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Atlantis Wealth | Are you on track?  Mid-Year Review from Atlantis Wealth

by | Jul 13, 2022 | ECU Blog, Wealth Mgmt

Hey there!

With the first half of the year in the rearview mirror, summertime is a great chance to touch base. A mid-year financial review can help to take stock of your accomplishments and uncover any needs for adjustments. It’s important to regularly evaluate your financial situation, and a small investment of review time can help ensure you’re on track for both short and long-term objectives. Here are a few areas to examine:

Review financial goals. Take stock of your overall financial resolutions and long-term goals to determine whether you are making appropriate progress or if there’s a need for adjustments.

Revisit your budget. Assess any significant life changes that may impact your financial needs such as marriage, the birth of a child, divorce, or job change. Determine if any recurring costs could be eliminated or any spending habits tightened up.

Tackle taxes. Do you only focus on taxes right before tax time, when it may be too late to implement effective tax-saving strategies? Review your investments and tax withholdings to make sure you’re incurring the smallest tax burden possible. Also, look for opportunities to maximize charitable deductions, use an FSA account, or make adjustments that could lighten your tax load.

Assess savings. You should have at least three months of living expenses in your emergency fund. If you’re not there yet, don’t worry! Look to see how you can start building it up and consider setting up automatic deposits. Also, check on your progress toward other savings goals.

Review retirement. Check on retirement savings to assess progress and determine if you need to increase contributions or not. Consider account types, contribution sources, and tax implications.

Check on credit. It’s a good practice to pull a free credit report every year and examine for any discrepancies or suspicious activity and review your score. The three major bureaus offer a free report every 12-months. If needed, adjust where possible to improve your credit score.

Evaluate debt. Debt can be a major expense and a hindrance to making progress on goals. Review outstanding debt and what progress has been made toward eliminating it, adjust any habits to prevent you from incurring more.

The year is still young! Even if your review reveals a diversion from your goals, there is still time to modify and put things back on track. Identify the areas that require a bit of extra attention and make needed changes to improve them by the end of the year.

If you would like to hold a mid-year review together, click the link below to schedule a time that works for you!

SCHEDULE A MID-YEAR REVIEW!

Thanks for being a great client!

Christy

Securities are offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Atlantis Wealth are not affiliated. Cambridge does not provide legal or tax advice.
Atlantis Wealth, 302 Vinca Cove, Madison, MS 39110, United States, 615-620-5499

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Atlantis Wealth | Why I’m an optimist (good stuff inside)

by | Jul 11, 2022 | ECU Blog, Wealth Mgmt

Happy Monday!

For the past few months (years, really) it seems like there’s a 24/7 stream of bad news bombarding us all the time.
Markets, the economy, housing prices, grocery store prices, gas prices, and that whole COVID thing that’s still happening.

It’s a lot.

So, what do we do?

Do we give in to doom-scrolling and negative headlines?

Or do we look for the bright spots in our lives?

Gratitude and optimism always get my vote.

I don’t mean putting our heads in the sand and ignoring what’s happening.

I mean actively taking a look around and appreciating the blessings in our lives.

Our families.

Our friends.

Our neighbors and communities.

Our progress.

Our place in this beautiful world.

I think the pros call that practicing “conscious gratitude.”

What are you grateful for right now? Can you hit “reply” and let me know?

It’s pretty common to hear financial people like me say “focus on your long-term goals” or “stick with the strategy we built together.”

That’s easier for some people. They look to the horizon, take a deep breath, and keep on going.

Other people find the uncertainty of what MIGHT come next challenging.

If that’s you, what if we focus on being present and connecting with what’s going well right now?

So, what’s great in your world? What inspires you right now?

Can you let me know?

I wish I could tell you it was all going to be rainbows and unicorns ahead.

But it won’t be. There will be bumps and rocks and potholes.

But amazing things are coming as well. I’m optimistic about what’s ahead and I’m looking forward to sharing it with you.

As always if you would like to chat about anything going on in your life right now, click here or the button below, and let’s schedule some time together.
I’m grateful to have you in my life! Have a wonderful and grateful week!

Optimistically,

Christy

CHAT WITH CHRISTY

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Sales Tax Holiday 2022

by | Jun 27, 2022 | Community, ECU Blog

Clothing, School Supplies, and Computers

Tennessee’s traditional sales tax holiday on clothing, school supplies and computers begins at 12:01 a.m. on Friday, July 29, 2022, and ends at 11:59 p.m. on Sunday, July 31, 2022.  Click here for more information about what items are tax-exempt during this holiday. 

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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Food and Food Ingredients

For 2022, Tennessee’s General Assembly has approved a sales tax holiday on food & food ingredients (grocery sales tax suspension) which begins at 12:01 a.m. on Monday, August 1, 2022, and ends at 11:59 p.m. on Wednesday, August 31, 2022.  Click here for more information.     

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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Gun Safes and Safety Equipment

For 2022-2023, the Tennessee General Assembly has approved a sales tax holiday on gun safes and safety devices that begins at 12:01 a.m. on July 1, 2022 and ends at 11:59 p.m. on June 30, 2023.  Click here for more information.

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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15 tips and ideas for cutting car insurance costs

by | Jun 23, 2022 | Autos, ECU Blog

Jan 27th 2021

Have you ever opened your auto insurance bill and wondered how you could save a few bucks? Wonder no more. We’ve got you covered. Let’s look at a few options. 

The price of car insurance can be daunting. However, if you’re savvy about using the 15 tips and tricks listed here, you may be able to cut your costs.

First things first

Did you know your car’s make, model, and safety rating all play a role in the cost of your car insurance premium? Before you even buy a car, it’s a good idea to find out which automobiles get the lowest insurance premiums by consulting the Insurance Institute for Highway Safety (IIHS) ratings and asking your insurance agent for insight.

The biggest factor

The biggest factor in your premium is often your driving record. Most states use a “penalty points” system for driving infractions, giving a certain number of points for each motor vehicle offense. Some states will allow you to expunge your older points, while others will eliminate points if you take a driving safety course. You can learn more from your DMV.

Good credit

Insurance companies have done studies showing that people with good credit are less likely to make an insurance claim. If you make a point of paying bills on time and get rid of credit card debt before you purchase car insurance, you could be rewarded with lower premiums.

More than one driver on your policy

Generally, if you insure more than one driver on your policy, such as a family member or co-owner, your car insurance premium can be reduced. The downside is, any teenagers added to your policy will likely increase your premiums.

Teenagers can get insured with parents

Teens typically pay the highest insurance premiums on the road. However, if a parent simply adds a teen to his or her existing car insurance policy, the added cost will be only a fraction of the individual teen rate.

Group insurance plans

Some employers offer group car insurance plans with lower premiums than you would get on your own, so consider asking your workplace human resources department about this. You might also want to check if any organizations you belong to, such as professional associations or service clubs, offer group plans.

Shop and compare

The way companies insure different cars and people can vary by thousands of dollars. Insurance agents suggest you shop around, getting at least three different quotes from three different companies before purchasing.

Bundling

If you already have homeowner’s insurance or another kind of insurance, or if you are considering buying more than one insurance policy, ask your insurance agent if it is possible to “bundle” your insurances. Companies may offer significant discounts if you bundle.

Anti-theft and safety devices

Consider asking your insurer if they will lower your car insurance premium for installing anti-theft or safety devices on your vehicle. Usually, the company will require a specifically approved device in exchange for a discount.

Low mileage discounts

Don’t drive too often? This could mean you are a low risk for your insurer. If you keep your annual mileage under the limit set by some companies, you can reduce your premiums.

Higher deductibles

If you have a solid driving history and a healthy emergency savings fund, taking a higher deductible on your insurance might significantly reduce your monthly premium. It’s important to remember you have to pay that deductible if you have an accident.

Foregoing certain insurance

Many drivers carry collision insurance, which covers damage to your car in a collision, and comprehensive insurance, which covers theft and damage from natural disasters. However, if you have an older vehicle that is only worth $1,000, the added cost of these insurances might not be a good exchange for you.

Skipping the extra frills

Even if you cut collision and comprehensive insurance, there can still be other “extra frills” embedded into your standard liability policy, such as roadside assistance or rental car coverage, that cost you money. It’s a good idea to examine your policy word-for-word to make sure that you do not pay for frills coverage you don’t really need.

Avoiding monthly payments

Frequently it is cheaper to pay your annual insurance costs in one lump sum or in two six-month installments. Monthly payment plans can have additional charges for processing.

Other discounts

Happily, insurers provide all sorts of special discounts for long-time customers, good students, military veterans, and other groups. Your insurance company can tell you whether you fall into any of these cost-saving categories.

Source: Learn how to save money on your car insurance policy. (n.d.). TruStage Insurance. Retrieved June 23, 2022, from https://www.trustage.com/learn/managing-money/cut-auto-insurance-costs

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Does home insurance cover working from home?

by | Jun 23, 2022 | ECU Blog

Mar 16th 2022

The answer is – it depends. Are you working from home or operating a home-based business? Learn how to figure out which type of insurance coverage you need to fit your working lifestyle. 

Figuring out the basics

The COVID-19 pandemic moved many people from highly organized office settings to whatever working space they could find in their homes, from kitchen tables to living room couches. This quick change may have blurred the boundaries between work and home activities for many. However, it’s important to understand that as far as your home insurance policy is concerned, your coverage is typically only for personal belongings and personal activities in your home and surrounding property. Your work-related activities, no matter where they take place, should be covered by your employer’s business insurance.

This could become confusing if you suddenly have to shift to working from home and must use your personal laptop rather than your workplace computer to do your job. Who will cover the loss if your laptop is damaged during work hours because your child spills water on it? Home insurance often includes a protection for business property like computers or printers that are broken or lost on your home premises. However, the protection is usually $2,500 or less, and you have to pay a deductible first.

For this reason, as soon as you are able, you should call the human resources department of your employer to find out how the company’s insurance plan will protect you working from home. If you learn that your employer’s insurance plan might not cover personal property that you are using for work, ask if they can provide a laptop or other equipment for you. If your employer is unable to provide you equipment, consider requesting or purchasing an endorsement. An endorsement or rider is a change to your official home insurance policy, sometimes requiring a one-time fee. You can use an endorsement to increase the level of your business property coverage.

Thinking it through

Once you understand how your employer’s insurance will cover you working from home, determine whether any of your work activities could impact your home insurance premiums and coverage limits. In most cases, your policy should be unaffected. However, if you have to store some of your employer’s inventory or products in your home, both your home insurance coverage limits and your premiums could go up. The same holds true if you frequently have business guests visit your home. Review the personal liability coverage of your home insurance policy to make sure these issues will not affect you.

Also consider whether you will have to use your personal vehicle for work activities. If so, consider asking your employer to cover you with commercial auto insurance.

When you’re the boss

If you work a “side hustle” from home, the business property protection of your home insurance policy typically should cover your risks. However, if you work full-time as an independent contractor, you may be considered a full-fledged business by law. In this case, you might want to consider standard business liability and business property insurance to protect yourself. Depending on your work, you might also consider malpractice insurance and commercial auto coverage.

But what if you’re the owner of a small company with employees and you just transitioned all your employees to working from home? In that event, you’ll likely want to review your business insurance and workers’ compensation policies to make sure they cover the risks of working at home. Meet with your employees to set clear expectations for how you expect them to conduct themselves as telecommuters. Consider having employees comply with safety and security checklists for their at-home workspaces. You might also confirm that your employees are carrying up-to-date home insurance policies for extra protection.

Conclusion

As you can see, when working from home, the good news is your home insurance plan should be largely unchanged. However, there is a chance that in response to the COVID-19 pandemic, insurance companies might change the way they cover working from home in the future. It never hurts to have a discussion with your insurance agent so that you can be better prepared for tomorrow’s trends. 

SOURCE: Does home insurance cover working from home or a home business? (n.d.). TruStage Insurance. Retrieved June 23, 2022, from https://www.trustage.com/learn/life-happenings/work-home-insurance

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