Weekly Recap: MoneyMasterClass - Session 42
In the ongoing Money Master Class, Gail Vaz-Oxlade, a renowned financial expert, delves into various aspects of personal finance, providing valuable insights and practical advice.
Last week (Week 37), Gail discussed calculating a debt repayment schedule, a crucial step towards financial freedom. For those who missed it, a recap is available.
In Week 38, Gail offered guidance on creating a budget, an essential tool for managing one's finances effectively. If your budget doesn't balance, fear not! Gail provided tips on what to do next.
Moving forward, in Week 39, Gail offered advice on what to do when your budget doesn't balance. She emphasised the importance of staying proactive and seeking solutions to get back on track.
For those new to the Money Master Class, resources such as the Intro and Week One Recap are available. Resources, spreadsheets, and quizzes for the course can be found online.
Gail has written several books, including "Money Rules", "Debt Free Forever", "CEO of Everything", and "Money Smart Kids", offering further insights into personal finance and wealth management.
The Money Master Class is still open for new participants, providing an opportunity for individuals to learn from Gail's expertise and take control of their financial future.
In addition to financial advice, Gail has emphasised the importance of gratitude and giving back this year. Scientific studies show that giving back, whether through volunteering or donating time and resources, has numerous benefits.
Volunteering has been linked to improved mental health with lower stress and depression, an enhanced sense of purpose, increased social connection, and reduced feelings of loneliness[1][3]. It can also lead to better physical health, such as fewer physical limitations, more energy, and greater overall well-being, particularly in older adults[1][4].
Moreover, volunteering can slow biological aging, help with cognitive function, improve mood, and even contribute to better sleep quality by structuring daily routines[2]. These benefits collectively promote longer, healthier, and happier lives.
Key studies show that people who volunteer even a couple of hours a week experience these positive effects, as confirmed by a 2023 umbrella review analyzing 28 studies, as well as research published in the American Journal of Preventive Medicine and Social Science & Medicine[1][2].
Giving back doesn't necessarily require financial resources; time and other resources can also be donated. A Twitter Archive of all Gail Vaz-Oxlade's #MoneyMasterClass tweets is available, and previous Q&A sessions can be found on Twitter.
Gail is taking questions from her followers and will answer in real time via email. Answers will be posted anonymously on Twitter in November.
Overdraft, while convenient, is generally better to avoid if possible.
Remember, sharing the post is possible on various social media platforms and via email, helping others to take control of their finances and improve their well-being.
In the Money Master Class, Gail Vaz-Oxlade discussed the importance of budgeting, a key tool in personal-finance management, and offered advice on what to do when a budget doesn't balance, emphasizing the need for proactive debt-management strategies. Additionally, Gail emphasized the benefits of giving back, whether through financial means, volunteering, or donating time and resources, which can have numerous positive impacts on mental and physical health.
