Newburgh Magazine First Quarter 2021

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EDITOR Megan Purazrang newburghmagazine@gmail.com

CREATIVE DIRECTOR Maegan Saalwaechter

CONTRIBUTORS Hello and welcome to our first edition of 2021!

Wyatt Squires

I’m really excited to present a financial issue to our readers – my first since taking over the role as editor of Newburgh Magazine.

What better way to start the new year than with sound advice regarding credit scores, student debt tips, planning for early retirement and predicted leading jobs of the next decade?

We also acknowledge that January is a time for new resolutions so we offer easy to tackle ideas as you set a tone for your next year.

Are you feeling ready to return to a public workout routine? Read our returning to the gym safely tips so you are well prepared for staying healthy.

Writer Wyatt Squires dissects the growth of Warrick County with insight from Warrick County Economic Development Director Steve Roelle. He breaks down how the area continues to grow in sectors like health care, life sciences, manufacturing and residential. Read the full story by flipping over to page 14.

Moving forward our magazine will be a quarterly publication.

Please continue to follow our social media for information and callouts as we continue to encourage the community to submit photos and news tips to us! You can reach me directly by emailing newbughmagazine@gmail.com We look forwarding to connecting with you throughout this year!

Sincerely,

PHOTOS Maegan Saalwaechter Wyatt Squires

TO ADVERTISE Bob Rigg brigg@warricknews.com Phone: 812-641-2001

CONTACT US www.warricknews.com Phone: 812-897-2330 Email: newburghmagazine@gmail.com

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table of

CONTENTS

2021 Quarter 1

FINANCIAL PLANNING SECTION 4

HOME

13

STUDENT DEBT

If you’re leaving home during winter months make sure you take these precautions.

Use these tips to help pay off your student debt.

6

LIFE

14

LOCAL

Keep your safety and safety of others at the forefront while working out.

The future of Newburgh is bright; Use this to reflect on recent advancements.

8

OUTDOORS

22

CREDIT

Grab your coat and binoculars to find these birds near you.

Good or bad credit histories can benefit from this guidance.

18

EMPLOYMENT

28

RETIREMENT

Keep your eye out for the potential growth of these occupations.

The earlier you start planning, the less you will have to worry.

2 NEWBURGH MAGAZINE 2021 Quarter 1

EASY-TO-KEEP RESOLUTIONS CONTRIBUTED WRITER

The dawn of a new year is a great time to take stock of the year that just passed and set goals for the next 12 months.

Resolutions focused on improving personal health are especially popular, and for good reason. Improving one’s overall health can have positive implications for years to come.

Even with the best intentions, resolutions have historically proven hard to keep. Simplifying health-based resolutions can lead to a higher success rate and a healthier you.

WALK MORE. It is easy to get preoccupied with the “10,000 steps per day” mantra that many people follow and that certain fitness trackers promote. Walking 10,000 steps daily, which equates to roughly five miles per day, is a healthy goal, but it may not be realistic for everyone. Take stock of how many steps you currently take each day, and then resolve to walk 2,000 more. As your body acclimates to walking more, add another 2,000 steps, continuing to do so until you reach 10,000 steps.

LEARN SOMETHING NEW ABOUT BEING HEALTHY. Informed health decisions require gaining a greater understanding of your body. Rely on a reputable source such as the Centers for Disease Control and Prevention to learn more about how to be healthy.

SPEND LESS TIME ON SOCIAL MEDIA. Staring at your phone or tablet for multiple hours browsing tweets or checking messages might not be the best thing for your physical and mental health. Browsing the internet may take up time that could be better spent engaging in physical activity. According to Dr. Elia Abi-Jaoude, a staff psychiatrist at the Hospital for Sick Children and Toronto Western Hospital, various studies have shown how excessive social media usage can adversely affect relationships, sense of self, sleep, academic performance, and emotional well-being.

EAT MORE WHOLE FOODS. Whole foods, including vegetables, fruits, nuts, seeds, whole grains, and fish, contain various nutrients the body needs to function at peak capacity.

These foods may help reduce the risk of many diseases and help people maintain healthy body weights. Start slowly by introducing a new whole food to your diet each day. A gradual approach is more manageable than going on a drastic diet.

AVOID SWEETENED BEVERAGES. You are what you eat, but also what you drink. A report published in 2006 in the American Journal of Clinical Nutrition found consumption of sugar-sweetened beverages, particularly carbonated soft drinks, may be a key contributor in the epidemic of overweight and obesity. Skip sweetened beverages (even fruit juices can be unhealthy if consumed in excess) and opt for more water or unsweetened teas.

FIND A PHYSICAL ACTIVITY YOU LIKE. Rather than resolving to join the gym or signing up for a 5K because it’s what everyone is doing, find a physical activity you truly enjoy and aim to do it a few times a week. Maybe it’s a sport like tennis or recreational cycling with the family. But if the idea of a gym membership excites you, then by all means sign up.

2021 Quarter 1 NEWBURGH MAGAZINE 3

E Z I R E T WIN

T N A C VA S E M O H CONTRIBUTED

4 NEWBURGH MAGAZINE 2021 Quarter 1

WRITER

A vast migration takes place when the temperatures begin to drop. No, it has nothing to do with feathered friends finding new roosts or certain mammals getting ready to hibernate. This migration involves the thousands upon thousands of people who retreat from one residence to head to another.

Snowbirds, as these migrator y people are often called, are primarily retirees who split their living arrangements based on weather. Many spend the spring and summer months in one residence. Once the mercury begins to drop there, they trade that home for another in a more temperate locale, such as Florida, Louisiana, Texas, or even overseas. The Palm Beach Post reports that about 145,000 snowbirds flock to Palm Beach County alone each winter, raising the population by around 11 percent, according to the county’s official figures. Across Florida, an estimated 900,000 to one million seasonal residents stay a month or more every winter.

When snowbirds or other people leave their homes for extended periods of time, it is essential that they winterize properties that will sit vacant for months.

Protect against home damage • Consider turning off the water supply completely if you will be away for an extended period of time; otherwise, a burst pipe may result in significant damage.

• Drain all water in pipes by opening the faucets and flushing the toilets to clear the water from the tanks and bowls. Place non-toxic antifreeze in the toilet bowls to prevent any remaining water from freezing.

• If you will not be draining pipes and turning off the water, set the heating system to 55 F or higher to help keep the interior and wall cavities warm.

• Keep room and cabinet doors open to allow heat to circulate to areas where pipes are located.

• Shut off the water to outdoor faucets as well as the washing machine.

• Close up openings to the house so that rodents and insects cannot get inside and use a home for shelter.

Keep safe with snow and ice • Make sure that gutters are free of debris, which can lead to potential ice dams and water collection around the foundation of the home.

• Hire someone to clear the sidewalks and driveway of snow and ice.

• Remove any tree branches that can be weighed down by snow and ice and fall onto the property.

Make the home look lived in • Forward mail to your winter address, stop newspaper delivery and arrange to have any package deliveries picked up while you’re away.

• Put motion-sensitive exterior lights and interior lights on timers. Set lights to come on at various times to discourage thieves or squatters.

• Ensure the alarm system is in good working order.

• Use deadbolts to secure doors and windows.

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6 NEWBURGH MAGAZINE 2021 Quarter 1

SAFELY RETURN TO THE GYM

CONTRIBUTED WRITER

Gyms have begun to reopen in parts of the United States after being shuttered to prevent the spread of COVID-19. It may have been several months since members have stepped foot in these facilities. That means not only will fitness enthusiasts need to be smart about COVID-19 precautions, they also will need to reacclimate their bodies to routine exercise.

Fitness resolutions may come earlier this year as people are eager to regain fitness levels achieved prior to shutdowns. Going about a return to the gym in a smart way can prevent injuries and illness.

Ease into workouts There will be a transition period as you get back to your gym routine.

Start with flexibility workouts like yoga or pilates that can help reacclimate your body to physical activity. These will help increase blood flow, joint mobility and range of motion.

Expect that your stamina will have taken a hit from a prolonged absence at the gym. So if you once were a cardio master, it may take some time to build up to the speed and distance of a treadmill run or you may need to enroll in low-impact classes as your body adjusts.

The last thing you want to do is injure yourself, so the mantra “slow is pro” is key. Aim for exercising two or three times a week to begin with, and stick to shorter workouts of 30 minutes or less. Gradually increase the duration and frequency of workouts as you notice your endurance improving.

Stretching is essential after any workout, but especially helpful for

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those who are easing back into the gym. Stretches help avoid muscle tightening and spasms that can come with being unaccustomed to working out.

Pandemic precautions Returning to the gym also means sharing space with fellow members.

Official guidance on how gyms are to operate now vary by state or province. However, certain safety tips can help you stay safer if you’re ready to work out indoors. Try working out at off-peak hours when the gym is likely to be less crowded, even with capacity restrictions in place.

“Based on recent research, aerosolized droplets can remain airborne for up to three hours, making the potential for spread in crowded and confined spaces such as fitness studios problematic,” said Dr. Robert Glatter, an emergency physician at Lenox Hill Hospital in NYC. Maintaining distance and avoiding crowds is essential. Ask about air filtration and circulation at the gym. The rate of transmission of coronavirus may be higher in hot and crowded facilities without adequate circulation. Turn on fans or work close to open doors when possible.

Many gyms require that masks be worn while working out. This may mean members must take more breaks if the masks impede respiration during strenuous activity. While gyms may be spraying down equipment and high-touch areas, keep hand sanitizer or disinfectant wipes in your gym bag so you can do your own cleaning and keep your hands as clean as possible. Wash your hands after using any equipment if it’s feasible to do so.

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8 NEWBURGH MAGAZINE 2021 Quarter 1

IDENTIFY

WINTER

BIRDS CONTRIBUTED WRITER

Birds flittering around the neighborhood are a common sight during spring and summer, and these welcome guests can be enjoyable to observe as they nest, feed and interact. When the weather cools in fall and winter, many birds seek out warmer climates, but a good number of these feathered friends stick around.

Certain birds can be found all winter long across regions of North America. The Great American Bird Count is a program that is run by the Cornell Laboratory of Ornithology and the National Audubon Society.

Its purpose is to seek the help of volunteer birdwatchers across North America to observe and count all the birds seen in a 15-minute interval during a four-day data collection period. This program helps identify birds that are most commonly seen in cold temperatures and study the composition and distribution of the winter bird populations across North America. Birds seen during this time may change from year to year, though certain species are more likely to be around in the winter months.

NORTHERN CARDINALS. One of the more iconic winter birds, the bright red cardinals are around much of the year but perhaps most noticeable against the snowy, stark landscape of a winter’s day. Cardinals use their bright, powerful bills to crack open seeds and cut through sugary fruits to help them survive the winter.

TREE SPARROWS. Tree sparrows are large-bodied and long-tailed sparrows with gray and reddish-brown streaking along the edges of their feathers. They also wear a bright chestnut colored cap. Despite

their name, tree sparrows spend much of their time on the ground feeding. The bird count has unveiled a greater number of tree swallows in recent years. These birds are insectivorous, so milder winters may be contributing to their increased presence.

TUFTED TITMICE. Tufted titmice resemble cardinals in body and head shape, albeit on a smaller scale, but they are pale gray in coloring.

These are bold birds who defend territory with scolding calls.

BLUE JAYS. These common, vibrant birds are well known to many people. They are large-crested songbirds with broad, round tails. They have white or light gray feathering on the underside of their bodies with various shades of blue, black and white on the top. A favorite food is acorns, and these birds are often found on forest edges. Their calls are loud and carry long distances.

MOURNING DOVES. Many people hear mourning doves before they actually see them, as their soft cooing often comes from roof rafters and tree branches. These birds have plump bodies and long, tapered necks, with a head that looks particularly small in comparison. They tend to be brown to buff color. When the birds take off for flight, their wings make sharp whistling or whinnying sounds.

AMERICAN GOLDFINCHES. These birds are sometimes called the “wild canary” of the Americas. They have distinctive yellow plumage that fades in winter to a palette of buff, brown and gray. They’re small seedeating birds that often travel in flocks.

2021 Quarter 1 NEWBURGH MAGAZINE 9

FINANCIAL PLANNING

Financial advisors can be invaluable resources for people who need help managing their money. There’s an existing misconception that financial advisors are only for the rich, but anyone can benefit from some guidance in regard to their finances. The key is finding a planner who understands your needs and is willing to work with you, no matter how big or small your financial dreams may be.

According to U.S. News and World Report, some financial advisors are no longer interested in working with people without substantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are considered small, including customers with assets worth between $100,000 and $500,000. While that can make it difficult to find financial help, there are ways to receive assistance.

ASK FRIENDS FOR RECOMMENDATIONS. If a financial advisor has worked with a colleague, friend or family member, he or she may also be able to provide services to you. To find professionals with reputable credentials, look for someone who has a Certified Financial Planner or Personal Financial Specialist designation. Those who are relying on investment advisors should work with one who has a Chartered Financial Analyst certificate. These credentials are indicative of proficiency in financial planning.

LOOK AROUND ONLINE. Various online resources, including U.S. News & World Report, offer searchable databases. The Garrett Planning Network at garrettplanningnetwork.com offers a map of the United States where users can find financial advisors in their areas who cater to the middle class.

CONTACT A PROFESSIONAL ASSOCIATION. The National Association of Personal Financial Advisors can provide resources for finding local financial advisors. Visit www.napfa. org for a listing. Middle-income individuals can look at the Accredited Financial Counselor website at www.afcpe.org to find professionals. Accredited financial counselors often focus on helping low- and middle-income people at affordable prices with relevant financial assistance.

RESEARCH COMPENSATION. Financial advisors may receive compensation in one of two ways: fee-only and non-feeonly. A fee-only advisor typically charges an hourly fee or flat rate for services. A non-fee-only advisor may be compensated at a percentage of assets earned or may receive incentives and commissions from their companies based on preestablished sales goals or objectives. There are no right and wrong answers to fee schedules, but find a situation that works for you.

10 NEWBURGH MAGAZINE 2021 Quarter 1

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PRIORITIZE YOUR BILLS DURING THE PANDEMIC As recently as February, few people might have expected 2020 to unfold the way it has. A thriving economy and low unemployment numbers helped 2020 start off on a prosperous foot. But by mid-March, uncertainty set in.

The World Health Organization declared a COVID-19 pandemic in March, and the ripple effects of that were profound. Since the novel coronavirus began spreading across the globe, millions of people have lost their lives, millions more have survived the virus after lengthy hospital stays and hundreds of millions more lost their jobs. Estimates from the International Labour Organization in June 2020 suggested as many as 400 million full-time jobs were lost due to the COVID-19 outbreak.

Such widescale job loss left millions of people wondering how they were going to pay their bills while out of work. Though there’s no magical formula to help people make it through a recession unscathed, learning to prioritize bills can help people stay on the right financial track even after losing their jobs.

MAKE SURE THE NECESSITIES COME FIRST. The credit reporting agency Experian notes that health and safety should always be a person’s top priority in a tough financial situation. Food and shelter should take precedence, so always pay for food and housing costs first. Change your eating habits to dine out less and make grocery lists before visiting the store so you’re less likely to make potentially costly impulse buys while shopping. A 2018 survey from Slickdeals.net

12 NEWBURGH MAGAZINE 2021 Quarter 1

found that 70 percent of consumers’ impulse buys are spent on food, so creating a grocery list can help people save substantial amounts of money. In regard to housing, if you’re accustomed to paying additional principle on your mortgage each month, continue to do so only if you can still afford it.

DON’T CUT COSTS IN REGARD TO MEDICAL CARE. Make sure you keep your medications up-to-date and continue to visit your health care provider. Medical debt is a substantial problem in the United States.

A 2019 study published in the American Journal of Public Health found that roughly two-thirds of all bankruptcies in the United States were tied to medical issues. Unemployed professionals should keep in mind that medical issues may prevent them from reentering the workforce when the economy recovers from COVID-19, so it’s imperative that medical care and maintenance continue to remain a priority even in difficult financial times.

ELIMINATE HIGH-INTEREST DEBT IF POSSIBLE. High-interest debt such as credit cards can snowball if consumers miss payments or are only capable of making minimum monthly payments. If you have been laid off or are working on reduced wages but have a sizable amount of money in savings, consider eliminating your high-interest debt. Doing so can reduce the stress stemming from the pandemic-related financial uncertainty and it also greatly reduces the amount of interest you’ll pay on bills you can afford to pay off.

VARIOUS WAYS TO PAY OFF STUDENT DEBT CONTRIBUTED WRITER

Students and families invest heavily in higher education. Many students rely on student loans to finance their educations. In fact, students amassed $1.56 trillion in student loan debt by 2020.

According to Forbes, American student loan debt is now the second highest consumer debt category, exceeded only by mortgage debt. The Institute for College Access and Success says the average student loan debt is $32,731, while the median student loan monthly payment is $222.

Some students feel like paying off student loan debt is impossible.

Many loan repayment schedules kick in shortly after graduation, and certain borrowers may not yet be making enough money to afford even the minimum payments on their student loans. Thankfully, there are ways to get out from under student loan pressure.

INVESTIGATE INCOME-DRIVEN REPAYMENT. IDR will lower student loan payments based on your income, and some plans even promise to forgive any remaining balance once the repayment period is up. That period can take between 20 and 25 years.

MAKE A MOVE. The Rural Opportunity Zone program encourages Americans to move to rural Kansas to help discourage population decline and to give others the benefits of a lower cost of living. Seventy-seven Kansas counties have been authorized to offer student loan payment incentives.

WORK IN PUBLIC SERVICE. A Public Service Loan Forgiveness program, or PLSF, enables student loan forgiveness in exchange for working for a nonprofit or working in government.

REFINANCE THE LOANS. Graduates may not be aware that they can refinance their student loans at a lower rate or choose new loan terms, including variable or fixed rates. Maturity dates can even be renegotiated in certain instances. It’s possible to save thousands of dollars in interest by refinancing, particularly if borrowers have a credit score of at least 650.

MAKE MORE THAN THE MINIMUM PAYMENT. Financial advisor Dave Ramsey says making the minimum payments on student loans will not get them paid off fast, and the interest could pile up as well. By paying more than the minimum payments, you can pay down the principal more quickly. Designate tax refunds and salary increases to pay down student loan debt.

ASK FOR HELP. Speak with your boss about whether he or she can help pay off student loans. Some employers offer conditional student loan repayment to employees.

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2021 Quarter 1 NEWBURGH MAGAZINE 13

E R U T U F

H G R U NEWB OF

L O O K B A C K AT T H E G R E AT E R NEWBURGH AREA ONE YEAR FROM NOW AND A DIFFERENT PICTURE WILL COME TO MIND. WRITER: WYATT SQUIRES

14 NEWBURGH MAGAZINE 2021 Quarter 1

In fact, the area has seen a large amount of growth across various sectors for more than the last decade.

Warrick County Economic Development Director Steve Roelle says in 2020 in the area of State Road 66 and Epworth Road and the west side of the area alone, the Heritage Woods of Newburgh assisted living facility on Grimm Road opened, the Islamic Center of Evansville on Grimm Road started an expansion to include classrooms and recreational space, the Digestive Care Center of Evansville broke ground on their new Epwor th Road location, Evansville Christian Schools broke ground on a new K-6 school facility and Deaconess Health broke ground on their new GI and wellness facility at the Gateway campus. Plus, he says the area nearby has seen growth with the construction of the new Bellpoint Apartments, the addition of Popeye’s and the construction of Indiana Members Credit Union on High Pointe Drive.

The greater Newburgh area has continued to boom in health care, life sciences, manufacturing and in residential sectors contributing to growth across Warrick County.

But, the growth didn’t just start this year. Roelle says work began to establish the Warrick Wellness Trail in 2004. In 2011 the county unveiled the plan for the regional medical district with the aim of being the location for specialty care for residents across the tri-state area starting with Oncology Hematology Associates, Ascension St. Vincent’s Urgent Care and Breast Center, Or thopedic Associates, Atria Newburgh and Deaconess Gateway as the anchor of the sector.

Since then, the area has seen major growth now including The Village at Hamilton Pointe, Plaza Park Family Practice, Flannagan Plastic Surgery, Basinski and Juran MDs, Ascension St. Vincent Orthopedic Hospital, The Lung Centre, Warrick Trail Apartment Homes, Encompass Health Deaconess Rehabilitation Hospital, The Vision Care

Center, Heritage Woods Assisted Living, Deaconess Health Center, Deaconess Urgent Care, Energy Systems Group and the additions at Deaconess Gateway including the Women’s Hospital, the Ortho and Neuro Hospital and The Heart Hospital.

Roelle says the boom in that area alone has contributed to positive impacts across the community. He said residents don’t have to travel for care and the investment has meant residents don’t have to leave home to find a good job.

Roelle adds that Deaconess is now the county’s largest employer as it continues with plans to grow.

With so much growth in that sector, Roelle says the area is seeing more restaurants, banks and other service facilities move into the area investing in the county with even more jobs.

While the Warrick Wellness Trail has been the crux of growth in the area, Roelle says the boom in industrial and manufacturing have also brought strong investments to Warrick County that have contributed to the overall growth and development of the area. He said there have been many new developments in the manufacturing sector in Warrick County including recent additions at the North Warrick Industrial Park in Elberfeld.

In October the county broke ground on a 100,000 square foot industrial shell building as an opportunity for companies hoping to move in or expand and just two weeks later Phenix Specialty Films, a plastics food packaging company, broke ground on their new facility.

With so much development and momentum in health care and manufacturing, the county is seeing growth in the residential sector as individuals come to Warrick County to work and live. Roelle says Warrick County has been successful at traditional economic development such as jobs, investment, business attraction and business expansion. Those factors can help bring in people, but he said a commitment to improving

2021 Quarter 1 NEWBURGH MAGAZINE 15

Warrick County’s quality of place has contributed to the major residential boom the greater Newburgh area has seen in the last several years.

Roelle says recent projects to expand broadband internet access, improvement and construction of parks, additions of pathways and trails and work to bring more events and activities to the area have filled out the rest of the economic development picture in Warrick County. He said all of these things added to jobs and nearby care have drawn and will continue to draw more and more residents to the area.

In addition, Roelle says there will be more to come as the county has yet to see the benefits of some recent projects including the ongoing project to expand broadband access throughout the county. Roelle says having access to broadband will not only help residents who have the need to work or attend school from home, but will also open up the ability for tech companies or other high data users to see Warrick County as a viable home for their businesses.

“It’s going to allow us to look to the future and attract new business and new sectors to Warrick County,” he said.

Roelle says it’s hard work and passion that has made the growth of the county possible despite potentially troubling circumstances.

Roelle says Warrick County officials have all worked together to focus on a shared goal for Warrick County. He said the success has come off of good decisions made by officials who work together to make the area better.

“I think Warrick County has really benefited from communication and collaboration as well as looking forward to tomorrow and not just today,” he says. “It’s having enough collaboration and common vision about having smart growth and spending the dollars that we do have wisely.”

Roelle says that collaboration and the momentum gained from the rapid rate of growth in the area will only help the boom to continue. He said he believes Warrick County will continue to boom as officials elected or otherwise work together to keep the county moving forward and as development of I-69 continues.

“Each of our communities around the county continue to invest and improve and I see no stopping,” he says. “I really believe with the strengths that we have, the future is really bright for Warrick County.”

For information about Warrick Wellness Trail or Warrick County Economic Development visit www.successwarrickcounty.com.

16 NEWBURGH MAGAZINE 2021 Quarter 1

2021 Quarter 1 NEWBURGH MAGAZINE 17

LOOK OUT

FOR THESE

CAREERS

T H E U . S . B U R E A U O F L A B O R S TAT I S T I C S L I S T S T H E T O P T E N O C C U PAT I O N S W I T H T H E HIGHEST PERCENT CHANGE OF EMPLOYMENT CONTRIBUTED WRITER New Year’s resolutions can serve as valuable motivational tools as people look to make positive changes in their lives. Health-related goals like quitting smoking and losing weight annually appear at or near the top of lists documenting the most popular resolutions. But many people also see New Year’s resolutions as a great vehicle to kick-start positive changes in their professional lives.

According to Statista, finding a new job was the eighth most popular New Year’s resolution in 2019. And finding a new job figures to be an even more common resolution for 2021, as the global COVID-19 pandemic of 2020 has sparked a recession that saw millions of people across the globe lose their jobs.

Professionals who want to switch careers in the near future may want to consider professions that are expected to experience significant growth in the years ahead. According to the Bureau of Labor Statistics, demand for the following professionals is expected to grow considerably between now and 2029.

18 NEWBURGH MAGAZINE 2021 Quarter 1

EXPECTED GROWTH (between 2019 and 2029): WIND TURBINE SERVICE TECHNICIANS

HOME HEALTH AND PERSONAL CARE AIDES

Expected growth:

Expected growth:

60.7 percent

33.7 percent

NURSE

PHYSICAL

PRACTITIONERS

THERAPIST

Expected growth:

ASSISTANTS

52.4 percent

Expected growth: 32.6 percent

SOLAR

MEDICAL/HEALTH

PHOTOVOLTAIC

SERVICES

INSTALLERS

MANAGERS

Expected growth:

Expected growth:

50.5 percent

31.5 percent

OCCUPATIONAL THERAPY ASSISTANTS Expected growth: 34.6 percent

STATISTICIANS

PHYSICIAN ASSISTANTS Expected growth: 31.3 percent INFORMATION SECURITY

Expected growth:

ANALYSTS

34.6 percent

Expected growth: 31.2 percent 2021 Quarter 1 NEWBURGH MAGAZINE 19

THE

CONTRIBUTED WRITER

Data from the Bureau of Labor Statistics indicates the unemployment rate in the United States, which was lower than 4 percent in the weeks prior to the WHO’s pandemic declaration, was nearly 15 percent by midMay. While that figure dropped to less than 9 percent by the end of summer, many families are still confronting financial challenges stemming from the pandemic.

Some parents may still be out of work, while others are working on reduced salaries as their employers try to overcome the economic challenges posed by COVID-19.

No one knows when the pandemic will end and life will return to normal, so families facing financial uncertainty can benefit from tightening their belts for the long haul. Thankfully, there are various ways for families to cut costs that won’t adversely affect their quality of life.

• PLAN MORE MEALS. Impulse buying is one of the most costly ways that families overspend. A 2018 survey from Slickdeals.net found that the average consumer in the United States spends $5,400 annually on impulse buys. More than 70 percent of impulse spending goes toward food. Families looking to cut costs can plan more meals so they know what they need when they visit the grocery store, which should reduce the amount of money they spend on spur-of-the-moment purchases.

• SIMPLIFY SPECIAL OCCASIONS. It can be fun to go a little overboard for birthday parties, anniversaries and holiday gatherings. However, such spending should be seen as a luxury during a recession. Momentous occasions can be both special and inexpensive. Birthday picnics in the park or at the beach can be just as unique and memorable as lavish parties, and they won’t cost nearly as much. Parents can agree to forgo gift-giving on anniversaries or birthdays, opting instead for romantic homemade dinners.

• THINK OF NEW WAYS TO GET AWAY. Many families canceled or postponed vacations in 2020 as travel restrictions and social distancing guidelines greatly limited travel options. While it might be possible to travel safely again in 2021, families still dealing with the fallout from COVID-19 may be hesitant to plan traditional vacations. Thankfully, there are ways to get away without breaking the bank. Many campsites are free or charge nominal fees to use their facilities, and such excursions can be great ways for families accustomed to flying and five-star hotels to enjoy new experiences.

20 NEWBURGH MAGAZINE 2021 Quarter 1

TIME TO SAVE IS NOW Saving is a vital component of financial planning. However, more than half of Americans are saving too little and do not have an accurate grasp of their spending habits.

A recent survey from Intuit Mint Life found that, in 2019, 59 percent of Americans were living paycheck to paycheck and 65 percent didn’t know how much they were spending on a monthly basis.

While there’s no magic formula to save money, and the amount of money one should save each month depends on how he or she wants to live now and in the future, a handful of strategies can help people save more money each year.

• FOLLOW THE 50/30/20 RULE. The popular 50/30/20 rule advocates for allocating 50 percent of your budget to essentials like rent, food and housing, 30 percent for discretionary spending and 20 percent for savings. Many people cannot save 20 percent of their income. In such instances, people can make a concerted effort to save 10 percent of their take-home pay.

• BUILD AN EMERGENCY FUND. The credit reporting agency Experian recommends consumers keep between three and six months’ worth of expenses in an emergency fund. The fund should cover expenses on the absolute necessities paid each month, like utilities rent/ mortgage and groceries.

• SET GOALS. Savings goals can help a person stay on track and provide motivation to put money away. Establish separate savings accounts for each goal to reduce the temptation to spend. For example, if the goal is to save more for vacations, then a person can open an account where funds are used exclusively for vacations.

• AUTOMATE WITH YOUR EMPLOYERS’ HELP. Certain employers allow workers to direct deposit a paycheck into more than one bank account. It’s easy to request the payroll manager put 10 percent or 20 percent of a paycheck into a savings account while the remainder is deposited into a checking account. Automated deposits can help individuals get accustomed to living on less.

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CREDIT HISTORY 22 NEWBURGH MAGAZINE 2021 Quarter 1

I T ’ S N E V E R T O O E A R LY F O R Y O U N G A D U LT S T O B E G I N B U I L D I N G T H E I R F I N A N C I A L R E P U TAT I O N S O R T O O L AT E T O TA K E M E A S U R E S T O I M P R O V E L O W O R S U B PA R C R E D I T S C O R E S .

CONTRIBUTED WRITER Credit scores play a significant role in the lives of millions of adults across the globe. A strong credit history can help people secure more borrower-friendly terms on home and auto loans, potentially saving them thousands of dollars.

Credit scores are not typically on the minds of young adults who are years away from purchasing their first homes. However, young adulthood is a great time to begin building a strong credit history. By laying a strong foundation now, young adults can reap significant rewards when they try to finance major purchases, such as cars and homes, down the road.

OPEN A CREDIT ACCOUNT. It’s important to begin building credit histories once you’re eligible, as young people with no credit histories may find it hard to get loans or even apartments of their own. Cosigners can help, but loans secured with cosigners won’t do much to improve young people’s credit scores.

Borrowers want loan applicants who have shown they can pay their own bills, and length of credit history is one of many variables that are used to determine borrowers’ credit scores. A long history that documents a young person’s track record of paying bills on time is to his or her advantage. Many credit card companies issue credit to applicants as young as 18, so young people should not hesitate to begin exploring their options. The online financial resource NerdWallet notes that young people with no credit history may need to apply for secured credit cards. Unlike more traditional cards, secured cards are backed by upfront cash deposits. However, secured cardholders must still make payments on time and will still incur interest charges if they don’t. These cards can be a great way for young people to begin showing lenders their creditworthiness.

APPLY FOR AN INSTALLMENT LOAN. Installment loans are another great way for young people to build their credit histories. According to the credit reporting agency Experian, auto loans are among the easiest types of loans to obtain. Young borrowers may need cosigners, though some lenders may not require that. Young people who want to buy new vehicles can avoid leaning on their parents to facilitate their purchases and instead take out an auto loan that requires monthly payments. A track record of making installment loan payments on time and in full is a great way for young people to prove their creditworthiness and improve their credit scores.

ASK YOUR LANDLORD TO HELP. Young people who rent and pay their rent on time might finally be able to benefit from that. In the past, the only way rent payments were included on credit reports was if tenants were delinquent with their rent payments and subject to lawsuits or were reported to collection agencies. However, Experian recently started to include positive rental payment information in their credit reports. Young people with histories of making rent payments on time can ask their landlords to report their positive payment histories to the credit bureaus.

CREDIT SCORES BETWEEN

Very poor: 300 and 579 Fair: 580 and 669 Good: 670 and 739 Very good: 740 and 799 Exceptional: 800 and 850

Monthly budgets help people make the most of their money. While a person’s income will affect how much they can spend on housing, food and clothing each month, another, more abstract factor can have a big impact on monthly budgets as well.

Nearly every adult has a credit score, which can fluctuate daily. Various factors, including a person’s age and track record in regard to paying bills, combine to produce a credit score. According to the credit reporting agency ExperianTM, credit scores range from 300 to 850, though most consumers’ scores fall somewhere between 600 and 750. The Fair Isaac Corporation create what’s known as a FICO® Score, which is used by many lenders to determine prospective borrowers’ credit worthiness.

FICO® scores are often characterized using five terms.

Some consumers may feel that these are just numbers on a page. But in certain instances, such as when consumers attempt to buy a home, a

credit score can have a dramatic effect on a person’s monthly budget.

When borrowing to buy a home, borrowers with desirable credit scores may be eligible for considerably lower interest rates than borrowers whose scores fall into the “Very poor” or “Fair” range. Over the length of a standard, 30-year, fixed-rate mortgage, a low interest rate can save borrowers tens of thousands of dollars in interest fees.

In addition to paying more in interest fees, ExperianTM notes that borrowers with subpar credit scores may have to do even more to earn the trust of lenders. Borrowers whose scores fall into the “Very poor” range may be required to pay a fee or make a deposit when opening a new credit account, and some might not be approved for credit at all.

Borrowers whose scores fall into the “Fair” may be classified by lenders as subprime borrowers, making it hard for them to open new credit accounts or secure loans without a cosigner.

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24 NEWBURGH MAGAZINE 2021 Quarter 1

MONITOR

SPENDING CONTRIBUTED WRITER

Cashless spending has long been a convenient way to make purchases, and that convenience became even more evident in 2020. The outbreak of the novel coronavirus COVID-19 in the winter of 2019-20 forced people across the globe to change how they live, and those changes even affected how items are paid for.

According to the Centers of Disease Control and Prevention, touching or handling certain items, including cash, could expose people to the COVID-19 virus.

That led many people to rely more heavily on cashless payments, including traditional options like credit or debit cards, but also relatively new cashless options, including apps such as Venmo. While these options can be ver y convenient, cashless payments can make it more difficult for people unaccustomed to making purchases without cash to monitor their spending.

The following are some tips to make it easier for consumers to monitor their spending when they’re not using cash.

• USE AN APP TO TRACK SPENDING. If you’re using an app like Venmo to make purchases, you can just as easily use an app to track that spending. Mint is a free app that automatically updates and categorizes how your money is spent.

Users can see how they’re spending their money in real time, making it easy to know where they stand with their finances.

• RECOGNIZE THE TEMPTATION ASSOCIATED WITH CASHLESS SPENDING. Studies have shown that cashless spending tempts people to spend more than buying with cash. A recent study from the Massachusetts Institute of Technology asked business students to bid on basketball tickets. Some participants were told they would eventually have to pay with cash, while others were told they would need to use a card. Those who paid by card spent more than twice as much as those who were told they had to pay with cash, which illustrates just how easy it is to spend more on transactions that do not involve cash. By recognizing that temptation in advance, consumers can better prepare themselves to remain disciplined when using cashless payments like credit cards or mobile apps like Venmo.

• PAY OFF YOUR BALANCE EACH MONTH. If your preferred mode of cashless spending is credit cards, then make sure you pay off your balances each month. This not only saves you from potentially hefty interest charges, but the knowledge that you will need to pay off your purchases at the end of each month can help you stay more disciplined with your spending.

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HOW YOU CAN PLAN FOR FINANCIAL UNCERTAINTY CONTRIBUTED WRITER

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W E AT H E R F I N A N C I A L S T O R M S T H AT C A N A R I S E U N E X P E C T E D LY The uncertainty wrought by the pandemic has affected people from all walks of life. In the winter of 2019-20, the outbreak of the novel coronavirus COVID-19, and the ensuing measures implemented in the hopes of curbing the spread of the potentially deadly virus, changed the way people live and how companies do business.

Some companies have thrived during the pandemic, while others have faced unprecedented challenges. Many small businesses have been hit especially hard since the pandemic began, prompting many small business owners to express concerns about their long-term viability. A recent MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll found that 70 percent of small business owners are concerned about financial hardship due to prolonged closures, while 58 percent worry that they will have to permanently close their businesses as a result of the pandemic.

Few people, if anyone, likely saw the pandemic coming, which is perhaps why the resulting financial uncertainty has proven so difficult to comprehend. As the months go by and COVID-19 case numbers again being to increase all over the globe, small business owners are understandably concerned by the potential implementation of additional lockdown measures to stop the spread of the virus. However, there are steps small businesses can take so they’re ready for any additional financial uncertainties that arrive in both the near and distant future.

BUILD CASH RESERVES. Cash on hand can help small business owners in much the same way that sizable savings accounts can help laid off workers overcome a sudden loss of income. Forced closures

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hurt many small businesses because their bills still came due even if government officials deemed them “nonessential” and forced them to close. Rent was still due each month and, in many instances, contracts signed prior to the pandemic still had to be honored, even if companies were no longer generating revenue. Many small businesses operate on slim margins that make it hard to save while still improving the business.

But small business owners who make concerted efforts to build their cash reserves without compromising their offerings should be in better position to withstand financial uncertainty in the years to come.

WATCH INVENTORIES CAREFULLY. The Small Business Administration recommends that small business owners keep watchful eyes on their inventories. The goal in doing so is to ensure you can continue to meet sales needs without ending up with a stockpile of leftover merchandise that’s difficult to move if or when retail sales slump.

Stocking up on more than you need to meet sales needs can eat up cash that you can otherwise use to build your reserves.

REDUCE RENTED SPACE IF POSSIBLE. One potential positive that may come from the pandemic is that many workers and businesses deftly handled the transition from in-office working to remote working.

Small businesses that successfully made that transition can safeguard themselves against future uncertainty by reducing their office space.

Small business owners can renegotiate existing leases to allow for subleasing or simply move into smaller offices when existing leases expire. Money saved on office rentals can be redirected to help businesses grow their cash reserves.

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7 WAYS TO SAVE MORE TO RETIRE CONTRIBUTED WRITER

S AV I N G F O R R E T I R E M E N T BECOMES A LITTLE EASIER W I T H S T R AT E G I E S T H AT C A N MAKE MONEY GO FURTHER Retirement seems like a lifetime away for young professionals. But as careers advance, families are started and milestones are met, retirement can start to feel a lot closer.

A 2014 Gallup poll indicates that most Americans now retire at age 62.

That is a good starting point when planning your retirement. The earlier you start establishing savings goals and putting plans in motion, the more likely you will be to retire on time without having to worry about money.

These strategies can help you save more for retirement years.

1. RAISE … WHAT RAISE? If you’re lucky enough to get a salary increase at work, direct the extra money into retirement savings accounts and act like the raise never happened. You won’t miss the extra money since you were not accustomed to earning it, and redirecting it into retirement savings can go a long way toward procuring your financial future.

2. MAX OUT DEPOSIT LIMITS. By depositing the maximum allowable amount into your retirement accounts each year, you can grow your retirement savings quickly and earn considerably more interest on your money over the life of the account.

3. ALLOCATE YOUR TAX REFUND. Elect to apply your tax refund to a traditional IRA or Roth IRA. 4. TAKE ADVANTAGE OF EMPLOYERS’ OFFERS TO MATCH RETIREMENT CONTRIBUTIONS. Many employers will match 401(k) contributions if you save enough to qualify. This is an easy way to save without having to put in any extra money out of your own pocket. Make sure you’re vested in the 401(k) plan so that the employer contributions can be taken with you if you leave a job.

5. OPEN A ROTH IRA. A Roth IRA is a retirement savings vehicle that enables you to pay taxes on the money you put in up front. When you become eligible to withdraw the funds (after age 591⁄2), they are tax-free.

6. AIM FOR A 15 PERCENT INVESTMENT. Start investing 15 percent of gross income for retirement once you’re debt-free and have a fully funded emergency fund. Such a strategy can go a long way toward ensuring you have enough money to do what you want throughout retirement.

7. MAKE CALCULATED CUTS. Think about which items you can live without and dedicate what you would spend on those expenditures to retirement. For example, calculate the difference between buying a new car and a certified pre-owned model. Deposit the savings into retirement.

Can you skip a vacation this year and do a staycation instead? Forgoing certain luxuries can help you build retirement savings.

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W AY S T O C U T C O S T S D U R I N G R E T I R E M E N T The average person will spend more than 50 years in the employment sector. As retirement draws closer, many professionals begin to daydream about giving up the commute and having more time to pursue their personal interests.

Even if planning for retirement has been many years in the making, it can take some time for a person to become acclimated to having less income. According to data from the Bureau of Labor Statistics, “older households,” which are defined as those run by someone age 65 and older, spent an average of $45,756 in 2016, or roughly $3,800 a month.

That’s roughly $1,000 less than the monthly average spent by typical American households. Housing, transportation, health care, and food are some of the biggest bills retirees will have to account for. Aiming to have savings in addition to any other retirement income or government subsidy coming in to cover that amount is a step in the right direction.

Retirees can make their money go further if they take inventory of their spending and make some cuts where possible.

KNOW WHERE YOUR MONEY IS GOING. It’s impossible to save without knowing what your expenses are each month. Many people are surprised to learn how much little things add up over the course of a month. For example, spending $4 for a take-out coffee each day can quickly become an expensive luxury. Add all expenses and see where you can trim, especially if there’s a deficit each month.

CONSIDER EXTRA HEALTH CARE. In the United States, Medicare participants can choose Medicare Supplement Insurance plans to help reduce out-of-pocket health care costs. Medicare Parts

A and B only cover some of your health care costs. Supplemental insurance can cover some of the costs not covered by original medicare, like copayments, deductibles and coinsurance, according to AARP. PARE DOWN ON POSSESSIONS. Take inventory of what you have and scale back where possible. If you are no longer commuting to work, you may be able to become a one-car household. Downsizing your residence can help seniors avoid spending too much of their retirement time and money maintaining their homes.

TAKE ADVANTAGE OF SENIOR DISCOUNTS. Take advantage of the many discounts that are offered to seniors. Retirees can usually save on restaurants, travel, groceries, and much more by simply shopping on specific days or verifying their age when checking out.

PURCHASE LESS EXPENSIVE LIFE INSURANCE. According Cheapism, a site that advises consumers about how to be more frugal, the chief purpose of life insurance is to replace income to ensure the financial security of dependents in the event of death. Retirees may have no dependents and little income. Therefore, a large life insurance policy may not be necessary, especially if you’ve already set aside funds to cover funeral costs.

PAY OFF A MORTGAGE. Housing is many people’s most substantial expense. Paying off a mortgage can free up more money each month and allow retirees to spend their golden years doing as they please.

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