Episode 410: Word of the Week: Money Story

June 17, 2016

It’s Friday and time for the Word of the Week! Our word this week is Money Story.

I chose money story because I’ve gotten so many questions lately that really lead back to your money story of how you relate to money. Your money story has three parts – your past and that’s history – not much you can do about it but you can look back and learn some lessons by what worked and what didn’t work for you. So much of your past is based on years of information you have compiled and right or wrong, it that feels right so part of your challenge regarding your past money story is that you have to challenge some of the beliefs that aren’t working for you.

Then there’s your present – which is so important because the decisions you make today will directly impact your future – so choose wisely grasshopper.

And, finally you have your future and that’s important too because you can take the opportunity now to think about where you want to end up next year, three years, 5 years from now, etc. You have the ability to write history and the ending to your money story which I think is the most important part and not only can you write it the way want but you can also live it!

Our wore of the week: Money story – it’s just as easy to write a good one – one that works for you and takes you where you want to go.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 409: Getting the Motivation to Get Out of Debt

June 16, 2016

Getting rid of debt like losing weight is something that just doesn’t happen until you get the right motivation. And when you’re there, there’s just no substitute for having a workout or accountability buddy to help you stay on track.

I just listened to a story of a young woman who had tons of student debt, almost $100,000 and she didn’t worry that much about it, that is until she got married and she married a saver who immediately suggested that she work on getting rid of her debt. With that motivation, she immediately started doing those things that she knew how to do like tracking her spending and watching where her money went so that she could save as much as possible each month.

Then she did the unthinkable, she got a part-time job to augment her full-time job – and the job she got was babysitting – but here’s the kicker – she used her masters degree to go after families who were willing to pay more – so she made the most of her free time.

Hey, when the motivations there, you learn to think way outside the box.

So the takeaway here is that if you really want to get out of debt, you will find a way.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 408: Is Life Insurance a Good Investment?

June 15, 2016

Every once in a while I get this question regarding life insurance. People sometimes try to pass it off as an investment and the question I get is is life insurance a good investment. The short answer is NO – by definition it’s life insurance. I don’t care what name you give it at the end of the day it’s life insurance and part of your investment goes to pay the premium.

Most people need some life insurance – you know final costs, not leaving a burden on those you leave behind, etc. And, most people need investments to grow their money.

If you’re thinking about life insurance, here are 3 important considerations:

  1. Unless you want to use whole life insurance for estate planning, buy-sell arrangements, executive benefits, etc., then a less expensive solution is to buy term insurance. Usually when people talk about this they advise you to buy term instead of whole life and invest the difference. But here’s the kicker, most people don’t do the last part. So be the exception and you’ll come out far ahead meaning that when term gets too expensive to keep buying (the premium increases as you age), you will be able to self-insure.
  2. Do your homework when selecting an insurance company. Here’s a hint: the stability of the company far outweighs the cost. After all, you want the company to be around to pay up when you kick the bucket.
  3. Finally, some of the pitches to buy whole life or some variation thereof are so good that even I get tempted sometimes, but at the end of the day insurance serves one purpose that is to protect those you leave behind. When you start to think of insurance as an investment or some type of tax strategy, you may be crossing big line. If you decide to go that route, be sure you read the fine print and that you understand exactly what you’re getting yourself into.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

 

Episode 407: Are You Stressed About Money?

June 14, 2016

Are you stressed about money? So many people I hear from are stressed about money. Worrying about things and they’re not sure exactly why. Remember the money story you have running in your head is the one you created and at any time you want you can change that story. You can change the beginning, the middle or the end – it’s your story and you have control.

Money is energy and changing your story – your vibration around money can change everything in your life. You can earn more, save more and have more fun with the money you have.

The first step is to take time to manage your money. So you know what you have and where you are. Then take steps to fix broken things that you can immediately and create a plan to work on others that are beyond fixing today whether it’s debt or something else. Then put it aside – I promise you worrying will not make it better.

Once you have a better picture of where you are – you can rewrite your money story so that it works for you — change your vibration around money – change your life.

And that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Photo: Microsoft Office

Episode 406: You Need Money Skills to Build a Successful Business

June 13, 2016

It’s Monday and I have a question. Is your money working for you?

I’m putting the finishing touches on my new book called Business Money Rules so I’m going to dedicate this show to all my business owners out there.

True to form, I start the book out with a question and the question is this, “Did you know that to build a successful business you have to know how to manage money too?” Then I talk about my first business which was a bit of a disaster because not only did I not know anything about managing money but I also didn’t know much about managing a business. But I had this sort of beginners luck and everything was going well, that is until it wasn’t.

So why are money skills so important in running a business? Basically, for the same reason they are in your personal life. Money touches everything and if you don’t manage it properly, regardless of the amount you make, you could end up financially challenged. (I don’t like to use the word broke – it sends the wrong message to the universe). But I digress.

Zig Ziglar once said, “Money isn’t everything but it ranks right up there with oxygen.” And there is some truth to that. So the next time you’re tempted to make rash decisions regarding your money remember that the decisions you make today, show up in your tomorrows.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 405: Word of the Week: Hilary Clinton

June 10, 2016

It’s Friday and time for the Word of the Week! Our word this week is Hilary Clinton.

I know you were probably expecting something else, but I chose Hilary Clinton because this is such an historic week. 240 years and this is the first time that a woman has been nominated by a major party for president. Really people – it’s about time. Other nations beat us to punch and they beat us badly. As far back as the 60s some nations were naming women to their highest office but we – the most “progressive” nation have lagged behind. I wonder why that is?

But enough of brooding about what should have been, regardless of your party affiliation, I hope you will join me in the celebration. I just listened to Elizabeth Warren on the Rachael Maddow show and she credits Clinton’s win because of her ability to take a punch and give as good as she gets. Maybe that’s been the problem in the past; maybe we have just been too polite for our own good.

Hey, ladies let’s think about this and carry it over to managing our money. If a woman can be nominated for president, you can certainly do this. No more excuses!

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!

Episode 404: How Are Your Resolutions?

June 9, 2016

So yesterday I mentioned a budget and I immediately got a question about how to go about setting up a budget. Well, there are lots of methods you can use but the one I think that makes the most sense for many people is to track your expenses for a month or two and then build your budget based on what you find.

So what does this involve? Basically, it involves using an app on your phone or carrying a notebook of some type and writing down everything that you purchase. This includes everything from groceries to the coke you get out of the machine at work. Hey little things can add up and if you don’t include them in your budget you’ll find yourself at the end of the month wondering where your money went.

Once you have a good idea of where your money is going the next step is to break it down into categories – so much for rent/mortgage, food, entertainment, transportation, etc.  Next, add up all the money that comes in each month and subtract your total expenses. If you have money leftover that’s great. However, if you come up short, you will need to go back and rework your budget until you at least breakeven.

Designing a budget is not difficult, what is difficult sometimes is sticking to it – so think about what your motivation is to have one. If you have real goals you want to accomplish, buying a home, retiring etc. these can be pretty powerful motivating factors and don’t forget about just plain old dumping money stress cuz you got your bills and your future covered.

And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at info@mindingyourmoneyminute.com.

Thanks for listening and as always remember that minding your money really is the path to a richer life!