7 Words You Need to Eliminate from Your Vocabulary In Order to be Successfull

Welcome to the second episode of the Secrets of a Money Mogul Podcast. You can listen to this week’s episode below. Please leave a review on itunes or your favorite podcasting platform, and don’t forget to subscribe.

5 Things Holding you back from your dreams.

Welcome to the first episode of the Secrets of a Money Mogul Podcast. You can listen to this week’s episode below. Please leave a review on itunes or your favorite podcasting platform, and don’t forget to subscribe.

Saving money for travel

One of the famous sayings states that life should be spent collecting memories and not material things. This can be made possible through travel – a pleasurable activity that makes our days worth living. However, for this desire to materialize, we need to have an ample amount of money. Though there are promos that we can avail to lessen the costs, travel still requires airfare, accommodation, and food among others – requisites that we should be able to meet for us to have a satisfying experience. If you are planning to take a break from your everyday life, there are a variety of ways you can do to save money for your future journey.

1.     Create a budget plan
This is for your monthly expenses. Microsoft Excel will do. By setting up a budget plan and recording your purchases every month, you can have an idea of where you spend your money. From here, you can determine what you can cut off from your usual expenditures and convert to your travel funds.

2.     Launch a garage sale
Go through your closet and old boxes. Find all the things that you no longer use – long gown, for example, or old laptop or boots – and sell these online. Craigslist, Amazon, Etsy, and Ebay are some of the options you can maximize. I guarantee that this will increase you travel savings radically.

3.     Let people close to you know about it
Telling your dream vacation to people close to you will help. Some of them may be willing to extend themselves financially. So, let your mom, best friends, as well as closest colleagues know about your plan. Tell them any financial assistance is appreciated.

4.     Maximize your car
Instead of spending a significant amount on gas, you may opt to maximize your vehicle for extra income. Tap the communities who subscribe to carpooling and convert them into your market. You may also choose to have your car rented and, as an alternative, use the public transportation. It is estimated that approximately $3000 can be gained from this endeavor.

5.     Invite your friends to come over
Having your friends to come over instead of going out will help you avoid spending a large sum of money. Instead of having this amount go to someone else’s pocket, deposit it directly into your travel fund.

Travel, as an activity, requires a sufficient amount of money. It’s a good thing that you have the ways to save as well as earn extra income for your travel fund within your disposal.

Reasons to get help with your money

The challenge of handling your finances arises from two vantage points: managing it well and managing it effectively. Our everyday life is constantly bombarded by advertisements that induce us to spend more than we need. The secret of succeeding in financial management lies in knowing what method to use – something that is long term, sustainable and at the same time can provide and support a satisfying lifestyle. Getting help with your money through financial educators or money coaching process will help you attain those goals. Here are 10 reasons why.

1.     Money coaching process will help you start building your dream of attaining financial freedom and sustainable life.

2.     Financial educators are equipped with necessary skills to provide you the step-by-step blueprint needed and consistency to accomplish your objectives.

3.     Your money coach will help you create and develop an action plan suited to achieve your dreams and wealth building goals.

4.     Your money coach will help you determine the amount of money you will need should a transition (e.g. marriage, retirement, wedding, new baby etc) in your life occur.

5.     Your money coach will assist you in determining how to obtain that money. For example, your coach will teach you how to grow and make profit out of your revenue.

6.     Roadblocks and obstacles will be easier for you because your financial educator is there for unending support and insights. You will be in the ‘been-there-done-that status.”

7.     Your financial educator will align you with experts and professionals. You will learn the secrets of the successful individual in terms of handling the economic aspects of their lives.

8.     Knowing the investment tactics and strategies will build your confidence in your investment portfolio and will produce a favorable outcome.

9.     Money coaching will help you pave a better future.

10.  More than money, you will gain what real wealth is – balance in life, financial freedom, as well as sustainable living.

Getting help with your money through the insights and support of financial educators is one of the greatest decisions you could make in this lifetime. Building your wealth will still prove a challenge but having a money coach guarantees a favorable outcome out of every investment you make.  To book your free consultation visit www.mymoneymogul.com/book

Letting go of past mistakes

If there is one thing that every person can all relate, it is a pain induced by our inability to forgive – not others – but ourselves. The utter defeat and despair that we feel when we lay on our bed at night and reexamine our lives and the eternal regret that gnaws our consciousness at whatever time of the day have all succeeded in putting us down and making us feel miserable. The feeling can be compared to a dagger that is buried at the core of our hearts. The key to overcoming this overwhelming torment is self-forgiveness, that is, the act of letting go our past mistakes. These five ways will help you to succeed in that endeavor.

1.     Look for the silver-lining
No matter how bleak and impossible it may seem, always look for the silver-lining. It is always there because everything happens for a reason. Use the lessons of your past to build a better future.

2.     Reform your goals
The pain of defeat often arises when things fall short before our expectations. Re-assess your goals and if necessarily, reshape it into something more practical and doable.

3.     Remember the things that make you feel grateful
Hold onto everything that makes you feel grateful. Bear in mind that life is not a collection of good days alone, but a montage of good and bad days.

4.     Commit to living your life differently
Acknowledge your past mistakes and rectify the errors. This is the mature approach in every setback thrown by life. Make a commitment that you will change yourself for the better.

5.     Find purpose and meaning
Your past mistakes may cloud your vision and prevent you from seeing your purpose and meaning in this existence. Remember that those two things are there – hidden yes – but always around the corner. Hold onto this knowledge and, whatever happens, never give up.

Overcoming this feeling requires a proper mindset that gears towards forgiveness. We need a constant reminder that everyone commits mistakes and that an error is not necessarily a bad thing but a building block that we can maximize for our development.

Dos and Don’ts of a joint account

The option to get a joint bank account is common among individuals in a relationship. Typically, this choice is made once they have arrived at a decision of moving in together, so expenditures like rent, monthly bills, as well as gas for transportation can be split and shared. Others, on the other hand, wait for their knot to be tied before having one. A joint bank account may seem romantic on the surface. However, this endeavor both has its pros and cons and if you are considering having one, learning its dos and don’ts will serve you benefits.

Dos of a joint account

·       Welcome and encourage transparency between the partners. Information about the money – where the fund goes and how much is spent – will help you develop a strategy that gears towards financial freedom and stability.

·       A joint bank account provides a simple, clear-cut, and convenient way of handling your finances and expenditures such as mortgage, monthly rent as well as bills. Consequently, a joint bank account provides a venue where your savings can dramatically increase. Maximize it with these two aims in mind.

·       A joint bank account serves as a financial guideline that helps couples in managing their funds effectively. In effect, this helps them avoid unnecessary confrontation and arguments. Use this to boost not only the amount you have in your bank but also the health of your personal relationship. Remember that this, too, is an advantage.


Don’ts of a joint account

·       Obsessive stalking about your financial flow is a big no-no. Information about the whereabouts of your finances could lead to unnecessary friction and resentment directed at each other. Trust your partner.

·        Don’t invade your partner’s privacy. A joint bank account provides transparency, yes, but if this transparency is used to calculate your earnings vis-à-vis your partner’s earnings, as well as watch over each others’ expenses, then I’m afraid that this perfectly defeats the benefits.

·       Don’t set up a joint bank account if one of you has a poor money management skills.

·       Lie or take money from the account without talking about it with your partner.

Getting a joint account is a decision that should be based on a sound and valid reason. Knowledge about its pros and cons, as well as dos and don’ts, can prove itself beneficial. If you and your partner

Top 5 Habits to Make Managing your Money Easy

Handling finances have always been a challenge to all of us. The high cost of living, bills, food, transportation and gas, as well as night outs, are among the list of expenditure that eats up our monthly budget. Fortunately, there are better ways to manage your finances, and results can be readily achieved by developing your money making habits.

1.     Ditch your Budget and Adopt a spending plan
Budget is one of the words I have eliminated from my vocabulary. It does not feel good to budget and when you resent doing something you will find an internal struggle when you began trying to accomplish that task. Instead of budgeting I now create a plan for my money, and give every dollar a job. I have created a free Ebook called “The No Budget Spending Plan” that explains the system I use. You can access it by visiting nobudget.mymoneymogul.com.

2.     Establish your spending rules
Establishing your spending rules is one way of efficiently managing your finances. For instance, you may opt to list down all the things that you wants, and stick to the list that you’ve made. If you can’t decide what purchases to make, try sleeping on it. Wait at least 24hrs before making any major purchases to make sure that you are not being impulsive.

3.     Enjoy home dinner
Aside from the fact that making your dinner will help you manage your money, this also comes with health benefits. Plan your meals for the week at home and use the additional money you save to invest.

4.     Use your bonus money to pay your debt
Living in debt can sometimes fell like your suffocating. Snap yourself out of that shackle by putting your extra money (e.g., cash gift, bonuses, gift cards) towards your debt reduction. It is very simple. Instead of blowing your bonus, do yourself a favor and free yourself from the shackles of debt.

5.     Consider your self-investment
Every time you are tempted to buy something, ask yourself if it is in line with your objectives, priorities, and dreams. Instead of spending too much on unnecessary items, manage your expenditures by making it a habit of spending only on things that could help you attain your personal goals in life.

Spending money is one of the easiest activities in life; managing it, however, does not come as easily to people. It requires proper mindset but does not have to be difficult. These top 5 habits of money management can make your managing your money easier.

How to shift your money mindset? (A 2017 Guide to Financial Freedom and Practicality)

If there is one thing that constantly haunts our days and night, it is always money. Being trapped in a constant and self-defeating loop of making a budget but abandoning it in the process is a collective experience we can all relate. It is a good thing, then, that there is a way to combat it. By shifting our paradigm of our financial mindset, we can turn the act of budget making from being a limiting issue to being a tactical financial plan.

Step 1: Enhance your financial awareness

Before we solve a problem, we must first recognize it. Understanding your economic weaknesses and difficulties in handling money will reveal the cause of the trouble. A financial problem does not look pleasant, but you have to look at it as it is and you have to see it for what it actually is.

Step 2: Facing it, accepting it, and doing something about it to resolve it

Seeing your financial problem in its bare skin will inevitably yield negative feelings – shame, guilt, frustration, even anger. If you find yourself in this situation, the key here is this: don’t look away. Let those emotions sit inside you and fuel you in creating practical solutions.

For instance, avoiding filing taxes is easy, but it is not the mature course of action. Facing it and closing matter will do you advantage: not only will you be able to cross it out of your worry list, but doing it on time will also help you away from any penalties.

Step 3: Foster the right environment for your money mindset to evolve

This action works in complete with step 1 – the enhancement of our financial awareness will make us see our commercial pattern. Consequently, this will also reveal to us the intents behind our actions. For instance, we regularly avoid any tools that could help us in planning our budget because it may lead us to discover the fact that we do not have enough. The realization will help us overcome the fear of such discovery and in turn, will help us create an environment suitable for our financial mindset.

Our financial mindset significantly coincides with our daily existence. Money is often viewed in a negative light. Recognizing our patterns will help us foster a healthy attitude and approaches when it comes to handling finances.

Saving money on grocery: Quick ways to do so

Regardless of its frequency and volume, groceries are always bound to take a large chunk from your financial pie. According to the Bureau of Labor Statistics, food ranks as the third largest expenditure in any household. A family of 4 people spent an average of $1, 293 per month, the USDA reported.

Saving money on grocery may sound impossible but actually, there are ways to cut down your expenses, and they are surprisingly easy. It is estimated that doing these tips will cut down your expenditure up to 25%. Good right?

1.     Do an inventory of your stocks
Once a month, take out all your supplies from your fridge and pantry. Make a note of what you still have and what you need. Making a list of your groceries will provide you an overview of the stocks that you need in your household, thus avoiding any duplication of your provisions.

2.     Plan your meals ahead
This will help you create menu. Knowing your next meals, purchasing the essential raw materials and making homemade dinners, for instance, will cost less than eating out in a restaurant.

3.     Shop monthly
The key here is frequency. Instead of shopping weekly and exposing yourself to an endless series of advertisement in the supermarket, buy your groceries once a month. Make a list of what you need in a month and stick with it.

4.     Get your grocery on non-peak days
It is a common economic knowledge that the increase in customer’s demand automatically increase the price of the grocery items. Holidays are good example of this phenomenon. Save money by shopping in advance. Consequently, doing so will also save you from any holiday rush.

5.     Look for a budget friendly store

Instead of purchasing your provisions in large supermarket with their high prices, choose and shop in budget friendly merchandise. The price of commodities in Walmart, for example, is 20% lower than other depots.

At first glance, saving money on grocery may seem impossible but closer inspection will reveal the easy ways to do so. Follow these 5 tips and you can expect a significant decrease in your grocery expenditures.

Top 5 Reasons Why People Don’t Save Money

Everyone agrees that saving money is a vital aspect of our financial existence. However, personal and circumstantial reasons may hinder its execution. Most often than not, people find themselves caught in the middle what they intend to accomplish (i.e. savings) and what they perceive their pockets can afford. The interaction of these two factors may result in a friction of interests.

Saving a portion of your funds may appear difficult; however, understanding the underlying mechanisms that prevent you from doing so will help you overcome the obstacles. There are various reasons why people don’t save money and below is the top 5.

Living on the margin of the society

People may genuinely want to save money – they just don’t have any money to store. Their economic condition won’t simply permit them to do so. In the US, it is estimated that about 30% of its population does not have a savings account, while 8% do not have bank account at all.

Here and now

The “I want to savor and live the moment” or Here and Now mentality topped the list of reasons why people flop at their money saving attempts. There is always an endless series of product in the market, and we are constantly exposed to advertisement.

It is meant to be spent anyway

Yes, money is meant to be spent – but not in a reckless, squandering way. Sort out your priority by listing what you actually need on top and what you simply want at the button. This will give you an overview of your expenses.

No one is saving anyway

People tend to use this band-wagon act as a convenient excuse for not saving. Combine this with number 2 and the result could be financially devastating.

Misplaced priorities

Let’s face it! Though in theory we treat the act of saving money as our main goal, in practice it really is not. This is due to the fact that priorities are not sorted out. Realigning your individual interests and making saving your primary responsibility will help you store funds.

Personal and circumstantial reasons are among the top reasons why people do not save money. The tendency to live in the moment, unsorted priorities, as well as the people’s economic standing in the society all plays a role in either assisting or hindering the savings endeavor.