Getting Back on Track After Financial Abuse

By Ronald Williford

Financial planning is critical. Whether you’re living with your partner and have never married or are seeking separation or divorce, you may be able to get help resolving your debt, accessing insurance, and obtaining other financial support in hopes of financial security.

The definition of financial security varies from person to person. For some, it means having food, shelter, and a decent job. For others, it means being able to live where they want, afford childcare and own a car. And for others, financial security is defined by preparing for a comfortable retirement, enjoying vacations, owning a home, and paying for college.

Financial security is one of the many reasons why deciding to end an abusive relationship can be difficult. Most people find that their standard of living declines after ending an abusive relationship, and those without employment may have to work to support themselves and theirc hildren. This can be overwhelming and frightening.

Regardless of how you define financial security, if you decide to leave an abusive partner, remember, you are not alone. Community service providers will help you address safety concerns, identify assistance programs devise appropriate plans and strategies to regain control of your life. Begin by developing a budget. A budget will help you to understand where your money goes.

To create a budget, follow these steps:

Step 1: Identify your net monthly income: This is the money that comes into your household after deducting taxes, Social Security, insurance, etc.

Step 2: Identify your monthly expenses: Monthly expenses include rent and utilities and those that occur periodically, like car insurance and medical expenses.

Step 3: Subtract your monthly expenses from your income: The difference between your income and expenses indicates whether or not you have any money to spare. If you have extra money, you’ll need to decide whether to spend or save it. Can you reduce expenses or earn more money to cover shortages? By distinguishing between needs and wants, you can better identify areas where you might be overspending.

A budget is a tool that will help you make critical spending decisions. If you’re considering ending a financial relationship with your partner, it’s essential to review all of your assets to find out if they will support you and your family. When you end a relationship, your income and financial assets may change dramatically. If you take time to determine how much money you need to support your family before you leave, you can prepare in advance to meet your family’s financial needs.

Ronald Williford is the CEO of Philadelphia Financial Consultants, LLC, an independent financial planning brokerage specializing in personal financial planning, retirement planning, small business consulting, and tax planning.

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How To Develop Your Mindset To Achieve Success as a Solopreneur

What many people don’t realize when they start out on the solopreneur journey, is that they are pioneers. There are more solopreneurs today than ever before because the power of the internet has transformed the way we do business. It has given us all access to more powerful tools, more resources, and a platform through which to reach billions of people.

The problem? This is uncharted territory and many people have no idea how to thrive in these new circumstances. How do you get the most out of your brain? How do you stay on task? How do you avoid burning out? Especially when you are filling every role in your one-man “organization” and all the responsibility is on you!

Interestingly, sometimes you can enhance your brain function simply by focussing on the right thing or changing the way you think. For the solopreneur wanting to get more out of their working day, this can have profound implications.

Let’s start with some examples of how simply ‘reframing’ a situation can help you to accomplish greater cognition.

The example that comes to mind is the aforementioned hypothetical ‘limit’ of working memory, which is set at 5+/-2. Regardless of the new interpretation of working memory, this limit still exists, likely as we struggle to hold that information in the mind’s eye and focus without losing track of it.

So, how do you get around this? One novel solution is something called ‘chunking’. It sounds gross but it’s not like that… Basically, chunking means that you combine multiple numbers into a single number or a single semantic ‘chunk’. So for instance, 2 and 3 actually become 23. This way, you are actually remembering fewer numbers.

How to Increase Creativity                              

Another interesting example of changing the way you approach a subject is to overcome the ‘cognitive bias’ known as functional fixedness. Functional fixedness describes an inability that many of us have to instantly see all the applications for any resource. We see a tool as being an item used for a specific job, rather than something that can be used in a variety of ways.

So, for example, if you are given a hammer, you might think of that hammer as something to drive nails into the wall. Thus, you might not think to reach for it when trying to pry open a window. Because it is ‘labeled’ as a hammer, it is harder to think of it outside of that context as a wrench. The result is that you become less resourceful.

Again, the solution is to reframe the situation and change the way you ask your brain to operate. Instead of thinking of tools and resources like tools, try to ask yourself what raw materials you have available to you. So rather than a hammer, you have a hammer and a piece of wood, some metal, and a stick.

Suddenly, the options increase.

This is just another example, but it’s one that has direct consequences for solopreneurs: when trying to find a creative solution to a problem you are facing, consider how your approach might be limiting the options that you see before you!

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You can also learn a lot about a business by surrounding yourself with experts and making sure to seek professional advice. This might mean using a consultant, or it might just mean consulting with a commercial lawyer regarding the legal elements to make sure you aren’t going to upset any laws.

Protecting Your Most Important Asset

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Protecting Your Most Important Asset

What’s your most important asset? Your home? Other property? Savings? For most Americans, one particular asset – your income – is more important than any of these. Everything most people own is dependent on their ability to earn an income. It’s that steady paycheck that allows you to hold on to what you have.

If you become unable to work because of sickness or injury, how would you pay your monthly bills? Generations of Americans continue to depend on disability income insurance, which was introduced by Mutual of Omaha and other companies in the early 1900s. Disability income insurance provides protection for your income. It’s an affordable solution that pays a monthly benefit while you are disabled due to a covered sickness or injury and can’t work.

Nobody wants to think about becoming disabled, but ignoring the risks could result in a catastrophe. Can you afford to miss more than two months of work without having to borrow money? The problem is borrowing often isn’t feasible because it can be tough to get approved for a loan without an income. Social Security will pay disability benefits, but only after a lengthy waiting period. You can tap your savings, but that will exhaust most workers’ savings in about two months. Selling your assets is the last resort – but you may not get fair value for your assets and then you’ll have nothing.

Disability Income Insurance Provides a Bridge

Disability income insurance provides a bridge over times of trouble. Disability income insurance can be designed to provide a significant portion of your regular monthly income (generally 60 percent) and benefits can be timed to begin according to need. Disability income policies also could continue to pay benefits during rehabilitation, job re-training, and part-time employment. A survivor benefit would pay a lump-sum benefit to your beneficiary if you die during a period of disability. Optional features (riders) could be added to most disability income policies at extra cost. These may include a cost-of-living adjustment to compensate for inflation and a return of premium rider. This latter feature may allow the consumer to specify that a portion of the premiums (sometimes up to 80 percent) will be paid back – less any claims paid – after the insurance has been in force for 10 years. Owners of small businesses who select disability income insurance could have business overhead expense coverage that will help pay business costs including rent, utilities and interest on business loans.

Disability income insurance also provides some benefits that are intangible, but still very important. Your most important reason for purchasing disability income insurance could be the “peace of mind” that comes with knowing that bills will be paid in the event of a disabling illness or injury.

And don’t underestimate the boost in confidence and sense of self-worth that comes from providing for your family even though you’re experiencing a disability.

Protecting Your Most Important Asset

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How Much Life Insurance Do You Need?

By Ronald Williford

It’s a question most insurance professionals hear many times every day – How much life insurance do I really need?

The main purpose of life insurance is to provide financial security for your family. It helps to ensure that when you die your family will have the financial resources it needs to provide for your spouse, children, an elderly parent or some other dependent. Life insurance also may be used to meet a variety of long-term financial planning goals. It can help provide educational funds for your children or funds for your own retirement.

So How Much is Enough?

There are no hard and fast rules for determining how much life insurance is enough, because no two families have exactly the same needs. You may be single, supporting no one but yourself. Or, you may be single, supporting an elderly father or mother. You may have several children, but also two incomes and considerable net worth. Or, you may have several children, be dependent on one income and have few back-up resources.

Whatever your situation, if you are providing financial support for people who are depending on you, you probably need life insurance. However, there are several things to keep in mind when you buy life insurance, since the proceeds can be used in a variety of situations. For example, the proceeds can:

• Provide ready cash for final These expenses could include funeral costs, medical expenses, probate fees and estate taxes
• Pay off outstanding debts – not only hospital bills, for example, but a mortgage or an auto loan.
• Provide replacement income in amounts necessary to cover:
• • A readjustment period of two or three years after your Even if you are a two-income family, it takes time to adjust to one paycheck instead of two. If you were the sole breadwinner, with young children at home, your spouse’s need for a readjustment period is obvious
• • The period while children under age 18 are still at home and dependent; also, the college years
• • The years between the time the youngest child becomes independent and the time the surviving spouse reaches retirement age
• • The period after the survivor retires and receives Social Security or a pension

In general, determining how much life insurance you need means deducting the sum total of the income that would be lost upon the insured’s death from the sum total of your family’s ongoing financial need.

It also means calculating the impact of inflation and building in enough “extra” to counteract inflation’s effects.

It may seem complicated, but it’s an exercise well worth doing. It’s also one you don’t have to tackle alone. A life insurance agent/producer can help determine how much life insurance your family will need over time, based on the extent of your financial responsibilities and the kinds and amounts of your other resources.

Take the time today to help ensure your family’s financial security. Talk to your insurance agent/producer.

Ronald Williford is the President/Founder of Philadelphia Financial Consultants,LLC.

PSU WSOC plays West Virginia in the Mountain momma!!!

Tanya's Blog

The journey began when we left home at 7:41 am, on our way to West Virginia, thanks, John Denver it is a place we can sign about whether we win OR  lose. The skies here in Pennsylvania look promising but it’s supposed to rain during game time, thanks to the remnants of Hurricane Harvey ….yikes —-” rain, rain go away come again another day West Virginia and Penn State want to play—–Soccer”!!

We’ve been on the road for about 2/12 hours cruising through Pennsylvania.  We just drove into the rain over the Pennsylvania/ Maryland border, a steady rain…. rain, rain go away Penn State and West Virginia want to play — soccer!!!

I just checked in with the mileage application and we are about 60 miles from the West Virginia border….. mountain momma. This has been the most boring ride, nothing but land and trees to see. Much different than…

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In Happy Valley they LOVE their sports and it’s opening weekend for the PSU Women’s Soccer

On August 18th, 2017 the journey to the games was filled with excitement in the air. We drove up the Pa turnpike to Altoona Pa. Because of the move-in weekend in State College, our best bargain was to settle for accommodations in Altoona.

Fifteen minutes before game time, we arrived at Park Ave, home of Jeffry field and parked in our favorite spot. We could see the tail gates getting ready for an exciting start to the Women’s Soccer Season. The foe- BYU. Engulfed by the smell of food and laughter while walking into the stadium, we were overly excited, anticipating the beginning of a new and exciting season.

The “JEFF” (Jeffry Field ), one of the most gorgeous fields in the country to play soccer, was filling up with a near capacity crowd. With the Park Ave Army ready for battle, cheering for the team they LOVE so much! (We R Penn State- thank you, you’re welcome!

This is the final season for 7 seniors Salina Williford, Frannie Crouse, Elizabeth Ball, Megan Schafer, Isabelle Clauss, Haleigh Echard, and Brittany Basinger. 

For the pre game atmosphere, music playing and players moving to the beats during warm up; minds and bodies focused on what it takes to win.

Starting lineup. Time to Slay the GIANTS, # 9 BYU the favorite. Game highlights: Penn State wins 3-1! 14 shots on goal, 3 saves and 6 corner kicks.

No ranking blues—the Lady Lions began the season unranked in the NCAA Polls but chasing greatness each week.

Overcoming adversity  (the lady lions got on the score board first in the 9th minute with a Marissa Schiva goal. BYU responded in the 57th minute with a goal. The Nittany Lions fight back and got another goal in the 61st minute from a chip shot from Ortega-Jurado. Schiva closed out the scoring in the 64th minute! Their ability to respond to adversity shows greatness in the chase.

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