Dare to Change Life Coaching & Mentoring

Tag: create wealth

  • 🎯TIPS for MAKING BETTER DECISIONS

    🎯TIPS for MAKING BETTER DECISIONS

    While I was communicating with a friend recently, she asked me a question that I think many people can relate to:

    “So, I need to spend money to learn about money?”

    I found her question fascinating, considering that she mentioned to me previously that she probably wasted a lot of money because she hasn’t managed it well….

    That the fear of wasting her savings is huge for her (she is a self-employed single mom)….

    That she knows that she needs to confront this fear.Yet her fear of making a “money mistake” keeps her feeling stuck in doubts, indecisions, and money worries.

    This experience reminded me that many people have difficult time with making financial decisions.

    So, in this article I’m going to share with you my top 3 tips for making better financial decisions.

    ✅ Develop a habit to see everything through the lens of an investor.

    When you spend money, by definition, it’s lost – there is no increased value for you, whether it’s monetary value or value in a form of better health, reduced stress, or elevated self-confidence.

    What if you look at your decisions to pay for something as an investor?

    “Will buying XYZ help me improve my health?”

    “Will paying for an XYZ program help me get clarity, become more knowledgeable and confident, propel me toward my goals?”

    “Will investing in XYZ potentially provide additional income and/or appreciate in value overtime?”

    If you answer YES to any of the above, paying for XYZ is investing, not spending.

    ✅ Focus on Solutions instead of dwelling on your Problems.

    Life tends to through a curveball when we least expect it and our response to challenging situations is crucial.

    While it’s important to acknowledge problems and to understand what is causing them, it’s essential to focus on possible solutions.

    During my recent Greek islands’ cruise, I met a widow, who lost her husband unexpectedly and was devastated not only by losing the love of her life but also by suddenly becoming solely responsible for making financial decisions.

    She took time to grieve… then made a decision to focus on solutions to her problem, which was her fear of dealing with money and making bad financial decisions.

    She bought books about managing and investing money.

    Then attended some free trainings online…

    And finally decided to get support and guidance by working with a mentor to help her become financially savvy and confident.

    I am honored to be her guide on this journey.

    Please anchor this statement in your mind:

    🙏You’re More Resilient and Powerful Than You Know.

    And when you choose to focus on solutions instead of dwelling on your problems – you activate your personal power and the forces of the Universe to support you.

    That’s one of the topics I’m going to discuss at my new masterclass “From Worrying to Winning the Money Game.”

    If it’s important for you to uncover and fix the potential problems that hold you back financially, I invite you to come to my new masterclass (see the registration link in the comments).

    ✅ Manage risk.

    To be financially successful, you’ve got to learn how to invest and how to manage investment risk.

    You’ve got to assess potential risk of loss vs potential opportunity for win and decide if this investment worth your while.

    Here’s what’ve realized….

    Everybody wants more money.

    Yet very few are willing to invest their time, efforts, and money to figure out how to make it, keep it and grow it.

    For example, I like to invest in my personal and professional growth and over the years invested hundreds of thousands in myself.

    Some of these investments yielded great results, others… not so much.

    But I am not upset about any of my investments because I know that ALL investments have inherent risk.

    And the trick is to decide if you’re going to be OK with the potential loss because the potential win is worth it.

    🔥If this sounds like something you’d like to dive deeper into and you are eager to develop winning money strategies, you’ve got to come to my new “From Worrying To Winning the Money Game” Masterclass.

    🎯You’ve got to become financially savvy, so that you make better financial decisions.

    And if you feel lingering money worries and fears about your financial future, it’s time to face these fears.

    Because if you don’t face your fears, you’ll never conquer them.

    You’ll never get past the fears.

    And the longer you go without facing it, the more deeply the fears get ingrained in you.

    Look forward to seeing you with us at my masterclass‼

    To your Health, Wealth, and Freedom!🙏

    Millen Livis 💖

  • Investing in the Stock Market Using Index Funds – Pros and Cons – Part 3: What Is “Inexpensive” When You Use Index Funds?

    Investing in the Stock Market Using Index Funds – Pros and Cons – Part 3: What Is “Inexpensive” When You Use Index Funds?

    In this article I’ll talk about the COST of investing when you use Index Funds.

    But first, a quick review…

    In Part 1 of this articles’ series I talked about some good reasons to invest in the Stock Market using Index Funds.

    In Part 2 I shared with you the 5 reasons for NOT investing with Index Funds.

    Make sure you review the previous articles before diving into this one.

    So, What Is “Inexpensive” When You Use Index Funds?

    One of the main advantages of investing in the stock market using Index Funds is low cost of this type of investing, because Index Funds are not actively managed mutual funds…

    They simply replicate the return on a specific market indexes.

    This type of investing is considered passive.

    Index Funds’ portfolio managers merely buy and hold a sample of the stocks in the target indexes, and then leave them alone… unless the index itself changes.

    In other words, portfolio managers are not actively stock-picking holdings in the Index Funds by buying and selling the securities inside the funds.

    And so, because of the low hands-on management involved, index funds have below-average expense ratios (unlike actively managed mutual funds), and are referred to as a low-cost investing option.

    So, let’s define “low cost” of investing by looking at financial metric like Expense ratio.

    Expense Ratios

    An expense ratio reveals the amount that an investment management companies charge investors for managing an investment portfolio, a mutual fund, or an exchange-traded fund (ETF).

    The Expense ratio represents all of the management fees and operating costs of the fund and shows the percentage of expenses compared to the amount of annual average assets under management in the fund.

    Expense ratios are listed on the prospectus of every fund and on many financial websites.

    BTW, competition has led expense ratios to fall dramatically over the past several years.

    What are the High and the Low Expense Ratios?

    A number of factors determine whether an expense ratio is considered high or low.

    A good expense ratio, from the investors’ viewpoint, is around 0.5% to 0.75% for an actively managed portfolio.

    An expense ratio greater than 1.5% is considered high.

    In other words, the average expense ratio for actively managed mutual funds is between 0.5% and 1.0%, occasionally up to 2.5%.

    For passive index funds, the typical ratio is about 0.2%.

    Besides Index Funds, you can choose to invest in the Stock Market using ETFs (exchange-traded funds), which are NOT mutual funds.

    ETFs are also passively managed funds and trade throughout the day, similar to stocks, while index funds trade once, at the market close.

    In general, the expense ratios for mutual funds, including Index funds, are higher than expense ratios for ETFs

    In other words, ETFs are often cheaper than index funds (if bought commission-free.)

    Also, Index Funds sometimes have higher minimum investment amounts than ETFs.

    However, some fund providers in the U.S., like Fidelity Investments and Vanguard Group, offer minimum investments on their Index mutual funds.

    Understanding the Hidden Differences Between Index Funds

    It might be reasonable to assume that the index funds that track the same indexes should all have the same performance.

    However, there are many disparities across index funds, primarily because of the different operating expenses, and therefore, different Expense ratios.

    Expenses are very important to consider when you invest because they can erode your return on investment.

    Fees

    Index funds with nearly identical portfolio components and investing strategies, can have different Fee structures.

    Some index funds charge front-end loads, which are commissions or sales charges applied upfront when the initial purchase of an investment happens.

    Other funds charge back-end loads, which are charges and commissions that occur when the investment is sold.

    Other fees include 12b-1 fees, which are annual distribution or marketing fees for the fund.

    The fees and expense ratio, when taken cumulatively, can dramatically impact an investor’s return over time.

    So, various fees, along with the expense ratio, should be considered before buying an index fund.

    Typically, larger, more established funds tend to charge lower fees.

    For example, the Vanguard 500 Index Admiral Shares fund, which tracks the stocks of 500 of the largest U.S. companies, charges only 0.04% expense ratio!

    The lower fees could be the result of:

    • management experience in tracking indexes,
    • a larger asset base, which could enhance the ability to use economies of scale in purchasing the securities (Economies of scale are cost savings and advantages gained by large companies when they buy in bulk, therefore, lowering the per-unit cost.)

    The Bottom Line

    A reasonable expense ratio paid to funds’ managers for an actively managed portfolio is about 0.5% to 0.75%, while an expense ratio greater than 1.5% is considered high these days.

    For index funds, the typical ratio is about 0.2% but can be as low as 0.04% or less in some cases.

    Like with most things, you often get what you pay for.

    However, in the world of investing, there is evidence that low-cost passive index funds often outperform actively managed portfolios, especially after accounting for fees, expenses and taxes.

    If you have any questions about this topic, go ahead and post them in the comments.

    Next week I’ll share the Part 4, where I’ll discuss 4 Potential Warnings About Index Funds.

    Stay blessed, stay in your power.

    To your Health, Wealth, and Freedom.

    Millen Livis

  • ONE Skill You Must Have to Be Financially Successful

    ONE Skill You Must Have to Be Financially Successful

    Most people think that if they only had a lot of money, they will feel financially secure…

    NOT TRUE!

    HAVING money doesn’t mean you know what to DO with it.

    MANY high-income earners live paycheck-to-paycheck and are NOT financially free.

    During my complimentary money strategies sessions, I speak with a lot of women from all walks of life. And MANY successful high-income earners…live paycheck-to-paycheck and are not financially free!!

    And that’s not all.

    While over 63% of Americans are currently living paycheck-to-paycheck, many are now worried about safety of their money at the banks!

    NOW, more than EVER before, you’ve got to be financially savvy, so that you can make better financial decisions.

    We all wear many hats in life – parents’ hat, spouse hat, employee or entrepreneur hat, and… money manager hat – your money manager.

    Each “hat” you wear requires certain skillsets – like communication skills, parenting skills, specialized skills in your area of expertise as an employee or entrepreneur…

    Some skills are “nice to have” and some skills are necessary.

    And there is ONE particular skill that everyone – regardless of your education, type of work, your upbringing or your natural talents – must have to be financially successful.

    This skill is… Savvy money management.

    And since it’s such a foundational skill, it’s outrageous that it’s not taught at schools and colleges…

    You’ve got to be financially savvy!!

    You must know your numbers – what’s coming in and what’s coming out.

    You must have a healthy relationship with your money.

    Yep, you’ve got to know how to be intentional with your money – how to manage it, how to grow it and how to protect it.

    Whether you manage your retirement funds yourself (like I do) or outsource it to financial advisers, you’ve got to be an informed consumer!

    Money is like a game and, sadly, many people lose it before they even start….

    Financial ignorance is very expensive.

    Everybody wants to be financially free, yet most people don’t know HOW to WIN the Money game OR don’t believe it’s possible for THEM to be financially free… so, they don’t even start!!…

    And that’s where I come in…

    When I work with clients, I use the MILLENaire Method – my holistic system for becoming financially independent.

    This method addresses 4 areas of life that influence financial success the most: money mindset, money management, money investing, and… spirituality.

    This is the exact method that I used in my life to become financially independent in 7 years….

    Financial Freedom doesn’t happen by accident.

    You must have a clear intention, commitment and a plan.

    I was the least likely person to become financially free… was divorced, depressed, and broke… yet now I’m financially free for over 13 years and own homes in South Florida and in the South of France.

    And I can help you become financially savvy and grow your money with less stress and less risk, so that you too create your best rich life and never have to worry about money again.

    Message me privately if becoming financially independent is one of your “non-negotiable” goals.

    To your Health, wealth and Freedom!

    Millen Livis

  • How to Overcome Fear of Investing

    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!

  • There Are Two Categories of Women. Which One Do You Put Yourself In?

    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.

  • 5 Tips to Overcome Fear of Investing

    5 Tips to Overcome Fear of Investing

    I was recently asked in my private Wealth Building For Powerful Women group: “How can I overcome the fear of investing?”

    And because it’s such a common block for many people, especially after experiencing huge “paper losses” in the recent markets’ swing to bear territory, I feel that this topic deserves a closer look.

    By the way, I suggest that you also check out the 3 Common Misconceptions about Investing.

    Tip #1: Get Solid Knowledge About Strategic Investing  

    It’s natural for us to feel fearful about doing something we don’t understand well or don’t have solid knowledge about.

    Remember your math or science classes at school? The subjects seemed complicated and even scary sometimes…until you learned and understood them.

    Even driving a car at first, when you were just getting started, felt like a complex skill, right? And now you can drive it with your eyes closed… well, almost. LOL

    The exact same approach applies to becoming knowledgeable about investing – the more you learn and practice, the more competent, confident, and discerning you become about making financial decisions.

    In addition to learning about different investment strategies, different financial instruments available to you, and various ways to manage investment risk, you can also learn how to deal with market cycles, how to plan for retirement, and how to create a solid investment portfolio that will carry you over market downturns and economic recessions. 

    You can read books (e.g., Tony Robbins: “Money” and “Unshakable”, or Millen Livis: A Shift Toward Abundance: Pathway to Financial Freedom) , read financial publications (e.g., Wall Street Journal) and financial articles on the Internet, listen to financial podcasts (e.g., The Investing for Beginners or The Investor’s Podcast), take online or LIVE investment training (e.g. Grow Wealth with Stock Market Investing and Grow Wealth with Real Estate Investing), watch financially-inclined youtube channels (e.g. MillenLivisChannelWealth) 

    *When it comes to investment training, it’s very important that you trust and connect with the instructor/guide. 

    Tip #2: Think LONG Term

    Think LONG term – don’t worry about “making it happen” and “getting it right” in a short time. All strategic investors have a long view investment horizon. 

    Having a longer timeframe helps mitigate risks from cyclical financial markets, but it also gives you time to test your strategies, make adjustments, and decrease pressure to hit “home runs” with each investment.

    So, don’t judge your investment portfolio’s performance after just a month… or even a year. 

    Investment portfolios can sometimes take a decade or two to produce that long-term 9% + returns. Be patient and let your portfolio grow into its full potential.

    Tip #3: Start Small

    Allow yourself to screw up at the beginning. That’s normal with just about anything, right? That’s how we learn.

    So start small, give yourself room to learn through experience. You can even start by using “paper-trading” options that some brokerage companies offer….

    Also, decide how much you can stand to lose (it’s called “risk tolerance”). You can use “trailing stops” to control your losses.

    What I like about stock investing is that it doesn’t require large sums of money upfront (if you’re planning to invest on your own instead of hiring an investment advisor to manage your money, which usually requires a large minimum – from $250K to $500K).

    There are a number of micro-investing services out there on the Internet that can help you get started investing when you don’t have a lot of cash to allocate. Do some research and read users’ reviews before opening an account.

    Tip #4: Adjust and Refine

    We learn the most from our mistakes. If what you were doing at first isn’t working out – PAUSE. You can always adjust and refine your strategies as you learn and become more experienced. 

    It’s totally OK to change your strategies if you realize you made a mistake. The worst mistakes are made when we panic.

    When you make up an investment portfolio, you want to take into account the amount of money you have to invest, your investment goals and timeframes, and your risk tolerance. 

    Your investment portfolio needs to have an adequate asset allocation that takes all of these factors into account. 

    Always think about striking a balance between GROWING your money and PROTECTING it at the same time.

    And if your financial situation or needs change, you can always adjust your portfolio’s asset allocation. So, there’s no need to be frightened about making a mistake – you can always course-correct.

    Tip #5: Keep a Bigger Perspective

    Let’s say you lose money on some of your investments. 

    First of all, if you do your research and know what you’re doing, you can NEVER lose 100% of your invested money. 

    Secondly, you’re not going to jump into financial markets with ALL your investable funds, right?  And so, since you’re not investing the cash you need to survive tomorrow or next month, it’s OK to allow some “paper losses” while markets go through temporary corrections. 

    If you don’t panic and don’t sell when everybody panics, your paper losses can recover… 

    When you’re investing for long-term goals, you don’t need that money for a decade or more. And in the long run, the markets tend to go up.  

    The Bottom Line 

    The fear of investing is not easy to overcome. It is especially hard if you lost a lot of money in the past. Nobody likes losing money…even if it’s just temporary. 

    So, I understand that making that first leap into the markets may feel hard and scary. But just because it feels hard and scary to you right now doesn’t mean that you should avoid investing altogether.

    Think about all those times in your life when you felt scared before you learned how to do it well. Biking, swimming, driving, speaking a foreign language(s)… And once you learned the skills, it became natural for you…

    And so, use the 5 tips shared in this article, learn about investing, and practice until investing becomes another natural skill for you. 

    To Your Health, Wealth, and Freedom!

    PS: Click below to DOWNLOAD the free Wealth Planner
    https://daretochangelife.com/wealth-planner and start taking simple steps on your road to Personal Freedom and Financial Independence.