But in spite of the COVID-19 pandemic, some things remain the same, including the need for smart money management. The start of the new year is an ideal time to revisit your financial goals and plans to ensure they work for you. No matter how the pandemic may have impacted your financial situation, consider taking these important steps now to maximize your money in 2021:

- Avoid or pay off debt. Resolve to pay credit cards and other bills each month by spending within your limits. Try to avoid taking on additional debt outside of a mortgage. If you have debt, pay off the highest interest loans first, and also try to accelerate loan payments when you can. Reducing debt is especially important as you approach retirement age.

- Look for simple ways to save. Make saving a New Year's resolution, especially this year, as the pandemic continues to affect the economy, and job stability may be less uncertain.

In addition to setting aside part of a paycheck for saving, consider how little things you can do now can add up to savings later. For example, use ATM machines for your current banking institution, only to avoid usage fees charged at other banks, consider generic medications or prescriptions, which are often less expensive than "name brand" products, and use cash-back and rewards cards and apps to reduce expenses or to earn rewards on purchases.

- Think retirement now. Even if you are early in your working life, it is never too soon to save for retirement. Don't underestimate the power of compound interest: earning interest on your savings over many years is how you build wealth, and the sooner you start saving, the longer the time to compound your savings, and the more wealth you can build. Resolve to maximize retirement savings through your employer and explore additional ways to save on your own.

- Set up a financial plan. Managing your money is easier when you have a plan. Resolve to consult a financial planner for guidance on how to get the most from your money to help ensure that you reach your financial goals and secure your financial future. Some smart money strategies include creating a budget to track your spending and identify ways to save, establishing an emergency fund, and setting up automatic savings plans when possible.

"Use the start of a new year as motivation to begin or continue the financial planning process," according to the website of the Certified Financial Planner Board, a non-profit organization dedicated to supporting professional standards in personal financial planning.

Visit letsmakeaplan.org today for more financial planning tips and guidance, and to locate a CFP® professional in your area who can start you on your way to realizing your financial goals in 2021 and beyond.

The benefits of understanding finances at a young age will contribute to children's economic success at all stages of life, so it is never too early to start teaching them about smart money management.

"By providing our children with firsthand experience in earning, saving, and spending money, they are more likely to develop a savvy sensibility and the framework necessary to manage their personal finances as adults," says Marguerita Cheng, CFP®, a certified financial planner professional and mom of three.

The CFP Board, a nonprofit organization dedicated to supporting professional standards in personal financial planning, offers four important tips to help you teach kids about money:

- Make money management a family affair. Get the whole family involved in financial planning. Talk to your kids about how they think money should be spent, such as saving for college, taking vacations, or dining out, and how to balance short-term indulgences and long-term financial planning goals.

- Model smart spending. Let your kids know how you spend and save on a daily basis. Take them to the grocery store and explain saving money with coupons and sales, and how monthly expenses such as Internet and phone bills, as well as water and electricity, are part of a household budget. Explain how turning off lights saves money, as does making turkey soup for dinner with leftovers after Thanksgiving.

- Let kids earn money. While not all parents approve of allowances, consider giving your child the opportunity to handle his or her own money, whether it is a regular allowance, small stipend, or money gifts from relatives for a birthday or special occasion.

- Establish a savings plan. Open a savings account for children. Show them statements and explain how money grows. Older children can have access to accounts to make deposits and withdrawals for food, clothes, games, and activities with friends. Kids may make some mistakes, but avoid the urge to rescue them. One experience with an overdraft charge on an account can be a valuable lesson for a lifetime of smart money management.

Visit letsmakeaplan.org today for more financial planning tips and guidance for your children or yourself, and to locate a certified financial planner in your area.

The Certified Financial Planner Board of Standards, Inc. (CFP Board) recently marked several milestones in its effort to increase the diversity of CERTIFIED FINANCIAL PLANNER TM professionals. From 2019 to 2020, the number of Black and Latino CFP® professionals increased by 12.6 percent - nearly five times the growth rate of all CFP® professionals. The number of female CFP® professionals also increased in 2020 and now totals 20,633, reflecting a growth rate of 3.1 percent over 2019.

The total number of CFP® professionals continued to rise as well, reaching an all-time high of more than 88,700. The strong and consistent growth underscores the attractiveness of financial planning careers and how CFP® certification has become the must-have designation for professionals providing financial advice.

One way in which the financial planning profession has increased the diversity of its ranks is through scholarship programs that support aspiring advisors from different backgrounds. The CFP Board Center for Financial Planning, for example, offers six scholarship programs that help to cover the costs of the coursework required to become a CFP® professional. Five of those programs were created specifically to assist individuals from underrepresented populations within the financial planning profession in terms of race, ethnicity, gender, disability or sexual preference.

The Center announced 48 new scholarship awards at the end of 2020, bringing the total number of scholarships granted through its programs to 100, with a value of roughly $500,000. Of the nearly 50 awards granted in 2020, 32 were given to female students, 32 to Black students, 2 to Latino students, and 4 to members of other underrepresented populations in terms of disability or sexual orientation. These scholarships play a critical role in building the profession's talent pipeline and advancing workforce diversity. To date, 11 scholarship recipients have become CFP® professionals, while 37 others are in the final stages of their CFP® certification process.

To learn more about the Center scholarship programs and other resources for diverse candidates for CFP® certification, visit CFP.net/get-certified/tools-and-resources.

Yes, it's widely recognized that women have taken the brunt of the nation's total job losses -- they're still down 5.3 million vs. 4.6 million for men even with the economy having rebounded somewhat off its COVID-19 lows -- largely because working remotely isn't possible in the hard-hit businesses like restaurants, hotels and retail stores where females dominate. And, yes, it's also recognized that many moms were forced to drop out to look after their kids after schools went remote -- with nearly four out of 10 currently working women still actively considering doing likewise, according to a recent survey by Fidelity Investments.

But what's not talked about as much is this: the potential long-term consequences of having had their financial security and career prospects upended by the pandemic.

"Being in a position to take a career break by choice can be considered a privilege," said Lorna Kapusta, head of women investors at Fidelity. "But we know for many in times of crisis like this one that stepping back from work is more like a necessity. Either way, it's critically important to understand the decision's impact on your savings today and into the future, so you can take steps to address it."

Fidelity conducted an analysis of the estimated effect even a one-year career break could have on retirement savings, and the results are staggering.

Exhibit No. 1: Say you took your "break" at age 35 when you'd been earning $50,000 a year and had to subsequently accept a slightly lower salary just to get back into the workforce. Assuming a conservative 4.5 percent annual growth rate and factoring in lost retirement contributions -- including a 3 percent match from your ex-employer on top of what would have been your own 9 percent contribution -- your 401(k) would be $106,469 lighter ($733,325 vs. $839,594) by the time you turned 67.

Exhibit No. 2: Substitute a $75,000 salary and the difference is even bigger ($159,702, or $1,099,679 vs. $1,259,381).

Exhibit No. 3: And bigger still at $100,000 ($212,936, or $1,466,233 vs. $1,679,169).

Plus, don't forget there's also the matter of lost Social Security contributions. "Your benefit is calculated based on your top 35 years of earnings," said Kapusta. "So if you work fewer years, have a lower salary, or don't reach the minimum eligibility, you may have a smaller check when it comes time to collect in retirement." All of which helps explain the impetus for launching Fidelity's weekly Q&A discussion series called "Women Talk Money." Airing live on Zoom every Wednesday at noon ET and available later on demand, each 30-minute interactive episode uses viewer-submitted questions to address a different topic each week, ranging from job loss to health care to the hidden costs of caregiving.

"It's real talk to help answer women's most pressing money questions right now -- no jargon or judgment," said Kapusta, noting that the program's six-part, archived video series is also must-see viewing for those who want to learn the key factors that can significantly impact women's financial futures.

Finally, some historical perspective. When the Labor Department first started tracking such data back in 1948, only one third of women held jobs. That number had nearly doubled by the late 1990s.

And today? The ratio of women working has fallen below 57 percent for the first time since 1988.

Learning to manage money together builds trust and helps diffuse future financial conflicts, according to the website of the Certified Financial Planner Board Standards, Inc. (CFP Board), a nonprofit organization dedicated to supporting professional standards in personal financial planning.

The CFP Board offers these tips for couples to make the most of their money:

- Talk first, then plan. If you haven't talked about finances before getting married or moving in with a partner, it is never too late. Start with an honest discussion of each other's assets and debts (if any.) Next, create shared financial goals, whether they include saving for a house, paying off student debt or starting a business.

- Manage together. Benefits of a shared bank account include equal access to money and easier long-term planning. But even if your accounts are separate, create a budget together with plans for covering monthly and other expenses.

- Update leases and beneficiaries. Not all couples choose to legally share a home, but having both names on home-ownership documents can make future refinancing easier. Also, creating or changing an existing will to update beneficiaries ensures that your partner will have access to your assets if something happens to you, and vice versa. This includes not only wills, but also IRAs, 401(k) plans and insurance policies.

- Think long term. Discuss an emergency fund with your partner, and start one if you haven't. An emergency fund available to both partners can be used to manage expenses such as sudden unemployment, illness or a major home repair. But make sure both partners contribute to retirement accounts, through employer 401(K)s or other accounts.

- Think short term. Try a weekly money date to review finances and progress towards goals. If issues arise and the conversation gets tense, step back and revisit the issues when you cool off. Remember, the more often you talk about money with your partner, the easier the conversations will be, and making trust and honesty a priority in financial planning will pay off in your fiscal and personal relationship.

Visit letsmakeaplan.org for more financial planning tips and guidance and to locate a CERTIFIED FINANCIAL PLANNER™ professional in your area.

According to U.S. Census Bureau research projections (www.census.gov/content/dam/Census/library/publications/2015/demo/p25-1143.pdf), the United States will have a minority majority population by 2045 as Black, Latino and Asian-American communities grow. These traditionally underrepresented populations are not only growing in size, but they are also building greater wealth.

Purchasing power among people of color has increased exponentially since 2019. The annual buying power of Black consumers was estimated by Nielsen to be $1.3 trillion in 2019 -- a roughly 48 percent increase over 2010. Latino purchasing power grew by nearly 70 percent over the same period, according to the University of Georgia, reaching approximately $1.7 trillion in 2019. Additionally, the wealthiest fifth of Blacks -- more than three million households -- has an average wealth of $395,000, while the wealthiest fifth of Latinos households have more than $400,000 in average wealth.

The U.S. Census Bureau data indicates a large population that could benefit from financial planning advice as families generate more wealth. Research published by the Journal of Financial Planning found that Black and Latino households are less likely than white families to work with a financial planner, and an even smaller percentage of those households choose to receive comprehensive financial planning advice.

Financial advisors and their firms have an opportunity to reach these underserved groups and diversify their client base while providing a valuable and empowering service. One way to do so, according to the CFP Board Center for Financial Planning, is to ensure that the financial planning workforce reflects the diversity of wealth-building communities. It currently does not: Only about 4 percent of CERTIFIED FINANCIAL PLANNERTM professionals self-report as Black or Latino, whereas nearly 32 percent of the U.S. population identifies as Black or Latino.

The Center is leading a collaborative, profession-wide effort to implement sustainable diversity, equity and inclusion initiatives that can address this systemic challenge and foster greater diversity among financial planners.

Visit CFP.net/The-Center-for-Financial-Planning to learn more about the Center's diversity-focused initiatives and get involved.

Diversifying the financial planner workforce is a prudent strategy for financial firms seeking to diversify their client base.

"Financial Planner Use Among Black and Hispanic Households," by Kenneth J. White Jr, Ph.D., and Stuart J. Heckman, Ph.D., CFP®, Journal of Financial Planning, September 2016, pp 40-49 http://bit.ly/2NU627O

"Mentoring helps candidates focus on time management, study strategy, staying motivated and more," according to the website of CFP Board, a nonprofit organization dedicated to supporting professional standards in personal financial planning.

The CFP Board Mentor Program aligns with the CFP® exam schedule and sets up short-term mentoring relationships to align with the March, July or November exams. The next mentoring cycle opens in April to prepare candidates for the July exam. Mentors and mentees connect at least three times during the period leading up to the exam.

CFP Board also provides online resources to support the mentor/mentee relationship, including sample practice exam questions, more information about the key knowledge topics to which exam questions are linked, and a guide to the Code of Ethics and Standards of Conduct that CFP® professionals need to know and implement in their careers.

Additional benefits of mentoring for both mentors and mentees include:

• Making it personal. A one-on-one relationship with a CFP Board mentor helps candidates identify their specific areas of strength, and what they need to focus on to ace the exam and prepare for a successful career.
• Sharing their wisdom. The financial planning profession is supportive and inclusive, and many established advisors choose to become mentors because they enjoy sharing their insights and offering encouragement to those ready to become a CERTIFIED FINANICAL PLANNER™ professional.
• Connecting long-term. The CFP Board formal mentor program is designed to support students through the exam process, but some candidates for CFP® certification and their mentors continue to connect, and mentors can continue to provide career advice and networking opportunities.

The goal of the CFP Board Mentor Program is to "foster the next generation of CERTIFIED FINANCIAL PLANNER™ professionals to succeed and advance the profession," CFP Board emphasizes.

For more information, visit cfp.net/get-certified/tools-and-resources/find-a-mentor for links to sign up to find a mentor or become a mentor, as well as more resources to help prepare for the CFP®exam.

Gold and silver have a history as safe-haven investments, trusted units of account, and affordable media of exchange, according to the LODE Project, a company constructing a blockchain-powered gold and silver payments platform.

"LODE has utilized the innovative application of blockchain technology to give these metals a role in the digital economy," says Nick Prouten, an Ambassador at the LODE Project.

Both precious metals and cryptocurrencies have increased in popularity in recent times, as global uncertainty rose in the face of the pandemic. To hedge against the devaluation of the U.S. dollar, investors have sought these alternative assets to diversify their holdings and protect their wealth. Now, a solution has emerged that combines the two worlds.

LODE is mining the value of gold and silver by offering gold-backed stablecoin (AUX) and silver-backed stablecoin (AGX). Both products will make their debut on the Hotbit exchange in the second quarter of 2021, adding a new type of liquidity option to the precious metals market. Hotbit is a leading exchange with more than $46,800,000 in trading volume, according to Coin Market Cap.

Each AGX Coin represents one gram weight and measure of verifiable silver bullion, and each AUX Coin represents one milligram weight and measure of verifiable gold bullion, both securely held and independently audited in the LODE reserves.

The AGX and AUX Coins are developed and minted on the Syscoin blockchain platform, and their listing on the Hotbit exchange will facilitate gold and silver digital trading on a global scale. This development comes at an opportune time, as investor interest in metals and concerns of supply shortages are on the rise.

LODEpay also offers an app, the LODEpayWallet, to make digital transactions of gold and silver more accessible. The app allows users to send, spend, and store funds backed by digital silver and gold. In addition, users of the LODEpayWallet can obtain virtual credit cards that they can use to spend AGX and AUX anywhere that credit and debit cards are accepted.

Visit lodepay.com to learn more about metals-backed digital assets, and to test digital gold and silver by downloading the LODEpay Wallet via Google Play or the App Store.

These tips from a CERTIFIED FINANCIAL PLANNER™ professional can help:

- Set priorities. Make sure the basic expenses are covered, then consider how much you might have to spend on summer activities. Set a budget to prevent overspending, and cut back on some areas if you can to put more in the summer fun fund. Summer is for fun, but not at the expense of sabotaging your smart financial goals.

- Find deals. If you want to travel, take advantage of flexible bookings now offered by many airlines and hotels to attract cautious customers. Other ways to save on travel include using rewards points and traveling at off-peak times. If you want to stay close to home, take advantage of free local activities, festivals, parks, trails, and museums, more of which are opening every day.

If you like to summer in the same spot, and know that it will be a longtime family tradition, consider the financial pros and cons of investing in a vacation home, says CERTIFIED FINANCIAL PLANNER™ professional Joshua Charles CFP®.

"Many people will purchase the second home with the idea of renting it when they are not using it (Vacation Rental by Owner - VRBO), or use a management company to find renters and manage the property," says Charles. "This can help offset the monthly expenditures, but be careful as you might be dedicating more money, time and energy than you expected to for the venture," he cautions.

Other options for investing in your favorite getaway without the headaches of ownership include:

- Timeshares. Timeshares require less work than homeownership, but they may have pricey recurring fees, so read the fine print, says Charles.

- Fractionals. If you buy a vacation home with a group of people, family, friends, or other investors, the upfront cost is less and there is no need for offseason rental. Plus, there are potential tax deductions.

A CFP® professional can provide guidance and advice to help you plan your best summer ever, whether planning this year's vacation or setting the stage for years of memories.

Visit LetsMakeAPlan.org for more advice about vacation planning and vacation-home investments.

With the unique challenges and unpredictability caused by the coronavirus pandemic, many people were forced to neglect or ignore their savings and financial planning. That's certainly understandable. But as the economy improves, new workers and those approaching retirement can take advantage of smart ways to plan and save in a way that they may not have been able to a year ago.

The following tips from CFP Board, a nonprofit organization dedicated to benefitting the public by supporting professional standards in personal financial planning, may give you some ideas on how best to plan for your retirement:

- Go high-tech, with caution. "Keeping track of your personal finances is time-consuming and not what you want to do in your retirement years," says CFP Board Ambassador Bill Schretter, CFP®.

"I recommend all my clients automate as much of the saving and reporting functions as possible. However, I do not recommend that you use free service apps," he emphasizes.

Why? Many free service apps will use your information to try to sell you financial and non-financial products that you don't need and could siphon away from your retirement savings.

"I recommend that you purchase your own program or use programs that your advisor or bank provide to help you keep your finances organized," says Schretter. "Let an app automate regular tasks, but leave the most important financial advice and management to qualified human beings," he adds.

A CERTIFIED FINANCIAL PLANNER™ professional can provide guidance as you consider these points in retirement planning, whatever your current work status or age:

- Review your goals. Does your retirement wish list include a cruise to Alaska, an African safari, or your own house on a secluded lake in the woods? Do you want to open a small business, or help out your children and grandchildren with education costs? Consider potential expenses now to plan savvy withdrawals later.

- Watch for tax traps. "If your withdrawal plan puts you into a higher tax bracket, you might want to lower the amount you plan to pull out," says CFP Board Ambassador J.J. Burns, CFP®.

Also, diversify with a range of accounts that are taxed differently for more flexibility. If you don't have a Roth IRA or 401k, it is never too early or too late to start one, and a certified financial planner can give advice on moving some retirement savings into one of these accounts to maximize future income.

Visit LetsMakeAPlan.org for more advice and tips to make the most of your income in retirement.