• Combining your finances: One of the biggest issues that the newlyweds usually face is how to handle their finances.  Most couples are struggling with this as they wonder whether or not they should merge everything and have a joint single account or whether they should have individual personal accounts and a joint account only for household expenses. A survey shows that 65% couples put their money in joint accounts and the rest of them keep everything in separate accounts. For the newlyweds, the choice should be somewhere in the middle as you should have some autonomy money.  When one spouse enters into a hefty debt load, the other spouse can use his/her funds to help the other.

However, I can tell you that I was NOT prepared to find such a large number of folks claiming to be financial coaches.  It seems just about everyone is throwing up a blog with some tips on how to budget and using it to call themselves a financial coach.

For the individual who is looking to work with a financial coach, how do you find a good one?

Although it can be overwhelming, it really boils down to the following:

This article comes from Steve Gillman's Secret Information Newsletter.  I highly recommend checking out Steve's site: https://everywaytomakemoney.com/ 

On the flip side though, a lot of people feel they can "get rich quick".  By playing the lottery, gambling at casinos or partaking in other get rich quick schemes, they think there's some easy way to get a lot of money.

The different perception of getting rich vs. building wealth is the only reason I titled my book "Getting Rich is Simple...But It Ain't Easy!" instead of "Financial Freedom is Simple...".  I knew the current title would likely get more readers because people are looking for the magic pill to take, or magic wand to wave and then just watch riches fall into their lap.

Now, I know some of you may be thinking, "I don't want my kids to just inherit millions; I want them to work for it like I did" or "I don't want them to be spoiled rich kids thinking the world is owed to them".  That's understandable to feel that way.  But know that the stereotypical "rich brat" that we see on TV is an exception, NOT the norm.

Well, they are either at one end of the spectrum where they are frivously spending money they don't have, maxing out credit cards, over leveraging themselves to purchase things.

Digging themselves deeper and deeper in debt, stressing themselves out to "keep up with the Joneses". 

But I've heard it said several times over the past few years, "quit trying to keep up with the Joneses, because the Joneses are broke also!!"

First of all, let me clear up never worrying about money again. It doesn't mean not having any money problems at all. Lord knows we get our share. But by applying the formula we describe, we can say with absolute certainty that when they do happen, we can quickly and confidently create a plan to solve the problem and keep right on moving forward on our journey towards financial freedom.

Let’s say you and I have a similar passion and interest and think we would make a good team. We begin tossing the idea around about how to take what we love to do and make profits. We set up meetings, research, obtain new information and educate ourselves through seminars in an effort to make this a success.

We start a company and are making money! It gets good and we lean on one another for our various strengths as we recognize how to bring out the best in one another. But after awhile, I don’t keep appointment times, I cancel meetings, I don’t return your calls as quickly as before and you are carrying the load.

Sometimes, it only takes a few moments to save several hundred dollars.  Reassess your insurance needs and see if you're paying too much.

If you start paying close attention you'll find these continuity programs, as they're called, everywhere. Salons/spas, streaming TV, SAAS, auto clubs, professional associations, nutritional products and just about anything you might think of buying through an infomercial.

You must determine whether the benefits (i.e. discounts, savings, etc.) you get from the product or service justifies the monthly cost. 

I was listening to a podcast and the host had made the statement "The Wealthy Hate Waste".  This struck a chord because I realized that wealthy people don't spend money frivolously.

You might be thinking, "What about those athletes or entertainers who buy 20 cars, 80 room mansions, in ground fish tanks, etc.?" I don't count them in the group I'm referring to because in most cases it wasn't true wealth accumulation that made them their money. They are actually just highly paid for their talent or skill, which is rightfully deserved, but to me it is not an indication of a person who has really built wealth. For a lot of those people, they are for the first time in their lives getting some money, and their lack of discipline and the euphoria of it all causes them to spend it unwisely.

Here's a quick piece of advice to all my couples out there.  Pay close attention.  It just might save your marriage!

Trading time for money — By far the worst of the three income earning strategies, it is employed by approximately 96 percent of our population—doctors, lawyers, accountants, laborers, etc. There is an inherent problem with this strategy—saturation. You run out of time. If a person accumulates any degree of wealth employing this strategy, it will be at the expense of a life. They compromise on the car they drive, the house they live in, the clothes they choose and the vacations they take. They rarely, if ever, get what they want.

Investing money to earn money — This strategy is used by approximately 3 percent of the population. The number is small for the obvious reason—very few people have any money to invest. Many people who effectively employ this strategy follow the advice of a trusted, knowledgeable advisor.

Leveraging yourself to earn money – This is where you multiply your time through the efforts of others by setting up Multiple Sources of Income. This is, without question, the very best way to increase your income. Make a decision to have many sources of income; it’s the strategy that wealthy people have used dating clear back to the ancient Babylonians. Unfortunately, this strategy is only used by approximately 1 percent of our population, yet that 1 percent earns approximately 96 percent of all the money that is earned! You are only a decision away from membership.

Once you decide to take charge and get on a high powered debt reduction plan, you might wonder: is it better to pay the smallest debts off first or the highest interest ones first?

Well, both ways have their advantage, so depending upon what’s most important to you, you’ll have to decide.

Smallest debts first – the benefit of paying smallest debts off first is that you actually get to see progress quicker. When you can see the list of people that you owe start to shrink, it makes you feel good and you know that you’re plan is working.

Highest interest first – the benefit of paying the highest interest debts off first is that you save more money over the long term than if you were to let the higher interest rate linger on.

A good rule of thumb to use: If you have more than 4 debt accounts, use the smallest debt first method; otherwise pay the highest interest rate debts off first.

Rosland Capital, a premier precious metals firm, has put together an infographic that maps out the various routes to retirement. This informational guide highlights everything from precious metal IRAs, to Simplified Employee Pensions, and Medicare benefits.

His story compared two families where one person borrowed money from a family member, didn't pay it back, and both parties show up to the family's holiday dinner.  He talked about how it was looked at in each family.

So who’s right? Believe it or not, I would go so far as to say that much of the financial information, strategies, etc. out there is good in it own way. Until discovering my own personal finance strategy,we tried a lot of different things before just narrowing it down to what has worked consistently for us. So I’m not one to say that there is one specific philosophy to follow. Heck, I even encourage you to contrast different “gurus” to see which one works best for you. Because you will find that you are able to pick and choose from different advisors and tailor it to your needs in order to reach financial freedom.

Guest post from Trea S. Branch of Trea's Two Cents

Guest post from LaKeisha Mallett of Mallett Coaching

[NOTE: Rube Goldberg is the inspiration for various international competitions, which challenge participants to make a complicated machine to perform a simple task. And many are doing just that.]

A good way to think of it is this:

• Expenses get paid forward
• Debt gets paid backward

Because of this, I don’t classify expenses as good or bad. Instead, I like to think of expenses as necessary or unnecessary.

Let’s face it: If you truly want to get rich & achieve financial independence, it’s going to take some work! However, if I told you that you could become rich and increase your net worth (regardless of how much money you currently make) by using a tried and true formula that consists of 3 simple steps, would you believe me? Well you should, because it works!

How do I know? Because We Have Used This Formula to Continually Increase Our Net Worth Over the Past 20+ years!

Even through soaring gas prices, skyrocketing grocery costs, and disappearing jobs, I've noticed that many people are still spending money as if it's not affecting them. I've seen no shortage of people at the malls/retail stores, eating out at restaurants, no shortage of cars at the gas stations, etc.

So even in a recession, it's safe to assume that people are still going to be spending. The question is: are you going to be one who continues to complain about it, or are you going to be one who recognizes that in times such as this, there is an abundance of opportunity?