My guest blogger today, Bonnie Gortler, is an expert on growing wealth. She has written a fabulous book and spent 30 plus years helping people become wealthy. I have known Bonnie for 4 years and she is the real deal when it comes to money. I thought this was the perfect time of year to share about this topic. Please enjoy her guest post.
10 Tips to Build Confidence On The Subject of Money
Wouldn’t you like to feel good about money and be on a path to journey to wealth? With some simple financial planning, some changes with what you are doing now, you can build your confidence and grow your wealth.
Changes all at once aren’t necessary to create a lifestyle that is happy and fulfilling to you. Money doesn’t have to be the focus of your life but developing good routines now will help you as you get older. When making changes involving money, it’s best to start simple, and as your skills improve your comfort level will evolve.
By creating a winning money formula that is fun, simple, and practical you will be able to stay with your plan over the long term. Employ just a few of these tips now, and see how they will help your confidence with money as your wealth increases.
10 Simple Confidence Building Tips About Money To Grow Your Wealth
- Don’t hide or avoid talking about money. If you are feeling a bit unsure, look for some help from a coach, investment adviser, or a financial planner who could help support you on your path to wealth.
- Establish financial rituals to follow early in life that will have a positive impact on your finances that suit your needs, not somebody else’s.
- Take the time to create a spending plan that is within your means. Track your spending for a few months to see where you are spending your money. By cutting back just $25 per week you will have an extra $1,300 per year that you can use to pay off debt or put toward your savings or your investment account.
- Have an emergency fund of at least six months of what your present expenses are. It’s also best to plan ahead for extra expenses that might arise during the month. Health care costs continue to increase and deductibles for the doctor or hospital visits will add up over the course of a year.
- Review your bills that you pay regularly such as TV, telephone, or insurance. Ask if your company has a cheaper package that could still get you what you really want.
- Review your interest rate on your credit card that you pay. Avoid using high interest credit-card debt. Call the company and specifically ask for a supervisor to see if you can lower your interest rate cost. Don’t be the one who buys items on sale for a discount, but is really paying more for the item because you don’t pay off your bill in full, and then you pay double-digit interest.
- Take advantage if your employers allow you to contribute into a retirement savings plan. Start with a few percent of your income and then increase the contribution to 10% if you can.
- If you are not working and need to take money out to live on, see if you can limit yourself to withdrawing 4 percent or less in order to preserve your capital for later years in life.
- Diversify your investments that include a broad mix of stocks and bonds for diversification and review your asset allocation frequently. As you grow older it’s a good idea to move your assets into less-risky investments. A quick rule of thumb is to have an allocation to bonds that is equal to your age.
- To achieve wealth in investing manage your risk. The number one rule is to avoid taking large losses on your investments. Remember small losses are the best losses that you can have.
Creating a simple money plan that you follow doesn’t have to be hard or disruptive to your every day life. It is up to you to take responsibility of your money. Start now planning ahead. Develop some good routines now and enjoy the benefits to create the lifestyle that you desire. If you pay attention, experiment, be open-minded and continue to learn along the way you can change where you are now and fulfill your hopes, dreams, and goals. With smart money management and a little discipline, your confidence with money will shine bright and you will truly enjoy your journey to wealth.
If you would like some help on your journey to wealth, I invite you to set up your free 30 minute Inspired Wealth and Well-Being Discovery session with Bonnie.
Click here http://bit.ly/1oLA0pz
Bonnie Gortler, the Inspired Wealth & Well-Being Coach, is a successful stock market expert who has been instrumental in managing multi-million dollar client portfolios within a top rated investment firm during her over 30 year corporate career. As the author of “Journey to Wealth”, Bonnie has made it her mission to share the importance of risk management and how to enjoy true financial well-being by applying the technical and mental sides of investing. Visit BonnieGortler.com to gain tips and insights surrounding weight loss, investing and inspiration through her writings on Wealth and Well-Being. Live the healthy, wealthy lifestyle you desire.
I am sure you learned a few key ideas from Bonnie today.
Wishing you joy and happiness,
Dr. Sheri Kaye Hoff, PhD.