Are you looking to invest in the market and build assets for your financial future but are unsure which options are right for you to make passive income and smart investments?
In our recent episode of “The Trader’s Mindchat Show,” Mike & I explore ways to protect your income and invest in your financial future with special guest, financial planner and entrepreneur Francine Fallas-Meyreles.
Watch the Full “Trader’s Mindchat Show” Interview with Francine Meyreles here…
Francine is a financial planner/entrepreneur who understands the importance of financial literacy. Her entrepreneurial spirit began at seven years old when she began making and selling Barbie clothes to sell to neighborhood children. Having started from humble beginnings, Francine, at a young age, prioritized her financial health by investing in a brokerage account, setting up a Roth IRA, and obtaining life insurance. She has since become an entrepreneur and owns her own real estate rental property business. Francine strives to positively impact individuals across the country by educating them on the importance of financial planning, building a healthy relationship with money, and effectively planning for the future.
Here are the Top Ten Highlights with Financial Planner/Entrepreneur Francine Meyreles
- Work Smarter, Not Harder. Maximize what you are currently doing. Like a tree, would you dig it out with your bare hands, or use a sharp saw? Francine was driven at a young age to learn about money in order to help her mom and her family.
- It’s Never Too Young to Learn about Financial Literacy. Education systems should teach about money management, but since they currently don’t it’s up to parents to be teachers and seek information to help our children. Start the conversation about money with your kids while they are young. You can even look to set them up with a credit card and bank account while they are young so that they can understand how to save. You can speak with a credit specialist for more information.
- Strive to Save 20% of your income. And put it into four buckets:
- Emergency Funds (should have at least 3-6 months of fixed expenses ie. Mortgage, heat, funds to survive) Also include discretionary funds to pay for that date night and still enjoy life.
- Investments: Brokerage, Stocks, etc.
- Equity: Saved $ Home, Refinance Home, Life Policy
- Retirement: 401K, Roth IRA, A 529 College savings plan
- What is Forbearance? Forbearance is when mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose. To avoid foreclosure, the lender and the borrower can make an agreement called “forbearance.” According to this agreement, the lender delays its right to exercise foreclosure if the borrower can catch up to its payment schedule by a certain time.
- There is a Difference between Good & Bad Debt: A “Good” Debt example is Buying a Home & building equity. A “Bad” Debt example is spending money you don’t have on credit cards and not paying it off. Incurring fees.
- There are Options to Get Out of Debt. You can work with a financial planner to help you figure out your Short Term & Long-Term Plan to help guide you where you want to go.
- Life Can Change in a Blink of an Eye. The year 2020 showed us that things can change in a blink of an eye. Health issues, losing a job, etc. Francine had a disability policy in place to help protect her assets after she was diagnosed with a health issue that prevented her from working and had to sell her salon. It helped provide risk management and protect what she had for herself and her family.
- Keep it Simple. Keep it simple while thinking about your goals/needs. What do I want? Today is the day to get the ball rolling. Don’t keep putting it off.
- Challenges of Real Estate Properties: When getting into real estate rental properties, you need to have the stomach for it and understand it’s a big time commitment. Working with the banks, mortgage brokers, real estate agents, researching the market, etc. Before taking on tenants, go through a company who administers background check & credit checks before you put any tenants in place. Find a good property management company to help manage the homes if you are not there, especially if out of state. They take approximately 8-10% of rent but worth it for the peace of mind.
- Build on Assets to Create Passive Income: One of the key benefits of having retail properties or having assets is the benefit of having passive income! Create a plan and look to add more assets into your four buckets so that your money can work harder for you!
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