News-Info

Reasons Why a Water Heater Doesn’t Make Enough Hot Water

Written by Elizabeth McGrath

Updated 11/03/19

A hand turning the temperature of a tankless water heater
BanksPhotos / Getty Images

Your water heater is a workhorse appliance that works nearly constantly. Not only does every faucet in your house depend on the water heater, but so do appliances such as the clothes washer and dishwasher. Like any hardworking appliance, the water heater is subject to a variety of maintenance issues and common problems, but one of the most common complaints is that it doesn’t produce enough hot water.

Fun Fact

The first residential hot water heater was made in England in 1868. It worked by flowing cold water through pipes exposed to a hot gas burner; the heated water would then flow into a sink or tub.

Here are some things to look for when your water heater doesn’t provide enough hot water, with suggestions on how to address the problem.

Demand Is Too High

Perhaps the most common reason for an inadequate supply of hot water is that there are too many fixtures and appliances drawing hot water for the water heater to keep up with the demand. If the problem has just appeared, some reasons why your hot water supply might be inadequate include the following:

  • Recent upgrading to a larger bathtub or spa-type tub may be requiring more hot water than your previous tub. Your water heater might not be up to the demand.
  • A new shower head that features a higher flow or that has multiple sprayer heads may be calling for more hot water. Deluxe “luxury” showers may use considerably more water than simple single-head showers.
  • A remodeling project that adds a new bathroom or larger kitchen can put a greater demand on the hot water heater.
  • Additional household members can cause hot water demand to exceed capacity. Some families find, for example, that college students returning home for summer suddenly cause a hot water shortage.
  • New large-capacity or additional appliances can also put excessive demand on a hot water heater. If you have just added a dishwasher in a rec-room bar or a new large-capacity washing machine, it should be no surprise if the water heater finds itself overtaxed.

Solutions to a Demand Problem

  • Replacing your water heater with a larger capacity model. Water heaters are available in tank sizes ranging from 28 gallons to 100 gallons. Most experts suggest a 30-gallon tank as a minimum for one or two people, a 40-gallon tank for three or four people, and a 50-gallon or larger tank for five or more people. Be aware that gas water heaters recover faster than electric water heaters.
  • Install a tankless water heater. Tankless water heaters heat water as it is needed, so you virtually never run out of hot water unless all appliances are drawing hot water at the same time. Tankless water heaters are available in both whole-house models as well as small point-of-use heaters that can be tucked beneath a sink cabinet.
  • Create a usage schedule that spreads out the hot water demand. In large families, for example, staggering shower times and running clothes washers and dishwashers late at night can improve the availability of hot water.

Incoming Water Is Too Cold

Problem

In cold-climate areas, the incoming water supply can be very, very cold in the wintertime, which means your water heater will require considerably more time to heat the water. As a result, you may feel that you’re not getting the same volume of hot water as before.

Solution

Increase the thermostat temperature setting on your water heater during the winter months. This will partially compensate for the colder water entering the tank at this time of year.

Reduced Incoming Water Pressure

Problem

It is the incoming cold water flow that pushes the hot water out to fixtures and appliances. If the water supply experiences a reduction in water pressure, this will also reduce the pressure at which hot water is forced out of the tank, making it seem like you don’t have as much hot water.

Solution

Fixing water pressure problems can be difficult because there can be several causes. In some instances, old, corroded pipes may need to be replaced with new plumbing pipes. If your home has a water pressure regulator valve, this device may need adjustment or replacement.

Water Heater Thermostat Set Too Low

Problem

In the interest of energy savings and home safety, many people set the thermostat on the water heater at a fairly modest 120 F. This is good practice, but it also means that you may be running a shower or sink faucet at the full hot position in order to get the hot water you need. This can quickly empty a water heater during peak-use times.

Solution

Set the thermostat higher—at 140 F or higher. At this setting, getting comfortably warm water at a shower or faucet will involve mixing the hot and cold water flow, which means it will take longer to use up the hot water in the tank.

Faulty Thermostat

Problem

If you notice no increase in water temperature when you increase the setting on your water heater, it’s possible that the thermostat is faulty. This is fairly common with electric water heaters, which have thermostats attached to both the upper and lower heating elements on the tank.

Solution

You should have the faulty thermostat replaced.

Faulty Electrical Heating Element

Problem

Electric water heaters have two heating elements mounted in the tank, and it is fairly common for them to wear out. Diagnosing a heating element is fairly easy. A constant supply of lukewarm water usually means a defective upper heating element, while a short-lived supply of fully hot water means that the lower heating element is probably defective.

Solution

Test and replace a faulty element. This is a fairly easy DIY project.

Sediment Buildup in Tank

Problem

If rust, corrosion, and sediment build-up in the bottom of a water heater tank, the burner or heating elements will not heat the water as efficiently, making it harder to maintain a good supply of sufficiently hot water.

Solution

Prevention—in the form of yearly flushing of the water heater tank to remove any buildup of sediment and rust that collects in the bottom of the tank.

Distance to Water Heater Is Too Far

Problem

In homes where a bathroom is quite some distance away from the water heater, it can not only take quite a while for hot water to reach the shower and sink faucet, but the hot water supply may run out rather quickly. The reason for this is that a considerable amount of hot water is being used to heat up long runs of pipes running from the water heater to the faucets.

Solutions

There are several solutions to consider:

  • Install a supplemental point-of-use water heat near the faucet. These appliances are essentially small electric tank water heaters installed in the vanity cabinet.
  • Install an instant hot water recirculating pump to keep water in the hot water lines constantly warm.
  • Insulate the hot water pipes running from the water heater to the distant faucet. This will prevent heat from being lost as it radiates off the pipes.

Faulty Dip Tube

Problem

Hot water heaters are designed so that cold water enters the tank through a dip tube that runs from top cold water inlet down through the inside of the tank, delivering the cold water to the bottom. This ensures that the hottest water is at the top of the tank, near the hot water outlet pipe.

If the dip tube becomes disconnected or broken, the cold water may enter the tank at the top, where it immediately dilutes the hot water. This results in lukewarm water and an apparent reduction in the volume of hot water.

Solution

Disconnect the cold water inlet on the water heater, remove the old dip tube, and install a new dip tube. The part is inexpensive, and replacement is an easy DIY project.

Gas Burner Is Dirty or Faulty

Problem

A gas water heater cannot heat effectively if the burner is dirty or not functioning properly. The gas flame at the burner should burn steadily with a bright blue flame. If the flame is irregular or yellow in color, it will not be as hot and won’t heat up the water in the tank as effectively.

Solution

Service the gas burner, which usually means cleaning the jets so the gas can flow freely. If the burner is cracked or badly corroded, it should be replaced.

Water Heater Is Worn Out

Problem

The average lifespan of a water heater is 8 to 12 years, and no matter how well you maintain it, eventually sediment will build up, affecting the efficiency of the appliance and reducing the available volume for hot water. If your water heater is at least 10 years old, efforts to correct a diminishing supply of hot water may be futile.

Solution

An old water heater needs to be replaced. When choosing a new water heater, make sure to choose a model with a tank size large enough for your needs. And now might be a time to consider a state-of-the-art tankless water heater.

Article From www.thespruce.com

News-Info, Uncategorized

How a Packaged System Works

GDM_house_pkgunit

Types of Packaged Units

Packaged Air Conditioners : The compressor, coils, air handler are all housed in a single-boxed cabinet. The packaged air conditioner can also provide limited warmth by using an electrical strip heating.

  • Packaged Air Conditioners : The compressor, coils, air handler are all housed in a single-boxed cabinet. The packaged air conditioner can also provide limited warmth by using an electrical strip heating.
  • Packaged Heat Pumps: A packaged heat pump uses heat pump technology to cool and heat your home.
  • Package Gas-Electric: T The packaged gas-electric unit combines an air conditioner with gas-powered furnace performance.
  • Package Dual-Fuel: The packaged dual fuel system contains a heat pump, capable of heating and cooling, as well as a gas furnace. This type of packaged system optimizes the heating source for the conditions.

How Each Packaged System Works

Operation depends on configuration, but packaged systems typically heat and cool your home the same way their stand-alone counterparts do. The ducting with a single cabinet system is slightly different. The duct work is attached to the system rather than connecting to various components in your home.

Packaged System Air Condition Component

  • By using electricity as its power source, the unit’s internal components cycle the refrigerant.
  • Warm air is pulled in by a fan and then passes over the cold evaporator coil, cooling it in the process.
  • The cooled, dehumidified air is pushed through ducts to the various spaces inside your home.

Package System Heating Component

  • Packaged Air Conditioners: In addition to the typical cooling feature associated with an air conditioner, packaged air conditioners are capable of producing limited heat with heat strip elements. With electricity as the fuel source, the heat strips are warmed, and the air is heated as it flows over the strips.The warm air then travels through ducting to increase the interior temperature of your home. This type of heating component is mainly used in warmer climates where heat is only used occasionally.  
  • Packaged Heat Pumps: The heat pump transfers heat by reversing the refrigeration cycle used by a typical air conditioner. Through a cycle of evaporation and condensation, the indoor coils are heated, and the air is pushed over the warm coils. From there, the warmed air is blown through the ductwork to increase the temperature in the interior rooms of your home.  
  • Packaged Gas-Electric: The heating component of a packaged gas-electric system is a gas furnace. The heating portion of the system uses natural gas or propane to combust inside the heat exchanger, creating heat. As cool air from the interior spaces is pulled in through the return ducting, the blower motor then blows the air over and through the hot heat exchanger, heating the air. The warm air is then circulated throughout the home through the ductwork.  
  • Packaged Dual-Fuel: Your dual-fuel packaged system has two heating options, a heat pump or a gas furnace. When installed and configured correctly, your dual fuel system can determine whether it’s more economical to heat your home using electricity or gas. When moderate heating is required, the heat pump automatically reverses from the air condition mode to provide warm air. When temperatures fall further, the system uses the gas furnace to provide reliable, consistent heat.

Benefits

  • Space efficiency – Unlike split-system units, all components of a complete heating and cooling system are contained in one location, making packaged units ideal for situations in which indoor space is at a premium.
  • Energy-efficient heating and cooling performance – All Goodman® brand packaged units offer 13 SEER or higher cooling performance. Our packaged gas/electric units offer 80% AFUE heating performance, as well.

More articles at this LINK

HVAC Learning Center

From https://www.goodmanmfg.com/resources/heating-cooling-101/how-a-packaged-system-works

Real Estate

Mr. Landlord Tips

MONTHLY MANAGEMENT TIPS FROM MRLANDLORD.COM
(Shared by landlords nationwide) THE BEST LANDLORDING ADVICE I’VE RECEIVED  10 rental property owners share what they believe is the single best piece of landlording advice that they have ever received. Here are their school of hard knocks words of wisdom:    1) Like Reagan said, “Trust but verify”.      2) Treat residents well!
3) Hang out with like-minded people. Ask to shadow a successful landlord in your area.    4) Don’t underestimate the actual cost of owning real estate! Many studies indicate total expenses including vacancy, etc. will average around 45% to 50% of gross income.    5) Compared to a bad resident, a vacancy is a delight. 
 
6) Put your rental criteria in writing. 
 
7) Figure out who you want to rent to and only buy/fix properties they will rent.    8) The landlord is in charge. The resident is not!    9) Make sure you have a fantastic lease that covers everything – Everything!

10) Five years from now YOU WILL BE the books you read, the audios you listen to, and the people you associate with. Wealth creation is between the ears. 

12 STEPS FOR ONE DAY TURNOVER      Many of you veterans out there may already know all of this, but just in case I wanted to share “the system” that has one landlord 3 for 3 of his last vacancies at a one day turn over.
 
Step 1: Communication with current residents. Make sure you touch base with resident 90 days out from their anniversary date about which anniversary gift they want. If I hear nothing by 60 days out, then we ask again or confirm their intent to move. Repeat this step 30 days out. Get their desire in writing, signed, and dated!   Step 2: Start advertising. I start putting my Craigslist & Zillow ad 30 days out, around the first of the month. Renew the post every 2 days or as often as allowed.   Step 3: Communicate my bonus program to the current residents. $100 if they bring me a qualified prospect who signs a lease (and pays!). Or $100 if I get someone with their assistance prior to their move out to pre-lease. This moving bonus is a thank you for them keeping the place nice enough to show and being accommodating to repeat showings, plus saying a positive word about the home or neighborhood. Yeah, my lease says they have to do it anyway for free BUT this encourages cooperation and they say nice things about me to the prospect too!   Step 4: Get a “anytime is fine” showing agreement with residents. Basically, anytime between X and Y times it’s okay for me to show the rental with 30 minutes notice ahead of time. Or get them to agree to show it for you when they’re home. Saves gas, saves time, and it’s less stress.   Step 5: While doing showings, make the handyman provide a fix-it list for repairs as soon as the old residents are in their last weeks before  moving out.
Step 6: One week out, line up your cleaning / maintenance / carpet-scrubbing crew(s). Coordinate so they aren’t stepping on each other to get it done the day resident moves out, if possible. If all else fails and its a fairly clean turnover, you can probably leave the maintenance for last unless there’s a major issue that affects habitability. The cleaning gal shows up in the morning, carpet scrubbers finish up in the evening.  The next day everything is dry and ready for new resident.   Step 7: Email the lease as an attachment to resident 3 days prior to signing to ensure they have ample time to review and ask questions. Remind them that you need the rent and deposit in certified funds (no personal checks, thank you) when you meet to sign the lease. No money, no keys, no signing anything.   Step 8: Day prior to lease begins. Make sure utilities are switched over effective the day prior to the first day of the lease. Call the power company or ask the resident to show you a receipt as proof of service.

Step 9: Day lease begins. Do walk through with residents. Note deficiencies and write down everything you agree to fix / repair / upgrade on a list that says: “Only these items will be fixed / repaired / upgraded. RESIDENT agrees landlord has not promised, verbally or in writing, to any other repairs, fixes or upgrades that are not listed. Premises are accepted in “as is” condition, unless otherwise noted on this sheet.”   Step 10a: Get money, sign lease. Give resident a run down of rules and procedures for maintenance requests and emergency contact information. Show them where the circuit breaker box is, water shut off, etc. Give each resident a copy of your business card (with you as property manager) with phone number, office hours and email address.   Step 10b: Hand over keys. (this is last for a reason, folks!) Step 11: Deposit money in your bank. Step 12: Go enjoy a cold beverage of your choice in celebration. Ah, another turn over complete!   Of course there will be some turn-overs that are more complex: eviction, slobs, damages, etc. This is meant as a basic blue print for an otherwise successful tenancy that is coming to a close. Add or subtract steps that you feel make the process smoother.

The tips in this column are shared by regular contributors to the popular MrLandlord.com Q&A forum, by real estate authors and by Jeffrey Taylor, Founder@Mrlandlord.com. To receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording questions and seek advice of other landlords 24 hours a day.

“Management tips provided by landlords on MrLandlord.com.
To receive a free Rental Owner newsletter, call 1-800-950-2250 or visit our
nationwide Q&A Forum, LandlordingAdvice.com, where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.”
MrLandlord.com, All the Keys to Landlording Success, Box 64442, Virginia Beach, VA 23467
Uncategorized

How to Find a Real Estate Investing Mentor—the Basics

How to Find a Real Estate Investing Mentor—the Basics

by Brett Snodgrass | BiggerPockets.com

Finding the right mentor can make all of the difference in the world for your real estate investing career. However, there is a right and a wrong way to go about finding one.
In this blog post, I want to share a few best practices for how to find and approach a real estate mentor.

How to Find a Seasoned Real Estate Mentor

The best way to find a seasoned investor in your area is to simply go to where investors hangout.
My first suggestion is to start your search on BiggerPockets. This site is your one-stop shop for everything real estate, and it is an amazing way to network with other investors.
When searching for investors on BiggerPockets, I suggest using keyword alerts to find local investors in your area.
For example, if you’re based out of Indianapolis, your keyword alerts can include “Indianapolis,” “investor,” “Indianapolis wholesaling,” “Indianapolis wholesaler,” etc. Once you have your keyword alerts set, you will receive an email each time your keywords are used in a post. This will allow you to keep an eye on those who post frequently using your keywords.
I also recommend attending your local Real Estate Investors Association (REIA) AIACLUB.COM meeting, because a lot of investors hang out there, and it’s an amazing way to connect with local investors in your market.
If you’re a licensed agent and have access to the Multiple Listing Service(MLS), you can search for cash buyers who have purchase properties in your market in the past six months.
You can also utilize Meetup. There are tons of real estate investor meetings you can attend and connect with investors that way.
So now that you know where to find investors, I bet you’re wondering, “Well, how do I approach a seasoned investor?”
Here’s my advice.

Don’t Ask to be Mentored

At my wholesaling company, we receive lots of requests each week from people who want us to mentor them. But that’s not the way you want to go about it.
Think about it: When you find someone who you’re interested in dating or potentially marrying, do you approach them by immediately asking them to marry you?
No way! That would be so weird! The first time you meet someone, you don’t ask them to marry you. You get to know them first. You foster a relationship, and then maybe one day you pop the big question.
The same thing follows for approaching a mentor.

It All Boils Down to Relationship

Real estate is all about relationships, and you need to make sure the both of you fit well together. The hope is that you will mutually benefit from the relationship.
Once your potential mentor has been identified, invite him or her out for coffee or lunch, and spend time developing a relationship. Truly get to know one another.
In your first meeting, I recommend asking these questions:
  • What are your core values?
  • In life, what are some things you’re passionate about?
  • What kind of investing do you do? And how do you do it?
  • What would be your suggestions for me, as a complete beginner?
  • Do you partner on deals on a case-by-case basis?

Discover Their Needs

Real estate investors are extremely busy people. They already have a lot on their plates. If they decide to take on a mentee, they will be giving up time they may otherwise put into their own business, their team, or their family. Being a mentor is a time commitment.
Give your would-be mentor a reason to take time to invest in you.

If I were a newbie investor, here’s what I would do

When approaching a potential mentor, I would take the word “mentor” out of my vocabulary. I’d ask one of these two questions instead:
“How can I bring you value?”
“Hey, is there anything I can help you out with?”
This approach is more inviting because it’s not self-centered. Instead, it’s a great way to build a relationship with an experienced wholesaler like myself by bringing value to the investor.
You can do this by figuring out a way to get hired at your would-be mentor’s company. Even if they’re not hiring, find a way to justify a job.
If your potential mentor runs a small business, find areas of opportunity where their business is lacking. Offer to help in that area. Offer to drive for dollars, clean offices, take motivated-seller calls, manage properties, scope land—whatever it is, your communications should come across as simply eager to help and learn.

Create and Add Value

Look for opportunities to create and add value somehow. If you see the opportunity, you can run after it.
When I was working for the timber guy, I didn’t know how to operate the machinery. I knew I couldn’t add value in that area, but I also knew that any entrepreneur in the real estate business needs deals. Investors can never have enough deals, because that’s how they make money. So I added value by helping my mentor find land deals, and the deals were a huge value to him.

 

Real Estate

PHP -Professional Housing Provider

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cover flipping, landlording and most especially how to buy the
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We have prepared the classes to take in order to earn the
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Classes will be taught by experts in their fields and as a bonus
they are fellow AIA members and/or sponsors. (AIA members
get a discount)
So, come join your fellow investors and learn how to start
investing successfully!

PHP program – $1,150 full price
$ 950 for AIA members
For a married couple – one spouse pays 50%
For two business partners – one partner pays 75%

THE PROFESSIONAL HOUSING PROVIDER PROGRAM

Presented by AIA/ALREIA
Twenty classes will be offered of 3 hours each for a total program length
of 60 hours as required by the National REIA. Classes will meet on
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at 2017 Canyon Road Suite 45 Vestavia Hills, AL 35216. Classes will be
recorded in order to assist the students in completing the program.
TOPICS INCLUDE:
BUYING RIGHT
SELLING PROFITABLY
REHABBING
LANDLORDING
APPRAISAL
PURCHASING
NEGOTIATION
TAXES
INSURANCE
CONTRACTS/LEASES
MARKETING
FINANCING
FAIR HOUSING
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FED & LOCAL REGS
ETHICS
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ABR®, AHWD®, CDPE®, CIAS®, CIPS®, CNHS®, Green®,
GRI®, MRP®, PHP®, RCC®, RSPS®, SFR®, SRES®
Alabama Worldwide Properties – Broker
Licensed Real Estate Instructor
PO Box 1324
Trussville, AL 35173
Cell    205-862-3381
Regal Realty LLC – Appraiser
AGA®
PO Box 1324
Trussville, AL 35173

 

Uncategorized

Healthy and Wealthy

Healthy and Wealthy: How Planning Can Boost Your Well-Being

– July 28, 2016

Key Points

  • Researchers have identified interesting links between health and wealth that underscore the benefits of planning.
  • Even if you’re not a born planner, you can still take certain steps to help reach your goals.
  • We discuss four strategies to help you start planning now.
Health and wealth are often related. That may sound intuitive, but the interconnections between the two may surprise you. They can also help shed light on some of the key challenges of retirement planning.
We know that health woes can hurt your finances. For example, a prolonged illness can lead to high medical bills and keep you from working. Researchers have also shown that financial troubles can be bad for your physical health, causing everything from stress, depression and insomnia to headaches, high blood pressure and eating disorders.1
There are other connections, as well. A growing body of research has revealed that efforts to preserve your physical and financial health can be hindered by similar behavioral obstacles. Fortunately, it’s also turning up some intriguing options for managing this behavior.
Here, we’ll take a closer look at some insights from the world of behavioral research and discuss how investors can incorporate them into their retirement planning.

Preserving well-being

Most people may know—intellectually, at least—what habits tend to encourage success. But getting into these habits can occasionally prove challenging.
For example, exercising regularly is generally considered to be part of a healthy lifestyle. But that doesn’t make it any easier to go for an early-morning jog. So it goes with working toward a financial goal, such as saving for retirement. We may appreciate how important it is to save and invest, but it’s not always easy to make the right financial call. So how do we make it easier to go from understanding what we should do to actually doing it?

A propensity to plan

Researchers have studied why otherwise similar households appear to accumulate different amounts of wealth over time and identified one major factor: planning. In fact, one study found that people who plan—that is, people who determine how much money they’ll need in retirement and create a savings plan to get there—at the median accumulate three times the amount of wealth that non-planners do.2
Unfortunately, not everyone is a planner. In fact, some people appear to have a natural “propensity to plan,” and researchers have shown that such people are typically better at controlling their spending and reaching their financial goals.3
They also tend, on average, to make healthier choices in their day-to-day lives. One study asked survey respondents about a variety of health- and finance-related planning topics—for example, “do you eat a healthy breakfast every day” and “do you have a monthly budget and do you tend to stick to it”—and found that planners do well at both.4
But what if you don’t have that propensity?

Forming habits

Wanting to accomplish a given task—whether it’s working out or saving enough for retirement—doesn’t guarantee that you will. Sometimes other habits get in the way.
The good news is that researchers have identified some planning tools you can use to change certain kinds of unhelpful behavior.5 Broadly, the elements of an effective plan include:
  • Intent. This is a simple matter of wanting to achieve a given goal.
  • Action steps. This is where you plan when, where and how you take certain steps toward accomplishing your goal. If your goal is to lose weight, this is where you might decide how often you’ll work out each week. If you’re saving for retirement, you might identify how much you want to save and how you’ll invest.
  • Coping planning. This is where you try to anticipate the obstacles you might face while carrying out your action steps, and make subsidiary plans to deal with them so you can stay focused. It’s where you ask: What if things go wrong? What if you don’t want to exercise? Or what if you’d rather go to France than save for retirement, or the market falls and your plan hits the skids? It helps to create supporting plans, in advance, to avoid distraction and keep you focused on your action steps.
How effective is this kind of planning structure? One study from the world of health research found that cardiac rehabilitation patients were better able to stick to exercise regimes as part of their treatment if they planned out action steps and developed coping plans.6 Could this be another area where health and wealth are intertwined?

What can you do now?

  1. Try to see financial planning in the same light as other areas of your personal life. Do you take annual vacations to improve your mental well-being and family relationships? Do you walk several times a week to improve physical health? If so, try to think about financial planning in a similar way. For example, in the same way you would plan a vacation or set a weight-loss goal, try to identify what you need to do to retire comfortably. Identify action steps like contributing to an employer-sponsored retirement plan or an IRA. And schedule an annual check-up with a financial advisor.
  2. Take small steps. Most people don’t suddenly decide to run a marathon on the day of the race. They generally do a lot of training first, building up their stamina and strength over time using a series of action steps. Building wealth can work the same way. Take small steps. Review your contributions to your retirement accounts, talk to a financial advisor about your goals and budget, total your expenses for the last year to see if they match your income, and determine if you have room to save more.
  3. Make it easy. Once you have a plan, consider taking steps to help you cope with potential hurdles. Decide on an amount that you can afford to save from your paycheck. Then set up automatic deposits and investment plans. Again, if you need help, talk to an advisor. If you’re already retired and living off savings, visit an advisor annually to determine an appropriate annual spending rate—and stick with it. Ask your advisor to help set up automatic withdrawals from your savings based on your plan. And then live your life, updating your plan annually rather than daily.
  4. Don’t wait to get started. You have to start somewhere. You can always find ways to exercise or save more in the future. Don’t let a modest beginning keep you from starting. Write out your goals and then talk with an advisor about how best to achieve them. If you want to build wealth, you’ll have to redirect some of the income you earn today to invest it to spend another day.  The rest is details.
How much are you spending? How much can you save? How are you investing?  If you have a detailed plan, that’s great. If you don’t, talk with an advisor and start one now.
Health and wealth interact in interesting ways. The benefits of developing and sticking with a plan—whether you’re exercising or saving money—are clear. And the research appears to suggest that health-promoting habits and good financial practices tend to reinforce one another. So why delay? Talk with an advisor, and start now.
1Barbara O’Neill, Benoit Sorhaindo, Jing Jian Xiao, and E. Thomas Garman, “Negative Health Effects of Financial Stress,” Consumer Interests Annual, 2005.
2Annamaria Lusardi and Olivia S. Mitchell, “Financial Literacy and Planning: Implications for Retirement Wellbeing,” NBER Working Paper Series, 2011.
3John Ameriks, Andrew Caplin, and John Leahy, “Wealth Accumulation and the Propensity to Plan,” The Quarterly Journal of Economics, 2003.
4Barbara O’Neill, Jing Jian Xiao and Karen M. Ensle, “Propensity to Plan: A Key to Health and Wealth,” Journal of Financial Planning, 3/2016.
5Peter M. Gollwitzer and Paschal Sheeran, “Implementation Intentions and Goal Achievement: A Meta-Analysis of Effects and Processes,” Advances in Experimental Social Psychology, 2006.
6Urte Scholz, Falko F. Sniehotta, Silke Burkert, Ralf Schwarzer, “Increasing Physical Exercise Levels: Age-Specific Benefits of Planning,” Journal of Aging and Health, 2007.