I did a Google search on the term “best investment,” and it came back with 35,300,000 results. That’s 35 million best investments?! Let me tell you, and this is not a brand new concept, the best investment you can make is in yourself. Out of the success you achieve can flow significance, which is where you are sharing, teaching, and helping others, leaving a lasting impact on their lives.
So what does that mean to invest in yourself? It can mean several things. Try Googling “invest in yourself” and you’ll get 5 million results. I can’t imagine trying to do 5 million things in my lifetime, so I thought I’d break down a list that can be useful for anyone who wants to be able to enjoy life and leave a legacy for others.
- Get out of debt. While you are in debt, you are enslaved. Whether it is to the credit card company, the bank, whoever…you are obligated to work to pay back money that you already spent. If you get out of debt, you are able to not only free yourself from that bondage, but you free up funds for the things that are truly important to you (i.e. retirement, helping your kids through college, being able to give to charities and families in need, etc.).
- Budgeting and tracking. As you work to get out of debt, and once you are out, it is important to establish a budget and use tracking to make sure you are actually spending according to your budget. A budget will never work without tracking. Small businesses to large corporations use budgets because they know that it is the key to being successful financially. It will also help you discover your true values and goals so you can spend on what is really important to you.
- Work on your relationships. At iMoneyCoach we teach our clients about how interconnected all the different areas of our lives are. If your finances are suffering, chances are that it is actually being caused by problems in another area of your life. Often we see problems in relationships that cause money trouble. Perhaps you and your spouse argue about money all the time and don’t see any light at the end of the tunnel. We’ve worked with many couples in the same boat. For example, one couple was about to make a huge purchase that would have put them in debt and caused all sorts of trouble, and together we uncovered control issues in their relationship. Once they realized that this purchase was about control and didn’t really line up with their goals in life, they were able to work through the problem and save themselves at least $80,000!
You may have realized already that coaching can help you in each of these areas. A financial life coach can teach you the skills to create a budget, how to track, and help uncover other areas of your life that are causing your finances to suffer. Fixing those problems will bring relief and will allow you to move forward financially. For many years now our goal has been to get people to the place where they can truly say, “I love my life!” The best investment you can make is in yourself because out of that all sorts of good things will come!
Tags: best investment you can make, budgeting, finances, financial life coach, get out of debt, relationships, tracking
Well you made it through the cold winter months, and summer is upon us! It’s a great time of the year, although it can often be a budget-buster. So I’ve put together some ways that you can save money and still enjoy this summer:
Household – Water bills can skyrocket during the summer. To keep your lawn green and keep some green in your pocket, try watering in the early morning or late evening when temperatures are cooler so the water has time to soak in before evaporating. Also, since during the summer there is more light, consider turning off the lights in the house longer. This can add savings to your energy bill.
Transportation – Gas prices are higher in the summer due to increased demand. Be extra conscious about planning your trips wisely. Run all your errands at the same time, and plan your route so you use less gas. Also, opening the windows instead of using the air conditioner can save you quite a bit (but opt for the AC if traveling on the highway).
Temperatures – Open windows in the morning and late evening to cool down the house. Close shades of windows that get a lot of sun during the day to help keep the temperature down. If you do use your air conditioning, make sure you have changed the filters so airflow is unrestricted (this means less running time and lower costs!).
Entertainment – Going to a ballgame? Take your own snacks. The cost of a hot dog and soda for a family of four can be staggering, especially you compare it to the cost of that same meal packed at home and brought with you. Another way to cut costs while the kids are home during the summer is to actively search out the “free days” at the zoo, museum, movies, etc. If you plan on visiting the museum often, consider purchasing a membership as it will cut down repeated admission costs. You can also opt to spend time at the park. This is a FREE activity! Pack up a picnic and enjoy time outdoors with the family.
Food – Try moving your cooking outdoors. This will help keep your house cooler and reduce costs incurred from running the air conditioner. You can also save by growing your own food. Planting a small garden can not only save on the grocery bill, but the food is chemical-free and tastes delicious because it is so fresh. No traveling from the farm to the grocery store and sitting out for days.
Yard Sales – You can find some great deals at a yard sale. From lawn mowers to patio furniture to bookshelves to whatever it is you are looking for, chances are somebody is getting rid of theirs for a lot less than you would pay to buy it brand new. When you go garage-saling though, keep in mind that you don’t want to clutter your house, and just because it’s a good price doesn’t mean you need it. Stick to buying things that you need or would be buying anyways.
From everyone at iMoneyCoach, have a happy and safe summer, and remember to stick to your budget and track every penny you earn and spend – this is vital to financial success!
Tags: budget, free activity, gas prices, save money, water bills
We here at iMoneyCoach have developed a Resource Center full of resources to help people grow in each of the 5 main segments of life. You see, there are 5 main life segments that are all interconnected and interdependent. Those 5 segments include: spiritual, personal (emotional and physical), relationships, work, and finances. To get to a place where you can really love your life, it is important to work on each of those segments to build success.
The good part is that this Resource Center can help people at any level, whether they are having relationship troubles and don’t know where to start, or if they have a good marriage but want it to be even better. It can help if they hate their job and want to start a new career or love their job and want to do better at it. We have made it very easy to look for books, blogs, websites, and videos that deal with each of the 5 main life segments. If you visit the iMoneyCoach Resource Center you can easily navigate the 5 Life Segments by using the menu on the right side of the page. There are personal stories about people who have made changes in each of the segments that made their lives much happier, and in the end helped their finances!
Here’s an example of how building up one of your life segments (we’ll use the work segment for this example) can help your finances:
Brian really enjoyed fishing and also loved his son. He decided to put together a father-son fishing trip for several of his friends and their sons. He made all the plans, researched the best locations, and even packed lunches for everyone. They all had such a great time, he started planning these trips for other fathers and sons, and he was able to charge a fee. So this way he was able to make money, spend time with his son, and enjoy his favorite hobby all at the same time. Now, not every hobby is going to automatically make you money. But it is a good idea to think about all the things you enjoy or are passionate about and consider if there is a way you can make money by doing them.
So I would encourage you today to stop by our iMoneyCoach Resource Center for some great free resources. Browse the different life segments to see where there may be areas you could improve upon. If you don’t know where to start or feel like you need more help than these resources can offer, give us a call to set up a free consultation with a Financial Life Coach (303-462-2001). Our goal is to get people to a place where they can say “I love my life!” And that includes you!
If you have any suggestions for material you have come across and think would be beneficial to others, please let us know so we can add it to the site. You can email me at sarah@ifsweb.com – I’d be happy to hear from you!
Tags: 5 life segments, free resources, success
Let’s face it – life can be unpredictable and hard sometimes. Just when you think you are getting things together, something can drop into your life and make you feel like you’ve run 60mph into a brick wall. It can be this way with our finances. Even if we plan, budget, and have a periodic expense account (for those expenses we know will occur at some point but don’t know exactly when – see past blogs about this type of account), it is possible that our finances can change dramatically and fast. The loss of a job, discovering a new baby is on the way, a car wreck or breakdown that is unfixable, and on and on. When faced with these situations the question simply becomes, “Well, what are you going to do about it?”
We have choices. We can cry and whine for a little bit and then stand up, dust off our shoulders and move forward. Or we can get stuck in a pit of despair, lost in hopeless inaction.
I don’t want to discourage you today. It’s a simple fact that life often takes unexpected turns, or even turns that are expected but come faster than we are prepared for. But the good news is that we have the power to move forward. We can choose to take these circumstances and work through them, figuring out how they can benefit us. Suppose you lost a job. The company I worked for closed when I was 38 weeks pregnant (yes, iMoneyGuy is a girl, I’m letting the secret out!) with my first child. The news was devastating. I also worked from home at the time and was looking forward to spending some of my time at home raising the kids. As hard as it was to get out there and interview and go back to an office environment (thanks to the owners of iMoneyCoach!!), I found a great company to work for, wonderful co-workers, and I am able to pay the mortgage and buy groceries. It’s not the plan I had, and it’s been tough many days to leave the house, but it’s better than wallowing in despair and letting the bank take our house. Family has been a huge part of the transition as well. They all chipped in to take days watching the baby and offering encouraging words. I would recommend looking to family, friends, and church family in your tough times as they can pull you through (and are often more than happy to help).
Part of what we do at iMoneyCoach is help clients learn to set goals, to see the big vision for their lives and figure out how to get there. Sometimes it takes knowledge, and sometimes encouragement. But our dream is to help people get to a place where they can say “I love my life!” We can help clients learn to budget or how to readjust a budget after a major setback. We help point out alternative sources of income so that maybe the loss of 1 job is hard but not the end of the world. We believe that financial success is achievable in spite of life’s setbacks, and we encourage you to stand up, dust off your shoulders, and keep on going. And definitely give us a call if you want or need help with that!
Credit seems to be a necessity in our country today. Even if you don’t have things like a house or car to pay for, you may still want to establish good credit in case of an emergency. This way you will be able to get funds fast (but please check out past blogs about the importance of a Periodic Savings account!! Not everything is a real emergency – you can save up for things like car repairs, taxes, insurance, etc.). If you don’t have credit and want to establish it, here are some steps you can take to get started:
- Open a bank account. This is a good starting point. While banks don’t report to the credit bureaus (meaning your account doesn’t show up on your credit report), it can help lenders decide to lend money to you. They can contact the bank (with your permission) to find out if the account is in good standing. Some credit applications have a space for bank account information. It is also a good idea to have bank accounts for managing your money well. At iMoneyCoach we teach about the importance of opening various accounts for managing incoming money, bill payment, periodic savings, as well as long-term savings.
- Utility bills. Often creditors will look at utility bills to see if you are in good standing and have been paying your bill on time. If you can, make sure to get your utility bill in your name and pay the bill on time every month. Some creditors will look at cell phone bills, although not all will accept them now.
- Start with a gas card or department store credit card. It can be easier to get a credit card with a gas company or department store than with a big name credit card (i.e. Visa, American Express). Using this card carefully, being sure to pay the full balance on time each month, can help you establish credit by showing that you are faithful to make payments in a timely manner. When you open this kind of card, it is important that you stick to your budget and only spend what you can afford. If you don’t have a budget, be sure to check out some of our other articles on the importance of budgeting. Knowing how to manage your money well when you START building credit can save you from falling into bad credit and having to try to dig yourself out.
- Secured credit cards. You may have heard of a secured credit card. This is a card that requires you to deposit a certain amount into a bank account – if you don’t make your credit card payment, the bank gets to keep your deposit. These cards can be useful if you are unable to establish credit in other ways, but there are a lot of predators out there who charge high fees and interest for these types of cards. Be sure that if you do get a secured credit card that it reports to at least one of the credit bureaus because it will not show up on your credit report otherwise! Again, before you spend any money with this card, make sure you are budgeting and tracking every penny. Keep a running record of what you earn and spend so you are able to pay that credit card bill in full and on time every month.
- Major credit card. After several months of using your cards and paying the bill on time, you can apply for a major credit card like a Visa or MasterCard. When you get this card, you will have a bigger credit limit, but only use what you can afford to pay off when the bill comes due. You don’t want to get sucked into carrying debt, especially if your goal is to build up good credit. A good rule to follow is: If you don’t have the money, don’t spend it! Keep track of every purchase you make when you make it so you know what your total bill will be. And make sure to pay it on time. Late payments can have a significant negative effect on your credit rating.
It’s a good idea to get a copy of your credit report (you can get a free copy from one of the three major bureaus – Experian, Transunion, or Equifax – once per year). That way you can see if someone else has been using your ID or if there are outstanding debts that do not belong to you showing up on your credit report. For other tips and ideas about establishing credit, you can contact iMoneyCoach. Just because it seems to be the norm now for people to live in debt or have bad credit, it doesn’t mean that YOU can’t build good credit and live debt-free.
Tags: credit, credit card, free credit report, how to establish credit
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