How Much Should I Keep in Savings? | SUMA Wealth

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You’ve been saving poco a poquito, but what if you try a monthly deposit? Calculate how much a small ahorro every month can quickly get you closer to your goals!

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Mindfulness Can Help You Control Your Own Economic Power

It’s easy for your mental health to take a deep dive during these times, but one way to help is by practicing mindfulness—a meditative practice that can not only ease your mind, but also in theory, help you financially.

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INSTAGRAM @WEARESUMA

wearesuma

Phew! We are through this tax season, But let’s

Phew! We are through this tax season, But let’s make sure we stay prepared for next year and start saving those receipts 🧾 to track your expenses! 😅

If you are making cash as a freelancer, independent contractor, or gig employee listen up. If you owe a lot on your taxes each year, it may be time to look into making more tax deductions. ❗️❗️

Starting early will definitely take some of the stress away for when next tax season rolls around. 😭 You know what they say, the early bird gets the worm! 🐛

Today’s Challenge:
Take out all those old receipts at the bottom of your purse 👜 or in your pockets👖 and let’s start collecting! Grab a folder 🗂 and start organizing your receipts 🗄📎 for each month.

If you accept this challenge tag and share your story for a chance to win one of the prizes below. #DinerOctober

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

Fulan@ with the crazy hair, Albert Einstein once s

Fulan@ with the crazy hair, Albert Einstein once said, “Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” Talk about wisdom from beyond the grave. 👻💀✨ Basically, you’re either making money off of compounding or you are paying compound interest como un rookie.

Compounding is a key concept for wealth building. It’s making money off your money. Or paying interest on your interest. Let’s say you invest $100 dollars. And you get 1% interest/per month. Next month you get 1%, so $101 dollars. After a year, it’s $112.68. After 3 years, it’s $143.08. After 30 years it’s $3,594.96.

What makes compounding so genius is it is passive income. It’s making money while you get to relax.💅 The key to compounding is that you’re making money off of your profits and your investment keeps growing. 💸

I’m definitely lighting a candle on my ofrenda for Sr. Einstein this Día de los Muertos and for that epic abuelo hair. 🕯💀

#WeareSUMA #WealthBuilding #MoneyConcepts #investing #compoundinterest #FamousQuotes #AlbertEinstein #MoneyMatters #despacito

🎨: @diecinueve36

Spooky season is finally here! But make sure to st

Spooky season is finally here! But make sure to stay away🙅🏽‍♀️🙅🏽‍♀️ from those scary ghosts 👻 trying to get into your bank account by setting up fraud alerts!❗️❗️

If you’re bank account has an app, make sure to keep in handy on your phone📲 just in case you smell anything fishy. 👀 🧐 If not, do not fear! 😇 You can call your bank and make sure your fraud alerts❗️ are set up to receive a phone call 📞 as soon as it happens.

Today’s Challenge:
Check to see if your bank has a mobile app and set up alerts 🚨 If so, click that download button and let’s start setting up fraud alerts! Or, just give them a quick call and you can do the same! 😇

If you accept this challenge tag and share your story for a chance to win one of the prizes below. #DinerOctober

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

Remember at your abuelas house, you’d see that t

Remember at your abuelas house, you’d see that tin of cookies. 🍪

You’d get excited, open it up expecting buttery deliciousness. What do you get? Sewing supplies?!? ¿Que que? 🙄
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Many of our families had to learn life hacks to make things last. Finding a second use for something actually increases its value. It also reduces waste. Plus, if we’re being totally honest... era una lata linda, no? And the perfect size, too.
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The biggest cause of waste and mindless spending is a lack of appreciation. We got to work with what we’ve got if we want more. What we appreciate also appreciates.
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Plus, upcycling, como dicen los Americanos, is good for the environment. You turn trash into treasure by finding new uses for old things. Who knew your abuela was an environmentalist? 🌎
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What are your favorite hacks for using old items? Dinos. 👇🏽
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#Upcycling #Sustainable #Value #ReduceReuseRecycle #Latinxcellence #PersonalFinance #FrugalLiving #Rich #MoneySavy #WeAreSUMA #SUMA

🎨: @diecinueve36

You wouldn’t like someone sneaking up on you rig

You wouldn’t like someone sneaking up on you right🙅🏽‍♀️? Especially during Spooktober👻

...well it’s that time again amig@s to protect ourselves from the bad guys🧿 from entering our bank account 💳.

Uno nunca sabe 🤔 who may find their way into your bank account. In order to scare them away, create a hard to guess passwords to secure your account 👍🏽 Just like yourself, your money is valuable. Keep it safe 🔐.

Today’s Challenge:

Change your passwords on your credit cards, bank accounts, and anywhere that might have access to your money. This will help you protect all your accounts, mij@! Do it like ahorita❗️

If you accept this challenge tag and share your story for a chance to win one of the prizes below. #DinerOctober

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

Just like there are two sides to Danny Trejo, ther

Just like there are two sides to Danny Trejo, there are two sides to debt: good😇 and bad. 😈

Good debt are things that help make the foundation for generational wealth and make Danny Trejo give a lil sonrisa. 😇Things like student loans, ‍🎓 mortgages, 🏠 and business loans are all building towards your future.🌟

Bad debt are things like credit card debt, car loans and consumer loans that do little to help your financial sitch. They’re muy peligroso, like Danny Trejo as Machete. 😈

Pero “sonrisa” debt 😇can turn into Machete😈 if you don’t consider all sides. Like, your student loan shouldn’t be more money💰 than you expect to earn in the first year on the job.

With any loan, always ask yourself if the debt will pay you back more than what you put in. If you answer yes, grab some Danny Trejo Tacos 🌮 and continue building your financial wealth.🌟

What kind of good and bad debt do you have? 👇🏽

#gooddebt #studentloans #mortgages #carloans #creditcarddebt #wearesuma #dannytrejo #moneymindfulness #financialfreedom #financialwealth #financetips #saynotodebt #moneymoves

🎯🎯 Lo primero es lo primero, what is it that

🎯🎯 Lo primero es lo primero, what is it that you owe and what is it that you own? ⚖️
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Luego when you figure that out, 📝 go ahead and subtract your debts from what you own. Y SAS! That is your net worth. ✋ Now, we all may not have a net worth like George Lopez pero, it's good to know where you are standing 👍 . Pero if you wanna keep track, then create a balance sheet to keep track of your net worth. 📊
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Today’s Wealth Building Challenge:

Create a sheet to find your net worth. Subtract what you owe from what you own. If you have credit card debt or car payments your net worth could be in the negative. But don’t worry. That’s totally okay. This is a starting off point. Our family’s started from nothing and look at us now. We got this!

Don’t forget to enter our giveaway ✨💰✨

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

These muñecas Rusas aren’t the only thing that

These muñecas Rusas aren’t the only thing that can compound on one another. 🙎‍♀️👩‍👧👩‍👩‍👧Your interest can too. 😮

Compounding interest is like putting a bigger muñeca on top of the muñeca you already have, and then doing it again and again. Like, if you invest $2000 with 3.5% interest annually, you’d have $2070 after the first year. 📆 And THEN the next year, you get 3.5% on the whole $2070 upping you to $2142.45. And so on, and so on. 🙎‍♀️👩‍👧👩‍👩‍👧👩‍👩‍👧‍👧

Wanna know when your invested dinero will be doble?💰 Rule of 72! 72 ÷ by the interest rate = number of years it will take. 📆So, $2000 with 3.5% compounded interest will double in… 🧮 about 20.5 years.

Use the Rule of 72 to compare investments and see which gives the better (y más rápido) return.💃🏽

What other additional questions you have about compounding interest?👇🏽

#compoundinterest #wearesuma #returnoninvestment #ruleof72

Source: @fordummies
🎨: @decimaldecimal

As the holidays are around the corner, spending mo

As the holidays are around the corner, spending money is much easier 🛍, especially with la tarjeta 💳 since credit is fast and easy. Until you start paying interest on interest 😭.

Interest is like a vampire sucking you dry 🧛🏻‍♂️ and we don’t want that. It’s time you pull out all your credit card bills and make a list of all your Annual Percentage Rates 📝. Start paying a small percentage of that interest rate each month until you pay off the credit card bill in full ✅ .

Today’s Challenge:
Add your APRs to your bill payment schedule. Use the free SUMA Credit Card Debt Calculator to calculate what sized payments can help you pay off each credit card.

You don’t need to start this right away. But it can give you a clearer picture and help you switch up some of your savings and spending goals. Then you can go all Walking Dead on your credit card debt 🧟‍♂️🧟‍♀️.

If you accept this challenge tag and share your story for a chance to win one of the prizes below. #DinerOctober

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

Knock Cardi B (@iamcardib )down 9 times and she’

Knock Cardi B (@iamcardib )down 9 times and she’ll get back up 10. 🥊This year has been unpredictable, but take inspiration from this confident, badass mama-cita and invest in yourself.💪🏽 There’s still time to turn this quarantine around OKUURRR! 💋

Financial journeys aren’t always linear. They’re more like WAP: Working All Posibilidades. With the right tools and actions, you can still make 2020, or cualquier year, a good financial year.📆

And that’s where your SUMA fam can help! 👐🏽Cause like Cardi we like dollars, 💵we like diamonds 💎pero what we love more than all that is building a solid financial foundation to pass on to the next generation.👨‍👩‍👧‍👦

How will you approach your financial mindset for the rest of the year?👇🏽

#2020 #financialwellness #financialgrowth #wearesuma #moneymoves #cardib

So you check your Facebook and Twitter pero not yo

So you check your Facebook and Twitter pero not your credit score? 👀☕️
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El Credit score is based on your debt and lines of credit. 📊 Your credit score is kind of like your reputation. Your credit score can affect your interest rate for a car 🚗, how much banks and credit card companies will let you borrow, and can even be what keeps you from getting a new home 🏠.
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We recommend checking your credit score at the following credit bureaus ✅ : Equifax, Experian, and Transunion. PERO be careful, checking it too often can ding your credit 🚫 so we recommend using an app like Credit Karma to keep you at ease.
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Today’s Challenge:
If you haven’t yet this year, take advantage of your free credit score. Reach out to the credit bureaus and check it out! There are services that offer you a free credit score but they often want to sign you up for other programs so ten cuidado!
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Don’t forget to enter our giveaway ✨💰✨

Prizes:
1️⃣90 minute 1:1 Dinero session with a financial coach.
2️⃣A financial subscription and or membership.
3️⃣Books and financial resources by Latin@s and more....

.

How to enter:

💰Follow @wearesuma
👭🏻Tag a Friend below to Join the Challenge with the #DinerOctober
📩Sign up to enter (Linkin.bio)

🚨Rules: No purchase nec. 18+ to enter, ends Nov. 2, 2020 at midnight PT, multiple entries accepted per tag.

#dinero #money #wealth #giveaway#dinerochallenge #challenge#giveaway #levelup

Es un escandalo! 😮Two objects of desire.❤️

Es un escandalo! 😮Two objects of desire.❤️ Y tú? Young, starting your career, wanting generational wealth. 💰

Do you go with the American dream, the picture-perfect choice of la casa 🏠OR the non-committal, esexy flexibility of la rental?😘

In a true Telenovela twist…la rental could be a short-term choice according to @ListenMoneyMatters blog! 😮😮However, outright owning a home will put you on a path towards generational health. If you are young and have the ability to own an income property, 🏡then you can own and rent at the same time to make some money on the side. And right now, with so many people working from home, renting could give your living sitch a bit of flexibility. 🤓 Que esexy.

We’d love to hear what you think about owning vs. renting! 👇🏽

#wearesuma #SUMA #rentalproperty #homeowner #renting #incomeproperty #sidemoney #financialtips #moneymoves #wealthishealth #propertyowner

🎨: @diecinueve36

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