Personal finance is not about what your friends are doing with their money. It’s not about what your siblings are doing with their money. It’s not what I or some other blogger is doing with their money. Becoming financially literate and succeeding with money is something I believe everyone can do.
Here are some shocking statistics on personal finance:
* 59% of Americans could not cover an unexpected $500 bill.
* 69% of Americans have less than $1,000 in their savings account.
* The national savings rate at the end of February was 3.4%.
* The average American has around $250,000 in various debts.
* The government is $21 trillion (21,000,000,000,000) in debt.
Let’s change these.
Becoming Financially Literate and Succeeding with Money featuring Jake Sensiba – Episode 13
Jake is a financial consultant and passionate about personal finance and helping others crush their money goals. I’m very excited to chat with him about steps to take to better our financial situation, what financial consulting looks like, and investing.
You can reach Jake at his website, Financial Health and Wealth.
With all episodes, I like to summarize and provide you with some takeaways for your life:
* With your investments, make sure to watch out for those pesky fees!
* Jake talks about Vanguard funds as a low cost solution to avoiding fees
* The average actively managed fund has fees of 1% – over 20-30 years, this could subtract thousands from your wealth!
* What gets measured, gets manged
* Budgeting is key to financial success
* Tracking your income and expenses is such an easy thing to do, yet so many people don’t do it.
* Start tracking, make a plan for yourself, and then stick to it for success with money
Hope you enjoy this episode!
If you are an iTunes or Stitcher person, The Mastermind Within Podcast is on those channels as well!