How to Establish an Emergency Fund

how to establish and maintain an emergency fund

Once you’ve built a budget and started getting some extra monthly cashflow, you’ll want to establish an emergency fund. An emergency fund is exactly what it sounds like—it’s there for emergencies only. As such it should be put away in a savings account, CD, or money market account and forgotten about. The purpose of an emergency fund is to help you in times of unpredictable circumstances such as a job or car loss. If a home repair or car accident…

Avoid This Costly Mistake When Investing in the Stock Market

As a financial advisor I’ve seen hundreds of investors ranging from inexperienced to advanced. I’ve seen people lose money and I’ve seen even novice investors make a lot of money because they got lucky. I’ve seen average investors make great gains throughout their earning years only to later make a mistake. Stock market gains seem to be non-discriminatory. Anyone can make money in the markets. Success in investing is shared by both young and old investors, those who read investment…

Budgeting May Be A Painful Exercise, But Failing To Budget Is Even More Painful.

Sometimes clients tell me they don’t envy what I do—the sitting behind a desk and calculating capital gains taxes, considering the many factors involved in choosing one retirement plan over another, diversifying and rebalancing portfolios as needed. It makes sense that my clients don’t envy what I do—that’s exactly why they hire me. And let’s be honest, sometimes sitting down and setting a budget and tallying up monthly income and expenses can seem tedious and boring. Maybe you avoid budgeting…

You Don’t Have to Win the Lottery to Grow Your Wealth!

budgeting

You don’t have to be making mega-bucks in order to succeed financially. In fact, there have been many people with large incomes who did not put basic personal finance practices into play and suffered drastic consequences as a result. Many lottery winners, professional athletes, and high-earners have squandered their wealth by failing to adhere to time-tested money management skills. As a result they lost their fortunes and suffered personal losses as well. This phenomenon is not uncommon. When I was…

Millionaire Success Secret #1: Implement a Viable Cash Flow Plan

budgeting

Budgeting will make or break you. Get it on paper and implement it. Budgeting is not only an important aspect of wealth-building, but a vital tool for it. Without a working budget you simply can’t win with money. Clients and friends ask me all the time how they can formulate a cash flow plan that not only works with their long-term goals, but is also attainable in their day-to-day lives. Here are a few key takeaways to help you construct…

The Quintessential Key to Building Wealth: It’s not What You Think

budgeting

The research is in. The findings are conclusive. Anyone can create the lifestyle and legacy that they want—even you, especially you! The good news is that if you want to grow wealth, you don’t have to time the markets perfectly, make a six-figure income, or inherit a fortune from your deceased uncle. The bad news is that it’ll take work and you’ll have to do the exceptionally boring, yet all-important task to get you there—budgeting. Budgeting is the most essential…

The New Tax Cuts and Jobs Act: Maximize Your Tax Refund This Year

tax return

Two certain things in life are death and taxes. And even though much can change in the tax system, the IRS will always be there to take their portion of your income. Much indeed has changed since the 2017 Tax Cuts and Jobs Act. Many Americans this year are seeing less of a tax refund or more of a liability than they were expecting because their employers withheld less taxes on their pay-stubs last year. In an effort to reduce…

Purpose: More Than Just “Work, Pay Bills, and Die”

purpose

No one wakes up one morning and thinks to themselves, “I was born to work, pay bills, and die.” Rather people realize their destinies and say things like:  “I will provide the best life possible for my family.” “I will influence young minds to build a better tomorrow.” “I will save lives with my medical skills.” “I will explore the world.” “I will hone my craft so well that everyone will call me the best in my field.” “I will…

Contentment: Finding Happiness Through Intentional Living

Contentment. Happiness. Laughing so hard it hurts your stomach. Catching up with an old friend. Having a deep conversation with someone who truly understands. Listening to your voice being drowned out by others in a perfectly harmonious chorus. Breathing in the pure oxygen and the smell of pine trees on a sunny mountaintop. Sitting under homilies of grace on a Sunday morning. Snuggling with your loved one with the TV on. Lifting iron in the gym. Exploring a new place.…

Life-Money Goals and the Parable of the Mexican Fisherman

A vacationing American businessman standing on the pier of a quaint coastal fishing village in southern Mexico watched as a small boat with just one young Mexican fisherman pulled into the dock. Inside the small boat were several large yellowfin tuna. Enjoying the warmth of the early afternoon sun, the American complimented the Mexican on the quality of his fish. “How long did it take you to catch them?” the American casually asked. “Oh, a few hours,” the Mexican fisherman…