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Below is the 4-part class with 7 secrets to supercharge your finances and build wealth
Part 1 – 7 Secrets To Supercharge Your Finances (1-2)
Lesson 1 – Finding your WHY
DISCLOSURE: Some of the links in this guide are affiliate links. This means that we earn a commission (at no cost to you) when you click through our link(s) and make a purchase. This helps us offset the costs of the free training we provide and allows us to better serve you.
Let’s jump right in on one of the most important aspects of your finances. Finding your WHY and purpose for life will help reduce the amount of stress you have in the future. To find your WHY you have to ask yourself what do you want to accomplish with your financial future and what is your purpose in life.
Every person in the world is born for a reason and it’s your responsibility to figure out why. Your WHY is like having a map and gives you direction of where you’re going. You can live your life by accident or be intentional about what you’re going to do. Living by accident you will definitely experience some amazing things but living your life with purpose adds value and creates worth in your journey towards something.
Once you find your WHY you will gain more confidence and feel that your life has more meaning than you thought it did. Your WHY will help you make better decisions financially because you will focus on doing things that align with your WHY rather than wasting time on things that don’t help you progress.
Your WHY provides direction, focus, and meaning that leads to confidence.
Lesson 2 – Create a financial plan
Creating a financial plan is something everyone must do when managing their money. This is where you write down your vision and goals and keep track of your progress.
Most importantly, you have to understand what it is you want to do in life before you can create your financial plan. That’s why we start with finding your WHY. Even if you’re a beginner, creating a financial plan doesn’t have to be hard. You can accomplish this with no experience or a professional.
A financial plan is the roadmap for your future and family. No one should care about your financial well-being more than you. Having a solid financial plan will help you save money, buy the things you really want, and accomplish your goals like retirement and buying your dream home.
It’s important to know that everyone’s financial plan will look different. It depends on several factors that include your specific situation. Making the decision to focus on your financial future is a big deal! It’s the start of something new with your money and you’re deciding to create a plan to accomplish goals that will change your life for the better.
Some important things to include in your financial plan are:
- A monthly budget to help manage your income and expenses
- An emergency fund
- The right type of insurance coverage
Start thinking about your purpose in life and what you want to accomplish. After that, start creating your financial plan so you can be on your way to understand what's important with your life and money. You may already know these things, and if that's the case, this step is super easy for you! Once you know your WHY and create a financial plan, you're done with lessons 1-2.
Part 2 – 7 Secrets To Supercharge Your Finances (3-4)
How exciting would it be to have a detailed budget along with a financial plan today?
This free guide is designed to help you make it possible. You may be having doubts about your finances. Trust us, it’s not as hard as you may think. For example, we were able to pay off $240,000 in 27 months once we got laser-focused on managing our money. Managing finances requires a plan and action.
The steps in part 2 will help you create a budget and identify your debts to help with money management. Wouldn’t it be great to know where all of your money is spent? Taking the necessary steps in this guide will help you save more and put money back in your pocket.
Lesson 3 – Create a budget
This is a step that reveals a lot for most people once they complete it. Creating a budget means writing down your monthly income and expenses. A budget is not a restriction, but rather giving yourself permission to spend your money the way you want. Budgeting allows you to be in control of your finances.
Here are 5 easy steps to create a budget:
- Calculate your after-tax income. Your after-tax income is generally the paycheck that you receive however, there may be built-in expenses that reduce that amount. When you think of income consider EVERY dollar that comes in monthly. This includes side jobs, second jobs, social security checks, disability checks, child-support, and anything that is increasing your income.
- Calculate your monthly expenses. Monthly expenses can vary from month to month, so creating a budget will allow you to keep track of everything. Before you even start a budget, make sure you are current on all of your bills.
- Choose a budgeting plan. Your budget must essentially address two basic things: your needs and your wants. Identifying a need versus a want can be as simple or as complicated as you would like to make it. As a rule of thumb, the stricter you are with your wants the faster you will get to your debt-free and wealth goals.
- Write it out and commit to it (your spouse too!, if applicable). You will need a way to stay on the right track with your money.
- Reconcile and revise. Revisiting your budget does not have to happen only once. However, it needs to take place at least once. Therefore, we suggest setting aside time to reconcile your transactions to make sure they match your budget.
Your income is your most powerful wealth-building tool so you must have a budgeting plan and process that works for you. Increasing your income will help you speed up the process of building wealth. There are many ways to increase income using side hustles.
Here are some great options to consider:
- Start a blog. Blogging is quite affordable and you can create your own here with our FREE 5 Step Introduction Course. Get started for as low as $3.95 per month. In addition, learn how to start a blog using our tutorial WordPress Blog: How to Get Started.
- Earn gift cards with Swagbucks for answering surveys. Sign up in less than 2 minutes and get a free $10 bonus.
- Earn cash on everyday purchases with Ibotta.
- Earn cashback with Rakuten for shopping at your favorite stores. Join today and get a $10 cash bonus.
Lesson 4 – Identifying your debts
Paying off debt is hard. You may feel discouraged when thinking about your debts and have thoughts you’ll never get out. Paying off debt takes time and you must identify your debts first before you can create a debt payoff plan.
You want to attack your debts and pay them off as quickly as possible. For most people debt has become normal. However, it requires a positive mindset and understanding of which debts are important to pay off first.
We have had a lot of success with knocking out debt very fast and we don’t like seeing people give up on reaching financial freedom. To reach financial freedom you must get out of debt first.
The first thing to do when identifying your debts is don’t borrow any more debt. You cannot borrow your way out of debt so you have to stop adding to your debt total. You will be able to enjoy life even more once you’re free from the debt you have. You also will need to reduce your expenses as much as possible.
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Imagine no longer living paycheck to paycheck or having to ask what the price of something is. That is the life you should be striving for so you can live the life you deserve.
Create a budget so you can keep track of your progress and commit to it. Budgeting will help you stay on track and understand where your money is going. Next, identify your debts and list them out so you can create a plan of attack to pay them off as quickly as possible.
Part 3 – 7 Secrets To Supercharge Your Finances (5-7)
I know we’ve thrown a lot of information at you so far but let’s keep going. These are the final steps of the 7 secrets to supercharge your finances.
Lesson 5 – Insurance for your protection
Learning how to build generational wealth can change your life and legacy. Some people make over $100,000 a year but don’t know where the money goes each month. You can make less than $50,000 a year and still have a lot of money at retirement. It’s not about how much money you make, it’s about how well you manage your money and how much you save.
Having a lot of money requires you to protect yourself and your family with the right type of insurance. The type of insurance you need for your protection include:
- Car insurance
- Health insurance
- Homeowners/renters’ insurance
- Term life insurance
Our finances more now than ever need security and a lot of reassurance. Financial security protects you in many ways and helps with the unexpected. Make sure you have car insurance above the minimum to protect you and the passengers.
Health insurance is an absolute must since medical incidents are fairly common. Having health insurance is one way to prevent a medical incident from nearly bankrupting you.
Lesson 6 – Create a life will
A last will is a critical part of financial security and building generational wealth. A last will determines where your belongings, savings, and property go upon your death. To get started with your last will, visit LegalZoom. LegalZoom provides specific legal documents to help establish your last will. In addition, our affiliate link will take you directly to the last will and testament page.
Create a will is simple. Here are the steps to making a will:
- Decide what to include in your will.
- Select your beneficiaries.
- Choose the executor of your will.
- Name the guardians of your children (if applicable).
- Have a safe place to store your will.
- Keep it updated as life changes (childbirth, adoption, marriage, etc.).
For most situations, you don’t need an attorney to establish a will. The process is pretty straightforward using
LegalZoom and only takes about 15 minutes. All you need is something to take care of the basic property, children, investments, and personal belongings.
Lesson 7 – Establish a clutch fund aka emergency fund
Your clutch fund can only be used to take care of an emergency situation. You should start with a minimum of $500 and increase it as much as possible. It’s important to have a clutch fund that covers at least a few months of your expenses and save an amount that you believe will keep your family secure.
There will always be an emergency and you have to be prepared for it. You can start by calculating your minimum expenses and decide how many months you want to save up for.
Be sure to store your clutch fund is a place that’s easily accessible such as a savings account. But, be sure to keep this money separate from your regular checking account because it’s only meant for emergencies and not to be mixed with regular monthly expenses.
This is why we addressed having a budget earlier in the guide because that’s the foundation for you to know how much your monthly expenses are. Without a budget, you wouldn’t have an idea how much money you need each month to live.
Take time to make sure you have the right insurance coverage in place today. You don't want to go another day without protecting yourself and your family.
Start the process of creating a last will to be certain your money and belongings are handled correctly if you die.
Focus on establishing your clutch fund so you are prepared for the unexpected emergencies that life may throw at you. Remember, save an amount that you're comfortable with having for your situation.
Final Lesson – Answering your questions
Answering some of the most frequently asked questions
1. Question – How did you pay off so much debt so fast?
Answer – We worked hard to increase our income by finding side hustles and working more hours at our day jobs. We also found ways to decrease our expenses.
2. Question – How can I pay off debt if I am barely able to pay my bills each month?
Answer – Great question! You have to find ways to reduce your expenses and consider a part-time job or asking for a raise at your day job.
3. Question – I want to buy my first house but I don’t know where to start. How can I get more comfortable with buying a house?
Answer – Buying a house is a big decision but a great step to take in life. The most important thing is to make sure you’re ready for homeownership and select a great real estate agent who will guide you through the process.
4. Question – Where should I store my clutch fund aka emergency fund?
Answer – You should store your clutch fund separate from your regular checking account. You can choose a regular savings account if you want.
5. Question –What is the best budgeting method to use for my finances?
Answer – There are a lot of budgeting methods out there. But it’s most important to use the budgeting method that you like to use and works best for your situation. Try out a few different budgeting methods and decide which one you like the most.
6. Question –Is the student loan forgiveness program a good idea for me to try to use?
Answer – Unfortunately, the student loan forgiveness program is not a good financial plan for you to use. There’s only a very small percentage of applications that are approved. You are better off creating a financial plan to pay off your student loans as fast as possible.
7. Question – How do I calculate my net worth?
Answer – Your net worth is calculated by taking your assets and subtracting them from your liabilities. Assets are anything you own and liabilities is anything or anybody you owe.
That is the end of this free supercharge your finances guide. We are honored to have you this deep in this guide. We hope you learned a lot with these 7 secrets and have a successful financial journey. Whenever we see good financial tips we will make sure to share it with you via email.
We sincerely hope you enjoyed this 4-part guide on how to supercharge your finances. If you did, please forward them to your friends and family or have them sign up to get them here.
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To recap what you learned in this 4-part guide, here are your steps:
- Find your WHY
- Create a financial plan
- Create a budget
- Identify your debts
- Get insurance for your protection
- Create a life will
- Establish a clutch fund
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Prior to starting Secret to Finance, Neiko & Alexis decided to sit down and figure out a financial plan. They needed to see a plan written out to come up with a plan to start paying off our debt. They wrote out the type of debt they had, amounts, interest rates, etc.
By taking the time to organize their finances they were able to create a plan to attack their debt. Ultimately, this gave them the confidence to go after paying off their debt in 4 years.
Below are the type of debt and amounts they started with:
- Medical ($3,700)
- Credit cards ($11,700)
- Auto loans ($116,000)
- Student loans ($325,000)
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