Prepare to celebrate! Because the goal of MyWalletWisdom is to equip you with the personal finance know-how you deserve — how money really works — so you can live life on your terms and live your life with purpose.
MyWalletWisdom is intentionally NOT cookie-cutter personal finance advice… because why would you expect the same advice to fit two people with vastly different dreams? Should you do A or B? It all depends… That’s why we call it “wallet wisdom.”
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Get ready to celebrate! Because the goal of MyWalletWisdom is to equip you with the personal finance know-how you deserve… how money really works… so you can live life on your terms and live a life of purpose.
If statistics are any indicator, no one learns these personal finance principles in school. And probably only a small percentage of people (from the wealthiest families) learn them from their parents.
Yet this personal finance knowledge can help fund and fulfill your dreams. Your alternative is living with “if only I had done X” disappointments due to a lack of personal finance knowledge.
MyWalletWisdom is intentionally NOT one-size-fits-all personal finance advice… because why would you expect the same advice to fit two people in vastly different circumstances? Should you do A or B? It all depends… That’s why we call it “wallet wisdom.”
Our 7 Personal Finance Promises to You
Given that we don’t advocate a cookie-cutter personal finance approach, here are our seven personal finance promises to you from MyWalletWisdom. We:
- Think you’re smart enough to figure out whether you fit into Category A or Category B when we discuss a topic, and to act accordingly.
- Promise to be transparent and balanced about what it takes – and does not take – to achieve financial independence.
- Assure you that most of the time you can afford anything you want… but not everything you want. It’s your job (not ours) to define those personal priorities. And hey, that means we don’t bash Starbucks, as long as it aligns with your chosen priorities. When you choose which spending categories are high priority and which are not, you gain tremendous control over your spending and wealth.
- Show you how to escape the sticky clutches of student debt, credit card debt, and auto loans… so you can build wealth, plan for retirement, ditch your 9-to-5 job (if you want to), become financially independent, and live life on your own terms.
- Assure you that personal finance and investing is not rocket science, and we will not discuss it as if it is. Instead, we’ll present simple, actionable principles you can apply today to build your personal wealth.
- Promise that this is not your parents’ or grandparents’ personal finance advice – except in situations where the principles are truly timeless. One case in point, the ancient principle that the borrower is slave to the lender.
- Favor – and advise you to use – automated financial tools (fintech) as much as possible to reduce the friction of having to remake your personal finance decisions every month. Set it and forget it – easy peasy.
What’s more, the sooner you start this process, the easier it is to live your dreams. Time can be your friend. But procrastination is your absolute enemy. Indecision is also your enemy.
A year from now you’ll wish you’d started today. That makes today the most compelling time to get started in optimizing your personal finance picture.
Personal Finance Lessons Learned in the
“School of Hard Knocks”
I wasn’t born with a silver spoon… a trust fund… or a million-dollar inheritance just waiting for me to grow up. In fact, I knew nothing about personal finance and how to succeed financially. Instead, I grew up in poverty, in a large Midwestern family where food and amenities were scarce. But (ironically), the scarcity mindset was unlimited.
Though highly educated, my father was what most people would consider severely under-employed, and my mother stayed at home to look after me and my five siblings.
I know first-hand what it’s like to be “dirt poor,” barely have enough food, and often wonder where that day’s food will come from. When I was in high school, our family’s income was in the bottom 4% of all U.S. families and the bottom quarter of all poverty-level families.
Unfortunately, this “dirt poor” mentality handed me my life-long habit of eating too fast. As a child, that was the only way to claim the last scoop of mashed potatoes before one of my siblings did.
Being poor also taught me the false notion that money was scarce and I was unworthy of it. Any time I asked for anything, the answer was always the same… “Money doesn’t grow on trees, you know, so just be quiet and stop nagging about it.” As an adult, I’ve had to try to unlearn this lesson repeatedly.
The Best Way to Fight Back Against Being Broke
Knowing that somehow there had to be a better way, I experimented with door-to-door sales in high school. No sales training included. Had various jobs in college. None of which really struck a chord with me. But they (sort of) kept my head above water.
Even worse, I was also sold the big personal finance lie about buying my college education with student debt. On the false premise that it’d be my ticket to prosperity.
So when jobs in my field evaporated the year I graduated from the University of Wisconsin, I was stuck between a rock and a hard place. Not a place of prosperity. It’s hard to repay student debt on a minimum wage job, which was the only job I found at the time.
Still, unless you break the cycle of debt (all debt, including student debt) you’ll end up with a one-way ticket to being broke throughout your adult life too.
That’s why we spend so much time and make such a big deal about quickly repaying your student debt, auto loans, and credit card debt… because it’s absolutely a cornerstone for wealth creation. Instead of making YOU rich, your debt’s interest payments are making someone else rich. Beware the law of unintended consequences.
Why Listen to Carol Parks?
Carol fought back against her roots in poverty and overcame. And you can too, with her insights. Hindsight is always 20:20, as they say.
It can take a long time to get things right. Many lessons are learned through pain, not gain. And not fun. But there’s no law that says you have to learn all your lessons through hard knocks. Learning from someone else’s mistakes means (hopefully) that you don’t have to make your own. Saving you a lot of time, frustration, and potentially hundreds of thousands of dollars.
Don’t take personal finance advice from someone who’s never walked a mile in your shoes. Who lacks the wisdom gained during a long stretch of adult life. Most mentors your age lack the 20:20 hindsight that can help you avoid your own personal finance missteps and build wealth without regret.
This includes advice about:
- Getting out of student debt, credit card debt, and auto loan debt
- Building wealth
- Retirement planning
- Side hustles and maximizing your career
- Success habits
- Real estate… and more.
A major value of such hindsight is that you benefit from your mentor’s painfully gained wisdom and professional expertise. (If you’re a willing student.) You also gain from your mentor’s victories so you can build your own successes faster.
Carol Parks knows what it’s like to be poor (and will never forget it). She also knows what it takes to break out of that mold through personal finance literacy. Along the way, she’s made more than her fair share of mistakes. And also enjoyed some sweet successes.
Create Personal Finance Success, Not Stress
Read Carol’s stories of personal finance strategies done well – and the unexpected financial bombs that blew up her dreams. Gain from her insights, instead of reinventing the wheel and suffering at the hands of that cruel taskmaster – the “school of hard knocks” – yourself. (Don’t pay tuition in that “school.”)
Becoming a millionaire or multi-millionaire is not an impossible dream. Nor is it rocket science. And we won’t treat it like it is. But it does require some financial literacy, study, and discipline. Which is the reason for this website.
“Start early” and “avoid mistakes” are two major keys to becoming a millionaire or multi-millionaire, and being able to choose the lifestyle you want to live.
Yes, you can sometimes achieve millionaire status despite shooting yourself in the foot. But it’s far easier and less painful not to. Imagine you’re running a marathon. Can you finish, even if you sprain your ankle at mile 13? Sure. But having a guide to warn you about the terrain that caused the sprain is much less painful. And you’ll get to the finish line much faster.
That’s why you should listen to Parks. She offers the insights of a “loving parent” and personal mentor. Someone who constantly cheers for you to be your best version of yourself, successful in all your financial, career, and life-dream endeavors. She’s your mentor, teacher, cheerleader, and more… with the heart of a loving parent. A no-judgment supporter.
How Badly Do You Want to Succeed with Personal Finance?
Success leaves clues. It never happens in a vacuum. And it almost always challenges you in ways you never anticipated. Fortunately, that’s also what makes you strong. It makes your roots grow deep and your character great. And it leaves a legacy.
Our focus at MyWalletWisdom.com is to help ambitious young people to do more and be more. Young people who are driven – willing to get better with personal finance, money and financial successes day after day. And who have the stamina and grit to succeed where others fail. Ready to start getting results and fulfilling your financial and lifestyle dreams?
I’ll show you the fastest personal finance path from where you are right now (no matter how that looks today) to where you want to be. Yes, even in the midst of a crisis, uncertainty, and economic turmoil.
The world is changing unbelievably fast. Anxiety levels run high, especially over money. You might be sidelined by the pandemic. How should you react? How can you adapt and pivot financially and in your career? What hidden opportunities are you overlooking? We help you sort it all out. So get ready to celebrate!
A Personal Note About Carol…
Entrepreneurship was my calling since I was a kid. During high school I sold beauty products door to door. But with no one to guide or mentor me about sales, money, or entrepreneurship, I unwisely put entrepreneurship on hold… for a season.
Though a bored and disinterested school student, I was keenly interested in how to make money and get out of poverty. Turns out I’m pretty fascinated with economics too. For its close link to money.
During my adult life, I raised and home educated five children, founded three sold-out successful piano schools, sold securities, insurance, and real estate, and founded but failed at a tennis and golf distribution business. I’ve been independent for so long I’ve declared myself “officially unemployable.”
My husband and I bounced around the country for years, living in multiple states – which was a real wealth destroyer. These days we live outside of Oklahoma City, close to many family members who settled here.
I’m a bit of a wine snob. And food snob. I love sharing both with good company. I’m the chief chef in our home. In fact, I’m so critical of most restaurant food that I’ve all but given up on going out to eat. (Told you I was a food snob.)
For other fun, I enjoy hanging with family, taking long walks outdoors, playing pickleball and tennis, traveling. I also like reading and learning about fascinating topics like business, personal finance, investing, entrepreneurship, careers, success, banking, real estate, and health and wellness.
We really look forward to connecting with you and hearing what you want to know more about. That makes an 8th promise… we will read every note and message you send to us.