Mo Money, Mo Problems

You’ve heard the saying, ‘Mo money Mo problems’ but in reality, life problems actually have money solutions. Sound financial planning can show you how to use your money effectively to reach financial success.

Problems pop up every day and I swear money can be used to solve a lot of them. That is the reality….So the quicker you get a handle on your money, the better you can handle most of life problems.

Debt

The most popular problem people talk to us about is…. DEBT. But in reality reducing debt is simpler than you think. It boils down to 2 things.

Either or a combination of —reducing your expenses or growing your income.

That’s it!

In both ways, we are looking to create a space between income and expenses to generate a surplus that can be used to PAY DOWN DEBT.

Some tactics to reduce expenses include:

• Move to a smaller house or a cheaper town
• Eat at home
• Brew your own coffee
• Find low cost entertainment
• Downsize your car

How do you grow your income?

• Start a side hustle
• Fight for a promotion
• Get a 2nd Job
• Monetize your hobbies.

So–grow your income, reduce your expenses and get out of DEBT sooner than later!

Here are some other money solutions to life problems

If you want to financially protect your family – build up a cash reserve or buy life insurance.

Are you afraid of the stock market – build a balanced portfolio of stocks and bonds to provide some peace of mind.

If you have poor credit – make regular payments to your creditors and keep balances low.

Concerned about getting sick or hurt -make sure you have the proper amount of health and disability insurance.

Worried about your retirement – take full advantage of your company retirement plan- get the highest company match if possible.

Want to take some burden off your loved ones – have your Estate Planning documents drafted.

Thinking about how you will pay for your kids college – Open a 529 plan and start making regular contributions.

In all of these scenarios money is the tool to solve the problem. Either by “buying” something or regularly saving, you can solve these life problems but you must have a monthly cash surplus or a nice bank account to do it

Always remember, money is a tool and a resource that if you know how to use to your advantage it can help you reach financial success.

Having a lot of money itself is never the goal.

Think about your life, what problems you currently have and if money can help solve them. If so, you need to make sure you have a proper money plan in place today!