Improve Your Financial Knowledge

financial control

When it comes to your financial knowledge, stop pretending that you don’t know what you’re doing.  There are more resources than ever.  If you’re a book lover, read a few on personal finance.  If you’re a net surfer, start Googling up on financial terms.

 

Answer the following questions and take a few minutes to research anything that you don’t know.  Don’t be afraid, we all have an area that we need to focus on.  These items are off the beaten path, and from what I’ve seen, points that cause confusion.  Some are Yes/No or True/False, while others are thought questions.

 

I’m all about sharing knowledge.  I learn something new every day and never stop reading.

 

Earning

True or False:  I have a progressive career plan that will increase my earnings within the next five years.

 

The last time I improved my work skills was ______________.

 

Related Post: Money Learning Checklist 1         Earning/Saving

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Financial Independence Hokey-Pokey

 

financial freedomI didn’t focus on being financially independent until about three years ago.  I had an idea what my net worth was, but wasn’t fully clear on the exact number.   The lack of a plan made it a nebulous target.

THIS POST MAY CONTAIN AFFILIATE LINKS.  SEE MY FULL DISCLOSURE FOR DETAILS.

In my 20s at the start of my career, retirement seemed so far away.  I relied heavily on my accounting career to give me financial security.  After all, I chose the career knowing that I’d always have a job.  Consequently, every ounce of my energy went into working.  There were summers that I never saw the light of day. I never knew when I was getting home and I made many sacrifices.  Believe it or not, it was exciting and I enjoyed it.  I latched onto an upward trajectory of promotions and raises.  When I had full autonomy over my position, I liked being relied upon and the responsibilities that went with it.

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5 Ways Your Life Is Impacted By An Interest Rate Increase

 interest rate

Interest rates do not make for the most exciting chat topic. You won’t find it in the conversation starter game that you unwrapped for Christmas.  It’s probably easier to clear a room by yelling ‘Interest Rates!’ than FIRE!  Watch your friends and family run from you as you broach the topic of how the Federal Open Market Committee voted to keep the Federal Funds Target Rate at 1.00% – 1.25%.  Fed Prime Rate Info

Still reading? Good.  Because interest rates impact your life. Continue reading “5 Ways Your Life Is Impacted By An Interest Rate Increase”

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End of Year Money Moves

money management

THIS POST MAY CONTAIN AFFILIATE LINKS.  SEE MY FULL DISCLOSURE FOR DETAILS.

Now’s the time to be anticipating money moves for next year.  To avoid losing valuable compounding time or growth, you want to be able to pull the trigger on January 1st.  Check into what your accounts and plans offer and ask questions in advance.

With year-end bonuses and raises coming up, certain accounts require tweaking.  For example, with each year’s payroll increase, my retirement plan contribution percentages can be adjusted.  I examine every payroll deduction and determine if I am gleaning the maximum benefit from each.  See below where I will fund my 2018 Health Savings Account contribution using an IRA transfer.  Because I won’t need a payroll deduction for that account, I can adjust my Flexible Spending Account contribution and reinstate my vision benefits.  I don’t pay for vision benefits each year, only the years that I plan on buying glasses.

In the financial planning workshop I conducted over the past three weeks, someone posed a question as to how to manage changes in the economy and the tax code.

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How Money Plays a Role in Our Lives

financial control

I see everything through a money lens.  I realize most people don’t.  The notion of excluding money from everyday thinking is unrealistic to me.  Unless we live off the grid and grow our own food, then money may be considered trivial.  In the real world, money is the medium through which we manage our standard of living.  Ignoring the role it plays in life is downright naïve.  We exchange money for everything: food, shelter, clothing, electricity, heat, transportation.  Most people shun money topics, or think it’s too boring to talk about.   Reality is, money is the undercurrent of life.  People say they don’t care about money.  They say they want to ski all day or go fishing but they still have to buy the skiing gear and fishing rods.

This post is about how money is intimately interlaced into every area of life and why it’s critical to pay attention to monetary affairs.

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Financial Planning Workshop Is A Success

financial planning

I’m conducting a personal financial planning workshop at a local bookstore.  In three sessions, I plan to provide an overview of the following aspects of financial planning: saving, spending, investing, retirement, and insurance.

The first session, this past Thursday, was a success.  A small group showed up representing all age groups.  I started with my usual introduction, explaining how each person’s mentality towards money drives their money habits.  With the following visual, I outlined the topics that, when combined, result in balanced financial management.

financial planning

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4 Super Easy Ways to Start Investing – Today

easy investing

THIS POST MAY CONTAIN AFFILIATE LINKS.  SEE MY FULL DISCLOSURE FOR DETAILS.

Start Investing Now

I continue to hear that people are confused about how to start investing.  Honestly, I don’t understand such bewilderment.  If you ask me, investing has never been easier.  Maybe before the Internet, but not now.  There is so much information out there, no one should be at a loss. However, money mentalities are responsible for this.  Everyone has their priorities and if managing their money is not near the top of the list, it gets forgotten.  If someone is immersed in their career or other priorities, their money mentality takes a back seat.  Totally understandable.

Learning how to invest can be a lifetime endeavor, and a confusing one.  With the number of available investments, it can be dizzying to even attempt to understand it all.  Dizziness leads to zone-out, and ultimately, non-action.

Here are a few remedies to ensure that you are participating in the world of investments.

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Asset Allocation and Annuities

investment allocation

Asset Allocation

Knowing which direction to move toward is a key component of adequate financial planning.

I would like to take a break from the Learning Checklists and talk about my latest research.  Asset allocation recommendations and annuities have been my latest focus.

I don’t like relying on the first thing that I read, for two reasons.  One, I don’t always agree with the adviser and two, it can be too rigid.  Because my nose is in a financial book almost every day of the week, I like to combine all my resources and find the common denominators.  Here are several models:

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