Best (Most Read) MHB Advisory Blogs of 2019!
Topics: Budgeting & Saving, 50/30/20 rule (old & new), Getting out of debt, Financial Independence, Why you need a Financial Advisor
As I mentioned in my last blog (What Financial Advisor Qualities Can Enhance Overall Asset Management?), I’m writing some shorter posts and this one follows suit (5 minute-read).
Last year I became registered to provide investment advice. Later in the year I came to the realization that I needed to put in print all the ideas in my head with the hope that someone would find it interesting enough to read. Or more importantly, so compelling that they made a change in their lifestyle. So I started a blog. Admittedly I’m not sure I’ve convinced anyone of a major life change (please tell me if so!), but to those of you that have gone out of your way to tell me you read what I’m writing, I can’t thank you enough.
I thought it would be interesting to see what blogs from 2019 were the most popular. Plus I thought it might be useful for the newer readers to see some of my earlier posts – my first two posts are two of the top 3 most read. So far I have covered many of the important topics that I think investors should understand for their own financial future, and if you don’t want to outsource your personal financial management, I would encourage you to continue to educate yourself on various financial topics. I hope you will continue to do that with my blog!
Before we continue:
- Questions on retirement or other financial goals? Email me: email@example.com.
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Here are my three most-read posts and I’ll get into why I still think these are important.
- How Do I Get Out of Credit Card Debt and Start a Budget?
- How Can Effective Asset Management Help Me Reach Financial Independence?
- Why Should I use a Financial Advisor for Asset Management?
I think this is one of the most important financial-related questions to ask for about half the country. As I note in this post, 55% of consumers carry a balance on their credit cards. Why? Maybe that’s how you were taught. Maybe lifestyle acceleration or lack of understanding the effects of overspending long-term. Maybe inadequate means to spend less than you make or maybe you were unprepared for an emergency expense. I think if you want to build wealth, you must get rid of credit card debt. It might take years, but you need to change your habits and find self-discipline in your spending. If not, you should consider getting rid of your cards. Here are the 4 steps to getting out of credit card debt I discuss in more detail in the post:
- Reduce your lifestyle
- Track your spending/form a budget
- Find a catalyst/make a drastic change
- Set a goal/have a plan
Now I’m all for using debt, but not credit card debt. I have debt, but all of it is backed by income producing assets except for my primary residence. I believe there is good debt (low-interest rate, long-term fixed debt supported by cash flowing assets) and bad debt (credit card). Other debt like student loans and automobiles is somewhere in between in my opinion. Often a necessity and can be under favorable terms, but also should be your next focus in debt reduction after credit cards.
The other part of this post is on budgeting. Now maybe you occasionally use credit cards, but you are still saving for retirement. Congrats on the saving but why not use a budget to make sure you don’t carry a balance on your credit cards? Or even if you pay off your credit cards each month, do you have a budget? If you don’t have a budget, you probably aren't maximizing your savings rate. I suggest starting with the 50/30/20 rule as you think about 2020 expenditures.
I’m excited that readers viewed this post as my second-best. It was probably the one I enjoyed writing more than any of the others. And when I say Financial Independence, I’m not talking about a young couple no longer being supported by their parents (or the Royal Family – LOL!!). I’m talking about independence from a job or a career or a schedule. Doing what you really want to do with your time because your income-generating assets fully support your spending day-to-day. Here are the 4 topics I discussed related to Financial Independence in this post:
- 4% Rule
- Savings Rate
- The New 50/30/20
- Passive Income
This is a topic for those that have managed both income and spending and are really doing the math on “retirement”. Not in the traditional sense, but again having the ability to fully control your time. I again mention the 50/30/20 Rule but this new version discusses a 50% savings rate! And to generate passive income, I use the most beneficial, tax-advantaged (in my opinion) way to do that – investment in real estate. I believe you are never to young to start thinking about “retirement”.
The third most popular was my inaugural post. My goal was to convince every reader that they should use my services for Financial Advice! (But not really.) I certainly haven’t gotten there, but I do believe the confusion associated with investing can be avoided by trusting a professional. If you don’t have enough money to invest, you need to at least have a Plan to get your budget going, boost your savings rate and establish some goals. I tie in the amount of time we spend on other health related items (physical health, spiritual health, mental health) shouldn’t vastly outweigh your time spent on your fiscal health. The topics I discussed in this blog were:
- Investment options and allocations
- Tax consequences
- Contribution limits
- Associated costs of investing
- Outsourcing your finances
There are too many alternatives, too many rules and too many opinions. It can be complicated, but it doesn’t have to be. If you aren’t going to spend time learning and understanding personal finance, you might consider outsourcing to a professional.
For good measure, here are my other blog posts.
In closing, if you or someone you know has any financial-related questions, I would love to have a conversation, so please feel free to reach out: firstname.lastname@example.org.
And stay tuned for additional blog posts on retirement savings and other topics.
Best wishes on your financial path!
This post was created by Matt Beeby, the Founder of MHB Advisory Services. Matt has been working in Financial Services and investing in real estate since 2005, though his investment experience spans nearly two decades. He is a Christ follower, active in both his church and his neighborhood association. Matt enjoys sports and family time. Read more about Matt on his website bio.
- Information contained in this document is for informational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any product or security.
- This information is believed to be accurate and should not be considered tax or legal advice.
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