10 things you need to know about money right now!
There are many things you can learn about money. Some are cool facts and trivia that you can use for small talk at parties. Some things will make you feel better about yourself. And others have the potential to change your life!
So, without further ado, here they are:
- The amount of money is not fixed.
There is no “pie” that you have a slice of. If I increase my wealth, it does not mean that I prevented someone else from increasing theirs by that much.
- Money is created by work.
As we work and create and build we create value which is how we get paid. That is why the GDP of the world is always increasing!
- Giving 10% of your income to a cause you care about helps you succeed financially.
Giving causes us to become more outward focused and generous. People who are not self-focused are more likely to get the promotion, raise, and be presented opportunities.
- If you have money problems, your children will most likely have money problems.
You know that your kids are impressionable. They will see how you handle money and mimic your habits, good or bad. If you don’t teach them proper money management, Visa will gladly do it for you!
- There is no such thing as “good debt.”
How excited do you get about making payments? This includes Student Loans. Can you be 100% sure that you (or your child) will land a job you love that pays enough to cover the payments and your desired lifestyle as soon as you graduate from school? If the student is a woman, what happens if she gets married, has a child, and wants to stay at home? Can her family support the loss of income with the debt payment? There isn’t anything that can’t be saved up for!
- Rich people avoid debt; they didn’t get rich using debt.
80% of America’s millionaires are self-made millionaires, and they say the number one key to building wealth is avoiding debt! When you don’t have debt, you can invest in the market or your own business much more!
- Money ≠ evil
Money is amoral. It’s like a brick. A brick is not good or bad. I can throw it through a window or build an orphanage. Money is the same way; in the hands of good people, a lot of good can be done. Bad people will just do more bad.
- Your retirement fund is more important than your kids’ college fund.
You will retire one day, either by choice or necessity. Not everyone goes to college. Also, do you want to rely on your children to take care of you when you are older and be a burden to them?
- Budgeting gives you freedom!
I know that the word ‘budget’ is used to imply cheap, low-rent, inferior, etc. But that doesn’t mean that living on a budget means you can’t spend money on things you want. All a budget is a plan on how you WANT to spend YOUR money. You plan out your spending for the next month, deciding what you want to spend the money you worked so hard for one, and then actually following through with the plan! You are allowed to budget money for eating out, buying ‘toys’, and hitting the local Starbucks! The biggest result to budgeting? You will feel like you got a raise!
- Investing in a financial coach will pay off bigger than any stock!
Yes, I know it seems self-serving to tell you to hire me, but to be honest, had I hired a financial coach way back when, I would have ended up with thousands more in my retirement fund, way more in my savings, and have not wasted so much money over those years! A coach can help you pick the proper types/amounts of insurance (saving you on payments and loss), set and reach financial goals, find areas where you can save money in day-to-day expenses, help you beat debt (how much of your income goes to payments each month?), and even help you and your spouse agree on money issues (how expensive is a divorce?)!
Maybe you have all the answers already and are doing pretty good; good for you! If not, what are you waiting for? Give me a call and set up a no-cost, no-obligation consultation to see if what I’m saying is true. What do you have to lose?
I can be reached at 860-469-2274 and email@example.com