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Spring Clean Your Personal Finances

ByMichael

The beginning of Spring typically coincides with the religious holidays of Easter for the Christian faith and Passover for the Jewish faith.

Both holidays are times of new beginnings.

What about your finances?  Do they need a resurrection or an exodus from the financial life you living?

These are the ten rules for a stress-free financial life that you can put in place so that you and your family can be financially independent.

Conquer Your Finances

  1. Avoid Credit Card Debt like it is the plague. Pay off your credit cards monthly.

 

  1. Work on improving your credit score. Achieve a score of over 740 by paying down your balances and keeping your credit utilization under 30%.  Want to know how?  SCHEDULE A MEETING

 

  1. Pay yourself first, not last. How much money you make is not as important as how much of your income you save. .

 

  1. Get clear on the highest priorities for your money Examine your monthly spending. My priorities are good wine, food, and Marlowe.  If my monthly discretionary spend is going to other priorities, it is time to re-evaluate those expenses.

 

  1. Make big purchases at the right time. Overextending yourself on purchases like a car, a house, or a college education can become the money pit from which you never escape.   Have a plan for making big purchases.

 

  1. The match is free, take it! If your employer offers a match on your retirement – take it.  The match might be the only place where there truly is free money.

 

  1. Minimize taxes to increase your net worth. Taxes matter – all taxes you incur, including income tax, real estate tax, and sales tax.

 

  1. Talk about money with your spouse or significant other. Those are hard conversations but are a lot cheaper than a divorce and starting over.

 

  1. Indulge yourself in small luxuries AFTER you have paid yourself first for savings and retirement. The lack of money stress will make you happier and happy people live longer.

 

  1. Know your net worth. Set goals annually and measure your success.   One-year goals are doable and will also help you with talking about money with your spouse.

 

Step one is having a plan, and our Tannery Company team make that happen for you.

If you are ready to resurrect your finances and start your exodus from the financial prison you find yourself in, then SCHEDULE A MEETING now.

Enjoy the Spring Weekend with your family.

Our Tannery Team is off this Friday to be with their family, and we will be back in the office on Monday, April 5, 2021.

Call us at214-239-4700 or click to set up a ZOOM MEETING

 Michael Tannery CPA CDFA® AIF® ● CEO
Registered Principal | Tannery & Company

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 The opinions expressed in this material are for general informational purposes only and is not a substitute for professional advice.  Individual circumstances do vary.

 

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    Wasted Time

    ByMichael

    What is wasted time?
    Unscheduled, unplanned time doing the simple things of life
    As kids out summers were spent riding our bikes, playing in the creek or playing any game we could make up. All of this was outside and required very little parental supervision.
    Ain’t it funny how the best days of my life was all that wasted time
    – lyric from Keith Urban’s song – Wasted Time
    Today, I observe adults and children over scheduled with activities and over connected with every electronic device possible. Wasted time is where creativity is created.
    We are the “Attachment Generation”.
    Based on my observation about us becoming the “Attachement Generation”, I began to pose this question to friends and clients in my conversations.
    “What is your daily routine and how connected are you”.
    The #1 answer was – immediately when I get up or I take my phone to bed with me.
    I would get the answers and ask my favorite question – why?
    Why do you have to keep your phone with you, even taking it to bed?
    Why do you immediately look at it when you wake up, no matter the time of the night?
    They answered with various reasons that attempted to make the attachment to their phone seem normal.
    This simple idea of not having your smart phone with you 365/24/7 caused people stress.
    “When people are so plugged into their devices around the clock, they often lose the ability to be fully present to themselves and to other people,” says Jeffrey Rossman, Ph.D., director of Life Management ar Canyon Ranch in Lenox, Massachusetts. “It negatively impacts our peace of mind and relationships with others.”
    When is the last time you had “Wasted Time?”
    If “I can’t remember” is your answer then you have become part of the Attachment Generation. It is time for a digital detox and some “Wasted Time”.
    Take my seven steps toward finding your Wasted Time.
    1. Let go of the phone – start with taking it out of the bed. Your phone needs to sleep in the other room, not in the bed or on the bedside table. I made this change and the results are positive. (the phone was on the bedside table)

    2. Don’t touch your phone for the first 30 minutes of your day. Let your mind and your body refresh from the night’s sleep.

    3. Eliminate all of the “push” notifications on your phone and your desktop. This also includes your watch. I see many people distracted and looking at their smart watch for the text notifications during a meeting. It is unprofessional and inconsiderate.

    4. Drive your car without looking at your phone at stop lights. (No texting should not even be mentioned)

    5. Stop using your phone to occupy all of your free time. If you are standing in line at the grocery store, it is Ok to let your mind be unoccupied.

    6. Meals are Digital Free.

    7. Plan some wasted time each day without a screen in front of you. That includes a TV. Go workout, take a walk or have a conversation with your spouse, your children or take a bottle of wine and go visit a neighbor. I prefer reds however a chilled white will work this summer.
    Be honest
    You probably use your smartphone way more than you should, but you’re far from alone. It’s addictive checking social media, playing games and of course just staring down at it when you’re in a socially awkward situation.
    Try either taking the Apps off your phone or try one of these six apps to break your addiction.
    Tell me about your results of finding your Wasted Time.