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

Today on the Minute, is it really better to give than to receive?

You know the saying, we’ve all heard it that it’s better to give than to receive but is that really true? I know some people who give and give and they have big hearts and they are really good at giving but not the reverse.

They are not good at receiving.

And, when the subject turns to money – if you can’t receive – you can royally shoot yourself in the foot. You have to be able to receive and you have to be okay with it. Sometimes we wish for something or ask for things and when we get them quite often we are so unaccustomed to accepting good things that we often downplay the gift or we quickly shove it aside so we can return to our “normal lives.” The promotion, the raise, the lottery winnings and the list goes on. According to the National Endowment for Financial Education, about 70 percent of people who win a lottery or get a big windfall actually end up broke in a few years. You can argue that there are other forces at work here and there probably are – but heck so many people, especially women can’t even accept a compliment.

Here’s a little test. The next time someone pays you a compliment, try to just say thank you. Don’t explain it away or downplay it in any way and see how you feel. Do you feel good or are you having a hard time with that? In either case, keep practicing until you feel good. Then you will be on the road to receiving as well as you give.

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!

Money saving tips for college students

Today on the Minute – money saving tips for college students.

It’s that time of the year and students heading off to college. Whether it’s your first year or you are a pro at the college thing here are three tips to make for a smoother year:

Set up a bank account – If you already have one that's great. However, if you will be moving far away to attend college, you might want to consider opening up a new account closer to campus.

The key benefit in going with a local bank is many have accounts specifically for college students. They typically offer accounts with lower, or no, minimum balances and low or no fees making it easier to manage your money. You'll also be sure to have easy access to ATMs, and you never know when you'll need to take out more cash or have a convenient ways for mom and dad to transfer cash.

Apply for scholarships – you would be surprised at how many scholarships just sit there because no one applies and best of all they are not all academically related. If you don’t look, you don’t know what you’re missing.

Finally, pay yourself first. If you have a part-time job – save something -- $10, $20 a month whatever you can even if it’s just the change in your pocket each evening. This will allow you to form the habit and once it’s ingrained it will carryover into your life after college and put you leaps and bounds ahead of so many of your fellow students.

Hey, college can be expensive but it’s also a great opportunity to grow your money skills. Just because they don’t teach this stuff is no reason why you can’t learn 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!

2 Money rules that can make you money

Today on the minute – two money rules that can make you money.

The first money rule is 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 at 8% and let it grow 40 years, I could have almost $975,000 but if I could wait just 5 more years, it could grow to $1.5 million. Not bad for a total investment of $144,000 and $162,000 respectively.

The second rule is to Pay yourself first. 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 and put it into your savings or investments.

And, there you have it – two money rules that can make you money without a lot of effort. Let me know what you 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].

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

Word of the Week: Money Date

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

I chose the word Money Date because one of the biggest causes of trouble in relationships is issues with money. So I highly recommend that couples set aside a time...

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

I chose the word Money Date because one of the biggest causes of trouble in relationships is issues with money. So I highly recommend that couples set aside a time each week to have a money date. I know this can be a scary thought but it can serve to strengthen your relationship.

So how do you get started? Well, start by sharing your money stories – what did you grow up thinking about money? What are some of your first memories regarding money? Who are you more like when it comes to money and money management – your mom or your dad? And so on. Then talk about how that translates into how you think and use money today and anything you might want to change. Finally zero in on goals you want to accomplish. Look for some common goals and build from there. Before you know it, it will be easier to talk about money in general and that’s when you can make some real headway and build a stronger relationship where you are working together and no against each other.

Our word of the week: Money Date. Everyone is different – we all have different views and ideas about money but using a date to share your thoughts can bring the two of you a lot closer and help put you on the same page to achieve your common goals.

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!