Financial Architects - April 2021

Financial Architects - April 2021

APRIL 2021

www.financialarch.com

888-466-5453

READY TO GO BACK TO THE CLASSROOM? 3 Financial Literacy Lessons From an Ex-Economics Teacher

Before I started working at Financial Architects in October of 2020, I spent 17 years in the classroom teaching AP economics to high schoolers. During those years, I realized that young people are brought up thinking finance is difficult — and they’re only half right. In a lot of ways, financial decisions are complicated. There are thousands of hard-to-understand terms in the finance world, and reading a financial text can feel like diving into a different language. But managing your money doesn’t HAVE to be complicated. You just need the right teacher to clarify things for you. I strove to be that teacher at Troy Athens High, and that’s still my mission today at FAI. The heart of finance is learning how to maximize your money. Luckily, you have opportunities to do that with every financial decision you make over your lifetime. Guiding people through those decisions is what makes finance fun for me. When you make the right move, you can protect your wealth, build your savings, manage your cash flow, and grow your nest egg for the future. When I was a teacher, I loved helping my students discover those aha! moments. I can still remember the looks on their faces when the concept of “opportunity cost” sunk in. Realizing that spending $10 on a movie might actually cost them $20–$30 because they were giving up a few hours of work was a game-changer. I enjoy helping my clients have those same realizations on more complicated topics.

than you think (just look at the February snowstorm in Texas), and if you have money set aside for 3–6 months of expenses, then you should be able to weather them. After using your fund, focus on rebuilding it before you add to your other savings. REACH OUT FOR HELP WHEN YOU NEED IT . Like I said before, finance can be complicated and confusing. There will undoubtedly be times when you feel lost, no matter how smart and competent you are! When you get stuck, reach out to the team at Financial Architects. We’re here to help, and taking the initiative to ask will do wonders for your financial health.

3.

Hopefully, those three tips are helpful. If you’ve mastered them already, feel free to share the lessons with your friends or kids. With that, I’m taking off my teacher hat for the day! After all, I’m more than just an ex-teacher or even a financial consultant. I also worked in retail distribution for years and I’m a full-time husband to my wife of 28 years, Dorothy, and dad to our four kids. The youngest is getting married in May, and I can’t wait! In the meantime, you can find me reading the London Financial Times or Wall Street Journal, taking long walks with Dorothy, or playing golf when the weather allows.

In true teacher form, I want to start with a quick lesson! April is Financial Literacy Month, so I thought it would be fun to share what I consider the top three principles of financial literacy. I like to keep things simple, so here are my top three.

PAY YOURSELF FIRST. This is an old adage but a good one. It’s wise to save at least 15% of your earned income and build your lifestyle around the remaining 85%. Once you have that savings, then you can consider the best ways to invest and make it grow. CREATE AN EMERGENCY FUND. Yes, this is simple, too, but you wouldn’t believe how many people don’t do it. Emergencies will pop up more often

1.

Happy Financial Literacy Month!

2.

888-466-5453 – John Devine

1

Book Reviews With Chris Ball EYE ON THE BALL

BOOST YOUR HOME’S ENERGY EFFICIENCY With These 3 Products

With the development of accessible, affordable technologies and home products, improving the energy efficiency of your home is easier than ever. On top of that, many of these products give you more options for home automation, so you can save money and stay comfortable without even thinking about it. Here are three home improvement ideas that can boost your energy efficiency right now. A SMART THERMOSTAT The great thing about smart thermostats is that they offer more programmable options than traditional thermostats. For example, you can buy a thermostat that connects to your home’s Wi- Fi and is controlled by an accompanying smartphone app, no matter where you are. Another awesome feature is that smart thermostats will turn on and off based on your schedule and temperature preferences. In the long run, this feature can save you money and energy. NEXT-GENERATION INSULATION While you might be familiar with fiberglass insulation, an industry standard, there are much better options that help you maintain the temperature in your home. For existing homes, spray foam insulation is a good option, as it is the easiest to install and can still save energy. It’s also ideal for insulating attics, basements, and hard-to-reach spots. For new homes or more involved renovations, insulating concrete forms are the most energy-efficient option. A SMART WATER HEATER Generally, water heaters are not the most energy efficient — especially if you’re in a household where hot water is in constant demand. But with a smart water heater, you can change that. Much like the previously mentioned thermostat, you can control a smart water heater remotely or set it to heat water according to a specific schedule. This way, the heating elements aren’t running all day, every day. They come in tank and tankless varieties, though tankless is the way to go to maximize energy efficiency without taking up much space.

How are we influenced when making decisions? Why are some people and ideas so persuasive? Robert Cialdini reveals much of the social science behind our thoughts and actions in his book "Influence.” The book provides so many good lessons on self-awareness. We are under constant pressure from many sources to make automatic decisions and form opinions without thinking them through. In a world of constant >Page 1 Page 2 Page 3 Page 4

www.financialarch.com

Made with FlippingBook Learn more on our blog