Archive for the ‘Financial Freedom and Prosperity’ Category
Years and years ago, I started my first IRA when I was in my 20s. I am going to date myself, but it was back when interest rates were double digits. I still remembered how excited my husband and I were when we each invested $2000 into our Individual Retirement Accounts or IRAs.
A traditional IRA is basically an account that allows you to set funds away for retirement and the money will grow tax deferred, meaning you won’t have to pay income taxes on it until you take it out. In addition, you are able to deduct that investment from your income on your tax return. It’s a pretty cool deal especially if you start saving when you are very young.
Take a look at this chart on Dave Ramsey’s website called Junior’s Clubhouse that shows not only the power of compound interest, but the power of starting early. I was so excited to have found this chart. I suggest that you print it out and share it with all the young people that you know.
Secret of Compound Interest:
In the link above, basically the first person starts their IRA with $2000 at age 19 and stops at 26 (total investment is $16,000). The second person waits till they are 27 and continues to save until they are 65 (total investment is $76,000). At age 65:
- the person who invest $16,000 has $2.2 million
- and person who invested $76,000 has $1.5 million
Why is this? It’s because of the power of compound interest and starting early!
Those IRAs that my husband and I started at age 26, would be worth $28,000 today each at a 10% return. This is just one terrific way to accumulate wealth.
There are 3 mistakes that I see people make with their IRA accounts:
- The first mistake is to simply not have one. One of the big issues is see with many women is that they love to make money and they love to spend it. Saving let alone investing is not a big agenda item. If you are earning money and do not have a tax deferred retirement plan, I suggest going to your financial planner or your bank immediately and setting one up. You can talk to the advisor about the appropriate type of IRA because there is also a Roth IRA which does not get a tax deduction, still grows tax deferred and the income comes out tax free. The advisor can also help you select an appropriate investment vehicle for the IRA account. Sometimes you can set these up with very little money and even add as little as $100 per month. Just get started.
- The second mistake I see people making is not being diversified. Again, get some advise on how to invest your money. There are mutual funds and Exchange Traded Funds that operate like a mutual fund by giving you diversification. The goal is to have variety of investments based on your age and risk tolerance. In addition, you want to look at the investment cycles. Right now, bonds have been on a 30 year bull cycle because of falling interest rates. Investing in bonds at this time could actually be very risky because when interest rates go up, bonds can lose a lot of value. So please get some advise from an expert and then re-balance your portfolio annually.
- The last mistake people make is with their beneficiaries. Just this week, I was reviewing my Self Directed IRA account where I own real estate and a non publicly traded stock. When I opened the account, the company was called Entrust. A few years later, Entrust was taken over by Quest IRA. To my surprise, Quest did not have my beneficiary designation on file. It always makes me chuckle when I see something like this happening to me because I am a Certified Financial Planner and should know better, right? So with all the consolidations and mergers, it’s really important to check out those beneficiary designations. IRAs avoid probate and in many cases when structured appropriately, the tax benefits can roll over to the recipient at death. If the beneficiary designation is not correct, it can have dreadful tax consequences.
So those are my 3 IRA tips: Start one — Diversify — Update those Beneficiaries.
I will go deeper on these topics in future articles. If you have any questions feel free to make a comment or schedule a complimentary consultation at www.talkwithkatana.com
As an entrepreneur, I absolutely love working from home. I spent my first 10 years working from my car, door to door in sales, and the next 20 in a corner office in corporate. My dream was to turn my vocation into my vacation, so I have created a new work environment that for me is perfect.
I live on a lake and am surrounded by gardens at the end of a private road, so I have peace and serenity. During the long winter months, I lead spiritual life purpose and adventure retreats to Costa Rica. My husband and I even have a villa in Panama five weeks out of the year…again, surrounded by rain forest, ocean and serenity.
This was no accident. My husband and I have worked very hard over the years to be able to live this lifestyle today. We created our first financial plan in our 20s, began investing into our retirement plans, and have been very thoughtful about our relationship with money.
Through my husband’s career, he has provided the health insurance and his retirement, includes a pension plan. These have been a foundational piece of our financial planning. This gave me the opportunity to take more risks and become an entrepreneur.
I think owning a business is one of the best ways to create wealth. It is not, however, for the faint of heart or for those with little or no funding. Studies show that many women use their savings, even 401 (k) plans where they are hit with penalties and taxes or even their credit cards to fund their businesses. To do this right, it will take planning, time and money to create a truly successful business.
Almost every successful entrepreneur has experienced all or most of these steps in creating a successful business:
- Worked very, very hard doing what others refuse to do to make it work.
- Stepped out of their comfort zone and take risks.
- Hired a consultant or coach who so they could “learn the system” saving years and years of trial and error.
- Experienced huge failures, lost money, made money, lost it again — but they did not give up, and they finally figured it out.
According to GoForFunding, many women entrepreneurs are an average age of 40-60 years old because they have had previous careers in other areas. Their primary goal is not monetary reward but rather personal satisfaction and community involvement. Many of them are educated and assemble into groups in order to pool business ideas and resources together. This is the idea behind our free Smart Women’s Coaching Community. You don’t need to do this alone. If you aren’t a member of our free community yet, you can join us now by visiting SmartWomensCoaching.com
Being an entrepreneur is very rewarding. I believe it’s one of the best ways to actually get paid to do what you love while making a difference in the world. The secret is:
- creating systems
- leveraging a team
- and creating a business that can run without you or at least virtually!
If you want to talk about your dream, feel free to schedule a complementary session with me at www.talkwithkatana.com This is my passion, and my purpose in life so I’d love to hear from you!
Written by guest contributor Michelle Hutchinson
My daughter and I play a game on our iPad called Sims FreePlay™. I’m sure you’ve heard of this game. It’s where you build a computer animated town and fill it with people – or Sims™ as they are called. Each person has their own personality, house, wardrobe, hobby, and career. You advance through the game by increasing skills in your hobby and your career and gain money and lifestyle points along the way. The more you practice your hobby the more lifestyle points you earn and the more you practice your career skills the more advance you become and the more money you make. Sounds a little like real life, doesn’t it?
For example, one career in our town is a Firefighter. To become the Fire Chief they must practice this skill over and over so they can advance to the next level. There are other careers in this town but it wouldn’t do this particular Sim™ any good to practice one of the other trades – because they are a firefighter. They need to keep their focus on firefighting. The Jack of all Trades career is not an option in this game, nor should it be in real life.
There’s a lot we could learn from this animated town. For one, the more we practice and engage in our hobbies and friends the more lifestyle points we earn and the happier we are. And two, the more we practice and stick to our specific job the more we advance in that career. Our Sims don’t have a choice of what career path they must follow, I assign one to them. You, however, do have the option to choose.
Do you love your job and the career path you’re on? Then follow it and practice getting better at that job. Take training, read books, get more involved and gain the skills needed to make that career even better. You may have many skills, don’t we all, but hone in on one in particular and then become the expert that other people come to and that you become known for.
On the other hand, what if you say you don’t like your current job or career path? Then ask yourself, why would you spend any time getting better at something you don’t even enjoy? Why not take that energy and focus on something that makes you happy. There must be something in your current job that you like or are good at or you would have never been hired. What is it? Can you take that skill and make something out of it?
I’ll give you an example. I use to drag myself into work every day. Even though at one point I really enjoyed my job, I had grown to dread Mondays. When I finally made that decision that I was no longer going to settle in my life, I took a moment to identify that part of my job that I liked and that I was naturally great at. It turned out to be efficiency. I was really good at helping the other departments streamline their processes and save time. I enjoyed helping them. This became the one skill that I was going to focus on and become the expert that people would know me for. And that’s what I’ve done.
Ask yourself these questions:
- What is it that you want to do with your life?
- What would it take for you to wake up on Monday happy and ready to start your week?
- What is it that you could do all day and just completely lose track of time?
- Now identify how can you make money doing that.
The Law of Attraction says that what you focus on you’ll receive more of. So if your focus is on hating your job, that’s what you will get more of – hating your job.
So make your focus “loving what you do” and just imagine what you’ll begin receiving.
The exercises in this workbook will help you identify what your unique abilities and strengths are, and may even help you identify your new career path.
If you had the choice to double your income or to double your time off, which would you choose? It is possible, maybe not over night, but it is possible over time if you learn the steps, follow the process and stay on track. It’s all about consistency and implementation.
In this new age, you are rewarded for your results, not activities. You are paid for your outcomes, rather than hours you work.
If you can double your value, you can double your income. How? By identifying the things you do that contribute the most to yourself and your clients.
I often refer to the 80/20 Rule:
- That 80% of our results come from 20% of our activities.
- That 80% of our income comes from 20% of our clients.
- That 20% of the people generate 80% of the revenue
So think about how you can incorporate this rule into your life by spending more time on your most effective activities. There are steps you can take whether you are an employee or an entrepreneur. I believe you need to think of yourself as an entrepreneur even if you are an employee, but that is another story.
How can you reinvent your career – what you do every day – to bring you more income, freedom and joy?
Four Simple Steps:
- Bring out a piece of paper and draw a line across the top and one down the middle. Now put a smiley face on top of the left column and an unhappy face on the top of the right column.
- On the left side, identify what are the things that you love to do, that you do well and that also bring you the most revenue.
- On the right side, identify all the things that drain your energy, that you put off, that you are terrible at or simply don’t get paid well for.
- Now eliminate, delegate and outsource all these items from the right side that are draining your energy and sucking your money so you can focus 80% of your time on the things items from the left side that you love, are great at and make you the most money.
It truly is that simple, but you might need some help with this. I find most people do need support – but once they get it and begin to implement this process the magic begins. I’ve seen it in my clients lives and I have used this secret over and over to not only create lots of wealth, but to give me the freedom to travel, make a difference and really live the life I love.
This is one of the smartest and fastest ways to double your income or time off. It will require some work and investment initially on your part, because after you eliminate, you are still left with delegating and outsourcing. This step will involve trust, giving up some control and ultimately result in your stepping into your power!
Now I invite you do to two things.
- Do the exercise above right now or at least put it in your calendar right now…then see how you feel when you are done and share it with us below in our FaceBook group.
- If you want help with your list when you complete it, click here to book a complimentary appointment with Michelle and me to take the first step in creating more time, freedom and money in your life by taking action with that list.
This process works and I can’t wait to hear what you discover, learn and create in your life, your business and your finances with it!
Women are making great strides in entrepreneurship. We are starting businesses at a higher than men now and according to research women will create over half of the 9.72 million new small business jobs expected to be created by 2018. That’s only 5 years away!
So where will you be in 5 years?
Will you be closer to your dream or still running from it?
“Within our dreams and aspirations we find our opportunities.” ~ Sue Atchley Ebaugh
I think what this quote means is that if you’re looking to start a business but not sure what to do – look to your dreams first. Listen to that voice inside of you that is trying to tell you…are you listening to it?
Many women today are starting their own businesses to live the life they want. They want the freedom that a home based business brings them. Imagine a life where you are spending your days doing what you love. Are you imagining it? What does it look like? Where is that feeling in your body?
If that feeling gets you excited than you’re ready!
So here’s your exercise today…
- Get Clarity: If you haven’t already downloaded our free workbook “How to Breakthrough your Fears and Step Into Your Brilliance” workbook than that is the first start. This workbook will help you identify your strengths and give you some clarity into a potential business opportunity. www.smartwomenscoaching.com
- Stop Wanting: You will need to shift your mindset from “I want” to “I have”. Wanting things only manifests more want in your life. You have to believe it to be yours. Write down how many times a day you say “I want” then shift that to “I have”.
- Shift your energy: We spend too much time in our head thinking and not enough time in our body feeling. When you have trouble with all the “mind clutter” take a moment to breath or meditate. Take deep breaths and release those thoughts. Become conscious of your surroundings. Listen to our interview with Joshua Bloom and Quantum Energy shifting and read through these last few articles to get Some great tips.
Are you feeling the shift?
Three steps to manifesting
When the new research comes out in 2018 will you be in that statistic? Will you be one of the new small businesses owned by women? I believe in you…do you?
To help you get started I have a fabulous home study course and for a limited time I am including a 30 minute clarity session with me. And in my upcoming ezine I’ll have a special coupon for this program. So if you’re not receiving those visit www.smartwomenscoaching.com right now and sign up!
Visit www.GetClarityNow.Com for more information about this home study course.
This is the new paradigm ladies! We are being called to step into our greatness like no time before and it is creating all kinds of stress, self-doubt, overwhelm and anxiety because even though our soul is calling out to be heard, our ego is trying to protect us and keep us safe.
The problem is that playing it safe or playing small is no longer going to work and the more we try to stuff down these feelings, the more anxiety we will create. I know, I have been there, and it’s not a pretty site! Believe me.
What I am finding in the work I do, is that women are being called to step into their brilliance and to fully align themselves with their divine purpose – and that’s simply doing what you came here to do in an authentic way that brings you joy, ease and abundance. When you do this, life actually begins to flow and making money becomes fun and effortless.
It’s possible, and I have figured this out for myself. I call it The Six Pillars of Awakened Prosperity System™. It’s the process I have used over and over in my life. It has helped me get to the next level every time and has brought me through some of the most difficult times in my life.
When we surrender to the process and look for the gift in every single experience, something magical happens. The gift becomes our greatest teacher.
Discovering our purpose may not be easy for some. Like any journey, there are trials and tribulations. There is a secret to this process, and it takes trust, support, and the guidance from someone who has taken the path before you. Without this guidance and support it doesn’t matter how rich or successful you are, you end up with all kinds of self-doubt and limiting beliefs that slow you down and bring you to your knees. It happens to all of us.
In fact, it just happened to me a few weeks ago, but I had a plan, and I took action immediately.
I went to our Website www.smartwomenscoaching.com and downloaded our free workbook called “Breakthrough Your Fears and Step into Your Brilliance”. I went through the workbook myself, right then and there and what I realized was if I was having this problem, then I knew others were too. The more women I asked, the more I saw… this was a major issue. If you haven’t already downloaded this free gift I recommend you visit www.smartwomenscoaching.com now and get it.
The secret to living your joyful and abundant life is so simple if you follow the process. We can’t wait to share this Six Pillars of Awakened Prosperity System™ with you!
I believe there is a huge spiritual shift happening on the planet both in how we make money, how we do business and how we live our daily lives. We are shifting from competition to collaboration, community and co-creation. Those who have learned how to be part of this process, rather than fight it are seeing huge shifts in every area of their lives.
Can you feel “The Shift”?
If you’re looking to gain clarity and help with this shift you may be interested in my home study course “Get Clarity Now”. Visit www.GetClarityNow.com for more information.
Have you noticed how some people seem to be able to make money and have success magically? It’s seems effortless too. Then others seem to struggle each year feeling like they need to create another mountain.
How are you feeling about 2013?
- Are you feeling excited and inspired?
- Or are you feeling stuck, overwhelmed and uninspired?
So many people are being called at this moment in time to step into their brilliance, to step out of their comfort zone and to do things they have never done before. It’s doing what you came here to do – your purpose. Often stepping into this place will take courage to do things you’ve never done before, confidence to stay the course even when it seems impossible and clarity to know what and how to do it.
We usually think of January as the time for beginnings and for making resolutions, when this time of the year is actually the perfect time for finishing up projects, reviewing the past and preparing for the future. We have just finished the harvest and it’s time to rest, celebrate and review. The spring is actually the perfect time for new beginnings. So take this time to prepare for a magnificent year but do it in the right way, so you don’t get frustrated and give up.
My New Years gift to you is my three step process to manifesting a dynamic 2013. It’s so simple, but it will take time and you will need to be consistent. If you do it, I promise, it will change your life. However, 80% of us won’t do it.
STEP #1: PAUSE – Before focusing on 2013 – schedule time to review 2012
- Track where you have been. What went well and what didn’t.
- Celebrate your successes.
- Find the gift in your failures because they are your greatest teachers.
- Release anything that is no longer serving you.
- All of this will increase your confidence, clarity and results for 2013.
Step #2: Plan – Schedule a Full Visioning Day
- Envision what your ideal year would look like. What would you be doing, how would you be experiencing each day and who would you love to be around in your life and career.
- Create a bold income goal for yourself. It should be a stretch but not unrealistic.
- Commit to a bold savings goal. Saving just $10/day for 20 years at 10% will give you over $200,000.
- Starting with the end in mind create a step by step plan for 2013.
- Join our Free Teleclass on Women in Transition and watch for details about our upcoming Visioning Workshop.
Step #3: Breathe – literally
- Make time every single day to get clear, to become present and to get grounded. If you meditate, exercise or do yoga, then you understand the power of breathing.
- Most of us breathe from our chests and spend 95% of our time on autopilot – functioning from our subconscious. We spend only 5% of our time “in our bodies” functioning at a “conscious” or “creative” level.
- Learn how to shift your energy, release limiting beliefs instantly and become fully present, so you can create and manifest from a place of total confidence and clarity. This power is within you and when you learn to master it, life begins to flow; you learn to be authentic and vulnerable. You will begin to operate from your soul rather than from a place of fear or ego.
- We have interviewed dozens of mindfulness experts on our radio show, Smart Women Talk, including Quantum Healer, Joshua Bloom on December 18th, 2012. Click here to listen.
These three steps will literally change your life, but you must schedule the time, follow the process and it will take discipline.
I have created a six step process that takes you through the Dream, Discovery, Leap, Plan, Dance and finally to Mastery. Watch for an opportunity to learn more about the process later this month as we go through it together.
Promise yourself to schedule time to Pause, Plan and Breathe and make 2013 your best year ever!
Click here to register for our *Free* Teleclass on “Women in Transition: A Guide to Living a Life of Purpose, Passion, and Prosperity.”
Michelle here…and as an efficiency coach here at Smart Women’s Coaching® I usually look at the oldest processes in your business first. You know…the ones you’ve been doing for so long that you don’t even think about them anymore. You may not even remember how they got started. It’s just the way you’ve always done it.
So it may be surprising to hear that it’s probably where the majority of your efficiency gaps and energy wasters will be found. Technology is always improving, updating and making things easier and yet most people will insist they don’t have the time to learn. The fact is you can’t afford the time that’s being wasted by not learning.
Whenever I hear “That’s the way we’ve always done it” I know that I need to address that process first. It always reminds me of a funny story I heard many years ago. It goes like this…
A mother was teaching her young daughter how to make a pot roast. The recipe was a very old recipe that was handed down from generation to generation and it was a tradition to teach the younger women in the family.
“The first thing you must do”, said the mother “is cut off the ends of the pot roast.” The daughter, curious as to why that was necessary, asked her mother why they had to cut off the ends.
The mother replied, “That’s just the way we’ve always done it. My mother did it that way and her mother did it that way”.
Not satisfied with that response the girl went to her Grandmother and asked the same question. “Grandma, why do we have to cut off the ends of the pot roast before we cook it?”
Her Grandmother gave her the same answer…”That’s just the way we’ve always done it. My mother taught me to do it that way.”
Still not satisfied with this reasoning, the girl finally went to the source of the recipe…her Great-Grandmother. “Great Grandma, I would like to carry on the tradition of your delicious pot roast but I have a question for you. Why do we cut off the ends of the pot roast before we cook it?”
The elder woman of the family gave this great insight into the mystery of why they’ve ‘always done it that way’…”Oh honey”, she said, “When I was first married, the pot I had wasn’t big enough for the whole pot roast so we always had to cut off the ends so it would fit in the pot.”
So you see, just because you’ve ‘always done it that way’ does not mean you should continue to do it that way. (Think of all that wasted pot roast.)
Now take a moment to think about some of the tasks that you perform that you’ve always done a certain way.
- Can it be updated with newer technology or programs?
- Is it possible there’s a better way to do it but you haven’t taken the time to learn how?
- Can it be eliminated all together?
Sometimes it takes someone looking in from the outside to see the problem.
I have helped many people simplify their systems freeing up time, saving money, and improving productivity.
If you’d like some help finding your efficiency gaps and energey wasters then click the link below and schedule a consultation to see how I can help you.
And catch yourself the next time you say “It’s just the way I’ve always done it.”
“What lies behind us and what lies before us are tiny matters compared to what lies within us.”
~ Oliver Wendell Holmes
In the book “The 7 Habits of Highly Successful People”, author Steven Covey says to “Begin with the end in mind”. What do you think he meant by that?
Covey writes, “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you are going so you better understand where you are now so the steps you take are always in the right direction.”
It is so easy to simply get tied up in the “busy-ness of life” working harder and harder only to find out that your “ladder is leaning against the wrong wall.”
When I pulled my book off the shelf, I noticed that I had read this book in January 1995. In fact, I was part of a weekly Mastermind where we went through this book, chapter by chapter that year – that’s almost two decades ago!
This book like so many other classics (including “Think and Grow Rich”) has had a profound affect on my life, my business and my finances – and this chapter specifically with Habit #2, Begin with the End In Mind.
As a CERTIFIED FINANCIAL PLANNER™ professional, I have spent the last 25 years of my life helping people plan for their dreams like educating their kids, planning for a comfortable retirement, leaving their legacy and also creating wealth by starting and growing a profitable business.
Below is my simple three step process to jumpstart your 2013 by having a plan. The key to creating not only a successful year, but a meaningful and prosperous life is to have a written and clearly defined plan – one that keeps you focused, accountable and on track.
Slow down to speed up: Make an appointment with yourself to FOCUS. I suggest you plan a whole day where you can create a written plan for 2013. I like to “go away” somewhere where I won’t be disturbed. Where I change my environment – break up my daily pattern.
If you have a partner, plan a retreat where you go away and work on the plan for a whole day. This is what I did with my partner, Michelle. We spent one full day planning and when we emerged, we had a clear outline for our new program that we are launching in 2013. Your plan needs to be in writing and include an action plan, timeline and results.
- TIP: If you need help with this, reach out for someone who is already doing what you want to do and mirror them. Author, John Maxwell says it takes 10 years or 10,000 hours to become an expert. So borrow this expertise so you can Jump Start Your Year Now. You can do this by finding a coach, a mentor or taking a program that’s designed to do specifically this.
Show up and do the work: Once you create your plan, the next step will be implementing the plan, creating systems and delegating. This is where so many fail because they simply don’t know what to do next. They do the old “Trial and Error method” and end up getting sidetracked, spending lots of money and losing their confidence and enthusiasm.
Staying on Track: This is the last step, and in my signature system – The Six Pillars of Awakened Prosperity™ – I call this The Dance step because you are testing and retesting or dancing with the Universe. It’s where you are fine tuning, and perfecting and simplifying. It’s where the real money is made, and where most give up. This is where support, feedback and accountability will be crucial because you are just one step away from the finish line.
If you are a soul centered, purpose driven entrepreneur and you want to go to that next level or have a dream and want to launch something amazing next year, then right now is the perfect time to schedule a session and create your 2013 vision and planning.
If you’ve found yourself stuck planning for the year don’t worry…because in January my partner, Michelle and I will be holding a special no cost Teleclass …
“Women in Transition: A Guide to Living with Purpose, Passion, and Prosperity”
In addition, we will be offering ongoing weekly check ins, coaching and training through our new FOCUS Coaching ProgramTM . Details coming soon.
Now more than ever, we are being called to do our greatest work, to create more income and freedom in our lives. It’s time to bring your gifts out there into the world, create change and make a lot of income while really having fun doing what you love.
You want to be clear on your strategy – how we think about our business and our life – and how we show up in the world as leaders and people with vision. I invite you to join us to make 2013 your best year ever!
If you are one of the 75 million home owners in the US, then one of the things you need to plan for is keeping your house maintenance up to date. If you are a single woman, this is even more important because you are probably running your household on one income. Since your home is often your largest investment, keeping it properly maintained is very important.
This includes “expected maintenance and unexpected maintenance”. I suggest creating a money bucket for each. A money bucket is a savings account that you add funds to from every paycheck so you can have readily available cash reserves when the funds are needed.
According to a recent MSN study, 43% of Americans spend more than they make and the average credit card debt is $8000. Planning for the unexpected with a special savings account is a smart way to avoid having to go into debt to cover home maintenance.
When purchasing a home and trying to determine how much of a payment you can afford, be sure to include all the possible maintenance costs both long term and short term and include those into your monthly calculation.
The secret is living on less than you make. You can do this by over estimating expenses, buying less home than you can afford and then setting aside those additional funds into cash reserves, retirement investing and some funds for enjoying life now.
Here is an example of how to calculate your home maintenance fund:
- Annual maintenance
Landscaping, carpet cleaning, minor repairs and replacements of worn out appliances like washer, dryer, dish washer, refrigerator (seems like one of these goes every couple of years).
- Bigger Ticket Items
New roof, furnace, air conditioner, hot water heater, siding, remodeling, etc.
- Unexpected maintenance
Rotting siding, fallen tree, storm damage, etc.
Some of these items could be covered by home owner’s insurance, however, be careful about filling small claims because it could cause your insurance rates to go up. Sometimes it makes more sense to simply pay the deductible.
So in the above example, you could be putting away:
- $100/month for the annual maintenance,
- $100/month for bigger tickets,
- $50 for unexpected.
The goal would be to create a savings account and add $250/month or $125 per pay if you are paid every other week. Start somewhere and tweak the account as you go. You can also add lump sums from things like tax refunds to build this account up quicker.
Come up with an estimate for each category and then create a figure that you will be saving on a monthly basis so you are building up your cash reserves. Having the cash to fall back on will help you sleep at night and keep the credit card debt at bay.
To learn how to shift your energy, get paid what you are worth and step into your money power, click here to pick up your free workbook and video now.
Also, please post your questions below and share this video with your friends!
Until next time, live with Purpose, Passion and Prosperity!