Is This How You Sometimes Deal With Your Money? You Need A Financial Plan!

If you ask most people about their financial life most people will state that they are not completely confident with everything related to their money.  So, the ‘ostrich approach’ can be a common approach when we lack confidence. This mindset can cause anyone to seize up. But that is the worst possible course of action to take.

No one knows everything about finances so all you need to do is start taking action to change the course of your financial future.  It isn’t about intelligence. It’s more about focus, dedication, and hard work. It’s about making a plan and executing the plan. Figure out the areas that need the most attention and start giving them the attention.  Take some baby steps, learn about something that you don’t know about today, start doing things that you are not doing today. Fail. It is okay to fail. Do more things differently. Succeed. Seeing your life change for the better will give you more and more confidence to continue.  As time goes on your life will look completely different than it does today…and we bet for the better.

MyMoneyTrainer is here to help you throughout the process and we believe we can help you become more confident more quickly.  Our website is filled with details about our great Money Trainers and how we are available to work with you whenever and however you need us.

I want to spend some time talking about our incredible, proprietary assessment engine.  Because that is the key to everything. If you want to develop a plan to change your life you need to know where you stand today, and what areas need the most attention.  When those areas are resolved you need to know what to focus on next. The MyMoneyTrainer Assessment Engine is the basis for all this. We believe it is the most comprehensive financial planning assessment we know of on the market.  Most people in the financial services industry will not take the time to truly understand your entire financial life. They just don’t care, because it does not matter to them. All they really care about is selling you something or getting you to use their product.  How can they really help you if they don’t understand your entire financial life? They Can’t!

The MyMoneyTrainer Assessment Engine is comprehensive.  It is also cost effective, and very easy to understand. You won’t hear those words too often in the financial services industry.  Why? Because the more complex things are the easier it is to convince you that you need a highly paid professional to figure everything out.  And also, the easier it is to hide costs and fees. Who loses in that situation? You! We’ve said nothing we do is rocket science…and it’s not.  Our Assessment’s reports are filled with graphs to help you understand your financial life. Our Assessment is broken up to look at your income, your expenses, your debts, your assets, and some general plan items.  Our Assessment’s Complete Approach to Financial Planning boils everything down to four simple concepts that anyone can understand. Earn It! Spend It Wisely! Save It! Invest It Wisely! MyMoneyTrainer’s “Financial Planner In A Box”TM provides a 43 point scoring model to show you areas of focus related to our complete approach.  Whew! That is a lot. When was the last time you sat down and thought about all that. Better yet identified areas where you are deficient and developed a plan to move in the right direction.  Heck we built the thing and we learned a ton when we ran it on ourselves.

So you won’t be able to fix everything you want to at one time.  That’s when you work with your Money Trainer to develop some goals.

We want our goals to be smart goals (specific, measurable, achievable, relevant, and time bound).  You’ll be able to develop goals for each area of your plan whether it is incomes, expenses, debts, or assets.  Working with MyMoneyTrainer is no get rich scheme. We Promise! MyMoneyTrainer is a product and a partnership that, we believe, has the ability to change your financial life over time.  For the better and potentially exponentially. We’ll see where you’re at, identify some areas where you need to make improvements, and then set some goals.

We’d love the opportunity to partner with you.  I hope we can earn your business and get you the extra help with your money that you need so that you can be financially fit.

#financialplanning #financialplan

Why Do You Need A Financial Plan and Financial Planner?

A Personal Trainer For Your Money…A Financial Planner!  MyMoneyTrainer provides a capable, dedicated Money Trainer armed with a comprehensive, proprietary assessment engine (built using financial planning best practices) to be the absolute best source of money help available on whatever schedule works best for you!  We can help you with your financial plan, wealth management, financial management, and all things related to your personal finances. How can MyMoneyTrainer help you?

Everyone can use extra help with their money.  Every single one of us! Not one of us is born with any financial knowledge.  Not one of us! We all learn as we go. The greatest investors of all time learned as they went.  The most reputable personal finance wizards. They learned as they went. Life is a journey for sure.  And so too are our financial lives.

Are you confident in the knowledge you have to tackle all aspects of your financial life?  At MyMoneyTrainer we offer you a partnership to help you assess where you are doing well and where you need additional efforts.  We aim to be a trusted lifelong partner. Someone you can always turn to that will put your interest first! Our entire purpose is to help you reach your financial goals.  

We are very much like a personal fitness trainer…except for your money!  We can:

  • Provide fresh new perspective and ideas…things you might not consider on your own,
  • Help you develop a personalized plan,
  • Provide motivation and non-judgemental support while you are executing your plan,
  • Hold you accountable when you need to be held accountable,
  • Help you maximize your results while also minimizing your time,
  • Get better results than you could on your own!

What we do is absolutely not rocket science.  But how we do it very well might be. Everything we do is based on financial planning best practices.  We are not reinventing the wheel. Everything we do is based on proven methods that have worked for countless people.  We harness the power of these best practices with best of breed technology. Our proprietary assessment engine is extremely powerful but also extremely cost effective.  It reviews all areas of your financial life including your earnings, your spending, your debts, your insurance, your savings, your assets, your investments, your important legal documents and much more.  Then we hire the absolute best people to work directly one on one with you. Our Money Trainers are extremely capable, qualified, passionate, professional, partners who you will love working with. Your dedicated Money Trainer will work with you from the beginning throughout the process to complete the Assessment.  Once your MyMoneyTrainer Assessment is complete you Money Trainer will dive in and go over anything you want in greater detail. They will work with you in whatever capacity you need and on whatever schedule works best for you. Need a lot of help. Fine. Need a little help. Fine. It’s up to you and you only pay for what you need and when you need it.  So no apps to install, no websites to go to, no logins, no confusion! At MyMoneyTrainer you get a real person helping you every step of the way available one on one whenever you need them.

At MyMoneyTrainer we believe everyone can use extra help with their money.  Absolutely everyone! We can help anyone.

  • No Money?
  • Lot’s Of Money?
  • No Plan?
  • Financial Crisis?
  • Focused On Building Your Legacy?
  • Young?
  • Old?
  • Newlywed?
  • Having Children?
  • Preparing For Retirement?
  • Changing Jobs?
  • Paying For College?
  • Going Back To School?
  • Moving?

You get the point!  We’d love to have the opportunity to partner with you.  Review our website to learn more about us. Join us for one of our free, weekly learning session on our YouTube channel (subscribe!).  Call us to schedule a free no obligation consultation. Or go ahead and get started with no worries at all. If you are not completely satisfied you will not pay for your most recent session.

I hope we can earn your business and get you the extra help you need with your money so you can be confident and be financial fit!  Welcome to MyMoneyTrainer!

#financialplanning #financialplan

What Is Macroeconomics And Why Do I Care?

We can ask the father of modern day macroeconomics why we should care.

“By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.” — John Maynard Keynes

Now macroeconomics is full of all kinds of confusing, hard, and unpredictable terms/concepts.  Things like: Unemployment, GDP, Inflation, Consumption, Savings, Interest Rates, Investments, International Trade, International Finance / Currency, Business Cycle, Economic Indicators.  All these things are pulled together and used specifically by the world’s governments to set fiscal, monetary, and economic policy.

We here at MyMoneyTrainer think macroeconomics is a lot like the weather?  It is wise to know what you might expect! No one knows what will actually happen…no one!  When reality doesn’t match expectations you will need to adjust course as needed!

“Everyone has a plan ’till they get punched in the mouth.” — Investing Guru Mike Tyson

If you know somewhat what to expect it’ll make it easier to deal with when things ebb and flow.  If you have no clue then it really might feel like a punch in the face when life comes your way.

After you understand some basics of macroeconomics you’ll be able to translate that into your own personal financial plan (officially called microeconomics).

At least twice a year (and sometimes quarterly if things are moving quickly) MyMoneyTrainer will produce our Macroeconomic Outlook.  We track a few indicators that we believe are important to our individual financial lives and fit into ‘Our Complete Approach’! These are:

  • Price / Earnings Ratio (PE Ratio)
  • Debt Levels (Debt To GDP)
  • Interest Rates
  • Fund Flows
  • VIX Index

How Am I Doing? – Do you ‘understand’ how the macroeconomic environment impacts:

  • Your ability to earn and increase/continue your earning?
  • Your ability to spend less than you earn?
  • Your savings and ability to save?
  • Your investments and ability to outpace inflation?

MyMoneyTrainer’s Take

  • Make It Simple! – Macroeconomics is complicated but not really as complicated as it seems!
  • What Do People Do Wrong? – They don’t understand basic things about the economy and how it impacts them (potentially greatly)!  Others try to understand it all…and no one really can.
  • Final Results! – Many people spend considerable time and energy trying to figure it all out…not needed!  Understand some basic things and adjust as life comes your way!

#economics #economy

Things You Must Know About Taxes To Build Wealth Faster! Build Wealth Via Your Tax Return!

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Taxes impact every part of Our Complete Approach to Financial Planning.  Your tax return is a vital part of your overall wealth management plan!

  • Earn It! – If you are earning an income you are paying taxes.
  • Spend It Wisely! – Managing what is likely your largest expense is super important.
  • Save It! – There are ways to save that will save you on your taxes.
  • Invest It Wisely! – There are important tax considerations when you invest your hard earned money.  Considerations that will add up to many, many thousands of dollars over your financial life.

Why Is Understanding Taxes So Important?

  • Taxes are most people’s largest expense!  If you add up all the taxes you pay the average person is likely paying between 30-40% plus towards taxes.  That is a ton of money. This (Federal, state/local, Social Security, and Medicare) is in addition to any consumption-based taxes paid, such as sales tax, property tax, or other taxes on specific items.  
  • Taxes Impact Your Income and Your Investments!

QUICK!  Tell Me How Much You Paid For Each Of These Last Year!  Don’t Forget, many of these can be at the Federal Level, State Level, and Local Level (depending on where you live).

  • Income / Payroll Taxes (Not Your Refund…Not Your Withholding…What You Paid)
  • Social Security / Medicare (Not Technically “Taxes”…but yes Taxes)
  • Sales Taxes
  • Property Taxes
  • Estate / Gift Taxes
  • Use Taxes (Like Hotels, Etc.)
  • Sin Taxes (Like Cigarettes, Alcohol, Etc.)

How Am I Doing?

  • Do you ‘understand’ taxes?  There are lots of confusing terms.  But it isn’t really all that complicated.
  • Do you know strategies that will help you pay less in taxes?
  • Are you implementing these strategies?
  • Do you understand the huge importance of tax advantaged accounts and tax efficient investments (and asset turnover) within your investment portfolio?

MyMoneyTrainer’s Take

  • Make It Simple! – Taxes seem complicated but they aren’t really as complicated as they seem!
  • What Do People Do Wrong? – They don’t know what taxes they are really paying (think refund)!  Don’t understand how to lower what could be the largest expense you have in life!
  • Final Results! – Everyone pays them so don’t let them stress you out or demoralize you (well too much anyway)!  Understand them so you can pay less!

#investments #investing

Invest It Wisely! Step 4 In Our Complete Approach To Financial Planning

Investing is sending your money away in the hopes of seeing it again another day…along with all of its new friends. Investing might be thought to be the hardest of the four areas of our complete approach to financial planning. BUT…it isn’t really.  You don’t have to have a finance degree to do it and do it well. In reality you do not need a hot shot stock broker to be a great investor. The world’s greatest investors have one thing all of us need in order to be great investors…patience! For the vast majority of people calling a mutual fund company, opening an IRA account, and picking a few mutual funds, then leaving it alone will be all you ever need to do. Something like 80% of all money managers lose to the market anyway. Finding one that can consistently beat it over time is really hard. Regardless, the assets classes (stocks, bonds, cash, real estate, etc.) you choose to buy will impact your return more than which mutual fund you pick. If you want to spend more time and learn the art and science of investing it surely will not hurt but don’t let that stop you from getting going.

Our favorite investment advice?

  • “An investment in knowledge pays the best interest.” – Benjamin Franklin
  • “I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.” – Warren Buffett
  • “When You’re Crying You Should Be Buying…When You’re Yelling You Should Be Selling!” – From some unknown super wise person but we don’t know who

$405 Trillion!  No one knows exactly but this is roughly the value of all assets worldwide.  We are all ‘investors’!

Why Is Investing Wisely So Important?  

  • After you’ve Earned It!
  • After you’ve Spent It Wisely!  
  • After you’ve Saved It!  
  • You have to Invest It Wisely!  Do Well…GOOD! Don’t Do Well…BAD!  Unfortunately investing is something we all do but most of us are not great at it.  Fortunately it is also something that requires mainly patience to excel!

“The stock market is designed to transfer money from the active to the patient.”  – Warren Buffett

So Investing Wisely is all about having a plan, knowing what to expect, and sticking to the plan.  
You can invest as much time in it as you want (it is the ultimate holy grail)…or develop a strategy that requires much less time.

Figuring out the discipline of investing wisely will help you:

  • have a more balanced financial life (and maybe life in general),
  • be able to amass a greater amount of wealth over the course of your lifetime, and
  • decrease your shortfall risks.

How Am I Doing?

  • Can you account for all your assets? Is your strategy too complex for you to keep track of?  Do you understand your assets? Are you rebalancing regularly? Is your strategy (your asset allocation) in line with your risk tolerance?  Are you liquid enough?
  • How are you diversified?  Do you have financial assets?  Do you have nonfinancial assets?  Do you hold assets across different asset classes?  Are you allocated like other people?
  • Are your return expectations in line with history?  What impact do you expect inflation to have on your financial plan?  What is your ‘real return’?
  • What are your investments costing you?  Too much?
  • Are you using tax advantaged accounts to your advantage?

#investments #investing