BFG Spotlight – Pat Benson
When surrounded by friends and family, it’s rare to hear Pat Benson called by his given name. Known affectionately as “Hammer,” Pat earned his nickname as a young boy.
“I was the fifth of five boys, and while his dad and four older brothers were building their new family home, I was trying to help but I was probably just getting in the way. But I always carried a hammer around—I loved that hammer,” he explained with a laugh. “Since then, I’ve been known as ‘Hammer,’ and it’s stuck all these years.”
Family is woven deeply into the fabric and history of Benson Financial Group, with faith at the very foundation of the business. Pat, one of nine siblings, grew up on a family farm in rural Monroe City, working alongside his family at Hassard Elevator Company. Founded over a century ago, the company has been operated by the Benson family since 1918.
Although Pat always believed he’d continue in the family business, he eventually felt God pulling him and his wife, Connie, in a different direction. “About 30 years ago, I had to decide about my future,” he recalled. “I’ve always loved being around people, so if I left the family business, I knew I wanted to do something that would bring value to people.”
His brother, Mark Benson, suggested he consider financial services. Pat had tried his hand at it earlier with a lot of success, but it hadn’t been the right time. Eventually, though, Connie encouraged him to give it another chance, and in 1996, Pat decided to start what would later become Benson Financial Group.
The company has grown into two locations in Hannibal and Quincy along with 20 employees, including six financial advisors and 14 employees. Although Pat and Connie wouldn’t necessarily refer to their team as just employees.
“Connie and I could have never turned this business into what it is today on our own. We were simply the founders, but it’s this wonderful team that God has brought together that has grown Benson Financial Group into what it is today,” Pat said. “Each and every person on this team serves a purpose and has great value to us here.”
Pat recalled the early days.
Pat and Connie started the business out of an unexpected location - their own home. “We transformed a bedroom in our house to an office space for the business. Today it’s not uncommon for businesses to start out of a home office, but back then it was quite unusual,” Pat noted. “Although at the time, advisors were known to go to people’s homes for meetings, so I did a lot of that as well.”
In the early stages of starting the business, Pat faced many challenges, but he continued moving forward.
“There were times in the first few months I would want to quit the business a few times a day, just getting everything off the ground,” Pat recalled with a laugh. “That’s just part of it, but I was also dedicated to it and Connie, and many others, cheered me on.”
One of them was Pat’s brother, Danny Benson, who supported his new business endeavor and told Pat he always had a place for him at Hassard Elevator. Although he did not return to the business, values instilled in him from the family business live on at Benson Financial Group.
“Growing up in the family grain elevator and farming operation was so foundational for me,” he said. “My family demonstrated great values to me like hard work, excellent customer service, and a servant’s heart.”
As his client base grew, Pat knew these cherished connections were a gift from God. Committed to giving each client his best, he often found himself working nearly around the clock. Before taking on new clients, he wanted to be sure he could continue serving the ones he already had.
That’s when he and Connie felt God’s nudge to start building a team.
In 2010, Connie also officially joined the BFG team full-time, after teaching freshman and senior English for the Monroe City School District for four years and Vice President for Institutional Advancement at Hannibal-LaGrange University for seven years.
That same year, they brought in two financial advisers, Steve Hill and Justin Gibson. In 2016, Jeriod Turner also joined the team as a financial adviser. All three men were brought into the business as part owners.
In October, Connie retired from her role at BFG as an insurance consultant and client relations specialist.
Steve retired earlier this year, but his influence and value to the founding of Benson Financial Group remains. Justin and Jeriod are the successors of the business, and although Pat is not currently retiring, he knows BFG is in great hands when he does.
“Justin and Jeriod have the vision, capability, and ownership to take this business into the future. We are thrilled to watch where God leads them and this incredible team,” he said.
Pat and Connie have built a trusted team across both locations, where each member is valued as part of the BFG family. The Benson Financial Group culture prioritizes faith first, family second, and work third. Through this model, the business thrives with a dedicated team who loves what they do.
“God has blessed us with this team who loves our clients at BFG as much as we do,” Pat said. “If we are away from the business or out of town for a few days, we simply do not have to worry. Things will be just fine.”
For Pat and Connie, faith, family, and community have been central to their journey. Recently, they traveled with several team members to Kampala, Uganda, for the first graduation at Faithfully Nurturing Children (FNC), a school they have been involved with from its beginning. Other BFG team members who sponsor students there joined, making it a special celebration for everyone involved.
Benson Financial Group's dedication to community is equally strong at home.
“When Connie and I started this business in Hannibal, we felt compelled to give back to the community that had given so much to us. It’s been an absolute joy to get involved in the community, meet wonderful people, and find ways to serve,” Pat said. “This community has blessed us so much, so being able to give back through our time and involvement has been incredibly fulfilling.”
Now 62, Pat plans to slow down as he approaches 65, prioritizing time with his family— including his daughter, Kyley, and son-in-law, Tyler Adams, and his grandchildren, Waylon, Macy Rhey, and a new granddaughter due in early January. As members of The Crossing Church, he and Connie also want to continue to dedicate time to church and ministries.
Pat and Connie often marvel at what God has done with the business since it was founded.
“Going from a room in our house to what it is now—God has truly blessed all of us. We never imagined all He would do with this, and we could never have built it to what it is today on our own,” Pat said. “We were just the founders, but God used us to start something that has grown into an incredible team and a community of clients we love working with. We’re excited to see where He leads it in the years to come.
Connie Benson’s Retirement
Celebration
The team at Benson Financial Group is grateful for all of those who came to celebrate Connie Benson’s retirement on October 28. Connie retired from her position at BFG on October 30, but she will continue to be a valued part of the company.
“I was so grateful for those who came to celebrate my retirement or who have been part of my time at BFG. God placed each of you in my life for a purpose, and you mean so much to me. I am deeply grateful for the relationships we’ve built over the years. Although I’ve retired from my position at BFG, I look forward to seeing everyone at the various BFG events.” - Connie Benson
7 Budgeting Tips by Tim Miller
Creating a budget gives you the power to take control of your finances, rather than them taking control of you. A budget serves as a roadmap, guiding your money management and keeping your goals on track.
By tracking your income and expenses, you can make informed decisions that prevent overspending and build a solid foundation for future needs and aspirations. Ultimately, budgeting empowers you to manage your resources wisely, reduce financial stress, and achieve greater peace of mind. Ready to take control? Here are seven tips for budgeting success that will help you stay on track and achieve your financial goals.
1. Budget Ahead
A week or so before turning the calendar page, prepare your finances for the upcoming month. Start by listing all known costs, such as birthdays, events, or scheduled appointments. For discretionary spending, set a realistic limit and stick to it—for instance, a $30 cap on a friend’s birthday gift. For less predictable expenses, like a vet appointment or home repair, look back at similar past costs or research likely charges to make an informed estimate. When in doubt, it’s wise to overestimate, giving yourself a financial cushion rather than falling short.
Pro Tip: Make budgeting less intense by grabbing your favorite coffee or tea, playing some music, and setting a relaxing tone.
2. Set Specific Financial Goals
Setting clear financial goals is the first step toward building a secure and successful financial future. By defining what you want to achieve and breaking it down into manageable steps, you can create a focused plan that keeps you on track.
- Make SMART Goals: Ensure each goal is:
- Specific – Be clear about what you want to achieve (e.g., “save $5,000”).
- Measurable – Define how you’ll track progress.
- Achievable – Set realistic targets based on your situation.
- Relevant– Focus on goals that align with your broader financial saving for a big purchase, reducing debt, or investing for retirement. Divide these into three categories: including short-term goals: (within the next year); mid-term goals: (2–5 years); and long-term goals: (5+ years).
- Prioritize Your Goals: Rank your goals based on urgency and importance. Focus on an emergency fund if financial security is a top priority. Prioritize debt reduction if you’re managing high-interest balances.
- Break Goals into Steps and Integrate into Your Budget: For each goal, determine the monthly or weekly savings needed to achieve it. Include these amounts in your budget to stay consistent.
- Review Progress Regularly: Set aside time each month to track your progress and celebrate small milestones. Be real with yourself and adjust your goals as life changes, ensuring your plan remains relevant.
Pro Tip: Commit and Celebrate: Stay dedicated by celebrating small wins, like reaching savings or debt milestones. Recognize that consistency and patience will bring you closer to each financial goal.
3. Trim the Budget when Necessary
When things get too tight, it might be time for a trim. While cutting budget items might seem restrictive, it can free up money for other areas, ultimately relieving financial stress.
Here are a few ways to trim the budget:
- Unsubscribe from Unused Services: Cancel streaming services or memberships you don’t use. Check your bank statement for any forgotten subscriptions that auto-renew until canceled.
- Reduce Dining Out: The average American household with children spends between $400 and $500 a month on restaurant food and drinks. Try meal planning with a set grocery budget, packing lunch for work, and recreating favorite drinks at home to save more. Consider budgeting a special night out each month as a treat.
- Make Temporary or Trial Adjustments: Some changes can be made on a temporary basis. For example, shift professional personal care routines, like manicures or certain hair treatments, to at-home options. Many gyms also allow you to temporarily suspend memberships, giving you the chance to try home.
Pro Tip: Turn budgeting into a fun project with family or friends and get creative. Try cooking a family dinner using only items from the pantry or organize a clothing swap or a thrifting day with friends to refresh your wardrobe on a budget.
4. Practice Budgeting to Zero
Budgeting to zero doesn’t mean you’re left with zero dollars in your account—it simply means you know exactly where each dollar is going. Every dollar you earn is assigned to a specific purpose until there’s nothing left unallocated.
For example, if you earn $4,000 a month, you would budget for savings, investments, fixed expenses, and any additional spending until every dollar has a role.
It’s also important to include a 'miscellaneous' line in your budget. This category helps cover unexpected or irregular expenses that might not fit neatly into other sections.
Budgeting to zero allows you to track where your money is going, ensuring that every dollar has a purpose, even those little surprises that pop up.
Pro Tip: Start with a "buffer" in your account. While zero budgeting means assigning every dollar a job, it’s a good idea to leave a small buffer in your checking account to
cover any unexpected delays, like pending transactions or minor unplanned expenses. This buffer can help you avoid overdrafts and provide peace of mind while sticking to your budget.
5. Have an Emergency Fund
From sudden layoffs to surprise medical bills or home repairs, preparing for the unexpected can make all the difference in staying financially resilient. That’s where an emergency fund comes in. It’s a financial safety net that provides peace of mind, knowing that curveballs won’t throw you into unmanageable debt.
The general rule of thumb is to aim for three to six months’ worth of living expenses, but you can start small. Building an emergency fund takes time, but the journey toward financial security starts with that first deposit.
Set a target based on your unique needs, factoring in your monthly bills, family size, and lifestyle. If reaching a large amount seems daunting, start with a smaller goal—perhaps $500 or $1,000—and gradually build from there.
One effective strategy for building your emergency fund is to automate your savings. Set up a separate savings account specifically for emergencies and have a portion of your income automatically transferred each month. This consistency is important for building your savings and prevents the temptation to spend the money.
Treat your emergency fund like a non-negotiable monthly expense, just like rent or utilities. By prioritizing it in your budget, you’ll gradually accumulate the savings you need without disrupting your financial stability.
Pro Tip: If you do need to tap into your emergency fund, be sure to pay it back as soon as possible. This may involve temporarily cutting back on discretionary spending or even taking on a short-term side job. Restoring your emergency fund ensures that it’s there when you really need it next time, keeping you financially secure in the long run.
6. Start Small and Be Consistent
When it comes to budgeting and saving, it’s important to start small and stay consistent. Begin with simple, achievable goals, like tracking your income and essential expenses. Over time, you can gradually expand your budget to include savings, discretionary spending, and long-term financial goals. The key is to build good habits and maintain steady progress. Small, consistent steps will lead to bigger successes in the long run.
Pro Tip: Give yourself grace along the way. Financial management can be challenging, and setbacks are a natural part of the process. If you overspend one month or miss a savings target, don’t be too hard on yourself. Instead, acknowledge the mistake, adjust your plan if needed, and keep moving forward. Budgeting is a journey, and the most important thing is to stay committed to improving your financial health over time.
7. Find an Online Budgeting Tool Right for You
Various online budgeting tools can offer convenience for tracking and balancing your budget. The key is finding the program that best matches your financial goals and values. We recommend the following two budgeting programs.
- EveryDollar - This budgeting tool features a free or paid version. It is created in accordance with the Dave Ramsey Financial Peace University program to save money, pay off debt, and build lasting wealth. The program helps users track transactions and evaluate their spending habits.
- YNAB (You Need a Budget) – YNAB is an app that helps form good financial habits and teaches financial discipline. With commitment and goal planning, you can take your budgeting to the next level.
Contributions & 1099s
Due to anticipated large contribution activity, we are again setting the following internal deadlines for IRA contributions this year:
• Tuesday, April 1, for contributions to both EXISTING and NEW Traditional IRA and Roth IRA accounts. Any contribution received by Benson Financial Group after April 2 will ONLY be classified as a 2025 tax year contribution, so if you want a contribution to count for 2024, you will need to get it to us no later than April 1.
Please note that IRA contribution limits for 2024 and 2025 are:
- Below age 50: $7,000 annual per person limit
- Age 50 and above: $8,000 annual per person limit
Although you may be accustomed to receiving 1099 tax statements for your non- retirement accounts—such as bank accounts, mutual fund accounts, etc.—by the end of January, managed account companies are not required by the IRS to issue their 1099 statements until late February.
Therefore, if you had non-retirement accounts in 2024 (requiring annual reporting of capital gains, dividends, and interest) with LPL Financial, AssetMark, SEI, and/or NFS, we encourage you to delay your tax filing process until March, after all necessary tax documentation is received. If you choose to begin the process before March, please note you cannot complete your tax return until you receive your 1099(s) from such companies.
Thank you for your continued trust in Benson Financial Group. Please let us know if you have any questions about either of these issues.
Upcoming Holidays & Closings
For the Christmas holiday, BFG will close at 3:00 P.M. on Monday, December 23rd, and will be closed all day Tuesday, December 24th and Wednesday. December 25th. We will reopen on Thursday morning, December 26th, at 8:30 A.M. along with the market.
For the New Year’s holiday, BFG will close at 3:00 P.M. on Tuesday, December 31st, and will be closed all day on Wednesday, January 1st, 2025.
As we celebrate this season of joy, all of us at Benson Financial Group wish you a Merry Christmas. May the light of the season shine as you gather with loved ones to remember a night long ago when the heavenly hosts sang and the shepherds knelt down to worship a precious child wrapped in swaddling clothes.
For to us a child is born, to us a son is given; and the government shall be upon his shoulder, and his name shall be called Wonderful Counselor, Mighty God, Everlasting Father, Prince of Peace. -Isaiah 9:6
The team at Benson Financial Group looks forward to continuing to serve you in the new year, as we partner with you to achieve your financial goals and build a brighter future.
