How Do Checking Accounts Work?

April 19, 2021

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Denise and Chris Arand

Denise and Chris Arand

Executive Vice Presidents/Financial Strategists

2173 Salk Ave
#250
Carlsbad, CA 92008

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March 31, 2021

Leadership: 4 Ways to Inspire and Engage

Leadership: 4 Ways to Inspire and Engage

Leaders are often the ones who both create and maintain a positive work environment.

But that’s far easier said than done. It can feel like the success of your entire team falls squarely on your shoulders. That can create stress. Lots of it. And that can make it difficult to create a positive atmosphere in your workspace.

But there are some simple practices that can help foster a healthy and happy work environment. Here are a few!

Be an active listener. Don’t just hear what someone says. Focus, engage, and show interest in what is being said while asking questions. Showing that you’re listening will make others feel better about themselves and force you to take more seriously what they’re saying. It helps you get to know people on a deeper level—you’ll know exactly how best to talk with someone during your next interaction!

Ask your team for input. Your team is made up of people with many backgrounds and ideas. That’s why you need to make it a practice to ask your teammates or friends for input when coming up with a new idea. You won’t just discover possibilities that you had never thought of—workers will feel like they’re truly integrated into the team when you get their perspectives.

Give credit where it’s due. When you see an employee doing a great job, speak up! Recognize their work and let them know they’re appreciated. It will inspire the team and motivate your employees to keep striving for excellence.

Be mindful of your mood. Mindfulness is a difficult skill to master—but it can yield big results! Being aware of how you are feeling and being present in the moment is always beneficial. This one may not be easy, but with practice, mindfulness can help you respond wisely to difficult situations when they arise. Instead of getting lost in emotion-driven reactions, try monitoring your mental state and notice when you’re feeling tense—this will empower you to take productive action instead of giving way to more stress. It’s a critical ability that all leaders should invest in!

These tips aren’t just for CEOs or managers. Anyone can develop these skills and start to make their work environment a more positive place. They might be the edge you need to make difference in your company and stand out from the crowd.

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March 3, 2021

Tips to Combat Burnout

Tips to Combat Burnout

Does work have you down? Do you feel so constantly overwhelmed by deadlines or conflict that you’ve started to emotionally withdraw?

Then you might be facing burnout. It’s a condition that results in uncertainty and stress in a work environment or position. All of that pressure can result in excessive cynicism, poor performance, and a lack of energy.

If any of those sound like you or a loved one, read on for some simple tips and strategies that can help combat burnout.

Seek support and help. If you’re feeling overwhelmed by workplace stress, let someone know! Talking to someone about your feelings is always a wise move. Your friends and colleagues may be more likely to respond with trust and support than you anticipate. Consider also meeting with a qualified mental health professional to better understand your burnout and learn healthy coping mechanisms.

Exercise. If you’re physically able, schedule a daily or weekly workout into your regular routine. Why? Because there’s no simpler way to combat burnout than regular exercise. It’s been proven to combat anxiety, alleviate depression, and increase positive emotions.¹

Don’t be too hard on yourself at first—it may be challenging to motivate yourself if you’re combatting intense burnout. But try an exercise routine for a few weeks and then see how you feel. You may be surprised by the difference it makes!

Make a change. What’s something that causes you consistent stress that you can handle differently? If you’re burned out, it’s a serious indication that something must change. Simply “trying harder” or “toughening up” may lead to more frustration and emotional withdrawal.

Be honest with yourself. Are there changes you need to make in your mindset or do you need to seek a new job? What can you do differently when faced with chaos or urgent deadlines? Don’t settle for making the same mistake over and over. Identify a cause of stress, and tackle it from a new angle!

As said earlier, don’t be afraid to seek professional help if you’re facing serious burnout symptoms. These tips may help you combat burnout. But if they aren’t enough, working with a mental health expert may be what you need to recover and find peace of mind.

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¹ “Exercise for Mental Health,” Ashish Sharma, M.D., Vishal Madaan, M.D., and Frederick D. Petty, M.D., Ph.D., Primary Care Companion to the Journal of Clinical Psychiatry, 2006, 3https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1470658/#:~:text=Exercise%20improves%20mental%20health%20by,self%2Desteem%20and%20cognitive%20function.&text=Exercise%20has%20also%20been%20found,self%2Desteem%20and%20social%20withdrawal.

November 30, 2020

4 Insights Into Paying Off Debt

4 Insights Into Paying Off Debt

On paper, paying off debt seems simple. But that doesn’t mean it’s always easy.

In fact, it can get downright discouraging if you don’t see any progress on your balances, especially if you feel like your finances are already stretched.

Fortunately, there are ways to take your debt escape plan to the next level. Here are a few insightful tips for anyone who feels like their wheels are spinning.

You must create a plan
Planning is one of the most important steps towards eliminating debt. Studies show that creating detailed plans increases our follow-through.¹ It also frees up our mental resources to focus on other pressing issues.²

Those are essential components of overcoming debt. A plan helps you stick to your guns when you’re tempted to make an impulse buy on your credit card or consider taking that last-minute weekend trip. And tackling problems that have nothing to do with debt can be a breath of fresh air for your mental health.

You have to stop borrowing
Seems obvious, right? But it might be easier said than done. Credit cards can seem like a convenient way to cover emergency expenses if you’re strapped for cash. Plus, spending money can feel therapeutic. Kicking the habit of borrowing to buy can be hard!

That’s why it’s so important to fortify your financial house with an emergency fund before you start eliminating debt. Save up enough money to cover 3 months of expenses. Then quit borrowing cold turkey. You should always have enough cash in reserve to cover car repairs and doctor visits without using your credit card.

Your lifestyle has to change
But, as mentioned before, debt can embed itself into lifestyles. You can’t get rid of debt without cutting back on spending, and you can’t cut back on spending without transforming your lifestyle.

When you’re making your escape plan, identify your highest spending categories. How important are they to your quality of life? Some of them might be essential. But you may realize that others exist just out of habit. Be willing to sacrifice some of your favorite activities, at least until you’re debt free.

You can still do the things you want
This does NOT mean that you have to be miserable. You can still enjoy a vacation, buy an awesome gadget, or treat your partner to a romantic dinner. You just have to prepare for those events differently.

Create a “fun fund” that you contribute money to every month. Budget a specific amount to put in it and dedicate it to a specific item. This allows you to have some fun every now and then without derailing your journey to financial freedom.

Debt doesn’t have to be overwhelming. These insights can help you stay the course as you eliminate debt from your financial house and start pursuing your dreams. Let me know if you’re interested in learning more about debt-destroying strategies!

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¹ “Making the Best Laid Plans Better: How Plan-Making Prompts Increase Follow-Through,” Todd Rogers, Katherine L. Milkman, Leslie K. John and Michael I. Norton, Behavioral Science and Policy, 2016, https://scholar.harvard.edu/files/todd_rogers/files/making_0.pdf

² “The Power of a Plan,” Timothy A Pychyl Ph.D., Psychology Today, Nov 17, 2011, https://www.psychologytoday.com/us/blog/dont-delay/201111/the-power-plan

March 25, 2020

Morning Routines Of Winners

Morning Routines Of Winners

Mornings are rough.

Waking up from sweet sleep to a blaring alarm is never fun, especially if you’re dreading the day ahead. But there’s a better way to approach those opening hours. Here are some tips for getting a step ahead in the morning and building momentum to carry you through the day.

Wake up early
Waking up early is easier said than done. The snooze button is all too enticing when we’ve stayed up the night before and want “just ten more minutes” of peaceful sleep. But it’s also the enemy of having productive mornings. Resetting your sleep schedule and waking up (and actually getting out of bed) earlier means that you have more time for yourself every day. You start off in total control of how you spend your time instead of scurrying around trying to get ready for work. It’s not easy, but an investment in your morning is one of the best decisions you can make!

Eat breakfast
Starting off your morning with a healthy breakfast gives you the energy you need to rev up. It fuels your body and brain to make the most of those early hours. Who wants to wake up at the crack of dawn and try to get stuff done only to be starving the whole time?

Plan out your day
Mapping out your day has a few benefits. Structure is almost always a good thing. Being able to clearly see what needs to be done and when can help you prioritize and make sure things don’t slip through the cracks. But seeing a problem on paper sometimes takes the dread out of it and makes it more mentally manageable. That’s sometimes all you need to get out there and conquer a problem.

Just remember that it takes time to reset your sleep schedule. Make sure that you avoid screens before bedtime, hit the hay early, and avoid caffeine late in the day. Start moving your alarm earlier every week and be patient! Apply some of these tips and you’ll be going on the offensive every morning in no time.

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March 11, 2020

3 Tricks to Boost Your Confidence

3 Tricks to Boost Your Confidence

Confidence is an essential life skill.

It empowers you to put yourself out there, take necessary risks, and inspire others to meet their full potential. But many of us face hesitation about how much we can accomplish. Much of the time, our confidence gets outvoted by our doubt and we take the path of least resistance. Here are a few ways to start developing your self confidence and tip the scale in favor of boldness instead of apprehension.

Expand your horizons
Challenging yourself is the foundation of confidence. It’s not easy. Embracing uncomfortable situations and pushing yourself to the outer limits of your abilities can be intimidating. But it’s also essential for building your confidence. Proving to yourself that you can do difficult things and overcome challenges changes the way you perceive yourself. You stop seeing impossible odds and start realizing that you’re a lot tougher than you might have thought. Obstacles get replaced by opportunities.

Start with little challenges and work your way up. Achieving those little victories is the spark that will jumpstart your journey towards greater self-confidence!

Exercise
Working out is good for you, plain and simple. But exercise doesn’t just improve your physical health; it does wonders for your self-image and mental health. It can reduce stress and anxiety, unleash positive chemicals in your brain, and increase feelings of self-worth (1). Plus, seeing positive changes in your physical appearance can be one of the biggest confidence boosters around!

Your appearance
Along the same lines, changing up your wardrobe a little and trying something new is an easy way of boosting your confidence. Looking in the mirror and seeing shabby hair and a faded t-shirt covering a slouching body is hardly inspiring for you or anyone else. Upping your fashion game, trying out a new style, and improving your posture are simple ways to help boost your confidence. A compliment about how you’re dressed can do wonders for your mood. That’s not to say that you should obsess over your looks and spiral out if you spot a pimple, but switching up your look can sometimes give you the self-image surge you need to make big plays!

You can’t fake confidence. People can see through chest puffing and bravado. True confidence takes time to cultivate. But these simple tips are great starting points as you strive for self-assurance. Just remember that there’s nothing wrong with starting small and building towards bigger goals at your own pace, whether that’s at work or in the gym.

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February 17, 2020

Habits of Successful People

Habits of Successful People

Successful people come from all types of backgrounds.

But did you know there are certain habits they tend to have in common? What’s better yet, they’re mostly practices that don’t require a huge budget to start doing. Here are three concrete ways that you can imitate the wealthy—starting today!

Wake up early (but also get enough sleep)
Let’s establish right away that most people shouldn’t wake up at four in the morning if you’re going to bed at midnight. Lack of sleep can exacerbate or cause dozens of health and mental issues ranging from obesity to depression (1). That’s the exact opposite of what rising with the sun is supposed to do!

The primary perk of going to bed early and waking up early is that it helps give you control of your day. You’re not simply rolling out of bed forty-five minutes before work and coming home too tired to do anything useful. Instead, you get to devote your most productive hours to something that you care about, whether that’s meditating, working on a passion project, or exercising. Speaking of which…

Exercise
Exercise is something that the successful tend to prioritize. One survey found that 76 percent of the wealthy devoted 30 minutes or more a day to some kind of aerobic exercise (2). It seems obvious, but working out doesn’t just improve physical health; it can help ward off depression and increase mental sharpness (3). It’s no wonder so many successful people make time to exercise.

Read
Almost 9 out of 10 wealthy people surveyed said they devote thirty minutes a day to reading. Why? It turns out that it can improve mental awareness and helps keep your brain fine-tuned (4). But reading can also be a valuable way of expanding your perspective, learning new ideas, and drawing inspiration from unexpected places.

Some of these habits might seem intimidating. Switching your bedtime back three hours so you can wake up before sunrise is a big commitment, as is working out consistently or reading books if you’re just used to scanning social media. Try starting off small. Get out of bed thirty minutes earlier than usual for a week and see if that makes a difference. One day a week at the gym is much better than zero, and reading a worthwhile article (like this one!) might pique your appetite for more. Whatever your baby step is, keep expanding on it until you’re an early rising, iron-pumping, and well-read machine!

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December 16, 2019

How to Make Better Financial Decisions

How to Make Better Financial Decisions

Numbers never lie, and when it comes to statistics on financial literacy, the results are staggering.

Recent studies indicate that 76% of Millennials don’t have a basic understanding of financial literacy. Combine that with having little in savings and mountains of debt, and you have the ingredients for a potential financial crisis.

It’s not only Millennials that lack a sound financial education. The majority of American adults are unable to pass a basic financial literacy test. But what is financial literacy? How do you know if you’re financially literate? It’s much more than simply knowing the contents of your bank account, setting a budget, and checking in a couple times a month. Here’s a simple definition: “To be financially literate is to have the knowledge, skills, and confidence to make responsible financial decisions that suit our own financial situations.”

Making responsible financial decisions based on knowledge and research are the foundation of understanding your finances and how to manage them. When it comes to financial literacy, you can’t afford not to be knowledgeable.

So whether you’re a master of your money or your money masters you, anyone can benefit from becoming more financially literate. Here are a few ways you can do just that.

Consider How You Think About Money
Everyone has ideas about financial management. Though we may not realize it, we often learn and absorb financial habits and mentalities about money before we’re even aware of what money is. Our ideas about money are shaped by how we grow up, where we grow up, and how our parents or guardians manage their finances. Regardless of whether you grew up rich, poor, or somewhere in between, checking in with yourself about how you think about money is the first step to becoming financially literate.

Here are a few questions to ask yourself:

  • Am I saving anything for the future?
  • Is all debt bad?
  • Do I use credit cards to pay for most, if not all, of my purchases?

Pay Some Attention to Your Spending Habits
This part of the process can be painful if you’re not used to tracking where your money goes. There can be a certain level of shame associated with spending habits, especially if you’ve collected some debt. But it’s important to understand that money is an intensely personal subject, and that if you’re working to improve your financial literacy, there is no reason to feel ashamed!

Taking a long, hard look at your spending habits is a vital step toward controlling your finances. Becoming aware of how you spend, how much you spend, and what you spend your money on will help you understand your weaknesses, your strengths, and what you need to change. Categorizing your budget into things you need, things you want, and things you have to save up for is a great place to start.

Commit to a Lifestyle of Learning
Becoming financially literate doesn’t happen overnight, so don’t feel overwhelmed if you’re just starting to make some changes. There isn’t one book, one website, or one seminar you can attend that will give you all the keys to financial literacy. Instead, think of it as a lifestyle change. Similar to transforming unhealthy eating habits into healthy ones, becoming financially literate happens over time. As you learn more, tweak parts of your financial routine that aren’t working for you, and gain more experience managing your money, you’ll improve your financial literacy. Commit to learning how to handle your finances, and continuously look for ways you can educate yourself and grow. It’s a lifelong process!

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February 20, 2019

Your health and your finances

Your health and your finances

Staying healthy has obvious physical benefits, like the chance for a longer and higher quality of life.

There is also the increased opportunity to partake in physical activities like team sports, or hiking and skydiving.

But there are also potential financial benefits to staying healthy. These may manifest in lower insurance premiums, lower medical care costs, and other less obvious ways.

The Immediate Benefits
Some benefits may be immediately observable, like a potential drop in insurance premiums for those who quit smoking or who allow an insurance company to track their daily exercise goals and accomplishments.[i] Of course, a healthier body may translate to fewer doctor visits and medication expenses, which may mean lower costs for anyone with high deductibles and copays.

For family members, a longer, healthier, higher quality life may also mean fewer expenses in your twilight years, when senior citizens may continue to live in their own homes without assistance. Of course, genetics play a role in the development and progress of health, but many leading causes of death may be entirely or partially preventable.[ii] Actively pursuing a healthy lifestyle may lead to lower risk of disease and debilitation.

Health and life insurance companies want to attract these kinds of clients (who are long-lived, make fewer claims, and pay premiums for a greater amount of time), so these companies may offer benefits in return. Family members and friends may potentially have less to pay for end-of-life care and even benefit from being able to spend more time with loved ones. This may produce positive financial results, like fewer sick days from stress-related illness and better mental health.

The Less Obvious Benefits
Lower insurance premiums, lower medical costs, and more time to live in a meaningful way are obvious potential benefits of good health. But many latent financial benefits are also derived from maintaining good health. One example is being able to perform certain daily activities that may save you money.

Those with health problems often simply cannot perform tasks that may be taken for granted by healthy individuals, like packing and moving house, walking to the grocery store 15 minutes away, or living in a more affordable walk up building on a non-ground floor. Those who are unhealthy may need to hire people to help them move, to shop for them, or be required to pay a premium for access to a building with an elevator (or potentially even more costly, have a chair lift installed in their home).

A possible benefit of healthier eating is an appreciation for more subtle tastes that are not overpowered by sugar and salt. Those who regularly eat low salt or low sugar foods may create a positive feedback cycle wherein they remain healthy because they start to truly enjoy healthier food. This can lead to a wider range of options of enjoyable food and may help lower food costs.[iii]

Saving on transportation costs can be a benefit of health as well if you’re able to bike or walk to work. Living too far from your place of employment may make this impossible, but for those who live nearby, commuting by bicycle or walking on days with suitable weather may cut down costs on transportation while simultaneously providing the benefit of exercise.

One of the less evident but easily identifiable benefits of maintaining good health may be stronger cognitive abilities and better mood balancing. Eating healthy[iv] may contribute to brain health, while regular exercise[v] may help stimulate improved memory function and thinking skills. Better health may lead to more opportunities. Improved mood may also help navigate society more adeptly, possibly leading to even further opportunity, both economically and in personal fulfillment.

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