The rich invest to make their money grow. Unfortunately, too few of us follow their example. We put off investing because we think we’ll be in a better financial place in the future. We tell ourselves that later on we’ll have more money to invest. Unfortunately, later never arrives as we inherit more obligations. A spouse and kids cause expenses to skyrocket, while your … [Read more...]
Money Monday: Five Things Successful People Understand That Poor People Don’t
Prosperity is within everyone's reach. It's not easy, and it often requires sacrifices that others are not willing to make. But each and every day, people like you are making their financial dreams a reality. Here are five things that successful people understand about achieving financial freedom. 1. Stop living in the past. Your future starts right now It’s easy to get … [Read more...]
Money Monday: 3 Money Lessons You Really, Really Should Tell Your Grad
Sometimes I yearn for the ability to go back and fix the failings of my younger self, knowing that the financial mistakes I made back in the day have cost me dearly. But lacking a time machine, I’ve settled for trying to help others avoid those same financial missteps. So if you have a recent high school or college graduate, teach them these lessons while they're still … [Read more...]
Money Monday: Is Your Family More in Debt Than the Average Household?
We are a nation drowning in debt. According to a recent NerdWallet survey, the average U.S. household carries $130,922 in total debt, including student loans, automobile payments, mortgage debt and an incredible $15,762 in outstanding credit card debt. While it would be easy to pin our excessive debt on reckless spending, can this completely explain the source of our … [Read more...]
Money Monday: Here’s Why You Can’t Always Trust Your Financial Advisor
Trust. It's something that you expect when hiring a professional. You trust your doctor will "do no harm" and keep you healthy. You trust your lawyer will go to the mat to defend your interests in court. Yet, you might be surprised to know, unlike a doctor or lawyer, your financial advisor is not always required to put your best interests first when offering you financial … [Read more...]
Money Monday: These 5 Numbers Are the Secret to Taking Control of Your Finances
With the New Year just around the corner, many of us will vow to make 2016 the year we finally get our finances in order. But in order to be successful, experts agree that we must first understand a few basic numbers. Knowing these figures will help us make the right decisions for a financially fit future. Debt is the cancer that consumes your financial well being from the … [Read more...]
Money Monday: 5 Ways to Keep Christmas from Sending You to the Poor House
The season to celebrate the Prince of Peace is anything but peaceful for many of us. Hijacked by our culture of consumerism, we’ll spend far too much of our time shopping for others with money we do not have. According to a recent survey conducted by Experian Consumer Services, shoppers anticipate spending nearly $800 this year for gifts alone, with forty-nine percent of … [Read more...]
Money Monday: Save Money and Slash Debt with this Budget Friendly Plan
“Money is a great servant, but a bad master” To achieve financial success, you must become intentional about your money. You can’t be a passive bystander. As we discussed last week, the first step to taking control of your money is tracking and understanding exactly where your dollars are going. Once you actually understand where your money is currently flowing, you can … [Read more...]
Money Monday: The Price You Must Pay to Get Your Financial House in Order
Spend less than you earn. Save, invest, or pay off debt with what's left over. This may be the most crucial concept in the universe of personal finance. It’s deceptively simple, but oh so difficult to master. Part of the reason is that it’s extremely difficult to control spending. Let’s face it, most of have absolutely no clue as to where our money goes. We can’t recall … [Read more...]
Money Monday: How to Know What’s Putting Money in Your Pockets and What’s Taking It Out
I learned recently that one of my relatives just purchased a boat. All I could do was shake my head, knowing that this new purchase would continue to take money from his pockets long after the boat had been paid off. Docking fees, maintenance, and gas would be money drains for years to come. He had just made a mistake that millions of us make every year. Instead of … [Read more...]
Money Monday: Twelve Money Secrets Your Rich Friends Won’t Share With You
Chances are you know someone who is extremely wealthy, but they’re not going to tell you. No, they’re content enjoying life without the need for Trump-like gloating or over-the-top displays of wealth. Author Thomas Stanley calls them the “millionaires next door.” So if your “millionaire next door” acquaintance was to share her money secrets, what might she tell you? 1. I … [Read more...]
Money Monday: The Four Money Lessons I Absolutely Must Teach My Children
Growing up, conversations around the dinner table never involved financial matters. There were no debates about the best ways to save money or discussions on how to identify the best stocks for long term success. School was no better. Somehow, amidst the countless hours of calculus, American history, and English literature, the topic of personal finance was all but … [Read more...]
Money Monday: How To Raise Money Smart Kids
When I was a kid, my playtime would consist of going outside and running around with my brother and cousins. The only telephone we had was a landline tucked away in the corner of our living room. My television viewing world consisted of the sum total of just 12 channels. These days, eight year olds have their own cell phones and playing involves standing in front of an … [Read more...]
Money Monday: Five Steps to Kicking Your Bad Financial Habits
When 2015 rolled in, many of us made promises, resolutions even, that this would be our year to finally get our finances in order. We were determined to follow budgets, eliminate debt, and maybe even increase savings. We had good intentions to change our financial situations; but now, halfway through the year, many of those promises are long forgotten and we find ourselves … [Read more...]
Money Monday: How to Organize Your Finances for Your Best Money Year Ever
A disorganized financial life can spell disaster. But with a little effort, you can gain control of your money and start building a rewarding financial future. Start with these simple tasks. Create a bill paying system To avoid late fees and to understand exactly where your money is going, create a bill paying system. You must know exactly how much needs to be paid and when … [Read more...]