There's a difference in being RICH and being WEALTHY

What you THINK about money is much more important than how much you have

33% of millionaires NEVER earned more than $100k in a single year

Wealth minded individuals are NOT primarily CONSUMERS.

They SAVE at least 20% of their income

They LIMIT the use of debt

They understand OPPORTUNITY COSTS

It's not about when you get paid. It's about when you SPEND

Be INTENTIONAL with payday

A CASH FLOW PLAN is your friend

A budget is TELLING your money where to go instead of WONDERING where it went." (John Maxwell)

They DON'T LIMIT, they LIBERATE

They create FINANCIAL AWARENESS.

Use an online cash flow tool like You Need A Budget (YNAB)

1st year FREE to college students

www.ynab.com/college

Interest earned is a GIFT. Interest paid is a PENALTY.

WEALTH BUILDING starts with REDUCING DEBT.

Debt Snowball Method:

List debts smallest to largest, regardless of interest rate.

Pay minimum payments on everything.

Pay as much extra as possible on the debt at the top of the list.

Student loans and car payments ACCRUE INTEREST DAILY

YOU are your biggest asset

Disability insurance is a MUST

Consider purchasing it outside of your employer so it's always available

10 times income in life insurance is needed

Life Insurance is for those you leave behind and building tax free savings

Use term life insurance for simple, low cost coverage for a season

Cash Value is more expensive but creates a tax free place for long term wealth building strategies

Identity theft protection

Don't pay for monitoring. Instead purchase RECOVERY insurance

Don't forget the following:

Car Insurance

Renter's/Home Owner's Insurance

Health Insurance (or HSA)

56% of Americans can't cover a $1000 emergency.

Get $1000 in a savings account IMMEDIATELY

Use SINKING FUNDS to save for regular but infrequent purchases

Tires & Brakes

Other Car Repairs

Christmas & Other Giving

Paying Cash For Next Vehicle

Travel

DO NOT use the stock market for savings.

Savings should be in HIGH YIELD MONEY MARKET accounts (like Ally or SoFi)

No stock market if you need it WITHIN 5 YEARS. It allows time for market recovery.

Start NOW!!!!!

COMPOUND INTEREST is called the 8th wonder of the world

AUTOMATE It!!!!!!

SET IT & FORGET IT is your friend

TAX FREE First

Pay taxes now, not later

Available as a 401(k) and IRA

Cash Value life insurance

NEVER withdraw retirement $$

DO NOT use retirement accounts as savings accounts

There's a reason long term savings is separate from retirement.

If you have the opportunity for a COMPANY MATCH, take it.

EVERY adult needs a will.

A will is a state document. If you move to a new state, you need a new will.

It simply needs to give guidance to disperse your assets.

EVERY adult needs a durable power of attorney.

This is a legal document that allows someone else to make decisions for you.

It remains in effect if you become incapacitated (i.e., illness or an accident)

EVERY adult needs a medical directive.

Also called a durable medical power of attorney

A legal document that allows medical decisions to be made on your behalf.

Proverbs 22:7 - The rich rule over the poor, and the borrower is slave to the lender.

Proverbs 2:3-4 - Cry out for insight, and ask for understanding. Search for them as you would for silver; seek them like hidden treasures.

Proverbs 12:11 - A hard worker has plenty of food, but a person who chases fantasies has no sense.

Provers 13:11 - Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.

Proverbs 21:5 - Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.

Matthew 6:21 - For where your treasure is, there your heart will be also.

Matthew 25:23 - His lord said to him, ‘Well done, good and faithful servant; you have been faithful over a few things, I will make you ruler over many things. Enter into the joy of your Lord.’