Archives for 2014

August 15, 2014 by Michael Gauthier ·

GAP: An Easy-To-Follow Money Management Strategy

Money affects many areas of our lives including our relationships, our health, and our future.

We all know that money is important, but the troubling fact is that sometimes money management can get complicated.

In the face of this complexity, it can be tempting to wing it and rely on our impulses – which many times can destroy our financial health and spread destruction to many other aspects of our lives.

Thankfully, there’s a simple strategy to bridge the gap between where we are now and where we want to be – a money management strategy that’s easy to remember and fun to use!

June 2, 2014 by Kevin Mercadante ·

Why You Should Pay Off Debt Before Investing in Stocks

In another approach to Phase I: The Foundation Phase, Step 4, Pay Off All Consumer Debt, we’re going to emphasize the need to pay off debt before investing in stocks. While that may seem like something of a repetition of our general advice to get out of debt, it actually rates a special discussion when it comes to investing in stocks.

There’s a myth – or perhaps an excellent example of wishful thinking – that it’s possible to invest your way out of debt. That’s a process of investing and growing your money until it reaches the point where it’s greater than your debt obligations. If only that were possible. More often than not, human emotion gets in the way, and the strategy turns into a recipe for failure.
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May 5, 2014 by Michael Gauthier ·

How Power Dollars Can Improve Your Financial Plan

I was asked the other day during a presentation, “How long will it take someone to be able to build their Foundation Phase?” Of course the short answer is, “It depends.” The longer – and more accurate – answer is, “It depends on how many power dollars you have.”

But what are power dollars? I define power dollars as the dollars coming in from your income stream that have no other purpose than to go to your financial plan and work for you. First, you have to understand that your largest, controllable financial asset is your income stream. What you do with this will determine your financial success in life.
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April 9, 2014 by Jasmine Trickel ·

How to Purchase a Home Without the Mistakes

You’ve made a strong offer with your Realtor® it’s been accepted. Congratulations!

But don’t get excited just yet. Oftentimes, buyers make mistakes that can jeopardize the sale.

Here are some tips to help you avoid mistakes and purchase with confidence:
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April 3, 2014 by Michael Gauthier ·

Should You Really Tithe During Hardships?

Perhaps you’re living paycheck to paycheck.

Bank accounts? Depleted.

Stress level? Through the roof.

I’ve talked with many families going through difficult times – unbelievable hardships that sap their energy and wallets. Occasionally I’m asked if I think they should tithe when their budget is upside down. The short answer is yes, but hang in there and allow me to explain why.
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March 17, 2014 by Jasmine Trickel ·

The Benefits of Homeownership vs. Renting

Trying to figure out if you should rent or own your next home? We have answers.

It’s important to look at some of the history of the real estate market and consider your options.

Market History

If you look at home values over the last 60 years you’ll see cyclical ups and downs in the real estate market. We all painfully remember in 2006 when the market slid down. The industry not only crashed it decimated much of the housing market throughout the United States.
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March 13, 2014 by Jasmine Trickel ·

What You Should Know When Shopping for a Realtor®

For many people, buying and selling a home is the single largest financial decision they will make.

You know that homeownership can, over time, give you greater financial stability.

But where do you begin when you’ve decided you are ready to buy or sell? It all begins with finding a knowledgeable Realtor®. Read on for the important characteristics your next Realtor® should have.
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March 3, 2014 by Kevin Mercadante ·

Why You Should Have an IRA Even if You’re in an Employer Plan

Have you ever heard – or used – the phrase, “I’m covered at work?” It comes in handy for putting off meetings with your Certified Financial Planner™. But if you’re serious about Phase II: The Accumulating Wealth Phase, you probably know already that you should never take cover under clichés. And so it is with retirement. You should have an IRA even if you’re in an employer plan.

If that sounds like overkill, consider the following . . . .
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February 24, 2014 by Kevin Mercadante ·

5 Reasons Why Debt is Not Your Friend

In Phase I: The Foundation Phase, Step 4, Pay Off All Consumer Debt, we explore the various ways to pay off debt and just as important, why you need to. One of the most compelling reasons to get out of debt is simply that debt is not your friend.

That may sound like a vague generality, or even a point that’s beyond obvious. But given the fact that it has become a cultural norm in America to walk peacefully with debt, this is a topic that deserves far more consideration than it normally gets.

If you can fully embrace the reasons why debt is so toxic, you might be able to accelerate your efforts to pay it off . . . .
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February 21, 2014 by Kevin Mercadante ·

How to Use a Side Business to Fund Your Retirement or Pay Off Debt

While trying to move into Phase 2: The Accumulating Wealth Phase, you may find it difficult to accumulate wealth with your current income alone. If this is the case, you may find that using a side business to fund your retirement – or even to pay off debt – improves your chances of success in reaching your goals.

A side business offers you an opportunity not only to increase your income, but also to create other options in your life. And in order to accumulate wealth, options are something you will most definitely need.
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February 12, 2014 by Kevin Mercadante ·

6 Ways to Break the Cycle of Debt in Your Life

In Phase I: The Foundation Phase, Step 4, we recommend that you work to Pay Off All Consumer Debt. That is a critical step in building the foundation of your financial plan.

But exactly how do you go about that if debt seems to have gotten the upper hand on you? Unlike the old Nike commercials, you can’t Just Do It when it comes to debt. Debt is usually caused by getting caught in a cycle of debt, and before you can eliminate it, you first need to break that cycle.

Here’s a blueprint to make that happen.
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January 18, 2014 by Michael Gauthier ·

The 10/10/80 Myth: How to Give and Invest With Intention

What’s popular isn’t always right.

Chances are, if you’ve studied personal finance for any length of time, you’ve come across the 10/10/80 budget allocation method. But is it the best for you?

The 10/10/80 method teaches that people should give 10% of their income, save or invest another 10%, and spend the rest – 80%. It is often advertised as a universally-viable method of handling your finances.

And the thing is, it sounds good, doesn’t it? That means it must be, right?

Think again.

While the 10/10/80 method correctly splits personal finance into three major categories (giving, saving, and spending), it inappropriately assumes that people should only give 10% of their income. Similarly, it assumes people should only save or invest 10% – as well as that they should start saving up to 10% right away.
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January 18, 2014 by Kevin Mercadante ·

How to Build Your Basic Grubstake

Financial advisers and bloggers talk about the importance of having an emergency fund and investing money. But what if you have no money? That’s actually the situation with many millions of households across America. In fact, a study conducted in 2011 found that nearly two-thirds of US households have less than $1,000 in liquid savings.

Are you one of them?

Don’t fret about it – do something about it! That something is building your basic grubstake – that money that will enable you to both build an emergency fund in the Foundation Phase and create a budding investment portfolio in the Accumulating Wealth Phase.

There are a whole lot of reasons why so many people have so little savings. We can hash out the details, but the better approach is to go forward from where we are.

There are two basic ways to begin building savings: cutting living costs and generating new income sources. Ideally, you’ll use a combination both, that way neither will be too painful.
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January 6, 2014 by Michael Gauthier ·

Stewardship: What is it and Why is it Important?

Stewardship. You’ve heard the word in church, but do you really know what it means? Let’s take a look at this vitally important concept and how to apply it in your life.

Stewardship Defined

The dictionary defines stewardship as:

1. the position and duties of a steward, a person who acts as the surrogate of another or others, especially by managing property, financial affairs, an estate, etc.

2. the responsible overseeing and protection of something considered worth caring for and preserving.

As a Certified Financial Planner™, I have a fiduciary responsibility to do whatever is in the best interest of my clients. You could say that I’m a “steward” of funds they’ve trusted me with – someone who helps them manage their financial affairs.

In a similar way, humanity is to manage God’s resources in a way that glorifies God. It’s not our money, it’s God’s. Therefore, we are all stewards of the wealth that God has entrusted to us.
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