“Do what you can, with what you have, where you are.” – Theodore Roosevelt
Carlton B. Finley
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September is Life Insurance Awareness Month
Life can change in a moment.
We never know what tomorrow will bring—whether it's illness, an accident, or even death. If something happens to you, your family could be left struggling to pay the bills, like your mortgage, your children's education, or unexpected medical expenses. Life insurance can ensure that your loved ones have the money they need to continue their lives without financial hardship.
Did you know that 102 million Americans either don’t have life insurance or don’t have enough? According to LIMRA and Life Happens, nearly 40% of U.S. adults are uninsured or underinsured regarding life insurance. This means that many families could face significant financial challenges if the worst were to happen.
Life insurance isn't just a financial tool; it's a gift of security, a promise of peace, and a way to show your love and care for those who depend on you.
Here are some key benefits of life insurance:
Life insurance is something you should get as soon as possible. The younger and healthier you are, the lower your premiums will be. Waiting too long could mean higher costs, or worse, not being able to get coverage at all due to health issues.
Shockingly, nearly 47% of Americans admit that they have delayed purchasing life insurance even though they know they need it. Don't wait until it's too late to protect your family's future.
Affordable Options
There are many life insurance options to fit different budgets and needs. Even if you think you can't afford it, there’s likely a policy that can work for you.
For example, term life insurance is a popular option for those who need coverage for a set period, like 10 or 20 years. Term life insurance is generally more affordable than whole life insurance, making it a good choice for many families.
Young and Healthy? Start Now!
You might think that because you're young and healthy, you don't need life insurance yet. But the truth is, now is the best time to get coverage. The sooner you start, the more affordable it will be, and the more secure your family's future will be.
Life insurance is more than just a policy; it’s a commitment to your family's future. It's about making sure they’re safe, even when you’re not around. By getting life insurance, you’re taking an important step to protect the people you love.
If you're considering life insurance, reach out to a financial advisor today. They can help you find the right policy to fit your needs and your budget.
"Financial stability is much more about doing the best with what you have and not about achieving a certain level of income." – Erik Wecks
How to Prepare for the Unpredictable
September is National Preparedness Month, a time for all of us to prepare for the unexpected. In today's world, the number and intensity of climate-related disasters are increasing. This makes the stakes higher than ever. Imagine your loved ones facing a hurricane, wildfire, or flood without a plan. Now is the time to act and protect them.
Already in 2024, the U.S. has endured 19 climate-related disasters, each causing over $1 billion in damages, according to N.O.A.A. "The catastrophic events have taken lives, forced families to leave their homes, and devastated entire communities."
This year, wildfires have burned 2.7 million more acres than in 2023, and we are on track to have the hottest year on record. Disasters can strike at any moment, and often without warning.
Despite the rising number of disasters, too many of us are still unprepared. Nearly 60% of Americans say they have yet to take steps to prepare for emergencies. This isn't just a statistic—it's a call to action. If disaster struck today, would you be ready? What about your family? Those who depend on you?
Preparing doesn’t have to be overwhelming. Start with simple steps like:
In just minutes, you can take steps that might save lives. We urge you to visit Ready.gov and take control of your family's future.
Remember, preparedness isn’t just about you—it’s about those you love. Don’t wait until it’s too late! Start today.
7 Ways to Boost Your Credit Score Right Now
Your credit score isn’t just a number; it's a key to financial opportunity. A strong credit score can save you thousands in interest on loans, open doors to the best credit cards, and even help you secure a job or an apartment. The stakes are high—especially with rising interest rates making borrowing more expensive than ever.
Ready to take control of your financial future? Here’s how to boost your credit score and improve your financial situation.
1. Pay Your Bills on Time
Your payment history makes up 35% of your FICO score—so nothing affects your credit score more than paying bills on time. An established history of timely payments signals to lenders that you’re a responsible borrower. If you’ve missed payments in the past, the best thing you can do is to start paying on time now.
Late payments stay on your report for seven years, while bankruptcies can linger for up to ten. If any late payments are inaccurately reported, dispute them with the credit bureaus immediately to prevent damage to your score.
2. Keep Your Credit Utilization Low
Your credit utilization ratio, which is the percentage of your total credit limit you’re currently using, accounts for about 30% of your FICO score. Experts recommend keeping your utilization below 30%, and ideally, at 10% or lower.
For instance, if you have $10,000 in available credit and owe $1,000, your utilization is at 10%. People with the highest average FICO scores typically have a utilization rate around 7%. Remember, even if you pay off your balance in full every month, your score could still be impacted if your utilization is high when your lender reports to the credit bureaus.
3. Leave Old Accounts Open
Closing old credit card accounts can hurt your credit score more than you think. Even if you no longer use a card, keeping it open can benefit your score by increasing your available credit, which helps keep your utilization low.
Moreover, the length of your credit history makes up 15% of your FICO score. Keeping older accounts open shows a longer history of responsible credit management, which can help boost your score over time.
4. Only Apply for Credit When Necessary
Every time you apply for new credit, a hard inquiry appears on your credit report, which can temporarily lower your score. Applying for credit just to see if you get approved—or because you received a tempting offer—can hurt your score.
Multiple hard inquiries within a short period, especially for different types of credit, can signal financial distress to lenders. If you're shopping for a loan, like a mortgage or car loan, keep inquiries within a 14-day window to minimize the impact on your score.
5. Consider a Secured Credit Card
If your credit score needs rebuilding or you have a limited credit history, a secured credit card can be a great stepping stone. You’ll provide a deposit as collateral, which makes approval easier. With responsible use—such as paying your balance in full each month—you can build your credit and eventually qualify for a traditional credit card.
Secured cards often come with higher interest rates and fees, but the key is to avoid carrying a balance, which prevents costly interest charges.
6. Monitor Your Credit Score Regularly
Keeping an eye on your credit score helps you stay informed and quickly address any changes that could negatively impact your credit. Many banks and financial institutions offer free credit score tracking, and there are also free services available online.
Regular monitoring helps you detect identity theft and stay on top of any changes that could affect your score. You’ll likely see your VantageScore through these services, which is slightly different from FICO, but still useful for tracking overall trends in your credit.
7. Seek Professional Credit Counseling
If you're overwhelmed by debt or unsure how to improve your credit, a professional credit counselor can help. Credit counselors, often working for non-profit organizations, can review your credit history, help you create a budget, and offer solutions to improve your credit score. They might also help you develop a debt management plan to keep your payments on track.
Why Does a Good Credit Score Matter?
A strong credit score can save you thousands of dollars in interest over the life of a loan, whether it’s a mortgage, car loan, or personal loan. As of 2024, borrowers with excellent credit scores (750 or higher) qualify for the lowest mortgage rates, which currently average around 6.75%, while those with poor scores (below 580) might face rates exceeding 9.5%. That difference can mean paying tens of thousands more in interest over the life of a loan.
Additionally, many landlords, insurance companies, and even employers are factoring credit scores into their decision-making processes. A better score could be the difference between securing your dream apartment, paying lower insurance premiums, or landing your next job.
Taking these steps today can set you on the path to financial health and security. The sooner you start, the sooner you’ll see improvements. Make boosting your credit score a priority—it’s your key to financial freedom.
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Thank you and be safe, see you in two weeks,
Carlton B. Finley | CB Finley & Associates | (248) 796-9419
Attention: Business Owners
If you have noticed that many of the items mentioned in this newsletter do not reflect your business' current culture and you would like help in implementing these ideas, would it be worth 15 minutes of your time to learn how to implement these items in your business? Schedule your, no-obligation, 15-minute chat with us!