Financial Fridays

 

Key Takeaways

  • Do a quick, three minute look at your finances every Friday to ensure there are no irregularities and to keep your budget on track.
  • One Friday every month, look at your assets and liabilities to ensure you are on track for any financial goals you might have.
  • Once a year, do long-term planning to ensure you can save up the money you want, save for big expenses or things like vacations and other things you might want to do.

Money Sloths Win in the Long Run

Key Takeaways

  • Our brains have a system one that thinks very fast, automatically, and is always on and this is where we spend most of our time.
  • System two of the brain is very slow thinking and it’s how we are able to do integrative thinking that helps us make decisions.
  • While both systems are necessary, system two is where you want to operate when it comes to your money and making good decisions about your financial future.

Financial Freedom –Looking Long-Term For Short-Term Flexibility

Key Takeaways

  • To have financial freedom, you must look long-term to achieve short-term financial flexibility and financial freedom.
  • The two key areas to look at for short-term flexibility are expenses and savings.
  • The two largest areas of expenses are in housing and transportation.
  • Save 10% of your income and contribute at least the minimum to get the match on a 401K to ensure you have enough savings to cover emergencies or career moves.

In Search of Wise Counsel

Key Takeaways

  • We tend to ask our close family or friends for financial advice when we should really turn to a professional to help us.
  • When looking for a financial advisor, there are a few things you should keep in mind, but LRC – Leadership, Relationship, and Creativity, is key.
  • Big-name financial firms are not always the best places to turn to for financial advice as many times, they have a set of services or products they are expected to push, whether you need them or not.