We interrupt our regularly schedule programming to bring you two pieces of news today:
- In case you didn’t know, it’s Financial Literacy Month! Be sure to tell all your friends so they know how cool you are!! ;) (And so they finally get your hints to start paying attention to their money – hah)
- Capital One is offering FREE money coaching services!! TO ANYONE WHO WANTS IT – NOT JUST CAPITAL ONE CUSTOMERS! (Whaaaaaaaat?)
Yup – as a partner of theirs I just learned of this, and wanted to make sure you were aware of it as I’m a HUGE proponent of money coaching having been one myself and seeing just how much it can help people. Sometimes you just need a little accountability and to make sure you’re headed in the right direction! Which $$$ coaches are perfect for!
(And which doesn’t require having gobs of money to invest either, something financial advisors are notorious for only caring about… Money coaches will help you whether you have $0.00 or $1,000,000 laying around, but set you up so you *can* invest later in the future whenever you’re able/ready to!)
What’s better – these sessions by Capital One are shaped around your *life* and *goals* vs the money itself, since that’s going to be the driving force behind your success anyways. The “why” as they say!
If you don’t know what you TRULY want to get out of life, ain’t no money planning going to help you as you need that set of values and priorities down right. And this money coaching they offer is set up to guide you in exactly this manner.
Here’s what they cover:
- Session 1: “Get Clarity” — You’ll explore what matters to you, and where you want to go with your life and money.
- Session 2: “Remove Roadblocks” — You’ll uncover what’s weighing you down and keeping you from making changes.
- Session 3: “Make a Plan” — You’ll create a plan with your coach so you can do more to reach your goals.
I also caught a bunch of stats from their “2018 Financial Freedom Survey” which you also might find interesting…
Nothing TOO crazy in them, but if you find yourself in the majority of the win section here, it’s something to feel pretty proud about for sure :) Be thankful you’ve come this far!
- “Nearly half of non-retired Americans are still struggling to save money for the future and don’t think they earn enough to save sufficiently for retirement – same as in 2015.”
(This is why it’s sooooo good to get started EARLY on this mission!! Get used to diverting some money early on before you miss any of it, and then gradually increase it as you go and get raises/bonuses/promotions/etc. Lifestyle inflation is the devil!)
- “While most (69%) non-retired Americans are saving some amount for retirement, just 15% are saving more than 15% of their income for retirement.”
(Better than 0% though! Or 10% – which is the industry “standard” for some reason? It, of course, depends on what stage you are in all this, but the faster you can bump those numbers up, the better chance you have at living that ideal lifestyle of yours and hopefully being able to retire at a decent age… or at least work on the stuff that really matters to you and not have to worry or think about $$ as much! Which is the ultimate goal of financial management – dealing with money now so you don’t have to deal with it later! :))
- “Only one-fifth of women (22%) say they are very confident they’re sufficiently saving (compared to 39% of men).”
(I don’t know enough to guess why women and men are so different [and not going to dare guess, haha…] but if you’re a woman here reading this, please chime in below and we’ll discuss :))
- “63% are willing to give up meals at restaurants and 61%, big ticket items. Millennials and Gen X are most willing to give up these luxuries.”
(Good!!! That’s what you’re going to have to do if you want to build up that $$$ faster! Unless of course it’s your #1 or #2 priority – which is fine – but only if you’re cutting back on all the stuff that *isn’t* in that case. I don’t care if you blow all your money on stuffed animals or marbles – just make sure it’s going towards something that makes you happy and not stuff that doesn’t!)
- “If Americans had access to an extra $1,000, more than half (52%) would save it or use it to pay down debt; only 10% would use it to buy something special.”
(Gotta love it :) It’s not 70% or 80%, but hey – baby steps! Although what people *say* they’d do and what they’d *actually* do are usually quite different, haha… It’s much harder to not spend all that cash when it’s smack in your lap than when some magical genie pops up and asks you about it ;))
- Pay attention to your money now vs later for the best shot of success!
- Align your life with your goals/values, while keeping the Big Picture in mind – since that’s really what you’re after in the end, not the dollars and cents!
- Remember to be proud of how far you’ve come over the years, even if it’s not as far as others. (And spoiler alert – you usually never know how *well* everyone else is doing anyways – they’re good at putting on a show!)
- And lastly, if you can benefit from some good ol’ fashion accountability, make sure to take advantage of Capital One’s free money coaching sessions hosted at a number of their Cafés! It’s going to be an ongoing thing, and all you have to do to grab them is make an appointment.
See ya back tomorrow for another riveting post! We’re going to cover some fun “Would You Rathers” and see how far you’re willing to go for your finances ;)
#FinancialLiteracyMonth has never looked so cool!
PS: For other Capital One tools you might find helpful, see below:
- 360 Savings Account: Fee-free, and comes with the ability to open *multiple* accounts so you can have a ton of savings buckets going on for all your goals! (Emergency fund, house fund, vacation, Xmas, etc). You can see a review of them we did over at Rockstar Finance here, and then here’s a post we featured on why having *more than one* savings account can be better for your finances.
- 360 Money Market Account: Fee-free online savings account offering a high-interest rate (currently 1.5% for $10Gs+).
- Capital One Cafés: Something I can’t wait to come to the DC area!! I want to work out of one so bad! –> “Our Cafés are inviting spaces where you can go to bank, get answers to your financial questions, recharge your devices, or simply connect with people. All with a handcrafted Peet’s® beverage and local pastry in hand.”
PPS: This post was sponsored by Capital One… in case it wasn’t super evident by now :) I use them for all my biz banking accounts and have been pretty solid for me over the years.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!