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<p>What does Wonder Woman have in common with a personality assessment tool that helps teams work more effectively? They’re both the creations of American psychologist William Moulton Marston, who also invented an early version of the polygraph. His 1920s book <em>Emotions of Normal People</em> laid the groundwork for the DISC assessment and personality model, which today, after a bit of evolution in the hands of University of Minnesota researchers, creates better connection and understanding in the workplace among teams and organizations.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-is-a-disc-assessment">What is a DISC assessment?</h2>



<p>The DISC assessment is a personal assessment tool based on behavioral and emotional theory to help <a href="https://successcom.wpenginepowered.com/6-communication-skills-that-will-make-you-a-better-leader/">improve communication</a>, productivity and teamwork in the workplace. The DISC assessment is used by more than 1 million people every year.</p>



<p>In today’s psychological zeitgeist, the Big 5 <a href="https://successcom.wpenginepowered.com/how-to-connect-with-different-personality-types/">personality traits</a> model prevails:</p>



<ul class="wp-block-list">
<li>Extroversion</li>



<li>Agreeableness</li>



<li>Openness</li>



<li>Conscientiousness</li>



<li>Neuroticism</li>
</ul>



<p>DISC doesn’t aim to capture every facet of someone’s personality. Rather, the model focuses on two dimensions relating to interpersonal relationships: agreeableness and introversion/extroversion, says Mark Scullard, senior director of product innovation at Wiley, which holds the trademark for DISC Classic and <a href="https://www.everythingdisc.com/" target="_blank" rel="noreferrer noopener">Everything DISC</a>. </p>



<p>"The goal is simplicity.&nbsp;Those two dimensions don't describe every aspect of interpersonal relationships, but you get a lot of bang for your buck there,” he says.</p>



<h2 class="wp-block-heading" id="h-what-are-the-4-disc-personality-types">What are the 4 DISC personality types?</h2>



<p>The DISC personality assessment describes four basic personality styles:&nbsp;</p>



<ol class="wp-block-list">
<li><strong>Dominance</strong> personality styles prioritize immediate results and action and find motivation in power, competition and success.&nbsp;</li>



<li><strong>Influence</strong>, originally labeled “inducement,” personality styles focus on expressing enthusiasm and encouraging collaboration and social recognition. Building relationships and being a team player motivates people with this style.&nbsp;</li>



<li><strong>Steadiness</strong>, originally called “submission,” styles focus on giving support, offering collaboration and cultivating stable environments.</li>



<li><strong>Conscientiousness</strong>, previously named “compliance,” personality styles prioritize accuracy, challenge assumptions and find motivation in opportunities to gain knowledge. </li>
</ol>



<p></p>



<h2 class="wp-block-heading" id="h-benefits-of-a-disc-assessment-for-employers-and-employees">Benefits of a DISC assessment for employers and employees</h2>



<p>Julie Chance, founder of business consultancy Action-Strategies-By-Design, first encountered DISC as a young manager when the assessment helped her turn an adversarial working relationship into a functional one. She is now a certified Everything DISC workplace facilitator. Chance values the model because it provides “a common language… a common understanding and awareness. It helps people move from judging differences to valuing differences,” she says.&nbsp;</p>



<p>Scullard says that teams become more effective and efficient by sharing a sense of connection, building morale, being able to be frank with each other and productively resolving conflict. “Those are the active ingredients that lead to teams performing better,” he says.&nbsp;</p>



<p>Chance has helped companies both big and small utilize the model. It can be deployed for team development, fostering <a href="https://successcom.wpenginepowered.com/components-of-emotional-intelligence/">emotional intelligence</a> in leaders and in organizations adapting to change. She says using the model’s success depends more on how it’s integrated than the type of company or situation it’s being used in.&nbsp;</p>



<h2 class="wp-block-heading" id="h-disc-assessment-can-improve-connection-among-remote-workers">DISC assessment can improve connection among remote workers</h2>



<p>The DISC assessment can also have an important role in connecting remote teams. “One of the most powerful things that these types of tools create is a sense of connection among people where it might be lacking. Just seeing people virtually, you often don’t get to know their passions,” Scullard says. “Getting to know them on a personal level, you can see them and feel seen.”&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-doesn-t-disc-do">What doesn’t DISC do?</h2>



<p>DISC isn’t meant to label or pigeonhole people. One personality type isn’t viewed as better or worse than the other in this model. Although certain positions are archetypically connected to certain traits—for example, a salesperson may be assumed to need a dominant style to be successful—but the experts agree, there is no association between job type and personality traits. “The research shows that the correlation is not strong in terms of predicting job success. All the styles are equally capable. The DISC is not speaking about capability or skills, it’s about preferences and tendencies,” Scullard says.</p>



<p>That’s why the DISC assessment isn’t recommended during hiring, but it could be applied as early as the onboarding process. “There are excellent managers that fall into every category and <a href="https://successcom.wpenginepowered.com/11-types-of-ineffective-leaders/">poor managers</a> that fall into every category. Effective managers have to adapt to and use characteristics from every style, and that’s true of every position,” Chance says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-maximizing-the-transformative-impact-of-disc-results">Maximizing the transformative impact of DISC results</h2>



<p>“By far, the most powerful thing you can do to make sure you’re getting the most bang for your buck is an in-person discussion about the results,” Scullard says. “People have that ‘a-ha!’ experience and, ‘Oh my gosh, this is so creepy. This fits me so perfectly.’ But then you hear other people describe how they see the world so much differently than you, and that moment is transformative.”&nbsp;</p>



<p>Scullard says these sessions, which can last as long as eight hours but can be accomplished in two, establish a shared framework to begin working more effectively. These conversations lay the groundwork for a language to discuss differences and grant permission to do it. “After we’ve gone through these sessions, there’s a social contract to say it’s OK to discuss,” he says.</p>



<p>Beyond these initial comparison sessions, managers, human resources professionals and other leaders can integrate regular discussions about DISC personality assessment. The Catalyst dashboard, which Wiley developed as part of Everything DISC, allows individuals to compare their personality types to their colleagues’ types anytime. It highlights qualities such as whether people are structured or unstructured, focused on realities versus focused on possibilities and if they are fast paced or prefer time to consider their choices. Scullard says these discussions help keep the model alive well beyond the initial a-ha moments and can continue helping teams work effectively.</p>



<p><em>If you’re ready to become an influential leader, join the SUCCESS® Leadership Lab. The DISC framework will be explored and explained in the lesson “Communicate to Influence” by Jen Larsen.&nbsp;</em></p>



<p><em>Larsen is one of 10 experts in this 18-day virtual course for rising leaders who want to lead with clarity, influence and confidence. The hybrid experience combines expert-led lessons with live coaching to provide you with practical tools to build trust with your team, navigate chaos and crises, shape a healthy, driven work culture and more. Click </em><a href="https://offer.success.com/leadership-lab/"><em>here</em></a><em> to register.&nbsp;</em></p>



<p class="has-small-font-size"><em>Photo by Travelpixs/Shutterstock.com</em></p>

The DISC assessment is designed to improve workplace teams. Learn more about the benefits and how to maximize connection with remote workers.

The DiSC assessment is designed to improve workplace teams. Learn more about the benefits and how to maximize connection with remote workers. | SUCCESS

Taking the DISC Assessment Can Make Teams More Effective

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Ashley M. Biggers is an award-winning freelance journalist based in Albuquerque, New Mexico. Her writing has appeared in numerous print and digital publications including US News and World Report, Travel + Leisure, Conde Nast Traveler, and Self. She earned her master’s degree in mass communication from Arizona State University.

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Ashley M. Biggers

<p>Co-founder and executive chairman of Netflix <a href="https://www.linkedin.com/in/reedhastings" target="_blank" rel="noreferrer noopener">Reed Hastings</a> gets an annual 360-review via written assessment to which any employee can contribute. He wrote about his 2019 review in his book <a href="https://www.amazon.com/No-Rules-Netflix-Culture-Reinvention/dp/1984877860" target="_blank" rel="noreferrer noopener"><em>No Rules Rules: Netflix and the Culture of Reinvention</em></a>, observing, “I find the best comments for my growth are unfortunately the most painful.”</p>



<p>In a memo to employees, he thanked them for pointing out how he skipped or rushed over topics he felt weren’t worth the time. He recognized these observations were, “So true, so sad, so frustrating that I still do this. I will keep working on it.”&nbsp;</p>



<p>Leaders such as Hastings asking for <a href="https://successcom.wpenginepowered.com/feedback-take-it-or-leave-it-but-dont-defend-yourself-against-it/">feedback</a>—and even further taking it to heart to implement change—requires vulnerability. <a href="https://www.linkedin.com/in/robert-weinhold" target="_blank" rel="noreferrer noopener">Bob Weinhold</a>, a Velocity partner who leads the firm’s executive coaching services and focuses on multigenerational family enterprises and corporate environments, has seen this firsthand. When we spoke, he was traveling to start an executive coaching engagement with someone who had not received feedback well. He had also just completed a call with another executive who was pushing back against feedback from her team.</p>







<p>“I think feedback can be incredibly valuable, and I’ve watched it be incredibly damning. When it’s done the wrong way, people feel threatened. They become very defensive, and it becomes a reason to exit a situation or a business or a relationship prior to making any changes,” he says. “When [feedback is] done right, people get to the very highest levels. When done poorly, it results in very negative consequences, and sometimes terminal consequences.”</p>



<p>In their study <a href="https://zengerfolkman.com/wp-content/uploads/2019/05/EF%E2%80%94White-Paper%E2%80%94Feedback-The-Powerful-Paradox.pdf" target="_blank" rel="noreferrer noopener">“Feedback: the Powerful Paradox,”</a> Jack Zenger and Joe Folkman describe feedback as “any conversation designed to convey a message that one person believes to be important for another person to hear.” They acknowledge that “giving and receiving feedback in organizations is a complex and unpredictable process.”</p>



<p>To navigate this unpredictable environment, Weinhold prescribes a specific process to create a receptive environment, ask for feedback and implement the advice.</p>



<h2 class="wp-block-heading" id="h-establishing-the-environment-for-feedback">Establishing the environment for feedback</h2>



<p>Executive coaches and consultancies can facilitate the feedback process. “When I was a CEO, I could go ask everyone in the organization, ‘What do you think of me?’ Would they tell me I’m a jerk? No, because they’re afraid they’re gonna get fired,” Weinhold says. Bringing in an external firm adds a layer of confidentiality to offset this power differential.</p>



<p>If leaders are operating without an intermediary, Weinhold recommends establishing context. It’s important to say that “you’re on a growth process. It’s going to be hard for them to give you direct feedback, but you will do everything in your power not to hold that against them.”</p>



<h2 class="wp-block-heading" id="h-asking-for-feedback">Asking for feedback</h2>



<p>To solicit opinions, Weinhold recommends using both an informal and formal 360-degree review process. The traditional process involves inviting people to complete an anonymous online questionnaire. It’s valuable to request comments from people below, lateral to and above the leader on the organizational chart.</p>



<p><strong>There are three vital questions to ask:</strong></p>



<p>1. Where do I add value?</p>



<p>2. If you were to pick two or three areas that you think I should focus on that would allow me to deliver better value or performance, what would those areas be?</p>



<p>3. Is there anything else I should know when I’m considering my own performance?</p>



<p>Following this, informal, one-on-one conversations can expand upon the information offered in the formal review. “I encourage people to ... a) ask for [conversations with] people that you agree with, b) ask for [conversations with] people that absolutely don’t agree with you, and then [c)] find the right mix in the middle,” Weinhold says. “Your job is to extrapolate from the absolute value of that data.”</p>



<h2 class="wp-block-heading" id="h-assessing-the-feedback">Assessing the feedback</h2>



<p>Before considering the feedback, it’s valuable to undergo a self-assessment and identify <a href="https://successcom.wpenginepowered.com/what-is-personal-development/">growth areas</a>. Then, with feedback in hand, leaders can assess whether that information is congruent or incongruent with their self-identified growth paths. Next, the leader should consider whether the feedback is going to help their job or role, the company at large and the other people involved to prioritize what they will implement.</p>



<p>Finally, they should set tangible goals. For example, if someone receives feedback that they need to be more “likeable,” that’s vague. So, they could consider setting office hours, engaging in more <a href="https://successcom.wpenginepowered.com/how-to-make-friends-at-work/">social time with colleagues</a> and/or attending more work functions to respond to this feedback. It’s important to vocally identify these goals to colleagues and employees. In this example, that could mean saying, “I’m working on my relationships with other people, so you’re going to see me being involved in a different way. Let me know if that feels good or if it feels intrusive or fake.”</p>



<p>Weinhold says that, if you implement feedback the right way, you can leverage relationships, business, performance, practice and growth faster than you ever could without it.</p>



<p>If the feedback is wholly negative, then the questions get tougher. Weinhold invites the leader to consider whether they can implement the requested changes or if the problem is an issue of fit with the company or the role.</p>



<h2 class="wp-block-heading" id="h-following-up">Following up</h2>



<p>Once a leader commits to accepting and implementing feedback, Weinhold recommends following up—much more frequently than an annual 360-review. Instead, he suggests touching base quarterly with a handful of people who gave the initial feedback. If the leader isn’t going through a coach, he suggests they approach selected individuals and share what they are working on before requesting a follow-up conversation to discuss results. Because this presents an additional encumbrance for the person providing feedback, it may help to sweeten the deal by offering to buy coffee or lunch.</p>



<p>Weinhold recognizes that most reviews don’t produce results because people stop at the anger and the frustration and the judgment. “I would say feedback is incredibly valuable, but it can be weaponized. Or it can be utilized as a vehicle for growth, and that’s the piece that most people miss,” he says.</p>



<p>After all, as Hastings writes in his book, “It’s when employees begin providing truthful feedback to their leaders that the big benefits of candor really take off.”</p>



<p class="has-small-font-size"><strong><em>This article originally appeared in the May/June 2025 issue of <a href="https://mysuccessplus.com/shop">SUCCESS+ Magazine</a>. Photo courtesy of PeopleImages.com - Yuri A/Shutterstock.</em></strong></p>

Learn why it’s important for leaders to ask for critique and how they can use this feedback to improve their leadership skills.

Learn how leaders can this feedback to improve their skills.

Why Leaders Need to Acknowledge Feedback | SUCCESS

Feedback Loop: How (And Why) Leaders Should Utilize Critique

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<p>Just last fall, I’d packed a small pink duffel bag with enough clothes to sneak away for a couple of days to a place that had long been teetering near the top of my bucket list: New River Gorge National Park in West Virginia. Something about the way the park’s iconic bridge stretched across such a cavernous drop in the landscape—a feat accomplished by humans, no less—made me ache to see it in person.</p>



<p>Standing near the bridge was every bit as wonderful as I had hoped for—better, even. But what I didn’t expect to steal my breath away was the view from the rear of the Canyon Rim Visitor Center: an unimpeded panorama of the park’s namesake whitewater river powerfully cutting through the canyon. It was a gray, cloudy day that cast the river in a minty-blue hue and lent a vibrancy to the orange and yellow trees surrounding it.&nbsp;</p>



<p>Tears welled up in my eyes. I was in awe. That such surreal beauty could be so easily accessible felt like a privilege nearly too heavy to bear. And yet it is accessible to us, along with dozens of other national and state parks that are safeguarded for the sole purpose of preserving the land so generation after generation can experience wonder and appreciation for the world we live in.&nbsp;</p>



<p>And thank goodness for that, because our continually developing world comes at a price. Our conveniences are exchanged for air pollution; our aesthetic for deforestation. Wildlife are losing their homes to make way for subdivisions, and the power that makes all of this happen has recently driven the effects of climate change to worrying new heights.</p>



<p>We can’t stop progress, but individuals and corporations alike can mitigate its downfalls through sustainability. Small changes to our habits—conserving water and energy, recycling, reducing food waste—can minimize the impact on our natural world.&nbsp;</p>



<p>Several companies have taken up the mantle in this regard, implementing <a href="https://successcom.wpenginepowered.com/is-your-business-green/">sustainable practices</a> in their business models or producing Earth-friendly products. Here are four that are showcasing what it means to value preservation alongside profit.</p>



<p><em>—Tess Lopez</em></p>



<h2 class="wp-block-heading" id="h-b-public-prefab">B.PUBLIC Prefab</h2>



<p>The building blocks to found panelized building system company <a href="https://www.bpublicprefab.com/" target="_blank" rel="noreferrer noopener">B.PUBLIC Prefab</a> fell into place during a conversation cofounders Jonah Stanford and Edie Dillman had with their eldest daughter. She wanted to know what their generation was doing to fight climate change. The question resonated.&nbsp;&nbsp;</p>



<p>Stanford, AIA and now B.PUBLIC Prefab’s chief technical officer, had been working in sustainable building and felt he was pressing the boundaries of the eco-friendly measures he could accomplish with traditional building. Dillman, now CEO, was working to fill education and skills gaps and was confronting labor shortages in, among others, the building industry. Founded as a public benefit corporation in 2019, B.PUBLIC Prefab seemed a natural evolution. Along with cofounder Charlotte Lagarde, the company has taken a radical approach to construction and has affected the sustainability, affordability and accessibility of homes.</p>



<p>Reflecting on her conversation with her teenagers, Dillman says, “Our kids [are] pushing us toward this stuff…. That hesitation that we’ve developed experience of—<em>Well, it’s</em> <em>not how it’s been done, or is it really worth it?</em>—their generation is already there…. If there’s a better way… of course you do that. They’re just already so far advanced in their thinking and sustainability that they do have reason to be frustrated with our generation.”&nbsp;</p>



<p>Based in northern New Mexico, the company manufactures prefabricated pieces that can be quickly assembled like Lego blocks to form the shell of a house. Building the panels in climate-controlled factories achieves 95% less waste; gone are the dumpsters full of construction waste. The airtight finished product is also incredibly energy efficient; they take 80% less energy to heat than homes built to standard requirements. Dillman compares B.PUBLIC Prefab homes to insulated thermoses: whatever goes in stays hot or cold, without additional effort to keep it that way. “If we build houses that way, they’re nearly net zero before we’ve even begun,” she says.&nbsp;</p>



<p>Educating builders and homeowners has been a hurdle—though both groups of stakeholders have adopted the product in New Mexico, Colorado, California and other locations. “I don’t think [people] are empowered to understand how much they can affect the long-term health [of a building]. There’s a lot of building to science to relay, and it takes time,” Dillman says.</p>



<p>Amid housing shortages and sky-high home prices, B.PUBLIC Prefab is also helping build faster and more affordably. Builders can frame, insulate and seal a house in a matter of days, rather than weeks or months. Faster building times also mean lower costs because builders can reduce the carrying costs they have to manage and which they pass on to consumers via home prices.</p>



<p>Following the lead her children’s generation is setting, Dillman believes sustainability should be integrated into every company—and not as an afterthought. “I don’t think we can be in business and not be working on climate and climate change. Everyone is affected by it,” she says. “And really, if we're not doing something good, [you have to figure out how to] change your practices or assess, really, is that business necessary at this moment?”</p>



<p><em>—Ashley M. Biggers</em></p>



<h2 class="wp-block-heading" id="h-a-amp-o-hostels">a&amp;o Hostels</h2>



<p>In 2015, <a href="https://www.aohostels.com/en/about-ao/management/" target="_blank" rel="noreferrer noopener">a&amp;o Hostels</a> set out to learn more about its carbon footprint, or the total amount of greenhouse gases the company produced. That’s when founder and CEO Oliver Winter says they realized they were sitting on a treasure trove.&nbsp;</p>



<p>“Because of the nature of our hostel, the spending or the production of resources… it’s quite a bit lower than in other hospitality industry sectors,” Winter says. The hostels were, by design, very space efficient, with four, five or six people in a room, while a hotel might only have one or two. They have no spas, no saunas and no minibars full of small, disposable bottles, all of which contribute to a higher carbon footprint in other room rental operations.&nbsp;</p>



<p>Armed with this information, the hostel chain—now the largest in the world with 40 locations in 10 countries—started to ask themselves, “How can we get that figure even lower?” That’s when they set an ambitious goal: reaching a net zero carbon footprint by 2025. And as for how they’d get there? The innovation started with their employees.&nbsp;</p>



<p>Winter and his team reached out to the hostel chain’s 1,000-plus workers to get ideas for how to shrink that carbon footprint. “We had an Excel spreadsheet with 180 action items, and then we sorted it by the easy ones, the low-hanging fruit, so to say,” he explains. That meant things like eliminating disposable toothbrush cups and switching from single-serve packets of jam and marmalade to bigger communal dispensers. The benefits were twofold, he says: “Lower costs, better for the environment.”</p>



<p>Next came changes that involved some up-front investment, like switching to buying all of their energy from renewable sources and paying for all of their employees to use public transportation for free. They opted for LED bulbs and installed more water-saving showerheads.&nbsp;</p>



<p>“What is in front of us now is the next, biggest step, [which] is to change the supply chain,” Winter says. This includes factors like buying local whenever possible and reducing the number of delivery stops or figuring out how to make an energy-intensive process like doing laundry more sustainable. These are the problems the hostel chain is tackling now.&nbsp;</p>



<p>Winter says that, in all honesty, a&amp;o Hostels probably would have seen the same level of success even without its carbon-zero goals. “The payoff, I think, is [in] the longer run,” he says, citing Gen Z’s eco-consciousness and his belief that a growing number of people will care about sustainability moving forward.&nbsp;</p>



<p>But perhaps the most impactful thing is how these sustainability goals have impacted his workforce.&nbsp;</p>



<p>“What we really see is employee engagement,” he says. “We have many people here in the company that wouldn’t be with us without this purpose, without going this route, to zero. That’s definitely something, to be attractive for some talents you’d like to have and keep them at the company.”</p>



<p><em>—Em Cassel</em></p>



<h2 class="wp-block-heading" id="h-twisted-x-global-brands">Twisted X Global Brands</h2>



<p>Prasad Reddy was shocked when he first saw a photo of the Great Pacific Garbage Patch, a massive collection of litter measuring almost 1.6 million square kilometers in the North Pacific Ocean.</p>



<p>The president and CEO of <a href="https://twistedxglobalbrands.com/" target="_blank" rel="noreferrer noopener">Twisted X Global Brands</a>, a western footwear company, was immediately motivated to take action.</p>



<p>“I was saddened, shocked and abruptly aware that I wanted to do what I could to be better for our planet,” he says.</p>



<p>Based in Decatur, Texas, Reddy and his team jumped into planning, establishing a partnership with a group in Taiwan to create ecoTWX®, an eco-fabric used to make various styles of shoes, including chukkas, work boots and slip-on loafers. It’s spun from an average of 13 recycled plastic bottles salvaged from oceans and landfills. With this process, Twisted X has been able to clean up more than 7.6 million plastic bottles from the environment in just over 10 years.</p>



<p>“Sustainability isn’t just a one-time effort,” Reddy says. “It’s a daily commitment ingrained in our company DNA and culture. We understand that true sustainability is an ongoing process requiring constant innovation.”</p>



<p>Twisted X looks to nature for inspiration when it comes to using eco-friendly materials in its products. It uses natural materials such as merino wool, molasses, bamboo, algae and rice husk. As of 2022, every active shoe style has at least one sustainable element, which they discovered results in better footwear, Reddy says.</p>



<p>In addition to ecoTWX®, Twisted X created other materials using EVA foam waste from factory production, recycled P.E.T. fabric and recycled scrap leather that would otherwise end up in landfills.</p>



<p>Reddy is particularly proud of the company’s Zero-X™ collection. Instead of using chemical adhesives, it’s made with an interlocking, double-stitching system that eliminates 75% of the environmental issues often associated with creating traditional footwear, like scoring dust, debris and heating and cooling energy.&nbsp;&nbsp;</p>



<p>“When we were challenged and told that we had to have a little glue on the footbed and shoe lining, we kept trying and worked to ensure this no-glue shoe means no glue, not even one drop,” he says.</p>



<p>In addition to creating sustainable products, Twisted X has been a carbon-neutral business since 2020 in its headquarters, global factories, distribution and shipping, offsetting thousands of tons of carbon dioxide from planting more than 517,000 trees in partnership with One Tree Planted.</p>



<p>Reddy says Twisted X will continue to improve materials, processes and collections.</p>



<p>“Sustainability is a constant, ongoing process for us,” he says. “We don’t feel there is a stop and start here.”</p>



<p><em>—Kristen Tribe</em></p>



<h2 class="wp-block-heading" id="h-blueland-nbsp-nbsp-nbsp-nbsp-nbsp-nbsp-nbsp-nbsp-nbsp">Blueland&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</h2>



<p><a href="https://www.blueland.com/" target="_blank" rel="noreferrer noopener">Blueland</a> cofounder and CEO Sarah Paiji Yoo’s journey to helping eliminate more than a billion plastic cleaning bottles from landfills and oceans started at home. After giving birth to her first child, the former founder of fashion and beauty companies began researching not only the best baby formula but also the cleanliness of New York City’s water supply. She was shocked that microplastics—small plastic particles created by single-use plastic breaking down—had infiltrated our water, food and even the human body.</p>



<p>The discovery sent Paiji Yoo on a zero-waste mission in her own home—yes, even with a newborn—but she also recognized that her single household would only make a small impact on plastic consumption. She could only truly enact change at scale.</p>



<p>When creating Blueland, she and cofounder John Mascari had a name, but not a product. Their mission was to reduce single-use plastic consumption—and remains so even after launching more than 10 home products, from dish to hand soap, and landing the products in big-name retailers such as Target and Costco.<strong> </strong>Paiji Yoo credits hiring Chief Innovation Officer Syed Naqvi—with whom she appeared on <em>Shark Tank</em> in 2019—as a key milestone. He helped create the then non-existent cleaning tablets for refillable containers. “As you can imagine, there were a lot of naysayers,” Paiji Yoo recalls.</p>



<p>Blueland went to almost a dozen contract manufacturers who simply didn’t have the equipment or capacity to make a dry concentrate product. The mission drove Blueland’s continued search for manufacturing partners. It now holds more than 40 patents and is responsible for bringing refillable cleaning products in the tablet format to market.</p>



<p>“I believe so much of the entrepreneurship journey is just taking that next natural step forward,” Paiji Yoo says. “There isn't a road map, right? And that's why you're an entrepreneur, right? You're doing something that may not have been done ever for the first time, but I think that that's OK. I think everything is done for the first time at some point, and it can be you…. You don't have to sprint a marathon all at once. Just take it sort of step by step, day by day.”</p>



<p>Beyond saving single-use plastic bottles, the company also estimates it has diverted nearly 11 million square feet of packaging from landfills. It has achieved these benchmarks both via consumers choosing its products and thoughtful business operations. The company holds more than seven sustainability-minded certifications, including being a Certified B Corporation, and has been carbon neutral since 2020.&nbsp;</p>



<p>“There are many ways for us to have an impact…. One is consumer-facing and trying to encourage [and] inspire more sustainable behaviors. But we also think, arguably, a larger lever and way to have [an] impact is your business,” Paiji Yoo says.</p>



<p>These days, Paiji Yoo’s son, who inspired Blueland, speaks proudly about his mom’s work and even pitched scents for the company’s holiday products this year. “[He’s] there for all of the wins and celebrations,” she says.</p>



<p><em>—Ashley M. Biggers</em></p>



<p class="has-small-font-size"><strong><em>Photo from OSORIOartist/Shutterstock.com</em></strong></p>

Discover four companies that put long-term sustainability at the front of their business models with eco-friendly practices.

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Preservation and Profit: 4 Companies That Use Sustainable Business Practices to Help Protect the Earth

Four Companies That Put Sustainability First | SUCCESS

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Kristen Tribe

Em Cassel

Tess Lopez

Entrepreneur Collette Divitto in a kitchen surrounded by cookies

<p><a href="https://successcom.wpenginepowered.com/what-i-wish-i-knew-about-entrepreneurship-before-i-got-started/">Entrepreneurship</a> can be a means to financial stability and fulfillment for some people with disabilities. They often turn to this alternative to traditional paid work when ableism excludes them from the workforce, as entrepreneurship grants them the flexible lifestyle they need.&nbsp;</p>



<p>People with disabilities create their own businesses at a <a href="https://advocacy.sba.gov/wp-content/uploads/2024/04/Report_An-Examination-of-Entrepreneurship-Among-Americans-with-Disabilities.pdf" target="_blank" rel="noreferrer noopener">higher rate than the general public</a>, and many such entrepreneurs say that their life experiences grant them problem-solving capabilities, tenacity and innovation that primes them for entrepreneurship.&nbsp;</p>







<p>Here are five entrepreneurs with disabilities who’ve used their strengths to build businesses that serve their communities—and everyone else too.</p>



<h2 class="wp-block-heading" id="h-collette-divitto">Collette Divitto</h2>



<p>When Collette Divitto started baking in high school, she immediately rose to the top of her class. Her mother, Rosemary Alfredo, had taken her out of traditional studies, believing that a specialized curriculum path that emphasized life skills like baking was more useful for Divitto, who was born with Down syndrome. After Divitto’s subsequent graduation from the college-level ClemsonLIFE program, she moved to Boston and started her job search, during which she repeatedly heard that she was “not a fit.”&nbsp;&nbsp;</p>



<p>She then sought a new path to the independent life she wanted through baking small batches of her chocolate chip cinnamon “amazing” cookies for her hometown grocery store. Since then, she’s sold about 900,000 cookies across the country through her business, <a href="https://colletteys.com/" target="_blank" rel="noreferrer noopener">Collettey’s</a>.</p>



<p>Now at the age of 34, Divitto has also spoken on stages across the U.S., including for <a href="https://www.youtube.com/watch?v=xz1SYacP6c0" target="_blank" rel="noreferrer noopener">TEDx</a>, and serves as the CEO of the nonprofit <a href="https://www.colletteysleadership.org/" target="_blank" rel="noreferrer noopener">Collettey’s Leadership</a>, through which she offers online lessons in independent living and entrepreneurship.&nbsp;</p>



<p>As much as she loves baking, she loves employing fellow people with disabilities more. “I love working with a team. That is actually the most important thing… because I really want to give them the best opportunities,” she says.</p>



<p>Alfredo, who works in business development, account management and media relations at Collettey’s, says that people with disabilities need a support system—much like any other entrepreneur who doesn’t have disabilities. She also observes how entrepreneurship gives people with disabilities “a feel[ing] of self-empowerment” that changes their lives. </p>



<p>“They get hooked on the self-empowerment, and then they get hooked on helping others because they never forget where they were and how much rejection they went through,” she says. “For Collette… she's seen herself accomplish things in the nondisabled community, and because she's seen that, she's grown her confidence level…. She believes in herself now.”</p>



<p>Divitto is now collaborating with producers on the planned <em>Rise: The Collette Divitto Story</em>, a documentary that will be shown at IMAX theaters with the goal of redefining how society views disabilities and inclusion.</p>



<h2 class="wp-block-heading" id="h-alvaro-silberstein">Alvaro Silberstein</h2>



<p>Alvaro Silberstein had a simple dream: to hike Torres del Paine National Park in Patagonia, Chile. However, the native Chilean had more logistics to consider than the average hiker. A car accident at age 18 had left him with C5 quadriplegia—he’s paralyzed from his chest down and is a full-time wheelchair user. Refusing to let accessibility challenges keep him from traveling, he and his lifelong friend Camilo Navarro found a way to navigate the route by wheelchair and completed the trek.</p>



<p>Silberstein, a former management consultant, was already studying for his MBA at the University of California, Berkeley with the goal of becoming an entrepreneur to solve problems for other people with disabilities—and to tap into the global disability market, now <a href="https://www.rod-group.com/wp-content/uploads/2024/09/The-Global-Economics-of-Disability-2024-The-Return-on-Disability-Group-September-24-2024.pdf?https%3A%2F%2Fwww.rod-group.com%2Fresearch-insights%2Fannual-report-2024%2F" target="_blank" rel="noreferrer noopener">estimated at $18.3 trillion</a>. When his Torres del Paine trip went viral and requests for accessibility information began flooding in, the emerging entrepreneur saw an opportunity. He and Navarro founded <a href="https://wheeltheworld.com/" target="_blank" rel="noreferrer noopener">Wheel the World</a> in 2018 to “encourage others to explore the world without limits,” according to the company’s website.</p>



<p>Since then, the company has raised $10 million in funding, and more than 20,000 people have traveled and booked trips through the platform. Last year alone, 7,000 people traveled to more than 10 countries and 200 destinations in the U.S. thanks to the site’s accessibility information. Wheel the World has also introduced verified destinations, offering its seal of approval for hotels, restaurants and attractions based on more than 200 accessibility features.</p>



<p>Rather than simply announcing whether or not a destination is ADA accessible, Wheel the World posts specific data to allow travelers to make informed decisions about if a destination fits their needs.&nbsp;</p>



<p>“The reality is that accessibility is not binary,” Silberstein says. He provides the example that because of the type of wheelchair he uses, he can’t transfer independently into a bed that’s higher than 23 inches. However, a person with a different type of wheelchair might need a different bed height to complete the same task.&nbsp;</p>



<p>“We are going into that level of detail—measuring the height of the beds, the width of the doors, the height of the toilet, the type of shower,” he adds. “Many of those details are not required by the ADA.” The company now has more than 300 enrolled mappers around the world who log this type of information for other travelers.</p>



<p>“At first, my disability was a hard thing to accept for me, but through the process, it became a motivation for me to figure out how to be independent… how I would overcome my challenges and achieve my goals and dreams,” Silberstein says. “My passion was first, initially, on how I could replicate this, not only for myself but also to the community that I belong to—but after that, to build a business. Technology allows us today as entrepreneurs to provide great services that are focused on people with disabilities.”</p>



<h2 class="wp-block-heading" id="h-john-cronin">John Cronin</h2>



<p>When John Cronin, who was born with Down syndrome, graduated from high school, he says that the only options ahead of him were a quasi-day camp or working at places like Build-A-Bear. He didn’t like his choices. Instead, he wanted to start a business with his dad, Mark Cronin, a fellow entrepreneur. John’s penchant for colorful socks with fun graphic designs then led the duo to found <a href="https://johnscrazysocks.com/" target="_blank" rel="noreferrer noopener">John’s Crazy Socks</a>.</p>



<p>The family’s business has now fulfilled more than 2 million sock orders. These include some of John’s own designs, like Down syndrome superhero socks, complete with capes on the back—which also happen to be his personal favorites.&nbsp;</p>



<p>John, who serves as chief happiness officer, inspires the company culture and is the face of the brand. He appears frequently on social media videos, the duo’s podcast and speaking stages across the U.S. “I’m famous,” John shrugs.</p>



<p>The company’s first employees were John’s classmates. “It's a business owned by a person with different abilities. We should be hiring people with different abilities because we knew the problems John had in looking for work or finding good and meaningful work,” Mark says. “So that became natural for us, but it was born out of necessity.”</p>



<p>For their pick-and-pack warehouse, the duo hires people with different abilities, parents who are balancing duties at home and employees from a general labor pool. However, more than half of John’s Crazy Socks’ employees are people with disabilities. “By far the best labor pool [has been] the people with different abilities,” Mark says. “They want to be here. They're enthusiastic. They're focused on what they do. They're productive. They do great work. So our experience is that hiring boosts morale, improves productivity [and] improves retention.” The Cronins have even shared their observations about their colleagues in a TEDx talk entitled “Hiring People With Differing Abilities Is Not Altruism—It Is Good Business.”&nbsp;</p>



<p>The social enterprise also donates funds to causes that the Cronins believe in, including pledging 5% of its earnings to the Special Olympics.</p>



<h2 class="wp-block-heading" id="h-ruby-taylor">Ruby Taylor</h2>



<p>When social worker Ruby Taylor experienced a traumatic brain injury from a car accident, the parents of the students she served came to her aid—they took her to lunch, to get groceries and to doctor’s appointments. They also helped her by delivering a message when she lost her job and was about to lose her home: She needed to get her finances in order. So they began teaching her.</p>



<p>The more she learned about investments and long-term interests, the more zealous she became. “I really began to dig deep into the stock market,“ she says. “And when I got back on my feet, I began to invest, and I saw my money grow. And I'm like, ‘If I can do this on a broken brain… there’s no reason why anyone can’t do it.’”</p>



<p>Her passion led her to found <a href="https://financialjoyschool.com/" target="_blank" rel="noreferrer noopener">Financial Joy School</a>, through which she levels the playing field so people who have historically been left out of investment conversations—including low-income individuals, people with disabilities, and Black and brown families—are empowered with financial knowledge. She also gamifies education through her LEGACY! card game, hosts online seminars and leads financial education summits to teach people to invest. She grew her business by tapping into training through the <a href="https://www.nationaldisabilityinstitute.org/" target="_blank" rel="noreferrer noopener">National Disability Institute</a> and completing the accelerator at <a href="https://www.2gether-international.org/" target="_blank" rel="noreferrer noopener">2Gether-International</a>, an entrepreneurship education organization for disabled founders.</p>



<p>When it comes to the stock market, “it doesn’t matter what color you are. It doesn’t matter about your gender…. The entry has been bust open,” Taylor says. “It’s the only democratized vehicle to build wealth. And anybody who wants to debate that, I will, stuttering and all,” she adds. “Bringing more people within the market is what my push is for creating a financially equitable world.”</p>



<p>A self-proclaimed “financial equalizer,” Taylor has worked with 30,000 families to teach them how to build generational wealth. “I would have never been able to touch that many families as just a school social worker,” she says. “What was once defeating [has] become purposeful, and so it drives me.”</p>



<h2 class="wp-block-heading" id="h-tiffani-martin">Tiffani Martin</h2>



<p>Could including the word “disability” in a LinkedIn bio bury a job seeker’s profile from recruiters? Could being a woman negatively affect someone’s ability to qualify for a mortgage because data only goes back to 1974, when women could begin borrowing in their own names? These are the types of questions developers are grappling with amid the rise of AI—which can be highly biased, according to the <a href="https://cdt.org/insights/report-to-reduce-disability-bias-in-technology-start-with-disability-data/" target="_blank" rel="noreferrer noopener">Center for Democracy and Technology</a>.</p>



<p>Tiffani Martin, founder and chief executive officer at <a href="https://visiotech.co/" target="_blank" rel="noreferrer noopener">VisioTech</a>, fights against this bias with the Accessible AI Quotient, which she helped design to assess whether AI technology is accessible and to promote inclusivity in AI development.&nbsp;</p>



<p>“Data is the fuel for technology and AI…. We know that comes with biases. [It’s] just the intrinsic nature of the society that we live in,” she says. “So we’re making sure—trying to make sure—that throughout the development life cycle... they are keeping in mind the full spectrum of diversity.”</p>



<p>Martin has persevered because she sees her efforts in technological accessibility as her legacy. She was diagnosed with juvenile diabetes at 5 years old, and due to what she calls poor management on her part, she later developed diabetic retinopathy. Then, she went blind at 27, around the same time that she also went on dialysis and temporarily lost her ability to walk. Though she received a kidney transplant, two years later—and just two months after she married her husband—her body rejected the kidney, which landed her in the hospital.</p>



<p>“It was during one of those hospital stints that I was like, ’You know, if I'm not going to be able to leave a legacy in the form of a child… [then] I want to leave something that will help other people,’” she recalls. “And I realized the key to help wasn’t necessarily a handout, but [a] hand up, and so it was access.… The biggest thing that kind of got me back in the game was technology.”&nbsp;</p>



<p>She founded VisioTech in the hospital. After that, making technology more accessible—as well as returning to her new husband—became her motivation. Though she originally formed the company to help companies with web and digital accessibility, it later pivoted to focus on AI as the technology grew.</p>



<p>According to Martin, the technology industry only stands to gain from founders like her who consider diversity across the board. “I cannot hide being Black. I cannot hide being a woman, and I cannot hide my disability,” she says. ”The systems and the powers that be right now don't look like me. And so I think it's important as an entrepreneur to proudly be in places—specifically [in] technology. </p>



<p>”I just find value in diversity,” she adds. ”I find value in different perspectives.”</p>



<p class="has-small-font-size"><strong><em>Photo courtesy of Colletteys.com</em></strong></p>

Learn about five entrepreneurs with disabilities who are disrupting industries with their innovative businesses.

Learn about five entrepreneurs with disabilities who are disrupting industries with their innovative businesses. | SUCCESS

5 Entrepreneurs With Disabilities to Know About

5 Entrepreneurs With Disabilities That You Should Know About | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/2025/03/SOnline25_Ashley-Biggers_WebEx_Entrepreneurs-with-Disabilities.png

2gether-international-for-disabled-founders

<p>When Jen Schlegel, founder of <a href="https://www.linkedin.com/company/beenabled?trk=public_profile_topcard-current-company" target="_blank" rel="noreferrer noopener">Beenabled</a> and <a href="http://redefinewith119.com/" target="_blank" rel="noreferrer noopener">119</a>, began <a href="https://www.2gether-international.org/" target="_blank" rel="noreferrer noopener">2Gether International</a>’s accelerator program, she experienced a sense of relief. “Nobody in my cohort was sitting around and spending their time trying to explain to anybody else why disability matters, or why accessibility matters or why someone should listen to why their product should matter,” she recalls.</p>



<p>Schlegel says she’s often the first person in entrepreneurial spaces to use a wheelchair or a feeding tube or to have the assistance of a service dog.&nbsp;</p>



<p>“I spend a lot of my time unintentionally educating people, and I’m happy to do it. But it’s definitely nice when you can show up in a space like [2Gether International] and not have to explain,” she says. “Everyone in the room already gets it. It kind of frees you up to focus on the other things, right?”</p>



<p>Schlegel’s experience skipping the preamble of explaining her disability with her 2Gether International (2GI) cohort isn’t a unique experience among the 700 disabled founders who have accessed the entrepreneurship support organization. (2GI prefers to use identify-first language to describe its “disabled entrepreneurs”).&nbsp;&nbsp;</p>



<p>Per <a href="https://www.2gether-international.org/our-mission/our-mission-light" target="_blank" rel="noreferrer noopener">their website</a>, 2GI seeks to challenge the entrepreneurial ecosystem by supporting founders with disabilities and <a href="https://successcom.wpenginepowered.com/disability-is-strength-at-work/">flipping the narrative</a> to see disability as a competitive advantage for businesses. 2GI aims to fill the gap in entrepreneurial education for people with disabilities by operating a service funnel that begins with informal meetups open to anyone, then progressing to its Venture Labs programs aimed at supporting early-stage founders and concluding with an accelerator program that helps mature companies scale.</p>



<h2 class="wp-block-heading" id="h-reframing-disability">Reframing disability</h2>



<p>Diego Mariscal, 2GI’s founder, CEO and chief disabled officer, grew up thinking he’d do anything except become an entrepreneur himself. He watched his dad work as an entrepreneur in Monterrey, Mexico, which Mariscal describes as the Silicon Valley of Mexico. Mariscal initially traveled to Washington, D.C., to study and work in international policy. However, Mariscal—who has cerebral palsy, which affects his ability to walk—quickly found that no one was talking about disability in the context of entrepreneurship.</p>







<p>“I realized that <a href="https://successcom.wpenginepowered.com/nick-santonastasso-staying-adaptive/">disability and entrepreneurship</a> are essentially two sides of the same coin, meaning that as a person with a disability, you have to figure out how do we dress, [how do we] drive, how do we communicate. [All] those are inherently entrepreneurship skills—resiliency, creativity, tenacity, collaboration,” Mariscal says.</p>



<p>Although programming at other organizations and agencies is technically open to&nbsp; disabled entrepreneurs, often the resources are difficult to utilize&nbsp; due to accessibility issues. Mariscal says 2GI’s programming differs from these resources because accessibility is baked into the program’s DNA. He hopes to grow 2GI to include impact funds that can make important investments based on the entrepreneur’s identity, not just the industry in which they’re working.</p>



<h2 class="wp-block-heading" id="h-building-a-wider-network">Building a wider network</h2>



<p>Mariscal sees a wide network of people with disabilities who could benefit from entrepreneurship. The World Health Organization estimates there are <a href="https://www.who.int/news-room/fact-sheets/detail/disability-and-health#:~:text=An%20estimated%201.3%20billion%20people%20%E2%80%93%20or%2016%25%20of%20the%20global,experience%20a%20significant%20disability%20today." target="_blank" rel="noreferrer noopener">1.3 billion people globally</a> with a disability. It’s the <a href="https://www.un.org/development/desa/disabilities/resources/factsheet-on-persons-with-disabilities.html#:~:text=Around%2015%20per%20cent%20of,cent%20among%20the%20better%20educated." target="_blank" rel="noreferrer noopener">world’s largest minority group</a>, and one that’s incredibly diverse: it transcends sex, age, gender identity, sexual orientation, race, ethnicity and economic situation.&nbsp;</p>



<p>It’s also a group that anyone can enter at any time, whether through an illness, an accident or by aging. “It is a natural part of the human experience, meaning, if we live long enough, we’re all going to acquire a disability at some point in our life. And so it is imperatively critical that we are building a world and supporting a world that is built for us…for future us,” says Mariscal.</p>



<p>2GI aims not only to create economic development among people with disabilities—in 2023, more than <a href="https://www.nationaldisabilityinstitute.org/wp-content/uploads/2019/02/disability-race-poverty-in-america.pdf" target="_blank" rel="noreferrer noopener">25% of people with disabilities lived in poverty</a> in the United States—but also reframe the way the world thinks about disabilities. “There’s a huge opportunity to…shift the way people think about disability from a limitation to really a competitive advantage,” Mariscal says. “You’re not going to be successful as an entrepreneur in spite of your disabilities. You’re going to be successful in many ways because of your disabilities.”</p>



<h2 class="wp-block-heading" id="h-2gi-s-lessons-in-practice">2GI’s lessons in practice</h2>



<p>Heather Lawver, founder of <a href="https://www.ceemo.ai/" target="_blank" rel="noreferrer noopener">Ceemo</a>, says her conversations with fellow founders in the fall 2022 2GI accelerator often centered around, “How do I sell disability as the strength that it is, rather than the weakness that most people think it is?”&nbsp;</p>



<p>Lawver became an entrepreneur because she found it difficult to maintain a typical 9-to-5 job with her disability. Entrepreneurship afforded her the flexibility to work as she was able as she navigates having two rare genetic diseases that cause chronic pain.</p>



<p>When the demand for her business—helping other underrepresented founders raise capital, including those with disabilities—grew larger than she was able to meet, she decided to create an app to scale her process.&nbsp;</p>



<p>“Ceemo is your friendly, automated [chief marketing officer],” Lawver says. We make it easier for every founder to access and develop data-backed, customer-focused branding and marketing.” She says 2GI’s program helped her step outside herself, re-evaluate what she’s looking at and find more effective ways to do what she does best. Since finishing the accelerator, she launched her app and has helped other founders raise more than $200 million in capital.</p>



<h2 class="wp-block-heading" id="h-finding-a-competitive-advantage">Finding a competitive advantage</h2>



<p>Lawver and her fellow founders have found a competitive advantage in serving people with disabilities. The global disability market is estimated at more than <a href="https://www.prnewswire.com/news-releases/unlocking-the-value-of-the-disability-market-with-new-2024-report-302255919.html" target="_blank" rel="noreferrer noopener">$18 trillion in spending power</a>. Many disabled founders create businesses and products for other people with disabilities because they’ve identified an unmet need and aim to meet it.</p>



<p>Lawver says she understands the challenge of asking people to think about and/or identify with the disability community. “The challenge inherent in being that minority is that no one wants to think that it’ll be them. You’re literally butting up against people’s sense of mortality, control and existential dread,” she says. “It’s really hard to overcome, but I choose to think about it as an engineer. And for engineers, they always tell you when you’re creating something, design for the edge cases…because that’s where you’re going to find the gaps…and you’ll make a better product for everyone. If you can design with disability in mind, everyone else is going to benefit from that solution, too.”</p>



<p>Schlegel, too, trained her innovation skills on the edge cases, which turned out not to be so far-flung after all. She created equitable technologies as a response to her personal experiences, but her 119 software could aid anyone with a disability, chronic health condition or who is aging.</p>



<h2 class="wp-block-heading" id="h-battling-adversity">Battling adversity</h2>



<p>Schlegel was born with cerebral palsy and an autonomic nervous system disorder. While she was in college, her health conditions grew more complex. She now has 15 polychronic health problems.</p>



<p>Under the umbrella of Beenabled, she took one of her three projects into 2GI’s accelerator program. 119 is a medical alert communication tool to guide bystanders in an emergency.&nbsp;</p>



<p>“In a public medical event, your first responder isn’t a paramedic, it’s [a] bystander who found you,” she says. She developed 119 to answer: “How can we support them in getting the right care to someone having a recurring medical event?”</p>



<p>Schlegel has completed several accelerators and says she benefitted from 2GI’s soft skills tutelage, which included writing cold emails. Since graduating from the September 2024 accelerator program, she’s pursued the business with the support of an angel investor and is poised to enter the FDA approval process to get 119 approved as a medical device.&nbsp;</p>



<p>“Three of the largest markets in the U.S., in no particular order, are teenagers, aging and disability…There’s a lot of advocacy power, a lot of business power, a lot of dollars. I think we do it all a disservice when we keep framing things in the space as just serving some niche community,” she says.</p>



<p class="has-small-font-size"><em><strong>Photo by Drazen Zigic/shutterstock.com</strong></em></p>



<p></p>

Learn how 2Gether International’s accelerator program is reframing the industry and why accessibility matters in entrepreneurial spaces.

Learn how 2Gether International’s accelerator program is reframing the industry and why accessibility matters in entrepreneurial spaces. | SUCCESS

2Gether International is a Launchpad for Disabled Founders

2Gether International is a Launchpad for Disabled Founders | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/2025/02/2gether-international-header.jpg

a group of people showing how to Support Entrepreneurs with Disabilities

<p>Lorinda Gonzalez-Santana says she’s been an entrepreneur since she was 19 years old. “I kind of had a little editing side hustle…when I was in college. So, it started there,” she recalls. When her foray into a 9-to-5 job didn’t work, she dove back into her own business and now helms <a href="https://remysconsulting.com/" target="_blank" rel="noreferrer noopener">Remy’s Consulting</a>, where she helps non-profits access grant funding. “It was a way of really being able to…manage my personal life and also be able to be successful and be independent.”</p>



<p>Gonzalez-Santana, who uses a wheelchair, is among more than one in four—or 70 million— adults in the U.S. who reported having a disability, <a href="https://www.cdc.gov/media/releases/2024/s0716-Adult-disability.html" target="_blank" rel="noreferrer noopener">according to the CDC</a>. However, many entrepreneurs with disabilities and experts in the field say finding resources to support their small business dreams is challenging.</p>



<h2 class="wp-block-heading" id="h-the-national-disability-institute">The National Disability Institute</h2>



<p>Through its <a href="https://www.disabilitysmallbusiness.org/about/" target="_blank" rel="noreferrer noopener">Small Business Hub</a>, the nonprofit <a href="https://www.nationaldisabilityinstitute.org/" target="_blank" rel="noreferrer noopener">National Disability Institute</a> (NDI) has spent the past several years working with federal and state government agencies and other organizations to make their educational services more accessible for entrepreneurs with disabilities. NDI provides entrepreneurial support services including a streaming TV channel, webinars, podcasts, and in-person gatherings. Beyond NDI, two other business incubators specialize in this sector; <a href="https://synergieswork.org/" target="_blank" rel="noreferrer noopener">Synergies Work</a> an <a href="https://www.2gether-international.org/" target="_blank" rel="noreferrer noopener">2Gether International</a>.</p>



<p>The need is great. <a href="https://www.nationaldisabilityinstitute.org/about/#:~:text=One%20in%20four%20people%20with,full%20participation%20in%20their%20communities." target="_blank" rel="noreferrer noopener">According to the National Disability Institute</a>, one in four people with disabilities live in poverty and experience barriers to wage-based employment. An average of just 22.5 percent of people with disabilities were employed in 2023— an all-time high, <a href="https://www.americanprogress.org/article/disabled-workers-saw-record-employment-gains-in-2023-but-gaps-remain/#:~:text=Without%20a%20disability-,A%20line%20graph%20showing%20that%20for%20women%20and%20men%20both,or%20click%20to%20see%20values.&amp;text=Despite%20these%20gains%2C%20however%2C%20working,untethered%20from%20the%20labor%20market." target="_blank" rel="noreferrer noopener">according to the Center for American Progress</a>, yet still a small portion of the population. Without wage-based employment, many of these individuals experience financial instability, which compromises their ability to live independently. </p>







<p>Entrepreneurship can be a viable alternative—and it often is. People with disabilities start businesses at a higher rate than the general population; 9.5% of people with disabilities are entrepreneurs, compared with 6.1% of Americans without disabilities, <a href="https://advocacy.sba.gov/wp-content/uploads/2024/04/Report_An-Examination-of-Entrepreneurship-Among-Americans-with-Disabilities.pdf" target="_blank" rel="noreferrer noopener">according to the Small Business Administration</a>.</p>



<h2 class="wp-block-heading" id="h-primed-for-entrepreneurship">Primed for entrepreneurship</h2>



<p>“Many of the entrepreneurs we work with, which has been way over 1,000 in the last four years, … have said… this world is just not set up for me,” says Nikki Powis, NDI’s director of small business programs. She observes that many of the entrepreneurs the NDI has worked with have faced difficulty earning wage-based employment. “A lot of folks have experienced… assumptions about their abilities and skills, and so have sort of given up trying to get a job and decided they're going to create their own.”&nbsp;&nbsp;</p>



<p>Gonzalez-Santana says she was building entrepreneurial skills, such as creativity, problem-solving, and innovation, navigating her daily life. “I’ve been employing caretakers for 15 years. So, when you put that in perspective, that’s an extremely long amount of experience in the human resources aspect, right? It’s hiring; it’s training; it’s firing; it’s all those things,” she says. “I can’t get out of bed unless someone gets me out. So, imagine all the logistics that go into that; making sure there’s somebody here to do it. Having a backup plan. All those types of things that we just naturally have to adapt to in order to live our lives.”&nbsp;</p>



<p>Being her own boss and controlling her own schedule is also conducive to Gonzalez-Santana’s lifestyle needs. “[With] my body, I have moments where I’m feeling really great. I have moments when I’m not. That kind of comes and goes. So, the idea of working flexible schedules is that… I’m able to manage it based on… when I feel the best,” she says.</p>



<p>Powis says <a href="https://successcom.wpenginepowered.com/disability-inclusion/">entrepreneurs with disabilities</a> face the same challenges as any other person starting a business and that they need a support system. Just as a tech genius may need to hire marketing support, or a creative may need to seek out a financial whiz, entrepreneurs with disabilities may need employees, contractors, or parents/family members to assist with various aspects of their businesses. NDI works one-on-one with entrepreneurs to identify their need areas and connect them with resources via an integrated resource team model.</p>



<p>Gonzalez-Santana channeled her dream of starting a business into classes and mentorship with <a href="https://www.score.org/">SCORE</a>, which bills itself as the country’s largest network of volunteer expert business mentors. From her SCORE mentor, she says she learned about the vitality and viability of entrepreneurship, as well as tactical information for daily business operations.</p>



<h2 class="wp-block-heading" id="h-government-and-corporate-support">Government and corporate support</h2>



<p>Entrepreneurs with disabilities may hesitate to start their own businesses out of concerns that doing so will cause them to lose disability benefits and/or <a href="https://choosework.ssa.gov/blog/2024-01-12-will-i-lose-my-medicaid-if-i-work.html#:~:text=After%20you%20start%20working%2C%20your,too%20high%20to%20receive%20SSI." target="_blank" rel="noreferrer noopener">Medicaid</a>; however, it may be possible <a href="https://www.ssa.gov/benefits/disability/work.html#:~:text=During%20the%2036%2Dmonth%20re,no%20longer%20have%20a%20disability." target="_blank" rel="noreferrer noopener">to maintain benefits</a>—and many entrepreneurs have successfully done so. </p>



<p>Existing entrepreneurs may in turn hesitate to disclose their disability because they’ve experienced ableism and worry that sharing will lead to other businesses or customers not wanting to do business with them, Powis says.&nbsp;&nbsp;&nbsp;</p>



<p>However, disclosing a disability may lead to additional opportunities. Individuals must identify their disability to tap into NDI resources, and the institute encourages people to share. Historically, businesses that receive Disability-Owned Business Enterprise (DOBE) certification, which indicates a business is at least <a href="https://disabilityin.org/what-we-do/supplier-inclusion/get-certified/#:~:text=Start%20Certification%20Process,Access%20to%20private%20sector%20corporations" target="_blank" rel="noreferrer noopener">51% owned, managed, and controlled by a person with a disability</a>, have received priority federal contracting. </p>



<p>These certifications also assist with private sector contracts. <a href="https://disabilityin.org/" target="_blank" rel="noreferrer noopener">Disability IN</a> helps certify businesses and links them to organizations hoping to diversify their supply chains. “There are doors that open and funding that’s available if you disclose you have a disability. But it’s ultimately… up to the person and what their experience has been and whether they want to do that or not,” Powis says.</p>



<h2 class="wp-block-heading" id="h-working-within-the-system">Working within the system</h2>



<p>Government resources are available for the tenacious, Gonzalez-Santana says. She tapped into the vocational rehabilitation services department in her home state of Florida, which helped with vehicle modifications and desk equipment to start her business, as well as funding her master’s degree.&nbsp;</p>



<p>However, she found the department wasn’t open to or encouraging of entrepreneurship; it took resourcefulness on her part to navigate the system. “There's definitely some education that's needed,” she says. “However [if] we look at the positive side, [vocational rehabilitation departments have] huge budgets that they can spend in order to get you the things that you need.”</p>



<p>Powis says the federal and state agencies NDI has worked with to date have been open to identifying where they could do more to connect with entrepreneurs with disabilities and/or make their existing resources more accessible. “They need to be at the table. They need to be part of the conversations. They need to be willing and open to hearing the voices of the entrepreneurs and business owners with disabilities and hearing where there needs to be some change,” she says.</p>



<p>Regardless of the sphere, when it comes to <a href="https://successcom.wpenginepowered.com/nick-santonastasso-staying-adaptive/">supporting entrepreneurs with disabilities</a> Gonzalez-Santana says communication is key. “Most people with disabilities… they know what works best for them, and if you're given the opportunity to discuss that openly and freely, without judgment or fear …and both sides are just listening to each other, I think that would really just make everything flow,” she says.</p>



<p class="has-small-font-size"><em>Photo by SeventyFour/shutterstock.com</em></p>

There’s a growing entrepreneurial sector made up of business leaders with disabilities. Here’s what you can do to help out.

There’s a growing entrepreneurial sector made up of business leaders with disabilities. Here’s what you can do to help out. | SUCCESS

How to Support Entrepreneurs with Disabilities

How to Support Entrepreneurs with Disabilities | SUCCESS

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woman sitting at a desk doing paperwork and calculations

Money

Money Archives

Achieve financial success and freedom

<p>Could you <a href="https://successcom.wpenginepowered.com/how-to-ask-for-a-raise/">get a raise</a> next year—even if your employer doesn’t give you one? Maybe. If you’re on track to earn the same amount in 2025, you may see more in your paycheck thanks to adjustments to your taxes.</p>



<p>In October 2024, the IRS released its tax law adjustments for the 2025 tax year, which come into play when preparing your taxes in 2026. These included several modifications to account for inflation; however, these changes were smaller than in previous years. The agency’s income threshold adjustment is just 2.8% in 2025—<a href="https://www.cbsnews.com/news/irs-2025-tax-brackets-capital-gains-inflation-what-to-know/" target="_blank" rel="noreferrer noopener">down from 5.4% in 2024 and even more the previous year</a>.</p>



<p>“The inflation adjustments for next year are sort of more… historical versus the last few years [when] the inflation has just been astronomical,” says John Nowack, a certified financial planner, certified public accountant and the founder of <a href="https://alo.financial/" target="_blank" rel="noreferrer noopener">Alo Financial Planning</a>. “These most recent inflation increases [are] probably more on trend with what we've normally seen,” he says.</p>



<p>The IRS alters tax brackets, <a href="https://successcom.wpenginepowered.com/commonly-overlooked-tax-deductions/">deductions</a> and exemptions to prevent what’s known as “bracket creep,” which “occurs when inflation, rather than real increases in income, pushes people into higher income tax brackets or reduces the value they receive from credits and deductions,” writes economist Alex Durante in a <a href="https://taxfoundation.org/data/all/federal/2025-tax-brackets/" target="_blank" rel="noreferrer noopener">Tax Foundation blog</a>.</p>







<h2 class="wp-block-heading" id="h-tax-bracket-updates-and-what-they-mean"><strong>Tax bracket updates and what they mean</strong></h2>



<p>The IRS has altered each of its seven tax brackets, with higher income caps for each. The smallest tax bracket is 10% and applies to <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025" target="_blank" rel="noreferrer noopener">incomes of $11,925 or less for individuals</a>—that’s up $325 from the previous year. But an income cap increase doesn’t just apply to people making this amount or less. It applies to everyone.</p>



<p>Think of the IRS tax bracket system as a set of increasingly large buckets where the first bucket must be filled before starting to fill the second. If you’re earning $100,000, the first $11,925 you earn (or $23,850 or less for married couples filing jointly) is taxed at the lowest rate. Once that bucket is filled, then the next bracket applies. The wider the income brackets the IRS creates—in other words, the bigger the buckets—the better for taxpayers. Their income fills the buckets more slowly, and they’re subject to a lower overall tax rate.</p>



<p>The <a href="https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024" target="_blank" rel="noreferrer noopener">highest tax bracket is capped at 37%</a>. If that rate has you gripping the device you’re reading this on tightly, keep in mind this rate only applies to single taxpayers with incomes greater than $626,350 and married couples filing jointly whose incomes are greater than $751,600.</p>



<p>The amount taxpayers can claim for a standard deduction—the amount they can automatically deduct from their taxable income without itemizing—is also increasing. Single taxpayers and married individuals filing separately can <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025#:~:text=For%20single%20taxpayers%20and%20married,%24800%20from%20tax%20year%202024." target="_blank" rel="noreferrer noopener">expect a $400 increase</a>. Married couples filing jointly can look forward to an $800 increase from the previous year—a $30,000 standard deduction.</p>



<p>The child tax credit remains the same ($2,000, with $1,700 refundable), but taxpayers who have three or more qualifying children for the Earned Income Tax Credit can expect an increase of a couple hundred bucks.</p>



<p>Overall, “if you have the same amount of income, you would pay less tax in 2025 than you did in 2024,” says Joanne Burke, a certified public accountant, certified financial planner and founder of <a href="https://birchstreetadvisors.com/" target="_blank" rel="noreferrer noopener">Birch Street Financial Advisors</a>. Taxpayers who receive cost of living adjustments of 2.8% or larger raises in their salaries are out of luck, however. They can expect to pay the same or more taxes for the 2025 calendar year.</p>



<h2 class="wp-block-heading" id="h-tax-changes-for-high-earners-and-retirees"><strong>Tax changes for high earners and retirees</strong></h2>



<p>High net worth individuals can look forward to several benefits because of the 2025 tax adjustments. First, the annual exclusion for gifts is rising from $1,000 to $19,000 during the calendar year. That’s the <a href="https://www.morganlewis.com/pubs/2024/10/irs-announces-increased-gift-and-estate-tax-exemption-amounts-for-2025" target="_blank" rel="noreferrer noopener">highest amount ever</a>. And that’s per person, so spouses could potentially gift $38,000 to an individual to <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025" target="_blank" rel="noreferrer noopener">reduce their tax obligations</a> and without the individual having to pay taxes on that gift.</p>



<p><a href="https://successcom.wpenginepowered.com/estate-planning-maximize-gift-tax-exemptions/">Estate</a> tax credits are rising, too. Now, individuals can shield $13.99 million from federal estate taxes in the 2025 tax year. That’s up more than $300,000 from the previous year.</p>



<p>Burke, who often works with retirees or those actively planning for retirement, says the higher caps for catch-up contributions in 2025 will be impactful. These catch-up contributions allow people over age 50 to make additional deposits to their retirement accounts. In 2025, people aged 60 to 63 can <a href="https://www.investopedia.com/what-tax-changes-will-happen-between-2024-and-2025-8738495" target="_blank" rel="noreferrer noopener">make contributions up to $11,250</a>—a full $3,750 higher than other caps. “I think that’s pretty powerful,” Burke says.</p>



<h2 class="wp-block-heading" id="h-what-s-ahead-for-the-2026-tax-season"><strong>What’s ahead for the 2026 tax season?</strong></h2>



<p>Even more changes could be in store for 2026. Without any changes, many of the tax laws passed during the 2017 Tax Cuts and Jobs Act—one of the most significant tax overhauls in decades—will sunset at the end of 2025. “We’ve had this… tax freezing for the last eight years or so,” Nowack says. “I feel like a lot of the changes are going to catch people off guard… when it does come to filing for 2026.”</p>



<p>If the TCJA provisions aren’t renewed or adjusted, individual tax rates will increase 3% to 5% per bracket, the standard deduction will decrease and child tax credit amounts <a href="https://about.bgov.com/insights/elections/2025-tax-policy-crossroads-what-will-happen-when-the-tcja-expires/#which-tcja-individual-tax-provisions-are-set-to-expire" target="_blank" rel="noreferrer noopener">will roll back</a>.</p>



<p>High earners will have to reacquaint themselves with the alternative minimum tax. This system requires individuals earning a high income to calculate their taxes twice—once under the standard system with deductions and a second time under the AMT—then pay the higher amount. More than 20% of households with income between $200,000 and $500,000 may be subject to the AMT in 2026, <a href="https://taxpolicycenter.org/briefing-book/who-pays-amt" target="_blank" rel="noreferrer noopener">compared to 0.3% in 2022</a>.</p>



<p>Owners of pass-through businesses, such as freelancers and contractors, can also expect to pay more taxes since the TCJA includes an automatic 20% <a href="https://taxfoundation.org/data/all/federal/2025-tax-brackets/" target="_blank" rel="noreferrer noopener">deduction for qualified business income</a>.</p>



<p>There are several changes taxpayers can make now to minimize the changes that might be ahead for 2026. Nowack recommends looking at how taxpayers can “accelerate income in 2025.” For example, some people may want to sell appreciated stock or convert a traditional IRA to a Roth IRA in 2025 under a lower tax rate, rather than waiting until 2026. He says taxpayers may want to consider deferring deductions until 2026. For example, some may want to batch charitable donations from several years and hold off taking that deduction until a higher tax rate applies.</p>



<p>Although the TCJA passed under President Donald Trump’s first term, and he’s returning to office in 2025, there’s no guarantee the new administration will extend these provisions. “There is a larger risk than we’ve had in the past that tax rates could be going up just based on the debt, the deficit situation…. We’re at a very tax friendly… place right now. Let’s take advantage of it if we can and if it makes sense,” Nowack says.</p>



<p>Burke is also forecasting a potential TCJA sunset. “We’re… not holding our breath because we would turn blue in the face, but we’re… watching,” she says.</p>



<p class="has-small-font-size"><strong><em>Photo courtesy of fizkes/Shutterstock</em></strong></p>

Discover everything you need to know about the new tax bracket changes, estate tax credits and more for the 2025 tax season.

Discover everything you need to know about the new changes for next year.

The New 2025 Tax Changes Explained | SUCCESS

What You Should Know About 2025 Tax Changes

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Piper Mountain Christmas Tree Farm on a snowy day showing how do christmas tree farms work

<p>It’s a scene straight out of a holiday movie: A family travels to an idyllic farm to cut down their own Christmas tree and spends the day walking the rows, making wreaths and sipping hot cocoa. </p>



<p>At some of the 15,000 Christmas tree farms across the United States, this picture-perfect scene isn’t fiction. Many farmers forgo the wholesale market by welcoming visitors to purchase fresh trees—one of some 25 million sold in the U.S. every year. </p>



<p>Let’s take a closer look into how Christmas tree farms work by speaking to the families who run them.</p>



<h2 class="wp-block-heading" id="h-how-do-christmas-tree-farms-work">How do Christmas tree farms <em>work</em>?</h2>



<p>Although the farms do much of their business from the day after Thanksgiving through early December, Christmas tree growing is a year-round profession. “I get asked what I do the rest of the year,” says Christian Nicholson, owner of <a href="https://hiddenpondtreefarm.com/" target="_blank" rel="noreferrer noopener">Hidden Pond Tree Farm</a> and president of the New Jersey Christmas Tree Growers Association. “There is no rest of the year; it never stops.”</p>



<p>As soon as the ground thaws in spring, seedlings go in the ground by the thousand. Geographic location, soil and weather conditions and what customers want determine the crops growers plant. Increasingly, the effects of climate change affect their calculations; more extreme conditions make crop choice a moving target.&nbsp;</p>



<p>Throughout the spring and summer, farmers then plant cover crops, spray for pests and fertilize. Come high summer, around July, farmers are in the fields pruning trees by hand to shape the conifers into the perfect Christmas-tree form. Throughout the year, the farmers mow to keep paths and trails clear enough for visitors to traverse. The majestic firs and spruces spend eight to 10 years being tended to before they’re ready to be cut as the typical 6-foot Christmas tree.&nbsp;&nbsp;</p>



<p>Farmers attract families to their farms not only for one of the iconic symbols of the season, but also to create old-fashioned memories. The nostalgic feel keeps guests coming back year after year and across generations. Behind the scenes, farmers use hard work and <a href="https://successcom.wpenginepowered.com/ready-to-diversify-your-business-read-these-reminders-first/">diversification</a> to keep their businesses—and way of life—alive.&nbsp;</p>



<h2 class="wp-block-heading" id="h-piper-mountain-christmas-tree-farm">Piper Mountain Christmas Tree Farm</h2>



<p><strong>Newburgh, Maine</strong></p>



<p><a href="https://pipermtn.com/" target="_blank" rel="noreferrer noopener">Piper Mountain Christmas Tree Farm</a> owners Molly and Jesse Jimerson took over their parcel in 2022, but the farm has roots dating back to 1978, when now-retired Jim and Norma Corliss founded it.&nbsp;</p>



<p>“It looked like a Hallmark movie. It’s a dream business,” Molly recalls of their new venture, which was a perfect fit for her agricultural background and her husband’s make-or-fix-anything spirit. “We loved the idea of farming Christmas trees and giving our children that lifestyle.”&nbsp;</p>



<p>The Jimersons grow some 28,000 trees and plant between 3,000 and 4,000 primarily balsam firs each year. Tending the crop is a year-round affair. “We’re a working farm 11 months out of the year and an agritourism [farm] one month out of the year,” Molly says.&nbsp;</p>



<p>“It always feels like Easter was yesterday, and it’s Christmas tomorrow,” Jesse adds.&nbsp;</p>



<p>The Jimersons market farm visits to women, who often plan activities and make financial decisions for their families. “People can go to Home Depot, grab a Christmas tree and be done. [Women] like to make a day of it with their families,” Molly says. At Piper Mountain, the Jimersons create a full-day experience with horse-drawn carriage rides, food trucks and ornament shopping.&nbsp;</p>



<p>Although the couple wake up to the magic of a Christmas tree farm year-round, Molly recalls the enticing aroma of the barn as the wreath-making materials started to roll in during her family’s first season on the farm. “Tippers” harvest the branches in the wild—around 30,000 pounds of them—for the farm’s wholesale wreath business, which is another aspect of its diverse operations that includes an e-commerce sector.&nbsp;</p>



<h2 class="wp-block-heading" id="h-pioneer-trails-tree-farm">Pioneer Trails Tree Farm</h2>



<p><strong>Poland, Ohio</strong></p>



<p>Farming runs in the Perdulla family. Patriarch Frank grew up on the 52-acre parcel where he and wife Mary Jan, who hails from a line of Christmas tree farmers, planted their first trees in 1983. Forty years later, the couple is celebrating their ruby anniversary at the farm. They count <a href="https://successcom.wpenginepowered.com/join-the-family-business-without-the-drama/">their three children as part of the operation</a>, two of them as co-operators, and they oversee a crop that includes a variety of firs, spruces and pines.</p>



<p>The <a href="https://pioneertrailstreefarm.com/" target="_blank" rel="noreferrer noopener">Pioneer Trails Tree Farm</a> acreage creates a picturesque setting that serves as a backdrop for photographers who rent space to capture holiday photos. The Perdullas have even created photography sets, such as an old-fashioned wagon and a hot chocolate stand, to add to the ambiance. The photographer rental fees create another of the farm’s revenue streams, which include primitive tent camping spots added during the COVID-19 pandemic when outdoor recreation space was at a premium. They also saw a Christmas season visitation boom during the pandemic when socially distanced activities were in demand.&nbsp;</p>



<p>Holiday farm outings include a flat-rate tree (visitors can cut their own tree or select a pre-cut one), wagon rides and a trip to the Big Red Barn gift shop for handmade ornaments, hot chocolate and doughnuts. To appeal to families with activity-packed schedules, the farm opens a couple evenings for Friday Night Lights, when guests can select their trees under solar lights, enjoy a ride from a holiday-light bedecked wagon and gather around bonfires for s’mores and hot dogs.&nbsp;</p>



<p>Mary Jan says she’s gratified they’re continuing <a href="https://successcom.wpenginepowered.com/family-traditions-why-theyre-the-glue-of-great-families/">family traditions</a>. “I’m glad that we can continue operating as a Christmas tree farm. As [my kids] have grown up, so many [tree farms] have shut down. I have two grandchildren, and hopefully someday they’ll be interested in continuing it too,” she says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-hidden-pond-tree-farm">Hidden Pond Tree Farm</h2>



<p><strong>Mendham, New Jersey</strong></p>



<p>Christian Nicholson started <a href="https://hiddenpondtreefarm.com/" target="_blank" rel="noreferrer noopener">Hidden Pond Tree Farm</a> by leasing 35 acres of land and selling his first tree in 2008. The farm has since grown into an idyllic setting—at least the filmmakers at Netflix and Hallmark think so. They’ve filmed several holiday films on the property.</p>



<p>Nicholson says it’s fulfilling for him to welcome the public to the farm. “I could sell wholesale and be done in a weekend,” he says. “It’s a lot more fun to greet the same families every year. I’ve watched customers’ families grow up and have children of their own.”&nbsp;</p>



<p>The farm draws families from as far as New York City’s boroughs. “Families want more than a Christmas tree. It’s such an old-fashioned, simple tradition. I sell an experience as much as a tree; I sell the <a href="https://successcom.wpenginepowered.com/15-quotes-about-the-spirit-of-christmas/">spirit of Christmas</a>,” Nicholson says. Hayrides, tractor-drawn train rides, bonfires and a snack bar create a full-day experience for folks cutting their own Canaan fir, Fraser fir or concolor fir. (Nicholson also offers pre-cut trees.)</p>



<p>To bolster income the other 11 months of the year, Nicholson welcomes photographers to the farm for sessions—capturing Christmas card photos is also a hit here—and operates a wholesale boxwood business. “To make a farm work, you have to find an alternate source of income. There are very few farms that can make it work with only one commodity,” he says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-covered-bridge-ranch">Covered Bridge Ranch</h2>



<p><strong>Montrose, Colorado</strong></p>



<p>Natalie Riessen grew up a tree farmer’s daughter in Michigan. After a career in finance in Chicago and New York, she joined her father’s Colorado operation 12 years ago. “I was always in the corporate world, and I was looking to do something more entrepreneurial. I wanted something that I could take over at some point and continue to the next generation,” she says.&nbsp;</p>



<p>Her father’s travels introduced him to often-romanticized covered bridges and U-cut Christmas tree farms, both of which he incorporated into his Centennial State operation before Riessen joined. She says the setting and activity have multi-generational appeal. “It’s one of the rare things in life that you can do with many generations together; grandparents, children and grandchildren can all participate in doing something together. It supports what Christmas is all about,” she says.<strong>&nbsp;</strong></p>



<p><a href="http://www.coveredbridgeranch.com/home" target="_blank" rel="noreferrer noopener">Covered Bridge Ranch</a> transports visitors into the fields on tractor-drawn wagons to cut Canaan firs, Douglas firs, concolor firs, Colorado spruces or Scotch pines. After they find the perfect conifer, visitors can pop into the wreath-decorating barn, enjoy hot cider, visit the variety of animals on-site and browse the gift shop.&nbsp;</p>



<p>The farm only devotes 100 acres of the 300-acre parcel to Christmas trees. It has several other revenue streams. “We’re primarily a tree nursery,” Riessen says of their business Colorado Conifers, which grows trees for the wholesale and nursery market. The farm also operates a pumpkin patch, grows hay and raises longhorn cattle.</p>



<p>After her corporate career, Riessen now finds fulfillment in days mostly spent outdoors. “Growing things is pretty rewarding. It’s rewarding to see the things we grow develop and become more beautiful with the work that we put into them.”</p>



<p class="has-small-font-size"><em>Photo courtesy of Piper Mountain Christmas Tree Farm.</em></p>

Christmas tree growing is a year-round profession. Discover the enchanted world of U-cut Christmas tree farms and the families who run them.

Farming, marketing, tourism—enter the busy world of U-cut Christmas tree farms and the families who run them to learn how they work. | SUCCESS

Meet the Christmas Tree Farmers Keeping the Spirit of Christmas Alive

Learn Exactly How Christmas Tree Farms Work | SUCCESS

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Close up of woman using calculator and a laptop computer to analyze finance and freelance income

<p>Sixty-four million Americans freelanced in 2023, whether full time or for gig work, according to an Upwork study. That not only represents a new high for that category of work but also a significant percentage: 38% of the American workforce is earning income on a per-job basis. Freelancers often trade in traditional 9-to-5 jobs for benefits such as <a href="https://successcom.wpenginepowered.com/the-five-hour-club-and-the-future-of-flexible-work/">flexible work</a>, setting their own hours and independence.</p>



<p>However, freelancing comes with trade-offs, many of them financial. Freelancers face irregular income, a lack of employer-supported benefits, such as a retirement plan and health insurance, and shouldering the full federal income tax burden. These trade-offs don’t necessarily have to be viewed as disadvantages. With the right mindset, planning and financial strategies, freelancing can be a stable(ish) form of work or additional income stream.</p>



<h2 class="wp-block-heading" id="h-navigating-instability">Navigating Instability</h2>



<p>Employees receive regular paychecks in fixed or anticipated amounts. However, freelancers must ride the tide of pay for projects. They may go weeks or months between paydays, and their rates vary based on the client and work completed. Hiccups in processing or accounting may mean <a href="https://successcom.wpenginepowered.com/unpaid-invoices/">paychecks</a> don’t show up when expected. All these factors can make budgeting challenging because freelancers sometimes don’t know how much they’ll earn in a certain time frame.</p>



<p>Michael Raimondi, MFA, CFP®, a wealth manager and director of operations at Clarus Group, specializes in serving creative professionals who often take on contract work. “You can let this fear of unpredictability eat you up,” he says. To overcome this instability, he advises clients to find peace of mind by knowing their numbers. He helps them dig into their fixed expenses and discretionary spending without judgment to identify core monthly amounts they need to live on.</p>



<p>Then, he advises developing a plan to divert extra cash into savings during monetarily robust times. Freelancers can then draw upon these savings to create stable monthly or weekly “salaries” and/or to cover expenses during lean times. These funds should be easily accessible—in savings accounts, for example, rather than in investment funds. “Knowing that data helps artists and gig workers get out of their own way. These are facts and not feelings,” he says.</p>



<p>Financial experts recommend having at least six months of cash reserves saved before launching a freelance career. However, it may not always be possible to have these funds saved ahead of time. Some may find themselves launching a freelance career unexpectedly after being laid off or when life circumstances necessitate a job change. In those cases, having a fund to float the freelancer between projects becomes a goal to work toward rather than a starting gate necessity.</p>



<h3 class="wp-block-heading" id="h-understand-your-freelance-budget">Understand Your Freelance Budget</h3>



<p>Getting a full picture of a freelancer’s budget also requires understanding expenses. New freelancers may not have a clear picture of these costs, so Dwight Dettloff, CPA/PFS, CFP®, founder of Winding Trail Financial Planning, recommends consulting with other colleagues to identify these needs.</p>



<p>Budgets should also be dynamic, Dettloff says. “I like to do rolling budgets that are updated as new information comes in,” he says. Leaning on other similar professionals may also help navigate freelancing in general. “You’ll have some of the highest highs and the lowest lows. They can help you understand that you might be solo, but you’re not alone.”</p>



<h3 class="wp-block-heading" id="h-strengthen-stability-through-diversification">Strengthen Stability Through Diversification</h3>



<p>Diversifying revenue streams can also create more financial stability for freelancers. Diversification can be viewed through two lenses. First, it may be valuable not to rely on just a single client or a couple of clients. If those clients choose to hire elsewhere or funding dries up, that can leave project-work-reliant contract workers without income. Having more clients, even less lucrative ones, can help cushion the effects of these types of changes.</p>



<p>Second, it’s important for freelancers and gig workers to look at the breadth of their skills, Raimondi says. “They feel like they can only do one thing. ‘If I don’t pursue this one thing, someone else will,’” he says. He advises thinking about “what you’re really good at, what brings you joy and what people come to you for.” This may open pathways to other types of jobs and new ways to sustain a freelance career through inevitably turbulent times.</p>



<h2 class="wp-block-heading" id="h-overcoming-the-scarcity-mindset">Overcoming The Scarcity Mindset</h2>



<p>Raimondi says diversification may also help freelancers avoid a scarcity mindset—a pattern of thinking about what they don’t have or may not have enough of in the future. “It’s so difficult to escape that mindset,” he says. “No matter how successful you are as a freelancer, you’re always acutely aware that [the work] could be temporary.”</p>



<p>That mindset may lead contract workers to take on more projects than they can feasibly do or accept work they don’t truly want to be doing. This may be necessary to establish a freelance career, but even if it is, Raimondi recommends planning for an exit strategy from this approach. “Maybe it’s a time in your life where you do burn the candle at both ends, but just like when you have an investment, set a ceiling when you say ‘no more,’ or put an end date on that,” he says.</p>



<p>He also recommends “giving a little bit of time and energy to ‘What if it all works out?’ It’s our nature to protect ourselves and look at potential threats. It’s survival. When you’re no longer in a place of just surviving, and you’re truly thriving, that scarcity mindset can be given a little bit of a break and you can not be so hard on yourself.”</p>



<h2 class="wp-block-heading" id="h-planning-for-taxes">Planning For Taxes</h2>



<p>Dettloff says the biggest practical mistake he sees freelancers make is not setting aside enough for <a href="https://successcom.wpenginepowered.com/tips-for-freelance-taxes/">taxes</a>. Employees have federal and state income tax, where applicable, withdrawn from their paychecks. However, freelancers must cover these taxes themselves—including the portion their employers would have paid.</p>



<p>Online calculators can help predict taxes owed. However, for more accurate predictions based on individual circumstances, Dettloff recommends consulting with a tax professional. With a target amount set, Dettloff advises automating savings by setting up withdrawals to an earmarked account for taxes. Estimated tax payments should be made quarterly, on April 15, June 15, Sept. 15 and Jan. 15 of the following year.</p>



<p>Many first-time freelancers are unaware of the self-employment tax, which requires them to cover the full boat of employer and employee federal income tax, Social Security and Medicare contributions. “That trips a lot of people up. It essentially doubles [your tax obligation] when you’re self-employed,” he says. The self-employment tax rate in 2024 is 15.3%.</p>



<p>Although running their own business also means freelancers are entitled to deduct business expenses, not all expenses are <a href="https://successcom.wpenginepowered.com/commonly-overlooked-tax-deductions/">deductible</a>. And “if you didn’t document it, it didn’t happen,” Dettloff says. “Software can help with that. You’re innocent until proven guilty, except in the eyes of the IRS.” He recommends particular care in documenting meals and entertainment, travel, and automobile expenses, which he says are the categories most likely to draw the eyes of IRS auditors.</p>



<h2 class="wp-block-heading" id="h-creating-a-retirement-strategy">Creating A Retirement Strategy</h2>



<p>Another key area freelancers overlook is <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">retirement</a>, since it’s usually covered or automated by employers. Raimondi recommends freelancers set aside 50% of their income for taxes and retirement. After they pay taxes, which often equate to 20%-30% of their income, freelancers can devote the remaining funds to retirement.</p>



<p><a href="https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep" target="_blank" rel="noreferrer noopener">Simplified Employee Pension plans (SEP-IRAs)</a> are relatively simple to set up and they lower a freelancer’s taxable income. However, freelancers who establish <a href="https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations" target="_blank" rel="noreferrer noopener">S corps</a> may opt for 401(k)s if they anticipate funding employees’ retirement funds in the future. Either way, these funds should remain untouched and be allowed to grow for as long as possible. Other peace of mind and brokerage funds can act as emergency funding to handle unexpected expenses in the short term.</p>



<h2 class="wp-block-heading" id="h-budgeting-apps">Budgeting Apps</h2>



<p>Budgeting and <a href="https://successcom.wpenginepowered.com/best-financial-management-tools/">financial apps</a> can assist freelancers with tracking income, expenses and taxes. These apps can also facilitate timely invoicing and follow-up, which is critical to keeping cash flowing for gig workers. Ultimately, financial advisers say the best app choice may be the one that a CPA or financial planner recommends and that integrates with their systems.</p>



<p>Additional options include Xero, QuickBooks, FreshBooks and Wave.&nbsp;</p>



<p class="has-small-font-size"><em>Photo courtesy of Gumbariya/Shutterstock</em></p>

Discover strategies to manage your freelance income, budget wisely and achieve financial stability—even with unpredictable paychecks.

Discover essential strategies to manage your freelance income, budget wisely and achieve financial stability, even with unpredictable paychecks. | SUCCESS

Budgeting for Freelancers: How to Make Sure You're Never Strapped for Cash

Budgeting for Freelancers: How to Make Sure You&#8217;re Never Strapped for Cash

Managing Freelance Income for Financial Stability | SUCCESS

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Close up of african american woman writing with pen on contract

<p>Unlike employees, freelancers don’t have their rights and work responsibilities automatically outlined when they agree to work for a company. Whether initiated by the contracting company or the freelancer, <a href="https://successcom.wpenginepowered.com/agreement-vs-contract/">contractual work agreements</a> define important items, such as the project’s scope, payment, deadlines and ownership. Although contracts may initially seem like extra paperwork, these agreements create the foundation of a healthy working relationship. A detailed contract that clearly outlines expectations for both parties from the start can save money and time in the long run.</p>



<p>As a freelancer, if you’re drafting the contract, you can create desirable terms for yourself. If you’re signing a freelance contract originating with a client, don’t be afraid to make it work for you, says employment lawyer Jamie Wright of California-based Wright Law Firm. “You have a lot of rights—particularly if they want to work with you… you’re the talent… no contract is automatically set in terms. If you’re getting a standard contract, you can strike out some of those terms. If [the contract is] nonnegotiable, you can take it or leave it—work for them or move on and look for further work,” she says.</p>



<h2 class="wp-block-heading" id="h-here-are-five-steps-to-crafting-a-freelance-contract">Here are five steps to crafting a freelance contract</h2>



<h3 class="wp-block-heading" id="h-1-get-everything-in-writing">1. Get everything in writing</h3>



<p>“This may seem obvious, but not all freelancers operate under a written agreement. Don’t do that,” says Damien H. Weinstein, a partner in New Jersey’s Weinstein + Klein, who specializes in employment litigation. “A well-drafted agreement will contain all the essential terms, protect you and your work product, lessen the chance of misunderstandings and disputes and pave a good path for the parties to work together. In fact, some states even have laws that require a freelancer [to] work under a written agreement.”</p>



<p>If a formal contract isn’t possible, Weinstein still recommends creating a terms sheet. He advises against considering email exchanges contracts, as they aren’t legally binding. “[There are] things that can be lost in communication [via email]. It’s never very clear, unless the email definitively says, ‘here are the terms,’ and the other party says, ‘yes, I agree and accept.’ Email is almost like a virtual handshake. It’s kind of hard to prove. A contract is your best option.”</p>



<h3 class="wp-block-heading" id="h-2-use-your-business-legal-entity-not-yourself-to-make-the-contract">2. Use your business’ legal entity, not yourself, to make the contract</h3>



<p>“Operating through a legal entity—such as an <a href="https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc" target="_blank" rel="noreferrer noopener">LLC</a>—is a good idea to provide liability and asset protection and for tax benefits,” Weinstein says. Whoever signs a contract is legally liable for the terms of that agreement. If there’s a breach of contract and a financial judgment, the court can go after the liable party’s finances. If that liable party is an individual, personal assets, such as savings accounts, cars, homes and even a child’s 529 college savings plan, may be fair game to enforce a judgment. However, if a legal business entity enters into a contract, only that business’ assets are vulnerable to liability.</p>



<p>“Right off the bat, you’re creating a fence around your business operation that protects plaintiffs and creditors from touching your personal assets. And more than nine times out of 10, you get not just personal asset protection, but also individual liability protection,” he says.</p>



<h3 class="wp-block-heading" id="h-3-clearly-outline-the-scope-of-the-agreement">3. Clearly outline the scope of the agreement</h3>



<p>It’s important to define the type of work being done and how to get paid. Weinstein outlines the following questions:</p>



<h4 class="wp-block-heading" id="h-for-scope-of-services-ask-yourself">For scope of services, ask yourself:</h4>



<p>What are you creating/producing? What’s included and what isn’t? Are you allowed to hire subcontractors? And, if so, under what circumstances?</p>



<h4 class="wp-block-heading" id="h-for-payment-consider-these-things">For payment, consider these things:</h4>



<p>How are you paid and when? (At the end? At certain benchmarks? Upon delivery or acceptance of the work?) If the company will pay after acceptance of the work, what does successful completion look like?</p>



<p>Weinstein says to watch out for clauses stating work will be approved at the “sole and absolute discretion” of the company because that language is far too vague. “It is a very good idea to discuss what that looks like and to negotiate that and push back,” he says. The contract should also outline how many times the company can ask for revisions or modifications.</p>



<p>Additional payment details to consider: Under what circumstances can payment be withheld? What happens if an invoice is partially disputed? Are there late fees or penalties (a flat fee or percentage) if payment isn’t issued per contract terms?</p>



<h4 class="wp-block-heading" id="h-for-the-term-of-the-contract-think-about">For the term of the contract, think about:</h4>



<p>Is the contract for a certain length of time or based on completion of a project? How can the parties terminate the contract and what length of notice is required for each side? If either party terminates the contract prematurely, how is remaining payment due determined, and who owns what has been created at the point of termination?</p>



<p>Weinstein says he sees the most disputes around <a href="https://successcom.wpenginepowered.com/unpaid-invoices/">payment</a>. Especially from the freelancer’s perspective, “You can never be too detailed when it comes to payment terms,” he says. “At the end of the day. This is what it’s about.”</p>



<p>If you’re drafting the contract, you can create desirable terms for yourself. If you’re signing a freelance contract originating with a client, don’t be afraid to make the contract work for you.”</p>



<h3 class="wp-block-heading" id="h-4-establish-ownership">4. Establish ownership</h3>



<p><a href="https://www.investopedia.com/terms/i/intellectualproperty.asp" target="_blank" rel="noreferrer noopener">Intellectual property</a>—or in other words, who owns what’s produced—can be a tricky negotiating point. In freelance contracts, it’s assumed the contracting company will own the deliverables in a work-for-hire contract—for example, a branding logo. However, it’s also important to consider “how those deliverables can be used by the parties during and after the term of the agreement,” Weinstein says.</p>



<p>Quality freelance agreements should also define who owns preexisting and underlying materials and works in progress. For example, if a writer is composing an article for an annual report, who owns the interviews the writer must complete prior to penning the final article? Who owns the outline to the article? Weinstein has observed hiring organizations being heavy-handed with intellectual property provisions. He advises freelancers to advocate for retaining as much material as possible.</p>



<p>If a company does require ownership of supporting materials, it should compensate accordingly, Wright says.</p>



<p>It’s also valuable to outline the contracting company’s intellectual property. While completing work, a freelancer may have access to a company’s trade secrets, such as customer lists, pricing lists and other means of doing business. Wright says it’s important for both parties’ future liability to define if/how the freelancer can access that intellectual property and if/how the freelancer can utilize that intellectual property after work is complete.</p>



<h3 class="wp-block-heading" id="h-5-watch-for-red-flags">5. Watch for red flags</h3>



<p>Experts caution to watch for these provisions in freelance contracts:</p>



<h4 class="wp-block-heading" id="h-overreaching-results">Overreaching results </h4>



<p>Weinstein says to carefully determine what is within the scope of work and what’s outside it. Make sure the contract focuses on the deliverable and be wary of contracts that overpromise results. For example, a contract can reasonably require a freelancer to deliver a brand logo, but it should not require results such as growth of sales, business identification or other impacts from creating a brand logo.</p>



<h4 class="wp-block-heading" id="h-indemnification">Indemnification</h4>



<p>Wright advises to look carefully at indemnification clauses. Indemnity is “an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.” In other words, if someone sues because of the work created, who is liable for this suit?</p>



<h4 class="wp-block-heading" id="h-exclusivity">Exclusivity</h4>



<p>Weinstein recommends looking out for legalese that can limit a freelancer’s ability to work for other companies, including competitors of the contracting company. “Be careful about agreeing to anything exclusive, as that not only hampers your ability to earn a living, but it also muddies the legal relationship between the parties,” he says. “That’s very antithetical to the whole freelancer concept.” If you decide to work exclusively for the contracting company, it should compensate you for that ability and the period of exclusivity should be clearly outlined.</p>



<h4 class="wp-block-heading" id="h-non-disparagement">Non-disparagement</h4>



<p>Wright also advises watching out for contracts that don’t include a non-disparagement clause. These provisions say, “You’re not going to defame me or say negative things about me when I stop working for you, and vice versa,” she says. These clauses are valuable because if a company speaks poorly about a freelancer’s work, it might limit their ability to find and do business in the future.</p>



<p>Overall, Weinstein observes that no contract can be impenetrable. “Everyone says, ‘I want the bulletproof contract.’ And it’s impossible because you can’t write a contract that envisions every possible way something could go wrong or not wrong,” he says. However, “having a well-drafted but fair agreement of your own can help significantly streamline the negotiation/onboarding process and minimize legal risk down the road.”</p>



<p>With these five guidelines in mind, you’re on your way to a successful freelance agreement and working relationship with a contracting organization.</p>



<h2 class="wp-block-heading" id="h-find-freelance-contract-templates-online">Find freelance contract templates online</h2>



<p>Need a starting point for <a href="https://successcom.wpenginepowered.com/ethical-negotiation-tactics/">negotiation</a>? Freelance contract templates are available at Jotform, Legal Templates and LegalZoom.&nbsp;</p>



<p><em>This article originally appeared in the September <a href="https://successcom.wpenginepowered.com/subscriptions/">issue of SUCCESS+ digital magazine</a>.</em></p>



<p class="has-small-font-size"><em>Photo by Rido/Courtesy of Shutterstock</em></p>

Learn 5 key guidelines to draft a freelance contract that protects your rights, defines scope and secures fair payment terms.

Learn 5 key guidelines to draft a freelance contract that protects your rights, defines scope and secures fair payment terms. | SUCCESS

Get It in Writing: 5 Guidelines for Creating a Successful Freelance Contract

5 Essential Guidelines for a Successful Freelance Contract | SUCCESS

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A woman looks down at a pile of bills on her coffee table.

<p>Americans have money on their minds—and not in a good way. The <a href="https://www.nerdwallet.com/article/finance/2024-financial-angst-report" target="_blank" rel="noreferrer noopener">2024 Financial Angst Report by NerdWallet</a> found that 28% of respondents experience financial anxiety and 84% experience financial stress. Unfortunately, anxiety can have long-term effects: The <a href="https://gflec.org/wp-content/uploads/2021/04/Anxiety-and-Stress-Report-GFLEC-FINRA-FINAL.pdf?x85507" target="_blank" rel="noreferrer noopener">Global Financial Literacy Excellence Center</a> found that people experiencing financial anxiety are also less likely to be planning for retirement to secure their future financially. However, there are ways to confront and unpack your financial anxiety to minimize the stress you experience with regard to money. </p>



<p>Managing money anxiety isn’t always just a matter of making a budget or choosing the right investments. Money is <a href="https://successcom.wpenginepowered.com/money-remains-a-top-stressor-for-us-adults-here-are-some-tips-to-better-manage-stress-and-finances/" target="_blank" rel="noreferrer noopener">interwoven with our emotions</a>, from happiness to concerns, and these emotions affect the decisions we make.</p>



<h2 class="wp-block-heading" id="h-what-s-a-financial-therapist">What’s a financial therapist?</h2>



<p>Financial therapists help people navigate their feelings about money. According to the <a href="https://financialtherapyassociation.org/" target="_blank" rel="noreferrer noopener">Financial Therapy Association</a>, the field is “a process informed by both therapeutic and financial competencies that helps people think, feel, communicate and behave differently with money to improve overall well-being through evidence-based practices and interventions.”</p>



<p>These certified therapists can approach the field from different perspectives. Some may be certified financial planners or other types of financial professionals, while others may be licensed counselors first. Each becomes a certified financial therapist to inform their practice and add tools they can use to help their clients navigate the complex relationship between money and emotions. As Simi Mandelbaum, founder of <a href="https://prospr.fit/" target="_blank" rel="noreferrer noopener">Prospr Financial Wellness</a>, says, “I marry spreadsheets with the therapy couch.”</p>



<h2 class="wp-block-heading" id="h-what-does-a-financial-therapist-do">What does a financial therapist do?</h2>



<p>Mandelbaum says as a financial therapist she takes a step back from budgeting worksheets to talk to clients about their money personalities—and about how their approach to finances, such as spending or saving, impacts the subconscious ways they make decisions. “Studies show that [decision-making] is 90% emotional and 10% logical,” Mandelbaum says. “We are emotional beings.” She gives the example of walking by a bakery, smelling something delicious and buying it—regardless of any previous commitment to not eat out that week. “When people don’t understand their own <a href="https://success.com/why-it-pays-to-understand-your-money-mindset/" target="_blank" rel="noreferrer noopener">money mindset</a>, their thinking is just a numbers game. And very few people… actually stick to logical components… it’s often not a long-term result because it can’t be. We’re not driven by numbers,” she says.</p>



<p>That’s not to say there’s no place for spreadsheets in financial therapy. “Numbers are super important… because the numbers represent what your values are today,” she says. Knowing where her clients spend reveals whether their expenses line up with what’s important to them. With these values in mind, she can help them develop a budget. “It’s all going to help us create a personal cash flow system that works for you, as opposed to a system that’s just a lot of good points and makes sense, but will not work in reality,” she says.</p>



<p>She guides clients through identifying their money personalities and values via a series of thought games that distance them from their particular (and stressful) circumstances. For example, she may ask if when dining out they feel the need to pay for others, have others pay for them or split the check—to help identify whether they feel drawn to care for others, be cared for or be independent with money.</p>



<p>She says departing from what clients have seen and heard about money in their childhood or through adult experiences is difficult. “Creating our own path is not natural. It’s hard,” she says. “If you don’t have a mentor to look toward, you don’t know where you’re headed; you’re grasping at something.” Financial therapy helps people “realize where they're at and where they want to go to create a better future for themselves,” she says.<strong>&nbsp;</strong></p>



<h2 class="wp-block-heading" id="h-key-sources-of-financial-anxiety">Key sources of financial anxiety</h2>



<p>Mandelbaum has personally experienced financial stress. Her time as a single mother and breadwinner for five children caused anxiety and taught her about her own money mindset. Her desire to share her real-world lessons inspired her career pivot from the health field into financial wellness. She says she hears three causes of financial anxiety most commonly from clients:</p>



<ol>
<li>A shift in income, up or down</li>



<li>High debt</li>



<li>A new phase of life, such as getting married, having a baby, or retiring</li>
</ol>



<h2 class="wp-block-heading" id="h-confront-your-changing-income">Confront your changing income</h2>



<p>Money equals happiness, right? Not necessarily. More money can also be stressful. A <a href="https://www.pnas.org/doi/10.1073/pnas.1011492107" target="_blank" rel="noreferrer noopener">Princeton University study published in 2010</a> found that, on average, emotional well-being increased as income increased—to a point. At around $75,000 per year, it seemed to plateau. A subsequent <a href="https://www.pnas.org/doi/full/10.1073/pnas.2016976118" target="_blank" rel="noreferrer noopener">2021 University of Pennsylvania study</a> found that as income grows, happiness continues to grow for some, well beyond the $75,000 threshold. But <a href="https://penntoday.upenn.edu/news/does-more-money-correlate-greater-happiness-Penn-Princeton-research" target="_blank" rel="noreferrer noopener">a more recent study</a> from both teams of researchers identified numerous complexities reinforcing that money just doesn’t buy happiness for everyone. “It’s not just how much money [they have], but how they feel toward that money that’s going to make the difference,” Mandelbaum says.</p>



<p>Drops in income can also lead to anxiety. She walks clients through potential debt solutions to find ones that will cause the least stress for them. Some people feel more comfortable trying to earn more, while others wish to cut back. Money mindset determines the best tactic for that individual.<strong>&nbsp;</strong></p>



<h2 class="wp-block-heading" id="h-learn-how-to-rethink-debt">Learn how to rethink debt</h2>



<p>Mandelbaum says managing debt requires looking at the cause: Is it debt someone has carried for a long time, or is it revolving debt from impulse spending? Is it debt from a medical or other type of emergency or a student loan or debt from overspending? Determining these factors affects the approach not only to paying off debt but to keeping it off. “We first want to see the person’s personality, see how they are, see what would be the best approach to handle that debt,” Mandelbaum says.<strong>&nbsp;</strong></p>



<h2 class="wp-block-heading" id="h-manage-the-stress-of-combining-finances-nbsp">Manage the stress of combining finances&nbsp;</h2>



<p>Mandelbaum’s clients often come to her for help at one particular phase of life—when combining finances with a partner—which can cause conflict and, you guessed it, stress. “I always say there’s no way that my husband can be my head. It’s never gonna happen. If I have that expectation, we will never be happy,” she says. The key to less stressful financial interactions with a partner involves recognizing that each has a separate reality—and often a separate money personality—but that they share goals.</p>



<p>Each of these sources of financial anxiety share a cause: uncertainty. Mandelbaum says uncertainty in any area of life is one of the hardest things humans confront. She helps clients navigate uncertainty by having them identify areas of their life they can control—and those they can’t. “At some point, you realize you think you have more control than you actually do,” she says.</p>



<p>She also coaches clients not to ignore or banish their worries, but to accept the presence of these thoughts while lessening their impact. She even advises talking to the part of themselves that feels anxious. “Once you realize that it’s not you, it’s part of you, but it’s not you, then you can talk to [the] worry… and the judgment zone in your head,” she says. She teaches clients to try to identify if the source of their anxiety is real—or if it just feels that way. “We don’t always have to take those feelings seriously,” she observes.</p>



<p class="has-small-font-size"><strong><em>Photo courtesy Beautrium/Shutterstock.com</em></strong></p>

Learn how a certified financial therapist helps clients overcome financial anxiety and her top tips for managing money stress.

Learn how a certified financial therapist helps clients overcome financial anxiety and her top tips for managing money stress. | SUCCESS

How to Manage Financial Anxiety, According to a Financial Therapist

How a Financial Therapist Manages Financial Anxiety | SUCCESS

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Personal Development

Personal Development Archives

Personal Development | SUCCESS | What Achievers Read

<p>Your life’s purpose gives you a sense of aliveness, says life coach and international speaker <a href="https://www.marymorrissey.com/" target="_blank" rel="noreferrer noopener">Mary Morrissey</a>. It provides a feeling that life is meaningful and that you are progressing toward a goal. Having a life’s purpose doesn't just feel good—it’s also good for your mental health. Knowing what your purpose is has been associated with decreased levels of depression and anxiety. So how do you find it?</p>



<p>Morrissey, who holds a master’s degree in counseling psychology, has facilitated three weeklong meetings with <a href="https://www.amazon.com/Less-Than-Greatness-Spiritual-Principles/dp/0553379038" target="_blank" rel="noreferrer noopener">His Holiness the 14th Dalai Lama</a> and has authored two bestselling books, <a href="https://www.amazon.com/Building-Field-Dreams-Manin-Morrissey/dp/0553378147" target="_blank" rel="noreferrer noopener"><em>Building Your Field of Dreams</em></a> and <a href="https://www.amazon.com/Less-Than-Greatness-Spiritual-Principles/dp/0553379038" target="_blank" rel="noreferrer noopener"><em>No Less Than Greatness</em></a>, says that there are simple ways to attune to what will give you a greater sense of aliveness, fulfillment and meaning. Finding your purpose in life is an individual process. “There’s no one purpose for everyone,” she says. Discovering your purpose starts with closing your eyes, reflecting and asking yourself three questions.</p>



<h2 class="wp-block-heading" id="h-step-1-ask-yourself-what-makes-yourself-feel-most-alive">Step 1: Ask yourself what makes yourself feel most alive</h2>



<p>For many people, reflecting on this prompt to discover your life's purpose brings vivid moments to mind—as it did for one of Morrissey’s clients, who could picture herself planting tiny seeds in Dixie cups and cultivating fragrant flowers each spring.</p>



<p>The moments you identify and focus on don’t necessarily have to be tied to earning money, even if this line of inquiry may ultimately lead to career changes. “That’s not the first question because that money will ultimately leave you bankrupt in other parts of your life. … You won’t have a life that you absolutely love while you’re living,” Morrissey says. Nor do you necessarily need to identify an area in which you have skills or education. In fact, doing so may be limiting.</p>



<h2 class="wp-block-heading" id="h-step-2-ask-yourself-what-you-re-naturally-good-at">Step 2: Ask yourself what you're naturally good at</h2>



<p> Think about what you feel good doing—and things you’ve done that other people have told you you’re good at. It could be volunteer or paid work, but either way, think about your innate talents, abilities and skills.</p>



<h2 class="wp-block-heading" id="h-step-3-ask-how-you-can-make-a-difference-for-others">Step 3: Ask how you can make a difference for others</h2>



<p>“You want to put yourself inside the circle of concern, of course,” Morrissey says. “But there’s more good in it than just for yourself. So does what I’m creating [or] what I’m doing with my time… [create] good for others? Because that’s a different kind of payment than the cash that you’ll earn.”</p>



<p>Once you’ve answered these questions for yourself, it’s time to start putting this vision into action with five additional steps.</p>







<h2 class="wp-block-heading" id="h-step-4-notice-patterns">Step 4: Notice patterns</h2>



<p>With your vision work done, it’s time to take these ideas into the real world. Start to notice patterns and see if and how they reinforce your brainstorming. Do you truly feel alive when flying a drone? Are you naturally good at painting? Does planting flowers to make beautiful bouquets provide joy for others? Noticing these patterns will help you reinforce or adjust your blueprint.</p>



<h2 class="wp-block-heading" id="h-step-5-write-your-purpose-statement">Step 5: Write your purpose statement</h2>



<p>A purpose statement is a concise declaration based on what makes you come alive, what you’re naturally good at, and what good you can use it for in others’ lives. Research supports the efficacy of <a href="https://fullfocusplanner.com/5-reasons-why-you-should-commit-your-goals-to-writing/#:~:text=She%20found%20that%20you%20are%2042%20percent%20more%20likely%20to%20achieve%20your%20goals%20just%20by%20writing%20them%20down" target="_blank" rel="noreferrer noopener">writing down your goals</a>—and writing down your purpose statement is no different, Morrissey says. Doing so activates your brain and helps you notice things that support this statement.</p>



<h2 class="wp-block-heading" id="h-step-6-visualize-your-life-s-purpose">Step 6: Visualize your life's purpose</h2>



<p>“Finding your purpose holds little value if you’ve never figured out how to apply it in your life,” Morrissey says. “It just stays in the idea realm. With your purpose statement in mind… close your eyes [and start] to <a href="https://successcom.wpenginepowered.com/the-power-of-visualization-2/">visualize</a> a life where you are living in alignment with your deepest sense of purpose.”</p>



<p>Try on different possible futures using your imagination. As you do so, notice the people, places and activities that are part of that life. Morrissey asks you to ponder how “you feel inside the vision that you’re holding?…You're either going to feel expansive or you're going to feel contracted, like, ‘Oh, that feels like drudgery.’”</p>



<h2 class="wp-block-heading" id="h-step-7-take-an-inspired-step-toward-your-life-s-purpose">Step 7: Take an inspired step toward your life's purpose</h2>



<p>To begin moving into your life's purpose, Morrissey advises taking steps, even small ones. “You don’t have to rearrange your whole life right off the bat,” she says. “But you do want to make sure you’re leaning into the vision you’re holding, [even with] small steps. [You should] feel progressive, and then you know you’re progressing.”</p>



<p>Ask yourself, “‘What could I do from where I am with what I have?’” she adds.</p>



<h2 class="wp-block-heading" id="h-step-8-review-and-refine-your-life-s-purpose">Step 8: Review and refine your life's purpose</h2>



<p>“Don’t think of this as a one-time life[‘s] purpose quiz,” Morrissey says. “Remember that your purpose isn't set in stone. It's okay for it to evolve as you grow and learn. … The key to staying connected is to [revisit] <a href="https://successcom.wpenginepowered.com/3-ways-to-discover-your-true-passion/">your passions</a>—what brings you alive, your passions [and] talents [and] your desire to make a positive impact in the world.”</p>



<p>She understands that during this process, people may encounter naysayers—including themselves. When trying to envision your life’s purpose, you may immediately second-guess your gut instinct or convince yourself not to pursue your desires. You may even argue that you don’t have enough time, talent or skill to live out the life’s purpose you’ve identified. You may also talk yourself out of pursuing this purpose because doing so would require stepping from the known into the unknown, financially or otherwise.</p>



<p>“Know that it’s absolutely normal to have these thoughts. You’ve never done this before,” Morrissey says. “The patterns in the life we’ve known are like gravity, or there’s an undertow to pull you back to the familiar.” She advises treating finding your life’s purpose as an experiment that you’ll test by taking one step or spending a few minutes per day on it.</p>



<p>“It’s [about] ever seeking a freer, fuller, expanded version of itself, just like with a tree or a blade of grass. [You] will either move into a…hypnotic dead zone…or you [can] make the decision to see [that your] life matters,” she says. It all starts with asking what makes you feel alive.</p>



<p class="has-small-font-size"><strong><em>Photo courtesy of Aleksey Matrenin/Shutterstock</em></strong></p>

Uncover your life's purpose with these eight simple steps by life coach and best-selling author Mary Morrissey.

Uncover your life's purpose with these eight steps by life coach Mary Morrissey.

How to Discover Your Life's Purpose in 8 Steps

How to Find Your Life&#8217;s Purpose in 5 Minutes

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Uncover your life's purpose with these eight steps by life coach and best-selling author Mary Morrissey.

middle aged woman having a financial planning conversation with her aging parent in a coffee shop

<p>By 2029, all <a href="https://www.investopedia.com/terms/b/baby_boomer.asp#:~:text=The%20first%20members%20of%20the,will%20be%2065%20or%20older" target="_blank" rel="noreferrer noopener">76 million American baby boomers will be 65 or older</a>. With age may come wisdom, but it also comes with a variety of questions around lifestyle and legacy. Older Americans must consider everything from where they want to live to how they plan to support themselves as they age.&nbsp;</p>



<p>Adult children of aging parents may struggle with how to support them in these transitions—while not knowing when or how to discuss their parents’ needs with them. Aging parents may be uncomfortable about changing roles with their children and avoid conversations regarding these subjects. Often, these discussions are put off until an emergency occurs—a fall, an illness, mental decline—when loved ones must scramble for information and solutions.</p>



<p>Angela Dorsey, CFP and founder of Dorsey Wealth, serves many clients navigating these transitions and has personal experience tackling these issues with her own parents. She thinks its invaluable for adult children to have these financial planning conversations with aging parents.</p>



<h2 class="wp-block-heading" id="h-bringing-up-the-subject-of-financial-planning">Bringing up the subject of financial planning</h2>



<p>“A lot of families don’t feel comfortable talking about money,” she observes. She advises children or caretakers to set the stage appropriately for these conversations. In the best case, she says, parents will introduce the topic. In some cases, they opt to organize family meetings in which everyone can be clear about responsibilities such as who will oversee health and legal decisions for parents, parental wishes for living arrangements, their available resources including various types of insurance, and how inheritances will be apportioned.&nbsp;</p>



<p>If children must introduce discussions about financial matters, she recommends broaching the topic from a place of concern. “Parents and grandparents are used to being in the position of power. It can make them feel uncomfortable,” Dorsey says. “So, for the children, if they come from a place of good intentions where they’re truly looking out for their [parents’] best interests, that’s the way to go.” </p>



<p>She suggests setting the stage by saying something like: “You guys took such great care of us. We want to make sure we can do everything we can to help you.”&nbsp;</p>



<p>It may also be possible to share information informally. She recommends looking for opportunities to bring up the subjects in a non-threatening environment and in casual conversation whenever possible. <em>Hey, where is that safe key located? Are you thinking about downsizing your home or staying here? </em>Covering financial needs for aging parents may not require a formal conversation if there’s a culture of free-flowing information within the family.&nbsp;</p>



<h2 class="wp-block-heading" id="h-3-important-financial-planning-conversations-to-have-with-aging-parents">3 important financial planning conversations to have with aging parents</h2>



<p>Here are some key conversations adult children should have with their aging parents:&nbsp;</p>



<h3 class="wp-block-heading" id="h-1-the-presence-and-location-of-estate-planning-documents-nbsp">1. The presence and location of estate planning documents&nbsp;</h3>



<p>According to legal assistance site LegalZoom, only <a href="https://www.legalzoom.com/articles/estate-planning-statistics" target="_blank" rel="noreferrer noopener">33% of Americans have estate planning documents in place</a>.&nbsp;</p>



<p>There are four basic types of estate planning documents: power of attorney, an advance health care directive, a will, and/or trust.&nbsp;</p>



<p>A power of attorney authorizes someone to act on the person’s behalf, and advance health care directives outline a person’s wishes with regard to medical and supportive care.&nbsp;</p>



<p>With around <a href="https://www.census.gov/data/tables/2023/demo/popproj/2023-summary-tables.html" target="_blank" rel="noreferrer noopener">a quarter of adults in early retirement (ages 65 to 74)</a> and nearly half of adults ages 75 and older reporting they have a <a href="https://www.apa.org/monitor/2023/11/older-adults-disabilities#:~:text=46%25,of%20adults%20younger%20than%2035" target="_blank" rel="noreferrer noopener">disability</a>, it’s vital that aging people name someone to make decisions on their behalf in the event they are physically or mentally unable to do so. “If they’re still alive but they can’t speak for themselves, who has the authority to contact the bank and find out if their bills are past due?” Dorsey asks. “You’d be surprised how many of my clients need to have that in place.”&nbsp;&nbsp;</p>



<p>Wills dictate the distribution of assets after death, and they can assign guardians for minor children or pets. Trusts also distribute assets, including residences, via a third-party trustee on behalf of beneficiaries. Trusts may also help protect elderly parents’ assets in the event of mental decline. Open conversations regarding legacy giving are also important, according to Dorsey. “They could talk about their wishes, their intent, so when the time comes, there’s no hard feelings,” Dorsey says. “Things can get really ugly. They can get really ugly even if some of them don't have a lot of assets.”</p>



<p><a href="https://successcom.wpenginepowered.com/what-is-estate-planning-and-what-documents-should-be-included-in-yours/">Estate planning</a> documents should be reviewed regularly—every one to five years depending on changes within the family—to ensure they’re up to date. With these documents in place, there’s another necessary step: sharing the location of these documents with loved ones. According to LegalZoom, more than half of people don’t know where their parents store these documents.&nbsp;</p>



<p>In some cases, parents may have physical copies stored in their home or safe deposit box. In other cases, these documents may be available through a secure online portal or via a financial adviser. Regardless, it’s important that caregivers—or potential caregivers—know how to access them. In some cases, one spouse keeps all the financial information, so this information sharing may also need to occur between partners, not just between generations.&nbsp;</p>



<p>“The bottom line is just knowing what your next step is,” Dorsey says. “Just have something to help everyone to reduce confusion in a time where they really won’t be able to think too clearly.”&nbsp;</p>



<h3 class="wp-block-heading" id="h-2-nbsp-living-arrangements-and-future-plans">2.&nbsp; Living arrangements and future plans</h3>



<p>Dorsey outlines important topics to cover about living arrangements, including whether parents wish to stay at home. That’s likely the case, given that <a href="https://www.aarp.org/home-family/your-home/info-2021/home-and-community-preferences-survey.html" target="_blank" rel="noreferrer noopener">77% of Americans age 50 and older report a desire to age in place</a>. However, aging in place may also require downsizing to a smaller home that’s easier to care for and/or is more accessible, and seeking out home care if the need arises.&nbsp;</p>



<p>Elderly parents may also have considered where they would like to go if medical necessity requires them to move out of their home into a senior, assisted living, or memory care facility. If they don’t have definitive plans yet, Dorsey recommends helping them think through their wishes and setting a plan in place.</p>



<h3 class="wp-block-heading" id="h-3-available-financial-assets">3. Available financial assets</h3>



<p>Some parents may hesitate to speak about specific amounts; however, it’s important to discuss general resources. Most importantly, Dorsey says, is to ensure aging parents have enough money to cover their needs. They may not volunteer the information that they’re afraid of running out of money, so it’s important to look for signs like unpaid bills or unmet needs.</p>



<p>It’s also valuable to know about health coverage and insurance information, including if they have long-term care insurance and/or a life insurance policy that can be tapped to help with the living policy holder’s needs.&nbsp;</p>



<p>Adult children need to know about available funds because they may be expected to fill the gaps. Dorsey notes, “You can talk about how it helps you if there’s more communication about plans and assets to cover them.”&nbsp;</p>



<p>Regardless of who introduces the subject or the specific topics, “it’s really important to start the conversation as early as possible,” Dorsey says. Just starting the conversation can make aging parents and adult children feel more comfortable talking about money and pave the way to greater understanding. </p>



<p class="has-small-font-size"><em>Photo by Krakenimages.com/Shutterstock.com</em></p>

Financial planning conversations with aging parents can be difficult and emotional, but these 3 topics are critical to discuss.

Financial planning conversations with aging parents can be difficult and emotional, but these 3 topics are critical to discuss. | SUCCESS

How to Have Difficult Financial Planning Conversations with Aging Parents

Financial Planning Conversations with Aging Parents | SUCCESS

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Serious grey haired mature couple calculating bills, checking finances together at home

<p>People in their 60s often face the decades in two parts: the run-up to retirement and retirement itself. Although retirement may have a date on the human resources calendar, it can—and perhaps should—involve years of transition. To navigate both phases of this important decade, here are the biggest financial mistakes to avoid in your 60s, according to financial experts. </p>



<h2 class="wp-block-heading" id="h-1-not-planning-how-they-will-spend-their-time-in-retirement">1. Not planning how they will spend their time in retirement </h2>



<p>David Edmisten, CFP<sup>®</sup> and founder of Next Phase Financial Planning, LLC, says retirement represents an opportunity to find or renew personal purposes outside of work. </p>



<p>“Whenever anybody hears about <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">retirement planning</a>, they usually think of numbers, like what are my investments doing? What's the market doing? Have I saved enough? Will I run out of money?” Edmisten says.&nbsp; “Those are all super important questions, but a lot less time is spent on how will I find fulfillment?” Having community and a sense of purpose is <a href="https://www.health.harvard.edu/blog/will-a-purpose-driven-life-help-you-live-longer-2019112818378" target="_blank" rel="noreferrer noopener">associated with longer lives</a>. He advises clients to spend more time considering how they will spend their time, which, of course, also has financial impacts.&nbsp;</p>



<p>For example, if people decide to consult in their field after retirement and/or to work part time in another career, their earnings could keep them from drawing upon their retirement funds for a while—or it could lead to penalties if they’ve started drawing on Social Security then decide to go back to work. If clients relocate to an area with a higher cost of living to be closer to children or friends, they could draw upon their retirement funds faster than expected. And the same could be said if they decide to take up an expensive hobby to fill the time they previously devoted to work. Thinking about where they plan to live and how they plan to spend their time helps people transition into retirement emotionally, physically, intellectually—and financially.&nbsp;</p>



<h2 class="wp-block-heading" id="h-2-not-enjoying-their-leisure-years">2. Not enjoying their leisure years </h2>



<p>Emily Rassam, CFP<sup>®</sup> and Senior Financial Planner for Archer Investment Management, has found that many clients avoid withdrawing their retirement funds. </p>



<p>“They've been in this accumulation mode of building up their assets,” she says. “Then, all of a sudden, they have to turn the spigot on and start to take money out. And that's a really scary experience.” The fear of spending too much or too soon keeps people from spending. In the process, many miss out on travel, hobbies or experiences they wish to pursue because their health declines too much, Rassam says. To feel comfortable spending, Rassam helps people find their “number,” in other words, the ideal amount to save for retirement.&nbsp;&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-3-following-blanket-guidelines-for-retirement-age">3. Following blanket guidelines for retirement age</h2>



<p>Some people choose to retire at 65 because that’s when they become eligible for <a href="https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-does-medicare-coverage-start#:~:text=Generally%2C%20when%20you%20turn%2065,the%20first%20of%20the%20month.&amp;text=Your%20browser%20can't%20play%20this%20video." target="_blank" rel="noreferrer noopener">Medicare</a>. While others, mainly if they were born after 1960, delay until age 67 because they can tap into their full Social Security benefits. However, these benchmark ages may not serve everyone’s circumstances.&nbsp;</p>



<p>“Everyone’s financial situation is different,” Rassum says. “Some people are perfectly fine to retire at 60. Maybe they worked longer than they really needed because they were ‘supposed to.’ And some people need to work longer, so 65 or 67 might not be the best date for them.” Instead, she advises soon-to-be retirees to work with a financial planner to determine the best age based on their circumstances.&nbsp;</p>



<h2 class="wp-block-heading" id="h-4-believing-everyone-has-the-same-number-for-retirement-savings">4. Believing everyone has the same “number” for retirement savings</h2>



<p>Although there are many blanket assessments of how much money people should have for retirement, Rassum says this number is a highly individualized calculation. <a href="https://successcom.wpenginepowered.com/financial-planning-checklist/">Financial planning</a> aims to determine “the number” people need to cover their long-term expenses, health care and goals.</p>



<h2 class="wp-block-heading" id="h-5-not-having-a-diversified-tax-strategy">5. Not having a diversified tax strategy </h2>



<p>Edmisten says people retiring are so focused on accumulation that many need to think about how taxes will affect those funds when withdrawn.</p>



<p>“Typically, you’re at your highest earnings before you finish your career. While you’re retired, you’re probably going to have some of the lowest earnings of your life,” he says. However, when people reach 73, they must begin taking Required Minimum Distributions (RMDs) from their retirement accounts. (The amount is determined by age and life expectancy.) Those withdrawals can mean big money—and a significant shift into higher tax brackets. That leaves many people paying unexpected amounts to the government rather than spending their savings on their leisure years.&nbsp;</p>



<p>To avoid overpaying taxes, Edmisten recommends that clients invest funds in multiple tax buckets in the years leading up to retirement. While many people have most of their pre-tax funds in 401(k)s, he also advises putting after-tax dollars in an IRA, as well as a taxable brokerage account that doesn't have limits on what they save or have minimum withdrawals at a certain threshold. </p>



<p>“Having those three buckets set in place before you get to retirement gives you all these different levels you can pull so that you can manage your taxes more effectively,” he says. If people don’t plan their tax strategies before retirement, they can often shift or convert funds in the years right after it.&nbsp;&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-6-not-accurately-budgeting-for-giving">6. Not accurately budgeting for giving<strong> </strong></h2>



<p>While everyone’s philanthropic and legacy gifts are individual decisions, being too generous can become problematic.&nbsp;</p>



<p>“It can actually blow up some retirement budgets if it’s done too frequently or without proper consideration,” Edmisten says. He advises clients to budget for giving, whether that means giving gifts while they’re alive (the IRS allows for tax-free gifts up to $18,000 a year) or setting aside funds for inheritances. “You want to take care of yourself and meet your own needs first and let others come second. Not in a selfish way, but it just doesn't make sense to give so much that now you're under pressure on your yearly expenses,” he says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-7-not-budgeting-for-medical-expenses">7. Not budgeting for medical expenses </h2>



<p>Although Americans 65 and older qualify for Medicare, retirees must also pay for additional insurance for benefits not covered under their primary plans, such as prescription drug coverage and dental, hearing and vision care. Additionally, they must cover out-of-pocket expenses. With rising health care costs—and growing health concerns as they age—the typical couple aged 65 who retires in 2023 can expect to spend $315,000 on <a href="https://www.investopedia.com/retirement/how-plan-medical-expenses-retirement/" target="_blank" rel="noreferrer noopener">health care</a>. Not having enough saved for these expenses can dramatically affect retirement.&nbsp;</p>



<h2 class="wp-block-heading" id="h-8-being-too-aggressive-or-too-conservative-with-your-investments">8. Being too aggressive or too conservative with your investments</h2>



<p>Retirees may live 20 to 30 years after they stop working—so retirement doesn’t mark the conclusion of wise investing. Rassam says some clients have their 401(k)s in the same funds as when they opened the accounts 30 years ago, funds that are probably too aggressive for their age. At the same time, other clients are too conservative. </p>



<p>“They get off the highway altogether and stick their money in a safe investment that’s not going to keep up with inflation,” she says. Many retirees can take a lesson from Goldilocks. “The majority of retirement investors are somewhere in a moderate portfolio, trying to keep up with inflation but reduce the risk level and therefore the volatility and stress because one of the top things clients seek in retirement is peace of mind.”</p>



<p class="has-small-font-size"><em>Photo by fizkes/Shutterstock.com</em></p>

For many people in their 60s, retirement is looming. To navigate this transition well, here are the 8 biggest financial mistakes to avoid.

For many people in their 60s, retirement is looming. To navigate this transition well, here are the 8 biggest financial mistakes to avoid. | SUCCESS

The 8 Biggest Financial Mistakes to Avoid in Your 60s

8 Biggest Financial Mistakes to Avoid in Your 60s

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Mature women learns the biggest financial mistakes to avoid in your 50s

<p>Some Americans move into a peak earning decade during their 50s. However, greater earnings don’t necessarily translate to financial security. People in their 50s are facing financial headwinds that include higher costs of living, rising debt, the disappearance of pension funds and an increased reliance on Social Security. A study from the Center for Financial Services Innovation, funded by the AARP Foundation, indicated that just 17% of adults 50 and older in the low-to-moderate income range are “<a href="https://www.aarp.org/money/budgeting-saving/info-2019/financial-health-survey.html" target="_blank" rel="noreferrer noopener">financially healthy</a>.” </p>



<p>To help protect your financial future, learn about how to prepare for retirement in your 50s, the biggest financial mistakes people make at this juncture and how to avoid them, according to financial planners.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-1-not-being-intentional-with-investments-and-tax-planning">1. Not being intentional with investments and tax planning</h2>



<p>Marianne M. Nolte, CFP<sup> </sup>and founder of Imagine Financial Services, says a foundational issue in this decade is people not knowing their numbers. </p>



<p>“A lot of people guess at their budget. <a href="https://successcom.wpenginepowered.com/how-to-create-a-budget/">Guessing at your budget</a> isn’t going to cut it when you approach retirement,” she says. “A lot of times they have a 401(k) and don’t think about it—they just know it’s a place a chunk of their paycheck goes. They don’t know if they’re on the right course.”</p>



<p>Lamont Brown, MBA, CFP and principal wealth advisor of ALNA Financial, agrees. "Their investments are here, there and everywhere. Maybe they started a portfolio when they started their first job,” he says. “At that point, they can put it in a fund and forget it. But in their 50s, they want to make sure it’s pointed in the right direction and ask a lot of questions.”</p>



<p>Whether people choose to invest aggressively or conservatively is an individual choice based on a variety of factors including risk tolerance. However, at this phase of life, in addition to considering their own needs, people may also be planning for legacy giving.&nbsp;</p>



<h2 class="wp-block-heading" id="h-2-failing-to-take-advantage-of-maximums-and-catch-up-contributions">2. Failing to take advantage of maximums and catch-up contributions</h2>



<p>Brown says the top mistake he sees clients make in this decade is not increasing their retirement savings. “The 50s is like the fourth quarter in a football game. It’s going to make or break the ending,” he says. “In your 50s, you can still make a positive impact on your retirement goal. Most people are still 17 years away.”</p>







<p>The IRS allows people in their 50s to contribute larger amounts than other age groups to catch up to their retirement savings goals. In 2024, people in this decade can contribute up to <a href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000" target="_blank" rel="noreferrer noopener">$30,500 to their 401(k) plans, and they still have the option to contribute up to $7,000 to traditional or Roth IRAs</a>.</p>



<h2 class="wp-block-heading" id="h-3-falling-victim-to-lifestyle-creep">3. Falling victim to lifestyle creep</h2>



<p>Brown says people in the high-earning decades of the 50s can easily fall into the trap of lifestyle creep. “You should be significantly increasing your savings in your 50s, but I often see the opposite," he says. With extra cash—and in many cases, children out of the home also creating an extra cash infusion—he sees larger houses and more expensive cars show up. “You should be saving as much as you humanly can. It’s not the time to go start taking on extra expenses,” he says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-4-withdrawing-retirement-savings-too-early">4. Withdrawing retirement savings too early</h2>



<p>Nolte warns clients from drawing upon their savings too soon, particularly when it comes to Social Security, if that’s a source they will be relying on. Although Americans can begin claiming social security funds at <a href="https://www.ssa.gov/benefits/retirement/planner/agereduction.html" target="_blank" rel="noreferrer noopener">age 62</a>, they don’t receive full benefits until the age of 67, if they’re born after 1960. However, waiting to claim the benefits until age 70 means earning 124% of <a href="https://www.ssa.gov/pubs/EN-05-10035.pdf" target="_blank" rel="noreferrer noopener">Social Security benefits</a>.&nbsp;</p>



<p>Withdrawing early from other types of retirement funds, such as Roth IRAs, may also have financial costs. For example, people may withdraw funds from their Roth IRAs at any time; however, they <a href="https://www.irs.gov/taxtopics/tc557" target="_blank" rel="noreferrer noopener">must pay an additional 10% tax on the earnings if they do so before age 59 ½.</a> Additionally, they’re losing out on the benefits they would gain through compound interest if they left the money in the fund longer.&nbsp;</p>



<p>If clients are interested in retiring but have a job that allows them to reduce their hours, Brown advises they “let it ride.” “If you have a job that allows you to work part time, as long as you’re getting paid, as long as it keeps you active, you can ease into retirement. I have a lot of clients that still feel healthy; they just don’t want to work as many hours.” Reducing hours rather than officially retiring can help prevent early withdrawals from retirement funds.&nbsp;</p>



<h2 class="wp-block-heading" id="h-5-having-an-out-of-date-estate-plan">5. Having an out-of-date estate plan</h2>



<p>Nolte advises that people in their 50s can easily have an out-of-date estate plan. “Once the documents are drafted, they should be revisited every year or every five years depending on changes in the family. You should be doing what you can to not have a negative impact in probate,” she says. Family changes such as children coming of age, parents passing away, trusted friendships shifting, downsizing (or upsizing) a home, opening new investments, etc., can all affect an estate plan.&nbsp;</p>



<p>Nolte also recommends creating a simple contact list so survivors can easily know how to contact your estate attorney, financial planners and other key estate management professionals, as well as see a list of where accounts are held.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-6-not-investing-in-disability-insurance">6. Not investing in disability insurance</h2>



<p>Brown observes that in this key savings decade, many people in their 50s can easily hinder their long-term plans by encountering a disabling injury or health condition. He advises taking out private short- and long-term disability insurance. While many employer-owned policies only cover a portion of monthly needs, a private policy allows people to anticipate and cover all their financial needs. These policies can prevent people from falling into medical debt and allow them to keep directing funds into retirement savings.&nbsp;</p>



<h2 class="wp-block-heading" id="h-7-delaying-or-overlooking-long-term-care-insurance">7. Delaying or overlooking long-term care insurance</h2>



<p>The U.S. Department of Health and Human Services estimated that more than “half (56%) of Americans turning 65 today will develop a disability serious enough to require [<a href="https://aspe.hhs.gov/sites/default/files/documents/08b8b7825f7bc12d2c79261fd7641c88/ltss-risks-financing-2022.pdf" target="_blank" rel="noreferrer noopener">long-term services and supports</a>].” With that in mind, Brown recommends considering long-term care insurance, particularly when people are in their 50s. “It’s the last point where it’s going to be kind of affordable. Right about in your 60s, it goes from affordable to ridiculous. You want to make sure you get long-term care insurance before then,” he advises.</p>



<p class="has-small-font-size"><em>Photo by</em> <em>Ground Picture/Shutterstock.com</em></p>

Here are seven of the top financial mistakes to avoid in your 50s and how use that knowledge to best prepare for retirement.

Here are seven of the top financial mistakes to avoid in your 50s and how use that knowledge to best prepare for retirement. | SUCCESS

The 7 Biggest Financial Mistakes to Avoid in Your 50s

The 7 Biggest Financial Mistakes to Avoid in Your 50s | SUCCESS

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An unlocked prison door exemplifying reentry support

Trends &amp; Insights

Trends &amp; Insights Archives

Trends &amp; Insights | SUCCESS | What Achievers Read

<p>According to the National Conference of State Legislatures, 77 million Americans—or one in every three adults—carries a criminal record, whether that’s an arrest, a charge or a conviction.&nbsp;</p>



<p>Some 650,000 people are <a href="https://www.justice.gov/archive/fbci/progmenu_reentry.html#:~:text=Over%2010%2C000%20ex%2Dprisoners%20are,within%20three%20years%20of%20release" target="_blank" rel="noreferrer noopener">released from prison each year</a>. That’s a weighty portion of the population attempting to reenter society and facing challenges due to their judicial record, including a lack of employment and housing and difficulty accessing higher education and voting rights.&nbsp;</p>



<p>Changes in society, personal perspectives and business practices could help ease these transitions and ultimately disrupt the American system, which currently has the highest recidivism rate in the world.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-to-help-formerly-incarcerated-citizens-reenter-society">How to help formerly incarcerated citizens reenter society</h2>



<h2 class="wp-block-heading" id="h-1-cover-the-basics-nbsp">1. Cover the basics&nbsp;</h2>



<p>When incarcerated individuals return, they may have difficulty with meeting their fundamental needs for housing and work.&nbsp;</p>



<p>“If we’re telling people, ’OK, you did the crime, now you gotta do the time,’ then what’s our responsibility [when they get home]? Do we continue to punish them for the rest of their lives? Right now, yes,” says Kevin McCracken, executive director of <a href="https://thelastmile.org/" target="_blank" rel="noreferrer noopener">The Last Mile</a>, a nonprofit fighting recidivism and activating the potential of justice-impacted individuals through education and technological training.&nbsp;</p>



<p>A variety of approaches could address this problem, including eliminating background checks for employment or housing and/or allowing returned citizens to apply for sealing or expungement of their criminal records under certain circumstances.&nbsp;</p>







<h2 class="wp-block-heading" id="h-2-ban-the-box">2. Ban the box</h2>



<p>Although 15 states have mandated the removal of conviction history questions from job applications for private employers, hiring entities in these situations <a href="https://www.thebalancemoney.com/when-can-job-applications-ask-about-criminal-records-2060479#:~:text=Thirteen%20states%20prohibit%20private%20employers,Island%2C%20Vermont%2C%20and%20Washington" target="_blank" rel="noreferrer noopener">can still conduct background checks</a> once they make a job offer. That means returned citizens in most states must indicate their judicial involvement on job applications—an answer that can take them out of the running even decades after they’ve been convicted or served time.&nbsp;</p>



<p>According to Tim Hamilton, chief administrative officer of Texas-based nonprofit <a href="https://www.pep.org/" target="_blank" rel="noreferrer noopener">Prison Entrepreneurship Program</a>,&nbsp; “When you check that, there’s a pretty high likelihood your application is going in the trash.” Instead, he advocates for “having an open, honest interview process where guys can go and talk about, ’Hey, I did make a mistake, but this is what I’ve learned and how I’ve changed, and how this benefits you.’” Although the conversation may ultimately lead to the same outcome, “at least it removes a barrier,” Hamilton says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-3-understand-the-needs-of-returned-citizens-nbsp">3. Understand the needs of returned citizens&nbsp;</h2>



<p>Returned citizen Josh Nowack, co-founder of Breaking Free Enterprises and board member for nonprofit business ownership training program <a href="https://successcom.wpenginepowered.com/inmates-to-entrepreneurs/">Inmates to Entrepreneurs</a>, employs fellow returned citizens. He pays at or above the $20 California minimum wage and gives them time off during the workday to meet a probation officer, meet with their lawyer, go to a custody hearing for their children or take care of other legal matters.</p>



<p>“All too often, especially at these minimum wage-style jobs, you don’t have the wherewithal or ability to just take off and do what you need to do to take care of business,” he says.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-4-support-returned-citizens-who-start-businesses">4. Support returned citizens who start businesses</h2>



<p>Difficulties in getting through interview processes and working within the boundaries of traditional jobs lead <a href="https://successcom.wpenginepowered.com/life-after-prison-success-stories/">some returned citizens to pursue entrepreneurship</a>. Supporting these individuals is simple: “I think most entrepreneurs, especially if you’ve been incarcerated before, want you to do business with them,” says Claudia Shivers, <a href="https://www.queencoffeebean.com" target="_blank" rel="noreferrer noopener">founder of Queen Coffee Bean</a> and Inmates to Entrepreneurs board member. In Shivers’ case, that could mean buying a cup of coffee from her shop, buying a bag of roasted beans or helping get her business corporate contracts to supply coffee.&nbsp;</p>



<h2 class="wp-block-heading" id="h-5-see-the-individual-nbsp">5. See the individual&nbsp;</h2>



<p>When deciding to patronize or do business with a returned citizen, it’s important to acknowledge the individual. Ruben Mauricio, owner of Denver City, Texas–based RPM Diesel Service LLC, received a 10-year sentence for marijuana possession and engaging in organized criminal activity. However, while in prison, he graduated from the Texas-based Prison Entrepreneurship Program, a nonprofit teaching life skills and business basics in and outside of correctional facilities. He later went on to win PEP’s 2019 Barbed Wire to Business pitch competition.&nbsp;</p>



<p>“Everyone who’s incarcerated wants to start a business for money and power. I went in with all the wrong intentions—for selfish reasons,” Mauricio recalls. However, he stayed entrenched in the program for three years, listening to its character-based curriculum over and over while waiting for parole. “I believe the main reason for my success is not the business; <a href="https://successcom.wpenginepowered.com/start-a-business-as-an-ex-convict/">it’s the core values that are inside the individual</a>. It’s the values that are inside the person that will determine whether you’re successful or not.”</p>



<p>“It wasn’t until I was able to understand the reasons I made the decisions I’ve made was because of the way I perceive the world and the way I reacted that I had a—I think the word they use is ’paradigm shift,’” he continues. “If that’s the wrong way of thinking, what is the correct way to think? I have to be able to pull that weed out of my brain and plant something that works.”&nbsp;</p>



<p>Doing so paved the way to his current endeavor. Upon his release and after training in semi-truck repair, he took out a title loan on his pickup truck and pawned his wife’s wedding ring to found his business in September 2018.&nbsp;</p>



<p>“We thought at first it was just going to be enough to feed ourselves. Never did we think we would blow up. Five years later, we have nine service trucks and 22 people. We’re on course to gross $9 million this year,” he says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-6-accept-that-you-may-not-know-if-a-business-owner-has-been-judicially-involved-nbsp">6. Accept that you may not know if a business owner has been judicially involved&nbsp;</h2>



<p>As his business has become more successful, Mauricio says he’s been less transparent about his past. “At the ground level, people are more forgiving. But the higher I go, it’s definitely not the same,” he says. “I honestly believe my story needs to be heard, and stories like mine need to be heard. But I’m feeling pressure now that I never used to feel.”</p>



<h2 class="wp-block-heading" id="h-7-try-to-walk-in-the-other-person-s-shoes">7. Try to walk in the other person’s shoes</h2>



<p>Returned citizens and business advocates agree that a key to easing returned citizens’ reentry is seeing a person’s humanity, not a criminal record. “If you don’t understand me, how can you help?” Mauricio asks. “Try to put yourself in my shoes and understand where I came from, why I made the decisions I made. Now if you could do that, humble yourself to do that, then you can also help me find a way out.”</p>



<h2 class="wp-block-heading" id="h-8-get-involved-nbsp">8. Get involved&nbsp;</h2>



<p>With a national recidivism rate around 70% and organizations like Prison Entrepreneurship Program reporting a two-thirds reduction in that rate, it’s clear that reentry and anti-recidivism programs can make an impact.&nbsp;</p>



<p>Mauricio points to the multiplier effect that a broader effort might have: “In the big scheme of things, there was very little that created such a big change. If you could play the numbers like that, if you could get a bigger pool of free-world people who could [volunteer], the change could be kicked up a lot more. Go to prison and meet some guys.”</p>



<p class="has-small-font-size"><em>Photo by DarSzach/Shutterstock.com</em></p>

Looking for ways to help formerly incarcerated citizens reenter society? Then check out our reentry support explainer.

Looking for ways to help formerly incarcerated citizens reenter society? Then check out our reentry support explainer. | SUCCESS

8 Ways to Support Formerly Incarcerated Citizens Reentering Society

8 Ways to Help Formerly Incarcerated Citizens Reenter Society | SUCCESS

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Woman and man stressed while looking at paperwork

<p>The phrase “stuck in the middle” isn’t just a familiar refrain for <a href="https://hbr.org/2019/03/facing-your-mid-career-crisis" target="_blank" rel="noreferrer noopener">40-somethings</a>, it’s also an apt description of this decade of life that belongs to the sandwich generation—middle-aged people who are responsible for the care of their children and their parents. Some may still be paying off their own college debt while planning for their children’s college years. Others may be trying to maximize their retirement savings while filling in the gaps of their parents’ savings.</p>



<p>It’s a balancing act—one that can easily lead to stumbles. According to financial planners, here are the seven most common financial mistakes people make in their 40s and how to avoid them.&nbsp;</p>



<h2 class="wp-block-heading" id="h-1-not-understanding-your-cash-flow">1. Not understanding your cash flow</h2>



<p>In this potentially tumultuous decade, Cristina Guglielmetti, CFP and president of Future Perfect Planning, coaches her clients to focus on things they can control—and that’s not the stock market or the federal interest rate. It’s understanding their expenses.&nbsp;</p>



<p>She advises doing a cash flow analysis over a two-year period, which shines a light on seasonal ebbs and flows (such as bonuses or paying for kids’ summer camps). It’s also important to separate fixed costs such as housing, from recurring charges like gym memberships and groceries.&nbsp;</p>



<p>This helps illuminate disposable income and leads to conversations about how to best use those funds. “It’s not to say, ‘Can you eliminate expenses?’ It’s to see: What is your reality right now?” Guglielmetti says. “Is the money serving you? Is it aligning with your values and goals?”</p>



<h2 class="wp-block-heading" id="h-2-failing-to-plan-for-and-adjust-as-circumstances-change">2. Failing to plan for and adjust as circumstances change</h2>



<p>As clients consider how they’ll reach savings goals, Guglielmetti recommends they look for pivot points. Families with young children may reach a junction where they’re no longer paying for childcare. Forty-somethings may earn a raise. At moments like these, <a href="https://successcom.wpenginepowered.com/how-to-create-a-budget/">budgeting</a>, expenses, and income change—and the opportunity to redirect money emerges.&nbsp;</p>



<p>For example, some clients may want to delay retirement contributions because cash flow is a concern today. In the long-run, this can lead to underfunding retirement funds. Guglielmetti recommends setting a threshold, such as age or income level, to cue change. “I would want there to be some automation and systems in place once money is coming in. There needs to be a mile marker and a system for capturing the income,” she says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-3-putting-all-your-retirement-eggs-in-one-basket">3. Putting all your retirement eggs in one basket</h2>



<p>Carleton McHenry, CFP and founder of McHenry Capital, advises his clients to diversify their savings, particularly in this decade when minor changes can make big impacts by the time retirement arrives. “I like to see money in all different buckets—tax deferred, traditional qualified [employer-supported retirement] plans, tax free plans. In your 40s you still have a long runway. Having money in tax-free assets can be an advantage down the road,” he says.</p>



<p>With diversified investments in place, try to be patient. “If you’re investing for the long term, try to tune out the noise. The market can be volatile for reasons that make sense and that don’t make much sense,” Guglielmetti says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-4-falling-into-the-trap-of-lifestyle-creep">4. Falling into the trap of lifestyle creep</h2>



<p>McHenry says people in their 40s often find themselves hitting their strides in their careers and making more money. However, the proverbial race to keep up with the Joneses can turn more income into more expenses. “They move into a neighborhood. They see a neighbor get a new electric vehicle and think, ‘It’s time for me to get one,’” McHenry says. “I see them buying toys like boats or recreational vehicles. They might even buy too much home. Their expenses go up dramatically from where they were before.”</p>



<p>In the long-run, that can add up to debt or underfunded savings. McHenry advises funding savings then considering how to best use disposable income.&nbsp;</p>



<h2 class="wp-block-heading" id="h-5-not-considering-the-future-now">5. Not considering the future, now</h2>



<p>This misstep is particularly prevalent among women. The life expectancy for women is six years longer than men’s—79 years compared to 73 years. Whether women are single or partnered, they can expect to spend more years caring for themselves and require more savings because of it.&nbsp;</p>



<p>Although they need larger retirement and <a href="https://successcom.wpenginepowered.com/what-is-an-emergency-fund/">emergency funds</a> to cover these years, women also often spend more time out of the workforce to care for children than men do. This time away from paid work means women lose out on income, employer-supported retirement funds and Social Security contributions.&nbsp;</p>



<p>These factors can make a large impact on women’s abilities to support themselves in retirement. Guglielmetti has two adjustments to make now. First, if women are partnered, they should make sure their partner has adequate <a href="https://successcom.wpenginepowered.com/life-insurance-retirement-plan/">life insurance</a>. Second, if women decide to stay home, the household should account for retirement savings contributions for the partner working in the home. (Of course, the same advice also holds true for partners of any gender.)</p>



<h2 class="wp-block-heading" id="h-6-not-tapping-into-disability-insurance">6. Not tapping into disability insurance</h2>



<p>Disability insurance policies insure a person’s income against the risk that there’s a barrier to completing that work. Many people have a small policy offered through their employer. However, as McHenry points out, many of those group insurance policies are limited in the amounts covered, the monthly benefit amounts dispensed and/or can be slow to pay out. Instead, he recommends taking out a private policy to insulate earnings during prime earning years. And there’s this: “If you own your own DI policy, it’s yours. You take it with you,” McHenry says.&nbsp;</p>



<h2 class="wp-block-heading" id="h-7-compromising-your-future-for-children-or-parents">7. Compromising your future for children or parents</h2>



<p>“The two biggest financial headwinds [my clients are facing] are retirement and putting their kids through college without going into debt,” McHenry says. Sometimes he sees people in their 40s tapping into their retirement savings to help their parents who haven’t adequately planned for their needs. While there are no easy choices or solutions, McHenry advises against people “blowing up their own retirement plans to provide financial support to parents” and suggests creative solutions that don’t rely on drawing upon those funds.&nbsp;</p>



<p>He’s also quick to remind parents there are a variety of ways to fund college, including merit aid for students. He recommends shopping around. “It’s a buyer’s market. Unless you’re looking at the elite institutions, there’s a lot of other schools out there that would like to have your kid attend,” he says. “You shouldn’t make the financial mistake of paying sticker price. Focus on what schools your kid is interested in and then start to look at financial incentives.”&nbsp;</p>



<p class="has-small-font-size"><em>Photo by fizkes/Shutterstock.com</em></p>

Financial mistakes can be made at all ages, but there are specific ones you want to avoid in your 40s. Here are seven of them.

Money mistakes can be made at all ages, but there are specific ones you want to avoid in your 40s. Here are seven of them. | SUCCESS

The 7 Biggest Financial Mistakes to Avoid in Your 40s

7 Biggest Financial Mistakes to Avoid in Your 40s

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Two women in their 30s drinking lattes and eating avocado toast to exemplify Money Mistakes Millennials Make

Two,Friends,Having,Breakfast,At,A,Terrace,On,A,Winter

<p>Thirty-something millennials have a lot on their financial plate. For many, it’s a decade during which they are buying their first home, having children and upgrading their lifestyle. “They’re not sure what to do and how to allocate their funds,” says Kevin Mahoney, CFP and the Washington, D.C.-based founder and CEO of Illumint, which specializes in financial planning for millennials. “It could be down payment money for a home, putting [funds] toward a young child’s education or investing in retirement. There are so many choices at this phase of life—especially when you haven’t had those options before.” </p>



<p>To help navigate these decisions, here are the most common financial mistakes to avoid in your 30s, according to financial planners.&nbsp;</p>



<h2 class="wp-block-heading" id="h-1-allowing-lifestyle-creep">1. Allowing lifestyle creep</h2>



<p>“Spending is so visible because of social media and the internet,” Mahoney says. That keeping up with the Joneses can lead to expenses surpassing income—and the debt that comes with it. A survey from Debt.com found that millennials carry the highest debt load—13% of that age group have accrued <a href="https://mma.prnewswire.com/media/2361775/Debt_com_Survey_Infographic.html" target="_blank" rel="noreferrer noopener">$10,000 to $30,000 in debt</a>. However, it’s not just lifestyle creep that’s causing this growing debt.&nbsp;</p>



<p>The same study from Debt.com found that one in three credit card holders in the U.S. have maxed out their credit cards to cover expenses due to inflation. Mahoney says managing lifestyle creep and navigating inflation is a matter of putting your money where your values lie. “It’s about understanding the expenses that bring your family joy and spending money on [items] that are of a higher value to your family,” he observes.</p>



<h2 class="wp-block-heading" id="h-2-pursuing-home-ownership-as-a-financial-investment">2. Pursuing home ownership as a financial investment</h2>



<p>Thirty-somethings are delaying buying a home. In 2023, the average age to buy a home leapt to 36—the oldest age on record and three years older than in 2021. Whereas many previous generations looked at home buying as a stable, long-term investment, today’s buyers are facing a different picture.&nbsp;</p>



<p>“I discourage people from going into that process with the idea that it’s an investment, especially in a challenging real estate market,” Mahoney says. “It can lead to more rash decisions that can require unwinding or just personal headaches and disappointments.” Instead, he suggests buying a home as a lifestyle choice based on personal or family needs.&nbsp;</p>







<p>Chloe Moore, CFP and the Atlanta-based founder of Financial Staples, also cautions clients against buying a house that’s beyond their financial means. She advises her clients to have a full picture of the total cost involved in owning a home, which includes a down payment, mortgage, homeowners insurance, property taxes and ongoing maintenance and repairs. </p>



<h2 class="wp-block-heading" id="h-3-not-saving-enough-for-retirement-and-not-diversifying-investments">3. Not saving enough for retirement and not diversifying investments</h2>



<p>Saving the right amount for <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">retirement</a> varies based on factors such as lifestyle, time horizon and available resources, such as a pension. Financial experts agree the minimum starting point for retirement funds is meeting any available employer match. Moore suggests pushing beyond that to set aside 20% of the gross income.&nbsp;</p>



<p>Beyond these retirement fund basics through an employer, people in their 30s may also want to start thinking about diversifying their savings.</p>



<p>For example, in addition to an employer-established 401(k), they may want to invest in a <a href="https://successcom.wpenginepowered.com/types-of-retirement-plans/">Roth IRA and brokerage accounts</a> if extra income allows. How aggressively or conservatively to invest those funds involves weighing personal risk tolerance and individual retirement plans.&nbsp;</p>



<h2 class="wp-block-heading" id="h-4-not-planning-for-the-expense-of-having-children">4. Not planning for the expense of having children</h2>



<p>As with home buying, millennials are having children later in life. While the average age in the U.S. for a first-time mother to have a child is still in her 20s, it has increased by two years, from 25.6 in 2011 to 27.3 in 2021.</p>



<p>Financial readiness is one factor in people’s decision to have children. Even then, Moore says parents are often unprepared for the expenses of having children. “They don’t realize how much children are going to change the household budget and make adjustments ahead of time,” she says.&nbsp;</p>



<p>She advises researching and talking to friends and family about what expenses to expect and making these adjustments before the arrival of the first child or subsequent children.&nbsp;&nbsp;</p>



<p>Once children enter the picture, parents must weigh financial priorities. “There are tradeoffs. Are they going to pay off their student loans or save for their kids’ college? Are they going to pay for daycare or summer camps?” Mahoney asks.&nbsp;</p>



<p>He recommends setting up different types of savings vehicles, such as a 529 college savings plan or a separate savings account for summer camps, and making small contributions, then adjusting as opportunities for growth present themselves. Overall, he says, “The element I would most love for people to include is the concept of giving themselves some grace.”</p>



<h2 class="wp-block-heading" id="h-5-putting-off-getting-life-insurance">5. Putting off getting life insurance</h2>



<p>Moore recommends her clients invest in private policies for life insurance in their 30s. Employers often provide life insurance policies; however, these may not be sufficient for an individual’s needs. As people age, she points out, they may encounter health issues that can make finding a policy more difficult or result in paying higher premiums. Instead, she recommends getting life insurance while many are still in a healthy phase of life.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="h-6-not-building-greater-income">6. Not building greater income</h2>



<p>Many financial factors are beyond an individual’s control—such as the housing market and the stock market. However, “One of the factors you can control that moves the needle the most over the long term is [income],” Mahoney says. He recognizes that while everyone would like to earn more money, that doing so can involve courage and savvy.&nbsp;</p>



<p>Building income may mean <a href="https://successcom.wpenginepowered.com/how-to-get-a-promotion-shelmina-babai-abji/">asking for a promotion</a> or a raise, negotiating a higher salary at a new job or asking for stock options as part of a total benefits package. “It can be slow-moving and involves a little bit of personal risk and disappointment… [but] it’s a very powerful lever to pull,” he says.</p>



<p class="has-small-font-size"><em>Photo by</em> <em>Jorge Argazkiak/Shutterstock.com</em></p>

Ideally, your 30s should be a decade of growth—if you avoid these common financial mistakes. Read our latest to learn more.

Ideally, your 30s should be a decade of growth—if you avoid these common financial mistakes. Read our latest to learn more. | SUCCESS

The 6 Biggest Financial Mistakes to Avoid in Your 30s

6 Common Financial Mistakes to Avoid in Your 30s | SUCCESS

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20 year old woman smiling behind her credit card exemplifying biggest financial mistakes that young adults make

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<p>Twenty-somethings face a complicated financial picture. Many members of Generation Z are graduating college and entering a decade of independence in an era with factors stacked against them. Soaring food prices: grocery prices have increased by <a href="https://www.washingtonpost.com/business/2024/02/02/grocery-price-inflation-biden/" target="_blank" rel="noreferrer noopener">25%</a> over the past four years. A turbulent housing market: 2023 was the <a href="https://www.cnbc.com/2024/01/11/high-housing-costs-have-kept-31percent-of-gen-z-adults-living-at-home.html" target="_blank" rel="noreferrer noopener">most expensive home-buying year</a> in a decade. Not to mention, low wages, staggering student debt and compounding credit card debt.&nbsp;</p>



<p>Navigating this decade—let alone these obstacles—can be fraught with financial mistakes that can affect Gen Z for years to come.&nbsp;</p>



<h2 class="wp-block-heading" id="h-top-7-financial-mistakes-to-avoid-in-your-20s">Top 7 financial mistakes to avoid in your 20s</h2>



<p>According to certified financial planners, here are the biggest financial mistakes to avoid in your 20s. </p>



<h3 class="wp-block-heading" id="h-1-not-looking-at-the-big-financial-picture">1. Not looking at the big financial picture</h3>



<p>Twenty-somethings may be afraid of their financial realities and put off, or entirely avoid, looking at their financial picture. In the long run, this ignorance is bliss mentality only leads to more problems, whether it’s mounting credit card debt or puny retirement funds.&nbsp;</p>



<p>“Looking at the data can be empowering,” says Michael Raimondi, CFP, who specializes in serving creative professionals and members of the LGBTQIA+ community. He recommends identifying monthly core expenses and then identifying discretionary spending. “If you ignore the data, you can get caught in lifestyle creep,” he says. </p>



<p>Knowing their numbers is particularly important for freelancers, gig workers and/or people with <a href="https://successcom.wpenginepowered.com/the-side-hustle-handbook/">side hustles</a>—types of work that members of Gen Z are increasingly picking up. People working in these professions don’t receive regular paychecks but have to contend with monthly expenses. “Contract workers have a scarcity mindset,” he says. That can make them afraid to look at their income and expenses. However, doing so, Raimondi says, allows them to work toward a pool of funds to live off of. This helps avoid the feast or famine cycle.</p>



<h3 class="wp-block-heading" id="h-2-allowing-lifestyle-creep-as-your-career-grows">2. Allowing lifestyle creep as your career grows</h3>



<p>“On social media, everyone seems to be traveling and going out to amazing dinners,” Raimondi says. The internet and social media can amplify the “keeping up with the Joneses” effect that was once limited to people’s immediate circle. “In the world of social media, it looks like everyone is doing everything all the time… that’s not true.”&nbsp;</p>



<p>Instead, he advises setting spending priorities based on values. Perhaps you’re a foodie and you want to spend on fine-dining meals. Or perhaps travel is your top hobby, and you want to devote your dollars to trips abroad. Whatever your priorities, you’ll need to make budgetary trade-offs in other categories to support these passions.&nbsp;&nbsp;</p>



<h3 class="wp-block-heading" id="h-3-not-defining-your-values-and-goals">3. Not defining your values and goals</h3>



<p>There are few absolutes when it comes to <a href="https://successcom.wpenginepowered.com/financial-planning-checklist/">financial planning</a>. Even the oft-repeated advice of paying off debt before making other financial moves doesn’t necessarily apply to everyone. It comes down to an individual’s values and goals.</p>







<p>For example, Raimondi says 20-somethings should make sure their debt is managed and that they are paying it down consistently. However, they should only pour money into paying off student loan debt if it’s causing emotional or psychological stress.</p>



<p>“If you’re paying down debt, but you’re miserable while you’re doing it, you may not truly be living your values,” he says. “I’m not of the mindset of eating rice and beans while you’re young so you can have a life of abundance later on. You have to balance a sense of security with a robust life in your 20s.”&nbsp;</p>



<h3 class="wp-block-heading" id="h-4-leaving-money-on-the-table">4. Leaving money on the table</h3>



<p>Financial planners advocate for maximizing retirement savings to meet employer matches. If that’s not possible within your budget initially, you can work toward this goal over the course of a few years. However, beyond that, your money might be wisely spent elsewhere.</p>



<p>“You shouldn’t leave any money on the table, but, and this is a little controversial, it might be that in your 20s [saving for retirement] beyond the match might be suboptimal,” says Dillon Kenniston, CFP, and founder of ReWealth Planning. Instead, he says there may be more opportunities to create wealth through other investments, such as real estate and/or building a business.</p>



<h3 class="wp-block-heading" id="h-5-being-afraid-to-ask-questions-of-financial-professionals">5. Being afraid to ask questions of financial professionals</h3>



<p>Every tax season, a meme circulates that says, “I’m glad I learned about parallelograms in high school math instead of how to do my taxes. It’s really going to come in handy this parallelogram season.” A lack of financial literacy costs Americans thousands every year—and that could be particularly true among younger people making hefty financial decisions for the first time.&nbsp;</p>



<p>Even if you don’t have a lot of money to manage, you can find a financial professional who’s willing to work with you. (After all, they hope to turn you into a client with a lot of money to manage.) To find an expert, look at their qualifications, which include certifications such as being a certified financial planner. These individuals must meet standards set by a board.&nbsp;</p>



<p>“You should be working with a financial professional with whom you feel comfortable being yourself,” Raimondi says. That knowledgeable person “may not be someone you expect. They may not look like you. You should be more interested in working with people who have experience working with your demographic, not necessarily those from your same demographic.”&nbsp;</p>



<h3 class="wp-block-heading" id="h-6-not-using-your-social-media-savvy">6. Not using your social media savvy</h3>



<p>A survey from the CFA Institute found that Gen Z increasingly relies on social media for financial advice. However, not all advice on social media is good advice—nor is it applicable to everyone. “It’s a blessing and a curse. It’s the Wild West out there,” Kenniston says.&nbsp;</p>



<p>If you’re going to take financial advice from someone online, look at their credentials and look for someone offering unbiased advice. Kenniston recommends searching for someone who is a fiduciary—in other words, someone who has a legal or ethical relationship to provide trustworthy advice.&nbsp;</p>



<p>He also advises following people who are independent rather than tied to a specific firm or product, who are not seeking investors and who are fee-based rather than commission-based. All of these qualities minimize potential conflicts of interest and ensure the advisory relationship is transparent.&nbsp;</p>



<p>It’s also important to keep in mind that financial advice needs to be specific to the individual. “Money has a lot of pitfalls,” Raimondi says. “It’s really important for [young people] to define what’s important to them and recognize that a strategy that works for someone else may not work for them… that social media post is not about anyone but the person who is posting it.”&nbsp;</p>



<h3 class="wp-block-heading" id="h-7-failing-to-take-a-big-swing">7. Failing to take a big swing</h3>



<p>Kenniston says many young people fail to see the purpose of their entry-level jobs “to pay the bills and stack the skills.” He says, at least initially, 20-somethings’ goals shouldn’t be top-tier salaries. Their goal should be preparing themselves to <a href="https://successcom.wpenginepowered.com/the-complete-guide-to-money-how-to-create-wealth/">take a big swing for wealth</a> in later decades.&nbsp;</p>



<p>He believes people stabilize their financial picture too quickly by going all in for retirement, buying a starter home or living a lavish lifestyle. “People get stuck on the hamster wheel,” he says.&nbsp;</p>



<p>Instead, he says true wealth is made by owning a business—either on your own or via equity earned in another company—or via real estate investment, such as the purchase of a multifamily property.&nbsp;</p>



<p>But none of these wealth moves are possible without acquiring the right skills first. “You have to say ‘I'm gonna crush it for my employer, so that I can then go crush it for myself,’” he says.</p>



<p class="has-small-font-size"><em>Photo by</em> <em>Folenial/Shutterstock.com</em></p>

Set a financial foundation during this pivotal decade of life by avoiding these 7 biggest financial mistakes in your 20s.

Set a financial foundation during this pivotal decade of life by avoiding these 7 biggest financial mistakes in your 20s. | SUCCESS

The 7 Biggest Financial Mistakes to Avoid in Your 20s

7 Financial Mistakes to Avoid in Your 20s | SUCCESS

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claudia shivers coffee life after prison success stories

<p>For many returned citizens who have served prison sentences, entrepreneurship presents a viable route to support themselves and their families. Being able to make a living also helps them avoid the staggering rates of recidivism among returned citizens in the United States. Nonprofit <a href="https://inmatestoentrepreneurs.org/" target="_blank" rel="noreferrer noopener">Inmates to Entrepreneurs</a> teaches business basics to incarcerated individuals and to those who have completed their prison sentences.&nbsp;</p>



<p>The following trio of business owners graduated from the program’s eight-week course and have since become both instructors and board members for the nationwide organization based in North Carolina. They are just a sample of the organization’s life after prison success stories.</p>



<h2 class="wp-block-heading" id="h-claudia-shivers">Claudia Shivers</h2>



<p><strong>Queen Coffee Bean, High Point, North Carolina</strong></p>



<p>Claudia Shivers was working three jobs to support family as a single mother when the promise of good money enticed her to accept a fourth job preparing taxes. It quickly turned into a full-time job that supported her five children and left her summers free to spend with them. Her entrepreneurial pursuits, however, took a turn, and she was sentenced to 21 months in prison for filing false tax returns.&nbsp;</p>



<p>While waiting to serve her sentence, she worked a shift job at Starbucks that inspired her post-incarceration direction. “I’m a numbers person and an entrepreneur at heart,” she says. “We made about $50,000 a week [at the Starbucks]. I thought, even if I made five then that’s great. To me, I’m filthy rich if I make $5,000 a week.” While in prison, she wrote her business plan for her coffee roastery named after her grandmother, Queen Esther.&nbsp;</p>



<p>After her release, she found <a href="https://www.facebook.com/InmatesEntrepreneurs/" target="_blank" rel="noreferrer noopener">Inmates to Entrepreneurs on social media</a> and figured it would be a place to “hang out until I figured out what I was going to do next,” she recalls. “But then, most of the teachers had the same background. And there were 100 other people on the Zoom call there for the same reason.” The workshops became a safe space not only to develop her business, but also to connect with others who shared her experiences. The camaraderie and support helped her move beyond the debilitating depression she felt upon her release.  </p>







<p>Instructors encouraged her to “dream big but start small.” So, instead of trying to get funding for a $20,000 top-of-the-line roaster, she started burning through $130 popcorn poppers in her home kitchen in attempts to practice roasting coffee beans. Even those poppers were a stretch for her post-incarceration budget; however, she kept building the business by buying and reselling a few pounds of flavored beans and drinks at a time. “I learned the value of starting small. It’s so you’re able to control your growth. You’re able to control the direction of the business while you’re learning,” she says.&nbsp;</p>



<p><a href="https://www.queencoffeebean.com/" target="_blank" rel="noreferrer noopener">Queen Coffee Bean</a> has since outgrown Shivers’s home kitchen, and she has opened a coffee shop to accompany her commercial roasting space. Along the way, she overcame comments from naysayers. “You say, ‘I’m gonna make something out of nothing,’ but they can’t see what you’re talking about. You have to convince people—and you’ve gotta be pretty convincing,” she says.</p>



<h2 class="wp-block-heading" id="h-josh-nowack">Josh Nowack</h2>



<p><strong>Breaking Free Industries, Santa Ana, California</strong></p>



<p>After serving a sentence for felony fraud by embezzlement, Josh Nowack knew it was unlikely he’d be able to return to his career in the corporate world. “Finding a job post-incarceration is incredibly hard, especially if you want to do something other than menial tasks. I have an MBA. I was a CPA. Now I’m trying to find a job at the supermarket, and they look at me like, ‘Why the hell are you here?’” he says. “The only way to go forward was to kind of do my own thing. It was almost by necessity.”&nbsp;</p>



<p>Supporting his family—and doing so legally—motivated him. “I’ll get a second chance with my kids. I won’t get the third. Full stop,” he recalls. Post-incarceration, he says he also faced the health challenges of a life-threatening heart condition and rehabilitation after the surgery that saved his life.</p>



<p>Although he didn’t have a background in printing T-shirts, he saw that the industry required less startup capital than others and took a chance. He founded <a href="https://breakingfreeindustries.com/" target="_blank" rel="noreferrer noopener">Breaking Free Industries</a> in February 2020 using $400 gifted from a member of his synagogue. Doing so required him to humble himself and ask for help, since his professional networks and bankability had crumbled after incarceration. “I’m a felon. I made a mistake. What can I do about this to change my own personal narrative?” he asked at the time.&nbsp;</p>



<p>He made second chances core to his business, not only for himself, but also for the other returned citizens he hires and pays well above living wage. “Most people want to create a second chance for somebody who’s been incarcerated,” he says.</p>



<p>Even with an MBA from Duke University, Nowack learned important lessons when he became an Inmates to Entrepreneurs participant. He explains, “The number one thing is that the basics are looked over. How do you attract your customers? What’s your <a href="https://successcom.wpenginepowered.com/vision-is-everything-for-a-leader/">vision for your business</a>? Are you doing the basic things to generate revenue?”</p>



<p>Nowack believes returned citizens are well suited for entrepreneurship. When he took the Inmates to Entrepreneurs course, he had the opportunity to listen to former Illinois governor Rod Blagojevich, who served an eight-year sentence for public corruption. Nowack recalls Blagojevich said, “‘If you can handle incarceration, entrepreneurship is a cakewalk. People will tell you that entrepreneurship is hard. I’ll tell you what’s hard: Go to the yard in federal prison. That’s hard.’”&nbsp;</p>



<p>Nowack says returned citizens also often have transferable skills. They’ve just gone from hustling on the streets to hustling legally. However, they often need help with business lessons and mindset.&nbsp;</p>



<p>Inmates to Entrepreneurs teaches more than business basics. It helps returned citizens <a href="https://successcom.wpenginepowered.com/books-to-build-confidence/">build confidence</a>. “Coming out of incarceration, there’s just a huge condemnation and self-judgment that happens,” he says. “We’ve all made mistakes. Sometimes we’ve been incarcerated for it… but, on a personal level, it’s like, now what are you going to do about it?”</p>



<h2 class="wp-block-heading" id="h-scott-jennings">Scott Jennings</h2>



<p><strong>ServiceRX, Raleigh/Durham, North Carolina</strong></p>



<p>Scott Jennings says his entrepreneurship journey started with reselling drugstore candy on the elementary school playground. However, when he was 15 or 16 years old, he began devoting his enterprising ways to selling drugs to support his habit. The trend continued into his 30s, when he was caught and served prison time.&nbsp;</p>



<p>When he was released, he took what work he could and found himself doing landscaping in punishing 100-degree North Carolina summer heat. “I was 37 years old and making $9.50 an hour. It was really, really hard. Unnecessarily,” he recalls. “I was paying the second sentence. We’ve done our penance, but yet we still pay the price [after release].”</p>



<p>He jumped at the chance to take an indoor job repairing fitness equipment, even though he didn’t have any knowledge of the field. He saw the opportunity to start his own business and launched his company in 2011 with “an ’86 Toyota pickup [to drive to service calls], a bag of tools, $75 in my pocket, and a lot of desperation.” He keeps a photo of the German cockroach–infested trailer he lived in at the time on his desktop as a reminder of how far he’s come.</p>



<p>“There were times when my canoe almost completely tipped over. It’s been scary,” he says. “You can start a business with $0 and your intelligence, but you got to do the work.” Now rebranded as <a href="https://gosrx.com/" target="_blank" rel="noreferrer noopener">ServiceRX</a>, his company has expanded into four states; he has two franchisees and is in talks with a third.&nbsp;</p>



<p>He graduated from Inmates to Entrepreneurs’ eight-week course while in prison and has stayed involved with the organization since his release—including representing the organization and fellow returned citizen entrepreneurs at a White House event.&nbsp;</p>



<p>Jennings says even if the participants don’t go on to start businesses, he believes they’ll be better employees thanks to the course’s lessons. “If you had to get back to being an employee, you understand what the person who’s in charge is going through. I was a terrible employee. I always had a notion in my head that I could do it better. ‘Why don’t we do it like this?’ A lot of employers don’t like you to ask questions,” he says.&nbsp;</p>



<p>While the organization can be transformative, he says the true work begins with the person. “I had a lesson from a prior roommate, and it hit home when I was incarcerated. He said, ‘You know, Scott, you are always the common denominator in your life.’ Most people don’t understand they are the common denominators. If something is constantly going wrong, they need to look at themselves and stop blaming everybody else and making excuses,” he says. Inmates to Entrepreneurs is there for people willing to take advantage of their second chances. “That’s the power of what we are: that possibility of hope for the people who are really seeking and are really prepared to go do the work.”</p>



<p class="has-small-font-size"><em>Photo</em> <em>courtesy of Claudia Shivers.</em></p>

Three former inmates, Claudia Shivers, Josh Nowack and Scott Jennings, share their life after prison success stories.

Three former inmates, Claudia Shivers, Josh Nowack and Scott Jennings, share their life after prison success stories. | SUCCESS

From Behind Bars to Business Owners: How 3 Former Inmates Became Entrepreneurs

3 Former Inmates Share How They Became Business Owners | SUCCESS

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