10 Actions I Took To Transform My Life and Finances
Aug 17, 2017
Show notes
Today, I’m sharing a personal journey – the ten pivotal actions I took to transform my life and finances. If you’re ready to level up and take control of your destiny, these steps can guide you toward a brighter, more prosperous future.
1. Set Clear Financial Goals
First things first, I defined my financial goals. Whether it was paying off debt, saving for a home, or building an emergency fund, having specific targets kept me motivated. I wrote down my goals, made vision boards, and visualized my success daily. Clarity is power, and knowing exactly what I wanted to achieve set the stage for everything else.
2. Created a Budget and Stuck to It
I know, I know – budgeting isn’t glamorous, but it’s a game-changer. I tracked my income and expenses, categorized my spending, and identified areas where I could cut back. Apps like Mint and YNAB became my best friends. Sticking to my budget helped me control my spending and funnel more money toward my goals.
3. Paid Off High-Interest Debt
Debt can be a major drag on your finances. I tackled my high-interest debt first using the avalanche method, paying off the debt with the highest interest rate while making minimum payments on others. Watching those balances shrink was incredibly empowering and freed up money for other priorities.
4. Built an Emergency Fund
Life happens, and when it does, an emergency fund can be your financial lifeline. I set aside three to six months’ worth of living expenses in a high-yield savings account. This cushion gave me peace of mind and prevented me from dipping into my savings or going into debt when unexpected expenses arose.
5. Invested in Myself
Investing in yourself is one of the best decisions you can make. I took courses to enhance my skills, attended workshops, and read voraciously about personal development and finance. Knowledge truly is power, and the more I learned, the more confident and capable I became.
6. Started Investing for the Future
I opened a retirement account and started investing in stocks and index funds. It felt daunting at first, but I educated myself on different investment options and sought advice from financial experts. Consistent investing, even with small amounts, began to grow my wealth over time.
7. Practiced Mindfulness and Gratitude
Money is just one part of a fulfilling life. I incorporated mindfulness and gratitude practices into my daily routine. Meditating, journaling, and reflecting on the positive aspects of my life kept me grounded and focused on what truly mattered. This mindset shift helped me appreciate my journey and stay resilient during tough times.
8. Built Multiple Income Streams
Relying on a single source of income can be risky. I explored side hustles, freelancing, and passive income opportunities to diversify my earnings. This not only boosted my income but also provided a safety net in case one source dried up.
9. Surrounded Myself with Like-Minded People
Your environment influences your mindset and actions. I sought out mentors, joined financial communities, and connected with like-minded individuals who shared my goals and values. Their support, advice, and encouragement were invaluable on my journey.
10. Gave Back
Finally, I made giving back a priority. Whether it was donating to causes I cared about or volunteering my time, giving back created a sense of fulfillment and purpose. It reminded me that wealth isn’t just about accumulating money but also about making a positive impact on the world.
Conclusion
Transforming my life and finances took time, effort, and discipline, but it was worth every bit of the journey. These ten actions helped me build a strong financial foundation, achieve my goals, and create a life I love. If I can do it, so can you!
Would you like assistance with creating a personal finance plan?Click here to apply for Financial Success Coaching with me!
Or…
Do you need to press RESET on your finances so you can begin to master your money, build up your savings, demolish your debt and raise your credit score?Click here to enroll in The Financial Reset Online Academy.
Please leave a comment below or let me know any questions you have. I’d love to hear what you think!
Easy Vs. Excellent Financial Choices: Which Path Will You Choose?
Jul 03, 2017
Show notes
When it comes to managing our finances, we often find ourselves at a crossroads, staring down two paths: the easy choice and the excellent choice. While the easy choice may offer immediate gratification and less effort, the excellent choice leads to long-term financial health and prosperity. Let’s break down these two paths and see why choosing excellence is worth the extra effort.
1. Budgeting: Quick and Dirty vs. Detailed and Diligent
Easy Choice: Slapping together a rough budget in five minutes and hoping for the best.
Excellent Choice: Taking the time to create a detailed, realistic budget that accounts for all your income, expenses, savings, and goals.
Why Excellence Matters: A detailed budget is your financial roadmap. It helps you understand exactly where your money is going and where you can make adjustments. This level of diligence not only prevents overspending but also ensures you’re putting money towards your future goals.
2. Saving: Bare Minimum vs. Consistent Commitment
Easy Choice: Saving whatever’s left over at the end of the month, if anything at all.
Excellent Choice: Automating your savings so a portion of your income goes directly into savings and investment accounts before you even see it.
Why Excellence Matters: Automating your savings takes the guesswork out of the equation. It builds the habit of saving and ensures that you’re consistently working towards building an emergency fund, retirement savings, and other financial goals.
3. Investing: Playing it Safe vs. Educated Risk-Taking
Easy Choice: Sticking all your money in a low-interest savings account because it feels safe and familiar.
Excellent Choice: Educating yourself about different investment options and building a diversified portfolio that includes stocks, bonds, mutual funds, and real estate.
Why Excellence Matters: While savings accounts are safe, they don’t offer the growth potential that investing does. Educated risk-taking in investments can significantly increase your wealth over time. Diversifying your portfolio spreads risk and maximizes returns, paving the way for financial freedom.
4. Spending: Impulse Buys vs. Thoughtful Purchases
Easy Choice: Indulging in impulse buys because, hey, you deserve it, right?
Excellent Choice: Practicing mindful spending, prioritizing needs over wants, and considering the long-term value of your purchases.
Why Excellence Matters: Thoughtful spending helps you avoid debt and ensures your money is spent on things that truly matter. It aligns your purchases with your values and long-term financial goals, leading to greater satisfaction and financial stability.
5. Debt Management: Minimum Payments vs. Aggressive Payoff Plan
Easy Choice: Making only the minimum payments on your credit cards and loans because it’s easy and convenient.
Excellent Choice: Creating and sticking to an aggressive debt payoff plan that tackles high-interest debt first and frees you from financial burdens faster.
Why Excellence Matters: Paying off debt quickly saves you money on interest and reduces financial stress. An aggressive payoff plan helps you achieve financial independence sooner and allows you to redirect funds towards savings and investments.
6. Insurance: Basic Coverage vs. Comprehensive Protection
Easy Choice: Opting for the cheapest insurance policies because they’re easier on your wallet in the short term.
Excellent Choice: Investing in comprehensive insurance coverage that protects you, your family, and your assets in case of emergencies.
Why Excellence Matters: Comprehensive insurance provides peace of mind and financial security. It ensures that you’re covered in the event of accidents, illnesses, or other unexpected events, preventing significant financial setbacks.
Choosing Excellence: The Path to Financial Empowerment
Ladies, let’s be real – the excellent choices often require more effort, time, and sometimes a bit of sacrifice. But the rewards are undeniably worth it. By choosing excellence over ease, you’re investing in a future that’s financially secure and full of possibilities.
Remember, financial excellence isn’t about perfection. It’s about making informed, intentional decisions that align with your long-term goals. It’s about valuing your future self and taking steps today that will set you up for success tomorrow.
Are you making the easy or excellent financial choices on the following list?
– Going Into Debt vs Paying Cash – Watching Television vs. Increasing Financial Literacy (Read books/ Listen To Podcast etc) – Spend As You Earn vs. Creating A Financial Strategy and Monthly Budget – Avoiding or Prolonging Being In Debt vs. Create A Debt Repayment Plan and Execute It – Wasting Time vs. Audit Your Day and Use Time Wisely – Spending Money vs Saving Money – Continuously Working Entry Level Positions vs. Increase Your Value and Income In The Workforce – Investing In Someone Else Personal Economy vs Investing In Your Own Personal Economy
Would you like assistance with creating a personal finance plan?Click here to apply for Financial Success Coaching with me!
Or…
Do you need to press RESET on your finances so you can begin to master your money, build up your savings, demolish your debt and raise your credit score?Click here to enroll in The Financial Reset Online Academy.
Please leave a comment below or let me know any questions you have. I’d love to hear what you think!
5 Spending Guidelines To Keep You Within Budget
Jun 26, 2017
Show notes
On my journey to financial freedom, I knew I had to replace bad spending habits with good ones so I could achieve my financial goals in a timely manner. So, I created spending guidelines for myself. These standards were key to me overcoming my impulsive spending habits. Please take a moment to read them and add the ones that will enhance your financial plan.
Spending Guideline #1: I track my spending in my financial planner every Sunday.
Write down what you have spent during the previous 7 days each week for three months the Monthly Expense Tracker page of The Ultimate Financial Planner. This exercise gives you more insight on your spending triggers and habits. You may find that you habitually spend too much in Target every Monday after work as a means to relieve stress. But if you don’t do this exercise, you wont be able to identify your habits and you wont be able to correct them.
Spending Guideline #2: One “No Spend Week” per month.
Create a “no spend week” for yourself once a month to show yourself that you do not need to spend money every day. You are very capable of just living your life without constantly depleting your bank account.
Spending Guideline #3: I wait 24 hours before making large purchases.
When you find items you would like to purchase, browse the store while holding onto them for 5-10 minutes. This technique will allow time to ponder and decide if you really want or need the items.
When online shopping, add the items that you want in the shopping cart and leave it there a few days. Again, this gives you time to check in with your emotions and decide if a larger purchase is a wise purchase.
Do not use shopping as a stress-relieving method. When you are in an emotional state, your judgment is poor and you are more likely to spend impulsively.
Spending Guideline #4: I only shop with a limited amount of cash (the amount is determined each month in my budget). A debit/credit card does not come with me to the shopping malls.
Using cash and leaving your debit card tucked away will deter you from overspending because most of your money is “inaccessible” to you. This technique helps you stick to your spending plan and forces you to choose which pieces of clothing you are going to purchase versus purchasing all of them.
Spending Guideline #5: I am only allowed to shop if I have a list present. No browsing or window-shopping during this time of becoming financially free.
Chances are if you did not go to the store or mall for the items in your cart, you don’t need them and you are spending impulsively.
Now I want to hear from you…
Question: Do you currently have spending guidelines in place that keep you on track to achieving your financial goals? Leave your response in the comment section below.
Please leave a comment below or let me know any questions you have. I’d love to hear what you think!
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3 Reasons Why You Can’t Stick To Your Monthly Budget
Jun 23, 2017
Show notes
As a financial coach and blogger, I receive a lot of questions, comments and concerns about creating and sticking to a monthly budget. And often times people give up with creating one because they don’t get the results they were expecting. If this sounds like you, keep reading because your budgeting breakthrough may come by the end of this post. There are three common reasons as to why you are not able to stick to your monthly budget and I have provided them below.
#1: You Don’t What A Budget Truly Is
A monthly budget is nothing more than a planning tool that helps you create the lifestyle you desire by planning out how you will use your money within a given time period. Nothing more, nothing less.
Often times, I hear that creating a budget is restrictive and draining because it tells you what you can’t do with your money. I am here to tell you that if you feel or have felt this way, you were not budgeting correctly. If you can use a calendar to plan out your month, you can use a budget to plan out your payments.
#2: You Don’t Know How To Properly Create A Budget
Over the last 7 years, I can confidently say that I have used every budget template on the market and the only one that my clients and I absolutely swear by is a zero-based budget. It is a unique budgeting format because it allows you to assign 100% of the income you earn in a month to the monthly expenses you have to pay that month without dipping into what you already have saved in your savings account.
When done properly, your take-home pay minus your expenses will always equal zero (hence the name). So, if you are expecting to earn $2,500 this month after taxes and deductions, you will assign all $2,500 dollars to the monthly expense categories in your budget. I sometimes say to think of the zero to mean you have zero dollars to blow each month because every dollar that you receive has a job to do!
#3: You Don’t Recognize The Benefits of Budgeting Each Month
Let’s chat for a moment about the benefits of budgeting your money each and every month. That way when I meet you at a speaking event or within our Financially Free Society Facebook Group, you have no excuse as to why you haven’t created one.
The first benefit is you can clearly see your monthly income and expenses. You may be aware of how much you earn, but not how much you are spending within a month. This method allows you to clearly and quickly sees everything you need to pay for during the month, down to the dollar.
Also, it enables you to save and/or invest some money each and every month. Not only will your monthly budget include all of the monthly living expenses you need to pay for, it should also include saving and investing categories to ensure you are contributing to them monthly, as outlined in your financial plan. And don’t worry, saving and investing are going to be discussed in great detail in the posts to come.
Now I want to hear from you…
Question: Around what time of the month do you typically noticed that you have blown your budget – beginning, middle, or end? Leave your response in the comment section below.
Please leave a comment below or let me know any questions you have. I’d love to hear what you think!
Please subscribe below to get automatic updates of my latest video blogs:
Thank you so much for your support, and if you have yet to leave a rating or review, please leave me an honest one on iTunes, YouTube or below on the blog. I appreciate it!
Thank you so much for your support, and if you have yet to leave a rating or review, please leave me an honest one on iTunes, YouTube or below on the blog. I appreciate it!
How To Pay Off Credit Card Debt With Your Current Income
May 18, 2017
Show notes
Credit card debt… Many people have it, few people love it. And even fewer people rid their lives of it using their current income. After walking through these five steps, you too will feel that sense of relief once that outstanding balance is gone.
As a child, I use to watch my mother “balance her checkbook”. It was one of my favorite past times with her. I loved to see her write down the numbers on her notepad, calculate them, and arrive at a large 4- or 5-digit number. I thought we were rich!
Well, as the years passed, she would explain to me the categories of her budget and their totals. Those large numbers I was so excited to see on a monthly basis was outstanding credit card balances.
As I reflect on these memories, I understand now why I was so “afraid” of owning a credit card as a young adult. I feared that I too would be sitting at my kitchen table stressed over unpaid credit card statement balances every month.
I now own a credit card and I use it very responsibly. I have yet carry over a statement balance from one month to another – and I plan to keep it that way. However, I have worked with many clients who have trouble with paying off their credit card debt. So, I gave them the following 5-step advice and they have paid it off using only their current income:
Step One: Cut up the credit cards.
Cut up the credit card that holds the outstanding balance you are planning on paying off. By cutting it up, you can no longer use the card and increase the hole you are trying to dig yourself out of.
NOTE: Do not close the credit card account – just cut it up for now. You can reorder another one if and when you have addressed your poor spending habits and learn how to properly use the credit card as a tool to enhance your financial health.
Step Two: Pay cash for all expenses.
Since you are trying to pay off credit card debt, do not prolong your financial freedom by accessing the credit. Instead, pay cash for all of your monthly expenses.
At this point, you should have an emergency fund savings account AND a monthly budget established to stay current on all monthly expenses as well as financial emergencies. If you have not established these, you are not ready to begin the credit card repayment process.
Step Three: Temporarily remove all luxury expenses from your monthly spending plan.
Look over your monthly budget and cut the expenses you can temporarily live without. This includes dining out, large cable bills, and your monthly gym membership. This is a key step because you are freeing up on average $100-$500 a month to put towards the credit card balance.
The more expenses you remove from your budget, the faster you will pay off your credit card debt!
Remember, this is a temporary. Once you are financially free, you will be able to reintroduce a few luxury expenses back into your budget.
Step Four: Begin the credit card debt repayment process.
Click here to access the debt repayment plan that helped me pay off thousands of dollars. When I began my journey to financial freedom, I tried numerous debt repayment plan templates. The only one that helped me pay off more than $26,000 of debt was this one.
Step Five: Reflect on lessons learned from this process.
The most important step in the credit card repayment process is reflecting. Before you reorder your credit card, grab a cup of tea, find a quiet place, and reflect. Ask yourself the following questions:
How do I feel now that this credit card balance is paid off? (Relieved? Proud?)
How should I use handle this card going forward so I do not get back into credit card debt?
What am I going to purchase with my credit card each month?
What am I NOT going to purchase with my credit card each month?
If you want to rid your life of credit card debt, you must remain steadfast through the process. These 5 steps will help you pay your statement balance to $0!
Question: Have you paid off any outstanding credit card balances recently? If so, how did it feel to see a $0 statement balance? You can leave your response in the comment section below.
The Simple Guide To Better Understanding Your Credit Score
May 18, 2017
Show notes
Are you ready to increase your credit knowledge and your score?
Here’s a guide that briefly explains the five components of your credit score. Understanding each component is important if you want to attain and maintain a high credit score.
Component 1. Payment History
Your credit score is largely based on your ability to pay your bills on time each month. Roughly 35% of your total score is dependent on a great payment history, primarily payments made within the last six months.
Component 2. Credit Utilization
Credit utilization can be defined as the ratio of your credit debt to your credit limit and is about 30% of credit score.
You can calculate your current percentage by following the equation below:
In order to maintain a higher credit score, aim to utilize less than 20% of the credit that has been extended to you. So, if you have $10,000 in total credit across all lines of credit, carry a $2,000 credit balance or less at any point in time.
Component 3. Length of Credit History
Having a longer credit history is important and contributes roughly 15% to your credit score. This component shows how responsible you are with lines of credit over time.
Also, keep old lines of credit open. They help increase your credit utilization limit and they lengthen your credit history.
Component 4. Numerous Credit Inquiries
Hard credit inquiries can negatively impact your credit score and is approximately 15% of your credit score. Some inquiries can drop your score as much as 35 points if you exceed more than two within a year! So, be strategic when applying for new lines of credit.
Component 5. Various Types of Credit
Having a mix of lines of credit seems to contribute around 10% to your overall credit score. It is ideal to have a both installment and revolving accounts in your credit portfolio. Typical installment accounts are mortgage and auto loans. Typical revolving accounts are major credit cards and retail store cards.
As you continue to build your credit score, be mindful of the five components listed above to avoid damaging your credit score.
Question: Do you analyze your credit report and attain your credit score yearly? Leave your response in the comment section below.
3 Ways To Quickly Increase Your Monthly Income
May 18, 2017
Show notes
Are you in need of more money so you can establish your emergency fund or pay off debt? Regardless of the financial goal, increasing your income will most likely allow you to achieve it much faster.
There are many ways to increase your monthly income, but here are the top three ways my clients and I have quickly increased our income:
Do Odd Jobs
Odd jobs will forever be the quickest way to earn extra money quickly because there is always someone in need of a helping hand and is willing to pay for that help. Take a moment and think of services you can offer to friends, family, coworkers, and neighbors that will help them in their day to day lives. Babysitting, lawn care/garden maintenance, dog-walking, tutoring, personal shopping, errand running, and cleaning are among the many jobs people are in need of all the time.
Purge and Sell
Another fast way to earn cash is selling your unwanted items. At the beginning of every season, search each room in your home for items that you do not use, do not want, or no longer serve a purpose and sell them. Sell things like household appliances, furniture, books, clothing, and old electronics. Nothing is off limits. Post pictures of the items on Craigslist or local Facebook garage sale sites and literally receive cash within hours to a few days for your unwanted items! Also, locate and use the resell and consignment shops in your area to receive cash for your gently used name brand and on-trend clothing items. Be sure to designate all of your profits towards your current financial goal.
Turn Passion into Profit
The last way of quickly earning money is to turn your talents, gifts, and abilities into a side job or “hustle”. What is it that you are good at that you can profit from? Think of a service or product you can offer others that will get them their desired outcome quickly and efficiently.
During this stage of my life, I had yet to launch Your Pretty Pennies. To earn extra money, I offered a service called “Budget Analysis and Review” to friends, family, coworkers, and neighbors. I was very good at creating and analyzing a person’s financial situation and could do them quickly and efficiently. I profited off of my passion and eventually, it birthed the financial firm that I own today!
Question: How do you plan to increase your monthly income to achieve your financial goal quicker? Leave your response in the comment section below.
Here’s How I Organize My Bank Accounts And I Love It
May 18, 2017
Show notes
In this blog post, I reveal how I managed my bank accounts during my journey to financial stability. Now that I am a financial stable finance coach and business owner, I have added a few more accounts to the mix and included them below as well.
Set-Up of My Bank Accounts While Attaining Financial Stability:
Emergency Fund Savings Account
I keep about $2,000 in a money market account I refer to as my emergency fund savings account. Because I am in the process of paying off student loan debt with great intensity, I do not save more than $2,500 in this account. However, when I become debt-free, I will save 3 – 6 months’ worth of living expenses in this account and leave it!
This account is not to be accessed for anything other than a major life emergency that would cause your budget to be completely thrown off. The loss of a job or a major income source, major car repairs, and unforeseen medical bills are all examples of emergency situations that are appropriate for relying on your emergency fund.
The reason why you should save a small sum of money saved before paying off debt, buying a home, or whatever else that is on your financial goal list is because you need cash to fund financial emergencies.
Main Checking Account
This is a standard checking account and with a debit card for easy access to the cash through a local ATM. It is where the direct deposit checks from my employer goes.
Note, the cash that accumulates here should be managed by your monthly budget. Rent/mortgage, utilities, and groceries are all examples of expenses that should be managed by your budget and paid via this account.
401(k) Retirement Account
A 401(k) (or 403(b)) is a retirement savings plan sponsored by an employer. It allows me to save and invest a small portion of my paycheck before taxes are taken out each pay period for retirement. This money is taken out and sits in an interest-earning savings account at a bank or company of my employer’s choosing.
My employer matched my contribution up to 4% so I had 8% (4% from my paycheck and 4% from their business bank account) going into my retirement savings account each pay period.
Set-Up of My Bank Accounts As I Attain Financial Freedom As A Business Owner:
Emergency Fund Savings Account
Nothing has changed here!
Main Checking Account
Nothing has changed here!
Roth IRA Retirement Account
I now have a Roth IRA (Individual Retirement Arrangement) instead of a 401(k) retirement plan because I am preparing myself for the transition of working a nine-to-five to being a business owner and full-time entrepreneur. With a Roth IRA, I am the sponsor of the retirement account. I was able to roll all the money I saved in my 401(k) into this IRA account and I still receive some of the same major benefits.
Last month, I decided to stop contributing to my retirement account because I am determined to pay off the remainder of my student loans! Once they are paid off within the next year, I plan to automate 15-20% of my income into this account.
Business Checking Account
This is a standard business checking account and with a debit card for easy access to the cash through a local ATM. It is where I deposit payments received from my clients and partnerships. All monthly business expenses, payroll, and fees are paid from this account as well.
Business Savings Account
This is a standard business savings account where I save 25% of all earned income for tax payments and other business goals.
I realize these methods will not work best for everyone. However, I found these to be very helpful with simplifying and streamlining my business and personal finances. And I hope it does the same for you.
Question: How are you currently managing your bank accounts? Leave your response in the comment section below.
3 Reasons Why You Should Pay Cash For Your Next Car
May 05, 2017
Show notes
For the last six years, I have been driving the same car. Although I have the income to upgrade, I choose not because I understand that if I get an auto loan without having a large income (over $500,000 annually), I will be using my credit and my money in a non-wealth building way. And as you know, I am all about building wealth-building and attaining financial freedom.
In this video, I discuss some advantages of saving your money to upgrade to a better car which are:
You avoid paying interest rates, damaging your credit score, and incurring late payment fees.
Paying cash for your next car allows you to negotiate a better deal for it.
You develop financial discipline to save large amounts of money which is a very important wealth-building skill.
Thanks so much for watching. Have some feedback you’d like to share? Leave a note in the comment section below!
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Credit card debt… Many people have it, few people love it. And even fewer people rid their lives of it using their current income. After walking through these five steps, you too will feel that sense of relief once that outstanding balance is gone.
