Tag Archives: #MoneyMondays

National Thrift Week 2021

A day late and a dollar short… Or in this case two days late.

We typically don’t make new posts on Sundays. That meant nothing posted on January 17 which was the first day of National Thrift Week 2021. Have you heard of it before?

If you haven’t we won’t bore you too much with the background here other than to say that the start day, January 17th is Benjamin Franklin’s birthday. You know the guy on the hundred dollar bill. He was pretty big about promoting being thrifty and it was a recognizable week up until the 60s.¹

Photo by John Guccione http://www.advergroup.com on Pexels.com

So what was this whole thrift week about? Was it poor people should stay poor so screw changing the minimum wage? Was it a thinly veiled push to support and uphold capitalism and promote more consumerism? Not necessarily. In fact if you visit AmericanValues.org you can read their pdf where they’ve included a number of Franklin’s quotes, including one dissing the choice of the bald eagle as the national bird because it’s a robber and “very often lousy.” Sounds like many a corporation nowadays.

No, the four basic principles that thrift week can be boiled down to are all about things each of us can do to move towards and maintain financial freedom, to not be a gear in the capitalism-induced sucker cycle of living paycheck to paycheck with no end in sight.

  1. Work hard and honestly.
  2. Spend less than you earn.
  3. Give back as much as you can.
  4. Have a plan.

However, those four basic principles can be broken down further as seen in the throwback flyer below.

Work hard and honestly

Don’t have a job right now? Our first tip would be to broaden your view. So often we limit our job searches because we want to stay in the same field or we want to receive a certain pay. In “normal” times we’d be all for that, but right now the best course of action might be to take what’s available to achieve some income while continuing to look for the connections and position that will move your career the direction you want it to go.

Spend less than you earn

This one seems so easy but a lot of people still don’t know how much they’re spending each month. So start simple by adding up your receipts and looking at what came out of your checking account each week. (Because we know you’re smart enough to not be using a credit card right now if you’re trying to free yourself financially.)

Give back as much as you can

This one seems counterintuitive but it’s not. We could go into quoting scripture and citing karma but the plain facts are if you’re focused on giving then you’re not succumbing to the push to buy, buy, buy as much.

Have a plan.

Wanting something is useless without a clear plan on how to get there. So make one. Need help making one? We’ll help you for free.
Schedule an appointment today.


¹ Bring Back Thrift Week (Opinion) – Education Week https://www.edweek.org/teaching-learning/opinion-bring-back-thrift-week/2010/01

Retirement and the Dreams of Children

First, we’re sorry that this didn’t post yesterday as planned.

Secondly, we’re sharing this post from Todd Garlington because he asks a number of good questions that we’d like to know our readers’ responses to after you take a look. So please talk back to us below in the comments or on our social media.

“I Want to Live Happily Ever After.” This sentiment is understandable in a child. Vulnerable and inexperienced, their growth relies on fantasy to some degree. But retirement services aren’t peddled to children.

Retirement and the Dreams of Children — Image(s)

How Financially Literate are you?

As one year transitions into another, we always see a sudden rush to get or start getting your financial house in order. A lot of bulleted or numbered lists come out of things to do without necessarily explaining why you need to do it. Maybe the assumption is that you already know which begs the question if you did know, wouldn’t your finances already be in order?

The reality is that many people who live in the US are not financially literate or put another way they don’t fully understand the language of money. That lack of understanding is what leads to having a financial mess on your hands. Let’s be clear though – IT’S NOT THEIR FAULT!

Nowhere in the education system in this country is financial literacy CONSISTENTLY taught. That one glaring absence leads to almost half of the population not knowing things that are key to keeping your bank accounts and overall finances in the black.

https://howmoneyworks.com/marieedwards/challenge

Think we’re kidding? Take the quiz on the website above and then post your score in the comments below if you’re brave. Are you financially literate?

If you get a score that you feel is too low to post, here’s how you change it. Register for this free course happening January 6th at 8 PM EST and increase your financial literacy in record time!

Smart Spending during Sucker Season

Are you in a mad dash to spend money you probably shouldn’t spend? Are you looking for tips on how-to start 2021 without the soul-crushing debt some come out of this sucker season with? Here are three…

1. Spend time, not money.

Money is tight for a lot of people right now. Instead of feeling pressured to buy a gift that may put you in a financial bind, think about an activity that you can spend time engaging in with the people that are special to you. No matter if you’re in person if they are already in your circle or virtually if they are far away, make sure to put some thought into how to make it special and memorable which oftentimes does not require a huge amount of money.

2. Set one goal & make it a number.

Whether you trying to buy gifts or improve your financial situation, pick your main goal and focus on it. To help you focus, actually attach a number to it. So it might be “spending $1500 or less on gifts” or “paying off $2000 worth of debt.” Whatever your goal, making it a tangible number gives you a target and a way to measure your progress.

3. Practice healthy habits.

Health and wealth are intricately linked and a lot of times that connection is overlooked until it’s too late. So here’s your reminder to practice healthy habits year-round to avoid expensive healthcare costs later. While the tendency may be to overindulge this time of year, try to eat and drink responsibly by listening to your body and choosing healthier options. If you do overindulge, increase your activity level. Depending on your location and the weather, you may be able to venture outside and get active while remaining physically distant to limit exposure to COVID 19.

More tips can be found at this link: https://knowledge-place.wealthmeethealth.com/individual/be-smart/article/choose-healthy-foods-and-stay-active-this-holiday-season/

Why Everyone Wants Your Money NOW

Instant Gratification Has Overtaken Your Financial Power.

“Waiting sucks!” How many times have you thought that? While it may not feel great at the moment, waiting when it comes to spending is key to reclaiming your financial power. Remembering that old adage that “patience is a virtue” can be extremely tough in this age of instant gratification.

In today’s world you can buy now, one click order, get no interest down, and enjoy same day shipping—but have you asked why? Why is it so ridiculously easy for you to spend your money? Is it…

  1. Because they’re committed to your convenience? (You can’t be that naive.)
  2. Because you’ll buy from their competitor if they don’t? (#Facts but..)
  3. Because they want your money, they want it all, and they want it now?
Seriously still find it hard to believe I didn’t realize Queen was behind most of my childhood favs until that movie – Ms. ME

DING, DING, DING!!! We’ve found our answer at #3. Understand that your need for instant gratification is a conditioned response. When you’re first born into the world, you want everything ASAP. And as a baby that’s mostly ok because what you want is essential, food, love, to not be lying in your own 💩. But as you get older, good parents teach their children to wait which is why we get the terrible twos. That’s the period where we fuss and complain and generally are a nightmare to be around until we learn that you can’t always get what you want.

Unfortunately retailers have spent decades undoing the hard work your parents put in to recondition you to expect instant gratification. Why? Because they want your money—all of it! Picture a tiny stopwatch inside every dollar you own. When the start button is pressed, the dollar starts earning interest. Each dollar is ticking away, earning money for someone. Is it you, or is it the institution that has your savings account, car loan, mortgage, student loan, paycheck, or your next pumpkin spice latte? Every dollar that passes through your hands will earn money for either you or someone else. Every time you put your hard earned cash in the hands of someone else, you’re handing out little money stopwatches that never stop ticking.

It’s time to reclaim the earning power stolen by your need for instant gratification.

Money you put to work today has the potential to earn more interest than money you put to work tomorrow. Why? Because it has more time to grow. Those who know how money works never want to waste a single day of earning potential.

Did you think it’s a coincidence that taxes are taken out of paychecks now but tax refunds are not paid until the next year? Ever wondered why financial companies hold funds for a few days rather than release them to you immediately? They pay it out only after they’ve squeezed out every possible day of earning.

They’re not doing anything wrong. They’re just taking full advantage of the Time Value of Money. It’s time you did too.

It’s good if this makes you mad. You should be—you’ve been treated like a sucker. Your logical mind and personal finances are covered with the weeds of instant gratification. This threatens ALL your goals for the future. Start ripping the weeds out by reading HowMoneyWorks: Stop Being a Sucker today. Click here to request a copy.

This book coupled with guidance from your licensed and qualified financial professional can help you increase your financial literacy, stop the counterproductive behaviors of instant gratification, and start thinking—and acting—like the wealthy.