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As inflation continues to affect Americans, many are looking for ways to stretch their dollar a little further. The U. S. Department of Agriculture reports an increase of 11.9% in grocery store food prices from May of 2021 to May of 2022. This added to increase of other necessities can really put a pinch on your budget. Thankfully, careful planning and having a few tricks up your sleeve can help you make the most of your grocery dollars.   Eat food in season and buy food grown locally Those who live in the northern regions of the country know just how expensive things like fresh berries can be in the cold months. Fortunately, costs drop significantly as the growing season expands across country. Local food travels fewer miles which results in less transportation costs and a fresher product. Check out local farmer’s markets and garden stands, or purchase Community Supported Agriculture (CSA) produce or meat boxes from local farms or co-ops. Another way to lower your food budget is to plant a garden, not only can this help lower the cost to feed your family it is a great outdoor activity for everyone including children. Finally, learning to preserve larger quantities of food in season by freezing and canning foods for use over the winter can allow you to enjoy your favorite foods throughout the entire year and can help cut down on food waste.   Plan your meals and shop with a list We all know it is a bad idea to shop on an empty stomach, but shopping without a plan can also put all sorts of extras in your cart. Before you head out to shop, make a list of each week’s meals, and see what items are already on hand. While you are taking inventory of your pantry, make a list of the things you are running low on. Keeping staple items on hand can help you avoid unnecessary extra trips. Shopping every other week can also save you time and money. Once you arrive at the store, shopping from a list will help you to avoid impulse purchases or just walking down the isles putting unnecessary items in your cart.   Track and compare prices on items you buy regularly If you track the prices on items you buy frequently, you will be able to evaluate if something is a deal or not. Most stores rotate their sales and soon the patterns of pricing will be easy to anticipate. Shop items featured in the weekly flyer, use store loyalty programs and coupons. Check out the clearance area and fresh items reduced for quick sale. Only buy reduced items you can use right away or freeze. Don’t be afraid to switch up where you shop or buy store-brands instead of name-brand items. If you are willing to think outside the box, you may find great deals at dollar stores, scratch and dent liquidators, Amish bulk stores, and discount grocery stores.   Buy in larger quantities and portion out While a 5.3 oz cup of Greek yogurt costs $1.49 or $0.28 per oz, the same yogurt in a 32 oz container costs $5.79 or $0.18 per oz. Convenience can add considerable cost to items. Instead consider just scooping out the yogurt in a bowl or a single serve food storage container. The same thing applies to everything from snacks to meat. If a bulk pack is too much to use, you can always break down the large packages into smaller portions that will fit your needs. Use food storage containers, storage bags, and freezer paper to store these small portions. Over time these savings can really start to add up.   Avoid Waste If your crisper drawer is where green things go to die, you are also wasting the green in your wallet. If your plans change often or find yourself not eating your produce fast enough, consider frozen or canned instead. It typically costs less and has a longer shelf life. Also don’t make too much when preparing meals especially if you or your family doesn’t like leftovers. Cook just enough to satisfy your family’s hunger. If you do cook extra, reimagine your leftovers into another meal. Extra rice can easily be made into fried rice, left over steak can become steak and eggs, pasta can be added to soups and salads. Baked chicken can become chicken salad. If you still find yourself with leftovers, place them in the freezer to use them later when you need a quick meal. While rising food prices can cause a lot of stress to your budget, putting some strategy into your spending can not only save you money, but it can also save time and reduce food waste as well. Knowing what you have on hand, what you need and what you are spending will put you in the driver’s seat despite high food costs. Rebecca Agamaite Investment Advisor Representative  Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

Choosing a financial advisor is a big decision.  In doing so you are giving someone access to a very sensitive part of your life.  Remember you are hiring an expert to work with you.  Your advisor should provide value to you and your financial decisions.  Here are some things to consider when hiring a financial advisor. Communication It is important to find an advisor who communicates clearly and timely and that you understand and are comfortable with what is going on with your money.  In addition, your advisor should be reaching out to you regularly to go over your portfolio and discuss how current economic and geopolitical conditions can impact your portfolio.   Lastly, you want to be sure your advisor or their team is accessible to you so that if you have questions or need something done it can be handled in a reasonable amount of time. Find a fiduciary A fiduciary is legally required to work in your best interest.  Today many financial professionals are registered as fiduciaries, however it is possible for an advisor to be dually registered.  This means they are registered as a fiduciary and as a broker dealer, which can present a conflict of interest.  Broker dealers are held to the suitability standard, meaning that they can recommend investments that are suitable for you, but not necessarily the best for you. Advisors who only work under a fiduciary standard are held to stricter rules and are required to act only in the best interest of the investor. Compensation Understand how the advisor gets paid.  Brokers can receive commissions on the investment products they sell.  A conflict of interest can arise when one investment product pays a higher commission than another product.  Fiduciaries are paid through a fee from their client.  This eliminates conflicts of interest on investment recommendations. Planning Style Find someone who will take a holistic view of your finances.  Creating a portfolio is an important piece of your financial strategy, however this is only one part of your personal finances.  Find an advisor who can add value to you in other ways.  They should have a knowledge of tax laws as costly mistakes have been made by being unaware of these consequences.  Do you have enough in your emergency fund?  Are you on track for retirement?  What will happen to your assets when you pass away?  This broad view will help to make sure all the pieces are working together to help you achieve your financial goals. Get a Referral Speak with family and friends.  See who they recommend and why. Knowing that someone you trust is working with and presumably is happy with the service the advisor provides can help make you more comfortable in moving forward. Not all financial advisors are the same.  It is important to find someone who communicates well with you and will work with you on achieving your goals.  Taking the time to find the right advisor can yield big benefits as you build a relationship that can last for decades. Kate Pederson Investment Advisor Representative & Tax Preparer  Kate joined Advisors Management Group in December 2017. Prior to joining the firm, she worked in manufacturing and healthcare during her career as a financial analyst. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

Just like a map or a GPS is needed for someone driving a car on a long trip, a financial plan is useful for anyone wondering about their financial future.  A financial plan lets us know if we are heading in the right direction, for example north instead of south.  Much like a long journey, life will have many twists, turns and a few unexpected bumps in the road.  However, with a well-planned route, we can have a clear idea of whether we are heading in the direction of our destination. What is a Financial Plan? A financial plan is a document that evaluates cash flow, assets, goals, and brings the information together in a document that predicts how much money and income you will have in the future. This document will be used to determine if your current strategy will accomplish your goals, or if you need a different one. Who can benefit from a financial plan? Financial plans are useful for people of all ages. A financial plan looks at money that is coming in (wages for most people), assets that you have saved so far, and what you are currently saving. This along with other factors helps to plan a path for your financial future.  This could be saving for a large purchase, paying off debt, or saving for the future (children’s education or retirement).  Financial plans are also helpful for people already in retirement as they can be used to help identify a strategy for creating retirement income, spending down assets, or planning to leave them to heirs. To prepare a financial plan your financial planner will need to gather some information from you. You will likely need to bring the following: Recent paystubs Last year’s tax return Statements for any retirement or investment accounts that you have Information on any pensions that you may have Social Security Statements (get yours at ssa.gov/myaccount ) More complex plans may require information about insurance and/or legal work Your planner will ask some questions to get to know you and find out what is important to you. A good planner will be interested in not just how much money you have, but also in what you would like to accomplish with your money. This conversation along with the data you bring to your appointment will help your planner to craft a financial plan that is specific to your goals. Your planning process will likely consist of several meetings. Costs are generally dependent on the complexity of your plan, and it is even possible that your advisor will provide some basic planning at no cost. Life will continue to change over time, for this reason it is important to revisit your financial plan with your advisor every so often to account for any detours or bumps along the road of life.  Financial plans are working documents that need to be adjusted as circumstances change. You should expect to update your financial plan several times during your working years. Generally, this will be every few years or when a major life change occurs. If you would like to find out more about having your personal financial plan prepared, contact us to set up your no obligation consultation today. Kate Pederson Investment Advisor Representative & Tax Preparer  Kate joined Advisors Management Group in December 2017. Prior to joining the firm, she worked in manufacturing and healthcare during her career as a financial analyst. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

How long do I have to save all of this paperwork? This is one of the most common questions people ask their accountants and financial professionals. It seems that nearly everyone has a box or a drawer of papers that they are not sure what they should do about. Over the years these documents can really add up and before you know it decades can pass. You may even find yourself helping an elderly parent or friend who has a lifetime worth of paperwork saved. One look at that pile is bound to leave you overwhelmed. What should I do with all this paperwork? Well, it really depends on what the paperwork is.  The good news is that in most cases, you can likely dispose of at least some of it. Here are some general guidelines for saving documents.  Whether the documents are personal information, for business, tax reporting or legal documents, there are different recommendations for the length of time you need to save each of these.   Record Keeping for Individuals: In general, different items are saved for 1 to 7 years, but some should be saved indefinitely.   Personal documents, such as personal bank account statements can be kept for 1 year and then securely disposed of. The same applies to your investment statements. Since 2011, cost basis (the price paid for an investment) has been tracked by investment firms. This makes it easy to find this information if you need it in the future. Before getting rid of any information documenting cost basis, you should check with your Financial Advisor or Tax Preparer.  The same would apply to documents related to cost of real estate or other assets. If in doubt, keep it as it can be difficult to recreate this information. Personal Tax Returns should be saved for at least 3 years.  The IRS has 3 years from the filing date to initiate an audit of your return, so you want to have the tax return along with all the documents that support income and deduction items reported on that return.  If you filed your return before the due date, then the IRS will use the due date to start the 3-year clock (typically April 15th).  State tax returns can have different statute of limitations, so check with your state to see if that document retention period is different from the IRS. Personal legal documents including documents such as Deeds, Birth/Death Certificates and Stock Certificates should be kept forever.   Record Keeping for Business Owners: When you own a business, it is important to save information for a bit longer.  Most business income and expense documents should be saved for at least 7 years.  This will include bank statements and reconciliations, employment tax records and timecards, invoices for both customers and vendors along with inventories.   Business legal documents that should be kept permanently would include things such as Corporate Minute Books, Business Registrations and Patent/Trademark information.    A Note on Digital Recordkeeping You can always save these documents in paper form, but you could also save most of these items electronically. This can also work well for items such as photographs and home video. While you may be tempted to just upload everything to a flash drive, consider solutions that provide regular backups, a plan for emergency recovery and encryption. It can be truly overwhelming to weed through your personal records due to the many considerations and recommendations for lengths of time. If you are purging documents, be sure to dispose of them in a secure manner such as shredding. Be sure to keep the documents that you may need in the future. Protect important documents in fireproof safes or in safe deposit boxes. If you are unclear, be sure to ask a professional before disposing of documents and always err on the side of keeping things for longer. Melanie Chapel Director of Payroll Services, Senior Accountant, Tax Preparer, Tax Manager & Business Consultant  Melanie has been part of the Advisors Management Group team since 2008. She has over 23 years of tax and accounting experience and enjoys working with clients to help them better manage their businesses. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

When you have a child with special needs, you are accustomed to planning ahead. How do you prepare for their future? There is a lot to think about and we are here to help.  Keep reading, and let Advisors Management Group tell you more about financial planning for a special needs child. Contact us when you’re ready to begin. Why It’s Important to Make a Plan  Whether your child is on the autism spectrum, has Downs syndrome, or has a different condition, you know the amount of work it takes to provide a happy life for them.  As you continue to create a positive presence for your child, you need to remember to set them up for success later in adulthood, after you are gone.  Financial planning includes everything from the possibility of college and independent adult life to caretaking for them when you are no longer able to.  No one knows your child as well as you do, so start planning today.  Things to Remember When considering financial planning for a special needs child, there are specific items you must remember to include. Taking care of these steps now helps secure your child’s future, especially if you are unexpectedly unable to care for them any longer. Start With a Letter of Intent  The very first place to start is to write out all of your thoughts, desires, and wishes for your child in a letter of intent.  A letter of intent is not a formal legal document, so you have the freedom to draft it in whatever format is most comfortable for you.  This letter should be thorough, giving clear details about how you intend your child’s life to be after you are unable to care for them anymore.  A few things you might want to share in this letter include:  Their daily routines Contact information for all physicians and therapists involved in their care Your emotional approach to their care  How much independence you give them  Frequency and schedule of health appointments  List of things your child likes and dislikes  Names and contact information for friends and family that spend time with your child The information in this letter can be used to draft legal documents later, so it is very important to be as detailed as possible.  Consider a Special Needs Trust (SNT)  When you consider your child’s financial future, you may choose to set up a specific type of trust just for their situation.  A Special Needs Trust (SNT) is a place you can keep all the financial assets, gifts, and money that you have saved up for them - all without disqualifying them from federal benefits like Supplemental Security Income (SSI) or Medicaid.  This is very important because if your child inherits $2,000 or more in their name, they could become ineligible for those federal programs set up to help them. If the assets from their inheritance are left in an SNT, your child will still qualify for the federal programs.  Consider an ABLE Account  ABLE stands for Achieving a Better Life Experience. It is a savings program that is set up specifically for those with special needs. People with disabilities can use the money from this account to pay for qualified disability expenses tax-free.  Tax credits may apply for those who contribute to ABLE accounts and the first $100,000 is exempted from the SSI resources limit. This means that ABLE account beneficiaries can have some longer term resources that will not disqualify them from receiving public benefits such as assistance for health care, food, and housing.  Guardianship or Conservatorship As you prepare for your child’s financial future, you also need to set up a guardian or conservator for them.  What is the difference between guardianship and conservatorship? This depends on your state. For example, guardianship and conservatorship statutes specific to Wisconsin can be found in Chapter 54 of the updated Wisconsin Statutes. Please seek legal counsel before making the decision.  Generally, a guardian has the legal ability to make personal, medical, and financial decisions for a person. A conservator usually just has the authority to make financial decisions (like paying bills and investing funds).  Protect Them in Your Will  As you set up your will, remember to bequeath your assets to the SNT and not directly to your child.  If you don’t create and set up a will, the courts default to naming all of your children as beneficiaries, and the assets could disqualify your child from federal programs or aid.  Even though some types of wills can be created by yourself, work with a lawyer you trust when you have a child with special needs. They will be able to give you sound legal advice and they will know about your state’s current disability laws.  Set Up Your Child for Independence  A very important part of financial planning is teaching your child the basics of adulthood and money management.  What type of job do they want? What type of jobs are best for their skills? Where do they want to live? Think a few years ahead and either work directly with your child or with therapists to help your child develop skills that help them live as independently as they can.  This is a good idea for kids of all skills and development levels. Discuss things like hygiene, jobs, and paying bills. Give your child the best chance at independenfinancial advisor in Green Bay, WI with as much practice and support as you can give them now.  Speak to a Financial Planner  When it comes to financial planning for a special needs child, it is important to think of both present-day and far into the future.  This is why it is so important to speak with a financial advisor in Wisconsin. They will look at your current finances and help you create a plan that includes providing for all of your children in the best way possible.    Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The other day, I was having an interesting conversation with my grandmother. She was considering replacing her flooring in her home and was literally “floored” with how much the cost had gone up since she installed her last carpet 10 years ago. It really is fascinating to talk about money with our older generation. We quickly can see that their idea of “a lot of money” is very different from what we consider a large sum of money today. Consider that in 1970, a gallon of gas cost $0.38, the average home was $17,000 and the average household income was just under $9,000.  Surely, today you could not live a similar lifestyle on $9,000. What is Inflation? Inflation is defined as the price of goods and services increasing over time. Inflation can be caused by many reasons, but two of the most significant reasons are costs of raw materials and labor. Prices of raw material can increase if supply chains are short or during times of disaster.  Labor cost can sharply increase due to the job market. If unemployment rates are low, companies will need to increase their wages to attract job seekers. If wages increase, this will give people a little extra to spend.  If enough people have extra money to spend, this will ultimately increase demand for goods and services starting the cycle of inflation over again. Monetary policy can also contribute to inflation. Central banking systems control the flow of money in economies. They will tighten or loosen the flow of money into economies by setting interest rates. Recently home prices have surged in the United States in response to record low interest rates. These low rates made homes more affordable for first-time buyers and allowed current homeowners to sell at a premium and upgrade their current homes. This increased demand for homes and drove prices up. It is likely that as rates increase, the market will slow again and prices will stabilize. Inflation's Impact While some things inflate faster than others, one thing is for certain. Your current lifestyle will not cost the same when you are ready to retire. It can be daunting to think about how much your lifestyle will cost in 10, 20, or even 50 years. The average long-term inflation rate in the US is 3.1%. There have been times in our history when inflation has been much higher. In the late 1970s and early 1980s inflation soared to double digit rates. Inflation raged again in 2021 and continues to increase prices on goods and services. If your savings nest egg is growing less than the rate of inflation, you are losing your purchasing power. Therefore, it is very important not only to save for your financial future, but also to have an investment strategy that will outpace inflation. A solid financial plan can allow you to evaluate how your current savings strategy will stand up to inflation. Talk with a trusted advisor today to review your strategy and determine the potential effects of inflation. Rebecca Agamaite Investment Advisor Representative  Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

Last year, millions of people in the US were victims of identity theft.   Identity theft is when a thief uses your personal information to open bank accounts or other financial accounts, take out loans, file tax returns, or even make fake medical claims. The repercussions can be far-reaching and long-lasting. Once your credit has been laid to waste by identity theft, it’s more difficult to save for retirement, buy a house, expand your family, and much more.  A related problem requiring the same kind of follow-up is when criminals scam people into making fake transactions or giving them personal information.  If you’re concerned that you may be at risk of identity theft, read the following. Know the signs of identity theft There is no red warning light or alarm bell, but some signs of identity theft include: Receiving emails or letters about accounts with which you are unfamiliar Receiving bills for items you did not buy Getting calls from debt collectors about accounts you never opened Being denied for loans you expected to be no problem  Take these steps if your identity is stolen 1. Notify relevant companies If you notice fraudulent transactions or accounts, report the discrepancy to the company in question right away.  In some cases, the thieves might only have your account number rather than all of your personal information. If so, simply canceling and reopening the account with a different number may resolve the problem. However, if someone is using your social security number and opening accounts in your name, things become much more complicated. You would need to move on to the next steps. 2. File a report with the Federal Trade Commission (FTC) The FTC compiles information about identity theft cases. The Federal Bureau of Investigation and other agencies then use this information to pursue identity thieves.  It’s easy to file an online identity theft report with the FTC. The site will also give you helpful information and even forms you can use to file police reports and dispute fraudulent transactions.  3. File a claim with identity theft insurance If you have identity theft insurance, now’s the time to file a claim. Policies vary, so you may speak with a financial advisor in LaCrosse about whether or not an identity theft insurance policy is right for you. You may have identity theft insurance and not even know it. Your insurance company may have included it as part of a broader policy or your employer may provide one. Check to make sure. 4. Contact local law enforcement You may want to file a local police report if: You know who the identity thief is The thief used your name in an interaction with the police A creditor or other involved company requires you to provide a police report You are concerned the thief may commit a crime using your identity  5. Contact credit reporting agencies Contact the big three credit agencies, Equifax, Experian, and Transunion, and ask them to institute a fraud alert.  Normally, a fraud alert lasts for a year unless you choose an extended alert for seven years. What this will do is keep the thief from opening new accounts in your name. It will not stop you from opening an account, but you will need to go through a verification process. You should also freeze your credit until you want to use it. A credit freeze prevents the bureaus from sharing your credit reports. So, if someone tries to take out a loan, they’ll be denied because the credit bureau will not release credit reports to the lenders.  However, if you want to take out a loan, you can lift the credit freeze any time you like. You will need to contact each credit agency to request a credit freeze, but at least it’s free.  6. Contact the Department of Motor Vehicles (DMV)  An identity thief may use your personal information to get identification such as a driver’s license. This is an arrestable offense. Contact the Wisconsin Department of Motor Vehicles (or the state where you otherwise got your license) and alert them to the identity thief issue.  7. Contact the Internal Revenue Service (IRS) Once a thief has stolen your identity, they may use your information to attempt to get a tax refund.  If this has already occurred or you believe you’re at risk, you can submit Form 14039 Identity Theft Affidavit. Make sure to check the IRS website for the most up-to-date affidavit.  8. Notify your health insurance It’s amazing the ways that thieves use stolen identities. They even use them to obtain medical care and treatments. If you know your identity has been stolen, it’s wise to contact your health insurance company in case someone tries to use your name and policy number for this purpose.   9. Get credit monitoring Rather than waiting to see if someone has made purchases or opened accounts in your name, consider subscribing to a credit monitoring service. They’ll monitor your credit reports for sketchy activity and alert you.  Don’t fall victim to identity theft Identity thieves are getting more sophisticated and aggressive. Contact us now to discuss ways to protect your identity and your future.  Our Eau Claire financial advisors can be reached at (715) 834-9512, and our Green Bay financial advisors are available at (920) 434-2192. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin. Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security. Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses. Please do not send orders via email as they are not binding and cannot be acted upon. Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services. Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

Growing a business is exciting and complicated at the same time. When you need to build reliable and professional staff you'll be faced with a choice. Do you go with employees or independent contractors?  What is the difference? Is one better than the other?  It all depends on your current business and your short-term goals.  Differences Between Employees and Independent Contractors There are some stark differences between employees and independent contractors. Most of them have to do with how they are paid and how much control/oversight the work requires.  To help make the decision easier, let’s look at what employees and independent contractors are.  Employees Employees perform work for the employer, and the employer maintains control over every aspect of this work - when and how it is to be done.  Employers have the legal right to set specific working hours and to control the details or standards about how the work is to be done.  When they pay their employees, businesses must take out social security tax, Medicare, and income tax withholdings.  Employers also provide their employees with the tools they need to do the work required of them. This might include office space, work computers, or company vehicles.  Types of Employees Not all employees are salaried full-time workers. There are actually a few different classifications of employees that you might hire.  Full-Time Hourly - These are employees that work more than 35 hours per week and are paid hourly. Full-Time Salaried - Employees that work full-time and are paid a set salary, no matter how many hours they work.  Part-Time - These employees work less than 35 hours per week. They are usually paid per hour.  Seasonal - Employees that are only hired to work for a specific season. You may offer to hire them as full or part-time or let them go after the season ends.  Independent Contractors An independent contractor is self-employed. They are different from employees because they perform work for a person with a contracted understanding between them. All the details of the work to be performed are outlined in the contract.   As an employer, you will have control over the work the independent contractor does for you, but not how it is completed.  There are differences in how you pay them, too. Independent contractors will send you invoices for their completed work. The company that pays them will not take taxes out of the payments. It is up to the independent contractor to make estimated quarterly payments to the IRS.  Since they are self-employed, an independent contractor may work for multiple people at one time.  Examples of Independent Contractors There are quite a few different career fields that work almost exclusively as independent contractors. Some of the most common examples are:  Real estate agents Copywriters Graphic designers IT professionals  Consultants Benefits of Hiring Employees The biggest benefit of hiring employees is that you will have more control over the work they do. If your business is such that you need to establish working hours and the work must be accomplished according to a set of standards, hiring an employee is a better choice.  Another benefit is exclusivity. You can legally require the employee to only work for you and not a competitor. Some businesses even require their employees to not have any other side gigs or side hustles at all.  Depending on the scope of the project or work to be completed, it might save you money to hire employees. If the work you are hiring for is ongoing, without an end in sight, the salary of an employee might be more affordable than freelancer fees.  Finally, when you hire employees, you are building a team of people who take pride in their job and represent your business. This is beneficial for reputation and growth.  Benefits of Hiring Independent Contractors One of the biggest benefits of hiring independent contractors is that they require very little supervision and training. This saves you time and money.  It’s also smarter to hire independent contractors if the work is temporary or the project has an end date. This way, you don’t have to go through a lengthy onboarding process only to have to let them go when it is finished.  There are also financial benefits of hiring independent contractors. Since you don’t have to pay them benefits and don’t need to commit to a salary, you are only paying for work that is completed.  You have a lot of flexibility, too. If the independent contractor isn’t working out, all you have to do is not work with them again. If an employee isn’t working out, firing them could be a lengthy process, and you’ll have to go through the effort of interviewing and hiring someone else.  Should I hire employees or independent contractors?  When you are trying to decide, you need to look at the scope of the work. How much control do you need? Will you need to set specific hours? Will this project end soon or is it an ongoing one?  If you need to have the final say in how a project is completed and the hours they work, then you probably need to hire an employee.  On the other hand, if you have a small project that doesn’t require a lot of oversight and has a clear start and end date, then you might be better off hiring an independent contractor.  Speak to a Financial Advisor  It is always best to speak to an experienced financial advisor when you are trying to make a financial decision that affects your business. They will be able to look at your goals, the demands of the job, and help you make an informed decision that will help your company grow. Advisors Management Group is here to help. Contact our Business Consultant today and get started on a plan that works for you.

There are so many similarities that it is easy to get them confused. Both a brokerage account and an IRA give you the ability to invest your money into stocks and bonds.  Ultimately, your choice depends on your financial values and preferences. How many choices do you want? Do you prefer to pay taxes on the money you invest or when you withdraw the money?  These questions - and more - all affect which type of investment account is best for you.  What is a brokerage account? Basically, a brokerage account is an account that allows you to pick and choose which investments to buy and sell stocks and other investments. As these investments earn interest and dividends, you will pay taxes on this income. You might also have to pay capital gains taxes when you sell stocks, too.  Through a brokerage account, you have the ability to purchase investments such as:  Stocks Bonds Mutual Funds ETFs Commodities  Benefits There are a few alluring benefits of a brokerage account.  There is no annual contribution limit with a brokerage account.  You can invest as much as  you want each year.  A lot of people also like that brokerage accounts do not have fees or penalties for withdrawing money before a certain age. Drawbacks The biggest drawback is that you don’t get any tax advantages with a brokerage account. In fact, you will have to pay taxes on the financial gain in the year it is received.  What is an IRA? An IRA is an Investment Retirement Account. Through this account, you are able to purchase unlimited types of stocks and bonds.  You don’t pay taxes on it until you withdraw all your money at the very end. Since it is a retirement account, there are limits on when you can withdraw funds. There are also limits on how much you can contribute.  Types of IRAs Here is a quick overview of the different types of IRAs:  Traditional IRA - the most popular kind. Earnings are not taxed until the owner withdraws them.  Roth IRA - Contributions are taxed, but withdrawals are not taxed. There are annual contribution limits. Withdrawals are tax-free and penalty-free, at any time.  Simple IRA - This stands for Savings Incentive Match Plan for Employees. It exists for small businesses and self-employed individuals. There are contribution limits and qualifications that a person must meet to open this type of account.  SEP IRA - This stands for Simplified Employee Pension. This account is set up by employers who also contribute all the funds to it. Employees are not allowed to contribute to it and there are annual contribution limits.  Nondeductible IRA  - This is the type of account someone has if they (or their spouse) have a retirement plan at work and their income exceeds the IRA income limits. They can still contribute to an IRA, but contributions are not tax-deductible anymore.  Benefits Depending on the type of account you open, you could receive tax benefits from IRAs that you don’t get from a brokerage account. Either the contributions are not taxed or the withdrawals are not taxed, and you get to choose which one you prefer.  People also like how easy IRAs are to understand and set up. It is usually a quick process and doesn’t have a steep learning curve.  Drawbacks The biggest drawbacks to IRAs depend on the type of account you open. They can be restrictive.  No matter which kind you have, there are contribution limits restricting how much money you can invest in them each year.  For the 2021 and 2022 tax years, you are only allowed to contribute up to $6,000 to your IRA accounts per year if you are younger than 50 or $7,000 per year if you are older than 50. There are also income limits on IRAs. For example, in 2021, people could only contribute the full amount if their income was less than $198,000 for married filing jointly or $125,000 for single filers.  Another drawback to IRAs is that there is a penalty if you withdraw before you reach retirement age. Most IRAs will charge you a 10% penalty if you withdraw funds before you are 59 ½ years old. The only exception to this is a Roth IRA, which allows you to withdraw money at any time without penalties.  Which is better?  Figuring out which is the better choice depends on your knowledge of stocks, bonds, and securities, your income, and your financial situation.  It’s actually smarter to have both. When you diversify your investments, you have the ability to enjoy the benefits of all of them and will be able to absorb the risks better. Contact a Financial Advisor  When you are looking at a brokerage account vs IRA, it is important to speak to someone you can trust.  An investment advisor from Advisors Management Group can explain everything in detail and suggest the best options for your financial situation. 

The gown has been bought, the venue has been chosen, and the flowers have been ordered. There are so many details that go in to planning your perfect wedding day. As couples find themselves getting ready to walk down the aisle, it is essential to discuss how matters of the pocketbook merge with matters of the heart. Like everything in marriage, open dialog and careful planning can avoid later conflict as well as create healthy boundaries and expectations surrounding money. Conversations to have before saying “I do” What are your financial goals? Create a list of financial priorities that are important to you both. Determine how you both would like to accomplish these goals. What does our combined budget look like? Laying out a combined monthly budget can help determine not only what you will have to spend on necessities, it will also help you determine how you can save for your goals. If you are unsure where to start, a financial advisor can help. What debts are outstanding and who will pay them? Be honest and candid about debts such as credit cards, car loans, and student loans. On the same note, be honest about any concerns that may come up later regarding credit history. Who will pay household bills? Will this be something you do together or individually? By discussing this ahead of time, it can alleviate tension later. Joint or Individual Bank Accounts While it may seem that logical for married couples to combine bank accounts, there is not a one size fits all approach. For many couples, combining accounts can make budgeting and paying bills a simpler process. It also creates a focus on “our money” vs. “my money and your money” which is particularly helpful when incomes are not equal. Some couples may forgo combining bank accounts if one spouse has considerable debt or bad credit. This could also be a consideration for couples who are remarrying or marrying later in life. Another option may be to maintain separate accounts, but run household expenses from a joint account. Both spouses will transfer an agreed upon monthly contribution from which expenses will be paid. This hybrid type approach can allow all the benefits of joint budgeting, but also allows for spending without judgment from the individual accounts. Keys to Monetary Marital Bliss If you take a quick poll amongst married couples, you will likely find that the topic of money and finances is one of the most common reasons couples argue. Therefore, it is so important to have conversations before marriage to establish healthy expectations. In addition to premarital conversations, having ongoing and honest conversations about finances can keep you and your spouse on track with spending and savings strategies as well as be the foundation of your financial wellness.  Having ongoing conversations about money is the first step in planning your long-term financial strategies such as planning for children’s education, purchasing a home and retirement. By working together and having communication open, you will be well on your way to establishing financial wellness as a married couple. Rebecca Agamaite Investment Advisor Representative  Rebecca joined the firm in 2011 as an Investment Advisor Representative. In this role, she works with clients to manage their investment assets and help them obtain their financial objectives. Rebecca brings a great deal of experience to the team having worked for several years at Marshall & IIsley Bank and MetLife. She earned a Masters of Business Administration degree (with an emphasis on finance) from Concordia University. Advisors Management Group, Inc. is a registered investment adviser whose principal office is located in Wisconsin.   Opinions expressed are those of AMG and are subject to change, not guaranteed, and should not be considered recommendations to buy or sell any security.  Past performance is no guarantee of future returns, and investing involves multiple risks, including, but not limited to, the risk of permanent losses.  Please do not send orders via e-mail as they are not binding and cannot be acted upon.  Please be advised it remains the responsibility of our clients to inform AMG of any changes in their investment objectives and/or financial situation.  This commentary is limited to the dissemination of general information pertaining to AMG’s investment advisory/management services.  Any subsequent, direct communication by AMG  with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.