by MSE Staff | Published 14 Nov 2021 

What's the difference between Money Smart Transformation and Money Smart Pivot? Is one better than the other? This article will explain what each program is about, how they are different, and which might be best for you.

A Plan for Positive Change

Both programs are designed to help you understand your finances and develop a plan for positive change. The main purpose of both is to teach skills so that people can better manage their money today. So, which is right for you?

Your Schedule

Money Smart Transformation vs Money Smart Pivot

Both Money Smart Transformation and Pivot are designed to fit the busy day for working professionals. Implementation classes and group mentoring sessions take place during the evening on Wednesdays and intensive live classes happen on Saturdays at the end of the month. Implementation and group mentoring sessions are typically 2-hour sessions. Intensive live classes are typically 10-hour classes. While participation is key to making progress in both programs, Curtis provides a recording of class sessions so that you can review. Money Smart Pivot members also have access to two private mentoring sessions with Curtis Banks every month.

Think about what your life looks like. Are you able to commit 2-3 hours per week building a brighter financial future? Are you able to commit to evening classes on Wednesdays? Are you able to commit to an intensive live class at least once a year?

Curriculum

Working Professionals vs Entrepreneurs

Curtis' programs are meant to provide you with financial education and wealth mentoring so that you can build wealth. Money Smart Transformation guides working professionals to take action in their finances and create sources of passive and investment income. Once someone reaches the point in their finances where they are generating passive income or business income alongside their earned income, Curtis recommends Money Smart Pivot. Pivot continues to provide financial education and includes 1-on-1 wealth mentoring. Curtis believes 1-on-1 mentoring is important for entrepreneurs because it provides time to focus on your business and life goals.

Length of Program

Transformation vs Pivot

Your success in either program is dependent upon the goals you set, the effort you put into achieving your goals, and external factors. Regardless, both programs will help you as long as you stay the course. Ideally, Money Smart Transformation is a 12–14-month program that ends with members reaching a higher level of financial wellbeing and income security. The curriculum for Money Smart Pivot continues after transformation graduates move on to generating passive income or business income alongside earned income.

Which Is Right for You?

We all want to be financially successful, but it's hard work. It takes time and dedication to learn the skills needed for success in this area of our lives. You can't just wing it or hope that you figure things out on your own because these are important steps in life - ones that should not be taken lightly! Which program would best suit your needs? Give us a call today so we can get more information about what you're looking for and see if there is any way we could help.

by MSE Staff | Published 13 Nov 2021 

The financial world is complicated and many of us need guidance when it comes to our finances. A financial educator provides education on personal finance topics. A financial coach will work one-on-one with clients to help them set goals and devise strategies for achieving these goals. Wealth mentors guide clients through all aspects of accumulating wealth, including identifying sources of income and developing ways to save money on taxes. This article will explore the differences between these three professionals so that you can make an informed decision on which one is right for you!

Note: this article uses a fictional characters and fictional events to help distinguish the differences between a financial educator, financial coach, and wealth mentor.

Casey's Story

Casey is in her 20s, fresh out of college. She has landed a job with decent pay and wants to establish good financial habits now so that she can live comfortably in retirement. The problem is that Casey doesn't know much about personal finance; this makes it difficult for her to self-advocate when purchasing services or negotiating salary.

Casey has decided to meet with a finance coach

Casey's Financial Coach: A financial coach helps people set and achieve personal finance goals, such as buying a home or paying for college tuition fees. Casey's goal is to establish good financial habits so that she can live comfortably in retirement. Her coach will help her identify her values when it comes to money, set financial goals that are meaningful to her, and devise a realistic plan for achieving these goals.

Benji's Story

Benji is in his 40s and is experiencing identity theft for the 5th time this year. The impact this is having on his credit and financial security are starting to wear down Benji's self-esteem. The problem is that Benji has not taken a financial literacy course since he was in college and things have changed considerably; this makes it a challenge for Benji to take the appropriate actions to prevent and protect against identity theft.

Benji has decided to meet with a financial educator

Benji's Financial Educator: A financial educator helps people of all ages and backgrounds become financially capable. They can teach you how to avoid identity theft, create a budget that works for your lifestyle, manage your finances for success, and invest in the right places so that you can retire comfortably one day. Benji needs help understanding why he is being targeted by cybercriminals and how to stop it from happening again. He also wants help understanding exactly what identity theft is and why he should be concerned about it.

Cindy's Story

Cindy is in her 60s and has recently retired after a 30-year career as an elementary school teacher. She had been planning for retirement all throughout her life; however, she now realizes that her money philosophy is not very different from how it was when she first started working.

Cindy has decided to meet with a wealth mentor

Cindy's Wealth Mentor: A wealth mentor guides their clients through all aspects of becoming wealthy including identifying sources of income and developing ways to save money on taxes. They can help you plan for retirement, create financial goals that are meaningful to you, and devise a realistic strategy for achieving these goals. Since Cindy currently has few sources of income or wealth accumulation strategies in place, her wealth mentor will work with her to identify what might be holding her back from becoming financially secure, so she'll know how best to move forward.

Which Is Right for You?

Making the world of finance more accessible for everyone is a goal that’s very near and dear to my heart. Curtis knows how important it can be to have someone there by your side as you embark on this journey. The financial educator educates, the financial coach provides hands-on support, and the wealth mentor guides clients through all stages of accumulating wealth. Which one makes sense for you? Why not sign up today for a free discovery session with Curtis banks!

by MSE Staff | Published 7 Nov 2021 

The Definition of Income

Income is the money you bring in, but that's not all! There are a variety of different types of income and near limitless ways to create streams of it. The number of income sources you maintain have a direct impact on your financial security and peace of mind.

The different types of income include

Earned Income: 

Income you earn from employment and includes your salary, bonuses, tips and commissions. It also refers to any income earned doing odd jobs or freelance work on the side such as babysitting or selling unused items online.

Passive Income:

Income you earn from assets such as rental properties. It also includes income earned through royalties for creative works like songs, movies and books.

Investment Income:

Income earned from investments such as dividends, interest or capital gains on your investments.

These income sources can all be classified as income and contribute to your overall financial wellbeing. However, it's important you know how each income stream is taxed so that the correct taxes are applied at the right times. Consulting with a tax planner to avoid overpaying in taxes is an excellent strategy to maximize your income.

Finances can be a huge source of stress and worry. But it doesn't have to be! There are many different types of income, and near limitless ways to create streams of money that will help you build the financial security and peace of mind you deserve. If we've piqued your interest in this subject matter, don't hesitate to book a free discovery session with Curtis Banks today. You and Curtis will work together so that you can feel confident about your future – both financially AND emotionally!

by MSE Staff | Published 03 Jul 2021 (Updated 5 Nov 2021)

Money Smart Allocation is a system designed for you to pay yourself first. The Money Smart Allocation system states that 55% of your income should be allocated for investments, and 45% of your income is allocated for expenses. This ensures that you are focused on increasing your net worth and financial wellbeing.

How does Money Smart Allocation differ from a budget?

A budget is a plan for how you want to spend your money. Sadly, that’s what many people do when they budget away all of their income. Budgeting is often accomplished outside the scope of building wealth. Money Smart Allocation focuses on the key areas for building wealth and requires you to cut down on wasteful spending. The end goal for the Money Smart Allocation system is an increase in financial wellbeing.