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

Today on the minute – Building Wealth from the Ground Up

But first, if building wealth is important to you, you might want to tune into our free webinar this Thursday, Sept 29th at 7pm EST. The topic is money mistakes that can keep you from living a wealthy life.

Today on the minute – Building Wealth from the Ground Up

But first, if building wealth is important to you, you might want to tune into our free webinar this Thursday, Sept 29th at 7pm EST. The topic is money mistakes that can keep you from living a wealthy life. You can register by going to mindingyourmoneyminute.com and clicking on the pink button on the top right hand side. I hope you will join me.

Now back to Building Wealth from the Ground Up. One of the most important elements in building wealth is you WHY. In other words why is building wealth important to you? What impact will it have on you and the lives of those you love? What does your perfect life look like five, 10, 20, 40 years from now? Where do you live? How will you spend your time?

Understanding all of the details makes it easier to calculate how much money you will need to make it a reality – to select the right types of investments – to understand what type of return you need to earn on those investments so you don’t take on any more risk than you need to – to know when you have arrived so you can celebrate. In other words, you need a plan based on specifically where you want to go. You don’t live a cookie-cutter life so why settle for a cookie-cutter plan or worse yet someone else’s idea of what you should want. So this is not the time to follow the herd – instead, follow your own path – it can pay off big time and your future wealthy self will thank you for 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].

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

Today on the Minute – Could You Use An Extra $500 for Xmas?

But first, want more of the Minute? We are offering a series of webinars that take a deep dive into money topics but you do need to register to attend. The next webinar is Thursday, Sept 29th at 7pm EST

Today on the Minute – Could You Use An Extra $500 for Xmas?

But first, want more of the Minute? We are offering a series of webinars that take a deep dive into money topics but you do need to register to attend. The next webinar is Thursday, Sept 29th at 7pm EST -- it’s about Money Mistakes That Can Keep You From Living a Wealthy Life. To register, visit mindingyourmoneyminute.com and click on the PINK button at the top of the page.

Now back to my question. Could You Use An Extra $500 for Xmas? Okay, I know that Christmas is still a little ways away, but wouldn’t it be great to have some money already there to pay for the holiday stuff? If you haven’t done anything up to this point, this is the perfect time to start planning. If you start now and sock away just $40 a week, by the time Christmas rolled around you would have $520. And if you up that amount to $60, you’ll have $540 by Black Friday.

By contrast, if you were to charge $540 on a credit card at 15% interest and you just made the minimum payment, it could take you 3 years and 8 months to pay it off and you end up paying over $150 in interest.

So, here’s the choice pay it now or pay it later – the catch is that paying later will cost you a lot more money and you could still be paying for this Christmas many Christmas’ into the future.

And, that’s the minute for today. Don’t forget to register for this week’s webinar!

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

Word of the Week: Assets

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

But first, I want to invite you to my new series of webinars designed specifically to grow you money skills.

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

But first, I want to invite you to my new series of webinars designed specifically to grow you money skills. It’s a weekly series on Friday’s at noon EST. Each webinar is only 30 to 45 minutes but it’s jam-packed with content and we’ll also have guest speakers as well. To get signed up simply go to mindingyourmoneyminute.com and click on the pink button on top right hand side.

Now back to our word of the week – assets. If you ask, most anyone will tell you that an asset is something you own – something that you can sell and get money. But if you are thinking about building wealth then an asset takes on a slightly different meaning. In this case, an asset becomes something that produces money or an income for you. So the home you live in would not be an income producing asset because it costs you money – such as a mortgage, insurance, taxes, repairs, etc. while rental property would because it can produce income – hopefully more than it costs.

Our word of the week: assets – on the road to wealth this means something that not only takes care of itself but also produces income for you.

And, that’s the minute for today. If you like the minute, be sure to leave us a review on iTunes  and subscribe so you don’t miss an episode.

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

Are you planning your taxes?

Today on the Minute – Are you planning your taxes?

Planning your taxes can not only save you money but it allows you to take control and eliminate the stress of surprises on April 15th. One of the best times to start your planning is right after you complete your annual tax return.

Today on the Minute – Are you planning your taxes?

Planning your taxes can not only save you money but it allows you to take control and eliminate the stress of surprises on April 15th. One of the best times to start your planning is right after you complete your annual tax return. This is when the details of missed opportunities are freshest in your mind and you are the most motivated to do something about lowering your tax bill. Another good time for tax planning is around September or October while you still have time to make changes that can impact your tax bill.

Before you start the process, look over a copy of your last tax return. Be sure you understand the major areas of your return, that is where the numbers came from, and what you can do to influence them to lower your tax bill. Make a note of missed opportunities for deductions or credits that you might qualify for this year. For example, if did not have enough medical expenses last year to take a deduction, see if you can group your procedures or expenses to qualify for it this year.

Next, compare your current situation to the previous year. Have you made changes that could affect your taxes, positively or negatively? Some examples include changes to your income, your marital status, and purchasing or refinancing a home. Then create a tax projection for this year that includes any major changes. A projection is nothing more than a mock-up of your tax return. You can ask your tax professional to calculate a projection for you, you can use one of the tax software programs (online or offline) like Intuit's TurboTax or H&R Block’s TaxCut. Finally, if you are projecting a large refund or a large tax bill, consider making changes to your withholding so that you move toward a breakeven point where you don’t get a refund or owe anything. I know a lot of people look forward to a refund each year, but remember a refund is nothing more than a return of your money without interest.

And, that’s the minute for today. Want more info on minding your money? Sign up for our webinar series at www.mindingyourmoneyminute.com. Simply click on the PINK button at the top right hand side of the page.

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

Are you still making excuses?

Today on the Minute – Are You Still Making Excuses for Not Managing Your Money?

I read a quote by Thomas Edison and it goes like this: “If we did all of the things we are capable of doing, we would literally astound ourselves” and it came at just the right moment as I was listening once...

Today on the Minute – Are You Still Making Excuses for Not Managing Your Money?

I read a quote by Thomas Edison and it goes like this: “If we did all of the things we are capable of doing, we would literally astound ourselves” and it came at just the right moment as I was listening once again to a good friend talk about why she wanted not to be involved in managing her money – it was so much easier she said and better to leave that up to someone else. Well, I went down that road and I got burned really bad so I thought it might be interesting to list some of the other excuses I’ve heard and then refer them to the Thomas Edison quote. So here goes:

I’m just not good with money

My husband/wife/partner takes care of our finances

I’m not a numbers person

I don’t have time

Organization is not my strong suit

I don’t like talking about money

I’m single, I’ll think about that when I get married

I’m young, I’ll think about that when I get older

I’m too old to make a difference now

Managing money is boring

I’m not materialistic. I just don’t care about money.

Did you see your excuse there for not managing your money? If not, add it to the list. Then let it go. Excuses only serve as a distraction to keep you from doing what it takes to grow your money and build a secure future. So now that you know that – let them go – you don’t need that type of distraction anymore.

And, that’s the minute for today. Don’t forget to sign up for upcoming webinars. Go to www.mindingyourmoneyminute.com. and click on the pink button at the top right hand side.

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

Is there a place for financial education in your life?

Today on the minute – Is There a Place for Financial Education in Your Life?

I met a new friend today and she and I had a long conversation about one of my favorite topics -- financial education. And although financial education has been around for a very long time...

Today on the minute – Is There a Place for Financial Education in Your Life?

I met a new friend today and she and I had a long conversation about one of my favorite topics -- financial education. And although financial education has been around for a very long time – it is just now coming into its own – something acceptable to engage in. I sometimes compare it to psychiatry. Years ago the very thought of going to psychiatrist was a stigma and people joked about it – but today if you need it then you should go and there is no great stigma attached.

Well, financial education which was once considered a luxury item is now more of a necessity. Life is complicated and despite the fact that managing your money isn’t rocket science many people struggle with the who, what, when and why of it. And, they still don’t teach this stuff in school to any degree. So why do I think it’s so important? It’s simple, when you know what you’re doing it can lead to financial freedom and financial freedoms affords you choices. Choices to eventually work or not work – to be the creator of your destiny – to live life on your terms! Financial education has long been a cause and a calling for me. That’s one of big whys behind the Minding Your Money Minute and now I’m expanding that and including webinars as well. My first webinar will be this Friday, the 24th at noon eastern standard time. It will be a short webinar – 30 to 45 minutes and the topic is 5 Common Money Mistakes That Keep People Stuck At The Starting Gate of Their Journey to Financial Freedom. I chose this topic to start with because sometimes you don’t know what you don’t know and if you can do something or stop doing something that is holding you back – that a great place to start your journey – to clear the slate so to speak so that it can be smooth sailing going forward.

The webinar is free and you can register by going to mindingyourmoneyminute.com and clicking on the pink button on the top right hand side to claim your seat. Register even if you can’t make it because there will be replays. I hope you will join me.

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!