Midday Money Show

We're moving forward passed an obstacle in our plan to build wealth, develop passive income and achieve financial independence.

Have you heard of turnkey real estate investment firms? These firms find properties, get tenants, and turn the keys and profit over to you. I'm a real estate investor and would love to add more properties, but finding reliable property management is going to be a key factor in my ability to grow. So I was happy to chat with Clayton Morris of Morris Invest and learn some helpful tricks of the trade. Whether you work with a turnkey operation and build your portfolio on your own, this is a great interview with useful ideas for investors at every level.

Your credit score tells lenders whether you are likely to repay loans. A higher credit score is in your best interest. Learn what you can do to improve your credit score quickly.

Your FICO score is an indicator to banks and financial institutions of how dependable you are with money. We know the higher your score, the better. But just how high should you aim? We'll talk about that and why this three-digit number matters.

This series will cover the basics of understanding credit and what you can do to improve it.

Melanie Lockert used the "good debt", student loans, to fund her undergraduate and masters degrees. When she couldn't find full-time work, she battled depression, loneliness, and self-confidence issues. Writing a Dear Debt letter and taking action helped her rebound emotionally and financially from a dark hole and helped her pay back all $81,000 of her student loan debt. September is National Suicide Prevention Awareness Month. If you debt has you down and you are plagued with thoughts of hurting yourself, please seek help. Melanie did and it was useful. NAMI is a good place to start.

Spending energy and time on unproductive relationships can sap your debt free progress. We wrap up our look into obstacles to the debt-free lifestyle by exploring why and how connections come into play.  Connections matter. Be intentional about who you permit into your social circle.

A lot! Accomplishing something as life-altering as digging out of debt will not happen without change. We have to change our priorities, our environment, and our habits to make the progress needed to be successful in this endeavor. Change is hard and can be an obstacle if we let it.

Work on developing the courage necessary to become debt free. Be bold about your mission. Be bold about dealing with temptations to give up. You have to stand up to outside forces and yourself. 

If you want to be a debt-free success story, consistency must become a part of your routine. Have you struggled in this area? We'll look at obstacles and tips for developing a consistent habit to pay off debt.

Effrem Jackson has 12 years of experience in the financial services industry. However, we focus on the three years it took him and his wife to pay off $40,000 of consumer debt. Toward the end of their journey, they experience a potentially life-changing course of action that was confirmation that debt freedom is a wise lifestyle of choice.

It’s time to wrap up this week exploration of how to keep and stick with a budget. This week, we’ve looked at using digital envelopes and how to do a quick tracking exercise. The icing on this budget cake is most definitely your Financial Committee Meeting. What’s that?  A Financial Committee Meeting is the intentional time that you schedule to TCB. Take care of your personal business. I know you’ve worked hard all week. Don’ t forget about the Financial Committee Meeting.

If you're like 60% of Americans, you agree that operating from a budget is a good idea. It's easier said than done. Today, we'll cover 3 easy tips for staying on budget. You want to prioritize TCB, taking care of your business.

A quick tracking exercise that works using GoodBudget.

60% of Americans say they want to budget but don't. Since budgeting is a learned skill, we're going to focus this week on developing the skill in a way that fits your lifestyle.

Jose was making plenty of money but had nothing to show for it. His family came together and learned to budget, live within their means, and pay off debt as a team.

I'm going to dive deeper into tech tools that have basic financial management features and are designed to help you build wealth. First up, Personal Capital. I started with this first because: 1. It's free. All analysis tools are 100% free. 2. Signing up comes with a free financial consult. 3. It's free!

Financial independence will look different in every household. A basic definition includes having more passive income than you have bills. I'll walk you through my practical steps to achieve financial freedom in an effort to spur ideas for your own plan to FIRE up your goals.

After clearly articulating my financial goals, I must connect my faith to this project. I'm a believer, and faith and finances are clearly intertwined - in my mind. Faith without works is dead - so I have work to do. This is not as easy to share, because I can't see the future. Well, you're welcome to come along for the ride. I have no idea what the Lord has in store. I just believe that in 3 years, we will be paying cash for a new construction home. In the meantime, there's a lot to do. Creating the financial plan for FIRE (financial independence/retiring early) is a concrete step that I can definitely get behind.  I'll do what I can, and leave the rest to God. That's the beauty of faith.

If that FIRE isn't just shut up in your bones, but a financial freedom goal on your to-do list; this series is for you. As I walk through my own plan for financial freedom, we'll explore what big picture items should be included. Step #1: Clearly identify what financial freedom means to you and what it will look like when you accomplish it. I lay my plans out in plain English. Next, I want you to be able to clearly articulate yours.