Vacation Vibes Everyday

Choose a job you love, and you will never have to work a day in your life.” -Confucius

Comin’ at ya from Studio City, CA this week. I’m here for work (and some fun) and I wanted to let you in on some of my Financial Wellness secrets…


I LOVE traveling for sure. I also love that my job allows me to create my own schedule. If you don’t like your life, you should change it. You are in charge of your reality. I have a lot of things I do to prepare for a trip. If it’s a work trip I have to plan my schedule and adjust things if necessary. I also love that I can work from anywhere in the world. That helps when re-working client meetings and it’s so convenient. Here are a few more things I do when going out of town for a period of time…

Packing

I’m obsessed with packing cubes and packing the most efficient way possible. Granted each trip is different and I usually pack my entire house. I like to be prepared for anything plus I am a mom. I pack an outfit for each day unless there is a laundry cleaning service available. I pack workout clothes, essential oils, shoes for every occasion , bathroom stuff, and many other things depending on the circumstances. For this trip, I have a photoshoot planned so I needed to pack a little extra because more is always better just in case.


I usually pack a day or two in advance so that it gives me enough time to think of anything and everything I might need. Before I pack I make a list. Lists are my life and I can’t function without them. Making a list helps me because I have two kids and each have their own special items I need to pack. I forgot my calculator so I won’t be able to do my work that requires it. I took that as a sign to complete those tasks at another time. I need to be more present here.

P.S. I packed an hour before I left for this trip and I will NEVER do that again.

Itinerary

What am I going to be doing on this trip you ask?

Well, I am doing a photoshoot to get some fresh pictures for my website. Paying the photographer was an expense and I can write that off on my taxes. Yay! The drive here was about four hours and I only filled up with gas once. I can write that off on my taxes. I had to pack a ton of clothes for the photoshoot and I have no idea what other fun things we may be doing. I like plans but I also like going with the flow. This trip has a very specific purpose. I HAVE BEEN CRUSHING WORK. Plus, the photoshoot.

Make Time For Fun

It’s so important to plan something fun while on a work trip to break everything up. I have been working on separating my professional hours from my personal hours so setting a block schedule or something like it within my schedule has helped a lot. I can easily get lost in work stuff. I’m pretty sure I worked for at least 10 hours yesterday which I don’t like to do. I was definitely feeling the good vibes and good energy so I just did my thang and crushed out a bunch of stuff I was behind on. We are going to dinner at a really cool restaurant after the photoshoot so that will be a nice change of pace for sure. Loving what you do means it’s not working. That is exactly how I feel about my job.


“Never continue in a job you don’t enjoy. If you’re happy in what you’re doing, you’ll like yourself, you’ll have inner peace. And if you have that, along with physical health, you will have had more success than you could possibly have imagined.” – Johnny Carson


Life is simply far too short to be bored or miserable (or both) for such a large portion of the time you spend awake. You deserve to have a job that fulfills you, that taps into your passions, that brings you joy–for the most part, anyway. If you’re waking up every morning dreading the day- it’s time to change something. Because putting up with a business or career you don’t love doesn’t serve you at all. It can negatively impact your physical, mental, and emotional health, and it’s not so great for your interpersonal relationships, either. Financial stress is actually one of the top reasons for divorce. Food for thought…

Free Gift

Check out the FREE video series on my 3 Keys to Unlocking Your Financial Freedom! This video series touches on Budgets, Tackling Debt, and Ways to Increase Income TODAY! I created this series for those of you who have been hit hard by COVID-19. I want you to know there is nothing you can’t accomplish and creating a plan of action is always a great starting point.

It’s All About Balance

Many of us have struggled to juggle our financial commitments and goals at some point. It’s all about how you adapt and balance it all. Balance is so important within your finances. You have to have a happy medium between spending and saving you money.

Goal Setting

Goal setting is one of my favorite things to do because I am a very goal driven person. Setting goals means discipline. You have to stick with your budget in order to meet your goals on time. Saving money tends to be easier when you have a certain purpose in mind. To develop a clear plan, these goals must have both a time frame and a dollar amount. Once you have listed and quantified your goals, you need to prioritize them. You may find, for example, that saving for a new home is more important than buying a new car. Be specific with your goals.

Pay Yourself

Save and invest 5-10% of your gross annual income. Of course, this can be much harder than it sounds. If you’re currently living from paycheck to paycheck, begin by creating a solid budget after tracking all monthly expenses. Once you figure out how you can control your discretionary spending, you can then redirect the money into a savings account. For many people, a good way to start saving regularly is to have a small amount transferred automatically from their paycheck to a savings account or mutual fund. The idea: If you don’t see it, you don’t miss it.

Have An Emergency Fund

Before you commit your savings to investments, make sure you have at least three to six months’ worth of expenses saved in an emergency fund to see yourself through difficult times. Keeping it liquid will ensure that you don’t have to sell investments when their prices are down, and guarantee that you can always get to your money quickly. If you have trouble deciding how much you need to keep on hand, begin by considering the standard expenses you have in a month, and then estimate all the expenses you might have in the future (possible insurance deductibles and other emergencies).

Generally, if you spend a larger portion of your income on irregular expenses that you could cut easily in a financial crisis, the less money you need to keep on hand in your emergency account. If you have dependents, you’d want to keep more money in your emergency fund to offset the greater risk.

Ha

Have a Debt Repayment Plan

If you’re trying to save while carrying a large credit card balance at, say, 19.8%, realize that paying off the debt is a guaranteed return of nearly 20%. Once you pay off your credit cards, use them only for convenience, and pay off the balance each month. If you tend to run up credit card charges, get rid of the plastic and go back to using cash. Don’t buy it unless you can pay with cash. You never want to increase your bad debt unless absolutely necessary. It’s easiest to create this plan after you have figured out your monthly expenses and how much you can potentially put towards your debt each month.

Utilize Tax-Deferred Investments

If your employer has a tax-deferred investment plan like a 401(k) or 403(b), use it. Often, employers will match your investment. Even if they don’t, no taxes are due on your contributions or earnings until you retire and begin withdrawing the funds. Tax-deferred savings means that your investments can grow much faster than they would otherwise.

The same is true of IRAs, although the maximum amount you can invest annually in an IRA is substantially less than what you can put in a 401(k) or 403(b). You should also consider diversifying your investments. All investments involve some trade-off between risk and return. Diversification reduces unnecessary risk by spreading your money among a variety of investments. Aside from diversification, the single most effective strategy is to invest continuously over time, with a long-term perspective.

Create a Will

The simplest way to ensure that your funds, property and personal effects will be distributed according to your wishes is to prepare a will. A will is a legal document that ensures that your assets will be given to family members or other beneficiaries you designate. Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death. Although wills are simple to create, about half of all Americans die without a will. With no will to indicate your wishes, the court steps in and distributes your property according to the laws of your state. If you have no children and die without a will, it’s even possible that the state may claim your estate.

To begin, take an inventory of your assets, outline your objectives and determine to which friends and family you wish to distribute your belongings. Then, when drafting a will, be sure to include the following: name a guardian for your children, name an executor, specify an alternate beneficiary and use a residuary clause which typically reads “I give the remainder of my estate to …” Once your will is drafted, you won’t have to think about it again unless your wishes or your financial situation change substantially. I intend on re-evaluating my will every ten years.

Free Gift

Check out the FREE video series on my 3 Keys to Unlocking Your Financial Freedom! This video series touches on Budgets, Tackling Debt, and Ways to Increase Income TODAY! I created this series for those of you who have been hit hard by COVID-19. I want you to know there is nothing you can’t accomplish and creating a plan of action is always a great starting point.

Finances: Where to Start

Not knowing where to start is OKAY. Trust me, you are not alone. So many people struggle with those scary wandering around in the dark feelings when it comes to their money.

I grew up around the financial world. Budgeting and saving is like second nature to me. I have done my budget since I was 18 years old. Once I got my first real job outside of my family’s business and I LOVED shopping at Target. I had to figure out a way I could save money but also have fun and buy myself something I wanted.

Start With Your Budget

Start with your budget. Your budget is the road map or blueprint to guide you where ever you want to go. Budgets are LIFE. Every month I customize my own budget along with my monthly clients so we can see our areas of OPPORTUNITY. These are the categories you overspend in. Monthly adjustments are something that keep you in check with your goals whether short term or long term. It’s all about Balance, Consistency, and Discipline.

Setting a Realistic Budget

Setting a realistic budget means diving into those sticky areas of your life and seeing what type of spending you have been doing. What type of categories do you have within your budget? Do you have long term goals? Do you have debt? By answering these questions you can track these and make sure every dollar has a purpose. I have a great blog post about the foundation of a budget that you should check out called Budgets: Foundation for a Solid Budget.

Balance

Balance is key in life in general but especially within your finances. You need a balance between spending money and saving it. You should be spending money on bills plus any irregular expenses that pop up throughout the month, but you should also have a “Savings” & a “Retirement” category to toss money in each month as well. These categories being in your budget will ensure you add money to it if you are also consistent and disciplined.

Here are some ways to bring balance to your financial life:

  • Set some goals
  • If you are a small business owner, pay yourself on a schedule
  • Have an emergency fund
  • Create a debt payoff plan
  • Utilize tax-deferred investment plans
  • Create a Will

Consistency

Consistency is so important when it comes to your budget. You have to keep up with your budget to see results. REMEMBER, it is just a blueprint for you to follow. It should not feel like a restriction, but more like a structured guideline that helps you figure out what your areas of OPPORTUNITY are. Consistently checking in with your spending is like going to the doctor for a check up. It keeps you healthy and aware.

Here are some ways to stay consistent with your finances:

  • Increase your knowledge
  • Increase your income
  • Change your money habits
  • Be rich, don’t look rich

Discipline

Discipline is hard. I feel you. We all have trouble telling ourselves no. I love buying gifts for my family and friends. Something I have to constantly check in with is WHY I want to spend money. I used to shop A LOT and I racked up a huge credit card bill which took me about a year to pay off. I use that as an example when talking to myself about why it’s probably not a good idea to buy that $400 purse.

Since having kids though, I have transitioned my way of thinking. I now appreciate experiences more than “things” or “stuff.” I want to provide my children with life experiences and teach them to be kind humans rather than purchasing things trying to look “cool.” It is definitely a priorities game. Whatever is a priority to you will end up on your budget. It’s all about Balance, Consistency & Discipline.

Here are a few ways to stay disciplined in the new year:

  • Set some financial goals
  • Use automation for your bills
  • Give yourself a challenge
  • Change your money habits
  • Get an accountability partner or financial coach

Free Gift

Check out the FREE video series on my 3 Keys to Unlocking Your Financial Freedom! This video series touches on Budgets, Tackling Debt, and Ways to Increase Income TODAY! I created this series for those of you who have been hit hard by COVID-19. I want you to know there is nothing you can’t accomplish and creating a plan of action is always a great starting point.