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What’s Poppin’,

This is the Master Money Newsletter. The Money Newsletter that will help you “ball outta control” and still get wealthy. It’s all about balance baby.

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Here’s what we have on deck today:

📰Read: How to Save for Multiple Savings Goals

📺Watch: The complete Beginners Guide to Index Funds

🎧Listen: Should You Contribute to Pre-Tax or Roth as a high Earner?

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How to Save for Multiple Savings Goals

We all know that saving for one goal can feel like a monumental task, let alone multiple ones. But what if we told you there's a way to make it less daunting and more rewarding? Today, we're going to break down the process step-by-step, turning this challenging task into a manageable and even enjoyable endeavor.

I am going to try and make this as easy as possible.

But to be honest, you must have a little patience when doing this.

You only have so much money to save and spend, especially when you are trying to juggle a list like this:

Investing

New Car

Down Payments

Kids College

Wedding

Paying off debt

Rental Properties

Business

Emergency fund

Planning a vacation

Funding a Move

Buying Furniture

Home Remodel

1. Assess Your Financial Landscape💰

Start by taking a hard look at your financial reality.

You've got your income and your expenses; what's left in between (let's call this the Gap) is your golden opportunity for savings. You can plan your savings strategy by using either a Reverse Budget or a Standard Budget, depending on what fits best with your lifestyle and financial goals.

2. Define Your Savings Goals🎯

The next step is to lay out your goals clearly. Whether it's a new car, a dream wedding, or your kid's college fund, list everything you want to achieve.

Determine the timeline for each goal, categorizing them as long-term, mid-term, or short-term based on the duration required to achieve them.

3. Prioritize Your Savings Goals🏅

This is the most important part. You have to set the order.

With your goals in sight, you need to decide the order in which you want to accomplish them. Prioritizing your goals is a strategic step that will set the pace for your savings journey. I do this in a fun-filled spreadsheet but you can use any system that works for you.

4. Consider Multiple Savings Accounts🏦

If you've chosen the Reverse Budget method, having multiple savings accounts could be beneficial to keep track of each goal. Or you can use a High-Yield Savings Account like Ally. They allow you to budget inside of your savings account with their "bucket system". I am not affiliated, just a fan.

5. Automate Your Savings⚙️

Once your plan is outlined, put it into action. Set up automatic transfers from your bank account for a hands-off approach to your savings. If you use buckets you can automate them. It's a sure-fire way to keep your savings plan on track without constantly worrying about it.

6. Adjust As Needed🔄

Life changes and so should your savings plan. When you achieve a goal or a new one comes up, adjust your savings accordingly. For instance, once you've saved enough for a new car, that money could be redirected to your next goal, such as a holiday or a house deposit.

Keeping a written record and focusing on individual goals, rather than your total bank balance, will keep your plan adaptable and effective.

7. Practice Patience🕰️

Achieving all your goals will take some time and a good dose of patience. It may involve some delayed gratification and strategic planning, but maintaining control over your finances today sets the stage for a confident and financially secure tomorrow.

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News You Can Actually Use

Credit Card Traps 💳 ​

​The Globe and Mail highlight a credit card trap that users should avoid when paying for hotels and rental cars. The article explains that when a credit card is used for these types of bookings, the provider often puts a hold on a certain amount of funds to cover potential additional costs. This can lead to unexpectedly maxed-out credit cards and declined transactions, even if the final bill is less than the hold amount.

Keys to Happiness 🗝️

​ Inc's piece shares Ray Dalio's insights on living a happy, successful life. According to Dalio, three key components contribute to happiness: meaningful work and meaningful relationships, which provide a sense of purpose; physical health and emotional health, which provide the capacity to enjoy life; and the ability to handle painful realities and challenges, which helps to overcome difficulties.

Raise Negotiations 💰

​ Lifehacker's article presents a three-step approach to increase your chances of getting a raise. It suggests doing research to understand what your role is worth, preparing a list of accomplishments to showcase your value to the organization, and practicing your pitch to ensure you articulate your case effectively. The article underscores the importance of being proactive and strategic in conversations about compensation.

The Million Dollar Campground 🏕️

This inspiring story from CNBC tells the tale of a couple who quit their jobs, sold everything, and bought a million-dollar campground. They made the life-altering decision to pursue a lifestyle that offered freedom, peace, and a sense of community. Despite initial hurdles and the challenge of running a business, the couple has found happiness and satisfaction in their decision.

The Cost of FIRE 🏦 In this iNews article, the Financial Independence, Retire Early (FIRE) approach to savings and its potential drawbacks are examined. The story centers around a man who pursued an aggressive savings strategy, aiming to save as much as 70% of his salary, only to regret it when his extreme frugality resulted in his wife leaving him. This piece serves as a cautionary tale about the need for balance in financial planning and the potential personal costs of prioritizing money over relationships and quality of life.

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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.

​Digital Minimalism​

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​
​How to Find Your Dream Job Without Applying Online with Austin Belcak​

​Should You Contribute to a Roth IRA or Pre-Tax as a High Earner? (By Tax Bracket!)​

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Youtube

​7 Wealth Creation Tips With a High Rate of Return​

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