| A Savage Factory by Bob Dewar, former Ford Motor company plant general foreman 10 Tough Money Tasks for 20-Somethings by R.D. (Pat) Norton |
 Ask and You Will Succeed By Ken Foster became a Number 1 Amazon.com best seller last week. The book presents the life-changing questions that lead to reclaiming or creating one's wealth, professional momentum, personal happiness and fulfilling relationships. |
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 by Mike Schiano, CPFC, CRHC "A Complete New Approach to Retirement and Investment Planning That Really Works" Spend Your Way To Wealth is an effective "how to" guide to living a more extravagant lifestyle on less - through judiciously monitoring personal shopping for the specific purpose of saving money on the essentials. From paying less on mortgage interest; to avoiding dealer markups on a new car; to getting the best deals from the internet; to taking advantage of buying clubs; to negotiating prices with salespeople, and so much more, Spend Your Way To Wealth is a satisfying, practical, "user friendly" instructional manual to skillfully stretching the dollars while living well. -MidWest Book Review |
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What separates rich people from the middle class? Steve Siebold, the world renowned mental toughness expert, says it’s the way people think about money. In his new book, How Rich People Think, Siebold breaks down 100 differences in thinking between how rich people look at money versus how the middle class looks at money. The differences are not only numerous - they’re extreme! ###
In every family, one of the great revelations in life is realizing that someone has to take charge of the family finances. Whether it's the husband or the wife doesn’t really matter. They recognize that financial stress is a constant issue and they take responsibility for keeping the ship afloat. They deal with the issues that inevitably arise they make the money decisions. That person is the Family Chief Financial Officer (or the CFO). Folsom, California based financial planner Scott Feher is author of the new book, Your Life and Your Money, Putting Your Financial House in Order. Running a family’s financial affairs is like running a business, he says. The family CFO needs to create a family mission statement, track monthly cash flow and expenses, review periodically to avoid overspending, take full advantage of legal tax breaks, and work with professional people hired to assist the family like accountants, lawyers, and financial planners. Scott’s book offers up a whole set of tips and strategies on how to perform family CFO duties successfully step by step. Here are just some of the incredibly powerful strategies he recommends for people. Create a Family Mission Statement Each family needs to understand what the family finances are all about so the first thing every family needs is a MISSION STATEMENT. As hokey and awkward as this may seem, Scott says that writing down the goals and dreams of the family is one of the most powerful steps you can take. You get a notebook and you identify what you want your goals to be and be brave and even set dates for achieving those goals. You list things like paying off the house, putting kids through college, saving money for retirement, having money for one or two trips or vacations each year and so forth. Know Your Expenses The most important job of the family CFO is to know the family expenses inside and out. Open up your checkbook and review your credit card statements for the last three months or more. Study what money is being spent on. Figure out the monthly bills and expenses. Understand where your money is going. Analyze Your Expenses Once you’ve organized your expenses then you can identify every opportunity to lower the costs of each of those starting with the biggest ones first. Identify every interest bearing item. Then go shopping and go look for the very best mortgage companies, auto and student loans, and car, boat and homeowner's insurance you can find. Don’t let old friendships or concerns about hurting someone’s feelings get in the way of saving money. Just remember that your old time insurance agent or financial planner doesn’t pay your bills. As CFO you get to fire people who don’t produce value or cost you too much money. You get to hire people who deliver best value and the best rates. Hold Regular Family Finance Meetings Every months or so, the CFO must meet with the Vice President of Family Affairs (Your Spouse) and all employees (kids). The purpose of the meeting is to conduct a formal review of expenses and bank balances. Each family meeting should have an agenda that covers the review of each key component of the family mission statement and budget. The goal of the meeting is to make sure everything is going according to plan. The end of each meeting also includes a discussion of the question: How can we save more money? Decisions made are documented in writing with tasks, responsibility and dates for completion of actions identified. Institute a Family Reward System To get everyone in the family involved and committed to achieving progress, reward people based on the money saving ideas developed and deployed. Bonuses and rewards should be based on ideas, practices and decisions that lower expenses and actually save or make the family money. Examples: Make a list of chores and assign duties, then eliminate the cleaning lady. Study the Internet for quick and easy recipes, cook at home and go out to restaurants half as much. Take up walking or running and quit the health club. Do research to identify the best cell phone packages. Reward the family out of the money saved by making changes in how money was spent in other areas (water, garbage and recycling, or going to a better Internet TV package). Manage the Family Net Worth The Family CFO has the responsibility of managing assets and liabilities and to make sure that the family net worth stays healthy. One of the most significant and most difficult decisions to make is to be brutally honest with yourself and your ability to manage your family financial affairs. If you have numerous types of property and assets that you may best enlist the support and help of a Financial Advisor. If your finances get too complex, or if you are not skilled enough to do all the things that need to be done, Scott says, then a good financial planner will help you unravel the mysteries of your assets and liabilities and help you make the best decisions. Know what's going on with your money, where it is going and how it is invested. That’s what you and your family deserve. Your Life and Your Money, Published by The Business Institute For more information visit www.yourlifeandyourmoney.com Scott Feher is a professional Financial Advisor with Centaurus Financial in Walnut Creek and Sacramento, California. He lives with his wife and three boys in Folsom.
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New Financial Advice Book for U.S. "Millennials” "Start Here: Getting Your Financial Life on Track" 10 Tough Money Tasks for 20-Somethings Millions of young adults are entering one of the toughest job markets in more than two decades. Unfortunately, many (if not most) “20-somethings” have little or no experience dealing with the broad range of financial matters that will now confront them: rent, credit card bills, insurance, student loan payments, and, later, couple finances and starting families. The American Institute for Economic Research (AIER) seeks to remedy that with a new book, “Start Here: Getting Your Financial Life on Track,” written specifically for those that are just getting started, as well as those starting late. “Many personal finance books are too complicated or are written for individuals further along in their careers,” says Author R.D. (Pat) Norton. “Our book is written specifically with '20-somethings' in mind, young women and men who don't always know what they don't know. If they read ‘Start Here,’ they will at least understand what they need to know and they will know how to proceed.” The easy-to-digest manual, with quick reference lists and contact information, provides a nuts-and-bolts approach to helping “Millennials” solve existing financial problems, avoid future problems, and organize and take command of their financial lives. It discusses 10 specific tactical issues: 1. Paying Your Bills on Time 2. Temptations: Credit Cards, Debit Cards, ATMs 3. Your Credit Score—And What to Do about It 4. Identity Theft 5. Car Costs—And Insurance 6. Staying Alive—Health, Disability and Life Insurance: 7. How to Avoid Financial Fraud 8. Couples and Money—Outsmarting Conflict 9. Retirement Planning in One Lesson 10. Where Do You Want to Live? |
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