So let me tell you that I have some news. I am writing my next book, and as I write, so many ideas come up that I just had to stop and write this blog.
I cannot stress enough on putting money aside for the future YOU. Unfortunately, and I have fallen into this pattern too in the past, we leave this for later or another day.
Today, I am going to give you a few ideas on what to do, so you can set money aside and set yourself for financial independence.
Let's get real...what matters is NOT how much you make, but how much you spend and on what.
When you take a look at your income and then take a look at your lifestyle, are you wishing for a different lifestyle?
If you are, then you have to watch what you are spending your money on, maybe spend a little less instead, and pay yourself first. The other option to get a different lifestyle is to make more money, and put that additional money on...you got it, paying yourself first.
Why is it so hard to save money for some people and not for others?
A lot of time I sit down with my clients and ask them questions about their goals and their dreams and the age they would like to retire.
Once we are done, I spend a few hours reviewing what they said and their current financial situation and create a plan for them, (better than what they have of course) and show it to them.
They get so excited when they see that implementing the plan will get them so much closer to their goals and dreams, and they want to separate as much as possible to reach those goals.
However, after a month or two, they are not as excited about saving money and having that money going to investments, even their wealth will be growing.
Why is it that after a few months, they neither want or feel that they can save as much as they committed to?
Why is it so hard to save money for some people? Or rephrasing it, why does it seem that...
Why do you want to set up a secure foundation for your kid's financial success?
The simple answer is because you want your kids to learn the value of money. The second answer is that you want to leave a legacy that lasts generation after generation.
As you may know, kids make financial decisions since they are three years old. If you are not sure, then I want you to recall who choose the cereal at the supermarket.
Where do they choose to buy it? At the grocery store, right? They are pointing out what they want even if they don't know to enunciate the names. Or also just putting it in the cart by themselves.
Around 7 or 8 years old, they probably will have an iPad or a Smartphone "in case of any emergency." Then in their teens, they want to wear the latest trends and brands, and it is your JOB to give it to them.
Most kids don’t understand where the money is coming from, but they assume that all they need to do is...
We all love our children and we want to give them the best. However, sometimes we forget about their future. Sometimes we think that they are too young or it is too early to set them up for success.
Today, I am going to show you the smart way to help your kids not to worry about money ever.
The Reality of College
A lot of times we think about saving up to college and we hope that once they graduate, they'll find a good job and that they can take care of themselves and maybe even you from them on.
But what about if even before they go to college they are already financially set? What about if we can think beyond college for them? They don't have to worry about getting into Student Loan Debt, or where are they going to find the money to buy their first home, or to get married, start a business, or even to care for their own children.
There is a way, and it might not be what you are thinking about.
What about if you can help...
When fly attendants goes through emergency procedures, one of the steps is to put your mask on first and then to put in on children. This is a great example how important is to think about yourself first and then your kids after.
This applies too when it comes to finances. A lot of times we feel that we are too young to start saving and investing. Then we decide to get married, and then, we have kids, and for decades are focus are in our kids. Once our kids are graduated from college, then we start thinking about our future.
However, the only way to become financially fit is by creating new habits. One of the best habits that you can start applying immediately is by paying yourself first!
What is the madness behind this method?
Well, first off, you need to know your income and your expenses. Once you have calculated your income vs. your expenses, you are ready to start the process of paying yourself first.
When you ...
Have you ever heard the word fiduciary? Have you ever heard anyone saying that before you speak with a financial advisor or anyone about finances, make sure that he/she is a fiduciary?
If you had, then keep reading. If you haven’t keep reading too because I am going to explain what that means.
Here is the definition that Investopedia have for a Fiduciary:
"A person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes to that other entity the duties of good faith and trust.
A fiduciary requires being bound ethically to act in the other’s best interest."
Anyone that is acting as your financial advisor or that is helping you with your finances requires a high level of ethics and above all, having your best interest in mind.
Why is this important?
First, because we are talking about money.
Second, because trust should go both ways. If a client is trusting anyone with...
We all know that numbers and numbers. However, when it comes to the topic of money and finances, there are differences between how women and men approach it.
The way we want to be communicated about money and the way we want to learn about money is different from men.
Why does it matter that we have a different type of communication regarding financing?
Women make 80% of the household buying decisions, even the most critical and most significant decision which is the home. They decide where to live, and for the most part, they choose based on the way the kitchen and bathroom looks. If they are not happy with the home, the configuration, and even the location, they will not want to purchase.
Women control 51% of the personal wealth in America. If you don't think so, ask yourself, who buys most of the clothing, groceries, makeup, hair salon, nail, baby and kids items? We are the trendsetters, we determine what will work and what don't.
Women outlive men on...
On average an MBA will cost $150k.
Is it worth it to get an MBA these days?
In my experience and what I have observed from a lot of my friends, it is not.
A lot of people think about getting an MBA because it might enhance their career choices.
However, in the past year, I have met many individuals with MBAs looking for jobs for over a year due to two reasons.
One, their MBA make them overqualified and therefore the company doesn’t want to hire them. Or two, their MBA is not coming from a school that the employer could consider a top school.
The only reason you want to get an MBA is if you are planning to take a leadership role like a business owner or management.
In these days and age, startup companies rather look for individuals that can think outside the box and innovate, not people with MBAs because the owner of the startup already has an MBA.
Aside from the massive costs, to get into a reputable MBA school, you need to have a high GMAT...
As you may know, the Dow Jones dropped more than 1,000 points last week.
This had Wall Street running like headless chickens.
Should we panic? Are we close to the next big crash?
However, what does that mean? Why should we care if we don't invest in the market?
Moreover, if we do, with more reasons we should continue reading this.
Well, to clarify, this is the 2nd time this year that the market dropped over 1000 points. It happened back in February.
The reality is that when the market goes up in a straight line, there has to be a time of correction.
The market goes up steadily and slowly, but the corrections can happen erratically and rapidly.
This is when financial education becomes essential.
Because we want to make money and grow our money, but for sure we do NOT want to lose it.
The problem is that there is so much information out there that we get all confused about what is right and what it is not.
And at the same time, there is such a lack of information
However, there is...
Money problems are never about money.
It is about how we look at money. Money is a tool, and we control that tool, not the other way around.
I am not a millionaire yet! However, I am definitely on my way. I am sure that I will be one.
Have you heard the phrase success leaves clues? Well, I get to hang out with millionaires and multi-millionaires at all time.
I am so honored to be surrounded with them and above all that they are willing to coach me and mentor me.
So I have had the opportunity to observe what they do and how they do it, but above all the way they think.
I want to share with you what I have observed and has worked for me, allowing me to grow and achieve my goals.
However, first, one thing I know it is sure... I am a millionaire! I see it, and I know I am close to achieving it, and in the meantime, I am enjoying the journey to help others make it too.
Here are five things that I have observed that have gotten there:
Just fill out your information below and I will take care of the rest...