Matthew D. Lynch, Product Manager Voya Financial Lifeline, Phone: 866-906-1362 option #2, Email: FinancialLifeline@voya.com, http://financiallifeline.voya.com

Imagine doing what you love and getting paid to do so. Starting a business that becomes successful has long been a part of the American dream. Yet as one-third of new businesses with employees fail in the first year, starting a new business requires a great deal of planning. Getting into a new venture involves significant financial risk, as well as quite a bit of time and emotional investment.

Becoming self-employed or an entrepreneur typically means no job security, no regular work hours and potentially zero income in the startup stages. Very often, new business or franchise owners risk their financial security by tapping into savings accounts, the equity in their homes or by borrowing from credit cards and friends for the initial capital outlay.

While it’s wonderful to fulfill a dream, for most people it would make sense to start small without quitting one’s day job. Patrick McGinnis, author of The 10% Entrepreneur, suggests that rather than foregoing a steady income and benefits, people invest just a fraction of their spare time and resources in a new venture.

There are many avenues to becoming a part-time entrepreneur, such as consulting for a company in exchange for equity, becoming an active investor in a restaurant, shop or other business, or by creating a web-based company, service or app. Doing so enables you to test out your creative skills and offer products or services during hours that do not conflict with your schedule.

Make sure that your new venture isn’t going to get you into legal trouble with your current employer. Do extensive research on your proposed business by assessing the competition and potential

customers and reviewing marketing and financial plans. Calculate how much time and money will be needed and confirm that any additional people involved have integrity, are knowledgeable, skilled, committed to the plan and share your values. Seek the advice of an attorney and a financial planner.

New ventures can put a strain on family relationships, work, your health or outside pursuits. Figure out a way to integrate your dream business into your life in a way that works best for you, your family, your current employer and your long-term financial security.

Even if you are investing just 10% of your time and money in something that you feel passionate about, you can enhance your skills and experience and can parlay that knowledge to grow your new business.

Winter 2018 • Life Matters Newsletter • Volume 25, Number 4

So, another year has passed and I’m determined to keep my New Year’s resolutions this year. I did a fairly good job keeping them last year, but there is always room for improvement. Among other things, there is always the opportunity to be healthier, spend more time with the family, or go out and conquer the world, whatever that entails.

This year I found it helpful to ask myself a few questions in order to shape my resolutions: Did I spend enough time with the people I love? Did I work hard? Did I have enough fun? Did I apologize to those when an apology was necessary? Did I take care of myself, physically – and mentally? Did I live in the moment? These are just some of the questions I asked myself to help make some 2019 resolutions. Perhaps it may be helpful to you, too.

Remember, you don’t have to wait until January every year to decide to do something or not to do something. Resolutions, or changes, can occur daily. Most people are determined to be the best they can be every day. The Voya Financial Lifeline Program is too. We continue to resolve every day to be a program you can rely on. We wish you a happy, healthy and prosperous New Year.

Voya Life Matters2 Using coupons when shopping3 Is an old Will still valid?3 Lessons from renowned cookbook

author Fannie Farmer4 Senior volunteers

SM

Achieve your dreams as an entrepreneur

Using coupons can be a great way to save money on purchases you would otherwise make. While many people depend on coupons to stay within budget, others get a thrill by purchasing an item with just a small cash outlay. Don’t be embarrassed when you pull out your coupons while shopping. Supermarkets and other retailers print and post coupons because they know that this is an effective way to lure customers into their stores.

There can be some drawbacks; however, to using coupons. For starters, it can be very time consuming and inconvenient to scour through mailers and inserts searching, sorting and determining when and where to shop. Once in the store, you must hunt down the particular brand, flavor and size of the product. It is not uncommon to get to the checkout counter only to find that you’ve chosen the wrong size or discover that there is some other stipulation in the fine print. As most coupons have expiration dates, you must also remember to use them before they become worthless.

Retailers are well aware that the longer you are in the store, the more you are likely to spend money. Manufacturer’s coupons are often for highly-processed foods and beverages that are typically more expensive than in-house products.

Using coupons does not make sense when doing so causes you to buy items you don’t need or can’t use. In the quest for bargains, one is sometimes tempted to purchase an item simply because you will “save money” on it rather than deciding if you actually need or want it. A BOGO offer (“buy one get one free”) may leave you with multiple items that may expire before you can use them. Even staples such as canned items, pasta and frozen vegetables can expire, so stockpiling can backfire if you have to dispose of them later. Decide in advance if you realistically have the space for these purchases, especially if you are buying in bulk.

Do not be seduced by popular television shows that profile people who have allegedly saved thousands of dollars each year by using coupons. For such folks, their coupon clipping is likely as time-consuming as a full-time job and may not cover such essential items as milk and fresh produce.

Rethink your overall shopping habits rather than focusing on saving money on specific items. Research prices and create a list before you shop and avoid purchasing on impulse. Shopping less often typically results in spending less, even if you don’t use coupons.

Scam artists are always looking for new ways to target victims. It is not uncommon for people to keep several website tabs open on their computer while searching online for the best prices for an item, comparing airline fares or browsing for the perfect paint color. The Better Business Bureau has issued a warning for computer users who tend to keep many tabs open at the same time.

Unsuspecting users with open inactive browser tabs may inadvertently log onto a fake page that impersonates a recently opened genuine site. Using a practice known as “tabnabbing,” the impostor site captures the information that reveals the user’s password and login ID, which it can use on the real website and perhaps on other websites in an effort to steal your identity or gain access to personal or financial accounts.

To avoid becoming a victim of such a scam, it is best to close tabs as soon as you are finished using them and then sign in again when you need to reopen the page. Even if you don’t tend to keep multiple tabs open, always double check the URL of a website before signing in to make sure that it is the legitimate website. Before you enter your user ID and password, verify that the page has the https (not just http without the ‘s’) in front of the URL because that indicates that you are now in a secure session.

How to be punctualEveryone is late to an appointment now and then. However, those who are chronically late or who are perpetually rushing may experience needless stress. In addition to causing anxiety, being late can strain relationships when others must wait for you. It can even be hazardous if you engage in careless, catch-up driving.

Here are some suggestions to increase your punctuality, particularly if your New Year’s resolution includes being on time:

• Plan your departure time by working backwards from a targeted arrival time that is 10 minutes before the scheduled time.

• Be realistic about how long it will take you to get to your destination. When you are familiar with a route, there can be a tendency to underestimate travel time. Map the route with Google Maps or the Waze app. Time your morning routine so that you know exactly how long it takes you from waking up to departure.

• Set your phone or computer alarm to remind you of your departure time.

• Factor in traffic, mass transit delays, getting lost, long lines at airport security or a last-minute email or call as you were heading out the door.

• Avoid squeezing in another task before you leave. If loading the dishwasher means that you will risk being late, then let it wait.

• In advance, set aside everything you will need before leaving so that you’re not searching for papers, car keys, your cell phone or an umbrella when you should already be on your way.

• Take advantage of having a few minutes to relax or catch up on reading as you arrive early for your appointment or activity.

The pros and cons of using coupons when shopping

Be careful with open web tabs

Lessons from LuminariesAuthor Fannie Farmer is credited withinventing the modern recipe concept

In our era of celebrity chef cookbooks and online food websites, blogs and videos, one might assume that recipes became available in printed form shortly after Gutenberg invented the printing press. Yet until the end of 19th century, recipes were typically passed down orally, from mothers to daughters who learned to cook at their mothers’ sides.

In 1896, an energetic redhead named Fannie Merritt Farmer revolutionized cooking with the publication of her Boston Cooking-School Cook Book, which she later renamed the Fannie Farmer Cookbook. Her culinary text contained 1,850 tested recipes. She introduced the concept of precise measurements using level cups, spoons and ounces as opposed to typical recipes of the day that referred to a handful of flour or a “goodly amount” of sugar. The publisher was skittish about the book’s potential sales, so Farmer paid up-front for the first 3,000-copy run. This shrewd move enabled her to retain the copyright on her books. Subsequent editions have sold nearly four million copies in revised versions.

Fannie Farmer was born in Boston in 1857. Her father was an editor who encouraged his four daughters to pursue college educations. However, when she was 16, Fannie was partially paralyzed from what was likely polio and dropped out of high school. While recuperating, Farmer cooked meals for guests at the family’s boarding house. Eventually, with much gumption, she regained the ability to walk.

At age 30, she enrolled at the Boston Cooking School where she was an ambitious and exceptional student. She learned the science behind food and nutrition as well as the cooking and baking techniques that she later included in her cookbook. After graduation, Farmer joined the school staff and was later promoted to become the school’s director.

In 1902, she launched her own cooking school, which became renowned for creating menus for persons such as diabetics who had special dietary needs. Farmer also championed the artful presentation of food to encourage patients in institutional settings to actually eat their nutritional meals.

At age 50, Farmer began using a wheelchair. This did not stop her from her busy schedule as a charismatic lecturer on food science and nutrition at universities and hospitals. She died from a stroke at age 57 in 1915.

The lessons:

1. A handicap does not have to be an impediment to success. Fannie Farmer didn’t allow her debilitating physical ailments stop her from continuing her active life.

2. We all should continue to grow our skills and talents. Fannie Farmer’s career evolved from cooking to publishing and teaching.

3. Not all experts have college degrees. Ms. Farmer became a recognized expert on cooking, nutrition and dietary health.

Is an old Will still valid?Wills do not expire. If a Will was valid at the time of execution, was properly signed and witnessed and no newer version of the Will exists, then it is still valid.

However, Wills do become outdated due to changes circumstances. That’s why it makes sense to review estate planning documents periodically to confirm that any significant changes in one’s family or financial situation are addressed. Consider updating your estate plan if your executor is no longer able or willing to take on the duties.

It’s not just Wills that should be considered. If you have named a beneficiary for your life insurance or annuity, or on a retirement savings account, or bank or brokerage account, consider whether changes are appropriate, perhaps because of a divorce, the birth of a child, or the death of a named beneficiary.

While you’re at it, make sure that your estate plan includes a springing Durable Power of Attorney for financial matters, a Health Care Power, and up-to-date beneficiary designations on all life insurance policies, annuities and financial accounts including retirement plans.

If you move to another state, even though a Will that was properly executed in your former state should remain valid, it is a good idea to seek the advice of a local estate planning lawyer in the new state. Probate laws and procedures vary from state to state, and that could complicate the probate process and possibly add to delays and expense.

3054667.V.C © 2018 Voya Services Company. All rights reserved.

Provided courtesy of Voya Financial Lifeline – proudly serving our customers

This complimentary Advice & Counsel Newsletter is provided as a service to Voya Financial Lifeline customers. While Voya Financial Lifeline is proud to offer this service to Voya customers, we do not take responsibility for materials published herein. We do not independently verify this information, nor do we guarantee its accuracy or completeness. Please contact Voya Financial Lifeline’s customer service team at (800) 625-7440 for specific questions about your account. Thank you for being our valued customer. Advice & Counsel Newsletter is published by Advice Publications LLC, c/o AdviceCo, 2330 Marinship Way, Sausalito, CA 94965. (415) 339-6510. Publish@AdvicePublications.com. The articles abstracted and this newsletter are for general informational purposes only and not intended as professional legal, financial or tax advice. You should consult with a knowledgeable professional for your personal situation

Sources used in this issue include: Washington Post, Brad’s Deals, Parents Magazine, Forbes, DaveRamsey.com, US Small Business Association, Better Business Bureau, FreeAdvice.com, LegalZoom, AARP, Fast Company, NationalService.gov, ADDitude Magazine, Huffington Post, Chicago Tribune, U. of Washington, New England Historical Society, Boston Globe, Entrepreneur, CNN, PatrickMcGinnis.com.

Numerous organizations exist to harness the energy and knowledge of senior volunteers.

Nearly a quarter million volunteers over age 55 participate in the federally-financed Senior Corps program. For more than five decades, Senior Corps volunteers have contributed their time and expertise to the Retired & Senior Volunteer Program (RSVP) to help communities and individuals. RSVP volunteers have built homes, taught English as a second language, tutored youth, delivered meals, worked at museums and have assisted victims of natural disasters. In addition to undergoing a criminal history background check, the only other requirements are that you are over age 55 and can show compassion to those in need.

The Foster Grandparents program engages volunteers to serve as role models to mentor teens, help abused or neglected kids and care for premature infants or children

with disabilities. One’s skills and interests are matched with children in schools, day care centers and youth facilities. Senior Companions help frail elders maintain independence in their own homes. Volunteers assist with daily living tasks such as shopping, running errands and paying bills — or just offer companionship.

Volunteering is a great way to give back to the community, make friends and expand your horizons. Most Senior Corps volunteers serve at least 15 hours a week, although technically there are no minimum hours of service and time commitment varies by program. Volunteers often receive training, as well as reimbursement for transportation, some meals, and auto and liability insurance during the time that they are volunteering. To participate in the program or for more information, go to www.seniorcorps.gov or call the National Service Hotline at 800-942-2677.

A place for senior volunteers