Michael Reynolds, CFP®

Credit card companies are incredibly good marketers, and credit cards have become the norm and a way of life for everyone.

We become psychologically detached from purchases when using credit, versus debit or cash, which are more tangible forms of payment.

Result: overspending.

83% of winning at personal finance (made-up statistic) is simply being aware of where your money is coming from and where it's going.

Most of the problems I see stem from not paying attention.

I often work with young people who have stayed paralyzed 😣 for years without doing any investing.

I love helping them get started and increasing their savings rate %

It usually simply takes some reassurance and someone to help them take tiny steps 👣

🛤️ The small, incremental improvements you make over time matter.

❤️‍🔥 You are making a difference.

💪🏼 Your hard work is paying off.

🎉 Celebrate your wins along the way.

42% of Americans say their household would face financial hardship within six months should a wage earner die unexpectedly (source: Policygenius).

This is what life insurance is designed for.

The Most Costly Bookkeeping Mistakes Small Business Owners Make (And How to Fix Them) Poor bookkeeping is one of the most common ways small business owners sabotage their own success.

The Most Costly Bookkeeping Mistakes Small Business Owners Make (And How to Fix Them) www.elevationfinancial.com/the-most-cos...

Where are you in this cycle right now?

UGMA and UTMA Accounts: What Parents Need to Know Before Opening One If you're looking for ways to save and invest money for your child's future, you've probably come across UGMA and UTMA accounts. These custodial accounts have been around for decades and remain…

UGMA and UTMA Accounts: What Parents Need to Know Before Opening One www.elevationfinancial.com/ugma-and-utm...

3 financial fitness metrics to focus on this year:

1️⃣ Debt rate (push it lower)
2️⃣ Savings balance (push it higher)
3️⃣ Savings rate (push it higher)

Couples who regularly discuss money report higher relationship satisfaction and better financial health, with 90% of happy couples discussing finances at least monthly ❤️

Your emergency fund should be boring.

High-yield savings account, not crypto or stocks.

Liquidity and stability trump potential returns.

Budgeting should not be restrictive or oppressive 🚫

It should give you power 💪🏼

SIPC Insurance: What It Is and How It Protects Your Brokerage Account If you keep money in a bank, you're probably familiar with FDIC insurance. It's that guarantee that keeps your deposits safe up to $250,000 even if your bank fails. But what about the money and…

SIPC Insurance: What It Is and How It Protects Your Brokerage Account www.elevationfinancial.com/sipc-insuran...

Not everything that matters can be measured.

Not everything that can be measured matters.

"The financial influencers tell me I should just invest in the S&P 500!"

😳

When it comes to investing... 💰

Short-term views can be scary 😱

Long-term views can be reassuring 🧘🏻‍♀️

Managing risk can seem boring...

...until that "thing" happens.

Business owners: don’t buy things you don’t need 🚫 just to save on taxes 🏛️

As a financial planner, I try to always remind myself that the client experience is often inversely related to the amount of tech that we dump on our clients.

Barring any special circumstances 🚨

If you have a match on your 401(k) at work, at a minimum, you should strongly consider contributing up to the match ✅

It's a 100% return on your investment! 💯

6 ways to improve your credit score:

⏰ Pay all bills on time
📊 Keep your debt-to-credit ratio low
⌛️ Avoid canceling credit cards you’ve had for a long time
🍡 Have more than one type of debt
🗓️ Pay your credit card bill weekly
🛑 Avoid too many hard inquiries

Budgeting your money is great.

But don't forget to budget for time and energy.

Money is not everything.

You may be thinking “I’ll just get life insurance later when I need it.”

This may seem logical, but the problem is, life insurance gets more expensive as you get older.

To avoid this situation, you can “lock in” a cheaper life insurance policy when you are younger.

It's so boring to constantly hear that investing is for "the long term" and that we shouldn't focus on short-term performance 🥱

Humans are impatient and short-sighted by nature 💨

This is why the key to being "good" at investing is having one key skill – patience 🧘🏻♀️

So what's a "good" savings rate?

It will vary depending on your circumstances, but for most people who are in the working and accumulating stage of life, the following ranges may apply:

< 5%: Atypically low
5% - 10%: Low
10% - 20%: Typical
20% - 30%: High
> 30%: Atypically high

Savings rate is a key metric for financial independence.

It’s not just about how much you earn, but how much you save & invest.

A higher savings rate means reaching your goals faster.

Track it monthly to stay on course.

How’s your savings rate looking?

What Actually Triggers Taxes in a Brokerage Account? 💡

Just having money in a brokerage account doesn’t mean you owe taxes.

You only pay taxes when certain events happen:

➡️ You sell something at a gain
➡️ You receive dividends
➡️ You earn interest

How Taxes Work in a Brokerage Account (and How to Manage Them) If you’ve ever wondered how brokerage accounts are taxed, you’re not alone. It can be confusing, but understanding it can save you money and stress.

How Taxes Work in a Brokerage Account (and How to Manage Them) www.elevationfinancial.com/how-taxes-wo...

Tip for paying estimated quarterly taxes (if MFJ).

If you’re a business owner and your spouse works a W-2 job, your spouse can increase their payroll withholdings to cover the entire tax liability for the household.

This way, you avoid having to make estimated tax payments.