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Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of our foundation of success.

<span><strong>Driving Interest On Interest With The Next Generation</strong></span>

Driving Interest On Interest With The Next Generation

Maybe your middle schooler is already hip to saving. Many kids this age do chores and earn allowances, perhaps putting part of what they earn into a savings account for college or another future expense.

You know what’s better than saving money? Earning more money for free. That’s the power of interest, and that can get your middle schooler interested in learning about it.

Interest rates are making plenty of headlines these days amid the current economic environment. Use its prevalence in current events as a way to start the conversation and teach your kids how interest rates work with some engaging activities.

How to teach kids about interest rates

There are a couple of home activities you can do with kids to teach them about interest rates.

Say you give your child a weekly allowance. Tell them that for every $1 they put into savings out of the allowance, you’ll add $0.25. At the end of each month, go over with your child how much they put into savings and how much they earned in interest. You can track this activity over a year so they can see how substantial their earnings have been.

Another way to teach your middle schooler about interest is to borrow money from them and pay it back with interest. When you pay it back, talk to your child about why you are paying them back more than what you borrowed: that it costs money to borrow money!  You can talk about how you pay interest on things like a house and a car because you had to borrow money from the bank in order to buy these bigger items.  You can then use that as opportunity to talk about how being responsible with your money by paying others back quickly and not borrowing more than you really need will help you pay less for these big items in the future.

When they (and you!) are ready, you can flip the experiment around. When they ask for a big-ticket item you can lend them the money, with interest, of course.  Help them set up a repayment plan, with an option to work off their debt sooner so they can have the opportunity to work harder, pay it back sooner and pay less overall for their item. Don’t be afraid to get creative, and make sure to stick to your terms.

When you do these types of engaging activities, you teach your kids the impact of varying rates, and you can also highlight how both low and higher interest rates can affect them as an investor and borrower.

An opportunity for learning

Look for opportunities to practice financial literacy with fun activities. Try our Cash Stash Dash calculator for an interactive look at how being conscious of your everyday expenses can translate to savings and more. Continue to have conversations around interest rates to help your child grow their savings and make better choices for their financial future. As a Golf Coach and a small business owner, you have a great opportunity to teach your children the benefit of working for yourself.  What a gift if you can teach them early in their life about how knowing how money works in the world!  It’s easier than you think.  Call us for more ideas as to how to educate your children about financial responsibility and literacy. 

SOURCES:

https://www.cnbc.com/2020/04/08/fed-releases-minutes-from-meeting-where-it-took-rates-to-zero-because-of-coronavirus.html

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Small Business: How to Avoid Short-Termism

Small Business: How to Avoid Short-Termism

Small business owners might tell you: Anxiety about making the “monthly nut” often keeps them up at night. Will there be enough positive cash flow to cover recurring costs, such as payroll, suppliers, and utilities? In focusing solely on that nut, however, an owner can easily lose sight of, well, the trees. Without long-term strategies to nurture growth, a small business can wither and die.

Researchers recently examined the performance of businesses that take a long-term mindset versus those with a short-term focus. The results were clear-cut: Long-termers outperformed short-termers on every key measure, including revenue (by 47 percent) and earnings growth (by 36 percent).1

 That research looked at large, publicly-owned companies whose shareholders often insist on chasing quarterly profits at the expense of long-term sustainability. A small business owner has far greater flexibility to take a more balanced approach and can resist the temptation to think only in months or quarters. Here are four ways to prepare yourself for the pitfalls of short-termism in your business.

CUSTOMERS 

Day to day, you have strong processes in place to ensure high-quality customer service. Looking ahead, your focus may shift to what your customers will want in the future. Consumers today seek responsiveness and will quickly switch to a competitor with a more appealing brand or offering, especially if there are low barriers to switching. Tracking market trends, communicating continuously with clients, incorporating their feedback, and monitoring your competitors can help you formulate effective customer acquisition and retention strategies.  I see the possible opportunities with providing your customers with more economical supervised group practice sessions. In you being accessible to your student more than on just your lesson date is a great service.   Also, as far as communication, if you have a portal where students can see the videos you took of them, see demos of other students doing the drill, ……IF you have that app- that is a great way they feel YOU ARE ON THEIR MIND ON AN ONGOING BASIS!!     And possibly as far as packages, having long term packages with a PLAN……that they pay for up front with all printed rain date policies and make up dates…….this makes it less paperwork and billing for the client and for you.

 STAFF

Hire carefully and invest thoughtfully in professional development. This includes creating a workplace culture that values performance and risk-taking, ongoing training to help employees develop new skills, and real opportunities for advancement. It’s an investment in your present and future. If you have a second pro to share fixed costs within your facility, that cooperation and teamwork can really help create an “environment” for your students IF you and your assistant work in the same philosophy of swing mechanics and customer service.  

REVENUE

You know where you make your money now, but those revenue streams can dry up over time. Consider future-oriented growth strategies that build on your core strengths, such as diversifying your product and service lines, entering new geographic markets, creating fresh uses for existing offerings, developing partnerships with other companies, and tapping into alternative channels to reach buyers.  For Golf Coaches, this could look like doing some group offerings for women- where you have your lady members play 3 holes after a group instruction.  It could be hiring a teacher who teaches 5-9 year-olds, where they play on the range or putting green with oversized golf equipment.  It could even be an online lesson business and/or doing a weekly or bi-monthly blog on what you see as being important to development as a player.

LEGACY

You built your dream. Now protect its future. The ultimate sustainability play is to ensure the longevity of your business, beyond the time when you are personally involved. Succession planning, which involves passing ownership to an heir or selling the company, is critical. With proper succession planning, small business owners can help to ensure both the long-term success of their business – and greater financial confidence for themselves and their family for years to come.

As always, it’s good practice to talk with a financial professional who can help you create a business succession plan while creating long-term value and sustainability. This is critical as to avoid the burnout of “having to do it all!”  You are a Solo-Entrepreneur.  Your business is not worth as much IF you are not Involved.  Appraising your business should be done to invite successors to buy in to your operation WHEN YOU ARE READY and at a price that benefits your family, not your buyer.

SOURCES:

https://hbr.org/2017/02/finally-proof-that-managing-for-the-long-term-pay

 

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WAYS TO TURN SPENDING INTO SAVINGS

WAYS TO TURN SPENDING INTO SAVINGS

Wealth is built through wise investments over a long period—and savings are the fuel for investment. For most people, there are times when immediate financial needs outstrip the ability to meet them, and getting ahead feels impossible.

 At other times a savings account gets ignored because discretionary spending isn’t properly future-oriented. When that pattern occurs, it’s vital to acknowledge that we’re no different than most people—our spending habits have room for improvement. With an open mind and a dose of discipline finding ways to convert spending into savings is easily possible. Here are some places to start:

Find Other Distractions Besides Shopping

No one ever bought anything except for one of two reasons—it solved a problem, or it made them feel good. It’s far easier to stay on-budget if most of our purchases are about solving a legitimate problem, and the feeling-good factor is minimized. Spending for the purpose of giving ourselves a little temporary reward is more likely to make the household finances go awry. Impulse purchases in particular tend to result from boredom or anxiety management. Look for a different, less expensive diversion.  

Save Energy Costs

Become more energy-efficient by performing an energy audit. Do it yourself by purchasing a home energy monitor, or ask your local utility, which may offer in-home audits. Consider these cost saving ideas: 

  • Install a programmable thermostat to regulate home temperatures while you’re out. At your golf academy or studio, make sure all staff members are shutting off the lights and the thermostat when they leave.
  • Use a power strip to reduce the electrical use of your instant-on devices by shutting off the strip at bedtime.
  • Weather-strip and caulk; install door sweeps to block drafts; close that fireplace damper when not in use.
  • Service your heating system for optimal efficiency.
  • Service your car to increase gas mileage, including periodic checks on tire pressure.

Save on Gym Membership and Other Subscription Costs

Unused memberships are an expensive waste. If you do join, you can reduce membership costs by signing up when there is a special offer. Negotiate to get their best price or join with a friend and potentially get a discount. Your employer or insurance carrier may subsidize membership costs or offer special affiliated pricing. As for those retail subscriptions and streaming-service costs, statistically they are on the rise and their aggregate costs are piling up for the consumer. Review yours and consider cutting some out.

Don’t Keep Cable and Cell Service on Autopilot

Call your provider and negotiate a new rate. Cell providers face stiff competition and are very responsive. Cable companies may be less so but review your package to ensure that you are not paying for channels you don’t watch. Related question: Do you really need a landline?

Track Your Spending

People are often surprised at where their money goes. Try tracking every purchase for the next 30 days and evaluate whether your spending reflects your priorities. Given how few cash purchases most of us make, we can use online banking to scroll through our debit items and separate the reasonable purchases from the ones that make us wince with remorse. Count up the regrettable purchases, then repeat the process a month later to see if you’ve cut down on them.  

Keeping to a budget can mean avoiding what economists call “the tyranny of small decisions,” e.g., unwanted financial results that arise from lots of small and seemingly innocent purchases—for example: 

Paying for water.  Even just $1.50 a day adds up ($45 a month). And all those plastic bottles hurt the environment.

Gourmet coffee. Three or four dollars a day may not seem like a lot of money, but it may amount to $60-$90/month

Eating out. Those $4 breakfasts, $7 lunches and take-out dinners quickly get expensive. Brown-bag your lunch and pre-cook some dinners on the weekend—you’ll save money and eat healthier. Pre-scripting a polite no to friends and co-workers who might be inviting you to join them will help.

Find different ways to meet with friends and potential students that have you enjoying the networking and companionship but don’t cost you an investment into your future.

 

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<span style="font-size: 21.0pt; font-family: 'Helvetica',sans-serif; color: #201f1e; text-transform: uppercase;" data-mce-style="font-size: 21.0pt; font-family: 'Helvetica',sans-serif; color: #201f1e; text-transform: uppercase;">4 WAYS THINKING LONG-TERM CAN IMPROVE YOUR EVERYDAY LIFE</span>

4 WAYS THINKING LONG-TERM CAN IMPROVE YOUR EVERYDAY LIFE

inancial planning often doesn’t take place on a beach. But the next time you find yourself there, try this experiment, courtesy of management and motivational guru Stephen R. Covey: You’ll need a mason jar and an assortment of big rocks, smaller gravel, sand, and water.

The big rocks represent the truly important things in your life, such as taking care of your health, raising a family, buying a house, paying for college, saving for retirement, and other major long-term goals. The smaller items represent more immediate wants and activities.

You’re not alone if you’re tempted to fill the jar with small bits of instant gratification. But your well-being will suffer for it. In a recent survey by Guardian Life1, 79% of working Americans lack confidence about their finances and their future. The 21% who do feel they have their big rocks in order have certain characteristics in common; they:

  • Take a long-term view
  • Create a detailed financial plan
  • Educate themselves about financial concepts and about a variety of financial products
  • Live within their means
  • Offload some stress by engaging a financial partner
  • Own the right mix of protection and investment products

Both the long-term and the short-term benefits to these behaviors are many. Here are four ways in which rethinking the order in which you fill that jar can affect your life right now.

1.     You’ll sleep better.

new survey from Bankrate shows that more than half (56%) of U.S. adults lose sleep at night over at least one financial worry.2 The top three worries are saving enough for retirement, financing a child’s college education, and paying off debt.

This poll found that as Americans get a handle on these issues, for example, as credit card debt goes down, their loss of sleep diminishes. So, tackling your short-term money worries and focusing on long-term financial planning actually can help you get better shut-eye.

2.     You’ll gain discretionary income.

Creating—and implementing—a budget remains the cornerstone of long-term financial planning. Surprisingly, while you might think it would be restrictive, a budget can show you potential areas where you can cut unnecessary expenditures and gain discretionary income.

With a working budget, while you may not be able to afford that beach vacation every year, you can plan in advance for one that won’t negatively affect your current spending or future goals.

3.     You’ll become a smarter consumer.

Keeping your big goals in mind will force you to rethink the latest flat screen with all the bells and whistles, or eating out so frequently. With the online price comparison tools and deal alerts available, there’s no reason why you should pay more for anything you purchase.

Ask yourself if the opportunity cost of splurging now will be worth the financial struggle later. Weigh that high-end TV or sushi buffet against taking out a college loan at a high interest rate.

4.     You’ll be healthier.

According to the American Psychological Association’s annual Stress in America survey, Americans are paying for financial stress with their health. Money has consistently topped the list of stressors since the first survey in 2007, with 64% percent of the 2020 respondents feeling stressed about money.3

Nearly 1 in 5 respondents said they skipped or considered skipping health care appointments, due to financial concerns. The good news, according to the APA, is that money-related stress can be managed in healthier ways by individuals if they receive emotional support.

SO, PUT THE BIG ROCKS IN FIRST

If you start filling that mason jar with the smallest items first, you risk running out of room for the big rocks. Instead, by placing the big rocks first, there is room for the smaller items to flow in and around them—in essence accommodating both short-term desires and long-term goals.

When you are careful to focus on the big rocks first, that sunset on the beach won’t mark the end of your financial future, but rather the end of another day in a well-planned life. As a Golf Coach and probably as a small business owner, it makes great sense to work with a financial advisor to implement ONE large rock at a time…..in the right order.  Rome wasn’t built in a day but to focus on actually prioritizing this aspect of life is the best sleeping aid product on the market!

Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.

 SOURCES:

1 The Guardian Study of Financial and Emotional Confidence 2016 (Updated 2018)

2https://www.cnbc.com/2019/06/27/56-percent-of-americans-lose-sleep-over-money-heres-why.html

3https://www.apa.org/topics/stress/holiday-money

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