Financial Awareness

Key Takeaways

  • Not being aware of what’s going on with our finances happens often and can be very upsetting.
  • Taking time once a week to check on your finances and make yourself aware of any overspending can help set you up for success the following week.
  • A great day to check your finances every week is on a Friday, called Financial Fridays, as the bulk of spending tends to happen on weekends, so checking on a Friday can make you aware of where you are in your spending cycle.

The 50% Rule

Key Takeaways

  • If you get a raise or your income increases for some reason, use the 50% Rule to take half of that increased income and save it or pay down debt.
  • Many times when we have an increase in income, we spend it on things we don’t really need. That new increase in money very quickly gets spent away when it could be used to help in other areas.
  • Even if the money you are saving or paying down debt with doesn’t seem like a lot, it can make a big difference in the long run.

The Financial Advice Middle Ground

Key Takeaways

  • The Millennial generation grew up in a time of financial uncertainty with the Dot com bubble and the Great Recession, and thus they are leery of the financial industry.
  • Millennials love the online world, but it can often lack the connection they are looking for, and the traditional advisor world is too formal, too focused on the advisor.
  • There is a middle ground, where you can have access to all your financial information online, but also have access to a financial advisor when you want one.