Learning Center
Paying with cash helps you think twice about your purchases
Having cash allows you to do what you please. You can pretty much buy anything if you have enough cash with you. One of the other things I like about paying with cash instead of your credit or debit card is that it makes you pause and think about the purchase a little more. When you’re in a store and you have to count out the money to buy things, it really makes you think about whether you want to make that purchase. In this video, I discuss more benefits of paying with cash.
I’m excited to share my interview on the Time4Coffee Podcast hosted by Andrea Koppel! Listen to the episodes:
844: What It’s Like to Work in Accounting With Joel Forman, Clear Cut Consulting [Main T4C Episode]
846: How to Build a Personal Budget With Joel Forman, Clear Cut Consulting [K-Cup TripleShot]
I’m excited to share my interview on Pep Talk with Tisha Hammond! Listen to the episode!
Do you know your net worth?
Forman’s Financial Facts presents the Word/Topic of the Day!
Today’s topic is CALCULATING YOUR NET WORTH – a small snapshot focused on individuals, not companies.
One of the best ways to really gain a handle on your finances is to calculate your net worth. Subtract your debt from all of your assets, such as investments and cash, to determine this number. Your net worth can tell you where you truly stand financially, give you a wake-up call if your finances are off track, or help you determine if your money is in good standing.
I recommend tracking your net worth over time, so you can see the progress you make as you build your wealth. This will be a good indicator of your financial health and guide you in determining the steps you should take to achieve your financial goals.
Resource: Why Knowing Your Net Worth is Important, Jean Folger, Investopedia
Learning how to manage money with confidence is crucial for young people around the ages of 15-24 as they reach adulthood.
However, being well-versed in managing finances is important for all ages. Many young adults spend a lot of money on streaming services for movies or music, gas and insurance for their cars, student loans, and dining out. Unfortunately, none of these things are free, so you need to know how to responsibly spend money, as well as save and invest it.
During this video, I discuss the foundation of managing your money — your personal budget, paying yourself first, investing, your credit score, and much more.
Do you monitor your checking account regularly?
Forman’s Financial Facts presents the Word/Topic of the Day!
Today’s topic is MANAGING YOUR CHECKING ACCOUNT — a small snapshot focused on individuals, not companies.
It’s essential to keep a close eye on your checking account. If you pay some of your bills on other websites or with checks, you won’t necessarily remember the amount that will be withdrawn from your account for each.
That’s why it’s important to check your bank app or website regularly to make sure you have enough money in your account to pay your bills and make other purchases.
I would also recommend using a checkbook to record the money that’s slated to be taken out of your account but hasn’t gone through yet. This will help you ensure you have enough money in your checking account and avoid overdraft fees.
I was honored to be interviewed by Lori Highby on the Social Capital Podcast. Listen to the podcast episode!
Forman’s Financial Facts presents the Word/Topic of the Day!
Today’s topic is SELLING A HOME – a small snapshot focused on individuals, not companies.
Selling your home can be a hectic and stressful process with a lot of moving parts. One of the most important things you can do to make sure it goes smoothly is to find a good real estate agent. You may consider trying to sell your home by yourself to save the cash that you would pay a real estate agent. However, real estate agents are well-versed in your particular market and can help you sell your home faster, so I recommend hiring one.
It’s also essential to make your potential buyers’ first impression of your home a great one. You may need to make some improvements and renovations to your home, and be sure your house is clean and decluttered to get it ready to show people looking to buy.
Have you gone through the home-selling process? What was your experience like?
Who can help you? Reach out to Century 21, a Proud Partner and Trusted Vendor of Forman’s Financial Facts. They can guide you through the whole process!
Buying Foreclosed Homes
Why would you buy a foreclosed home? Well, it can be a really good investment because most of the time, when you’re buying a property in foreclosure, it’s at a significantly reduced price from its market value.
However, the property will need renovations, so it’s not something you should enter lightly. Here are some other essential things to consider if you’re thinking about buying a foreclosed home.
If you do decide to go this route, why not use it as an opportunity to teach your teenagers and young adult children the process of buying a foreclosed home? This could be a great tool they could use to build wealth in the future.
What types of purchases have you used down payments for?
Forman’s Financial Facts presents the Word/Topic of the Day!
Today’s topic is DOWN PAYMENT – a small snapshot focused on individuals, not companies.
A down payment is the amount of money that you pay when you initially buy an expensive good or service. This payment is a percentage of the entire price of the purchase. The larger the down payment, the lower the interest on the rest of the loan and the smaller the monthly payments. A down payment gives lenders security that the borrower will pay the remainder of the loan.
Down payments are common on purchases like mortgages and car loans.
Don’t forget to call our Trusted Vendor Liberty Mutual Insurance Company for all your home and auto insurance needs.
Resource: What Is a Down Payment?
Investment Tips
One of my top tips for investing is to spread your risk among the sectors. You don’t want to put all your eggs in one basket — all your money in one stock, mutual fund, or industry. It’s critical to spread that risk out to be diversified enough, so if one goes down, the other one will hopefully offset it by going up or staying neutral. In this video, I discuss the habit you should get into in order to be a responsible and successful investor.
How has using electronic banking services made your life easier?
Forman’s Financial Facts presents the Word/Topic of the Day!
Today’s topic is ELECTRONIC BANKING SERVICES – a small snapshot focused on individuals, not companies.
Electronic banking services has transformed the way we do our banking! The days of going to the bank for deposits is really limited at this point.
Now you can deposit a check by simply downloading the banking app on our phones and taking a quick picture of both sides of the check and hit submit to deposit the check through your bank’s online portal directly into your account. It is rare that we need to write a check’s these days. There are numerous apps that we can just download to our smartphones that enable us pay people by sending them money directly to their bank accounts.
Younger Children and Money Magnitude
I’ve mainly focused on providing tips to teach your older kids about money management, but today I’m sharing one to help you start equipping your younger children with financial knowledge. When your kids are young, they don’t really have a good grasp on the concept of money, but they want to get things like toys and ice cream. In this video, I describe a fun activity that will help them begin to understand the magnitude of money.