The perfect money plan....

The perfect money plan....
Funny story.....

A few weeks back I posted a REEL about finances on instagram from inside my jeep.

A person commented "What's it like to take money advice from a girl who drives a $30,000 jeep?"

Thankfully I've grown out of the phase where I would cower in the corner and wonder what was wrong with my post or even consider taking it down.

Instead I replied back and said "What's it like to comment on someone's life choices when you don't know the whole story?"

Because here's the thing - authenticity is kind of my thing. I take my friends and family and followers on my journey with me. 

And my people know that the only reason I'm here teaching others how NOT to mess up their finances is because I messed mine up and learned how to get out. And I knew that there were many more women like me who needed guidance and help.

In 'Money, baby!' we already have women who have paid down massive amounts of debts (I'm talking paid off 3+ credit cards), bought a home for the first time, opened up their first investment portfolio, signed up for their retirement match at work, know exactly how much they need in retirement and how to get there, and figured out how to use their HSA as another investment tool.

The thing about life is that we have the opportunity to learn from our missteps (I don't believe in mistakes) or not. We have the opportunity to re-evaluate and choose a different path if we didn't like where the last path led us.

So don't let anyone knock your choices. Don't let people who have no idea about your life tell you what you should or shouldn't do. The absolute best thing you can do is to listen to your gut - your body will tell you what to do. 

So the fact that I drive a "$30,000 jeep" has nothing to do with the effortless money plans I help women create and step into. I have to wonder if the commenter focused more of their time on their own money choices, they wouldn't feel so inclined to comment on mine.

If you want to learn from someone who's been down and gotten out with a simple strategy, I'd love to see if 'Money, baby!' is a fit for you! Shoot me a message and let's chat....

xoxo,
Gwen


3 ways to reach Financial Freedom faster

3 ways to reach Financial Freedom faster

Imagine one day you wake up and you don’t have to work any more.

Your investments are generating so much money that your money is actually producing more money than your salary.

In plain english, your money is making enough money to cover your expenses. This is also known as financial independence. 

Can everyone get there? YUP! 

You’re never too young to start, or too old to start.

How?

First you need to know your rough FI number which is about 25x your annual expenses.

If you’re in my ‘Money, baby!’ program, you already know what your annual expenses look like.

So if your annual expenses are $40,000, 25x that is 1 million dollars.

That means you need 1 million invested in order for your investments to cover your basic needs.

Already investing? Great! You’re ahead of the game!

Want to have an idea of how long it will take?

Using the rule of 72 and an average annual return rate of 8%, your money will double every 9 years. 

If you are starting with $100,000, in 9 years you’ll have roughly $200,000. In 18 years, $400,000, 27 years $800,000 and 36 years you’ll cross the million dollar threshold at $1.6million.

What if you don’t have 36 years to wait? Or do you want to get there sooner?

Here are a few ways you can:

  1. Cut monthly expenses. 

  2. Make more money.

  3. Combination of both.


This will shorten the amount of time it takes you to get to your crossover point, but remember, you also want to enjoy the life you have. The great thing about all this is its your life and you get to decide how you want it to go and what goals you’re working towards.

At bare minimum - I want to help you be able to retire successfully when you want to retire and make sure you have enough invested to do so. 

Most people believe hitting some mythical number in their spreadsheet will ultimately = happiness. If you’re 100% clear on your values and what you’re working towards and also how you want to enjoy life today you’ll be all set!

If you're ready to take control over your finances and set yourself up with an effortless money plan, send me a message and let's see if Money, baby! is a good fit for you.

xoxo,
Gwen

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

 
Read Older Updates