Wealth Academy Podcast - Wealth Is More Than Just Money

Not only was COVID-19 devastating in 2020, but it is also having an impact on people's finances to this day.  The question people ask is, "Is the pandemic causing stress in their lives and with their finances?"   No doubt about it, people are experiencing mental health issues as a result of the debt they have. The more debt, the more anxiety, stress, and depression people are experienc...

People do not talk about divorce they either keep it quiet or close hold as they go through this emotional ordeal. It is important to understand the divorce rate for Americans over the age of 50 has doubled since 1990, an increasing number of divorced people nearing retirement age may find themselves scrambling to solidify their finances as they approach their golden years. Three out of four older...

One of the first things you should do if you receive a summons from the court is to address it. You should respond to a court summons for credit card debt by first trying to settle the issue with your creditor and then by fighting the lawsuit in court if you’re unable to come to an agreement.  The worst thing you can do is ignore the summons. If you don’t know why you received a court summons for...

The Great Recession that took place in 2007-2009 was more devasting than any time in American history. Home foreclosures are lower than they've been in nearly a decade. While that's certainly reassuring, the U.S. is still averaging more than one million foreclosures each year.  In 2021, the share of housing units with a foreclosure filing was 0.11 percent. Foreclosure results when a homeow...

Learn about Paul Lawrence Vann's digital 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 Make no mistake about it, money problems and mental health issues are intrinsically linked. Research from the 2008 great recession and COVID-19 reflect the link between finances and...

Learn about Paul Lawrence Vann's digital 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 Like many things in life if you do not study, research, or experience things, it can be intimidating and yes, experience is the best teacher. Investing in stocks can be intimidating...

The Basics of Retirement: Contact a financial advisor, speak with the human resource representative, and work with an investment firm, CPA, and or attorney that specializes in retirement and investing. The items covered below entail parts of retirement instruments, however, there are more. You can never start too young, the sooner you start planning for retirement the better. Do not allow the term...

One can say the difference between an individual and or family with insurance and those that don't are like night and day, because of the bottom line on your financial standing. Paul shares insight on the difference between term insurance and whole life insurance and the difference it can make for your life and family. What is term life insurance? Term Insurance covers you for a set period of...

Money leaks are expenses that eat away at your bank account unless you pay close attention to them. A dollar here and a dollar or two there will add up quickly, especially if you do not pay close attention to your bank statements and credit cards. While you might not think much of the few dollars you spend every month on take-out or streaming services, these expenses can add up to hundreds or thou...

  It is interesting to discover, one in three Americans delayed a major purchase decision due to financial woes. A recent study reflects that over one third of Americans have postponed a major life purchase decision due to money. The fact of the matter is, it is actually an improvement over a 2015 study, which reports more than half of Americans reported delaying a decision. If you are an American...

The largest purchase most people ever make is a house. Today it is tougher to purchase a house because of the remnants of the pandemic, the inflationary cycle, the great resignation, and the war in Ukraine. Unfortunately, more and more people find themselves forced to put off this purchase. Student loan debt, underemployment, rising home prices, and stringent mortgage standards prevent people from...

The spring of the year is the time frame when high school students and their families work to see what college admits them for attendance. Students apply for the Free Application for Federal Student Aid (FAFSA) form in the United States to determine their eligibility for student financial aid.  Once the FAFSA form has been processed, students receive a synopsis of the financial aid that is availab...

An assumption is made when it comes to credit cards and it is this, everyone knows about credit cards. If this were the case people would use them more judiciously and they would not have the massive credit card debt they have.  All people do not have credit cards or plastic cards. Credit cards provide people with the ability to purchase large, unexpensive purchases and more expensive items and th...

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 retire...

First of all, the financial wherewithal of youth is very important because it is a forecast of future financial decisions and the results from them. Thousands of high school students were surveyed about their preparedness for the kind of financial decisions and tasks that adulthood requires.  As students draw closer to their transition to adulthood, the survey reports consistently low levels of re...

Paul Lawrence Vann provides an insight into investing in the stock market. Continue working and focusing on paying off your debts because it will allow you to not only invest in stock but being able to invest even more. One of the first things you should do is research investing in stocks, and how to find a stockbroker, an investment firm, accountant, and or lawyer. It is important to learn about...

Americans have a lot of debt, mostly through the use of credit cards, mortgages, student loan debt, and more. Most of us use credits and owe money for some things we do not even use anymore. Sadly, we as a country of 340 million people owe too much. The average U.S. household owes $7,281 on credit cards. When we add in a mortgage, car payments, and student loans it’s easy to see how you, like so m...

When it comes to pillars it is defined as firm upright support for a superstructure, for the purposes of this episode it is personal finance. Everyone has four basic components in their financial structure: assets, debts, income, and expenses.  Measuring and comparing these can help you determine the state of your finances and your current net worth. You can think of them as the vital signs of you...

Banking is important because as employees and or entrepreneurs, you need a place to put your money. Once while working in support of the Governor of Maryland on a financial working group, we were tasked with assisting immigrants that live and work in the state of Maryland. Many of the immigrants had never had a bank account, so we ensured we provided oversight for them to open a bank account. Some...

The National Financial Education Council is dedicated to combating the financial illiteracy epidemic. Vince Shorb's mission is to create a world where people are informed to make qualified financial decisions and confidently take effective financial action that best helps them meet their basic human needs while moving toward fulfilling their personal, family, and global community goals. Vince...

Before delving into how to improve your financial literacy now, assess where you stand financially. Here are a few things to consider prior to locking in ways to improve your financial literacy: 1. Do you know how to create a personal budget? 2. Do you have an emergency fund that covers at least three months of basic living expenses?  3. Do you have a plan for retirement? 4. If you have debt, do y...

Every year Financial Literacy Month is celebrated in April. Financial Literacy Month is not only a celebration but is a challenge. This is your opportunity to review your finances and gradually improve them over time.  Components of financial literacy: There are several components of financial literacy, which include earning spending saving investing borrowing protecting Financial literacy consist...

Listen, if you have never developed a financial plan, start today. I know this is a lot for some people to grasp because if you want to do what you have never done before when it comes to creating a budget, your time is now. Understand that when you develop your budget, do not include the gross amount you earn because it is not your take-home pay or what is your net income which is after taxes and...

The quote, "When you are in a hole, stop digging," applies to some people when it comes to being in debt. In other words, even though goods and services have increased, some people are going about their lives and not reducing their expenses, this episode speaks to this type of mindset. There are three types of expenses listeners should be aware of, these are fixed expenses, a person pays t...

Welcome to the month of April, National Financial Literacy Month and throughout this month I will be producing podcasts to assist listeners in better understanding the importance of being financially literate. This is not all, budgeting can help you offset the inflationary cycle we are in. Here is what budgeting is all about and the assumption that everyone knows what budgeting is all about is not...