employment

2. Layoff

3. Furlough

Who qualifies for the Pandemic Unemployment Insurance?

There are 3 qualifications that must be met

1. Ineligible for any other state or federal unemployment benefits

2. Unemployed, partially unemployed, or cannot work due to the COVID-19 public health emergency

3. Cannot tele-work or receive paid leave

4. Self-Employed individuals who have had to “close their doors” and are unable to qualify for the small business loans offered through the CARES Act

This will include employees who have tested positive for the corona-virus, as well as, those who must leave their job to provide full time care for a family member or other relative but do not have access to paid leave benefits. 

The new law has 2 approaches to assist the normal state-based unemployment programs:

1. A pandemic unemployment assistance program which matches the normal state unemployment rate plus $600 for unemployed workers who would not normally be eligible 

2. An extension of unemployment compensation by 13 weeks beyond the eligibility time states provide under current law

Differences from Regular Unemployment Benefits

Includes workers who are:

• Self-Employed

• Independent Contractors

• Gig Economy Workers

• Those who do not have sufficient work history to qualify for regular benefits

Waiting Periods:

States normally have a one week waiting period and there is now federal financing for states without the waiting period.

Benefit Amounts and Time Frame

The amount varies by state, is subject to a minimum, and is increased by $600 from the Federal Pandemic Unemployment Compensation Program.  

Unemployment benefits are based on prior wages, often on the last 4 quarters. 

If you are already receiving benefits at the state level, the $600 weekly increase will be provided as a supplement.  

Self employed workers will have to have proper work and pay documentation. The benefit amount will be calculated using a formula from the Disaster Unemployment Assistance Program.

Women Rocking Business

March is women’s history month and we want to take some of our space this month to recognize that. I love working with small business owners so I wanted to share some thoughts on women as business owners. Rooted Planning Group is owned by women so this is certainly special to us. 

by Kate Welker, CFP®

What are the traits that help women succeed in business? I thought back on some conferences I’ve attended, drew on personal experience, and looked at our team to see how the ways we think or act differently can be beneficial.

Women tend to be more emotionally intelligent, this makes us more attuned to social cues and emotions. This article from Forbes refers to a study listing all the various categories where women outscore men. This can help a woman read a room to pick up on what’s not being said. When working with a client you might better pick up on something that is causing an emotional response. Being able to understand and empathize with employees makes for a better work environment.

As women many of us have had to face hurdles in our careers because of the fact we were women, and to push through that builds determination. Running a business comes with many challenges that are going to be aided because of that. By overcoming the different walls and barriers thrown at us we are cultivating the traits that help to be good leaders- tenacity, resolve, and maybe a little stubbornness. 

In the business world women tend to be better collaborators, aka “team players.” We are not afraid to share ideas and work together to build something better. This also tends to mean women are more often open to mentoring opportunities, to pass on their knowledge, and encourage others. 

Of course the pendulum swings the other way too and there are some traits we need to be aware of that can impede success.

Women tend to be more nurturing and can have the feeling we need to take care of things. This can lead to burnout. Sometimes I think women can be worse at delegating because we want to just handle everything and make sure it’s taken care of or we don’t want it to look like we’re not doing enough. Self care is a buzzword, but it really is essential.  Evaluating where you tend to take on too much or get too involved and focus on ways to manage that is going to be a healthy step for you and your business.

Impostor Syndrome, that feeling that you don’t know enough or aren’t competent. You might doubt yourself and your accomplishments. Both men and women can associate with this, but I hear it more from women. Acknowledging this is important, that way when it's happening you can face it and deal with those feelings. Remind yourself of how far you have come and how much knowledge and experience you have. I once had a very respected person in my industry with lots of letters and designations after their name tell me they sometimes walk into a meeting and still feel like it’s their first day on the job. When I feel this way I like to repeat the phrase “fake it ‘til you make it,” paste on a smile and go in with confidence, because here’s the secret- you’re not really faking it. You ARE the person with the expertise, you just need to remind that little part of your brain of that.

Fun History Fact: In Holland women were treated more equally than in other countries in the 17th century and this carried to New Amsterdam (roughly modern Manhattan). For years women held more rights than in other parts of the country and many owned businesses. They were referred to as she-merchants.*

*Summarized from womenhistoryblog.com

Medicare Part D - Parts and Pieces

In this weeks blog, Financial Planner Kerrie Beene, CFP® digs into the parts and pieces of Medicare Part D - Prescription Coverage:

What is Medicare Part D?

Medicare Part D is an optional U.S. federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs through prescription drug insurance premiums (most professionally administered prescriptions are covered under Part B)

Do you have to have Medicare Part D?

Medicare Part D is optional.  However, if you do not enroll, you may pay very high prescription drug coverage costs.  Additionally, if you do not enroll when you first become eligible at age 65, you may pay a lifelong penalty if you decide to sign up later. 

For those that choose to sign up, understanding the differences in the plans is very important. In general, the higher the tier, the higher the member’s out of pocket cost for the covered drug.   

Tier 1 - Preferred Generic

This is the lowest tier.  This is the least expensive drugs your plan covers, includes preferred generic drugs. 

Tier 2 - Generic 

This tier includes preferred generic drugs that have proven to be the most effective in their class. 

Tier 3 - Preferred Brand

This tier includes preferred brand drugs and non-preferred generic drugs.  

Tier 4 - Non-Preferred Drug

This tier includes non-preferred brand drugs and non-preferred generic drugs. 

Tier 5 - Specialty Tier

This is the highest tier. It contains very high cost brand and generic drug, which may require special handling and/or close monitoring. 

When trying to decide which plan to choose, it is important to think about the following factors:

• How often you take prescription drugs

• Do you take generic, brand name, or a combination of both

• Deductible preferences, such as, a $0 deductible plan with a higher cost-sharing or a higher monthly premium

• Your copay and coinsurance options

• Know what happens if you go into the Donut Hole

What is the donut hole? 

Most Medicare Part D plans have a coverage gap. This coverage gap is called the Donut Hole. This is the time period after you and the drug plan have spent a certain amount of money for covered drugs, then you have to pay all costs up to the yearly limit. Once you have hit this limit, your plan will help pay for covered drugs again.  For 2020, the gap starts when you’ve spent $4,020 on covered drugs.

In 2020, the donut hole will close for generic drugs.

Picking a plan can be frustrating and confusion.  Just be sure to take the time to understand which tier/plan is best for you and do not hesitate to reach out for guidance. 

Tips for a Low Stress Tax Season

In this weeks blog Financial Planner Becky Eason writes about the big "T" word, that's right - TAXES!

As the end of 2019 quickly approaches, it’s time to start thinking about taxes. As we all know, tax season catches up with us very quickly with the hustle and bustle of the holiday season, and the recovery period in the weeks after the holidays.

Our goal is to make your tax season as low stress as possible. A great way to begin your tax season, is to create an easily accessible folder to keep all of your tax documents in. As you receive these documents in the mail you should open the mail and review the document, then put it directly in your tax folder. If you have any documents that you think may be important, include them in the tax folder and your tax preparer can review them to see if they need to be included with your taxes. I’m a firm believer in the fact that it’s better to have too much information than not enough. Once you believe you have received all of your tax documents you could do a document comparison to your prior year tax documents to make sure it looks like you have everything. At this point you can grab your folder and send the documents off to your tax preparer, or in the case of self-preparing a tax return, you can go ahead and get started.

If you have someone prepare your taxes for you make sure that you let them know of any significant changes that you’ve had during the year. Some of these significant changes would include a change in marital status, filing status, dependents, address, new driver’s licenses, change of income sources, and if you made any estimated tax payments during the year, especially if this is something that you haven’t done in the past. Failing to update some of that information could result in having a rejected tax return or losing out on potential tax credits or deductions. It’s much easier on all parties if you remember to update this information right from the start. In your tax document folder that we talked about earlier, you could keep a running note page with updates that you want to make known or questions that you might have.  

Another tip I have is to review your driver’s license. To help reduce identity theft, some states, such as New York State, require the information on your driver’s license to be entered prior to filing. Make sure that your license hasn’t yet expired and that it won’t be expiring during tax season. If your license is going to expire between the time of giving your tax preparer your tax information and the time that you will be e-filing the return, you will want to let your tax preparer know, because in some states your tax return can’t be filed if your license is going to expire.

As tax season approaches do your best to not feel overwhelmed. We are here to help you and answer your questions. 

Uncork the FAFSA - College Planning

By: Becky Eason

Why complete the FAFSA?

As of October 1st, it’s officially FAFSA season for the 2020-2021 academic year. FAFSA stands for Free Application for Federal Student Aid and should be completed by all high school seniors who plan to attend a secondary education school as well as current college students who will be going to school again next year. This form is completed based on the prior year tax return, so if you, or your parents, have completed your 2018 tax return you are able to complete this application. As much as I’m sure you don’t like completing this form it’s very important that you do so, especially for the following reasons.

The primary reason that FAFSA needs to be filled out is that it’s required for financial aid. FAFSA needs to be completed by students who are attending public schools and many times for private schools as well. Did you know that every dollar you borrow in student loans will cost you approximately double by the time you pay back your loan? If you are eligible for any amount of financial aid anything that you receive will help you out tremendously when your student loans enter repayment status. If you receive $100 in financial aid that is actually like receiving $200 if you think about the amount in repayment terms. 

Even if you know or believe that you won’t be eligible for financial aid, it's important that you still complete the FAFSA. The reason for that is that in order to be eligible for federal student loans you need to have a completed FAFSA. Unfortunately, this is not a very well known fact and thus results in many students missing out on the advantages of federal student loans You may not be eligible for any financial aid but if you are able to get federal student loans it’s worth your time and effort to complete the FAFSA. So, why would you want a federal student loan over a private student loan? An advantage of all federal student loans is their built in death and disability clause. If the person who holds the student loan passes away before the loan is repaid it’s forgiven and the estate is not responsible for paying anything back. If the loan holder becomes permanently disabled they can apply for a disability discharge and if the discharge is granted then their federal student loans will be completely forgiven. Another reason for wanting a federal student loan is the ability to have an income based repayment option, especially for students who plan to enter a career that is eligible for Public Service Loan Forgiveness (PSLF). In no cases are private loans eligible for PSLF. Also, a federal student loan can be either subsidized or unsubsidized. A subsidized loan is need based, so not all who complete the FAFSA will be eligible for this loan but the unsubsidized loan has no need clauses attached to it. The great thing about the subsidized loan is that while the student is enrolled at least half time in college the government is paying the interest on the loan, whereas with the unsubsidized loan interest starts accruing as soon as the loan is taken out (as would a private student loan).  

Trust me, I know how dreaded it was to fill out the FAFSA but it is worth all of your time and effort. Please don’t delay in getting this completed, as schools have limited financial aid to offer and they do run out of money. Financial aid is offered on a first come first serve basis. 

Build Your Wealth by Taking Advantage of Benefits Open Enrollment

In this week’s blog, Financial Planner Kate Welker, CFP® defines top benefit terms to help demystify some of the confusing benefit terms.

In the next few weeks you may open your mail or email to see notices regarding open enrollment season through your employer. Open enrollment is a period of time you can make changes to your employee benefit options that are normally restricted. This is also a great time to review your entire benefits package and make any other adjustments as well. Let’s walk through a few options you may be looking at.

Health Insurance is the main thing most people think about during open enrollment. Compare the components of the plans offered and look beyond the premium. You will want to compare the deductibles, co-pays, and which providers are in-network. Also take the time to review the prescription plans against your current medications to see how those are covered.

The FSA or Flexible Spending Account is the next thing to consider. A flexible spending account allows you to contribute pre-tax dollars to cover out of pocket medical expenses including co-pays, medical supplies, dental, and vision expenses. If your benefits include access to an FSA this is a way to lower your taxable income and pay for expenses you would incur anyways. You will have to decide how much to contribute each pay period. Be sure to review the plan terms and not to contribute too much. If you have a balance at the end of the year the plan will allow you to either roll over $500 or spend it within a grace period.

The HSA or Health Savings Account is an option to consider if you have a high deductible health plan. To qualify you must have a deductible of at least $1,350 for an individual and $2,700 for a family plan. The contribution limits are much higher and depend on the type of insurance and other benefits you have. Like an FSA this account is used to cover out of pocket medical expenses and is an income tax deduction. Unlike an FSA, an HSA balance will roll forward year to year and the growth on the account also grows tax-free. Be sure to look for an employer contribution that may be offered and take full advantage of that contribution.

Dependent Care FSAs are like the medical FSAs, but for childcare. This includes daycare, preschool, summer day camp, and after school programs. Also included is adult daycare. If an adult is your qualifying tax dependent and they require care while you work this is an eligible expense. With a DCFSA you are able to contribute up to $5,000 pre-tax.. Some employers also offer a matching contribution into these accounts.

Other Benefits may be available to update at this time as well. Reach out to your HR department to ask about your benefits package and see if there is an option you were not aware of. Some employers offer additional insurances like pet insurance or unique legal services.  

Block out some time for yourself to be able to really read the information you are given and consider your options. Look at the bigger picture benefits like tax savings, lower taxable income reported, employer matches, and the satisfaction that you are getting the most benefit out of what is offered.

10 Essential College Selection Criteria Most Students Ignore

In this week’s blog, Financial Planner and Financial Wellness Coach, Amy Irvine, CFP®, EA, MPAS®, CCFC digs into selection criteria often overlooked when selecting a college.

1. Does the school really matter? — Unless you’re planning to enter a highly specialized field, the school may not be as important as you think it is. As long as the school has a good reputation — like many state colleges and universities — why pay more than necessary to obtain a degree? Caution: No matter which school you select, make sure it’s accredited and that the credits will transfer if you need or want to switch to another school or obtain a higher degree.

2. Do they offer the right degree program? — The degree can pay for itself over and over again...or be worthless to employers. While you may have a strong interest in the historical events of the 1700s, it may be difficult to find a job that pays for this type of knowledge. The greatest current demand is in one of the STEM (Science, Technology, Engineering, and Math) fields, but of course, there are other rewarding areas of study as well. Go to PayScale: Majors That Pay You Back to learn more about salaries in your chosen field.

3. What’s the cost? — CNNMoney’s Cost of College Estimator will provide the estimated annual cost, including tuition, fees, and room and board. It also provides the estimated cost after grants and scholarships — both for one year and all four years — based on family income. Looking at the estimated costs both before and after grants and scholarships can have a huge impact on your ultimate choice. Another source is the Department of Education’s Net Price Calculator Center.

   Caution: Many schools include access to student loans in their financial aid numbers and sales materials. Dig a little deeper to find out if it’s truly free money or simply the ability to incur more debt.

   Caution: Most students are unaware that subsidized (the government pays it) student loan interest doesn’t last forever. For first-time borrowers on or after July 1, 2013, the clock is ticking on the time the government will pay interest on their loans. Switching majors, taking too long to graduate, etc., can trigger thousands of dollars of interest on top of the loan amount borrowed.

   Solution: Follow the new guidelines at Federal Student Aid Loan Subsidy [PDF] and New Rules for Subsidized Loans.

4. What’s the graduation rate? — The ultimate objective for most students is to complete their education in the shortest amount of time, and with the degree needed to secure the best job. Plus, if students don’t graduate, it will be hard for them to repay their loans.

   Yet, the National Center for Education Statistics reports that it took six years for 59% of first-time students at four-year institutions to complete their degrees. Obviously, being able to graduate in less time — ideally four years or less — illustrates the school’s commitment to helping students keep costs down and move into the workforce sooner.

   There are two factors to evaluate in this category:

   1. The number of years it takes the average student to graduate — College Results will help compare multiple colleges’ four-, five-, and six-year graduation rates. Also, consider the Pros and Cons of ThreeYear Degree Programs. Example: Rachel failed to research her school before she attended. Due to the schedule of when classes were offered, it was virtually impossible to graduate in less than six years. She is now struggling to repay $65,000 more in student loan debt than friends who graduated in four years.

   2. The percentage of students who actually graduate — College Completion is a site that identifies graduation rates for two and four-year schools. PayScale is a similar site that highlights graduation rates, college costs, and overall value.

5. How much is the student loan balance for new grads? — As CBS Money Watch highlights, student loan debt continues to rise. The level of debt ties back to the cost of the school, how long it takes students to graduate, and how much of the total cost is covered by grants and financial aid (other than student loans). Locate the best and worst states with student debt at WalletHub, but ask about the actual debt levels at specific schools of interest as well. Some of the lists in #8 include this important data.

6. ROI: Will the numbers work? — The bottom line for all students is how much they’ll be able to earn once they graduate...and if it will be enough to repay the cost of the education. For example, the Center for College Affordability reports that engineering and economics graduates typically earn almost double what social work and education graduates receive by mid-career.

   When comparing potential salaries, there are two criteria to evaluate:

   1) The average salary per graduate of a specific school: PayScale.com: College ROI Report (click on the specific school for details)

   2) The average salary paid for specific degree programs: PayScale.com: Salaries per Degree

   Before applying for a student loan, estimate the costs of the college(s), how much you’ll need to borrow, and the projected income in your chosen field. Then go to FinAid.org to calculate monthly payments and determine if the numbers will work.

7. What’s the student loan default rate? — Schools with a high student loan default rate (often referred to as the cohort rate) send a big red flag to prospective students that the school may be too expensive, the students may be borrowing too much, it takes too long to graduate, or that students can’t find a job upon graduation. To check a school’s three-year cohort default rate, search College Navigator or the Department of Education’s Cohort Default Rate Database.

8. How are the schools rated? — Another step is exploring the myriad Best Of rankings. There are all types of comparisons in these lists, from generic ratings like the Best Schools in the Midwest (best regional schools) or the ones with the prettiest campuses to more specific lists such as the Top Undergrad Schools for Video Game Design (best schools for specific fields/industries).

   Carefully review the scoring system used to create these lists. In some cases they are so subjective, they may not be of much value, but any information will help you become a more informed consumer. When thousands of dollars are at stake and your future career is at risk, it will pay to dig into the details. For more details on the validity of lists, see Do College Rankings Mean Anything?

   Here are just a few of the lists and sites to help compare schools. Some are free or provide only limited information, but others charge a fee for complete access. Many of these 10 questions can be answered by several of the following comprehensive rating lists:

   ▪ Money’s Best Colleges (free basic info; full access $24.95/year)

   ▪ U.S. News: Best Colleges (free basic info; full access $29.95/year)

   ▪ Princeton Review’s Best 380 Colleges (create a free account for basic info; buy the book for $23.99)

   ▪ 50 Best Online Colleges (free)

   ▪ 100 Best Colleges & Universities by State (free)

   Caution: Again, evaluate rankings carefully. These lists are all different, so it’s important to look at the methodology each list uses to rank schools, their rating criteria, and if they allow “featured” schools.

   College Navigator — While this site won’t provide an external rating of the quality of a school, it’s a free government source to build your own table of preferred colleges to compare fees, financial aid, net price, programs and majors, and student loan default rates.

9. Will the school survive huge debt obligations? — In recent months, new regulations and overwhelming debt loads have caused more private and for-profit schools to struggle to stay afloat. Shark Tank’s Mark Cuban warns that this is just the start of the college implosion. This dramatic trend will not only affect current students but graduates as well. A degree from a school that is no longer in operation can lose its value quickly.

   The Department of Education has compiled a list of schools with questionable finances or that may lose access to Federal Student Aid. Consider avoiding schools that don’t meet the 90/10 Rule, where more than 90% of their income comes from Title IV (Federal Student Aid) sources.

10. What’s the mean SAT or ACT score? — This may sound like a trivial reason to select a school, but it’s actually an important stat to consider. If the mean (average) SAT score is 1600 at the college or university, and yours is closer to 1200, what’s going to happen when professors grade on a curve? While ambition is important, barely qualifying to get into a school could set some students up for failure, and could be a major reason they eventually drop out. Go to CollegeSimply: Colleges by Test Score or CollegeBoard: Test Scores & Selectivity to find a school that matches your scores.

This article is shared under the expressed permission and collaboration with Fiscal Fitness Clubs of America. Copyright 2017, Fiscal Fitness Clubs of America. This in an unpublished work of authorship protected by the laws of the U.S.A. It may not be reproduced, copied, published or loaned to other parties without the expressed written consent of Fiscal Fitness Clubs of America, LLC.

The Intersection of Self Improvement and Wealth Improvement

In this weeks edition of Monday Morning Quarter-Buck, financial planner Kerrie Beene, CFP® (our resident self-help “junky”) dives into her favorite topic! She shares the top 10 books, podcasts, and YouTube videos and her current favorite self-help tip.

By: Kerrie Beene, CFP®

September is designated as Self Improvement Month. Most of us want to “improve” and become better people.  Someone once coined the phrase, “there is always room to improve” and it has stuck around for decades. I firmly believe this.  Each day I think we should all wake up and say, “How can I be better than I was yesterday?” 

However, thinking about improving can be overwhelming. Especially given all the areas in life there are to improve.  My suggestion is to look at the 8 areas of life and just pick the one you need the most work on at this time.  

8 Areas of Life

• Personal/Spiritual Development

• Physical Environment

• Finances and Wealth

• Friends and Family

• Career/Business

• Fun, Recreation, and Entertainment

• Health and Fitness

• Love Life

Once you decide which area you need the most work on, your options to educate and improve yourself are limitless.  As a self help junkie, I use every form of consumption I am aware to absorb the information. You can read books, listen to content, attend seminars/webinars, etc.  

The self improvement industry in the United States continues to grow each year.  According to marketresearch.com, the self improvement industry was worth $10 billion in 2016 and continues to grow each year.  Below, I will list some of the easiest ways to increase your knowledge about how to “improve” yourself.

Reading - There are multiple books available for any area you would like.  Amazon has a list that updates hourly based on the top sales. Currently (August/September 2019) these are the top 10 books in the self improvement category.

1. The 7 Habits of Highly Effective People by Stephen R. Covey

2. Unlimited Memory - Kevin Horsley

3. Tribe of Mentors - Timothy Ferris

4. Find your Passion: 25 Questions you must ask yourself - Henri Junttila

5. Maybe You Should Talk to Someone - Lori Gottlieb

6. Showing up For Life - Bill Gates, Sr.

7. The Subtle Art of Not Giving a F*ck - Mark Manson

8. The Traveler’s Gift: 7 Decisions that Determine Personal Success - Andy Andrews

9. Empath: A Complete Guide for Developing Your Gift and Finding Your Sense of Self

10. Atomic Habits - James Clear

Listening - If you don’t like to read, consider listening to a book.  Audible.com has the section listed as “self development.” There are over 52,000 titles available and here are the current top 10.

1. Lightly: How to Live a Simple, Serene & Stress-Free Life - Francine Jay

2. Can’t Hurt Me: Master your Mind and Defy the Odds - David Goggins

3. Unf*ck Yourself: How to Get Out of Your Head and Into Your Life - Gary John Bishop

4. The 7 Habits of Highly Effective People by Stephen R. Covey

5. Girl, Stop Apologizing - Rachel Hollis (one of our favorites on the team)

6.  Atomic Habits - James Clear

7. The Subtle Art of Not Giving a F*ck - Mark Manson

8. Dare to Lead - Brene Brown (One of Amy’s Favorites)

9. How to Win Friends and Influence People - Dale Carnegie

10. Never Split the Difference: Negotiating as Your Life Depended On It - Chris Voss

Podcasts - this form of medium is a little newer to the market compared to reading and listening to books, but I believe it is here to stay.  Google listed it as best motivational podcasts and here are the Top 10

1. The School of Greatness with Lewis Howes

2. The Gary Vee Audio Experience

3. The Tim Ferris Show

4. Hidden Brain

5. Art of Charm

6. The Dave Ramsey Show

7. Oprah’s Super Soul Conversations

8. The Minimalists Podcast

9. This is Your Life

10. TED Talks Daily

YouTube - According to gedground.com, these are the most popular YouTube channels for Self Development

1. TED

2. Actualized.org

3. Evan Carmichael

4. Lewis Howes

5. GaryVee

6. Goalcast

7. Neil Patel

8. Be Inspired

These lists are a great start to those of us who are always looking to improve.  There are other options, like seminars, however these are the forms available at your fingertips daily.  

I have read and listened to most of the items listed above.  However, one thing I have noticed is that as I age and life gets busier, it is a little harder to improve in multiple areas of life at a fast pace and it can be overwhelming to think we need to improve in all areas of our lives.  My suggestion comes from one of the books listed above, Atomic Habits, focus on getting 1% better each day. Often when we look to improve, we set the goal so big that we lose motivation and feel overwhelmed. So focus on just getting 1% better.  For example, if your goal is to start exercising, just start walking everyday and create the habit instead of planning to run a marathon next month. Create the habit, then work on small improvements. If your goal is to read more, don’t buy the thickest book you can find and try to read it in a few days.  Grab a book and just set a goal to read 15-20 minutes before bedtime. “Be the Tortoise, Not the Hare.” Don’t forget, if you would like to improve your finances, that is our passion at Rooted Planning Group and we are here to help!

Good Luck with your Goals and Happy Self-Improvement Month