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Best Advice My Dad Ever Gave Me
Money Tips

Best Insurance Advice My Dad Ever Gave Me

by Guest Blogger
written by Guest Blogger

Sometimes you get good advice and it’s not till much later that you realize the wisdom of the advice. Such is the case with advice from my dad. He often provided unsolicited advice about a host of things, which was usually unappreciated and not fully understood at the time. As a trainer for a large life insurance company he loved his job and was always in training mode, even at home. The best piece of advice he ever gave me was: Best Advice My Dad Ever Gave Me

A portion of everything you earn is yours to keep.

I found the advice to be totally obvious and pretty annoying. “Yeah dad, ALL of my money is mine to keep!” After I shouted back to him in the way only a 16 year old teenager (with a new job) can do, my dad calmly asked a series of questions. How much is gas? How much is it to go the movies? How much is it to repair your car? How much is it to buy clothes? After we got through listing out the things I spent my money on, I began to realize that this advice was not so dumb and obvious. By the time we got done with the list there was really no money left over. There was no money left over to save!
In the course of this conversation, he advised me to “pay yourself first” (another incarnation of the same advice- take your pick). He told me that if I did not pay myself first that I would have no money when I needed it. I would have no money for emergencies. I would have no money to buy a house. I would have no money to buy a new car. I would have no money to start a business. I would have no money to eat. Essentially, I would have no money for anything that I might like to do later. This was a scary prospect. Best Advice My Dad Ever Gave Me

As a life insurance agent and financial adviser, these words ring true to me daily. I talk to clients who have money and to those who do not. Those who have money (accumulated through their own hard work) have learned the discipline of paying themselves first. They treat their forced savings as a bill just like any other bill in their budget. Those who have little money lack a simple but very elusive discipline of paying themselves first. There is hope for those with little money. They must make big lifestyle changes to save for future goals, tomorrow’s emergencies and for their retirement well into the future. Best Advice My Dad Ever Gave Me

Save money when you don’t need it so that when you do need it, you have it.

My advice to anyone beginning their career (or for anyone who wants to begin saving): Save 25% of your income. Don’t use a 401k, IRA or any other tool that you have heard about. Of the 25% you save, put half the money in cash at home and place the other half in your bank. Save until you have 9 months of living expenses saved. Then call me.

Don’t gamble with your financial future.

Troy Wirth owns Wirth Financial and Insurance Services and is an agent with New York Life Insurance Company and a Registered Representative for NYLIFE Securities LLC and an Investment Adviser Representative with Eagle Strategies LLC. Troy provides fee-based planning solutions and is a Certified Financial Planner Practitioner® and holds the Chartered Life Underwriter designation. Don’t gamble® and Don’t gamble with your financial future® is a registered trademark of Troy Wirth. Wirth Financial and Insurance Services is not owned or operated by New York Life Insurance Company or its affiliates. 17941 Mitchell South Suite C Irvine, CA 92614. 949-854-4695. CA Insurance License #0B90902

Best Advice My Dad Ever Gave Me

Best Advice My Dad Ever Gave Me Best Advice My Dad Ever Gave Me Best Advice My Dad Ever Gave Me Best Advice My Dad Ever Gave Me Best Advice My Dad Ever Gave Me Best Advice My Dad Ever Gave Me

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Money Tips

Tips to Make Money Last

by Carol Marak
written by Carol Marak

Most of us want to stretch the dollar and lessen expenses. To have enough money to cover all the bills with enough left for travel, entertainment, and fun. The truth is that prices increase more than our income does. And some of us have trouble covering rising costs.

I know what it feels like to struggle with inflation and rising costs. It is exhausting. Here are a few ways I found that helps me keep more money in the bank.

  • Budget — create a list or spreadsheet and plan how you want to spend money. Keeping and following a budget will help you have more money left to spend it on things you want to do. Make a plan and the money will not vanish from the bank account.
  • Shop around for Cell Phone Plans — If you shop for better rates for the Internet, cell, cable, car insurance, and other memberships, you could save a bundle. New customers receive better deals than existing customers. Each year when the contract is up, shop for a new one.
  • Avoid debt — If you charge something on a credit card, be sure to pay it off each month. When you shop, pay with cash or debit cards. Cash gives more spending power. If you do not need to make any monthly debt payments then you will have more of the paycheck to save.
  • Share costs with friends, especially if single. Do a co-op with your buddies, where together you buy in bulk and then split the items and share the cost. This saves a lot of money on food and you won’t be stuck with too much.
  • Go free as often as you can. Get books and DVDs from the local library. Take advantage of city parks with your friends. Go for long walks and enjoy the local neighborhood and surroundings. This can save you money. A lot of cities offer free outdoor concerts in the summers or outdoor movies.
  • Shop at local consignment or thrift stores. Visit websites like thredUP, outofthecloset.org, and Swap.com–these are great resources to find adult clothing at a lower cost.
  • Make a list before you shop, and stick to it, do not deviate. Before walking into the store, have your list in hand.
  • Stop impulse buying. When window-shopping and you see the perfect clothing or house item, take a breath and try this: Tell yourself you can buy it next month. Give yourself a month to save for it or wait till it goes on sale.
  • Find an accountability partner — find a friend who wants to cut spending. Hold one another accountable by each creating a budget, then sharing the budget and report back at the end of the month to tally up. The one who fails at staying within the budget has to cook dinner for the other.
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