Dalton Howard Coaching

Just Curious:

What's the best piece of advice you've ever received? Share in the comments! Lets learn from one another!

Comparison will steal your joy.

I rode my bike this morning and I heard myself saying "your neighbors have much nicer bikes with all the bells and whistles, why are you a cheapskate?"

How judgy!

So I told myself something different "I choose to spend my money the way I want!" And I felt better.

Just because all of your friends LOVE running, it doesn't mean that you need to (I don't). Accept your priorities and be proud of them!

In short, your priorities are unique to you, don't let the Joneses tell you how to spend your time, money, or energy.

Ps I'll get a nicer bike when I'm able to use it more regularly. 😉

Important reminder. The most important part about being a good money manager, is being able to use it for others.

It's easy to get bogged down by my struggles, but generosity can help me take a step back.

This quote by the former first lady reminds me that all I have and all I am is meant to be a blessing to others, how can I best pursue that?

Current events!
Its been a doozy of the last few months.
Here are a couple of highlights that stick out to me:

1. Student loan payments are back. Interest will begin accruing after a pause of 3+ years, a major shift in the way many folks budgets will look.

2. Credit card debt climbed above $1 Trillion (aka $1,000,000,000,000).

The economy might appear to be doing well but I think that many households might be hurting come the student loan payments.

Now is a good time to play offense. Get on the attack!

Increasing interest rates and increasing prices have gotten American's into sticky situations. This debt is a big load, but you can fight it... one step at a time. What is your first, or next step?

The world may change, but you can stay on track!!

If you want to find more breathing room, let me know I'll be happy to help!

April newsletter is hot off the presses!

Since day is next week ( 😵 ) AND it's this one is chock full of fun.

Check it out and subscribe here: https://mailchi.mp/a5b6ca134376/hows-your-money-april-edition

Love you all, take care of yourselves 😊

Financial Coaching with Dalton Newsletter for March, subscribe here!

Its !

Literacy is cool! I want you to go deeper than that. Lets aim for Financial Well-Being.

Financial well-being goes deeper than the activities and visible signs of being "good" with money. Just because you have money, doesnt mean that you have a healthy view of it.

Budgeting, Investing, and stacks on deck are great things! But what I want for you is to dive deeper on this iceburg.

Learn about your relationship with money.

How do your emotions impact the way you manage your finances?

Get your spending to align with your values! (I love this one!)

DM me lets talk about it! 😊

I often hear from people that it's too late.

Let me tell you a secret. Its not.

The life that you want to live is close. You are not a victim to your circumstances. You can use your past and your experiences to your advantage. You are uniquely you.

Don't get me wrong, change can be painful.

Starting a business is hard, paying off debt is hard, being 'weird' is hard.

If you ask anyone who's chased their dreams they'd say it was worth it!

What do you want to START today? It won't be perfect and you might be called weird, but it will surely be a huge growth experience.

Start now!

You can do it!

Whatever you're working towards today, this week, month or year...you CAN do it!

Give yourself grace as you work towards your dreams. You didn't learn to run before you learned to walk, use the missteps to grow and learn!

Surround yourself with encouragers and truth tellers.

Tag someone you're cheering for in the comments!

This is hard to believe!

You can be good with numbers or a high income earner and still not be good with money.

Being good with money isnt all about income, its also about behavior. We've all heard stories about people who had great wealth at one time and ended up bankrupt. (The Athlete, The Lotto Winner, The Businessperson)

Why is that?

I don't know each specific story. But there is a behavioral or emotional element to finance that can be overlooked. Hear me out:

Personal finance is more than math, it's also:
1. self awareness
2. your upbringing
3. your relationship with money
4. your relationship with your partner
5. your habits

As a financial coach I help people identify those behaviors and shift to be full of hope that they'll be the money manager their household needs.

Book a discovery call today! https://buff.ly/3Z89yv5

Out of curiosity! What would you do?

One thing that causes us to be discontented is thinking about ourselves too much.

Not being humble is a trap.

So today do something nice for someone else. Something new. It will change your perspective. You'll probably feel good about it too! What do you have to lose? Go for it!

Student loan payments have been paused for 3 years now.

They'll likely restart at some point (and the forgiveness plan is only good for up to $20,000).

Remember what it feels like to not have this payment and use the motivation to get back to "no student loan payment" sooner. No payments feels better, I promise.

The question is, HOW do you get ready for this expense to come back whenever it does?

Tip 1: (You're not gonna like this one)

Start paying it now.

Tip 2: Budget for it, but don't pay until you have to. This way you know you can fit the payment into your lifestyle.

Tip 3. You could Sell some stuff to get a head start too! When you make additional payments you MUST tell them that you want to put it towards "Principal only".

My monthly newsletter is published! Subscribe at the link here:
https://buff.ly/3l8tK1e

Forward to your friends who have money questions!

How's your Money? March Edition💰💸 Welcome to the monthly newsletter. I hope you find value from this brief read. Each month I’ll provide insights about a specific personal finance topic. Each month will also have links to articles I’ve found insightful.

What is a 401k?

What is a 401k?

It's not running race, LOL. It is an option for your retirement savings.

401k is sponsored by your employer. It is an amazing way to build wealth. The 401k gives you the opportunity to save money while saving on taxes.

As you contribute to your 401k you can save on tax.

Heres how: When you contribute to the 401k you can do it with pre-tax dollars. This reduces the amount of income the IRS taxes you on. So that can save you on your current tax burden. BUT you have to pay tax on everything you withdrawal from your 401k. (This might also be called a 'traditional 401k')

There is also the ROTH 401k, this means that the contributions to your 401k are post tax. If you make a roth contribution you pay your income tax now, but your then all of the money in your account is tax free (provided you meet the requirements).

You can be signed up automatically to contribute to the 401k, so make sure you are aware of what you're invested in and what percentage of your income is going in.

Not all employers offer a 401k so check with your employer about their retirement offerings. They could also have a 457b, or 403b. If you're self employed there are a whole bunch of other options for you.

*This is for educational purposes. Not ready to invest just yet, lets talk!

Whats next?

Step three of the is...

Follow through! Hold your self accountable for the budget you've set. Here's how you do that:

Track your expenses. When you pay for something that is your sign to update your budget to reflect the actual spending.

This is when using an app like EveryDollar or YNAB (You Need a Budget) come in handy. They can automatically pull your transactions from your bank, which helps you stick to your plan.

When you track these purchases, you will learn more about your habits and behaviors. You might learn more than you want to know... but it's good to have awareness!

Continue this process until the month is over. Then Start over at step 1 next month. EVERY MONTH IS DIFFERENT. There may be some repetative transactions, but every month is a new budget.
*Keep in mind the budget will likely not click for a couple of months. Press on- it gets better!

This sounds like work, doesn't it? Well change comes on purpose!

If you want something you don't already have you probably need to change what you're doing. Change is hard.

DM me if you'd like to talk! I'll be happy to help with your budget questions!

Lets Budget!

Now that we're done getting ready lets put it on paper.

Step 2
List out your income and your necessities. (Generosity can fit here too)

Sample Buget:
Total Monthly Income: $4000

1. Food (basic): $800
2. Shelter: $1000
3. Utilities: $200
4. Transportation: $200

Before I go on, remember your "why" this is your driving force.

Left over for other priorities: $1800
Gym/Exercise: $50
medical: $100
Self Care: $100

Think of this as a waterfall, you take your expected income and cascade it down through the layers you have prioritized. Keep track of your remaining funds as you go down your prioritized list.

You'll either get to the end of your money, or you'll get to the end of the list.

The goal is to get to the end of the list of priorities before the money runs out. This is called MARGIN. Margin is also known as: space, excess, surplus, extra,

Margin is breathing room, its confidence that you can tackle surprises. Margin gives you options. Margin is good. Breathe deep. We'll take it one step at a time.

DM me to talk about it! I'd love to talk to you!
Remember, this is a sample. Your budget could look completely different.

You've now heard what a budget is and why you should budget.... Now lets talk about HOW.

Step one: Collect and prioritize your expenses.
The best way to think about this is to consider what you cannot live without. The absolute bare necessities
1. Food
2. Housing
3. Utilities
4 Transportation (to get to work)

Basics here, we can add back other stuff later in the budget. When i say food, I mean calories from the grocery store. If you want to make it to your 'why' then DoorDash might not be in the cards right now.

Basic transportation, might look different as you work towards your goal. If financial stability is what you're about, a brand new car might not be the right thing for you right now. Just challenge your thinking!

IF you find it hard to make it through the month, this is your chance to think about what you're spending your money on... is it worth it?

What is a ?

Simply put, it's a plan for your money, time, or other finite resources. (When I was younger I "budgeted" my text messages, because we only got a certain number per month! ) I'll be writing primarily about here.

A budget is map that tells you where you are starting: your which is any money that comes into your household. This can look like a number of different things: pay from work, , sale of investments. You get the picture.

It also helps you know where you're going: spending, saving and giving.

So where to start? Grab a piece of paper, a spreadsheet, or a budget software like YNAB or EveryDollar. Also grab your bank statements from the last couple of months.

Remember the budget is here to get you where you want or need to go!

Questions? Send me a message!

Uncertainty: it causes night sweats, increased heart rates and in most people.

So why should it be any different with your finances?

adds a level of control and certainty to your finances.

So if you're looking forward to sleeping better at night, stay tuned.

Another reason why budgeting is cool, is it can help you crush your . Want to pay off your student loans, budget. Want to go on a glamping trip, budget!

Finally a budget keeps you from spending money that you don't have. Which means you keep your future earnings instead of giving them to banks via credit card debt.

Follow along as we continue looking at budgeting next week!
Questions? Contact me!

2/3rds of American adults are living paycheck to paycheck.

Most Americans grew up with no guidance on why a budget is important or how to use a budget.

So I'm starting a series on , starting with the bare essentials... So lets get started!

WHY should you budget? That is up to you, what are your goals and aspirations? What is coming down the pike that you'll need to be prepared for? Motivation matters!

The practical reason why is that a budget gives you more control over your expenses. You know what to expect, which can give you some peace.

Spend time today thinking about your WHY.

Book some time with me to chat about it (it's free): https://daltonhowardcoaching.hbportal.co/schedule/63cc411da880d90851b246b2

Why is avocado toast so expensive when you get it at a restaurant? It costs like a buck to make at home. Pro tip: make it at home and save 10 bucks. I'm kidding a little bit eating out is expensive. Even Square found it to be true.

Americans Are Spending At Least $900,000 Per Month on Avocado Toast According to online payments company Square

February 2. Set up a budget so you know what to expect with your money.

Why did I decide to start financial coaching? I have had a great deal of experience with being stressed, anxious and hopeless about my finances. I was once floating on by without a direction, in my career and my finances. My wife and I were in a really rough spot when we first got married, there were tears, crushing anxiety, and career problems! Until we discovered a new way of doing finances that gave us hope and direction!

Is it really all about money?

No, its about peace and direction, its about owning your future and knowing where you want to go and how to get there. Money brings up many emotions and challenges for relationships. Resolving conflict, discomfort, and shame is a wonderful reason to work on your financial well-being. You can do it, I know you can. A plan can bring more hope than you know.

How do you know what to do with rising prices, rising interest rates, and companies cutting staff? It’s not difficult to feel worried about what is to come. You can you prepare for what is to come and be confident! Finding the right way is difficult in this day and age where everyone (including me) is sharing their opinions on Facebook, Tik Tok, Instagram, LinkedIn and whatever other platform people are using this week. It is time to turn down the volume, focus on your emotions, YOUR challenges, and YOUR dreams!

I would love to walk with you through these times. Please contact me if you’d like to know more.

Finally, and most importantly. The Lord has been a great peace to me and my family in our difficult times. As we walk through the darkness, he speaks to us. As we walk through the rocky times in life he supports us. He is a caring Father, full of love and mercy.

Being a father of an almost 1 year old I love the lessons in this. Being a grown man they are still applicable to me! What are your takeaways?
https://www.kiplinger.com/personal-finance/605083/5-things-to-teach-your-kids-about-money-and-happiness

5 Things to Teach Your Kids About Money and Happiness | Kiplinger To be happy and independent, kids need to know a thing or two about money. Here are five suggestions for helpful money lessons that parents should share with their children as they grow up.