Your Money Mentor Minute

Introduction

Welcome to this week’s edition of Your Money Mentor Minute! This week, I’m covering more simple strategies to grow your wealth, debunking a persistent money myth, and sharing various tools & tips to help you begin to save, invest, crush debt & budget like a boss. This week I also focus on the hot topic of moving abroad, and the upcoming Move Abroad Coach January Bootcamp. Let’s get started!

Be sure to visit the Move Abroad section below👇👇👇

Your Weekly Wealth Builder

This Week's Tip: Automate Your Savings to Build Wealth Consistently.

Why It Matters: Saving regularly is the foundation of wealth-building, but life’s demands often get in the way. Automating your savings ensures that your goals stay on track, helping you steadily grow your financial future without needing to think about it constantly.

How to Do It:

1. Set Up Automatic Transfers:

• Pick a Savings Goal: Whether it's an emergency fund, retirement, or a dream vacation, define what you're saving for.

• Link Accounts: Connect your checking account to a savings or investment account.

• Schedule Regular Transfers: Choose a fixed amount to transfer monthly, biweekly, or even weekly.

Example: Transferring $200 every month to a savings account adds up to $2,400 in a year, plus interest or returns.

2. Use "Pay Yourself First" Strategies:

• Treat your savings as a non-negotiable expense, just like rent or utilities.

• If you’re paid via direct deposit, ask your employer to split your paycheck, sending a portion directly to savings.

Example: Allocating just 10% of a $5,000 paycheck means $500 saved every month without lifting a finger.

3. Leverage Apps and Tools:

• Savings Apps: Use tools like Rocket Money or Oportun to round up purchases or automate small contributions.

• Bank Features: Many banks allow you to "round up" debit card purchases, transferring the difference to savings.

Example: Spending $4.25 on coffee? Round it up to $5 and deposit the $0.75 into your savings. Over a year, those small amounts can add up.

Start Today:

• Begin with any amount—it’s the habit that matters, not the number.

• Automating makes saving effortless, helping you avoid the temptation to skip contributions.

Solution: Automating your savings builds wealth consistently and makes financial success achievable without added stress. The earlier you start, the sooner you’ll see results.

Want help creating a savings plan tailored to your goals? Let’s work together to make it happen!

Your Money Mythbusters

This Week’s Myth: You Need a Six-Figure Income to Start Investing

The Reality: Investing is not reserved for the wealthy. With the rise of low-cost platforms and fractional shares, you can start building wealth with just a few dollars. The key is consistency, not the size of your paycheck.

Why People Believe It:

• High-profile stories of wealthy investors dominate the media.

• Misconceptions that investing requires large initial sums persist.

• Fear of losing money makes people think they need a financial cushion to start.

The Truth:

• Many investment platforms let you begin with as little as $1.

• Fractional shares mean you can own a piece of expensive stocks like Amazon or Tesla without needing thousands of dollars.

• Regular, small contributions grow significantly over time through compound interest.

Example: Investing just $50 a month in an index fund earning 8% annually can grow to over $37,000 in 20 years.

What You Should Do Instead:

1. Start Small: Choose an investment app with no minimum balance requirements (e.g., Fidelity, Robinhood, or Vanguard).

2. Be Consistent: Set up automatic monthly contributions, no matter how small.

3. Learn as You Go: Educate yourself about different investment options, from ETFs to individual stocks.

Busted: You don’t need a massive income to become an investor. What matters most is getting started and letting time and compound growth do the work.

Need help creating a starter investment plan? Reach out—I’d love to help you take that first step!

Your Retire Smart, Not Late

This Week's Strategy: Maximize Your 401(k) Employer Match

Why It Matters: A 401(k) employer match is essentially free money for your retirement. Failing to take full advantage of it is like leaving part of your salary on the table. By optimizing your contributions, you can accelerate your retirement savings without increasing your financial burden significantly.

How to Do It:

1. Understand Your Employer’s Match Policy:

• Most employers offer a percentage match (e.g., 100% of the first 3% of your salary or 50% of the first 6%).

• Find out your employer’s maximum match and what percentage of your salary you need to contribute to receive it.

Example: If your employer matches 50% of contributions up to 6% of your salary, contributing 6% gets you an additional 3%—a 50% return on your money before investments grow.

2. Adjust Your Contributions:

• If you’re not already contributing enough to get the full match, increase your contributions gradually until you hit the target.

• Use automatic payroll deductions to ensure consistency.

Example: For a $60,000 salary, contributing 6% ($3,600 annually) with a 50% employer match adds $1,800 to your account each year, totaling $5,400 before growth.

3. Invest Strategically:

• Make sure your 401(k) funds are invested in options that align with your goals and risk tolerance.

• Diversify across stocks, bonds, and index funds to maximize growth potential.

Start Today:

• Review your current contributions and match limits.

• Don’t leave free money behind—maximize your employer’s match to boost your retirement savings effortlessly.

Solution: Employer-matching contributions are one of the best ways to supercharge your retirement savings with minimal effort. Start taking full advantage today to retire smart, not late!

Need help reviewing your 401(k) or setting up a retirement plan? Let’s chat—I’m here to guide you!

Your Move Abroad Spotlight

Topic of The Week: The Move Abroad January Bootcamp!!🧨Jan 25th - 28th 2025!!

• Make Your Dream Move Abroad a Reality

  Have you ever felt like your dream of moving abroad is just… too big? I’ve been there, too. It’s easy to feel overwhelmed, not knowing where to start or how to make it happen. But here’s the good news: you don’t have to figure it all out on your own.

  That’s where the Move Abroad Escape Plan Bootcamp comes in. This 4-day program (Jan 25–28) is designed to break down the process and give you the tools, guidance, and confidence to finally take action.

• What You’ll Get in the Bootcamp:
  ✅ Pinpoint your ideal destination and map out a plan to get there
  ✅ Learn the ins and outs of visas, jobs, and budgeting for your move
  ✅ Turn “someday” into a real timeline with actionable steps

• Why It’s Worth It:
  I can’t recommend this bootcamp enough. It worked for me, helping me turn a distant dream into a clear, achievable goal—and it can do the same for you.

  Don’t Wait: The dream life you’re envisioning is closer than you think. Spots for the bootcamp are filling up fast, so grab yours today!

• 🎟 Reserve your spot now: Take the first step toward your new life abroad—you won’t regret it! CLICK HERE OR PICTURE BELOW!!👇

  

Your Budget Boss Blueprint

Budget Tip: Use the 50/30/20 Rule to Simplify Your Budget

• Why It Works: Balances essentials, lifestyle, and financial goals in an easy-to-follow framework.

• How to Do It:

  • 50% of income for needs (rent, utilities, groceries).

  • 30% for wants (entertainment, dining out).

  • 20% for savings or debt repayment (if possible).

  • Consider platforms such as Monarch Money (currently offering a 50% discount with code NewYear2025) or YNAB as great tools.

  • Create a debt repayment plan using a calculator like Undebt.it.

  • Use the Avalanche Method: Focus on the debts costing you the most in interest.

  • Leverage Extra Income: Put bonuses, tax refunds, or side hustle earnings directly toward debt.

  • Track Progress: Use a debt-tracking app like Undebt.it to stay motivated.

  • Debt freedom starts with a plan—what’s your next step?

• Example:

  • With a $4,000/month income:

    • $2,000 for needs.

    • $1,200 for wants.

    • $800 for savings or debt repayment.

• Solution: Use a budgeting platform, app or spreadsheet as previously mentioned to categorize your expenses and ensure alignment with this rule.

Your Money Mentor Minute: Quick Wins

Quick Win: Contest Your Property Taxes Every Year.

• How to Do It:

  1. Review Your Property Tax Assessment:

  • Go online to see a copy of your property tax assessment from your local county tax assessor’s office.

  2. File an Appeal:

  • Gather documentation, such as comparable property data, photos, or receipts for repairs that reduce your home’s value (this is optional if using a service to auto contest for you, but it helps).

  • Submit a formal appeal to your local tax authority before the deadline, which varies by location.

  • Use an automated service like Ownwell.com or one that’s similar in your neck of the woods. Simply Google: “Property contesting company online [enter your state]”.

  Example:

  • A homeowner contests their property taxes and successfully reduces the assessed value by $25,000.

  • At a 2.5% tax rate, this saves $625 annually—money that can go toward savings or paying down debt.

  • The online services do EVERYTHING for you, including going to court so you don’t have to.

  • If they are able to reduce your property taxes, then you pay a % of the tax reduction amount as a fee. Depending on the company, I have seen fees range between 25% & 50%. Example- $500 in property taxes saved. Fee is 50%. Thus you pay $250 for their work, and you save the additional $250. A Win/Win all around!!

  • If they are unable to reduce your taxes, then you pay NOTHING. There is ZERO risk to you!!

  Solution: Contesting your property taxes may sound intimidating, but it’s worth the effort. Take an hour this week to review your assessment and explore potential savings. With consistent appeals, you can ensure you’re not overpaying year after year.

  Need help getting started or navigating the process? Reach out—I’m here to guide you!

Your Additional Resources and Tools

Enjoyed this week’s tips? Forward this newsletter to a friend and help them take control of their finances too!Follow me for daily tips on Instagram, Threads, BlueSky & Facebook!

• Visit my CLICK HERE to gain access to my other free guides, offers, tools, and resources!

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• Mint – The Ultimate Budgeting App. Tracks your spending, categorizes expenses, and helps set budgeting goals. Free and easy to use, and offers alerts for bill payments and spending limits.

• Pair Mint with a savings app/platform like Oportun to automate unused funds into an emergency or investment account.

About the Author, Marc Marquez

I’ve spent over 24 years in the financial services industry as a fiduciary and fully licensed Financial Advisor, helping clients plan for and protect what's most important to them. With having earned my MBA, RICP® (Retirement Income Certified Professional) and CLTC® (Certified in Long-Term Care) designations, I bring a wealth of knowledge to assist people just like you in navigating the complexities of building wealth, retirement, personal financial growth and getting out of debt.

My approach with this newsletter is focused on educating others, and I’m passionate about empowering individuals to take control of their own financial futures. Whether you’re planning for retirement, learning how to invest for growth, or simply managing debt, I'll take the time necessary to break down the complex financial concepts into simple, actionable steps. My mission isn’t just to offer help; it’s to teach YOU how to manage and grow your own money independently, with the confidence to make educated and informed decisions. I would like you to no longer have a fear of getting ahead and a fear of money, and I will show you how to turn your money fears or concerns into action!

Disclaimer: This newsletter is for educational & informational purposes only and does not constitute financial advice. Please consult with your prefered financial advisor for personal advice, or contact me directly for a free initial consultation.

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