Archive for June 2015

Monday Money Tip: A Must Have Helpful Money App – Mint.com

In this week’s Monday Money Tip, I’m sharing about a great money app that I personally use. I’ve found this app very helpful with managing my personal and business finances. Check out the below video for all the details:

Want to automatically receive a helpful and practical money tip every Monday? Just sign up HERE (It’s FREE)!

Ready to Get Organized? Part THREE

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

PART TWO  Prepare a list of all of your financial accounts

PART THREE  Information to include on your Financial Accounts Form

This form is meant to be the be-all end-all location for your entire financial picture. When you are looking for key financial information, you won’t have to go far because it is all contained within this file. When you pass away, it will allow your estate executor to easily understand what they are dealing with.

Here are the key items to include on your Financial Accounts Form.

  • Investment Accounts: Include your 401(k), 403(b), 457, TSP, Roth IRA, IRA, Stocks, Bonds, and Mutual Fund Investments
  • Bank Accounts: Include checking, savings, money market, CDs, and any other accounts held at a bank or credit union.
  • Real Estate: If you own real estate, be sure to list the addresses and the financial status of these holdings.
  • Will: According to LexisNexis and LegalZoom, 55% of Americans do not have a will or other estate plan in place. Have one, and include it’s location and your assigned executor on this document.
  • Power of Attorney: Healthcare POA, Limited POA, or other legal assignments of responsibility should be included in this document
  • Insurance Policies: Include Life Insurance – be sure to include policies provided through your workplace. Also include insurance on key possessions owned.
  • Jewelry (or other valuables): If you have valuable possessions, be sure to list them and their location
  • Safe Deposit Box: If you have one, indicate it on this document and include it’s location.

I know! I know! This can seem overwhelming, but it is absolutely worth the effort to put this together!

 

Ready to Get Organized? Part TWO

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

PART TWO  Prepare a list of all of your financial accounts

If you are a slightly or very disorganized person (like I used to be!), this is probably going to be the most difficult part of the entire organizational process. It is important to gather together your financial statements so you can easily prepare a one or two page document that details your entire picture.

To speed up the process, we have a tool that you can use to consolidate all of your information into one place. You can download a copy below:

Financial Accounts Form (PDF) or Financial Accounts Form (MS Word)

Below is a sample of how the information can be written into the file:

In the next step of this series, we will talk about specific types of information that you need to be sure to include on this document.

Ready to Get Organized? Part ONE

There are two types of people – those who are organized and those who aren’t. Which do you fall under? How about with your finances? It’s extremely important to have your finances organized. In fact, I believe that a lack of organization is one of the top reasons that people do not reach the peak of their financial potential. So, are you ready to get organized? Here we go!

PART ONE  Understand why you are doing this in the first place

Let’s face it. We are all extremely busy. The last thing we need to do is initiate another paperwork process just for the sake of what “might” happen. I believe, however, that this process is an extremely valuable step toward maximizing one’s financial potential. If you take the time to complete the steps in this series, you will discover areas where your financial plan is lacking AND also where you are winning (which is very satisfying to see).

Here are some reasons to get organized financially:

  • Control: It is hard for the finances to run out of control when you are focusing this intently on your financial affairs
  • Improved financial focus: We tend to improve that which we focus our attention on
  • We will die someday: Our family will appreciate a clearly organized set of financial affairs

Organization and a great financial plan are two of the key reasons that Jenn and I have been able to experience financial freedom!

Is It Worth It?

Is it worth it?

I had a person express to me the importance of them receiving a paycheck because they are living paycheck to paycheck.

This individual has been working over 20 years and is still living paycheck to paycheck.

WOW!

Is everything they have purchased with their money been worth living paycheck to paycheck for 20 years? Balancing each week to pay the bills without bouncing a check?

OUCH!

If you keep doing what you are currently doing, are you going to look back in 20 years and still be living paycheck to paycheck? 10 years from now? 5 years from now? 1 year from now?

Really?

You see, I believe that for more than 95% of Americans the issue is NOT income. It is OUTGO! I believe that you can change your financial future. I believe that I can NOT change your financial future. You will change your financial future only when you have committed yourself 100% to the goal of living beyond the life of “paycheck-to-paycheck”.

I can help teach you. I can help educate you. I can plead with you. Your spouse can beg you. Only you can do it!

Looking for a next step? Check out my latest book for all the details – HERE.