Posts tagged as:

prosperity

11 Keys To Building Wealth For Generations

by Brad Chaffee on April 24, 2009

in Money Management

  1. DOWNLOAD THIS BUDGET – I created this budget to give people the tools needed to budget effectively.  Budgeting is very important and I have received many emails about how it has helped people with the process.  Give it a try and see what you think!
  2. FOLLOW THESE 7 EASY STEPS TO BUDGETING – Proven methods to help you beat the budgeting blues.  So many people, including myself, have started a budget and before the month ends the budget is busted. It kills your motivation and desire to budget, and before you know it you are right back to your old ways.  This post will keep that from happening to you.
  3. LEARN TO SAVE – This is too important to ignore!!  I know what keeps you from saving money but do you?
  4. UNLOCK YOUR TRUE POTENTIAL – In my opinion there is nothing that keeps someone from prosperity as much as not taking responsibility for their own life and problems.  You must take action if you want to change your situation.  Waiting for someone else to prime the engine will keep you right where you are.
  5. INVEST FEARLESSLY – Fear is our worst enemy, even worse than debt!  When you are scared you make decisions on the fly and panic causes you to rush those decisions.  If you have planned well for your future then you are probably enjoying the low prices.  If you have not planned then you better get ready for the next BIG SALE!
  6. TEACH YOUR CHILDREN SOUND FINANCIAL PRINCIPLES – Don’t rely on our misguided school system to teach your kids about money because they WON’T.  Step up to the plate and prepare your children for the life they will be pushed into once they become an adult.  If they are not aware of what is smart and what is not, they will be enslaved by credit card companies camped out at their college campus.
  7. DON’T BE AFRAID TO RENT – So many people buy a house before they can truly afford it.  We did it too so don’t take this personal, that’s why we had to use “creative financing” to purchase both of our homes.  Just because you can afford the payment doesn’t mean you can afford the house.  When life happens it doesn’t care if you have savings, can pay your mortgage, or got an unwanted pay cut.
  8. RECESSION PROOF YOUR LIFE – It’s really pretty simple.  If you plan for the future then a recession doesn’t really have much of an impact.  The key is using your greatest wealth building tool.
  9. GIVE YOURSELF A RAISE – Do you barely make it through each month by the skin of your teeth?  Wonder where you can get that raise you have been looking for?  I bet I can find you that raise!!
  10. ADJUST YOUR PRIORITIES – You are where you are today because of the decisions you made yesterday.  Your priorities can be found by following where your money is spent.  Is there something that you feel you deserve? (Like Health Care?) If your priorities were different could you afford that something?
  11. GIVE YOUR TEENAGERS AN ADVANTAGE – Teenagers and young adults are often pressured into something they don’t want to do simply because society, and probably their parents, tell them that they should.  They pick a job based on the salary instead of their strengths.  To top it off they go into debt to get that diploma and spend most of their adult life paying off the master for something they don’t even enjoy doing.  (Intended for teenagers but helpful for most adults)

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Myth: I Don’t Make Enough To Do A Total Money Makeover

by Brad Chaffee on January 26, 2009

in Money Management

You Don’t Make Enough Money To Manage It?

I hear this excuse all the time.  Yes, I said excuse, or you could call it a justification for not wanting to face managing your money.  Either way you look at it, it is still a myth.  Yes, it is true that you could do more faster if you made more money, but to say you can’t, simply because you think it is impossible to do so much with so little, is selling yourself short.  I would argue that it is even MORE important for you to be on a Total Money Makeover (TMMO).  If you already do not make very much then it is vital that you do not waste a single penny of what you do have.  If you are spending money at all, you make enough to manage it.

Thinking this way is unproductive and can keep you slave to the lenders for the rest of your life.  First, you must believe in yourself, and your ability to do great things, regardless of your income.  Just because you do not make much now, doesn’t mean you should just roll over and accept it as being your destiny. Start asking yourself the tough questions, and thinking about other possibilities.  What are your talents?  Figure out how “you” can make more money doing something that you are passionate about.  Sometimes this means you might have to take on more than one job.

A TMMO allows anyone to become wealthy over time.  It’s about behavior, attitude, and a desire to do better for yourself as well as your family.  It’s about leaving “broke” behind you without ever looking back.  Money is not the answer, and it will not solve all your problems if you have no clue on how to manage it.  The best proof of this fact is that in upper middle class neighborhoods across the country, 8 out of every 10 people are living paycheck to paycheck.  Money didn’t solve their problems and it won’t solve yours, but learning how to manage what you do have will lead you in the right direction.

Dreaming Is Fun, But It Will Only Keep You Dreaming

Winning the Lottery is a dream, and waiting for this to happen will certainly keep you treading water along the way.  Reality says that even if you only buy $20 worth of Lottery tickets per month, it’s still $20 that could have been saved, or at least better spent.  The lottery is such a scam and disadvantage for the people who play.

If you believe that credit cards, student loans, lottery, cash advance, title loans, and the most deceptive of them all, the Government, is your ticket to prosperity, then you really are dreaming.  As Dave Ramsey points out every day on his hit Talk Radio Show, it is your behavior that is keeping you where you are.

Of the people that I know that use their lack of income as an excuse, each of them openly admits to using debt as a tool, playing the lottery excessively, and eventually fall prey to predatory payday loan companies.  Being the Enemy Of Debt that I am, I usually speak up if circumstances permit.  The responses I mostly hear are that if they didn’t get the cash loan they would never be able to make it.  There is that word “never” again, but I digress.

Here’s the thing.  Getting the cash advance does not solve your problem, it only prolongs it.  You still have to pay the money back which means you are not only not bringing in more income, but you are now losing money in the process due to EXTREME interest rates and fees.  Using debt of any kind is risky because when life happens to someone that uses debt, that person will likely have to go into more debt to get through life’s little surprises.  Keep this in mind.  Life happens to you whether you have money or not.  Lots of money or little money, the ones that plan are the ones that survive, and the ones that don’t, continue to wonder why they just can’t get ahead.

How Do I KNOW That A TMMO Is For Everyone?

Every Friday, people from all over the country, call into The Dave Ramsey Show to scream that they are debt free.  You don’t have to listen for long before you realize that the people calling in aren’t all rich.  Some make lots of money and some make very little, but what they all have in common is that they didn’t believe the myth that in order to manage their money better, they have to have tons of it.  Instead of waiting for things to happen to them, they decide to happen to things.

I’ll end this article with the best example I have heard yet on the radio show.  Someone called in recently that paid off almost $10,000 in less than a year.  Sounds like she makes a lot of money right?  Wrong!  She was a 22 year old, single mother of one, and her monthly take home pay was only $2,000.  To make things even harder she was not receiving any money from the Father, that’s right, a complete dead beat.  Being a single parent is an extremely hard job, and I personally have TONS of respect for all single parents out there.

Here’s a few other things they have in common.  None of them said I can’t!  None of them made the decision to just accept their circumstances for what they were!  None of them gave up,  and all of them did it because of their Total Money Makeovers!

Do you still think that you can’t do it?  I challenge you to prove me wrong.

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Dave Ramsey for President 2008

by Brad Chaffee on November 4, 2008

in Money Management

President Ramsey?

No, Dave Ramsey isn’t running for President, but if he was, I would probably vote for him.  He has expressed his opinion and has made it clear he does not want the job.  Personally, I do not blame him, but boy would it be nice to have a Government with a ZERO-BASED BUDGET?  It would be nice to have someone who knows how to cut expenses and knows the difference between a want and a need.  Someone who knows all to well how it feels to hit rock bottom, and someone who knows how to bounce back by making better decisions.

What if your President told you that you were responsible for you?  What if he was able to convince you that there was a light at the end of the tunnel?  What if he then said you were the key to your own Financial Peace?  Would you listen?  He would declare that his plan for the country was much different than the empty promises we are so used to.  His plan would put everyone on a Total money Makeover including the Government.  His plan would create a whole new era of prosperity. What if your President told you that his plan has been proven to work EVERY SINGLE TIME if it is followed?  Would you listen?

Why Wait?

Dave Ramsey doesn’t have to be President for you to hear the same message.  Cast your vote for Financial Peace in your own household and make that decision to do something different.  As Dave might say, ‘Don’t Be Normal, Be Weird!  Stop borrowing money!  Stop living paycheck to paycheck!  Stop spending all of your money on debt payments!  Stop trying to keep up with the Joneses, because they are broke too!  START saving money!’

Take control of your life while you still have the freedom to.  Go to www.daveramsey.com and browse the site.  Go buy or check out The Total Money Makeover, and if you want an even more comprehensive approach to personal finance, sign up for Financial Peace University classes.

Before you sign up for another dime of debt, you owe it to yourself and your family to see if the grass is greener on the other side.  It could change your life!  Change does not start in Washington, it starts at your dinner table.

Dave Ramsey 2008!!

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That’s Right Diane Sawyer, You Should Pay Your Credit Cards LAST!

by Brad Chaffee on June 27, 2008

in Money Management

I watched a video where Dave Ramsey and Clark Howard were being interviewed by Diane Sawyer. In the interview, Diane Sawyer looked bewildered that they would suggest to pay the credit cards last. Then I saw another video that pretty much illustrated why Americans are on the wrong track financially. In this interview, Mellody Hobson is telling us how to survive an economic crisis. Some of her advice may be OK, but her answer on how to prioritize your bills lead me to believe that she is a lunatic!! She says you should pay your credit cards first so you can later use them again to pay your utility bills. Unbelievable! Watch the videos and decide for yourself.

Why should you pay your credit cards last?

I think Dave Ramsey is dead on in his suggestion to pay your Four Walls first. Your Four Walls are Food, Shelter, Utilities, and BASIC Transportation. Just for the record, BASIC does not mean you should go buy that new SUV you have been wanting. BASIC means the cheapest way possible without going into debt! These are your first priorities when doing your budget.

The most OBVIOUS reason why your credit card should be paid AFTER your Four Walls, is that your FAMILY should not suffer because you want to retain the ability to dig a deeper hole! Does food taste better when you pay more for it? You don’t have a house anymore but hey, at least you have a Visa Gold card right? What about the added bonus of not having any utility payments because you have no home?

The truth is that having a credit card will only get you so far once things start going downhill. It’s not a good financial plan to rely on your credit card to finance an economic crisis. You would be better off putting yourself on a budget, and saving for a rainy day. Use your rainy day fund to get you through tough times, not Mastercard!! A slow and even bad economy does qualify as a rainy day.

Do you want to become recession proof?

Are There Dave Ramsey Critics?

Yep and in my opinion they are missing the big picture. His plan is about NOT buying something that you really can’t afford. It IS about getting your priorities straight so you can experience Financial Peace. Your life is about priorities! The most criticized part of Dave’s plan is that it says that you do not need debt AT ALL EVER! No car loan, no credit cards, and no student loans! If you absolutely can’t be talked out of getting a mortgage then Dave says to get a house that is no more than 25% of your income and it should be a 15 year fixed rate mortgage.

I just read a blog that so brazenly states that, “Every successful business in American relies on some level of debt to survive and grow. It is one of the key elements of capitalism. Without debt and risk, there is very little growth.” Is he saying that the ONLY way Capitalism works is by the use of debt? This is just flat wrong!! Harley Davidson, J.C. Penny, as well as Dave Ramsey’s company are proof of this. The blogger goes on to say,“In order to reach an even higher financial position, it is important to accept debt and understand how to use it as a tool for growth and innovation.” As long as people continue to justify this myth by accepting it as truth, then I am afraid that the debt problem in America will only get worse!!

I will close by adding that most of the people that call the Dave Ramsey Show thought they were using debt as a tool as well. Responsible users of debt ran into Murphy, or should I say Murphy ran into them. To be fair the author of these comments also suggests that he ONLY uses debt if he has saved the cash to back it up. I say what is the point? If you have the cash to back it up then doesn’t that kill the assumption that you need debt to prosper and grow. Debt only hinders prosperity and growth!!

DEBT IS NOT A TOOL!!!!!

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Poverty To Prosperity

This is an age old problem that seems to never go away. How do you end poverty completely and is it even possible? I believe that there is an answer to this question, and believe it or not, the Government is not it. The answer is YOU! The way you think, [...]

2 comments Get Motivated!