Have YOU Changed Your Saving and Spending Habits?

Consumers Across All Income Levels and Ethnic Groups Have Permanently Changed Their Saving and Spending Habits

Primerica can help you get a handle on your debts and spending habits with our new and innovative DebtWatchers guide and change your life.

October 8, 2009 (SmartPros) -- A new nationwide survey issued today by Citi revealed that consumers across all socioeconomic levels and ethnic groups have made permanent spending and savings adjustments to adapt to the current economic situation.

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According to the data, 63 percent of Americans surveyed said the way they spend and save has been forever changed as a result of the economic downturn. Only 29 percent said spending and saving would go back to the way it was before the recession.

Citi conducted this nationwide poll as part of its ongoing effort to better understand changes in the needs of the consumers and communities the company serves.

The survey also found that consumers across all income levels and ethnic groups said they plan to continue their adjusted spending and saving habits. More specifically:

• Fifty-nine percent will continue to cut back on everyday expenses.
• Sixty percent will continue to save and invest more.
• Sixty-one percent will continue to cut down on credit card purchases.
• Sixty-three percent will continue to reduce the amount of money they owe.

Eric Eve, Senior Vice President, Global Community Relations at Citi, said, “This new survey points to a profound shift in the way people think about their saving and spending. The current economic environment is altering, perhaps permanently, the way we think about spending money. As Citi changes the way it does business to reflect the new economic realities, it’s important we continue to understand how our customers also have been affected by the economic challenges and pressures they currently face.”

Adjustments Being Made Across All Income Levels

People across all income levels and ethnic groups in the survey said they have made adjustments to the way they spend and save because of the current economic situation.

According to the data, across all income levels:

• Seventy-five percent have cut back on everyday expenses.
• Sixty-two percent have cut down on credit card purchases.
• Fifty-seven percent have reduced the amount of money they owe.
• Fifty-three percent have postponed the purchase of a major item such as an automobile.
• Forty-two percent are taking money out of savings or investments to help pay expenses.
• Thirty-four percent are saving and investing more.
  

More specifically, those who earn less than $50,000 were most likely to cut back on everyday expenses (80 percent), followed by 76 percent for those who earn $50,000 - $75,000. But even at the top of the income scale, people are making adjustments and cutting back on everyday expenses – 70 percent for those who earn more than $150,000 and 68 percent for those who earn $75,000 - $150,000.

In addition, those in the highest income level were more likely (33 percent) than those in the lowest level (27 percent) to think about postponing retirement due to their economic situation.

African Americans, Hispanics Have Made Greater Adjustments; 40 Percent Working Longer Hours to Make Ends Meet

Despite the spending and savings adjustments being made across all income levels, according to the survey, more African Americans and Hispanics than the national sample have cut back on credit card purchases and have taken money out of savings to pay for expenses. In addition, these ethnic groups said they have been working longer hours to make ends meet and have sought additional education to increase their employment opportunities.

• Sixty-eight percent of African Americans and 66 percent of Hispanics have cut down on credit card purchases (compared to 62 percent of the national sample).
• Forty-seven percent of African Americans and 45 percent of Hispanics have taken money out of savings or investments to help pay expenses (compared to 42 percent of the national sample).
• Forty percent of both African Americans and Hispanics are working longer hours to make ends meet (compared to 32 percent of the national sample).
• Eighty-two percent of African Americans have cut back on everyday expenses (compared to 76 percent of Hispanics and 75 percent of the national sample).
• Thirty-six percent of both African Americans and Hispanics have sought additional education to increase opportunities (compared to 21 percent of the national sample).
  

Eve added, “Keeping our finger on the pulse of how the economy is affecting our customers and the communities in which they live and work is especially important now, when people are changing the way they spend and save.”

Download our Assets Management Brochure and get a handle on your finances. Feel free to contact me with any questions or comments.

Yvonne Williams Best

Registered Representative

Best3Primerica

© 2009 SmartPros Ltd. All rights reserved.

Source: Citi

Cure for Spend-a-holics: Primerica

New Treatment for Money Disorders

Perhaps money can’t buy happiness -- but it’s all too obvious these days that spending more than you have can bring misery, and cause stress and anxiety that take a toll on your health. Fortunately, help can be had with a new form of therapy that specifically treats what Brad Klontz, PsyD, coauthor with Ted Klontz, PhD, of Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health (to be published in December 2009), calls "money disorders."

High Financial Anxiety

Even before the recession, nearly 75% of Americans identified money as the number-one source of stress in their lives. At present, the average American household owes more than $10,000 in credit card debt and saves at a relatively low rate of about 5%. Given these numbers, it’s not surprising to learn that many suffer from money disorders, such as overspending, serial borrowing, compulsive gambling, workaholism, underspending (Depression Era mentality or hoarding), financial dependence or financial infidelity (withholding financial information from a significant other).

"Financial therapy goes beyond the balance sheet to uncover the root causes of money disorders," Dr. Klontz said. The goal is to identify your "money scripts" -- unconscious beliefs associated with money that drive your financial behavior -- which in turn helps remove psychological barriers to changing your relationship with money, and enables you to eventually improve your financial health.

Change Your Money Script

It’s not the lack of funds that is the problem -- with money disorders, Dr. Klontz points out that financial problems are the symptom, not the disease. In most cases, early childhood experiences around money lead to a set of problematic money scripts that create problems in your adult life. The first step is being honest with yourself about your financial problems and making a commitment to change.

People who routinely overspend or avoid dealing with their finances are following what Dr. Klontz calls "poor scripts." Poor scripts include statements such as, "My net worth is equal to my self-worth" ... "It’s okay to keep secrets about money from my spouse" ... "The more money I have, the happier I will be." In his practice and at workshops, Dr. Klontz helps people change their "poor scripts" to "wealth scripts" -- such as "It’s important to save money for a rainy day" and "Giving money to others who are in need is something people should do." You have the ability to change your own money mind-set, he stresses. Creating a new script to recite to yourself eventually transforms it to your new reality, which is how you change your financial trajectory. "Regardless of your starting point or your current financial situation, you can quite literally rewire your brain for wealth," says Dr. Klontz.

To help people get to the bottom of their money disorders, Dr. Klontz and his team conduct workshops (www.onsiteworkshops.com) around the country. A psychotherapist and a certified financial planner (CFP) run each intensive six-day program. The programs include experiential therapy, in which participants explore past experiences with money to work through unresolved conflicts and emotions about it... practical lectures from a financial planner on risk management, tax strategies and retirement planning... and 45 minutes a day of mindful meditation to reduce anxiety.

When to Seek Help

If you know what you should be doing with your money and just can't seem to do it... if your financial behavior feels out of control... or if you are suffering from significant emotional, social (e.g., relationship problems) or financial consequences of your behavior, it’s time to seek help. According to Dr. Koontz, warning signs include...

• Anxiety, worry or despair about your financial situation.

• Lack of savings.

• Extensive debt or filing for bankruptcy.

• Conflict with family or friends about money.

• Compulsive spending or its opposite, hoarding.

• Financial dependence or excessive risk-taking.

Where to Seek Help

Financial therapy is still a very new field, and Dr. Klontz notes that at present there is no established accreditation -- although he and his colleagues are working on this. He has trained dozens of therapists and financial planners around the country and has set up a referral list at http://www.yourmentalwealth.com, where you can also take a financial health test to gauge the relative severity of your issues if you are feeling stressed about money .

There are other options, too -- you may be able to find a local therapist who works in financial psychology by asking financial planners for a referral. Some people find it useful to see both a therapist and a financial planner -- but this can be expensive. Another solution is to investigate free self-help groups, meditation classes and lectures at local community centers and places of worship. All around the country, people who have been downsized or face other financial setbacks are banding together to help each other develop new marketable skills and find new ways to make ends meet. Of course, it is challenging... but it also is an opportunity to change your money script and get on the right path to financial wellness.

Yvonne Williams Best

Registered Representative

Best3Primerica

HOW Is This Opportunity Different?

How are Primerica Careers different from other MLM companies? Certainly the Primerica opportunity for creating financial wealth is a Multi Level Marketing structure, but the difference is that Primerica sells what’s known as High Ticket Items. The number of network marketers involved in Primerica make up only 2% of ALL network marketers in the ENTIRE industry, yet Primerica agents make 40% of all the profit that the entire industry generates. How is this possible?

It’s because when the family buys the Term Insurance plan, which offers so much value it sells itself, the amount of money involved in the transaction is in the THOUSANDS, and thus the up-front commissions made by the agent are MUCH higher than peddling other smaller products that exist in the rest of the MLM companies. The life insurance sold is a High Ticket Item and thus mass volumes of product do not need to be sold in order to make a good income. A sale or two a week will result in substantial commissions for the representatives (usually around $1000).

High Ticket Items really bring the agent’s income to a whole different level. No matter what company you are in, a sale is a sale... so why make a sale that doesn’t offer much of a commission? Why not spend the same amount of energy and effort and make a sale that is a high ticket item?

Not only is Primerica’s Term Life-Insurance a quality product that any family would be INSANE not to buy, this high ticket item also has a tremendous market ... What family in these days couldn’t use a boost in their financial assets? Who wouldn’t want to save the money a Primerica agent can save a family? And when the Primerica opportunity is combined with the correct skills in how to market the opportunity, the tremendous potential of Primerica careers is tapped into. Learn to market a high ticket item and you will be on your way to success in the network marketing industry with persistence and hard work.

About the Author:

To Learn More About The Primerica Review Or How You Can Become An Internet Marketing Mastermind, Visit Us Here.

Yours In Mastery, Chris Chi

Article Source: ArticlesBase.com - Primerica Careers- HOW Is This Opportunity Different From Other MLM?

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Is life insurance a good deal?

There are many reasons to get a life insurance policy. When you're gone, life insurance can replace your income, pay your final expenses, leave an inheritance for your loved ones and provide a contribution to your favorite charitable organization. Even with all this in mind, how do you know that life insurance is a good deal?

Does life insurance match your needs?
Think about why you are buying life insurance. Will it be used to cover debts, funeral expenses, taxes or to leave a legacy? If you're purchasing a type of life insurance that you don't need or that doesn't accomplish your goals, then it's a bad deal no matter how inexpensive it is.

If, for example, you want to make sure your spouse and children have an income until the kids are grown, then level term life insurance that covers many years is a good investment. If you want to ensure final expenses are paid for, then guaranteed whole life insurance likely makes the most sense.

Price

When it comes to life insurance, price is important, but it isn't everything. Shop around and compare plans and rates, just as you would with any other product. However, pay attention to how highly rated a company is, how long they've been in business and the customer service they provide. Life insurance is a highly specialized product, so find a company you trust and don't just go for the cheapest price.

Primerica’s roots date back to 1977 when the company embarked on a revolutionary crusade to transform the life insurance industry. Primerica’s “Buy Term and Invest the Difference” philosophy encourages middle-income families to purchase affordable term life insurance so they can have more money to invest in their family’s future.

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“You buy life insurance for just one reason: to support the people who depend on your income if you die prematurely … you want term insurance.”
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