Taking Control of Your Money
In my experience the most successful people financially are the individuals who devote time into managing their money.
They put energy into budgeting, saving, eliminating debt, and finding income producing assets.
They have the discipline to educate themselves.
Getting a financial education is not difficult.
We do not suffer from lack of information.
Financial literacy is rarely taught in schools or at home.
There are thousands of books, seminars, and coaches who could teach you all there is to know.
People learn through trial and error.
Most never learn at all and it doesn't matter what economic bracket you are in.
We see athletes, entertainers, and lotto winners fail at taking control of their money.
I understand what can happen when you don't control your finances.
Even though I was making an annual six figure income I ended up broke and almost homeless.
I lived in a hotel for years until I got my financial life in order.
I made the same mistakes over and over until I raised my financial literacy.
The 5.
5 elements below are the same steps I used to get control of my money.
Were there setbacks? Yes! Every journey has some obstacles.
In fact I still carry a $10 bill in my wallet that I wrote out my financial plan on it.
It reminds me of where I have come from and where I am going.
Here are 5.
5 Elements to Take Control of Your Money: Element 1 Weekly Money Dates: I schedule weekly dates to update my finances.
Millionaires invest 8.
4 hours a month managing their financial resources according to Dr.
Thomas Stanley, author of The Millionaire Next Door.
While lots of people intend to be millionaires, they do not dedicate the time and energy needed to making it occur.
Update your budget, review your bills, and check your accounts for accuracy.
Have fun with your money dates.
Play music, dance, add some candle lights, or anything else to make these weekly occasions enjoyable.
Element 2 Commit 60 minutes a week to reading about personal finance: Leaders are readers and all you need to know are found in books.
Don't try to absorb everything about personal finance.
Pick a subject like saving, debt elimination, or investing.
Nibble on that until you master it.
This is a life long journey take your time.
Your financial literacy will come quickly so don't be surprised.
Element 3 Speak with the Experts: Get with the experts when it comes to spending, saving, credit building, debts, investing, and retirement.
Follow successful models.
Apply exactly what they do.
Speak with advisors who have a successful track record of eliminating debt, building credit, and creating wealth.
I have discovered that I can learn from the blunders of others.
Element 4 Life is a Test: As an entrepreneur you know the best way to see if a method works is to test it out.
Discovering that paying debts off first before saving might not work for your situation.
You might need to create a cash cushion before you tackle your debts.
Be open to suggestions and try them out.
Find the best solutions for you.
Element 5 Get a Certified Financial Planner: Home business owners are some time lone rangers.
Doing everything by themselves.
Honestly, at the end of the day, everyone requires professional assistance.
Understand you should work with a CFP if you:
Whether you outsource this step or come up with your own plan procrastination will not help.
True mastery comes from commitment and consistency.
Raise your financial literacy by sticking to these 5.
5 elements to control your money.
They put energy into budgeting, saving, eliminating debt, and finding income producing assets.
They have the discipline to educate themselves.
Getting a financial education is not difficult.
We do not suffer from lack of information.
Financial literacy is rarely taught in schools or at home.
There are thousands of books, seminars, and coaches who could teach you all there is to know.
People learn through trial and error.
Most never learn at all and it doesn't matter what economic bracket you are in.
We see athletes, entertainers, and lotto winners fail at taking control of their money.
I understand what can happen when you don't control your finances.
Even though I was making an annual six figure income I ended up broke and almost homeless.
I lived in a hotel for years until I got my financial life in order.
I made the same mistakes over and over until I raised my financial literacy.
The 5.
5 elements below are the same steps I used to get control of my money.
Were there setbacks? Yes! Every journey has some obstacles.
In fact I still carry a $10 bill in my wallet that I wrote out my financial plan on it.
It reminds me of where I have come from and where I am going.
Here are 5.
5 Elements to Take Control of Your Money: Element 1 Weekly Money Dates: I schedule weekly dates to update my finances.
Millionaires invest 8.
4 hours a month managing their financial resources according to Dr.
Thomas Stanley, author of The Millionaire Next Door.
While lots of people intend to be millionaires, they do not dedicate the time and energy needed to making it occur.
Update your budget, review your bills, and check your accounts for accuracy.
Have fun with your money dates.
Play music, dance, add some candle lights, or anything else to make these weekly occasions enjoyable.
Element 2 Commit 60 minutes a week to reading about personal finance: Leaders are readers and all you need to know are found in books.
Don't try to absorb everything about personal finance.
Pick a subject like saving, debt elimination, or investing.
Nibble on that until you master it.
This is a life long journey take your time.
Your financial literacy will come quickly so don't be surprised.
Element 3 Speak with the Experts: Get with the experts when it comes to spending, saving, credit building, debts, investing, and retirement.
Follow successful models.
Apply exactly what they do.
Speak with advisors who have a successful track record of eliminating debt, building credit, and creating wealth.
I have discovered that I can learn from the blunders of others.
Element 4 Life is a Test: As an entrepreneur you know the best way to see if a method works is to test it out.
Discovering that paying debts off first before saving might not work for your situation.
You might need to create a cash cushion before you tackle your debts.
Be open to suggestions and try them out.
Find the best solutions for you.
Element 5 Get a Certified Financial Planner: Home business owners are some time lone rangers.
Doing everything by themselves.
Honestly, at the end of the day, everyone requires professional assistance.
Understand you should work with a CFP if you:
- Have no interest in financial planning
- Want expert advice
- Have Complicated financial circumstances
- Don't have the time
- Are clueless when it comes to investing
Whether you outsource this step or come up with your own plan procrastination will not help.
True mastery comes from commitment and consistency.
Raise your financial literacy by sticking to these 5.
5 elements to control your money.
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