Building Wealth

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Manage Your Money: My Financial Journey (excerpt)

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Manage Your Money: My Financial Journey (excerpt)

Some will say that making money mistakes when you are young is acceptable because you are learning. I say if we learn the principles of wealth management and teach the generations that are to come, they can avoid the pitfalls that caused us to stumble.

I’ve done it all right and done it all wrong. Although I have an undergraduate degree in Finance (from the amazing Florida State University), I did not have one personal finance class throughout my academic career. I graduated with 20+ credit cards. Do you remember the organizers with the slots for cards, I was the person who filled them all up with different credit cards and I was crazy enough to carry them with me. Can we say prime target for identity theft?

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Conflicting Goals: Entertainment Vs Preserving Cash

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Conflicting Goals: Entertainment Vs Preserving Cash

According to last week’s Wall Street Journal, Netflix gained an additional 16 million new subscribers.

Just this year alone, the stock is up 34%. I call that a win!

The average emergency, prior to the pandemic, could be resolved with $400. That annual Netflix subscription is 39% of what we would need to stash away for an emergency and gain some peace of mind. According to a recent survey by The Wall Street Journal and the Harris Poll, Americans spent an average of $37 per month on streaming services in March 2020. That’s an annual expense of $444. Can we say ching ching again. 

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The Hidden Fees of Working from Home

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The Hidden Fees of Working from Home

The face of telecommuting has drastically changed in the span of 5 weeks. As we continue to follow stay at home mandates and work remotely, here are a few expense categories that you will probably see rise.

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Facing the Fact that You May Not Be Able To Pay Your Mortgage or Rent (Coronavirus Part 5)

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Facing the Fact that You May Not Be Able To Pay Your Mortgage or Rent (Coronavirus Part 5)

Many people world wide are facing reduced hours or have been laid off from their jobs completely. Shelter and food are a basic necessities. What do you do if you can’t pay your mortgage or rent?

It is best to address things as soon as you are aware that there may be an issue. This gives you more time and potentially more options. Find out what resources are available to you before your rent or mortgage payments are actually behind. 

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Retail Therapy: It's Not Really Therapy If It's Hurting You (Coronavirus Part 4)

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Retail Therapy: It's Not Really Therapy If It's Hurting You (Coronavirus Part 4)

I know it’s tempting to shop your heart out online while we’re quarantined, but pump your breaks and maintain a social distance from online shopping.

Take a moment and identify what you do not have in your closet or home that you truly need. My guess is that list is very short. Do yourself a favor and use what you already own.

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Put Yourself in a Position to Soar Once This Crisis is Over (Coronavirus Part 3)

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Put Yourself in a Position to Soar Once This Crisis is Over (Coronavirus Part 3)

It is important to position yourself to soar once this time of difficulty is over. Rest assured that it will come to an end and when that happens, you want to be in a position to continue to achieve your goals.

Do you have debt?

How do you plan to handle it right now?

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It's Time For a New Spending Plan (Coronavirus Part 2)

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It's Time For a New Spending Plan (Coronavirus Part 2)

Let’s talk about what you can do today, right now, to help offset any disruptions you may see in your income.

How much discretionary income do you have? Your discretionary income is any money you have left over after you pay your necessities (ex: taxes, shelter, groceries, costs associated with transportation, medication, etc.). So, how much “extra money” do you have that can be set aside in case you need to tap into it?

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Coronavirus: Take Care of Your Money (Part 1)

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Coronavirus: Take Care of Your Money (Part 1)

If you have money invested in the stock market, you probably feel like you have been on a rollercoaster for the past week. When I look at my own portfolio, I see red all over. Fear can make us do things that are detrimental to our long-term investment strategy.

Sears, Files for Bankruptcy; What Does That Mean for You 

Sears, Files for Bankruptcy; What Does That Mean for You 

If you’re asking what how this correlates to you as an individual, we’re turning that corner right now. When I think of the Sears story, I think of how critical evolution and prudent decision making are to success. Sears lost their way. They became less and less relevant and sometimes we as individuals go through the same thing. Sears thought the answer was to keep pouring money into the company without changing the strategy. Throwing good money into a bad or outdated strategy is no different than using cash to feed a bonfire. Let’s identify the areas in our lives where we need to course correct, put a plan in place, and take action to achieve our goals. 

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Stretch IRAs: A Way to Avoid Taxes & Create Generational Wealth  

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Stretch IRAs: A Way to Avoid Taxes & Create Generational Wealth  

In order for this strategy to work, we have to increase the financial literacy within our families and communities. We must be aware and also make the next generation aware of the tools that can be in their toolbox. Take a few minutes to share this article with someone who will benefit from what you just learned. 

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The Cost of Less Than Perfect Credit 

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The Cost of Less Than Perfect Credit 

 Have you ever sat and evaluated the cost that you are paying for your credit?  Have you ever wondered what that number translates to in hard dollars over the course of a month, year, or even the life of a loan? Well, in this article, you’ll have an opportunity to see and compare the cost of credit. 

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Using IRAs as Part of Your Tax Planning Strategy

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Using IRAs as Part of Your Tax Planning Strategy

We aim to share strategies that are designed to help individuals increase their net worth, increase the value of their estate, and ultimately build generational wealth. Achieving any goal starts with a plan and tackling it strategically. Our financial goals are no different. Tax planning is one aspect of personal finance that we need to keep in mind on the way to hitting our targets. 

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So You Think You Don't Have Enough Money to Invest, Guess What You Actually Do

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So You Think You Don't Have Enough Money to Invest, Guess What You Actually Do

If you have a Netflix membership, you do have (or at least you did have) money to invest. You  just allocated the money to your membership instead of purchasing the stock. Shift your mindset from consumer to saver, investor, and wealth builder. 

7 Steps to Thanksgiving Success

7 Steps to Thanksgiving Success

$4.99 per person is what the American Farm Bureau reports will be spent for Thanksgiving dinner. That means a family of 10 would spend just under $50 for the entire meal. Is that close to what you plan to spend? Sometimes, we overspend on the meal and overindulge during the meal. We stuff ourselves to the point were we become lethargic and cannot move. This overindulgence harms us physically and financially. Use the action plan below to help you maintain your financial wellness. 

Here's an action plan to help you enjoy the holiday while achieving your financial goals.  

2018 Planning: 7 Tips to Help Yield the Results You Desire

2018 Planning: 7 Tips to Help Yield the Results You Desire

I'm going to FinCon18! FinCon is where money nerds like myself go to become even better money nerds and better business people... #iLoveMyNerdStatus

Where can you invest to yield the results that you want? This is a conversation about how we invest our resources. Money, time and energy are resources. This is a conversation about opportunity costs. Investing in some things require that you forego other things. This is a conversation about business (planning and sustainability). 

I share this story because you are in the business of you and it’s your responsibility to be successful along your journey.

Here are 7 tips to help yield the results you desire while on your journey to success.