Financial Needs…or Wants?

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Congratulations and thank you to all! Stay safe!Image attachmentImage attachment+2Image attachment

Congratulations and thank you to all! Stay safe! ... See MoreSee Less

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

Welcome!! Congratulations!! Stay safe. ... See MoreSee Less

3 days ago

15 CommentsComment on Facebook

Congratulations

God bless and keep y’all safe! 🙏🏻🙏🏻🙏🏻

Congratulations 🎊

Congratulations...Thank you for your service and God Bless

Congrats 👏

Congrats

👏🇺🇸

Congratulations and stay safe!

Congratulations!

Congratulations. Wish you all good luck and be safe.

Congratulations

Congratulations

BE SAFE TAKE CARE 👮‍♀️💙👮‍♀️💙👮‍♀️

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We will Never Forget. ... See MoreSee Less

6 days ago
Thank you for 30 years of service!

Thank you for 30 years of service! ... See MoreSee Less

6 days ago

6 CommentsComment on Facebook

Happy Retirement!!

Congratulations on your retirement enjoy

GOD BLESS OUR BRAVE WARRIORS🇺🇲🇺🇲🇺🇲🙏🙏🙏🙏❤️❤️

👏👏👏👍👍🙏🙏🙏🇺🇸🇺🇸🇺🇸

Thanks proud of you

Ty

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We will Never Forget.

We will Never Forget.#NeverForget ... See MoreSee Less

7 days ago

5 CommentsComment on Facebook

RIP Sir, thank you for your service to your community......

💙

Prayers

RIP🙏🇺🇸

RIP

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We will Never Forget.

We will Never Forget.#NeverForget ... See MoreSee Less

7 days ago

11 CommentsComment on Facebook

Rest in Peace Officer. <3

Amen RIP prayers said

Prayers for the families

Prayers

💙

God bless him

RIP Officer!!!

RIP FELLOW BROTHER OFFICER

Rip Hero

So sorry. RIP

RIP

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Thank you, Sir!

Thank you, Sir!Three Decades and Counting!
Congratulations to Captain Todd Watkins on his thirty years of service to the OCSO and citizens of Okaloosa County! Thank you for your countless contributions to our community! 👏🌟
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7 days ago

2 CommentsComment on Facebook

Congratulations,thank you for your service

Congratulations and stay safe

Congratulations and welcome Officer Gabidson Boisrond!Image attachment

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1 week ago

5 CommentsComment on Facebook

Salute and Honor

👏🇺🇸

Congratulations 👏🎉🎉🎉🇺🇸

Congratulations

👏👏👏🙏🙏🙏🙏

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Thank you!

Thank you!Meet our employee of the quarter, Officer Reid Daut!

Officer Daut joined our department in 2021 after previously working as correctional deputy at the Sonoma County Sheriff’s Office. Most recently, he was selected to be a Training Officer at our department and has since been assigned one of our new trainees.

He was chosen as Employee of the Quarter for his high quality investigations, teamwork, and resourcefulness in working to solve multiple complex cases these last few months.

Congratulations, Reid!
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1 week ago

2 CommentsComment on Facebook

👏🇺🇸

👏👏👏 🙏 🙏 🙏 🙏 🙏

Congratulations and thank you!

Congratulations and thank you!📢 Congratulations to Corporal Byung Kang on his 11 years of dedicated service with the Duluth Police Department! 👏🎉

Currently assigned to Special Operations, Corporal Kang serves as a K9 Officer, working alongside his loyal and talented partner, K9 Clodo. 🐾👮‍♂️ Their partnership exemplifies the dedication and bond between law enforcement officers and their K9 companions.

Thank you for your service, Corporal Kang, and congratulations once again on this milestone achievement! 🙌👏 #DuluthPD
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1 week ago

14 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Congratulations

👏🇺🇸

Congratulations we Love our Police 🇺🇸❤️🙏💙

Thank you for your service! 🖤💙🖤

Congratulations 💙

Congratulations 🎊

Congratulations 🎈 🙏

Thank you for your service 💙

Congratulations!❤️🇺🇸👏👏👏

Congratulations and stay safe

👏👏👏👍👍👍🙏🙏🙏🙏🇺🇸🇺🇸

🙏👏🏾🇺🇸👍

Ty

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We will Never Forget. ... See MoreSee Less

1 week ago

2 CommentsComment on Facebook

Condolences to the families and friends!

Ty

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

2 weeks ago

1 CommentComment on Facebook

😆🌙😹🏥🥊 Worry less, smile more.🎁https://bawornnon.vercel.app/

The Mortgage Beat returns with a post-season Bonus Episode! In this segment, Police Mortgage CEO John Aretos provides insight on the 2024 Q4 market. 

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

The Mortgage Beat returns with a post-season Bonus Episode! In this segment, Police Mortgage CEO John Aretos provides insight on the 2024 Q4 market.

To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.
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2 weeks ago
We will Never Forget.

We will Never Forget.On this day in 2019, the Detroit Police Department lost Police Officer Rasheen McClain, who was shot and killed in the line of duty. McClain was posthumously promoted to Sergeant. He served for 16 years. We will never forget his ultimate sacrifice. #NeverForgotten #OneDetroit ... See MoreSee Less

2 weeks ago

31 CommentsComment on Facebook

Rest In Peace

RIp! Thank you for your service,bravery,sacrifice and dedication!

🙏💙💙💙

🙏🙏🙏🖤💙🖤🙏🙏🙏

Prayers for the families. R.I.P.

Condolences to the families and friends!

God bless

🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🌹🌹🌹

💙🇺🇸🇺🇸🇺🇸🇺🇸‼️‼️

R.I.P. 🙏🏻

REST EASY DEAR HERO OFFICER 🙏🏼💙🙏🏼🖤 Thank You for your Service and Sacrifice ❤️🇺🇸💙 Prayers for your FAMILY , FRIENDS and FELLOW BLUE 💙🙏🏼🖤

🙏🙏🙏🙏❤️

Prayers

Rest in peace amen 🙏❤♥

RIP prayers said 🇺🇸🇺🇸🇺🇸

🙏🙏🙏

RIP… Thank You for your service and sacrafice…

Bless his family.

Thanks to you our Hero. 🇺🇸♥️

RIP FELLOW BROTHER OFFICER

My heart breaks for his family, loved ones and friends. God comfort them in their time of grief. 🇺🇸🙏🏼

RIP🙏🇺🇸

God bless rip prayers said 🙏🙏

Rip hero

My Condelences RIP , God bless the family ❤️ 🥀 🙏

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All the best to you, Sir. Thank you for your 50 years of service!Image attachmentImage attachment+1Image attachment

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2 weeks ago

3 CommentsComment on Facebook

👏🇺🇸

Thanks prayers stay safe and well in Jesus name

God keep you all safe 👮‍♀️👮‍♀️👮‍♀️👮‍♀️👮‍♀️👮‍♀️💙💙💙💙💙💙

Congratulations! Thank you! Stay safe!Image attachmentImage attachment+4Image attachment

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2 weeks ago

3 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Congratulations 🎊

Bless all of you.

Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!Please welcome Officer Sunny Purewal to the Lathrop Police Department. Officer Purewal comes to us from the Stanislaus State University Police Department after being there for 3 years. While there, he was part of the bicycle and critical response unit.

Prior to that, he worked for the Modesto Police Department for 3 years.

We are excited to have him as part of our team and trust his experience will be a huge benefit to our department and community!
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2 weeks ago

4 CommentsComment on Facebook

👏🇺🇸

God bless stay safe 💙👮‍♀️💙👮‍♀️💙👮‍♀️💙👮‍♀️💙👮‍♀️

Congratulations and thank you! Stay safe!

Congratulations and thank you! Stay safe!The New London Police Department is pleased to introduce our two newest members of the department! Police Officer candidates Rebecca Soto and Amanda Battey. Both Police Officer candidates were sworn in today, 11/17/2023, at City Hall.

Police Officer candidate Rebecca Soto is a former Whaler (NLHS graduate) and City resident. Officer Soto previously worked at Electric Boat before joining the New London Police Department

Police Officer candidate Amanda Battey grew up in Plainfield CT and is a graduate of Harvard Ellis Tech. Officer Battey previously worked as a public safety dispatcher at Mashantucket PD before joining the New London Police Department.

Both candidates will start their training on Sunday, 11/19/2023, in-house followed by attending the Law Enforcement Council (LEC) Training Academy, Norwich, CT beginning November 27, 2023. They will attend the training academy for approximately 30 weeks where they will receive all the essential training (approx. 1,345 hours) needed to complete field training and become a certified police officer in the State of Connecticut.

We ask that you join us in welcoming Police Officer candidates Rebecca Soto and Amanda Battey to our community and wishing them success in their training to transition to New London Police Officers.

Congratulations!
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2 weeks ago
Rest in Peace, Sir. We will Never Forget.

Rest in Peace, Sir. We will Never Forget.END OF WATCH: Bellevue (Nebraska) Police Department Officer Christopher Abbott, November 18, 2023.

Please extend your condolences to the Bellevue Police Department and the family of Officer Christopher Abbott. Christopher passed away suddenly, yesterday, after an unexpected medical emergency.

The community loved Christopher, who in return, also showed his love for his community. Over his 22 year career, Christopher was heavily involved in planning events during literally every major holiday. He loved community policing, a unit he was a part of since 2009.

Above all else, Christopher loved being a dad to his two sons and a loving husband to his wife, who he had been together with since high school.

Rest easy, brother. We have the watch.

#christopherabbott #servant #guardian #sheepdog
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2 weeks ago

21 CommentsComment on Facebook

Rest In Peace

Rip officer!!💙⭐️🙏🏻

🙏🙏🙏🖤💙🖤🙏🙏🙏

🙏 Blessings to the family and loved ones.

😢🙏🇺🇸

Rest in peace. We will take the watch.

Rest in Peace and may his family find comfort in the Lord. He is with Him now.

Prayers 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏

RIP God bless prayers for his family.

Condolences

Peace my brother. Rest in peace

Prayers

Rest in peace brother

😥😥💔💔💔🙏🙏🙏

😢

RIP HERO 🙏🇺🇸👮‍♀️

RIP!

R.I.P

RIP. 🙏🏼🙏🏼🙏🏼💔💔

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Financial Needs…or Wants?

How many times have you heard one or more of the following comments in the last year?

· “The situation was beyond my control”

· “No one could have planned for this”

· “How was I to know?” or “No one told me…”

When I hear these statements, I can’t help but question the validity of them.  It is far too easy to say and then believe that when hard times hit there was no way you could have been prepared and it is, undoubtedly, a great way to absolve yourself of any blame.

Everyday, things happen in our lives that are random and unplanned.  Shouldn’t that fact alone be enough to tell us that there will always be surprises and that not all of them will be positive?  While, none of us have any way of telling what is around any corner, shouldn’t we all instinctively know that we should be prepared for the unexpected or unforeseen, whatever it turns out to be?  Who is most responsible for what occurs or doesn’t occur in his or her own life?

There are virtually no limits on the number of actions people can take to ensure that they are prepared for whatever occurs in their life, but for our purposes, let’s stick to the steps that you can take to be financially prepared for life’s journey.  Even limiting the discussion to the topic of financial preparedness is broad based.  There are many worthy topics to explore on everything from the merits of budgeting and setting financial goals all the way through sound saving habits and investing techniques.  So, lets drill all the way down to what I believe is at the core of every financial decision and the basis for which people will either experience financial freedom or financial indebtedness.

I think the foundation of every financial decision is set by the answer to this question, “Is this a financial need or a financial want?” and a complete understanding of the importance of the answer.

Let’s start by defining what a need really is.  There are essentially three basic human needs…food, shelter, and clothing.  For the purpose of this exercise, I am going to add two more and they are transportation and education because they are so essential to the pursuit of your dreams and the quality of your life.

Your financial objectives begin by satisfying these five needs.  How you go about doing that will go a long way toward determining how much debt you will incur and how much financial freedom you will have.

When you address these financial needs, the first thing that you want to do is to make sure that you do not end up confusing any of these needs with a want.  It is safe to say that all of us would like to live in a new house, drive a cool car, eat at the best restaurants, and go to the best schools, however, our financial wherewithal will determine to what degree we are able to meet our needs and at what point we could convert a need into a want.

Financial freedom is derived from having the ability to make your own choices about how you spend your money and you are only able to make these choices if you actually have it to spend.  In other words, if you have committed all of your income to meeting your debts each month, then you will not be free to make any additional choices unless you find a way to earn more money.  In today’s economic environment, that is a pretty tall task; so, you need to make sure that the choices you make in addressing your actual financial needs are sound and that they leave you with some money left over each paycheck.

One way to prioritize your financial needs is to rank them in order of importance and then assign the portion of your income that reflects that importance.  For most of us, our homes and our transportation are going to comprise the biggest piece of our expenses.  To illustrate, I am going to use round numbers, but if you are applying this thought process to your own situation, simply use the percentage guidelines provided.

For example, let’s say that you earn a total of $1,300 per month and that you have $1,000 in take home pay after taxes.  You will probably be able to devote a maximum of 40% or $400 to your housing expense.  You will likely want to spend more in order to get a bigger place with more amenities, but doing so will likely cause you to overextend and/or have to make sacrifices in other areas without yet addressing your other needs.  To further clarify, this 40% needs to cover your rent at a minimum.  If you are a homeowner or want to become one, this number needs to cover your mortgage payment and any insurance and real estate taxes that may apply.

By prioritizing your housing expense, you will now have a clearer picture of what is available to cover your remaining financial needs.  Generally speaking, you should do your best to limit your debt payments to no more than 50% of your total pay.  With $400 already committed to housing, you are left with $250 for your essential monthly needs.  If you are in need of a car or you have a car payment, those costs will account for the majority of your remaining $250.  Remember that your car budget must include the car insurance payment as well.

It is certainly possible that you live in an area where public transportation is a viable option.  You may even be able to ride your bike to work.  If these options exist for you, your transportation costs may comprise a much smaller piece of your financial needs.

Obviously, there will be a lot of variance in each individual situation. Some of you have higher education costs, but have very little need to purchase new clothing.  Some of us may be out of school, but going out on our own and purchasing food and clothes with our own money for the first time.

The value in the exercise is found in addressing those five needs and doing so within the confines of approximately 65% of your take home pay or 50% of your total pay.  Using our example, you may wonder how the additional $350 of monthly income affects your needs and wants equation.

By not obligating 35% of your take home pay toward debt, you will afford yourself a couple of luxuries; the largest, of which, is the freedom of choice.  Keep in mind that you have not accounted for all of your bills.  As one example, you will still need to pay your utilities out of the 35% that you have left, but you have given yourself some flexibility and left yourself with some options.  Now, each month, you have the option of saving a few dollars or splurging on a nice dinner.  If something unforeseen comes up, you’re prepared.  More importantly, with your first set of financial goals in place and solidly based on your needs, you can start on your next set of financial goals based on your wants.

As is the case with everything, your ability to effectively separate your needs from your wants will require self-discipline on your part.  You cannot allow yourself to fall into the trap of…I needed transportation so I had to get that new car.  No, transportation is the need; the new car is the want.  Wants are a derivative of needs, but they are still wants.  Housing is a need; a large house on a beautifully landscaped lot is a want.  Food is a need. Steak is a want.  A suit may even be a need depending on your job.  An Armani suit is a want.

It is possible to meet your needs and achieve your wants, but only if you first separate them and then apply the reality of your finances to the equation.  If you keep those two steps in mind regardless of whether times are good or bad and you maintain the equation regardless of how much money you make, you will put yourself in position to meet your financial needs and obtain your financial wants.  You are destined for a future that is fueled by financial freedom or one that stagnates because of financial obligation.  The choice is yours, but wouldn’t you rather be free instead of obligated?

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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