9 reasons why you want to be tracking your net worth

We don't go around asking each other what our net worth is BUT it's one of the best financial tools you can keep in your tool box. And the earlier you start tracking it, the better it will serve you. Watch this video below or read about the 9 reasons why you want to be tracking your net worth:



  1. A good indication of your overall financial health - the 30,000 foot view.

  1. The amount of income you make is part of your overall picture but it’s not the end all be all. 

  2. It is a source of motivation as it tracks your progress

  3. You have an easy place to track all of your investments.

  4. It helps you ditch debt! 

  5. You'll make better use of your money.

  6. It will help you start thinking about how your financial decisions impact your net worth.

  7. It may help you get approved for a loan or other financial decisions.

  8. It makes it easy to track progress over a period of time.

So there you have it. I like to track my net worth on personalcapital.com because it's easy to use and easy to set up.

One of my goals in my program 'Money, baby!' is to help women build a great financial fortress on a solid foundation. If you are an ambitious, entrepreneurial woman come join the community learning how to gain financial clarity and put a financial freedom plan into action.

e-mail me at guinevere@roilhighness.com with the subject line "Money, baby!"

xox,
Gwen


The 3 biggest mistakes female entrepreneurs make with money

Are you adding time to the clock on your financial freedom or are you excelling it? 

Check out this video to see the most common mistakes female entrepreneurs make with money and how you can fix them:


xoxo, Gwen

P.S. Whenever you’re ready… here are 3 ways I can help you grow your financial literacy: 

1. Join Inspired and Ready For More and connect with women who are ditching debt and designing their own life. It’s our new Facebook community where women learn to get out of debt, find their purpose and design a life they love — http://www.inspiredandready.com 

2. Ditch your Debt quickly by using the same course that helped me pay down $50,000 in debt in 10 months here. 

3. Join our implementation program and be a case study: I’m putting together a new coaching case study group this month for 10 ambitious women. If you’d like to work with me on your finances and creating an easy to follow financial independence plan, just email me guinevere@roilhighness.com with the subject  “Case Study” to see if it's a fit.

401K, Roth, Traditional & Brokerage Accounts - what's the difference?

401K, Roth, Traditional & Brokerage Accounts - what's the difference?

What’s the difference between a retirement account, a ROTH IRA, a traditional IRA and a Taxable Brokerage?

I made this blog super simple to follow. No fluff - just facts!

Retirement account (401K/403b/457b)
-An employer sponsored retirement account
-Employees can contribute pre-tax salary
-Some employers offer a match (employer contributes a certain amount to your retirement based on your annual contribution)
-Investments are tax-deferred (you don’t pay taxes) until you withdraw them
*Each of these retirement accounts are available for specific types of employees.

Roth IRA
-Post tax contributions (don’t pay taxes when you withdraw them because you already paid taxes on the earned income.
-Contributions grow tax free (Won’t pay taxes on gains, dividends, or interest earned)
-Little known fact - you can withdraw anything you contributed penalty free
-You may also withdraw for things like purchasing your first home or medical expenses without incurring the usual 10% early withdrawal fee
-Withdraw tax free when you retire
-Typically we say this is a good account for someone who expects to be in a higher tax bracket when they retire
-No current year tax benefits
-Anyone can contribute under a certain income level
-No mandatory distributions

Traditional IRA
-Pre-tax contributions
-Typically we say this is a good account for someone who expects to be in a lower tax bracket when they retire (why? Because you are waiting to pay taxes on this money. Instead of paying taxes on it now at a potentially higher tax rate)
-Contributions grow tax-deferred
-Gives you immediate tax benefits
-Anyone with earned income can contribute
-Withdrawals Taxed as current income at 59 ½
-Mandatory distributions at age 72

Taxable brokerage
-Easily deposit money and buy and sell investments
-Penalty and restriction-free withdrawals
-No contribution limits
-No income limits
-Investors can withdraw their money at any time
-Investors do get taxed when they make money on funds and investments inside the account (like when they sell or earn dividends)
-Ideal for savings goals 5+ years out (like buying a home)
-Can compliment an emergency savings

Did that help? Do you have more questions? Leave them below!

Oh and btw I am holding space for 10 women next month who want to be personally coached by me for 10 weeks in our program called "Money, baby!". Is that you?

xox,
Gwen

Saving $$$ with Black Friday, Cyber Monday and the holidays (plus great ideas for DIY gifts)

Saving $$$ with Black Friday, Cyber Monday and the holidays (plus great ideas for DIY gifts)
As I was sitting here, making a list of the people I am gifting this year and writing out a budget to stick to, I thought this might be helpful for someone else too. So if you want to save some money or you just need great cost saving ideas that are gifts people will actually use, here you go!

First up - I suggest making a list or excel spreadsheet of the people you usually gift. And I'm talking a LIST - like every single person from your mail carrier to your hairstylist to your gram and gramps. Now of course this doesn't mean you HAVE to gift the world, but making a list is a great way to visually see who you gift to, see the money you're spending and also will make next year's holidays easier.

Next, set a budget! Yes, I said the "B" word O.M.G. But listen, if you've got debt and you're working hard to pay it down, it makes NO sense to go INTO debt for the holidays as you're just lengthening the amount of time you'll be paying interest. A simple $25 gift can easily become a $50 gift when you include interest. 

So, write a total number you want to spend and then try to list out what you want to spend on each person. Some will be more than others and that's ok! 

Ok, then we'll figure out what we're actually gifting them! If you're a DIYer, I've found this to be the best way to make a large amount of personalized gifts that don't break the bank.

I found that once I made my list, it was getting a little ridiculous. Remember that YOU and your financial goals are important. Words can be the simplest, most meaningful gift of all so don't underestimate the power of a hand written note or card.

Also don't underestimate the power of time - it's one of the resources we can never get back and it is valued more than gold. Gift a walk in the park with a friend, a picnic, or a phone call. You don't even have to tell them "this is my gift for you" just do it and see how it makes you both feel.

Now that you have your list of people you're gifting this year, the amount you want to say within per person and the amount total you are budgeting for, add 10%. Trust me - it's nice to have this cushion and often times we need it. 


xoxoxo,
Gwen


Have you given your money a job?

Have you given your money a job?
I am willing to bet that money stresses you out.

Why? Because I know for a fact that over 70% of people don't have more than $1000 in their savings for an emergency.

So what happens when an emergency comes up and it costs more than $1000 OR if you have multiple emergencies right in a row?

We tap into that savings account and then to cover the rest we take on more debt.

I. Have. Been. There.

It's not fun and honestly it's a stress I do not need in my life.

So how do we change that?

Let's break down the payday cycle of life in this short video:


So what I want to know is, which way feels better? When your money has a plan, or when it doesn't? I think you can guess where I'm going with this one....

And YES it's possible with irregular income, freelance income, any kind of income you can give your money a plan and get out of the stress cycle.

So, I feel like if you get this right, 2022 and the years to come could be KILLER for you. But...if you get this wrong, it's just the hamster wheel that keeps on spinning.

If you want more help with this, just shoot me a message here and let's chat to see if I can do to help.

xox,
Gwen

 
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