When it comes to planning your financial future, few details are as important, and often overlooked, as naming your beneficiaries. Whether for your life insurance policy, retirement accounts, or investment portfolio, your beneficiary designations determine who will receive your assets when you pass away. Understanding how beneficiaries work, and why they matter, is a crucial part of ensuring your wishes are carried out and your loved ones are protected.

What Is a Beneficiary?

A beneficiary is the person or entity you designate to receive the benefits from your financial accounts or insurance policies after your death. You can name one or multiple beneficiaries, and you can even specify how the benefits are divided among them. There are two main types:

• Primary beneficiaries: the first in line to receive your assets.
• Contingent beneficiaries: those who receive the assets if the primary beneficiary has passed away or is otherwise unable to claim them.

Why Beneficiaries Matter

Having clear, up-to-date beneficiaries listed ensures that your assets are distributed according to your wishes and without having to go through probate court. If no beneficiary is listed, or if your designations are outdated (for example, still naming an ex-spouse), your assets could end up in the wrong hands or cause unnecessary delays and legal fees for your loved ones.Regularly reviewing your beneficiary designations, especially after major life events like marriage, divorce, or the birth of a child, helps prevent confusion and potential family disputes later on.

Common Mistakes to Avoid

• Failing to name beneficiaries at all: leaving the distribution of your assets up to state laws.
• Not updating designations: changes in relationships and family dynamics can make old choices inappropriate.
• Naming minors directly:  minors typically can’t inherit directly without a court-appointed guardian.
• Ignoring tax implications: different accounts may have tax consequences depending on who receives them.

How to Keep Beneficiary Planning Simple

Start by making a list of all accounts and policies that require a beneficiary designation. Contact your financial institutions to confirm your current beneficiaries and make any necessary updates. It’s also wise to coordinate your beneficiary designations with your overall estate plan, ensuring everything aligns with your will or trust.

How We Can Help

At Walters Financial Wellness, our financial counselor works with you to ensure your assets are protected, your loved ones are cared for, and your wishes are honored. Whether you’re reviewing existing policies or setting up a new financial strategy, we’ll guide you every step of the way with clarity and confidence.

Estate planning is one of the most important steps you can take to protect your assets and loved ones. Two of the most common tools used in estate planning are wills and trusts. Understanding the differences between them can help you make an informed decision about what’s best for your financial and personal situation.

What Is a Will?

A will is a legal document that outlines how you want your assets distributed after your death. It can also name guardians for children and specify your final wishes. Wills are relatively simple to create, but they must go through probate, a court-supervised process that validates the will and oversees the distribution of assets. While probate ensures everything is handled legally, it can also be time-consuming, public, and sometimes costly.

What Is a Trust?

A trust is a legal arrangement that allows a third party (the trustee) to hold and manage assets on behalf of beneficiaries. Unlike wills, trusts can go into effect while you’re still alive and typically allow your estate to avoid probate. This means your heirs can receive their inheritance more quickly and privately. There are many types of trusts: revocable, irrevocable, special needs, and more. Each one is designed for specific goals, such as asset protection, tax efficiency, or long-term care planning.

Which One Should You Choose?

Choosing between a will and a trust depends on your goals, the complexity of your assets, and your family’s needs. A will may be sufficient for smaller estates and simple distributions, while a trust can offer more privacy, control, and efficiency, especially for larger estates or blended families. Often, a combination of both provides the best protection.

How Walters Financial Wellness Can Help

At Walters Financial Wellness, we help clients navigate every aspect of their financial journey, from estate planning and asset protection to retirement readiness and debt management. Whether you’re just starting to plan your estate or updating an existing plan, we’ll help you build a strategy that protects what matters most. Contact us today to start the process.

During the ongoing government shutdown, active-duty service members are facing pay freezes (as of 10/07/25). The Servicemembers Civil Relief Act (SCRA), which usually provides financial protections for active-duty personnel during regular pay periods, can also serve as a legal safeguard during government shutdowns. 

What is the SCRA?

The Servicemembers Civil Relief Act is a federal law designed to ease the financial and legal burdens on military personnel when they’re called to active duty. Some of the core protections include:

• Capping interest rates on pre-service debts at 6%
• Staying or postponing certain court judgments and proceedings (eviction, foreclosure, repossession) 
• Protection against default judgments
• Restrictions on repossessing property (other than a mortgage) obtained prior to service without a court order 
• Suspension or termination of certain leases (rental or auto) under qualifying conditions 
• Special rules for mortgage foreclosures, and limits on enforcement actions while in service and for a period afterward 

SCRA protections are not automatic. Service members sign up and and provide evidence (e.g. orders) to take advantage of many of these benefits.

Why SCRA Matters During the Current Government Shutdown

Active-duty service members are experiencing a delay in pay. Here’s how SCRA is relevant during the current shutdown:

• Shielding against eviction or foreclosure while payments are disrupted

If you were already behind or become unable to make a housing payment due to delayed funds, SCRA may allow a postponement of eviction or foreclosure proceedings by petitioning a court.

• Protecting repossession of personal property or vehicles

For installment contracts or lease agreements made before active duty, lenders generally can’t repossess the collateral (e.g. vehicle) without a court order, even if payments are late. 

• Capping interest at 6% for qualifying pre-service debt

During your active duty, for debts that existed before you entered service, SCRA requires creditors to reduce interest to 6%, which can help reduce the financial burden when your cash flow is constrained. 

• Preventing default judgments or attachments without proper notice

The act requires that courts or creditors verify a service member’s status before taking adverse actions like judgments or foreclosure. 

• Extending protections even after military service ends

For some obligations (like mortgages), the protection against foreclosure extends up to 12 months after service; for many other debts, some protections extend up to 6 months post-service. 

What SCRA Doesn’t Do (or Limitations to Be Aware Of)

While SCRA offers a large set of protections, it’s not a free pass. Here are some limitations:

• New debt incurred during service

Debts you take on after entering active duty generally do not qualify for the 6% rate cap or other protections. 

• You must request or initiate protections

The law does not always act automatically. You often need to notify your creditor or the court and submit proof of your active duty status. 

• Not all types of debt or obligations are covered

Some consumer, business, or statutory obligations may fall outside the scope of SCRA protections, especially if the debt was incurred after entering service. 

• Court discretion and proof standards

Even when you ask for relief (stay, postponement, etc.), a court may require proof that the inability to pay is materially related to military service.

• Limited to certain time windows after service

Some protections expire after a set period post-service (e.g. 6 or 12 months). 

• It doesn’t guarantee alternative income or replace lost pay

SCRA helps you manage liabilities, but it doesn’t compensate for missed wages or cover basic expenses directly.

Practical Steps You Can Take (Especially During Shutdowns)

To maximize the protections SCRA can offer during a shutdown (or any time while in active duty), here are some practical steps:

• Document and preserve proof of active duty orders

Keep a copy of your  orders and any extensions in a safe place. You’ll often need them to assert SCRA rights.

• Notify creditors promptly

Send written notice of your service status to your mortgage company, auto lessor, credit card companies, and any relevant debt holders, along with a copy of orders. Ask them to apply your 6% interest cap and stay enforcement actions.

• Seek court stays early if facing eviction or foreclosure

If a landlord or lender begins proceedings, contact the court and request a stay or postponement under SCRA, asserting that service obligations are interfering with your ability to pay.

• Track all communications and responses

Keep records of letters, emails, and calls with creditors, courts, or agencies. If there’s a dispute later, documentation helps.

• Consult legal assistance or JAG office

Many military installations have Judge Advocate General (JAG) offices or legal assistance services that can help you assert SCRA protections.

• Plan ahead financially

Build an emergency fund, maintain lines of credit you could rely upon (ideally before entering active duty), and keep your finances as organized as possible so you’re less vulnerable during funding disruptions.

How Walters Financial Wellness can help you (Especially Under These Circumstances)

• Eligibility assessment 

We’ll review your situation and determine which SCRA protections you’re eligible for, and which debts qualify.

• Letter and notification drafting 

We can prepare formal notices or letters to creditors, lenders, or courts, properly invoking your SCRA rights.

• Debt mapping and prioritization 

We’ll help you identify which obligations to prioritize (housing, auto, etc.) and outline a plan to minimize penalties.

• Communication support 

If creditors or lenders contest your requests, we can help you respond and escalate appropriately.

• Budgeting under uncertainty 

We’ll build or adjust your budget so you can weather cash flow disruptions (e.g. during a shutdown).

• Post-service transition assistance 

After your service ends, we can guide you through the termination of SCRA protections, help with restoring conventional terms, and integrate your financial plan into civilian life.

If you’re a service member (or spouse/family) concerned about how a shutdown could affect your financial obligations, feel free to reach out. I’d be glad to walk you through your rights, options, and strategies.

If you’re facing a missed paycheck or worried about how long a government shutdown might last, you’re not alone. Thousands of households are impacted every time this happens, and the uncertainty can be overwhelming. The good news is that there are practical steps you can take to protect your finances and reduce stress while you wait for normal operations to resume.

1. Prioritize Your Essentials

Start by listing your non-negotiable expenses, such as housing, food, utilities, and insurance. These are your top priorities. If your income is reduced or halted, cutting back on discretionary spending will help stretch your available funds further.

2. Tap Into Emergency Savings Wisely

If you’ve built an emergency fund, this is the exact situation it’s meant for. Use it strategically, only for essentials, so it lasts as long as possible.

3. Contact Creditors and Service Providers

Many lenders, utility companies, and landlords offer hardship programs or temporary relief options during a shutdown. Reaching out proactively can prevent late fees, penalties, or service interruptions.

4. Explore Community Resources

Food banks, nonprofit organizations, and even local governments often assist during government shutdowns. Don’t hesitate to seek out these resources if needed; they exist to support you.

5. Look for Temporary Income Opportunities 

Freelance jobs and part-time opportunities can help bridge the gap. Even small amounts of extra income can reduce the strain on your budget.

At Walters Financial Wellness, we understand the challenges that government shutdowns bring. We work with clients to create tailored financial strategies, reduce debt stress, and build confidence in their money management, even in uncertain times.

To make budgeting easier, we also offer a Budget Worksheet in our shop, designed to help you track expenses, prioritize spending, and stay in control during financial disruptions.

Losing a job can feel overwhelming. Along with the emotional stress, there are often immediate financial concerns: How will you cover your bills? How long can your savings last? What should you do first? The good news is that with a clear plan and the right guidance, you can navigate this transition and protect your financial health.

Here are some key steps to take right away:

1. Take Stock of Your Financial Situation

Begin by listing all your current expenses, savings, and debts. This helps you understand exactly where you stand and gives you a roadmap for making informed decisions.

2. Prioritize Essential Expenses

Focus first on housing, utilities, groceries, and healthcare. These are non-negotiable. Cut back on non-essential spending until your situation stabilizes.

3. Apply for Unemployment Benefits

If you qualify, file for unemployment as soon as possible. These benefits can provide a financial cushion while you search for your next opportunity.

4. Communicate with Creditors

If you anticipate difficulty paying bills, don’t wait until you’ve fallen behind. Many lenders, landlords, and utility companies have hardship programs available if you contact them early.

5. Revisit Health Insurance Options

If you lost employer-provided health insurance, explore COBRA coverage, Affordable Care Act marketplace options, or other alternatives to avoid gaps in coverage.

6. Build a Short-Term Budget

Shift your mindset from long-term planning to short-term survival. Budget on a weekly or monthly basis, focusing on extending your resources while maintaining stability.

7. Use Emergency Savings Wisely

If you have an emergency fund, now is the time to use it, but use it carefully. Treat it as a bridge, not a crutch, and combine it with cost-cutting and other resources.

8. Keep Networking and Planning Ahead

While managing the immediate finances, set aside time to update your resume, reach out to professional contacts, and explore new career opportunities.

How We Can Help

Navigating the financial impact of job loss is challenging, but you don’t have to do it alone. At Walters Financial Wellness, we specialize in helping individuals and families regain control of their finances during times of transition.

Here’s what we can do for you:

• Personalized Budgeting Plans to stretch your resources further.
• Debt Management Strategies to reduce financial stress and avoid late fees or credit damage.
• Emergency Planning Guidance to help you prioritize spending and savings.
• Financial Coaching to rebuild confidence and prepare for your next chapter.

If you’ve recently lost your job, let us help you create a clear, practical financial plan so you can move forward with confidence.

Late payments can feel like a small setback, but over time, they can turn into bigger financial challenges. Whether it’s a missed credit card bill, car loan, or utility payment, understanding the consequences of late payments and how to recover from them is essential for building a stronger financial future.

How Late Payments Affect You:

• Credit Score Damage

Payment history is the largest factor in your credit score. Just one late payment can reduce your score, and multiple missed payments can have long-lasting effects.

• Fees & Penalties

Lenders often charge late fees, and some will increase your interest rate if you miss payments repeatedly. These added costs make it harder to catch up.

• Stress & Financial Strain

Beyond numbers, late payments add stress. Falling behind can feel overwhelming and impact your confidence in managing money.

• Reduced Access to Credit

A history of late payments may make it harder to get approved for loans, apartments, or even certain jobs that require credit checks.

Steps to Recover from Late Payments:

1. Make Accounts Current

Make your payments as soon as possible. The longer a bill remains unpaid, the greater the financial repercussions (usually in fees). Even making a partial payment can help. (Note: Improving your credit score is a gradual process. Additionally, once your credit score has been impacted, it may not be advisable to make an immediate payment, depending on your specific circumstances. We recommend contacting a financial counselor to make an informed decision).

2. Contact Creditors

Many lenders are willing to work with you if you reach out. Ask about payment plans, reduced fees, or hardship options.

3. Set Up Reminders & Automation

Use calendar alerts, budgeting apps, or automatic payments to prevent future late payments.

4. Check Your Credit Report

Review your report for accuracy. If you’ve made payments but they’re incorrectly marked late, you can dispute them.

5. Rebuild with Positive Habits

Consistent, on-time payments moving forward will gradually improve your credit score and financial stability.

How Our Business Can Help You

At Walters Financial Wellness, we specialize in guiding clients out of financial setbacks and into healthier money habits. Here’s how we can support you:

• Personalized financial counseling sessions tailored to your unique situation
• Step-by-step debt management strategies
• Assistance in communicating with creditors and negotiating payment options
• Credit report reviews and actionable improvement plans
• Budgeting tools and accountability check-ins
• Long-term financial coaching to keep you on track

Late payments don’t have to define your financial future. With the right strategies and support, you can recover, rebuild, and move forward with confidence. Contact us today to make an appointment with a financial counselor.

When people first start investing, the excitement of growing wealth can sometimes overshadow the importance of strategy and discipline. While everyone makes mistakes along the way, avoiding some of the most common pitfalls can make a big difference in long-term results. Here are a few of the investing mistakes that beginners often make, and how to sidestep them.

1. Trying to Time the Market 

Many new investors believe that they can predict when to buy and sell for maximum profit. In reality, even professionals struggle to time the market. Instead, focus on investing regularly, regardless of short-term market swings.

2. Putting All Your Eggs in One Basket

It’s tempting to pour money into one “hot” stock or trendy investment, but a lack of diversification leaves you vulnerable if that single investment fails. A balanced portfolio, spread across industries, asset types, and regions, can reduce risk while still offering growth potential.

3. Ignoring Risk Tolerance

Every investor has a unique comfort level with risk. Beginners often overestimate their ability to stomach losses, leading to panic-selling when markets dip. Before investing, ask yourself how much volatility you can realistically handle without losing sleep.

4. Forgetting the Power of Time

Some investors jump in and out of the market, hoping for quick gains. But wealth grows most effectively through long-term compounding. Staying invested and letting your money work for you over decades usually beats short-term investing.

5. Overreacting to Headlines

Markets react to daily news, and so do many beginners, but making investment decisions based on fear or hype often leads to poor outcomes. A solid financial plan should carry more weight than the latest news cycle.

6. Neglecting Professional Guidance

Trying to figure everything out alone can be overwhelming. A trusted financial counselor or advisor can help educate you and help you tailor an investment strategy to your goals, timeline, and risk tolerance. This can save you from costly mistakes.

Investing is a journey, not a race. By avoiding these common mistakes, beginners can build a strong foundation for long-term success. The key is patience, discipline, and a willingness to learn along the way.

How We Can Help You 

At Walters Financial Wellness, we specialize in helping individuals and families navigate their financial futures with confidence. Here’s what we can do for you:

• Personalized Investment Education – Tailored to your goals, risk tolerance, and timeline.
• Portfolio Diversification Guidance – Ensuring your investments are balanced and resilient.
• Ongoing Support & Education – Helping you understand your options and stay informed.
• Retirement & Long-Term Planning – Building strategies that grow with you over time.
• Peace of Mind – A trusted partner to keep you on track, even when markets get bumpy.

If you’re ready to avoid beginner mistakes and start investing wisely, we’d love to guide you toward a strategy that fits your life and goals. Contact us for a consultation today!

Welcoming a new baby is one of life’s most exciting milestones, but it also brings new financial responsibilities. From medical costs to childcare and long-term planning, a little preparation goes a long way toward keeping your growing family secure and stress-free.

1. Review Your Current Budget

Start by mapping out your income and expenses. Identify areas where you can trim discretionary spending and redirect those funds toward baby-related costs. Consider upcoming one-time expenses like a crib, stroller, and car seat, as well as ongoing costs such as diapers, formula, and childcare.

2. Build or Strengthen Your Emergency Fund

Experts recommend having three to six months of essential expenses saved. With a baby on the way, you may want to aim for the higher end of that range. An expanded emergency fund provides a cushion for unexpected medical bills or income interruptions during parental leave.

3. Understand Your Healthcare Coverage

Review your health insurance to see what’s covered for prenatal care, delivery, and newborn visits. Estimate out-of-pocket costs and set aside funds in a health savings account (HSA) or flexible spending account (FSA), if you have one.

4. Plan for Parental Leave

Check your employer’s parental leave policies and any short-term disability options. If there’s a gap between your paid time off and your income needs, start setting aside money to cover that period.

5. Update or Create Key Documents

Having a baby is a natural time to update your will, designate guardians, and review life insurance policies. Consider whether you need more coverage to protect your family’s future.

How We Can Help

At Walters Financial Wellness, we specialize in helping new and growing families feel financially confident. We can:

• Create a tailored budget that accounts for baby-related expenses and ongoing family needs.
• Design a savings strategy to build or grow your emergency fund.
• Review insurance coverage and recommend adjustments for life, health, and disability policies.
• Help you plan for college savings, even if it feels far off.
• Provide ongoing guidance so your financial plan evolves as your family grows.

Preparing for a baby isn’t just about buying tiny clothes and setting up a nursery, it’s about laying a financial foundation that supports your family for years to come. With the right plan in place, you can welcome your little one with confidence and peace of mind. Contact us for a financial consultation, today!

Freelancing offers freedom and flexibility, but it also brings unpredictable income and expenses. Without a steady paycheck, creating and sticking to a budget is essential. Here’s how you can keep your finances stable while enjoying the benefits of self-employment:

1. Track Your Income and Expenses

Start by documenting every source of income and all your expenses. Use a spreadsheet or an app to track not just client payments but also irregular costs like software subscriptions, equipment, and marketing.

2. Separate Business and Personal Finances

Open a dedicated business account. This makes it easier to see how much you truly earn, simplifies tax filing, and prevents personal spending from eating into your business funds.

3. Estimate Your Taxes

Set aside a percentage of each payment (often 25–30% depending on your location) for taxes. Treat this as non-negotiable so you aren’t scrambling at tax time.

4. Pay Yourself a Salary

Even with variable income, decide on a fixed monthly amount to transfer from your business account to your personal account. This helps create consistency for bills and personal budgeting.

5. Build a Safety Net

Aim to keep at least three to six months of living expenses in an emergency fund. This cushion smooths out lean months or unexpected costs.

6. Plan for Benefits

Health insurance, retirement contributions, and paid time off all fall on you. Factor these into your monthly budget as if they were standard expenses.

How We Can Help

Walters Financial Wellness specializes in guiding freelancers toward financial stability. We offer one-on-one budgeting sessions, customized cash-flow plans, tax-prep guidance, and ongoing accountability check-ins. Whether you’re just starting out or looking to refine your current system, we help you create a sustainable plan so your freelance career thrives without financial stress. Make a consultation appointment today.

Your credit report is one of the most important financial documents you’ll ever review. Lenders, landlords, and even some employers use it to gauge your financial responsibility. Understanding how to read your report can help you spot errors, catch identity theft early, and improve your credit standing.

1. Check Your Personal Information

The top section lists your name, current and past addresses, Social Security number variations, and employment history.

• What to check: Make sure every detail is correct. Even small typos can cause mix-ups with another person’s file.

2. Review Credit Accounts

This is the heart of your report. It shows each credit card, loan, or mortgage account along with balances, credit limits, and payment history.

• What to check: Are all accounts yours? Are payment statuses accurate? Late payments that aren’t yours can drag down your score.

3. Look at Credit Inquiries

There are two types:

• Hard inquiries happen when a lender checks your credit for a loan or card application.
• Soft inquiries are checks you initiate or that don’t affect your score.
• What to check: Ensure all hard inquiries are ones you authorized.

4. Check Public Records and Collections

Bankruptcies, tax liens, and accounts sent to collections may appear here.

• What to check: Confirm any listed debts are valid and up to date.

5. Scan for Signs of Fraud

Unexpected new accounts, unfamiliar addresses, or sudden changes in balances could signal identity theft. Report anything suspicious right away.

How Our Financial Counseling Services Can Help

Reading a credit report is only the first step. Our financial counselor can assist you with:

• Disputing errors directly with the credit bureaus
• Developing a personalized plan to raise your credit score
• Creating a budget to stay on track with payments
• Negotiating with creditors to manage or reduce debt
• Setting long-term financial goals, from home ownership to retirement planning

Understanding your credit report empowers you to take control of your financial future. If you’d like a professional review and guidance tailored to your situation, we’re here to help! Contact us today!