financial advice, improve credit score,personal financial adviceEverything should be made as simple as possible, but not simpler.  Albert Einstein

Every now and then it really pays to go back to the beginning. Even when we think we know something really well. Have you ever looked at a recipe you’ve been making from memory for years only to find out that there is an ingredient you’d forgotten or a different measure or…(this happens to me far more often than I care to admit).

Girlfriend guru and financial expert MIATA EDOGA has done the hard work of going back and explaining the basics of money. Whether you’re wondering where to start or need a refresher, this is the blog for you.

Someone the other day said, “Miata, I love your advice, but what about the basics?”

“The basics?” I repeated. “I think I cover those, don’t I?”

Unperturbed, she continued. “Why not have all the basics in one written piece?”

I’d never thought about that. So, if you’re wondering, “How do I start?” this one’s for you…and my friend.

Five Steps To Start Out On The Right Footfinance advice for starting out

1) Set up direct deposit. If there’s one mystery in life, it’s where money goes when you let it flow into your hand. To avoid this black hole, use direct deposit to a savings account, then have a portion moved every couple weeks to your checking account. Money should begin saving itself in your savings!

2) Start your 401k. Albert Einstein described compounding interest as the most powerful force in the universe. Ultimately, you should use online calculators to decide the right amount to save, but at least save enough to grab whatever your employer will match. That’s free money in your hands.

3) Open a Roth IRA…especially if you don’t have access to a 401k plan. Roth IRAs work the opposite of 401k plans. While the latter gives you tax breaks today, a Roth IRA provides tax free income during retirement. Need money for a house or education expenses down the road? In many cases, Roth IRA money can be used without penalty for these and other needs.

4) Evaluate your insurance needs. If you’re starting out, there’s a good chance that you need disability insurance to keep income coming in. Only buy life insurance if you have dependents that rely on your income, and then focus on “term insurance” coverage rather than more expensive whole life or universal policies.

5) Pay down student loans, but slowly. When paying down debt, start with your highest interest rates and work down. Financial guru Dave Ramsey recommends using a debt snowball approach of paying the smallest balances first. While I agree that starting with small balances can help you pick up steam, large interest payments can kill your overall strategy. By balancing your approach, you’ll pay off your debt in no time.

MIATA EDOGA is the President and Founder of Abundance Bound, a 10-year old company committed to utilizing humor, inspiration & lots of love to give individuals around the world the necessary tools to thrive financially, while keeping focus on the things they treasure most. Visit the Abundance Bound Facebook Page for your free copy of Financial Success for the Creative Soul!

AND … JOIN US for our Girlfriend Cruise to Jamaica and Grand Cayman!

By the way, we LOVE guest blogs here at Girlfriendology. Have a great girlfriend story to tell? Want to celebrate your fabulous female friends? SHARE! (And, we also have Girlfriend Gurus – check that out to be featured on Girlfriendology!) SIGN UP for our weekly newsletter and get our FREE eBook ‘30 Days / 30 Ways to Be a Better Friend- check it out!

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Girlfriend Guru MIATA EDOGA Shares Financial Advice for Women

Girlfriend Guru MIATA EDOGA Shares Financial Advice for Women

Don't you love having SMART girlfriends who give great advice? Well, we've got the go-to gal for financial advice for women. The President and Founder of Abundance Bound shares her insights in these guest blogs as a GIRLFRIEND GURU for Girlfriendology. (Thanks Miata!)

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  1. 1
    1 Voting...
    Rent or Buy? Home Decision Advice from Guru Miata Edoga | The New Girlfriendology | Be a Better Friend | Inspiration,...

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    Be grateful for the home you have, knowing that at this moment, all you have is all you need. Sarah Ban Breathnach I'm so grateful for my home. It's where I live, work, spend time with my friends (and pets!).

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    There are times when I love making dinner. There are times when going out is the joy of getting together with wonderful people and catching up over a meal. There are times when there are no ingredients in the house (unless you count tomorrow's yogurt and a packet of ice tea mix as "ingredients").

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    Supermarket automatic doors open for me; therefore, I am. - Craig Bruce My friend Shari loves grocery shopping. She loves the bright fresh fruits and veggies and finding new varieties to try. She loves discovering new flavors and ingredients and spices-and she is a gifted cook who takes her inspirations and turns out delish dishes.

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    There are times when it's fun to drive without a destination, to wander the roads watching the scenery without worrying about anything more than enjoying the ride-hopefully with a great girlfriend along to spend time together. There are times when we need to get somewhere specific (possibly on time).

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    We all approach decision making differently. Some of us race in, getting past the decision point as quickly as possible, leaving it to the facts to catch up when they are ready. Some of us agonize over every possibility, getting so caught in the "what-ifs" that we become paralyzed with indecision.

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    "I couldn't believe how much I didn't know," a girlfriend recently told me. We were talking about the divorce she'd gone through three years ago. "Partly I just ignored all that financial stuff. I thought it was great that it was his responsibility-like putting out the garbage and fixing the leaky faucets.

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    Every now and then it really pays to go back to the beginning. Even when we think we know something really well. Have you ever looked at a recipe you've been making from memory for years only to find out that there is an ingredient you'd forgotten or a different measure or...(this happens to me far more often than I care to admit).

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    Sometimes we call a girlfriend for a silly, "fluff" conversation: how are ya' doin'? Guess what color I dyed my hair? Have you seen the latest episode of ...? Sometimes we call because we want something more substantial: philosophy or perspective or great girlfriend advice.

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    There is a difference between fishing and phishing. Not just the spelling, but the harm it can do to your identity and finances. In one, actual fish are the goal; in the other, it's our money (or us, depending on how you look at these things).

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    If you want something, it will elude you. If you do not want something, you will get ten of it in the mail. ~Anna Quindlen Girlfriend guru and financial wiz MIATA EDOGA tells us not to immediately toss all that boring retirement stuff in the recycling bin. At least not right away.

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    I like a teacher who gives you something to take home to think about besides homework. ~Lily Tomlin as Edith Ann It's also a great time to pick up supplies for school, work, or just around your home. We love the one-cent sales. We love them so much, they sometimes lead to overstocking on things.

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    Some things are so easy to purchase. Other things represent more of a challenge. My favorite way to deal with big purchases is to put someone else in charge. Of course, once they make a final suggestion I usually want to weigh in on the decision, so that doesn't work out to well in the end.

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    "If you risk nothing, then you risk everything." Geena Davis What if you don't like me? What if I vote differently? Dress strangely? Talk with an accent, have a diverse background or live a different lifestyle? Will you still be my friend? Friendship comes with risks ...

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    The trouble with retirement is that you never get a day off. Abe Lemons For some of us (OK, for most of us), retirement seems far away. Maybe it's that we're young (or young at heart). Maybe it's that we haven't saved enough for retirement.

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    We're watching the Olympics in my house (big surprise, right?) so the arguments these days are generally either with the television ("That was SO not a penalty!") or among ourselves about which of the zillion channels we should be watching. These are easily ignored, quickly forgotten non-arguments.

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    A bank is a place that will lend you money if you can prove that you don't need it. ~Bob Hope I was having lunch with a group of girlfriends recently and we were joking about a ridiculously expensive purchase. "Ah, who needs money?" joked Sammi. Every hand at the table went up.

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One Response to Just Starting Out? Follow These Basics | Financial Advice from Guru Miata Edoga

  1. Amelia Barney says:

    Good post. You gave 5 of the best basic helps for even those who thought they knew it all. You can never be too causes when finances are concerned.
    http://www.sirchiacuomo.com

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