Author: Advantage One

Advantage One Credit Union has served the Downriver community since 1952. Our commitment to provide superior member service and quality products and services has remained our prime focus throughout our growth. 1952 - On January 24, 1952 the credit union's charter was approved as the McClouth Employees Federal Credit Union, serving employees of McClouth Steel Corporation. 1982 - The credit union's name was changed to Southgate Community Federal Credit Union and the field of membership was expanded to serve the families living or working in Southgate. 1991 - Our name was changed to Southgate Federal Credit Union and the city of Riverview was added to our field of membership. 1993 - The Riverview office was opened in 1993 to better serve members across our expanding field of membership. 2001 - The field of membership was expanded to include 15 Downriver communities. To better reflect the new, broader field of membership, the name was changed to Advantage One Federal Credit Union. 2003 - The Brownstown branch was opened on September 17, 2003. The branch was built to act as the new headquarters to house the growing support staff and to offer better convenience to our newly expanded field of membership. 2007 - We expanded our field of membership once again to include Taylor, Huron Township and Romulus. 2016 - We adopted a state charter and removed "Federal" from our name. We expanded our field of membership greatly to include the following Michigan counties: Clinton, Eaton, Genesee, Hillsdale, Ingham, Jackson, Lapeer, Lenawee, Livingston, Macomb, Monroe, Oakland, Shiawassee, St. Clair, Washtenaw, & Wayne. For a complete listing of the communities we serve, please click here.

The Art of Bouncing Back: Find Your Flow to Thrive at Work and in Life ― Any Time You’re Off Your Game

by Advantage One, posted in book review, Career, Lifestyle, Reviews, Tips & Best Practices

Title: The Art of Bouncing Back: Find Your Flow to Thrive at Work and in Life ― Any Time You’re Off Your Game 

Author: Darleen “Coach Dar” Santore

Hardcover: 208 pages

Publisher: McGraw Hill

Publishing date: Feb. 28, 2023

Who is this book for? 

  • Anyone struggling through a rough patch with their finances or another area in life.
  • Anyone looking to build a stronger emotional foundation to help them survive – and thrive – when life throws them curveballs.

What’s inside this book?

  • Coach Dar’s proven strategies and techniques as a mental skills coach to help others with bouncing back when life gets them down. 
  • Coach Dar’s stories of how she and her clients rebounded after financial devastation and other setbacks throughout her 25+ year career.

4 lessons you’ll learn from this book:  

  1. Any adversity you face in life can create new opportunities for growth. 
  2. Pour a strong emotional foundation now to prepare yourself for future challenges.
  3. When you connect with your “Why-Power,” you can create your own bounce-back environment.
  4. Every setback you encounter in life can be instantly reframed. 

4 questions this book will answer for you:  

  1. How do world-class athletes suffer through defeat and come back stronger; and how can I do the same?
  2. How can I increase my confidence, emotional intelligence, agility and resilience to build my business or career?
  3. What’s the right way to accept feedback?
  4. How can I identify the exact pivot I need to push myself forward?

What people are saying about this book: 

“In The Art of Bouncing Back, Coach Dar shares 9 simple and practical ways to not only bounce back but thrive again. A must-have guide in everyone’s home.”— Bob Goff

“This book is an essential road map for those needing hope, tools for change, and a vision for their lives.” — J. Douglas Holladay

“Anyone who has had the privilege of learning from Coach Dar knows she offers sage counsel and guidance, and as a person she is truly one of a kind. When applying her leadership principles, our executive team was able to successfully lead a Fortune 500 Company through the uncharted waters of a global pandemic and come out on the other side stronger and more aligned than ever.” — Sheryl Palmer

“The Art of Bouncing Back is a must-read!..There is something in it for everyone.” — John H. Dalton

Your Turn: What did you think of The Art of Bouncing Back? Share your opinion in the comments.

Time to Move or Time to Improve? Moving Vs. Home Improvement

by Advantage One, posted in Budgeting, Convenience, Home Buying, Lifestyle, Loans, Saving, Tips & Best Practices, Uncategorized

Q: My family is growing out of our current home and we’re desperate for more living space. My house can also use a major face-lift. I’m wondering: should I move to a new house, or make some major improvements to my current home?

A: Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you. 

Moving to a new home

For most people, a home is the largest purchase they will make during their lifetime. It can take years to save up for a down payment on a home, and many months of planning and wise decision-making before a home purchase is finalized. 

Pros of moving:

  • Opportunity for a fresh start. You can choose a new location that better suits your needs, such as a superior school district, proximity to family or work or a more desirable community.
  • More living space. This is especially beneficial if you have a growing family or want to add more amenities to your home, such as a home office, designated playroom or gym.
  • Potential for appreciation. If you buy a home in an area that is experiencing growth, your property value may increase over time, resulting in a return on your investment.
  • No dealing with renovations. If you purchase a home that’s already in move-in condition, you won’t have to deal with the headache of renovations at all. 

Cons of moving:

  • Exorbitant upfront costs. Moving to a new home doesn’t come cheaply. You’ll need to spring for closing costs, a down payment, the actual move and for any new furniture you may need to purchase for your new residence. Selling your current home will also cost you in renovations, agent fees and title insurance.
  • Emotional attachment to your home. Did your son take his first steps in the kitchen of your current home? Did your dog have her puppies in the garage?  If you’ve been living in this home for many years and it holds lots of happy memories, you may be reluctant to leave. 
  • Difficulty finding the perfect home. You may need to settle for a home that is less than perfect in many ways. That may end in more stress and regret.
  • Stress of selling your home. The housing market is unpredictable, and you may not be able to sell your current home for the desired price. Of course, if you don’t own your current home, this does not apply to you.
  • Potentially higher interest rate on your mortgage. If rates have increased since you bought or refinanced your current home, or your credit score has slid, you may end up with a higher interest rate on your new mortgage. That could mean paying much more over the long run.

Questions to ask before deciding to move

Before you go ahead with the decision to move to a new home, ask yourself these questions: 

  • What are the market conditions like in my current neighborhood? Will I be able to get my asking price on my home within a short amount of time?
  • What are the market conditions like in my desired neighborhood, and how are they trending? Will I be able to find a home that suits my needs and is within my price range?
  • Do I have enough money saved up to pay for the move? Will I need to wait until I sell my home or take out a bridge loan to cover the gap?
  • Is this a good time for my family to move?

Improving your current home

Now, let’s take a look at the option of improving your current home with a Home Equity Line of Credit (HELOC). A HELOC gives you quick access to cash by using your home as collateral. You can withdraw the funds, as needed, over a period of time known as the draw period. When this time is over, you’ll no longer be able to advance funds and will repay the loan, with interest, over the repayment period.

You can also take out a Home Equity Loan (HEL), which will provide you with one lump sum, generally at a fixed rate and payment, and you start paying back immediately. 

Pros of improving your home:

  • Completely customize to fit your needs. When you design your own home, you can have it customized to perfectly suit your family’s needs and your own tastes. Think trampoline floors in the playroom and built-in bookshelves in the family room.
  • No stress of relocating. When you renovate your home, you can continue to enjoy the same home and neighborhood you’ve lived in for years. 
  • Increase the value of your home. Home improvement projects increase your home’s value, increasing your net profit when you do decide to sell in the future. 
  • Save on moving costs. Why pay thousands of dollars in closing and moving costs when you can have a beautiful new living room for the same price?

Cons of improving your home:

  • Stress of renovations. Dealing with a home improvement project can be super-stressful. There are loads of decisions to make, an endless mess and workers in your home at all hours of the day. 
  • Risk of foreclosure. Taking out a HELOC or HEL puts your home at risk of foreclosure if you are unable to make the payments. This can have long-term consequences on your credit score and financial stability.
  • Additional debt. A HELOC or HEL adds another debt to pay each month, which can be a burden on your budget. 

Questions to ask before deciding to improve your home

Before you go ahead with the decision to improve your current home, ask yourself these questions: 

  • Can I afford the monthly payments on a HELOC?
  • How much will a home improvement project cost me?
  • Will I be able to handle living in a construction zone?
  • Do I want to continue living in this neighborhood?

Your Turn: Have you chosen to move or to improve? Tell us what drove your choice in the comments. 

Travel Hacks 3 of 12-Choose a Vacation Date

by Advantage One, posted in Budgeting, Convenience, Lifestyle, Tips & Best Practices

If you’re planning a dream getaway, you don’t have to plan on spending a boatload of money. An easy way to bring down costs while still enjoying the vacation of a lifetime is to be flexible with your vacation date. Let’s take a look at why your vacation date has such a strong impact on prices and how to be flexible with your travel plans. 

Why flexibility matters

If your vacation dates are rigid, your flight and lodging choices will be limited. In fact, you may be paying an artificially inflated price just to travel during that time. 

Airline tickets, hotel stays and other vacation costs are established according to these economic variables:

  • SupplyDemandRandomnessNumber of options

If your plans include specific dates, you instantly constrain the last variable, making the costs dependent on the first three, which are all out of your control. You’ll have no choice but to pay whatever the cost is to travel during the time you chose. 

Of course, you can still luck out and find cheap tickets or next-to-nothing hotel stays during your chosen dates, but your chances for that happening are a lot lower than they’d be if you were flexible with your vacation timing. 

For a quick way to see how flexibility with your travel dates can bring down the price of your vacation, try a simple Google Flight Explore search. Input the locations for your departure and destination, and then provide the search engine with specific dates. You’ll likely be provided with several choices. Now, try the same search, but instead of giving the search tool specific dates, provide only a vague description of your travel date. For example, you can write “within the next three months” or even “in the next year” and see what Google returns to you. Now, compare your choices. How much can you save by being flexible with your travel dates?

How to be flexible with your travel plans

If this all sounds wonderful in theory, but not a very practical way to plan a vacation, especially when you need to make arrangements for missing work and for pet or child care while you’re out of town, keep in mind that you don’t need to be completely open-ended with your vacation dates to take advantage of off-season prices. You can search for flights and hotel stays during a specific season, or even during the last two weeks of your chosen month, and still enjoy discounted airfare and hotel stays. 

To increase your chances of landing bargain-priced airline tickets, you can also be flexible with your destination. For example, instead of searching for tickets to France during Independence Day weekend, you can look for tickets to landmark cities in Europe during the month of July. You’ll see a world of a difference in the prices when you’re willing to be open with your plans. 

Finally, be upfront with your workplace about your planned vacation search. Let them know that you want to go away sometime in July, or anytime in the summer, though it may not be during official vacation times. Chances are, they’ll be happy to have you around when most of the company is jetting off on vacation, and may even offer you more flexibility with your vacation dates when you travel off-season. 

Tech tools 

Of course, you don’t have to find those elusive airfare deals on your own. As mentioned, Google’s Flight Explore is an excellent way to find low-cost airline tickets for the time you want to travel. Check out other travel apps like Kayak, Orbitz and Hopper for exclusive deals on airfare. Some apps offer the option of signing up for alerts, which is a great way to ensure you don’t miss out on any fabulous price drops. 

Saving on vacation costs can be as simple as being flexible with your travel dates. Happy travels!

Your Turn: Have you traveled off-season? Tell us about it in the comments.

Affordable Sustainability 2 of 12-Going Organic on a Budget

by Advantage One, posted in Budgeting, Lifestyle, News & Events, Saving, Tips & Best Practices, Uncategorized

Going organic is a great way to improve your personal health and the health of the environment. By choosing organic products, you can help reduce the amount of synthetic pesticides and fertilizers that are used in the farming and harvesting of food products, which can have devastating effects on the soil, water and air. 

Fortunately, going organic does not have to mean spending big. Here’s how to go organic on a budget.

Prioritize your purchases 

If you’re on a strict budget, you likely won’t be able to go completely organic all at once. Choose what’s most important to you, and start there. For example, you can choose to buy organic produce, but opt to continue using non-organic cleaning products. Eventually, when you’ve found ways to work new expenses into your budget, you can move on to another area until you’ve completely embraced the organic lifestyle.

Buy in bulk

Purchasing products in bulk can often save money, and this is especially true for organic products. Look for bulk bins at your local natural grocery store for steep savings on all things organic. You can also consider joining a club store to get discounted prices on organic products in large quantities. If you can’t finish all your bulk organic purchases before they go bad, you can always partner with a friend and split the costs.                                                             

Shop the seasons

In-season produce generally tastes better than off-season fruits and vegetables, and it’s cheaper, too. Choosing organic produce that grows locally while it’s in season locally can significantly bring down your grocery bill, even after going organic. A quick Google search can tell you what’s currently in season in your area of the country.

Grow your own

If you have the time and space, consider growing your own organic greens and herbs. You’ll enjoy the unique satisfaction that comes from growing, harvesting and eating your own foods, and you’ll have access to inexpensive organic produce that’s fresh and ready to eat. 

Shop the farmers market

Your local farmers market is a great place to find fresh, locally grown organic produce at affordable prices. You’ll find organic meat, dairy and other products at the farmers markets while supporting local farms.

Stalk your favorite organic brands on social media

Brands will often alert their followers to fantastic deals and discounts that may otherwise be missed. As soon as you find an organic food brand you love, follow it on Twitter, Facebook and Instagram. If it has a newsletter, sign up for it. Ask to be included in promotional emails and text message alerts, too. This way, you’ll never miss a sale.

Look for store brands

Lots of grocery stores, like Target and Trader Joe’s, now offer their own line of organic products. These tend to be a lot cheaper than companies that are not affiliated with a specific store. Just remember to read all ingredients carefully when shopping store brands to ensure you’re actually getting what you believe you’re buying.

Buy frozen or canned food products

Frozen and canned organic products can be a more budget-friendly option than their fresh counterparts. These have an almost infinite shelf life as well, so it’s a good idea to stock up and save these goodies in your freezer and pantry.

Shop smart

Finally, follow the basic rules for smart shopping to save on your organic purchases. Plan your menu around the sales, and always shop with a list. Take a smaller cart, or even a basket if you can swing it, and if you always find yourself blowing your budget at the grocery, shop with cash. 

By following these tips, you can make the switch to an organic lifestyle without breaking the bank. While it may require some planning, the benefits for both your personal health and the environment make it well worth it.

Your Turn: Have you gone organic and done so on a budget? Share your best tips with us in the comments.

All You Need to Know About Buying a Home in 2023

by Advantage One, posted in Home Buying, Lifestyle, Loans, Tips & Best Practices

If you’re planning to buy a home this year, you likely know you won’t be dealing with typical circumstances. The real estate market has been completely upended by the pandemic along with its ensuing financial fallout, and it has yet to recover. While the extreme market conditions that characterized the last two years are beginning to settle down, the market is still far from stable.

Here’s what to expect when buying a home this year, and how to make the most out of the current market conditions.

Flattening home prices

Home prices shot up by 18.2% year-over-year in 2021, and then a generous 9.6% in 2022. The National Association of Realtors (NAR) predicts median existing home prices will inch up just 0.3%, and new homes will rise by 1.3% in 2023. This is fabulous news for buyers who were looking at inflated prices on homes these last two years. 

Stabilizing mortgage rates

Mortgage rates more than doubled in 2022, from approximately 3% to more than 6%, further driving up the price of buying and owning a home. In contrast, the 30-year fixed mortgage is expected to average between 5.2% and 6.8% in 2023, according to recent predictions by

Fannie Mae, Freddie Mac, the Mortgage Bankers Association and the NAR. While the Federal Reserve still plans to raise rates, it’s slowed its pace, with the most recent increase in December being just 0.50%, as opposed to previous 0.75% hikes. Lenders will likely slow down their interest rate increases as well.

More negotiating room for buyers

In recent years, the home-buying process was characterized by fierce bidding wars, which left little to no room for buyers to negotiate. That’s about to change. With the supply of available houses on the market creeping closer to matching the demand, buyers will have more negotiating power and will be able to stand firm on their personal preferences, like home inspections and a lower price. 

Tips for buying a house in 2023

If you plan to buy a new house this year, here’s how to prepare for and ensure a smooth and successful process. 

  • Get your finances in order. It’s a good idea to verify you can afford to buy a new home before you start your search. If it’s possible, take a good look at your finances for at least half a year before you plan to start looking for a new home. How much money do you have saved up for a down payment? How much can you afford to spend on a monthly mortgage payment? Ask these questions before getting started to avoid disappointment later on in the game. 
  • Boost your credit score. You’ll need a minimum credit score of 670 to qualify for a home loan from most lenders, so make sure your score is up to par before you hit the market. Work on paying down debt, paying your bills on time or early and lowering your credit utilization in the months leading up to your search. You’ll also want to avoid opening new cards at this time. 
  • Understand your mortgage options. Depending on your personal circumstances, you may benefit from a mortgage backed by the Federal Housing Administration (FHA), which only requires a 3.5% down payment, or a VA mortgage, which requires no down payment. Similarly, a 30-year fixed-rate mortgage may be in your best interest, or consider going with a 15-year adjustable-rate mortgage (ARM). Make sure you know your options well so you can make an informed choice. 
  • Shop around for a mortgage lender. Do your research before choosing a lender. Look for a lender that offers the kind of mortgage you need, and ask for referrals from recent clients. You’ll also want to compare the loan estimates you get from different lenders, looking at the rates, fees, estimated closing costs and anticipated monthly mortgage payment. 
  • Get your pre-approval before you start your search. This way, you’ll know exactly how much house you can afford, and sellers will regard you as a serious buyer.
  • Move quickly when you’ve found a possible yes. The market may be cooling down, but it’s still competitive. If you want to buy a home this year and have your finances worked out before you start shopping, it’s a good idea to make an immediate offer on the home you like.

If you plan to buy a home in 2023, you’ll be dealing with a market that’s slowly settling down, but is still far from stable. Use this guide to learn what kind of market conditions you’ll be facing and how to prepare for the process.

Your Turn: Do you plan to buy a home in 2023? Share your best tips in the comments. 

5 Ways to Communicate More Effectively at Work

by Advantage One, posted in Career, Lifestyle, Tips & Best Practices, Uncategorized

Knowing how to effectively communicate with your coworkers is essential for ongoing success. Effective communication helps reduce misunderstandings, fosters a positive workplace vibe, encourages productive collaboration and helps prepare team members for challenging situations the company may experience. Here are five ways to communicate more effectively at work.

Be clear and concise

The fewer words you use to communicate, the better. Try to keep your written and verbal communications while at work as short and direct as possible. This is not the time to show off your high-level vocabulary. Use simple, clear language, avoid technical terms and keep it brief for more effective communication. 

Actively listen 

In our screen-addicted world, active listening is a lost art. Be the team member who is known to really listen and pay close attention to the message someone is sharing. When a coworker is talking to you, or you’re reading an email from a colleague, don’t do anything else. Try to hear them out without jumping in to offer your own solutions or an outrageous story that tops theirs. Listen, validate, ask clarifying questions and then respond.

Watch your body language

Effective communication isn’t only about what you say – it’s also how you say it. Your body language speaks volumes; when communicating with coworkers, make sure it’s sending the same message as your words. Avoid crossing your arms or tapping your foot. Both behaviors communicate impatience and an eagerness for the conversation to end. Make sure you’re facing the person you’re speaking with and maintain eye contact throughout the conversation. Try to relax your facial muscles so you don’t look angry or tense, even if you’re feeling particularly stressed at the time. Positive body language can help keep the conversation smooth and productive for everyone.

There’s an app for that

While there’s no tech that can replace a face-to-face conversation, a communication app can help team members share workplace updates and developments in real-time. Apps like Slack, Microsoft Teams, Asana and Google Hangouts offer features like chat rooms, video and audio calls, task management and more.

Upgrade your emails

Most people shoot out emails mindlessly throughout the workday. Follow these tips to ensure you’re hitting all the right bases with your online missives:

  • Write descriptive subject lines. This will grab the attention of the recipient and let them know you aren’t wasting their time. 
  • Start with a great greeting. According to a survey from Perkbox, the most popular email greeting lines are “Hi,” “Hello” and “Good morning/afternoon”. The most annoying? Overly pompous greetings like “To Whom it May Concern”.
  • Break up your text to make it more readable. Use bullet points, numbered lists and paragraph breaks to keep the text flowing.
  • Don’t bury the lead. Make sure the most important point of your email isn’t buried at the end of a long paragraph the recipient may not even read. 
  • Sign off politely. End with a “Thanks” or “Have a great day”.

Effective communication makes the nine-to-five life smoother and more productive. Use these tips to improve your workplace communication.

Your Turn: Are you an effective communicator at work? Or are you still a work in progress. Share your best tips and experiences in the comments.

Tax Tips 2023

by Advantage One, posted in Lifestyle, Tips & Best Practices, Uncategorized

Tax season is here again! Before you start stressing over those forms, though, read this guide for what you need to know about filing taxes in 2023. 

Dates to know

Take a note of these important dates as you start preparing your 2022 taxes.

  • The tax filing deadline is April 18, 2023.
  • The extension deadline is Oct. 16, 2023. 

Make sure you have all the forms and information you need well in advance so you can get your return filed in time. 

Changes to the tax code

Here are some important tax code changes to note as you prepare to file.

  • Changes to the income tax brackets. The income ranges for each of the seven tax brackets have increased to account for inflation. Visit irs.gov to ensure you’re filing correctly.
  • Increase in the standard deduction. The 2022 standard deduction increased to $12,950 for single filers, $19,400 for single heads of household and to $25,900 for married couples filing jointly.
  • Decrease in charitable deductions. The deductions for gifts and donations to public  charities in 2022 are limited to 30% of Adjusted Gross Income (AGI) for contributions of non-cash assets if held for more than one year, and to 60% of AGI for cash contributions.
  • Increase in Health Savings Account (HSA) contributions. For 2022, the maximum you can contribute to an HSA is $3,650 for an individual and $7,300 for a family. Individuals age 55 and over can contribute an additional $1,000. 
  • Decrease in the Child Tax Credit. Tax credits, which decrease your tax liability dollar for dollar, are more desirable than tax deductions. The Child Tax Credit was temporarily bumped up in 2021 as part of the American Rescue Plan Act (ARPA). In 2022, the credit returns to $2,000 for children aged 16 and younger. The credit phases out at an AGI of $400,000 for joint filers and $200,000 for single filers. For other qualified dependents, you can claim a $500 credit. 
  • Decrease in the Earned Income Tax Credit (EITC). The EITC returns to $500 for eligible taxpayers with no children. 
  • Decrease in the Child and Dependent Care Credit. In contrast to the $8,000 credit of 2021, the Child and Dependent Care Credit returns to a maximum of $2,100 in 2022. 
  • Increase in estate tax exemption. This exemption, indexed to inflation, increases to $12.06 million for 2022.
  • Increase in the annual gift exclusion. In 2022, you can give money to your loved ones without incurring tax liability, or use up any of your lifetime estate and gift tax exemption, up to $16,000 per recipient (up $1,000 from 2021).

Tax code information to know

Other parts of the tax code that are important to know and haven’t changed much for 2022 include the following:

  • Itemized deductions-for most filers, it makes more sense and is simpler to take the higher standard deduction. However, if you have lots of tax-deductible expenses, you may benefit from itemizing your deductions. 
  • State and local taxes-deduction for state and local income taxes, property taxes and real estate taxes is capped at $10,000.
  • Mortgage interest deduction-the mortgage interest deduction is limited to $750,000 of debt. However, people who had $1,000,000 of home mortgage debt before Dec. 16, 2017 will still be able to deduct the interest on that loan.
  • Medical expenses-only medical expenses that exceed 7.5% of AGI can be deducted in 2022.
  • Miscellaneous deductions-no miscellaneous itemized deductions are allowed.

Retirement contributions

Don’t forget to maximize your retirement contributions for 2022:

  • The deduction limit for 401(k) contributions for 2022 is $20,500, or $27,000 if you’re over the age of 50. 
  • The maximum tax deductible contributions for IRAs is $6,000, or $7,000 if you’re over the age of 50.

Tax time can be stressful, but you don’t have to go it alone. Use this guide for a smooth, stress-free tax season.

Your Turn: Have you already filed your tax return? Share your best tips with us in the comments.

Two Weeks Notice: Find the Courage to Quit Your Job, Make More Money, Work Where You Want, and Change the World

by Advantage One, posted in book review, Career, Lifestyle, Reviews, Tips & Best Practices, Uncategorized

Title: Two Weeks Notice: Find the Courage to Quit Your Job, Make More Money, Work Where You Want, and Change the World

Author: Amy Porterfield

Hardcover: 304 pages

Publisher: Hay House Business

Publishing date: Feb. 21, 2023

Who is this book for? 

  • Frustrated, overworked or under-stimulated employees who are looking for more time, flexibility, recognition, income and impact. 
  • Employees seeking a way to leave their job and start their own business.

What’s inside this book?

  • A step-by-step blueprint for financial freedom through business ownership.
  • Three revenue-generating strategies.
  • Porterfield’s strategies, stories and mindset shifts as a 9-5 escapee who built an 8-figure online business on her own terms. 

4 lessons you’ll learn from this book:  

  1. How to use your 10-percent edge to build a foolproof marketing plan.
  2. How to give notice and “unboss”.
  3. How to set your business up for success.
  4. How to build your company website and a social media following.

4 questions this book will answer for you:  

  1. How do I build up the courage to leave my job?
  2. How do I navigate the most common boss traps, like self-sabotage and “superwoman syndrome”?
  3. What do I need to know before I start my own business?
  4. How do I identify my ideal customer avatar?

What people are saying about this book: 

“…Amy does a remarkable job breaking down the steps for creating a passion-filled life and business. If you’re a woman dreaming of breaking through the glass ceiling to create a life on your terms and enjoy the process along the way, this book is exactly what you need.”

— Mel Robbins

“Ready to ditch your 9–5 and follow your dreams? Then get this book now! In her signature step-by-step style, Amy delivers a practical and inspiring blueprint to becoming your own boss.”

— Marie Forleo

“Amy unveils the mindset, skill set, and grit required to quit your job and unboss with clarity. Not only will you find the courage to give your two weeks’ notice, but this book will guide you step by step through navigating entrepreneurship with a greater sense of peace, purpose, and freedom.”

— Patrice Washington

“If you’ve been daydreaming of starting your own business and being your own boss but have no idea where to start, this book is just the motivation you need. Entertaining and incredibly inspiring, it’s packed with actual practical advice that will set you up for major success.”

— Alli Webb

Your Turn: Have you read “Two Weeks Notice” or plan to do so? Share your thoughts in the comments. 

What is a Personal Line of Credit?

by Advantage One, posted in Budgeting, Convenience, Credit, Loans, Tips & Best Practices

Q: I need access to an indefinite amount of funds for expenses, so I’m thinking of taking out a personal line of credit. What is the difference between this product and a personal loan or a credit card?

A: Personal lines of credit can be a great way to access necessary funds for covering various expenses, with minimal hassle and easy payback terms. Let’s take a look at how this loan product differs from traditional personal loans and credit cards, as well as why it can be a fantastic option. 

What’s a personal line of credit?

A personal line of credit (PLOC) is a form of revolving credit up to a specified amount that works much like a credit card. The borrower can use the money as needed until the maximum allowable credit line (aka “limit”) is used. As the borrower makes monthly payments toward the balance, the available credit is updated to reflect the principal balance that has been repaid.

A PLOC has two phases: the draw period and the repayment period. During the draw period, which typically lasts two years, the borrower can take out as much money as needed from the available credit line. Once the formal repayment period begins, the borrower can no longer take out cash from the credit line. It should be noted that the borrower does not have to wait for the repayment period to commence; they can typically begin repaying the used line as soon as they start drawing.                                                                                          

How is a personal line of credit different from a personal loan?

Unlike a PLOC, a personal loan provides the borrower with a lump sum of money that is generally used immediately for a specific purpose. Personal loans usually feature a fixed interest rate and a fixed payment amount throughout the term. You’ll make consistent payments toward the loan’s interest and principal throughout the life of the loan.

How is a personal line of credit different from a credit card?

As a form of revolving credit, a PLOC is similar to a credit card. Both are unsecured and can feature high interest rates, which will probably be adjustable rather than fixed. However, a PLOC generally has a lower interest rate than a consumer credit card. It also has a limited draw term, unlike a credit card, which can be open for years.  

When is it a good idea to choose a personal line of credit? 

While a personal loan can provide the freedom to use the money you borrow as needed and a fixed repayment plan, a PLOC can be a great flexible borrowing option in many circumstances, such as a home improvement project or any other ongoing purpose for which the borrower does not know exact costs. It can also be a good way for a borrower with fluctuating income to get through the tighter months. Finally, it can be used to pay for a major life event, such as a wedding or adoption, for which the borrower does not have an exact price tag, but for which they will be planning over the course of many months.  

A PLOC offers the borrower many benefits, including:

  • Flexible borrowing of funds spread out over many months
  • Instant access to funds when needed
  • No repayments unless the funds are used

Before you take out a PLOC

Before going ahead with your application for a PLOC, make sure you understand the exact terms and conditions associated with your line of credit. You should be clear on when your draw period ends and you’ll no longer be able to access your funds, whether there is a cap on your interest rate and the maximum amount of funds you’ll be able to use from your line of credit.

A PLOC can be an excellent way to access a large amount of funds with manageable payback terms. To learn more about this loan product, call, click or stop by Advantage One Credit Union today.

Your Turn: Have you taken out a PLOC? Tell us what you love about this loan product in the comments.

5 Ways to Save on Workplace Lunches

by Advantage One, posted in Budgeting, Career, Convenience, Lifestyle, Saving, Tips & Best Practices

Did you know that spending $10 to buy lunch at work each day will cost you $2,600 a year? And if you spend $20 each day, well … that number doubles! That’s a lot of money that could be better spent toward a vacation, a luxury purchase you’ve been dreaming of, paying down existing debts or just sitting in an investment fund or savings account. Here’s how to save on workplace lunches by brown-bagging it and beyond. 

Check out your workplace kitchen

If you’ve been buying your lunch every day, you may not even know what space and appliances are available to you in the office kitchen. Check out what your workplace provides for its employees in the way of food storage and prep so you can be better prepared when planning and packing your lunches. Is there a microwave, toaster or another appliance at the office? Do you have access to cabinet space and/or a fridge? Are there spice packets and condiments for the taking? 

Love those leftovers

Don’t just use the bit of leftover dinner proteins to add to your work lunch salads; cook dinner with the next day’s lunch in mind. Add a bit of extra protein to your entree, and then slice it or shred it for your workday sandwich or salad. If you’re cooking up pasta, set some aside to take to work the next day before you add any sauces or cheese. Homemade pizza is great the next day, too. Pack some condiments, cheese and your favorite salad add-ons to add life to your leftovers at work.

Jar it

Mason jars are the perfect food storage solution, and they’re pretty, too! Pack a tight salad, layered meal or anything at all in small Mason jars and it’ll stay fresh for several days in your home or work fridge. Jarring your lunch is a great solution for the employee who finds it challenging to carve out time for lunch prep each evening or morning. All you need is one marathon food prep session over the weekend, and you’ll be set for the week.

Freeze it

If your office provides freezer space for its employees, you may want to load up on some frozen meal options. You can find some delicious and healthful frozen lunches at Trader Joe’s, Whole Foods and other grocery stores. Keep them at work for those days when you didn’t plan ahead for lunch but don’t want to blow a twenty on takeout. 

Partner up with a colleague

If you still want to spring for takeout at work, consider partnering up with a friend to bring down the price. You can split a lunch special, share a personal pie or even take turns sponsoring a lunch so you don’t have to pay for your meal each day. 

Use these hacks to brown-bag it like a pro and save on workplace lunches. 

Your Turn: How do you save on workplace lunches? Share your best hacks in the comments.