Empowered Planning Blog

Employers Are Paying College Debt: Find Out How!

Jun 04, 2020

STUDENT LOAN REPAYMENT PLANS

Does Your Employer Offer Student Loan Repayment Plans? Start asking NOW!

Having a college degree today is a common requirement to get a job in today’s workforce, about 45 million people are on the hook for roughly $1.6 trillion in student loans. 70% of people experience stress around their finances. This stress pours over into our personal lives and affect our careers as well.

Companies are now offering Student loan repayment plans as a way to incentivize Millennials and Gen Z to work for their companies and also keep them there. About 8% of companies offer them today and even though at first glance that looks like a small percentage, it’s up from 4% last year with a new wave of companies adopting these plans later this year.  

The way that these programs work is similar to how a retirement savings plan like a 401(k) your employer will contribute a fixed amount like $50-100 per month, as long as you make your payments on...

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3 Quick Wins For A High Credit Score

May 29, 2020

I wanted to drop a Credit Score Knowledge Bomb in your lap today to help you get some quick wins. I talk a lot about building wealth and investing but those things take time and patience and doing. And patience has been on my mind a lot. You’re a go-getter and do-er and “waiting” isn’t your strong suit which is also why you’re so successful. That drive serves you in so many ways but building wealth isn’t a sprint. I hear you when you’re frustrated that you can’t achieve all of your money goals right now. I wanted to give you some wins you take in the meantime while you’re building your empire.

Let’s talk credit score. You want to have good credit because it affects how you can borrow money and a good or “prime” credit is considered to be anything above a 720. So check out these 3 quick credit wins you can get today!

#1 - Pay your bills on time and pay more than the minimums when you can, hopefully you’re...

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Why Waiting To Invest Is Costing You Thousands $$$

May 21, 2020

I want to debunk the thinking that you need to wait until you have more money to start investing. The reason you invest is to grow your money. Pretty straight forward right? You want to make money on your money. Don’t be shy about it, you want more money. It doesn’t make you a bad person. You know you need money to reach your goals and support the lifestyle you want. That just makes you smart, not greedy. There’s a HUGE difference.

Time is actually the most valuable asset you have when you want to grow your money. When you start making more money you start spending more money. It could be to upgrade certain things in your life for fun or to actually get some things you really needed but were waiting to have the money. So having more money doesn’t necessarily mean you’ll start saving more.

I’m not going to tell you that by skipping the latte or the avocado toast you’ll become rich but I do want you o follow me on this exercise. Don’t...

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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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