This blog is about money. I will cover topics like Saving, Eliminating Debt, and Building Wealth. Since I am a financial coach, I will add in topics like Dealing with Debt Collectors to Working with your Spouse and throw in some practical ways to reduce your monthly expenses so you can build wealth. This financial coaching blog will guide you through a plan to build wealth.
I have always been interested in finances. Things like saving for retirement and the math behind it were always something I would contemplate. Unfortunately, budgeting was never something I felt I needed to do.
My wife and I always made enough money to live, and we lived a good middle-class life while we saved some for retirement. When my wife and I got married we were like anyone else. We ate out and we bought new vehicles. We did a good job of spending our money. Maybe we were different in one way, and that is, when we got married, we decided that it would be best to pay off all our debt and live on one income. I was a software tester, and my wife was a teacher at the school at the church we attended. After we eliminated most of our debt in our first year of marriage, we had extra money at the end of each month! Instead of saving it, we spent it. We were normal.
We moved to Southwest Florida in 2016, and at that time I started reading financial blogs. Most of the blogs I read at that time were on Financial Independence and Early Retirement (FIRE). This really interested me. These people were saving over half of their income and retiring from their jobs in their thirties and forties. I wanted to be like them. I did the math based on what we already had in our investment accounts and how much I thought we could put away each year and decided that in 10 years from that time we could have enough to quit my job and retire early. This became my new goal.
Honey, Let’s Talk
I explained it all to my wife, and she was skeptical at first. I’m not sure if she just didn’t think it was possible or if it was practical or if it was even wise. My wife didn’t know what I would do if I wasn’t working at a job. She didn’t know what compounding interest could do, because she wasn’t involved with our investing. She didn’t know what was possible. I don’t blame her; I didn’t know it was possible, either. Nobody taught us this growing up. We did what we were taught: we saved 15% for retirement, we kept our debt low, and we were on the course of working 45 years until we were able to retire.
The year we moved to Florida we tried hard to save 40% of our income. We didn’t really change our lifestyle. We just did things better, or more efficient. The year I was let go from my IT job, we still saved 40% of our income. Around that same time, I completed the Ramsey Solutions Financial Coach Master Training and became a financial coach. I started this training with the sole intent of offering financial coaching to the members of my church as a no-cost ministry. I continued the ministry at my church after I lost my IT job, but I decided that I should pursue financial coaching full-time, because I finally found my passion.
Financial Coaching Blog
This financial coaching blog will present information, discussion, and options so you can reach financial independence or reach the financial goals you have. For most people, in order to save money, they will need to change some of their lifestyle. You can increase your income all you want, but until you stop spending your money you will never have any to save.
In order to save money, you need to be content with what you have. You won’t have to borrow money to keep up with the people around you. Being content will cause you to want to save more and more and to live below your means. Once you can do this, then when you do increase your income, you will have that much more to give and to save. Once you have more saved and as you continue to save, your investments will keep growing and eventually your investments will earn more than your income. When that happens, you have reached financial independence. At that point, you can quit doing your job and live off your investments. Some people call this retirement. The thing is, when you reach this point, you have the choice to either keep working or to stop working and maybe volunteer more.
As a financial coach, I help people save money, get out of debt, and build wealth. These are three of the topics this blog will focus on as I mentioned above. What do we do after we’ve accomplished those three things? We give more and volunteer more. We don’t want to neglect these two things while we focus on the former ones, but once you reach financial independence and no longer have to put in eight hours a day at a job that maybe you don’t even like, then you have so much more time to volunteer and you have the resources to give even more. This blog will show you a plan to get from where you are to where you want to be financially. What’s keeping you from paying off debt, saving for retirement, or paying off your mortgage early?