Frequently Asked Questions
What do I do if I need immediate assistance with my money questions?
Check out the blog posts both here and at https://HowToBeAMoneyMaster.com, which is the name of the program I created for individuals wanting to learn more about money, finances, and investing, and break free from the paycheck-to-paycheck lifestyle. Or, you can contact me directly using this link:
What is How To Be A Money Master?
How to be a Money Master is your hub for achieving financial freedom. You will find resources on the website (https://howtobeamoneymaster.com) and an interactive supportive atmosphere on the facebook group (How To Be A Money Master).
What is required of HowToBeAMoneyMaster.com members?
Members are expected to participate and pay it forward. The 5% of your after-tax pay can be given to any charity you choose. It is recommended that you “give your cash where you would love to put your body”. Choose a charity that is near and dear to your heart and your values. Somewhere the funds will be used to make the world a better place. Research your charity. No more than 12% of revenues should be used for administrative costs. Watch out for scams.
If you do not know where to give, I will be setting up a Future Investors fund. Eventually I would like to give teens, 13-17, the opportunity to learn how to invest using real money in a club setting. Clubs can be set up as after-school programs, through 4-H, or under any other accredited educational or youth institution. The leaders of these clubs will receive certification from this program. The teens in these clubs will be able to learn everything you are learning now, which will give them a headstart once they are adults. These funds will remain the property of the club and, while the teens will be able to learn how to invest with real money, they will not take possession of any of the club assets.
What if I cannot split up my money in the recommended percentages?
It is okay if you truly cannot split up your income into the recommended percentages. However, before you say “I Can’t” take a really good look at your budget. Chances are you are probably already putting some funds into each of these buckets and you do not need to make as drastic a change as it may first appear.
If, after a really good look at your current allocations, you still see a large discrepancy between what you can comfortably do and what is recommended, make a 1% change in your allocations. For example, if your monthly living expenses are 80%, even after you have deducted what you spend on fun, giving, education (including student loans), your 401(K), etc, decrease your monthly living expenses to 79% and put the 1% into savings. You can make up for the 1% by adjusting the temperature in your home or adjusting your grocery purchases slightly. Once this becomes comfortable, you can decrease your monthly living expense budget to 78% and increase your savings.
If 1% is truly impossible, put $1 per month into savings. Double the amount each month and you will be amazed how quickly your savings start to grow and things start to come into alignment.
How do I join the facebook community?
Joining the community is simple, but it does require you to answer three easy questions. You can request to join the community through the facebook group page.