Build Wealth the Old Fashioned Way

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Jim Bedinger and Vivian Abraham attended the FOP Great Lakes Coalition meeting held in Indianapolis, IN, on October 3- 4, 2024.

Jim Bedinger and Vivian Abraham attended the FOP Great Lakes Coalition meeting held in Indianapolis, IN, on October 3- 4, 2024. ... See MoreSee Less

5 days ago
Today is National Thank a Police Officer Day! Wed like to take a moment to express our gratitude to the brave men and women who protect and serve. Thank you for your dedication and commitment to keeping us safe. #NationalThankAPoliceOfficerDay

Today is National Thank a Police Officer Day! We'd like to take a moment to express our gratitude to the brave men and women who protect and serve. Thank you for your dedication and commitment to keeping us s#nationalthankapoliceofficerdayerDay ... See MoreSee Less

3 weeks ago
Thank you for 30 years of service!! And counting …
Stay safe!

Thank you for 30 years of service!! And counting …
Stay safe!30 years and counting!

Denise Sledge has been a valuable part of the OCSO Communications team for three decades! Thank you for your dedicated service and for answering the call for so many years! We appreciate you!🌟👏
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1 month ago
Great work Officer Harris and K-9 Rocky! Thank you! Stay safe.

Great work Officer Harris and K-9 Rocky! Thank you! Stay safe.Great work Officer Harris & K9 Rocky and congratulations on being the District 5 Officer of the Month!!!
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Congratulations to Officer J. Harris and K9 Rocky of District 5, C Squad, who are being recognized as this month’s Officer of the Month.

Officer Harris recently completed a four-week K9 Handler course with his new partner, K9 Rocky. While attending K9 Handler school, Officer J. Harris and K9 Rocky conducted rigorous training to master working as a K9 Team. The curriculum is designed to equip handlers with the expertise needed for effective law enforcement. The curriculum focuses on narcotics detection, tracking, and evidence locating. Officer J. Harris and K9 Rocky have quickly become a unified team. Their combined efforts have led to the successful locating and apprehending of three suspects wanted in connection with felony incidents. Officer J. Harris and K9 Rocky have recovered not only two discarded firearms from fleeing suspects but also other discarded evidence pertinent to the crimes currently being investigated. Their work, including assisting with K9 callouts and routinely responding to 9-1-1 calls, has significantly contributed to maintaining public safety.

Thanks to Officer Harris and K9 Rocky for your hard work and dedication to protecting the Durham community. Excellent work!
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1 month ago
Great picture! Thank you, Deputy King and K9 Vito! Stay safe.

Great picture! Thank you, Deputy King and K9 Vito! Stay safe.Don’t mind us as we carry around "ruffly" 90 lbs. of K9 love.
Happy National Dog Day from Deputy King and K9 Vito!
#nationaldaydog🐾

📷 Nevada County Sheriff's Office
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1 month ago
We will Never Forget.

We will Never Forget.The Chicago Police Department offers our condolences to the family, friends, and coworkers of Police Officer Austin Machitar of the San Diego Police Department who sadly lost his life in the line of duty on August 26, 2024. Officer Machitar's partner was also injured in the crash and is currently listed in critical condition. Our thoughts are with the officers and their families. ... See MoreSee Less

1 month ago
Thank you, K-9 Haywire! Enjoy your well-deserved retirement with your handler, and stay safe!Image attachment

Thank you, K-9 Haywire! Enjoy your well-deserved retirement with your handler, and stay safe! ... See MoreSee Less

1 month ago
Great job! Thank you! Stay safe.

Great job! Thank you! Stay safe.Earlier today, when a kitten in Staten Island fell through the grates of a storm drain, concerned residents reached out to your NYPD cops. NYPD Special Operations ESU officers responded, and with help from NYC Department of Environmental Protection, they successfully brought the cat back to safety so it could dry up in today’s warm sun. ... See MoreSee Less

1 month ago
Welcome, K9 Raider and K9 Titan! Stay safe!

Welcome, K9 Raider and K9 Titan! Stay safe!Join us in welcoming K9 Raider and K9 Titan! 🐕

“The Gwinnett County Police Department is proud to introduce two new K9's into service. After completing their training in North Carolina, Raider and Titan will both begin work in the county. Titan will work with Cpl. Bartkowiak and Raider will work with Officer Copley. Both dogs are 2-year-old Belgian Malinois.”
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1 month ago
Congratulations! Thank you! Stay safe.Image attachmentImage attachment+1Image attachment

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

1 month ago
Hello, K9 Diesel and Officer Ryan Coll! Thank you! Stay safe.

Hello, K9 Diesel and Officer Ryan Coll! Thank you! Stay safe.Meet K9 Diesel and Officer Ryan Coll of the Metropolitan Nashville Police Department . Diesel is a half Belgian Malinois and German Shepherd and will be 4 on his next birthday. When he’s not working, Diesel LOVES spending time relaxing with his human siblings and mama at home. Photo by Erik Larson. ... See MoreSee Less

1 month ago
Congratulations and thank you! Stay safe!

Congratulations and thank you! Stay safe!Congratulations to Officer Dalton Koch!

We are proud to announce that Officer Dalton Koch has been selected as the O'Fallon Police Department's Officer of the Month for July. This recognition is a testament to his dedication, hard work, and commitment to serving our community. Please join us in congratulating Officer Koch on this well-deserved honor! 👏👮‍♂️
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1 month ago
Congratulations and thank you! Stay safe.Image attachment

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

1 month ago
Welcome!! Thank you! Stay safe.

Welcome!! Thank you! Stay safe.We welcomed a new recruit class at the Lexington Police Department Training Academy this week! For the next 30+ weeks, the recruits will cover topics that will help them Set the Standard.

Please join us in welcoming Recruit Class 08-2024 and thank them for choosing to serve our community!
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1 month ago
Great job, K9 Milo!!!! Thank you!

Great job, K9 Milo!!!! Thank you!Good Boy K-9 Milo 💙👏
#thankyouforyourservice

"K9 Milo of the Colorado Springs Police K-9 Unit was off duty this past Friday but that didn't stop him, or his Handler, from assisting with the capture of a fugitive.

Thank you Milo for doing such a great job which meant that everyone went home safe!"

📷 Running 4 Heroes- K9s
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#heroes #policedog #k9 #k9officer #workingdog #malinois
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1 month ago
Thank you, Officer Horvath, for your many years of service!!!!
Stay safe!

Thank you, Officer Horvath, for your many years of service!!!!
Stay safe!Congratulations to Officer Jason Horvath on celebrating 20 years of dedicated service with the Wentzville Police Department!

With 26 years in law enforcement, Officer Horvath has been an integral part of our team. From his work as a K9 Officer, Detective and service in the Cyber Crime Unit and now serving as a School Resource Officer for over 11 years, his commitment to our community is unmatched. As the lead advisor for the WPD Explorer Program, he's made a significant impact on the youth in our community. He's also been recognized multiple times, earning Employee of the Quarter twice and receiving the Optimist Club Award for his outstanding contributions to youth in the community.

Thank you, Officer Horvath, for your dedication and service! We are proud to have you on our team.
#WentzvillePD
#WPDServiceAwards
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1 month ago
#HEROES!!!!
Thank you! 💙💙💙💙

#heroes!!!!
Thank you! 💙💙💙💙🐶𝗚𝗢𝗢𝗗 𝗡𝗘𝗪𝗦 𝗦𝗨𝗡𝗗𝗔𝗬🐶

Detectives from the Special Victims Section recently discovered six abandoned puppies on the side of the road. Covered in dirt and riddled with fleas, the puppies were quickly rescued!
Thanks to the swift action of our detectives and colleagues in the Criminal Investigations Division, the puppies have found loving homes. We’re proud of our team’s dedication and compassion!
... See MoreSee Less

1 month ago
Thank you! Stay safe!

Thank you! Stay safe!👏👏👏👏
Congratulations to Officer Michael Grund on achieving his one-stripe milestone, signifying 5 years of law enforcement service.

Officer Grund joined the Wausau Police Department in 2019 after graduating from the criminal justice academy at Northcentral Technical College in Wausau. Aside from his time with patrol, Officer Grund served as one of our Field Training Officers and is now a member of our Community Resource Unit, tasked with addressing neighborhood issues in our city. Thank you Officer Grund for choosing to serve our community and being a big part of our success as an organization!

*Background of Service Stripes: 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
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1 month ago
Congratulations! Thank you! Stay safe!Image attachmentImage attachment+1Image attachment

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

1 month ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!CONGRATULATIONS to Officer Nicholet Gonzalez and Officer Madeleine King who graduated from Sauk Valley Police Academy BLE-5. ... See MoreSee Less

1 month ago

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Build Wealth the Old Fashioned Way

Today, you cannot listen to talk radio or even watch television late at night or early in the morning without being besieged with infomercials touting various “get rich” schemes and strategies.

Some focus on a particular form of investing, ranging from real estate to new product development.  Some advertisers promise a huge income that you can earn without ever having to leave your house.  There are also seemingly endless streams of revenue and income generating ideas in newspaper classified sections and on the Internet, of both the website and email variety.

Some of these opportunities are legitimate and some are not.  The ones that are legitimate, however, all have something in common.  There are really only two ways to build personal wealth and every legitimate wealth building opportunity includes one or both of these ways.

Before I divulge these two ways, let me first put a few qualifiers in place.  The operative word in the preceding paragraph is “build.”  I am not counting inheritance, gambling or lottery winnings, or any other gain that is representative of either luck or a one-time occurrence.  Secondly, the type of wealth I am referring to is purely the monetary type.  The secret of building a life full of the type of wealth that really matters will need to be covered in another forum.

With that said, the only two ways to legitimately build wealth are through ownership and the development of passive income.

Let that sink in for just a moment.  Are you stunned at how simple the formula is?

In many cases, the concepts and events that appear to be the most complex for us to understand are actually very simple when appreciated for what they really are.  The concept of wealth development is no different.

While the ideas of ownership and developing passive income are simple, they still are rooted in a concerted effort and hard work.  Perhaps the best things to remember about the core avenues to wealth is that they are available to everyone and you do not need any so-called “experts” or “financial gurus” to show you the way.

Ownership is a key to building wealth because of the equity it typically represents and the value that you can achieve through the rights afforded to you as an owner.  It can be accomplished in a variety of ways with only one requirement.  It must be ownership in something of appreciable value.  Owning your own toothbrush or even your own car does not count.

Of course, the most common form of ownership is home ownership, the importance of which should never be under-estimated.  Home ownership is the most tangible, direct step that most of us will ever take toward developing personal wealth.  Your home is typically your most valuable asset and becoming a homeowner is symbolic of a commitment to achieve and cultivate your stake in the economy and your community.

Another common form of ownership can be achieved in the business world.  For every business that exists, there is obviously an owner or owners to go along with it.  There are hundreds of thousands of businesses currently in operation and almost as many sizes, types and varieties.   Some began with a simple idea, some are multi-national conglomerates, but ownership in a business is something that is available to anyone regardless of one’s financial position.

One example of business ownership is your membership in a credit union.  Credit Unions are financial cooperatives owned entirely by their members.  What constitutes membership varies slightly for each credit union, but you can often become a member (owner) with an investment of $50 or less.  As an owner, you are then entitled to dividend payments on your investment.  Becoming a member of your credit union is one of the quickest and most surefire ways to business ownership so if you don’t already belong to a credit union, make it a point to sign up today.

The main point to derive from these ownership examples is that there are no barriers to entry.  Ownership is not exclusive to the privileged few.  Virtually anyone with the desire and plan to be an owner can be one, so there are no excuses for not immediately setting a course toward owning something worthwhile if you have not done so already, whether it be a home, a business, or a piece of your credit union.

Making an ownership commitment will not unilaterally make you wealthy, but it will put you on the right path to greater financial freedom and it will help you to develop the mindset that you will need on that path.

The need to develop passive income is another way of saying the need to make your money work for you.  Active income is the type of income that you earn as a direct result of your labor.  The salary that you earn from your job(s) is an example of active income.  Dividends, interest payments, capital gains, and other forms of investment returns are all examples of passive income.  The importance of passive income is simply that it is not reliant on you being at a specific place at a specific time.  You will earn it regardless of where you are devoting your efforts.  It is an exponential expansion of your earning power and again, it is something that is available to virtually everyone.

The easiest and quickest way to develop passive income is to begin contributing to an employer sponsored pre-tax contribution program, such as a 401(k) plan or a variation thereof.  It is easy because you can set up your contributions directly through your employer and the money is taken directly out of your gross earnings before you receive your paycheck.  It is quick because many programs include employer contributions that directly increase your return so it is one of, if not the best investments (in terms of a return) that you can possibly make.

Participating in a qualified plan is just one example of a step you can take to begin to develop passive income.  Other common examples include establishing a savings account, purchasing a certificate of deposit, setting up an Individual Retirement Account (commonly known as an IRA), and investing in stock or mutual funds.

Clearly, this two-step process of building wealth is not complicated.  In fact, you may be thinking it is too simple.  While the two steps are simple, the difficulty comes with the time, level of commitment, and skill you will need to continually follow those two steps successfully.  This plan will not lead you to riches overnight.  In order for it to be successful, you will need to commit to making good decisions over a prolonged period of time and maintaining your self-discipline in order to stay on course.

Making good decisions and maintaining your self-discipline will also help you to steer clear of the schemes and strategies most likely to detract from your wealth instead of helping you to build more of it.  You’ve certainly heard the old adage…if something seems too easy or too good to be true, it probably is.  That is never truer than when it applies to your financial choices.

Stick with the old-fashioned approach and build your wealth through ownership and passive income.  It will cost you some time and energy, but if you follow your plan, you are guaranteed to gain financial wealth and 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.

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