Last week, I was asked to speak at an event in Buckhead called "Living on Purpose and with a Vision." My topic was "How to Win with Money." In my Atlanta workers' compensation law practice, I work with clients to resolve their legal issues, of course, but we also work to resolve financial issues that living on a reduced income can bring.
Below, I will provide the outline for the hour-long speech, as I believe it will provide some helpful points to consider when working to live below (or at least within) your means after an injury at work. I teach many of these principles in my Atlanta financial coaching practice, too.
Below, I will provide the outline for the hour-long speech, as I believe it will provide some helpful points to consider when working to live below (or at least within) your means after an injury at work. I teach many of these principles in my Atlanta financial coaching practice, too.
1. Plan for your long-term financial future.
- time is your best friend (tax-deferred saving)
- the cost of being short-sided: yanking your money early means you lose nearly half
- never borrow from a company-sponsored retirement plan
-- cost of paying back your loan v. gains in the market
-- due when you leave
2. Manage your money (instead of the other way around).
- 7 steps to financial freedom
- basic budgeting: on paper, on purpose
- delaying gratification (saving for big purchases and avoiding credit)
- car payments = the bane of the middle class existence
--tax benefits of buying used in GA
- your home is not your piggy bank
3. Lenders (like wild animals) are not your friend.
- credit cards are guaranteed long term bondage
- high interest that enslaves for years and years
- plastic means we spend more
- get the right kind of mortgage and don't buy 'til you're debt-free
4. Get a will and have some insurance.
- life insurance if you have dependents
- don't let the government distribute your stuff when you die
- you don't need STD (assuming an emergency fund) but do need LTD
- health insurance is critical (new law re: COBRA premiums, HSAs, etc.)
- you don't need redundant insurance (cancer, accidental death and dismemberment, etc.)
Resources:
Online:
fool.com
daveramsey.com
frugaldad.com
Books:
"You Have More Than You Think" - Motley Fool (David and Tom Gardner)
"The Millionaire Next Door" - Dr Thomas Stanley
"Rich Dad, Poor Dad" - Robert Kiyosaki
"The Total Money Makeover" - Dave Ramsey
"Think and Grow Rich" - Napoleon Hill
Documentary film:
"Maxed Out"
- time is your best friend (tax-deferred saving)
- the cost of being short-sided: yanking your money early means you lose nearly half
- never borrow from a company-sponsored retirement plan
-- cost of paying back your loan v. gains in the market
-- due when you leave
2. Manage your money (instead of the other way around).
- 7 steps to financial freedom
- basic budgeting: on paper, on purpose
- delaying gratification (saving for big purchases and avoiding credit)
- car payments = the bane of the middle class existence
--tax benefits of buying used in GA
- your home is not your piggy bank
3. Lenders (like wild animals) are not your friend.
- credit cards are guaranteed long term bondage
- high interest that enslaves for years and years
- plastic means we spend more
- get the right kind of mortgage and don't buy 'til you're debt-free
4. Get a will and have some insurance.
- life insurance if you have dependents
- don't let the government distribute your stuff when you die
- you don't need STD (assuming an emergency fund) but do need LTD
- health insurance is critical (new law re: COBRA premiums, HSAs, etc.)
- you don't need redundant insurance (cancer, accidental death and dismemberment, etc.)
Resources:
Online:
fool.com
daveramsey.com
frugaldad.com
Books:
"You Have More Than You Think" - Motley Fool (David and Tom Gardner)
"The Millionaire Next Door" - Dr Thomas Stanley
"Rich Dad, Poor Dad" - Robert Kiyosaki
"The Total Money Makeover" - Dave Ramsey
"Think and Grow Rich" - Napoleon Hill
Documentary film:
"Maxed Out"
