Once you’ve paid off your debts and are mortgage free, it’s time to invest and grow your wealth.
Education Goals
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Make a Plan
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Invest
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Multiple Streams of Income
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Keep Track of It
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Give
Week 6.1: Education Goals by Hellen Lovato
Make a Plan
Building wealth starts with making a financial plan. Take the time to identify your goals and plan out how you can accomplish them.
Remember life happens, if the furnace goes out or the refrigerator quits working, where does the money come from if you don’t have emergency savings?
Make life easier by making saving, investing and bill pay automatic, you all but eliminate the chance you forget to set aside money for your goals or make progress on paying off your debts.
By doing so, you resist the temptation to spend rather than invest. Soon, you won’t miss the money that is being automatically deducted and your contributions will be made on a regular basis.
Consult your financial advisor to help you with your plan.
Week 6.2: Make a Plan by Hellen Lovato
Invest
Click on the link below to access a listing of representatives authorized to market 403(b) and 457(b) products to the employees of the District School Board of Pasco County.
All representatives and investment companies are required to abide by solicitation guidelines set forth by the Board.
403(b)/457(b) Authorized Providers
Week 6.3: Invest by Hellen Lovato
Multiple Streams of Income
There is no “one size fits all” advice when it comes to generating income streams. How many sources of income you have should depend on where you are financially, and what your financial goals are.
An income stream can be a financial investment. It can be a real estate property that generates revenue. It can be another business.
Week 6.4: Multiple Streams of Income by Hellen Lovato
Here is a List of Some Ideas of Multiple Income Streams
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Create a course
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Write an e-book
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Rental income
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Affiliate marketing
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Flip retail products
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Sell photography online
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Buy crowdfunded real estate
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Peer-to-peer lending
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Dividend stocks
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Crypto Opportunities
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List Your Place On Airbnb
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Rent Out Your Space
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Rent Out Your Car
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Invest In Farmland
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High Yield Savings Accounts And Money Market Funds
Give
Why Is Giving Back Important?
It’s an incredibly rewarding, and life-changing experience. People who give are generally happier and less stressed because giving actually releases oxytocin in your brain.
Promote Generosity in Your Children
It’s important to help our children understand the need to give back, provide, share, and act generously.
Protect Your Local Community
Investing in your community is important. When you donate your money to a charity that spends its money locally, you are boosting your own economy Giving to your community can provide important local safety nets that guarantee vital assistance during crises and emergencies.
Week 6.6: Give by Hellen Lovato
Reduce Your Tax Burden
Charitable contributions can reduce your tax burden at the end of the year. If you’re itemizing your tax return, you can report the dollars you contributed to charity for a deduction in your taxable income.
Think Before You Give
Look Up The Charity’s Rating
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Give.org
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CharityWatch.org
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GuideStar.org Charity
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Navigator.org
Find Out Where Your Money Goes
According to CharityWatch.org most highly efficient charities are able to spend 75% or more on programs.
Transparency
CharityNavigator.org is great for assessing a nonprofit’s transparency. It has information from whether a charity submits financial audits, to what the executive leadership earns.
Look for results
Look up what goals the charity has reached. GreatNonprofits.org uses customer reviews to show what people are saying about charities.
Keep Track Of It
Just like everything else; keep track of it!
Knowing where you stand in paying off your home, getting rid of debt or saving for your retirement, will help you understand where your money goes and prevent behaviors that can endanger your goals, like overspending in one area while neglecting another.
Check out the trackers at the bottom of the page.
6.6: Keep Track of It by Hellen Lovato
Keep Feeding Your Financial Brain
Plan for the future with a team of professionals who care about helping you reach your goals.
Online educational courses developed and written by DMCC Certified Credit Counselors
Suncoast Credit Union is proud to offer financial workshops and webinars on a variety of topic.
The purpose of Retirement Services is to assist employees with planning and preparing for a successful transition from an active employee to retirement.
Money on your mind? You’re not alone
Company code is: Pasco
Click on “Im Worried About Making Ends Meet”
Stretching Your Savings and
Shaping Up Your Financial Strategies
This information is meant for educational purposes only and is not intended as financial advice.
Financial Wellness Resources & Tools For Debt Elimination
