Step 3 of my 5 step plan to Do Money Differently focuses on how to spend your money differently. So many people hate the word “budget”. So, do yourself a mental favor and call it your “monthly spending plan”. Sounds much better right?
Now you will create a monthly spending plan that is zero based. This will give you the control you ultimately desire over your money.
As an example, let’s say your net monthly income is $2,500 per month. Before each month starts you will assign each dollar of your monthly income to a fixed or what you value expense. These are the only two expense categories you will have going forward.
Fixed expenses will include your rent/mortgage, utilities, grocery, cell phone, car payment, car insurance, renters insurance, student loans, subscriptions (Ie...Netflix, Hulu), gym membership, etc.
What you value expenses might include eating out, a new hobby like photography,...
Three years ago I was neutral on Bitcoin and cryptocurrencies. I did not know enough about cryptocurrencies to explore its potential. Frankly, I was ignorant and ignorance lays the groundwork to inaction in regard to opportunities.
Since then I’ve done a 180 on Bitcoin and other solid cryptocurrencies like Ethereum. While I don’t give specific investment advice I would highly recommend you begin to educate yourself on blockchain technology, decentralized finance, Bitcoin and Ethereum. You’ll come to find that blockchain has the potential to be a massive game changer in the area of financial services and a whole lot more across our global economy.
I will always be a stock investor as the stock market has been giving investors great returns annually for well over a century. And I don’t ever see that changing. However, you’ll come to find that putting up to 5% of your investment dollars in non stock related investments like...
Many of us were indirectly taught growing up to have an account at your bank or credit union called “savings”. It made perfect sense because you knew you needed to save money for future use at some point.
However, I’m here to tell you to ditch your single savings account and open up multiple named savings accounts that have nicknames to reflect your needs and your “what you value” expenses.
You and I both know that it’s super simple and tempting to spend money out of your “savings account” on a whim for something you desire. When you give into those whims, it always seems to come back and bite you when you have an out-of-the-blue or emergency-type of an expense (think of a car repair).
One way to reduce this stress and have more control over your cash is to open up various “digital envelopes” of cash for things like car maintenance, new car, travel, hobby,...
Hands go up all the time on my speaking tours when I ask, “how many of you have a fear of failure?” It doesn’t matter where I speak because it's consistent among many Millennials and Gen Z today.
I’ve been there too. Thinking that if I dream too big then I will look like a failure if I don’t get to where I want to go. It’s a nasty cycle of thoughts that can feel overwhelming.
The best medicine for overcoming fear of failure is to take action toward the dream or goals you have for your life.
After you finish reading this article, I challenge you to write out some of your life goals or dreams.
We all know 2020 was a year like no other. Dating back to pre-pandemic, financial stress was the number one stressor for Americans. But pre, during, and post-pandemic financial stress still takes the top spot for Americans. This year it’s time to DO MONEY DIFFERENTLY.
Doing money differently begins with taking on a new mindset about money and your beliefs about achieving real, long term, financial success.
Before you attempt to save, spend, or invest differently, focus on your WHY. WHY do you ultimately want to be financially successful in the first place?
Whatever your WHY is make sure to get it out of you by writing it down and put it where you can see it daily.
Your WHY will be...
While we're all practicing social distancing I shot this short video to discuss the age-old dichotomy of fear vs. opportunity when it comes to investing during any crisis.
To be clear, my prayers continue to go out to those families affected by COVID-19 and protection for all the amazing healthcare workers across the globe.
When it comes to investing, we're experiencing the normal ups and downs of the stock market if you have a long term focus. Opportunity is certainly knocking on your door to start creating wealth by getting invested in U.S. stocks for the first time.
Or to increase your monthly automatic investment - if you can.
Be sure to check out one of our flagship training Investing Made Easy at www.youngmoneyuniversity.com to help you begin to live a life that fits your dreams.
Here to help you DO MONEY DIFFERENTLY.
I hope you, your family and friends are doing well in this unprecedented time. In this short video, I share that I believe NOW is the time to reinvent financial education like never before.
The last thing I want to do is sound shallow about speaking about money when a return to health is the top priority around our globe. But I teach money and money is on the mind of millions of Americans.
Assuming you're within the 18-29 year old market that I primarily serve you may be wondering what do now with your money. Are you starting to doubt your dreams or goals with what we're seeing in the media?
Well, don't fret! I believe we need to flip the switch on teaching wealth creation as an integral part of an overall financial education that seems to be hung up on debt management.
Be sure to check out our flagship training Do Money Differently at www.youngmoneyuniversity.com to help you begin to live a life that fits your dreams.
Here to help...
In this short money tip video, I share my strong opinion as to why only 37% of people under the age of 35 are invested in stocks. Wow!
Crazy but true. According to a 2018 Gallup survey, only 37% of people under the age of 35 own stocks.
I believe it's because of good old fashioned fear and lack of knowledge. And that's a shame.
Ownership of stock gives anyone, regardless of their background, the best chance to reach long term goals and a life of less financial stress.
Be sure to check out our flagship training Investing Made Easy at www.youngmoneyuniversity.com to help you begin to live a life that fits your dreams.
Here to help you DO MONEY DIFFERENTLY.
In this short money tip video, I discuss the following question I'm getting a lot lately on my speaking tour about the 5 Powerful Steps to Financial Success.
WHY ISN'T EVERYONE DOING THIS?
I continue to be humbled by the enthusiasm many 18-29 year olds exude when they hear me present the 5 Powerful Steps to Financial Success on the YMU Tour.
You can almost see the light bulb turn on in so many brains in the room or auditorium where I speak. "Wait, then why isn't everyone doing this?"
The answer: it boils down to a PERSONAL CHOICE.
It's fun to share real hope to anyone of any background that they can reach goals and dreams if they simply CHOOSE to dream, save, spend, invest and give money differently
I hope the light bulb comes on for you so you can make a similar choice to reach your goals and dreams. I'd love to help.
For further guidance to help you begin living a life that fits your dreams check out our flagship...
In this week's short money tip video I share how super important it is to name your cash before each month begins.
Remember, you have to know the real statistics. USA Today discovered last year that nearly 65% of Americans are still living paycheck to paycheck. Even as the U.S economy is kicking butt.
In my Step 3 - Spend Money Differently - its critical for you to give each dollar of your monthly income a name BEFORE the month starts.
Otherwise, you're prone to spending recklessly wondering where all your money went at the end of the month.
For further guidance to help you begin living a life that fits your dreams check out www.youngmoneyuniversity.com.
Here to help you DO MONEY DIFFERENTLY.