Finance Fitne$$ GetFitBit – Manage Your Resources

 

Even when relocating with a company that pays your relocation fees, it is important to run the finances on your options. We recently went through this exercise to determine whether we wanted to receive a lump sum that we manage or have the company manage it for us. We decided that managing it ourselves is more advantageous for us in the long run. Learning how to manage your finances benefit you in so many ways.

Thought:  Be confident and take charge of your finances.  Do this even when it is allocated money from different sources.  Manage your resources instead of your resources managing you.

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – Monthly Check

It is a good practice to update your assets and liabilities monthly. I just completed our family’s  for this month and it increased by $20K! This is the most it has ever increased in 1 month. Of course it goes up and down, but, MAKE SURE YOU ARE INTENTIONAL ABOUT REVIEWING YOURS MONTHLY!

Question:  How are you looking this month?

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – Gifts

 

Something to think about – If you require gifts on your Birthday or Christmas, is it really a gift the person is giving you or an OBLIGATION. A GIFT should be something the person wants to give you because they love you not because you expect it. STOP THE PEER PRESSURE!!   It is causing us to be broke.  And also give the gift you can afford.

Thoughts:  Be love and give love.

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – W-2s

Always analyze your W-2 when you get it. When I received my W-2 I noticed that 27% of my income went to the government last year (Federal Tax, State Tax, Social Security & Medicare).  It is always good to know where your money is going, even your funds that do not make it to your bank account.  So educate yourself by looking over your W-2.

 

Question:  What percentage of your income goes to taxes, insurance or other entities?

 

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – Where’s the money?

Be intentional about what you are doing with your money. The median income in America is approximately $50K. That means most people have $500K go through their hands in 10 yrs and $1.5M in 30 yrs. it is important to know where that $1.5M is going.

Question:  How do you track your finances?

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – Financial Goals

Our Family’s Top Financial Goals Right Now (2-5 Years)
1. 3-6 Month Emergency Fund
2. Put 15% of Income into Retirement
3. Pay Cash for a Home

Question:  What are your TOP Financial Goals?

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger

Finance Fitne$$ GetFitBit – Family Meeting

Saturday is the day each week that our family reviews our family budget to see how we are doing.

REMEMBER: If you are married, both you and your spouse need to provide input about your family’s finances. Work together as a team and COMPROMISE.

by Khari Wilder, Finance Fitne$$ – Founder & Coach
Moulah Monologue – Guset Blogger