.The 8-Step Plan To Achieving Financial Freedom

Will Healy Mon, July 12, 2021,

The late Jim Rohn, who spent 40 years as a sales expert and motivational speaker, would frequently discuss financial freedom in his podcasts. In his distinctive voice, he would emphasize the need to learn to work harder on yourself than you work on your job. He called making money in America “easy.” Of course, his definition of “easy” was “something I could do,” meaning that it involved quite a lot of hard work.

Rohn also mentioned that people find it easy not to follow these steps. Unfortunately, most Americans appear to choose that version of “easy.” The U.S. holds the 11th largest per-capita GDP in the world at $62,641 per year. Despite this, only about 40% of Americans can cover an unexpected $1,000 expense.

.Want To Borrow Money From a Friend or Family? How To Approach the Subject

By Laura Woods May 7, 2021

You’re strapped for cash, so you’re thinking about asking a friend or family member for a loan. Whether you need a small amount to get by until payday or a larger sum for a major life event — i.e., seed money to start a business — you’re not sure how to structure the ask.

There’s a common school of thought that mixing loved ones and money just doesn’t work. Of course, everyone doesn’t share this mindset, so tread lightly to ensure you don’t inadvertently tarnish your relationship with the other person.

Jodi RR Smith, president of Mannersmith Etiquette Consulting, said borrowing money is rarely easy — especially when you’re asking friends or family for the loan.

.Someone Owe You Money? How To Get It Back Without Ruining the Relationship

By Laura Woods July 9, 2021

You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.

“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.

.7 Steps To Take for Financial Wellness in 2021

Nicole Spector Thu, July 8, 2021

At the start of 2021, you may have vowed to pay down debt, boost your credit score or build an emergency fund. Perhaps you're still going strong with these financial goals, or perhaps you’re starting to lose your momentum. Maybe you've surrendered altogether.

If you’re in any of these boats, rest assured that you’re not alone. According to a study by researchers at Scranton University, only 19% of people keep their resolutions, and most give up by mid-January. There are a lot of reasons why we fail at our resolutions, and usually, it has nothing to do with our willpower or lack thereof. One common reason we’re unsuccessful is that we don’t give ourselves clear paths to achieve the lofty goals we’ve set. Sometimes, all you need to triumph is to simply reframe your approach.

We consulted financial experts to learn common money goals that are harder to stick to than they might seem, and what you can do to make them easier to follow through on.

.Dynastic Wealth

Published July 7, 2021 by Jim Wang

As the lyrical poet Christopher Wallace once said, “Mo’ money, mo’ problems.”

I don’t know what it’s like to have dynastic wealth. We’ve done well financially and as the numbers get bigger, sometimes the stress of the markets can bleed over.

1% of $10,000 is a mere hundred bucks. It’s not chump change, per se, but it’s something I can accept and stomach without incident.

1% of $1,000,000 is $10,000 – which is more than twice what my starting salary was at my first job out of college with Northrop Grumman (and in fact is more than any monthly salary I’ve ever had).

I can only imagine what it’s like to have dynastic wealth, especially one you didn’t have a hand in building, and seeing similar activity.

.The Ultimate Financial Planning Guide: Do It Like the Pros in 6 Steps

A financial plan goes beyond budgeting for regular expenses. It’s the process of managing short- and long-term finances. Taking good financial planning steps now can mean the difference between achieving your financial goals and living paycheck to paycheck.

Certified Financial Planners follow a set of steps to create recommendations for their clients. With some modifications, you can use the same process to develop your own financial plan.

.Americans’ Biggest Financial Regrets of the Decade

Laura Woods Tue, June 29, 2021

The old saying often rings true — hindsight is 2020. Everyone makes mistakes, and many of these blunders involve money. Many financial decisions seem like a good idea in the moment, but a few weeks, months or even years later, you realize they weren’t the best choice.

A 2019 survey conducted by Policygenius highlights Americans’ biggest financial regrets of the decade. If you’ve ever made a major purchase you regret or opted to spend money when you should’ve been saving — admit it, you have — you’re not alone. The good news is, financial mishaps can be corrected. If you’re willing to make meaningful changes, you can get yourself out of an uncomfortable financial situation. This might involve making tough sacrifices and/or working extra hours, but it’ll be worth it in the end.

.36 Things That Are Worth the Money

These are the products and experiences worth splurging on.

By Jaime Catmull November 4, 2020 Savings Accounts 101

It's always tempting to look for the best deal, but some things are simply worth splurging on — even if you're on a budget. As you decide when to spend and when to save, consider where quality matters to you and which experiences are on your to-do list.

I spoke to financial experts and business leaders to get insight into their thoughts on the best ways to spend money. Some of these recommendations -- like international travel -- might not be realistic now, in the middle of a pandemic, but they're still worth keeping in mind for the future. These are the purchases experts say you won't regret.