Tips to Combat Burnout

March 3, 2021

View Article
Rich & Kristina Messenger

Rich & Kristina Messenger

Senior Vice President



McKinney, TX

Subscribe to get my Email Newsletter

February 17, 2021

Spend Less or Earn More?

Spend Less or Earn More?

What’s the most effective way to meet your financial goals—increasing your income or cutting your spending?

The answer? It depends on your situation. While both strategies can be useful, they’re not interchangeable. Read on to discover the advantages and limitations of each approach… and which one may be right for you.

Spending less: An immediate solution with a fixed floor. There’s no doubt that cutting expenses is the fastest way to move closer to your financial goals. Canceling a streaming service, clipping digital coupons on your phone, and carpooling are simple lifestyle adjustments that take only seconds or minutes to accomplish.

But stricter budgeting can only go so far. Moving back in with your parents, walking to work, and never having fun again may still not be enough. There’s only so much you can cut before you seriously decrease your quality of life!

Earning more: High effort, massive potential. On the surface, increasing your income can seem like a daunting task. Developing your skills, working an extra job and starting a side hustle or business can be labor and time intensive. Furthermore, some of those investments may not pay off immediately—a business or side gig may not generate significant income for weeks, months, or even years!

But those investments also have massive payoff potential. Once you’ve mastered a skill, your earning power is only limited by the market demand for your abilities and your time. And as you grow more and more competent, your potential to earn only increases.

The takeaway? Spending less is a quick and simple move towards your financial goals. But, over the long-term, earning more has far more potential to create the wealth you desire. If you need to quickly increase your cash flow, create a budget and reduce your excess spending. But when your financial situation stabilizes, take inventory of your skills. You might be surprised by how many money earning talents you have, if you take the time to cultivate them!

  • Share:

February 8, 2021

3 Steps to Reduce Debt with Limited Income

3 Steps to Reduce Debt with Limited Income

Is your income holding you back from paying down debt?

It may feel like necessities such as housing, groceries, and transportation are consuming your cash flow. So how can you pay down debt if you feel like you’re struggling to put food on the table?

Reducing debt with a limited income is certainly a challenge. But if you know the right strategies, it’s an obstacle that you can work to overcome. Read on for tips that can help you pay down debt, regardless of how much you earn.

Budget debt payments first. The next time you sit down to budget, start by allocating money for reducing your debt. It should be your number one priority. Then, budget for essential living expenses like housing, utilities, and groceries. If you need more cash flow, cut down on non-essential spending like dining out and purchasing new clothes.

Start a side gig. If cutting expenses alone doesn’t free up enough cash, explore ways to make more money. That doesn’t always mean starting a second job—after all, this is the golden age of side gigs! Here are just a few hustle ideas for your consideration…

■ Resell books, clothes, and shoes you might pick up from the thrift store on eBay ■ Rideshare or deliver groceries and food ■ House sit, baby sit, or pet sit for friends and neighbors

Ultimately, your ability to earn income is only limited by your creativity in solving problems. What other opportunities are there for you to help others and earn extra income?

Make more than minimum payments. Your debt will linger if you make only minimum payments. That’s because minimum payments are nearly erased by interest. You make a payment, but the interest may put you almost right back where you started.

Instead, choose one debt to eliminate at a time. You should start with the one with the smallest total balance or the highest interest rate. Keep making the minimum payments on your other debts, and target that one debt with the rest of your available financial resources. Once it’s gone, choose the next smallest balance. Rinse and repeat until your debts are gone.

The biggest takeaway is that if you’re working with a limited income, paying off debt has to become your number one financial goal. Devote as much of your budget towards it as possible and increase your earnings if you have to. But it’s well worth the effort—once your debt is gone, you’ll have significantly more income for building real wealth!

  • Share:

April 6, 2020

The Gig Economy

The Gig Economy

The gig economy is huge.

Almost 36% of workers were involved in the gig economy in 2019, and it seems like that number could grow in the future (1). But what exactly is the gig economy? What even is a gig? And how is it different from what’s existed in the past? Those are the big questions we’ll answer in this blog!

A gig vs. a job
Let’s start with the basics. We’ve gotten used to thinking of a job as being something that’s permanent. Older generations might have worked a factory for their whole lives, climbed their way up a promotion ladder, and then retired with company provided benefits. A gig, in comparison, is a job with a certain end date. That might be until a project gets completed, a website gets launched, or until your band wraps up a set at the local bar. It’s temporary by definition. Gigs are still jobs. You provide a service and money changes hands. But they’re very different from what we’ve come to expect jobs should look like.

Digital gigs
Gigs have always existed. Old-school mercenaries would sign up to fight until specific contracts expired, jumping from warlord to warlord. But the nature of gigs has changed. When someone talks about a side hustle these days they’re probably describing some kind of pay-by-the-job work they’re doing via an app or the internet. That could be driving for a ride share like Uber, doing design contracts on Upwork, or even finding one-and-done moving jobs on Craigslist!

Technology and shifting mindsets
So why now? Why has employment changed so drastically and so quickly? Part of the answer is the massive shift in technology the last decade has seen. A side gig is now just a tap away on your phone. Someone could be freelancing for three different projects during the day and ridesharing at night—all managed on their personal device. Technology has exploded in this way because it’s what a lot of people want. Independence, flexibility, and control have become increasingly important, outweighing traditional values like stability.

It’s hard to tell where the gig economy will take us. It might be a passing phase that fades away, or it might be the norm for years to come. But there’s no doubt that new mindsets and rapidly evolving technology will continue to affect how we relate to employment for years to come.

  • Share:

September 3, 2018

Retiring Boomers: Can You Afford the Long Life You’ve Been Hoping For?

Retiring Boomers: Can You Afford the Long Life You’ve Been Hoping For?

As Baby Boomers retire or prepare to retire, there’s good news and bad news. The good news is Baby Boomers are living much longer – into their 80s. The bad news is that many aren’t financially prepared to handle the gift of a long life.

Can You Afford the Long Life You’ve Been Hoping For?
In 1900 the average lifespan was 47 years – nowadays, that’s just about midlife. The average life expectancy in 2018 is about 80. This means if you’re planning on retiring at 65, you may have another two decades to go. And that means you must have another two decades of income.

A long life is a blessing, but a long life without enough money? That might be a curse.

Baby Boomer Retirement by the Numbers
According to a study by the Insured Retirement Institute – a trade association for the retirement income industry – surprisingly, many Boomers are not financially prepared for retirement.

  • 24 percent of Boomers have no retirement savings
  • 55 percent have some retirement savings
  • 42 percent of those with some retirement savings have less than $100,000

There are a few reasons Baby Boomers are coming up short on retirement savings. Many were heavily invested during the 2008 crash and never fully recovered. Boomers were also the first generation to be tasked with saving for retirement largely on their own. Company pensions were already declining, and the rise of the 401(k) plan was underway.

Also, wages have stagnated, and interest rates have declined. Add to this a relaxed approach to retirement savings and it’s no wonder Baby Boomers are struggling with their retirement funds.

Creative Ways Boomers are Boosting Retirement Savings
Baby Boomers are nothing if not self-reliant, and many are handling their retirement dilemma in some creative ways…

  • Staying in the workforce: Some Boomers keep working for the extra income, while others enjoy their work and aren’t ready to give it up entirely.
  • Side gigs: Boomers are taking on the gig economy – earning extra cash by working part-time or through contract.
  • Alternative lifestyles: Some Boomers have decided to stretch their retirement dollars by living in another country where the dollar goes further. Others are forgoing the expense of homeownership for full-time RV travel or living on a sailboat.

Good Planning Gives You Good Options
Whatever you decide to do during your retirement years, the better prepared you are the more choices you’ll have. Whether you’re a young Boomer still in the workforce, or if you’re already living off your retirement savings, financial planning is key.

Contact a professional today to make sure you’re getting the most out of your retirement.

  • Share:

Subscribe to get my Email Newsletter