Benefits of an IRA

You have probably heard something at some point about making contributions into an Individual Retirement Account (IRA) to prepare for retirement. Retirement and investing can seem scary and difficult or only for the super-rich but I’m here to tell you: That is a lie. You can (and should!) begin investing for retirement and an IRA is a fantastic way to do just that.

The most popular types of IRA’s are the Traditional IRA and the Roth IRA. These investment vehicles are great ways to accumulate retirement money although they differ in their taxation. 

When you decide to invest into an IRA, regardless of the one you choose, you can expect to experience a variety of benefits.

Taxation: When you invest into a Traditional IRA, those contributions are made with “pre-tax” dollars which means that you can deduct them from your income. In a Roth IRA, contributions are made with after-tax dollars. This means that while you will not get a tax deduction, you will not have to pay any taxes when you withdraw the money in retirement. The tax benefits of both accounts can provide great traction when accumulating money for retirement.

Automation: One of the reasons IRAs are so popular is because they allow you to automate your savings. These accounts are incredibly easy to start and with a simple bank draft, you can make sure that you are investing every single month.

Compound Interest: After you have set up your IRA and automate your contributions, you will eventually be able to see the 8th Wonder of the World: Compound Interest. This means that once you start adding money you will start earning interest on that money. And then interest on THAT money. Your money will begin to work for you.

These are only a few of the benefits that you’ll experience when investing into an IRA. 

Ultimately, you want to make sure that you are taking advantage of every benefit that you can when you’re trying to save money for retirement. Whether you are fast approaching retirement or just getting started in life, using one of these accounts can greatly help you accumulate money so you can live your best life when you eventually leave the workforce.  

Financial Habits Matter: 3 Reasons to Begin Your Journey Now

Financial habits play a pivotal role in shaping our present and future. Whether you're just starting in your personal finance journey or looking to kickstart some new financial disciplines,  here are three compelling reasons why financial habits matter: 

Reason 1: Building a Strong Foundation for the Future

By implementing financial habits, you create a solid financial foundation. Habits like budgeting, saving diligently, and reducing debt lay the groundwork for a stable financial future. By consistently practicing these habits, a compounding effect is created. Over time, this disciplined approach shapes a future where financial stability is not just a goal but a tangible reality.

Need help creating a financial plan?

Reason 2: Creating Financial Margin for Peace and Flexibility

Financial margin, the space between income and expenses, allows you to navigate financial challenges without starting back at ground zero. However, statistics show that 72% of households do not have a written financial plan, leaving them vulnerable during challenging financial times. - Schwab

Cultivating healthy financial habits generates this much-needed margin. It acts as a safety net during emergencies and unexpected turns in life, reducing stress and providing the flexibility to handle challenging situations without adding financial burdens.

Reason 3: Achieving Your Plans, Hopes, and Dreams 

Imagine the freedom to travel, pursue further education, start a business, or retire early without the constraints of financial worries. It's no wonder that 83% of people who set financial goals feel better about their finances after just one year. - BusinessWire Sound financial habits provide you with the discipline and monetary resources to achieve your plans, hopes, and dreams! 

Beginning the journey towards better financial habits now is not merely a choice; it's an investment in your future. Take that initial step, whether it's setting clear financial goals, creating a budget, or paying off debts systematically. Statistics show that these steps make a tangible difference, bringing you closer to your fully funded life. 

The Non Financial Benefits Of A Healthy Savings Account

We all know that it is a good idea to prioritize our savings accounts. Yet, 63% of Americans are living paycheck-to-paycheck and would experience major financial complications from one missed paycheck. I used to live this way. In addition to the expected financial challenges, my poor money management skills carried stress into every facet of my life. If I had known all of the non-financial benefits of prioritizing the establishment of financial margin, I’m convinced I would have avoided a lot of unnecessary stress. Perhaps by sharing these benefits, I can help give someone the final nudge needed to begin to prioritize saving money.

Benefit #1  MARGIN = SPACE

When you have a healthy savings account, it allows you to accommodate “life happens” events without having your entire financial world thrown into chaos. In the I Was Broke. Now I’m Not. Ladder (free download here), we recommend starting with a goal to build your savings up to equal one month of expenses (Rung #2) and then, after completing a few other financial steps, build on up to a minimum of three months of expenses (Rung #5).

You know what I mean about “life happens” events, right? These are things that are going to happen regardless of whether or not you have money saved for them. Here is a list of several common “life happens” events:

• Appliance failure (dryer, washing machine, hot water heater, air conditioner, furnace, dishwasher, etc.)

• Car repair (water pump, battery, failed bearing, gasket leak, etc.)

• Home repairs (leaky roof, mold, plumbing leak, driveway wash-out, etc.)

• Emergency trip out of town

• Sickness or injury

• Job layoff or reduction in hours

When you have prioritized and built financial margin, you can accommodate these expenses without them having an immediate and direct effect on your ability to prosper.

It all adds up to less stress and better sleep. Isn’t that worth any sacrifice that is necessary to achieve margin?

Benefit #2  MARGIN = FOCUS

How much time do you spend thinking about your finances each day? Each week? Each month? For most people, money is a near-continual thought. Is it because they are greedy? Is it because they love money? Is it because it is their favorite topic?

I submit that the answer to all three of these questions is almost always a firm, “No!”

If these aren’t the reasons, then why do they spend so much thinking about money? The biggest reason is because they lack financial margin. As a result, they are in a constant state of “juggling” financial obligations. Because of their paycheck-to-paycheck situation, they spend inordinate amounts of time just figuring out how to survive – with little to no time left to consider how they might thrive.

A completely different scenario is created by the establishment of financial margin! The countless hours spent stressing about money, on the phone with creditors, and balancing various bills is instead able to be utilized to focus on the future. It is amazing how powerful focus can be in your career, with your family, and for your money.

If you’ve never experienced the power of financial margin, you will find a freedom to focus, unlike any time you’ve ever enjoyed before! I’ll never forget this moment for me. It was in February 2004. I chose to put my tax refund into the bank to establish margin. It was a life-changing decision. It actually had a physiological effect on me! I could physically breathe in a way that I had never experienced before.

Once I discovered that financial margin allowed me to focus – on bigger picture items, on thriving instead of surviving, on pursuing a dream, on my career, on my family – I never allowed myself to live paycheck-to-paycheck again.

If you feel like you’re living in a constant state of distraction due to a lack of margin, take steps today to remedy the situation. You’ll never regret it!

Benefit #3  MARGIN = SPEED

Have you ever had to park a car in a garage that had a narrow entrance? A garage entrance so tight that you feared that you would knock both mirrors off of the car each time you tried to park in it? As a result, you approached the entrance very slowly and cautiously.

If you had to park in a garage with a double-door entrance, you could screech in at 30 mph and still safely make it into the entrance.

This is exactly the case with financial margin! Without financial margin, a person is forced to proceed with great caution for fear of making a major financial error. One misstep and there will be financial damage! With a lot of savings, you can move more freely and with greater speed. This is a wonderful benefit!

Have you ever noticed that people with money tend to get better financial deals? They are the ones who purchase a house, business, land, and investment at a major discount. Why? Because they had money ready to do the deal! They had margin!

Back when I was broke without financial margin, I attempted to purchase a business. Think about that statement for a minute. I tried to purchase a business without any money. Do you think I was successful? Absolutely not! They looked at me incredulously and laughed me out of the building. I resolved to get better instead of bitter.

Flash forward to six years later. I had indeed gotten better by prioritizing financial margin, and I found a farm for sale at a steep discount (it was in the middle of the Great Recession). Because of margin, I was able to close on the deal in 11 days from the date I first walked on the land. Speed. Enabled by financial margin. It’s a wonderful benefit.

Help! I Can't Pay My Bills

“I can’t pay my bills!”

How many of you have said this recently?  Have you heard friend or family member say this?

This is post is written for those who are struggling mightily with their finances during challenging economic times. These practical tips and tools can help you walk out of this situation and into financial freedom.

– Prepare A Written Spending Plan

There is so much power in a written spending plan! I never realized where all of my money was going until the day that I began planning my spending.

You might say, “But Joe, I know that I can’t pay my bills. My expenses are more than my income so why should I even bother with preparing a spending plan?”

I would respond with this answer. “It is hard to slay a dragon if you do not know how many heads it has!” A spending plan will ensure that you know the ACTUAL situation instead of the IMAGINED situation.

Prepare your plan – even if you know it is going to be awful. This is the start of your journey to financial freedom!

Access our budgeting resources to get started on your plan!

– Ask Questions

It is extremely important to ask questions that help define the true root cause of the issue.

When I am counseling someone experiencing this sort of situation, I have a series of questions I ask to help me grasp the issues. Here are some of the questions for which I am seeking answers. These are not in any particular order.

•  “What Was The Cause Of This Situation?”

Ultimately, I am trying to determine if the current situation is the result of a long series of financial decisions or the result of a catastrophic event (job loss, medical issue without insurance, death of income provider, etc.).

• “Is This An INCOME Or An OUTGO Issue?”

I want to see where the money is going. That is why Part 1 is so important. The spending plan will help you more clearly determine the answer to this question. From experience, I have seen that it is an OUTGO issue in most cases.

• “What Are The Required Debt Payments?”

Is this unsecured revolving debt (credit cards) or is this installment debt on an asset (car, boat, motorcycle, etc.)? This question will be key for Step 3 of this post.

• “Is There Something That Can Be Sold?”

If there are items that can be sold, this needs to be fully investigated to understand how it can help the situation. Selling something like a motorcycle can help bridge your “gap” to help you prevent racking up debt.

• “What Expenses Can Be Stopped?”

Are there any “extras” in the OUTGO? One example of this is nonessential subscription services like Netflix or Hulu.

• “How Can INCOME Be Increased?”

An extra job or tons of overtime may not be appealing, but living in a squalor of debt with no hope is even worse! It is very important to investigate short-term ways to increase income to get out of the current late bill payment situation.

“I Can’t Pay My Bills” But I CAN Do Something!

Not being able to pay your bills can feel crippling, but I want you to know that you CAN help your situation.

We want to be able to help you along the way. Visit our Next Steps and Tools pages on our website for free resources to equip you on your journey.

By identifying your gap and taking action it will allow you to maximize the dollars you do have and minimize how much you spend. These actions will enable you to prosper on the other side of this. You can do this!

Pay Off Your Mortgage in 10 Years or LESS!

Owning a home is a significant milestone, but the long-term commitment of a mortgage can feel overwhelming. However, there are effective ways to expedite the process and achieve the dream of a mortgage-free life sooner than expected. Here’s how to pay off your mortgage in 10 years or LESS! 

1. Lower Your Interest Rate

Refinancing involves replacing your current mortgage with a new one, typically at a lower interest rate. It's essential to evaluate the current interest rates and compare them with your existing rate to determine potential savings.  Before proceeding with refinancing, consider the associated costs such as closing fees and appraisals. Calculate how long it will take to break even on these costs based on your monthly savings from the reduced interest rate.

2. Pay Extra

Consider how much more money you could be adding to your mortgage payments month over month. Not sure, visualize the difference of extra payment with our Early Mortgage Payoff Calculator! Input your interest rate, real loan balance, and the principal and interest portion of your payment into this calculator. Plug in how much extra you can pay per month and this tool will show you how much sooner you can pay off your mortgage, and how much you can save on interest! 

Want to see each payment and how much closer you are to your payoff goal?!

You can pay off your mortgage in 10 years or less! By lowering your interest or diligently making extra payments, you can take significant steps towards owning your home outright. Tailor these approaches to your financial situation and set yourself on the path to achieving financial freedom sooner than you ever imagined! 

The Benefits of Change: 5 Key Reasons to Reboot Your Financial Habits

Let's face it - change can be a tough pill to swallow. Most of us prefer the comfort of routine, even if it means sticking to old financial habits that might not serve us well. But here's the truth: change can improve your financial situation.
As we step into 2024, let's unpack why rebooting our financial habits is crucial, even if it means stepping out of our comfort zones.

1 - Financial Focus

A reset in your financial habits serves as a compass guiding you toward your goals. By aligning your habits with your financial objectives, you gain an attentive focus on what truly matters. This focus ensures each monetary decision you make takes you one step closer to accomplishing your goals. 

2 - Financial Discipline

Think of reshaping your financial habits as a workout routine for your wallet. It cultivates discipline, teaching you to allocate resources wisely, spend consciously, and save diligently. After establishing good habits, this discipline becomes second nature! 

3 - Financial Accomplishments

Your plans, hopes, and dreams shouldn't remain in the realm of wishful thinking. A reset in your financial habits can pave a clear path toward making these aspirations a reality. Whether it’s owning a home, becoming debt-free, or starting a business, rebooted financial habits act as a launchpad for transforming dreams into tangible accomplishments.

4 - Reduce Financial Stress

Financial worries can weigh heavily on the mind- you can probably name a few right now.  However, by resetting your financial habits, you pave the way for reduced stress and anxiety surrounding your finances. A structured financial approach minimizes uncertainties, offering a sense of control and stability during challenging economic times. 

5 - Develop An Abundance Mindset

Bid farewell to scarcity thinking! Resetting your financial habits helps shift your mindset from scarcity to abundance. Instead of dwelling on limitations, you begin to recognize opportunities. Embracing better financial habits opens your eyes to possibilities, nurturing a mindset focused on abundance and financial well-being. 

Altering our financial habits isn’t just about numbers on a spreadsheet; it's about transforming our entire financial outlook. Not sure how to begin implementing good financial habits? Consider, Fully Funded Life, an online membership program with practical, easy-to-implement teaching, and resources to guide you on your financial journey!

The Way To Accomplish Your Plans, Hopes, and Dreams

Budgeting, investing, and saving play a critical role in making your plans, hopes, and dreams into reality. Let's explore how these financial elements intersect with goal setting to pave the way for a future filled with accomplishments.

• Budgeting is not just about numbers; it's a tool for aligning your financial resources with your dreams. By aligning your budgeting with your goals, you can prioritize spending, allocate resources efficiently, and ensure your financial plans mirror your financial dreams.

• Investing serves as a pathway toward accomplishing long-term goals. It involves identifying investment avenues that align with specific goals! Through strategic investment, you pave the way toward accomplishing larger financial aspirations.

• Savings act as the foundation for achieving both short-term and long-term goals. Establishing emergency funds and setting aside money for immediate needs aligns with short-term aspirations. Simultaneously, implementing long-term saving strategies propels progress toward larger financial milestones.

The magic really happens when budgeting, investing, and saving align seamlessly with your specific goals.

Tracking progress and maintaining financial discipline are instrumental in achieving financial goals. Consistent effort, adaptation, and a long-term vision can help you stay on track as you live your fully funded life!

Remember, your dreams are within reach. Your budgeting, saving, and investing habits should align with your goals!

Join us at Fully Funded Life in harnessing the power of budgeting, investing, and saving to accomplish your plans, hopes, and dreams.

Budgeting With Irregular Income

Do you have irregular income? Maybe it is seasonal or cyclical.

There is a large group of folks whose family economy is powered by irregular income. Real estate agents, hair stylists, commissioned salesmen, and business owners all experience seasonal or cyclical income.

Folks who live with this type of income often tell me that it is impossible to budget. They say that they have no idea what they will make this month, so it is just impossible. I say that not only is it possible, but that folks with irregular income need to be budgeting more than anyone. It is my goal to help you stop living the feast and famine lifestyle that is so often associated with irregular income. Here’s a hint – It’s EZ!!!

Step 1 – Recognize It!

To avoid living the feast/famine lifestyle, you must recognize that you have irregular income. If you have ever suffered during the “off” season, you KNOW what I am talking about! In order to stop having your life severely impacted by “off” seasons, you must prepare! Question:  If your family economy is powered by irregular income, what do you do to prepare for “off” seasons?

Step 2 – Determine Monthly Expenses

Determine how much money is necessary to make your household operate efficiently for each month. To determine your monthly expenses, you should pull up a monthly budgeting form and do the following.

1. Fixed Expenses

   Enter all your fixed expenses – house payment, utilities, gasoline, car payments, credit card payments, saving for retirement, groceries, cell phone, childcare, etc.

2. Variable Expenses

   Enter the average of all your variable expenses – clothing, spending money, entertainment, dining out, etc.

3. Known, Upcoming Non-Monthly Expenses

   If you do not add in all of those known, non-monthly upcoming expenses, you will continue to live the feast/famine lifestyle. These types of expenses are BUDGET-BUSTERS. Here is what I do. I list all the known, upcoming non-monthly expenses and place their annual cost next to them. I then divide that number by twelve to determine how much I need to save per month.

There are lots of expenses that we all have that are non-monthly, but we know how much they will cost us.  Some examples are car insurance, car tags, life insurance, or gym memberships. This allows me to bring a stop to the feast, famine lifestyle by saving for items that I know are coming.

You now have a monthly budget that will change very little through the year! Question: What have been the biggest budget-busting expenses you have experienced?

Now, of course, the trick is to have enough cash on hand every month to make this monthly budget work!

Step 3 – Save Up Three Months’ Worth Of Expenses

WHAT?! I am sure that is what many of you are saying right now! Yes, I did say that you need to save up at least three months of expenses. Remember in step two that you calculated your monthly expenses? Multiply that number by three, and you have your savings target.

I call this savings the “Known Slumps Fund”! You know that slumps are coming, so be prepared! This is HUGE in eliminating that horrible feast/famine lifestyle!

Step 4 – Become Personally Debt-Free And Operate Your Business Debt-Free

Now, I am certain that you believe I have completely fallen off my rocker. You might be saying, “Joe, you are crazy! There is no way I can do this!” Well, I have seen many people operate their business debt-free.

What are the advantages of operating a business debt-free? Let me count the ways!

1. Monthly expense load drops! There are no interest payments to make!

2. Your business can absorb downturns much more effectively. Again, there are no interest payments to absorb!

3. Breathing room. It is amazing how much stress a pile of debt brings on.

4. When you spend your own real money, you will manage it better. I don’t know why this is, but if I am spending someone else’s money (i.e. the banks) I am much more susceptible to making a riskier decision! When I am spending my money, I am much more likely to do thorough due diligence before doing a deal!

Question: What are some other advantages of operating a business debt-free?

Budgeting With Irregular Income Is Possible

Recognize that you have seasonal or cyclical income so you can avoid the feast-or-famine lifestyle.  Next, determine what your monthly expenses are. Then save up three months’ worth of expenses in a “Known Slumps Fund” to help you weather those months when your income dips drastically or stops. Finally, live personally debt-free and operate your business debt-free.

This isn’t something you can achieve overnight, but this goal will help you make tough choices along the way to set yourself up for long-term success. Remember, budgeting with irregular income is possible!

Should You Withdraw From Your Savings Prior To Retirement?

The temptation to dip into your retirement savings early can sometimes be alluring. No matter how alluring, you should NOT withdraw early! Here’s why?

1. You lose the opportunity for your money to grow tax-deferred

2. The time value of money is crushed when you pull out the money you have saved for retirement.  You will never get that time back!

3. If you pull money out of your retirement plan early, it will be subject to taxes PLUS a 10% penalty.

4. You will have to recognize the withdrawal as income for that year which will usually bump you up a couple of tax brackets.

5. It is a VERY EXPENSIVE way to obtain money. You will ultimately pay around 45% taxes on the money you withdraw! If you pull out $50,000, you will actually bring home $27,500! Taxes and penalties will cost you $22,500! That is worse than a credit card!

6. Are you viewing this cash withdrawal as a way to avoid more debt? I have seen too many cases where money is withdrawn (very expensively) and without a change in spending behavior. Don’t put yourself in a position to end up with zero or very little in their 401(k) PLUS a pile of debt that increases every month!

7. FINAL REASON: It’s for RETIREMENT!

Retirement plans are designed to secure your future when you decide to retire. Withdrawing early disrupts this purpose and may hinder your ability to achieve financial independence later in life. Instead, consider alternative financial strategies to address immediate needs without compromising your retirement goals..

How To Reflect On Your Financial Wins

It's easy to focus solely on the end goal and overlook the milestones achieved along the way - especially with our finances. Yet, taking the time to reflect on financial wins, both big and small, can be a powerful tool in maintaining motivation and steering your financial journey toward success.

A Reminder

Reflecting on financial wins is not just about acknowledging successes—it's about recognizing the significance and impact of each milestone achieved. It involves celebrating progress! These moments of reflection serve as reminders of your capability and determination to overcome financial challenges.

Benefits of Reflecting on Financial Wins

The act of reflecting on financial wins extends beyond a mere pat on the back. It cultivates gratitude, fostering a positive mindset that fuels further progress. Each acknowledgment of success boosts confidence, reinforcing the discipline needed to stay on track toward achieving other financial goals.

Strategies for Effective Reflection

Consider regularly reviewing your financial progress. Document and celebrate each achievement, whether it's paying off a debt, reaching a savings goal, or sticking to a budget consistently. Take the time to evaluate lessons learned from challenges faced, and use what you’ve learned to accomplish your next goal!

Celebrating Small and Big Wins Alike

Often, we focus primarily on significant milestones, but acknowledging the smaller victories is equally important. Embrace the value of incremental progress, as these small wins contribute significantly to the overall journey toward living your fully funded life.

Reflecting on your financial wins isn't self-indulgence—it's a necessary practice in your financial journey. By taking the time to acknowledge successes and learning from setbacks, you pave the way for building continuous financial habits and stability!

So, as 2023 comes to a close, take time to reflect on your financial wins, celebrate your progress, and use these reflections as fuel for the road ahead.

3 Ways To Stop Overspending During The Holidays

The holiday season is full of joy, festivities, and gatherings. However, for many, it also brings the stress of overspending and financial strain. The pressure to buy gifts, decorate homes, and host celebrations often can lead us to exceed our budgets. To ensure a financially healthy and stress-free holiday season, here are three effective strategies to stop overspending:

1. Create a Realistic Budget

The foundation of responsible spending during the holidays lies in setting a realistic budget. Identifying your available funds and establishing spending limits are crucial steps.

Take a moment to evaluate and allocate specific amounts for various holiday expenses. Prioritize essential costs like travel, hosting, and gifts for immediate family (your essential costs might look different).

Regularly track your expenses and be open to adjusting your budget as needed to avoid overspending!

2. Practice Mindful Spending

Mindful spending involves making conscious choices to prevent impulsive purchases. Start by creating a FULL Christmas shopping list that outlines necessary items. (you don’t have to buy a gift for everyone you know). Stick to this list while shopping to avoid overspending on unnecessary items.

The kicker here is to distinguish wants and needs, focusing on fulfilling your list. While taking advantage of discounts and bargains, ensure that discounted items align with your planned purchases rather than encouraging an impulse buy.

3. Utilize Alternative Gifting Strategies

Consider alternative gifting strategies that not only save money but also add a personal touch to your presents. Explore do-it-yourself (DIY) gifts or homemade treats that showcase creativity while reducing expenses. Do you have a hobby that can be used to create gifts?

Maybe this year, you opt for gift exchanges or Secret Santa arrangements among family or friends to limit individual spending. Alternatively, consider gifting experiences or acts of service, such as offering to babysit or preparing a home-cooked meal, which can be more meaningful than material gifts.

Embracing these strategies can significantly alleviate financial stress and ensure a more balanced and enjoyable holiday season. Remember, you can do this! Share your own tips for managing holiday spending and let’s encourage one another as we work towards a financially healthy and joyful holiday season!

Do You Have Financial Goals?

In the pursuit of living your fully funded life, there's a crucial step often overlooked: setting clear financial goals that align with your plans, hopes, and dreams.

These goals navigate you toward a future where financial freedom and security are not just aspirations but a reality. If you're yet to define these goals or if you're contemplating their importance, let’s find out WHY identifying your financial goals is significant:

Make Your Dreams a Reality

At the heart of your financial journey lies the WHY. Why are you working towards better financial habits? Why are you completing your budget before each month begins? Why? Because, you have dreams, you have hopes, you have plans for your family! Outlining your aspirations into tangible financial goals paves the way to turn aspirations into achievements. Financial goals aren't just about numbers; they are the stepping stones that help make your dreams into reality. They provide direction, purpose, and a sense of empowerment over your financial future.

types of financial goals

In the pursuit of living your fully funded life, financial goals span a spectrum—from immediate needs to long-term aspirations. Short-term goals could include building an emergency fund or paying off high-interest debts, while mid-term goals might revolve around saving for a down payment on a home or funding an education. Long-term goals encompass retirement planning and investment strategies, securing the future you dream of.

Take a moment and identify your short-term, mid-term, and long-term goals!

Steps to Achieve Financial Goals

Now that you’ve identified your goals, reflect on where you stand financially. Now, envision where you want to be. How do you merge the gap between your current financial state and where you want to be? By setting financial goals aligned with your dreams. Craft an action plan that lays out the steps needed to achieve these aspirations. You might have to adjust your spending habits, you may need to establish financial accountability… Your path may evolve, but staying committed and adaptable is key to reaching your financial plans, hopes, and dreams.

At FullyFunded.Life, we recognize the transformative power of financial goals in making your fully funded life a reality. Our platform provides not just tools but a roadmap to help you establish, track, and live your financial aspirations. From budgeting templates to personalized financial planning guidance, we're here to support you on your journey.

Living your fully funded life isn't a distant dream—it's within your grasp. Take the first step and join us at:

Start setting and achieving your financial goals today and pave the way to living your fully funded life.

5 Reasons To Celebrate Financial Progress

Financial progress is a testament to resilience, determination, and strategic planning. The transition from struggling to financial stability marks a significant accomplishment worth recognizing and celebrating.

5 Reasons To Celebrate Financial Progress:

Motivation and Encouragement

Celebrating financial progress serves as a powerful motivator. Acknowledging and celebrating even small milestones reinforces the belief that your efforts are paying off. It encourages continued determination to accomplish more financial goals.

Financial milestones, such as paying off a credit card or reaching a savings target, become tangible evidence of progress. This positive reinforcement allows you to stay focused and committed to the journey toward your fully funded life!

Reinforce Positive Habits

Recognizing and celebrating financial progress reinforces positive habits. Whether it's budgeting diligently, investing regularly, or setting aside savings each month, celebrating achievements reinforces these behaviors as effective and rewarding.

By acknowledging the success achieved through these habits, you become more likely to continue implementing them.

Cultivate Gratitude and Mindfulness

Celebrating financial progress fosters gratitude and mindfulness. It prompts reflection on the journey from financial challenges to achievements, encouraging you to appreciate your efforts and sacrifices made along the way.

Gratitude also promotes better financial decision-making and a deeper appreciation for the resources you have. This mindfulness can help you stay focused on your financial goals while appreciating the progress you’ve made so far.

Strengthen Financial Confidence

Each financial accomplishment reinforces the belief in your ability to navigate financial challenges effectively. This increased confidence leads to better financial decision-making and a willingness to take calculated risks.

Build A Supportive Community

As you achieve your plans, hopes, and dreams - share the successes! Whether big or small, your accomplishments can inspire and motivate others on their financial journey! Think of a few friends in your life, as you celebrate together, you can form financial accountability and provide encouragement during both the highs and lows of working towards your fully funded life.

Celebrating financial progress goes beyond merely acknowledging achievements; it plays a pivotal role in reinforcing positive behaviors, fostering gratitude, building a supportive community, and so much more. Embrace your financial wins this season!

Managing Money During Challenging Financial Times

In the journey towards a fully funded life, we often encounter challenging financial times that test our resilience: volatile markets, high-interest rates, inflation, high housing costs, economic instability, recession, and so on….

Yet, even in the face of adversity, there is hope, and with thoughtful planning, your dreams can still be accomplished. Here’s how!

Assess Your Financial Situation

• Create a Detailed Financial Snapshot: Taking stock of your current financial situation allows you to understand where you are and where you want to be. List your assets, debts, income, and expenses.

• Identify Areas Needing Attention: Pinpoint the areas that need immediate attention. Are there debts to be managed? Expenses to be trimmed? Knowing your challenges is the first step in overcoming them.

Budget and Prioritize

• Create a Realistic Budget: Creating a budget that adapts to changing circumstances ensures your goals remain within reach. Assign every dollar a purpose within your budget, aligning your financial decisions with your plan's, hopes, and dreams

• Prioritize Essential Expenses: In challenging times, prioritize your essentials, such as housing, utilities, and groceries. While cutting non-essential costs, ensure you safeguard what truly matters to you during challenging financial times.

Build Financial Resilience

• Establish and Maintain an Emergency Fund: An emergency fund is your safety net, ready to catch you in difficult times. Ensuring you stay on course even when challenges arise.

• Explore Additional Income Sources: Side hustles, freelance work, and diversified income streams can provide additional financial stability during uncertain times.

• Seek Financial Advice and Support: Seeking advice and support when needed is a sign of strength. Financial professionals and community resources can provide guidance and assistance to keep your dreams alive, even in challenging times.

Navigating challenging financial times takes discipline, but it doesn't have to derail your plans, hopes, and dreams. By assessing your situation, budgeting wisely, and building financial resilience, you can continue on your path toward building the fully funded life you've envisioned!

Generosity in Your Budget: How to Allocate Funds for Giving

Let me ask you this question: ‘Does your budget include an area for giving?’

As you work towards your plans, hopes, and dreams, personal finance isn’t just about building your own personal wealth but also about making a positive impact on the lives of others.

Prioritizing Generosity in Your Budget

An organized budget is key to managing your finances effectively. Create a dedicated category for giving, making it a central part of your budget. This way, you ensure that each month money is allocated for generosity!

Strategies for Allocating Funds for Giving

• Percentage-Based Giving: Consider a percentage-based approach to your giving. Many choose to give a certain percentage of their income, such as the traditional 10% tithe. This method allows your giving to grow as your income does.

• Giving by Priority: Outside of regular tithing, prioritize your giving based on the causes and organizations that resonate most with you. By directing your resources where they matter most, you ensure your generosity has the greatest positive effect.

• Monthly Giving Plans: Consider setting up a monthly giving plan. This approach automates your contributions, ensuring that your generosity isn't subject to sporadic or impulsive decisions. Monthly giving keeps your commitment to your generosity budget on track.

Incorporating generosity into your budget is not just about financial management; it's about making a meaningful difference in the world. Start implementing these strategies today and experience the joy and satisfaction that comes from integrating generosity into your budget. Your financial well-being and the lives of those you touch will be all the richer for it.

How To Have A Debt-Free Christmas

Picture this: It's December, the holiday season is in full swing, and you're basking in the joy of Christmas festivities without a worry in the world about looming credit card bills in January. Sound like a dream? Well, it doesn't have to be!

Christmas is an annual, non-monthly expense, and it shouldn't catch us by surprise. With some careful planning, you can enjoy a fully funded Christmas, where you buy gifts with cash and avoid post-holiday financial stress. Here's how to make it happen.

Set Your Budget

• The first step is to decide how much you want to spend on Christmas as a whole. This amount will serve as your budget's foundation. It's crucial to determine a reasonable and achievable sum that won't strain your finances.

Creating a Christmas Gift List and Setting Allocations

• Create a comprehensive list of every person, organization, or cause you plan to buy gifts for during the holiday season. (P.S. You don’t have to get EVERYONE in your circle a gift!) Once your list is ready, assign a specific amount to each recipient, including a category for decorations, travel, and other holiday-related expenses. This planning ensures that every dollar you spend on Christmas serves a purpose and won't lead to unnecessary financial stress in the new year.

Stick To The Budget

• The key to a fully funded Christmas lies in your ability to stick to the budget you've created. It's easy to get caught up in the excitement of the season and overspend, but maintaining discipline is crucial. Resist the temptation to make impulse purchases or exceed your allocated amounts. Sticking to the budget requires self-control and accountability. Keep track of your spending, regularly review your budget, and make adjustments if necessary.

A debt-free Christmas isn't an unattainable dream; it's a tangible goal that you can reach!

Creating An Attitude Of Gratitude

In the pursuit of a fully funded life, we often focus on budgeting, saving, debt elimination, and investing. While these are crucial steps, there's another, often underestimated, factor that can significantly impact your financial journey: gratitude. A grateful mindset can transform the way you approach personal finances!

Improved Financial Perspective

Gratitude has the power to shift your perspective from one of scarcity to one of abundance! When you take a moment to appreciate the things you have, you become less focused on what you lack. This shift in mindset can lead to better financial decisions.

Consider this: A mindset of abundance helps you see opportunities rather than limitations. It encourages you to make choices that align with your financial goals. When you're not fixated on what you lack, you're less likely to make impulsive or unnecessary purchases. This, in turn, can help you save more and spend wisely.

Mindful Spending and Saving

Gratitude is closely related to mindfulness. When you practice gratitude, you become more aware of the present moment and the positive aspects of your life. This heightened awareness extends to your financial choices.

With gratitude, you are more likely to approach spending and saving with intention. You'll consider whether a purchase truly aligns with your plans, hopes, and dreams. This mindful approach to personal finance helps you allocate your resources wisely and avoid impulsive spending. Over time, these small, mindful choices create strong financial habits, leading to responsible budgeting and better financial outcomes.

Gratitude as a Motivational Tool

Debt elimination and wealth building often require ongoing effort and discipline. This is where gratitude can be a powerful motivational tool. By practicing gratitude, you can stay motivated to pay off debts and save for the future.

Think about the progress you've made on your financial journey, no matter how small. Reflect on the people, experiences, and opportunities that have contributed to your financial growth. When you focus on these positive aspects, it becomes easier to stay committed to your goals.

Cultivating gratitude can change the way you approach your personal finances. It can improve your financial perspective, lead to more responsible financial management, and serve as a powerful motivator for debt elimination and wealth building. In your pursuit of a fully funded life, remember that gratitude is not just a feel-good emotion; it's a strategic tool that can shape your financial future.

Embrace gratitude, and watch how it transforms your journey toward accomplishing your plans, hopes, and dreams.

5 Steps To Get Financially Organized

Organization! Some of you may hear the word organize and your heart flutters with excitement, while others are probably filled with dread just by the sound of the word.  Wherever you are on the spectrum, you can and NEED to get your finances organized.

STEP 1:  Understand Why You Are Doing This In The First Place

Here are some reasons to get organized financially:

• Control: It is hard for the finances to run out of control when you are focusing this intently on your financial affairs.

• Improved financial focus:   We tend to improve that which we focus our attention on.

• We WILL die someday:   Our family will appreciate a clearly organized set of financial affairs.

step 2: Prepare A List Of All Of Your Financial Accounts

• It is important to gather together your financial statements so you can easily prepare a one or two page document that details your entire financial picture.

step 3: Information To Include On Your Financial Accounts Form

• This form is meant to be the be-all to end-all location for your entire financial picture.   When you are looking for key financial information, you won’t have to go far because it is all contained within this file.   When you pass away, it allows your estate executor to easily understand what they are dealing with.

• Here are the key items to include:

  • Investment Accounts

  • Bank Accounts

  • Real Estate

  • Will

  • Power of Attorney

  • Insurance Policies

  • Jewelry or other valuables

  • Safe Deposit Box

Step 4: Make Sure You Are Budgeting

• Having your accounts listed out and your financial affairs in order is so important.  What good does that do you though if you aren’t organized with the money that you spend? Budgeting is part of being organized with the money that comes in and what goes out of your account each month.  Taking control of this sets you up for financial success.

STEP 5: Where To Find Free Or Cheap Resources

• Check your local hospital for free healthcare power of attorney forms.

  • Check your local hospital system’s website to see if they have the same available. They may also offer advanced directives. An advanced directives form takes the pressure off of your loved ones to make care decisions for you if you aren’t able to communicate your desires yourself.

  • Some county library websites will also offer free legal forms, including those that are state-specific.

As you organize your accounts and records not only will it help your loved ones in the long run, but it will become easier for you to understand your current financial position.  This will help you as you make monthly decisions in your budget and set you up for success with your finances.

This may be a time consuming task your first go round, but after you have this set up it will be easy to update and maintain it going forward.

How To Live Generously

Did you know that living generously can be a transformative step on your journey to achieving your fully funded life? But what does it mean to live generously, and how can it benefit your personal finance goals?

Benefits of A Generous Life

Living generously isn't just about opening your wallet; it's about opening your heart. When you practice generosity, whether through acts of kindness, charitable donations, or volunteering, you experience a profound sense of satisfaction and happiness. A friend of mine once said, “I give to keep from being selfish.”

Generosity isn't limited to financial contributions. It can also be given through acts of kindness, support, and time dedicated to your community and loved ones. Building and nurturing meaningful relationships is an essential part of a fulfilling life. When you live generously, you strengthen these connections.

Practical Steps to Live Generously

1. Setting a Budget for Giving

Living generously doesn't mean you should give beyond your means. It's about finding a balance that works for you. Start by setting aside a portion of your income specifically for giving. This allows you to be generous without compromising your financial stability.

2. Identifying Causes and Organizations to Support

Consider what matters most to you. Is it education, health, environmental conservation, or local community projects? Identify causes or organizations that align with your values, and focus your generosity on them.

3. Aligning Generosity with Personal Financial Goals

Make generosity an integral part of your financial plan. Align your giving with your financial goals. For example, if your goal is to achieve financial independence, consider how acts of kindness or charitable donations can support that aim.

Start today, and let generosity pave your way to a fully funded life!

3 Ways To Combat Inflation

 63% of Americans attribute their financial insecurity to inflation. In order to navigate through challenging financial times, it's essential to arm yourself with strategies that can help you combat the rising tide of inflation.

REVIEW YOUR EXPENSES

• Define All Income Sources: Create a list of all your income streams and explore opportunities for additional income.

• Outline fixed and variable expenses, while beginning to identify areas where you can potentially reduce costs. During challenging financial seasons, it’s important to prioritize essential spending (home, food, etc.) and lessen non-essential spending (eating out, overspending on entertainment, etc.)

COST MANAGEMENT

• Begin to implement cost-cutting strategies. Opt for store brands or generic products and share for discounts/coupons to reduce grocery expenses.

• Review your subscriptions and see if there are unnecessary ones you can eliminate. Additionally, contact your service providers for updated quotes to save money on cable, internet, etc.

• Build and maintain an emergency fund that covers at least one to three to six months of essential expenses.

PROFESSIONAL GUIDANCE

• If needed, find a financial coach to help identify your next financial steps and guide you through your personal finances.

There are ways to combat inflation! Implement these small changes to help yourself succeed during challenging financial times. We want to help you manage your money well during times of high inflation with the Inflation Busting Bundle!

Discover the tools and resources to equip you for success during challenging financial times. This full bundle includes:

• COURSE: Principles for Managing Money in Challenging Financial Times

• WEBINAR: How to Fight Inflation and Thrive

• 3 EBOOKS: On Budgeting, Debt Elimination, Bill Payment

• 1 PAGER: 10 Steps You Can Take Right Now 

• ​3 TOOLS: Weekly Budget, Monthly Budget, & Debt Freedom Date