money management

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!

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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November 4, 2013 by Michael Gauthier ·

5 Critical Financial Steps Before You Contribute to Your 401(k)

Pensions are a thing of the past. Social security is questionable at best. Why would a Certified Financial Planner™ tell you to wait on investing in a 401(k)?

There’s a simple answer . . . .

Many Americans are trying to do everything at once, and in doing so, they are spreading themselves to thin and not taking care of their immediate financial needs.

Build a Solid Foundation First

Jesus once told a story about a wise man who built his house on the rock:

Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash. – Matthew 7:24-27 NIV

The foundation is a critical component to any structure because it helps the structure stand the test of time. Though many storms may come, the structure stands firm because it is firmly planted in place.
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November 4, 2013 by Michael Gauthier ·

How Much Money Should You Have in Your Emergency Fund?

Unfortunately, emergencies happen. It’s a fact of life. However, the good news is that we can prepare emergencies – and how important it is to do so!

Everyone should have a certain amount of money in their emergency fund; how much money, is the question that will be answered here.

As you’re working through the Foundation Phase in your financial plan, you’ll begin with $1,000 in cash as your short-term emergency fund. This is a great starting point, and it will help you handle all of those small emergencies you might encounter as you’re putting in place appropriate insurance policies, creating your estate plan, and paying off all your consumer debt.

Once you’ve accomplished all of these goals, it’s time to create an additional emergency fund that you will fill with three to six months of living expenses. What amount should you choose? Let’s take a look at the Four-Question Emergency Fund Calculator.
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Build a Solid Foundation First

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