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How to Get a Grip on Your MoneyLorraine Pirihi Most people have no idea where their money goes. They earn it and they spend it. Thats fine if you want to live from week to week and are not concerned about your financial future. However if you want to increase your wealth and have more options, action needs to be taken by you otherwise you could end up like most people further down the track, totally dependant on a pension. Karens Story Karen is the Marketing Manager for a well-known organisation. Shes 39 yrs old, single and earns over $80k a year. She is paying off a mortgage and thats all the debt she has. Karen buys whatever she likes and says she has more than enough money for her lifestyle�or so she thought. And thats a very important point - Karen thought she had plenty of money to splash around yet she had no real idea of where it went. She was at the stage where she wanted to achieve more in her life including taking charge of her financial future. One of the exercises I gave her to do was to sort all her financial statements - visa card, bank accounts and any cash receipts and list her income and expenditure under specific headings ie: loans, clothing, utilities, food etc. Karen recorded everything that occurred for the past 6 months . She nearly fainted when she saw how much money she had wasted and how much she was overspending! She was going backwards fast and only realised it by doing this simple exercise. In the past Karen hadnt put a high priority on her financial well-being as it was just too hard. Being a marketing manager, her life was busy at work and she had a hectic social life. She didnt want to bother doing something that wasnt exciting like working on her financial future. After all, she had a well-paid job, didnt she Karen has now come to her senses and knows her true financial situation. If she lost her job, financially she couldnt afford to be off work for more than a month. She realises that she is responsible for her future. The area of wealth creation hadnt been of great interest to Karen in the past. Now that she was undertaking coaching, she was serious to making a change. Prior to writing down where her money was going, Karen was completely closed to any suggestion to read more about how she can accelerate her wealth or lack of it, so I didnt pursue this with her. Her attitude had now changed so she was ready and willing to move to the next step. The next move�I referred Karen to an organisation who would look at her total financial picture and be able to recommend what she could do. The reason I chose these people is because they take a holistic approach to wealth creation. They look at every aspect and provide an on-going education as well as a hand-holding service. We met after her first session and Karen said she nearly had a heart attack at the meeting. She realised how much money she had been giving away to the tax office. Being on such a high income she was being taxed 47c for every dollar earned. She now realised that by making some small changes she could keep this money and have investments that over time would accelerate her financial situation dramatically. She now had enough knowledge to make decisions and take actions that could make her financially independent over the next few years. Karen couldnt believe how simple it was! Your Financial Future - Whose Responsibility Unfortunately you cannot leave your financial well-being in the hands of anyone else except yourself. Of course, you can seek advice from professionals in that field like accountants and financial planners; however, it really is up to you to lead the way �to be proactive! Having attended many seminars, spoken to wealthy people and to the financial professionals many of whom arent independently wealthy themselves, and read many books on the topic of wealth creation, I have found you cannot rely on any one person to delegate your financial affairs to. You need to be proactive and take control of your own life. How to Take Control of Your Financial Future Get your finances in order first: You need to know what you spend, what you earn, how much you owe and how much you own�Not in your head but in writing. What you think your situation is and what is reality, will more than likely be two totally different scenarios. If you know where you are right now you can then seek out appropriate solutions to your specific financial needs. How to Get Started Speak with your accountant on the best way to set up your recording system. Ask them how you can increase your wealth. Ask your accountant and/or your financial advisor how they have created their wealth. What do they invest in Talk to people who are wealthy. Ask them how they accumulated their wealth. Question everything. Read books and attend seminars on wealth creation�the more informed you are the easier it is to make sound decisions. We regularly advertise these types of events in our Event Update: http://www.office-organiser.com.au/weeklyupdate.html Dont believe everything you hear, see and read, particularly if the person advising you reaps financial benefit from you accepting their advice. Only listen to people who "have rungs on the ladder". Once youve have done some research and this can happen in a matter of days or weeks, depending on your efforts then: Take action Sure youll make mistakes along the way, however thats the only way you can progress. Learn from them and move on. The Final Word Looking after your financial well-being should be high on your priorities. Its about having choices in your life. Do you really want to work from dawn to dusk to support the lifestyle you and your family have become accustomed to Perhaps you dont get to enjoy the lifestyle because youre too busy busting your guts at work. Imagine what it would be like to work because you want to, not because you have to If financial freedom is something you desire in the not too distant future and it doesnt happen overnight, you have to take action sometime... like right now!
| ![]() | ![]() | ![]() | RELATED ARTICLES Learn To Save Hard Cash This Festive Season Time was when shopping was a painful experience, a chore to be lived with. Cash Back schemes have now brought the fun back into shopping. One can now shop online and purchase all that you need without even leaving home. What�s more, these online purchases also pay you back a certain amount on your purchases. Online purchase stores are now offering its customers up to 40% Cash Back on every purchase made. For shoppers, who do not like to venture out for their shopping and make all their purchases from online stores, these Cash Back rebate programmes actually pay them back for just the pains you are taking to go online. Why You Need a Home Loan Countrywide Loan From a small office in 1969, home loan countrywide has achieved recognition among consumers and investors as one of Americas leading home finance companies. 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"With the variety of mortgage terms and options available, as well as low interest rates, more people are finding that they can afford to purchase a home." Kassie recommends the following "to dos" for first-time homebuyers: Choosing the Best Life Insurance Option for You Life insurance in is becoming more and more popular with many people now realizing the importance and the benefits of a good life insurance policy. There are two main types of popular life insurance, both of which offer a range of invaluable benefits to consumers. 50 Surefire Business Card Tips Business cards are one of the most powerful and inexpensive marketing tools you can use.Here are 50 surefire tips to make the most out of your business cards: Preparing for Tax Preparation Being prepared for your tax appointment can really pay off in terms of maximizing deductions and minimizing tax as well as lowering fees charged by your preparer! 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In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first. Student Home Purchase Plan Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are looking for new ways to offset the costs of education. Lifes True ROI al debt load and ROI, whether the industry as a whole is in a slump,whether there are too many partner or legal problems, whether futuredemand will materialize and so on and so forth. While these questionsare certainly relevant, the most important question that a small ormedium-sized business owner should ask him/herself is: 7 Ways to Stop "Selling" & Start Building Relationships Sometimes we can all use a friendly reminder to keep us from backsliding into old ways of thinking aboutselling that lead us down the wrong path with potential clients. ![]() |
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