Am I making the best decisions with my money?

Am-I-making-the-best-decisions-with-my-money

If $1,000 fell into your lap tomorrow, how would you spend it?  Would you tackle a home decorating project, upgrade your wardrobe, fix that nagging car maintenance issue, take a vacation, sign your kids up for summer camp, or put it in your savings account for a rainy day?  If you’re like me, there are always a gazillion things I want – some are practical, some make no financial sense at all.

The fact remains that it’s much easier to spend money on something fun than to use it to boost your financial future.  With that in mind, here is a framework for decision-making that could help you make the best – and the right -decision for you if this $1,000 magically showed up in your checking account:

1. Write down your top 3 core personal goals –   Typically, where you spend your money demonstrates what’s important to you.  The decisions you make are an outward expression of who you are.  For me, my goals are to educate and raise my kids to be fruitful adults, spend as much time with people I love, and help other people find the key to joy in and throughout their lives.  Now I must ask myself, “Valerie, will my spending decision support one of these three goals?”  If the answer is yes, I can move on to step two.  If the answer is no, I should consider spending the money on something that will.

2. Narrow down your choices – There are a few questions you can ask that may help weed out the bad decisions, such as:

• Will this purchase grow in value over time?

• Will it generate positive cash flow (make me money) or negative cash flow (cost me more money)?

• Will I make memories that I’ll never forget?

• Will it benefit someone other than me?

• Will this inhibit my future financial security?

You may not like the answers to some of these questions but at least you’ll know whether the decision could be a benefit – or a liability – to your life.

3. Consider the facts – The best decisions you can make are informed decisions.  Start by researching your options so that you can make the most of your money.  Talk to trusted friends or family members to learn from their experiences.  Evaluate different buying possibilities so that you are confident that you’ve really thought through your choices.

4. Learn from yourself – 30 days after you make your decision, ask yourself what you could have done differently so you can use that information in the future.  Consider which factors weighed most heavily in your final decision.  What was the outcome?  Given the choice, would you do it again,?  Were there other aspects you should have considered?  Are you paying the price now because you didn’t make the right decision?

If you need an accountability partner for your major financial decisions, give me a call.  I’d be happy to help you find the confidence you need to make the right decisions for you.  I’d also like to hear your ideas that could be added to this list – please comment below!

Securities and advisory services offered through Commonwealth Financial Network, Member www.FINRA.org/www.SIPC.org, a Registered Investment Adviser.  This communication strictly intended for individuals residing in the states of AL, FL, GA, KY, LA, MD, MS, OK, PA, SC, TN, TX. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.

3 Myths That Will Prevent You from Hiring Me Immediately

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Have you ever been faced with an important financial situation? Perhaps the details were overwhelming and intimidating? Maybe you’ve felt alone and didn’t know where to turn? Have you consulted with friends or family and they just didn’t get what you were going through or they were too busy to offer meaningful advice?

There will be times in your life – I know there have been in mine – where I felt a bit stuck. Thankfully, I’ve been fortunate to have key people who have guided me in the right direction. I think this has been one of the biggest factors of my success. So what is stopping you from finding a money mentor? Here are some of the most common reasons people won’t ask me for help:

1.)   “I don’t have enough money to use a financial advisor.” – I hear this all the time.  People think that just because they aren’t “rich” they don’t need help. I would argue that getting started is the hardest part and is when you typically need the most help! A quality advisor will show you how to get started. They will be there for you when you really need them now and down the road too.

2.)   “I can’t afford a financial advisor.” – Yes, you can! Financial Advisors get a bad rap for being too expensive, hiding their fees, and putting their own interests in front of their clients – mostly because it’s true. You’ll find this is due to that fact that many of them work in an environment that forces them to recreate their paycheck every Monday morning. I don’t work that way and I have a sustainable business that isn’t dependent on me selling a product and earning a commission.  I’ve designed a fee structure that will work for you no matter how much you have to invest or what you make. It’s really simple and I offer several payment options.

Oh, and by the way, we like getting paid in referrals – you’d be amazed how much it means to us when send your friends and family our way!

3.)   “I’ll do it one day, but not today.” – This is the most frustrating one for me because I can’t tell you how many middle-class folks I’ve helped pay off enormous debt or save six-figures in a few short years, bridge the gap between not having enough to having plenty in less than five years, setup life insurance to protect their family only to see them pass away before they ever thought it possible, and the examples go on and on and on.  Today is the day. You aren’t guaranteed tomorrow and baby steps are better than no steps.

If you or someone you know is ready to get started, e-mail me today and let’s start planning your financial future.

 

Securities and advisory services offered through Commonwealth Financial Network, Member www.FINRA.org/www.SIPC.org, a Registered Investment Adviser.  This communication strictly intended for individuals residing in the states of AL, FL, GA, KY, LA, MD, MS, OK, PA, SC, TN, TX. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.