DO YOU KNOW WHERE YOU ARE? PART TWO
FRIENDS, ENTREPRENEURS, NON-PROFITS, LEND ME YOUR EARS & LET’S INCREASE YOUR POCKETS!
We do not have to nor should we shout over the past and into the future without knowing what the past was!
- HOW much money $ did you make last year?
- Where did you spend that money?
- If your disbursements or expenditures were placed in graph form, what would it look like?
- Is 50% of your money spent on clothes?
- How much did you spend on groceries?
- What about eating out?
- Gifts?
- Birthdays?
- Christmas?
- What’s your budget for next year?
- How much did you invest and where?
- Was there a return on your investment?
- How many insufficient funds charges did you pay?
- Have you eliminated banks because you can’t track the funds properly?
Your 1099, or W2 will tell you how much you made for 2018. However, it will not tell you where you spent that money. Most individuals have not a clue as to where there money was spent. 100% of them will tell you that they know or that they have a good idea and if you mention to them that they don’t know, will be greatly offended by the thought of you saying that to them. However, it would be true. While a person could and does guess on how much that they spent and where, most of them will never stop to know exactly where their money was spent or, exactly how much was spent on any item or items.
You will hear statements like; “I’m going to do better next year.” “Next year, I plan to save more.” “I’m going to start my business next year.” “I’m going to buy a house.” “I’m going to buy a new car.” “I’m going to lower my monthly payments.” The thing is going into the New Year, no matter what you hear, no matter the slogan, one thing for sure, EVERYONE WANTS TO BE PROSPEROUS IN THE NEW YEAR, BUT FEW KNOW, UNDERSTAND AND WILL DO ANYTHING TO MAKE THAT HAPPEN!
I’ve been pushing the envelope on understanding finances and prosperity as well as money management, challenging people to explore new options, take advantage of other opportunities and to provoke real thought on what it takes to be:
financially stable,
create a plan
- Remain focused on the plan
- Save when you don’t think you need to
- NOT TOUCH THE SAVINGS
- build on the stability,
- remain focused on the savings rather than disbursement
- Resist the urge to display your money
- invest,
- manage investments,
- Be patient with the investment
- Get knowledge
- Build on that knowledge
- MAINTAIN THE SAVINGS
- become well-to-due,
- MAINTAIN THE SAVINGS
- INCREASE THE SAVINGS
- RESIST THE URGE TO DISPLAY YOUR NEW LEVEL
- increase investments,
- increase knowledge,
- expand portfolios,
- build wealth,
- GROW INTO wealth.
People want and fantasize about things, positions, money; that they haven’t really thought about receiving, building, managing and maintaining! Of course winning the lottery or receiving a large check are the first things people think about, hope for but having more of anything requires preparation for it: mentally, socially, physically, spiritually and yes even financially! 1) How will you manage the more? 2) What will change, what will not change? 3) Having more money gives one options and options alone change what you buy, 4) how much you pay for it, 5) how often you buy, 6) where you live, 7) what you do, 8) your hobbies, 9) your ability to acquire, 10) the information you receive, 11) how often you receive information, 12) the quality of information and sooooooooooooooooooooooooooo much more!
BEFORE you go into the LA LA LAND OF DREAMS, let me provide you with a few tips to change what you are doing now that can help you move into the place you desire to be!
- CREATE A BUDGET FOR 2019 – So you know how you have guesstimated your income? Well guess your income for 2019 as well as your expenses. Creating a budget will give you some discipline and make you do something you probably haven’t done, THINK ABOUT WHAT YOU SPEND, WHERE AND HOW MUCH?
- BUY AN ACCORDING FILE AND KEEP YOUR RECEIPTS – Save all your receipts, especially cash ones. If you use a bank then keep your bank statements and file them by the month.
- REVIEW YOUR MONTHLY EXPENSES – Now that there is a system in place, review, write it on your calendar, set a date and make yourself look at what you have spent and where. Decide if you are happy about that or not! Remember you can’t change what you don’t know!
- SET FINANCIAL GOALS – Set a goal for saving! WE ALL SET GOALS FOR SPENDING, Like planning cruises, vacations, etc…. Well becoming financially stable has to be the same way, PLANNED!
- GET YOUR ANNUAL FREE CREDIT REPORT – Your credit report determines how much you pay for things: the interest rate on your cars, home, insurance amount and even limits the amount of coverage you have for life insurance!
- REVIEW YOUR LIFE INSURANCE POLICIES! – Check your coverage on policies. If you are one of those people who have life insurance just on your job, you are probably not covered and if you are covered, look at the fine print! If you do not have coverage, get it!
- COMMIT TO EACH OF THE ABOVE – You owe it to yourself to become, to acquire all that you can! So begin with where you are BEFORE trying to run into wealth!
- PLAN AN AMOUNT TO SAVE FROM YOUR TAX RETURN – If you receive a return, instead of planning on how to spend it, plan to save it and then forget that savings exists! Wealth building and spending what comes in your hand; do not mix.
Don’t go into 2019, thinking it will magically be different! It will not! Changing your economic status is possible but it requires real work.
LET’S DO THE WORK!
IF you would like consulting to assist you in changing your financial position, please call today!
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