Skyler Fleming has some great insights into personal finance and is here to share some valuable tips and strategies. One thing that Skyler emphasizes is the importance of starting with the basics. Sometimes, we get all caught up in complex financial strategies or obsessively tracking every single dollar. But Skyler believes that starting small and making significant improvements is the way to go.
One area where many people could use some guidance is budgeting. Did you know that there are simpler alternatives to tracking every single dollar? Skyler shares that many people are unaware of different budgeting strategies that can make a real difference in managing your money.
When it comes to tackling credit card debt, Skyler has some fantastic strategies that might surprise you. They suggest starting by assessing your goals. Are you looking to get out of credit card debt or focusing on short-term priorities? Knowing what you want to achieve will help you tailor your approach.
Skyler highlights a resource called Seven Money Talking Points. It's designed to help individuals and couples have meaningful discussions about money. It offers different perspectives on common financial steps and encourages tailoring strategies to individual circumstances.
Debt payoff is a big topic, and Skyler has got you covered with strategies like the snowball or avalanche method. He also recommends setting up direct deposit in a way that automatically saves a portion of your paycheck. And hey, have you heard of "The Automatic Millionaire"? Skyler recommends reading it and implementing automatic money transfers to different accounts.
Budgeting can be overwhelming, but Skyler's got a favorite method he mentioned, called the 50-30-20 rule. Here's a tip: instruct your HR department to allocate percentages of your paycheck to different accounts. It simplifies the budgeting process and takes away some of the stress.
While we're on the topic of simplicity, Skyler advises against getting overwhelmed with detailed stock picking or optimization. He believes in starting small and gradually optimizing strategies. The goal is to keep things simple and manageable.
One thing Skyler emphasizes is the power of conversations. Talking to friends about financial challenges can alleviate stress and provide valuable insights. You never know what helpful tips or strategies you might discover, like using credit card points for free travel!
If you're looking to try new financial tools, Skyler suggests starting with ones that make your life simpler. Watch some YouTube videos to learn more and reach out to someone who has used the tool for their thoughts and opinions. Test it with a limited mindset and in the short term before fully committing to it.
Personal finance isn't just about investments and managing money. Skyler shares a personal story about his wife's student loans and how they see it differently. It's a reminder that personal finance is a deeply individual experience. Tailor your financial goals to your unique situation, whether it's paying off debt, investing, or building an emergency fund.
For Skyler, personal finance goes beyond just money. It influences his behavior in areas like recycling and community involvement. He finds joy in engaging in conversations, undertaking fun projects, and helping people locally, making a positive impact and finding fulfillment in the process.
Skyler's foundational advice? Have at least one month's worth of pay in your bank account. Budget based on last month's income and save your paychecks for the following month. It provides flexibility and makes managing bills and expenses a breeze.
Automating paycheck allocation and bill payments are essential financial tasks. Set up automatic payments for bills like credit card bills, and you'll worry less about missing due dates. M1 Finance is a tool that allows for automatic investing. Set it up once and forget about it. Automating tasks like budgeting and bill management can bring peace of mind and improve financial stability.
The key to pursuing uncomfortable conversations about personal finance is to start small and be open-minded. Ask questions, have discussions, and don't be afraid to try new tools or strategies. You might just find yourself on a path to financial success.
Thanks for signing up!
