Pay Yourself First No Matter What As a business owner, you’re often working hard to cover all the expenses of the business. Whatever those expenses are, don’t forget to pay yourself first no matter what!
How a True Wealth Manager Views Your Life Hey, guys! Justin with Financially Simple here to help you understand how a wealth manager views your financial life. Most people think a wealth manager is just someone who invests money, but that’s not really the case if they are a setting up a comprehensive plan. Investing money is just one aspect of what we do. For example, think of your life as a box. Everything in the box is something you can control. We can either google to learn more, ask friends and family for advice or even hire professionals to help us build the custom life we want to have. Those areas are cash flow, risk management, investments, and distribution. What You Can Control Cash flow is how much money do we make and how do we make it. So few people know exactly where their money is spent. It happens far too often. This is why I stress budgets. They’re important for both the home and business. Risk Management is everything that has the word insurance on it and the legal documents we use to protect it. Many people don’t plan their insurance packages, rather they buy it on […]
Laying a Good Wealth Building Foundation in your 20s and 30s Laying a Good Wealth Building Foundation in your 20s and 30s Hey guys! It’s Justin Goodbread from Financially Simple. Here are some tips for laying a good wealth building foundation early on. If you catch on to these you undoubtedly increase chances of success when it comes to your finances. 1. Work/Life Balance 2. Invest in Yourself 3.Plan Not Save 4. Set Short Term Goals 5. Spend Less than You Make 6. Build a Budget 7. Learn Money 8. Take Risks 9. NEVER Borrow Money for Non-Assets 10. Take Advantage of “Free” Money
Whether they’re personal or financial, life always comes with regrets. How many times in life have you uttered the words, “If I could do that over…” Probably many! Just like you I’ve wished for my fair share of do-overs. So today I’m going to share the 5 financial do-overs I wish I had, in hopes that you won’t make those same mistakes. 5 Financial Do-Overs I Wish I Had I wish I maxed out my ROTH contributions the moment I started making money. — If I’d put back $300-$500 a month back when I first began working at 16 years old, the compound interest alone would be unbelievable. However, like most young folks, I wasn’t looking toward the future. Obviously, I hadn’t grasped the concept of compound interest. Albert Einstein is attributed as saying, “Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn’t pays it.” Whether he said it or not, the truth behind that quote is undeniable. The power of compound interest is truly mind-blowing. I wish I had hatred of debt, the way I do today. — I hate debt! Hate it! I hate it! Hate it! I hate it! To see the crippling effect […]