Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Your Money Vehicle: How to Begin Driving to Financial Freedom!
    Your Money Vehicle: How to Begin Driving to Financial Freedom!
    Your Money Vehicle: How to Begin Driving to Financial Freedom!
    Ebook269 pages1 hour

    Your Money Vehicle: How to Begin Driving to Financial Freedom!

    By Jedidiah Collins

    ()

    Read preview

    About this ebook

    Financial education is now a necessary skill for survival.
    Why empowerment and education? Because education without action fails! So, now what? Your parents likely didn't face this issue, and you weren't taught personal finance in school. Where are you supposed to learn how money works? More importantly, how to make money work for you?

    On the verge of receiving your first paycheck or laying out your financial plan, you need to know what to do, what not to do, and where your money is supposed to go. Jedidiah Collins faced the same dilemma when he was handed his first paycheck as an NFL player. The idea of planning for his long-term financial security was the last thing on his mind.

    In Your Money Vehicle, Jedidiah unwraps the complicated language of money into short, digestible stories that give you the clarity it took him years to find. You'll walk through ten questions designed to start you on your financial journey and receive guidance on how to get started with cash management, taxes, investments, and more as you create your personal plan. You'll walk away with the skills to make money work for you and help others do the same!
    LanguageEnglish
    PublisherBookBaby
    Release dateMar 17, 2020
    ISBN9781544506272
    Your Money Vehicle: How to Begin Driving to Financial Freedom!

    Related to Your Money Vehicle

    Related ebooks

    Personal Finance For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      MONEY Talks

      Jan 20, 2020

      MONEY Talks
      3 min read

    • Article

      Dogged Determination

      Jul 29, 2021

      Dogged Determination
      4 min read

    • Article

      All About Wealth

      Sep 3, 2020

      All About Wealth
      1 min read

    • Article

      Stand Out In A Sea Of Agents

      Mar 31, 2020

      Stand Out In A Sea Of Agents
      3 min read

    • Article

      Abantu Bazothini?

      Sep 16, 2019

      Abantu Bazothini?
      4 min read

    • Article

      Legacy Planning: Create a Lasting Legacy

      Oct 30, 2020

      There will come a time when you realize that you have spent a lifetime building your wealth and you want to know how it can provide a lasting legacy to the next generation. You might be at that stage today or see it as a future event. Either way, you

      5 min read

    • Article

      Why I Love My Whole Life Insurance Policy

      Aug 2, 2018

      At any given family or social event, once someone knows I am a financial planner I always get pulled to the side to answer some burning personal finance question. I can sympathize with doctors. I usually get asked about the market or some stock, but

      3 min read

    • Article

      Buy now, DEBT LATER

      Jun 28, 2022

      Buy now, DEBT LATER
      4 min read

    • Article

      3 Investment Tips for 2021: Trends to Watch and Moves to Make

      Dec 20, 2020

      A new year brings new hope. Hope for a vaccine, hope for a stronger economy, and hope to get back to normal. One can also hope for another good year in the stock market! Unfortunately, hope is not a strategy. Instead try using the end of the year to

      2 min read

    • Article

      Time Is Money

      May 1, 2019

      Time Is Money
      3 min read

    • Article

      What’s Your Money Personality?

      Mar 20, 2020

      What’s Your Money Personality?
      2 min read

    • Article

      America's Next Generation Of Muslims Insists On Crafting Its Own Story

      Apr 12, 2018

      A new generation of American Muslims has moved from defending itself, as Muslim communities did in the aftermath of the Sept. 11, 2001 attacks, to defining itself.

      7 min read

    • Article

      All You Need To Know To Manage Your Money

      May 22, 2021

      AT ITS most basic level, estate planning is ensuring that your “house is in order” by, among other things, having a valid will were you to die suddenly. It’s not rocket science. However, it’s surprising how many people are ill-prepared in this regard

      1 min read

    • Article

      The First Home Super Saver Scheme

      Jan 27, 2021

      The federal government’s first home super saver scheme allows first timers to use their super to save for a deposit. Its potential tax benefits and investment earnings may help you enter the property market sooner. If you haven’t previously owned a h

      1 min read

    • Article

      When Athletes Go From 0 to 60: Managing a Sudden Influx of Wealth

      Feb 21, 2019

      Professional athletes who manage wealth wisely understand it requires budgeting, planning, financial analysis and trustworthy experts in your corner. I tell my clients if they can be as disciplined with their money as they are with their athletic tra

      3 min read

    • Article

      Are You Ready for Longevity? 4 Steps to Take Now

      Aug 13, 2018

      Did you know that a non-smoking 65-year-old woman today has a 50% chance of living until 88? A non-smoking 65-year-old man has a 50% chance of living until 85? That's how life expectancy works - the longer you live, the more likely you will live lon

      4 min read

    • Article

      Getting In the Investing Game

      Jun 7, 2018

      Carrie Schwab-Pomerantz, the daughter of Charles Schwab, is board chair and president of the Charles Schwab Foundation, whose mission is to help people become financially fit through education; senior vice president of Charles Schwab & Co.; and board

      2 min read

    • Article

      Financial Knowledge Is Power Only If You Apply It

      Mar 6, 2021

      ONE of my favourite sayings is “Financial literacy, just like weight loss, isn’t dependent on one thing. It’s 20% education and 80% your action.” A year into the Covid-19 pandemic, I’m reminded of a young woman I interacted with a few months before S

      3 min read

    • Article

      17 Wonderful Work-From-Home Stocks to Buy

      Jul 1, 2020

      Many businesses have taken at least a short-term hit from the COVID-19 economic shutdown, but a few fortuitously positioned companies have actually thrived. And arguably the biggest winners have been so-called work-from-home, or WFH, stocks. Many tec

      1 min read

    • Article

      Selling Outside The Box

      Jan 28, 2021

      Making a steady, comfortable income solely from selling handmade products can be challenging. In fact, it’s likely the bulk of your time could be tied up in the actual making and business admin (see page 36 for more on this). Day to day, this leaves

      1 min read

    • Article

      PPP Tips: 6 Things to Discuss with Your Accountant Now

      Jul 20, 2020

      I feel for the owners of small and midsized businesses right now: They are like sailors facing headwinds and choppy waters of a very tough business environment with very little visibility, and the survival of their business at stake. Many sought a li

      4 min read

    Related categories

    Reviews for Your Money Vehicle

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Your Money Vehicle - Jedidiah Collins

      Your Money Vehicle

      How to Begin Driving

      to Financial Freedom!

      Jedidiah Collins, CFP®

      Copyright © 2020 Jedidiah Collins

      All rights reserved.

      Your Money Vehicle

      How to Begin Driving to Financial Freedom!

      ISBN 978-1-5445-0628-9 Paperback

      ISBN 978-1-5445-0627-2 Ebook

      Contents

      Financial Literacy Test: Where Does Your Journey Begin?

      Introduction: My Story and My Why

      QUESTION 1. Why Should I Care about Money?

      QUESTION 2. How Does Money Create Money?

      QUESTION 3. What Can I Do to Control My Money?

      QUESTION 4. Where Should I Put My Money?

      QUESTION 5. What Is the Credit Trap?

      QUESTION 6. How Do I Start Investing?

      QUESTION 7. How Should I Manage Risk?

      QUESTION 8. How Do I Protect Myself Online?

      QUESTION 9. Is All My Money Taxed the Same?

      QUESTION 10. What Is My Best Advantage Today?

      Game of Inches: $5,000 and $1,000 Challenge

      Just the Beginning

      Glossary

      Answers

      Notes

      Financial Literacy Test

      Where Does Your Journey Begin?

      Are you confident with money? If we began to discuss your financial plan, would you be able to explain what you have chosen and why? Or when you think about money, does it begin to add stress to your day? Do you feel like you are using money or is money using you?

      Let’s find out how financially sound you are today, and then again after we go through Your Money Vehicle.

      What retirement system has gone nearly extinct over the last twenty years?

      What is the eighth wonder of the world?

      What is worth more, $1 today or $1 a year from now?

      What does a bank do with your money?

      Which form of investing makes you a lender?

      Will you be charged interest if you pay over half of your credit card balance this month?

      What is the cost to own an insurance policy?

      What is the most common scare tactic that comes with a phishing attack?

      Is the last dollar you make this year taxed more or less than the first dollar?

      What is the main benefit of a Roth account?

      Introduction

      My Story and My Why

      Are you fed up with feeling like money is using you instead of the other way around? For so many of us, this feeling can start to make us feel helpless like there is no breaking free from the cycle. In fact, most people are not confident in their finances at all, and that terrifies me!

      I began my financial journey out of pure fear. I became a Certified Financial Planner™ because I didn’t want to become the next statistic. I began writing about the lessons I was learning about money when the tenth person came up to me and said, Teach me money!

      Really, it all began with a check. But before I tell you what I did, let me ask you, what would you do if I handed you a check for $30,000?

      Truly, take a moment and write down two things you would do.

      Okay, so, who thought about spending a crazy weekend on the Las Vegas Strip? Who pictured buying their dream car? Who imagined creating $300,000? My guess is that few of you came up with the third option, and none of you thought, I would begin to play chess with the money. Don’t worry, neither did I.

      The reality is that how you approach the game of money resembles two age-old board games: checkers and chess. Both games are played on the same board but have completely different strategies and objectives.

      Back to my story. Growing up, when I walked out onto the field at recess, I was chasing a dream. The dream was of being a professional athlete, and one day that dream led me to an extended-stay hotel on the outskirts of Cleveland, Ohio.

      When staying in an extended-stay studio with another person, you are never far from each other because there are only about 300 feet of living space. Even so, I remember my girlfriend and I huddling over the small dining table, looking at an envelope. This envelope would change both of our lives—not so much because of what was in it, but because of what it woke me up to.

      The envelope contained my first big nfl paycheck. After going undrafted in the nfl and then bouncing around on practice squads, I had not received the financial windfall I’d dreamed about. But, after two weeks on an active roster for the Cleveland Browns, this was going to be my first payday!

      Let me be clear, this book is not necessarily meant for nfl players, and really doesn’t have anything to do with football, but I want you to understand where I had my awakening.

      The nfl divides your contract over the seventeen weeks of football season, meaning you will receive 1/17 of your contract every week. Imagine, for a moment, how big some of those checks are, say, if a player makes $10 million!

      I was not a $10-million guy, but my rookie salary was $298,000. That meant that I held in my hands a check for about $30,000 (two weeks’ pay, with some taxes taken out).

      I’ll ask again. What’s the first thought that comes to your mind when you imagine being handed that amount of money? Shopping spree, a nice piece of jewelry, or maybe a new car?

      I hate to admit it, but I spent that money before I even opened the envelope. I was going to buy an engagement ring for the girl sitting next to me. I will say that, after years of marriage, it turned out to be a wise decision, but I will warn young men out there to be cautious when letting their future bride pick out an engagement ring.

      Anyway, that is how people play checkers with their money, financially moving one space at a time—$30,000 in and $30,000 out—never strategizing a plan! The truth is that no one taught me any other way to handle money, other than to make it and spend it, with no consideration for how to u.s.e. money (Understand, Strategize, and be Efficient with money). Checkers is a simple game: move one space at a time and try to get to the other side, and this form of cash management is like playing checkers with your money.

      How many of you began to play checkers with your imaginary $30,000? What we tell ourselves is "I got this money, now I want to go spend it."

      At the time, I wondered how many of my teammates were also playing checkers, and after watching the espn show Broke, I had my answer. The film claims that over 70 percent of professional athletes fall on financial hardships shortly after they retire.

      Wait a minute!

      Most of the lucky few who have defied the odds of even walking a day in this dream world are walking away with nothing to show for it?

      Here’s a quick analysis of The Dream (don’t worry, this book has as few numbers as possible): The Dream is not walking across the stage as a rookie, but walking out of the locker room having taken from the game more than it took from you!

      Today 10,000 high school students in California are trying to earn an athletic scholarship. Only 6.5 percent of 10,000 (650) will reach this goal.

      From there, many want to go on to play professionally, but only about 1 percent of those 650 (6.5) get the privilege of going pro.

      That means that only seven out of 10,000 are lucky enough to make it into a professional locker room

      Thirty percent of those lucky seven will get to walk away with The Dream!

      Only one or two true dreamers

      Playing checkers with my money meant I was going to end up being in the 70 percent of the nfl locker room, not the 30 percent who capture the nfl dream! So, I wanted to learn to play chess with my money. In chess, each move has its own advantages, and the goal is not just to get to the other side but to strategize a checkmate. To achieve my goal, I would need to learn how to play this new game.

      The problem was, no one in the locker room knew how to play Money Chess. So, I went outside the locker room and asked my brothers, who are highly educated, how to strategize using my money. I came away with more questions than answers. Next, I turned to personal finance books—gems from Robert Kiyosaki, Suze Orman, Jim Cramer, and, of course, Warren Buffett. But those were all about investing my money, and I didn’t have investment money yet; I was just trying to understand how to get there. Finally, I began taking every off-season to study for the certification in financial planning, a comprehensive education in all things personal finance.

      Through my new education and understanding, I began to see that this Money Chess game was understood by few and played correctly by even fewer.

      A $30,000 check woke me up to the reality that, on my current path, I would not capture my dream and would end up like the 70 percent statistic predicted—Dead Broke!

      I would need to set a new goal: become a 30 percenter!

      My goal when my playing days were done was to be among the 30 percent who had captured the true dream and were fortunate enough to walk away from the game looking at what it had given and not what it had taken.

      So, you are not an nfl player, and the first check you earn won’t be for $15,000 a week. That is fine! What we will learn together will benefit you from your first paycheck all the way until your date with freedom.

      The objective of Your Money Vehicle is to empower you to u.s.e. money: Understand, Strategize, and be Efficient with your money. Using the skills in this book, you will learn to u.s.e. money and see money as a vehicle that will build a plan to take you wherever you want to go.

      One step I know everyone who reads Your Money Vehicle will do is contribute to a Roth ira or a Roth 401(k) account because it shows they are beginning to u.s.e. their money.

      Thank you for picking up Your Money Vehicle. Let’s start making money your employee!

      Let’s Help Three People: Kim, Darrel, and Harper

      I want to introduce you to three people—Kim, Darrel, and Harper—all of whom are trying to u.s.e. money the best they can. With diverse lifestyles, each of them faces different challenges. Kim, Darrel, and Harper will be brought up as examples throughout

      Enjoying the preview?
      Page 1 of 1