Shows
Ideal Life & Money AcademyShould you invest in Retirement or Non RetirementInvesting into retirement accounts vs non-retirement accounts? It depends. (AND it's never too late!)
It's always tax beneficial to invest into retirement accounts before non-retirement accounts.
Coach Mike has focused only on one at a time in his 20's. Leading to his net worth to be about 50% in retirement accounts and 50% in non-retirement accounts in his 30's. Reminder, this is only once you are debt free! If you have debt or no emergency fund, then you want to focus there before investing.
Rules: Minimum 10% - maximum 20% into retirement accounts.
Any money...2025-07-2815 minIdeal Life & Money Academy10 Wealth Principles of InvestingWhen it comes to investing (aka money) you will want to follow these 10 Principles: 1) Never give up control of your money 2) What you focus on grows 3) Choose investments that are powerful and stable 4) Consider taxation and inflation 5) Maximize the use of your assets 6) Diversify, but don't over-diversify your investments 7) Risk catergories: conservitive, medium, & volatile 8) Multiply investments at high rates of return 9) Be on the offensive side of investing 10) Seek advice when needed
Be sure to check out the ILMA Investing to start living your Ideal Life years...2025-07-2113 minIdeal Life & Money AcademyHow much is enough for FIRE (Financial Independence, Retire Early)F.I.R.E. = Financial Independence Retire Early How much is enough to stop working or to retire?
What does your retirement look like? Travel? Live off grid? Sail the world? Stay with friends/family and having deep connections?
Then, what does it cost? Reality is that is doesn't have to cost much. Elle and I have been traveling for over 8 years and we have had multiple $20,000 years that we spent in total for the both of us. YES, that included everything, food, bills, accommodation, travel, etc.
Get creative and go...2025-07-1413 minIdeal Life & Money AcademyWhat would you really do if you won the lotteryWinning the lottery is everyone's dream. But for most, it's a nightmare - Here's why
Whether you play the lottery or not, you've probably thought about - or dreamed about winning. What would you do with all of that money? What SHOULD you do with all that money?
I recently saw an article that someone won the lottery, quit their job, and donated a bunch to help their community. This is what we all think we'd do, but is it?
If you were able to have enough money to sustain your lifestyle for the...2025-07-0707 minIdeal Life & Money AcademyWhat to do with a financial windfallEver received a financial windfall? What would you do with it? A bonus from work, sold something large, an inheritance, or winning the lottery are all financial windfalls.
Have a system in place for your money because you will receive financial windfalls throughout your life! I believe you could look at getting a pay check every week or every month as a financial windfall.
He's my system no matter how much the windfall: 10% = Giving Follow the 5 Steps to Financial Freedom! - Pay off all debt - Fully Funded Emergency Fund (3-6...2025-06-3012 minIdeal Life & Money AcademyDon't Invest $50/mo, Invest $1000/mo! How we did it!Do you want to invest $1,000/month? Yet you are only investing $50/month?
These are the steps that are a must to get you to investing $1,000's.
Deciding to never go back into debt AND pausing my investing of $50/month was the hardest and best thing Coach Mike did to get to investing $1,000/month!
Coach Jason had to have a plan for his money. It was disappearing until he had a plan. He needed to STOP spending on the things that were not important and START spending on the things that were important (such...2025-06-2310 minIdeal Life & Money AcademyInvesting in a Volatile marketWhen the market is volatile, should you get in or wait it out? If you are a beginner investor, it can be quite scary to invest when the markets are volatile. How do you know if it will continue to drop or if it will rebound? What is the best way to invest when the news channels are telling us to "hold on"?
The key to investing, even when the markets are volatile is to learn and get some experience. Then, you will be able to make a smarter and more appropriate decision. Nobody can tell you...2025-06-1609 minIdeal Life & Money AcademyWaiting to Invest will cost you $$$ (Cost of waiting)When it comes to investing, time is your friend. But on the flipside, time can also be your enemy. You see, the longer you wait to save for your future, the harder it will be to create the wealth to sustain your lifestyle.
In this lesson, we walk you through the mathematics of what it would cost you if you waited to invest. Also, you can use the retirement calculator with your own numbers to help you determine how much you can save (or need to save) in order to live your Ideal Life.
What...2025-06-0925 minIdeal Life & Money AcademyWhat we mean when we say investing (and you should too!)Dictionary.com = "expend money with the expectation of achieving a profit or material result by putting it into financial plans, shares, or property"
#1 rule: NEVER invest in something you do not understand!
Our definition of investing is for long-term. Long-term is 5 years or more. Anything less, there is a higher chance of the "investment" going down in value before that 5 year mark.
Some examples of common investments: Stocks/mutual funds/ETFs Bonds Real estate Businesses Investments are important for your wealth building so that you can create income...2025-06-0203 minIdeal Life & Money AcademyNegotiating in everyday life (including salary)Just like negotiating with your career/salary, negotiating can be used in many other areas.
Food is my favorite thing to negotiate on as I tend to shop at markets. When I am buying fresh fruit and veg, I ask if they "would take $10 for this box" of bananas or ask "how much does $5 get me?" Those are my initial go-to's, but there are many ways to negotiate (or even barter) to get deals.
Reminder: EVERYTHING is negotiable!
In every country I have visited, negotiating is a part of everyday life. In the...2025-05-2607 minIdeal Life & Money Academy5 Easy Steps to Financial Freedom5 Easy Steps to Financial Freedom
Starter Emergency Fund (min $1,000 up to 1 month of income)
Permanently pay off all debts except the mortgage
Fully Funded Emergency Fund of 3-6 months of expenses
Save/Invest 10-20% toward your future (retirement and/or bridge accounts)
Pay off your house early Celebrate reaching Financial Freedom!
Steps 1-3 are done in order and before you start any investing
Steps 4 & 5 are done together
The above steps are how we got to where we are today (living our Ideal Lives) and we know they will work for you too. Focus...2025-05-1908 minIdeal Life & Money AcademyHow To Save Money On Eating OutI love eating out...how about you? There are so many amazing things about eating at restaurants, but there are some negative things too. The biggest thing is it's so darn expensive now. So, how can you still enjoy restaurants without breaking the bank (or your budget)?
In this video, I give you a few ways to save money on eating out so you can do more of it, and get your dollars to stretch further.
For more on budgeting, be sure to get our Budgeting & Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
2025-05-1214 minIdeal Life & Money AcademyInvesting: Don't make this mistake!Are You Investing For The Wrong Reason?
Investing. Everyone has an opinion on how to do it right. But as a culture, I think we have gotten this wrong. Many people invest for the wrong reasons. What about you? Why do YOU invest your money?
In this video, I walk you through the REAL reason we should invest our money and how to view these investments. Don't be like "everyone else" and invest for a big balance. Invest for INCOME so you can get to living your Ideal Life as soon as possible!
...2025-05-0510 minIdeal Life & Money AcademyWhen it comes to money are you Spender or Saver; Nerd or Free Spirit?We all have natural tendencies when it comes to everything we do, even money. In this video, we are going to talk about some natural and unique ways how you spend and relate to money.
Starting with: are you naturally a spender or a saver?
Next, are you a nerd or a free spirit?
You will be better at one than the other. For example, I am a natural saver and a nerd. I love saving money and playing with spreadsheets. AND I must exercise my spending muscle so I can have fun...2025-04-2804 minIdeal Life & Money AcademyCredit Card Myths that are going to make you upset!Here is a conversation we had about the most common Credit Card Myths we run into.
Be sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget2025-04-2015 minIdeal Life & Money AcademyWhy the Rich Keep Getting RicherYou've heard it before - "The Rich Keep Getting Richer?"
The thing is, it's TRUE. And there is a reason for this. You see, most people with money know how to get their money to work FOR them instead of against them. So, in this video, I walk us through why that is, how it works, and how you can avoid money working against you and start getting your money to work FOR you.
Don't forget to check out the Ideal Life & Money Academy to learn more about how to manage your money well and...2025-04-1408 minIdeal Life & Money AcademyPopular Money Myths - some you definitely believe!Have you ever heard or been programmed by money myths?
It was all that long ago that I believed a few money myths out there. I'm very grateful to have been taught otherwise. Now live by financial principles that prove these to be myths.
In the pdocast we debunked these myths:
Myth: It's inappropriate to talk about money (income or problems) FACT: We should talk about money comfortably.
Myth: The more money you have, the happier you'll be. FACT: Not always true. I have read about Billionaires killing themselves be...2025-04-0607 minIdeal Life & Money AcademyWays to make money this weekHow To Make Quick Cash When You're In A Pinch.
Let's face it, all of us get into financial trouble from time to time. This could be due to a job change, lost hours, an emergency, or any number of reasons. If you need to make some quick cash when you are in a pinch, there are a couple of ways to do it and in this video, I walk us through a couple of those.
One of the biggest factors to note when you are in financial trouble is to make sure you know...2025-03-3107 minIdeal Life & Money AcademyDo I have to stop investing to get out of debt?What do you feel like you should do?
First, we don't like using the word STOP. Instead we use the pause. We suggest pausing investing and have laser focus on getting out of debt.
We don't want you to invest $20 or $100 a month while trying to get out of debt, while trying to save for a holiday, etc. We want you to become debt free. Then have a fully funded emergency fund, and then invest 10-20% of your income which may be $1,000 or more!
What will you decide today? Will you decide to...2025-03-2409 minIdeal Life & Money AcademyAverage Net Worth by Age - Where Do You Rank?How much do you think you should have saved for your age? How do you compare to the Nerd Wallet article? https://www.nerdwallet.com/article/finance/average-net-worth-by-age
Calculate your networth. Net worth = what you own - what you owe
Be sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget2025-03-1708 minIdeal Life & Money AcademyWorking 7 days a week? Something is wrongOverworked? Never feel like you have a weekend? You aren't alone, but that doesn't mean it's okay.
There are a lot of people out there who are overworked, burnt out, burning the candle on both ends, and miserable. Don't be one of these.
If you are having to work every weekend, nights, and way too long of days, something is very wrong with your job, your business, or systems. Start creating that life you WANT. Work when you should work, but stop working when you should stop.
In this video, I address some...2025-03-1010 minIdeal Life & Money AcademyStop Saving Money - WHAT?It's hard to even say out loud as financial coaches!
The reason we are suggesting to not save is that this money is usually sitting there not doing anything. If money is in an account without a purpose, then it usually means that it will disappear. It will be spent on going out to eat, buying more clothes, electronics, etc.
Save money for a purpose.
Spend money for a purpose.
Be sure to check out the ILMA Academy to start living your Ideal Life years sooner: https://www.sentinelcoaching.com/ilma
2025-03-0311 minIdeal Life & Money AcademyHow to become a millionaire before 40Follow these principles of investing and you will become wealthy! Specifically how I became a millionaire in my 30's and you can too.
You should never, ever give up control of your money.
What you focus on grows; what you don't care about or look at is soon lost.
Choose investments that are powerful and stable. (aka long track records)
Always consider taxation and inflation as part of an investment.
Make maximum use of the assets you have.
Diversify your investment portfolio, but don't diversify too much.
Break your investment portfolio into three basic categories: conservative, medium risk...2025-02-2413 minIdeal Life & Money AcademyWhat to do if you hate budgeting or the word "budget"!Just because you aren't good with money, numbers, or budgeting, doesn't mean you have to struggle with money. We all know having some kind of money system/budget is better than not. It's really difficult to win without a budget, but what about those who don't like it or aren't good at all the tracking?
In this video, I talk about a system you can use to simplify your money management so it's a lot less tracking and work. This system is great for beginners or those who don't like budgeting and tracking "everything".
Bucket syst...2025-02-1710 minIdeal Life & Money AcademyWhat to do if you need to quit your job right nowSummary: Have you ever had a bad job? I mean HORRIBLE? If you have been in a toxic work environment and have managed to get out, you know how important it is to recognize it and get out.
But what do you do about replacing that income? Unless you just have a bunch of cash laying around, you can't just quit right?
In this video, I talk about the "right" way to quit and set up your next job if you know you need to get out of your current one.
Be sure...2025-02-1013 minIdeal Life & Money AcademyI invested 25% of my income, was it worth it?2024 brought amazing opportunities with life, travel, and saving. Total spend = $80,000 We saved 25% of our income and the question is: was it worth it?
YES, because we were able to do some very cool things. We love traveling and we were able to go overseas multiple times, living in an RV "full time", and invested $20,000 into our future/retirement.
Action steps for you: track and know your income AND expenses!
Be sure to check out the ILMA Academy to start living your Ideal Life years sooner: https://www.sentinelcoaching.com/ilma
2025-02-0312 minIdeal Life & Money AcademyNever Give Your Kids An AllowanceI'm a big fan of teaching your kids about how money REALLY works. That's why I don't like giving them an allowance. I'm in favor of giving them a Commission...and there is a BIG difference.
In this video, I walk through the differences between an allowance and a commission, and show you how going the commission route is teaching them how money and the real world works. Versus how giving kids an allowance teaches them to treat you like an ATM.
Learn more about how to manage your money well in the Ideal Life...2025-01-2713 minIdeal Life & Money AcademyHow to Avoid Fraud and ID TheftBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
ID Theft and fraud are everywhere! If this has happened to you, then you know it is NOT fun. If this hasn't happened to you, great, and let's do things to make sure it doesn't happen in the future.
It's nearly impossible to not have your information out there online. There are so many attempts to get you caught up in fraud: phone calls, emails, texts, links, computer access, stolen wallet or cards, etc.
Keep in mind: if it...2025-01-2018 minIdeal Life & Money AcademyWhat are you NOT willing to Give Up to Save Money?Be sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
This is a question that no one is asking!
What are you willing to give up? AND what are you not willing to give up?
Remember all things are temporary with the things you are willing to give up. AND there are limits to what that may be to you. Maybe you are health focused and don't want to eat boxed, processed foods to save a few dollars.
This is your life and only you can an...2025-01-1309 minIdeal Life & Money AcademyShould I Sell Assets to Pay Off Debt?Be sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
The goal is to become debt free! At what cost? It depends!
Retirement accounts may not be what you want to sell. You will have to pay taxes and penalities.
Non-retirement investments are open to selling. Maybe downsizing is in the future, sell items and you can replace them in the new town, state, or even country that you move to!2025-01-0611 minIdeal Life & Money AcademyNew Years ResolutionsBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilma
The New Year (or really anytime of year) you get to choose to make changes!
What will keep you on track to stick to your goals? Are you ready to make the commitment? What is your clear path?
If you don't have one or looking for another path, then join Ideal Life & Academy and start living your Ideal Life this year.2024-12-3005 minIdeal Life & Money AcademyRecommended Spending Percentages For Your HouseholdBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
Recommended Spending Percentages:S.T.U.F. stands for Shelter, Transportation, Utilities, Food
Shelter - rent or mortgage = less than 25% of your take home payTransportation - 10% to 15% including maintenance, insurance, gas, ticketsUtilities - 5% or lessFood - 5% to 15%
Remember, these are based on average income numbers.2024-12-2311 minIdeal Life & Money AcademyThe Dangers Of GivingBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
Can giving really be dangerous?We believe it can lead to becoming dangerous through this 5 Step Process: 1) Appreciation 2) Anticipation 3) Expectation 4) Entitlement 5) Dependency2024-12-1610 minIdeal Life & Money AcademyConnecting With Others Will Help You FinanciallyBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
People influence us one way or another. It's important to have BOTH kinds of people in our lives - spenders who help us enjoy life, and savers who help us from making poor impulse decisions.
In this video, I encourage you to take a look at who you are spending time with. Are you isolated to your own thoughts, opinions, and ideas? If so, you are missing out. Gather people around you who care about you, love you, and...2024-12-0906 minIdeal Life & Money AcademyHow $100 Changed My LifePeople who are successful with money don't happen to fall into good money management, they work at it, implement good habits, and THINK about money differently.
In this video, I share how $100 changed my life, but it wasn't the physical dollars that changed my life, it was the THINKING around that $100. If you want to get better at money management, you need to think differently.
I used (and still do use) this practice to help me keep an abundance mentality around money instead of a scarcity mentality and it's made a HUGE difference.2024-12-0206 minIdeal Life & Money AcademyIt's Impossible To Be Grateful And MiserableLiving in a state of gratefulness is important because you can't be grateful and angry at the same time!
Tell us, what is it you are grateful for?!?2024-11-2509 minIdeal Life & Money AcademyPros and Cons of the Nomadic LifeMany people dream of living the nomadic life, especially with more and more remote work options available. Is this something that you dream of? You think you want to do it? Here is my take after spending multiple years of living this life.
Pros:
Condense your experiences, do multiple things while in one place
Settle into your chosen experiences
Create memories for the rest of your life
Know what you like sooner than later (no regrets)
Cons:
You may miss "home" or feel lonely at times
Getting sick on the road, different beds, pillows, e...2024-11-1706 minIdeal Life & Money AcademyDaily Success Practices For A Healthy MindsetWhat does it take to be happy? Is it really possible to have a good day everyday?
I have a specific process I go through and a series of questions I ask to make sure I have the right mindset to set myself up for success.
1) How Am I Feeling? 2) What Do I Want Today To Look Like? 3) Who's In Charge Of Today? 4) What Can I Do To Make A Difference In Somebody's Life? 5) What Are Some Things I'm Grateful For?
Try it for yourself and see how your...2024-11-1009 minIdeal Life & Money AcademyAre You Saying No to your Ideal Life Just Because it Costs Money?When we are getting out of debt, we get used to saying "no" to most things so we can put more money toward debt to get out faster. But many of us have created so much of a habit of saying "no", it's hard to break that habit, even after we got out and now have money.
This is dangerous because we could find ourselves saying "no" out of habit to all of the things that we would determine are part of our Ideal Lives and we'll miss out on them. So, what do we need to...2024-11-0311 minIdeal Life & Money AcademyThe Secret to Success - Get Rid of the Negative Self-TalkOne of the most common reasons people fail is because they don't believe success is an option. We can only produce as much as we believe we can. You won't be able to succeed beyond your thinking.
If you have people in your world who are negative, or feed you negative thoughts, eventually you'll start believing them. And sometimes that negative person is YOU. In order to succeed in life, in money, in relationships, and work, you need to change the way you talk to yourself. Instead of filling your head with things you can't do, start...2024-10-2710 minIdeal Life & Money AcademyDebt Is Keeping You From Your Ideal LifeDon't let debt keep you from living your Ideal Life!
What is your opinion on debt?Ours: debt is NEVER good. All debt brings risk into your life.
Debt is keeping you from living your Ideal Life. You ultimately pay more for the item that you just needed (you know it's a want!)
What would your life look like with no payments? What would your life look like?
Maybe you don't have to work 60, 70, or even 80 hours a week at multiple jobs to keep the lifestyle you have created.
Maybe you g...2024-10-2105 minIdeal Life & Money Academy5 Ways to Save Money on GroceriesBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
Food is one of the most important line items in our budget, but it's also an area where people can waste a lot of money. So, what are some simple ideas you can use to save money on your groceries?
Try one or all of these this month and see how much you can save:1) Don't go shopping when you are hungry2) Plan out your meals3) Buy in bulk, share food4) Don't buy something if...2024-10-1309 minIdeal Life & Money AcademyHow to budget for Irregular IncomeHave you heard or ever said: "I can't budget because I have irregular or seasonal income!"
Then, you're not alone. Coach Mike & Coach Jason are here now, being self- employed may bring this type of income and uncertainty to your finances.
Create a budget on the lowest amount of income you will bring in.
Prioritized list: S.T.U.F. Shelter, Transportation, Utilities, Food
Continue your priority list to include all the things you will spend your money on above your basics.
Tips: Write the priority lists down, continue adding to it over time, & communicate th...2024-10-0707 minIdeal Life & Money AcademyBoth my wife and I are SPENDERSWhen it comes to spending and saving money, we tend to think of spenders as bad or have a negative narrative of them, and we think being a saver is a good thing and have a positive narrative of savers. I can understand where this comes from because most of us in North America have gotten into trouble with our spending, but in this video, I walk us through the notion that neither is good and neither is bad. We need both.
There are 2 sides of the coin (see what I did there?) when it comes to...2024-09-3003 minIdeal Life & Money AcademyBudgeting: Where To StartHere is the step by step way to budget: https://www.sentinelcoaching.com/ilmabudget
First time budgeting....SUCKS. Where do you even begin?!?
#1) Know & track your income from ALL sources#2) Know & track your expenses (YES, every little thing)
Main catergories are S.T.U.F. Your basics are shelter, transportation, utilities, & food.
Try this for at least 30 days! You will have more clarity of your money habits. 2024-09-2304 minIdeal Life & Money AcademyTurn Disciplines Into HabitsDisciplines are great to train us to do things we should do, but most of the time, it's not pleasant. Discipline is the first step however, to creating a habit. And when we develop habits (good ones that is), we'll make progress and have a better life.
Think about brushing your teeth. When we are children, we usually hate brushing our teeth, but eventually when this discipline becomes a habit, it's weird when we DON'T brush our teeth before bed or after waking up. It becomes second nature and we barely even think about it anymore.
2024-09-1503 minIdeal Life & Money AcademyWhy the FIRE movement doesn't work for your Ideal LifeBe sure to check out the ILMA Budget/Debt Elimination Course: https://www.sentinelcoaching.com/ilmabudget
F.I.R.E. Financial Independence Retire Early
Coach Mike used to get into the FIRE movement and realized after years of aggressively saving that it wasn't the best way to live his Ideal Life.
Learned over time that "I'm going to DO something for the rest of my life" and that typically comes with a financial exchange.
If you're into the FIRE movement, don't get caught in these downsides:
Never "get there"
Reach i...2024-09-0910 minIdeal Life & Money AcademyConsistency is the way to win with moneyConsistency is extremely underrated in any area of life, but if we think about it, it just makes sense. This is the same concept as the popular fable - "The Tortoise and the Hare". We all know the tortoise wins in the end because even though it's slow, it takes one step at a time consistently until it crosses the finish line while the hare knows it's fast so doesn't take the race seriously and goofs off only to find out it underestimated the tortoise.
In this video, I address the topic of consistency when it comes...2024-09-0204 minIdeal Life & Money AcademyHow to live your Ideal Life without being a MillionaireHow to live your Ideal Life without being a Millionaire - it's possible!
Most people would tell you that living your Ideal Life is impossible without millions of dollars. Why is it that everyone thinks you need to be a millionaire? Well, we're here to tell you it's not a requirement - depending on what your Ideal Life looks like. So that's where we start.
1) Define what you want your life to look like
2) Get specific, don't just say "I want to travel", or "I want to quit my job at 55". Write down...2024-08-2610 minIdeal Life & Money AcademyStock market lost my MONEYIn general, when we refer to "The Market" in finance, we are talking about the Stock Market. When the Market goes down for any reason, the media covers this like we should all panic and be worried. This isn't true, and frankly, it's not fair to the public. So, let's get a breakdown of what is actually happening.
When the Market goes down, we don't actually LOSE money. What actually happens is we have lost some VALUE in our securities/holdings, but we don't actually lose money until we sell our investments at that lower price.
2024-08-1904 minIdeal Life & Money AcademyTurn Your Bucket List Into A Reality ListMost of us know what a "Bucket List" is. It's that list of things we want to do before we die "kick the bucket" (that's where the saying comes from). And most of us die without a lot accomplished on that list, which creates a life of regret. So, how do you turn your bucket list into a "reality list"?
First, you need to HAVE that list accessible so you know what you want to do, buy, or experience.
Second, DECIDE to take action on that list. What is holding you back? Is it fear, lack of money...2024-08-1208 minIdeal Life & Money AcademyAllergies & MoneyDo you suffer from allergies? I didn't have allergies until I was in my 20's and I can tell you it's just miserable. Because I didn't grow up with allergies, I didn't know I could do anything about it until several years into the seasonal suffering when I said "there has got to be something I can do about this".
Money is the same way. If you've got "money allergies" and are suffering through your money management, you need to know there is something you can do about it. You don't have to suffer anymore. It all...2024-08-0507 minIdeal Life & Money AcademyChange is Inevitable, Review Your Ideal LifeCHANGE will always happen! This could be around your Ideal Life, goals, dreams, family, career, money, etc.
Being flexible is how we view being "successful" and the best way to live our Ideal Lives! Being open to different opportunities and deciding if it will be a "yes" or "no" is critical to our happiness in our respective lives. We wouldn't trade that for anything!
First, you must dream of what you want your life to look like. Then, you'll be more aware of what would be positive or negative in your life. Once you are...2024-07-2910 minIdeal Life & Money AcademyCredit Card Rant - do you have Visa, Mastercard, or AmericanExpress?Let's talk about Visa, Mastercard, & American Express. Credit cards SUCK! They are the cigarette of the financial world and can ruin your life. I know, that's controversial...but I want you to WIN with money, not just play the banks' game. Credit cards make them rich, not you.
Do you keep one around for cash back or for airline miles? Let's do the math: If you get 5% back (most don't!), then you have to spend $100,000 to get $5,000 back!
Benefits of cutting up and not having a credit card:
#1 - You can't spend more...2024-07-2206 minIdeal Life & Money AcademyHow Much Do You Need To Retire?How much do you NEED to live your Ideal Life? Well it really does depend! We always start with the question: "What do you want your Ideal Life to look like?"
Once you know what that looks like, you can calculate how much it takes to live that Ideal Life. For example, if you have a fancy house and car, like to travel all around the world, and buy expensive things, your life needs a LOT more money than someone who likes to be at home in a small condo, cooks at home and only travels for...2024-07-1511 minIdeal Life & Money AcademyStop Saving MoneySTOP saving money!
That's right, stop saving money, because I want you to pay off your debt.
Don't be the person that has $3,000 in your bank account and a $2,000 on a credit card balance. Also, pay off all your debts, not only high interest debts like credit cards but all debts. Think student loans, car payments, personal loans to grandma, etc.
Once you are debt free, you can save even faster, start investing even more and start living your Ideal Life years if not decades sooner!2024-07-0802 minIdeal Life & Money AcademyPatience Pays More Than A Virtue"Patience is a Virtue" - we've all heard that age-old saying and yes it's true. Patience is one of the best tools we can learn in this life. But I believe it's a lot more valuable than people realize. It can pay you back in a monetary way. Let's take a look at some of the ways patience can pay us in MONEY:
Look for deals/coupons or wait for those sales. Yes, you won't have that thing right away, but most things you don't really need right now anyway so you might as well save some money.
...2024-07-0109 minIdeal Life & Money AcademyHow We Retired In Our 30'sHow did we "retire" in our 30s???
#1 Keeping expenses low and become DEBT FREE. We are always going to tell you to be debt free. If you haven't been debt free, then try it out. And I promise if you don't like it, you can always go back into debt.
#2 Having access to income/money. This could be savings, rental real estate, investments, retirement accounts, or bridge accounts if you are younger than "retirement age".
#3 Think creatively: more income, part time work, trade time for food or accomadation. 2024-06-2414 minIdeal Life & Money AcademyDog Walking & Money (Who's in Control?)Many of us humans love control. Why do we try to control everything in our lives? Most of the time it's because we want to KNOW what we can expect. Life seems easier that way. But control is really difficult and most of the time we don't handle it in a healthy way.
However, when it comes to managing our money, we need control over it. Not in an unhealthy and obsessive way, but like we need control over our dogs when we walk them. You've seen owners who are walking their dogs and it's just out...2024-06-1704 minIdeal Life & Money AcademyTurn Fear Into Healthy PressureFor the most part, there are 2 reasons we do anything in life: 1) We want the promise of pleasure 2) We want to avoid pain
In this video, we are focusing on FEAR. I'm not normally one who wants to focus on fear because I know how crippling it can be and when we give fear a foothold, it can destroy us. But for the sake of todays' conversation, we are talking about the fear of making decisions and how we can turn that fear into a healthy kind of pressure to help us make progress. This...2024-06-1003 minIdeal Life & Money AcademyAre You Investing Enough For Retirement?How do you know if you're saving enough for retirement?
First determine what you want "retirement" to look like! Then, you get to figure out how much that life will cost (both annually and monthly).
Then, how much income will you bring in? Think rental real estate, pensions, Social Security.
Finally, how much will your savings return? This could be in IRA's, 401k's, 403b's, Superannuation, or mutual funds outside of these accounts.
Note: I'm always looking for at least an average 10% annual return. Example, $500,000 invested well will provide you with $50,000/year.2024-06-0311 minIdeal Life & Money AcademyDon't Go To Costco Without A PlanI'm a big fan of Costco and other big box stores. I love getting those deals and seeing what products they have. But there can be a real danger when you shop at places like this because it's so easy to get wrapped up in the "deal", that you don't realize how much money you are spending in total dollars. Sometimes the "deal" isn't really a deal.
You need a plan!
When you buy in bulk, you typically pay less per pound, ounce, container, unit, etc. but make sure you are going to use this...2024-05-2709 minIdeal Life & Money AcademyGet Clear On Your Ideal Life"A man with an experience is not at the mercy of a man with an opinion" This is how I continue to live my life. Gaining experiences. It leads to me living my Ideal Life year after year.
By creating a vision board and writing down exactly how we want life to be we are able to turn it into a reality. I encourage you to try it out. Remember, gain experiences by trying something new.
My wife, Elle, and I were able to live and work on Fraser Island (largest sand island in the...2024-05-2004 minIdeal Life & Money AcademyIs Struggling With Money Normal For You?If you are on the wrong side of 40 like me (as far as physical health goes anyway), chances are you have something in your body that is breaking down, sore, or doesn't keep up with someone who is in their early 20's. That's just a part of getting older. But we live with this soreness for so long each and every day, sometimes we forget that it's a struggle until we aggravate it. When it comes to our mind though, we have a choice about how good we feel.
If you aren't feeling excited about how you...2024-05-1304 minIdeal Life & Money AcademyThe Best Investment is in YourselfDo you want to know the secret to success? Well, there are many secrets to this, but the one I'm talking about today is investing. Not in stocks, bonds, mutual funds, or ETF's, but investing in YOURSELF. Time, energy, and money.
The single greatest investment you can make is in yourself. Are you putting resources toward yourself and your growth/learning? This tip put to action could propel you to a level you've never thought possible. By investing in yourself, you can grow physically, mentally, financially, emotionally, spiritually, and in every other area of life.
...2024-04-2903 minIdeal Life & Money AcademyInvest in these 3 things to become a millionaireThere's only 3 things you can invest in (and you must do all three!):
#1 - YOURSELF#2 - Your business, if you don't have one, then get one.#3 - Other people's businesses.
By far the best investment you can make is in yourself! It will give you the greatest ROI (return on investment). An example, if you pay to get education that costs $10,000 and you are able to create an extra $10,000/year for the rest of your life. That's a 100% return!
If you don't have a business, then may you should begin today...2024-04-2206 minIdeal Life & Money AcademyDon't Fear Money, Learn to Enjoy ItThe subject of money and finances can be very controversial. Many of us fear the subject of money, but most likely it's because of what we've seen money do to other people. It's really easy to fear money if all we see around us are people who seem corrupt by money and greed. But those people aren't you. You are in control of you. It's a choice.
If we fear what money will do to us, we naturally avoid money management altogether, which in itself is dangerous because we will then struggle with money our whole lives...2024-04-1503 minIdeal Life & Money AcademyCompound Interest and the Rule of 72Double your money with this formula: The Rule of 72.
This rule will determine how long it will take to double your initial investment when you have a compound interest rate that you will receive. AND you can determine what interest rate you want to achieve if you know you want to double your money (initial investment) in a certain amount of time.
It's not exact down to the penny but it's quick/easy math to know if you are close to your desired dollar amount when it comes to your long term investments. Remember: long...2024-04-0805 minIdeal Life & Money AcademyWill Getting a Raise Make Your Finances Worse?25 years ago I got a raise. And I was so happy at first, but it made my financial situation worse than it was before!
I didn't know how to view and manage my money well at the time so I viewed the raise as "free money".
I did what most people do when they get a raise at work. Go out and spend it. I bought a car that cost me more money each month than I was getting with the raise! Have you ever done something similar?
In order to change our...2024-04-0205 minIdeal Life & Money AcademyTake Care of Your Body, Take Care of Your FinancesWhat does physical health have to do with financial health? That is something many people miss when it comes to their money. Let's take a look and see how we can take care of our finances like we take care of our bodies. I know, some of us aren't doing a great job at taking care of our bodies, but almost everyone knows what needs to happen to take care of our bodies.
Here are the "big 3": - Proper rest (sleep) - Proper nutrition (eating) - Exercise (physical movement)
We as a...2024-03-2605 minIdeal Life & Money AcademyShould I Tell My Kids No?Why you should tell your kids no.
No. Is a complete sentence. The sentence "no" allows others to understand there are boundaries. Within your house and outside of their home. It will give your kids confidence while they are young AND when they grow up to be a good adult.
Don't say no to everything. Don't say yes to everything. There is a balance!2024-03-2004 minIdeal Life & Money AcademyThe Bridge Account (For Early Retirement)Have you been saving for retirement? Awesome! But what happens if you want to access some of your money before you reach retirement age?!?
We recommend to continue saving in your retirement accounts AND save extra money in a bridge account. With a bridge account you will pay more taxes which will be okay as long as you are still investing in tax favored retirement accounts. You get the opportunity to have access to your "bridge account" money whenever you would like.2024-03-1308 minIdeal Life & Money AcademyThe Real Cost of Owning a HomeOur recommendations for getting a mortgage:- term = 15-year fixed rate mortgage - 20% down payment (goal to avoid private mortgage insurance) - payment is no more than 25% of your take home pay
Thinking of buying a house? Need to take out a mortgage? What does mortgage mean?
Root word definitions Mort = death gage = pledge
First, consider all the additional costs that will go along with home ownership. It may be more expensive than just looking at the mortgage payment alone!
Buying a house may be right for...2024-03-0617 minIdeal Life & Money AcademyTax Brackets Explained (hint: yes, take the raise!!)The Truth About Tax Brackets
"Should I accept this raise or this bonus?"
Popular myth: "Making more money will put me in the next tax bracket! I don't want to pay the higher rate for my entire income...."
Yes, your increased income will be taxed at the higher amount, though NOT your entire income. Tax brackets are portioned at different % rates up to different amounts.
For 2023 tax bracket:10% is paid on your income from $0 - $11,00012% is paid on your income from $11,001 - $44,72522% is paid on your income from $44,726...2024-02-2805 minIdeal Life & Money AcademyShould I Combine My Finances After I Get Married?How long have you been married? 1 day, month, year, or decades.....
It doesn't matter because it's time to combine your finances. My wife, Elle, and I combined our finances as soon as we got married. Not before and we didn't wait either.
Once you are married, you have committed to someone. Why is it that so many stop there? They don't continue combining their lives, especially financially.
Benefits of combing your finances once you're married: - shared dreams and goals - work together in achieve your goals - COMMUNICATION improves...2024-02-2106 minIdeal Life & Money AcademyZero % Financing Is A Marketing ToolBeware of purchasing something at 0% Financing. It's a marketing ploy to get you to buy something you probably can't afford, or at a minimum, don't really need. We are the most marketed to culture in the history of the world, so you need to get organized and intentional about your money so you can keep more of it for yourself and your loved ones.
0% Financing sounds like a good deal, but you need to know the company has built their profit into the "deal". There is no such thing as "free money" when it comes to purchasing...2024-02-1404 minIdeal Life & Money AcademyIt Doesn't Have to Cost Money to Get Out of the "Friend Zone"Valentines Day ideas that don't cost a lot of money: - Hand made gift (ie cards) - Set a romantic mood at home - Know your and your partners love language (acts of service, gifts, quality time, words of affirmation, or touch) - www.5lovelanguages.com
These acts of love don't need to stop once you're married. Marriage bonus idea = set regular date nights! At least once a month, more is always better!
______________________________________Our goal at Ideal Life & Money Academy (ILMA) is to help you:↪ gain confidence and certainty wh...2024-02-0708 minIdeal Life & Money AcademyCredit Cards Are the Cigarette of the Financial IndustryRemember when cigarette's were cool? Doctors even smoked them. This is exactly how I feel about credit cards! We will view them as the financial cancer they are in the coming decades.
Do yourself a favor and stop using your credit cards today. You will avoid spending more than you earn. You will stop borrowing money. And you will greatly reduced your chances of identity theft.
I used to have a credit card and I canceled mine over 15 years ago! Believe me when I say life is so much better now without a credit card...2024-01-3110 minIdeal Life & Money AcademyDebt Elimination is just the beginningWe want you to get rid of debt, but that's just the beginning. The real fun comes after the debt is gone!
There are lots of people out there who focus on helping us get out of debt. I'm a financial coach and know a lot of other coaches who help their clients with this important step. For the record, I agree that debt is a problem and needs to be eliminated from our financial life, but what I have seen and heard from all of my colleagues is they focus too much on this as "the...2024-01-2402 minIdeal Life & Money AcademyHow to live in an expensive area cheaplyThe most desirable places to live are always the most expensive but how can you afford to live in these places? In this video, we give you some practical tips and several real-life stories of how we've lived in some of the most expensive areas in the world, but didn't have to pay the market rate for rent.
Here are several ways to live in an expensive area cheaply. Watch the video for more explanation: 1) Rent a room or share a house 2) Ask your Community/Family/Friends if they have a place to rent 3...2024-01-1713 minIdeal Life & Money AcademyWhy we are budgeting for 2024Budgeting will help you: - Gain more control of your life and money - Make different decisions so you can save more and allocate those dollars to other things - Assess what is important to you - Teach you how to say "No", but also teach you how to say "Yes" (without guilt)
Check out our budgeting resources here: Coach Mike's Course - https://www.moneylikemike.com/budget Coach Jason's Course (get $20 off with this special link) - https://www.sentinelcoaching.com/offers/QHtjuLVg?coupon_code=BUDGET20
Then check...2024-01-1011 minIdeal Life & Money AcademyHow I Saved $100k By Budgeting In 2023I saved at least $100,000 in 2023!!!!
That is huge as we only spent $40,000 in total for the year. That's right, my wife and I spent less than $40,000 for the entire year driving across the country in our RV. This also includes over $6,000 worth of prepaid expenses/travel in 2024.
The 3 big ticket items that I did NOT purchase in 2023 that saved me $100,000: 1) NBA Lakers basketball tickets ~$2,000 2) Test driving a Tesla and not buying one ~$30,000 up to $70,000+ 3) Buying into a time share that was pitched to us for ~$70,000
______________________________________Our goal at Ideal L...2024-01-0213 minIdeal Life & Money AcademyWhat to do if you've overspent on your credit card this holiday seasonTip #1: Get rid of your credit cards If you cut them up, then the debt can't grow more or grow back!
Tip #2: Decide to change If you continue to do the same things and expect a different result = insanity.
Tip #3: Combat the guilt and shame Give yourself some grace. We have ALL made mistakes.
**Increase income and decrease your expenses** We tend to need a little of both. Think about asking for a raise, getting a second job, and cancelling multiple monthly subscriptions.
Tip #4: Use your savings 2023-12-2708 minIdeal Life & Money AcademyTop 5 things to do for your year end reviewTip #1: Net worth spreadsheet Coach Mike does this every January 1st. Updating your net worth document is key to making sure you are moving in the right direction. "What doesn't get measured, doesn't get managed"
Tip #2: Adjust your budget Coach Jason recommends reviewing your budget and make any changes so you can anticipate increases or decreases for the new year
Tip #3: Review goals/dreams Coach Mike loves reviewing the last 12 months, what is the trajectory, and what are goals/dreams for the next 12 months.
Tip #4: Review your insurance and investment...2023-12-2005 minIdeal Life & Money AcademyQuestions to ask when working with an Investment ProWe all want to invest for our future, but what we don't know may end up hurting us. So, I put together a few tips on what you need to know or ask when investing your money.
Should you work with a Financial Advisor for your investments or do it on your own? That's the big question isn't it? Depending on who you talk to, many say a Financial Advisor is expensive and not worth hiring for your investment management. Others say it's completely worth it and they are invaluable for helping you build wealth. So which...2023-12-1310 minIdeal Life & Money AcademyThings to know before you buy an RVAfter living in an RV for a year, I have learned a few things! Here are my top 5 tips: 1) Try it out before you buy 2) It's not always glamorous 3) Be aware of the extra costs 4) Never buy a new RV/Van 5) Pay cash
When we talk about your Ideal Life, many people say they want to travel. And some think that traveling full time sounds like fun. The Van/RV life can be thrilling, but before you spend a pile of money on an RV, you might want to do some research...2023-12-0604 minIdeal Life & Money AcademyThe #1 Secret to winning with moneyPeople have been dealing with and struggling with money for generations. So why have we not learned to figure this subject out? After thousands of years, we are still in the same boat. We want more and we don't make enough to get what we want. Finances are very complex with multiple facets to it, but if you follow this 1 simple rule, you'll get rid of the vast majority of your financial problems.
It's very easy to understand, yet very difficult to live by - "Live on less than you make". That's right, this rule is so...2023-11-2902 minIdeal Life & Money AcademyRenting a car using a debit cardRenting a car with a debit card in 2023 isn't always easy but it is possible!
My favourite way is using Turo, simple to get set up and an easy app to use. If you don't like HUGE companies then by using Turo you are not contributing to big rental car companies and helping them buy/manufacture more and more vehicles.
Bonus: you get to help out the struggling individual who is willing to rent their car who could be using the income to get out of debt even faster!
______________________________________Our goal at...2023-11-2203 minIdeal Life & Money AcademyWhat to do if family or friends owe each other moneyFirst thing first: Money is EMOTIONAL.
It's no fun owing people money or having people owe you money. Especially if they are family or friends.
You never expected to borrow and not pay money back so you have faith that someone will pay you back if you lent them money, right?!?
Join our conversations and experience with being on both sides of this equation and what to do about it going forward!
______________________________________Our goal at Ideal Life & Money Academy (ILMA) is to help you:↪ gain confidence and certainty when it...2023-11-1532 minIdeal Life & Money AcademyGift Ideas That People Actually WantGifts don't have to be expensive!
If you are trying to save money, gift giving can be really stressful because we all WANT to give amazing gifts, but sometimes you either don't have the money or you are trying to save for something else important.
The good news is gifts don't have to be expensive to be good. There are a ton of ways to give amazing gifts that don't cost a bunch of money. In this video, we give you some great ideas of how to give gifts that cost very little so both...2023-11-0811 minIdeal Life & Money AcademyThe 5 Steps to Financial Freedom5 Steps to Financial Freedom: 1) Starter Emergency Fund ($1,000 – one month of expenses) 2) Permanently Pay off all Debt (except your mortgage/s) 3) Fully Funded Emergency Fund of 3-6 months of expenses 4) Save/Invest 10-20% toward your future (retirement and/or bridge accounts) 5) Pay off Your House Early Celebrate reaching Financial Freedom!
Almost everyone can reach Financial Freedom. But first, you need to define what that looks like for you, then take action. Most people only dream of reaching Financial Freedom but if you follow our proven system, we know you will start to win wi...2023-11-0109 minIdeal Life & Money AcademyHow to give YOURSELF a 10% raise - Part 4 (Bonus)We wanted to offer a bonus video as part of the Ideal Life & Money Academy Video Workshop! If you haven't gone through the 3-part workshop yet, go back and watch the 3 previous videos.
Remember, our goal as coaches is to help you with two things: 1 - Get on the path to Financial Freedom 2 - Start living your Ideal Life
Throughout this 3-part video series we covered: Part 1: Why you want to give yourself a 10% raise Part 2: Knowing where you are today financially. Your Financial Snapshot, Income & Expense tracker. Including what to...2023-10-2509 minIdeal Life & Money AcademyHow to give YOURSELF a 10% raise - Part 3In Part 3, we will give you real-life examples and tips to reduce your expenses (which is the fastest way to give yourself a raise). Because any money you save is money you get to KEEP!
Part 3: Practical money tips and examples The 2 ways to improve your financial situation Reducing Expenses Increase Income
If you are ready to dive deeper, gain control of your money, get on the path to Financial Freedom, and start living your Ideal Life now, join the ILMA Community. As a special "thank you" for going through this...2023-10-1828 minIdeal Life & Money AcademyHow to give YOURSELF a 10% raise - Part 2We hope you enjoyed Part 1. Now, we'll shift our focus to getting organized with your money
Part 2: Creating your Financial Snapshot Tracking your Income Planning your Expenses
Part 3: Practical money tips and examples The 2 ways to improve your financial situation Reducing Expenses Increase Income
Spreadsheets: if you would like the spreadsheets we reference in the videos, sign up for this workshop and they will be delivered through your email: https://www.sentinelcoaching.com/raise - Financial Snapshot - Income Tracker - Expense Tracker2023-10-1121 minIdeal Life & Money AcademyHow to give YOURSELF a 10% raise - Part 1Welcome to the Ideal Life & Money Academy Video Workshop Part 1!
Our goal as coaches is to help you with two things: 1 - Get on the path to Financial Freedom 2 - Start living your Ideal Life
We believe virtually everyone can achieve these goals, but most people don't know where to start. That's why we created this 3-part video series!
If you want to live your Ideal Life, you'll most likely need a bit more money - so in this workshop, we are going to walk you through how to give YOURSELF...2023-10-0428 minIdeal Life & Money AcademyHow to set up a Roth IRAThis is a simple walk through on how to create a new Vanguard Personal Investor account. Focused on creating a Roth IRA.
Steps: 1) go to - https://investor.vanguard.com/home 2) click "Open an account" 3) select "Open a new account with money from my bank" 4) click "Continue" 5) click "Invest on my own" 6) I'm new to Vanguard click "Sign up" 7) click "Select your account" 8) select Retirement investing 9) select Roth IRA 10) click "Continue" 11) fill in all your details to verify who you are
After these steps...2023-09-2708 minIdeal Life & Money AcademyHow to analyze Financial Opportunities & DecisionsWhen you have a choice or decision to make, how do you go about it?
Use this process for decisions in any area of your life!
1st - check in with yourself. Do you want to do it? Does it excite you? Is it a heck yes? 2nd - ask your spouse or the other party involved. Do they think it's a good idea? If no, great. Decision done.
If yes, then how are you going to make it happen? What's the best way to accomplish the goal? Does it have to be...2023-09-1906 minIdeal Life & Money AcademyRelationships & Money ValuesRelationships are hard enough, how do you handle money conversations too?
Most of us have heard that money fights and money problems are the #1 reason relationships fail. While these statistics are true, there is one thing you can do to combat this.
We need to know what our Values are individually, as well as for our relationship. While its impossible to avoid all conflict, if you know your values, and know your partner's values (as well as your values together), you'll avoid many of the "normal" relationship arguments that most people get into.
...2023-09-1403 minIdeal Life & Money AcademyWhat I Learned From Taylor Swift & Tony RobbinsI admire Taylor and Tony for many reasons, but mostly because they have a passion to impact others' lives and they are willing to take action!
What was your reaction during the 2020 Global Pandemic? For most of us, we were shocked and when things got shut down, we thought it was temporary. Then, it started to look like it wasn't so temporary. After months and months of being locked down, what was your thought process on how you "did life"? Were you doing the same thing or did you change and figure out a way to win? 2023-09-0710 min