Minding Your Money 360 - Quick tips to manage your money for success

I had a conversation with Emma. Emma is a young housewife and a teacher. You know how I like to talk about money so it wasn’t long before I asked Emma, so how’s your money life? Where are you on the journey? And, she got the dear in the headlights look and she didn’t answer for quite some time then she finally said, “not much to tell – the bills come in and we pay them – that’s about it.”

Emma didn’t have a plan beyond that. And, you can tell me if I’m wrong, but I don’t believe her story is that uncommon. We have been taught to make money primarily to pay our bills and that’s it. But Minding Your Money is about so much more. It’s about making your money work for you and that means having a plan for your money. But before you create a plan, you need to know where you are going, what’s the destination?

So stop and think about why money is important to you. What do you need it for? Is it just paying the bills or do you think it should do more? And, if so what? In other words, what does your ideal life look like and what role does money play in creating it and why is it important to you to create that life? Write your ideas down and live with them for a few days. Post it where you can see it at least once a day and make changes until you can envision yourself there.

And, that’s the minute for today. Tune in tomorrow we’ll share some next steps to take once you have a vision of where you want to go. Got a burning money question? Send it to me at [email protected]

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

It's Monday and I have a question.

And, my question is this…if you suddenly had a million dollars what would you do?

I read an article this weekend on MSN about Barry Manilow where he talked about his biggest money mistake. It seems that he literally went from a negative bank account to $1 million in one day. His record Mandy hit big and his manager gave him a check for $1 million. On that same day he had bounced a check at the grocery store. That’s how broke he was. But then suddenly he was rich.

So try to put yourself in his shoes. What would do if a million dollars just landed in your lap? And, that was just the beginning. So, realizing that he was ill-equipped to manage such large amounts of money, Mr. Manilow hired someone else to handle it for him and went on to create more music. Then one day he woke up to find that after making millions of dollars, he only had $11,000 in the bank. He had been wise enough to get someone to manage it for him, but he was not wise enough to stay involved in the process. Because if he had been, he should have realized a lot sooner that there was problem. It is very unwise to give someone so much power over your future. Making money is just one part of your job – managing your money is equally important and not something you delegate totally.

So, if you choose to accept it, here is your assignment for today: Write down what you would do if a million dollars just landed in your lap? Hey, it could happen. What would you do first, second, third and so on? I strongly believe that if you prepare mentally for things in advance – it won’t catch you so off-guard.

Send your answers to me at [email protected] along with your phone number and if I read yours on the air, I will personally call you and answer any money question you have. Or, leave me comment with your thoughts.

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

It’s Friday and time for our word of the week –the word this week is Retirement.

I chose retirement because more people are struggling not just with saving for retirement but also defining what it is. So what is your definition of retirement? Long ago people defined retirement as sort of a long vacation – your reward after working 30 or 40 years for a company who often gave you a pension when you retired and that along with Social Security and in many cases, good health insurance along with shorter life expectancies allowed them to have that dream vacation without a lot of stress.

But we live in a new age today. Pensions and company health insurances are gone for the most part -- you are basically on your own in those areas and life expectancies are a lot longer so while many of us are still hooked on the idea of retiring at age 65 as a reward, many are also realizing that there is a bill due. That if you haven’t saved enough, you may have to work longer before and/or during retirement. So that dream vacation is becoming more distant.

Then there are those who wouldn’t retire if they could. They love working or at least the idea of contributing in some way. So how do you define retirement today? How you answer this question, will help you create a plan to do just that.

Our word of the week retirement. Whether you want to keep the old definition or strike out on your own. This is 2017 in America and everyone has a voice.

And that’s the minute for today. Like the Minute? Subscribe to it and leave us a review on iTunes or your favorite site so you never miss an episode.

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

It’s the first of June and time is running out to complete your New Years’ resolutions. I know it felt really good to set them, but if you are not at least half-way there, you have got some catching up to do.

Meanwhile I got a question from Josh. He says that he’s made some mistakes in the past and he’s wondering if he can do a Mulligan or a do over to get his financial life back on track. Great question because I’ve certainly made my share of mistakes so here are my top three recommendations:

Get a grip on your finances – actually take stock of what you own and what you owe. If debt is an issue, add it all up and face it.

Set goals. It’s tough to get too far off track if you have some highly motivating goals to keep egging you on.

Create a money map so that you know what’s coming in, what’s going out and where it’s going. And, it doesn’t much matter the form that it’s in. I have a friend who keeps a running total of any money she spends each day. That’s probably too much but it works for her and you better bet she knows where her money goes. You can create your own spreadsheet or use one of the online services like mint.com or www.ynab.com

And, I’m going to throw in a bonus one here because you need to consider this. There may be people in your life who are not helping you. This could be negative people that dig at your self-worth and keep you stuck or it could be enablers who encourage behavior that is dangerous to your wealth. In either case, you may need to consider eliminating those people from your life if you truly want to get on a different path – to do a do over that is.

And, that’s the minute for today. Got a burning question? Send it to me at [email protected].

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

A strange phenomenon is happening. According to a recent study by TIAA (a financial services company), when to retire is a moving target for those nearing retirement.

Sixty-one percent of the survey participants say they have changed their expected retirement date as they approach retirement. Thirty-seven percent have pushed their expected retirement date back, while 24 percent are now planning to retire earlier than expect.

Only 37 percent say they are on target for the date anticipated earlier in their working years. Almost everyone (96 percent) said the flexibility to do what they want, when they want is an important part of their definition of a successful retirement. Whether it’s spending time with family and friends, relaxing, having the time to travel or starting a new chapter.

Overall, the survey says near retirees feel pretty good about their retirement prospects. Forty-three percent report feeling extremely or very prepared for the transition to retirement, and another 46 percent feel somewhat prepared.

But there is a problem. Only 21 percent anticipate their nest egg will last for their lifetime. So securing a source of income you can’t outlive is critical for many and maybe that’s why all the shifts in retirement dates. If you’re thinking about retiring in the next 10 years or so, take some time and work your numbers, it’s not always easy to go back.

And that’s the minute for today.

Are you up to the task of teaching your kids about money? The Money Makeover BootCamp is a great place to take on that challenge and the next BootCamp is starting in June. Registration is now open so go to www.psworth.com and click on the red button for more info.                                                           

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

If you are not where you want to be financially – the culprit just might be your money mindset. How do you know if your mindset is working for you? Here are three elements of a hard working money mindset. If you have these – great! But if you don’t, consider working on these areas:

You honestly believe you deserve to be wealthy. Once you start truly believing that you deserve wealth, your actions will change to make it happen. However, if you have guilt or shame around money it will overshadow your efforts. Remember, your subconscious holds the key to your destiny and it will take you where your thought energy lies and if deep down you don’t really think you deserve to be wealthy you may never achieve it.

Identify areas or problems you need to work on, develop a solution and then follow through. Lots of people are good at recognizing a problem or coming up great ideas. But working to find a solution and following through is much more important. In other words, people with hard working money mindsets stay focused on the issue at hand.

Finally, you’re in it for the long term and you don’t let mistakes shut you down. Managing money is tough and your success is not always a straight line going up. Instead it can have some downs as well. The key here is taking a long term view – avoid get rich schemes and questionable shortcuts that can wind up setting you back. And, when mistakes happen, take the time to learn from them. There’s gold in them so mine every part of it.

And, that’s the minute for today. Did you miss a minute? You can listen to them all again, along with my notes and resources at www.mindingyourmoney.org

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

It's Monday and it’s Memorial Day. Memorial Day is our nation's solemn reminder that freedom is never free. I want to take a moment to remember and to say thank you for all of those of you who served your country – who kept us safe. And, a super thank you to those of you who went off to war to fight for your country when, in some cases, that meant returning home to have to fight for your rights here as well.

So in keeping with this day and our Monday tradition, I have a question. And, my question is this, what are you doing or what one thing can you do to make this world a better place – a safer place. I belong to a group called the Georgia Consortium and our mission is stamp out financial illiteracy. It is rampant in our country and because of that many people have tougher lives than necessary and, that causes needless pain and stress.

So I repeat, what are you doing or what can you do. Make a note and do it or at least get started before the week is out.

I want to close with a quote by Woodrow Wilson. He said, “You are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world, and you impoverish yourself if you forget the errand.”

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

It’s Friday and time for our word of the week –the word this week is Money Infidelity.

I chose money infidelity because it sounds juicy but like sexual infidelity, it has the power to break a marriage or a partnership. Basically, financial infidelity is hiding or lying about money stuff from your spouse or significant other. It’s your stash from shopping trips that you hide in the back of the closet and when you do bring them out, you swear that you have had them from years. It’s the bucks that you take out of the kid’s college fund or your retirement to gamble or invest because you got a hot tip. And, whether you win or you lose is not the point, it’s the fact that you went by behind your partners back and they will not be the wiser – until. Yes, until because eventually it all comes into the light.

So, why do we engage in financial infidelity? It could be that we feel entitled to have what we want and we don’t have to explain that to anyone else, to avoid arguments about money or in some cases for revenge.

So, what can you do instead? Well, start by talking about money – setting up money dates. You can each have some fun money that you can use any way you want – no questions asked and you can manage your money together so that it’s more difficult for large sums of money to disappear without the other knowing about it.

Our word of the week money infidelity. Some believe that it’s actually worse than sexual infidelity because not only do you break the trust in your relationship but it can also affect your bank account and leave you financially strapped for a very long time.

And that’s the minute for today. Like the Minute? Subscribe to it and leave us a review on iTunes or your favorite site so you never miss an episode.

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

Do I need to hire a divorce attorney? That was one of the questions that I received from Jeanne about her pending divorce. Jeanne said that out of the blue, her husband just blurted out that he wanted a divorce and she is still in a state of shock and wondering what to do.

Wow, I know what can feel like – you get a whole flood of emotions. But emotions aside, if this divorce is going to happen, you need to get serious and you need to treat this like a business transaction. I know that may sound harsh, but the reality is you have got to start another phase of your life without your spouse and you need to make plans for that.

So back to your question, do you need an attorney? I have created a list of nine instances where the answer is yes – you need an attorney. Here are five and to get the complete list read my podcast notes for Episode 654. My podcast notes are located at www.mindingyourmoney.org.

You need an attorney if:

Your spouse has already hired an attorney and begun the process

You have young children

You and your spouse have considerable or complicated property or debt

Your safety, or that of your children is at risk from your spouse

You or your spouse own a business

Divorce is serious and the decisions you make during the process can greatly impact your life for years to come so don’t take the situation lightly. And if you need an attorney get one and get the best one you can find. I have a whole list of criteria you can use to choose an attorney in my new book, How to Get Divorced Without Losing Your Blouse.

And, that’s the minute for today. Got a divorce question? You can find answers to questions like the one I answered today plus 128 others in my new book, How to Get Divorced Without Losing Your Blouse. Get your copy on my website (www.psworth.com/shop), Amazon or other bookstores.

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

Did you know that by the age of seven most kids are formed their values, thoughts and beliefs about money? So my question is, “What are you teaching your kids about money?” But wait, since most parents don’t talk to each other about money, it’s unlikely that they are taking the time to teach their kids about money. So where are kids learning this stuff? The short answer is from everywhere and everything they come in contact with but mostly from you and they are doing this by watching and observing how you interact with money.

For example, if they hear you and your spouse arguing about money they might interpret that to mean that money is bad – it hurts people and makes them fight over it. Or if their best friend gets a toy that they want and you them no because you can’t afford it, they might interpret that to mean that money is in short supply or worse that some people are more worthy than others and that kid can turn into an adult with low self-esteem and they may not even know why. Money comes with emotional baggage because we often learn about it under emotional circumstances. So, I repeat. What are you teaching your kids about money?

And that’s the minute for today.

Are you up to the task of teaching your kids about money? The Money Makeover BootCamp is a great place to take on that challenge and the next BootCamp is starting in June. Registration is now open so go to www.psworth.com and click on the red button for more info.                                                 

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