Money Black Holes You Should Avoid

November 25, 2020

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Rich & Kristina Messenger

Rich & Kristina Messenger

Senior Vice President

550 S Watters Rd.
Suite 155
Allen, TX 75013

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September 21, 2020

Does healthy living have to cost more?

Does healthy living have to cost more?

Many of us may be chair-bound during the workday and may come home lethargic and sluggish – seeming results of a sedentary lifestyle and some potentially unhealthy habits of office life.

You might be itching to break this cycle and establish some healthier habits for yourself, but you don’t want to break your budget either.

If you’re interested in improving your healthy habits – but aren’t interested in spending a lot of money to do it – read on!

Getting more exercise
Many people equate maintaining a regular exercise regimen with an expensive gym membership, but you don’t have to have one to exercise. One can perform body-weight exercises just about anywhere, so getting in some sit ups, push ups, squats, and a brisk jog can be free of charge. Other body-weight exercises, like pull-ups, may require finding a place to do them, but all one needs is a horizontal bar. This can range from a sturdy tree limb to the monkey bars at the playground.

Not sure where to begin? There are a myriad of free videos and programs online for all ages, goals, and body types. (As always, get your doctor’s approval before starting any exercise program.) If an exercise program is all new to you, you might want to start with only 10-15 minutes, then work up from there.

It does require forming a habit to establish a regular exercise routine. For that reason, it’s a good idea to build exercise into a part of your day. That way, a sense of something missing may arise when the exercise is not completed, which can be a motivation to get the workout in.

Eating healthy
This one may be a little harder to solve than the exercise issue, because saving money on your food bill may require a bigger time commitment than you’re used to, with additional shopping and food preparation. The good thing about fruits and vegetables is that many of them can be eaten raw with minimal prep time.

Internet shopping provides a myriad of resources for finding good deals for nutritious foodstuffs. If you’re feeling more adventurous and don’t mind getting your hands dirty, there may also be a local communal garden[i] in your area. Some apartment complexes offer their roofs to be used as gardens, and for those with no other options, growing right in your high-rise apartment is feasible[ii]. One of the best parts about gardening? It may give you some exercise in the process.

Unfortunately, most people can’t raise their own livestock, so for meat (and alternative protein sources) online delivery is an option, as well as shopping sales and using coupons at your local grocery store.

If all of this seems like too great of a commitment (admittedly it may take some extra work), there are other ways to start the journey without running headlong into an agricultural venture. Simply avoiding processed and fast foods is a start, as these options can be more expensive and may offer less in the way of solid nutrition. And if you find the “healthy” option too bland, make a pledge to yourself to stick with it until your taste buds become accustomed to the new foods, or experiment with spices and herbs to increase the flavor intensity.

Eating healthy and beginning an exercise program certainly demand a degree of attention and commitment, but they do not always require a lot of money. Regardless of what advertisers want you to believe, it is possible to stay in shape without a gym membership or expensive home gym equipment, and you can eat healthy without spending a week’s paycheck in the grocery store’s organic aisle.

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August 3, 2020

Business Ideas for Students

Business Ideas for Students

Starting a business is never easy.

The U.S. Bureau of Labor Statistics reports that 65% of businesses fail within 10 years.(1) Only 25% make it past 15 years.(2) Those odds aren’t great. It would take a full time effort and a huge arsenal of resources to even consider starting a business, right?

But you might be surprised how easy it is to get started, even if you have a full time commitment like school. Here are a few ideas to get you situated on the path towards entrepreneurship!

Writing
The written word gives us the power to communicate our ideas, learn from others, and persuade. No wonder the demand for high quality writing is so consistent! And if you’re a student with a gift for prose, you might be sitting on a cash cow. Businesses all across the country need good writers, and they’re willing to pay for your services. There’s a good chance that you already have the tools you need (i.e., a laptop and writing software). Find a site for freelance work and start writing!

Tutoring
Do you have a special grasp of a particular subject? Is that subject taught at your university? You might want to consider tutoring if you answered yes to both of those questions. University is hard! Students need all the help they can get and they might be willing to pay you for your insights and expertise. Make sure you actually know your stuff, do some research on teaching techniques, and make a paper ad you can post on campus. The level of interest may surprise you!

Exercising
Maybe you’re the person who prefers sound nutrition and pumping iron to reading and studying. Have no fear, my creatine and protein shake pounding friend; there are plenty of opportunities for you to leverage your fitness know-how to make money. That’s right; you could try being a personal trainer! Get some videos of your lifting exploits out on social media, ask your more puny friends if they’re trying to get yoked, and get the word out there.

Marketing
You’re surrounded by marketable brands. It might seem counterintuitive, but technically speaking, anyone with a social media presence has the power to become an influencer. And that’s where you come in! Do you have a knack for social media? Do you seem to intuitively know what kind of content will get followers and likes? Then your skills are in huge demand. Companies, small businesses, and even your classmates might be willing to shell out big dollars for your help creating content. Assemble a collage of your most popular posts, come up with some strategy ideas, and start giving your peers advice.

Starting a business takes some work. But if you use skills you’ve already mastered and make sure you keep your commitment levels reasonable, you might find it’s not as difficult as you think. Do some brainstorming, identify your strengths, come up with a plan, and spread the word!

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March 23, 2020

Are Gym Memberships Worth It?

Are Gym Memberships Worth It?

Let’s face it—we’ve all botched a New Year’s fitness resolution.

Sure, we started the year with great intentions and a few gym visits, but it didn’t take long for our resolve to waver and we never returned. However, many of us have kept that membership around. After all, we paid so much to sign up that we might as well hold on to it just in case our motivation comes back, right?

Wrong.

It turns out that gym membership might have been a bad value right from the start. But how can you tell? Here’s a few things to consider if you’re thinking about finally moving on from your overly ambitious New Year’s resolution.

How gym memberships work
Gym memberships seem pretty simple on the surface; you pay once a month for access to gym equipment during operating hours. But annual fees and initiation fees can add up pretty quickly, meaning that you can potentially sink hundreds of dollars into a gym. National gym chains may range in price from $164 to $1,334 per year, but the national average comes out to $696 annually. Plus, some gyms make you sign a contract locking you into a year-long membership. You have to pay for the membership regardless if you work out!

The big question: Are you paying for something you won’t use?
Gym memberships are more cost effective the more you take advantage of them. Going to the gym seven times a week at an average priced gym? Let’s do the math. You’ll pay $1.90 per visit. Go four times per week? $3.36 (1).

But let’s say you visit the gym about four times per month for an hour-long sweat session. You’ll wind up spending $14.50 per hour! To put that in perspective, we spend an average of $0.28 on Netflix per hour. Sitting around watching TV is far more cost effective than working out.

Alternatives to gym memberships
So what can you do if you want to get fit but don’t want the potential financial black hole of a gym membership? It’s often cheaper in the long run to build your own gym at home rather than getting a membership. You also might want to see if your apartment or office has a serviceable gym. If all else fails, you can always do body weight exercises. You might be surprised by how grueling and intense push-ups and squats can be!

The bottom line is that the keys to making your gym membership worth it are motivation and discipline. The cost of buying a membership isn’t enough incentive (2). You have to find a deeper drive to get you in the gym week in and week out. Check out the costs of your local gym, weigh the alternatives, and ask yourself why you want to start working out before you sign that contract!

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May 20, 2019

Don't Panic: What You Need To Know For Your Life Insurance Medical Exam

Don't Panic: What You Need To Know For Your Life Insurance Medical Exam

I don’t know about you, but most people don’t like exams – either taking one or having one done to them.

But there’s no need to panic over your life insurance medical exam (yes, you’re probably going to have one). I’ve got some steps you can take before the “big day” to help prevent readings which may skew your test results or create unnecessary confusion.

One important thing to keep in mind is that the exam’s purpose isn’t to pass or fail you based on your health. Your insurer just needs to understand the big picture so they can assign an accurate rating. Oftentimes, the news can be better than expected, and generally good health is rewarded with a lower rate. Alternatively, the exam might uncover something that needs attention, like high cholesterol. That might be something good to know so you can make necessary lifestyle changes.

Think of your exam as a big-picture view. Your insurer will measure several key aspects of your health. These areas help determine your life insurance class, which is simply a group of people with similar overall health characteristics.

Your insurer will most likely look at:

  • Height and weight
  • Pulse/blood pressure tests
  • Blood test
  • Urine test

Tests can indicate glucose levels, blood pressure levels, and the presence of nicotine or other substances. Body Mass Index (BMI) – a measurement of overall fitness in regard to weight – may also be measured as part of your life insurance exam.

So let’s find out what you can do to prepare for your exam!

The most obvious cause that could affect your results is medications you’ve taken recently. These will probably show up in your blood tests. Bring a list of any prescription medications you’re taking so your insurer can match those to the blood analysis.

Over the counter meds can interfere with test results and create inaccurate readings too, so it might be best to avoid them for 24 hours prior to your medical exam if possible. Caffeine can cause spikes in blood pressure. Limit your caffeine intake or avoid it altogether, if possible, for 48 hours prior to your exam. Smoking can elevate blood pressure as well.

Alcohol has a similar effect on blood pressure. Try to avoid alcohol for 48 hours prior to taking your life insurance medical exam. Some types of exercise can also spike blood pressure readings temporarily. If you can, avoid strenuous exercise for 24 hours before your medical exam.

Some types of foods can create false readings or temporarily raise cholesterol levels. It’s best to avoid eating for 12 hours prior to your exam, giving your body time to clear temporary effects. Scheduling your exam for the morning makes this easier.

Stress can affect blood pressure readings. (Surprise, surprise.) Try to schedule your life insurance medical exam for a time when you’ll be less stressed. After work might not be the best time, but maybe after a good night’s rest would be better.

Have any further questions on how you can prepare for your exam? I’m here to help!

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January 7, 2019

More financial tips for the new year

More financial tips for the new year

There’s nothing like the start of a brand new year to put you in a resolution-making, goal-setting, slate-cleaning kind of mood.

Along with your commitment to eat less sugar and exercise a little more, carve out some time to set a few financial aspirations for the new year. Here are some quick tips that may add up to significant benefits for you and your family.

Check your credit report
Start the new year with a copy of your credit report. Every consumer is entitled to one free credit report per year. Make it a point to get yours. Your credit report determines your credit score, so an improved score may help you get a better interest rate on an auto loan or a better plan for utilities or your phone.

Check your credit report carefully for accuracy. If you find anything that shouldn’t be there, you can file a dispute to have it removed. There are several sites where you can get your free credit report – just don’t get duped into paying for it.

Up your 401(k) contributions
The start of a new year is a great time to review your retirement strategy and up your 401(k) contributions. If saving for retirement is on your radar right now – as it should be – see if it works in your budget to increase your 401(k) contribution a few percentage points.

Review your health insurance policy
The open enrollment period for your health insurance may occur later in the year, so make a note on your calendar now to explore your health insurance options beforehand. If you have employer-sponsored health insurance, they should give you information about your plan choices as the renewal approaches. If you provide your own health insurance, you may need to talk to your representative or the health insurance company directly to assess your coverage and check how you might be able to save with a different plan.

Make sure your coverage is serving you well. If you have a high deductible plan, see if you can set up a health savings account. An HSA will allow you to put aside pretax earnings for covered health care costs throughout the year.

No spend days
Consider implementing “no spend days” into your year. Select one day per month (or two if you’re brave) and make it a no spend day. This only works well if you make it non-negotiable! A no spend day means no spur of the moment happy hours, going out to lunch, or engaging in so-called retail therapy.

A no spend day may help you save a little money, but the real gift is what you may learn about your spending habits.

Do some financial goal setting
Whether we really stick to them or not, many of us might be pretty good at setting career goals, family goals, and health and fitness goals. But when it comes to formulating financial goals, some of us might not be so great at that. Still, financial goal setting is essential, because just like anything else, you can’t get there if you’re not sure where you’re going.

Start your financial goal setting by knowing where you want to go. Have some debt you want to pay off? Looking to own a home? Want to retire in the next ten years? Those are great financial goals, but you’ll need a solid strategy to get there.

If you’re having trouble creating a financial strategy, consider working with a qualified financial professional. They can help you draw your financial roadmap.

Clean out your financial closet
Financial tools like budgets, savings strategies, and household expenses need to be revisited. Think of your finances like a closet that should be cleaned out at least once a year. Open it up and take everything out, get rid of what’s no longer serving you, and organize what’s left.

Review your household budget
Take a good look at your household budget. Remember, a budget should be updated as your life changes, so the beginning of a new year is an excellent time to review it. Don’t have a budget? An excellent goal would be to create one! A budget is one of the most useful financial tools available. It’s like an x-ray that reveals your income and spending habits so you can see and track changes over time.

Make this year your financial year
A new year is a great time to do a little financial soul searching. Freshen up your finances, revisit your financial strategies, and greet the new year on solid financial footing.

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This article is for informational purposes only and is not intended to promote any certain products, plans, or strategies for saving and/or investing that may be available to you. Before investing or enacting a savings or retirement strategy, seek the advice of a financial professional, accountant, health insurance representative, and/or tax expert to discuss your options.

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