HealthyLife Articles

Category: Financial Health

Questions To Ask Before Choosing A Financial Planner

FINANCIAL HEALTH

1. How are you paid? Is it by a fee and commission? Do you fully disclose the fees and the commissions you earn on every investment you make or service you offer? If paid by fees, what is the average fee your clients pay?

2. How many years have you been in the business? How long have you been a financial planner?

3. Can you give me some references of people you have worked with for more than two years?

4. What is your typical client like? Income levels, issues, investment amounts?

5. What training did you have to be a planner? What requirements were needed to attain this degree or title?

6. How many hours of continuing education must you have to keep your degree/designation?

7. What does a completed financial plan look like?

8. What is the most important difference your work made in someone’s life?

9. How many clients do you have?

10. How many support staff do you have? What are their credentials?

11. Do you have a privacy statement? May I have a copy?

12. Is there an agreement among you and your staff to keep information confidential? Have there ever been any violations of that agreement?

13. Do you have a copy of your Form ADV (a required disclosure form from the securities authorities)? Have you been responsible for any securities violations?

14. Do you have a formal contract to define the responsibilities of the clients and those of the planners? Does it also address a protocol to settle differences and to terminate the relationship? How long does the contract last?

Answers you will get to these questions can vary suggests Lynn S. Evans, CFP, author of Power of the Purse: Fear-Free Finances for Baby Boomer Women. You may have other questions that are important to you. Examples include if the offices are nearby and if you can communicate by email).

A question regarding the planner’s investment performance is absent. For good reason: the planner’s average return on an investment is not the key to his or her success. The ability to meet the clients’ goals is what really counts.

Lost without cyberspace?

What if you couldn’t get a Wi-Fi signal on your smartphone? How anxious would you be if you forgot your phone or lost it? Worry about not being able to see instant news and weather? Or freak about a low battery? If you say yes, you may be a nomophobe (that’s having no mobile phone phobia), according to Iowa State University researchers, in the journal Computers in Human Behavior. Take the 20-question test and judge for yourself atwww.news.iastate.edu/news/2015/08/26/nomophobia. It’s not an addiction but an obsession, they say.

© American Institute for Preventive Medicine

January 23, 2026
4 Money Mistakes To Avoid

FINANCIAL HEALTH

Little everyday choices can have a big impact on your finances. If you want to save more or spend less, think about whether you’re making any of these mistakes.

Mistake #1: You put off saving money.

Do you think that you can wait a few more months or even years before you need to save for retirement, your kids’ college or other future needs? Even if you can only put away a few dollars each week, start now. It can add up over time and the sooner you start, the more money you’ll have later.

Mistake #2: You spend too much on “treats.”

We all like to treat ourselves once in a while. But, if you’re spending money on treats often, such as going to the movies or buying yourself a new item, you could be creating money problems. Look for low-cost or free ways to reward yourself. Set aside some time with a friend, take a hot bath, watch a favorite movie at home or check out free museums and concerts.

Mistake #3: You get lots of coupons in your mail and email.

If you get catalogs in the mail and your inbox is filled with coupons and deals, this could be wrecking your money goals. After all, you may not need the items that are advertised. But, they look like such a good deal that you decide to buy them anyway. Do you really need another sweater or pair of jeans, or are you buying them because of the sale? Unsubscribe from email coupons and newsletters, and throw catalogs in the recycling bin. This can help lower the temptation to shop.

Mistake #4: You don’t know how much money you really have.

If you are struggling financially, it can be hard to look at your bank account balances. But, it’s better to know what you can afford than to go deeper into debt. Make a budget of what you have and what you can spend each month after bills are paid. Try to stick to your budget and find ways to cut out unnecessary items.

© American Institute for Preventive Medicine

January 23, 2026
Retirement: How Are You Going To Do That?

FINANCIAL HEALTH

A secure and worry-free retirement is a cherished dream for millions of us. What will it take for you to achieve that dream? The experts say –

Save more than you think.Most people have not tried to estimate how much money they will need for retirement. And those who have, usually underestimate the amount they need.

Know when you will retire.Many working Americans will retire before they expect to, and before they’re ready.

Plan to live a long life and spend accordingly.Some retirees will live well beyond their life expectancy, with a great risk of outliving their savings.

Face facts about long-term care.Many people underestimate their chances of needing long-term care. Explore lower-cost plans now.

Understand your options.Should you take a pension in a lump sum or as a lifetime annuity? Talk with a financial planner (and your doctor) to decide the best option for you.

Understand your investments.Due to the growth of workplace retirement savings plans, employees are now managing investments for retirement. Need help? Get it from a trusted financial adviser.

Seek sound advice.Many retirees and pre-retirees do not seek the help of a “qualified professional.” Yet they indicate a strong desire to work with one.

Know where your retirement income is coming from.You may be disappointed in retirement if you try to live on the income that’s available.

Deal with inflation.Inflation is a fact of life. After retirement, you won’t be getting pay increases.

Provide for a surviving spouse.Many married couples fail to plan for the eventual death of one spouse before the other. This can have serious consequences, especially when the survivor is the wife.

Source: Report from LIMRA International, the Society of Actuaries and Matthew Greenwald & Associates, with research sponsored by the Society of Actuaries Committee on Post-Retirement Needs and Risks

© American Institute for Preventive Medicine

January 23, 2026
4 Ways To Save Money At Home

FINANCIAL HEALTH

Homes come with costs. Rent, mortgage, utilities and other expenses can add up. Here are some ways to save right at home that can help your wallet.

Unsubscribe from advertising.

Getting emails from stores and companies can tempt you to buy things you don’t really need.

Cool down the water heater.

Turn down the water heater 10 degrees and you can save 5 percent on water heating costs.

Check your insurance.

Shop for homeowners insurance every year or two. You may find a cheaper plan with the same coverage.

Source: American Academy of Family Physicians

© American Institute for Preventive Medicine

January 23, 2026
Save Money On Health Expenses

FINANCIAL HEALTH

Unexpected health care costs can be hard on any budget. To help manage your own health care costs:

*Get preventive care.Well visits and checkups often cost a lot less than treating a disease or illness. Talk to your doctor and dentist about how often you should be seen, and stick to this schedule.

*Use generic medicines.Name brand medicines can cost hundreds of dollars more than generic ones. Ask your doctor if a generic medicine is available for your condition. Tell your doctor if you are having trouble paying for medications. Drug makers sometimes offer coupons or savings cards for people who need them.

*Shop around for your prescriptions.Medicine costs can vary widely among pharmacies. Call pharmacies and ask for the cost of your prescription medicine. Some websites also have prescription medicine costs available for pharmacies in your area. You may also wish to look into mail-order pharmacies.

*Check your medical bills.Make sure there are no mistakes on your doctor, hospital or prescription bills. And, be sure your insurance covered services it is supposed to cover. If you have questions, or think you may be over-billed, call the number listed on your bill.

Source: Consumer Federation of America

Watch those late fees!

A few dollars here, 20 dollars there… late fees can add up. Whether it’s your credit card bill or a service you received, make an effort to pay your bill on time. Avoid late fees by getting bills set up on automatic payment plans. Or, have a special slot on the wall to place bills that haven’t been paid. Then, they won’t get buried under junk mail or other papers on your desk.

© American Institute for Preventive Medicine

January 23, 2026
An Annual Financial Review

FINANCIAL HEALTH

Managing your finances is a long-term investment. Following a budget is the blueprint for financial health. But, how do you know if it’s working?

A yearly financial review provides a snapshot of how well your financial management achieves your financial goals. And it allows you to identify and adapt to changes in your financial health.

Step 1: Review your debts

Begin by making a list of all your debts and their interest rates. Evaluate your progress in reducing your debt burden in the past year. Determine if your current payoff plan is working or if you need to allocate more resources to reduce debt.

Step 2: Reevaluate your budget

Compare your budget to your actual monthly expenses. Make adjustments so it accurately reflects your current bills and income. It’s normal for things to change over the course of a year. Identify areas where you are overspending and need to adjust either your budget or your spending habits.

Step 3: Assess your savings

It’s wise to have a rainy-day fund set aside in a separate savings account. That account should be paid into each month to provide a safety net in case of unexpected expenses. Check to see how well you did contributing each month.

Step 4: Review retirement accounts

Check in with any retirement or investment accounts and consider whether they are growing at a comfortable pace. Make sure you are taking full advantage of any matching retirement funds from your employer. Double-check how the maximum IRA contribution may affect you in the coming year.

Step 5: Update your financial goals

Using all the information you have gathered, set both short and long-term financial goals. Paying off debts, reducing expenses, increasing savings or retirement, or planning for a large purchase can all be part of your updated goals. Keep the goals specific and measurable.

© American Institute for Preventive Medicine

January 23, 2026
4 Behaviors For A Healthy Wallet

FINANCIAL HEALTH

1. Make a budget and stick to it.

Many money experts will tell you that you need to know where your money is going each month. Creating a budget helps to see how much you spend on certain things and where you can cut back to save even more.

2. Check your credit report each year.

You are entitled to a free credit report once per year. This is an important step to help spot identity theft early. Your credit report can affect your mortgage rate and ability to get a loan.

3. Shop around for a good APR on your next loan.

The annual percentage rate (APR) on a loan is an important number. This is the total cost, including fees and interest, described as a yearly rate. The APR can vary widely between banks or lenders. It pays to take some extra time to find the best rate. Make sure you understand exactly what you will pay.

4. Put money away for an emergency fund.

Having an emergency fund offers peace of mind and protection from unexpected costs. Even a few dollars a week can add up, so save what you can.

Paycheck checkup

The Internal Revenue Service (IRS) says employees should look at their paycheck withholdings each year. Withholdings are taxes that are taken out of your paycheck.

It’s especially important to check your withholdings in 2018, the IRS says. The Tax Cuts and Jobs Act, signed in December 2017, may change how much you want withheld.

The IRS has a withholding calculator on their website at:apps.irs.gov/app/withholdingcalculator. This calculator can help you be sure that you aren’t having too much or too little tax withheld from your paychecks.

© American Institute for Preventive Medicine

January 23, 2026
Save More, Spend Less

FINANCIAL HEALTH

According to the American Psychological Association, finances are the number one cause of stress in America. Whether it’s meeting the monthly bills or trying to build a retirement fund, financial worries can be difficult to deal with.

If you’re looking for ways to stretch your monthly budget, the Federal Trade Commission offers some tips that may help you save more and spend less without feeling the pinch.

Start with a budget.

This may not be fun, but it doesn’t have to be long and difficult. You can use something as simple as a two-column sheet of paper. In one column, write your net income for the month. In the other column, record all your expenses: basic monthly bills (mortgage, food, transportation), lifestyle choices (entertainment, eating out, personal care, pets), and other expenses. This will give you a clear idea of how much you need to save or cut back on spending. The FTC website offers a free budget worksheet atwww.consumer.ftc.gov/articles/pdf-1020-make-budget-worksheet.pdf.

Consider direct deposits into savings accounts.

Have part of your paycheck go directly into a 401 savings or other type of retirement account. Have additional money put into another savings account for an emergency fund and major expenses as needed.

Pack lunches.

A daily $6 spent on lunch adds up to $800 a year. Instead, make extra food for dinner and take leftovers or make your own sandwich. Or, purchase healthy frozen meals when they’re on sale.

Use free community services.

Most cities have well-stocked libraries that have books, magazines, music, games, and movies. You can check these items out for free.

Know that every little bit helps.

Make small, manageable goals to help you save. Even just $1,000 less on your credit card bill could save you hundreds of dollars in interest each year. Eating out one fewer time each week adds up to big savings in a few months. Rather than being discouraged by a goal that seems impossible, look for small, doable ways to save a few dollars here and there.

© American Institute for Preventive Medicine

January 23, 2026
Are Payday Loans Worth It?

FINANCIAL HEALTH

When you need money, payday loans may seem like a quick, easy option. But these loans may not be worth the money they cost you.

Payday loans are also called cash advance loans. They’re a short-term loan. You pay a fee – often a big one – to borrow money for a short amount of time.

How does a payday loan work?

* You give the lender a check for the amount of money you want to borrow plus the fee to borrow it. For instance, if you borrow $500 and their fee is $75, you give the lender a check for $575.

* The lender keeps your check and gives you $500 cash.

* On your next payday, you pay the lender $575. You can have the lender cash your original check or you can pay in cash.

If you can’t pay back the $575 on your next payday, you may have to roll over the loan. This means you may pay another fee. The high fees for these loans add up quickly. It can get so expensive that you end up paying back an amount much higher than what you borrowed.

Other loan options

Payday loans are often not worth the cost. Consider borrowing money from your bank or credit union or use your credit card instead. Even if your credit card interest rate is 20%, this may still be lower than a payday loan.

Sometimes you can ask for more time to pay your bills. A credit counselor may be able to help with this.

Compare loan costs

If you need a loan, ask about these things before you sign and agree:

* What is the annual percentage rate (APR)?

* What are the fees?

* When do I pay it back?

* What happens if I can’t pay it back on time?

Sometimes things happen and you need some money quickly. If you’re in this situation, try to find a loan with low fees. Think about the amount you need. Only borrow what you know you can pay back with your next paycheck.

Source: Federal Trade Commission

© American Institute for Preventive Medicine

January 23, 2026
Beware Of “Free” Trials

FINANCIAL HEALTH

We’ve all seen offers for “free trials” of products or services. It seems like a good idea because if you don’t like it, you can just end the trial and pay nothing, right?

Not necessarily. Here are some of the ways dishonest companies may use these trial offers:

* They make it hard for the consumer (you) to cancel. Perhaps you need to call a phone number, but you can’t get anyone to answer or they put you on hold for long periods.

* They hide the terms and conditions in tiny type that’s hard to read.

* They use pre-checked boxes as the “default” setting online.

* They have extremely strict rules about returning and canceling something.

* They charge you for shipping and handling. This means they now have your credit card number, making it easy for them to charge you for something later.

* They automatically enroll you in a club or subscription that sends you things each month. Or, the subscription automatically renews without your consent.

Even with honest and good business practices, you’ll still need to cancel or take some other action before the trial ends. If you don’t, the company may take this as a go-ahead to charge you for something you may not want.

Avoiding Scams

Not all free trials are scams. But, before you sign up for one, take these steps:

*Research the company online.Look for customer complaints about their service or trial offers.

*Read the terms and conditions.If you can’t find them, don’t sign up.

*Beware of pop-ups.A pop-up on a website may be from a different company. Be sure you deal with the company you really want.

*Watch out for pre-checked boxes.A little checkmark may give your consent to continue the offer past the free trial or to sign up for more products.

*Mark your calendar.Be sure you are ready to cancel your trial before it expires. Plan to do this at least a couple of days in advance so you are well within the time limit.

*Check your credit and debit card statements.If you see unknown charges, contact the company. If that doesn’t work, contact your credit card company to dispute the charge.

If you’ve been wrongly charged for a free trial offer, report it to the Federal Trade Commission. You also can contact your local consumer protection agency, and file a complaint with the Better Business Bureau.

Source: Federal Trade Commission

© American Institute for Preventive Medicine

January 23, 2026