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YOUR MONEY: Real or an Illusion?

Your MoneyYour Money: Real or an Illusion?
Financial assumptions often lead to a “make-believe” sense of money, creating unexpected results. Take a quick self-examination of your income and expenditures at the halfway point of the year. This quick peek can lead to a leaner, more organized plan for all those pesky dollars bills lined up and ready to skydive out of your wallet!

Pencil in thirty minutes to review your 2016 plans. Compare your projected results with reality. The key to success is setting expectations, reviewing the results and being flexible enough to make adjustments. You may not be exactly where you projected yourself. Now you have the opportunity to make targeted changes with your money. Realign your initial plan to keep the focus on your primary goals.

Another strategy to get ahead financially and help you maintain your course: always lower your income numbers and raise your estimate of expenses. This “money-method” gives you a cushion for the realities of your incoming and outgoing cash.

Most people make the assumption that reviewing a budget means cutting away all of the fun stuff in their life. Not necessarily! It is just as important to come up with additional streams of revenue or find a way to increase your current paycheck. Be open to the possibility that you can create new pathways for increasing the money you bring in! You will be surprised at how much these smaller dollar streams can add up over time!

That said, July is the perfect month to review your budget, create an IRA for your future or increase your contributions into your retirement fund. An IRA can be a tax-deferred account where the money goes directly into the IRA before taxes; resulting in a lower income reported and lowering your taxes. Another option is the Roth IRA where the money is deposited after paying taxes on it, making this a tax-free resource in later years. By setting up either one of these accounts, you are now saving with every paycheck you receive. If you employer has a matching funds program; take advantage of it!

Here are a few links to begin Investing in You!

http://www.thesimpledollar.com/best-ira-accounts/

Best Roth IRA Accounts: 2016 Top Picks

https://www.fidelity.com/retirement-ira/rollover-faq

IRA terms & details: http://news.morningstar.com/articlenet/article.aspx?id=757631

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2016 MONEYCHALLENGE

3x3 TMN Challenge copyTake the #2016MONEYCHALLENGE with The Money Nerve TODAY!

For the entire month of January, @themoneynerve will be offering a daily tip to challenge YOU to be smarter with your money. Like & follow the #MoneyNerve on Facebook, Twitter Google+ and Instagram.

Check out the daily #2016MONEYCHALLENGE tips. Invite your friends to participate!

It’s easy, fun and you might even create one or two new financial habits to make this year even better!

On Facebook, be sure “like” the daily challenge & tag @themoneynerve in your comment, ADD a photo of your own, or SHARE the post with your friends.
On Twitter, please RETWEET
On Instagram, please like, repost or reply with a photo that inspires you to build better money habits
On Google+ please like & add a comment or photo that demonstrates your 2016 money challenge

I am so excited to share my #2016MoneyChallenge – What a proactive way to jumpstart your new year, and begin your new path to financial success! Start new habits, add cash to your wallet & have a healthy relationship with money

Follow @themoneynerve on Facebook, Twitter, Instagram or Google+ each day in January! Weekly winners will receive a #MoneyNerve prize, including:
· Autographed copy of “The Money Nerve: Navigating the Emotions of Money book.
· Starbucks card
· Money Nerve wristbands
· Complimentary one-hour financial consultation with CPA Bob Wheeler (in person, via    phone or thru Skype)
· Rodney Gee Yoga CD
· A Money Nerve mug

Each Monday, @theMoneyNerve will announce all randomly select weekly winners on Instagram, Twitter, Google+ and Facebook.

For example:
1. Repost or share this image or tag a few friends to join you
2. Check the #2016MONEYCHALLENGE EVERYDAY
3. Use the hashtag #2016MONEYCHALLENGE and tag @themoneynerve in your posts!
4. Encourage others by liking and commenting on people’s posts

Check it out!

Thanks for participating – your wallet will love your positive cash flow!

Bob