by MSE Staff | Published 22 Mar 2022 

You are sitting at your desk feeling determined as you draft out your SMART goal. You tuck a copy of your goal away into your wallet for safe keeping and turn in for the night. The next few days are fairly easy for you. You stick to the plan. The future you envisioned is clear in your mind. A few weeks later some novel chaos enters your life; it consumes your full attention as your SMART goal begins to fade. A few months have come and gone, and you are no longer taking steps to manifest your SMART goal. We have all had this experience at least once in life. Fortunately, there are steps that we can take to improve our consistency so that we can bring about the change that we desire in our lives. In this blog post, we will cover 3 goal motivation tips that will help you be more consistent.

Goal Motivation Tip #1 – Focus

Everyone knows that emotions and social situations change all the time. You may be excited about your goal during the afternoon but not so much at 3AM. You might be excited to stop spending your retirement savings on convenience items when your friends are not around but not so much when they are watching. Things change but you need to be consistent to make your vision a reality. One step that you can take is to practice reviewing your vision and SMART goal during times of change. By focusing on manifesting your vision during the worst of times and the best of times you can condition yourself to be aware of your SMART goal even when things change. Keeping your awareness and focus centered on your SMART goal is a skill that needs to be developed. If you can do this, nothing will derail you from your vision.

Goal Motivation Tip #2 – Temptation

All to often we are tempted to do something that prevents us from reaching our goal. This is certainly true when starting out. For example, someone who is working through emotional spending challenges may be tempted to spend all their money when they feel inadequate. This person’s goal to decouple their self-esteem from their wallet and improve their self-esteem can easily be undone by the people in their lives as well as technology – it is far to easy to buy things online if you are not careful. The path of change requires a different route. That means removing the things that trigger us to act out our past behaviors. For the person in our example, spending less time with people who make them feel inadequate and avoiding places where they would spend all their money can support the path to change. Avoiding temptation will help you be consistent with your SMART goal.

Goal Motivation Tip #3 – Patience

More often than not, financial goals are a marathon not a sprint. We experience moments of consistency as well as moments of inconsistency. For example, someone may be working towards making their first $1 million. The path to get there may not be a straight one; but if they are serious, they will take the necessary steps. Having a realistic perception of what to expect can truly boost your moral. You would not say, “I will make $1 million today” and expect to have it tomorrow with all certainty and no action. If you did, you would be disappointed for all the wrong reasons. Instead, be patient and live in the moment. That means today you took another step, and you are pleased because it was in the direction you want to go. With each day, your self-esteem will increase. Your awareness of change will increase, and you can feel better about the progress you make in your SMART goal.

Final Thoughts

Staying motivated to achieve your SMART goal is important. You want to feel good about the choices you make every day and when you do not make progress on your goals that is a problem. Just remember to keep your vision and SMART goal in front of you so that you can be consistent even when your emotions are not. Avoid the things that tempt you and prevent you from reaching your goal. If it gets you to do the opposite of what you want, it is time to turn it off. Turn on the things that keep you focused on your goal instead. Lastly, be patient, be honest with yourself, and focus on today. You cannot change yesterday. You cannot change tomorrow. But you can change today. If you had a setback yesterday, let it go and focus on being consistent with your SMART goal today. We hope these three goal motivation tips were helpful to you. If you have any goals that you would like to see progress in, schedule a virtual coffee with Financial Educator and Wealth Mentor, Curtis Banks.

by MSE Staff | Published 15 Mar 2022 

It is a hot summer day, and you decide to fire up the grill and invite your family and friends over to swim in your pool. Everyone is laughing and enjoying the moment to cool off. You pat yourself on the back and relax. You feel heroic as you look into the blue sky. That is when you hear a loud thud followed by crying. Your best friend’s child is lying by the pool with a broken arm and chipped tooth. The boy is immediately rushed to the hospital. He will be fine the doctors say. A few weeks later your best friend is asking you to help pay for the medical costs. She cannot cover all of the medical costs and since it happened on your property, she’s hoping you will pay for it. You toss and turn at night wondering what to do. You are not even sure what your insurance covers. Insurance is an important part of protecting our assets from common life events. In this blog post we will go over the main categories of insurance and their benefits.

#1 Liability Insurance

Liability insurance protects us from having to pay for damages and injury to other people. For example, a person who is injured on your property might be able to hold you liable for thousands of dollars in medical costs. Your liability insurance is designed to pay out a large portion of those costs so that you don’t have to. Each liability insurance product has different terms and conditions that change depending on what state the insurance is issued in. Understanding the details and having a capable agent that is motivated to serve you is essential for having adequate liability insurance. In order to protect our assets from property damage and bodily injury to others, we use adequate liability insurance.

#2 Property Insurance

Whether you own real estate or rent, property insurance protects us from damage, theft, and loss of property. For example, a homeowner may use property insurance to rebuild after a fire. Likewise, a renter may be able to replace property damaged in a fire. Just like with liability insurance, there are some ins and outs to getting reimbursed. You may be able get insured at actual cash value or replacement cost depending on the type of coverage your agent can get for you. To illustrate the difference, actual cash value means that insurance will pay you the depreciated value of your property while replacement cost will pay you the amount needed to replace the property. We protect our assets from damage, theft, and loss of property by having the right property insurance coverage for our needs.

#3 Health Insurance (United States)

All of us will experience at least one major illness in life. The purpose of health insurance is to protect us from medical bills that come from illness. Health insurance is required by law in the United States. There are a variety of options that determine whether you can receive coverage for medical care outside of your network. Taking a class to learn more about the various types of health insurance available and how they can affect the quality of care you receive is essential. We protect our assets from medical bills and provide ourselves with good quality of care by having adequate health insurance.

#4 Life Insurance

Life insurance protects you and your family during the worst of times. For example, a life insurance policy can provide your spouse with and children with money to compensate the income that you would have naturally provided. There are many types of life insurance products on the market today that offer additional benefits. Understanding the rules and penalties surrounding these products will empower you to have the right conversations with your agent so that you get the most coverage at the lower cost. We protect our assets and our loved ones well into the future with adequate life insurance.

Final Thoughts

We have insurance to protect our assets, our health, and our loved ones from common life events. The four main categories of insurance are liability insurance, property insurance, health insurance, and life insurance. While the terminology and rules behind insurance require us to take a few classes, the reward of being financially literate pays off over time. Adequate insurance means having the right amount of coverage at a reasonable cost. Take a moment to evaluate your own insurance. You may find opportunities to leverage more coverage at a lower cost.

by MSE Staff | Published 8 Mar 2022 

Everyone will agree that saving money is important. You may hear the occasional warning that money sitting in a savings account that cannot beat inflation is losing value every year. This might be the case; however, it is important to have a part of your assets set aside that you can access on short notice. When you have money set aside it serves a purpose like covering the deductible on your insurance, going on vacation this year, or sending your kids to college. Let us walk through creating a savings plan.

#1 Set Goals

Why save money? We save money to secure our basic needs well into the future such as food and shelter. We also save money to protect ourselves from life events such as medical emergencies, family emergencies, vehicle repairs, loss of income, and insurance deductions. We even save money for annual expenses, investments, holidays, vacations, college, and so on. Through it all there is a common thread. The money we set aside is there to support our quality of life. That is why we set savings goals in three categories: catastrophic life events, short-term goals, and long-term goals.

#2 Catastrophic Life Events

There are a few catastrophic life events that we may all experience at some time. While insurance plays an important role in protecting our assets in an emergency it is important to have money set aside to cover deductibles and other related expenses. Catastrophic life events include unemployment, insurance deductibles, critical home repairs, critical vehicle repairs, family emergencies, and medical emergencies. A simple starting point for this savings goal is first have enough money set aside for your highest insurance deductible. Once you reach that goal, set a new savings goal to save six months of living expenses. The second part of a savings plan is short-term goals.

#3 Short-Term Savings Plan

There are things we want to have in life like being able to give our loved one’s birthday gifts, buy presents for the holidays, attend special events, go on vacation, etc. Short-term savings goals are things that we can save for within the year. This is a great opportunity to build healthy financial habits and plan ahead for the future. Other items to include are periodic expenses such as quarterly or annual billing. The third part of a savings plan is long-term goals.

#4 Long-Term Savings Plan

This is where money is saved for future investments. Long-term savings goals include things like retirement, sending kids to college, investments. For this reason, it is a good idea to aim for a 10% contribution to your long-term savings plan each month. While 10% may be a great target, this is not a one size fits all solution. Remember to factor in your age, future cost of living and starting point (to name a few). Always speak with your financial advisor to understand what contribution amount best fits for your situation.

Final Thoughts

By now, you should have a better understanding of how to create a savings plan. Your savings plan should cover catastrophic life events, short-term goals, and long-term goals. When you know what you are saving money for it becomes easier to stay motivated in the process of saving your money. Take a moment to organize your current savings into these three categories. You may have more or less items which is okay. The best first step is to see where you are and then begin to make progress in the areas you seek improvement.

by MSE Staff | Published 1 Mar 2022 

It is Sunday evening, and you are visiting a festival in another town. It happens once a year and the food is out of this world. Waiting in line feels like agony but you finally get to the register. “We only take cash,” they say. A wave of embarrassment rushes through you. Of course! How could you forget! You walk over to the ATM and wonder if this will result in out-of-network fees. You are not even sure how much it will cost you. Thankfully, you saved for the festival throughout the year, and it will not be a problem.

 Deciding where to bank can include a lot of caveats like when and where you can access your money and any costs associated with managing your money. In this post, we will identify key differences between banks and credit unions so that you can be prepared in the future.

What Is a bank?

A bank is a for-profit financial institution that offers financial services like check cashing, checking accounts, savings accounts, direct deposit, online banking, branch banking, and automated teller machines (ATM) to name a few. Banks vary in size from small organizations to large organizations. A key feature of larger banks is convenience. They have vast networks with branched banking and ATM services in multiple countries. Of course, for-profit banks view you as their customers and aim to make money for their shareholders and investors. This means that banks generally have more expensive fees than credit unions which we’ll cover next.

What Is a Credit Union?

A credit union is a non-profit financial institution that offers the same types of services that you would find at a bank. And much like banks, credit unions vary in size with large and small organizations. However, credit unions focus on serving their community. They may have agreements with other credit unions to extend branched banking and ATM services to other communities. However, you may be required to be a part of that credit union’s community in order to become a member. Since credit unions are non-profit, their fees generally cost less than banks and they re-invest money they make to serve their members.

Final Thoughts

Choosing where to bank really does have an impact on our daily lives. As life circumstances change, you may want the convenience of a bank or the reduced costs of a credit union. Take a look at how often you travel and consider what you’re most comfortable with. Analyze and evaluate the fees and services offered by your prospective bank or credit union to see which one is a best fit for your lifestyle. It may take some due diligence on your part, but the peace of mind that comes with it will pay off the next time you need to use an ATM!

by MSE Staff | Published 22 Feb 2022 

We all want to get the best results when it comes to managing our finances. Two measurable areas that we can look to include our financial capability and our confidence in those capabilities. In this blog post, we’ll cover 9 areas of personal financial management so that you can decide where you stand. By the end, you’ll have a better awareness of personal financial management and key areas to boost your skills.

#1 Mindset

Financial psychology is about how you behave around your money. It covers topics such as where you learn about money, wants versus needs, how you form relationships and develop new relationship with money, your willingness to change, and connecting your life goals to your money to name a few. Take a personal inventory. If you have not reviewed this information in more than a year, it’s a good idea to take a refresher course.

#2 Savings & Budgeting

At Money Smart Education we use the Money Smart Allocation System in place of savings & budgeting. While the Money Smart Allocation System goes far beyond savings & budgeting, the core of it is similar. This area covers your ability to manage your monthly cash flow and save for your short-term and long-term goals. A good rule of thumb is that you should have at least six months of living expenses set aside and be capable of managing your income and expenses as things change. If you are unable to make headway here it’s good to go a step beyond learning and meet with a personal finance coach or wealth mentor so that you can have stability in your finances.

#3 Account Management

Managing your banking accounts and automating payments is complimentary to managing your monthly cash flow. This area goes beyond account management covering research and evaluation of different banks so that you can choose one that best suits your needs. If you are not familiar with this area, taking a class can help you make choices that better align with your goals.

#4 Loans & Debt

Analyzing and evaluating loans as well as understanding the short and long-term consequences associated with debt are core components of personal financial management. Many times, it is undesirable results from an inability to save, unhealthy behaviors around money, inability to increase income, and inadequate insurance that contribute to excess debt. While this area covers how to make a plan to pay down debt, it is important to address the areas that lead to taking on debt. For challenges like this, it is good to consult a personal finance coach or wealth mentor to avoid past mistakes.

#5 Credit Profile

Understanding how to build a good credit history, review your credit reports, and increase your FICO and Vantage scores are some of the most popular topics in personal financial management. The rules around credit change over time so it is important to review annually.

#6 Income & Career Planning

Income is important if you plan to live comfortably. While many financial education courses focus on reinforcing multiple sources of income to support financial stability, it is important to go beyond career planning. Are you able to balance the value of a compensation package along with your pay? If you are a little rusty on this topic, taking a class is a good option.

#7 Insurance

Understanding the several types of insurance available and how they impact your life is an important part of personal financial management. If you have not covered this topic in depth, it is a good idea to take a class.

#8 Taxes

Being able to accurately determine how much of your income is going to taxes will help you plan your finances. If you are not sure how to do this, taking a class will help.

#9 Investing

There is a lot that goes in the topic of investing. Understanding how to analyze and evaluate individual retirement accounts as well as make sound investment decisions are both important factors. If you find that your investments are underperforming, taking classes, and communicating with a team of financial advisors, coaches, and mentors can help you improve.

Final Thoughts

So, there you have it. Problems in areas like insurance, income, Money Smart Allocation System, and mindset can lead to bigger problems with loans and debt. Credit, taxes, investing, and account management were also covered. If you have not addressed these areas of personal finance in a formal education setting, make this year an opportunity to build your personal financial management skills!

by MSE Staff | Published 15 Feb 2022 

As the 2021 tax filing deadline rapidly approaches, individuals and families alike are starting to think about their taxes. In this blog post, we will explore four major areas of taxes for personal finances: tax liability, taxable income, tax credits, and tax deductions. Each of these concepts is important to understand in order to make the most of your short-term and long-term financial planning. Keep in mind that this information is specific to individuals living in the United States; other countries may have different rules and regulations when it comes to taxation.

Tax Liability:

Your tax liability is the amount of money you actually owe in taxes for a given year. It's calculated by taking your taxable income and subtracting any applicable credits or deductions. If this number ends up being less than zero, then you will receive a refund from the IRS instead of paying more in taxes.

Taxable Income:

This is the amount of income that is subject to taxation. It's calculated by adding up all of your taxable sources of income and then subtracting any applicable exemptions or deductions.

Tax Credits:

Tax credits are a dollar-for-dollar reduction in your tax liability, and they can be claimed for a variety of reasons such as having children under the age of 18 or paying someone to take care of them while you're at work. There are three types: refundable, non-refundable, and partially refundable credits which we'll discuss below.

Refundable Credits - If your tax liability is less than $0 because these credits exceed your taxable income, then some portion (or all) will be paid to you as a refund.

Non-Refundable Credits - These credits can only be used to reduce your tax liability down to $0; any excess amount is not refunded to you.

Partially Refundable Credits - If your tax liability is less than $0 before because a portion of these credits exceeds your taxable income, that portion may be refunded up to a specified amount of the remaining credit.

Tax Deductions:

Tax deductions are expenses that you can subtract from your taxable income in order to lower your tax bill. There are two types of deductions: standard and itemized.

Standard Deduction - This is a fixed amount that everyone gets by default without having to provide any additional documentation or information about their finances/spending habits.

Itemized Deductions - These are expenses you have incurred over the course of the year which may be deducted from taxable income if they meet certain criteria. These expenses include things like mortgage interest payments or charitable donations, among others. Sometimes the total amount of itemized deductions doesn't exceed the standard deduction. It's important to hire a tax preparer you can trust to avoid overpaying taxes.

Final Thoughts

In sum, it's important to understand these four major concepts of taxes in order to make the most informed financial decisions for your future. Consult with a tax preparer if you have any questions about how these concepts apply to your unique situation; they can help you save money and avoid penalties from the IRS. Thanks for reading!

by MSE Staff | Published 6 Feb 2022 

When you take a personal finance class, you gain a lot of knowledge about financial planning and money management. However, learning doesn't stop there! There are many ways for you to continue learning about personal finance after taking a class. In this blog post, we will discuss five of them. Keep reading to learn more!

Read Books That Further Your Curiosity About Personal Finance

One great way to continue learning about personal finance is by reading books on the topic. There are many different personal finance books out there, and each one offers something unique. If you have a specific interest in personal finance, such as developing stock analysis skills or building good credit, then find a book that focuses on that particular topic. By reading books on personal finance, you'll be able to gain a more in-depth understanding of the topic.

Join A Group That Focuses on Honing Personal Finance Skills

Another way to continue learning about personal finance is by joining a personal finance group. You can find personal finance groups on Facebook or in your local community. These groups allow you to ask questions and get answers from other people who are interested in personal finance topics like money allocation, wealth protection, debt reduction, and focusing on goals to name a few. By participating in well-moderated and focused groups with other people, you'll be able to learn new things and get tips on how to improve your personal finance skills.

Attend Webinars or Watch Online Tutorials

If you're looking for personal finance resources that are bite-sized and easy to consume, then consider attending webinars or watching personal finance tutorials online. Webinars and personal finance tutorials can be found on YouTube, Udemy, Skillshare, LinkedIn Learning, or many other platforms dedicated solely to personal education topics like managing your personal accounts. Many personal finance webinars and tutorials are free, or you can pay a small fee to access them.

Talk to a Personal Finance Coach

If you want to take your personal finance education to the next level, consider talking to a certified personal finance coach. A certified personal finance coach can help you create and achieve financial goals, develop a budget that works for you, and learn how to save money. Personal finance coaches come from many different backgrounds - some are CPAs, others are personal investors, and many more have personal finance degrees. Certified personal finance coaches are also available online, so you can find one that fits your needs no matter where you live or work!

Take Another Personal Finance Class!

The best way to continue learning about personal finance is by taking a follow-up personal finance class. This time, try to find one that is more specific to what you want to learn. For example, if you're interested in real estate investing, then look for a personal finance class that focuses on that topic. By taking multiple personal finance classes, you'll be able to gain a more well-rounded understanding of the topic and learn about different aspects of personal finance.

Final Thoughts

Learning personal finance is an ongoing process. Even when you've taken a personal finance class, there will always be more to learn and new ways for you to improve your financial literacy! Keep learning by reading personal finance books, joining personal finance groups online or in person, attending webinars and tutorials on the topic, talking with a personal finance coach, and taking additional personal finance classes. These are all great ways to continue honing your personal finance skills so you can be successful in managing your money now and in the future!

by MSE Staff | Published 31 Jan 2022 

There are many different cryptocurrencies on the market today, but Bitcoin and Ethereum are two of the most well-known. But what's the difference between them? And how does the US dollar compare? In this blog post, we will explore the differences between these three currencies and see which one comes out on top!

What are Bitcoin and Ethereum, and how are they different from the US dollar?

Bitcoin and Ethereum are cryptocurrencies that are often described as digital currencies. However, cryptocurrencies were classified as property by the Internal Revenue Service (IRS) in their 2014-21 ruling. While cryptocurrencies like Bitcoin and Ethereum are used to make transactions like fiat currencies, they are not currencies. This is most evident in the fact that tax liabilities resulting from transactions made using cryptocurrencies must be classified as either business income or capital gains which is not the case with fiat currencies. It's more accurate to describe cryptocurrencies as digital assets with a range of utility that intersects with fiat currencies like the US dollar.

 The US dollar, on the other hand, is strictly a currency. Currencies are a medium of exchange between items of value. For example, you contribute 2 weeks of labor to the production of value for your employer and your employer compensates you with $3,000 which is an amount of currency that represents the value of your economic output. You can then exchange that currency for other items of value such as $20 worth of apples. Without currency, you would have to barter with or work for the apple farmer just to eat. Currency is a necessary medium that allows us all to exchange the things we want and need to survive in society.

Another distinction to make is that fiat currencies do not store value. Fiat currencies like the US dollar typically inflate over time (losing value). Inflation is what happens when you have too much money buying too few things. Take for example the inflated cost of a Mcdonald's hamburger between 1970 and 2022. In 1970 a Mcdonald's hamburger cost $0.18 (USD). In 2022 a McDonald's hamburger cost $1.59 (USD). The hamburger itself didn't increase in value. Instead, the Consumer Price Index (CPI) would show that the currency's purchasing power decreased over time. While some cryptocurrencies are designed to experience some inflation, they are intended to increase in value. This is partially what makes cryptocurrencies attractive for investment opportunities.

Let's recap. Cryptocurrencies like Bitcoin and Ethereum are considered property in the US; they are taxed as either business income or capital gains. While Bitcoin and Ethereum can be used like fiat currency, they are not fiat currency. Cryptocurrencies are intended to be a store of value while fiat currencies like the US dollar are intended to be a medium of exchange between items of value.

How do people use Bitcoin and Ethereum, and what are the benefits of using them instead of traditional currency?

Cryptocurrencies like Bitcoin and Ethereum are digital assets that have a range of uses. People use them to make transactions, similar to how they would use fiat currencies like the US dollar. However, there are some distinct benefits to using cryptocurrencies over traditional currency.

The first benefit is that cryptocurrencies can be used in more ways than traditional currencies. For example, you can't sit on cash and expect it to grow in value, but you can with Bitcoin. This is because cryptocurrencies grow in value as their demand increases. The more people who use Bitcoin regularly, the more value it has.

Another benefit of using cryptocurrencies instead of traditional currency is their security features. Cryptocurrencies are encrypted which makes it difficult for criminals to steal them or hack into your account. In addition, cryptocurrency transactions are recorded on a public ledger which makes it difficult for people to engage in fraudulent activities.

While there are many benefits to using cryptocurrencies over traditional currency, it's important to note that they aren't perfect. Cryptocurrencies have been known to experience price volatility which can cause them to lose value quickly. Additionally, not all businesses accept cryptocurrencies as payment yet. However, this is changing rapidly as more people adopt them into their everyday lives.

What impact could Bitcoin and Ethereum have on the global economy, and how might they change the way we do business in the future?

Bitcoin and Ethereum have the potential to revolutionize the global economy. Their biggest impact could be on how we do business. For example, cryptocurrencies could help reduce fraudulent activities like money laundering and embezzlement. Additionally, they could make it easier for businesses to conduct transactions with each other by eliminating the need for third-party intermediaries. This would save businesses time and money, which could lead to increased efficiency and productivity across the globe.

While it's still too early to know for sure how Bitcoin and Ethereum will change the global economy, there's no doubt that they hold tremendous potential. As more people adopt them into their everyday lives, we can expect to see even greater things from these groundbreaking technologies.

Are there any risks associated with using Bitcoin and Ethereum, or is it safe to invest in them?

There are risks associated with using Bitcoin and Ethereum, but it's ultimately up to each individual to decide whether or not they want to invest in them. One of the biggest risks is that cryptocurrency prices can be very volatile. This means that they can both increase and decrease in value rapidly. Additionally, the Securities and Exchange Commission (SEC) has issued statements cautioning investors that cryptocurrency exchanges and Initial Coin Offerings (ICOs) are not regulated by the SEC and are not afforded adequate protection against fraudulent activities.

However, these risks shouldn't dissuade you from investing in cryptocurrencies if you believe in their long-term potential. Just like any other investment opportunity, there is always a chance for loss, but there is also the potential for gain. Do your research before making any decisions and remember to consult your financial advisors.

How can you buy Bitcoin and Ethereum, and what are some of the most popular exchanges for doing so?

You can buy Bitcoin and Ethereum on many different exchanges. Some of the most popular ones include Coinbase, Kraken, and Crypto.com. To purchase them, you'll need to create an account with the exchange and deposit some funds. Once you have done that, you can then buy Bitcoin or Ethereum by exchanging your currency for it.

It's important to note that not all exchanges offer both Bitcoin and Ethereum. Be sure to do your research before choosing an exchange so that you can be sure they offer the cryptocurrencies you're interested in buying.

Final Thoughts

Cryptocurrencies, such as Bitcoin and Ethereum, are quickly becoming a popular investment. However, before you jump in with both feet, it's important to understand how these currencies work and the risks associated with investing in them. In this blog post we've explored some of the basics about cryptocurrencies- from what they are to why people might choose to use them instead of US dollars or other traditional currency options. If you're looking for more information on how to build wealth or want to chat about investing strategies - let us know!

by MSE Staff | Published 30 Jan 2022 

Are you tired of feeling out of control when it comes to your finances? Are you ready to take charge and get your money matters under control? If so, you're in luck! In this blog post, we will discuss seven ways that you can get started on the path to financial independence. It doesn't matter where you are starting from - everyone has the opportunity to improve their financial situation. So, what are you waiting for? Get started today!

Take A Holistic Approach to Finance

One of the most important things you can do when it comes to your finances is to take a holistic approach. This means that you should look at all aspects of your financial life and work on improving them one by one. For example, your family and friends will have a significant impact on your willingness to take control of your finances. Enlisting your family and friends to help you reach your financial goals is a great way to encourage accountability and ultimately take control of your finances.

Start With Your Spending Habits

One of the best ways to take control of your finances is to start with your spending habits. Take a close look at where you are spending your money and see if there are any areas where you can cut back. For example, could you live without cable TV? Or, maybe you could save money on groceries by cooking at home more often.

It's important to be honest with yourself when it comes to your spending habits. If you want to get your finances in order, you need to be willing to make some changes - even if they are difficult ones.

Make A Money Allocation and Stick to It

Another great way to take control of your finances is to make a money allocation and stick to it. This may seem like a daunting task, but it's actually not as difficult as you might think. In fact, there are plenty of online tools and apps that can help you get started.

 A money allocation will help you keep track of your spending and make sure that you're staying on track financially. It also helps to prevent impulse purchases and overspending. So, if you're looking for a way to get your financial life under control, start by making a money allocation!

Get Organized

One of the best ways to take control of your finances is to get organized. This means having a system for managing your time and focus. Many times, we fail to make progress in the areas we want to grow because we're being pulled in too many directions. By being organized, you'll be able to keep track of your progress and make sure that you are on track in life and financially.

There are many different ways to get organized when it comes to your time and focus - find one that works best for you and stick with it. You may want to try using the Daily Life Balance Dashboard which you can request during a virtual coffee with Curtis Banks.

Understand Your Debt Situation

If you want to get your finances in order, it's important to understand your debt situation. This means knowing how much debt you have, what the interest rates are, and what your monthly payments are.

By understanding your debt situation, you'll be able to develop a plan for getting out of debt. You may want to consider consolidating your debts or enrolling in a Debt Management Plan. Whatever route you choose, make sure that you create a plan and stick to it!

Create Goals and Track Progress

One of the best ways to stay motivated when it comes to finance is to create goals and track your progress. This means setting goals for both short-term and long-term financial success. For example, some short-term goals might be to save $100 in the next month or to pay off a small credit card balance. Long-term goals could include saving for retirement or buying a house.

By tracking your progress, you'll be able to see how far you've come and stay motivated to continue working on your finances. There are many different ways to track your progress - you can use the Money Smart Dashboards, a goal tracker app, or even just a simple notebook.

Invest In Yourself

One of the best ways to take control of your finances is to invest in yourself. This means taking the time to learn about personal finance and money management. There are many different resources available, both online and offline.

By investing in yourself, you'll be able to better manage your money and make sound financial decisions. You'll also be more prepared for any unexpected financial emergencies that may occur.

So, there you have it! Seven easy ways to take control of your personal finance situation. These tips will help get you started on the road to financial success. So, what are you waiting for? Get started today!

by MSE Staff | Published 30 Jan 2022 

Inflation is a serious threat to any investment portfolio. Over time, inflation can erode the purchasing power of your assets and cause you to lose money. That's why it's important to include inflation hedges in your investment strategy. There are many different ways to hedge against inflation, but here are five of the most common asset classes:

Real Estate

Real estate is a classic inflation hedge. It tends to do well when inflation is high and does poorly when inflation is low. Real estate investments can be made through direct ownership, REITs, or private equity funds. There are, however, several risks involved with real estate investing, including poor locations, low cash flow, high vacancies, and difficult tenants.

Commodities

Commodities are physical goods or resources that are used for trade. They can be divided into two categories: hard commodities and soft commodities. Hard commodities include metals, energy products, and agriculture products. Soft commodities include livestock, grains, and precious metals. Commodities are inflation hedges because they tend to do well when inflation is high and do poorly when inflation is low. However, there are some risks associated with investing in commodities, including inflation, weather, political upheaval, international situations, new technologies, and even rumors.

Treasury Inflation-Protected Securities (TIPS)

TIPS are inflation-indexed bonds issued by the United States government. They are designed to protect investors from inflation by adjusting the principal and interest payments according to changes in the Consumer Price Index (CPI). TIPS is a low-risk investment, but it also yields low returns.

Gold

Gold is an inflation hedge because it tends to do well when inflation is high and does poorly when inflation is low. Gold is a physical asset that can be stored in a safe place or sold on the market. Gold, on the other hand, has risks such as price fluctuations, theft, storage cost, and other fees.

International Bonds

International bonds are bonds issued by governments or companies in other countries. They are a good inflation hedge because they tend to do well when inflation is high and do poorly when inflation is low. However, other factors, such as interest rates, bond call options, and default risk, must be considered when purchasing international bonds.

Each of these asset classes can help you protect your portfolio from inflation. However, it's important to remember that no single asset class is guaranteed to protect you from inflation. You should always consult with a financial advisor before making any changes to your investment portfolio.

Final Thoughts

Including inflation hedges in your investment portfolio is not a one-size-fits-all solution. Different investors will have different needs and preferences. That's why it's important to speak with a financial advisor before making any changes to your investment strategy. They can help you determine which inflation hedges are right for you and create a plan that best suits your needs. Thanks for reading!