Economic Freedom

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NEW EPISODE: Pre-Approval Costs

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: Pre-Approval Costs

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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2 days ago

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

3 days ago
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3 days ago
We will Never Forget.

We will Never Forget.Today we remember and honor Everett Police Department Officer, Dan Rocha. Officer Rocha lost his life in the line of duty on this day in 2022. Gone but not forgotten. ... See MoreSee Less

3 days ago
Congratulations!! Stay safe!

Congratulations!! Stay safe!Help us congratulate Officer Gualbert Button, our newest TMPA member at the Kennedale Police Department! 🚔 Sworn in Friday among family, friends, and peers, his journey from the Philippines, academic achievements, and previous police service set the stage for his new role.

Again, congratulations brother, we are eager to see you succeed! #TMPAFamily #KennedalePD
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3 days ago
Thank you for your service, K9 Drago!
Congratulations, Sgt. Jorge! Stay safe!

Thank you for your service, K9 Drago!
Congratulations, Sgt. Jorge! Stay safe!Drago will spend his retirement days at Sgt. Jorge's home enjoying family and fun times. K9 Drago has retired from the Essex County Sheriff's Department after serving since 2018. His partner K9 Sgt. Leonardo Jorge has been promoted to their Investigations Unit.
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3 days ago
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Happy birthday, K9 Freya!Happy birthday to K9 Freya of the Grand County Sheriff's Office - Colorado. ... See MoreSee Less

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💙💙💙💙Cute, a future police officer posing for a photo with the Troy Police Department. ... See MoreSee Less

7 days ago
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7 days ago
Welcome and thank you! Stay safe!

Welcome and thank you! Stay safe!The Lincoln Township Police Department would like to take this opportunity to welcome Officer Brock Emery to the department. Officer Emery is a local resident and is a graduate of Lakeshore Public Schools. Officer Emery attended Kalamazoo Valley Community College and then Madonna University. After college, Officer Emery enlisted in the Army. During his time in the Army, Officer Emery was involved in the Presidential Escort Detail and the Caisson Platoon. Officer Emery is married and currently lives here in Lincoln Township. Welcome Officer Emery. ... See MoreSee Less

1 week ago
Welcome and thank you! Stay safe!

Welcome and thank you! Stay safe!We are so excited to welcome the inaugural Members of
The Ennis Police Department Detention Facility!

Detention Officer Jonathan Villagran, Detention Officer Christopher Stroud, Detention Officer Dillon Oates,
Detention Officer Angelica Estrada, Detention Supervisor David Dodd

We look forward to a long, prosperous, and successful journey as our department continues to grow and become a premier Law Enforcement Agency in Ellis County.

Congratulations on joining our community.

Service, Honor, and Vigilance.
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1 week ago
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1 week ago
Welcome and thank you! Stay safe!

Welcome and thank you! Stay safe!Help us welcome Levi Birkey to the police department. Officer Birkey comes to us with two years of police experience. He will begin 12 weeks of field training starting Sunday. ... See MoreSee Less

1 week ago
NEW EPISODE: The Unpredictability of 2024

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: The Unpredictability of 2024

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 and thank you for 45(!!!!) years of service, Superintendent Clapprood! That is an incredible milestone! All the best and every success in your retirement! Stay safe!Image attachment

Congratulations and thank you for 45(!!!!) years of service, Superintendent Clapprood! That is an incredible milestone! All the best and every success in your retirement! Stay safe! ... See MoreSee Less

1 week ago
Thank you for 28 years of service! 
#Hero

Thank you for 28 years of service!
#HeroWell done Brother. Lieutenant Pablo Cruz has retired from the Ohio State Highway Patrol after 28 years of service.
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1 week ago
Thank you for 24 years of service! All the best in our success in your next endeavors.

Thank you for 24 years of service! All the best in our success in your next endeavors.Congratulations!

After 24 years of dedicated service to the City of Rolling Meadows Officer Steve Whetstone retired today. Throughout Officer Whetstone’s career with the Rolling Meadows Police Department he served as a Field Training Officer, Major Case Assistance Team Traffic Crash Investigator, Motorcycle Officer, and our very first K9 Officer, and most importantly a friend to us all.

Officer Whetstone also has numerous awards to include the lifesaving award.

Officer Whetstone will be greatly missed by the department and we wish him well on the next chapter of his life. Congratulations to Officer Stephen Whetstone #209 on 24 years of dedicated service to the city!

Please help us congratulate Officer Whetstone on his retirement!

Congratulations Steve!!
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2 weeks ago
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Thank you!! Stay safe!Shout-out to Deputy Chad Smith for five years of serving and protecting Okaloosa County residents and visitors! #TeamOCSO #WellDone ... See MoreSee Less

2 weeks ago

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Economic Freedom

Arguably, the greatest freedom of all is the freedom of choice, the power to make your own decisions and command your own destiny.

Amongst all of the decisions that you can make in your life, your financial decisions typically have some of the largest impacts, positive or negative, on the quality of your life and the options that you will have available to you.

We recently faced an unprecedented convergence of economic challenges…depreciating home values, a plunging stock market, record levels of consumer debt, unemployment, a rise in inflation, high fuel prices, and restricted access to credit at the consumer and institutional levels.

While there are still issues and concerns that must be addressed, many economic indicators have fortunately stabilized.  Rest assured, however, that we will face further uncertainty and economic turmoil in years to come.

When challenges arise and economic uncertainty looms, virtually all of the volatility that is created in the financial marketplace is driven by two factors, fear and rampant speculation.

If you are somebody who is fearful and full of anxiety about your finances, do you also feel helpless and lost about what to do?  Can you imagine how great it would feel to be free of your fear and to experience peace of mind relative to your finances?

It is more important now than at any time in the last 75 years to make good financial decisions that will help you to achieve your own economic freedom and minimize any restrictions that will keep you from realizing your financial goals.

Make no mistake about it.  You can enjoy economic freedom no matter how much money you make and regardless of what your financial situation has been in the past.  You and your own actions will be the sole determinants of whether or not you achieve financial strength and soundness.   Conversely, if you do not set financial goals for yourself and get on the path that leads to the achievement of those goals, it will be your fault and your fault alone.

The peace of mind that comes with not having to worry about your finances during difficult times can be yours and the tools that will help you obtain it already exist.

When I was researching information for this article and trying to determine how best to summarize the steps you need to take to achieve personal economic freedom, I realized that we had already discussed the ten most important things that you can do to realize your life’s goals and to best prepare for uncertain and challenging economic times.  Because of this, much of what I will highlight in this article will be a summary or a reference to information in previous articles.

If you have been following along and have taken the steps that we have previously outlined, this will be a great time to check your work and fine-tune your plan if necessary.  If you have not taken the steps that you should have to prepare for what you may currently be facing or will possibly face sometime in the future, it is not too late to take the sting out of your current situation and better prepare for the next time.

 

1.   Create a Plan

Begin by honestly assessing your financial situation and determine what you have been doing and what you have not been doing.  Figure out what you know and what you don’t know and then devise a plan that builds on your strengths and addresses your weaknesses.  As an example, if you have not been as organized as you should have been and as a result have not balanced your checkbook regularly, make sure that part of your plan includes a regular review and balancing of your checkbook.  Then,  commit to that plan.  A successful financial plan must contain realistic, attainable action steps as well as measurements and checkpoints to ensure you stay on track.

 

2.   Develop and Follow a Budget

Clearly define your income and your expenses.  For the purposes of your budget, your income is not your gross salary, it is your actual take home pay. For this exercise to be of value, being specific and precise is a must especially as it relates to your expenses.  The more detailed that you can be about your exact expenses, the more confident  you will be about your numbers and what you will have left to save.  Once you have developed a budget, follow it.  It will take discipline on your part, but the reward is great, namely that you will be taking a big step toward commanding your own financial destiny.

 

3.   Become Credit Wise

The single biggest factor in determining your ability to borrow money and qualify for the best borrowing rates is your credit rating, specifically your credit score as reported by the three main credit bureaus.  The credit rating system is notoriously difficult to understand and susceptible to errors and inaccuracies so you will be way ahead of the game if you take the time to understand your credit report, the components of your credit score, and what you can do to ensure that your rating is as accurate and as strong as possible.

 

4.   Perform Credit CPR

To the extent that you identify inaccuracies or legitimate weaknesses in your financial standing, perform the necessary tasks to take corrective action.  In this case, CPR can be defined as strong Communication with relevant parties, sound Planning, and a commitment to Resolve any and all matters.

 

5.   Set Your Financial Priorities

Now that you have taken the steps that form the foundation of your future financial strength and your in-depth financial knowledge, it is time to determine exactly what your priorities should be.  If you have more debt than you are comfortable with, then the first order of business should be to pay off that debt or bring it down to a more reasonable level.  If your debt and expenses are in order, your priority should be to maximize your savings.

 

6.   Establish Goals and Incentives

Once your plan is in place and your priorities are in order, the next step is to establish your goals and the rewards you will reap when those goals are achieved.  As is the case with each of these steps, the goals that you set will be personal to you and will only be helpful if they are meaningful to you and attainable.  Setting the incentives is just as important because they will play a key role in your level of motivation to achieve your goals.

 

7.   Create Reinforcing Habits

Particularly when it comes to saving, but certainly in every aspect of your own financial management, you will benefit from making habits out of the actions you are taking and repeating.  Your plan is in place and it is based on accurate information.  You have set your priorities and established your goals.  The best way to reinforce this behavior is to make it second nature.

 

8.   Build Wealth

When you have realized the importance of saving, the next logical step is to go out and actually build wealth and there remains only two legitimate ways to do it.  You must either obtain ownership of something (i.e., real estate, stock, business, etc.) and/or build passive income; that is income that you generate that is not directly reliant on your labor or task completion (i.e., interest, dividends, appreciation).

 

9.   Insulate Yourself From Recessions

There are several things that you can do to lessen the impact a downturn in the economy can have on your finances in terms of preemptive measures and preparation.  If you have not completed the previous steps then these measures will be a lot less effective.  Once you have prepared for these times, you have essentially completed your path to economic freedom and you will find a peace of mind relative to your personal financial situation that will be both inspiring and liberating.

 

10. Trust Your Instincts and Stay Curious

At this point, you have completed all of the steps and have clearly learned how to make good, sound financial decisions.  You are following your own path and realizing power and command that previously seemed unreachable. You have all of your financial matters in order.  Enjoy the benefits of your commitment to this process by sticking with the decisions and choices that you have made, but do not rest on what you have already accomplished.  Stay curious, keep asking questions and answering your own challenges, and remain open-minded so that you are able to make adjustments to your plans and objectives as necessary.

So, follow these steps and keep the faith. Your Economic Freedom is at hand.

And, don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.

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

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