5 Ways to Improve Your Finances...Beginning Now!

What are you doing today to improve your finances?  For most of us that question is hard to answer, because we're always telling ourselves, "I really should be doing that, but....(enter random excuse here)".  I'm not placing blame on anyone else here...I make those excuses too.  In fact, I often get so busy working on complicated planning cases for my clients that I overlook some of the basic, foundational principles upon which financial success is particular the "B" word...Budget.

Below you will find an article by a friend of mine, Rachel Porter of Porter Coaching, offering some practical insights that you can implement today that will help to improve your personal finances, and give you a more solid foundation upon which to continue building.

rachel-porter15 Ways to Improve Your Finances . . . Beginning Now!

by Rachel Porter

Regardless of where you stand financially right now, it's so important (if you're not already doing so) to get on the path to improving your money situation...ASAP!  In times of economic stress and uncertainty such as now, there's nothing more important than solidifying your financial foundation.  Especially when "fixed" savings vehicles such as CDs, money markets, treasury bills, etc. are paying interest rates near all time lows, eliminating debt and the interest associated with it are no-brainers.

1.  See Where You’re Spending

Start your plan by writing down where you spend every dollar over the next month.  You may be surprised at what you’re spending money on – and how much you’re spending on certain things.

2.  Make a Budget

If you're married, you both MUST agree to it.  Once you know what you’re spending and where, create a written budget and stick to it.  It’s the most effective way to stay within your means and curb bad spending habits.  Be sure to review your expenses against your budget monthly.

3.  Eliminate Your Debt

ALL of it.  The more debt you can pay off, the less interest you will have to pay, and the more you can funnel into savings and investments for the future.  Start first with getting rid of all your debt except your home mortgage, which you can begin attacking after you're saving at 12-15% of your gross income, and adequately putting away money for your children's college.

4.  Start Saving

A savings plan helps meet financial goals and provides security.  Set aside a percentage of your monthly income as savings.  Twleve to fifteen percent is a good target if you’re in your 20's or 30's, increasing it if you’re older and behind in your retirement planning.  Make it the first “bill” you pay by setting up an automatic investment.  Get out of debt first (except your home), though.

5.  Pay with Cash

It’s one of the surest ways to stay out of debt and easily control your discretionary spending.  Cash categories should include: groceries, eating out, clothing, entertainment, misc. (such as dry cleaning & postage), personal care, and “blow money” (personal spending).  You'll will save more money and get out of debt quicker using the cash system than practically any other method...except selling stuff.

About Rachel Porter

Rachel is the founder of Porter Coaching and she is a Dave Ramsey certified counselor.  You can read more of Rachel's practical insights by visiting the Porter Coaching Website or the Porter Coaching Blog.

For more information about Walla Street Wealth Management, Inc. please visit


What One Trillion Dollars Looks Like

I read the paper, and I watch the news. With all the media coverage these days about Obama's new stimulus package, bailouts, and the American Reinvestment and Recovery Act, I have a good understanding of what they're trying to accomplish here. But truth be told, I did have a hard time getting it through my head just how big this bailout really is.

When I did the math, I came to the realization...WOW...we're talking about A LOT of money here. I mean $1 billion dollars, $100 billion dollars, $800 billion dollars, $1 Trillion dollars...what does that really look like?

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A Brilliant Quote Worth Posting

ejournal-pic-dr-adrian-rogers"You cannot legislate the poor into freedom by legislating the wealthy out of freedom.  What one person receives without working for, another person must work for without receiving.  The government cannot give to anybody anything that the government does not first take from somebody else.  When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation.  You cannot multiply wealth by dividing it."

The late Dr. Adrian Rogers (1931-2005)

For more information about Walla Street Wealth Management, Inc. please visit


A Summary of Obama's Stimulus Plan*

eJournal Pic - ObamaOn February 17th, President Obama signed the 1,071 page American Recovery and Reinvestment Act into law. There has been much speculation on where the money is going, so we've broken down the main channels that this money will be flowing.

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Top Wealth Managers in Midwest CEO Magazine

Walla Street Wealth Management, Inc. has been selected as a FIVE STAR: Best in Client Satisfaction Wealth Manager by Midwest CEO magazine.  The list of wealth managers is an elite group, representing less than 2 percent of the wealth managers in the Kansas City area.

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2008 Best Financial Advisors for Doctors in America

Medical Economics selects Timothy Walla, CFP® to the 150 Best Financial Advisors for Doctors in America List

Walla Street Wealth Management, Inc. is pleased to announce that Timothy Walla, CFP®, has been selected by Medical Economics magazine as one of the "150 Best Financial Advisers for Doctors in America" in their November 2008 edition.

Mr. Walla is one of only 3 advisors from Greater Kansas City to be included in this year's list.

Candidates were selected to the list based upon client and peer references, strong recommendations from physicians, and an extensive background check.  Applicants were also required to complete an extensive questionnaire listing credentials, educational background, noteworthy professional achievements, specific areas of expertise, and percentage of physician clients.

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