Learn why you must control your feelings if you desire to build wealth more efficiently…
Many who manage their finances in a disadvantageous way, do so in many cases because they manage their finances based on their feelings and not sound financial analysis.
If your goal is to build wealth in a more efficient and effective manner you must use more than just your feelings to achieve success. Sound financial analysis on your part, at a minimum requires that you create a budget or cash flow statement so that you can know what comes in and goes out of your household on a monthly basis.
You can then plan better because you will know if you have a monthly surplus–or if you are working with a deficit. That knowledge alone will help you determine if you need to cut expenses, get more income–or do a combination of the two!
By determining where you stand financially on a monthly basis you can get out in front of your finances so that you can achieve more. In the following paragraphs you can learn how to do just that.
Cutting Expenses
If you find that after sound analysis of your finances on a monthly basis you have a shortfall, you want to look at ways that you can cut expenses! Gym membership, scaling back on haircuts (you may want to do your own or go to beauty schools), cut back on buying unnecessary clothing and electronics that you don’t need, reduce or eliminate spa treatments and beauty services, eliminate or scale back on cable and other media subscriptions, cut back on dining out and put traveling on hold for a period of time.
A “stay vacation” in your geographical area may be needed for a period of time so that you and your family can put what you use for travel toward the payoff or paydown of debt, or you may need to cut your planned trip time in half.
If feasible in your area, you may also want to consider scaling back on your living arrangements and find a less expensive place to stay as this could potentially shave hundreds of dollars off of your monthly expenses.
Use your imagination to find other ways to cut expenses based on your monthly inflow and outflow of cash, as your goal is to do so for a temporary time frame that will allow you to improve your finances to a desired level for a period of time.
You also want to do even more analysis in a more comprehensive manner so that you will know where you are headed and in what time frame.
Getting More Income
If after doing all that you can to cut expenses and you are still not able to pay your debt off or down in a reasonable time, you may want to look at secondary employment or temporary employment in the “gig” economy such as lyft, uber, door dash and other new economy employment and independent contractor options that are now available.
Use your imagination to find other ways to get more income based on your unique skills and talents and what is happening in your locale.
You also want to do even more analysis in a more comprehensive manner so that you will know where you are headed and in what time frame.
Operating Monthly with a Surplus
If after analyzing your finances on a monthly basis you determine that you have a surplus that allows you to direct money elsewhere, you want to do sound analysis of your overall finances to determine where you really stand.
You may determine that you need to pay off certain debt, create an emergency fund, get needed insurance coverage, invest in and outside of retirement, save for educational goals, save for tax payments, plan for your estate after you transition and other goals that you may not have considered–but need to!
By operating on a monthly basis with a surplus in your household, you are in a more favorable position to work toward reaching your short, intermediate and long-term goals and you can attack your finances in a more wholesome way.
Conclusion
You can’t just manage your finances based on how you feel or on a whim. By doing sound analysis of what you make and what you spend, you can manage your finances more efficiently and achieve more.
Additionally, you will put yourself in better position to manage your credit and all areas of your finances in a manner that is more beneficial for you and your family.
You cannot just spend randomly and not know the effects of that spending as it relates to your monthly budget. Will that negative impulse put you in a deeper financial hole or is the spending ok, based on your income, expenses and future goals?
You want to ask and answer the pressing and critical questions “prior to” getting into a “deep financial hole” where getting out is extremely difficult or impossible (you’ll need to seek debt settlement or file bankruptcy) as your goal is to have an effective money management personality so that you can achieve more throughout your lifetime.
However, you must also feel (and know) that you are worthy of a successful future–while at the same time implement a more scientific approach in the management of your credit and finances from this point forward.
You must see yourself as a hidden gem, and you must realize that you can launch a path to success where you don’t have to make others feel worse or less–if you decide right now–to give it your best!
Even though there will be seasons of silence where it appears nothing is happening with your debt paydown, you will soon discover your path to success and what appears to be a drought will end, as your debt will be at a very manageable level that will allow you to pursue other goals and dreams that you have.
Always realize that you don’t have to make others less, because you can’t make yourself more or better! You must realize that you have the power to make what you desire most happen in any kind of weather. You can start on a path to making what you desire most happen by managing your finances at an optimal level.
Your consistency in action, your calm attitude in times of stress, and your ability to control negative, discouraging, and debilitating thoughts that will occur as you pursue your big dreams–are critical and key to your long-term success.
If you are intentional in what you want to achieve at this time, it will help you control your feelings and achieve the success that you desire in a more effective manner as you build wealth and in all areas of your life!
You want to start your day with a winning attitude and you want to have a plan to manage the little and the big things that occur, or the little and big things that you plan for in a manner that is as favorable for you and your family as possible.
You must be alert and discerning and what you think you can’t get a grip on, will eventually come your way and allow you to build space in your mind and heart that will allow for your growth and achieving beyond your imagination.
As 2023 comes to an end be sure to plan for a prominent new year where everybody on your team is really on your team! In 2024 you must have more than just a feeling that future success is on the horizon, you must also put a concrete plan in place to help ensure that the success that you desire becomes a reality.
By doing so–you, your family and your community will be in a better position for success in 2024 and the bountiful years that lie ahead.
All the best as you put your feelings to rest and work diligently toward achieving major success…
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