With roughly 14 days left until August 2018 concludes, students and families-alike are making last-ditch efforts to enjoy the remainder of Summer 2018. Such effort includes a tried-and-true event: utilizing Labor Day to host one barbecue to rule them all or squirting out the last drops of sunscreen needed for an all-day adventure of sand and sun at the local beach. Thus, whether you are ending the summer with a bang, or are using the remaining hours of sun to reflect, I am certain of three things: 1.) Parents and guardians cannot wait for their child to be occupied with textbooks and homework 2.) A majority of students are rolling their eyes at the thought of hearing the first bell ring 3.) We educators need a vacation from our vacation. As a result of the above emotions, I have resolved to use my finals days of calm before the storm for good -- engaging in financial literacy-related Twitter chats with one of my favorite financial gurus, Winnie Sun, The Wealth Whisperer (@SunGroupWP).
Titled, Modern Day Money Tricks: Cash In On Tips To Take Control Of Your Financial Life , the nearly hour-long chat was dedicated to helping individuals unpack a multitude of things such as how our early introductions to money have shaped how we not only define money, but how we allow money to control our lives, which ultimately becoming a part of our identities. As always, it was an honor to tweet alongside women economists, educators, and financial advisors and financial professionals (as a whole) who eat, breathe, and sleep improving the financial lives of everyday citizens. Such a mission mirrors my own daily determination in achieving this goal and more. As such, I encourage you to click the above link, read the transcript below, and let me know what your responses would have been to keep the conversation flowing! Q1: What does money mean to you? WW: Money is an essential tool that allows you to navigate (often freely) from one point to another. While money should not define an individual, unfortunately money and strata (tax brackets, socioeconomic status, etc.) are a part of identity. #WinnieSun Q2: What do you like to do to make sure your money works as hard as you do? How do you think this differs from previous generations? WW: I am advocate of saving, whether the method be manually saving 10% of earned income each pay period, or setting up automatic saving with my bank. In this age of fluctuating economies, it is crucial that every dollar be properly invested, used, and saved. #WinnieSun Q3: Keeping your budget tight or making more money: which is more important? WW: Keeping your budget tight for sure! Again, in this era of uncertainty, it is important to have a routine that works for you. This is why I am also a proponent of strict budgeting. Developing a habit of conscious spending is important for the long-run #WinnieSun Q4: What is the best method to paying down debt and not digging yourself back into a hole? WW: Every method will be unique to every individual and their income level. Thus, if your income only allows you to pay the bare minimum every month, do so proudly. Do not be ashamed if you can't pay slightly more. #WinnieSun Q5: What are the pros/cons to automating your finances? WW:The pros of automated finances is that the difficulty of remembering to make payments is eliminated. As such, lending houses know which date to retrieve the funds from your account, as well as the set balance every month. #WinnieSun Q6: How do you save, spend, and prioritize money wisely to create more cash flow in your budget? WW:I have multiple excel spreadsheets dedicated to monthly budgeting and saving. Therefore, I use those figures to live within my means. #WinnieSun Q7: What money saving myth is the most destructive to believe and why? WW: Buy Cheap. While in theory, buying the cheaper item is cost effective, it will cost you more over time due to poor quality. Whether the item is clothing or electronics, cheaper materials break and tear faster, which means you will have to replace it frequently. #WinnieSun Q8: What is your favorite financial hack and how has it changed your financial game? WW: Keep your receipts! Again, because excel spreadsheets are my go-to for budgeting and saving, I use my receipts to keep track of purchases as well as monitor future spending. #WinnieSun Q9: What financial blogs, podcasts, or content creators do you enjoy? WW: To start, and proudly plug, my first go-to for all things finance is http://wealthwithwhitney.weebly.com . Next, my favorite financial Twitter handles are: @council4econed, @NEFE_ORG, @MyFabFinance, and @LLevine #WinnieSun Q10: How do you create clear, sustainable financial goals, and how do you go about creating a plan to get there? How do you maintain the discipline needed to stay on course? WW: I utilize a "Money Diary" to manually write goals, steps to achieve these goals, and to track successes + failures. I am constantly amending goals and the strategies needed to achieve them, so I am never short on things to do. #WinnieSun Q11: What is on your financial bucket list? If all goes according to plan when do you imagine you will achieve it? How you plan to celebrate? WW:One of many goals on my financial bucket list is to secure the necessary funds to possibly self-publish my financial literacy manual. Through continued saving, as well as income earned from outside projects, I vow to be successful in this feat. #WinnieSun Q12: What tips do you have for diversifying income streams to increase your cash flow? WW: Have your 9am-5pm, or 10am-6pm, then earn income through your passion project. Essentially, utilize your creativity, skills, and talents to produce amazing content and then secure payment for it. #WinnieSun Q13: What are the pros / cons to using cash vs paying with a credit card? WW: I find sense in using both cash and credit. Again, because every individual and their financial needs are unique, using cash or credit will be unique as well. As long as credit card bills are paid on time, and cash is present in an account, use what's best. #WinnieSun Q14: How can understanding your credit score improve your overall financial health? WW: Understanding your credit score tremendously impacts one's financial life. Thus, if your score is below 650, then you are more than aware that there is no financial wiggle room to live above your means. Readjustments must occur and fast! #WinnieSun Q15: What apps/websites do you use to create and stick to your financial game plan? Tag them. WW: Goodbudget, Mint, NerdWallet, Wally and more are used to organize my financial life. #WinnieSun Q16: What money lesson do you wish you knew earlier on in life? WW: I wish I had learned "The Rule of 72", compound interest, and saving tips and tricks earlier. #WinnieSun
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