Category: Following Your Money Blog

How to prioritize your list of colleges

My son will be going to college next year and we are working with him to narrow down his choices. After a first cut, we arrived at a list of 6 schools that he would be interested in attending based on location, programs, admissions requirements, and taking a campus tour. He applied to all 6, and we expect that he will get into at least 4 of them, but he could get into all 6. We now need to figure out how to help him further prioritize that list.

To help us make informed decisions, we are going to weigh both qualitative and quantitative criteria to prioritize the list.   Continue reading “How to prioritize your list of colleges”

Thank you!

Many thanks if you downloaded my book on Amazon!

Your efforts helped me achieve a #1 ranking in 3 Amazon Business & Money categories during my free promotion launch.

A BIG thanks if you also provided a review!  If you downloaded the book, but haven’t had the chance to review yet, you can still do so at any time.  Every review helps!

Also, if you liked the eBook, then check out my website at DIYmoneytrack.com, and follow me by downloading the playbook tools, and/or by signing up for my blog.

I’m already working on a second book that will help Millennials understand the cost of making big financial decisions, like raising children, so stay tuned!

Thanks again for your support and enjoy the holidays!

Savings evolution: Use these three measures to become a money master

When my kids were younger we taught them to save money by using three envelopes:  One to save money for charity, another for short-term spending, and the last one for longer-term savings (deposited into a bank account).  For example, if they received a $25 gift for their birthday then the money needed to be split as evenly as possible among those three envelopes.  This approach was a very useful way for my wife and me to help our young children understand the importance of saving for different purposes and timeframes.   Continue reading “Savings evolution: Use these three measures to become a money master”

Great sites for staying up-to-date on money matters

If you read my prior post on developing financial know-how, then you’ll know that keeping up to date on personal finance news and information is one of the steps in the advancement cycle.  The great thing is that in this age of online subscription services you can select topics that matter to you and have the information delivered directly to you.

I have a few different information services that feed updates on personal finance to my email and Twitter accounts.  These feeds provide information on a range of topics and are particularly useful if you are nearing a significant life goal like starting or changing careers, or deciding when and where to retire.  I receive feeds from a number of different sources, including those specific to industries or technologies I’m following for investing purposes.

It’s easy to get overloaded and overwhelmed with all of the different sources, so I recommend getting started with a few that allow you to better understand how to financially plan for life events, stay on top of your money, and comparison shop products and services.

Continue reading “Great sites for staying up-to-date on money matters”

Developing financial know-how by learning to speak money management

You may have heard the term “financial literacy” which by definition is the education and understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning.

Financial literacy fundamentals are often taught in schools starting in middle or high school, with mixed results at best.  A study completed by George Washington University and PwC proves this point.  Based on a survey of over 5,500 Millennials, it was determined that only 24% of Millennials exhibited basic financial literacy, and only 8% demonstrated high financial knowledge.  Part of the problem is that school-taught financial literacy focuses on concepts with limited application to the school-age audience.  To help this young audience succeed over time, we must be prepared to offer timely support to foster “financial know-how”.  Continue reading “Developing financial know-how by learning to speak money management”

How do I follow my money? By tracking funds flow

I thought it would be good to kick off my blog series with an important section from my book, Following Your Money, on personal flow of funds.  This fundamental personal finance concept was the inspiration for naming my website.  Clearly in order to follow your money you must understand the concept of cash inflows and outflows, and most importantly how decisions regarding those flows will impact your ability to fund life events and goals.

Continue reading “How do I follow my money? By tracking funds flow”