Lots of talk these days about the haves and have nots. Especially as reports surfaced that showed the rich got richer during the pandemic. It's a touchy area for some to contemplate and discuss.
I have no problem expressing what I think part of the solution should be to close the wealth gap. TEACH MONEY and FINANCIAL SUCCESS DIFFERENTLY. Let's face it. Traditional financial education is not working. It's boring. It feels like work. It covers just get by philosophies with a big focus on your personal credit score. It's antiquated and does little to change financial behavior. Nearly 70% of Americans are still living paycheck to paycheck.
We need to focus on investment education. How starting to invest at a young age (even with $10/month) can lead to new behaviors with how you spend money. You see, its possible because I've seen it starting to happen.
At YMU, we don't care what economic background you come from. Are you willing to listen and be teachable? That's all it...
Once in a while I will be asked by a college student or recent college grad the following question: "How do I budget if my income is not the same each month?"
It's a great question and applies to more and more young people today. The answer is to budget quarterly versus monthly.
In the YMU Do Money Differently course I call a budget your "monthly spending plan" or "monthly cash flow plan".
Most people don't like the word budget because they feel they will be deprived or are limited in doing fun things. That's just not true. So, if your income is irregular each month, create a quarterly budget or spending plan. Estimate what your next three months income will be. Spell this out in a Google Sheet or in Excel. Then, estimate what your fixed and variable expenses will be over the next three months.
Fixed = rent/mortgage, utilities, cell phone bill, car payment, car insurance, subscriptions (Netflix, Disney+, etc), memberships (gym), investments, etc....
The word Invest or Investing can cause many to feel overwhelmed or scared.
For many however, it brings excitement and opportunity.
Step 4 within DO MONEY DIFFERENTLY is all about simply opening up your first investment account. It only takes about 10 minutes to do so.
Let's discuss the myths of investing:
Step 4 of investing is the Mother of all Steps because it will take you back to Step 1 of DO...
I was having a proverbial "bad day" two weeks ago. Then along came an email from a young woman named Cali who read my book YOUNG MONEY.
She said it was required reading for her family finance class at Utah State University. I've been humbled to receive many kind emails over the years from people who felt my book, coaching or speaking tour presentation made an impact on them. Cali courageously told me she thought she would just follow in her parents footsteps of financial struggle.
She thought, like thousands of others, that financial success would come from those who simply were smarter than her. But she realized those were just fat lies after reading my book. She said her life was changed. I dropped a tear on my laptop keyboard after hearing her say she has already completed four of the five steps. Wait what? That fast? You see, Cali simply wants it bad and she took action ASAP.
Financial success and a life of more purpose will come to you if you...
I've been a mentor to a 14 year old boy named Preston here in Cincinnati for over four years. We've had a lot of fun going to a Reds baseball game, bowling (I'm terrible btw), golf, basketball and many meals at his favorite place, Chick-Fil-A. He's a super smart kid who watches a ton of informative Youtube and TikTok videos on various subject matters.
One month ago he said to me, "Hey I'm starting to earn money and I want to start investing. Can you show me how?" I told Preston that its super simple but to not expect to be a millionaire next month. He laughed and said "I know".
I helped his Mom open up an Acorns account and told him that he could have a custodian account under his Mom's account because he's not 18 yet. He said "sweet, let's go". You see, even a 14 year old knows that investing at a young age will set anyone up financially for decades to come.
I hope you want to do the same thing as Preston and open up your own investment account. It does not matter how old...
Several weeks ago it was mentioned in the news that Acorns is going public sometime this fall. Meaning that the micro investing app that is used by nearly 10 million people (including me, my wife and three sons) is going to be a tradeable stock on the Nasdaq stock exchange.
I'm super excited about this because I had the chance to meet the founders (Jeff and Walter Cruttenden) a few years back when they were just launching the business. I told them that Acorns is going to impact the lives of the regular person and their families for decades regardless of their economic background. Today that projection has come true.
No more having to believe the myth that you have to be wealthy to start investing. You can create an Acorns account with as little as $5, $25, $50 or $100. In fact, we just entered into an exciting partnership with Acorns.
You can now open an account through this special link HERE and they will fund...
I've had the privilege to speak to hundreds of student athletes (SA's) on campuses across the country the last few years. Starting as soon as this fall the reality of some of them being paid for their name, image and likeness (NIL) is all but a done deal. I think this is super cool!
There has been an uptick in interest from athletic departments to hire me to speak to their SA's about how to manage this incoming money from endorsement deals. But here's the thing. Delivering the same old same old boring financial education is going to be a disservice to this new group of young earners.
I sure hope schools choose content that will change behavior with money in an instant and not focus on the traditional financial literacy garbage that makes most young people yawn.
Finally, you don't have to be a successful student athlete to learn how to DO MONEY DIFFERENTLY or how to create wealth through INVESTING. Head on over to our simple but powerful courses here to help you finally learn how to...
April is finally here with warm weather, sunshine, spring, and Financial Literacy Month! Raise your hand if you're celebrating.
However, for the last twenty years financial behavior has not changed for the better among young people. In fact, it's worse.
What can we do?
Stop talking about it and do something about it!
If you are someone that is having financial troubles or if you know someone that is having troubles, take our Do Money Differently course and see the difference it can make!
Let’s start talking about it in the right way.
As humans, we're wired to be SUCCESSFUL at something. So, let's change the month of April to Financial SUCCESS Month.
At Young Money University, we believe traditional financial literacy is mediocre at best. So we want to give you confidence to start investing in YOURSELF with learning how to do money differently.
The only thing that separates those who get to where they want to go down the road in life is those who invest and those who don’t. Period.
I continue to pound the table on my speaking tour that investing education can lift younger generations out of poverty no matter one’s economic, cultural or racial background. It’s the absolute game changer to help people obtain a better life in the future and their kids future.
It should bother anyone reading this post that schools do not focus on investing education as part of a mandatory education curriculum.
Over 20 years ago you had to have $1,000 to open up an investment account such as a mutual fund with any investment services firm. That perpetuated the truth (but now the myth) that investing is only for the rich.