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Catch up on some of the latest posts with this week's roundup:
Why Cash(Flow) is King and How You can Master It
In today’s world, cashflow is the fuel that powers our financial engine. We are more dependent than ever on others to supply the things we need to live - housing, transportation, food, utilities, entertainment, savings, taxes and so on. We enjoy these things by using the cash earned from our work(or stored resources) to pay for the things we need (and want). Cashflow is simply the inflow and outflow of money in our financial world.
It seems simple that we must live within our means--a world where income > expenses. The only place where this doesn’t seem to apply is in our federal government, but that’s a discussion for another day.
3 Steps to Achieve Financial Success and Lead an Inspired Life
by Jason Mirabella, Henfruit
If you want to be inspired to achieve financial success and have complete control over the decisions you make in life, you need to have the following:
A healthy money mindset.
Clarity around what motivates you and is truly important.
A system that makes it easy to consistently make financial and lifestyle decisions that are aligned with #1 and #2.
Why a Hub Account is Key to Cash Flow
It’s the same every two weeks. You get a paycheck and have big plans to contribute to your 401(k), throw some money at the “vacation fund” you’ve been working on, and maybe up your monthly student debt payments by a few extra bucks. But how often does this system actually work? If you’re anything like most of your friends, your good intentions are probably never realized, even if you’ve already read about our 10/20/30/40 budget structure. That’s because most of us aren’t great at managing cash flow. Part of this can be traced back to what we’ve all been taught about how to handle money and what we call the “left-over” mentality. If there is anything left-over at the end of the month, we’ll (insert financial goal here).
The typical cash flow cycle that people experience looks like this:
You Know Better! Stop Making These Financial Blunders!by Michael Schupak, Schupak Financial Advisors
Have you ever committed to a healthy night – gone to the gym, had a healthy dinner, skipped the wine, only to wind up with a late night trip to Ben and Jerry’s? Of course you have, at least in some sense… even though you knew that would wreck all of your hard work, you excused away your better judgement for the momentary gratification.
This article is not about ice cream, but how savvy people make financial mistakes they know they are making. These are the 5 most common I see.
For more on how your 401(k) works, be sure to check out Good Financial Reads: Cash Flow (Part Two).