Lutz Financial Coaching

I just stumbled across a great quote from Warren Buffett and I think it's worth sharing:

“If you buy things you don’t need, you will soon sell things you need." ~ Warren Buffett

Happy Tuesday everyone! I came across this article and thought it was an excellent short read. It really puts into perspective how small changes can add up to HUGE results in the long run. This article shows how investing as little as $35 per week could make you a millionaire if you start early! I’ve always said that time and compound interest are your best friends in life! Set some money aside in your retirement account, don’t touch it, and just let it grow! Trust me, you can find a way to make this happen!

Also, have a little fun and play around with this compound interest calculator. If you can do more than $35 per week, then input that information and see what it can grow too!

https://www.ramseysolutions.com/retirement/retire-a-millionaire-on-35-a-week?utm_source=cnl&utm_medium=email&utm_content=7.3_cnl_blog_4_trusted_investing_gsa&utm_term=trusted_bu&utm_campaign=cnl_newsletter&utm_id=cnl_newsletter&cd17=RSCOM-11671_CNL-GSA&_kx=mpCakc_FHtwut0KEe1Cvq-XSW1LtKLSY4mMmvJA1Ie8%3D.RzHn5B

Compound Interest Calculator:
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Can You Retire a Millionaire on Just $35 a Week? What if we told you that saving just $35 a week could lead you to millionaire status? Seems a lot more doable, doesn’t it? Here’s how to retire a millionaire.

I don't claim to be an expert on the economy, but I fear that this economic climate is going to get worse before it gets better. Hopefully, I'm wrong but I'm going to prepare now for the worse case and I hope you do too! Below is a great article about how these rate hikes can/will affect you. It's a short article so give it a read.

If you haven't done so already, here are a few ways you can prepare:

1. Have a $1000 in an emergency savings fund to start with
2. Get your non-mortgage debt paid off as soon as possible!
3. Cut up those credit cards! They are going to get even more expensive!
4. Work on saving up 6 months of expenses

If you have questions or concerns, please feel free to reach out to me.

https://schiffgold.com/commentaries/three-ways-fed-rate-hikes-will-impact-your-wallet/

Here's an interesting, albeit depressing, article about how people feel about their finances. It notes the following:

📌2 in 3 adults avoid social events because they’re embarrassed about their finances
📌57% said they’ll always feel stressed about their finances no matter how much they make
📌60% of people are uncomfortable talking about their finances
📌58% feel alone in experience financial stress
📌 51% feel shame
📌42% say debt has taken a toll on their self esteem
📌 38% say it affects their productivity at work and physical health
📌Most believe it would take on average 38 years to pay off credit cards
📌43% only pay minimum payment on credit cards

Even though these stats are shocking, there is hope!

One thing I would like to change is how taboo talking about your finances are. My wife and I share all of our financial information with our 14-year-old daughter and involve her in our budgeting meetings each month. Our hope is that she will feel comfortable talking and learning about finances and she won’t be caught unawares about how personal finances work when she leaves for college. I sometimes think she even enjoys the budgeting meetings!

It’s also important to point out that if you are stressed about your finances, you are most definitely not alone! There is help out there and you can make positive changes! Start today by learning how to budget and do a financial audit on your spending habits!

2 in 3 adults avoid social events -- because they're embarrassed about their financial struggles Some say they’ve steered clear of birthday parties (33%), weddings (32%), happy hours (31%), and networking events (31%).

Looking for a new job? Most business now use applicant tracking software to sort through resumes so it's important to use key words and strong verbiage so your resume gets through the automated system and in front of a real person. Here's a great article along those lines.

200 Resume Words That Make Your Resumé Stand Out Make your resumé stand out when you use these 200 resumé power words.

One question I get a lot is, "how can people who need financial coaching afford to pay for your services"? My response is that they can’t afford not to. The latest US Census data report showed the average median household income in the US is over $67,000 per year, however 80% of people live paycheck to paycheck. This suggests, that the majority of people make enough money, but just need to learn more about personal finance and how to handle their money.

By hiring a financial coach, I can save you time and wasted energy by teaching you the right approaches now. Save yourself the trouble of bungling your way through the process alone, like I did. My approach isn’t a magic wand that will make your money issues disappear immediately, but it will teach you the tools for long term success.

I can almost certainly find my fee in your budget, so don’t let that dissuade you from getting help! The short and long-term rewards of putting some skin in the game and getting a solid financial plan will be worth it. Plus, you will save you quite a bit of money in the long run! Sleep better at night by knowing you are the boss of your money. I will also never turn someone away whose situation is so dire that they truly can’t afford help. Give me a call and see how I can help.