Financial Priorities

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Cover for National Police Credit Union
Thank you for 22 years of dedicated service!! We wish you all the best in your retirement!Image attachment

Thank you for 22 years of dedicated service!! We wish you all the best in your retirement! ... See MoreSee Less

3 hours ago
Thank you! 💙Image attachmentImage attachment

Thank you! 💙 ... See MoreSee Less

3 hours ago
Check out the Credit Union’s ARM Promotion, offering a 5-Year Adjustable-Rate Mortgage at 5.49%! 

According to Police Mortgage CEO John Aretos, “ARMs are ideal for first-time homebuyers seeking flexibility and a below market rate. An ARM program offers the most competitive interest rate right now, as it features a viable option for people to afford the increasing cost of homeownership.”

Plus, all Credit Union Police Mortgages qualify for Killed in the Line of Duty Loan Protection!

For details and restrictions, please visit: https://nationalpolicecu.com/arm-promotion/

Check out the Credit Union’s ARM Promotion, offering a 5-Year Adjustable-Rate Mortgage at 5.49%!

According to Police Mortgage CEO John Aretos, “ARMs are ideal for first-time homebuyers seeking flexibility and a below market rate. An ARM program offers the most competitive interest rate right now, as it features a viable option for people to afford the increasing cost of homeownership.”

Plus, all Credit Union Police Mortgages qualify for Killed in the Line of Duty Loan Protection!

For details and restrictions, please visit: nationalpolicecu.com/arm-promotion/
... See MoreSee Less

4 hours ago
Congratulations and thank you! Stay safe.Image attachmentImage attachment

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

17 hours ago
Congratulations and thank you!!
#Hero

Congratulations and thank you!!
#Hero👏👏👏

Congratulations to Officer Ivy Tiry #196 on reaching her 1-Stripe milestone, for 5 years of law enforcement service with the Wausau Police Department. She joined us in May 2019.

Officer Tiry serves as a patrol officer and is a part of our Honor Guard Team and our Small Unmanned Aerial System (sUAS) Team. Thank you for choosing to serve the City of Wausau!

*For every 5 years of law enforcement service, we present our staff with a gold service stripe to be worn on their long-sleeve uniform. Service stripes are small, but each stripe is significant and symbolizes a tremendous amount of positive impacts each officer has made in our community.
... See MoreSee Less

17 hours ago
Get to know National Police Credit Union, the full-service financial institution specializing in personalized products, services and educational programs for families in Law Enforcement. As YOUR Credit Union, we have been serving the financial needs of Police Officers and their families for over 85 years. As always, we are here for you and we have your back! Visit us at www.nationalpolicecu.com. 💙💙💙💙

Get to know National Police Credit Union, the full-service financial institution specializing in personalized products, services and educational programs for families in Law Enforcement. As YOUR Credit Union, we have been serving the financial needs of Police Officers and their families for over 85 years. As always, we are here for you and we have your back! Visit us at www.nationalpolicecu.com. 💙💙💙💙 ... See MoreSee Less

18 hours ago

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

20 hours ago
Congratulations! Thank you! Stay safe.Image attachmentImage attachment+2Image attachment

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

1 day ago
Congratulations! Thank you! Stay safe.Image attachmentImage attachment

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

1 day ago
Congratulations! Thank you! Stay safe.Image attachmentImage attachment

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

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

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

1 day ago
How important it is for us to recognize and celebrate our heroes and she-roes! -- Maya Angelou

#MemorialDay2024

"How important it is for us to recognize and celebrate our heroes and she-roes!" -- Maya Angelou

#MemorialDay2024
... See MoreSee Less

2 days ago

We are proud to highlight the Springfield, MO Police Department. It was great to talk with Cris Swaters, Public Affairs Officer, about the history of the department and its Patch. #promotethepatch ... See MoreSee Less

6 days ago
💙💙💙💙Image attachmentImage attachment+1Image attachment

💙💙💙💙 ... See MoreSee Less

6 days ago
We will Never Forget.Image attachmentImage attachment+1Image attachment

We will Never Forget. ... See MoreSee Less

6 days ago
Great job!! Thank you! 💙💙🐾🐾

Great job!! Thank you! 💙💙🐾🐾In the evening hours of May 20th, 2024, Wausau Police were dispatched for a report of a disturbance on Wausau's eastside. A person involved in the fight fled the scene in a vehicle prior to police arriving on scene. A short time later, the suspect was located and taken into custody. Officer Pacey and his partner, K9 Astor, were utilized to conduct an exterior sniff of the suspect's vehicle and the following was seized:

- 366 grams of psilocybin mushrooms
- 190 grams of marijuana
- 105 grams of MDMA (ecstasy)
- 24 grams (261 pills) of Fentanyl
- One firearm

We are so grateful for our four-legged partners who work alongside us. K9 Astor was quite proud of himself, too! 🐾
... See MoreSee Less

6 days ago
Thank you for 27 years of service! 💙💙

Thank you for 27 years of service! 💙💙Please help us in celebrating Records Specialist Wendell Bryant on his well-deserved retirement. He has been an even-keeled, always smiling staple in our Records Unit since 1997. His helpfulness and expertise will be greatly missed.
Best wishes in your next chapter, Wendell!
... See MoreSee Less

6 days ago

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

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

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

6 days ago
Congratulations!! Thank you! Stay safe.

Congratulations!! Thank you! Stay safe.🚨New Officer Alert🚨

Please welcome PSLPD’s newest officer who was sworn in today, Officer Matthew Schechter.

Officer Schechter hails from Long Island, New York and comes with 8 years experience from NYPD.

Congratulations and welcome home!
... See MoreSee Less

6 days ago

Latest Tweets

Feed Them Social: TikTok Feed not loaded, please add your Access Token from the Gear Icon Tab.

Financial Priorities

When you think about financial goals, you tend to think about the home of your dreams or early retirement and rightly so, because the fulfillment of your financial dreams is usually one of the main reasons why you go to work in the first place.

In order to be able to fulfill your dreams, however, you must complete some steps along the way.  These steps are often easy to forget, but they are vitally important for those of us who are striving for our own version of financial success.

All of these steps or financial fundamentals are key ingredients for your personal financial success and the realization of your financial dreams.  The prioritization of these steps, however, will vary depending on your individual situation and the main factors that comprise it, including, but not limited to the size of your family, the level of debt you are carrying, and the extent of your financial goals.

Understand Your Finances

First and foremost, make it your personal responsibility to thoroughly understand your own financial picture.  You should know exactly what your income is and how it fluctuates, if applicable.  You should know what your obligations are and when they are due.  You should also be able to readily answer questions such as:

  • When are you due for a raise?
  • When was the last time you balanced your checkbook?
  • What are the interest rates that you pay on your loans?
  • What is your income tax liability and are your withholding amounts going to fully cover it?
  • What do you save out of each paycheck and where do you save it?
  • What do you earn on your savings?
  • What are your assets?

 

The bottom line is to know your own finances and what it takes to manage them inside and out.

Minimize Your Debt

When you minimize your debt, you maximize the options available to you.

Financial options are always positive because you can always exercise your   power to choose to your advantage.  If all of your income is already spoken for because your obligations equal or are close to equaling the amount of money that you are bringing in then you really don’t have many choices other than to try to do the best that you can to cover your debt.

Minimizing debt does not necessarily mean eliminating it. Debates continue about whether or not there is such a thing as categories of debt, such as bad debt and good debt.  However you feel about debt, reality usually dictates that you incur somewhere between some and a lot of it during your lifetime.  If you limit your debt to that which is essentially necessary, such as a mortgage loan, you will not only preserve options for yourself, you will be utilizing sound financial management practices to get yourself to and keep yourself in that position.  It is important to note that certain debt, such as mortgage debt, can provide you with benefits such as a reduction in your tax liability.  So, it isn’t so important to concentrate on being debt free as it is to concentrate on effectively managing the needs of your personal financial situation to put yourself in the best position to achieve your financial goals.

Set Clearly Defined, Personal Financial Goals

Mastering these fundamentals and exercising self-discipline will get you

absolutely nowhere if you don’t clearly define the importance of why you are

taking these actions and what you hope to achieve.  Setting a goal or goals that are meaningful to you will serve the dual benefit of making your effort worthwhile and helping you to make your dreams become a reality.  Your goals must be personal to you in order for them to have meaning and provide you with the motivation you will need to set your course toward achieving them.

Each goal is going to require its own set of action steps.  If your personal goal is to send your child to college, you will typically need to start the associated planning and saving many years in advance of his or her anticipated high school graduation date.  If your personal goal is to own your own mansion someday, you will usually need to start investing in real estate early on with that very specific purpose in mind.  In this case, you will want to perhaps be a little more focused on what investment is going to earn you the greatest return as opposed to what home might be the best for your current family needs.

Develop Checkpoints and Measurements

The work does not end once you’ve set your goals.  In fact, you could say that the real work is just beginning.  No matter how attainable your financial goals are, you will never achieve them without putting a system in place that helps you to measure whether you are making the needed progress and what, if any, other steps you will need to take to stay on track.  The longer-range goal you set, the more measurements and checkpoints you will need to get there.

An example of a useful measurement is to set a dollar amount or percentage gain you need annually to achieve a savings goal, such as college tuition.  If your goal is to pay off a loan, you can set a target balance owed for the end of each month or year until you have paid it off.

Make Your Financial Dream a Reality

If you develop a thorough understanding of your financial picture, focus on the fundamentals of your own financial management needs, set realistic and

attainable goals that are meaningful to you, and check your progress along the way; the only thing left for you to do is to go out and make your dreams a reality,

MAKE THEM HAPPEN!

If you commit to prioritizing your personal finances in this way, there is actually no reason why you can’t achieve your financial goals.

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

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.

Share This Post

Recent Posts

A New Use for an Old Cliché
Taken in that context, this is good advice.  If all you do is talk about yourself and your accomplishments, you will eventually have to get used to the sound of your own voice because no one else will want to spend time with you.
calendar-news-icon
It is possible for you to save money even if you feel as though you live paycheck to paycheck and your wages are totally committed to paying your bills.  Saving money is a matter of habit not finances.
STOP!
Before you purchase that new car, check the Credit Union website to see if we can beat that rate!

Subscribe to our Newsletter

We’d love to add you to our mailing list.