Time for the Tough to Get Going

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Cover for National Police Credit Union
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!🌟👏
... See MoreSee Less

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!!!
****************************************************
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!
... See MoreSee Less

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
... See MoreSee Less

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.”
... See MoreSee Less

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! 👏👮‍♂️
... See MoreSee Less

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!
... See MoreSee Less

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
.
#heroes #policedog #k9 #k9officer #workingdog #malinois
... See MoreSee Less

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
... See MoreSee Less

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
... See MoreSee Less

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

Latest Tweets

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

Time for the Tough to Get Going

You have undoubtedly heard some variation of the following… “The time to make your mark is during times of adversity,” or “When times get tough, the tough get going.”

There are a whole lot of people and businesses having a “tough time” dealing with our economy right now, but amidst all of the doom and gloom surrounding the stock market, depreciating housing values, and rising unemployment, real opportunities exist for those that are paying attention. Believe it or not, it is much easier to distinguish yourself and establish your own path to success when things aren’t going so well.

When times are good, it seems like everyone is an expert stock picker or a real estate baron. Positive results can sometimes cause people to ask fewer questions and not pay as much attention to the fundamentals of sound financial management and when those results are a product of luck versus skill, fortunes will fall much faster and further than they rose.

When times are tough, only those with a measurable goal and legitimate plan will succeed.

Everybody has a financial goal that they have yet to achieve; maybe you want to pay for your children’s education or purchase that dream house that has always been out of reach. Many of us would like to find a way to not be so dependent on the next paycheck or simply to do more with what we are already making.

Financially speaking, there has never been a better time during your lifetime to capitalize on the moment and achieve a goal that previously might not have been attainable. Now is the time to act and there are three key steps that should be part of your action plan.

Pay Down Debt

This is the most important step and the one that is most often overlooked. Your debt is often the last thing you are thinking about when money is rolling in and your financial future looks bright. During those times, people can easily fool themselves into thinking that there will always be enough time and enough income to pay down whatever debt they are accumulating. What many people fail to account for, however, is that debt doesn’t go away or reduce when the tough times inevitably roll in. A simple exercise helps put this reality in perspective. Take out a sheet of paper and list your assets (house, savings, investments, etc.) on the left side of it. List all of your debts (mortgage, loans, other monthly bills) on the right side. Now, pretend that a recession has hit and fold your sheet of paper down the middle of the page vertically and hold the paper so that only the right side is facing you. What you see is what will remain for you to manage when the tough times hit. Are you prepared? Will you be one of those people that are able to “get going” and succeed despite the state of the economy?

One sure way to set yourself on that path is to make sure that your debt is manageable under any circumstances. What is manageable to you is going to be different than what is manageable for your neighbor or your co-worker, but roughly speaking, you should never commit more than 50% of your gross income to debt. There are absolutely going to be times when you will be justified in paying a little bit more for something than what you had planned, but it should never be a habit. Stretching a little bit here and there is okay and probably even good for you. Just as when you are about to exercise, a little stretching and loosening up can go a long way toward a great workout. Over reaching to the point where you injure yourself will finish the workout before you ever get started and if you over stretch over a long period of time, you may never get to exercise again.

Also note that there is a clear distinction between paying debt down and paying it off. While living debt free would be fantastic, it is also not that realistic for most of us. So, if you have credit card debt, pay that down first. Don’t worry about paying it off immediately. The important step is the one you take in establishing your plan and working toward your goal. Once your credit card debt is under control, make it a point to only incur costs that you can pay off each month. If you have or are about to acquire a mortgage, leave enough room to make an extra payment every once in awhile. If you need to get a car loan, first decide what your transportation requirement is and then stay as close to what you absolutely need as possible.

Shop for the Best Bargains and BUY

Think about how it would feel if you walked into your favorite department store and everything you ever wanted to buy was on sale at deep discounts. That is exactly the way it is right now for virtually any investment out there, including real estate. Chances are, the home that you have always wanted is at least 20% cheaper than it was as recently as 18 months ago. If the average price of a home is around $250,000 then you are looking at a savings of $50,000!

If you have thought about starting a college fund or there is a stock or a mutual fund that you want to put a few dollars toward, now would be a great time to take the plunge. Whether you purchase a stock, mutual fund shares, or a 529 for higher education, you will be able to purchase substantially more today than you would’ve been able to purchase last year. Additionally, you’ll be in a better position to reap the benefits and gains as the prices go up in the future.

The same logic applies to your participation in a 401k or deferred compensation program through your employer. All of the selections available to you in those programs today reflect greatly reduced prices so you will be able to buy more shares with the same amount of money. If you are not in one of these programs and one is available to you, get in right away. If you are already a participant in one of these programs, consider increasing your contributions to take advantage of the great buying opportunities that exist.

Every single one of these opportunities will also help you to build wealth so you have the chance to experience the dual thrill of finding a bargain and taking a meaningful step toward greater financial success.

Diversify and Balance

These principles are important at all times and especially so during tough times. If you have or are going to incur debt, don’t borrow it all in one place. If you are getting a mortgage, remember that you will need something left over to furnish your new house and pay your real estate taxes and utilities. If you are going to buy a new car, remember that it will also cost money to put gas in it and insure it. If you are going to run up your credit card bill, remember that you also need to pay for your mortgage and your auto loan.

At the same time, don’t spend all of your investable money on one stock or one mutual fund. Do your research and determine what combination of options will best suit you and help you to meet your financial goals.

When you diversify your choices and you balance the manner in which you handle your financial needs, you build a healthy foundation for meeting your goals and you protect yourself from bearing the full negative impact of a recession or economic downturn.

It is always helpful when you can work with someone who is trustworthy and knowledgeable in these areas. A trusted advisor and confidant will alleviate some of the uncertainty you may feel as you attempt to take advantage of the opportunities available to you and allow you to concentrate on asking the right questions and maintaining your self-discipline. Just remember that being financially tough and “getting going” is as simple as paying down debt, investing, and balancing your choices.

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

Share This Post

Recent Posts

I am sure that you have read an article or listened to a reporter outline a story that included a reference to the source or sources responsible for the information being reported.
If you are experiencing any of the feelings or frustration associated with being overwhelmed; it is because you are either looking too far ahead or thinking about too much at once.
Knowing how to establish your goals is the most essential aspect of developing any useful and relevant plan and there are several key ingredients of successful goal setting.

GO!

Learn more about Strategies for Investing at the Credit Union’s next Financial Fitness for First Responders, a free online virtual educational seminar created for Law Enforcement Officers and their families. For more information, visit our website.

GO!

Learn more about Strategies for Investing at the Credit Union’s next Financial Fitness for First Responders, a free online virtual educational seminar created for Law Enforcement Officers and their families. For more information, visit our website.

Subscribe to our Newsletter

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