Sound financial decisions can really make a difference down the road
Do you spend lavishly like “the great gatsby”, and live paycheck to paycheck? Or does the thought of spending your hard-earned paycheck give you heartburn?
Making small changes to our daily habits can reap great financial benefits. Begin by distinguishing your wants from your needs and taking inventory of your spending.
Much like running a business. When we take inventory of the way we spend our time, make a few corrections, and work towards keeping a schedule, we profit by having a little breathing room, family time, and maybe even a vacation.
It’s time to take control of your finances by learning how it works. Financial Educator LaShawna Moxley shares 20 practical ways to make your money work for you and gain financial independence.
6 Ways to Start Your Journey to Financial Independence
- Make a debt plan. Tally up your debts and create a plan of attack.
- Use additional money to fund your financial independence.
- Learn how money grows. You do not have to endure losses in the market. The banks want to keep you ignorant, so do not take advantage of their no-win products.
- Learn how the tax buckets work to pay less and grow your wealth. Do not let the government oversee your money. Take advantage of the tax codes and learn to make it work for you.
- Protect your family by diversifying. It is the only way to turn a little into thousands and leave a legacy for your family instead of debt. You can change your family’s future.
- Start a business, even if it is to be a referral for someone else’s business.
7 Tips for Retirement Security
- Do not rely on just your 401k.
- Know your financial independence number more than your credit score
- Work with an expert advisor to come up with an exit strategy.
- Have a health-related strategy at any age. Long Term Care is going to be needed some time in your life
- Do not make emotional investment decisions. Have a long-term road map and focus on it.
- Have a proper estate plan. Everyone needs the required documents for this, regardless of their financial position.
- Plan your quality of life (i.e. spend time with family, travel, etc).
7 Money milestones that everyone needs to have in place
- Receive financial education on how money works
- Increase your cash flow
- Have an emergency fund
- Debt management
- Protect yourself properly
- Build wealth
- Protect your wealth
Just a few stats
58% of Americans have less than $1000.00 saved
44% of Americans do not have enough cash flow to cover a $400 emergency
24% of millennials demonstrate basic financial literacy
Time to get smart about your hard-earned dollars!
Thank you Mrs. LaShawna Moxley for this interview and tips on money management. If you want to learn more but are not sure where to start, this is a helpful link. Good Luck,
I scored 2 out of 5. So glad LaShawna is in my corner to help!
At Wilco Wellness, we believe that health is a state of physical, mental, and social well-being. It infuses positive energy into the body, mind, and spirit. The best journey is living to support a complete state of harmony. It is never too late to improve your financial skills.
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