Ok now that you’ve recovered from falling off your chair after reading the tile of this blog, let me explain.
Inflation is one of the biggest challenges in achieving, and maintaining, financial independence. The low inflation we have experienced for decades has made many of us lazy when it comes to spending. Now is the time to put some great habits into place that will reduce your spending now and will help even more when inflation get’s back to historical norms.
Here are some tips:
The days of clipping coupons seems to be a thing of the past. Time to resurrect this time-tested way to save money. Now it’s done electronically. Click here for a great article on coupon apps.
Bargain shop. The meat department is the best place to shop for deals. Supermarkets would rather greatly reduce the price on meat than throw it away. I’ve seen bargains at 50% off. And not to worry, the meat is still good.
Dump the name brands. I am a big name-brand guy however that is changing. You can save 30-50% on certain items by going with the store brand such as Kroger at Ralphs. Just today we saved 30% on peanut butter and couldn’t tell the difference.
Use those credit card miles. If you fly Southwest use their Chase Rewards Card. This year alone I flew two of us to Hawaii roundtrip and flew myself to NY and used my miles. Pretty much all carriers have credit cards they use for miles.
If you shop at Ralphs use their Ralph’s Reward Card. They have a great app that shows you year to date savings. We have saved $500 so far this year. You also get fuel points that you can used at Shell Stations. I’ve saved as much as $.50 per gallon!
This one is real hard for me but try to walk out of restaurants with a doggie bag. I’m the type of person that if something is real good, I’ll clean my plate (thanks mom!). But with portion sizes so big you should have no problem making two meals out of one. Your wallet and belly with thank you!
These are just a few habits to help get you through this time of high inflation that could help your plan when inflation gets back to “normal”.
Tax-related scams have become increasingly common, and they happen year-round. Fraudsters will contact you pretending to be from the Internal Revenue Service (IRS), a tax accounting service, or another tax-related agency. You could receive fake emails, phone calls, letters, or other communications.
Be on high alert for phishing emails. Scammers are attempting to steal information such as tax IDs, account information, passwords, and other valuable data. Be immediately suspicious of any unsolicited communication (email, text message, letter, or call) that asks you for your Social Security number, login credentials, or other personal information.
Review these helpful FAQs:
Will the IRS contact me via email?
The IRS will never initiate contact with you via email, text messages, or social media with a request for personal or financial data. Be extremely careful with any unsolicited email that claims to be from the IRS.
What should I do if I receive an email or text message claiming to be from the IRS or another tax service that asked for sensitive information?
Do not reply! Do not click on any links or download any attachments. Forward any IRS-related emails to phishing@irs.gov.
What should I do if I discover a website claiming to be the IRS that I suspect is not legitimate?
Do not click on any links, download any files, or submit any information. Send the URL to phishing@irs.gov
Are there any trusted resources I can use to identify email scams or websites claiming to be the IRS?
The IRS highlights examples of email scams and bogus websites. Find the information online at www.irs.gov/uac/Report-Phishing and https://www.irs.gov/newsroom/tax-scams-consumeralerts.
What should I do if I receive an unsolicited phone call or letter claiming to be from the IRS that I suspect may not be legitimate?
Contact the IRS yourself to confirm any requests made via phone or letter, particularly those that are threatening or demand immediate payment. Visit www.irs.gov/uac/Report-Phishing for phone numbers and other tips.
If I receive a suspicious tax-related email while at work, should I notify my company?
Yes! Report suspicious emails to IT. The IT team can help you determine if a message is legitimate. In addition to confirming requests for your personal data, you should verify any email that asked you to provide copies of W2 forms or your coworkers’ tax-related information.
Financial planning involves thoughtfully outlining objectives and setting goals in your Life Plan. With anything, the possibility of running into obstacles, options, and challenges throughout your financial journey is unavoidable. That’s why it is important to implement some sort of checks and balances to mitigate these challenges. Insurance is one of the best ways to account for unforeseen conditions and events in your financial plan. The thought of utilizing insurance can be daunting. It makes the possibility of losing your car or home due to an accident, flood, or fire a reality. That’s exactly why we create a financial plan – to be prepared for the unexpected. Our team is committed to coaching you through the process, so that you can make an informed and confident decision. There are various types of insurance services available that your Trilogy Financial advisor can help you navigate so you can handle the many uncertainties that life throws your way.
Read on to discover these insurance services.
Insurance Services Provided by Trilogy Financial
Every Trilogy Financial Advisor is committed to helping you build the legacy you have always desired to leave through the following services:
Term Insurance
A term insurance policy is the most common form of temporary life insurance. The term usually lasts for a specific “term” of years. Term insurance is also a form of insurance that is rented. Meaning, you pay a monthly premium for the insurance, but it expires after the allotted time frame. The duration can range from five to thirty years.
Term insurance protects liabilities that will cease to exist after a specific period, such as providing extra cashflow for raising children. It is a simple life insurance plan that protects against the possibility of an untimely death. A death benefit is granted if the insured passes away during the policy's stated tenure.
Because death is unpredictable, term insurance plans are essential. The family may experience a significant financial loss if the family's primary provider passes away. A term plan covers the loss. It benefits the family, allowing them to cover lifestyle costs and continue to address their financial objectives.
Permanent Insurance
Permanent insurance can be considered “owning” insurance coverage. Like term insurance, you pay a monthly premium; however, in permanent insurance, the range is continuous and does not end within a time frame.
For instance, even after your children have moved out and your liabilities have diminished, you may continue to carry some form of insurance to cover your loved ones and compensate for your end-of-life needs.
Permanent insurance premiums are more significant than term insurance premiums because, unlike term insurance, the insurance company may never have to pay out the policy. Permanent insurance can be used as an income and an insurance tool. Both a death benefit and a cash value factor are included. You can access the money as the value increases by taking out a loan or a withdrawal, and you can terminate the insurance by withdrawing the cash value.
Long-Term Care Planning
Long-term care planning, at its foundation, entails ensuring that you or a loved one's needs are adequately met when they can no longer care for themselves. Therefore, as you age, having a practical plan becomes more and more crucial. While many maintain their independence well into their senior years, it never hurts to plan.
Any long-term financial plan should consider long-term care costs, especially if you are in your 50s or older. You are unlikely to qualify for long-term care insurance if you already have a disabling condition. Most over 75 applicants will not be accepted by long-term care insurance providers. Most persons who purchase long-term care insurance do so between 50 and 60.
Risk Management
Risk management entails recognizing, assessing and managing risk. A well-executed risk management program is built on a foundation of standardized risk assessments to assist businesses in prioritizing their risk based on its potential impact. This procedure will inevitably reveal hazards affecting the company's fundamental competencies.
As financial Advisors, it is a part of our job to help you navigate your financial well-being, which includes helping you mitigating certain risks. Identifying your risk factors is your first defense, followed by avoiding or limiting risks to your income and survivors. Insurance is your quality line of defense.
Importance of Insurance in Financial Planning
Here are some factors that make insurance an essential aspect of your Life Plan:
Financial assurance: You feel safe knowing that the insurance policy will cover the damages in the event of an emergency.
Tax advantages: Insurance lowers your taxable income and provides financial benefits.1
Risk protection: Insurance prepares you to deal with any financial loss you might suffer in the event of an unplanned circumstance.
Meeting your prerequisites: Several insurance policies are available to cover the various risks you can encounter.
Peace of mind: Insurance plans assure you that your funds will not be compromised in the event of an emergency.
*This information is not intended as authoritative guidance or tax advice. You should consult with your tax advisor for guidance on your specific situation.
Why Choose Trilogy Financial
Your financial plan should be strategically in line with your insurance. Our Trilogy Financial Advisors use a comprehensive strategy to offer insurance policies tailored to your specific needs and Life Plan. We understand the risks you face and how to help improve your financial life. Our Advisors will work with you to develop a deeper understanding of your alternatives, pinpoint practical needs and make plans for the care you and your family deserve.
To help you build the life you’ve dreamed, we collaborate with the most reliable insurance firms with a track record of being financial secure and capable of paying claims.
Get Started with a Financial Advisor Today
Everyone has a distinct level of risk, and before purchasing insurance, it is critical to identify risks and establish how to limit the likelihood of them occurring. We understand that everyone has a varying level of comfort and experience in navigating finances and Life Plans. That’s why our Advisors are committed to being both a partner and coach to support you as much or as little as you need, so you can make the best decisions for you and your family.
At Trilogy Financial, our Advisors will guide you through your daily financial decisions to keep you on track and set you up for your real-life goals. If you have any questions concerning insurance or any other element of your financial life, get in touch or visit our website today to book a meeting with an advisor
