- 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!
- 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.
- LEARN TO SAVE – This is too important to ignore!! I know what keeps you from saving money but do you?
- 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.
- 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!
- 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.
- 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.
- 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.
- 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!!
- 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?
- 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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As it stands now this is not a political blog, and I want to keep it that way. However, with the upcoming election, coupled with recent events (bailout, mortgage crisis) and the state of our economy, I feel it is important to address this issue. It seems that so many people are putting all of their faith into electing a President that they feel will fly down from the sky with his Presidential cape and leotards to save the day. Why is that? Do people really believe that Washington is going to come to the rescue? Do you really think that is where the answers are going to be found?
If so, I’ve got news for you. It’s not true. Regardless of who gets elected in November, you are still going to have debt. If the Economy was booming you would still have debt. If the Economy is horrible, yep you guessed it, your financial situation is still the same. Your debt is the problem, not Washington. Until you get your financial situation under control nothing is going to make your life any easier when it comes to your finances. Maybe it is time you sit back and reflect upon your decisions and ask yourself a few questions.
- Do I have a budget?
- Is there anything that I can cut from my expenses each month?
- Do I have adequate savings?
- Do I rely on my Credit Cards during an Emergency?
- If I lost my job today, would I be okay?
- Are my priorities truly in order?
- If something were to happen to me (God forbid), would my family be okay?
- Is debt the center of my finances?
- CAN I DO BETTER WITH MY MONEY?
Let’s break it down shall we. If you had a budget, cut your expenses to necessities, had adequate savings, didn’t rely on your credit cards to bail you out, knew what your priorities really were, and didn’t consider debt to be your savior – the state of the economy wouldn’t put such a strain on your wallet, would it? You would not only feel safe and prepared, you would be able to use your income to make your financial situation EVEN better! Think about it! A recession is like a BIG sale and the perfect time to invest wisely.
According to a recent report on consumer debt released by the Federal Reserve, this country owes an out-of-control 2.5 Trillion dollars. This is INSANE! Here’s some context for you.
Unbelievable right? Now add another trillion and a half and recalculate. This crisis is huge, and until Americans start to realize how dumb debt really is, I am afraid we have more troubling times ahead. My point is this. Don’t wait on Washington to fix what you yourself can fix RIGHT NOW! Don’t believe for one second that any person elected into office is going to make your life complete. Step up to the plate and fix your own economy. Stop borrowing money, put yourself on a budget, spend less than you make and save as much as you can along the way. If you are not doing these things then you have no right to complain about living paycheck to paycheck.
There is NO EXCUSE as to why we in America shouldn’t be able to achieve wealth. After looking at the “Ben & Arthur Invests” example that illustrates compound interest perfectly, I am convinced that those that do not acquire wealth in this country really don’t want it unless it is given to them by those that do. Look at the chart for yourself; am I wrong? If you think so, I would absolutely love to hear from you…leave your comments below.
Are we experiencing a recession?
That seems to be the question of the year. If you watch the news, you are probably convinced that you should just give up. Don’t start digging that bunker just yet. The truth is that the U.S. is merely growing at a slower rate. From January to March the economy grew at the same rate of 0.6 percent, as the last quarter of 2007. Slow, but still growing.
A recession is defined as a period of economic decline; specifically, a decline in GDP, for two or more consecutive quarters. Maybe we should wait until we have one quarter of shrinkage before we start saving canned goods. So to answer the question if we are indeed in a recession the answer is NO, but that doesn’t mean we aren’t on the brink of one.
How should we prepare?
The answer to this question is actually a very easy one, and that is you should manage your own economy at home first. Everyday we hear people complain about Government spending, yet 70% of us are living paycheck to paycheck. If we expect the Government to spend OUR money wisely, shouldn’t we do the same? If you had a financial plan that didn’t consist of putting that 60″ HDTV on credit, you could better position yourself in order to handle an economic down slide. Instead people are spending their own money UNWISELY while expecting the Government not to, so that it can subsidize poor decision making at home. Did you get all that?
By spending less than we make and saving for the future we can make a recession feel like a thunderstorm instead of a hurricane. If you didn’t have any debt payments, lived on a written budget, and had a savings of 3-6 months of expenses, would you worry about a “looming” recession? The only worrying you would be doing, is for the people who weren’t prepared. Not to worry though, just throw this book at them!!
What do we do if we have not prepared?
Number one would be to get started NOW! You are still going to have to hunker down for Hurricane Murphy but at least you will be more prepared for the next storm. Too bad you “needed” that 60″ toy! The good news is you can still sell that expensive T.V.! “SAY WHAT?” Well does the “looming” recession scare you or not? If you sold the T.V. you would be able to start your Total Money Makeover by saving $1,000 for your baby Emergency Fund and even have enough left over to pay on your smallest debt! How scared are you?
What if business has slowed, or we are unemployed?
If business is slow then you are probably going to have to get a second job, if you do not want to leave the first. Regardless, you are going to have to make more money! It might be a good time to ask yourself if you knew what you know now, would you still accept your current job? I’m not saying to quit your job but what if you set some goals and eventually worked your way out of your current low paying position? How nice would it be to be doing the job you loved? You would probably make more money doing something you loved and had a passion for.
If changing career paths is too much of a change then you must then consider your remaining options. A) You could look for a higher paying position in the same field, and/or B) get a second job delivering pizzas or waiting tables. When looking for a new job do not rely solely on the classifieds. In fact, you are far more likely to get a job if you thumb through the phone book for any businesses you are interested in, and placing a call. Of course you have to be prepared and ready to approach them in this way. For more about job search methods and choosing careers read 48 Days to the Work You Love.
For those that are unemployed, you need to be filling out applications every day. The Government is not going to find a job for you. Unless you are disabled you should have a job. The unemployment rate is around five percent but how much of that five percent choose not to work? Unemployment in Michigan is the highest in the country at around 7.2 percent, yet I know a very hard working woman in Michigan, that has two jobs despite this. She (Mikki) is doing a Total Money Makeover, and just like other Dave Ramsey fans, she is beginning to see the light at the end of the tunnel! I can guarantee you she is not complaining about unemployment rates?
YOU are responsible for YOU!
In closing I want to end with a line from the movie Pursuit of Happyness, where Will Smith is sharing a teachable moment with his son. “You gotta dream, you gotta protect it. People can’t do something themselves, they wanna tell you, you can’t do it. You want something? GO GET IT…Period!” You hear the man, GO GET IT! If you are unwilling to do all that is necessary to succeed, then you can’t complain about the inevitable outcome.
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