Dare to Change Life Coaching & Mentoring

Tag: building wealth

The Risks of CBDC & How to Protect Your Money

For centuries, cash and traditional banking services have been the go-to for financial transactions. But now, central banks want to change it and offer their own digital currency.

The official idea behind CBDC is to provide a digital alternative to cash and traditional banking services, and to increase financial inclusion for people who don’t have access to banks.

But this is NOT a complete picture!

As you may know POWER and MONEY are closely interconnected.

Power implies control and CASH is not easy to control…. Government-controlled digital currency implies full control over your financial life…

There’re some serious dangers to this whole CBDC thing!

Let’s go over some of the dangers together:

1.   The risk of cyberattacks.

Digital currencies are prone to being hacked, and central banks would need to invest a ton of money in cybersecurity to prevent their CBDC from being hacked.

With all transactions taking place in a digital environment, hackers and other malicious actors have greater opportunities to steal funds or personal information.

Cybersecurity breaches could lead to significant financial losses and personal harm.

THAT could lead to major financial instability and possibly even collapse of the whole system. Yikes!

2.   The risk of privacy violations.

CBDC would be a centralized currency, which means that every transaction would be recorded by the central bank.

This would give the central bank access to everyone’s financial data, and this personal financial data could be used for surveillance…. similar to Chinese Communist Party’s social credit score system.

Government may influence how you spend your money… if you buy too much alcohol or donate to associations that are not supported by the government, you can be fined or, worse, your access to digital money can be blocked.

Yes, Digital currencies allow for transactions to be tracked and monitored, which can give governments unprecedented access to your financial information.

This raises concerns about government surveillance and the potential for abuse.

It could lead to serious invasion of privacy, and it could make people lose trust in the financial system.

Nobody wants the Big Brother watching their every financial move, right?

3.   The risk of financial instability.

If CBDC leads to a significant shift away from cash and traditional banking services, it could create a scenario in which people would rush to withdraw their funds from banks.

The whole banking system may collapse, which will create a major financial chaos.

The central bank would need to manage the transition to CBDC very carefully to make sure this doesn’t happen.

You don’t wanna end up with no money to buy your overpriced eggs and veggies, right? LOL

4.    The risk of centralization.

As I mentioned earlier, CBDC would be a centralized currency, meaning that the central bank would have total control over the monetary system.

This could lead to a loss of financial freedom and, pretty much, complete government control over your financial life.

That would be a serious threat to your individual rights and freedom and would clear the path to government overreach and the potential for abuse.

You don’t wanna lose your financial freedom, right?!

Here’s the thing…

Time is running out!

The implementation of the Central Bank Digital Currency is on the horizon, and you need to prepare yourself NOW.

Here’s HOW:

1.   Educate yourself about the risks and benefits of CBDC.

Learn about the cybersecurity risks, the privacy concerns, and the potential impact on financial freedom.

There’s a ton of information out there, so start doing your research now. Watching this episode of my show is great start!! J

2.   Make sure your digital security is top-notch.

Use strong passwords, keep your antivirus software up-to-date, and avoid clicking on suspicious links or downloading unknown software.

Also, protect yourself by using two-factor authentication when you login to data-sensitive sites.

CBDC is a digital currency, so you’ll need to make sure your digital assets are secure.

3.   Diversify your financial assets.

Don’t put all your eggs in one basket – spread your money across different types of assets, investments and accounts. Diversify your money among cash, value / dividend-paying stocks, gold and silver, cryptocurrency, or other assets….

For example, investing in precious metals offers a tangible, reliable, and stable investment option that can be easily bought and sold.

Whether you’re a short-term or long-term investor, investing in precious metals is an excellent way to safeguard your financial future.

And by spreading investments across multiple assets, you reduce your risk by being exposed to any single asset class.

This will help you minimize the risk that CBDC can cause on the banks in a form of financial instability.

4.   Consider using alternative payment methods.

While CBDC may become the new norm, it’s still important to have other payment options available.

Make sure you’re familiar with different payment methods and have them set up and ready to use (e.g. debit cards, PayPal, or cryptocurrency).

5.   Become financially savvy – stay informed and engaged.

Advocate for policies that protect financial freedom and privacy, and stay up-to-date with the latest developments on CBDC.

By being financially savvy, by staying informed and engaged, you can help shape the future of CBDC and ensure that it’s implemented in a way that benefits everyone… as much as possible.

So, there you have it – some actionable steps you can take to prepare for the CBDC implementation.

Don’t wait until it’s too late – start taking action now.

To win the money game you’ve got to know your available options and choose them strategically!

Financial ignorance is VERY expensive!

if you want to have a PRIVATE money strategy call “Never Worry About Money Again” (Value $500), you can schedule it at speakwithmillen.com. NO COST TO YOU!

It’s on me, MY GIFT to you!

You can also sign up for my youtube channel Millen Livis Channel Wealth to watch the More Money with Millen weekly show.

To Your Health, Wealth, and Freedom!

Millen Livis, MS, MBA

Holistic Financial Independence Mentor

August 26, 2023
5 Simple Tips for Creating Your Best Rich Life

Today I want to share some insights on how to use the power of intention to transform financial fears.

In the current economic climate, it’s natural to experience fear and anxiety around money and financial future.

And the tax return filing deadline we have in the U.S. this week only adds more stress to our already hectic lives.

As a holistic financial independence mentor, I understand that the fear of not having enough money, of losing money, or of not being good with money can be overwhelming.

However, you can harness the power of your intentions and elevated emotions by coupling your intentions with the powerful emotion of fear to take control of your money and your financial future.

By setting clear specific intentions, connecting to your intentions emotionally (e.g.

getting excited, grateful, loving, forgiving, etc.) and committing to your

financial goals, you can tap into your spiritual power and achieve unimaginable

success and create your best rich life.

Here are some tips to get started:

1. Set your intention(s).

Define your values and write down your intentions. What motivates you to achieve your financial goals? Setting your intention will help you stay focused and motivated.

2. Commit to your goals.

Make a decision to commit to your goals and take aligned action towards achieving your financial goals. This can be as simple as saving for emergencies, creating a budget, or investing for the long term. By taking aligned actions, you will build momentum and start seeing results.

3. Practice gratitude.

Gratitude is a powerful spiritual practice that can help shift your mindset from fear to abundance.

You cannot be grateful and fearful at the same time!

Take a moment every day to reflect on the things you are grateful for in your life, including your financial situation.

4. Visualize your best rich life.

Once you write down your intentions, visual them. Visualization is a powerful tool that can help you overcome limiting beliefs and visualize your desired financial future. Take a few minutes every day to visualize yourself achieving your financial goals, feeling confident and empowered.

5. Have faith. Trust the Universe.

Trusting the Universe means believing that everything happens for a reason and that you are on the right path. When you trust the Universe, you allow yourself to surrender in faith and open yourself up to incredible opportunities and abundance.

I recently had a fantastic 3-part interview with Dr Nisha Manek, MD, who studied the power of intention from the scientific standpoint.

She shares her insights about transforming a powerful negative emotion like fear into an incredibly powerful positive force by coupling it with laser-focused intentions and elevated emotions.

Watch the last part of this 3-part interview series in the latest episode of the More Money with Millen show ” Your Path From Fear To Freedom”.

Remember, expanding your awareness about your true nature and your spiritual power is a personal journey, and there is no one-size-fits-all approach.

What works for one person may not work for another.

However, by incorporating spiritual practices into your financial planning, you can tap into a source of power that can help you overcome fear and create your best rich life.

If you want guidance or support on your financial journey, please do not hesitate to contact me.

I am here to help you WIN the Money Game and create your best rich life.

To your Health, Wealth and Freedom! 🙏 💖

Millen Livis

P.S. If you can, join me LIVE for the More Money with Millen show every Wednesday, at 10 am ET, right here, on my LinkedIn page

August 25, 2023
🔥Why Banks’ Failures Are Your Wake up Call

Two major regional U.S. banks – the Silicon Valley Bank in California and Signature Bank in New York – collapsed a couple of weeks ago….

Right away our government announced that it will NOT bailout the failed banks BUT that ALL banks’ customers can be assured that they will get their deposits back…..

Not only those who are covered by the FDIC insurance (which has a max of $250K per each depositor), but also those with millions of dollars deposited to this bank, which were mostly wealthy elites, venture capitalists and Chinese companies (although, supposedly, only U.S. citizens can be insured by the FDIC insurance).

If this is not a bailout, I don’t know what is…

And in order to bailout failed banks, government has to come up with more money… which means more printing money, even higher national debt (according to the U.S. Treasury Department, the current national debt of the U.S. is $31.3 trillion, which translates to roughly $94,000 per citizen), even higher inflation, and lower purchasing power of U.S. dollar….

Auch….

Then last Monday stock shares of “rock-solid” Credit Suisse bank plunged and Swiss authorities helped cut a deal with its bigger rival, UBS, to acquire the troubled Credit Suisse bank at a marked-down price to calm the troubled financial markets and to re-instill investors’ trust in this “used-to-be” premier financial institutions….

If you ask me, I don’t think these “superficial” government-arranged bailout-like actions can help restructure financial markets.

Here’s why.

As more facts started to come out about the Silicon Valley Bank’s operations and priorities, more and more people feel outraged with unconceivable incompetence and corruption of the SVB’s management and board of directors…

They had less than 10% of deposits covered by banking insurance!

Apparently, risk management was not SVB’s priority – its management didn’t have a director of risk management but had a director of equity and inclusion…

They were donating millions of dollars to their preferred political supporters (from both political parties but mostly democrats), who were influencing financial laws and regulations.

SVB didn’t have solid ethical and reliable operational guidelines….

Senior managers dumped millions in SVB’s stock just a few weeks before its collapse…. BIG red flag!

But that’s not all…

In the lead-up to Silicon Valley Bank’s historic collapse in March this year, insiders at this California-based lender scooped up a record $219 million worth of personal loans (according to the Bloomberg News).

Can you trust bankers with your money after such revelations??

I cannot.

And to be fair, NOT all regional banks are so corrupt and incompetent… but once you experience a rotten apple, it’s wise to be more careful and discerning.

And there’re more reasons for you to be alarmed right now.

Yesterday, the Fed (U.S. Federal Reserve) raised its key short-term interest rate by 0.25%, pushing ahead with its aggressive campaign to control inflation despite financial turmoil following Silicon Valley Bank’s collapse.

This move will further constrain banks’ lending and weaken the economy.

high Inflation + weak economy = stagflation

There’s not sugarcoating the challenging times we’re in right now….

But I am writing this NOT to stress you out but to wake you up and shake you out of complacency and status quo.

It’s not the time to choose what’s convenient, or familiar, or comfortable.

In the recent article about the banks failures, I shared the 5 Practical Lessons that will help you get well equipped to prepare for unexpected.

These banks’ failures are a wakeup call….

Be vigilant. Be observant. Be financially savvy.

NOBODY cares about your money more than you do.

And having money doesn’t make you good with money.

You can see it by all the millionaires who were not managing their risk by having cash deposits that exceeded the required FDIC insurance amounts at the bank that was not managed responsibly (to say the least.)

To your Health, Wealth and Freedom! 🙏💕

Millen Livis

P.S. let me know your insights from these banks’ failures…

Are you going to make some adjustments to the way you manage your savings?

August 24, 2023
5 Lessons from the Silicon Valley Bank’s Failure
Two major regional U.S. banks – the Silicon Valley Bank in California and Signature Bank in New York – collapsed last week.

Silicon Valley Bank (referred to as S.V.B.), was considered by many tech start-ups and investment firms as their “reliable banking partner.”

The bank was known for betting on start-ups that no other banks would touch (red flag?)…

Some tech start-up founders and workers had gotten their first business loans and even home mortgages and car loans from the S.V.B.

Many venture capitalists set up their accounts at Silicon Valley Bank in 1980s, when the tech industry boom started.

So, what happened?

How could this established bank with its “pristine-reputation”, who housed money for some of the richest investors and well-known venture capitalists, collapse?

There were several reasons for this fiasco, of course….

And what’s interesting, the main cause of the S.V.B. failure was not investing in risky cryptocurrencies or any other elaborate financial schemes….

In my opinion, some of the main causes of this bank’s failure were a series of BAD tactical and ill-informed strategic decisions….

In short, staggering incompetence of the bank’s management.

As you know, 2021 was a year of booming stock market, fueled by record-low interest rates….

Cost of money was so chip that numerous tech start-ups were popping up like mushrooms during a good rain season.

So, the S.V.B. was taking cash deposits from its tech start-up customers and was investing this money into various long-term, low-yielding Treasury bonds that were purchased before interest rates began to spike in 2022….

At the time, those investments looked safe…because interest rates were historically low.

However, these investments became increasingly risky once interest rates rose in 2022 and the Treasury bonds lost their value (because bonds’ prices go down when interest rates go up).

S.V.B’s “banking geniuses” should have known that out-of-control government spending and constant money printing will lead to high inflation… and high inflation will crash bonds’ prices…

And since the cost of capital became more expensive, many tech start-ups needed to pull their cash deposits out of the bank to pay for their expenses… and S.V.B. had to sell some of its bonds at a loss to meet its obligations.

But there is more to this story….

While S.V.B. was a relatively small regional bank (the 16th-largest bank in the country), it’s fair to say that it had a preferred-bank reputation in the tech community of the Silicon Valley…because of its risk-off attitude towards its operation.

Here’s what I mean by “risk-off” attitude: Out of Silicon Valley Bank’s $173.2 billion in deposits, only $21.7 billion was insured!

In other words, over 87% of the S.V.B’s customers, who deposited their money into this bank, were risking not getting their money back!

Apparently, regional banks have looser “bank solvency requirement” than bigger national banks…

Anyhow, the S.V.B. customers and investors panicked and the bank’s shares plunged more than 60% last Thursday, then another 60% last Friday, then banking regulators stepped in and took over SVB Financial.

Then last Sunday another bank was taken over by federal bank regulators – Signature Bank in New York.

Now Moody, which is financial credit ratings firm, cut its outlook for the entire US banking sector and placed six US banks on review for potential credit rating downgrades, in the wake of Silicon Valley Bank collapse.

Moody warns consumers that more banks will come under pressure after SVB’s failure — particularly those with large amounts of uninsured deposits and long-term Treasury bonds that have crumbled in value.

Further, Moody’s said it expects pressure on the banking sector to persist as the Fed continues to hike interest rates to combat inflation.

So, here’re some of the lessons YOU can learn from this S.V.B failure story:

1. Be Mindful of the Interest Rates Trend. Many corporate clients (especially tech start-ups) are very sensitive to high cost of capital (like what we have right now – rising interest rates). When interest rates rise, long-term Treasury bonds lose value…Therefore, make sure you don’t invest your cash in long-term bonds that will lose value when interest rates rise.

2. Be careful with keeping all your money with regional banks. It appears that larger national banks have more strict banking regulations and liquidity requirements than regional banks.

3. Make sure your cash deposits and banking products like CDs are FDIC-insured. FDIC is Federal Deposit Insurance Corporation, which guarantees safety of your bank deposits up to $250,000 per person or per banking product. That’s why people who have more than $250,000in cash have accounts with different banks…

Not all financial institutions are insured by the FDIC (e.g. credit unions don’t offer FDIC insurance).

Always make sure that your money deposit is covered by the FDIC.

If your money is kept with an FDIC-insured bank, you’ll at least be guaranteed to protect your principal up to $250,000.

So, even if you have more at the bank, you’ll at least get reimbursed up to that limit.

Generally, there’s no maximum amount you can have on a checking account.

However, there’s a limit on how much of your checking account balance is covered by the FDIC (as of now, it’s $250,000 per depositor, per financial product, per financial institution).

4. Become Financially Savvy. Consider Alternative places to put your money to. While FDIC protection for cash deposits makes banks look appealing in difficult times, consider alternative places to put your money to.

You may consider

– real estate investments that produce income… but can be more risky AND

– precious metals like gold, silver and platinum, which offer NO income but a hedge (aka protection) against devaluation of your fiat money AND

– dividend paying established undervalued stocks

Remember that NOTHING is guaranteed in this world, NOBODY cares more about your money than you, and it’s your responsibility to be a SAVVY manager of your money.

5. Do Risk / Return analysis. While all investments involve risk, some carry higher risk than others… and provide higher return… and some investments are high risk and low return….

So, when you invest, be very clear about the risk you’re willing and NOT willing to take …

Diversify your investments across different assets to reduce your risk and maximize your return.

For example, remember that the following financial products are NOT insured:
- Stocks
- Bonds
- ETFs
- Mutual funds
- Crypto currencies
- Life insurance policies
- Annuities
- Municipal securities
- Safe deposit boxes or their contents
Let me know your top 3 insights from reading this article.

What actions are you planning to take to protect your savings and investments?

To your Health, Wealth, and Freedom!

Millen Livis
August 23, 2023
How to Overcome Fear of Investing

As you may know, I believe that developing a wealth mindset and understanding the metaphysical laws of money and abundance are the essential elements of creating Financial Independence.

However, being savvy about managing and investing your money is another essential aspect of creating Financial Independence.

If you don’t save and don’t invest your money strategically, no matter how much you may be earning right now, it’s unlikely that you’ll enjoy financial independence or have a comfortable early retirement.

Unfortunately, many women are afraid of investing because they are afraid to lose money…

And when they hear confusing advise (like “You should diversify!” and “NO! Don’t diversify!”) – they resign to doing nothing (and lose time and opportunities) OR choose to delegate managing their money to advisors, spouses, or partners…and often lose even more money.

That’s why, today, I chose to share this short video with you.

Now, I have a question for you.

What would your life be like if you could do what you want, buy what you want, have the amazing experiences you want…without worrying about money?

And if you’re ready to trade worries about money for complete freedom, why not get started now?

I’ve opened up a few slots for my PRIVATE Complimentary “Financial Freedom Lifestyle” sessions, where you can see your worry-free future unfolding in front of you.

Sound exciting?

Great!

Send me an email to Millen@DareToChangeLife.com with the subject line Financial Freedom Lifestyle, describe your current situation, financial goals and timeframes, and your level of commitment to your goals (on a scale of 1-10).

I look forward to hearing from you!

To your Health, Wealth, and Freedom!

September 8, 2020
There Are Two Categories of Women. Which One Do You Put Yourself In?

Do you feel like time flies faster and faster, or it’s just me?

Is it my age or the age we live in? Or both? LOL

I’m spending my last week at a healing facility in the French Alps.
I enjoy taking the time to nourish my body with different thermal baths, thermal mud treatments, and hydro-massages.

And each Sunday, I visited local attractions – castles, beautiful parks, lakes, and small cities.

I meditate a lot here…

And every moment, I feel SO infinitely grateful for the life I have created…my beautiful daughter, loving husband, amazing clients, incredible adventures and travels….
FREEDOM of time and choices.

So, what occurred to me may sound somewhat controversial, but hear me out….

What occurred to me is that there’re two kinds of women in the world:

1. Women who spend their whole lives working to make money.

AND

2. Women who enjoy FREEDOM in their lives because they figured out how to make their money work for them.

Would you agree?

Those women in the first category often make a good living – have high-paying jobs or run profitable businesses – yet they still don’t have the FREEDOM and INDEPENDENCE that they crave so deeply.

While the women in the second category have learned how to think, plan, and act strategically with their money. And voila…they can choose when and how much (or how little) to work, who to spend time with, where to live, how to be….etc

So, which category do you think are in? First, second, or somewhere in between?

The good news is that it’s a simple transformation to get from the first to the second category.

It may not be easy, but it is simple. Unfortunately, we don’t learn this at school.

If you have young kids, they observe your choices and life experiences and unconsciously repeat them, just like you probably got programmed by observing your parents. You don’t need me to tell you how important it is to model “good money habits” for children.

So, if you happen to be in the first category, are you going to wait for the pandemic to be over to start planning your desired financial future? Or for the economic condition to improve, for getting married or for your partner to be more supportive, or making more money at your job or business?

How many more years are you willing to wait before you start creating your Financial Independence so that YOU, too, enjoy more freedom in your life?

Ask yourself these questions.

After all, none of us are getting any younger….

Let me know what you think about my controversial “download.”

To your Health, Wealth, and Freedom!

P.S. Sometimes tough times are what call us to grow. And to step into things we normally wouldn’t be “ready” for.

If you crave more FREEDOM in YOUR life, you may want to connect with me ASAP.

I want to help you identify YOUR fastest path to Financial Independence.

Email to Millen@DareToChangeLife.com with the Subject Line “I want Financial Independence” and we’ll schedule a complimentary call.

September 2, 2020