When you have ADHD, you must be mindful about setting goals to stay motivated and on track.Identify the goalWrite out the purpose of the goal and why it is importantDecide on one action step or small task you can do today that would bring you closer to your goalThe ‘Financial Order of Operations’ is one method to help break down the process of identifying goals to focus on first.The Financial Order of OperationsHave at least one month of your expenses as an emergency fundIf you work for a company that offers an employee 401(k) match, set that up and start getting that matchOnce you have the first two steps in place, use the savings from your budget to start knocking off high-interest debtStart building your emergency fund for three to six months of expensesInvest in a Roth or traditional IRA, or increase your 401(k) contributionFund upcoming large expensesMax out your 401(k) and 403(b) accountsInvest extra savings in a brokerage account Your first goal should be achievable, so make sure you set yourself up for success by choosing something you feel you can accomplish. Once you have completed that goal, set your next one and slowly move up the ladder. That way, you will build a solid foundation that will not only be achievable but will also be meaningful to you.I have created and shared a spreadsheet on the reversed budget methodology we’re using in this series under the resource links at the bottom of the page for you to download and follow along.Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Debt Snowball Calculator (click here)Financial Order of Operations (click here)ADHD MoneyTalk Life Happens Emergency Fund Episode Four (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Identifying your financial purpose when setting up a budget allows us to maintain our focus on the process and our motivation moving forward. I've created and shared two documents for you to use as you follow this series. The first is a spreadsheet on the reversed budget methodology, which you can find the link under the resource links at the bottom of the page to download and follow along. The second is a Google form with a list of questions to record your spending habits.Values, Goals, & VisionThese questions will help you understand what about money is truly important to you and help you connect purpose to your efforts to become financially secure and independent. 1) Why is money important to you?2) List at least three of your core values3) What two things would you like to achieve or experience in the next two years?4) In the next five years?5) In the next ten years?6) If you were given $10,000 and were told you could not invest it, save it, or use it to pay off debt, how would you spend it?7) What if it was $50,000? When you have ADHD, looking into the future beyond a week is challenging. Answering the questions above allows you to think about your future and identify the important things and some of your long-term goals, which will ultimately help you change how you spend your money. Spending Analysis Using the 50/30/20 Model A spending analysis shows what percentage of your money is spent on needs versus wants. The 50/30/20 Model states that you should spend up to 50% of your income on needs, 30% on wants, and the remaining 20% on savings. It's challenging to save 20% of your income, especially if you're new to budgeting. This model is a guide and something to work toward. Life is getting more expensive as inflation rises, so sometimes there's not enough money to go around, even if you're putting your money in the right places. Finding ways to increase your income can help. Such as: Build upon your personal skills to get a higher-paying jobPut yourself out there, and don't be afraid to ask for a raisePick up a side jobYou are your biggest asset, so invest in yourself!Resources:My Google Docs Budgeting Spreadsheet (click here)My Google Form Budget Questionnaire (click here)The Dare to Lead List of Values (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

ADHDers like organization and structure, so they get excited about setting up a budget. However, following the method over the long term rarely works if we don't spend the extra time setting up an automated system to keep us going when we don't feel like following the process.I've created and shared a spreadsheet on the reversed budget methodology under the resource links at the bottom of the page for you to download and follow along.By the end of this series, you will be budgeting as you go throughout your day, with minimal maintenance and only spending the money you have available.Identifying Variable Wants and NeedsVariable wants are the expenses that vary month to month and get us in the most trouble because this money is often tied to credit card charges such as:Retail clothing purchasesDoorDashAmazon.comEntertainment (concerts and theater tickets)GiftsToys for your kids Even though variable needs are generally necessity driven, they must be tracked as they can heavily impact your budget. Examples would include:GroceriesDining out  Home repairsHealth expensesCar repairsGasoline As you progress through the worksheet, try not to get bogged down in the minutia in attempting to get everything perfect. The worksheet is a learning exercise to help you get an overall sense of your spending habits in a format that feels comfortable to you so you can ask yourself questions such as:Are you spending too much?Where are your problem areas?Where can you cut back?Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Honeydue.com (click here)Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Establishing a budget doesn't need to be an uncomfortable experience. Once the basic elements are in place and you become familiar with the process, you'll be pleasantly surprised at how easy it will be to manage money.I've created a spreadsheet on the reversed budget methodology, which you can find under the resource links at the bottom of the page to download and follow along.The first step in setting up a budget is determining your net income and expenses.Identifying Your Net IncomeIf you are an employee, your paystub will show your net income monthly, semi-monthly (every two weeks), or bi-weekly (26 paychecks per year). For bi-weekly, multiply your net paycheck income by 26, then divide it by 12.If you have a variable income, you can refer to episode 36, where we covered that topic. For including a spouse or significant other, follow the process above, then add their monthly net income to yours.Identifying Your Net ExpensesMany of my clients start to pick up a lot of momentum in the stage I call “Wants versus Needs”.On the spreadsheet, you will see five expense sections:Fixed Needs - an expense that comes out of your bank account regularly, like your home mortgage, a car payment, or a utility billFixed Wants - food, clothing, and entertainmentDebt Payments - credit cards and personal loansVariable Wants – dining out, and vacationsVariable Needs – costs that vary or are unpredictable, like car repair and medical billsAt the end of this stage, you will have separated all of your needs from your wants and identified all your debt payments in one place, which will help you understand how to balance your spending and help you diagnose areas where you can improve. Resources:Link to my Google Docs Budgeting Spreadsheet (click here)Managing a Variable Income with an ADHD Brain - Episode 36 (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

As a CFP financial planner, the most rewarding part of my job is comprehensive financial planning helping my clients get their estate in order, investing, and tax planning. My passion is to help people understand the joy that comes with the feeling of power in controlling your money.Most of the people that come to me are at a point where first, we need to focus on getting their financial house in order and help them identifytheir impulsive spending habits. The most common culprits to 'spending blindness' include:Having no planFeeling chaosHaving your income come in and go outOver-draftingBudgeting is setting a system to get a solid foundation in place. Cash flow planning helps us see more clearly and stop being stressed out money. It helps you to begin thinking about long-term plans. Creating a financial plan for your future will be challenging until you get your house in order and the foundation set. I share a spreadsheet with my clients based on the reversed budget methodology, and will be sharing with you in the next several episodes. Throughout the workshop, we'll cover the following:The mechanics of savingHow to set up the automationHow to analyze where you're spending too much Creating that gap between income and expenses The point of this podcast is to help transform lives - and I want to do that for you!Resource: Link to my Google Docs Budgeting Spreadsheet (click here)Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Getting your money right helps in many ways because money touches so many aspects of our lives. Nothing has ever existed that has created more wealth or has been more influential in the transformation of families and people over time than the stock market.If you’re an investor, you’ve more than likely noticed how volatile the stock markets have been. However, if you stay the course, you can avoid stepping on the emotional merry-go-round by always keeping the big picture of your future retirement in sight.Studies show millennials have been giving up on the stock market. Over the past year, 49% have reportedly sold all or some of their investments, compared to only 21% of gen X and 17% of gen Z. When asked, the main reason millennials sold their investments was to cover household expenses, losses from crypto investing, inflation, and fear.The Standard and Poor's 500, or simply the S&P 500, is a stock market index that tracks the stock performance of 500 large companies listed on exchanges in the United States.If you buy into the S&P 500After 20 years you’ll have a hundred percent chance of earning a positive return on your investmentAfter 15 years, you’ll have a 95% chanceAfter 10 years, you’ll have an 89% chanceAfter 5 years, you’ll have an 81% chanceFor one month, you would have a 61% chanceThe best advice is to not let the volatility of the market stop your contributions. Instead, see it as an opportunity to continue to contribute when the market's lower when you'll get more return for the same amount of your contribution.Resources: Ally article: https://www.ally.com/do-it-right/trends/weekly-viewpoint-august-26-2022-dont-quit-on-investing-3-reasons-to-stay-the-courseBook by Brian Feroldi: Why Does The Stock Market Go Up? Everything You Should Have Been Taught About Investing In School, But Weren'tFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

President Biden announced a plan on August 24, 2022, to forgive student loan debt through the end of December 2022, with payments resuming in January 2023. To be eligible for the $10,000 debt cancellation, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households)If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.Some of the changes originally made by the Public Service Loan Forgiveness (PSLF) Waiver will become permanent provisions of PSLF, even after the waiver ends on October 31, 2022, and will be publicized through an awareness campaign aimed at eligible individuals. These changes will involve allowing credit for late or lump sum payments and deferment or forbearance for people with qualifying employersAnother newly proposed rule not yet implemented is an income-driven repayment process known as the IDR plan, which will limit payments on federal undergraduate loans to 5% of the borrower's discretionary income and forgives loans of less than $12,000 after ten years of payments.With an estimated 43 million student loan borrowers in the United States, this relief plan has the potential to positively impact a significant number of households.Resources:https://www.gobankingrates.com/taxes/filing/13-states-tax-student-loan-forgivenesshttps://www.dewittcm.com/adhdmoneytalkblog/a-lot-of-adhders-have-student-loan-debt.-now-some-relief-is-on-the-wayhttps://www.kitces.com/blog/biden-student-loan-debt-forgiveness-relief-plan-2022-eligibility-income-limits-pell-grant-payment-freeze-pslf-idrWant to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFinancial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Stability and organization are two words that best describe an ideal world for the ADHD brain. What happens, then, when someone with ADHD has a variable income?  There’s no guarantee of stability, and it’s difficult to organize your expenses when you don’t have a fixed income.Creating a Repeatable StructureEstablish a budget with a repeatable structure that doesn't require constant tweaking:Make sure you have enough income to cover your basic expensesWhen does the income come in in the month? Does it allow for scheduling?Look at your previous years of income and see if there are any seasonal patternsBuild in some conservatism for any money leftoverCreate a working capital account to put any leftover money in to cover shortfall monthsBe more intentional with your spending to bring your overall expenses downPut a reminder in your phone to review your budget each month and look for areas of improvementIdentify your savings goals and big-ticket itemsDraw a Line You Will Not CrossDefine a list of things you will not do and post it somewhere visible to avoid pitfalls that will derail your progressDipping into your emergency fundsUsing credit cards to smooth out shortfallsFalling victim to impulse spendingPredicting when your monthly income will be higher or lowerFollowing this plan using these conservative methods will result in having money left over at the end of the year, allowing you to put that money toward your savings goals. Remember, your goal is to spend less than you make. If your spending habits are well under control, these strategies will help you reach that goal.Want to work with me?Check out my ADHD Planning & Coaching service.Help Me Out!If you enjoyed this podcast, the best way to help me is share it with a friend. Reviews and ratings are also appreciated:Click here to leave a review on AppleClick here to leave a review on my websiteGive me five stars on SpotifyHelping ADHD'ers unleash their financial potential through planning and coaching.DeWittCM.com/adhd to book free discovery sessionFor more information, visit the show notes at https://www.adhdmoneytalk.com/s1e36Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

As a CFP®, I’m often asked about my services - and what makes me different from others who provide financial coaching or advice.To begin, the term financial planner encompasses a pretty broad area. For example, some advisors:Work like an insurance company and sell insurance on commissionFee-based by selling other investment products like annuitiesFee-only planning as a flat fee for service renderedInvestment managers paid via a retainer feeThe fee-only option is what I do by providing financial planning services.I am a fiduciary, legally and ethically obligated to do what's in the client's best interest or best faith efforts toward doing what's in the client's best interest. I do not get paid commissions for selling products, and I don't sell insurance or annuities.  The Name GameAnyone can call themselves a financial planner, financial advisor, or financial services professional, but you must be careful. There's always a risk that they're just an insurance salesperson and not doing any financial planning. If you're considering working with a financial planner, check their certification history. Be sure you're working with someone looking at their clients' entire financial landscape and advising them on how to achieve their short and long-term financial goals. The Niche of Working with ADHD ClientsPeople with ADHD need more accountability, handholding, and frequent touch points. If we go cold for six months, we need someone knocking on our door. We want a planner who will say, okay, you're ignoring me. I'm coming to find you. I try to keep my clients accountable. If you pay me and I do not hear from you, I will tell you that this may not be the best fit because I want progress for my clients. I decided to work with people with ADHD because I understand the struggle and can help them bridge the gap between ADHD, financial chaos, and creating wealth.It has to start with small achievable steps that feel attainable and are filled with accountability.Here are the areas I can help you with:Cash Flow and BudgetingDebt ManagementIdentify Insurance NeedsInvestingOpening Accounts and Managing MoneyPlanning for your Child's EducationReferrals for Tax and Estate PlanningStudent Loan ManagementTo see the plans that I offer, or to work with me, check out my ADHD Planning & Coaching service: https://www.dewittcm.com/adhdHelping ADHD'ers unleash their financial potential through planning and coaching.Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!

Some call it their 'Life Happens Fund,' others their 'Emergency Fund.' Whatever you call yours, make sure you have one. But then you might want to take that thought one step further. I'm about to tell you why.My Dog WillowRecently Willow, my Bearded Collie, became very sick to the point where she needed to be hospitalized. Anyone who has gone through this before knows how expensive it is to hospitalize a pet. Throughout her illness, I had to make tough decisions where I felt I was choosing between my dog and my money. The stress and anxiety brought on by the situation were overwhelming. Of course, I chose my dog; thankfully, Willow is recovering.Looking at our now-depleted emergency fund started me thinking about pet insurance and how the situation might have been different if I had already had a pet policy.The Benefits Pet InsuranceIf I had pet insurance, I would not have hesitated to take Willow to the veterinarian when her symptoms started. I would have been able to file a claim and have a majority of the bills covered, thus circumventing any guilt or arguments about how much money we would need to spend on our dog.I've come to realize having pet insurance is my way of saying I love my dog, I care about her, and I'm doing this to protect her because I want her to live a long, happy life. It would also enable me to avoid the 'in the moment' emotional stress and anxiety when decision-making worsens.Another benefit of having pet insurance is passing the risk of your dog getting sick to the insurance company in exchange for the peace of mind of your dog's safety in the case of an emergency.The Costs of Insuring a PetHow much does pet insurance cost? After a bit of research, I discovered the following facts.Insuring a four-year-old Bearded Collie is about $30 a month.A Bearded Collie has a lifespan of about 13 years.If we had insured Willow as a puppy, we would have spent roughly $1,700 to date, considerably less than what we paid during her illness.Assuming we had the plan in place since Willow was a puppy and she'll live approximately 13 years, factoring in an 8% increase in premiums each year, that would mean spending roughly $7,700 during her life, or $600 per year. That's a much more easily digested amount spread over a decade than most of that amount paid out once during an emergency.For more information, visit the show notes at  https://www.adhdmoneytalk.com/s1e34Financial planning and coaching for adults with ADHDADHD Money Talk on YouTubeSubscribe to the ADHD Money Talk Newsletter!