November 11, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/neuroscientists-advice-for-saving-money-transformed-my-finances-2017-11

After years of feeling as though my finances controlled me and not the other way around, I’m happy to report I have found the solution in the wisdom of a neuroscientist. Perhaps the insight can help you, too. Budgeting is about making fewer choices to maximize happiness I first met Moran Cerf, a neuroscientist who teaches marketing at Northwestern University, over the summer. We chatted about the ways people make poor decisions and how they could make smarter ones. The conversation was so interesting that I wanted to meet again. A few months later, we convened on the second floor of a Whole Foods to delve yet again into the depths of decision-making. He brought up the topic of personal finance and how to create the perfect budget. Cerf argues that decision-making is mentally draining. Having to make several small choices can exhaust our ability to make bigger decisions. When it comes to money, Cerf says the smartest way to budget is to find the timeline that works for you. The author would go on to create a weekly budget and that turned out to work best for him. When it comes to budgeting, find the process that will work best for you, and be sure to do it frequently. I personally will run my budget every Friday, and I’ve set it up, so I can forecast where I will be 11 months from now. I’ll also look at my budget as I feel the need to. It’s important to have a routine that you will stick to, so it becomes automatic for you. It’s about knowing how much you will have and having the freedom to decide what to do next.

http://www.businessinsider.com/shaq-financial-advice-for-nba-players-money-personal-finance-investing-tips-million-savings-contract-2017-11

With career earnings that totaled $292 million, Shaquille O’Neal currently ranks as the third-highest-paid player in NBA history. We asked Shaq what financial advice he gives young NBA players who want to hang on to their fortunes. Shaq stopped by Business Insider to talk about his collaboration with home security technology company Ring, to raise awareness about how homeowners can better protect their property this holiday season. Shaq recently kicked off a campaign with Ring’s CEO Jamie Siminoff around protecting holiday package deliveries – specifically as National Package Protection Day approaches on Nov. 29. The article has a transcript from the video. Basically, Shaq advises the athlete to cut the earning of the contract in half and save it, or if they’re more aggressive cut that in half and only spend 25%. In other words, if you have a $100 million-dollar contract, save 75% and spend the other 25% spend however you want to spend it. Most athletes that come into the League think about the money they receive now and don’t plan for the future. ESPN 30 for 30 did a great documentary called Broke which examines the spending habits of athletes. Financial education isn’t taught in schools so it’s important to find competent and wise mentors to learn from. I always tell them “Don’t think about what’s going on now. Think about what has to happen in the future.” I never spent, like, an NBA check like my first four years. Then, when I got married and had kids, all that changes, but that’s, to simplify it for them because, you know, a lot of people don’t have the business mind or the business tact, so you have to break it down in their language. So, I would say save 75%, and this 25%, do whatever you want to do with it. Take care of your family — boom, bam. House, apartment, car – but don’t ever do more than this. If you’re thinking about your legacy, consider it at least two to three generations deep. In other words, you’re thinking at least the next 100 years, will what you have be able to provide for that kind of future? If not, what are you teaching your children and children’s children, so they can thrive and not just survive the world to come.

This week, I’ve included A Brief Guide To Life – Jordan Peterson | Depression & Success (LIFE CHANGING) from the Mulligan Brothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

 

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Month End: October Snapshot


Make sure you don’t try to pay off your debt on your own. This month was rather frustrating for me, and I feel like my debt reduction is too slow. Always remember that being debt free can be a slow process. When you feel overwhelmed, stop, breathe deeply, and close your eyes. Do these three steps over and over again. With your eyes closed, imagine being debt free and feel it with all your heart, mind, and strength.

If you want to learn more about how I’m increasing my income, while reducing debt or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
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Deuteronomy 28:12 NLT‬‬
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http://bible.com/116/deu.28.12.nlt‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

I believe in your journey to….

A Debt Free Me

Here’s this month’s video: The Power of Habit – One of the most Motivational Talks Ever from the Video Advice YouTube channel.

August 12, 2017

Items in italics are direct quotes from the articles below

http://www.investopedia.com/articles/personal-finance/080716/debt-avalanche-vs-debt-snowball-which-best-you.asp

Paying off debt is no easy task, but it will bring financial freedom. There are two distinct methods to pay off debt: the debt avalanche way and the debt snowball way. While both are useful strategies to get debt out of your life, one method might be easier for you to stick with and make a bigger impact on your debt repayment. Here’s how to find out which debt repayment method is best for you. The debt avalanche involves paying extra money towards the debt with the highest interest rate, and the debt snowball involves paying the smallest debt amount first and working your way up.

Using the debt avalanche to pay off debt will save you the most money in interest payments. For example, if you have $3,000 extra to devote to debt repayment each month, then the debt avalanche method will make your money go the furthest. Imagine that you have the following debts:

  • $10,000 credit card debt at 18.99%
  • $9,000 car loan at 3.00%
  • $15,000 student loan at 4.50%

In this scenario, the avalanche method would have you pay off your credit card debt first, then allow you to pay off your remaining debt in 11 months, paying a total of $1,011.60 in interest. The snowball method would have you tackle the car loan first, becoming debt-free in 11 months, but you would have paid $1,514.97 in interest. Just by switching the order of your debts, you can save hundreds of dollars in interest payments. For individuals with larger amounts of debt, the avalanche method can also reduce the time it takes to pay off the debt by a few months. The snowball method builds the motivation on your debt repayment. It’s important to remember that paying back debt is not exciting, and it can feel like a very long journey, so you can ask yourself which is the best method? If you are serious about tackling your debt, then pick which method is best for your own situation and personality. The best method is the one that you stick to. If you are a person that needs more motivation to pay off debt, then stick with the debt snowball method. Find or create the best method for you, but even more importantly commit to getting out of this consumer debt. When you complete this journey, you will essence give yourself a raise. Also, as you’re getting out of debt go ahead and take the extra money and grow your assets.
https://www.cnbc.com/2017/07/31/marcus-lemonis-the-2-essential-reasons-you-should-buy-a-home.html

To own or not to own? For lots of Americans, that is the question. Homeownership can be a tricky subject. Some experts argue it’s the expense that never stops taking, while others venture that not owning a home is “the single biggest mistake” young Americans are making. Serial entrepreneur and host of CNBC’s “The Profit” Marcus Lemonis comes down in favor of owning, or taking steps towards owning, the place you called home. Lemonis says that planning to own a home is beneficial even before you’re in the position to buy, because it forces individuals to think hard about saving for the future and presents a crystal clear goal. Though he notes that real estate prices in some markets make homeownership out of the question for some who might like to buy, he says there are two key reasons to consider planning to purchase property: The two key reasons are attention to budgeting and the sense of accomplishment. “In order to buy a home,” Lemonis tells CNBC Make It, “you need to have a down payment, in order to have a down payment you need to budget properly, in order to budget properly you have to buy one pair of shoes and not three pairs of shoes. It teaches you a form of moderation.” That outlook on moderation, Lemonis argues, can be applied to purchases of any size in any phase of life. To save for a down payment, you need to have a budget, and more importantly a level of self-control when it comes to your spending. I suggest having an accountability person, who you give permission to help increase your ability to save. Studies show that it takes 21 days to form a habit. Contact me and I’ll show you my process of how to accelerate your savings and at the same time budget. “I remember going into my home the first night,” he says. “It had no furniture in it, and I didn’t care. The sense of pride and accomplishment that I had about saving $23,600 was a big deal.” The financial lessons learned from homeownership, combined with the self-esteem earned through saving a down payment and the sense of security that comes from owning the place where you live, Lemonis argues, is a powerful combination. “Where we lay our heads down at night,” he says, “is important.” Owning a home will cause a lot of unexpected expenses so it’s important to properly manage your finances to both increase your income and lower your expenses for paying down or off your mortgage. Remember that real estate has value. There is only so much earth so even if the house loses value, the real estate underneath it may still hold value. As you increase your income and lower expenses, look to create income producing assets that will pay the mortgage for you. Create a system to follow and even more importantly commit to doing it.

 

If you are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.

This week, I’ve included Watch this WHEN YOU FEEL LAZY – Intense Motivation for Ending Laziness from the Video Advice YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG

Month End: May Snapshot


Thankfully this month, I paid off the Prosper loan, and now I’m focusing solely on the credit card balances. Remember that paying off your debts will give you a raise. Without debt, you will be able to experience your true take home pay (gross profit). Having a budget, will help you know how much your disposable income will be, and your disposable income is how you will build wealth. Mind your own personal investment portfolio. As you pay down debt, look for ways to increase income. I’ll plan on taking advantage of the loan balance transfer offers to reduce my personal line of credit to pay for emergency expenses and look for income producing opportunities. My wife is preparing to interview and will start working in the field that she loves starting next month. I believe you should do what you love and do it with excellence. If it’s possible to do what you love and generate income from it, then leverage the internet to reach as many people as possible. If it’s not possible to generate income from what you love, then let it be your motivator to do your profession with excellence. Our time is finite, but our impact can be eternal.

Over the next few months, my goal will be to reduce either credit card balance by $1000. By year end, my goal is to position myself to be able to make $1000 debt payments toward my debt via my job, and businesses. Some of the new habits I’ve adopted is listening to motivational videos, and relaxation videos through YouTube. However, for me, my core foundation remains the same, prayer, the Word, and worship. What’s your 1st response when things go right or wrong?

If you want to learn more about how I’m increasing my income, while reducing debt or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭Deuteronomy28:12NLT‬‬
http://bible.com/116/deu.28.12.nlt
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I believe in your journey to….

A Debt Free Me

Here’s this month’s video: THROUGH HARD TIMES – Powerful Motivational Video 2017 | PART I from the Motversity YouTube channel.

April 19, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/laura-vanderkam-power-hour-productivity-2016-10

Laura Vanderkam the author of this video argues that we should consciously spend time on the parts of our job that initially drew us to our job in the beginning. To do more of the things you love, you must recognize that certain aspects of work will expand to fill all available space. She uses e-mail as an example. We should carve out time to go after the higher priority item, and the best way to do this is a power hour. So, for the first hour of the day instead of doing e-mail, work on the first top priority item of the day. Try to carve out Monday morning for whatever is most important to you. And particularly for sort of speculative important but not urgent work that you’re going to have a hard time carving out time for. If you do it Monday morning it’s kind of the equivalent of paying yourself first.
This type of process is best for a high priority project but not a urgent project.. Time is our most valuable and precious assets, so it’s important to use effectively and wisely. I’ve found myself getting up early so I can carve out time to manage my spiritual life, and my business life. Arriving earlier to work allows me time to work on larger weekly tasks without having to be stressed. By doing this simple habit, I build margin into my time, and honor the principle of rest and I don’t go into time debt.

http://www.businessinsider.com/best-books-for-first-time-investors-according-to-a-financial-adviser-2017-4

If you are uncertain, optimistic or nervous about investments right now, it may be a good time to do a little reading. Knowledge is really the best way to counterbalance emotions, which we know may be running high for some right now. Our advice: Check out what the masters have said. They’ve devoted their lives to understanding investing and captured it all in print. It turns out there is truly nothing new under the sun; their insights apply year-in and year-out. We love original sources, so here’s our top seven books for you to read or re-read. If you don’t enjoy reading, then I challenge you to build this important habit. The books express the author’s ideas more fully than video or audio. Try reading a page out of your favorite book a day, even if it’s a children’s book. If you still don’t enjoy reading, then try an audio version, video summary, or even consult with a respected friend. The top seven books are: Security Analysis by Benjamin Graham and David L. Dodd, Margin of Safety by Seth Klarman, Against the Gods: A History of Risk by Peter Bernstein, Antifragile by Nassim Taleb, The Upside of Stress by Kelly McGonigal, Wealth in Families by Charlie Collier, Classics: An Investor’s Anthology by Charles D. Ellis. Each book will introduce you into the world of risk, and proper thinking of an investor. It’s important to remember that you can’t just do the process, and expect the results, it’s even better to understand the process. Use your own gifts and talents that were given to you since you were born to creatively execute your investment strategy. Also have a budget. You should know what your bottom line number is monthly before you add on the stress of investing. Be willing to lose it all, and have in place an investment strategy for savings and for wealth. If you don’t have a budget in place then please contact me to let me show you my system.

If you need are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.

For this week, I’ve included the Darkness – Motivational Video from MulliganBrothers YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.” Proverbs
28:26 MSG‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

Month End: February Snapshot

This month I celebrated my first full month living with my wife. We were fortunate enough to go to the marriage conference together at the last minute, and I was thankful that we did. Our apartment is starting to look like a home, and my wife has begun studying to take her test to be licensed as a registered nurse. This month especially is filled not just with numbers and budgeting but faith also. Faith in things not yet seen and having the will to continue to do a good work regardless of the outcome. I have the opportunity for a new position at my job and having to rely on something greater than myself to handle these new responsibilities. Either way when I get paid my process remains the same and I look to use my self-lending principle whenever I can.

I’m looking to sell as many plans as possible not just to reduce debt, but to also help protect people. My thought process remains the same: increase income, and lower expenses, look for income producing assets, and build wealth to leave a legacy. Over the next few months you should see my debt reduce significantly. My wife and I have talked about using a consolidation loan to consolidate and reduce the payments on my two installment loans which should free up more cash flow. The only drawback of an installment or term loan is the payments are set for the term of the loan unless you can convince the loan officer to re-amortize the debt.

If you want to learn more about how I’m increasing my income, while reducing debt or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

Also, learn more about how I use the self-lending principle through Mustard Seed in the mustard seed section.

“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
‭‭Deuteronomy 28:12 NLT‬‬


http://bible.com/116/deu.28.12.nlt

I believe in your journey to….

A Debt Free Me

Here’s this month’s video: Retrain your Mind from the Be Inspired YouTube channel

Month End: January Snapshot


This month, I said I do and till death do us part to my best friend and my love. I’ll be honest! The wedding process is stressful. If you plan on doing an actual wedding that involves a venue and family, then you will spend money and you will at some point get frustrated. My wife and I are very low maintenance and low-key people, but even we found ourselves exhausted both emotionally and mentally when all was said and done. I’ve moved out of my parents’ home and into an apartment. I’ve had plenty of guy roommates, but now is the first time I’ve ever lived with a female. We’re growing used to living together, and as she gets accustomed to my quirks, and tendencies, every day I’m more and more thankful to God that she is in my life. She said yes to this mess.

At month end, she’s currently not working, and we’re living primarily off her medical retirement and a portion of my income, but thankfully we are both open about our finances and operate our business together. I’ve helped her sign on a new associate for her business, and I’m truly looking forward to what this new year will bring. Due to our honeymoon, I paid a little less than normal on my debt, but the important thing to remember is: if you are in debt, do not miss your payments, and do not let them go 30 days past due. Find a way to make money to pay your debt obligations. If you got yourself in this mess in the first place, it’s your responsibility to get out of it.

If you want to learn more about how I’m increasing my income, while reducing debt or if you want to have someone to discuss your debt reduction strategy with, or if you need a financial check-up, contact me.

The rich ruleth over the poor, and the borrower is servant to the lender.
https://bible.com/1/pro.22.7.kjv

I believe in your journey to….

A Debt Free Me

Here’s this month’s video