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 Money Stress.

'Tis the season to be jolly, but money stress doesn’t always cooperate.

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

'Tis the season to be jolly, but money stress doesn’t always cooperate. It can show up at the most inappropriate times and wreak havoc with your day, your week, your month. But there are ways to combat this so that you can stay calm and work on some solutions. But first, if you’re thinking that if you just had more money, the stress would go away that’s not always the solution. Sure, that could happen if you’re unemployed or underemployed but for many people who are not good at managing their money, having more money just means they would spend more money and end up taking on even more stress – no one is immune to stress regardless of how much money they have. So what’s the answer?

Here are three quick ways to dump your money stress:

Change your language – I know what you’re thinking been there, done that, but keeping a positive attitude and using positive language really works. So instead of saying, “I should cut back on my spending,” say “I will cut back on my spending” and actually mean it.

Recognize your power – when it comes to your money, you always have the power to make a difference. So use your power to for good and make choices that work for you.

Take a stress break – it’s the holidays so enjoy them. And, despite what you might think, it doesn’t have to cost a lot of money to have fun with your family and friends. Set aside a budget for the holidays and when it’s gone, it’s gone and then it’s time to get creative – to use your noodle to think of fun things to do cheaply.

Our word of the week: money stress. Don’t forget that this is the perfect time to also be grateful for those things that you do have. Something as simple as a run or a family walk can do wonders for stress. I was taking my mom to a meeting today and we got so lost but we made a game of it and we both had fun out of something that could have been so stressful.

And, that’s the minute for today. Hey it’s that time of the year again – but time is running out. Need some direction for the new year? I’m offering my end of year consultations at an unbelievable rate. Contact me at [email protected] for details and mention Christmas promo in your email.

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

Today on the Minute – The Difference Between a Vision and a Goal Is…

I got a question from Elliot about visions and goals. He wanted to know what the difference was and how to use them.

Today on the Minute – The Difference Between a Vision and a Goal Is…

I got a question from Elliot about visions and goals. He wanted to know what the difference was and how to use them. That’s a good question. If you own a business, it’s a lot easier to understand but when you are talking about personal visions and goals, it can get confusing.

So briefly, a vision is your destination – what you want your life to be like in the future. It’s your over arching purpose and your passion. Goals are the specific steps to get there. Your vision sets the direction but the goals actually complete it. A vision without goals is just a dream and goals without a vision is just an endless loop of hard work with no end purpose – so it can leave you feeling empty even when you are successful.

So let’s look at this another way – let’s say you wanted to drive from New York to LA. LA is the destination or the vision in this case. After doing some research you create a map that takes you through a number of states – Pennsylvania, Ohio, Illinois, etc. In many of the states you will need to change highways, find gas stations, find places to stay and eat. Each state that you travel to and through represents a goal and each one brings you closer to your destination.

They are both necessary and as you set goals for the new year don’t forget to tie them to a bigger vision – that way you will not only know how they fit into your bigger picture but the vision will give you the motivation to keep going even when things get tough.

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]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates so you don’t miss anything.

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

Today on the minute – Wells Fargo – Oops, They Did It Again

And, just when you thought it was safe to trust the system again.

Today on the minute – Wells Fargo – Oops, They Did It Again

And, just when you thought it was safe to trust the system again. Well, I never really thought that but at least it had the appearance of having some checks and balances when they caught Wells Fargo the first time. This time it has to do with insurance policies that were forced on customers. Here’s the issue: homeowner’s with a mortgage are required to have insurance and if the policy lapsed, Wells Fargo would automatically put a policy in place for them. The problem is that in some cases, the homeowners already had insurance policies yet they were forced to pay for this additional policy that they did not authorize. To make matters worse, the policies they put in place were typically so substandard as to be unusable, and the only real beneficiary was the servicer, which got a kickback from the insurance company for every plan it issued.

These policies were often set up through automatic withdrawals from customer accounts.

There are so many lessons here, I’m not really sure where to start. So, let’s start with what you can control. While setting up automatic withdrawals can be a real convenience, it does not absolve you of the responsibility to check to be sure that everything that’s coming out is what you expect it to be. I’m a strong believer in Ronald Reagan’s statement – trust but verify. One reason we often fall victim to scams is that we don’t take care of what we have – we don’t monitor it closely enough. In many cases, this insurance scam went on for years. Yes, Wells Fargo is at fault but so are you if this happens to you and you don’t catch it immediately. I’ve said it before and I’ll say it again – if you don’t mind your money, someone else will and then they will control your future.

And that’s the minute for today. Money Smarts is coming! We’re working on release date right around Christmas so keep listening to get your copy.

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 Scarcity Mindset?

I received a letter from Kara the other day and as I continued to read her letter about her concerns about next year and the incoming president and what that might mean and how maybe she shouldn’t invest but instead hold on to her money just in case, I suddenly realized that she was working from a scarcity mindset.

Today on the minute – Do You Have A Scarcity Mindset?

I received a letter from Kara the other day and as I continued to read her letter about her concerns about next year and the incoming president and what that might mean and how maybe she shouldn’t invest but instead hold on to her money just in case, I suddenly realized that she was working from a scarcity mindset. Yes, next year is uncertain, but so is life in general. We don’t even know what’s going to happen tomorrow but that doesn’t mean that we curl up in a ball and sit in the corner.

With a scarcity mindset, you believe that everything is limited. Time is limited. Money is limited. Love is limited. You are constantly worrying that you won’t have enough or that someone or something will come along and take what you have. The tendency is to be more concerned with what might go wrong than with what could go right. As a result, you make fear-based decisions – that often shows up in ‘all or nothing’ behavior such as spending all of your money as soon as you get it so there is nothing left to save for the future or holding on so tight to what you have that that becomes your entire focus.

In this case, the best strategy is to aim for balance – set goals and then go after them by investing some and saving some so you are prepared for emergencies. But don’t sit on the sidelines simply because you can’t predict the future. Doing that could doom your goals and doom your future to mediocrity and that’s just not what people who mind their money do. If you have a scarcity mindset, add some belief in abundance to the mix – you only go around once – I think.

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]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates so you don’t miss anything.

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

Today on the Minute – Are You Telling Yourself Money Lies?

Let’s face it: Most of us lie every day.

Today on the Minute – Are You Telling Yourself Money Lies?

Let’s face it: Most of us lie every day. A famous study at the University of Massachusetts found that “60 percent of people lied at least once during a 10-minute conversation and told an average of two to three lies.”

So, as we continue to work on National Personal Financial Health Month, my question is – are you telling yourself lies about your money. It’s one thing to lie to other people, but it’s something totally different when you start to lie to yourself and it can be dangerous to your financial health.

So what are some common lies that people tell themselves about their money? Here are three common examples:

It’s okay to go into debt now because I will earn more in the future and I can easily take care of it then. The problem is this type of thinking establishes a pattern of behavior that is often hard to break so that as your paycheck gets bigger so do your wants and your purchases so you end up with more debt in the future.

Engaging in ‘retail therapy’ or making spending decisions based on your emotions versus sticking to your spending plan. The fix for this is to find other outlets so that spending money to make yourself feel better is not the first option you choose.

Ignoring your goals or worse yet not setting any. Believing that you have plenty of time to save and prepare for the future is both dangerous and wasteful. This type of thinking puts more pressure on you to do well in the future. And it is a simple fact that the earlier you start investing, the less money you need to reach your goals.

It’s generally bad to lie to other people, but its even worse when you lie to yourself especially when it concerns something that have a huge impact on your future like your money.

And, that’s the minute for today. Tune in tomorrow for more financial health strategies. Want more tips, tools and strategies? Visit my personal website at www.psworth.com.

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 Change.

I chose change because it’s one of the few constants in life. Your ability to adapt to change, to effect change and to benefit from opportunities that change brings is often directly tied to how successful you are.

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

I chose change because it’s one of the few constants in life. Your ability to adapt to change, to effect change and to benefit from opportunities that change brings is often directly tied to how successful you are. I was at a luncheon today with some very dynamic women and as I talked with them, I realized that so many of them were there in their businesses or the positions they held in their companies because something had changed to drive them in those directions and they were reaping the rewards of having proactively adapted to the change in their lives.

But change is not always easy. In fact, it can be downright painful, lead to sleepless nights and wreak havoc on relationships. But the goal in managing change successfully is to never lose sight of your values – the things that matter most to you. So, not sure what matters most to you? Start by asking yourself if the world changed such that you were penalized for something that you hold dear, would you continue to hold it? If so, then it’s probably a core value for you.

Our word of the week: change. When going through it aim for progress not perfection. There’s always time to improve upon something.

And, that’s the minute for today. Hey it’s that time of the year again. Need some direction for the new year? I’m offering my end of year consultations at a special price. Contact me at [email protected] for details and mention Christmas promo in your email.

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

Today on the Minute – How About Starbucks?

We just talked about 5-year plans a couple of days ago and Starbucks just announced theirs -- Starbucks is planning on opening 12,000 new stores by 2021. Now that’s an aggressive 5-year plan.

Today on the Minute – How About Starbucks?

We just talked about 5-year plans a couple of days ago and Starbucks just announced theirs -- Starbucks is planning on opening 12,000 new stores by 2021. Now that’s an aggressive 5-year plan. Half of the stores will open in the US and half in China.

The CEO also emphasized something he's said before: "These are the early days of the growth and development of the company. If Starbucks was a 20-chapter book, I still think we're in chapter 4 or 5."

If we all have 20 chapters like the Starbucks CEO espouses, what chapter are you on? Are you just getting started and on chapter 1 or 2 – if so you’ve got lots of room to grow. Are you in the middle chapters? If so, growth may be slowing but you’ve got maturity on your side and you can continue to build even with slower growth. Or are you getting close to the end of the book – the time when it is essential to get all of your ducks in a row.

I like the analogy that Howard Schultz, the Starbucks Chairman and CEO uses about a book. It makes it easy to visualize and to plan accordingly. If your 5-year plan doesn’t wow you – this is your opportunity to go back and make some changes. Remember, the more compelling it is – the harder you will work to achieve it!

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]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates so you don’t miss anything.

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 Plan for the Year?

Yesterday on the Minute we talked about creating a five-year plan for your life – where you want to see yourself in 5 years.

Today on the minute – What’s Your Plan for the Year?

Yesterday on the Minute we talked about creating a five-year plan for your life – where you want to see yourself in 5 years. Today, let’s break that 5-year plan down into one-year plans so that it’s easier to digest and accomplish. So for example, if you saw yourself in a new home in 5 years enjoying Christmas with your family, that generally does not happen without some advance planning. So what can you do this year to help you achieve that goal in five years? Some good first steps might be to decide where you want to live, how much you can afford to pay for a house, how much you will need for a down payment, etc. And, then to start saving a down payment so the money available when you need it.

And, you can use the same methods with all of your goals that you have. Start with the really big picture and break it into manageable bites, create the individual steps to accomplish each part and finally, develop an action plan to get there.

Your ability to think, to plan, to decide and take action determines the entire course of your life. The better you become in each area, the better your life will be and the faster you will achieve your goals.

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 – Where Are You Headed?

As we continue with National Personal Financial Health Month, let’s start with a 5-year plan.

Today on the minute – Where Are You Headed?

As we continue with National Personal Financial Health Month, let’s start with a 5-year plan. You know how when you go on an interview for a job they always ask where do you want to be or where do you see yourself in five years. They ask that question for a lot of reasons but mostly it’s to see if you have any goals – any direction for your life or ambition. Well, that’s the same question you should be asking yourself about your personal life. So here goes. Where do you want to be in five years or where do you see yourself in five years? I don’t want you to yell out a pat answer, instead, I want you to take some time, some quiet time and really think about this question because it is so important. This reminds me of the conversation between Alice and the Cheshire Cat from Alice in Wonderland:

“Would you tell me, please, which way I ought to go from here?” “That depends a good deal on where you want to get to,” said the Cat. “I don’t much care where,” said Alice. “Then it doesn’t matter which way you go,” said the Cat. “— so long as I get somewhere,” Alice added as an explanation. “Oh, you’re sure to do that,” said the Cat, “if you only walk long enough.”

So does it matter to you where you end up? If so, really think about this question.

And, as you think about it, consider all of the major parts of your life and what you want them to look like as well – your bank account or investments – your relationships – your lifestyle – your career – your physical health – your spiritual health, etc. Write it all down and then put a complete picture together then find a way to keep what you want top of mind so you can make decisions that lead you in that direction.

I like to collect pictures and make a vision board so I can quickly see where I’m going at all times. And you can do that same thing on your phone or computer. If you’re not a picture person, look for other ways to have a constant reminder of where you want to go. One picture alone, can keep you on track and on target and centered while everything else around you can be in chaos.

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]. My new book, Money Smarts will be out soon. Visit the website and sign up or keep listening to the minute for updates so you don’t miss anything.

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

Today on the Minute – It’s National Personal Financial Health Month!

Well, not really but I am declaring it to be. I chose December because it’s the one month when your personal finances can go off the rails.

Today on the Minute – It’s National Personal Financial Health Month!

Well, not really but I am declaring it to be. I chose December because it’s the one month when your personal finances can go off the rails. The tendency is to throw caution to the wind because after all Christmas only comes once a year. But this year is different. Everything about this year has been different so why not start a new tradition that works to your advantage. Why not start the year off on a really good foot instead of dreading your mailbox or your inbox because you know the bills are coming and then spending the whole first part of the year digging yourself out of a hole you created in December. Let’s start thinking about our personal financial health now.

So what should you do during Personal Financial Health Month to get off to a great start? Well, let’s start with the basics – setting goals, creating a plan to achieve them, figuring out where you are now and any steps you need to do to improve your health and then taking action. That’s it!

Taking care of your financial health can be that simple. Now don’t get me wrong. I know there is a lot of work involved but the rewards can be tremendous. Imagine setting goals and then achieving them and then setting more goals and achieving them to. Taking care of your financial help means that you are in control of your money – your life, not the other way around. And that’s the way to have a very merry Christmas.

And, that’s the minute for today. Tune in tomorrow for more financial health strategies. Want more tips, tools and strategies? Visit my personal website at www.psworth.com.

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