Category: Brandpoint Business & Finance

2020-08-18T14:15:00

(BPT) – A stylish and inviting atmosphere plays an important role in the overall mood and productivity of a company’s employees. It also gives you a chance to tell your brand’s story and connect with your customers while in your store. Meaning a well-designed space can actually impact your business’ bottom line.

Here are four ways to help you energize your workspace and create a connection for employees and customers:

1. Have photos of key business moments professionally printed

Take a trip down memory lane and choose some of the key moments in the life of your business. Think about your grand opening, or your first sale. Consider the milestones along the way that made you proud to be a small business owner and share them with your team and customers by printing and displaying them.

2. Drive home your brand values with art and images that inspire your business

When you think about what your business stands for, consider what kind of art reflects the same persona. Does your business cater to children? Then you might hang artwork by some of your loyal young customers. Do you focus on travel? Consider displaying postcards from your favorite destinations as inspiration for customers. Art is a great way to help customers immediately visualize your brand and all it stands for.

3. Use custom frames to create a polished and professional look

The easiest way to add a professional touch to your photos or artwork is by adding a custom frame. For an industrial feel, use a metal frame. For a vintage feel, use a wooden one. Consider which frame will catch the eye of your target audience. Fortunately, finding the perfect fit for your piece of art might be easier than you think, even if what you’re trying to frame isn’t a standard size. FedEx Office now gives you an easy and affordable solution for any size picture frame.

4. Mix and match mediums for an eye-catching experience

Add a little dimension to your walls with a combination of framed artwork and canvas prints. Event posters can be framed to show off larger prints and styles. A mixture of mediums can create an interesting focal point in any space and draw some much-wanted attention to your space.

2020-08-09T22:01:00

(BPT) – Let’s face it, makeup can be expensive. We are living in a time like no other, with the pandemic and social distancing affecting every aspect of our lives — from our daily lifestyles, budgets, diets — to our beauty regimens. We are all guilty of wanting the most luxe and notable cosmetics to put on our faces. But in this economy, splurging on makeup isn’t a practical option.

Yet these affordable luxuries can be an excellent way to practice self-care when we need a little extra positivity in our lives. In fact, studies show that in challenging times women tend to treat themselves to personal care items as a way to feel better. As we look ahead to what the summer season has in store for us, there’s no question that it’s going to look different than years past — but “different” doesn’t mean you can’t buy the makeup that you love.

We connected with dermatologist Michelle Henry to talk about affordable and accessible ways to fuel up your beauty look in this new normal.

Seek premium products that offer multiple benefits

“We are living in the age of low-effort beauty, now more than ever. Layering on multiple makeup products at once is not a great idea in the summer, especially if you’re going to wear a mask. It can result in breakouts and clogged pores,” says dermatologist Dr. Henry. “It’s important to look for multi-benefit beauty products that help keep skin healthy and simplify your regimen; products with sunscreen and additional vitamins and antioxidants are great options.”

One high-quality drugstore foundation that offers multiple benefits for skin is Neutrogena Healthy Skin Liquid Makeup Broad Spectrum SPF 20. It offers a triple punch of natural-looking, silky coverage, effective sun protection and an exclusive blend of antioxidants to help your skin counter stress and improve luminosity, tone and texture over time. It’s makeup backed by the science of skincare — that keeps your skin healthy — at an affordable price.

For example, here are some ways you might pamper yourself with drugstore products — without overwhelming your budget.

Look for makeup dupes for value

Save money by finding specially formulated products that help you look good and feel better. Look for makeup dupes for value; dupes are a great way to feel out colors and formulas without having to let go of hard-earned dollars, while still getting effective, high-end products and benefits. Turns out most luxury brand makeup has the same ingredients in it and provides the same multi-benefits as the drugstore ones!

Use quality makeup brushes

Often, a perfect makeup job is more dependent on the usefulness of the tools than the amount spent on the products. Invest in well-made brushes, sponges and applicators that can be washed and used over and over. When you buy good quality tools, they help you achieve a more natural-looking makeup application and can even help you use less makeup.

But remember, failure to keep your tools clean leads to broken bristles that will show up on your skin. Cleaning makeup brushes has always been important, but during the pandemic, worries about avoiding exposure to germs and preventing cross-contamination are at an all-time high, so always clean your brushes.

Take advantage of frequent-shopper discounts

Once you find the drug chains that carry your favorite makeup brands, sign up for their rewards cards so you can accrue points toward future purchases and learn about special promotions. You can often rack up points picking up groceries, pharmaceuticals, and other items on offer, then use the discounts on your choice of cosmetics.

As the economy slowly recovers from the effects of COVID-19, savvy consumers continue to seek ways to care for their own well-being while also watching their money.

Neutrogena’s portfolio of makeup fueled by skincare can make you feel pampered, help you look radiant and empower you to present your best possible self, no matter the challenges you’re facing from day to day. Try Neutrogena today, available nationwide at any mass drugstore.

2020-08-07T09:01:00

(BPT) – By Richard Whitworth, Cetera Financial Group

In the months since the coronavirus grew into a pandemic, small businesses have worked their way through all the stages of grief. Like much of the world, we’ve moved past the shock and denial of this health and economic crisis and settled into acceptance. But instead of settling into complacency or staying in the comfort zone, small businesses are showing signs of optimism and resilience and are pushing forward. Small businesses of all stripes can take a page from the financial professional’s playbook. As a relationship-driven business, investment professionals — on and beyond Main Street — have seen their offices and operations impacted as the pandemic has affected the way they serve and interact with customers — both current and prospective.

While many financial professionals have spent the past few months working to prop up their businesses and stabilize revenue, now they are looking once again toward growth by better serving their clients’ needs. The crisis has bolstered their determination and sparked creativity. With no other options and facing unprecedented challenges, the field has been forced to shift, yielding new lessons and strategies. To withstand the uncertainty ahead and build a stronger foundation for the future, small business owners should weigh a few key strategies:

Craft a referral strategy – Being a successful small business owner requires strong relationships, trusted service to the community and building a recognized brand and profile. For financial professionals, those relationships are essential to keeping clients, as well as getting new ones. The social distancing required amid the coronavirus pandemic put a halt to many of the traditional face-to-face marketing and networking opportunities that enable those connections. Without them, it is more challenging to share knowledge and build trust with clients old and new. Instead, consider developing a referral strategy with an automated marketing module to tap into the networks of existing clients who will spread the word of your services and success.

Review and refresh their digital presence – In unprecedented times like these you can’t rest on your laurels or remain static in your services and experience. And with the closing of offices and storefronts, your digital presence needs to do the bulk of the work of inviting and engaging potential customers. That means you can no longer get by on that 15-year-old bio and photo. It’s time to update your website and social platforms and consider how to differentiate your services from everyone else. There are an array of digital tools to help, including webinars and effective marketing platforms to communicate your value proposition.

Get back to the basics of growth, virtually – Knowing that dinners, seminars and other tried-and-true business development tactics are off the table for the time being, small business marketers must be creative in getting their message out. The world has now embraced video conferencing and digital communications as effective substitutes for in-person consultation and even larger events. People are more likely to feel comfortable meeting and networking via digital platforms that have dynamic engagement features and are relatively easy to use. Even in an economic crisis, or perhaps because of it, there is demand for financial guidance and an experienced professional to guide and reassure wary investors. Technology can help you reach a broader audience and extend the conversation beyond the initial meeting or event. And financial professionals may be at an advantage at this moment in time since clients understand that uncertainty and risk are even greater. When there’s no predicting where the economy will go or when the crisis will subside, clients are more inclined to blame the crisis, and not the financial professional, when their financial strategy hits a speed bump.

Establish knowledge in the current context – No one has all the answers in this evolving crisis, but staying current and being innovative can help you sustain your business and give you the topical experience clients are seeking now. As states and localities shift to re-open more businesses, financial professionals need to be steeped in totally new areas. Knowing best practices for following the CDC’s health guidelines, for example, positions financial professionals to re-open safely while being able to better support small business clients facing similar challenges. And expanding knowledge in succession planning — a new reality for many small business owners who may experience illness themselves or among their family and staff — can help clients manage the temporary setbacks inherent in today’s crisis.

Be a realist, and an optimist – While the pandemic has proved devastating to many small businesses across the country and put tremendous strain on a range of sectors, there are many examples of people stepping up and showing resilience. Financial professionals and the small businesses they serve are rediscovering their community focus and pitching in to solve the day-to-day problems we are all facing. But the see-saw ride — with the ups and downs of re-opening and subsequent shutdowns as the virus resurges — even keep optimists like me up at night. The uncertainty of how to re-open, and how long it will last (and whether the client base will still be there) makes it impossible for a small business owner to forecast revenue, keep up production and manage expenses. Since most small businesses lack access to sufficient capital, the stop and start of the economy has a damaging effect on cash flow. Financial professionals must take a strategic approach then in helping clients accept this new COVID-driven reality and navigate a path forward.

But there is no such thing as planning right now. As sound a strategy as it might have been to create a 3-year financial strategy in the past, that type of approach is all but futile in the face of so many tactical and short-term challenges. Businesses, instead, need to prepare for the immediate next phases of this crisis. Financial professionals can help them get ready to reopen, for example, and then to be nimble enough to shift the revenue model, the client engagement approach, and even the nature of the product or service to respond to another shutdown.

Look to other industries for models and inspiration – The financial services industry is not always quick to adapt or innovate. But doing so now is urgent and necessary. There are examples in other industries that can inspire our own creative thinking and action. There are some compelling lessons in entertainment, for example, and in the boldness of industry giants like Disney in bringing “Hamilton” and other blockbuster films direct to the consumer. Far from being a small upstart, this iconic leader in in-person entertainment was nimble enough to pivot to create more engaging virtual experiences. Now it’s rocking its digital strategy.

Ultimately, small businesses will play an enormous and essential role in the comeback of the economy and the resilience of local communities. The sheer size of this sector — small businesses account for 44% of all economic output in the U.S. and employ 53% of the nation’s workforce — signals its vital role in any recovery¹. Financial professionals can help those clients endure these unprecedented ups and downs by putting the right tools and strategies in play. And we can all sleep a little better knowing the potential for the small business sector to rebound when this crisis stabilizes and subsides.

Richard Whitworth is Head of Business Consulting at Cetera Financial Group.

¹ (Small Business Administration (SBA)).

About Cetera Financial Group^®

Cetera Financial Group (Cetera) is a leading financial advice firm. It empowers the delivery of an Advice-Centric Experience^® to individuals, families and businesses across the country through independent financial advisors as well as trusted tax professionals and banks and credit unions. It’s headquartered at 200 N. Pacific Coast Highway, Suite 1200, El Segundo, CA 90245-5670.

Comprehensive services include: wealth management solutions, retirement plan solutions, advisory services, practice management support, innovative technology, marketing guidance, regulatory support, and market research.

“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA/SIPC.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

2020-08-06T08:01:00

(BPT) – Access to cellular service during the COVID-19 pandemic has become more essential than ever, whether for staying connected to family and friends as you remain socially distant, getting the latest news, or reaching medical providers.

But with the economic impact of the crisis, millions have also been looking for ways to save on this valuable necessity. Are you ready to switch? If your wireless bill has simply gotten to be too much, ask yourself these questions to help find the best fit, and the best deal, for you.

Are you free to go?

While wireless contracts in the U.S. have pretty much become a thing of the past, you still have to make sure you’re free and clear of any financial obligations to your carrier before you can move on. Make sure you’ve paid off your phone in full. You’ll need to pay what you owe before you can cancel your service.

How much do you really need?

Review the usage on your current bill to find out how many minutes and texts, and how much data, you actually use each month. You may be paying for far more than you actually use, and could save by switching to a smaller plan.

It’s also a good idea to find out if a new carrier offers a grace period, just in case things don’t work out. Many provide a 14- to 30-day trial, so if it turns out the service doesn’t meet your needs, you can cancel without penalties.

Need a new phone?

Oftentimes, you can switch carriers while keeping your current phone. Your new provider simply issues you a SIM card — a small network ID card — which you place in your phone to access the wireless network. You’ll need to verify that your phone is compatible with the new service — there can be some nuance to this — but if it is, it makes switching even more affordable, plus you keep a phone you’re already comfortable with.

If you do want a new phone, be sure to factor it into your budget. Cellphones — especially smartphones — come with a wide range of options, and costs range from under $100 for a basic model to around $1,000 for top-of-the-line “flagship” smartphones like the latest Samsung Galaxy or iPhone releases.

Bringing the family?

Are you looking for yourself or for a group? A shared or family plan, which splits a monthly allotment of data among multiple phone lines, usually winds up being cheaper per month than going solo. Carriers can vary widely on how much they charge for adding extra lines to your account, so be sure to compare to find the best price.

How’s the coverage?

The fanciest phone on the market won’t get you anywhere if you can’t get reliable data or voice service. Ask your friends, colleagues and neighbors how good their reception and signal strength are where you work and live — and who their carrier is.

What about extras?

Consider value-added extras a carrier may offer. Do they charge for activation on their service? What about added fees if you need to change your plan? And don’t overlook customer service: if you have questions about your bill, or need to troubleshoot an issue with your phone or service, do they have a reputation for providing good support? The little things can add up to a terrific value. For example, Consumer Cellular has been ranked #1 for customer service 9 times in a row by J.D. Power, and also offers free activation in addition to very affordable monthly plans.

You want to save, and there’s no shortage of competition for your cellphone dollars even during these uncertain times. By finding the right answer to these questions, you’re sure to find a carrier that fits your needs, and at a price that’s right for you.

2020-08-04T23:01:00

(BPT) – Some 60 million Americans receive Medicare benefits each year to help pay for health care and prescription drugs, according to the federal Centers for Medicare and Medicaid Services (CMS), the federal agency that runs the program. Yet, many don’t get the right benefits for their health needs and their budget.

“The biggest mistake people eligible for Medicare make is that they don’t know enough about their options,” says Kyal Moody, president of Medicare Benefits Solutions, a new offering from Health Compare. “As a result, people don’t get the benefits they deserve.”

Confused about which plan is right for you or your loved one? Medicarebenefits.com can help. This new, free service lets you compare Medicare plans. It also offers access to licensed, experienced Medicare insurance agents who can help provide information on thousands of plans from the leading Medicare health insurance companies. Call the toll-free number: 1-866-576-2956, Monday through Friday, 5 a.m. to 6 p.m. PT.

Here are three other ways to help ensure you get the benefits you and your loved ones deserve:

Know the options. Two of every three eligible people are enrolled in Original Medicare, according to CMS. The rest have chosen a Medicare Advantage plan, a popular option increased at 8% per year compared with less than 1% for Original Medicare. What makes Advantage plans so popular? In addition to covering all Medicare services, some Medicare Advantage plans also offer Medicare beneficiaries extra coverage through supplemental benefits, such as vision, hearing and dental services. Some also offer prescription drug coverage (Part D) as part of their plan.

Review your plan’s drug coverage annually. Look for changes in prescription drug formularies — the list of medications covered by your drug plan. If a prescription drug drops off the formulary it could cost thousands of dollars if you don’t switch to a plan that pays for your medication.

Do a benefits check-up every year. The National Council on Aging, a nonprofit organization for seniors, offers a free, interactive site to check eligibility for a host of benefits from income tax relief to food, housing and utility assistance, transportation discounts, pension help and veterans’ benefits. Find more information at Findmybenefits.org or by calling the toll-free number, 1-800-794-6559, Monday through Friday, 9 a.m. to 5 p.m. ET, to be sure you are getting all the benefits and services you might be eligible for.

2020-08-05T06:01:02

(BPT) – Death and dying can be a challenging subject to broach, even with loved ones. No one likes to consider the possibility of losing a mother or father, and parents don’t want to leave their children in a predicament during incredibly challenging times. As parents, the best gift to give your children is the peace of mind that your final arrangements, including the kind of memorial service you desire, are taken care of, with every detail remembered.

Removes the guesswork

Taking charge of your final arrangements removes the guesswork family members will face regarding your last wishes. Your loved ones will be grieving and overwhelmed. If they are unaware of your wishes for your celebration of life, they will be forced to make uninformed decisions that may lead to lifelong feelings of guilt. By pre-planning, your loved ones will know exactly how you want to be remembered, with all of the special details that make you unique, and won’t have to make uninformed choices.

Eliminates a financial burden

Planning a funeral or cremation service in advance can take care of the details. But only pre-arranging (prepaying for services) can take care of the actual expense of the funeral or cremation service ahead of time, easing the future financial burden on surviving loved ones. Unexpected expenses can result in added stress on your loved ones during the most difficult time of their life.

Avoids overspending

While memorial services are available for every budget, your loved ones may not make the best decisions during a difficult and emotional time. They also may feel that the amount they spend is representative of their love for you. By making your wishes known and pre-arranging your memorial service, you set the budget. In addition, you lock in today’s prices.

Provides peace of mind

Discussing death can be a difficult topic, and one many people choose to avoid. By pre-arranging your final arrangements, documenting your wishes and simply letting family members know where to locate your arrangement documents, your children and other loved ones will know all of the details are taken care of, and they don’t have to ask sensitive questions.

Proactively pre-planning and pre-arranging your final details ensures your personal wishes are documented, while easing the emotional and financial burdens your family will face. For more tips on making your final arrangements visit www.dignitymemorial.com.

2020-08-05T07:01:01

(BPT) – From job loss and unexpected medical costs to economic swings and volatile stock markets, everyone has experienced some level of financial impact from COVID-19. It’s important to know there are simple steps you can take to manage your money throughout challenging times and position yourself for a secure future.

“It’s important to know you’re not alone,” says Jeff Richardson, Sr. Vice President of Marketing at VantageScore Solutions, a credit model developer. “Creating goals and a plan can help you feel calm and in control, particularly when there are many unknowns.”

VantageScore recommends these steps for managing your personal finances throughout COVID’s impact:

Understand unemployment

Self-employed and freelance workers were able to collect unemployment along with those traditionally employed under the CARES Act. Each state processes unemployment claims and has different rules regarding how long benefits last. However, the Pandemic Emergency Unemployment Compensation (PEUC) program set by the federal government added an additional 13 weeks of benefits on top of state coverage. Visit www.dol.gov to find out more about your state’s unemployment insurance program.

Budget for mortgage and rent repayments

Many people are struggling to make rent or mortgage payments during COVID-19. If you were granted a deferral or forbearance on your payments, be sure you know the rules and when payments are due. If you owe a lump sum after your payment suspension period is over, it’s essential you save every month leading up to that due date. Divide how much you will owe by the amount of weeks before it’s due and you’ll see how much you should save each week. Then add this amount into your budget and put the money in a safe place where you won’t touch it.

Start or rebuild your emergency fund

In general, it’s smart to have an emergency fund to cover 3-6 months of expenses. Your emergency fund should be liquid, meaning it can easily be accessed, such as from a savings account. If you used up your emergency fund during the pandemic due to hardships, think about how you can start replenishing the amount once you’re back on your feet, even if it’s adding a small weekly sum. If you don’t have an emergency fund, use this time as an opportunity to get savvy with your finances.

Be proactive and educate yourself

The best way to stay on top of personal finances after the impact of COVID-19 is to be proactive. Reach out to a financial advisor; many are offering pro-bono services to those impacted by the pandemic emergency or seek advice from a free independent credit counselling service. Inform yourself by reading blogs, signing up for financial newsletters like the one available from VantageScore and listening to The VantageScore Podcast. Additionally, ask trusted people in your network for insight, such as a financially savvy friend or your employer’s HR lead. Be highly skeptical of credit repair agencies. It’s key to monitor your credit score and it’s free!

Monitor your credit regularly

It’s always important to be aware of your credit report, but it’s particularly important during times of change. What’s on your report can influence your future financial wellness, including which loans you qualify for and at which rates. Until April 2021, the three national credit reporting agencies in the United States — Equifax, Experian and TransUnion — are offering free weekly credit reports to all Americans. Access yours at www.annualcreditreport.com.

A common myth is that checking your credit score can hurt your score. It won’t. However, monitoring your credit score is an important aspect to your financial health. Don’t be alarmed if your score fluctuates. This is totally normal!

2020-07-28T04:01:00

(BPT) – From its sleek shape and unmistakable click, to the windproof design and cultural impact across film, music and beyond, the Zippo lighter is truly an American icon. With a rich history that spans over 85 years, the company has influenced how people live, work and explore the world.

The notable windproof lighter has secured its place in history and is still going strong today, but there’s a lot you might not know about Zippo. In celebration of the creation of the 600 millionth Zippo lighter, here are 10 fascinating facts to share with your friends:

More than eight decades of family business

George G. Blaisdell founded Zippo Manufacturing Company in 1933. In 1932, he created the first windproof lighter after being inspired when he saw a man using a lighter from Austria. While the design was awkward to use, he was impressed that it worked well in the wind. Inspired by this, the Zippo windproof lighter was born. To this day, his grandson remains an active owner of this business, with his great-grandson also on the board of directors.

100% American made

Every windproof lighter is made in America at the Zippo factory in Bradford, Pennsylvania. Zippo can produce up to 72,000 lighters every single day and roughly 10-12 million lighters annually.

600 millionth lighter

On June 3, Zippo celebrated the incredible milestone of the production of its 600 millionth windproof lighter. The landmark lighter will be preserved and displayed in Zippo’s own museum in Bradford for visitors from around the world to enjoy.

Two museums showcase the history

In addition to the 600 millionth windproof lighter, the Zippo/Case Museum houses thousands of windproof lighters including first editions, limited editions, works of art and collectibles. Another in Jeju City, South Korea, exhibits artwork inspired by Zippo as well as local limited-edition lighters. South Korea is a popular tourist destination known for its wide variety of fun and unusual museums — from chocolate and tea to teddy bears!

Own a piece of history

On July 31, 2020, fans can celebrate the milestone by purchasing a limited-edition, high-polish chrome Zippo lighter featuring 360-degree laser engraving and a color image of the 600 millionth logo. Additionally, every collectible produced on June 3 received a commemorative bottom stamp used only on that day of production. With only 20,000 available worldwide, it’s a unique memento and treasured time capsule that’s sure to be in high demand among Zippo fans and collectors around the world.

A team effort

Each lighter passes between an average of 10-15 pairs of hands as it is made, depending on how many decorating processes are used on the particular lighter. Something special, such as a solid 18k gold lighter, might only have one or two skilled engineers handling its creation.

Incredible durability

Several veterans have reported Zippo has saved their life by stopping a bullet while being stored in a pocket. Another person reportedly went fishing and after cleaning the catch of the day, found a Zippo lighter in the belly of a large Pike. He was astonished when the lighter worked on the first try!

The world-famous lifetime warranty

If your Zippo lighter breaks, you can get it repaired for free as part of the brand’s now famous, unconditional lifetime guarantee. Over the years, Zippo has made more than 8 million repairs without charging a single customer.

Multi-sensory sensations

Since 1933, Zippo has launched more than 300,000 different designs — but the unique lighters offer more than just a visual delight with unprecedented reliability. In 2018, the satisfying sound of the Zippo ‘click’ was officially trademarked, joining a line-up of other trademarked sounds including The Hunger Games’ Mockingjay Whistle and famed MGM Lion roar.

To commemorate the sonic sound and the diverse sensory experience of the iconic windproof lighter, Zippo created its ASMR lighter collection — still available to purchase through the Zippo website.

A cultural phenomenon

Zippo has fans around the world, with multiple clubs for serious collectors. China is the largest international market for Zippo, where the brand is so popular that an apparel line has been created, inspired by the iconic windproof lighter.

To learn more about Zippo’s unique history, or to order the limited-edition collectible honoring Zippo’s 600 millionth windproof lighter, visit www.zippo.com/pages/600-millionth-zippo-lighter.

2020-07-24T08:01:00

(BPT) – Unfortunately, no matter how hard some people work to be financially responsible, obstacles outside their control can sometimes prevent a person’s ability to keep up. In fact, Prudential’s 2020 Financial Wellness Census found that both before and during the pandemic, nearly half of Americans perceived their financial mobility as fixed. This means many don’t feel it’s within their power to improve their financial future, even in promising times.

Now that the pandemic has thrown the country into an economic tailspin, discouragement and anxiety are running high. Amanda Clayman, Prudential’s Financial Wellness Advocate, says that despite these unusual times when so many forces can seem to be outside your control, there are actions and mindsets you can put in place to help you feel mentally well and still hopeful.

Clayman offers the following tips:

1) Practice self-care: The pandemic has created a perfect storm for burnout, endangering financial futures and threatening personal health. This stress can diminish your ability to think soundly. “We’re impulsive, tired and discouraged,” Amanda says. “The mental reserves meant for self-discipline are gone, affecting how we think and act.” Making room for self-care can revive your decision-making skills and provide the clarity needed to de-stress. Clayman encourages everyone to “Take care of yourself physically, mentally … however, you need to avoid burnout. Take a walk, a bath or just give yourself a moment to breathe.”

2) Stay connected: Despite being apart physically or perhaps because of it, you still can lean on your personal communities for support. Begin by considering which communities fill an emotional need, and recognize that these needs may have changed since the pandemic. For example, if you are living alone, you may be craving more interactions featuring lively discussion than usual. Then get creative with methods of staying connected and strengthening bonds. Clayman says, “Zoom calls, FaceTimes and conversations across the street may not be the same as a hug and conversation over coffee, but it’s still vital and rejuvenating human contact, even if it’s unconventional.”

3) Act with purpose: Cultivating a sense of purpose can help you internalize that your actions matter. Systemic economic and societal challenges are dominating the news cycle, adding to a feeling of helplessness. It may seem counter-intuitive but this may be the best time to be self-centered. You may not have the power to fix the outside world but you can still reflect on what gives your life meaning and put purpose at the center of how you allocate your time and money. According to Clayman, “When so many external things seem to be holding us down, our purpose reminds us that we still have our own power to have a positive impact on the world, the people around us, and our own future.”

4) Set attainable goals: When you start to feel empowered to move forward, you can set some simple, achievable goals to tackle. It is important to remind yourself what is and is not in your control before setting expectations. Clayman advises to “realize that you don’t need to solve your challenges overnight. Find the things that you can do and do them one at a time.”

Prudential’s Financial Wellness Census sheds light on a sobering fact: Too many people are feeling that financial mobility is not within their control, whether in good times or bad. This sense of stagnation, or in some cases, regression can lead to feelings of hopelessness. Conversely, focusing on what can be controlled — however small a task — can have the opposite effect of making you feel resilient and empowered. You can work to prevent burnout by controlling how you care for yourself, connecting to your personal communities for support, cultivating a sense of purpose and setting some achievable goals. By owning your power over these aspects of life, you can find a path toward resilience and hope for the future.

2020-07-23T10:01:01

(BPT) – With the end of an unconventional school year, parents around the country are faced with the daunting challenge of saving for their children’s college education. The cost of college is rising, and many American households are already wrestling with their existing student debt. According to NerdWallet, the collective student debt in the U.S. has climbed to $1.6 trillion and shows no signs of decreasing.

Saving for college may seem like an overwhelming task, especially amid the uncertainty surrounding COVID-19, but there are options available to help make the impossible become possible. One option that all parents and students should consider is a 529 college savings plan, which offers a tax advantage to encourage saving for future higher education costs. Tax-advantaged treatment applies to savings used for qualified education expenses. State tax treatment varies.

“Saving for higher education is critical, even during times of uncertainty,” said Russ Tipper, senior vice president at Capital Group, home of American Funds^®, and one of the world’s leading investment management firms. “A 529 college savings plan can be a valuable investment tool and offers an attractive gift option for family members who may also wish to contribute.”

How 529 plans work

With a 529 plan, the earnings are not taxed when you use the money for qualified education expenses. If withdrawals are used for purposes other than qualified education expenses, the earnings will be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income tax. States take different approaches to the income tax treatment of withdrawals. For example, withdrawals for K–12 expenses may not be exempt from state tax in certain states. Here are a few more reasons to consider a 529 plan:

• Families can contribute up to $15,000 ($30,000 for married couples) annually, without gift-tax consequences. Under a special election, you can invest up to $75,000 ($150,000 for married couples) at one time by accelerating five years’ worth of investments.
• 529 plans are flexible. In addition to standard college costs, qualified education expenses from 529 plans can be used to pay an elementary, secondary, private or religious school (for K–12 tuition up to a maximum of $10,000 incurred during the taxable year per beneficiary), vocational school, community college, online educational courses and graduate programs.
• New law further expands uses for 529 plans. Under the SECURE Act, 529 plans can now be used to pay the principal or interest (up to a $10,000 lifetime maximum) on any qualified student loans of a designated beneficiary or the designated beneficiary’s sibling. For distributions made after December 31, 2018, qualified education expenses include expenses for fees, books, supplies and equipment required for the participation of a designated beneficiary in certain apprenticeship programs.
• The account owner can change the beneficiary at any time without tax consequences if the new beneficiary is a member of the family.
• These accounts can be used by anyone looking to go back to school to obtain a degree or seeking to take classes to learn a new skill. Adults can set up 529 plans to cover their own educational expenses.
• Anyone can contribute to a child’s 529 savings plan — parents, grandparents, aunts, uncles and friends could have the opportunity to gift a contribution that goes directly to education savings.
• There are also tax and estate planning benefits. Assets grow free from federal and, in many cases, state taxes if withdrawals are used to pay qualified education expenses. Your contributions are free of gift taxes and can help pare down one’s estate and reduce potential estate taxes.
• For people living with disabilities, consider a tax-advantaged savings plan such as ABLEAmerica, which is designed to help individuals with disabilities and their families pay for qualified expenses. Tax-advantaged treatment applies to savings used for qualified disability expenses. State tax treatment varies.

Saving early pays off

Millennials — many of whom are already impacted by their own student loan debt — are focused on saving for their children’s future education. According to a survey issued by Capital Group, 31% of millennials report that not having enough money to pay for their children’s education keeps them up at night. One in three millennials also ranked 529 college savings plans as an important benefit an employer could offer.

“Starting to save for college earlier truly pays off. Most families begin saving for college at least seven years before they expect to use the money. However, beneficiaries about to enter college (age 18 today) have typically saved less than one years’ worth of estimated public college expenses. Investing early is critical to helping with minimizing the need for student loans and, ultimately, eliminating student loan debt,” said Tipper.

How to choose a 529 plan

Working with a financial professional can help with long-term financial planning. A financial professional can help families understand their choices and determine which investment approaches make sense.

CollegeAmerica^®, the nation’s largest 529 college savings plan,¹ is a strong option that offers low expenses and flexible,² easy-to-use investment options, including target date funds.

Most importantly, do your homework and select the right 529 plan for your family — one that will pay off in the long run. Determine investment goals and then find a plan with flexibility, low fees and low minimum investment requirements.

¹ Largest by assets, according to the 1Q 2020 “529 College Savings Quarterly Update” from ISS Market Intelligence.

² “529 College Savings Quarterly Fee Analysis,” ISS Market Intelligence, 4Q 2019. CollegeAmerica’s fees were in the top quartile of 30 and 18 plans based on the average annual asset-based fees for national advisor-sold and fee-based advisor-sold 529 plans, respectively.

###

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information are contained in the fund prospectus, summary prospectus, CollegeAmerica Program Description and ABLEAmerica Program Description, which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica and ABLEAmerica are distributed by American Funds Distributors, Inc. and sold through unaffiliated intermediaries.

Depending on your state of residence, there may be an in-state plan that provides state tax and other state benefits not available through CollegeAmerica (such as financial aid, scholarship funds and protection from creditors) or ABLEAmerica. Before investing in any state’s 529 plan, investors should consult a tax advisor.

CollegeAmerica and ABLEAmerica are nationwide plans sponsored by Virginia529.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation.

American Funds Distributors, Inc., member FINRA.