Todd's Two Cents

Spend Your Money Differently

financial literacy Mar 09, 2021

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,...

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Ditch Your Single Savings Account ASAP!

financial literacy Feb 09, 2021

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,...

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How Dream Building Can Help You Reach Your Financial Goals

financial literacy Jan 24, 2021

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. 

  • Where do you want to live? 
  • What kind of house do you want to live in? 
  • Do you care about the kind of car you drive or are you more interested in traveling on a regular basis? 
  • Do you want to start a business someday? If so, what kind? 
  • What about helping others who are in real...
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Do Money Differently in 2021

financial literacy Jan 11, 2021

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? 

  • Do you want to erase all your debt? 
  • Do you want to have less stress for years and decades to come unlike your parents?
  • Maybe you want to take part in experiential living - traveling on a regular basis down the road?   


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...

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Traditional Financial Literacy Stinks!

financial literacy Jan 01, 2020

The term “financial literacy” slowly came on to the scene about 15 years ago. Before that there was little discussion about the need for financial literacy for today’s youth, millennials or the general population at large. Man, have things changed.

Since that time there’s been billions of dollars spent on financial literacy efforts by non-profits, financial institutions and government entities. All well-intended but with little change in financial behavior.


The ROI is not there because traditional financial literacy is missing the mark big time.

Traditional financial literacy is boring. The two words “financial literacy” are two words that should never go together. It sounds like and is education. There’s a big emphasis on credit scores, APR’s (annual percentage rates), budgeting and how to be a good spender. Today’s financial literacy is a cause for yawning, leaving a workshop early or not showing up at all.


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