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5+ Ways to Get Money Savvy Now

Money Savviness in the Palm of Your Hand

Money Savviness in the Palm of Your Hand

When I look ahead at my list of projects and tasks, sometimes it feels a bit overwhelming. But today is different. As I look over my shoulder, I can see a 4-year project completed, available, and ready for YOU!

Ask Renee1.jpgThe Money Savvy app is here! Publishing my book was an awesome feat, and I knew I could help a lot of people by sharing my money story and those of others. But this app has been designed and created just for you! My intent was to give you as much support as possible all in the palm of your hand. Going here and there to find sound, financial information can be overwhelming and exhausting. Now it’s all in ONE place!

Here are some of the features and benefits you’ll enjoy when you go to your app store (ios & Android supported) and download this awesome, FREE app.

For starters, you’ll join an exclusive money savvy community. It’s been proven that having support while forming new habits and creating new beliefs around a goal enable success more quickly and permanently. You’ll be able to access me privately and confidentially through the “Ask Renée” feature. No more worrying about everyone seeing your business on Facebook.

Another benefit of the app is that more indepth financial info will be taught and shared exclusively with this community . Starting a conversation about relevant, financial data and topics can be more in the moment when simply reaching for your mobile. So if you’re looking for know-how, you’ll find more of it here.

Other benefits include:

AppBenefitsReceiving the most recent blogs and vlogs directly without having to use Facebook or other portal sames time. Don’t get me wrong. The Money Savvy Woman facebook page will remain as robust as ever, but you’ll be able to connect with us directly through the app. Getting updates about market trends will be in the palm of your hand and easily accessible without distraction.

A financial calculator is included for FREE. You’ll learn how to use it so you can determine the full cost of a purchase or loan over time or expected and/or required returns of your investmnts. They’ll be fun lessons to help ease the learning process and help you make the most of your money.

A jotter is included so you can note that idea or thought that comes to mind without forgetting it.

You’ll know what events are being hosted by Money Savvy Woman and be able to register and check-in easily.

Do you like Instagram? You’ll be able to see where I am and what I’ve been up to with the latest pics posted in the gallery.

Exclusive trainings and deals will be extended to the Money Savvy app community. You won’t want to miss those!…

…and more. Go check it out now!

I’m so very proud that we can offer you such a great tool that’s accessible through your Apple or Android devices. I know I spend most of my time on my mobile as I’m out in the world and not behind a laptop. I think I designed this thing for me just as much as for you. So go now, download it (it’s free), and let’s start the conversation about your money.

Remember, It’s your money, your rules, your way!

Money Savvy Woman, Inc. © 2016

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3 Steps to Take Now To Put Yourself First Without Guilt

I know! Yes! It can be done …and you’ll see how it makes sense once I explain myself.

First, when I say “selfish,” I’m talking about the resistance to take care of ourselves FIRST because we feel it’s a selfish move. However, nothing could be further from the truth.

When I look at all the biblical references about money, they all point to the responsible management of it leading to an accumulation of wealth. And at that point, we are charged as God-loving people, to do what is responsible and right.

Now that last phrase means different things in difference cultures, and I want to be TOTALLY respectful of that. But truthfully, the Lord does not expect us to suffer from lack. He intends for us to prosper. Read more

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Are You Asking for Trouble?

Photo credit-tang90246Anyone who’s been defrauded of their cash, investments, nest egg, or everything they’ve got, can most likely say, “I never saw it coming. I believed in …” whomever got them involved in the scam.

The point of this blog is to make you aware of the five main categories white-collar criminal use to separate you from your money. For the sake of ease, I’ll call the criminal a con or con artist, and the victim, a “mark.”

  1. Pyramid schemes. So often I hear people say that multi-level marketing (MLM) companies are “pyramid schemes.” A genuine MLM company doesn’t function like a pyramid scheme. Here’s the difference: MLMs sell a product directly to a consumer; they often offer an opportunity to create a “down-line” of sales people that will also sell products to consumers and give a percentage of the sales of their down-line as compensation for “sharing the business opportunity.” This is the nature of a multi-level marketing firm. 

    A pyramid scheme is clearly different. It starts with eight (8) investors who bring a required amount of cash as an investment to the deal for the promise of a return on their investment. Each investor brings in another eight investors. The newest investors’ monies payback the initial investment plus the promised returns to the previous level’s investors. But, it becomes increasingly impossible to recruit a new line of investors rather quickly. When looking at the math, Level 1 recruits 8 people, Level 2 recruits 8 each totaling 64, Level 3 recruits 512 “investors”, and by the time you get to Level 8, over 16 million recruited investors are needed to keep the pyramid going. Recruiters are looking for “investors,” not consumers seeking a product for sale. In a pyramid, there isn’t a product to sell. It’s almost always an offer to make a large return on a small investment very quickly.

    If someone approaches you with on offer to invest a small amount of money for an unrealistic return on your investment in a very short period of time, but requires you to bring in eight people, DO NOT GET INVOLVED AND NOTIFY THE AUTHORITIES.

  2. Ponzi Schemes. Ponzi schemes are somewhat related to the Pyramid Schemes by the fact that they require a constant inflow of cash. However, where they differ is “marks” aren’t asked to recruit anyone into the scheme. The con artist simply cons more and more people out of their money to pay the “returns” to the previously conned. When the incoming cash flow dries up, the con artist can’t make the promised payments and the scheme falls apart. The con artists often pose as investment advisors and do a good job of playing the part, including having offices, official looking paperwork resembling that of legitimate investment companies, and possess the trappings of wealth.


  3. “Pump and Dump” Schemes. These cons are often introduced through email or text messages. I like to sum them up as “have I got a great investment for you!” They search out a very low cost stock of a mediocre firm, get a lot of “marks” to “invest” driving of the price of this otherwise worthless stock. Once the price is driven up enough to net the con artist a tidy sum of money when they sell their shares, (remember these shares are the very first ones purchased at the lowest price), they sell their shares and disappear. Without the interest and activity generated by the con artist in the stock, its price falls very quickly leaving the “marks” with a worthless investment.


  4. Advance Fee Fraud. In this scenario, the con calls the “mark” and offers to help them recoup the loss on a poorly performing stock. The kicker is, a fee must be paid in advance of this loss-saving measure being put into action. Once the payment is made, the con is gone, as is the mark’s money. The fee is lost and the loss is never recovered.


  5. Offshore Scams. These are introduced a lot of the time through email. They can take several forms, including those above. But many manipulate Regulation S, a law put in place by the U.S. Securities Exchange Commission. They sound completely legit, just like every other con, but since they’re located outside the U.S., there isn’t much U.S. law enforcement can do to investigate or help retrieve lost monies.

These descriptions are very brief and certainly not inclusive of all the idiosyncrasies of each plot to defraud. You can find more detailed information on the FINRA website here.

The thing to remember is this, if it sounds too good to be true, it probably is. Do your homework. Protect yourself. Proceed with caution. Investigate the advisor here. Investigate an insurance agent here. A great place to find out more about investor fraud and how you can protect yourself is here.

Remember, it’s your money, your rules your way!

You can do it! I believe in YOU!

Money Savvy Woman © 2015


HarMoneyeous Investing in a ROTH IRA

I’ve talked about retirement savings before, but not in real specifics. Today that changes. We need to have a serious conversation about it. So, are you saving for retirement? (No blame or shame, just asking.) If you are, Congratulations!! I’m really proud of you! If you’re not, you need to get on the stick …now!In our country, we have a lot to celebrate. Freedom of speech, freedoms to be business owners, and freedoms to work for whomever we choose (we’re the ones filing an application to be considered for employment). We are free to do whatever we choose, really, as long as we abide by the rules. Not many countries have these freedoms, so let’s take a moment to be grateful for what we DO have.

For years, retirement was certain; if you worked for a company for 30, 40, 50 years, they granted you a gold watch and a pension enabling you to transition into living “golden years.” But that has changed, without a doubt, and defined-benefit pensions are becoming a thing of the past. For many future retirees, they’ve watched their pensions go up in smoke with the bankruptcy of the company, or worse, the mismanagement of the pension funds themselves.

More companies, nowadays, offer defined-contribution retirement programs, meaning they only contribute a certain amount. In many cases, they don’t even contribute to your account unless you enroll into the program and invest your own money. At that point, the company will “match” your contribution up to a certain amount, usually between 1% and 4%. Government agencies, educational systems, and municipalities will often contribute more.

The burden of securing your “golden years” of retirement now lies with you. You need to make the decision to put savings toward it. Social Security is not intended to be enough for you to live on. In most cases, Social Security is a fund that you must pay into in order to qualify for that income stream later in life. You can draw on it as early as age 62 with a 25% payment reduction, or wait until your full retirement age, 65 or older.

A ROTH IRA is something most every employee can do (unless they make too much money) with a little bit of effort. The money invested in this account is money you have earned from your paycheck–it is your “take-home” pay, specifically, money you have already paid income tax on. (If your spouse doesn’t work, check out a Spousal IRA.)

The beauty of this?? Your investments can grow without having to pay taxes on them! AND, after the account exists for five years and when you reach the age of 59 1/2 or over, you can withdraw the money from the account and not have to pay income on it. AWESOMENESS! (Required minimum distributions (RMDs) must start at age 70 ½.)

There are rules, however, and they can be found here. But to make it easy for you, I’ve listed the majority of them below. Make sure of the following:

  • Your earnings are less that the limits of $141,000 for individuals and $181,000 for married filing joint. Above these amounts, “phase-outs” begin, meaning you can still make contributions, but not up to the full limit. Consult your tax professional if this is you (the penalty for going OVER your allotted amount is severe, so don’t plead ignorance-it won’t work.)
  • You DO NOT WITHDRAW the funds until reaching the age of 59 ½, (unless you become disabled). If you do, you’ll have to pay a 10% penalty. Another exception is you can withdraw up to $10,000 if you are a first-time home buyer, but these exceptions require the proper filing of forms by your tax professional to make sure you don’t pay the penalty for early withdrawals.
  • Do not invest more than $5,500 if your under 50 years of age and $6,500 if your over.
  • And lastly, you cannot contribute more than $5,500 or $6,500 based on your age for BOTH a Roth IRA and a traditional IRA. You can make contributions to both, but they cannot total more than the investment limit. Again, the penalty for investing too much is severe-more than 10%–so just don’t do it.

If one should pass away and have IRA funds remaining, they will go to the named beneficiary (or beneficiaries) on the account. However, the tax structure changes significantly, as do the rules.

Make sure you consult a tax professional to make sure you’re doing what Uncle Sam expects of you if you stray from the rules or plan on utilizing an exemption. Otherwise the tax consequences are significant.

Now that you’re been warned of the missteps, focus on the benefits. Start a tax-deferred traditional IRA or tax-free ROTH IRA as soon as you can. The sooner you do, your potential for golden years actually becoming golden increases.

You can do this! I believe in you!