Dr. Michael Carey, Executive Director of FuturePlan Financial, June 2026
I’ve taught money management seminars to hundreds of people at churches, businesses, and nonprofits. I’ve mentored 58 households thru coaching, planning, and investment advice sessions. Whether in their 20s or 60s, whether they’re singles or couples, whether they’re earning barely-making it wages or whether they’re middle-class yet still “paycheck to paycheck”, I’ve observed that mastering money comes down to five basic habits. In a series of blogs, I’ll share The 5 Habits of Money-Mastery. Here’s a glimpse:
1. Take Control: Spend Less Than You Earn
Life isn’t fair. You probably deserve better. Likely you wish that you made more money. Plus, “life happens”. Much of it you can’t control.
Here’s what you can control: what you spend. Using a spending tracking app, I’ve helped our clients take control: finding savings, especially by eliminating careless “piss-away” spending.
If you spend less than your paycheck, you can fund a FuturePlan!
2. Be Resilient: Build Up Your Emergency Fund
According to Bankrate.com’s recent survey, only 47% of Americans have $1,000 set aside to pay emergency expenses like an auto repair or deal with a loss of income. When tough times come, they’re often forced to borrow on credit cards and pay cash-sucking interest rates.
If you’re among the 53% who don’t have at least $1,000 in your emergency fund, you’re vulnerable. Not only could you be victimized by credit card companies, living without emergency fund protection—the “moat around your castle”—prevents sustained wealth-building.
61% of FuturePlan Financial’s clients have saved at least $2,000 in an emergency fund by the end of our sessions. They’re “taking control” as they strive to set aside enough to cover 3 months of expenses. Their resilience when “life happens” positions them to sustain their FuturePlan!
3. Stop Bleeding: Pay Off High Interest Debt
If you’re paying more than 8% interest on debt, parasites are sucking the life from your financial future. Interest on carried credit card debt can be 29.99%! That means that every $3 extra that you add to your minimum monthly payment prevents you paying $1 of annual interest, the equivalent of a 30% return. That’s a no-brainer! No investment could guarantee you a 30% return!
4. Get Smart: Learn Simple Ways to Build Wealth
Spending less than you earn positions you to become a partial owner of profitable businesses. Investing wisely allows your money to make money if you commit to a long period of time. While buying a business outright or purchasing rental houses costs a bundle, you can buy stock in fantastic companies with just a few dollars at a time. This may sound intimidating, but it’s actually easy if your employer provides a 401(k) plan. If not, opening a Roth IRA in a discount brokerage account is simple. The key to your FuturePlan is to own profitable companies instead of speculating in risky schemes or non-productive assets (More details in a future blog).
5. Make It Easy: Set Up Automated Investing
When you’re on the road to wealth-building, online digital technology comes with “potholes” that can trip you up (mis-information, distraction, impulse investing, risky ventures). Yet technology also provides incredible tools, including automated investing. It’s easy and costs nothing to set up automatic transfers from bank accounts to brokerage accounts and automated purchases of stock mutual funds. I love helping FPF’s clients put their FuturePlan on autopilot!
Next: More on how to take control of your financial life.