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The dangers of payday loans and cash advances

February 24, 2020

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Rick Otipoby

Rick Otipoby

Financial Professional

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Greenwood Village, Colorado 80111

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Boost Your Daily Routine with These 3 Financial Habits

January 8, 2020
Boost Your Daily Routine with These 3 Financial Habits
January 8, 2020

It’s late Friday afternoon. Your to-do list is a crumpled, coffee-stained memory in the bottom of your wastebasket. Another great week in the books!

But as you head out for a night on the town with friends or maybe cuddle up next to your kids to watch their favorite movie, did you ever consider how you spent your after-work time during the week?

Whether you’re routine-driven, a free spirit, or somewhere in between, setting aside a few minutes every day to spend on your finances has the potential to make a huge difference in the long run. By adding these 3 financial habits to your daily routine, you have the potential to give yourself a little more power over your finances.

1. Check your inbox (or mailbox). Whether you pay your bills via credit card, automatic withdrawal, or a hand-written check that you mail in to the company, a daily look-see will help you stay on top of any alerts you get. Spend a few minutes every day glancing over incoming bills, payment receipts, and new online transactions. Being aware of the exodus (or pending exodus) of your money can help fend off late fees, overdrawing your accounts, or maxing out your credit card.

2. Review your spending. Every evening, take quick stock of any spending you did that day – whether in brick-and-mortar stores or online. This exercise can be eye-opening. For instance, are you in the habit of grabbing a piping hot cup of coffee from the drive-thru on your morning commute? Depending on your coffee preference, that can cost up to $5 a day! Maybe 5 bucks isn’t a huge deal, but consider this:

  • $5 for coffee x 5 days a week = $25
  • $25 a week x 4 weeks/month = $100
  • That’s $100 per month spent on coffee!

Just staying aware of those little daily expenditures may make a huge difference in your financial health; when you know how much you’re paying over time for something you could prepare at home (for far less money), you may decide to scale back on the barista-brewed coffee so you can help boost your financial future – and keep yourself on the path to financial independence.

3. Learn a little more. Knowing how money works is a vital part of achieving and maintaining financial independence. Taking a few moments every day to educate yourself a little more about money can make a huge difference in the long run. It can keep you aware of best practices for money management and all the ways your money can work for you. Try a blog post, YouTube video, or a best-seller on finances to keep yourself informed and up to date.

As you start putting these simple financial habits in place, contact me any time! Together we can assess how these small changes could help strengthen your financial strategy and get you closer to financial independence.

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Time Management Tips for the Holidays

December 30, 2019
Time Management Tips for the Holidays
December 30, 2019

There’s never enough time during the holidays is there?

Travelling, shopping, events, and surviving in-laws can seem like full-time jobs, leaving you stressed and frazzled. But that’s not what the holidays are about; they’re supposed to be a special season of taking time to enjoy the things and people you love and care about.

Try out these tips to take control of your time this holiday season. Trust me, your loved ones will thank you!

Write down your priorities and make a schedule
Make a list of all the things that you want (and need) to do for the holidays. These might be hosting a big family get-together, decorating the house and yard, attending a community parade or concert, or just enjoying some good food and drinks with friends. Mark them on your calendar and figure out what you need to do in preparation and when you can do it. Organizing a plan for how and when things get done will make you much more efficient and help prevent scrambling at the last minute to buy tickets or make reservations.

Accomplish what you can before the crunch
Get as much work out of the way before the holidays get hectic. Maybe that means wrapping up projects or having meetings a few weeks early, or prepping your family holiday cards a month in advance. Space out your work so that you can get the little tasks done before things start to pile up.

Learn to say no
This is especially important for extroverts and the super-social. Overbooking yourself during the holidays is one of the easiest ways to increase stress levels and torpedo productivity. Figure out your priorities, make your schedule, and stick with it. Tempting as it may be, saying “yes” to fifteen ugly Christmas sweater parties and eight New Years Eve bashes will whittle away your free time and limit your enjoyment of the season.

Most importantly, remember why you’re trying to use your time effectively. The goal is to make memories with the people you love by doing things you care about. Use these tips to avoid getting bogged down in the busyness of the season and to prioritize the things that matter most.

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3 Tips To Become Financially Literate

3 Tips To Become Financially Literate

Numbers never lie, and when it comes to statistics on financial literacy, the results are staggering.

Recent studies indicate that 76% of Millennials don’t have a basic understanding of financial literacy.¹ Combine that with having little in savings and mountains of debt, and you have the ingredients for a potential financial crisis.

It’s not only Millennials that lack a sound financial education. The majority of American and Canadian adults are unable to pass a basic financial literacy test.²³ But what is financial literacy? How do you know if you’re financially literate? It’s much more than simply knowing the contents of your bank account, setting a budget, and checking in a couple times a month. Here’s a simple definition: “Financial literacy is the education and understanding of various financial areas including topics related to managing personal finance, money and investing.”⁴

Making responsible financial decisions based on knowledge and research are the foundation of understanding your finances and how to manage them. When it comes to financial literacy, you can’t afford not to be knowledgeable.

So whether you’re a master of your money or your money masters you, anyone can benefit from becoming more financially literate. Here are a few ways you can do just that.

Consider How You Think About Money
Everyone has ideas about financial management. Though we may not realize it, we often learn and absorb financial habits and mentalities about money before we’re even aware of what money is. Our ideas about money are shaped by how we grow up, where we grow up, and how our parents or guardians manage their finances. Regardless of whether you grew up rich, poor, or somewhere in between, checking in with yourself about how you think about money is the first step to becoming financially literate.

Here are a few questions to ask yourself:

  • Am I saving anything for the future?
  • Is all debt bad?
  • Do I use credit cards to pay for most, if not all, of my purchases?

Pay Some Attention to Your Spending Habits
This part of the process can be painful if you’re not used to tracking where your money goes. There can be a certain level of shame associated with spending habits, especially if you’ve collected some debt. But it’s important to understand that money is an intensely personal subject, and that if you’re working to improve your financial literacy, there is no reason to feel ashamed!

Taking a long, hard look at your spending habits is a vital step toward controlling your finances. Becoming aware of how you spend, how much you spend, and what you spend your money on will help you understand your weaknesses, your strengths, and what you need to change. Categorizing your budget into things you need, things you want, and things you have to save up for is a great place to start.

Commit to a Lifestyle of Learning
Becoming financially literate doesn’t happen overnight, so don’t feel overwhelmed if you’re just starting to make some changes. There isn’t one book, one website, or one seminar you can attend that will give you all the keys to financial literacy. Instead, think of it as a lifestyle change. Similar to transforming unhealthy eating habits into healthy ones, becoming financially literate happens over time. As you learn more, tweak parts of your financial routine that aren’t working for you, and gain more experience managing your money, you’ll improve your financial literacy. Commit to learning how to handle your finances, and continuously look for ways you can educate yourself and grow. It’s a lifelong process!

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Sources: ¹ Golden, Paul. “Millennials Show Alarming Gap Between Financial Confidence and Knowledge.” National Endowment for Financial Education, 2.9.2017, https://bit.ly/2Hu9TRV. ² Pascarella, Dani. “4 Stats That Reveal How Badly America Is Failing At Financial Literacy.” Forbes, 4.3.2018, https://bit.ly/2ANtQU5. ³ Shmuel, John. “When it comes to financial literacy, Canadians really overestimate their knowledge.” text in italic, LowestRates.ca, 6.27.2017, https://bit.ly/2nhNUnU. ⁴ “Financial Literacy.” Investopedia, 2018,https://bit.ly/2JZJUkW.

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