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Small Steps to Health and Wealth Presentation

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Presentation for RCE, January 27, 2021

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Small Steps to Health and Wealth Presentation

  1. 1. o This webinar will begin shortly o All participants are in listen-only mode; videos are blocked
  2. 2. Webinar Logistics o All participants are muted and videos are blocked o Please post any technical questions in the Chat box o Please post all questions for the presenter in the Q&A box o This webinar is being recorded o The presenter will be sending a follow up email with additional presentation resources and a link to the webinar recording https://njaes.rutgers.edu/online-event-series/wellness- wednesdays.php
  3. 3. Rutgers Cooperative Extension Agriculture & Natural Resources - 4-H Youth Development - Family & Community Health Sciences Partners: Rutgers, the State University of New Jersey- The State of New Jersey County Boards of Commissioners - National Institute of Food & Agriculture, USDA State Website: https://njaes.rutgers.edu/fchs/ Facebook & Instagram: FCHS, Rutgers Cooperative Extension
  4. 4. Dr. Barbara O’Neill, CFP®, AFC® @moneytalk1 https://www.moneytalkbmo.com/ https://njaes.rutgers.edu/money/ 10 Small Steps to Improve Your Finances in 2021
  5. 5. This Presentation is Like a Jersey Diner Menu
  6. 6. COVID-19 “Lens”: Three Personal Finance Categories •Reduced Income and Struggling •Stable Income but Anxious •Increased Income with Opportunities
  7. 7. General COVID-19 Financial Planning Tips • Everyone- Address estate planning urgency; consider income tax implications of changed income; and create a (revised) budget • Reduced Income- Prioritize needs, obligations, and wants; reach out for help; assess resources (e.g., savings, retirement plan); protect credit rating • Stable Income- Develop a furlough preparation plan; increase emergency fund; accelerate debt repayment; invest in human capital; refinance mortgage • Increased Income- Save/invest positive cash flow; consider high ROI home improvements; get serious about philanthropy to help others
  8. 8. SSHW “Elevator Statement” Small Steps to Health and Wealth™ encourages participants to make positive behavior changes to simultaneously improve their health and personal finances.
  9. 9. Small Steps to Health and Wealth™ Workbook and Website http://njaes.rutgers.edu/sshw/
  10. 10. SSHW™ Framework: 25 Behavior Change Strategies • Track Your Current Behavior • Unload Your Childhood Baggage • Put Your Mind To It • Commit to Making a Change • Defy Someone or Defy the Odds • Think Balance-Not Sacrifice • Control Your Destiny • Make Progress Every Day • Get Help and Be Accountable • Meet Yourself Halfway • Say “No” to Supersizing • Convert Consumption Into Labor • Compare Yourself With Benchmarks • Use Easy Frames of Reference • Automate Good Habits and Create Templates • Live “The Power of 10” • Take Calculated Risks and Conquer Fears • Appreciate Teachable Moments and Wake-Up Calls • Weigh the Costs and Benefits of Changing • Step Down to Change • Kick It Up a Notch • Control Your Environment • Monitor Your Progress & Reward Success • Expect Obstacles & Prepare For Relapses • Set a Date & Get Started…Just Do It!
  11. 11. 12 Track Your Current Behavior Finances: Daily expense tracking (category and amount), income and expense statement, savings challenges
  12. 12. 13 Convert Consumption (Spending) Into Labor Finances: How many hours of work are needed to buy something (use after-tax dollars)? • Is buying something worth the time worked? • The process of doing this can foster “financial mindfulness”
  13. 13. 14 Meet Yourself Halfway Finances: Reduce your discretionary spending by 1/2 • Spend half as much as you do now (e.g., $5 instead of $10) • Look for less expensive purchase options (e.g., thrift shop) • Save half of any raise or windfall (e.g., tax refund or prize) • Save half of any “side hustle” income
  14. 14. 15 Defy Someone or Defy the Odds Finances: • Average household credit card balance: almost $6,200 • Percent of households with 3 months of expenses saved: 40% • Percent of “paycheck to paycheck” households: 50% to 74% range • 2019 bankruptcy filings: 772,646 Develop an Action Plan!
  15. 15. 16 Make Progress Every Day Finances: • Daily loose change in a jar or “round-up” savings with an app (to save or reduce debt) • Less spending per day • Automatic savings through an employer plan • Keep track of financial progress (graph or journal) • Learn one new thing every day about personal finance
  16. 16. 17 Compare Yourself With Recommended Benchmarks Finances: • Age x gross income divided by 10 (net worth formula in The Millionaire Next Door) • Suggested investment asset allocations by age • Super-prime credit score: 760 to 850 • Emergency fund of at least 3 month’s expenses • Consumer debt-to-income ratio < 20%
  17. 17. 18 Automate Good Habits Finances: • Dollar-cost averaging investment deposits • Employer retirement savings plan • Automated checking to savings account transfers • Automated portfolio rebalancing • Financial templates • Direct deposit
  18. 18. 19 Step Down to Change Finances: Picture a descending staircase; do (spend) LESS • Upscale department store, department store, discount store, thrift shop • Eating pancakes at a restaurant, fast food, microwave, pancake mix • Lower price point items and brands • Lower cost substitutes • Less frequency of purchases (e.g., eating out)
  19. 19. 20 Kick It Up a Notch Finances: Picture an ascending staircase; do MORE • Increase retirement savings by 1% (or more) of pay • Increase payments on credit cards • “Find” money to save or reduce debt by reducing expenses • Increase emergency savings • Increase charitable contributions
  20. 20. 21 Live “The Power of Ten” Finances: Focus on “10” or multiples of 10 • Add $10 a day (or $1 a day) to debt payments • Complete the 30-Day $100 Savings Challenge • Save $1 a day plus loose change in a jar • “Pay Yourself First” by saving at least 10% of gross income • Invest some money in stocks or stock funds (10% historical return)
  21. 21. Start Small: Select 2-3 SSHW Strategies to Act Upon
  22. 22. Questions? Comments? Experiences? @moneytalk1 boneill@njaes.rutgers.edu https://www.moneytalkbmo.com/ https://njaes.rutgers.edu/money/ Stay Safe and Be Well!
  23. 23. 10 Small Steps for Improved Health in 2021 Karen Ensle Ed.D., RDN, FAND, CFCS Department of Family and Community Health Sciences Rutgers Cooperative Extension of Union County kensle@njaes.rutgers.edu
  24. 24. Easy Steps for a Healthier 2021 • Think about small changes that make a BIG difference. • Want to lose weight, start exercising or eat healthier? • Research shows baby steps are more sustainable. • Take Charge of Your Health for Success AND behavior change.
  25. 25. Use Easy Frames of Reference Five Daily Health & Nutrition Practices • Eat at least 4 1/2 cups of fruits and vegetables; • Get at least 30 minutes of exercise; more to lose weight; • Drink water or unsweetened beverages instead of sugar-sweetened beverages; • Walk 10,000 or more steps a day with a pedometer; • Learn something new about health and nutrition weekly.
  26. 26. Track Your Current Behavior Physical Activity and Eating • Use a pedometer: To determine current number of steps- then build up gradually • “Use your feet more and you can eat more” • Track foods eaten & calories consumed • Keep a food diary on a mobile app • Use a “Calorie Counter” website or app for unlabeled foods • Think about how eating is related to your emotions. http://njaes.rutgers.edu/sshw/workbook/01_Track_Your_Current_Behavior.pdf
  27. 27. Compare Yourself With Recommended Benchmarks • Follow the Science • US Dietary Guidelines for Americans, 2020-2025 • Physical Activity Guidelines for Americans, 2nd edition • Benchmark examples are: –Body Mass Index (BMI) –Total cholesterol < 200 mg/dl –MyPlate portion sizes http://njaes.rutgers.edu/sshw/workbook/13_Compare_Yourself_With_Recommended_Benchmarks.pdf
  28. 28. Think Balance-Not Sacrifice • Balancing work and home life critical during pandemic • Need to balance food intake and physical activity • Many adults and youth today are “out of balance” • Changing just one habit can have big impact http://njaes.rutgers.edu/sshw/workbook/06_Think_Balance-Not_Sacrifice.pdf
  29. 29. Control Your Destiny • Set Yourself Up for Healthy Eating • Stock your pantry, fridge and freezer with healthy foods • Use smaller plates and glasses • Pre-portion high calorie items such as desserts and snacks • Watch portion sizes
  30. 30. Stepping Up to Success
  31. 31. Meet Yourself Halfway • Decrease portion sizes of favorite foods by 1/3 to 1/2 and/or increase exercise • Eat half as much as you do now…gradually lose weight • Take ½ of restaurant meals home
  32. 32. Say “No” to Supersizing • Limit your intake of fast foods and processed foods. • Take any large portions, split them into halves or thirds. Choose healthier fast foods. • Swap out refined carbohydrates (added SUGAR) and replace sweetened beverages with water.
  33. 33. EAT Healthy Foods ! • Minimally processed food • Make ½ of your plate fruit and veggies • Make ½ of your daily grains, whole grain • Consume legumes, nuts & seeds for protein along with eggs, fish, poultry, and meat • Choose water as your main beverage
  34. 34. Be Mindful & Control Your Destiny • Notice what you are eating and how much you consume. • Where and when are you eating? • What and why are you eating? Is it necessary? • Do you mindlessly eat at night or in front of the TV or when on your computer or phone? • Do you eat in response to stress? COVID-19 ? Sadness or Loneliness? • Try Mindful Walking and Eating. Enjoy both!
  35. 35. Automate Good Habits and Create Templates • Routine health screenings • Use automatic tracking app • Eating a Healthy Breakfast daily • Nutritional “points” programs for healthy weight loss • Short programmed workouts • Positive Routines can add to your overall health http://njaes.rutgers.edu/sshw/workbook/15_Automate_Good_Habits_and_Create_Templates.pdf
  36. 36. Live “The Power of 10” • Lose 10% of body weight • Walk 10,000 steps/day • Eat 100 calories less per day • Exercise in 10-minute intervals http://njaes.rutgers.edu/sshw/workbook/16_Live_The_Power_of_10.pdf
  37. 37. Expect Obstacles & Prepare for Relapses • Have a plan and decide what dietary and physical activity changes you are willing to make. • Set realistic, achievable, time- bound goals to move toward those changes. • Don’t bite off more than you can accomplish. • Take “small steps” toward your goals.
  38. 38. Commit to Making a Change • Take it slow and make sure your plan is doable. • If you are trying to lose weight, GRADUAL weight loss is the key. • Aim to lose ½ to 1 pound per week. • Two effective and healthy diet plans are the Mediterranean and DASH diets.
  39. 39. Monitor Your Progress & Reward Success • Keep Your Blood Pressure Under Control • Choose foods with less sodium and prepare foods with little or no salt. • Limit intake of processed food. • Start walking
  40. 40. Get Help and Be Accountable Sources of support to reach goals: • Friends, family, co-workers • Pets • Employers • Support groups http://njaes.rutgers.edu/sshw/workbook/09_Get_Help_and_Be_Accountable.pdf
  41. 41. Make Progress Everyday Any small step to improve your health or increase your wealth is better than doing nothing! http://njaes.rutgers.edu/sshw/workbook/08_Make_Progress_Every_Day.pdf
  42. 42. Resources • Manage Stress: heart.org/en/healthy-living-lifestyle/stgress- management • Address Alcohol Use: NIAAA.NIH.gov • Help for Depression: health.gov/myhealthfinder/topics/doctor- visits/screening-tests/talk-your-doctor-about-depression • Health Screenings: health.gov/myhealthfinder • Stop Smoking: smokefree.gov • Sleep: sleepassociation.org
  43. 43. This information will be used to ensure our extension programming is reaching a diverse audience. Your assistance is greatly appreciated and will help us with future planning. Cooperating Agencies: Rutgers, The State University of New Jersey, U.S. Department of Agriculture, and County Boards of Commissioners. Educational programs are offered without regard to race, sex, disability, color, national origin, or age. Rutgers Cooperative Extension is an Equal Opportunity Employer. Equal Opportunity Demographic Questions

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