Introduction to Your Financial Goals
So welcome everyone to money masters 101. This is your personal finance program and I am so excited that you get the basics you know of how can I be in control of my money how can I handle my money correctly. And you know this is really an important part of just you know becoming an adult and just knowing how to invest how to save how best to hit your financial goals.
So let’s dive right into it. So this is the Table of Contents of this course. It is divided into five. The first one is your dreams your passion and your financial goals.
What you’ll learn
Setting and Achieving Financial Goals
Budgeting and Saving
Investing Short and Long-Term
Knowing How to Save Money Daily in Montreal
This blog right here it just seeks the answer. What how can I use personal finance to empower my dreams to empower my passion. How can I use it to you know just just had to. How can I use it to better my life. How is this relevant to me.
Right is the introduction to budgeting and saving. It’s really the tool of you know debate the basic tool of how can I use this to achieve the goal that I said today in this horse. Three is spending habits. I get this all the time right. It’s like Rick I do earn money I do have a job but I just spend it all. You know I go out spending or I spend it all. You know I have this thing that I like and I cost just all my money goes there. How can a here in Montreal.
How can I go out you know in on a budget right. How can I how can I have fun and do all the things I want to do. How can I how do I prioritize. So I do live my life but I don’t go broke. I work all night and work all day to pay the bills I have to pay. And it’s sad. And still there never seems to be a single penny left for me for investing.
The basics of investing is a thing that you need to know especially when you’re young. The Wii you need to start investing as soon as possible and we will see that there. Five last not least job search skills in everything from your CV to your networking to your know-how.
How can I get my dream job or what do I need to have in my CV right. How can I generate income from my passion.
So that’s the welcome blog one. Dreams passion and financial goals. Great, I’m excited. So small. Really short introduction. Personal Finance. What is it. And honestly it doesn’t sound like the most interesting topic but let me tell you it is really. It’s a fascinating and empowering topic. If you do have a goal if you do have have a dream.
This will empower you. So just so we have the same definition of personal finance. Let’s look at the definition from investor pedia. Personal finance is the science of handling money. It is basically earning saving investing and spending and all of your financial decisions around that. So yeah you’ve got dust or what. But we were really more interested in the why of it why should we care why should we learn personal finance.
Well, first of all, it’s because it helps us in our lives overall. It really you know it helps us answer questions like What will I need my money for in the future and how much of it how much money how would I ideally like to make money. What’s my passion.
What’s my ideal job. What are my life projects what are my dreams and you know when will I have to start saving up to actually have the funds to achieve it to achieve my dreams. We don’t want to be 30 years old and be like oh where did my money go where did my dream is go. It’s because you didn’t see it in saving you didn’t plan in advance. And that’s where we’re going to do today to set financial goals and keep track of them. And three it’s the first step. It’s the first step to becoming money smart and being able to handle money and being able therefore afterwards to generate income from your passion.
What Is Your Passion?
So welcome this is what is your passion. The first section of this.
So I will now read everything here. I will provide this argument to you. But what’s the goal of this section on what is your passion. It’s basically reminding you that the mission of Life Academy is to help you learn things to empower your dreams. So we’re asking here how can we connect your passion to personal finance right. So first we need to know that you know what your passion is you know what the goal is we are giving you tools and you need to know what’s the goal. Why are you learning this. How can I apply this to my passion right. So this is an example. Say your passion is cooking.
Well, you’ll want to take cooking classes and that would be a financial goal. Maybe you’ll undertake in an entrepreneurial project and maybe a cooking class with ivy Academy. That would be your dream right. And all of these projects are just in goals are just tools for you to be able to you know to serve people with the projects but to meet professionals maybe chefs. If your passion is cooking and it could lead to a future job. So all of this is empowering your professional goals.
It’s empowering your dream in your passion. So let’s figure out what your thing is what your passion is. So this is an easy way to help you. You know just narrow down your your your interests into something that is empowering and that is something that is interesting for you. So you know this is a method only one method to define your passion we have a lot of content I’d like to get to me on how to find your passion.
But if I did read this article right here is really an article that I sent to everyone who just you know is confused about what to do in life. It’s by Mark Mansen it’s seven square strange questions on how to on you know that makes you think about what is more most important for me. So we won’t go through everyone every single one of the seven questions. But let me I mean let me you know I’ll tick tick three of them that I find most that most impactful. So ask yourself you know the first question it’s a strange one it’s what’s your favorite flavor of a shit sandwich. And does it come with an olive. So the question is basically means you know we work hard in life right.
We work hard and we’re willing to work hard for the things that we care most about. Right. So this shit sandwich is basically the hard work for what are you willing to work hard. Why would you just you know to stay up all night and work. And don’t tell me it because you have an exam the next morning.
Tell me something that’s intrinsic for you. When is it time that you just worked your ass off because you know you just cared about about about that thing and you know once you have that you know it might be easier for you to say no but this is something that is important for me. This is something that you know it is something that I deeply care about. OK. Last second one that we’ll go through is the number.
Question number three what makes you forget to eat and poop. Again a strange question but it’s basically saying when to have you lost track of time. When have you been like been so interested. And you know in the zone and in in-flow in an activity that you just lose track of time and you forget to eat. You didn’t have supper you didn’t have lunch.
You’re like oh my god I was so into this thing that I just you know I forgot to eat and poop. Right. Think about those things. Now the third question here. The last one that we’ll go through just so we know you I’ll give you this document and you’ll be able to work on it on your own may be in a coaching session with me one on one but these are the questions that I find most interesting so go into your head. If you had to leave the house all day every day where would you go and what would you do.
Hmm, interesting question. So you’re forced to go out. What do you do. You know you’re forced to do something right. So do you. Do you go to help homeless people. Do you go to paint. Do you go to an event at a concert. What do you do. What it’s basically asking what are you naturally drawn to. Right. And the last question of course I know I said three questions but this is really important.
How would you like to be remembered read by your peers by your projects. What would you like to leave in this life. So once you go through all these questions you do that on your own. You don’t want to repeat myself. You know you read all those questions and you don’t think or you just do a bit of introspection you know a little bit of introspection is good. And think about what is most important for me what is my passion. And I tell you here you know if you can’t find one thing it doesn’t matter just try to you know if you have two things two or three things try to try to find a way that they can know that.
How can you how you confuse them and how you can to combine them. So you know think of all of those seven questions and we will try to use personal finance to empower that passion of yours and hear more additional resources. Of course, we have a lot of content and Life Academy and that was it. Let’s go into more specific stuff.
What Is Your Dream?
So what are your dreams. This blog is called Dreams passion and financial goals. So it’s asking how can we use personal finance for to empower your dreams and to empower your passion. But for that this fall I would need to know what your dreams are.
So this section is meant for you to find and pin down what your dream is. Because we will deconstruct that dream into goals and into financial goals. And then we will be able to use all the financial tools to empower that goal and to empower your dreams and basically And at the end ultimately to empower your passion. So let’s get down to it. So I’m not going to go through every single thing is every single thing.
But I will ask you three questions that might help you you know to define your dream so ask yourself What is something that makes you daydream. You know you’re in a blog and you’re bored and you just find yourself thinking about that one thing you know that thing that you know you really really daydream about that you know you’re always thinking about that it makes you smile and it you know it actively excites you. And you know you just drift off when you think about it because it fascinates you so much. Do you have something that’s there you can think of.
The second question is what is something that gives you that excites you. You know it’s something that when you think that you’re going to do that later I’m going to go you know I’m going to go into that place I’m going to go take care of animals I’m going to go to the gym.
What’s something that you know gives you chills and just like when you think of it it just gives just like you put a smile and a smile on your face you know. And third and last question what would you do if you had unlimited money and time. You know you don’t have to go to school. You don’t have to you know meet anyone else’s demands. You’re completely free. What do you do.
All I do is win win win no matter what Got Money On My Mind I can never get enough and have the time off the clock all day. And they say think about that right. And you know these are some ideas of dreams of goals of big goals and dreams. If you don’t if you’re not someone who’s you know you didn’t have any answers to those questions. You know you just want to get. You just want to pay for your education. You don’t necessarily have a dream. So you know once and I believe I truly believe that if you don’t have a passion or you don’t have a dream define right now just go for it just start hitting those goals toward achieving things.
Just general things and you will know you will get there you will find your thing. Right. So these are some ideas that you can just take a long term and short term idea and just work on that dream right and use your financial goals for that. So is it paying for your education. Is it buying your first car is it going to New Zealand. Is it investing is starting a business or writing a book. What is it. You know you can just pick one of these if you’re not intrinsically motivated you to know just that you don’t necessarily have something start to start thinking about these you know and then maybe you go on that trip and you find something that you love.
So just start. Or maybe a short term goal you know short term dream is going on a road trip. Is it getting a tattoo. Is it participating in some kind of events or just you know straight up just buying your school books without any worries without waiting for the next paycheck you know. So think of all these things and just read them all write all your ideas down and hopefully you come up with something. And if you don’t you know we can always take care of a one on one coaching session and you know we can pinpoint where your dreams are.
Introduction to Budgeting and Saving
So welcome to you and everyone to the second blog of this money master’s program offered to you obviously by Life Academy. Today we’re going to go and we’re going to go ahead and see what budgeting and saving are and how we can use it to achieve the goals that you set in blog number one. All right so welcome everyone to blogloader to budgeting and saving.
So a small introduction. As always let’s start with the definition so we know what we’re talking about right. So it’s a budget. A budget is it’s a system of categorizing you x the expenses that allow you to basically know where your money is going anywhere. What adjustments you need to make to hit your goals.
So as I say a budget is crucial to achieving your financial goals. Right. You need to be aware of where your money is going and what actions and what steps you need to take to better hit your goals right.
Like I say here and there are two ways of achieving your goals faster and that’s decreasing your expenses and increasing your income. So right now we’re going to see we’re going to look at a tool that’s going to allow you to do those things as always there are these quick quotes in this in these documents that you know kind of give us a little perspective on our goals. So always prioritize your goals over your expenses right. So what would you remember most in five years.
Will you be prouder of all of your pair of shoes or are there a time you went skydiving. If that’s one of your goals.
So let’s get into it. OK. So we’re going to use Mint dot com to manage our budget and this will allow you to allow us to do three things. The first one is to be able to check your expenses for the month. And this will tell us what what what’s your culture what’s your what are your spending habits where your money is going.
Actually, because mint, as you recall, is connected to your debit or credit card. So every transaction that you make we will see it and we will be able to assess the situation to it will allow us to evaluate how much you want to spend on each Kerak category and how we can adjust that to hit your financial goals.
So we’re going to see we’re going to allocate an amount of money to a certain category to certain categories and then we’re to see how we can include your goals in that budget. Right. And this is what I love about meant is that it gives you notifications on your PC and your phone on your expenses on your spending habits.
You’re spending too much for this month that’s going to tell you if you exceeded in your category if you said I’m going to allocate $40 for food that’s for fast food or for going out wherever and if you exceed that number. It will tell you and it will tell you. Be careful if you do this you might not have enough money for other stuff.
How to Budget
All right so now we’re going to look at how to actually make a budget on menta.com. So the first question that you need to ask yourself when you’re trying to figure out what to put in your budget is really what do I need. And keep in mind this is the statement by Warren Buffet.
He said that spending when you’re young is more expensive in the long and in the long run. Why. Because he says that one dollar spent when you’re young is worth around eight dollars in the future because it could have been invested in a career that became a kind of you know he could have accumulated into a dollars.
So think about what you really need and think about the long term impacts on your life. Right. So the first thing that you need every month here is there are things that you can get around that you absolutely need to pay every month and that is a choice. But if it is something that you need you to need to pay and you need to write it down here.
Then think of things that you tell yourself honestly there things that you know I pay for but they’re not they’re honestly not that important to me. And you know I can minimize them. So those ones I think of them write them down here then they do their own expenses too for yourself if you want to have fun.
Why. Because we don’t want to make budgeting and personal finance something that you hate. We don’t want to deprive yourself of having fun then what’s going to happen is that you know you’re going to hate this.
You’re going to you’re not going to have the right attitude and you might end up not hitting your goals. So do things for yourself that you know makes you feel good makes you know that relax you that make you have fun doing with them.
Then in my opinion what’s more important expenses that are linked to your goals and your dreams. So think of things. Obviously these expenses might be your actual goals but think of other things that might contribute to your goals and dreams. So maybe you might have a budget in your monthly budget for 40 or $30 for books and online courses you know books and online courses that might help you acquire the skills that tend to hit your goals and your dreams.
So think of those things right now let’s go see how to actually use Mint. So I was already shown you showed you meant here. You know for example we made a goal of $10000 for example invested in four years. And what he told us is that we will need to save $280 per month. So I’d say we made a budget here you know transport bills in Chile’s education entertainment food and always a category for expenses that you do not expect.
So what I love about meant is that it includes your goals into your budget. So see here. Let’s say your monthly income is $500. Then this is your spending and your goals are here. So we are left or we’re flat. But we always have a little bit of leeway here. What your goals are taking care of right so that’s how you use Mint and you’ll see as you know as the month goes on you will see the price increase and you will see for example if you add half of the month you will see a line here. And let’s say you spent three-quarters of what you told yourself that you were going to spend.
I’m a bit you know I’m spending too much for this month. I need to slow down because I might not have enough money for my goals. All right. So and I will provide this. Also this to you for budgeting. This is a tool that these all day provides for or for calculating your ideal expenses right. So let’s say that you earn per week let’s say you turn to 50 per week. Right. And they will tell you how much. Ideally, you could spend on on every single one of these categories right.
So this is per week. This is per month. So this would be the amount that you put in and you put in in mint. The ideal the ideal expenses. So this you know obviously if you earn more you will increase it and just keep the proportions. This is just a suggestion right.
You shouldn’t have you should spend more than what is said here. But if you want to spend less than what is recommended and put more toward your goals and dreams that’s what would be the ideal right but that’s only a tool for you to have a suggestion on what should be the proportions according to my income for these categories so you’re not lost in this.
How to Save (Pay Yourself First)
Are right now that we’ve made the budget let’s look at the spending. You know it’s a budget isn’t an ideal spending template.
So let’s look at it really how can we have the resources and the techniques and the tactics to really limit your spending. But make sure that you have some peace of mind when achieving your goals.
So let’s get right into it. Spending so doing the budget you should have thought of these amounts of money.
Think of first the amount of money that you will allocate to expenses the amount of money that you will save for your goals and the amount of money that you are a total of your budget. So these are these numbers right. This is how you earn how much you earn. This is for your spending and this is your goal.
So the total should be around how much you earn. So just keep that in mind so you have a big picture of it.
All right now let’s get into the real stuff. There are two very important principles in personal finance that are basic and that everyone should know.
The first one is in a really intuitive one but you really need to if you don’t have this and many people go you know it’s common sense but it’s not common practice.
They do know it intellectually but do they do it right. Number one spend less than you earn and save and invest the rest.
It is obvious obviously but if right now you are spending more than you earn.
Obviously you will not be able to save and invest the rest. And what this principal is also telling us is that the less you know the less you spend and the more you earn. Think of that. Think of the saving and investing potential. We will see if you invest in the blog.
How much of a difference that savings ratio that we will see shortly that that amount of of of money that you save according to what you earn that makes a huge difference.
All right so that’s a really intuitive principle but you need to keep in mind Principle Number two is really one that I love and it is the principle of paying yourself first.
So what does that mean. That’s next. That’s going to want to run into it.
So paying yourself first is means that you know once you get paid you have the amount of money that you know your your income you have your income now before you go out and start spending which reallymeans paying other people start paying yourself first. And that means saving and investing in yourself and your dreams and what you want to accomplish. So how do you do that. How do you pay yourself first.
How do you know you just got paid and you know you know you have that big amount of money and you know it’s really easy to just go out and spend and say you know I’ll save up later. But that’s not what this is saying right. This is saying Pay yourself first before you’re even able to go out and spend.
We need your goals and your dreams to be taken care of. We need the money that you got into your account. The second and God there we need. We need to make sure that your dreams are financed right.
That is so important. So we’re going to go see how do you do it.
How do you do that. And the way of doing that is automating your savings. So what does I mean there are two ways to do that.
That means for example that after you get paid let’s say you know some people get paid on Thursdays every two weeks. So I’d say you get paid between the night of Wednesday and Thursday. So you go on your online banking account and you set up automatic savings.
So let’s say you get you know you can put a ratio or you can put an amount of money. So let’s say you get paid for example three you get you to earn $300 every two weeks and you say you know what I’m going to save $100.So you set it up literally in your bank account every two weeks in the day or night payday.
I want it transferred to go from my checking account to a savings account. So you wake up on Thursday and you don’t have $300 but you have $200. And now that’s your money that will be available for you to spend on what you need. But that a hundred dollars were automatically your name you didn’t even see that money.
So you don’t really feel it is a feeling of loss and you don’t feel guilty after you know to spend because you know that your dreams and your goals are taken care of.
Then we are introduced to the notion of the savings ratio. So that’s basically it’s a nice notion. It’s basically how much what’s the proportion of what you save on what you earn. So if you are if you earn a thousand dollars a month.
Let’s say the the the amount that you save is $100. That would be 10 percent and 10 percent is the recommended amount in most of the personal-finance literature. Although you know it will be great that you hit that 10 percent if you’re not saving. But we argue I’d like to tell me that because our target audience is our young people.
If you live with your parents, for example, your costs of living are really low. So if we see this as an opportunity for you to before you get into the real student life you know that you take this opportunity because you know your expenses don’t necessarily need right. They mostly want to take this as an opportunity to save as much as possible on your dreams.
How to Stay Disciplined
Now that we’ve seen how to budget and how to save and what are the practices to pay yourself first. Let’s look at the psychology of personal finance. So there is this eternal question How do I stay disciplined in what I’m doing.
You know what it’s a great idea to transfer my money from my checking to my savings. But you know you know if I get paid out you know that’s that’s a chance for my bankings in my online banking account and I can just access and access it and transfer the money in one click. If I don’t have enough at the end of the month and then I won’t be hitting my savings rate.
It’s just too easy for me to to to like the discipline rate and you know what. I agree. You know I firmly believe that the easiest way for you to stay disciplined is to not give you the choice to cheat.
So let’s look at how we can address that. So there are two solutions that I propose. The first one is to to to re-examine your goals.
If you if you are telling me that you are thinking of transferring that money from your savings account from that place where your money for your goals you set that you’re for your dreams.
If you’re telling me that you want to return right I ask you I would ask you to Tumen to most years of discipline and remember why you set those goals and if those goals don’t motivate you enough find some goals that truly motivate you that will you know that will that you will enjoy putting that money into the seams again because it will get you closer to your goals. Like I say people who like it who go to the gym like going to the gym.
People who save like saving because they are reminded that though that by doing that they are getting closer and closer to their goals every day. So please this shouldn’t be something that you should dread.
This should be something that you would that you do by yourself because these are goals you set for yourself. Second one and this is my favorite.
This is personally what I do. You automate regular investment transfers. So what you do is you set up an investment with a financial institution or on. And you automate it.
Every payday before you even wake up in the morning or very very early and you’re on your payday.
You transfer them that money. And what that does is that it doesn’t transfer your money into a savings account. It says it transfers money to an investment account. And those investments too.
It’s way harder to reach transfer that money because often it is a good investment said on a year and three years on five years that you have penalties if you take that money out of there.
So investment transfers are great because that’s what you know it doesn’t give you the choice to cheat.
So that’s what I do. And if you want to take a that and one on one coaching session I can or take the investment blog.
I will teach you how to do that. And you know this is just this is the easiest way to have that peace of mind.
You know you you get paid and your money just goes toward your goals and then you can you know that you know you can just spend it without the guilt of going like oh my am I coming down on my all my goals right.
Automate Your Expenses and
All right now that we’ve been through budgeting saving and the notions of you know paying yourself first and making sure that your goals and your dreams are financed first. We’ve seen two methods for that.
The first being the say the automatic savings account transfer and the automatic investment account transfer. And that one is as I told you the one I recommend because it is harder for you to transfer the money.
Now let’s look at one last way to make sure that your expenses are taken care of. Now tell you what we’re going to talk about those expenses that are regular expenses that you want to make sure that you know that you will have to pay every month.
So you want to make sure that they are taken care of and that you died you will have enough money for So this really depends on you know whether it’s a regular payment for transport or for a car payment or you know rent rental whatever.
Most personal finance advisers recommend is for you to directly you know create an automatic payment with your credit card with the company that you are paying every month. But if you can do that I also recommend that you do that through your bank.
So for example in your online banking account whether you’re with All Day back home at RBC whateveryou will have an option to pay you regularly some company and that you will be able to automate that.
So these are just tips for you know the specifics of every financial institution we can see that in and a one on one you know personal finance coaching session.
But what the argument that I’m making is that if you know that you will have to pay something regularly you want to take care of that first.
You know always your goals and your dreams. Pay yourself first then the automatic regular expenses that you consciously chose to pay every month and then the casual spending.
So that’s the gist of it. But for me, I’m really passionate about this. Pay yourself first. And I’m just in a wrap up with this.
I want to thank you for taking this savings and budgeting blog with me and I’m so excited that you are committing to your goals right.
And this notion of paying yourself first as I was saying I’m really passionate about it because it is really paying yourself first because we pay for things and we think that we are getting something in return and we are.
But at the same time it’s really paying other people first and whether it’s personal finance whether it’s personal development you need to put yourself first.
We like it when you wake up in the morning you don’t want to be answering emails and we you know youdon’t want to be answering texts.
You want to be working on what you find important in the morning. First it is the same thing in personal finance you want to be taking care of your goals and your dreams first.
So I want to thank you and hopefully I see you in the next blog whether you take it for investment or for your spending habits or for your job search skills to generate income from your firm and your passion.
Conclusion to Your Financial Goals
So the last section is the most important one. All that we’ve done so far your passion. You’ve thought about your dreams. All of this comes down to this setting financial goals right now I kinda like him this is where it goes down. All right. So this will be your motivation for every single thing that you will learn about personal finance.
These are your goals. These this is your why. So we will use what we defined early on you know your passion and your dreams and we will deconstruct right now. So let’s see just two different methods on how to set goals. There are two ways the technical way and the more morally humane end and you know the motivating way both.
I believe that both have pros and cons both are you know complimentary. It’s on one or the other so let’s look at them. Obviously there’s the famous smart method though your goal. It must be specific. It must be measurable in numbers right. So how can you measure this goal you know is it when will you how will you know that you hit this goal right. Is it you know in a way no amount of money may be in this in for a financial goal.
Most probably it will be an amount of money but it might not be you know is it a percentage of something is it a percentage of feeling whatever it is. You must be able to measure it because you will need to track it you know day to day or week by week. Make sure you can measure it. It will be it has to be action-based. So you have the goal and you have to have actions that you and steps that you will have to do. You will be able to take every day every week you know practices. If your goal is to lose weight for example it you know your action it’s going to the gym eating healthy doing your smoothie. You know are realistic.
A bit of realism never hurts anyone but you know try to strive forward. You know to keep your level you know clear in your mind what can I achieve right down out of here. I there. So great but I love the things that never happen. And obviously time around it has to have a deadline. A goal without a deadline is only a wish. So it’s really important that you give yourself to a deadline next method. You know we had the smart method.
Now we have the dumb method. This is by a very admired author of mine Brendan Burchard and it’s developed by him. He says that you know smart goals are you know they’re very technical but we need done goals we need goals that just you know we just were still motivated by them that we just go and we just accomplish them. You don’t. You don’t go to bed you don’t go to sleep until you’re finished.
I’m you know smart goals are more technical but dongles are the thing that just motivates you and just pushes you and pulls you right. So the dream driven This is why we defined your dream in the earlier session. Your goal must be linked to your dream and your dream is something that you must think of. You must think about every day you know and then your goal. You’re going to do it. You’re going to achieve it because you tell yourself that this will allow you to accomplish your dream. You it has to be a blessed uplifting.
It has to be uplifting. It has to to literally lift you up when you think about it. You know for me it’s these blogs you know helping people with their personal finance helping people achieve their dreams. And you know having more clarity in their lives and being able to have the economic opportunities to you know just to get ahead right. So you see how for me it’s uplifting. What’s what’s. What’s that thing for you.
What’s the thing that when you speak about it you literally lift up you know and has to inspire you. It has to. And this is important. It has to be recurrently inspiring it has to. You have to remind yourself of how or why this thing inspires you. For example, if your thing is cooking right and your goal is to save up I don’t know $600 for this cooking class. You have to recurrently think about this right. How you need to think. You know I’m saying I’m not buying that coffee today because it’s like $4 and every day.
You know I will save up that money and more money to hit that goal. Why inspirers inspire yourself. Why. Because that will allow me to learn how to cook well and I can teach others how to cook healthy. How do you know. And that will give them more will give them more energy and literally make them live longer. Right. Do you see how this is different from a smart goal.
This thinks that this makes you think of why are you doing this. All right. I’m method Fearnley of course. It’s kind of like the action based on the last one. It makes you think you know what. What is the method from today for me to hit this goal. Like I said Is it true. Is it to you know to lose weight. Is it to go to the gym. Is it to you know drinking that smoothie that healthy smoothie. It’s you know you have to have methods you have to have recurrent practices be. And this is something that I love it has to be behavior triggered it has to be included in your routine. So think about that person that wants to lose weight.
That person let’s say you know a method is to have her clothes ready. You know her gym shorts and gym shirt just like ready next to her bed. So when she wakes up in the morning her routine is just to get up and go for a walk and go-go for a run or go to go to the gym. Right. So this is really important because instead of making you think about you know oh I have to do this. You included in your routine and it becomes a habit. Right. So think about how can you include your practice into your routine. All right. So now this is the important part. Take your dreams or your dream. Are you defined.
That obviously is linked. You know ideally, it’s linked to your passion and deconstructed into a goal right and make it a smart and make it a dumb goal make it something that you can measure and it’s technical but make it something that just inspires you. And then you maybe if your goal is it’s to have enough money to have X amount of money by this by you know in three months to be able to afford that cooking class thinks also. And you know that’s your grand total is $600.
Think of the smaller expenses right. Think of how did you come up with that $600. Is it what you need. You know like it’s like for a cooking class. Will you need the tools. Well, you need a spatula or something. You know think of all of the expenses because that will give you your actual total amount of money that you will need to save up for yours.
All right so I’ll give you this document and you work on it on your own. And now once you will have that goal of yours we might be able to you know that we will be able to work on on one in one session. But here are the reason why why you took this blog. Here are the tools to help you achieve that goal. So there are three methods and three tools that I will give to you in this online course for you to hit your financial goals. So the first one is mint right here.
I will explain what that is and a couple of seconds. The second one is a contact of a financial adviser for you to ask questions to. So the financial adviser can give you a plan a step by step plan for you to hit your goals and he can do it and he or she can give you a personal not a personalized Action Plan A and professional advice on your finances. The third one is me as a coach on one on one sessions and at the Life Academy community, we will organize meetings and get together as a people who are taking this personal finance course for us to learn from each other’s experience and to give each give tips to each other and learn from each other. So let’s get right into it.
Mint meant is a budgeting app and site. So what it does it’s that is that you connect your debit and credit card and or credit card and it automatically categorizes your expenses and tells you how much you’re spending per category. And this allows you to have a big picture of you know how your finances are going where is your money going. Is it going toward your goals or is it going toward McDonald’s. So what I like about maint is that it includes your goals into your budget and that’s what it has to do. That’s what we have to do. We have to prioritize our goals. Right. So. And let me assure you that this company is the only one that I trust with my with my over budgeting men Dotcom is totally safe.
I personally use it and I. I know plenty of people that use it. And this is the one that I recommend to everyone. So let’s see how you can create goals on meant. So what you do. It’s pretty intuitive. You give your title give a title to your goal you can even put an image your goal amount and then you put yours. You put a deadline on your goal. Like we’ve talked about the smart goals you put a deadline and informality automatically tells you how much you need to contribute every month. You link a bank account and it tells you how much you need to achieve that goal. So let’s say you you have two hundred thirty-eight dollars here.
It almost automatically not only tells you this How much do you need but if you’re in advance or you’re late on your goal which is really really smart if you think about it because let’s say you’re spending too much on you know like McDonald’s and food and fast food. Well, it will tell you that you will hit your goal but you hit it. You know maybe like six months later six months after your deadline. So that’s really useful and then, for example, it will.
It will add up your goals and will include them in your budget. So say for me I want to give a sabbatical to my mom. You know for example or I want to have a company for it to allow people to be financially free and I want to be investing so I like to see here. It tells you are you in advance or are you on schedule or are you late. Right. And how much are you do you need to contribute per month to head those goals. All right so let me show you right here.
Let’s say I go into it which is the company that owns meant it’s loading then, for example, you know this is my account it tells me how much I have in cash all my accounts. And like you see here it has the budget. Now you can customize your budgets really easily and it has your goals here. So this is kind of what it looks like. And this is, for example, that day.
This is the day of today and this. For example, I’m spending a bit more than I should for today. So you can see it’s really intuitive. So I really recommend you to download that and use that for your budgeting. So those were going to go into the resources of this course you will get the contact of their financial adviser. You have this mint app and website and you have me for any questions or any concerns about your personal finances.
So thank you for reading this blog, I hope to see you soon go out there and live passionately and power people in your passion.
All right. Thank you very much.