Take your finances to the next level by answering 5 questions.
Money Girl
236 MG Ask Yourself 5 Money-Making Questions
In Colorado, our freedoms are everything. Gabe Evans would rip them away. Just like Lauren Boebert, he'd ban abortion without exceptions for rape or incest, and overturn the right to marry for same-sex couples. Don't let him take our freedoms. Paid for by DCCC, www.dccc.org, not authorized by any candidate or candidate's committee. It's better over here. AT&T customers switching to T-Mobile has never been easier. We'll pay off your existing phone and give you a new one free, all on America's largest 5G network. Visit T-Mobile.com/careerfreedom to switch today. Pay off up to $650 via virtual prepaid master, 115 days, free phone up to $830 via 24 monthly bill credits plus tax, qualifying port and trade and service on Go 5G next to credit required. Contact us before canceling entire account to continue bill credits to credit stop and balance and require a finance agreement as due. Hi, everyone. Thanks for joining me on the Money Girl Podcast. I'm Laura Adams. Finding the right solutions for how to improve your finances usually starts with asking the right questions. Here are five money-making questions you should ask to help you take your finances to the next level. Question number one, do I have the right mindset? Your money mindset is very important because it's the precursor to your behavior. Do you consider money your friend or your enemy? Do your thoughts about money support you by moving you in a positive direction every day? Or are they sabotaging your ability to make good decisions? It doesn't matter if you're working an entry-level job or are a highly paid CEO. Your money mindset will be the key to whether you build lasting wealth or not. Your ability to grow rich doesn't depend on your education or earning power. Smart, powerful people can fail miserably with their money when they don't follow the basics, like living below your means, having enough of the right kinds of insurance, and investing for the future. You've heard about rap stars and fashion models who end up bankrupt even though they made huge amounts of money. The reality is, anyone can wind up poor no matter how much flows in and out of their bank account. Likewise, anyone can end up wealthy if they have the right mindset and consistently put away small amounts of money. Having a healthy money mindset means that you have clarity about what you're supposed to be doing with your money, and you actually do it. Question number two, do I have the right focus? The second money-making question to ask is whether you're focused on the right things. Take some time to figure out whether the way you handle money fits with your personal values. Values are simply what you believe in deeply, like being independent, having close relationships, pursuing optimal health, or giving your kids a financial head start in life. I always say to my coaching clients, "I can look at your checkbook and tell you what you really value because how you spend speaks for itself." The benefit of staying focused on values is that they give you deep inspiration and motivation to make new and perhaps difficult choices, like boosting contributions to your retirement account, building your emergency fund, or sticking to a spending plan. Once you're clear about your values, you should create specific goals. For example, if you value education, you might create a goal to save $30,000 for your child's college education. Question number three, do I use the right products? The third money-making question to ask is whether you're using the right financial products, like bank accounts, credit cards, loans, and insurance for your situation. There's a wide range of options, and we often get lazy about shopping around for the best deals. Even though many banks are increasing their fees, there are still FDIC-insured banks you can turn to for checking and savings accounts that are completely free and come with great perks. My favorite sites for finding an unbeatable bank account are checkingfinder.com, depositaccounts.com, and bankrate.com. If you carry a credit card balance from month to month, do a search on nerdwallet.com for low interest cards that would cut your monthly rates. If you have a mortgage, contact your lender to discuss whether refinancing makes sense. In many cases, refinancing is the easiest way to get out of debt much faster. And don't forget to have an annual meeting with your insurance agent to discuss money-saving options that will still give you adequate protection. In Colorado, our freedoms are everything. Gabe Evans would rip them away. Just like Lauren Boebert, he'd ban abortion without exceptions for rape or incest, and overturn the right to marry for same-sex couples. Don't let him take our freedoms. Paid for by DCCC, www.dccc.org, not authorized by any candidate or candidate's committee. Nearly a billion people experienced hunger last year, and organizations on the front line need support. That's why at Global Citizen Festival, Citi announced a new commitment supporting World Food Programs mission, and you can help. Citi will match donations to World Food Program up to $250,000 until December 1st, or until we reach our goal, whichever comes first. Visit wfpusa.org/citi to make a donation and double your impact. For the love of making a difference, for the love of progress, Citi. I love learning, and anything that makes learning easier. If you're a parent and your child needs some homework help, then IXL is a right for your family. IXL is an online learning program for kids covering math, language arts, science, and social studies. IXL has interactive practice problems for topics from pre-K to 12th grade, and everything is organized by grade and subject. As kids practice, they get positive feedback, awards, and explanations for wrong answers. IXL figures out what your kids need more help with, and recommends more topics to practice. Their videos, lessons, sample problems, and learning games, too. One subscription to IXL gets you all subjects and all grade levels. Membership started just $9.95 a month. It's no wonder IXL is used in 95 of the top 100 school districts. I think the positive feedback that IXL gives is really crucial when it comes to learning. So make an impact on your child's learning, get IXL now, and money girl listeners can get an exclusive 20% off IXL membership when they sign up today at ixl.com/moneygirl. Visit ixl.com/moneygirl to get the most effective learning program out there at the best price. Question number four, do I take the right actions? The fourth important question to ponder is whether you're taking the right actions with your money. If you're living paycheck to paycheck, that's a sure sign that you need to create and stick to a spending plan. If you're not investing for your future, you should enroll in your workplace retirement plan or open up an individual retirement arrangement or IRA and set up automatic monthly contributions. To learn more about IRAs, you should check out podcast number 173 called "What is the difference between a traditional and a Roth IRA?" There are other actions you need to take on a weekly, monthly, or yearly basis, like paying bills on time, reconciling account statements, reviewing your bank and credit card transactions, monitoring your net worth, and checking your credit report. I give you a list of the most important money management tasks and when to accomplish them. In chapter four of my book, Money Girl Smart Moves to Grow Rich. Question number five, do I use the right professionals? If you don't have an insurance agent who willingly answers your questions, find a better one. If you want to make sure that you get all the tax benefits you're entitled to, hire a tax accountant. Take advantage of advisors who can help you pick the best investments for your situation. Many workplace retirement plans and IRAs offer them for free. If you need help with the big picture of your finances, like setting goals, knowing what your priorities should be, navigating through a complex situation, or just need to stay accountable to someone, make an appointment to work with a financial planner or coach. Many of my clients come to me with these very same concerns. Working with the right experts can help you make huge leaps forward with your money as quickly as possible. How you answer these five questions about mindset, focus, products, actions, and professionals should help you identify what's missing in your financial life. To fill the voids and take your money management to the next level, start with the area that concerns you the most. For instance, if you're worried about losing your job because you don't have a financial cushion to fall back on, build an emergency fund. It's a good idea to reevaluate your answers to these questions at least once a year so you can see what progress you've made, where you want to go, and who you may need to turn to for help. When you visit smartmoves2growrich.com, you can find out more about working with me for one-on-one financial coaching. And you can also download two free book chapters from Money Girl's Smart Moves to Grow Rich. I love making money simple, so the book tells you only what you need to know about money without bogging you down with what you don't. On the Money Girl page at quickanddirtytips.com, you'll find more ways to learn about money and how to connect with me, like the free Money Girl newsletter, my Facebook page, which you can find by going to Facebook.com and doing a search for Money Girl, or how to follow me on Twitter. My username there is @laraatoms with no space. You can submit your money question by emailing money@quickanddirtytips.com, or by leaving it on my voicemail line at 206-333-1610. I look forward to hearing from you. I'm glad you're listening. Chaching. That's all for now. Courtesy of Money Girl, your guide to a richer life. When you need meal time inspiration, it's worth shopping king supers, for thousands of appetizing ingredients that inspire countless mouth-watering meals. 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