Create Your Own Financial Plan

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NEW EPISODE: Home Inspection Failures

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None! 
To hear the episode, please visit: https://policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #Mortgage #FirstResponders #LawEnforcement #EverybodyGoesHomeLetsGetHomeTogether

NEW EPISODE: Home Inspection Failures

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None!
To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #mortgage #firstresponders #lawenforcement #everybodygoeshomeletsgethometogether
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19 hours ago
Thank you for 26 years of service!! Enjoy your retirement!!
#HeroImage attachment

Thank you for 26 years of service!! Enjoy your retirement!!
#Hero
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2 days ago
Congratulations and thank you both, K9 Loki Officer Schmidt-Quist! Stay safe!

Congratulations and thank you both, K9 Loki Officer Schmidt-Quist! Stay safe!The Racine Police Department would like to officially welcome K9 Loki and his handler Officer Justin Schmidt-Quist. Officer Schmidt-Quist has served with the Racine Police Department for almost 13 years. Loki is a two and a half year old Belgian Malinois. We would also like to thank S.O.L.E for their donation to purchase Loki. ... See MoreSee Less

2 days ago
Congratulations!! All the best to you both, Officer Glaum! Stay safe!

Congratulations!! All the best to you both, Officer Glaum! Stay safe!The KPD would like to welcome the newest member to the Canine Unit. After two full days of extensive testing, this 14-month-old male Belgian Malinois was selected to join the team. Officer Glaum and this pup will begin their 10-week training at the end of March. Thanks to a sizable donation from a benefit held by the Starlite Club, their team has naming rights to this very handsome boy. If you are interested in donating to the canine unit, naming our next canine, or learning more about the canine unit please contact Lt. Jurgens. We look forward to watching this team develop and progress. ... See MoreSee Less

2 days ago
Congratulations! Thank you. Stay safe!Image attachmentImage attachment+1Image attachment

Congratulations! Thank you. Stay safe! ... See MoreSee Less

2 days ago
Congratulations and thank you!
#Hero

Congratulations and thank you!
#HeroRepresentatives from KidsMatter and the Collaborative Youth Team stopped by the PD earlier this week to present a Kindness Award to one of our officers! Officer Maulding was nominated by a coworker for his extraordinary acts of kindness towards an elderly resident who was struggling after her closest family moved out of state. We are so proud of the extra mile he's gone for this resident and are very grateful that his kindness has been recognized. #kindnesscounts2us
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2 days ago

The Credit Union is honored to welcome the Whiting Police Department (Indiana) into our field of membership. We look forward to serving you and your families. ... See MoreSee Less

5 days ago
Thank you for 23+ years of service!
#Hero

Thank you for 23+ years of service!
#HeroMaster Patrol Officer Stanbery retired from the Stillwater Police Department on January 31, 2024. He served the citizens of Stillwater for 23+ years. He worked as a patrol officer, field training officer, Detective with our Special Projects Unit, Special Operations Teams, Honor Guard, and an investigator with the Drug Task Force. Thank you Master Patrol Officer Stanbery!

#SWO
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5 days ago
Rest in Peace, K9 Kex. We will Never Forget.Image attachmentImage attachment+4Image attachment

Rest in Peace, K9 Kex. We will Never Forget. ... See MoreSee Less

5 days ago
Rest in Peace, K9 Lun and K9 Max. We will Never Forget.Image attachment

Rest in Peace, K9 Lun and K9 Max. We will Never Forget. ... See MoreSee Less

5 days ago
Congratulation! Thank you! Stay safe!Image attachmentImage attachment+1Image attachment

Congratulation! Thank you! Stay safe! ... See MoreSee Less

5 days ago
Division President Jim Bedinger and Vice President Jorge Mendoza are honored to be attending the National FOP’s Leadership Matters, which is being held in Nashville, TN, from February 22 - 24, 2024.

Division President Jim Bedinger and Vice President Jorge Mendoza are honored to be attending the National FOP’s Leadership Matters, which is being held in Nashville, TN, from February 22 - 24, 2024. ... See MoreSee Less

5 days ago
Great picture!! Congratulations and thank you! Stay safe!

Great picture!! Congratulations and thank you! Stay safe!PPPD is beaming with pride today for long time, former PPPD Cadet & new Orland Park Police Officer Jacquelyn Skender, who was sworn in alongside her mother.

Jackie we are so very very proud of you!!! PPPD's Cadet program is comprised of young people who learn about police-community partnership and provide auxiliary resources in support of policing activities. We often learn more from them, then they from us. It is truly inspiring to support and watch the future leaders of public service excel.
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6 days ago

The Credit Union is honored to welcome the New Franklin Police Department (Ohio) into our field of membership. We look forward to serving you and your families. ... See MoreSee Less

7 days ago
NEW EPISODE: Home Inspections

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None! 

To hear the episode, please visit: https://policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #Mortgage #FirstResponders #LawEnforcement #EverybodyGoesHomeLetsGetHomeTogether

NEW EPISODE: Home Inspections

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None!

To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #mortgage #firstresponders #lawenforcement #everybodygoeshomeletsgethometogether
... See MoreSee Less

1 week ago
Congratulations! Thank you!

Congratulations! Thank you!008th District officers accepting an appreciation award from our community partners at Sanad Social Services. We appreciate you too! ... See MoreSee Less

1 week ago
We will Never Forget.

We will Never Forget.Members of our OCSO Honor Guard were on hand today to pay our agency’s final respects to 26 year old Florida Highway Patrol Trooper Zachary Fink. He lost his life February 2nd in Port St Lucie during pursuit of a fleeing felon on Interstate 95. Rest in Peace Trooper Fink. 🙏 ... See MoreSee Less

1 week ago
Happy birthday🐾💙!!

Happy birthday🐾💙!!Woodbury City Police Department- NJ. K9 is celebrating birthday. ... See MoreSee Less

1 week ago
We will Never Forget. 
#HeroImage attachmentImage attachment+4Image attachment

We will Never Forget.
#Hero
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1 week ago
Our thoughts and prayers are with the Law Enforcement community.

Our thoughts and prayers are with the Law Enforcement community.The Boston Police Department extend our deepest condolences to the family, friends and colleagues of Officer Paul Elmstrand, and Officer Matthew Ruge of the Burnsville Police Department in Minnesota and Firefighter/Paramedic Adam Finseth of the Burnsville Fire Department in Minnesota, who were killed in the line of duty on Sunday, February 18, 2024, as well as another officer who was wounded during this incident and has a long recovery ahead. ... See MoreSee Less

1 week ago

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Create Your Own Financial Plan

Whether you consider yourself a savvy investor with money to burn or you feel as though you are struggling to make ends meet, the act of creating a plan to understand and manage your own personal finances is a necessity for anyone who hopes to gain and maintain control of their own financial situation. 

Next to our health and our family, our finances are the next largest contributor or detractor to the quality of our life, but not for the reason you might think.  Many of us associate having more money with having less stress.  The fact is, stress comes from the unknown and we feel better when we manage our own lives in a way that minimizes what we don’t know.  Creating and following your own personal financial plan will reduce stress and it works regardless of how much money you have.  If you believe that you are better off not knowing the status of your finances, you are kidding yourself.  If you do not have a good handle on your finances, the bottom line is you are paying more for your money and achieving less with your money.  Ignorance is not bliss when it comes to your finances!

No matter what shape your finances are in, you will benefit from the peace of mind to be gained from understanding your own financial situation and developing a plan that works for you.

So, let’s get started.  The following ten steps form an outline for your personal plan and the details that follow will give you a basis for determining where you are and what you are capable of achieving.

Ten Steps

  1. Discuss your financial situation with your spouse
  2. Choose a financial mentor
  3. Complete a list of your assets and liabilities
  4. Obtain a copy of your credit report
  5. Detail your monthly income and expenses
  6. Review and balance your checking account
  7. Review all associated rates and fees
  8. Set your own financial goals
  9. Shop for rates, services, and a financial institution that will support your goals
  10. Commit to your financial plan and repeat steps as necessary

 

  1. Start by sitting down with your spouse or anyone else who is either influenced by your financial decisions or who will impact your financial situation. Inform them of your plans to take more control of your finances and start a conversation with them about their thoughts, ideas, and concerns. It is important to begin this process by setting proper expectations and ensuring that everyone involved understands the importance of these steps.

 

  1. Once you have put your thoughts and expectations together, choose a financial mentor. When you start a new job, someone who is already experienced in that role typically trains you. It is always to your benefit to learn from someone who will provide you with the benefits of what they have learned and experienced.  The same holds true when you set out to learn and follow new financial habits. 

 

Financial mentors are often family members or friends who have demonstrated sound financial decision-making.  Your local credit union is also an excellent source for financial mentors.  Credit unions are service oriented not-for-profit organizations and they are often staffed with people who pride themselves in providing personalized attention at little or no cost.  To what extent you choose to utilize this person will depend on you and your own individual needs. 

 

  1. After you have selected your financial mentor, gather all of your statements reflecting what you owe as well as what you own and what you have saved. From these statements, draw up a list of your liabilities (debts owed) and your assets (amounts owned and saved). Common liabilities include your mortgage, home equity loans, credit card balances, car loans, and student or tuition related loans.  Common assets include the value of your home, savings account balances, savings bonds, insurance and other investments.

 

Once you have completed the list and added-up your assets and your liabilities, subtract your liability total from your asset total in order to determine your net worth.  This number represents a starting point and a basis for setting your personal financial goals. 

 

  1. The next step is to contact the three major credit bureaus and obtain a copy of your credit report from each of them. Their contact information is as follows:

 

Trans Union

www.Transunion.com

(800)888-4213

 

Experian

www.Experian.com

(888)397-3742

 

Equifax

www.Equifax.com

(800)685-1111

 

If you have been denied credit for any reason within the last 60 days, you may obtain a free copy of your credit report from one of the above.  Otherwise, charges for a copy of your credit report and score range from $8 – $15.  Taking this step is important for a number of reasons.  It will provide you with a comparison between what your creditors are reporting about you and your payment history and your own records and statements.  If information is inaccurate, you can establish an avenue for correcting it.  It also provides you with another valuable starting point in determining your financial standing and understanding the importance of good credit.  If you have not previously read your credit report, ask your financial mentor to explain the terminology used, the scoring methods, and the importance of each.

 

  1. Now that you have started looking at your overall financial picture, break it down further by detailing your monthly income and your monthly expenses. Start by adding up your take home pay and any other sources of income, i.e. side jobs, rental income, etc. Next, add up your monthly expenses.  It is sometimes easier to start with your largest expenses and work your way down the list.  Your list should include everything that you regularly spend money on each month such as your mortgage or rent payment, other loan payments, credit card payments, utilities (gas, electric, water, cable, telephone), typical grocery bills, and spending money for entertainment and dining out.  When you are finished, you should know exactly how much income you bring home each month and have an excellent estimate as to the expenses you incur in a typical month.  Are there any surprises?  Take a close look at these numbers and determine if you need to make any adjustments.

 

  1. Review and balance your checking account. If it has been awhile since you have done this, or you have never done this, retrieve your last checking account statement and sit down with your financial mentor. Doing so will remove the grief, intimidation, and aggravation you would likely experience in trying to complete this step on your own.  Ask questions and commit to learning this process so that you will be able to complete this task on your own going forward.  Once you have completed this task, repeat this process at least monthly to ensure that you keep your account in balance.

 

  1. Review all associated interest rates and fees that you pay and earn on your assets and liabilities. Determine whether or not the interest that you pay on your loans is at a fixed rate or a variable rate. If you pay variable rates on your loans, understand what factors cause the rate to vary so you are prepared if and when your rate increases.  Review your statements for any monthly maintenance fees, annual fees, and other fees that you may not have been fully aware of and be sure to understand fully why these fees are assessed.  If you have been charged NSF fees, you may now be in a position to avoid those going forward after having balanced your checking account.  Once you have gained a better understanding of these rates and fees, you will be in a better position to minimize and potentially eliminate them where applicable.

 

  1. You have now completed the initial review and consultation. The next step is to set financial goals for yourself, such as a savings target you would like to reach or debts that you would like to payoff. Setting financial goals for yourself is possible now that you have gained an understanding of your personal financial situation. Ask your financial mentor to help you set realistic targets or to confirm the validity of the goals you set. At this point, you will begin to realize the many benefits associated with creating your own financial plan.

 

  1. The personal financial industry is very competitive. Recent changes in regulatory laws have made it possible for credit unions, banks, insurance companies, and credit card issuers to provide virtually all of the same types of products and services to consumers. Use the competitive nature of the industry to your advantage.  Research service and rates and shop for the financial institution(s) that will be right for you and help you to achieve your financial goals.

 

  1. Finally, make a commitment to repeat these steps as often as is necessary for you to maintain control of your own personal finances.

 

Someone once said that knowledge is power.  By following these steps, you will gain and maintain the knowledge that you will need to create financial choices for yourself, reduce stress, and take control of the financial side of your life.   Knowledge is power.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

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