Money Management
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group.
7 Money Management Tips to Improve Your Finances.
Track your spending to improve your finances. Create a realistic monthly budget. Build up your savings—even if it takes time. Pay your bills on time every month. Cut back on recurring charges. Save up cash to afford big purchases. And, start an investment strategy.
This understanding provides you with a 360-degree view of your financial picture. The goal is to apply key financial disciplines to help you overcome the obstacles to wealth.
With a clear purpose for your money and sound management principles behind it, you are in much more control of your financial destiny.
-
How $3.4 Million Became the Price of the American Dream
Based on Investopedia, the American Dream now costs over $3 million. Well, $3,455,305 but what’s an extra $450,000 between friends? See the dream isn’t dead, the reality is that it costs a lot of money over your lifetime. Against the backdrop of sustained high prices and lingering inflation, the average American is struggling to keep up with the social media Joneses. Gone are the days of discipline and measured spending, in are the days of conspicuous consumption, higher credit card debt balances, and toxic poverty porn. Surrounded by the conversation of debt crises and financial trauma, did Investopedia drop clickbait or are they unto something? We will go through each…
-
Sitting on Cash Could Cost You a Lot of Money
Cash comes with an opportunity cost – by sitting in cash, investors may miss out on the potential upside stocks could see in a soft landing, lack the protection that bonds can offer if a recession does happen, and lose out on the inflation protection that real assets have.
-
$82,353 is the Salary You Need To Make To Obtain Millionaire Status
More People Should Build Wealth. It's Easier than You Think. Most Millennials Can and Should Consider Becoming Millionaires.
-
The True Wealth of Inheritance: Cash Flow and Opportunities
Over 1 in 5 US households received an inheritance, according to the 2022 Federal Reserve’s Survey of Consumer Finances. The average American inherited nearly $60,000. While the majority will inherit zero or debt, those who will receive this windfall can expect around $266,000.
-
How to Measure The Power of Marriage: Wedding Bliss and 3/4 Millionaires
The crew is together and today we discuss Lawrence's family's pending millionaire status and the significance of partnership and marriage.
-
3 things We Did to Solve the Racial Wealth Gap for Our Family
The racial wealth gap is a widely discussed and known issue in the US. While wealth gaps are prevalent worldwide, America has been on a divergent path for a while. In the second quarter of 2023, white households held north of 85% of total wealth. The median white household is hovering at $284,310 while Black wealth trails behind at less than $45,000. That’s a difference of 6.5 times. The Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860-2020 did a great job summarizing how we got here. You can definitely read it for yourself. It’s filled with incredible insight into how freed enslaved people (1860) were able to converge wealth…
-
How to Invest While Reducing Your Tax Liability in 2024
Investing for the future comes with several benefits, but one sometimes overlooked benefit is reducing your tax liability. By investing for the future in tax-advantaged retirement accounts, you can potentially reduce your overall tax bill. This works by leveraging your current dollars to structure long-term wins. With that said, taxes can become complex. Use this as a guide for a better understanding of your own goals and how to position yourself. Then, I’d recommend that you seek a licensed tax professional who understands financial planning. The wealthy don’t merely do their taxes by April, they plan ahead in November of the prior year. Here are five ways to potentially reduce your…
-
How Much Money or Wealth Do You Need to Be Part of the Middle Class?
Is the middle class shrinking? Most want to be rich while no one wants to be poor. So most call themselves Middle Class to fit in. But how much income do you need? How much wealth do you need?
-
Humanizing Our Experience with Money
Today, we break down the latest 2022 data from the U.S. Census Bureau, the US Bureau of Labor Statistics, as well as the Federal Reserve Survey of Consumer Finances. The TFG reflects on how statistics can be used as a proactive tool and how the numbers humanize the average American's experience with money.
-
The Economy is Switching Gears. Important Things to Consider for Q4 2023 and Beyond
For most of 2023, investors have been switching gears in this economy against an ever-evolving macroeconomic backdrop. From the war in Ukraine to the Middle East, social anxiety is up. Even the economic growth of the top ten companies in the world isn’t enough to abet fear. Beyond that, inflation has proven to have staying power. Currently, the economic growth in the US is supported by resilient consumers. Many of them are dipping deeper into their savings and investments while also spending on credit. However, there have been signs of a rally in energy prices while consumer pessimism climbs. People are tired in 2023 and are in need of a…
