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✅ Week #51 Action Item: Be mindful of these money myths.
🌎 The big picture: There are many common money myths to avoid.
🤔 Why it matters: Being able to separate fact from fiction will help you choose the products and services that best fit your needs.
💡 Here’s what works: Look deeper to see if it’s a money myth:
🤥 Myth: Go with the lowest cost. While on the surface, this can often hold true, there can be many reasons why you should go deeper than price. The return may not be as good, there may be higher fees, or the company may not be as solid. Do your research and make sure that you’re comparing apples to apples.
🤥 Myth: I am young, so I don’t need to save yet. The earlier you start, the better. This is due to the magic of compound interest. The longer you wait to start to invest, the more you’ll have to put aside to have the same amount.
🤥 Myth: Debt is bad. Debt allows you to use other people’s money. The key with debt is that the interest rate should be lower than your potential return with other uses of your money. Your monthly debt interest should fit within your cash flow, and your projected investment return should be conservative and allow for volatility. If you have a mortgage with a low interest rate, you will most likely be able to earn more by investing while being able to deduct the interest.
😎 Bottom line: Being mindful of common money myths helps you make smarter choices.
💭 Habit of the week: Educate yourself.
🤔 Question(s) of the week: Which money myth(s) did you figure out this year? How did you separate fact from fiction?
💁♂️ Advisor/Coach Corner: Share popular money myths in your area of expertise with your clients and community.
📝 Resources:
Get Ready Money Club Members:
- The Get Ready Discussion Guide. Discuss year end items with your family and clients.
Get Ready Library and Toolkit members can access your resources for this week's action item (#51) from your dashboard (located in Monthly Focus Area 12: Wrap Up Loose Ends):
- The Get Ready Blueprint week 51 worksheet where you’ll review some common money myths and what you should know about them.
- Review any relevant worksheets to help you sort fact from fiction.
Access Your Get Ready Resources here
The Get Ready Library expands on each week’s action item and provides worksheets to help you complete each week’s action item, create a to-do list, track your habits and organize your financial life. It also includes access to all of my books (The Get Ready Bookshelf).
- The Get Ready Bookshelf: The Get Ready Blueprint, Get Ready!, Questions and Answers on Life Insurance, The Questions on Answers Life Insurance Workbook, The Questions and Answers on Disability Insurance Workbook, Insurance Made Easy and The Questions and Answers on Insurance Planner (pdf editions)
- The Get Ready Toolkit: 150+ worksheets to complete each week’s action items step by step, add your weekly goals, use the positive habit maker, create your weekly money to-do’s and organize your financial life (fillable PDF worksheets from The Get Ready Blueprint (52 worksheets) and fillable PDF’s & Excel from Get Ready! (100+ worksheets)).
Become a Get Ready Library Member
Source: The Get Ready weekly action item is from The Get Ready Blueprint: A 52 Week Guide to Changing The Way You Think About Money). Pick up your copy at your favorite online bookshop (Amazon)(bookshop.org).
💭 The Get Ready Money Podcast with Zach Whelchel: Intentional Budgeting
🙌 On the latest episode of The Get Ready Money Podcast, I spoke with Therese Faessler, the founder of Equitika about changing the way we think about money and our financial health.
🧐 In this episode we discussed:
🔹 Pay your future self first - Warren Buffett.
🔹 Be mindful with your money and careful with your consumption.
🔹 The wealth (and health) risks that you take on have to be worth it.
🔹 Financial independence is about living without financial stress
🔹 Save wisely for the future.
🔹 Why the wealth gap is about opportunity.
🎙️Watch or listen to the podcast (here).
The Get Ready Money Podcast is also available on YouTube and your favorite podcast app.
🤩 Tony Steuer Recommends
🎙️ My Wish for You (and Your Wealth!) in 2025 by Hillary Hendershott. your financial journey is not just about the numbers, it's really about fostering a mindset of possibility and empowerment. True financial well-being extends beyond bank account balances. Having sufficient financial resources is key to financial well-being, but you can still have fun on the journey. Check it out on (YouTube).
🎙️ The Family Conversation and Finances with Cameron Huddleston and Richard Wexler on the Caring in America Podcast. The importance of Adult Children talking with older loved ones about their finances. The consequences of not having the conversation. What to do if your Older loved Ones does not want to have the conversation. Check it out (here).
📖 The True Cost of Living: How to Make the Most of Your Life Energy by Prudence Zhu. Have you considered the true cost of your decisions — not just in dollars, but in Life Energy? Life Energy is the time and effort you spend earning money and making decisions. It’s not just about working 40 hours a week — it’s about the emotional and mental energy that goes into that work, plus the time you dedicate to making big decisions. Read it on (Medium).
🎙️ Raising Money-Savvy Kids with Jamie Bosse, CFP®, RFC, CCFC, Dr. Barbara Provost and Maggie Nielsen on the Women and Money, the Sh*t We Don’t Talk About Podcast. Listen in as she shares some creative strategies for introducing essential money concepts to children- like budgeting, saving and even understanding taxes. Check it out (here).
📖 3 Sites That Pay Cash for Unused Gift Cards by Jessica Walrack for US News. If you have unused gift cards laying around that you're not planning on using, sell them at these sites. Read the article (here).
🎙️ How to Be More Confident With Money with Prisca Benson and Heather Edwards on “The Crazy Confidence Coach Podcast. There are little ways you can save money and become more educated about money topics to increase not only your knowledge but you confidence in money matters as well. You can do this will tiny, intentional steps. It's not difficult! Check it out on (Apple Podcasts).
📚 Inherited Trauma and Family Wealth: A Guide to Heal Your Relationships and Build a Lasting Legacy by Ruschelle Khanna. This story-filled guide aims to provide an understanding of how your inherited patterns influence money decisions. Check it out on (Amazon).
📓 2024 Life Insurers Fact Book. The ACLI Life Insurers Fact Book provides statistics and information on trends in the life insurance industry. Specific topics covered include assets, liabilities, income, expenditures, reinsurance, life insurance, and annuities. Check it out (here).
📖 Financial Planning for Special Needs Kids with Dr. Bryan Jepson and Dr. Jim Dahle on the White Coat Investor Podcast. Navigating special needs trusts, ABLE accounts, Social Security, Medicare, and more can be complicated, and it requires a lot of work and time. Check it out (here).
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Let’s Change The Way We Think About Money!
Tony
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