Slowly, our world is changing. A percentage of the population has been vaccinated and many employees are headed back to the office. However, this may cause a bit of anxiety – and understandably so. Here are few ways to help take the edge off of returning to the workplace.

Wake up Earlier

For some of you, working from home might have caused you to shift your office hours. Maybe you’re starting later and staying up later. Whatever your routine, it’s safe to say that generally, office hours are 9 a.m. to 5 p.m. A few days, perhaps a week, before you expect to go back, set your alarm earlier. Each day, baby step it back a few minutes to the time you roused yourself before the shutdown began. Though things might never be the same, at least your re-entry into the work world might feel somewhat familiar.

Prepare the Night Before Your First Day

Along with starting your day earlier, think through everything you need to take with you. Do you drink coffee? Make sure you have a thermos with a hot cup of joe ready to go. Do you eat lunch at work? Make your lunch the night before; or if you prefer microwavable meals, be sure you’ve got all your favs ready to pop into your work bag. Ensuring that you will have sustenance at whatever time you lunch will save you a lot of worry.

Review Your Workplace Protocols

Here we’re talking about rules to keep you safe. Do you need a mask if you’ve been vaccinated? What if you haven’t been vaccinated? Do you need to always wear a mask? Will there be hand sanitizer onsite or do you need to bring your own? Email HR or leadership to be fully aware of the policy so you can keep up-to-date with any changes. Staying informed will help calm your nerves.

Manage Your Stress

Make sure you’re being mindful of how you’re feeling emotionally before, during, and after you return to work. If you’re dealing with anxiety when you’re back at work, practice self-care. Take a walk outside during lunch to get some fresh air. If you like to exercise and your gym is open, plan a quick workout. If for some reason you can’t leave the office, try meditation apps like Calm, Headspace or Simple Habit. (These are also great when you get home and before you go to bed – anytime, actually.) You might also call a friend or family member and share how you’re feeling. Letting off some steam and expressing yourself helps alleviate some of the pressure that might be building up.

Communicate with Your Team

Making the transition back to the office can be challenging, if not downright tough. To diffuse any misunderstandings, practice transparency with everyone, no matter what their position. If you’re a manager, lay out your expectations so that everyone is on the same page. If you’re an individual contributor, make sure your manager and peers know what you’re working on, your hours, and any out-of-the-office days you have coming up. Many companies are asking employees, initially, to split their time between the office and home, which means that for some a full transition back to the office is yet to come. Regardless, overcommunicating will ensure you don’t miss out on anything important.

We may never return to the days before the pandemic. However, we’re making strides to get back to a place of normalcy and are here to guide you every step of the way.

Sources

https://blog.execu-search.com/returning-to-work-5-tips/

Let’s face it. Saving money is a challenge at best – and really hard the rest of the time. But what if you made it a fun game to inspire yourself to save? Here are a few ways to do just that.

Keep the Change Challenge

Anytime you receive or find loose change in your pockets or house, put it in a jar. Don’t touch it for a year, and then see how much you save. But here’s a great plus-up for this habit: download a money-saving app like Acorns and watch your savings grow. Anytime you buy something, Acorns will round up the total and deposit the difference into a diversified investment portfolio. Talk about easy.

Weather Wednesday Challenge

This is great idea. Every Wednesday,look up the highest temperature in your state and deposit the amount into your savings account. For example, if it’s 100 degrees, deposit $100. If it’s 32 degrees, deposit $32. You’ll probably save more during the summer than the winter, but after 52 weeks, you could’ve socked away several thousand dollars. Pretty sweet.

Kick-a-Bad-Habit Challenge

Do you go to Starbucks every day for your Double Chocolatey Chip Crème Frappuccino with extra whip? How about guzzling those sodas every day? Are you a smoker? Whatever it is that you’d like to cut down on or even stop, this challenge has two great benefits: you’ll not only get healthier, but you will also save money.

The No-Spend Challenge

Start with a weekend (or even a week) and make a vow not to spend any money on anything except bills or other necessities. The idea is to save money by not spending it. It might cause you to be more creative. For instance, do you really need a new dress for that special occasion? Dig a little deeper into your closet instead of buying a new frock. Or maybe you decide to drive less and not put gas in the tank. This way, you’ll either bike or walk to your destination (if doable) and do more fun things at home.

The Pantry Challenge

Look inside your refrigerator and pantry. How much food do you have that you haven’t eaten? What about that spaghetti sauce or sesame oil? As long as the food isn’t expired, it’s your chance to get creative and whip up a new dish or revive an old favorite. This challenge is related to the “No-Spend Challenge,” and again, the intention is to save money by not spending it.

The 365-Day Nickel Challenge

Nickels are currency, too! But seriously, if you can remember to do this (set a timer on your phone), you’ll be rewarded handsomely. Here’s how it works: On day one, deposit 5 cents into a jar. The next day, 10 cents. The next day, 15 cents. And so on. By day 365, the total deposit will be $18.40. At the end of the year, you’ll have saved a whopping $3,339.75. Not bad, huh?

While saving money might feel restrictive, you’re actually planning ahead to be very happy. When you’ve been able to stick to a habit, or in some cases give one up, you’ll see that anything is possible if you just put your mind to it. And that’s a great feeling.

Sources

https://money.usnews.com/money/personal-finance/saving-and-budgeting/articles/money-saving-challenges

If you’re scratching your head and wondering if we’ve lost our minds, please keep reading. You can do this. All you need to do is plan your steps – and stick to it. After all, Confucius says, “A journey of a thousand miles begins with a single step.” So let’s get moving.

Save Before You Spend

This might well be the opposite of what you do: you get your weekly or monthly paycheck, determine what expenses are ahead, then dedicate what’s left to savings. To save $10,000, the first thing to do is put away the money you’ve designated to reach your goal first (50 percent? 25 percent?), then live off the amount that’s left. Yes, it’s backwards, but in the end it’s the way forward to realize your 10k dream.

Set Up a High-Interest Savings Account

So that cash you’ve set aside? Deposit it into a savings account that will make your money grow. Several good options are Vio Bank (APY: 0.57 percent), Comenity Direct (APY: 0.55 percent), and Ally Bank (APY: 0.5 percent). This could mean the difference of hundreds (or even thousands) of dollars of interest over time.

Baby Step Your Way There

Break your goal into small chunks. Let’s say your monthly savings goal to get to 10k is $500 a month. If that’s too overwhelming, break it into two $250 chunks. If that’s too much, $125 a week, and so on. You can even parse out per day: $500 divided by 30 days in a month = $16. You can do this!

Start a Side Hustle

If you find you can’t make the amount you want to save each month and you aren’t able to tailor your expenses to fit your goal, start a side gig. For instance, if you’re able-bodied, consider helping people move and/or helping them assemble furniture. Other options include babysitting, food delivery, taking market research surveys, running errands and more. TaskRabbit is a great resource to find all kinds of ways to increase your income.

Cut Unnecessary Expenses

Look closely at your expenditures. Decide if you’re really reading that magazine and think about canceling the subscription. Pack a lunch and/or cook in for dinner. Call your internet and cell phone provider to see if they have a better deal. If you want to add an extra $1,000 to your savings each year, all you have to do is cut out $84 a month. This is doable.

Commit to a Budget

Everything that means something requires hard work and commitment. Take an afternoon, put it all down on paper, and promise to live within a dedicated financial scope. Compare your short-term gratification to your long-term financial goal. Imagine how good you’ll feel when you’ve saved $10,000. The power of visualization works.

Track Your Progress

If you’re feeling overwhelmed along the way, it pays to go back and see how far you’ve come – and we’re talking literally see it. Make your milestones visible. Hang a chart in your kitchen and color it in when you make a deposit. Or if you’re more analytical, create a spreadsheet, but keep it on your desktop. Checking this every day will help keep you on point.

Saving for a goal like this can be fun and even exciting. All you have to do is be mindful, make a conscious decision to follow your plan, and your 10k dream will be realized before your know it.

Sources

How To Save $10,000 In A Year (10 Simple Tips)

https://www.bankrate.com/banking/savings/rates/

What if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started.

The Education Savings Account (ESA)

Otherwise known as the Education IRA, this plan allows you to save $2,000 (after tax) per year, per child. Let’s do that math. If you begin saving when your child is born and put away $2,000 a year until they’re 18, you’ll be investing $36,000. Not too shabby. And the good news is that qualified distributions are tax-free, which means you won’t have to pay anything when you withdraw the funds to pay for college. The other upside is, depending on the rate of growth, you’ll earn more than you would in a regular savings account. However, there are some caveats. You can’t contribute if you make more than $110,000 (single) or $220,000 (married filing jointly); the contribution cap is $2,000 a year; and the money must be used by the time your child is 30.

The 529 Plan

If you want to save more for your child’s education or you don’t qualify for the income limits of the ESA, then this might be a better fit because you can contribute up to $300,000, depending on what state you live in. Ramsey recommends you look for a 529 Plan that allows you to choose your investment funds. Also, he says most of the time there aren’t any income restrictions based on your child’s age; however, there are some limits, so choose wisely. This plan also grows tax-free. One thing to note: restrictions may apply if you want to transfer your funds to another child.

The UTMA or UGMA (Uniform Transfer/Gift to Minors Act)

One of the best things about these plans is they’re not just designed to save for education. For example, if your kiddo wants to take a gap year, this can cover living expenses. The account is set up in your child’s name but it’s controlled by a custodian (usually a parent or grandparent). The custodian manages the account until the child is 21 (18 for the UGMA). One of the pluses of this plan is that since the account is owned by the child, the earnings are usually taxed at the child’s rate, which is generally lower than that of the parents. For some people, the savings can be significant. However, there are two important things to know: (1) once your child is of legal age, she can use the funds however she likes (a trip to Europe, a sports car…or college?) and, (2) the beneficiary can’t be changed after selected.

While setting up a college fund is a smart goal, it’s not the only one. Prior to starting down these paths, Ramsey recommends that you consider paying off your mortgage, credit cards, and your own student loans. He also suggests setting up an emergency fund of three to six months and allocating 15 percent of your salary to retirement through a 401(k) and/or a Roth IRA. For more help, he recommends both parents and children read “Debt-Free Degree.” This book walks you through how to go to college without student loans.

Saving for an education might feel completely overwhelming, but if you start early enough, do your homework and create a solid plan, it’s absolutely possible.

Sources

https://www.daveramsey.com/blog/saving-for-college-is-easier-than-you-think

https://www.troweprice.com/personal-investing/accounts/general-investing/ugma-utma.html#:~:text=Because%20money%20placed%20in%20an,this%20savings%20can%20be%20significant.&text=Up%20to%20%241%2C050%20in%20earnings%20tax%2Dfree.&text=Any%20earnings%20over%20%242%2C100%20are%20taxed%20at%20the%20parent’s%20rate

According to the National Bureau of Economic Research, in late spring of 2020 about half of American workers were working from home. Not surprisingly, many researchers believe that this pattern will continue after the pandemic is over. With this in mind, SmartAsset has examined the best cities to work from home in 2021 and evaluated them across seven metrics: percentage of those who worked at home; estimated percentage of those who can work at home; five-year change of percentage of those who worked at home; October 2020 unemployment rate; poverty rate; housing costs as a percentage of earnings; and percentage of residences with two or more bedrooms. Here’s what they learned:

1. Scottsdale, Arizona. In 2019, Census Bureau data shows that about 18 percent of people worked from home, a 6.7 percent increase from 2014. This sunny city also has the fourth-highest estimated percentage of workforce who can work from home and the third-lowest 2019 poverty rate, which is 6 percent. When you’re not inside at your computer, you can enjoy the desert tranquility of the McDowell Sonoran Preserve, restaurants and shops of Old Town Scottsdale, and the largest model train display in North America at McCormick-Stillman Railroad Park.
2. Raleigh, North Carolina. Even before COVID-19, a large percentage of people worked from home here, much like Scottsdale. In 2019, 10.5 percent of the workforce did so remotely, which is the fourth-highest for this metric. Raleigh also ranks in the top quartile for two other metrics: it has the 18th-lowest October 2020 unemployment rate (5.3 percent) and 21st-lowest poverty rate (10.9 percent). Raleigh is known as the “city of oaks,” which makes it a beautiful place to live. Even better, you can celebrate all four seasons and it’s only a few hours from the mountains. Plus, homes are some of the most affordable in the nation.
3. Plano, Texas. Just north of Dallas, Plano ranks in the top 10 percent for three metrics: percentage of people who worked from home in 2019 (9.6 percent), estimated percentage of people who are able to work from home (35.44 percent) and 2019 poverty rate (7.5 percent). Also, Plano has the 14th-lowest October 2020 unemployment rate, at 5.2 percent. Best thing about Plano: it has all the restaurants, shops and amenities of Dallas without the traffic. And, there are numerous parks for walking, hiking, biking and swimming.
4. Gilbert, Arizona. This locale ranks as one of the best places to buy an affordable home. In fact, data from the Census Bureau shows that 96.3 percent of apartments and homes in Gilbert have two or more bedrooms, which is the highest percentage for this metric. Additionally, it has a relatively low poverty rate (4.6 percent). Main attractions include bird watching at the Riparian Preserve at Water Ranch, holiday shows at the Hale Centre Theatre, and delicious produce at the Gilbert Farmer’s Market.
5. St. Petersburg, Florida. As of October 2020, the greater Pinellas County unemployment rate was just 5.2 percent. That’s 1.5 percentage points below the national average. What’s more, the percentage of people working from home grew by 4.6 percent in St. Petersburg from 2014 to 2019, the third-highest increase in the study. If you love sugar-sand beaches, you’re in luck: there are many to fall in love with. But you can also enjoy cultural outings like a visit to the Dali Museum and the Chihuly Collection.

Some of the other best cities for working remotely include Durham and Charlotte, North Carolina; Colorado Springs, Colorado; Austin, Texas; and Fremont, California. These days, working from home is the rule, rather than the exception it was years ago. In these challenging, uncertain times, it’s nice to know there are places you can thrive.

Sources

https://smartasset.com/checking-account/best-cities-to-work-from-home-2021

https://www.tripadvisor.com/Attractions-g31350-Activities-Scottsdale_Arizona.html

https://www.raleighrealtyhomes.com/blog/moving-to-raleigh.html

Roth IRAs can be a powerful tax tool, but they are often misunderstood and misused. Investment income in Roth IRAs compound tax-free and most distributions are tax-free as well. Another benefit is that there are no required minimum distributions (RMDs) throughout the original owner’s life. Long-term Roth distributions are tax-free to the beneficiaries who inherit the IRA as long as they fully distribute the Roth within 10 years of inheriting.

As the annual contribution limits are rather small, most Roth IRA contributions are made by converting a traditional IRA to a Roth IRA. The downside to conversion is that you’ll have to pay tax on the gross amount converted. Considering this can require a substantial cash outlay and that all the Roth IRA benefits are backloaded, deciding to make a conversion can be a difficult call.

Most people aren’t sure it will pay off in the long term and don’t like the idea of paying taxes now instead of in the future. Consequently, too often people try to make a conversion decision through intuition instead of objectively considering the important factors.

It’s best to use a spreadsheet to do an analysis or work with a tax advisor because you will need to consider many factors, including assumptions about tax rates, investment returns, how long you’ll own the accounts, how much you will convert, etc.

Generally, a conversion becomes more advantageous if tax rates increase and this impact is compounded by higher investment returns. Finally, remember that you can leave the Roth to your heirs who can take distributions tax-free.

Roth IRA conversions are not the right option for everyone, but where it’s appropriate the benefits can be substantial.