by MSE Staff | Published 6 Nov 2021 

Managing your money can be a challenge. It is not always easy to stay on top of the daily tasks that are required for managing your wealth. Curtis Banks, Wealth Mentor and Financial Educator, shares his Managing Money Tips with readers in order to help them manage their finances better. For those who want to build wealth, this article will give you some great tips that will help you get there faster!

Money Tip #1: Personal Development

Your ability to make sound financial decisions depends heavily on your financial knowledge and skills. This is known as your financial capability. A big part of your financial capability is your personal development. This includes things like improving your knowledge about finance, learning new skills and building better habits that will lead you to success in the long run.

Money Tip #2: Schedule Time to Review Your Accounts

Imagine you're reviewing your bank statement for the first time in over 6 months, and you notice that fraudulent charges started occurring 4 months ago. You promptly place the account on hold and attempt to get your money back. However, you may not get any of your money back if you report it beyond the 60-day limit according to the FDIC. This reporting timeline may change from country to country. However, it's important to review your accounts well within that timeline. There are a plethora of free calendar apps available that you can use to set reminders. Carve out time and honor it. Review your accounts regularly for accuracy.

Money Tip #3: Automate Your Money Management System

You've created a money management plan using Curtis Banks' Money Smart Allocation System. Depending on the payment options provided by your employer you may be able to have a portion of your income automatically deposited to meet your savings goals. As for your banking institutions, they may offer automatic transfers and automatic bill payment. All of these tools are useful in helping you manage your money and avoid fees.

Money Tip #4: Wealth Mentor (Your Team)

Managing money tips are an excellent resource for building financial awareness. They provide broad educational benefit to readers. A wealth mentor goes above and beyond providing education and resources specific to your individual needs. Because a wealth mentor is someone who has accomplished what you have set out to achieve, a wealth mentor is an indispensable member in your team of experts.

Have you identified who your wealth mentor could be? Curtis Banks has mentored tons of people on how to build wealth. If building wealth is one of your goals, feel free to book a discovery session to learn more about working with Curtis Banks.

Money Tip #5: Payoff Credit Cards Monthly

Curtis recommends that you pay off your credit cards every month to avoid carrying over a balance. This is an important strategy to avoid paying more and more money on interest. By paying off your credit cards every month you're freeing up money for growth opportunities. Additionally, keep each credit card balance within 25% of their credit limit and do not exceed 25% of your total credit limit. Your utilized credit shows up on your credit report and ultimately affects your credit score.

Money Tip #6: Have Adequate Insurance

Insurance is meant to protect you from financial hardship when pre-defined conditions occur. Insurance is a financial product with a variety of options in the marketplace. There are a variety of insurance products ranging from unemployment to healthcare and beyond to help reimburse you. Be a savvy shopper. Shop around for products that offer you an adequate amount of protection at an optimal price. Revisit your plan periodically to ensure that you're getting the best coverage and the best rates.

Money Tip #7: Buy Cash Producing Assets (Passive Income)

Do you plan to work forever? While the type of assets you purchase to grow your net worth should align with your financial goals, it's important to focus on assets that pay you in addition to growing in value. The benefits of cash producing assets have a snowball effect as you buy more and more. It is possible to replace earned income with income from cash producing assets. This can translate to more freedom to pursue other passions you have. Talk to your team of advisors and make a plan for passive income.

Money Tip #8: Grow Your Network

It's said that we are the sum of our social circle. Growing your network of mentors and mentees aids in the personal development of you and those around you. Don't limit yourself by being an island, look outside your immediate circle and expand on the wealth around you so it can be passed down to the next generation.

Money Tip #9: Leverage Tax Deductions

Working with a credible tax advisor and tax preparer can help you keep more of the money you make. Curtis Banks says that it's important to plan ahead and keep a record of deductible transactions. It's important to note that every tax situation is different. Please consult with your team of experts on how this applies to you and your unique financial goals.

Money Tip #10: Be A Savvy Shopper

Curtis says that being a savvy shopper is an important money management tip. Chances are the thing that you’re interested in purchasing is available at a better price from another seller. Comparing prices can save you money. Finally, be patient when shopping. The things you want to buy will still be there in a few days or weeks if you’re willing to wait for the price to go down.

We hope that you have found this article helpful in your journey to better manage your finances. If you want help from a wealth mentor who understands the challenges of managing money, we invite you to book a free discovery session with Curtis Banks. He is looking forward to meeting with you and helping make it easier for all those who are seeking financial freedom!

by MSE Staff | Published 22 Aug 2021 (Updated 2 Nov 2021)

Saving money is not always easy. But there are many ideas that can help you save more and have a better financial future. Learn about 10 financial rules to live by, ideas on how to save money, and ideas for making your savings grow faster in this Money Smart list!

Have a Plan for Your Money

What is your life plan? Do you know what you want to be doing 1 year from now? How about 5 years and even 10 years from now? You have expectations for your life, so it makes sense to have expectations for your money. This is because your money supports the things you expect to do and have in life. Do you plan on paying off your mortgage in 3 years? Your money supports your life goals. Do you plan on continuing your education next year? Your money supports your continued education. Do you plan to eat today? Your money supports your ability to live. Your ability to plan out your finances is integral to your life plan. Make your plans detailed. What do you want and where are you going?

Planning out your finances is not easy. It takes a lot of work, but it pays off in the end! If things change, make sure to update your plan accordingly. You can't go wrong with an updated financial plan that accurately reflects what's happening in life. Make adjustments as needed!

Pay yourself first

Where does your after-tax money go? Curtis Banks teaches the Money Smart Allocation system because it forces you to stop throwing your money out on expenses and start allocating your money on assets. It's so simple that most people will fight it at first. Limit expenses to 45% of your income and focus a minimum of 55% of your income on growing your net worth! When you put your income to work growing your net worth, you pay yourself first. Your future self will thank you for it!

Participate in Financial Education Programs

What are your ideas on how to save money? There's a chance that the ideas your co-workers have might not work for you. This is why participating in financial education programs can help with finding better ideas and strategies that suit your needs as an individual. It never hurts to learn more about money so find out what kind of financial classes or workshops may be available near you! Financial literacy, knowledge, and awareness are important skills when it comes to personal finances. You should always take advantage of any opportunity needed to improve yourself and understanding of finance. With increased knowledge comes responsibility for using this information accordingly - use these concepts wisely!

Curtis Banks teaches and mentors on how to save money, how to systematically manage your money to grow your net worth, and how to retire abundantly and stay retired in Money Smart Transformation. It's a three-step program that includes learning, implementation, and mentoring so that you can take control of your finances. If you'd like to learn more about the program schedule a discovery call with Curtis Banks today. https://www.scheduleyou.in/mVrdFy

Take Advantage of Coupons, Discounts, and Sales When Possible

It's always a good idea to use coupons, discounts, and deals when you can. Do your research before purchasing anything because often times the best deal is not what it seems! Don't pay full price - there are plenty of ways to save. Coupons, discount codes or offers for free shipping from favorite stores like amazon prime have saved me time and money in my life.

Create a Habit of Saving Your Money and Keeping It

You can automate your money into a savings account, but you have to learn to not spend it for unintended purposes. Make a habit of saving your money and keeping it. Don't spend it for things you didn't plan on because many times emergencies happen out of the blue! Create an emergency fund that grows - this will be important in case something unexpected comes up like car repair, doctor's appointment, or even just needing to replace lost items.

Automate Contributions to Your Retirement

Take the necessary steps to ensure that your quality of life is abundant when you retire. Direct a portion of your income today to secure your livelihood in retirement. You can automatically contribute to your retirement by setting up an automatic withdrawal from a checking or savings account. The best thing you can do for yourself is start saving. The early you start, the easier it will be for you!

Avoid living below your means

It’s important to keep your expenses down but there is a point where you can become too frugal. For example, sleeping on a friend's couch to avoid paying higher living expenses can be an extreme way to save money. However, it's not a long-term solution for saving money. Living below your means can create discomfort and friction in different areas of your life. It can even make relationships with others difficult. Make sure that you're living within your means and not below your means.

Avoid living above your means

Living comfortably is important but it should never cause cash flow problems. You should maintain a healthy cash flow each month. If you're cash flow is running in the negative, it means that you have more money going out than you have coming in. That's a sign that you are living above your means. Pay attention to your cash flow and make sure that you're living within your means.

Create an Emergency Fund That Grows

Make sure your emergency fund is keeping up with inflation. An emergency fund is a safety net for you, your family and your home. Create an emergency fund that grows so that it'll be there to help in case of emergencies like car repair or doctor's appointments. It's also important to make sure that your emergency fund matches with inflation. Living expenses were far less in the 1960s than they are today. The costs of goods have increased dramatically. Keeping up with inflation will ensure that the money stays valuable just in case you have to use this account when you need it.

Grow your net worth

Understanding how much wealth we're building each month and year is important when it comes to our financial well-being! You should take stock on what you are doing financially monthly, quarterly, and annually by reviewing the numbers and viewing where exactly your money goes - if it isn't going towards assets then adjustments need to happen. Increase understanding by tracking monthly expenses, income, savings goals, debt payoff progress, assets, liabilities, investments, and net worth.

The 10 financial rules to live by and the ideas on how to save money are not always easy, but they will help you have a better future. What do you need? I’m here for you with free resources like Curtis' Top 10 Money Smart Strategies that can make your savings grow faster. Let's work together towards a smarter financial future! Request a free copy of this list during a free wealth discovery session.

by MSE Staff | Published 18 Aug 2021 (Updated 2 Nov 2021)

Having a healthy credit score is important because it can affect so many things in your life. It determines whether or not you qualify for certain loans, the interest rates you will pay on those loans, and what types of insurance coverage are available to you if any at all.

A credit card is a tool that can be used to increase your net worth over time. When strategically managed, they are an effective way of building long term wealth through increased spending power and use of rewards points for things you would have bought anyway.

If you carry balances from month to month with no intentions of paying off the balance at any point during the duration, then your creditworthiness will be harmed, and future loans may not be granted.

Improving your credit can also make you eligible for a number of different types of rewards programs. Common rewards include cash back, points and miles. With cash back there is the potential to get a percentage of money refunded when purchasing with your card- which could be helpful if you need to leverage all available funds on it at any given time! Points reward give users points that they may then exchange for tangible benefits like plane tickets or hotel stays while Miles Rewards earn discounts on travel costs altogether- making them an excellent option in comparison!

With a little strategy and responsibility, it is possible to strategically grow your net worth by leveraging credit. Think property investments or business investments that will pay you back more than the interest on what was borrowed. This can be similar as saving money in many ways!

Credit cards are often used for convenience, but they do have some drawbacks such as high-interest rates when compared with other forms of borrowing like mortgages and car loans which may come at better terms if you're seeking cash rather than using them to build up assets over time - think property investments or investing in businesses whose returns exceed even ongoing expenses like monthly interest charges from a card balance

If you’ve ever taken advantage of 0% interest introductory offers to pay off your principal balance, then it's not surprising that this is a great strategy. These deals are one way credit can help us save money over time as we reduce the cost of borrowing money with these types of opportunities.

Credit cards can be a tool to help you build long term wealth if used strategically. They are an effective way of increasing your net worth over time through increased spending power and the use of rewards points for things you would have bought anyway. If this sounds like something that might work for you, check out Curtis’ free e-book “Money That Grows”! It’s full of solid advice on growing net worth.

by MSE Staff | Published 16 Aug 2021 (Updated 2 Nov 2021)

Financial success is not easy, and there are a few steps that you can take which will lead towards making more money and becoming wealthier in the long-term. One of those first steps? Building credit! It sounds simple but it's actually tricky because we're all so busy these days juggling work, friends, family -not to mention finances. But with strategies for increasing net worth using credit cards (which could make things easier) people may be able to get on the road to wealth much faster than they thought possible before.

Retirement Contributions by the Numbers

Credit card companies are getting more and more aggressive in their marketing tactics. The minimum monthly payment is the lowest amount a customer can pay on their revolving credit account per month to remain in good standing with the company, but many people who only make this bare minimum will end up paying higher interest expenses than those who put down a little extra each month. With all of these new gimmicks from banks like 0% interest for 6 months, it's hard not to get sucked into an enticing offer or two--but always be mindful that making just the minimum due may lead you deeper into debt faster.

An APR is the annual rate of interest you can expect to pay as a borrower. Fees are additional costs that you agree to pay in exchange for access to credit and other services such as withdraw, late payments on your card, or maintenance fees.

What Are the Benefits of Making Overpayments?

Making overpayments is a great way to get out of debt faster, but there are risks involved. If you don't make at least the minimum payment each month, then your credit rating will be damaged when that information gets reported as missed payments and late fees!

When you make an overpayment, a sense of accomplishment and pride comes with that. You'll feel better about the direction your finances are moving as well as have less stress in your life! Not to mention increased motivation for taking more proactive steps in not only financial aspects but other parts of life too.

The Difference Between Minimum Payments and Overpayments

Believe it or not, your credit card issuer is keeping track of whether you make a minimum payment or an overpayment. Minimum payments are a strong indicator that you're going to have trouble paying down your credit card and making them means you’re giving away your money! That’s money that could be invested instead in opportunities with higher returns. Conversely, when you do the right thing by opting for an overpayment on balance owed each month; this reduces the amount accrued from interest which can then lead into more savings!

You Deserve a Healthy Relationship with Your Money

Knowing how to use your credit cards wisely can help you increase your net worth. The first step is understanding the difference between a minimum payment and an overpayment on a credit card, as well as what APR means for each of these terms. Once you know this information, Curtis has some tips that may be helpful in helping you do more with less when it comes to managing your finances. If any of this sounds confusing or overwhelming, schedule a discovery call today so we can walk through everything in detail together! You deserve healthy relationships not just with people but also with yourself and money too!