Empowered Planning Blog

Money On My Mindset: 3 Tricks You Can Do To Reframe From Scarcity To Abundance

May 13, 2020

COVID-19 season has brought a lot of attention to money, specifically your money. For some of you it was a good time to look this over and for others it was confronted you right smack in the face because of a sudden drop or loss of income. Regardless of which camp you fall in, this season has brought on pressure real or imagined on how we are looking at their finances. I want to talk about the abundance mindset vs scarcity mindset and some things you can do to reframe how you’re thinking about your money. Abundance and scarcity get thrown around a lot these days and while I don’t necessarily love these words they’re out there so let’s talk about them.

Abundance

Abundance is the ultimate money mindset.  When you feel like money is in abundance you feel there’s more than enough to go around for everyone. An example is when other people making money not only doesn’t bother you but you’re happy for them. You move through each day with...

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3 Things You Should Be Doing With Your Money Right Now

May 06, 2020

Manage your money the right way during Covid-19

With an endless amount of information available with a click of a button, I want to help you prioritize the top 3 things you should be thinking about with your money right now. Before you make an endless To Do List, check these out and get yourself on track or pat yourself on the back for being there already! You Got This!

1- Stretch Your Monthly Money

I’ve been saying this the beginning of last month, but the long term impact of COVD 19 on the economy in unknown. Whether or not you've had a loss of income, it’s a good time to take a look at your spending and see if you can cut back your nonessential spending. Let me break that down real quick. Essential spending expense are things you can’t live without. Like paying rent, buying groceries, auto insurance, things like that. You can shop around prices but you’re not going to stop eating because it’ll save you money. But boy you'd be...

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What's The Deal With The Stock Market?

May 06, 2020

I’ve said this before and I’ll say it again. Money Is Your Superpower! But like all superpowers you have ot use them with caution. You want to grow your money from your money, that’s why we all invest in the stock market. But that doesn’t mean we won’t get a queasy stomach now and again.

Now is the time to get comfortable with the stock market because as you continue to build wealth the aftermath of downturns in the market will absolutely get your attention. You don’t want to panic, you want to feel in control amidst the seemingly chaotic rollercoaster. So I want to simplify what happened in the stock market in March and April and what we can expect going forward.

March

From a stock market standpoint, March took us into whirlwind.  The COVID-19 Virus affected the entire globe literally stopping every economy in its path. Shelter-in-place guidelines were set, many people were quickly out of work, supply chains everywhere were severed and...

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Is It A Good Time To Refinance My Mortgage?

May 05, 2020

(During COVID-19): 3 Things To Consider 

As interest rates go even lower, refinancing MAY be a great option. As we all settle into the new norm of Covid-19 many of us are not able to help out too much or make a meaningful difference being at home. Yes! being at home is all part of helping but we are looking for ways to take action. So with headlines across the board talking about mortgage rates dropping, I've had many people reach out and ask if it's a good time to refinance their mortgages. In short, I would say yes, but here are 3 things you should consider first!

1-     How long are you going Live in the home? 

Knowing this pretty clearly will help you do a quick, back of the napkin calculation. with some certainty is important because we can do a quick calculation and find your break-even point. Ask the lender what your total costs will be and if they say it's a "no-cost" loan, ask them what your total fees for the whole loan process will be. This...

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Navigating The Stock Market & Economy During the Coronavirus

Mar 23, 2020

 

Everyone should be informed and have an opinion. Check out some bite sized nuggets of information on what’s happening!

 

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Coronavirus Causes Stock Market Volatility: 6 Things You Should Know

Mar 02, 2020

Recognize in chaos, it’s time to slow down!

Yes, last week the Dow Jones saw it’s biggest drop since the financial crisis in 2008 (ahhhhh!!!) but what does this actually mean for you?

1: What’s happening?

A few weeks ago, after news of the coronavirus first broke, the world markets stayed relatively stable. But last week we saw the other shoe finally drop. We experienced global market downturns in every major index in the world. One of the biggest and most well known was the Dow Jones Industrial Average. The DJIA dropped over 12% which is the biggest decline we’ve seen since the financial crisis back in 2008.

2: The Bad

Markets run off of fear and greed. Right now fear is front and center because this health pandemic was not predictable and we don’t know when it will be over. The markets price situations in before they actually occur. Supply chains that are connected through manufacturing processed in China have been cut off and could...

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Policies, Not Politics: Credit Card Debt

Feb 24, 2020

As we gear up for the 2020 Presidential Election, we'll see an increase in scary headlines about "What If..." scenarios depending on who could take office. This is a difficult time to know when to throw on those "Old School" earmuffs and when to take action.

There's not enough clear evidence that suggests that a Republican or Democratic President is good or bad for the U.S. Equity Markets. So what we can focus on are topics that are important to us rather than all the noise that we are inundated with way too frequently.

Credit card debt is far too common. Juggling debt along with financial goals we set for ourselves can be overwhelming. Check out this article from CNBC, it outlines actions some presidential candidates are advocating for when it comes to credit card debt!

https://www.cnbc.com/2020/02/18/credit-card-debt-is-930-billion-what-the-candidates-would-do-to-help.html

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Creating a Lifestyle: 5 Reasons You Should Have A Budget

Feb 10, 2020

Know The Numbers!

 

Taking stock of your life, evaluating where you stand today is a great way to improve your health, attitude, and confidence. This is no different when it comes to personal finance. Knowing how much you routinely spend will provide clarity on what steps you can take to optimize your income and reach your financial goals. During my years working as a financial planner one of the first things I would do with my clients was a budgeting exercise. While I believe this is a crucial first step to creating a financial plan, people tend to squirm when they hear the word budget. But why? The short version, people think budgets are Restrictive. Boring. Uncomfortable. Most people don’t like the limits they feel when placed on a budget. Others can think of 100 things they’d rather be doing and for some, it unlocks sensitive relationships they have to money. You may fit into one of those categories or maybe you’ve tried budgeting in the past...

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What Is Financial Wellness & Why You Should Care

Dec 12, 2019

As a society, we continue to gravitate towards the holistic practice of wellness. We are not content with simply the absence of illness but instead, we are searching for the state of optimal physical, mental and spiritual health. These days I would be hard-pressed to find a city with a ‘main street’ or downtown that didn’t offer a variety of juice bars, yoga studios and farm to table restaurants. Additionally, the self-help arena continues to grow exponentially as we search for our purpose in this life and try to cultivate balance in our daily routines.  When we think about spiritual health, our desires can be misinterpreted as selfish distractions. Spiritual practices teach us that if we focus on what we want then we will be pulled away from the connection to our true self.  But as we continue to seek ways to improve ourselves and evolve we must introduce money, personal finance, into the conversation. Financial wellness isn’t about being...

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