For some generations investing in cryptocurrency is the unknown, in others the older generations hold to tradition when it comes to investing thus stocks, bonds, mutual funds, and its a wrap.

Generation Z and Generation X invest in cryptocurrency and include it in their retirement strategy. All generational groups continue working to understand the basics of personal finance, thinking about retirement, and investing in crypto. Note that each generation learn differently.

• 57% U.S. adults are invested, but just 1 in 3 say they have advanced investing knowledge.
• About half of the surveyed adults feel they have a deep understanding of consuming (managing spending and keeping a budget), paying taxes, and saving.
• Cryptocurrency and stocks are the most popular assets held by Gen Z, Millennial, and Gen X investors, but overall, many Americans (49%) have only a beginner-level understanding of digital currency.
• More than half of each generation expects to retire, and 28% of millennials expect to use cryptocurrency to financially support themselves in retirement, and some Gen X and Gen Z respondents said the same (20% and 17%, respectively).
• The internet is a go-to source for investing and financial education for the young generations: 45% of Gen Z use YouTube, and 30% turn to TikTok. Millennials prefer internet searches (47%), but also lean on YouTube (40%).

While about half of Americans feel they have a strong grasp of financial literacy basics, such as spending, budgeting, paying taxes, and saving, far fewer have the same level of understanding when it comes to investing and digital currency.

Americans are least educated about digital currency and investing, however, every generation holds cryptocurrency in its portfolio.

The following financial skills you need to learn today:

1. How to save for retirement
2. How to build or improve your credit score
3. How to reduce debt
4. How to avoid fees
5. how to plan for financial risk

In essence, no matter what generation you are in you are a part of your financial knowledge is essential to navigating life. Investing in stocks, bonds, and mutual funds will remain a constant, however digital wallets are not only the future but today as well. Encourage your family, friends, and colleagues to listen to episode #219, it provides a good synopsis of generational investing and who invests in cryptocurrency and other virtual wallets.

Learn about Paul Lawrence Vann's virtual Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link: https://bit.ly/3dbperG

So what are money leaks? Money leaks are small expenses that add up over time.

This can include anything from buying take-out for lunch every day to paying for subscription services that you no longer use.

What causes money leaks?

Leaking spending results from poor financial planning and impulse purchases that you may not consider expensive at the time, but over time, these purchases add up quickly.

What role does a lack of planning play when it comes to money leaks?

Poor budgeting and financial planning make it easy to fall victim to leaking spending. If you aren’t monitoring your spending and recurring expenses, you’re likely to overlook many areas in which you could be saving money.

Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: https://bit.ly/3dbperG

Plan your budget in advance and cut out the unnecessary purchases that don’t fit within your budget. Here is a list of money leaks for you to be aware of:

1. Cable Subscriptions – use streaming services instead, however not too many
2. Take out food, delivery food orders, cook at home instead
3. Prescription drugs, instead of name brands, purchase generic drugs that cost a lot less.
4. Phone Plans, in particular data, plans excess data usage, late payment fees, etc.
5. Bank fees, minimum monthly fees, maintenance fees, ATM fees, overdraft fees, consider opening an account without fees
6. Subscriptions – email fees for businesses, magazines, online books with Amazon, music, etc.
7. Gym Memberships can be excessive unless you use it on a regular basis to improve your health, it’s a good investment, of not to consider home equipment such as a stationary bike, it will help you save money in the long run.
8. Meal Plans can be expensive. You can do better by using coupons at local grocery stores and comparison shopping, preparing meals over the weekend, and carrying in meals to work or school, leftovers are good.
9. Cosmetics/Shave Programs add up over time, the remedy is to find local stores that sell healthy cosmetics that don't harm your skin and shave programs at lower price points.
10. Clothing – Designer clothing is overrated. Comparison shop at a mall or online and you will likely be able to purchase designer clothing at drastically reduced retail prices.
11. Designer coffee at $5 dollars or more a cup, adds up to $150 per month or $1,800 per year. The solution, purchase a jar of coffee at your local grocery store and or online and save a ton.
12. Food waste – People throw away a pound of food per day, this represents a money leak of the highest order. This equates to $1,500 annually.
13. Insurance is another area upon which people can save more money, thereby preventing money leaks. For example, during the pandemic people didn’t drive as much, thus their insurance company could adjust their policy because of fewer miles driven, less risk and you save more money.

Did you identify money leaks you currently have? If so, do something about it to prevent this from happening to you today and in the future. Discover more about Paul's virtual Financial Fitness course at this link, perhaps it can make a difference along your financial journey: https://bit.ly/3dbperG

Budgeting isn't fun for most people, in fact when I first developed a personal financial plan, it wasn't one of my favorite things to do at the time. I learned how to budget while in the military as a member of the comptroller's organization.

What I want you to know is this, after I developed my first financial plan, I never looked back because I discovered that after I assessed my after-tax income, it gave me a better idea of what I was working with.

To assist you in developing your financial plan, I am providing you with a few tips for you to develop your own:

First of all, what is a budget? A budget is simply a means to track spending and earning. It can be as simple as aiming to keep your credit card charges under $1,000 monthly or as complex as tracking each expense by name, type (entertainment, food, household goods, etc.) and cost in an itemized spreadsheet with corresponding category targets, pie charts and year-to-date analysis.

1. Take these steps. Learn to track your after-tax income and the amount of money you are spending each month. Take inventory of your finances by setting up a budget, initially, it takes some legwork, but once you get into the rhythm, you should be able to maintain your spending plan with less effort.
2. Stick to your budget. The kind of budget you choose can be dictated by many factors, including your long-term goals, your age, expenses and current living situation. The key is to find a system and breakdown that works for you.
3. Try some new tools. For a low-maintenance budget, try one of these tools that sync your checking, savings and brokerage accounts all in one place. Selecting the right budgeting tool can make or break your ability to follow a spending plan. Consider the following, Pen and paper, envelopes, spreadsheets, worksheets, and the Mint app.
4. Lastly, there's no one-size-fits-all budget, but templates can be customized to track your complete financial picture. A few recommendations include Google Sheets, and Microsoft Excel to name a few.

Establish your financial plan today and by the end of the first quarter of 2022, you will be on the road to reaching your financial goals and then hit your goals for the rest of 2022. If you have questions surrounding setting up your financial plan, contact Paul Lawrence Vann at (800) 341-6719 or info@paulvannspeaks.com

Tune in to listen to this episode with Paul and over 177 episodes at this link https://bit.ly/3n84XSF