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

Give Yourself a Raise

Today on the minute – give yourself a raise.

If you are like so many people I know, you didn’t get a raise this year. So it’s time to do the next best thing and give yourself a raise. So how do you do that? Well, you cut your expenses. And, depending on how

Today on the minute – give yourself a raise.

If you are like so many people I know, you didn’t get a raise this year. So it’s time to do the next best thing and give yourself a raise. So how do you do that? Well, you cut your expenses. And, depending on how motivated you are, it could be a substantial raise -- $10,000 or more.

You’ve got two basic types of expenses: fixed expenses that are set in stone like your rent or mortgage and expenses that are more flexible or variable like food and entertainment.

So let’s focus on food. According to the U.S. Department of Agriculture, a family of four spends $296 a week or about $15,408 a year. So cutting your food expenses could result in huge savings and you can do that without resorting to extreme measures. Here are three examples:

Build your menu around sales at the grocery store

Join the store loyalty program – this can result in added sales, coupons and other perks.

Use services like coupons.com to search for matching coupons – it’s like getting free money.

Finally, don’t forget that food also includes breakfast and lunches so do some extra shopping for these areas and brown bag it – this alone could save you thousands each year.

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!

What's your plan for retirement?

Today on the minute – what’s your plan for retirement?

There’s no doubt about it that retirement is expensive. That’s the time when your regular paychecks stop and you are left to basically fend for yourself. If you have planned in advance and put options in place...

Today on the minute – what’s your plan for retirement?

There’s no doubt about it that retirement is expensive. That’s the time when your regular paychecks stop and you are left to basically fend for yourself. If you have planned in advance and put options in place it’s a little less scary – but nonetheless it’s still a scary time. So what is your plan for retirement? If you haven’t started to think about it, here are three questions to get you started:

1. What do you want retirement to look like? This includes things like where will you live and what will it cost you to maintain the lifestyle you want. Make your best guess about what it might cost you each month or each year.

2. How much do you have saved now? Add up all of your savings, investments, etc. If you have already started saving, keep going. If you have not, then it’s time to get started.

3. What’s the gap you need to fill to be okay? I love the way financial companies try to scare the hebby jeebies out of you about how much money you need to save – and even though the picture is not always as bleak as they make it out to be, it still sends a lot of people into the opposite direction. One way to get a ballpark idea is to use one of the online calculators. I like the Retirement Income Calculator on Bankrate.com because you can use it to sort of back into the amount you will need to have to get the monthly income you want.

Retirement is scary but that’s no reason to ignore it – its coming and the more you know the better prepared you can be.

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!

Word of the Wee: Millionaire Mindset

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

I chose millionaire mindset because all this week I have been preparing for a talk about mindset and as I went over my notes it became very clear that in order to...

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

I chose millionaire mindset because all this week I have been preparing for a talk about mindset and as I went over my notes it became very clear that in order to make a lot of money or become a millionaire you have to get your mindset in gear. Steve Siebold who has interviewed over 1200 millionaires says that his biggest takeaway is that “Becoming a millionaire isn’t about money, it’s about psychology.” In his book, How Rich People Think, he shares over 90 tips to help people kickstart their quest to become a millionaire. So what are his top suggestions:

Hang out with rich people. He suggests you go to places where rich people congregate, such as charity auctions, seminars, country clubs. Listen to how they talk about money and opportunity. Compare their mindset to yours—and then consider adjustments if necessary.

A big part of his plan is that you need to be an entrepreneur. So he advises that you get away from people who tell you that your business idea can’t be done because you don’t have enough education, money, talent. Listening to those people—and believing them—can quickly derail your plans. And to discover what your talents are and how you can use them. And that piece of advice from the millionaires around him led him to his first millions.

Our word of the week: Millionaire Mindset. Your mind is the real driver – in fact, it easily accounts for 80% of the battle so don’t hold it back – put it to work for you.

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!

Is estate planning just for the rich?

Today on the Minute – is estate planning just for the rich?

Well estate planning is certainly for the rich but it’s also for anyone who wants to make life easier for those they leave behind or those who must take over in the event that they are unable to care for themselves.

In addition, proper estate planning, can reduce or eliminate court and probate costs, taxes, and delays in processing your requests.

Here are three common items to review and/or documents to prepare in planning your estate:

Review the ownership of your assets. What type of assets do you have and how are they titled? There are three basic ways that you can own property: in your individual name, in joint names with others, and through contract rights. Whether or not a particular asset that you own at the time of your death will need to be probated will depend entirely upon how it is titled. So review your assets and determine if they are titled appropriately for your situation. If not, now is the time to make changes.

Review the beneficiaries on your retirement accounts and life insurance policies. Make sure that they list the people that you want them to go to. Unlike many other assets, these will go directly to the named beneficiaries at the time of your death so it is very important to keep these up to date.

Finally, prepare a will. At a minimum, your will should include any special requests regarding your final arrangements, a list of your assets and who you want them to go to, and the names of the individuals you want to be the guardians of any minor children. Be sure to follow the rules mandated by your state so that your will can withstand any challenges.

Taking care of these three things now rather than later, can save a lot of headaches and doing it now leaves you free to live life to the fullest.

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!

Is it really better to give than to receive?