Budgeting
Budgeting is the foundational step on your path to financial success. Budgeting requires you to take a hands-on approach to your finances, understanding every dollar that is coming into and leaving your household.
If you have never created a budget before, that is okay. Most people haven’t, but I can help you create your first budget. We will take a detailed look at your income and expenses, and identify areas where you could improve.
Maybe you go to restaurants too much, maybe your rent or car payment is too high, or maybe you have more left over at the end of every month than you realized and you’re not sure what to do with the excess income.
Together we will create a budget that is unique to you and your circumstances, and this will set you up to accomplish all of your financial goals!
Saving
If saving money is difficult for you then just know that you are not alone. The median household savings in the United States is $8,000. That means that there is a 50% chance that you have less than that in your savings.
If you weigh that against the median household income in the United States of $74,580, then that means the average family only has about 6 weeks of savings if a job loss were to happen! Other unexpected events like medical emergencies, car accidents, and damage from weather and natural disasters can also quickly wipe out savings.
When families lose their savings to an unexpected event they turn to personal loans, payday loans and credit cards to cover their expenses until they can recover. But these methods create a vicious cycle of working to pay down high interest debt just to have another emergency send you right back into borrowing money again.
This is why having an emergency savings fund is critical to your long term financial success. An emergency fund will position you financially to weather any storm that may come your way. Imagine having a 6 month emergency fund that could cover monthly bills in case of a job loss, medical bills in case of an illness, or repairs in case of an accident. This provides a peace of mind to you and your family that gives you the confidence to know you can handle any financial curveballs life throws at you.
If saving money has never been one of your strengths, then I can help you get on the right track through budgeting and a detailed analysis of your monthly cash flow.
Paying Down Debt
Debt has become accepted and normal. But I don’t want you to be normal. I want you to be extraordinary! I want you to experience more peace and prosperity than you ever thought possible. And a critical step toward that goal is paying down and avoiding debt.
In particular, debt from auto loans, student loans and credit cards are weighing down many households. Getting out from under these monthly payments that rob you of your ability to save, invest and grow wealth is important to your long term success. Or even better, avoid these types of debt at all costs if you haven’t already taken them on.
The common narrative today is that it is unreasonable to buy a car with cash, pay your way through school or live without a credit card. But I know you can do all of those things because I have done them and I am not special. I can show you how to structure your finances in a way that allows you to save up for a car, plan for education expenses and even live without a credit card.
I am confident I can help you avoid debt and pay down your existing debt more quickly than you may think is possible!
Investing
Now this is the fun part! Investing is where millionaires are made. Did you know that 79% of millionaires have never inherited any money and 75% of millionaires say that regular consistent investing over a long period of time is the reason for their success? So despite what many people think, most millionaires weren’t born millionaires and grew their wealth through investing.
I understand that investing can be scary for many people. It is natural to ask questions like, “What if the economy crashes? Will I lose all of my money?”. But the answer based on historical evidence is a resounding “No”.
In fact, did you know that if you would have invested just $200/month into the S&P 500 consistently over the last 40 years then you would have over $1.5 million today! That $200/month only amounts to $96,000 of your earned income and the over $1.4 million remainder is all growth.
Investing isn’t magic and doesn’t have to be complicated. Maybe you already have a 401k or Roth IRA you are contributing to and just need a checkup and advice on how you should be investing. Or maybe you haven’t even started and feel lost.
No matter where you are in your investing journey, I can help advise you on the best way to invest based on your personal tolerance for risk and your long term goals.
College Planning
College is expensive. There is no way around that fact and it is only getting more expensive. So starting to plan for college expenses early has never been more important.
Asking the right questions like, “How many children are in your household?”, “How much will college cost?” and “How much of the cost will you be willing to cover?” are all going to inform the decisions you make when setting college savings goals.
You also have to think about where to save the money. This could be in a high yield savings account, CDs, a brokerage account, a 529 plan or an ESA plan.
If these last few sentences have you feeling lost, then schedule a free consultation and I can walk through these questions with you.
Paying Off Your Mortgage
Imagine being debt free including your house. You own everything in your life outright, and outside of maybe groceries, insurance, transportation, property taxes and utilities, you don’t owe anyone anything. You now have more disposable income left over at the end of every month than you ever have in your life. What would you do?
Maybe your vacations get bigger. Maybe you can quickly save up and buy your dream car with cash. Maybe you become more generous than you ever thought possible by increasing your giving to your church, charities or family.
This can be a reality for you. Just because you took out a 30 year mortgage doesn’t mean you have to take 30 years to pay it off. In fact, paying it off early can save you a significant amount of money.
If you buy a $500,000 home on a 5% interest 30 year loan and pay it off in 15 years instead, then you will save $255,000 in interest. And then you get to spend the rest of your life with no payment and the peace of mind knowing that you don’t owe anything to anyone.
Dream big! This is possible, and I want to help get you there.
Building Generational Wealth!
Generational wealth is the level of wealth that completely changes your family tree. It is the result of a lifetime of discipline and intentionality in the way that you manage your finances. But please don’t confuse this with a lifetime of being cheap, frugal or never enjoying your money.
Instead, generational wealth represents decades of intentional decisions and planning that encompass all of the important financial principles. Budget, save, avoid debt, invest and enjoy your money in ways that truly improve your quality of life. This could be through 5-star restaurants, high-end clothes, luxury cars, vacations or outrageous levels of giving. But getting to this point takes time, patience and stepping through the financial principles in the correct order.
What is important is that you believe that you have the power to completely change your family’s financial future for generations. You could be the last generation in your family to experience anxiety and worry in your relationship with money, and set the foundation for your children’s and grandchildren’s financial freedom.
We can work together to make this a reality for you! Schedule your free 1 hour consultation today to get started.