Family Wealth Partners

Headed into the holidays is the perfect time to start good money habits. Here are a few ways to start that now!
1. Contribution percentage
2. Say it out loud
3. Write down your goals
4. Get advice

https://www.empower-retirement.com/empower-insights/healthy-savings-habits

Good money habits Simple ways to strengthen your financial future How long does it take to form a habit?

We hope you have a blessed Thanksgiving!

Happy Thanksgiving!
Here are our team's favorite holiday traditions. www.fwpnc.com/blog/thanksgiving2021

Family Wealth Partners family Thanksgiving traditions — Family Wealth Partners Our personal Thanksgiving traditions! How each one of our team members celebrates Thanksgiving with their own families.

Our last tip!

Keep Your Options Open

The amount of money you need to retire comfortably has a lot to do with the cost of living in the area where you live. If you’re willing to move somewhere with a lower cost of living, your money will go much further.

Moving to a place with a lower cost of living is sometimes referred to as geographic arbitrage. It’s one of the best strategies you can use to reach financial independence faster.

Today's Tip

Be Willing to Make Sacrifices

Reaching financial freedom isn’t easy. If it were easy, everyone would do it. Unfortunately, sometimes you have to make sacrifices for the things that are important to you.

If you really want to retire early, there are some sacrifices you can make to give yourself a much better chance.
1. Housing - The most significant expense for most individuals and families is housing. If you’re willing to make a sacrifice here, you can save a lot of money and grow your investment portfolio faster. For example, you might choose to live in a smaller home or a neighborhood with lower property values to cut back on housing costs.

2. Cars - Most Americans borrow money to purchase a car, and monthly car payments are assumed to be a line item in most budgets today. However, spending less on a vehicle and paying cash is one of the best things you can do if you want to maximize savings.

Honoring all those who served. Happy Veterans Day.

Todays Tip!

Prioritize Your Health!

One of the biggest challenges for many people who want to retire early involves paying for health care. Most Americans have health insurance through their employer, and if you right before you’re able to go on Medicare, you’ll have some decisions to make.

There are options for retirees, including the marketplace and health share plans instead of traditional insurance. The better health you’re in, the easier these decisions will be and the lower expenses you’ll have in retirement. So start by taking care of your health now.

Today's Tip!

Plan For A Retirement Side Hustle

Most people who choose to retire early do not completely retire from all work. Having something on the side is ideal for generating some money, so you’re not drawing down your investment balances so fast.

Some great options are:
Consulting
Depending on the type of work you did during your career, you may be able to leverage that experience!

Freelancing
You could offer many services as a freelancer like writing, editing, proofreading, design, coding, and more.

Taking Online Surveys
This may not be a long term idea, but it is great to make some extra money in your spare time. You can use sites like:
Swagbucks
Survey Ju**ie
Zap Surveys
Reward Survey

Dog Walking And Pet Sitting
Rover is an excellent app for connecting with pet owners.

Todays Tip!

Create Multiple Streams Of Income.

Part of maximizing your overall income involves creating multiple streams of income. Instead of relying on your full-time job for 100% of your income, it’s wise to work on making money in other ways as well. The possibilities include things like:

- Starting a side hustle
- Starting a part-time business
- Developing passive income
- Focusing on an investment plan that creates portfolio income

There are countless ways to make extra money on the side, and if you’re investing all of that extra money, it can have a massive impact on the growth of your portfolio. Some excellent passive income ideas allow you to generate money without a direct correlation to the number of hours you work.

For more, please read How to Develop Multiple Streams of Income.

https://www.biblemoneymatters.com/how-to-develop-multiple-streams-of-income/

Today's Tip!

> Focus On Maximizing Your Income

Ok. So just how do you do that? While frugal living and making the most of the money you have is essential, increasing your income can also be extremely powerful. Unfortunately, there are only so many different ways you can cut costs and reduce your living expense. At some point, you either run out of ways to save more, or the amount that you save from new changes becomes minimal. However, you can always make more money. Here are a few ways you could maximize your income.

1. Start a Blog
2. Start a YouTube Channel
3. Become a Virtual Assistant

And visit https://www.biblemoneymatters.com/tips-for-pursuing-financial-independence-early-retirement/ #8-focus-on-maximizing-your-income for more details.

Todays Tip!

Maximize Your Retirement Contributions

Retirement accounts like 401(k)s and IRAs offer significant tax benefits, so it’s helpful to invest as much as possible into these accounts.

Does your employer offers a 401(k)? Are you taking advantage of it? Many employers will match employee contributions up to a certain amount. Those who are self-employed can consider a SEP IRA or individual 401(k).

Today's Tip!

Develop Your Investment Plan

Reducing your expenses is key to reaching financial independence, but what you do with the money you save is equally essential. Investing can be an intimidating topic for many people, but it doesn’t need to be complicated. Keeping things simple is often the best approach.

To read more about ways to develop your investment plan check out https://www.biblemoneymatters.com/tips-for-pursuing-financial-independence-early-retirement/

Today's Tip!

Embrace Frugal Living

You don’t have to be stingy or cheap, but living well within your means and adopting a frugal lifestyle will ensure that you’re spending only what’s necessary and you’re maximizing savings.

Reducing your expenses will have a double impact on your journey to financial independence.

You’ll be able to save more and grow your net worth faster by cutting out unnecessary expenses.
Your annual spending will decrease, which also reduces the amount you’ll need to reach financial independence.

Todays Tips!

Set Goals & Eliminate Debt

3. Set Goals.
Financial goals are always important, especially if you want to accomplish something aggressive like early retirement.

It’s important to set financial goals, so you have something you’re working towards. Your goals should also be time-sensitive and have a deadline. If you miss the deadline, that’s ok. You can adjust it as needed.

4. Eliminate Debt
When it comes to building wealth, debt can be a major roadblock. So if you want to speed up your progress toward financial independence, paying off consumer debt like credit cards, car loans, student loans, and personal loans should be a priority. With no debt, you’ll be able to save and invest more money each month, allowing your net worth to grow exponentially faster.

Saving money for the future is a good habit. To do it means exercising the virtue of delayed gratification. So it’s only natural that disciplined savers often feel a sense of satisfaction as month-by-month they see their nest egg grow.

Check out our latest blog to found out more!

www.fwpnc.com/blog/pop-finance-jrtle

Saving is satisfying, but could it be hiding a fear of running out of money? — Family Wealth Partners If you were around for the Internet stock craze of the late 1990s or the real estate bubble of the late 2000s, you know it can be extremely tempting to jump into an investment that has a recent track record of skyrocketing to higher and higher values.

Todays Tip!

2. Define Your Retirement
Retirement means something different to everyone. It’s helpful to think about what retirement means to you and how you picture your life once you retirement.

- Does retirement mean you won’t be working at all?
- Do you plan to work part-time or have a side hustle that generates a smaller amount of money in your retirement?
- Would you consider yourself to be retired if you’re able to work in a job you enjoy and have the freedom to walk away whenever you choose?
-
Thinking about these details now can help you to have a clear picture of what you’re working towards.

https://www.biblemoneymatters.com/tips-for-pursuing-financial-independence-early-retirement/

Over the next few weeks, we will be sharing 13 tips for pursuing financial independence and early retirement.

Today's tip!
1. Know Your Purpose
It may not be easy but, reaching financial independence and gaining the freedom to retire early is possible. So how do people do it? How can you do it? Some people don't get to accomplish this goal. But you can. To succeed, you’ll need to be willing to work hard, maintain financial discipline, and stay committed long-term.

Before you begin your journey toward financial freedom, it’s essential to know your purpose or your “why.”

Bible Money Matters gave a great list to find your "why" -

Why is financial independence important to you?
How would your life change if you were able to retire early?
What’s going to motivate you to keep moving forward when things get challenging or frustrating?
If you have a clear purpose and you keep it at the front of your mind, you’ll be more likely to stick with the necessary lifestyle changes rather than giving up.

Once you’ve thought about your purpose and exactly why you want to retire early, it’s a good idea to write it down. Then, read it regularly to keep it on your mind.

Come back next week to get your next tip!

A warning to younger investors: Be Wary of “Pop Finance”

Visit our blog post to read more!

https://www.fwpnc.com/blog/pop-finance

A warning to younger investors: Be wary of “popfinance” — Family Wealth Partners If you were around for the Internet stock craze of the late 1990s or the real estate bubble of the late 2000s, you know it can be extremely tempting to jump into an investment that has a recent track record of skyrocketing to higher and higher values.

What Do You Need to Know About Financial Literacy?
75% of people are in some sort of debt, and assume they always will be. Check out this article to see how much you know about financial literacy.

What Do You Need to Know About Financial Literacy? Personal Development If you've spent any time reading up on education or financial news lately, you've probably come across the term financial literacy. The goal behind teaching financial literacy is to help people develop a stronger understanding of basic financial concepts-that way, they can handl...

Where do you want to retire? Forbes lists the best places to retire in 2021.

The Best Places To Retire In 2021 Forbes compared nearly 800 locales in America, on everything from housing costs and taxes to healthcare, air quality and climate change and natural hazard risk. These are the top 25 cities for retirees.

67% of Americans now worry about the cost of living, up sharply from 2020

Being able to afford a comfortable retirement is “the No. 1 concern and always will be.”

67% of Americans now worry about the cost of living, up sharply from 2020 While experts say inflation spikes should be temporary, two-thirds of Americans are worried about the cost of living. Here's how to prepare.

"What unites all retirement philosophies is that they are designed to help you overcome your financial fears and make you comfortable transitioning into this new phase of life." - The Good Enough Retirement.

Read this insightful article about why seeking the perfect retirement can be an obstacle to a great retirement.

https://www.forbes.com/sites/jonathanlookjr/2020/03/03/the-good-enough-retirement/?sh=393245354973

The Good-Enough Retirement Why seeking the perfect retirement can be an obstacle to a great retirement.

Can you check these three things off?

Three Things That Retirement-Savvy People Do.

Basic Things Retirement-Savvy People Do — Family Wealth Partners Financially savvy people plan ahead, and plan for the future. Living smart now, to live easier in retirement. Here are a few things retirement-savvy people do.

Expecting or know someone that is? Take a peek at this article: A Pre-Pregnancy Financial Planning Guide: Money moves for prospective parents

What is something you did to prepare for a new baby?

A Pre-Pregnancy Financial Planning Guide: Moves for future parents Here are the major financial tasks to tackle when you expect to be expecting.

Young Adults Take “Risky” Actions To Save On Health Care Costs

- Did you know, most young adults avoid important care now, to avoid the expense.

Check out this article to find ways to take action!

https://www.forbes.com/sites/janetberryjohnson/2019/09/22/young-adults-take-risky-actions-to-save-on-health-care-costs/?sh=4c0ebc245f2d

Leaving Your Job? Don’t Leave Your 401(k)
- Ways to roll over your 401K -
A financial professional at FWP can help you decide which option is best for you!

Ways to Roll Over Your 401(k) Find out how to roll over your 401(k) to your next move in your career when you leave your last job.

The Best New Ideas in Retirement
Ten thousand Americans retire every day. And they do it in 10,000 different ways. How are you going to retire?

https://www.barrons.com/articles/best-new-retirement-ideas-51558675692

The Best New Ideas in Retirement The most innovative thinking on retirement, from how we save for it to how we spend it, to what it all means.

If you want to quit your job in 10 years, read these 7 ways to make your post-retirement life easier!

What is something you're looking forward to when you retire?

7 ways to make your post-retirement life easier if you want to quit your job in 10 years As you approach retirement, consider maxing out retirement accounts, paying off high-interest debt, and exploring healthcare options.

Travel tips for Summer 2021 + FWP Favorite Travel Spots!
With COVID infections dropping and pandemic restrictions easing, that summer trip you’ve been wanting to take is now a real possibility. Here are a few tips to consider when planning your next (much deserved) vacation! PLUS check out FWP top vacation spots!

What is your favorite vacation spot?

Travel Tips 2021 - Favorite Vacation Spots — Family Wealth Partners Travel vacation this year is going to require a little more planning as the country begins to open back up after the COVID year. Here are some travel tips to follow as you plan those much needed vacations. PLUS the FWP teams top vacation spots!

Use the snowball method -
The average American has more than $5,000 in credit card debt. Not sure how to start tackling yours? Pay off one balance at a time. Studies show that polishing off your smallest balance first can motivate you to pay off bigger debts (a strategy called the snowball method). That worked for Sami Womack, a mother of three who blogged about her family’s three-year journey to pay off their debt at ­asunnysideuplife.com: “When we first added up our debt, our four smallest debts totaled less than $100, and I realized I could pay them off right away,” says Womack, who is now a budgeting coach. “It was a quick win, and it felt so good that I was motivated to do more.” These are the personal finance tips you were never taught—but need to know. https://www.rd.com/list/personal-finance-tips-never-taught//

19 Personal Finance Tips You Were Never Taught—but Need to Know Here are money-saving and wealth-creating tips from personal finance experts revealed—exclusively for Reader's Digest—that most people don't know.