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25 Strategies to Health and Wealth

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									Small Steps to
Health and
Wealth™
Session 3
 June 2010
             1
Welcome
•Place a dot on
 each action
 you took since
 Session 2.
                  2
Discussion
• How do you feel
  about the actions you
  took?
   See Strategy #23, p.95
• What about actions not
  taken?
   Why not?
   See Strategy #24, p. 102
                               3
25 Strategies to
Health & Wealth
Session 1: #1 – #5
Session 2: #6 - #15
Session 3: #16 – #25
                     4
SSHW Team Contest
for Session 3




                    5
Divide into Different
Groups than Sessions
1&2

            •3–5

                        6
First Decision
• Select New
Team Name
 30 Seconds

                 7
Second Decision –
Team R & R                    Marsha’s
                              $$$$$$$$

• New Runner &
  Recorder
 Places answers on           50%
  board
 —Write team name & answer on
  sticky note each time your team
  responds to a question
                                         8
Rewards
•Each member of
 “winning team”
  Gets to select
  reward at the end
  of the session

                      9
Health Question
•What is the
 leading cause
 of death in
 adults?
                  10
Health Answer
•Heart disease
•Centers for
 Disease Control

                   11
Strategy #16

Live “The
Power of 10”

Workbook p. 70
                 12
Live “The Health
Power of 10”
• Table 11 p. 71
  Lose 10% of body weight
  Walk 10,000 steps/day
  Eat 100 calories less/day
  Exercise in 10-minute
   intervals
                               13
Live “The Wealth
Power of 10”
• Table 12 p. 72
 Save $10 a week or
  month
 Add $1/day to credit card
  payments
 Invest some money in stock
  (average 10% return)
                               14
“Save For Your Future”
 National Campaign Booklet, May 2003
“You may not need a lot of money to accumulate
meaningful savings. Thanks to compound
interest, small regular savings can add up over
time. Because, with compound interest, it’s not
just your money that earns interest-- your
interest earns interest as well-- creating a
snowball effect. The longer you save, the more
compound interest works for you.”
                                                  15
“Worksheets - Power
of 10”
•Healthy Practices
 Worksheet 24 p. 73
•Wealthy Practices
 Worksheet 25 p. 74


                       16
Strategy #17

Take Calculated
Risks & Conquer
Your Fears

Workbook p. 75
                  17
Take Calculated Risks &
Conquer Your Fears p. 75
• Improving health/finances =
  Taking risks
 May conjure up fear &
  frustration
 But think back to past changes
 You Did It & Can Do It Again!!

                               18
Take Calculated Risks &
Conquer Your Fears p. 75
• Change moves you out of
  comfort zone
 You may move just an easy
  step out or it may be more
  like the first step up a
  ladder…but you can always
  stop for a breath!

                               19
Take Calculated Risks &
Conquer Your Fears p. 75
• Success = Taking calculated
  risks & learning from setbacks
• False Evidences
  Appearing as Real (FEAR)



                                   20
Wealth Question
• What is the
 average monthly
 Social Security
 amount paid to
 spouses?
                   21
Wealth
Answer
• Social Security
 Adm. Fact Sheet
•$1,343 as of April
 2011
                      22
Health & Wealth Risk Taking
Worksheet 26 p. 77

•What are your
 goals?
 Health
 Wealth
                          23
Health & Wealth Risk Taking
Worksheet 26 p. 77 (con’d)
• What are 3 calculated risks that
  could help you achieve your
  goals?

 1.
 2.
 3.
                                     24
Health & Wealth Risk Taking
Worksheet 26 p. 77 (con’d)
•What would happen
 if you:
 Take a risk?
 Don’t take a risk?
                          25
Health & Wealth Risk Taking
Worksheet 26 p. 77 (con’d)
•What are your fears about
 taking risks to achieve
 goals?
•How can you
 overcome your fears?
                             26
Wealth Question
• What % of workers in
  2011 report they are
  very confident they’ll
  have enough money to
  live comfortably
  throughout retirement?

                           27
Wealth
Answer
• 24% (2011)
   Highest level in
    2004
    42%
                       28
Strategy #18

Appreciate
Teachable Moments
& Wake-Up Calls

Workbook p. 78
                    29
Pay Now or Pay
Later
• Many people don’t
  change unless forced
  to
• Know risks….but live in
  state of denial

                            30
Health Teachable
Moments
•Negative events
 Cancer, heart
 disease, diabetes
 Death of friend
                     31
Health Teachable
Moments
• Positive events
  Improved personal health
   report
  Media reports of greater
   health benefits to a change
   you have seriously
   considered making
                                 32
Wealth Teachable
Moments
•Negative events
 Loss or reduction in
  income
 Overdue notices in
  mail

                         33
Wealth Teachable
Moments
•Positive events
 Windfall of
  money
 Marriage/
  remarriage
 Birth/adoption
  child
                   34
Worksheet 27 p. 80
•Teachable Moments
 What have you experienced?
 How did you handle it?
 What do you anticipate in
  next 5 years?


                           35
Worksheet 27
p. 80
• Wake-Up Calls (con’d)
  What concerns you?
  What action will you take?
  Need resources?
  What obstacles are likely?
  Consider consequences of
   doing nothing.

                                36
“But Roger, everyone
spends more than he
earns. That’s what
America is for.”
                       37
True Confessions
          “It took me two
             minutes to
 get           a credit
 card & 10 years to get
 out of it.”
Lucy Vailakis, age 29
                            38
Health Question
• With thousands of
  food items to
  choose from in the
  supermarket, most
  Americans regularly
  consume a wide variety of
  foods. True or False
                              39
Health Answer
•False
•In a food rut
•Routinely plan
 meals around same
 10 to 15 core foods
                       40
Strategy #19

Weigh the Costs &
Benefits of
Changing

Workbook p. 81      41
 Weigh the
 Costs
• Cost-benefit analysis
• Decision-making tool
 Determine pay-off
 Weigh pros & cons of
  changing behavior
                          42
Benefits of Changing
•People take action
 when the pros of
 changing outweigh
 the cons
•Decisions to change
 affect others
                       43
Decisional Balance
Worksheets 28 & 29 p. 83
•Health/Wealth
 Proposed Behavior
  Change
 Benefits
 Costs
                           44
Strategy #20

Step Down
to Change

Workbook p. 84
                 45
Step Down Principle
•Explores ways to
 reduce consumption
 Saves calories
 Saves money


                      46
Step Down to Change

                                • Don’t cut out
                                something completely
                                • Find an alternative
Restaurant
             Fast Food

                         Prepared Food

                                  Mixes

                                            From Scratch

                                                           47
Step-Down Principle
Worksheets 30, 31, 32
p. 86 & 87


• Buying Clothes
• Health Practices
• Wealth Practices
                        48
Team Question
•Provide one
 example using
 the step down
 strategy
                 49
Strategy #21

Kick It Up a
Notch
Workbook p. 88
                 50
Kick It Up a Notch! p. 88

• Take action to gradually
  increase health
  behaviors
   Exercise
   Saving/Investing
   Debt Reduction
                             51
Kick Health Up a Notch! p. 88

• Ramp up physical
  activity
• Work up to 10,000 steps
• Increase fruits & vegetables
  in diet
• Do more of anything positive!

                                  52
Kick Wealth Up a Notch! p. 88

•Transfer credit card
 balances to lower rate
•Automatically increase
 savings at regular
 intervals

                            53
Kick Wealth Up a Notch! p. 88

•Add 1/12 of
 mortgage payment
 (P & I) monthly
•Do more of anything
 positive!
                            54
Increase credit payments

• PowerPay
• Utah State University-
  Extension
 https://powerpay.org
   Shows savings by making
   Power Payments
                             55
Research
Questions
About Savings


                56
Those Not
Saving
“Could you save $20
a week??”
•62% yes

                      57
$20 a week 40 yrs
• $ 59,126 at 3%
• $132,700 at 5%
• $555,200 at 10%

                    58
Those saving
“Could you save
an additional $20
a week??”
• 70% yes
                    59
$40 a week 40 yrs
• $ 118,251 at 3%
•$   265,500 at 5%
• $1,110,500 at 10%


                      60
Strategy #22

Control Your
Environment
Workbook p. 92
                 61
Adjust Environment
•Remove cues for
 unwise practices
•Add prompts for
 wise practices

                     62
Control Environment
•5 Techniques
 Avoid temptation
 Reminders & warning signs
 Rearrange things
 Break the chain early
 Anticipate difficult
  situations
                              63
1 st   Technique
•Avoidance
 Stay away from
  people or things
  that “tempt” you
                     64
Avoidance for Health
• Keep high calorie snacks
  out of house
• Don’t use “special”
  occasions as excuse to
  eat more than is
  healthy
                             65
Avoidance for Wealth
• Limit shopping trips
• Don’t go with friend
  who buy, buy, buys
• Keep away from the
  lottery ticket area

                         66
2nd   Technique:
•Reminders & warning
 signs
 Develop “triggers” for
  action
  To do list/Timer

                           67
3rd   Technique
•Rearrange things
• Make best use of time
  Multi-task
 Automatic payment for
  bills
                          68
4th   Technique
•Break the chain
 before things get
 out of hand

                     69
5th   Technique
• Restrictors/Self
  imposed rules
 Develop individual
  restrictors to slow yourself
  down
      Charge no more than $200
       on credit card
                                  70
Control Environment
• Set yourself up to
  succeed
 Avoid temptation
 Reminders & warning signs
 Rearrange things
 Break the chain early
 Anticipate difficult
  situations

                              71
Worksheet 35 p. 94
•Examine Current
 environment
Healthy aspects
Unhealthy
aspects
                     72
Worksheet 35 (con’d)
•Avoidance
 Reminders to control
  behavior
 Rearrange to enhance
  healthy behavior
 Restrictors on poor health
  & wealth behaviors
                               73
Strategy #23

Monitor Your
Progress &
Reward Success

Workbook p. 95   74
Monitor Your Progress &
Reward Success p. 95

•Rewards follow &
 reinforce behavior
 change
•Reward progress at
 every major step
                          75
Monitor Your Progress &
Reward Success p. 95

•Written records
 increase
 self-awareness
•Success is an
 important motivator
                          76
Worksheet 36 p. 97
•Progress Indicators
 Health-Start ___ ___ ___ ___Finish
 Wealth-Start___ ___ ___ ___Finish




                                       77
Worksheets
37 & 38, p. 98 & 99
• Chart your
  progress
 Health Goal
 Wealth Goal

                      78
Wealth Question
•What is the
 monthly cost of
 Medicare Part B
 (Medical Insurance)
 in 2011?
                       79
Wealth Answer
•If file individual Tax
 Return for $85,000
 or less
•$115.40
                          80
Strategy #24

Expect Obstacles &
Prepare for
Relapses
Workbook p. 102
                     81
Expect Obstacles & Prepare
for Relapses p. 102

• Obstacles & relapses should be
  expected
• Causes of relapses
 Depression
 Loneliness
 Anxiety
                                   82
 Expect Obstacles & Prepare
 for Relapses p. 102

• Identify obstacles & make specific
  plan to overcome them
  “Plan B” stress reducers
  Time pressures
  Social pressures


                                       83
Expect Obstacles & Prepare
for Relapses p. 102

•Control everything
 you can
•Regroup & move
 on after a relapse
                             84
Strategy #25

Set a Date &
Get Started…
Just Do It!

Workbook p. 105
                  85
Set a Date & Get
Started…Just Do It! p. 105
• Take the time to prepare
  properly
• Identify & address
  obstacles
• Set a realistic start or quit
  date
                                  86
Worksheet 40 p. 107
• Behavior Change
  Contract
 “I commit to take
  the following
  actions to reach my
  health & wealth
  goals.”
                        87
Set a Date & Get
Started…Just Do It! p. 105
•“Go public” with your
 commitment to change
•Consider a “commitment
 contract”
•Then…”Just do it!”
                             88
Wealth Question
• What is the interest
 rate on Series EE United States
 savings bonds
 purchased after May
 2011 – October 2011?

                               89
Wealth Answer
• Series EE = 0.70%




                      90
Wealth Question:
Assume you have
$1,000 to save




                   91
Shop--Savings Account



  Bank               Credit
                     Union
         Savings &
           Loan

                              92
Which account will
pay you the most?
•A. 5.8 % compounded
    quarterly
•B. 5.75 % cp monthly
•C. 5.5 % cp daily
                        93
Compounding
•Quarterly = 4
•Monthly = 12
•Daily = 365
                 94
Difference
•Annual
 Percentage
 Rate (APR)
•Annual Effective
 Yield (AEY)        95
Annual Effective Yield
•Reveals the impact of
 the number of times
 interest is compounded
 & credited to
 your account

                          96
Annual Effective Yield
•5.8%
 compounded
 quarterly = 5.93%

                         97
Annual Effective Yield
•5.75%
 compounded
 monthly =
           5.90%
                         98
Annual Effective Yield

•5.5%
 compounded
 daily =  5.65%
                         99
Which Rate Pays
most?
• 5.8 % cp quarterly = 5.93
• 5.75 % cp monthly = 5.90
• 5.5 % cp daily     = 5.65


                              100
5.5 Cp difference
• 5.5 % cp quarterly = 5.61
• 5.5 % cp monthly = 5.64
• 5.5 % cp daily     = 5.65



                              101
$4,000 IRA 40 yrs
• 5.93% AEY =     $608,262
•5.65% AEY = $567,160

   $41,102
     difference
                         102
Ask
•Annual
 Effective
 Yield (AEY)
               103
SSHW More Information
•Appendix 2
 Pages 115 - 119
 Web sites

                        104
What Will YOU Do to Improve
Your Health & Wealth?




                              105
 Session 3 Review
16. Live “The Power of 10”
17. Take Calculated Risks & Conquer
    Fears
18. Appreciate Teachable Moments
    & Wake-Up Calls
19. Weigh the Costs & Benefits of
    Changing
20. Step Down to Change
                                 106
Session 3 Review Con’d
21. Kick It Up a Notch
22. Control Your Environment
23. Monitor Your Progress & Reward
        Success
24. Expect Obstacles & Prepare For
        Relapses
25. Set a Date & Get Started…Just
        Do It!
                                107
Action Dots
• Sheets listing potential
  actions that you could
  take during the next few
  weeks are on walls
 Place a dot on each action
  you plan to take
                               108
Rewards
•“Winning team”
 Who had the
  most correct
  answers?
 Select your
  reward
                  109

								
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