4 Things You Want Your Money To Do For You
In this week’s podcast episode, we dive into the essential knowledge you need for effective money management.
As a Money Coach, my mission is to equip my clients with the financial foundation they need to maximize their money's potential.
Our primary goal is to structure their finances so their funds are allocated across four key categories:
Spending
Saving
Giving
Investing
Spending Money
Spending is perhaps the most familiar category because, let's face it, we spend money every day. In this category, we include bills and planned expenses, such as groceries, personal care, and even debt repayment. Yes, you read that right, even debt. Any money you allocate toward expenses that won't return to you falls into the spending category. With debt, you're not just spending the principal but also interest on things you've purchased in the past.
Saving Money
Saving money is crucial, but one challenge I often encounter as a Money Coach is helping clients with the ability to save and, equally important, to keep those savings intact. In this episode, we explore two critical types of savings accounts and a practical strategy for safeguarding your savings while ensuring they continue to grow.
Giving Money
Sharing your wealth is not just an act of kindness; it's a powerful tool for transforming your money mindset. It helps you release money and frees you from the constraints of scarcity, thinking that often leads to the belief that there's "not enough money" to give. Whether it's tithing to your place of worship, donating to your favorite charity, contributing to a GoFundMe, or assisting a friend or family member in need, establishing a habit of consistent giving can revolutionize your financial outlook.
Investing Money
While many people use "saving" and "investing" interchangeably, they are distinct financial actions. Savings are primarily intended for emergencies and short to mid-term expenses, such as holiday shopping or purchasing a new car. On the other hand, investing, particularly for most of our audience, is about long-term wealth building—the significant difference between the two lies in the return on investment. Investments often come with compounding interest that allows your money to grow at rates traditional savings accounts can't match. Investing is your ticket to making your money work smarter, not harder.
Listen to the episode for a full breakdown of each of these crucial categories. Discover the secrets to effective money management and witness your financial transformation unfold!
Let’s chat!
If you want to work with me as your Money Coach to improve your finances and achieve these four categories, schedule a call with me to talk about how I can help you reach your money goals.
