PERSONAL FINANCE

Today, let’s talk about kids and money, and why it’s so critical to start teaching kids about money from an early age.

Right now, we’re in the third paragraph on Page 38, under the title ‘Kids And Money’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

Parents, please understand: someone is going to teach your kids about money. It will either be you or some clown who’s after their money – you decide.

A money master thrives in many other aspects of life

When you teach your kids how to handle money, you’re not just teaching them how to count dollar bills or cash a cheque; no…

… when you teach your kids how to master their money, you’re teaching them valuable and crucially important life skills that will stay with them for the rest of their lives.

For example, here are money lessons you can teach your kids, and the benefits they would gain from the habits.

1. Benefits of teaching your kids to budget

When you teach your kids, at an early age, how and why they need to budget:

• Your kids learn how to plan for unforeseen events and emergencies ahead of time
• Your kids learn to not waste till the last minute before getting things done
• Your kids practice the habit of cutting their spending based on how much they make, not how much they earn
• Your kids understand the difference between wants, desires, and needs, and why some expenses are more important than others… all at an early age

2.… CONTINUE READING

Today, let’s talk about the two most important financial habits you can build as a single adult, so you can truly master your money.

Imagine… by the end of our lesson today, you’ll be a more successful single adult with regards to your money, all because you learned two very important money habits, and the distinct reasons why those money habits are so critical.

Right now, we’re in the fourth paragraph on Page 37, under the title ‘Budget And Buddies’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

The two most important money habits for you as a single adult, at any age, are to, 1) create a monthly written budget, and 2) find an accountability partner.

The most important habit is to “have a monthly written budget”

As a single adult, each time you get your paycheck, you feel in control. You get to make decisions on how you spend that money.

Which feels very good at first, until you realize that the control’s making you struggle with your financial life. You’re always fighting that inner battle within you to buy X item or not buy Y stuff.

In other words, the control you have over your money has become a curse.… CONTINUE READING

Today, let’s talk about how you can avoid being broke as a single parent, so you can master money and build wealth as a single mom or dad.

Because here’s the deal: Although being a parent with your partner in a marriage comes with its own set of challenges (you know, the types of difficulties that almost every marriage go through)…

… the challenges of being a single parent are even more painful to overcome.

Right now, we’re in the fourth paragraph of Page 36, under the title ‘Single Parents’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

As a single mom or dad, your job as a single parent is tough already – you’re literally doing the impossible. But please, use disciplined parenting with your kids, so you can master money and build wealth.

First of all, if you’re a single parent reading this, I so respect, cherish, and value you. You’re practically doing the impossible, and I can’t appreciate you enough.

Because here’s the deal: In a home with a husband, wife, and their kids, it’s tough enough to effectively be excellent parents to the kids and take loving care of them.… CONTINUE READING

Today, let’s talk about impulse buying, and how you can deal impulse buying as a millennial or single adult.

Impulse buying: is when you often buy things because you’ve just got this urgent feeling or desire to buy.

And although being a single adult has its perks and benefits, impulse buying is one of those habits that make being a single adult a very tricky life stage to be in.

This is even delicate more so because, as a single adult, you pretty much have no one telling you how to best spend your money, like you would tend to have if you were married.

Right now, we’re in the second paragraph of Page 36, under the title ‘Single-Adult Trouble Spots’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

As a single adult, you’ll need to keep paying closer attention to your impulse buying habits. Why? Because no one’s doing it for you.

Have you found yourself in any of these situations?

• You just visited your friend, and his 90-inch plasma TV makes your 55-inch Sony TV look like a child’s play, and you just can’t wait to ‘upgrade yours’…
• You just finished a group project with your work mates, everyone’s tired, and y’all just decided to grab boxes of pizza for yourselves, because you’ve earned it…
• You’re feeling lazy one Friday evening, and you just have to order from your favorite Chinese place…
• Your new date wants you both to go to this seafood place, where meals tend to go over $200 per person, way over your budget, but you just can’t let this ‘opportunity’ slip away?…

… CONTINUE READING

Today, let’s talk about a big issue that confronts a lot of single adults, both mentally and financially, in our country.

And that’s the issue of being lonely.

And although it’s also possible for married couples to be together and still feel lonely in their marriage, loneliness is a common pain that many single adults almost always have to struggle with.

And loneliness doesn’t just make you sad, withdrawn, and frustrated, as a single adult, you’re more likely to overspend on unnecessary expenses, precisely because you’re lonely and can’t find any kind of relationship around to keep you accountable.

Right now, we’re in the third paragraph of Page 35, under the title ‘Single-Adult Trouble Spots’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

As a single adult, if you’re struggling with overspending because you’re lonely, know that you’re not alone. Simply take a deep breath and adopt these practical steps to master your mind and money.

So take the case of a 23-year old lady, Allison, who just graduated from college.

Allison got her dream job, in a town far away from family and friends. Allison knew she wanted this role so much, that she didn’t even think twice before saying “yes” to accept the job offer.… CONTINUE READING

Today, let’s talk about another enormous challenge you’re likely to face as a single adult, as you try to stay on top of your personal finances.

Last time, we talked about probably the biggest challenge single adults face on their road to financial peace and independence…

… and that’s not having someone as a partner to keep them accountable or on track for their set financial goals.

From the book, today we’re learning about another big challenge that single adults face, as they try to get their financial acts together.

And that challenge is “not having enough time” or just plain “tiredness from work.”

Right now, we’re in the third paragraph of Page 34, under the title ‘Single-Adult Trouble Spots’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

To stay on top of your finances as a single overworked adult, you’ll need to keep things very simple.

So, here are two scenarios from both ends of the spectrum, similar to what Dave describes:

• For example, you’re a fresh college graduate, and you just got your dream job in consulting – only now, you’re always on the road meeting with clients, and working 18-hour days.

… CONTINUE READING

Today, let’s talk about the biggest challenge you’re likely to face as a single adult trying to master your money.

This is, by far, the biggest trap that makes building wealth and lasting financial peace very hard, if not harder, for single adults than married couples.

And that biggest, toughest challenge is accountability.

Stay with me here, and I’ll explain why.

Right now, we’re in the second paragraph on Page 34, under the title ‘Singles And Money’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

To master your money and build wealth as a single adult, you’ll need to do everything in your power to insert more accountability into your life.

From the book, as a a single adult, maybe:

• You’re a new or recent college graduate, with thousands of dollars in student loans, and you’re not married yet; or
• You’re a a few years older and have been single up to this point; or
• You’ve been married before, been through a divorce, and you’re now finding your feet in your new state of finances and relationships; or
• You’ve got kids to cater and care for, while you work many extra jobs to support them, so they can achieve more in life than you have; or
• Maybe your spouse passed, or you’re over 50 or 60, and you’re not exactly sure how to comfortably retire, provide for yourself, or support your family…

… whatever challenges you might be facing, my heart goes out to you.… CONTINUE READING

Today, let’s talk about the single, most powerful way on how to get your spouse on the same page with you on your family finances.

Last time we read about the top three things NOT to do when you’re trying to get your spouse on board with you on money.

So now that we know what not to do, let’s talk about what we should be doing.

Right now, we’re in the second paragraph of Page 33, under the title ‘Tough Teamwork: Getting the Reluctant Spouse On Board’, in Chapter 2 of Dave Ramsey’s Complete Guide to Money.

And here’s my lesson for the day:

To bring a reluctant spouse around so you can both work on money, use Effective Expressions + Excitement (The 3 E’s).

To get your spouse to be on the same page with you with regards to money, you’ll need to express yourself with excitement. That’s it – no secret hack, tip, or tactic, or underground ‘gimmick’ anywhere.

Express how much you’ll want to build a solid financial foundation, and chances are you might infect your spouse with that same excitement.

Your spouse may or may not have been reading about personal finances, or how to do better with family finances.… CONTINUE READING