What’s Poppin’,

This is the Master Money Newsletter. We are your money Sidekick. The Tails to your Sonic. The Robin to your Batman. The George Constanza and Elaine to Your Jerry Seinfeld. The Ethel to Your Lucy. The jelly to your peanut butter. You get the picture. We got your back.

Here’s what we have on deck today:

📰Read: How to Develop a Healthy Relationship with money

📺Watch: The 2 Fund Portfolio

🎧Listen: 13 Money Goals to Achieve Before 40!

Numbers to Know

💰The Different ways to pay for college.

💻5 things to know before the April 18 federal tax deadline

📈How much more will the Fed raise rates?

🤔The FCC is cracking down on scam text messages. Oh look I just got another one.

How to Develop a Healthy Relationship with Money

Today, we're taking a deep dive into the art of cultivating a healthy relationship with money.

Why? Because it paves the way for happiness, clarity, security, and reduced stress.

Don’t worry. I am not going to have you chanting woooo saaaa at the end of this. But ya boi does want to realize that this is important to develop.

For some, this stuff comes naturally. For others, we have to put in the work just like anything else.

But, developing a healthy relationship with money is a superpower.

Let’s get into it.

💸 Understanding Your Money Personality

To establish a strong relationship with money, start by recognizing your money personality. Keep in mind that your personality type can change over time, and you might exhibit traits from multiple categories:

Spenders: You make purchases beyond your means, seeking happiness through material items. You often accumulate credit card debt and struggle to break their shopping addiction.
Misers: Driven by a fear of poverty, you worry about not having enough money and seek control. Ironically, your frugality leads them to live as if they are dirt poor.
Haters: Detesting money and its influence on people, you avoid wealth and material possessions whenever possible, sometimes living in deprived conditions.
Seekers: Obsessed with becoming wealthy, they believe that money will solve all their problems. In reality, other aspects of their lives may be inadequate and in need of attention.

If you are only one of these, you are on a unhealthy end of the spectrum. Most of us fall into 2 or more categories as we try to figure out this money thing.

🔎 3 Crucial Questions to Assess Your Money Relationship

How do you feel when checking your finances? If it's anxiety-inducing, that's a sign of an unhealthy relationship. Pro tip: Check your bank accounts daily (not investment accounts) to regain control and reduce anxiety. Consistently reviewing your finances helps you make small, impactful changes.
What's your money script? We all have beliefs about money that shape our relationship with it. Negative thoughts about money can be damaging, but so can an unhealthy obsession with wealth. Strive for balance by understanding that money is a tool to achieve your goals, not the sole source of happiness or self-worth.
How does other people's wealth affect you? If Karen gets that Chevy Tahoe you’ve always wanted and it pisses you off, it may indicate an unhealthy relationship with money. Focus on your own financial journey instead of comparing yourself to others. Repeat after me. You should only focus on what you can control.

💪 Strengthening Your Money Relationship: Tips and Tricks

Understand money's role: Remember, money is a tool, not a measure of self-worth. It can provide freedom and help you achieve your goals, but it shouldn't define you. Separate your net worth from your self-worth and celebrate your financial wins without dwelling on mistakes.
Find your motivation: Identify what truly drives you to seek money. Is it freedom, providing for your family, or pursuing new experiences? Clarifying your motivations will help you create a healthier relationship with money.
Talk about it: Break the taboo and openly discuss money matters with supportive friends in a judgment-free environment. Celebrate victories, learn from mistakes, and share tips to improve your financial well-being.
Focus on what you can control: Direct your energy towards spending, saving, earning, and investing decisions. By taking charge of these areas, you'll feel more empowered and in control of your finances.
Schedule a weekly 20-minute money date: Managing money with a partner is hard. Money dates help. Consistently review your accounts, budget, and financial goals to stay on top of your finances. Use this time to assess your progress and make any necessary adjustments.
Ignore the Joneses: Comparing yourself to others can be toxic and counterproductive. Focus on your own happiness and financial goals, and remember that everyone's journey is unique.
Make small, effective changes: Implement incremental improvements, such as automating savings, contributing to your 401(k), and cutting unnecessary expenses. Over time, these small changes can lead to significant improvements in your financial security. Get 1% better every day.
Embrace financial education: Continuously learn about personal finance, investing, and wealth-building strategies. (Psssst.. I know a little podcast that can help with this). Head knowledge is key to maintaining a healthy relationship with money.

So, Wealth Builders, let's embark on the journey towards a healthier relationship with money and become the financial champions we were always destined to be!

Remember, it's not just about accumulating wealth—it's about creating a fulfilling, balanced life where money serves as a tool to achieve our dreams.

📈 Quick Tip Of The Week - How to Predict Layoffs Ahead Of Time

If you have never heard of Warn Notices, they are a way for anyone at a big company to predict layoffs before they happen.

Keeping an eye on the financial landscape is crucial, and one often-overlooked resource is the Worker Adjustment and Retraining Notification (WARN) notices. Issued by companies planning mass layoffs or closures.

By law, companies with 100 or more employees are required to provide a 60-day advance notice of plant closures or mass layoffs. This gives you 2 months to start job hunting and networking.

These notices help affected workers prepare for job loss and allow local governments to offer support services, such as job training and assistance programs.

Just google WARN ACT [Your State].

High-Performance Book Club 📚

I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club. If you would like to see our previous picks, you can find them here.

https://kit.co/MasterMoney/high-performance-book-club/stop-acting-rich

The Personal Finance Podcast 🎙️

Should You Keep Your Old House As a Rental? (Plus the 403(B) Guide!) Money Q&A

13 Financial Goals to Achieve Before You Are 40!

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The Warren Buffett Portfolio: Simplify with Only 2 Index Funds

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