For some generations investing in cryptocurrency is the unknown, in others the older generations hold to tradition when it comes to investing thus stocks, bonds, mutual funds, and its a wrap.

Generation Z and Generation X invest in cryptocurrency and include it in their retirement strategy. All generational groups continue working to understand the basics of personal finance, thinking about retirement, and investing in crypto. Note that each generation learn differently.

• 57% U.S. adults are invested, but just 1 in 3 say they have advanced investing knowledge.
• About half of the surveyed adults feel they have a deep understanding of consuming (managing spending and keeping a budget), paying taxes, and saving.
• Cryptocurrency and stocks are the most popular assets held by Gen Z, Millennial, and Gen X investors, but overall, many Americans (49%) have only a beginner-level understanding of digital currency.
• More than half of each generation expects to retire, and 28% of millennials expect to use cryptocurrency to financially support themselves in retirement, and some Gen X and Gen Z respondents said the same (20% and 17%, respectively).
• The internet is a go-to source for investing and financial education for the young generations: 45% of Gen Z use YouTube, and 30% turn to TikTok. Millennials prefer internet searches (47%), but also lean on YouTube (40%).

While about half of Americans feel they have a strong grasp of financial literacy basics, such as spending, budgeting, paying taxes, and saving, far fewer have the same level of understanding when it comes to investing and digital currency.

Americans are least educated about digital currency and investing, however, every generation holds cryptocurrency in its portfolio.

The following financial skills you need to learn today:

1. How to save for retirement
2. How to build or improve your credit score
3. How to reduce debt
4. How to avoid fees
5. how to plan for financial risk

In essence, no matter what generation you are in you are a part of your financial knowledge is essential to navigating life. Investing in stocks, bonds, and mutual funds will remain a constant, however digital wallets are not only the future but today as well. Encourage your family, friends, and colleagues to listen to episode #219, it provides a good synopsis of generational investing and who invests in cryptocurrency and other virtual wallets.

Learn about Paul Lawrence Vann's virtual Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link: https://bit.ly/3dbperG

So what are money leaks? Money leaks are small expenses that add up over time.

This can include anything from buying take-out for lunch every day to paying for subscription services that you no longer use.

What causes money leaks?

Leaking spending results from poor financial planning and impulse purchases that you may not consider expensive at the time, but over time, these purchases add up quickly.

What role does a lack of planning play when it comes to money leaks?

Poor budgeting and financial planning make it easy to fall victim to leaking spending. If you aren’t monitoring your spending and recurring expenses, you’re likely to overlook many areas in which you could be saving money.

Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: https://bit.ly/3dbperG

Plan your budget in advance and cut out the unnecessary purchases that don’t fit within your budget. Here is a list of money leaks for you to be aware of:

1. Cable Subscriptions – use streaming services instead, however not too many
2. Take out food, delivery food orders, cook at home instead
3. Prescription drugs, instead of name brands, purchase generic drugs that cost a lot less.
4. Phone Plans, in particular data, plans excess data usage, late payment fees, etc.
5. Bank fees, minimum monthly fees, maintenance fees, ATM fees, overdraft fees, consider opening an account without fees
6. Subscriptions – email fees for businesses, magazines, online books with Amazon, music, etc.
7. Gym Memberships can be excessive unless you use it on a regular basis to improve your health, it’s a good investment, of not to consider home equipment such as a stationary bike, it will help you save money in the long run.
8. Meal Plans can be expensive. You can do better by using coupons at local grocery stores and comparison shopping, preparing meals over the weekend, and carrying in meals to work or school, leftovers are good.
9. Cosmetics/Shave Programs add up over time, the remedy is to find local stores that sell healthy cosmetics that don't harm your skin and shave programs at lower price points.
10. Clothing – Designer clothing is overrated. Comparison shop at a mall or online and you will likely be able to purchase designer clothing at drastically reduced retail prices.
11. Designer coffee at $5 dollars or more a cup, adds up to $150 per month or $1,800 per year. The solution, purchase a jar of coffee at your local grocery store and or online and save a ton.
12. Food waste – People throw away a pound of food per day, this represents a money leak of the highest order. This equates to $1,500 annually.
13. Insurance is another area upon which people can save more money, thereby preventing money leaks. For example, during the pandemic people didn’t drive as much, thus their insurance company could adjust their policy because of fewer miles driven, less risk and you save more money.

Did you identify money leaks you currently have? If so, do something about it to prevent this from happening to you today and in the future. Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: https://bit.ly/3dbperG

Budgeting isn't fun for most people, in fact when I first developed a personal financial plan, it wasn't one of my favorite things to do at the time. I learned how to budget while in the military as a member of the comptroller's organization.

What I want you to know is this, after I developed my first financial plan, I never looked back because I discovered that after I assessed my after-tax income, it gave me a better idea of what I was working with.

To assist you in developing your financial plan, I am providing you with a few tips for you to develop your own:

First of all, what is a budget? A budget is simply a means to track spending and earning. It can be as simple as aiming to keep your credit card charges under $1,000 monthly or as complex as tracking each expense by name, type (entertainment, food, household goods, etc.) and cost in an itemized spreadsheet with corresponding category targets, pie charts and year-to-date analysis.

1. Take these steps. Learn to track your after-tax income and the amount of money you are spending each month. Take inventory of your finances by setting up a budget, initially, it takes some legwork, but once you get into the rhythm, you should be able to maintain your spending plan with less effort.
2. Stick to your budget. The kind of budget you choose can be dictated by many factors, including your long-term goals, your age, expenses and current living situation. The key is to find a system and breakdown that works for you.
3. Try some new tools. For a low-maintenance budget, try one of these tools that sync your checking, savings and brokerage accounts all in one place. Selecting the right budgeting tool can make or break your ability to follow a spending plan. Consider the following, Pen and paper, envelopes, spreadsheets, worksheets, and the Mint app.
4. Lastly, there's no one-size-fits-all budget, but templates can be customized to track your complete financial picture. A few recommendations include Google Sheets, and Microsoft Excel to name a few.

Establish your financial plan today and by the end of the first quarter of 2022, you will be on the road to reaching your financial goals and then hit your goals for the rest of 2022. If you have questions surrounding setting up your financial plan, contact Paul Lawrence Vann at (800) 341-6719 or info@paulvannspeaks.com

Tune in to listen to this episode with Paul and over 177 episodes at this link https://bit.ly/3n84XSF

No matter what industry, expertise, and field of endeavor you're in, the only time change takes effect is when you embrace strategies that transform you. We can mutually agree when we make up our mind to change something in our life, it can happen when we take action to do so.

The bottom line is this when you change your mindset, not even the sky is the limit. What is mindset?

Mindset is how people view the world around them, it's how they interpret the world and everything in it. Oftentimes people know they need to make a change and it typically comes through becoming more conscious of the world.

During this episode, Paul discusses the nature of mindsets which consist of a fixed mindset, growth mindset, and a benefit mindset. In the end, he provides content-rich insight into how a transformed mindset can help people develop a money mindset that will assist them in becoming debt-free and financially free.

There are eight principles that make up the nature of mindsets, they are:

1. Habits of Mind
2. Created by Experience
3. Create Blind Spots
4. Are Self Deceptive
5. Shape Our Lives
6. Shape Our World
7. Can Be Developed
8. Can Be Transcended

The nature of mindsets, along with discovering more about fixed, growth, and benefit mindsets, along with embracing the strategies associated with them result in you being transformed because they represent money mindset strategies that work.

Fixed Mindset - People don't like to change, they're stuck in their ways and it's hard for them to accept the fact they need to change. If one lives with a fixed mindset they will continue receiving limiting results in their life.

Growth Mindset - People that have a growth mindset are receptive to learning, growing, and being transformed. They accept where they are, when given strategies leading to transformation they readily accept them, and over time, they yield the results in life they've been seeking.

Benefit Mindset - People are focused on a more national or global result. Things such as climate change, clean water, and clean air are important to people with a benefit mindset. Environmental changes improve because of advocates of a benefit mindset.

How do these aspects of mindset help you? Glad you asked, when properly applied you better understand the power of your mindset. Taking things one step further, when you apply these mindset strategies it will enhance your money mindset and how you see it in your life, and how to enhance your money mindset to be transformed to not only become debt-free, but financially free as well.

Discover more about Paul's online course Money Mindset Strategies: An Online Course That Leads To Financial Freedom https://bit.ly/3dbperG

Host Paul enjoyed interviewing Patty Callwood from start to finish of this episode. Patty shared the mission of True Serenity Tea (TST)which is to provide high quality, innovative and delicious loose leaf teas and tisanes so one may enjoy a serene tea-moment any time of the day.

Listeners discover a new perspective on tea which is happy, serene, and satisfied customers are a top priority. Patty takes delight in assisting each customer every month in finding that state or quality of serenity in their own life. Listeners in the Wealth Academy Podcast community discover what True Serenity Tea is all about. True Serenity Tea is a monthly tea subscription box that contains award-winning loose leaf teas from around the world, tea blends, and tea accessories shipped directly to customer's doors every month.

True Serenity Tea takes pride in customer service and treats all of its subscribers as part of their family. Patty states their customers are blessed and honored to be considered as one of the best tea subscription boxes since 2017.

So you want to learn more about Patty Callwood? She loves drinking tea of course (Earl Gray is her favorite), loves helping others, is a Christian, a wife, and a mother. She started TST to start a journey of drinking healthy and beneficial beverages. And to share with the world that drinking tea is not just for the elite but for everyone. Patty believes that if you are truly experiencing tea, it should be fun, serene, and rewarding at the same time. Hence the name "True Serenity Tea". Serenity is the tranquil balance of heart and mind.

Note that tea also plays a role in the mental health of her customers and people in her local community as well, she works with diverse clients that require her assistance and this is one of her passions and has been so for many years. Patty also works with veterans and provides teas in support of them as well.

Patty Callwood's tea has been included in Oprah Magazine, provided as part of swag bags at the Oscars, Essence Fest, Black Enterprise Magazine, Patty has been interviewed on Wake Up With Marci and Macy's Market Place in Boston and Walmart Market Place.

Discover more about True Serenity Tea at:

www.trueserenitytea.com and by email trueserenitytea@gmail.com

Rate and review this episode with Patty Callwood and please provide a 5-star rating, thank you in advance for your assistance.

Host - Paul Lawrence Vann

E-mail - info@paulvannspeaks.com

Office - (800) 341-6719

When it comes to setting up your financial plan and strategy for your portfolio, including real estate is a wise choice. During this episode of Wealth Academy Podcast, Enter To Win Coaching Session #7 focuses on real estate and how it can generate wealth for you.

Coach Paul Vann shared his experience purchasing a single-family house in Texas and it was leased out to tenants for several years and then sold years later. Coach Paul purchased his first property while employed by Mobil Oil Company and it has proven to be one of his best investments because he more than doubled what he paid for it.

Coach Vann also purchased a house when he moved to the state of Maryland and it has proven to be another property whereby the value of the property has tripled in value and will continue to do so as a result of the inventory of properties available for sale is at an all-time low. I encourage people to search for the neighborhood and location of a property that has long-term value, such as an entertainment complex, access to major highways, schools, airports, shopping, restaurants, and more. A house provides a wonderful tax break and adds to the net worth of owners as well.

Dr. Davis, Sr. invested in the New York City real estate market which is one of the most expensive in the U.S. He shares how he started out in the real estate market when properties were low, and over time he has experienced a great return on his investment. Dr. Davis pointed out the importance of working with a real estate lawyer that knows properties inside, out such as the physical structure of a building.

Coach Vann and Dr. Davis encourage listeners to invest in real estate and preface this episode by stating they are not real estate agents or brokers, thus they provide a disclaimer letting you know your best decision for investing in real estate should include a real estate agent, broker, or lawyer and accountant on your team whether it's for a single-family property, brownstone, duplex, apartment or office building.

Encourage your family, friends, and or colleagues to tune in and listen on Apple Podcasts, rate and review this episode, and provide a 5-star rating.

Host - Coach Paul Lawrence Vann

Email - info@paulvannspeaks.com

Office - (800) 341-6719

Consider and include a whole life insurance as part of your financial portfolio. Also consider becoming your own bank and build wealth and ultimately generational wealth, this episode will open your eyes to what is possible.

Key Considerations for Whole Life Insurance

1. Permanent Coverage: Unlike term life insurance, whole life insurance provides coverage for the policyholder's entire life as long as premiums are paid. This ensures that beneficiaries will receive a death benefit regardless of when the policyholder passes away.
2. Cash Value Accumulation: Whole life policies build cash value over time, which can be accessed through loans or withdrawals. This cash value grows at a guaranteed rate, providing a financial resource that can be tapped into for emergencies, education costs, or retirement planning.
3. Premiums: Whole life insurance typically has higher premiums than term life insurance. Prospective policyholders should consider their budget and whether they can commit to the higher cost long-term, as these premiums can increase with age if not locked in.
4. Dividends: Many whole life policies are eligible for dividends, which can be reinvested to purchase additional coverage, reduce premiums, or be taken as cash. Understanding how dividends work can enhance the policy's benefits over time.
5. Estate Planning Benefits: Whole life insurance can play a crucial role in estate planning by providing liquidity to cover estate taxes and other expenses, ensuring that heirs receive their inheritance without financial burden. It can also be used to equalize inheritances among heirs.

Examples of Benefits

1. Financial Security for Dependents: For a policyholder with young children, a whole life policy ensures that their family will receive a significant payout in the event of their untimely death. This can cover daily living expenses, education costs, and help maintain the family’s standard of living.
2. Wealth Transfer: An individual with a growing estate may use whole life insurance as a tool for wealth transfer. Upon their passing, the death benefit can help heirs pay estate taxes, preventing the need to liquidate assets. This can be particularly important for families with real estate or business interests.
3. Retirement Planning: Whole life insurance can be a component of a comprehensive retirement strategy. The cash value can be accessed tax-free through loans, providing supplemental income in retirement. This can allow policyholders to maintain their lifestyle without depleting other savings.
4. Legacy Building: Some individuals purchase whole life policies with the intent of leaving a financial legacy. For example, a grandparent may take out a policy to ensure that their grandchildren have funds for college, fostering educational opportunities that might not otherwise be available.
5. Peace of Mind: Knowing that there is a safety net in place for loved ones can provide significant peace of mind for policyholders. This emotional benefit is often overlooked but can lead to better overall mental health and security for the individual and their family.

Conclusion

Investing in a whole life insurance policy is not just about securing a death benefit; it’s about providing long-term financial security, building cash value, and facilitating effective estate planning. By carefully considering the implications and benefits of such a policy, individuals can make informed decisions that positively impact their families for generations to come.

Watch this episode in its entirety on YouTube: https://www.youtube.com/@WealthAcademyPocast/videos

Schedule a 15-minute financial coaching session with Paul: https://tinyurl.com/446ad2yx