What's the secret with the wealthy? How do they succeed? Ever wondered how self-made wealthy people got that way? While I don’t have any tips on how to make money quick, I have come across some interesting research...11 habits of wealthy people. I feel some re-vamping of my New Year's resolutions coming on...
Click over to Habits of the Wealthy to learn more.
Welcome to the wonderful world of marriage! Now it's not just YOU, it's WE. You may think that all the money stuff will just work itself out over time. You'd be surprised at how often married couples need to talk about money in order to stay on top of their family finances. Learning to communicate now will help you avoid some of the common money pitfalls couples encounter in their first years of marriage. Here are my 5 money tips for newlyweds:
1. Talk about Your Money History
a. How were you raised with regards to money? How does that affect you now?
b. Do you have a basic understanding of money management?
c. What are your financial aspirations?
d. What are your career expectations?
e. What are your assets/liabilities?
2. Talk about Your Budget
a. What comes in?
b. What goes out?
c. Who will be the day-to-day manager of the money?
3. Talk about Credit
a. How will we use credit cards?
b. Each spouse has a separate credit report and credit score. Get a free credit report from annualcreditreport.com and check to see if there are any mistakes on your report.
4. Formulate a Debt Philosophy
a. How will you use debt?
b. Good debt/bad debt?
5. Establish a Personal Allowance
a. Decide on an amount that both of you can afford to spend each month no questions asked. It may be $100 and it may be $5 depending on your circumstances. Either way it's yours to spend without any quilt.
b. Rule: When it's gone, it's gone; No running to the ATM for more cash after you've spent your allowance!
Something excited happened recently and anyone with bills to pay needs to listen up. A while back some colleagues of mine developed a free iPhone app that takes all the guess work out of paying down debt. Which debts should I focus on? If I have extra money one month to put towards debt payments, which do I choose? What's the most financially savvy decision?? This app tells you.
Download the free iOS app here and get started today! Don't have an iPhone? No problem, use the same program online at PowerPay.org!