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family financial success

6 Ways to Set-up Your Family for Financial Success

Talking about money with your spouse is always tricky. This is why we avoid it at all costs, but that only leads to more tension because spending issues go unresolved. But, when we come together with our spouses about finances, it’s a beautiful thing. We have more intimacy in the relationship and we are happier when we succeed in reaching financial and family goals together.

Today I’m going to highlight a discussion we had in the Dad Edge Alliance with financial guru and Your Income, Your Life author Jeff Bouwman, and share six ways we can have peaceful conversations about money, lifestyle, and spending habits.

1. Carry Cash

In our society, it seems crazy to carry cash, but you can reduce your spending by 12-20% by using cash for coffee, restaurants, or groceries. These little items you buy when you’re out and about sum up to the second largest expense to the house payment. If you pay for these items in cash you spend less because you question the purchase before you make it, and you won’t buy it unless you have the money in your wallet.

2. Create a Yearly Family Plan

Once a year, gather your family, sit down, and start talking about the things you want to do in the coming year. Create an annual goal for vacations and experiences. Estimate the cost for each one and prioritize it. Agree to save the money needed each month to fund each goal.

3. Talk to Your Spouse Like This

When you approach your spouse about spending, don’t put the spotlight on her. Recognize that the only spending behaviors you want to focus on are your own. We identify our own bad habits first and how we can change them. Then she will probably offer to find where she can improve as well.

4. Recognize Value

Although you are trying to save money, don’t scrimp on the things that are important to you. Spending money on things like filtered water, exercise equipment, gym memberships, or organic food is costly, but nothing is more important than your health and wellbeing. Investing in quality items intelligently will avoid costs in the decades to come.

5. Talk About Spending Before It has to Happen, and Not After

If appliances or electronics seem like they’re on their way out, prepare for it. Talk about the fact that you’re going to need to save money to replace them.

6. Look at Budget as a Forecast

Usually people don’t view a budget as a good thing. It’s important to be open and reward yourself. Spend some money that you saved and enjoy it once in a while.

 

RELATED EPISODES:

How to Pay Off Debt and Create Financial Security for Your Family with Jeff Bouwman

Porn – Why We Watch It, When It’s a Problem, and How to Stop with Nell Daly

How to Commit to Life Goals the Navy SEAL Way with Thom Shea


Resources

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Download this free resource on:  CONNECTION WITH YOUR KIDS

Links


Create an Epic Life

join The Dad Edge Alliance

CLICK HERE!

Dad Edge Alliance

how to pay off mortgage

How to Pay Off Your Mortgage in Five Years with Andy Hill

Finances are a touchy subject that stresses the hell out of all of us. It can especially affect our relationships. Almost one out of every two marriages end in divorce, sixty percent of which are due to financial stress. For most dads, our main goal is to pay off our home mortgage. This seems impossible. How can we pay of a thirty-year mortgage in a matter of years? Today we have Andy Hill from MarriageKidsandMoney.com to tell us how he is paying off his mortgage in less than five years.

Pay Off Your Mortgage in Five Years?

Andy Hill and his wife have been married for seven years. They have two kids, a five-year-old girl and a three-year-old boy. Andy and his wife have been working hard since they’ve been married to create a life that is exciting and live their dreams. So when they bought their dream home, they knew they didn’t want to have the $200,000 debt hanging over them. They set an ambitious plan to work to pay the entire mortgage off in five years.

Today, they have only $29,000 left, which will be paid off at the end of the year. It sounds impossible, or painful, but Andy says it’s the little things that add up to big savings in their household budget that they funnel into paying off their house.

Budget Party

The first step is to get the spouse on board. This is not always easy, but Andy and his wife have a “budget party” once a month to discuss the budget strategy. Andy says not to start the conversation with what must be sacrificed. Make sure you highlight the benefits first. Imagine a life without a house payment? Where could you go? What could you do? Then do a detailed budget and see where all the money is going and start making cuts.

Where families can save money

  1. Pack lunches. You can stay healthier and not spend money this way. Andy saves $100 a month by packing his lunch for work.
  2. Analyzed grocery spending. Andy’s family spent an average of $900 a month on food. To cut back on this expense, they now shop once a week with a list and they stick to it. They switched from Kroger to Aldi and save about $300 a month now. Switch from more expensive stores to discount stores.
  3. Become an aspiring minimalist. Don’t let clutter accumulate. Don’t let things pile up in garage. Look around the house? Does anything you’re not using have value? Sell it online or have a garage sale. Spring cleaning can become profitable.
  4. Cut off the cable. There are so many alternatives to traditional cable. Look at your bill. Analyze the fees. Call and negotiate. Call all providers and find the best deal. Cut back to just internet service.
  5. Go to different stores for bulk items. Things like diapers and baby wipes tend to be more expensive at the grocery store. Go to bulk supermarkets like Costco for these items.

When you feel good about your money, you can do great things that make you feel like a great dad.

Structuring a Household Budget

Andy Hill and his wife set aside money for everything. They include date nights, vacations, and entertainment. Here is how he structures his budget categories:

  1. Transportation (car, public transport)
  2. Utilities, bills, cell phones
  3. Entertainment (game tickets, babysitters, dinners)
  4. Saving up for kids’ college
  5. IRA, retirement
  6. Food
  7. Giving (donations and charities, gifts)
  8. Health, doctor
  9. Home maintenance and improvement
  10. Kids activities (parties, swim lessons)
  11. Miscellaneous or forgotten stuff
  12. Emergency (three months of expenses saved up in case of job loss, natural disaster, etc.)

Andy Hill’s Dad Wisdom

Andy says it’s important to create dreams for yourself and put them out there. Set specific dates to get them done. Ask yourself how your financial goals can support the family you want to have. Do you want the next great thing? Or do you want to give to the world and have new life experiences?

 


Resources

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Join our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Download a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Download this free resource on:  CONNECTION WITH YOUR KIDS

Links

Andy Hill’s Links

marriagekidsandmoney.com

Facebook

Twitter


Create an Epic Life

join The Dad Edge Alliance

CLICK HERE!

Dad Edge Alliance

financial freedom

Achieving Financial Freedom On A Modest Income with Vincent Pugliese

Financial Freedom is a dream for every dad out there.  Think about it, financial freedom means freedom of choice and time.

You and your wife have great kids, a comfortable home and one car (or two). Oh wait- I forgot the flat screen TV (at least one), the boat (possibly), that must-have yearly family vacation, the brand new, front-loading washer and dryer (come on, it’s the only way laundry gets done properly), and anything else that will make your life more convenient. All on credit. It’s the American Way. Even if the debt to have all of these nifty “things” keeps you up at night, it’s ok because you and your family are happy because they have it all.

Debt and Stress

Probably not. More than likely, the stress from the debt of having it all makes life pretty uncomfortable. But there is another way. Vincent Pugliese, author of “Freelance to Freedom,” has been there. After seeing his own father struggle with the loss of a business and then watch him struggle again through mountainous debt, Vincent decided he would never let that happen to his own family. However, even with that promise to himself, he had to find a way out of debt after college, and the birth of his and his wife’s first son. Like an epiphany, Vincent and his wife decided together that they would make sure they did not live the normal debt-laden American “Dream”.

Have A Reason for Financial Freedom

Vincent and his wife knew they wanted to be able to do what they wanted, when they wanted without being burdened by a mortgage or other impending debt. They wanted to be able to raise their children the way they felt was best without the cloud of debt above them. This was their “why”.  

Getting the Spouse on Board with Financial Freedom

No plan goes well without team effort. Vincent and his wife were both in Board because fulfilling a plan like this would mean short-term sacrifices on both parties-maybe cutting out those extra lattes from Starbucks every morning or finding a way to curb eating out.

The Financial Freedom Game Plan

With those elements in place, it’s time to decide how to go about getting out of debt. Set short-term and long-term goals like “we want to eliminate credit card debt within two years.” With this goal in mind, look at your current income and expenses and see how much more money you can throw at your principal balances. You’d be amazed how quickly those balances will shrink.

Vincent and his family achieved their goals in ten years. They paid off their debt, got rid of their mortgage and were able to do everything the family ever imagined. Sounds simple because it is. You can get yourself out of debt, it takes self-discipline and a “why” to make it happen.

RESOURCES

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Check out our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links

Connect with Vincent Pugliese

Vincent Pugliese Instagram

Vincent and Elizabeth Photography

Freelance To Freedom Book HERE

Thanks for checking out this week’s show on Financial Freedom with Vincent Pugliese.

jordan goodman

Uncover Your Money Type and Pay Off Your Home Mortgage Faster with Jordan Goodman

Jordan Goodman, America’s Money Answer Man, is back on the GDP Podcast!

The GDP takes a deeper dive with financial expert Jordan Goodman. Last time with Jordan, he discussed mortgage optimization. This idea basically makes your home mortgage work for you. Instead of paying off your mortgage over 30 years, Jordan Goodman shows you how to pay off your mortgage in less time and save you money. Who doesn’t want that? There was such a great response to our last show with Jordan we decided to bring him back on the show this time to answer some of your questions and help to clarify what mortgage optimization can do for you.

 

Jordan Goodman Discussing Your Money Type

One of the key questions asked of Jordan is how our relationship with money affects how we go about our daily response to our finances and if mortgage optimization would work for all of us. Of course, understanding your relationship with money is key to determining if a program like mortgage optimization is right for you. Knowing if you’re a squirrel or a high roller (or one of the other money personality types) with money will help determine how you could use this program to help you pay off your mortgage faster and put more money in your monthly pocket.

 

The Banks Have You Looking the Other Way

Don’t be fooled by the bank idea of what your mortgage should look like. Optimization has been used globally for years and just recently has been introduced in the US. However the idea of allowing your money to work for you rather than your money working for the bank is not something the banks are going to want to inform you of freely. So in this episode Jordan clearly outlines how identifying your emotional response to money as well as your spouses emotional response to money will help determine if this program will work for you and then how to get it started.

 

Our Money and Our Kids

At the GDP, we know it’s important to show our children how to respond to every situation. We have a consistent message and present guests that help us show up as better people to those who depend on us. This also includes how we respond to our finances and  what are emotional tie  is with money and how we can help our children establish a more positive relationship with money in their future. If we demonstrate a better grasp of making our money work for us rather than the opposite, our children see that habit and are able to replicate it on their own for their own family. What a great gift to give them so that they can have a more positive and healthy relationship with money in their future as well.

 

RESOURCES

==>NEW!!<== Grab a copy of The Dad’s Edge AUDIOBOOK on iTunes or Audible

GRAB A COPY OF THE DAD’S EDGE HERE

Check out our Dad Edge Group on Facebook Request Entry Here

JOIN US FOR FOR THE SEALFIT 2oX on June 24th at Vail Lake, CA HERE.  Use “GOODDAD10” for the coupon code and save 10%

Checkout Unbeatable Mind Online HERE

We have new Dad Edge T-Shirts!  Grab one HERE

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links

 

Jordan Goodman Links:

Jordan Goodman Website

Jordan Goodman  Financial Resources

Jordan Goodman Twitter

Jordan Goodman Facebook

Jordan Goodman YouTube

Jordan Goodman

How to pay off your home mortgage and be financially free in 5 years with Jordan Goodman


Jordan Goodman, America’s Money Answer Man, comes on the Good Dad Project Podcast and shares insights on paying off our mortgages in 5-7 years, paying off credit debit, and saving for the future.

The American Dream: House, 2.5 kids, pets, credit card debt, 30 year mortgage with an arm, car loan, wondering how to pay for the education of those 2.5 kids, the list goes on. It’s kind of a given, isn’t it? Being strapped till the end of time with debt? It kind of nestles itself right in with the family, just like that annoying relative. How comfy! But, what if, you could eliminate that unwanted “family member” more quickly than you thought?

The Mortgage

Jordan Goodman (Money magazine, financial analyst at NBC along with being the author of numerous books on the topic) has helped people pay off their mortgage in 5-6 years and reduce their credit card debt. Yeah, right, you say. But, it’s true! He says if you have equity in your home, take out a Home Equity Line of Credit, connect it to your checking account, use the credit line to pay towards the principal of your mortgage. Repaying the line of credit and then repeating the process six months to a year down the road, you will have that house paid off rapidly.

The Debt

Credit cards can be both a blessing and a curse. The blessing is that they help build our credit. The curse is that, if we overspend on them, we can find ourselves in a world of hurt. Use one credit card to pay your bills every month and then pay it off the next month. That way, you keep your credit in great standing and pay your regular bills.

The Budget

Half of all divorces occur because of money issues. Yep, that unwanted family member is responsible for half of all the broken marriages. So, one solution to that issue is to have open communication with your spouse regarding handling money. Our relationship with money may differ from that of our spouse (most likely it will), so, understanding how our spouse deals with money and communicating how you deal with money is key to a happy home. If you really enjoy golf outings, but your wife loves her Manolo Blahnik’s (it’s a big name designer guys), then make those items part of your budget. Don’t just cut out the things that bring you joy in the name of frugality (unless, of course, you’re simply trying to put food on the table).

Of course, this is simply the tip of the ice berg. This episode really dives into the details of how you can get yourself on a better path with your money and unload the “family member” you aren’t so fond of.

Resources:

GRAB A COPY OF THE DAD’S EDGE HERE

Check out our Dad Edge Group on Facebook Request Entry Here

We have new Dad Edge T-Shirts!  Grab one HERE

Check out a free chapter from: THE DAD’S EDGE on UNLIMITED PATIENCE HERE

Check out this free resource on: CONNECTION WITH YOUR SPOUSE

Check out this free resource on:  CONNECTION WITH YOUR KIDS

Links

Jordan Goodman Links:

Jordan Goodman Website

Jordan Goodman  Financial Resources

Jordan Goodman Twitter

Jordan Goodman Facebook

Jordan Goodman YouTube