Parlor Rock Financial Coaching

08/26/2022

05/16/2022

Financial Tip Of The Week.

Concerned about the dip in the stock market? Now may be a perfect time to move money from your traditional IRA to your Roth IRA while stock market values are low. You will pay some taxes now but the money will grow tax free when the market recovers . Consult your tax advisor to make sure this strategy will work for your situation.

05/13/2022

The average new car payment is OVER $600 PER MONTH. If you invested that payment over the course of 20 years, you'd have about half a million dollars. After 30 years, it would turn into over 1.5 million! That new car payment is weighing you down and it's NOT worth it.

When buying a car, always pay with CASH. Until you've built up a net worth of at least a million dollars, only buy used cars. This strategy helps to prevent too much of your net worth being tied up in assets that are going down in value.

Remember, no one cares what kind of car you drive, except for YOU. Put your long-term goals first, not the short-lived thrill of impressing people you don't even know for 10 seconds at a stoplight.

Right now isn't a great time to buy a car if you don't absolutely have to. If you're in a situation where you need to, do your future self a favor by paying cash for a reliable, used vehicle.

04/21/2022

People are made poor every day by their need to appear rich. Act your wage.

10/20/2021

FINANCIAL TIP OF THE WEEK

How compounding interest works. One of the best known ways to figure how long it will take for your money to double is with the rule of 72. It states that when you divide 72 by your interest rate your money earns, this will be the number of years it takes for your money to double in value. Using round numbers, if at 20 years old you put 30k in a good mutual fund earning 10.2% (The 10 year market average is 10% annually ) and didn’t add to it, at age 62 you would have roughly $1,900,000.00. The money would double in value every 7 years. That’s the beauty of compounding interest. Starting young is best but it’s never too late.

10/15/2021

FINANCIAL TIP OF THE WEEK

Have not done a financial tip of the week in a while but I read this quote today from Albert Einstein and it just rang out so true.

Albert Einstein once described compound interest as the “eighth wonder of the world,” saying, “he who understands it, earns it; he who doesn't, pays for it.”

I hope this quote comes to mind the next time you’re contemplating a loan.

09/28/2021

What Is Debt?
Debt is when you buy something you can’t afford. You justify taking on debt based on the premise that your financial situation will never get worse than it is right now. Think before you leap!

07/05/2021

Wondering how you should be investing? The Simple Path to Wealth is a easy read. JL Collins wrote this book for his daughter and put investing in simple terms. Highly recommended.

03/29/2021

Some lessons are timeless.

It’s better to go to bed hungry than wake up in debt.

Ben Franklin

01/05/2021

How to start the new year off on the right foot? Try baby step one. Get yourself a $1,000.00 emergency fund. How you say?

01/03/2021

Start today!!!

01/01/2021

How to start the new year off in the right direction.