Ron Goady - Wealthwave

If you don’t think there’s anything awe-inspiring about compound interest—think again.

Your interest rate is a key driver on how quickly your money can grow when it’s compounding.

It’s simple—the longer your money grows via compound interest, the greater your potential for building wealth.

Make plans to meet with a licensed financial professional to discuss how the power of compound interest can help lay the groundwork for your savings strategy.

Responsible estate planning is a must for anyone wanting to protect their wealth, family, and legacy.

As the examples of Aretha Franklin and Prince demonstrate, not having an estate plan in place can leave those we love with a considerable amount of legal, emotional, and financial mess to sort out when we pass away.

In order to protect our legacies and ensure that our family is taken care of, estate plans need to be in place.

Consulting a financial professional can help you create the perfect estate plan tailored to your needs.

What better time to check this Milestone off than at the start of a new year?

Understanding the Rule of 72 is a fundamental tool for individuals to learn how to accumulate wealth. It is incredibly simple yet incredibly powerful.

Using simple math, all you need to do is divide the number 72 by the interest rate you are receiving, and you will find the number of years it will take to double your money. (e.g. 72 ÷ 4% = 18 years)

You can rely on this rule to calculate inflation, interest and even tuition, proving its tremendous power and potential.

“…compound interest is the eighth wonder of the world and mankind’s greatest invention because it is the mightiest force ever unleashed for the amassing of wealth” — Albert Einstein

Achieving financial confidence can seem like a daunting task, but it doesn't have to be.

Establishing a well-crafted plan can give you the confidence to make informed decisions about your money and help you weather financial challenges.

It should be reviewed and updated regularly to reflect changes in your life, income, and expenses. While you don't need to be wealthy or debt-free to have a plan, you may need to get creative with your budgeting and seek out professional help if needed.

A financial professional can help you create a plan that is tailored to your unique circumstances and goals.

Today's reality may require cutting expenses and making tough choices, but a plan will help you stay the course and achieve your long-term vision for financial success.

Ignoring the power of compound interest is a surefire way to limit your wealth-building potential.

The Time Value of Money is a principle that is essential to understand in order to make the most of your finances.

Simply put, it is the idea that your money has more earning potential right now than it will in the future.

Time is one of our most precious commodities.

• How long do you have until you pay off your car or home?
• Or to send your kids to college?
• Or to retire?
• Or possibly to run out of money before you die?

Your money has more time to grow today than it will tomorrow. As a result, starting earlier is always a better choice than waiting.

You work hard for your money, so shouldn't your money be working hard for you?

Savings accounts are a great way to get started on the path to financial security. But if you really want to make your money work harder for you, then it’s time to explore other options.

In order to build wealth and have financial security for years to come, you need a well-thought-out strategy. There are many vehicles available that will allow you to grow your wealth at a higher interest rate than what your savings account offers.

The key to building wealth is developing good habits, like regularly putting money away every month and paying yourself first.

Achieving financial freedom can be tough in the face of growing debt, cash emergencies, and impulse purchases, but it is possible with an accurate plan for you and your family.

Don't let your money sit idle in a savings account, put it to work! Your future self will thank you.

Knowledge without action is often useless when it comes to your finances.

That's why it's important to take what you've learned and truly apply it to your finances. Work with a financial professional to make sure you're on track and moving in the right direction. You'll feel more confident in your financial future and be well on your way to reaching your goals.

Remember, wealth doesn't happen overnight. It takes time, patience, and most importantly - action!

A budget gives every dollar a job and can help you to avoid overspending and getting into debt.

Budgeting allows you to allocate your income towards essential expenses and set aside money for future goals.

When creating a budget, be realistic about your income and expenses. Revise it from month to month as you gain a better understanding of your spending habits.

As your spending habits change over time, so should your budget.

Remember to leave some room in your budget for unexpected expenses, and also for enjoyment – after all, a budget that is too restrictive will be difficult to stick to.

By setting realistic budgeting goals, you will gain greater control of your finances and reduce stress in achieving your family's financial goals.

No one is born with a positive money mindset. It’s something that’s acquired through experience, learning from mistakes, and being open to new opportunities.

Having a positive outlook on money can enable you to create beliefs that aren’t limiting. Such as the belief that it's okay to make mistakes with money because you will learn from them and only become better at managing your finances.

We know that establishing good habits is always easier said than done. But developing a positive money mindset allows you to finally take control of your finances and become more responsible in money management decisions.

Choosing a positive money mindset is the first step to taking control of your finances and generating lasting financial security and peace of mind.

"Paying yourself first" is a financial strategy that encourages people to save money before spending it.

The goal is to ensure that you have enough money set aside to cover your long-term financial needs.

By opting to put your money into various savings vehicles or retirement accounts, you can help ensure that you have a cushion to fall back on in retirement or if you experience a major financial setback.

While it may require some sacrifice in the short term, "paying yourself first" can pay off tremendously in the long run.

Over 5 Billion people in the world are considered financially illiterate.

That references the shocking results of a recent global study that used a basic money quiz. It revealed that the vast majority of people from countries all over the world were unable to correctly answer a few simple questions about money.

But here's the good news: with knowledge and action, we can change these numbers.

Working with a financial professional to develop a plan that meets your unique needs and goals is a great way to get started.

They can help you lay the foundation for a lifetime of financial stability so there is one less sucker in the world.

Money mistakes are all too common, but that doesn't mean you have to live with financial regrets.

Learning from your mistakes is an important part of becoming financially successful. The key is to identify and understand your mistakes so you can prevent them in the future.

Working with a financial professional can help you develop a healthy mindset around money. They can help you identify your money goals and create a plan to achieve them. Financial professionals can also provide guidance on how to avoid money mistakes in the future.

Becoming intentional about your finances now can lay the foundation for a lifetime of financial success. By taking action to improve your money management skills, you can set yourself up for a bright financial future.

No matter how careful you are, or how much experience you have driving, no one knows if or when an accident will happen.

Driving on the highway or even back roads every day can be dangerous, that's why it is essential to be financially prepared for the unexpected.

Be sure you have a true picture of your financial health before you figure out what type of life insurance you need and how much. Making the right financial choices now can significantly help protect your family later down the road.

https://wealthwave.com/rgoady/videos/change_your_literacy

Change Your Literacy, Change Your Life When you increase your financial literacy, you might start seeing life's surprises as opportunities rather than predicaments. Make the...

Concerned about your financial future? Looking for help?

Change Your Literacy, Change Your Life When you increase your financial literacy, you might start seeing life's surprises as opportunities rather than predicaments. Make the...

Everyone's financial situation is unique, and at different points in our lives, we all need financial advice.

Whether you are just starting out and trying to save for a down payment on a house, or nearing retirement and want to make sure your nest egg is secure, financial professionals can help us to plan for our future during times of uncertainty.

Financial professionals can work with you to adjust your budget, recommend specific financial vehicles, and even help to plan for rising costs.

While we may be more likely to seek financial advice during major life transitions, such as losing a spouse or having another child, it's important to remember that financial planning is a lifelong process.

By working with a financial professional, you can ensure that you are always on the right track toward financial security.

Building wealth may not be rocket science, but it does require dedication and discipline.

If you want to build your wealth quickly, it's important to start by equipping yourself with financial education. This will put you in a strong position to make smart decisions about saving and investing your money.

Saving is crucial to building wealth, and you should aim to put away as much money as you can each month. An emergency fund is a good place to start, as it will help you cover unexpected expenses without having to rely on credit.

Once you have an emergency fund in place, you can focus on paying off any high-interest debt, which will help you save even more money in the long run.

By following these simple steps, you can build a strong foundation for financial success.

How we think about money has a big impact on our relationship with it.

If we see money as something that we're never going to have enough of, we're much more likely to constantly worry and make poor financial decisions out of fear.

On the other hand, if you see money as an opportunity for abundance and growth, you're much more likely to make smart decisions and take advantage of financial opportunities when they arise.

Making the shift from a scarcity mindset to an abundance mindset can dramatically improve your relationship with money and can lead to financial success.

If you're like many, your emergency fund is vulnerable to inflation.

Why? Because emergency funds, above all, are supposed to be accessible. What good will money do in an emergency if you have to wait days to access it?

But often, that requires a trade-off—accessibility for growth. You can access your cash, but don't expect it to grow soon.

But here's the problem—with runaway inflation, the cost of emergencies keeps climbing. So while the price of repairs or doctor appointments rises, your ability to cover those costs stagnates or even shrinks.

So what can you do? If possible, move your emergency fund to an account that maximizes your growth rate without compromising accessibility. You can even split your emergency fund between two versions, one that's higher growth and another that's accessible.

Before you make either of these moves, consult a licensed and qualified financial professional. They can help you evaluate your options to make an informed decision.

Impulse spending can be a real budget-buster.

If you're among those who find that impulse purchases are causing credit card debt to pile up, try these steps to get your finances back on track.

One way is to create a budget that is based on your short-term and long-term goals. This can help you to focus on what is truly important and resist the temptation to overspend.

Also, be sure to give yourself time to think before making any instant purchases. If you wait 24 hours before buying a "necessity", you are more likely to make a thoughtful decision about whether or not the item is truly needed.

This will help you to achieve financial stability and avoid the pitfalls of impulse shopping.

Our mission is to disrupt the status quo of the financial industry so families can dream again.

We believe that when financial education is accessible to all, the advantage can shift from the corporate institutions back into the hands of the people.

There's no magic formula to boost your credit score.

Your creditworthiness is defined by your credit score, which is determined by a number of factors, including your payment history, credit utilization and credit mix.

It takes time and effort to build up a good credit history, but the effort is well worth it. A good credit score can save you money and make it easier to get loans and credit cards with favorable terms.

So if you're looking to improve your financial life, start by working on your credit score.

Budgeting is one of the most crucial aspects of financial planning, but it can also be one of the most difficult.

The wealthy know that keeping track of your income and expenses can be tough to do if you don't have a system in place.

A budgeting app can help by giving you a consolidated view of all your accounts so you can see where your money is going.

Numerous apps even offer features like goal setting to help you save every dollar you can towards your future.

Two years into the pandemic, many Americans still struggle to build a solid savings account.

Rising costs due to inflation are making it difficult for Americans to save, and as a result, many would have to go into debt to foot an unexpected $1,000 bill.

Having an emergency fund can help you avoid going into debt, which can have long-term financial consequences. If you don't have an emergency fund, now is the time to start saving.

Begin by setting aside a few dollars each week, and gradually increase the amount as you are able.

With a little bit of planning and discipline, you can build a solid emergency fund that will help you weather any financial storms that come your way.

Impulse spending can be a major budget-buster.

It's not just about resisting the temptation to buy things you don't need – it's about being purposeful with your money.

Impulse buying often happens when we're emotional – boredom, sadness, or even hunger can lead us to make purchases that we later regret.

If you want to start shopping with purpose, learning how money really works can increase how fast you take control of your spending habits.

Financial literacy is critical for Americans' financial well-being and yet nearly two-thirds of us can't pass a basic personal finance questionnaire.

The study found that if Americans don't understand how money really works, such as how inflation affects us or how diversification can reduce risk, it often leads to financial mistakes.

Unfortunately, this lack of knowledge can have a profound impact on our financial well-being. By improving your financial literacy, you can make savvy financial decisions and improve your overall financial health.