Tom Sirois’ 4 Golden Rules On Money Management

Tom Sirois has been described by many as one of the most competent financial advisers in the Country. That can be understood as he has more than 20 years of bank management experience. He has worked with local branches like Banknorth Massachusetts and Fleet where he served as a mortgage manager. Over the years, he has interacted with both local and international investors an experience that has seen him earn strong connections in the local financial community.

Tom’s banking experience taught him firsthand how present-day consumers and sizeable business owners often buy products not because of their respective needs but because of concerted efforts by manufacturers to make profits. He soon noted that individuals and local families could benefit from detailed objective advice in regard to money matters.

Raised in a family of 15 with a mother who was keen on debt handling, planning and budgeting, Tom realized at a very early age the value of money management. He has a degree in Economics from Skidmore College, NY. He furthered his studies at College of St.Rose in Albany where he majored in financial planning before joining Boston University School of Finance. He lives in Stockbridge with Michele, his wife and their three children.

According to Tom, efficient money management should be fun and easy. He notes that you do not have to go for perfect money management tips to be rich or to attain financial independence. He believes that one should be able to generate a personal system where money can be automatically saved. He believes that this can be achieved through the following tips.

Minimizing expenses

As far as minimizing expenses is concerned, Tom believes in one golden rule; that your expenses should at all times be less than your earnings. While this sounds like a cliché rule to many, Tom points out that it is by far one of the most effective money saving tips. He adds that one must also be willing to think about money in a positive way so as to come up with a smart and automatic savings system.

Saving money painlessly

Tom agrees with respected financial advisers that you should be able to save money without any pain. In other words, there should not be any form of impact on your social life or on the lifestyle of your immediate loved ones in the name of saving. Home supplies should not be affected. To make your savings easier, you should invest in items that can guarantee high returns.

Savings without restrictions

Tom Sirois explains that you do not have to forego your vacations in your pursuit for financial independence. Your children do not have to play without their favorite toys either. Your best bet is to therefore come up with a system that will enable you to save and spend a little on entertainment and other social issues.

Spend wisely

This sounds like a cliché yet again. But like you will learn with time, spending wisely is like learning a new artistic skill. It is hard at first but easy as time goes. All you need to do is be disciplined. Tom therefore advises that you should be keen on the amount of money you spend every month on things that do not matter. This, he says will eventually see you run bankrupt. He asserts that spending wisely is all about coming with a budget for everything. He then adds that there are two main ways to have more money. One is by cutting down expenses and the other is by saving.

To achieve the above mentioned ways of making more money, you must have impressive organizational skills and be disciplined. These are skills that can be acquired over a short period of time. You only need to be consistent and stick to your rules to the last word. You also need to be realistic with your goals and be keen on expenses like insurance and mortgage. He supports seeking assistance from other financial experts where one feels stuck.

Tom is active on social media especially on Facebook where he occasionally shares money management weeks. He also has a good rating on Yelp especially from people who have in one way or another benefited from his advice.

Tom Sirois On How To Manage Personal Finance

For more than 20 years, Tom Sirois has endeavored to share his insights on personal finance to help people manage their finances. He is active on Facebook where he regularly engages his followers on money management skills. His Yelp profile can also be resourceful for those who wish to follow his insights closely. His experience in the mortgage and finance sector as well as his in depth knowledge and skills in money matters makes him one of the most respected financial advisors in the country. According to Tom, one should observe the following personal finance rules so as to achieve financial independence. 

Come up with a plan

A comprehensive financial plan will go a long way to help you stay grounded. It is in fact, one of the best ways to improve the quality of your lifestyle.  Be smart and start exploring ways that can help you protect your assets and financial resources.  That way, you can reduce future uncertainties significantly. TOM SIROIS notes that you can avoid debts only through control of your financial affairs.  With a comprehensive financial plan, you can avoid bankruptcy and depending on others for financial security. 

Tom further advises that a comprehensive plan can also improve the quality of your personal relationships. You can then have an easy way communicating with anyone who may be affected directly and indirectly with your financial decisions. As you develop a plan and see it come into fruition, you will attain a sense of financial freedom. Your decision making skills will also improve because you will have to make hundreds of money decisions daily.  With a good plan, your personal financial matters should be able to address three crucial needs.

·         Spend – your plan should make it easy for you to spend on things that matter the most. In other words, your plan should help you to know when and how to prioritize your needs.

·         Save – what is left after you have taken care of all pressing needs? Address this question then start saving. You should however note that the best way to save is to have an automated system that can make prompt deductions from your income and save some amount before you can start spending.

·         Share – consider what you share as the surplus from what is left after you have saved and spend what you need to.

Fulfill your goals

This can be easy if you have a plan that is realistic. With such a plan, you should be able to set financial goals that can you can fulfill without struggling. Tom advises that the goals you come up with should be developed according to your current situation.  In other words, be realistic and observe your income and expenditure trends before you can set financial goals. The goals should not deprive you your comforts or force you to live a hard life. You should have access to quality food, decent housing and enjoy your social life with friends and loved ones.

Once you have your goals in place, make a habit of reviewing the goals on a consistent basis. This will help you note where you have tripped and where you need to make prompt adjustments. In the end, you will find it easy to fulfill both long term and short term financial goals. 

Come up with alternatives

These are Plan B’s. TOM SIROIS advises that following your financial plan without alternatives is not a smart move.  He notes that you should be able to analyze and assess your plan so as to know what to expect each time you make a decision. You may have to make rushed decisions which can easily have an impact on your lifestyle and plan. With a good alternative, you will get back on your feet without hurting your finances or without feeling like you have taken a thousand steps back. He further points out that your plan B should be easy to implement within a short time. 

Day to day expenditure

This has a lot to do with your spending habits. Tom explains that your purchase power has a direct link with the rise and fall of inflation. Therefore, your decision to spend on any time should be based on the cost of that item and the kind of impact such expenditure will have on your plan. In a nutshell, make purchases and spend on items that last. The items should also have positive long term effects on your finances.

Tom Sirois on personal finance!

TOM SIROIS offers simple tips for efficient money management. You will not want to be perfect to be rich. You will not want to be a smart person to become rich. If you set your goals and forget about them, your goals are not achieved. There should be consistent efforts to realize your dreams. You should generate a system so that the money will be saved automatically. In this process, you will invest in right places so that the money will grow automatically and the risk will be minimized.

Minimize your expenses

There will be sufficient funds to spend on various aspects so that there will not be any issues. You should enjoy true financial freedom. To invest wisely, you will not want to go through the voluminous information. The golden rule is that your expenses should always be less than your earnings. You will not fall into debts when you minimize your expenses.

TOM SIROIS says that if you go into debts, the debts will siphon off your savings. On the other hand, you will not have funds to handle emergencies. When debts increase, you will go through a situation where the interest paid on debts will be very high and it will impact the quality of life as well. To start savings, you will not want to go through the compound interest charts. High level of financial education is not required.

You should have the willingness to think about money. By applying your mind to save in different forms, you will have great prospects to save money on a monthly and annual basis. If you go through the conventional money advice, there will be a great deal of frustration. You will be confused to apply the right strategy. When you create an automated system, you will spend less and the savings will increase.

Saving money painlessly

You should be able to save money without any pain. There should not be any impact on the family members in your endeavor towards better savings. The supply of household items will not be halted. You will not put a full stop to reasonable comfort that you will enjoy at high. There will not be any
relationship issues when you follow the simple and effective steps suggested by TOM SIROIS.
Beginners will be able to invest on items where great returns are guaranteed. It is possible to eliminate debt in the best possible way so that there will not be any issues. You will come out of debts in a painless manner. You will understand ways to take your money to the next level through prudent saving options. The skills that you derive through the systematic education will help you manage your finances in a better way, and there will be absolute satisfaction.

Saving without restrictions

When you follow the tips offered by TOM SIROIS, you will be able to save without any limitations. You will not want to forgo vacations. You will not want to withhold buying your favorite items. When you place systems in place, there will not address any issues. You will not want to beat the market to invest your money.

You will enjoy many benefits when you can save money for the future. It is possible to help your parents to save money for their retirement. You will build a system so that the money will work while you are sleeping. You will implement best strategies to save money and pay your bills without any issues. The investment options are hassle-free, and it will be done automatically.

You will enjoy life’s guilty pleasures, and the saving will take place in a painless manner. If you have a credit card debt, it can be cleared very easily by following the best strategy.

Tapping the hidden income

The money that you are throwing away on every month will let you get into unfair advantage. When extra cash flows into all your accounts, you will be able to manage many things in an effortless manner. By spending less, there will be more money to invest. You will not go through strict budgets so that there will not be any compromise on your vacation.

TOM SIROIS will let you understand the fact that there are two ways to have more money. On the other hand, you can cut down your expenses. If you can manage best negotiation skills, there is scope for significant savings.

You will not want to cut those things that you love, and you will avoid those things that you hate. By following best negotiation practices, you will pay lower prices. There will be lower prices on bank & credit card fees, car insurance and cell phone. If you can cut down few 5 minute phone calls, there will be great savings. TOM SIROIS will teach you easy ways to save money on car insurance and cell phone bills. Saving thousands of dollars on an annual basis is possible.

It is quite common that most of the customers will choose the insurance premium and they will not go through the details. If there is coverage which will not serve your interests, you will pay a fraction of the insurance in an unprofitable way. If you can eliminate the unwanted component from the insurance premium, you can save hundreds of dollars every year.

Right coverage

Before purchasing an insurance plan, you should go through your requirements. You can also go through the reviews presented by experts so that your needs will be fulfilled in the best possible way. You should go through the current plan. You should spend time and effort to go through the details. If you are aware of the current coverage, you can take steps to save money. If you visit the official website, you will understand various riders through which the coverage can be increased. On the other certain riders which are not relevant to your circumstances should be unsubscribed. Thus, there is great potential to save money on insurance premium. Similar logic can be applied to your personal insurance as well.

Money saving tips by TOM SIROIS!

TOM SIROIS shares useful tips to save money in various ways. He is committed to empowering financial needs in the best possible way. There are various ways to cut down your expenses. If you are successful in elimination of expenses, you have learnt the secret of savings. Businesses will follow various methods to retain customers. They would like to keep existing customers by all possible ways. It is understood that the acquirement of a new customer is a costlier process. Instead of acquiring a new customer, there should be more focus on retaining the existing customers.

Wise spending on cell phone

To cut down cell phone costs, you should choose the best cell phone network and best plan. If you go through the comparison of various networks and plans, it is possible to choose the most appropriate plan to fulfill your needs. You can call the current company and should enquire about the better plans offered by the service provider. If you can save money with a new plan, you should opt for the same even though you are going to pay the penalty for withdrawing from the existing contract. This will be a wise decision as you will save hundreds of dollars on an annual basis.

You should pay with few phone calls and the plan that best works out for your interests should be noticed. You can reach the customer support team of the existing network to figure out the best plan that can fulfill your needs. If you remind the customer support team the cost involved in retaining a customer vs. the cost involved in acquiring a new customer, it is possible to get a favorable reply. The same trick can be played with all kinds of subscriptions that you make on a monthly basis so that there will be substantial savings on a monthly basis as well as annual basis.

Negotiate with the bank

TOM SIROIS suggests you get a better deal with the credit card agency. There are useful tips which can be played so that you will be able to pay lower interest rates on the credit card. If you can manage lower interest rate, it is possible to manage huge debt in the best possible way. There will be saving worth of thousands of dollars even though you can manage few percentage points on credit card bills. You can negotiate bank fee in a very simple way. You should not make companies it is easy to say ‘no’. Some other techniques can be tried instead of getting ‘no’ from the customer support team. When the customer support team asks about what else he or she can help, you should repeat your complaint so that they will be able to focus on the answer. If your call reaches the supervisor, you might get a better resolution.

If you are with the company or bank for many years, you should take it to your advantage. Being a loyal customer, you will get better bargaining power. If there were an unwanted fee, it would be waived so that the bank or agency will do the client retention.

Your overdraft policy

You should not go into overdraft on a consistent basis. TOM SIROIS says that mistakes will happen. However, you should take new steps so that those mistakes will not happen in future. You should also learn from mistakes so that unwanted expenses can be avoided and you will settle for a better resolution.

You will get more tips on negotiations so that you can have great saving potential. You can join an email course so that all your doubts will be clarified.

Money management

The money management should be automated so that there will be fixed amount of savings on a monthly basis. If your money automatically goes to where it should go, there will be great savings. The money will be saved automatically. You will not lose a single opportunity to invest in the right place at a right time.

You will also have sufficient income to spend on what you love so that there will be great satisfaction. There will be true financial freedom as you will be able to make the most of your money. It is possible to end your money worries when you setup the right kind of platform to save money on a consistent basis. TOM SIROIS will advice you proven ways which are simple and very effective.
You will not be frustrated or confused with money management. You will spend less than half an hour per month to plan and implement the best strategy for which there will be great savings and expenses are completely minimized. You will generate hidden income so that you will be able to spend money on vacation and entertainment without any interruption.

Enhanced earning potential

To live life to the full possible extent, you should enhance your earning potential. If you can build a bulletproof financial system, it can withstand any economic turmoil without any issues. There will be a great success in your life, and it is possible to spend a vibrant life. The money will work for you, and there will be the highest level of satisfaction.

You should earn money in fastest and biggest way so that financial power will be very much enhanced. If you can make an additional $1000 on a monthly basis, there will be a great shift in your saving potential. There are multiple ways to make money. It can be done online as well as offline. To success in your earning potential, you can go through the tips offered by TOM SIROIS.

You should be paid as per your capability. It is possible to make extra money by applying skills that you have already. There are successful online businesses which will pay you even though you are not working. You will set up a system and the system will help you make money without any issues. Your behavior about saving will have a long-term impact on your savings. The spending and investing will also take place in this direction. These actions should be automated so that the savings will increase and there will be great financial empowerment.

How to manage personal finance?

TOM SIROIS teaches best ways to manage your financial decisions so that you will save money for future without any issues. You should also realize the time value of money. You should be able to analyze the process of making personal financial decisions. As you develop personal financial goals, they can be realized in a very efficient way. You will strive to achieve the goals, and the saving will be done in the best possible way. Personal and economic factors that influence personal financial planning should be assessed.

Comprehensive financial plan

You should go for a comprehensive financial plan so that there will be great improvement in the quality of life. The uncertainty about future needs can be reduced in the best possible way. You should explore ways to protect financial resources throughout your life. TOM SIROIS suggests control of financial affairs so that excessive debt can be avoided. The ways that will lead towards bankruptcy can be prevented, and dependence on others for financial security can be avoided.

Personal relationships will be very much enhanced, and financial decisions should be communicated in a very efficient way. As you develop a system, you will have a sense of financial freedom and all kinds of worries can be avoided. You can achieve your personal economic goals without any issues. As you will make hundreds of decisions on a daily basis, you should be aware of consequences of those decisions. Most of the decisions are very simple. However, you will want to take complex decisions as well which will have long-term repercussions on your life and future.

There will be an impact on your personal as well financial situation. The three personal financial matters that you should address are mentioned below:
* Spend
* Save
* Share

You will want to spend on a daily basis and for major expenditures. The spending on account of recreational activities should also be calculated in this process. TOM SIROIS suggests you save for long-term financial security. There should be concern about sharing as you will be able to help others so that they will be able to organize their lives in the best possible way.

Fulfillment of financial goals

You should develop financial goals so that there will be great fulfillment. These goals should be developed based on the current financial situation. The goals will not deprive you all your comforts. You will have access to nutritional food as well as vacations to get relief from the stress. After developing goals, you should identify an alternate course of action. Alternatives should be evaluated, and various factors should be considered in this context.

You should consider the life situation, personal values and economic factors as well. The risk potential should be assessed and the time value of the money should be calculated. The opportunity cost should be assessed. The best financial action plan should be created and implemented so that you will be able to make the most of your investment. The financial plan should be reviewed and revised to fulfill your short-term as well as long-term goals.

Making a decision is easy. However, the determination and the commitment to abide by the decision will let you get the most out of your life. You should go through a logical financial planning process.

Development of alternatives

TOM SIROIS says that it is crucial to develop alternatives. When you make decisions, there should be alternatives as well. In some cases, you will want to continue the same course of action. If you can expand the current situation, it is possible to save larger amount on a monthly basis.

By implementing a new action plan, you can reduce debts. The credit card debts can be paid by using monthly savings. You should be able to figure
out possible courses of action which can address your financial needs. The financial discipline is very much important so that you will be able to manage funds for your day-to-day living and the long-term goals will also be achieved without any issues.

To make effective choices, you should have creativity. To make an efficient and satisfying decision, you should explore all possible alternatives. Instead of using car or own vehicle to attend work or school, you can explore the possibility to use the public transportation system. Carpooling is another option through which there will be substantial savings. You will address environmental concerns as well in this process.

Planning your personal finances

TOM SIROIS suggests effective ways for planning your personal finance. The changes in buying power will rise or fall due to inflation. The decision to buy an item should be taken based on the cost of the item and inflation. If the value of the money is going down, you can postpone the buying option.
The change in interest rate will also affect the cost of the item. If the interest rate increases after borrowing an item, you will lose money. On the other hand, if the interest rate decreases after borrowing, you will make gains. Some loans are based on variable interest rates.

The risk potential to the income should be assessed. If there are changes in consumer spending, there will be a risk to your job. Expanded use of new technology will also lead to loss of a job. Hence, you should be able to upgrade your skill and enhance your knowledge base so that you will not be jobless.
There will be certain personal risk involved with your purchase decisions. If you purchase a certain item, there will be risk when the brand relocates. You might face issues in repairing the product. The time, effort and money spent in this direction should be assessed.

You should take steps to overcome liquidity a risk as well. There are certain investments which have great potential to attract higher interest rates.
However, if there is liquidity crunch, you will not be able to realize the money, and there will be great risk in this process.

Get access to authentic information sources so that best decision can be taken to make the most of your life.

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Tom Sirois on saving money!

TOM SIROIS is an expert on financial matters. He advises investors to save money in the best possible way.
Instead of depending on the government, Tom Sirois advises people to invest sensibly. You should do your research before choosing investment options. If you fail to understand the strategy, you should not invest. There should be clarity on the investment. The golden opportunities will come and those opportunities should be utilized in the best possible way so that you can make the most of your investment.
If you listen to the advice given by the government, you will not get the full story. You should get access to the information provided by experts. They will analyze various facts and better conclusions will be reached. You should remember certain financial truths revealed by TOM SIROIS.

Build your knowledge base
You should take steps to build knowledge base. By following a set of newspapers and magazines on a consistent basis, you will be able to grasp the reality. The obstacles can be overcome by planning in a very efficient manner. Instead of investing all your money in high growth funds, you should diversify the portfolio. Even though a fund performs well for many years, there is no guarantee that it will deliver the same results in the coming years. Hence, you should invest in various funds to minimize the risk and maximize the earning potential.
As you care for the money, no one will take care for you. You will know your short-term and long-term financial needs. Hence, there should be proper planning to save money. If you do not have plans, you will fail.
Spend less than you earn
You should always spend less than the money earned by you. If you spend more than the earnings, you will land in debts. If you are purchasing goods, you should shop around and choose the best place so that you will not only get quality goods but will also make great savings.
The budgeting is the key to managing financial affairs. You should have a budget for various categories. There should be a budget for charity as well. The money that you share with others will give you back. This is natural law.
There is a difference between wants and needs. All wants are not needs. If you need something badly, you should go for it as per the availability of funds. To cut down spending, you are advised to use cash. If you go for plastic money, you are prone to spend without any cap. Hence, you should spend wisely. The spending should be calculated with time. If you have non-productive time which can spend, you can afford to wait.

Personal finance
To meet your needs in future, you should have strict financial discipline. The spending should be done very wisely. If you are investing in shares, you should be aware of the book value of the stock. There will be fluctuations based on the market sentiments. If you purchase stocks of reputed companies at a lower price, you can reap benefits. There will be benefits in the long run.
You should be aware of the factors that contribute to your credit score. To manage better credit score, the loan installments should be paid as per the due date. As you go through the credit score, you should bring discrepancy to the notice of the credit reporting agency. You should go for loans if there is an absolute necessity. The repayment should be done as per the due date. If you fail to repay the installment, you will not only pay the penalty but also get a negative impact on the credit score.

How to save money?
TOM SIROIS explains various ways to save money. If the income is not consumed immediately by buying goods and services, it will be saved. There is a difference between saving and savings. With saving, there will be an increase in one’s assets. The saving will take place over a period.
Saving is considered as a flow variable. ‘Savings’ is a part of one’s assets. It is deposited in the savings account. Savings will exist one at a time. You should understand the fact that it is stock variable.
The disposable money is the money that is available after spending and paying income tax. The state of economy will be gauged through the available disposable personal income. It is one of the key economic indicators. The personal income minus income tax payments is disposable money.
You should have confidence in saving money. You should be aware of the public sentiment as well. The consumer confidence is measured by the US Consumer Confidence Index (CCI). The optimism expressed by consumers on the state of the economy will be noticed through the CCI. Consumers express through saving and spending measures.
The Consumer Sentiment Index (CSI) is a consumer confidence index which is published by University of Michigan. The value of the index is 100 which is normalized in the year 1964.

Objectives of the Index

TOM SIROIS stresses the need to understand the terminology used in economic circles so that you will be able to understand the latest concepts very easily. As you follow the news very closely, you will have the capability to understand and forecast changes in the national economy.
You will be able to understand the right means to save money. You will follow the best methods to invest so that there will be gains in the long-term. There should be a long-term strategy on savings. The investment made in fixed deposits, mutual funds, gold, shares and debentures should be done as per the market conditions.
The keen observation of market sentiment will help you in this direction. By being able to understand economic principles, it is possible to invest in a systematic way, and all your needs will be fulfilled. TOM SIROIS offers simple but effective solutions to overcome the financial crisis. The
management of money and resources should be done in the best possible way so that you will not land in bankruptcy.

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If you fail to plan, you are planning to fail: BK

Yes, a great quote from Ben Franklin that relates to pretty much every aspect of life.

Here is a great article supporting this advice: 8 Retirement Questions a 50-Something Couple Needs To Answer.

If you are "coupled" and in your 50s, at least have this conversation w/ your significant other today.

Thoughts?


Tom Sirois
Great Barrington, MA