We all know that unless you have a plan, you are planning to fail…especially when it comes to money. That’s why, for S2 Ep7 Making Money Moves Part II: How to Create a Financial Plan that works, we are sitting down with financial planner and professional securer of bags, Ms. Tremaine Wills.
Tremaine is the is the owner of Mind Over Money, LLC, a registered investment advisory firm, where she focuses on helping ambitious black women create and execute financial plans. She is also owner of Mind Over Money Education, a financial literacy resource hub that creates financial literacy content for the culture. Tremaine is a Certified Financial Education Instructor and is passionate about closing the wealth gap.
Want to work with Tremaine?
Visit her website: www.mindovermoney.net | www.mindovermoney.education
Follow her on social media: @tremainewills | @mindomoneyria | @mindomoneyedu
Use her DIY financial planning tool: https://mindovermoney.education/product/secure-the-plan-dashboard/
Get a discount using this code: SUGARFREESENTME for 25% OFF
Schedule a call: https://calendly.com/mindovermoneyllc/discovery
What is a financial plan?
A financial plan is a roadmap for your finances that brings your dreams to life. It is directions for the assets and income you have in order to achieve your best life.
How do I develop a financial plan?
Set goals. Make sure you set clear, plain and attainable goals for your money. Also, make sure that you have a compelling motivation for the goals that you’ve set to help keep you from deviating from the path of your goals when times get tough.
What are some good goals to have for your money if you don’t have any?
- Determine how much money you need to have in the bank to make you feel comfortable and let that number be your first goal.
- Identify what’s important to you and put those things in your spending plan.
- Determine ways that you can generate more income
What elements comprise a comprehensive financial plan?
- A budget for day-to-day expenses
- Annual Budget
- Debt repayment plan
- Education Financing Plan
- Retirement Financing Plan
- Estate plan (including insurance)
- Tax Strategy
What is a good strategy for debt repayment?
- Avoid incurring large amounts of debt that don’t provide a return. For example, a mortgage is good debt because that is an asset that can appreciate in value and is providing you with a necessity (i.e. shelter). Using credit to purchase a fancy meal, is an example of bad debt because there is no return on that debt besides temporary happiness.
- Don’t rush to pay down low interest debt because you can use that money to invest in higher interest accounts and earn more money than what it’s costing you to borrow that money.
- Prioritize paying off higher interest debt like credit card debt (any debt with greater than 6% interest)
Best advice for creating a solid financial plan?
- Consolidate and Get Organized. If you have a ton of bank accounts, credit cards, bills…etc. eliminate the accounts that do not serve a purpose. Take good inventory of your remaining accounts and make sure you have a reason for each kind of account you have open.
- Have the Right Resources in place
- For banking, check out Ally because it has no overdraft fees and provides high yield savings accounts.
- For credit cards, go to your current bank first. Credit unions tend to provide better rates and are more lenient in their lending requirements. Navy Federal is a fantastic credit union if you have the ability to become a member.
- For help with budgeting, check out the “You Need a Budget” and “Mint” apps to help you get your finances in order.
- Know When to Ask for Help. If you’re not good with managing money, consider consulting with a financial adviser who can help you get a plan together.
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Hosts & Guests
Sydnee Mack (Host)
Tremaine Wills, MPH (Guest)
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