Category Archives: Emergency Fund

$1000, $1500, Dave Ramsey, Prevents Borrowing, Priority

How Is Your Spare Tire?

A flat tire on a Mercury Villager van.

A flat tire on a Mercury Villager van. (Photo credit: Wikipedia)

If we carry around a spare tire in the back of the car, we’re covered in case of a flat, right? Not always.

A few years back, I had the privilege of experiencing a flat tire at midnight on a dark, muddy country road. I thought, “No problem, I’ll just pull out the spare.” It was also flat. The spare tire was placed in that vehicle when it was new and had never been used. The assumption was that it would do the job when needed. But what changed? Time.

As time went by, the spare had slowly lost its air. What “spares” do you currently have that are no longer doing the job? Spares don’t last forever. They need to be maintained. Below are a few things I suggest you look at this week:

  1. Life Insurance: Does it still match your needs? Have you added a mortgage or had children since you first obtained that plan? Are the correct beneficiaries listed?
  2. Homeowner Insurance: Do you have the proper coverage?
  3. Your Will: Again, is it up to date? If something happens to you, what will happen to your kids?
  4. Emergency Fund: Do you have one? If you don’t, will you pull out the credit card and incur additional debt if something happens? Are you prepared for an emergency?

I recommend that you do one more thing- go out to your car and check your spare tire to make sure you are prepared should you have a flat. Don’t procrastinate!!

You never know when you might end up with a flat tire at midnight on a dark, muddy country road.

Until next time . . .

Bryan Cooper
My Financial Life Coach LLC
Financial Life Coach
“Helping You Get Your Financial House In Order”
Delaware, OH 43015

Visit us at http://www.MyFinancialLifeCoach.net

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Week in Review: February 13-17

Franklin Delano Roosevelt, 1933. Lietuvių: Fra...

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I’m trying something new. This blog entry will include everything in the week that I posted on Twitter, Facebook, LinkedIn; along with links to WordPress posts.

February 13

Proactive people take the initiative and responsibility to make things happen. They cause action rather than being victims of circumstance. -Chris MacAllister

By concentrating single-mindedly on your most important task, you can reduce the time required to complete it by 50% or more. –Brian Tracy

Blog – Paying the Bills

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Shared ArticleFear the FAFSA? Here are five mistakes to avoid when applying for college financial aid

Decide today to change your $ habits. Procrastination costs you $ and opportunity. – Bryan Cooper

February 14

Do something. If it works, do more of it. If it doesn’t, do something else. –Franklin D. Roosevelt

Want more time? Stop worrying about your money and start managing it. Better money management equals better time management.–Bryan Cooper

Shared Article401(k) plans: Did yours grow? Most didn’t in 2011.

A wise man who does not grieve for the things which he has not, but rejoices for those which he has.-Epictetus

February 15

Don’t make your life all about money, take your money and make it all about life. – Bryan Cooper

The #1 and probably most important, key to consistently doing what’s right is actually quite simple: think before you act.-Eric Harvey

Blog – Is Saving a Lost Art?

If you only need to use an item once or twice, consider borrowing or renting the item instead of purchasing it.

February 16

Optimism is a crucial choice we make in establishing expectations for ourselves and others as we begin to move forward through adversity. -Christopher Novak

The bad news is time flies. The good news is you’re the pilot. -Michael Altshuler

Men are like bank accounts. Without a lot of money, they don’t generate much interest. – Unknown

Don’t like the idea of changing your spending habits? Don’t; but you’ll dislike being broke the rest of your life even more. –Bryan Cooper

February 17

When someone offers you a challenge, don’t think of all the reasons why you can’t do it. Instead say, “Yes!” Then figure out how to get it done. -Katherine Hudson

For fast-acting relief, try slowing down. -Lily Tomlin

REWIND FRIDAYIdentity Theft

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Shared ArticleMore Americans say it’s OK to cheat on taxes

The number who advocated cheating ‘as much as possible’ doubled last year, to 8% of taxpayers. An additional 6% say it’s OK to cheat a little.

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Poor versus Broke.

Hurricane Katrina in the Gulf of Mexico near i...

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Poor versus Broke.

After a hurricane Katrina, my daughter and I traveled to the area affected by it to assist in the rebuilding. My job was to install plumbing in the new homes that were being built in one of the poorer areas.

Broke

While there, I had the pleasure of meeting a retired gentlemen who lived across the street from where I was working. He was in his late 80’s, and he brought over some sodas for us to drink as we worked. He told us he appreciated the work we were doing in his neighborhood. He informed us that the water had been about 4 feet deep in his home and truck. He had cleaned up his place himself and was currently working on his truck so he could get it running again (his truck was worth about $200).

He said that he was living on a $600 per month income and that the storm had set him back a little financially, but he felt he had bounced back fairly quickly. He was broke, but not poor.

Poor

Beside him sat a house that still had all of the flood residue in the yard. On the porch sat three teenage boys who lived there, each listening to his MP3 player. They motioned for me to come over to where they were sitting, so I did.

When I got there, they asked if I knew when the work crew was coming to their house to clean their yard. I stood there in disbelief. Here were three able-bodied young men who had the physical ability to take care of their own situation but were waiting on volunteers- volunteers their own age who were paying to come from other states to help. It then occurred to me that these young men had been raised to believe that they were poor and that they could not do anything about it.

Which are You?

So as you look at your own finances, are you broke or poor? Broke is temporary . . . just a bump in the road. Or are you poor, thinking that you have no control over and no input into your situation? The two definitions I’m using have nothing to do with money; they have to do with people’s attitudes and perceptions of their situations.

You have a choice, and the choice is yours.
Bryan Cooper
Financial Life Coach

My Financial Life Coach, LLC

Visit us at:  http://www.MyFinancialLifeCoach.net

https://www.facebook.com/MyFinancialLifeCoach

Keywords: Budget, Budgeting, Culture, Economics, Economy, Events, Finances, Home, Inspiration, Miscellaneous, Thoughts, Uncategorized

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Programmable Thermostat

In today’s economy, people often talk about how they can reduce their expenses and increase the return on their investments. There are many ways to do this, and some are more challenging than others. As I work with clients to maximize their incomes and improve their finances, one thing we discuss is how to reduce their utility costs. One of the items that typically comes up in these conversations is the programmable thermostat. Most people either they don’t have one or they have one but do not use it. According to the energystar.gov website, a programmable thermostat saves an average of $180 per year. So if you have one, start using it. If you don’t have one, get one. Spending $40 to $100 for a programmable thermostat now can save you approximately $1,800 over the next ten years. Now that is an EXCELLENT return on an investment. Talk about savings!

You have a choice, and the choice is yours.

Bryan Cooper

Financial Life Coach

Visit us at http://www.MyFinancialLifeCoach.net

Keywords: Budget, Budgeting, Change, Debt, Economics, Economy, Emergency Fund, Finances, Financial, Life, Money, Miscellaneous, Priorities, Procrastination, Saving, Saving Money, Spending, Stress, Uncategorized

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Procrastinating “Blows the Budget” with Car Repairs

I had planned to talk about procrastination today, but I’ll wait until next week . . . not! No procrastinating! We’ll talk about it right now.  Procrastination costs you money. For example, your car was making that noise, but you didn’t take it to the repair shop. The noise grew significantly worse. Guess what? Now, instead of paying $200 to replace the brake pads, you need $800 to replace the brake pads and the rotors. You don’t have $800, so you pulled out your credit card again. What about when you procrastinate on meal planning and spend $40 eating out instead of eating at home for $10? Both of these are typical examples of how a budget can be blown by procrastination.

Not only do these items need to be high priorities on your to-do list, but you need to actually schedule time on your calendar for them. Be sure to reasonably estimate how much time each task will require, and add a little extra time to that amount. Don’t allow procrastination to blow your budget. Instead, focus on procrastination and prioritization management.

You have a choice, and the choice is yours.

Bryan Cooper

Financial Life Coach

Visit us at http://www.MyFinancialLifeCoach.net

Keywords: Auto, Budget, Debt, Economics, Economy, Emergency Fund, Finances, Financial, Life, Money, Miscellaneous, Priorities, Procrastination, Saving, Stress, Thoughts, Time, Time Management, Uncategorized

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Toxic People

Toxic People

You know them. You see them on TV. You may even work with them. They are called toxic people, and they drain the joy out of everything. Without fail, they are able to pinpoint the negatives in everything, and they always fail to notice the positives. If they do happen to stumble upon something good, they make every effort to twist it into something negative.

This negativity extends into the areas of finances and life balance. They’re always telling you why you can’t get out of debt. They say that you have to have a car payment and that no one can ever pay a mortgage off. You will never master time management, prioritization management, and goal setting. You will never set up an emergency fund or live debt free. Financial peace and freedom are out of reach. They tell you that the glass is half empty, and it’s ugly.

They are wrong, so don’t listen to them. Take steps today to avoid this negativity. Exposure to this toxic attitude can undermined your ability to get out of debt and into the life you want. Stop listening to them, and don’t believe their lies. You can get out of debt. You don’t have to have a car payment, and you can pay your mortgage off!

Instead of listening to toxic people, look for positive people who can encourage you as you pursue your goals and strive to live debt free. Listen to people who encourage you. They will help you as you attain your goals, and they will be there to celebrate your victories with you.

You have a choice, and the choice is yours.

Bryan Cooper
Financial Life Coach
Visit us at http://www.MyFinancialLifeCoach.net
Keywords: Balance, Debt, Debt Elimination, Finances, Emergency Fund, Life Balance, Miscellaneous, Money, Procrastination, Relationships, Time Management, Uncategorized

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So Guys, How is Your Spare Tire?

So Guys, How is Your Spare Tire?

No, I’m not talking about the one you start seeing as you approach your mid-thirties; I’m talking about the one in your car. I know this is a money blog, but allow me to explain.

I had the privilege of experiencing a flat tire at midnight on a dark, muddy country road, only to learn my spare tire was flat. The spare tire was placed in that vehicle when it was new and had never been used. The assumption was that it would do the job when needed. But what changed? Time.

Time went by and the spare slowly lost its air. What “spares” do you currently have that are no longer doing the job? Below are a few things I suggest you look at this week:

  1. Is your life insurance still adequate? Life brings changes, we add mortgages, we have children, etc. Also, are the named beneficiaries still accurate?
  2. How about your auto and homeowner insurance? Are you adequately insured?
  3. What about your will? Is it updated? Who will care for your kids should something happen to you?
  4. Do you have an emergency fund? Or are you going to pull out the credit card and go deeper in debt if you have an emergency?

I recommend that you do one more thing- check your spare tire to make sure you are prepared should you have a flat. Don’t procrastinate!!

You never know when you might end up with a flat tire at midnight on a dark, muddy country road.

Until next time . . .

Bryan Cooper
My Financial Life Coach LLC
Financial Life Coach
Dave Ramsey Certified
“Helping You Get Your Financial House In Order”
Delaware, OH 43015

Visit us at http://www.MyFinancialLifeCoach.net

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Filed under Auto, Change, Children, Emergency Fund, Finance, Financial, Inspiration, Insurance, Personal Finance, Procrastination, Thoughts, Time, Uncategorized