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

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

I chose the word reflection because this is such a great time to do just that as we prepare for a brand new year.

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

I chose the word reflection because this is such a great time to do just that as we prepare for a brand new year. So my question is, what have you accomplished, what have you experienced, what have you gone through that has made you wiser?

I want to stick with your accomplishments – that’s where I want you to focus – to reflect? So, here’s my challenge to you -- what will you take with you in 2017 that you didn’t have at this time in 2016?

In fact, think of as many accomplishments as you can 20, 30, 40, 50+. And, it’s a good idea to this with a partner because if you are doing this on your own, it’s easy to get stuck after the first few so you need someone to keep egging you on to keep saying “what else, what else” until you just can’t think of anything else. Then reverse and do the same for your partner.

Every time I do this exercise, I astound myself with all that I have accomplished because the tendency is to think of all the things you didn’t accomplish or to compare yourself to someone else who seems to have an endless list of things they have done. But stay on point and focus only on things like your business accomplishments, challenging situations that you dealt with, relationships that you took control of, goals you accomplished and life accomplishments.

Our word of the week: reflection. Remember your life is a reflection of your thoughts – if you change your thoughts you can change your life!

And, that’s the minute for today. Happy New Year from the Minding Your Money team.

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

Today on the Minute – Do You Have a Money Buddy?

People often ask me how can I manage my money better for the long–term?

Today on the Minute – Do You Have a Money Buddy?

People often ask me how can I manage my money better for the long–term? They often say they are really good at the start and then everything just starts to slide downhill and by the middle of the year they are back to their old ways of doing things which basically means they are doing nothing.

So here’s my number one tip to combat that and it is to get a money buddy. You know how they say birds of a feather flock together. Well, the real power in that is that they all have similar habits and when one strays away, they all give him or her the look much like Jessica Fletcher does at the end of the story when she catches the killer or maybe it’s the look your mom gives you when she catches you doing something that you know is wrong. In either case, it’s often all you need to rethink your actions and get back on track. I have heard great success stories about people who wanted to get out of debt and they got together with some buddies who wanted to do the same and how they all benefited.

Or you know the popularity of investment clubs to get everybody learning to invest successfully. My point is these don’t have to be your BFF’s but having a buddy can make all the difference when things get tough or if you need to talk to someone who understands exactly what you’re talking about because they are or have been there too. So if you want to manage your money better, get out of debt or do something else involving your money – get a buddy so you can help each other be successful.

And that’s the minute for today.

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

Today on the minute – Can’t I Just Use Credit Karma?

Yesterday we talked about getting a copy of your credit report to review it for accuracy and I suggested that you use www.annualcreditreport.com.

Today on the minute – Can’t I Just Use Credit Karma?

Yesterday we talked about getting a copy of your credit report to review it for accuracy and I suggested that you use www.annualcreditreport.com. They will provide you with credit reports from all three major credit bureaus and I got a question from a listener – Samantha who wanted to know if she could just use credit karma instead. The answer is yes, up to a point. Credit Karma can provide you with credit reports from two of the three major bureaus – Trans Union and Equifax but not Experian.

The problem is not all merchants or lenders report everything to all three credit bureaus and a mistake or error or evidence of identity theft could appear on the missing report. Also, it’s always suggested that before you apply for credit that you get a copy of your report to see if there is a problem before someone else tells you. Merchants and lenders often have a favorite that they use and unless you are familiar with them – it’s tough to know which one they will use. There is no law saying that merchants and lenders have to report to all three bureaus so you have to do the heavy lifting and check all three.

I hope this helps Samantha -- If you want to use Credit Karma, then do so but also check in with annualcreditreport.com to get a copy of your Experian report so you cover all the bases.

And that’s the minute for today.

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

Today on the minute – Start Your Financial Health Check-Up Today!

This is a great time to start your annual health check-up and a great place to start is by ordering a copy of your credit report.

Today on the minute – Start Your Financial Health Check-Up Today!

This is a great time to start your annual health check-up and a great place to start is by ordering a copy of your credit report. If you haven’t done this yet this year, you can get free copies at www.annualcreditreport.com – but even if you have to pay for it’s worth the cost to know where you stand. You can get all three at once or you can spread them out of the year – I recommend the latter so that you have the opportunity to check your credit throughout the year for errors or to determine if you might be a victim of identity theft. With so many hacks going on, it’s going to be more important than ever to stay on top of your credit report to ensure that it is accurate.

Once you get your credit report, read it carefully. Look to see that all of the info is correct – even older info. Ensure that you address is correct, that no new credit has been opened in your name without your permission, etc. Make a note of any inaccuracies and ask the credit bureau to change it. They have 30 days to prove or change any discrepancies, so don’t forget to follow up to be sure that your report is corrected.

And, that’s the minute for today. This is a great time of the year to give yourself a financial health check-up and get your credit report is an essential lab report to see how you’re doing.

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

Today on the Minute – Set Bite-Size Goals and Resolutions

As we start the countdown to the New Year and round out National Personal Financial Health Month, I want to leave you with some special tips to help you get off to a rocking start.

Today on the Minute – Set Bite-Size Goals and Resolutions

As we start the countdown to the New Year and round out National Personal Financial Health Month, I want to leave you with some special tips to help you get off to a rocking start.

So let’s kick off out countdown with goals, but with a twist. Instead of setting huge goals like losing 50 lbs or saving $20,000 for a down payment on a house, set bite-size goals. We all know how easy it is to let things go after a few weeks or a month because they just seem too difficult so make it easy on yourself to stick with your goals by setting much smaller ones, like losing 5lbs a month or saving $200 out of every paycheck. The pounds will add up and so will the dollars and you’ll be less likely to give up along the way.

In fact, some studies show that the further away a goal seems and the less sure you are about when it will happen, the more likely you are to give up. But if you can meet your goals each month and then reset, you can keep going indefinitely.

Keep this in mind as you set your New Years’ resolutions so that they are something you can stick with until they are completed.

And that’s the minute for today. If you like the Minute, subscribe to it and leave us a review on iTunes. And if you would like help getting your financial life (business or personal) together email 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 Friday and time for the Word of the Week! Our word this week is Money vs Happiness.

Can Money Buy Happiness or are the two not related at all?

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

Can Money Buy Happiness or are the two not related at all?

I know I’ve asked this question before but as we approach the New Year, perhaps you can look at it with new eyes and ears. Truth is, only you can make the determination and in my opinion, I  believe the answer changes with times and circumstances.

According to a study by According to a new study from Princeton University's Woodrow Wilson School, it sort of does — up to about $75,000 a year. They concluded that the lower a person's annual income falls below $75,000, the unhappier he or she feels.

The problem they say is that if you don’t think that money can buy happiness you are not spending your money in the right way. In fact, the name of the study, If Money Doesn’t Make You Happy Then You Probably Aren’t Spending It Right kind of says it all. The study concluded that people are making purchasing decisions that just don't translate into happiness.

The study identified the number one category of purchases to be positively related to happiness. Surprisingly the top category wasn’t cars, home improvements or even a shiny new bobble from Tiffany’s. The number one category was leisure activities: vacations, entertainment, sports and equipment used to enhance an experience such as golf clubs, yoga mats or a surf board. Thus, buying authentic memorable experiences is the path to using your money to buy happiness.

Our word of the week: money vs happiness. Can money really buy happiness – only you can answer that question? But I tend to go along with the study – if you don’t think money can buy happiness, you’re probably shopping in the wrong places!

And, that’s the minute for today. Wishing you a very happy holiday from the Minding Your Money team. Oh, I almost forgot – for a limited time you can get my new ebook Beginner’s  Guide to Minding Your Money for FREE at the following places: Nook books at Barnes & Noble, iTunes, Kobo and on my book website at mymbooks.com.

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

Today on the Minute – Foiling Online Identity Thieves

With so many of us opting to shop online, we have become prey for all kinds of scams and identity thieves. So I’m sure you know this but just in case, here’s a quick recap of some basics from the TD Bank site:

Today on the Minute – Foiling Online Identity Thieves

With so many of us opting to shop online, we have become prey for all kinds of scams and identity thieves. So I’m sure you know this but just in case, here’s a quick recap of some basics from the TD Bank site:

If you are providing financial information or placing an order online, be sure the site is secure. Look for a URL that begins with "https://" and the "closed padlock" ( ) in the lower right hand corner of your browser.

Be on the lookout for copycat sites that may try to look like a financial institution or other business you trust – double check that you are using the correct web address.

Don't reply to any e-mail or pop-up message that requests you update or provide personal information.

Always log off completely and close your browser when you are finished with a secure session.

Keep your computer is up-to-date with security patches for your operating system and applications.

Finally, if you use wireless networking, make sure to turn on all security features such as WPA encryption and change the default password and SSID on your wireless router.

It is so much better to be safer than sorry. Don’t let identity thieves spoil your holiday or any time of the year.

And that’s the minute for today. I know I promised a big announcement today about how you can get a free copy of my new book – the Beginners Guide to Managing Your Money but the website is not cooperating – so look for it tomorrow.

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

Today on the minute – Making Money Is Just Part of the Equation

I hear it from people every day. I’m too busy. Between my job, the kids, things I need to do around the house and other stuff, there is just no time left to manage my money.

Today on the minute – Making Money Is Just Part of the Equation

I hear it from people every day. I’m too busy. Between my job, the kids, things I need to do around the house and other stuff, there is just no time left to manage my money.

But the truth is, making money is just part of the equation – the other part is managing it. Money loves attention and when you don’t manage it, it has a way of running off, slipping through your fingers or burning a hole in your pocket. You work hard for your money – why not make it work for you – to sort of earn its keep. After all, most people look forward to the day when they can live off of their money but if you don’t put it to work today, that day may never come. Not minding your money not only keeps your unprepared for disasters but it also causes you to miss out on opportunities – opportunities that may not come around again.  So stop making excuses and take the time to manage your money – take back your power – take control.

And that’s the minute for today. After some edits, Money Smarts has now become the Beginner’s Guide to Minding Your Money and I will have a big announcement tomorrow about how you can get a free copy so be sure to tune in.

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

Today on the minute – Two Money Rules That Can Make You Money.

As we count down to the holidays and you make your plans for the coming year, here are two money rules to keep top of mind.

Today on the minute – Two Money Rules That Can Make You Money.

As we count down to the holidays and you make your plans for the coming year, here are two money rules to keep top of mind.

The first is the power of compounding. Basically, compounding is earning interest on the interest you earn on your savings and investments. Time is one of the major components so the longer your investments have the more they grow. So for example, if I invest $300 a month or about $10 a day at 10% and let it grow 25 years, I could have almost $373,000 but if I could wait just 5 more years, it could grow to $624,000. Not bad for a total investment of $90,000 and $108,000 respectively. The takeaway here start investing sooner rather than later.

The second powerful rule is ‘Pay yourself first.’ I can’t tell you how many people I talk to that tell me that they always run out of money before they run out of month. If you’re having trouble saving money because you run out of money before you run out of month – reverse everything and pay yourself first. And so you don’t forget, write out a bill to yourself and put it on top of your stack of bills to pay or better yet, arrange for your bank or brokerage to automatically subtract a set amount from your paycheck or checking account each payday and put it into your savings or investments so you never miss it.

And, there you have it – two money rules that can make you money without a lot of effort on your part. It’s something worth thinking about.

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 [email protected].

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

Today on the Minute – What’s Your Break-Even Point?

We are still working through National Personal Financial Health Month so I have a serious question today regarding your financial health.

Today on the Minute – What’s Your Break-Even Point?

We are still working through National Personal Financial Health Month so I have a serious question today regarding your financial health. Your breakeven point is that place where you just make enough so that you don’t have a loss but you also don’t have a profit or anything left over.

Several of my clients are business owners so the break-even point or BEP is something we watch closely but for many of my individual clients not so much. They don’t have any idea where their break-even point is and even that it is something that they have control over.

It’s important for business owners to keep in mind because making anything less than their BEP means that they have a loss and if they do that enough times it could put them out of business.

And the same thing holds true for you. If you don’t make enough to cover your expenses each month you will keep going under and that’s not a great place to be. So here’s my question. Do you know your BEP? In other words, how much money do you need to earn each month to cover your fixed and variable expenses? Fixed expenses include things like rent or your mortgage, utilities, phone, etc. and, I like to stick savings in here too – things that you have to pay every month. Variable expenses include things like food, entertainment and credit cards.

So what’s your BEP and if you are exceeding it do you know where the extra money is going and if you’re not meeting it, what are you going to do to get yourself in balance.

And that’s the minute for today. If you like the Minute, subscribe to it and leave us a review on iTunes. And if you would like help getting your financial life (business or personal) together email me at [email protected].

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