Saving money isn’t always fun. Yes, I said it….🙄
Enter the SAM Principle (just made that up) to help guarantee a good time…
“SAM I Am”... “Uncle SAM” (if you need to save to pay tax debt)... @SAMuelLJackson (if you need a classic “you betta not” touch that money face)... whatever helps ya remember!
To stay motivated about saving your coins, you need crystal clear focus on what you want to achieve. A vague “I need to save money” won’t cut it. Whatever your saving priorities are...MAKE THEM CLEAR!
Manually transferring your money from checking to savings hurts, lol. Instead, use free, online-only savings accounts for automatic transfers. Taking YOU (no shade) out of the equation is key to sticking to your saving goal(s).
Create a separate savings account for each goal. Don’t blur the lines by having it all lumped in one big pile. You want to know how close you’re getting to each savings WIN.
Note: Right now you may not be in a position to even save $5-$10 dollars/week. That’s ok!
SAVE this so you can refer back to the SAM principle when you’re ready to GO…
🙋🏿♀️ in the comments if you were a “let me transfer this from my savings to checking so I can” [buy this outfit...attend this weekly brunch… run into @target, etc.] saver -before Rona made life so difficult?
4 433 hours ago
There’s pros and cons to each but mostly pros. Whatever you do, resist the temptation to lock for a term (e.g. GIC’s) or risk (e.g. Mutual Funds) your emergency fund for a higher interest rate. The purpose is to be able to access it quickly in case of an emergency.
P.S. A high interest savings account is not for long term investing. More on this in coming posts. 🤓
Your business venture will open many new doors filled with opportunities. Be smart in where you want to take your business and how to successfully grow it. Don’t be afraid of taking chances because sometimes these may lead to expansion. Sticking to what you know is a smart strategy but once you establish your business, take risks to grow!
Today we’re highlighting visual aids. Do you use visual aids when aiming at financial goals like debt payoff or savings? We found them super helpful and couldn’t wait to colour each step/box in with each payoff/savings milestone.
Have you used or considered using charts as motivation? Comment below and let us know.
Easiest way to keep good books is to have a dedicated bank account(s) where all income and expenses flow through.
The more time your accountant has to spend cleaning up your books, the more the price. Keep it clean, Keep it simple. 🤓
Do what you're passionate about and have it pay the bills! Monetize what you love to do and turn it into another source of income. Take your time and determine what you are passionate about. This can be writing, cooking, sports, or whatever.
The next step is to determine how you can build a business around this passion. Brainstorm what this business could look like, a blog, youtube channel or a podcast! Figure out how to establish your brand, make it unique and market it to others. #wealthnoir#wealthnuggets
1 203 August, 2020
Next month lots of 🇨🇦government assistance programs end. Start preparing now for a smooth transition. Happy Civic Holiday! 🥳🥳
A will is a very important part of someone’s financial plan and estate planning. If you take the time to build wealth you should dedicate time to protect it too. A proper will outlines how you want your assets passed on after your death.
This is especially important if you have several children and need to declare a legal guardian for them. Without a will, your assets may be divided according to the laws of your state. Probate takes time and money that your family may not have; so please spare them the headaches and court dates by doing a will before you die.
If you have extra funds, you can always make an extra mortgage payment. If you cannot afford to make a full payment that goes only to the principal, pay a little extra each month. Every little bit helps save you on interest and pays down your debt.
Alternatively, you can pay half your mortgage payment every two weeks. If you do this, you will end up making a total of 13 full payments by the end of the year. Put that 13th payment towards the principal only. Make sure to check with your mortgage lender first to confirm you can make biweekly payments or extra payments.
Do you automate? A certain percentage of your checks is allotted for savings? Have you been able to save 3-6 months of your income? Have you tried?
7 3823 July, 2020
If you want to get more done in a day use these power hacks to boost your productivity. Remember your time is money and you need to prioritize how it's spent. Make your to-do list before you start your day and order your tasks based on deadlines or what's most important to you.
Delegate what someone else can do faster or better than you. Don't be afraid to take breaks. Walking away from a project is sometimes just what you need to be inspired and create the best idea of the day.
We know those sale emails are rolling in for the weekend. Stop before you shop and ask yourself the following questions. It's not about deprivation, it's about the proper utilization of your resources.
4 5821 July, 2020
Avoid debt at all costs. Pay off your credit cards every month to keep your debt from adding up. You can avoid going into debt by spending within your limits. If you need help keep your credit card in a safe place at home or stop carrying it in your wallet.
Another plan of attack is to focus on building up your emergency fund so you don’t have to rely on credit when an unexpected expense comes up. Save up to three to six months of your monthly expenses in a high yield savings account so you can make the most interest off your money.
You can save for your child's education with a 529 plan. A 529, or qualified tuition plan, is a tax-advantaged investment vehicle for a dependent’s future education costs. All 50 states and the DC sponsor at least one 529 plan.
Some states even offer pre-paid college plans so you can pay for college in advance. The best part is, a 529 is not just for kids. You can use a 529 to pay for your education or the education of another family member too.
If you want to be a successful entrepreneur read so you can lead, set goals, and live within your means.
Reading will help you expand your knowledge and learn from others' mistakes. Setting and achieving goals will keep you moving forward on your entrepreneurship journey. And living within your means will ensure you don't go broke.
Sometimes what you want requires sacrifices but the reward is so worth it. Wait and see.
#LifeHack Don't get caught up in the comparisons. Just mind your business and stick to your budget. #wealthnoir
56 1,36923 December, 2019
When you decide to take control of your finances, not everyone will understand. You may have to make difficult decisions to cut back on shopping or happy hours. Or maybe you'll have to pass on a trip so you can invest that money or pay off debt.
Choosing a better future for yourself, is not a decision everyone will understand. Stick to your goal to pursue financial freedom and watch how much better you'll be financially and physically. Financial security equals less stress too. #wealthnoir#wealthnuggets
23 2,65815 April, 2020
If you weren't taught how to handle money as a kid. That's OK. Now that you are older you can teach yourself or seek help with your finances. Use personal finance blogs, podcasts, books, or professional advisors to help you figure out a plan for building wealth, saving for retirement, and investing along the way. #wealthnoir#wealthnuggets@drmayaangelou
3 14527 April, 2020
Which one are you?
No one has control over everything that happens. But you do have control over how you react to a situation.
If you face failure don't quit or feel defeated. Instead develop a new attack plan. Take time to reflect and figure out why you failed. Then go stronger and harder.
Who knows next time you could succeed. #wealthnoir#wealthnuggets@theRealKiyosaki
Student loans are a real problem for many people. In 2018, student loan debt reached an all time high $1.37 trillion dollars. Nevertheless, depending on your income and total debt you could still qualify for a home loan. .
If you decide to become a homeowner and would like to be a landlord too--you could house hack. House hacking is when you rent out a portion of your home in exchange for rental income. You could invest in a duplex and rent out one unit or get a roommate. The tenant is contributing to your mortgage and you are able to own for less. .
However, it’s important to find a home that you can afford with or without the rental income from a tenant. Before you purchase a home make sure you can pay the mortgage with your existing income. So any future pay raises or bonuses would be extra income you could apply to your student loans or home loan debt. . #wealthnoir#wealthnuggets#debt#studentloans#mortgage#realestate#homeloans#loans#househacking#landlord#propertymanager#propertymanagement#rental#incomeproperty#studentloandebt
2 13015 August, 2019
While an LLC can help insulate you from liability related to your rental property, it's not needed.
Did you know a 30-year mortgage is not your only option?
Mortgage lenders tend to push a 30-year mortgage because it comes with a cheaper monthly payment and means more money for the lender in the long run. But that’s not the only mortgage available and should not be your first choice. If you can afford it, invest in a 15-year mortgage instead.
When you are shopping for your mortgage ask your lender to provide the terms for a 15-year mortgage and a 30-year mortgage. Then do the math to see which monthly payment suits your budget. Sometimes, the difference between a 15-year mortgage payment and a 30-year mortgage payment is a couple of hundred dollars. If you can afford to pay a little more why not go for the shorter loan term?
If you buy a $100,000 house with a 4% interest rate, your monthly payment would be $477. By the time your mortgage is paid off you would have paid $171,869 for your house. But if you had a 15-year mortgage your monthly payment would be $739 and the total you pay for the same house would be $133,143. That a difference of almost $40,000. What would you do with an extra $40K?
Investing in a 15-year mortgage saves you money and ensures you pay off your house faster. Go for a 15-year mortgage it if you can.