What Is Personalized Financial Coaching?
What is Personalized Financial Coaching?
Do you feel like your finances are out of control? Do you need help but don't know where to start? A personalized financial coach can help. This post will discuss five reasons you should have a personal financial coach and what they do. We'll discuss the differences between a financial advisor and a financial coach so that you can decide which one is right for you. Finally, we will take a deep dive into how the process works. This way you can decide which option to pick.
What is a Financial Coach?
A personalized financial advisor will help you through the issues holding you back from achieving your financial goals. By exploring these underlying factors, a financial coach helps people find new ways of thinking, and by doing so, they may make better decisions when it comes to their finances. The goal is to teach clients how they can take control of their financial lives.
A personalized financial coach will work with you set and achieve your goals. They'll teach you how to spend less money than what you make, manage debt or improve your credit score. The main goal is for the client to gain confidence in handling day-to-day finances to be more proactive about building wealth over time. How can a financial coach help you?
How Can a Financial Coach Help You?
Professional financial advice will help you develop a plan to reach your goals. They'll work with you on long-term and short-term life events and teach you skills that you can apply to any scenario. A financial coach is a perfect person for anyone who needs someone they trust to take them by the hand and lead.
A financial coach will help you break down your goals into manageable steps, making them more achievable. They are there to help you through both the good and bad times for you to create a life that's not only sustainable but one where it feels like anything is possible.
A financial coach will teach you skills such as monthly budgeting or how to create an emergency fund. They'll also help you optimize your money by teaching you the difference between a 401k and Roth IRA.
A financial coach is there for anything that relates to finances, from tax planning to investing. A financial coach will advise on various mortgage interest rates or how income taxes work in different countries.
What are the differences between Financial Coaches and Financial Planners or Advisors?
Financial coaches work with clients one-on-one to develop financial plans. Financial planners and advisors may have a few clients simultaneously but only give advice based on their expertise with products available in the market for that client's needs.
A coach is there to help you create long-term money management goals and budgeting and saving strategies tailored to your needs.
A planner or advisor can help provide guidance and education on financial products but will not necessarily offer in-depth coaching for personal finance issues.
Personal financial coaches work with clients throughout their life stages by focusing on relationships and goals, while planners only focus on the short-term financial goals of clients.
A financial coach will work with you to find your values and goals, develop a plan for saving money, track spending habits, create an emergency fund, set retirement accounts up correctly, and other vital activities in managing personal finances. Financial coaches not just help your checkbook but can also help you with your mental health, physical wellbeing, and relationships.
Financial coaching is a relationship-based service that focuses on an individual's financial situation while involving their loved ones to create steps towards meeting long-term goals. The goal for this type of coaching is not just managing short-term needs but creating stability across all areas of their life.
Financial Coach or Financial Advisor?
It all depends on your financial needs. A Financial Coach is a highly trained, specialized professional who will work with you on your retirement plan and financial goals to help you reach them. They are there when needed to offer guidance or advice during difficult times. Additionally, they can see the big picture and look at your situation holistically.
A Financial Advisor often has a broader knowledge of investments such as stocks, bonds, mutual funds, etc., but they are focused on advising clients on how to invest their money. Financial advisors are often compensated by commission or transaction fees, creating a conflict of interest in advising clients on what investment vehicles might be best suited for them.
Do you want someone who will help guide you from a holistic perspective and be there when needed, then a financial coach would be the best option. Financial advisors can provide some guidance, but if your goal is retirement or economic goals in general, it's worth considering hiring an advisor as well.
Both have their benefits and drawbacks. It is essential to know what you need before deciding.
How Do I Find a Financial Coach Near Me?
You can find a financial coach through various sources. Ask friends, family members, and co-workers for recommendations. You can also find accredited coaches on sites like the Financial Coaching Association website.
Begin by researching all of the financial coaches in your area. Please pay attention to their qualifications and what services they offer. Find a coach who specializes in your areas of need.
You may want to call them for an initial consultation to ask questions about your specific situation or concerns. Get references from previous clients before making any decisions.
When to Work with a Financial Coach
You've been in financial trouble for a while now and have tried everything to get out of it. You invested more money into your business, saved up some cash, or even started investing. But the problem is that nothing seems to be working, and things are just getting worse! It's time to call in reinforcements - enter a financial coach!
The first step you need to do is locate a financial coach in your area. Next, interview several candidates to find one that best suits the needs of your unique situation. Ask questions to ensure they are the right financial coach.
Once you've found the perfect fit, they will begin by setting up time with you to go over your goals and values. They will then put together a financial blueprint for you to follow, including budgeting, investing, tax planning, credit scores management - the whole nine yards. In addition to that, they'll also be there throughout the process as someone invested in seeing you succeed!
Lastly, they are always available to help you when life happens!
How Coaching is Delivered
Personalized financial coaching is delivered through in-person meetings, by phone, and online. Whichever method you choose, your coach will customize the process to your needs and comfort level.
How Much Does a Financial Coach Charge?
Financial coaches either charge by the hour, or they have a monthly fee. What you choose depends on your needs and budget.
Another option financial coaches offer is to charge a retainer fee. That means you pay an upfront fee, usually on the order of $2000-$5000 per year, Which will get you a set amount of time to work together.
What if I only need a financial coach for six months? There are fees and retainer arrangements available to fit your needs. Just ask your coach!
Remember that some financial coaches offer different service levels according to how much time will be needed to accomplish your financial goals.
Another option is that they offer packages and group rates so you can team up with others on the same path as yourself! The best part about this is that you're not paying for services that you don't need.
How Do I Afford a Financial Coach?
The number one question people ask is how they can afford a personalized financial coach. Financial coaching is not a topic we think about regularly until it is too late. I typically ask people one question, "How much are you spending monthly eating out?"
When I tell them many people spend $300-$400 each month eating out, they're usually surprised. If you cut that one expense, you have just paid for your financial coach for a month.
Here are a few other items that you can cut to afford a financial coach or advisor, and I came up with these five ideas:
-Cut your cable bill by $70-$150 each month. You can then watch TV through streaming services like Hulu Plus ($12) or Netflix.
-Buying that cup of joe each morning? That's $30-$80 a month you can save.
-Stop trying to keep up with the Joneses and going on those shopping sprees. It can take $300-$1200 a month out of your budget.
-How often are you taking vacations?? You could be saving $1,000-$3,000 a year to have fun.
-And finally, your Internet bill. Cutting your monthly $100 bill could save you $800 a year.
What You Should Do to Get Your Finances in Order on Your Own
If you feel you do not need a financial coach, you may want to consider the following tips for getting your finances in order on your own:
Look into consolidating debt. It can help simplify things and make them more manageable by reducing monthly payments. Do not look at debt settlement companies! Your creditors could still sue you after you settled the debt.
Create a budget. It is essential to know how much money comes in and what goes out monthly. Your goal is to live on less than what you make!
Pros and Cons of Working with a Financial Coach
Pros
* Financial coaches are an excellent resource for people who need help with personal finance. They can teach you about money and manage it well and offer guidance on the best ways of using your resources to achieve financial independence.
* The client and the coach are likely to have a more personal relationship since it is often one-on-one coaching sessions that last for months or even years. This very helpful in building trust with someone who you might feel embarrassed about your financial situation and want to help you get out of debt. They will ensure that you are taking all of the steps you need to achieve your financial goals.
Con
Financial coaches can be on a direct contract, which means that you pay the financial coach for a set number of sessions. If they cannot help you in this period, there may be no refund, and your financial coach did not resolve your economic issues.
What is a Dave Ramsey Financial Coach?
Dave Ramsey Financial Coaches provide personalized support for people who want to take control of their finances and change the course of their life. We offer various services from coaching, online courses, live events, books, and more - all designed to get you out of debt, save towards your goals, and make smarter money decisions in every aspect of your financial life.
What Training Does a Certified Financial Coach go Through?
A Certified Financial Coach goes through an intensive, rigorous certification process designed to produce a highly skilled and knowledgeable coach. The Association has approved several certification courses for Financial Counseling & Planning Education (AFCPE).
Industry experts design the courses to provide a curriculum covering all aspects of coaching, including development and implementation.
What is Financial Coach Master Training?
Financial coach master training is a course for new financial coaches and advanced professionals. The curriculum design provides a comprehensive overview of the industry and in-depth training on coaching best practices.
Why You Should Work with a Ramsey Solutions Master Financial Coach
Those who graduate from Financial Coach Master Training will have the skills and experience needed to help people solve their most pressing money issues.
Financial Master Coaches will help clients with any topic, from getting out of debt to teaching practical money management skills.
Master Coaches can also help with money matters and develop and maintain healthy relationships with all those in their lives.
The Master Coach will create the right plan for your stage of life.
The Bottom Line
Personal financial advice will help you with any aspect of your finances. The process is tailored-made to your individual goals and needs. Financial Coaches work on teaching skills, coming up with plans for success, monitoring progress, and giving encouragement along the way.
Additionally, financial coaches will help you with any other aspect of your life where money could be a factor. Whether it is teaching practical stewardship skills or helping to create healthier relationships, the Master Coach will work towards achieving your goals and becoming an integral part of all those in their life's journey.
Book Your Free Consultation Today!
Asset-Backed Real Estate Investment Fund: Invest Without Buying Property in 2021
Many people cringe when they hear the words real estate investment fund. And automatically think way too risky. But with the right strategy, you can make a hefty profit without ever stepping foot into a home-buying negotiation.
In this article, we’ll discuss TruFund: An Asset-Backed Real Estate Investment Fund, and why it might be the best way for you to invest in real estate.
What Exactly is a Private Real Estate Fund?
A real estate investment fund is a pool of money that is used to purchase income-producing real estate. Investors can get a diversified portfolio of properties without having to buy all the individual properties themselves. They can also invest in different property types, such as residential apartments or office buildings, which gives them more return opportunities and helps reduce risk overall.
Many investment funds specialize in specific kinds of property (such as student housing) if you are looking for a particular type of investment. You can invest in real estate without knowing much about it. You do this through a fund that does all the work for you. It’s called TruFund, by TruVest and it takes care of all the work.
Trufund is one example of how investors don’t even need to visit properties themselves if they want to invest in real estate. They can invest with Trufund by purchasing shares, which entitles them to a fixed annual rate return.
What are the Best Types of Real Estate Investment funds?
There are many different types of real estate investment funds, and each one has its own risks. Investors need to know what type is right for them–and the risk they’re willing to take on.
Here’s a list of some popular types:
– Public Equity Real Estate Investment Trusts (REITs) are equity investments that provide investors the ability to invest in a diversified portfolio of income-producing real estate assets.
– Hedge Funds invest in the best performing global equities, bonds, and commodities.
– Private Equity Real Estate is an asset class that invests directly into properties rather than through stocks or funds.
-Self-Directed IRA Funds can invest in real estate, and there are some regulations that investors may need to follow. Ensure that you’re following your IRA’s rules.
Investors know investing in a fund might not be the best idea because of how quickly real estate prices can change and then there’s inflation on top of it–a sneaky little thing that sometimes sneaks up when you least expect it.
– Peer-to-Peer Real Estate Crowdfunding is the process of regular people pooling their money to invest in properties.
– TruFund is based on peer-to-peer investing that lets you invest in a diversified portfolio of income-producing real estate assets.
What are the types of Private Equity Real Estate Investment Funds?
-There are two types of private real estate investment funds: open and closed.
-An ‘open’ fund is a type of investment that trades on the stock market. You can buy shares of this type of investment through your 401k account.
-A ‘closed’ fund is an actively managed fund that invests in a single property or portfolio of properties and is only open to accredited investors who meet certain financial thresholds.
Note: Closed funds are not publicly traded on any stock market; instead, they’re offered privately to investors
What are the Benefits of Investing in a Real Estate Investment Trust fund?
-The fund can invest in a diversified portfolio of properties, so you don’t have to buy the property yourself.
-You get professional management and expertise when investing in a fund instead of doing it yourself.
-Investing through a real estate investment fund allows investors to minimize their risk
How to Invest in a Real Estate Investment Fund?
If you have a few thousands to invest but don’t want to buy a property outright or get involved with all the maintenance and repairs that come with owning an investment property. Then investing in a real estate investment fund may be for you.
In this blog post, we will share how TruFund works, what we do differently than other real estate funds, and how TruFund can be a wise investment for you in the future.
When it comes to investing, most people think of stocks and bonds – but there are other alternatives. One alternative is participating in an asset-backed real estate fund (REIF). REIF funds pool investors’ money together to buy properties that they’ve collectively identified as investment-grade.
This article covers the TruFund real estate fund. This investment partnership invests in commercial and residential properties and other assets such as land development projects, hotels, multifamily units, and office buildings across North America. TruFund has generated an average annual total return of 10% since its inception.
Why TruFund is Right for You?
–
While there are various investment options, TruFund is currently the only asset-backed real estate fund available to everyday investors. Trufund pools investors’ money together to purchase residential real estate assets like single-family houses, apartment complexes, and land development projects.
– TruFund invests in a diversified portfolio of properties that allow investors the opportunity for a steady income with reliable returns on their investment over time. Investors can invest as little as $25,000 or up to $250,000 into TruFund’s pool of properties
For New Investors :
– Trufund is the easiest way for new investors to invest in real estate. Investors can start by investing $25,000 and grow their investment as they become more comfortable with the process of investing in a fund. TruFund offers many tools on our website that will help get you started
For Experienced Real Estate Investors:
If you are looking to invest in a real estate fund that offers more than just steady returns, then TruFund is the perfect option for you. Trufund invests in real estate that generates consistent returns and also creates a lasting socio impact on the communities.
Common Real Estate Investment Fund Questions
– What are the benefits of investing in TruFund?
Investors enjoy a steady income, diversification, and safety from changes in property values over time.
– What are the risks of investing in TruFund?
The risk is that the fund does not generate enough income to pay investors or that an investor’s investment declines due to changes in real estate values. Some people might have to pay more in taxes if they are invested in TruFund.
– How do I invest?
The first step is for investors to sign up on our website at truvest.com/realestateinvestmentfund. You will answer questions about your investing experience, investing goals, and the amount you are looking to invest.
– What is a Real Estate Investment Fund Returns?
TruFund currently pays investors a consistent return of 8% per year.
– What is a Real Estate Investment Fund Management Fee?
TruFund has a management fee of 2%. The average management fee for all funds globally is about 4%, so our investors are getting a good deal! Investors can invest as little as $25,000 or up to $250,000 in TruFund, and they can see our performance on their online dashboard.
– How do I get my money back?
Investors have the option to withdraw from the fund at any time with no penalties or fees. The process takes 10 days to complete!
-Is a Real Estate Investment Fund an Investment Company?
Investment companies are businesses that invest in stocks and bonds. TruFund is different because we invest only in real estate that makes a social impact.
-What is a Hedge Fund Real Estate Investment?
A hedge fund is a private/public investment company. TruFund is not a hedge fund because we are an open-ended real estate investment fund. An investor can get in on the ground floor by investing now and see their returns grow over time as TruFund continues to invest in new income-producing properties.
-What types of properties do you typically invest in with the fund?
The principal investments are residential real estate, multifamily residential units, and land development projects.
-Real Estate Investment Fund Structure
TruFund is a fund that invests in real estate and distributes its earnings to investors. It is an open-ended fund. TruFund can use the money it has to buy new properties, or sell any of its current investments.
-How Much Leverage Will a Fund Give You?
Finding the right level of leverage can be challenging. TruFund offers investors a range from low to high, depending on return expectations and risk aversion. Determining the appropriate level of leverage can be as simple as asking, “How much risk am I willing to take?”
-How Does SEC Oversight Work for TruFund?
The Securities and Exchange Commission (SEC) is the regulatory agency that oversees all investment funds. The SEC has adopted a set of regulations for pooled investments in real estate, called Regulation D.
-What is a Real Estate Fund Lifespan?
Real Estate funds can be created for a few years, or as long as 40.
–What is the Difference Between TruFund and Other Real Property Funds?
The difference with TruFund is that it has been structured to provide investors a steady income over their defined term. The fund’s current yield rate is at 8% but will vary based upon market conditions.
In conclusion, investing in a real estate investment fund is an excellent way to:
- Create steady, reliable income and add diversification to your portfolio.
- Real estate investment funds are an excellent, tax-efficient way to invest in real estate for steady income.
- TruFund only invests in US real estate so that you can invest with confidence.
- The team behind TruFund has decades of experience investing in real estate. They will be your partner every step of the way on your investment journey.
Which in turn means no stress or hassle when it comes to managing your money! And if you’re looking for a great new investment opportunity that is profitable and straightforward, TruFund is your best option.
Book Your Free Consultation Today!
How To Buy A House (And Stop Renting): How To Know You're Ready
Renting is a great option if you are not ready to buy your own place. However, some people think that they will never be ready or able to stop renting and become homeowners. This couldn't be further from the truth! In order to know whether or not you are ready for homeownership, there are a few things that you need to ask yourself:
- Am I tired of paying rent?
- Do I have enough saved up for a down payment?
- Is my credit score good enough?
- Is my income stable and sufficient for a mortgage?
There are many more questions to ask yourself, but these are the big ones. Once you have answered all of those questions, it will be easier for you to know if homeownership is right for you!
Now that we've talked about how to determine whether or not you are ready to become a homeowner let's talk about how to buy your first house!
The process of buying a home is not as complicated or scary as it may seem. There are so many things that you need to do when purchasing a property, but the most important thing for you to focus on during this time is ensuring you have saved enough money for a down payment, have enough income to support the mortgage payments on your new home and you are able to make an offer that is competitive in today's housing market.
-Am I ready to stop renting?
You need a reason that is compelling enough for you. If your answer is "I want less hassle," or "it's too expensive" then there are other factors involved and it might not make sense financially, so continue reading the post before making any decision.
If you're prepared to stop wasting your hard-earned money on rent and are ready to stop missing out on building up equity, then you're probably ready.
-Do I have enough savings for a down payment?
A 20% down payment is necessary to avoid paying mortgage insurance. The more you put towards the purchase, the less interest you'll pay over time. If possible, try to save up at least 20%. You may be able to get assistance from your employer or an outside organization like non-profits that assist first-time homebuyers.
-Is my credit score good enough to become a homeowner?
If you're looking for a traditional 30 year fixed rate loan, lenders typically require at least a FICO of 680 or better to obtain a competitive interest rate. But before you go out buying a house you need to know what your FICO score is. And if your FICO score is not 680, do not worry we can help you.
https://truvest.co/why-credit-is-your-secret-weapon-in-getting-a-mortgage/
-Do I have enough income to cover the monthly mortgage payments?
Take a look at your current budget and figure out what you spend every month on items like groceries, clothing, gas, entertainment. If there's room in the budget for an extra expense then becoming a homeowner may be worth it to you.
If you're hoping for a traditional 30 year fixed rate loan, lenders typically require that your total household debt (including loans and mortgages) not exceed 43% of pre-tax income. Additionally, if one person is on the title alone they may need an even lower debt to income ratio.
A 20% down payment is necessary to avoid paying mortgage insurance. The more you put towards the purchase, the less interest you'll pay over time. If possible, try to save up at least 20%. You may be able to get assistance from your employer or an outside organization like non-profits that assist first-time homebuyers.
Owning a house has many benefits that renting does not. But knowing you are ready to become a homeowner is the first step you need to take. If this sounds like something your family needs, then it’s time for you and me to have an honest conversation about what steps we can take together towards homeownership!
If you’re ready to buy a house, but don’t know where to start or need some help with your finances, look no further than a financial coach. A financial coach can guide and support you through the process of buying a home that is right for you and your family. Contact us today for your free 30-minute no-obligation consultation.
5 Financial Tips You Didn't Know Can Help You Live Debt-Free
Are you living paycheck-to-paycheck? Do you have a hard time making ends meet and feel like your financial situation is out of control? If this sounds like you, don't worry. There are plenty of ways to live debt-free - it just may require some personalized financial tips from someone who knows what they're doing. In this blog post, we'll discuss 5 tips that can help people become debt-free.
1. Get a side hustle
This can be anything from dog walking to freelance writing, anything that suits your skills, interest, and time availability.
A side hustle can be an easy way to make some extra money on the side and that will build up a financial cushion for you in case of emergencies or unplanned expenses. Side hustles also offer more flexibility than full-time jobs and all the money you earn can go to your emergency fund!
2. Create an emergency fund of $1000
This financial tip will cover any unexpected expenses that may come up, and will also provide you with some financial security.
An emergency fund is a great way to build up savings that can be used in the event of any emergencies, or just for those unexpected expenses!
If your income fluctuates wildly from month to month it might help to set aside money every time you get paid so you always have enough money to cover your four walls first and foremost.
3. Create a monthly budget and see where you're wasting money
It can be surprising to see just how much money we spend on things like coffee or takeout, but you might be able to cut back in these areas without feeling the pinch. You may also want to think about whether there are any recurring payments you could cancel that you are not using.
For example, if you are not going to the gym regularly, cancel your dues. You can still get a great workout for free!
If you are struggling with a significant amount of debt, talk to a financial coach who is qualified in both the lending and credit industries so that they can advise on how to communicate with your creditors immediately.
https://truvest.co/living-debt-free-ever-think-about-it/
4. Negotiate with your creditors if you have the ability to do so.
Creditors are generally willing to negotiate terms if they know you can pay. A financial coach will be able to provide personalized financial tips to help you. This also provides general advice on how long it should take you to become debt-free, depending on what your starting point is. They can also guide you on negotiating more favorable terms or help set up an alternative payment plan for you that will allow you to pay off your debt faster.
5. Live on less than you make
This is the simplest and most effective way to live debt-free. It means that you will be spending less than what you earn, which starts with a budget that includes all of your expenses from day one. And you will have to cut out all unnecessary expenses because that's where so much of your money is going and causing you to live paycheck to paycheck.
If you are ready to stop living paycheck-to-paycheck and live a debt-free life, then it's time for a financial coach. I'm not saying this because I want your business - if anything, that would be the opposite of what my intention is! But seriously, there are times in everyone's lives when they need someone who has walked their walk and can help navigate them through their journey so as to avoid some common pitfalls.
You deserve to have peace of mind in regard to money! Contact us today for personalized financial tips if this sounds like something that would be helpful for you or someone close to you. We will work closely with you every step of the way so we can achieve our goals together while minimizing any stress along the way. Let's get started on designing an actionable plan that moves towards accomplishing your financial dreams! Get more information here
Debt Free Living Ever Think About It?
The majority of Americans do not know what it's like to be debt-free many young adult college students start out by attending college and taking on student loan debt to finance their education. Furthermore, while in college, credit card companies bombard students with credit card offers. Which puts the students into debt further!
When students graduate with a degree they're graduating with a very large amount of student loan, credit card, and even car debt. After graduation and being in the real world, they take on more debt. In the form of a mortgage. Never stop and think about how to become debt-free and rid themselves of the payment lifestyle they have created.
What Would You Do Without Debt Payments?
Have you ever considered the amount of money you pay your creditors on a monthly basis? With what you spend on a monthly basis on your debt payments have you ever thought about what you would do with the extra money on a monthly basis if you are living a debt-free lifestyle? Would you have more money in your savings account? Have a vacation fund put aside? Therefore, you could finally quick that J-O-B that you hate without having to worry about your finances. Can you just imagine how that would feel to be debt-free?
https://truvest.co/4-reasons-why-being-debt-free-is-not-socially-acceptable/
Debt is the Shortcut to Perceived Happiness!
Ever heard the expression keeping up with the Joneses? Which can mean many things to different people. When you're focused on living a debt-free lifestyle that means you and your family are not going out and buying things on a whim because you just want them.
Many of us mistake debt as our friend. In reality, debt keeps you financially tied to your creditors. Debt keeps you living paycheck to paycheck. Debt is that undue stress you have been dealing with for years! Even though you feel you can just put it in the back of your mind. Why do you want to live to pay someone's vacation home mortgage?
Now It Is Time to get To Work on Your Debt Free Journey
Sounds like you're ready to get to work and live a debt-free lifestyle. The first thing you need to do is put a plan together. The first step in the plan will be the all dreaded budget. When was the last time you actually created a budget?
Creating a budget is pretty easy it's just basic high school math. On one side of the column, you have your income the other side you have your outgoing which is your bills and then the last column is the remainder. With that being said you need to make sure that you list all of your financial obligations. All your creditors any other types of debts that you have and then all your ancillary spending. What I like to call the nice to have's. Like Starbucks, eating out, movies, and shopping.
Creating Your Budget is Key to Living Debt Free
Next list your debts from smallest to largest balance. Your smallest balance will be the first debt you pay off. You will pay the monthly payment plus extra money. Which will start your snowball effect plan. The extra monies you are paying towards your debt have to come from somewhere. That means you will have to stop spending your money on nice to have's. And start making sure your four walls are taken care of first and foremost.
Last but surely not least, you will need to increase your monthly income. Whether that is through a second job, selling items, or working out of your home. Whatever avenue you choose you will need to be dedicated to becoming debt-free.
The debt-free journey is not easy! But all great things are worth waiting for. Do not forget this important point. Being debt-free equals freedom! And all the stress and worries you had in the past are just that - In the past! Here is to your debt-free journey! Stay strong!
Comfort is the Enemy of Success!
4 Why's You Are Ready to Buy a House
There is no denying that renting gives you more freedom-- you can relocate reasonably conveniently when you want, as well as you do not need to carry a home mortgage for years to live. Nonetheless, if you are like numerous renters, You have wanted to buy a house but did not know where to start.
How do you really know if you are ready to become a homeowner? Here are 11 why's you could be ready to purchase a house. If any of these why's resonate with you it is probably the right time to start looking for a house that you would be happy to live in.
Buying a house is very rewarding financially and emotionally. If you follow these 11 why's on how to purchase a house you sure will be successful in your journey from renting to becoming a homeowner.
Why # 1- Your landlord keeps raising your rent
Across the nation, rents are rising and there seems to be no end in sight. With your rent increasing each year it is hard for you to anticipate your annual housing costs. I bet there is also some resentment towards your landlord. And your income is not increasing at the same rate as your rent is. How many times have you asked why am I paying more in rent?
I too rented in the past, and the dreaded rent increase = Why am I paying someone else's mortgage! Let's also be real with one another. Not all renters are ready to buy a house. There are obstacles that stop renters dead in their tracks. Many times these obstacles are financial but there are also mental hurdles to overcome too.
https://truvest.co/3-reasons-why-it-is-even-harder-to-buy-a-house/
Why # 2- You are sick and tired of wasting your hard-earned money
Your rent payments are paying your landlord's mortgage. Therefore, you are paying down the mortgage balance and improving their equity position. One question you need to ask yourself-- How committed are you to your housing future? If your answer was a resounding "Yes" then you are ready to buy a house! If no, then you need to address your reasons and look for help to resolve them.
Just remember when buying a house you are not guaranteed a home run. Buying a house does involve risk, but over the life of your mortgage, you should gain substantial financial gains. Instead of throwing your hard earn money away at paying rent. By the way, do not forget there are tax advantages to owning your own house.
Why # 3- You now have a solid credit score
Credit scores are key in buying a house, but that number is just a portion of what lenders look at. The lower your score the higher the interest rate you will pay on your mortgage. Which in turn, will reduce the number of lenders that are willing to approve you for a mortgage. When you are ready met with a trusted lender and discuss what mortgage options are available. Get all the financial terms in writing so you can review all options before making a decision.
If you still need to improve your credit score ensure you get a free copy of your credit score. There are financial coaches that can help you improve your score. They will review your whole financial situation before offering a road map.
TIP: The financial coach will guide and support you in your credit journey, and you will do all the work to raise your credit score.
https://truvest.co/what-can-a-financial-coach-do-for-you/
Why # 4- You have financially prepared to buy a house
You have saved enough money for a substantial down payment. This means the lender will not require Private Mortgage Insurance (PMI). And you have also set aside enough money to cover your closing costs. Now, if you have not done both of these there are options to buy a house still. But be aware it will cost you more in a monthly payment. And over the life of the loan, you will pay more in interest costs. Don't just rush to buy your house with the first loan offer you are given. Weigh out your options and how your mortgage will impact your financial obligations.
To sum it all up
Buying a house is not as easy as they make it on TV. But going from a renter to a homeowner can be a straightforward transition with the right planning. The renters that are unprepared usually making house buying mistakes they regret later on. Please make sure you are not one of them!
What Can a Financial Coach Do For You?
A simple way to clarify what a financial coach is to a financial advisor is as follows:
Financial advisors often tend to focus on implementing monetary items and techniques, while financial coaches focus much more on the fundamentals of individual money management, behavior change, and also creating an environment of accountability for their client's spending habits.
While financial advisors most commonly help to maintain the wealth that the client currently has, a financial coach's task is to provide their client the expertise, abilities, that will assist them to live a debt-free life and start building wealth.
A big difference between a financial coach and an advisor is that coaches do not sell or try to push financial investments to their clients. We educate our clients on the different options of insurance coverage, budgeting, and ensuring our clients has the proper diversification when it comes to liquid versus illiquid capital.
But we never provide financial guidance nor do we suggest specific investment opportunities. When clients come to me they are usually in some type of financial crisis and do not have any additional monies to invest. They are looking for relief with their debt and investing is the last thing on their minds.
https://truvest.co/a-high-credit-score-does-not-financial-success%e2%80%bc%ef%b8%8f/
Financial coaches have a unique role and can play a complementary role with a financial advisor once the client is in a solid financial position, which means they are debt-free! Both individuals play key roles in their client's financial journey, but each does very unique things and works with their clients in very different financial situations.
Financial coaching allows me to mentor and guides my clients through their financial journey. As a financial coach, I get to dive more into my client's "Why" to understand their relationship with money. And finding out answers to the below questions is life-changing:
Let's discuss what I do as a financial coach. First and foremost I am a coach. I engage with my clients by supporting/guiding them to achieve their financial goals, and that all elusive "Why" they have been searching for. I like to tell my clients I am their Yoda and they are Luke Skywalker. And the road to financial freedom is paved with setbacks and hard work.
I offer encouragement throughout their entire journey, which helps them stay on track, and also holds them accountable to their financial goals. In the end, I am their biggest cheerleader and their success continues to fuel me to find more clients that are in need of finding their financial "why".
Homeownership: 3 Reasons Why it is Even Harder!
Housing Starts (New Homes)
Soaring Lumber Prices
Homeownership is Overpriced
To Sum It All Up
4 Reasons Why Being Debt-Free is Not Socially Acceptable
Did you know living debt-free is considered being weird? Or even not socially acceptable! When I heard that the first time I did not how to respond. And the reason for that was I too had been taught that debt is a tool that would allow me to win in life. Well. I now know today that was a line of BS, and me spending 50% of my hard-earned paycheck on a monthly basis was C-R-A-Z-Y!
When you hear about people being debt-free and not living paycheck to paycheck, you are probably thinking....That they are totally weird. The debt-free lifestyle can be for you...If you want to put the hard work in!
Check out these 4 reasons.
1. Budgets Aren't for Everyone
The reason why most people do not use a budget....Drumroll....It is too time-consuming! And that is where debt wins every single time. So, people that want to live a debt-free life will take the time and create a budget each month, and they will make sure they cut out all unnecessary spending. And by doing this they can map out what they need each month to support their 4-walls (Mortgage/Rent, Groceries, health insurance, Automobile expenses).
2. Self-Control
How is your willpower when it comes to walking past a huge TV or shoe sale? Is that impulse buy calling your name? Well....If you are just buying things to keep up with the Joneses. Guess what...They are broke! Cause those impulse purchases are being charged on...credit cards. If you want to be debt-free you know these purchases are not going to erase your problems nor make you feel better. Instead, be weird and save up the money?.. PAY CASH!
3. Sacrifice Sacrifice Sacrifice
Going out to dinner three times a week, going to the movies, having the top-tier cable package. These are things people cut out of their budget when they are wanting to become debt-free. Just remember: Budget reductions are temporary, and once you are debt-free you will have more room for extras in life.
4. No is Your Best Friend
Are you always saying YES to every social opportunity? Vacations, shopping trips, eating out with co-workers, or just spending money. By you saying NO you will be that much closer to that debt-free life you have been wanting. Make No your best friend!
You Too Can Live Debt-Free!
The only way to live a debt-free life is to BE DEBT FREE! You have to make the decision that you want to be debt-free. And all you have to do is start! There is a better way to live and it starts today with you changing on how to look at money. There is nothing holding you back. Take small intentional steps and before you know it you will be debt-free.
Does it feel impossible or confusing to achieve your dream financial future Whether you're trying to destroy debt, pay off your home early, or give more, we can help you create a plan that sets you up to win with money. Will you let us help you?
You do not have to do this alone!
Are You Ready for Change? Start Now!
7 Reasons Why You Need to Fix Your Credit!
Have you been thinking about fixing your credit? Did you know having bad credit can leave you homeless, without a job, and carless? Daily, more businesses use credit to make decisions about you and me, and if we do not start taking our credit seriously, we will be stuck using payday loans, renting, weekly car payments, and living paycheck to paycheck.
Here are 7 reasons why you need to fix your credit!
- Stop paying astronomical interest rates
When you have a lower credit score you typically pay higher interest rates and finance charges. When you have a good credit score you will be able to apply for competitive interest rate products, and you will save on the amount of interest you pay on accounts monthly.
- High-Security Deposits No More
Cell phone and utility companies all require a deposit when you have bad credit to establish service. These creditors do this to mitigate their risk of you defaulting. If you make your payments on time then the creditor will give back your deposit. What if you did not have to put a deposit down when you open an account? Could those monies be used towards your housing needs??
- No More Collection Calls
When you improve your credit score it includes paying off collection agency debts. The longer you put off improving your credit score means you will have to deal with the daily calls and letters from debt collectors. You can take action to place a cease and desist on phone calls, but that is just kicking the problem down the road!?
- Good Credit Score = Happiness
You have improved your credit score congratulations! Now you are not afraid to check it, but better yet you have the confidence to have someone else check it! That must make you feel great!
- Buy a Home
Are you wanting to achieve the American Dream? If so, having bad credit makes that dream a nightmare! Banks and mortgage lenders will not approve you for a mortgage until you fix your credit. A lender that does approve you with bad credit will charge you a high-interest rate, which will make owning a home very costly.
- Buy a car (Newer for sure!)
Dealerships, auto lenders all use credit to determine if they will lend to you. Without good credit, you will not be able to purchase a better car, and you will be stuck driving your current car that breaks down monthly.
- Land Your Dream Job
When you apply for jobs did you know that employers do check your credit as part of the hiring process? If you are applying for a government, financial, or executive job these positions will potentially require more information about your financial history.? Having bad credit could cost you this job and any future promotions you have been working hard towards.??????
Improving your credit can be an overwhelming process, and you may not know where to start. There are resources available to help you. If you have bad credit and want to buy a home, we are here to help you! Before you can start this journey you need to answer one question: Are you ready to make these changes in your life today?
If you are ready please schedule time with us to discuss the next steps with the link below: