Color Courage for the brave enough to try

There are plenty of things to fear in life: public speaking, dentist chairs, large flocks of birds, and color.

For designers, a blank wall is full of possibilities, and a fan deck from a paint store is a playground. Selecting a color from an endless wall of tiny paper chips can be terrifying for homeowners. Anyone who has ever had to paint over a red accent wall, or replace a baby blue bathtub, understands that embracing the latest and greatest color trend has consequences down the road. The wrong colors can make our homes feel drab, disjointed, or dated.

Why finding the right color is a challenge. It's not just you, but it is you. Color can be challenging because it's highly subjective. Like the taste and sensory experiences, different levels of color reception and sensitivity in individual eyes mean that every person has a different perception of the same color. Individual people can also have different emotional reactions to color. Yellow tones can create anxiety in some people but drive positive energy levels in others. Definitions of color can also vary across cultures. Red colors carry the broadest spectrum of meanings, invoking power, love, luck, and war. Entire companies like Pantone exist to define exact colors for textile fashion, industrial production, and interior design.

What color is safe?

The overwhelming number of colors available (over 3,500 from Benjamin Moore paint alone) makes neutral tones feel very safe. "Accessible Beige" (SW 7036) by Sherwin-Williams may seem like a great go-to, but neutrals are not as easy as they seem. All have undertones with different colors and saturation levels, affecting their brightness and shade. Carefully selected neutrals are great building blocks for the design and are generally preferred for most major investment pieces. They are easy to accent with short-term trendy pops of color. Suppose you feel courageous enough for a long-term color commitment. In that case, let me suggest a shade of blue.

Delightful Blue.

John Ruskin, the famous Victorian painter, writer, and philosopher, said, “Blue color is everlastingly appointed by the deity to be a source of delight.” Ruskin lived in an era shortly after chemistry advancements and accidents of the 1800" s created synthetic blue dyes like Royal blue, Prussian blue, and Lyons blue. Before this era, naturally derived blues like Ultramarine were rare, time-consuming to produce, and more expensive than gold. Due to its scarcity and value, blue colors symbolized royalty and trustworthiness. Dark blue power suits often dominate boardrooms. Blue ribbons at fairs demark winners, and the Kelly Blue Book helps determine the value of your car.

Blue is also a color that evokes deep emotions, from the sultry singing of the "Blues" to the freedom felt by the vast open sky. Cool shades of blue embrace the freshness of mountain streams, while warm teal blues evoke the warm relaxation of tropical waters.

If interiors filled with blanched almond, windswept winter white feel too vanilla for your space, select blue as a delightful change to your typically neutral color palette. Both rare and common, blue allows spaces to be elevated but also approachable. Embrace the rich regal tones of navy blues to add a professional feel to a home office. Create classic drama and depth in a chef's kitchen with royal blue. Engage with the warmer side of blue. Use sapphire or cerulean tones to add a spa feel to a bath or a coastal feel to a casual wet bar. With a wide range of warm and cool undertones, blue pairs well with many neutrals and adds zest back into monochromatic spaces if you are brave enough to try.

Anneke Huisman Standale Home Studio NKBA Cabinetry Specialist NKBA West MI Chapter Communications Officer

Smart Strategies for Managing a Windfall

If a financial windfall is in your future, when the day comes, you’ll have decisions to make. A large infusion of cash is generally welcome news, but it can come with challenges and complexity. Here are some things to consider when your financial circumstances change for the better overnight.

Don’t make any sudden decisions. Whether you’ve been enriched by an inheritance, a boom in business, the lottery, or something else, take your time before making big decisions you may later regret. For example, don’t quit your job or make large purchases without thinking through the consequences and looking at the big picture. Instead, study your options so you can feel confident about your next steps.

Build your emergency fund.Your windfall is an opportunity to shore up financial security. For that reason, a portion of your new-found wealth belongs in an emergency fund, particularly if yours has been underfunded. Experts recommend setting aside six months to one year of expenses to prepare for a downturn in financial circumstances. Hold this money in an account that’s liquid so you can readily access it. And, keep emergency funds separate from your regular checking account to avoid the temptation to dip into them.

Tackle debt. Debt is often the greatest threat to financial stability. If you’ve racked up unpaid balances, your windfall represents a great opportunity to reduce or eliminate them. The first order of business is to pay down your credit card or other high-interest debt. Doing so can drastically reduce your monthly expenses and improve your credit score in the process. Paying down low-interest mortgage debt may not be as high a priority, especially if you can offset mortgage interest with investment gains.

Invest in your future. Put your windfall to work to create financial stability now and in the future. Fund your retirement plan with a balanced portfolio aligned to your risk tolerance and time horizon. Diversify your holdings with a range of stocks and bonds.You might also consider alternative tangible assets such as property.

Plan your estate. A sudden windfall is a reminder that life can change in a heartbeat. Take this opportunity to create or update your will.

Assign beneficiaries to your assets, including your life insurance policy. Consider creating a trust to pass your wealth to the next generation.

Spend wisely. Don’t let your good fortune cloud your judgment. Be discerning in your expenditures. A large infusion of cash may permit you to make long-desired purchases, change careers, or help family and friends, but perhaps not all at once. Ideally you will continue to maintain a household budget to prevent overspending.

Share your good fortune. If your changed financial status allows it, be generous with the people and organizations you care about. Philanthropy and charitable deeds contribute to health and well-being while also strengthening communities.

Talk to a tax professional. Unexpected cash can affect your tax bill. There may be strategies you can employ to lessen your tax liability. For example, you may be able to fund an individual retirement account (IRA) or a health savings account (HSA) to reduce taxable income for the year. Make sure you’re taking advantage of available deductions and credits that lower your tax bill.

Get guidance from a financial advisor. An experienced financial professional can help you in the happy circumstance of a financial windfall. Consult an advisor for advice on how to manage your good fortune for optimal results.

Lisa Cargill, ChFC®, CLU®,CRPC®, CDFA™ is a Financial Advisor with Ameriprise Financial Services, Inc. She specializes in fee-based financial planning and asset management strategies. Ameriprise Financial and its representatives do not provide tax or legal advice. Consult your tax advisor or attorney regarding specific tax issues. Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. © 2022 Ameriprise Financial, Inc. All rights reserved.