Moneymonk

Happiness is nothing more than good health and a bad memory.

-Albert Schweitzer

It’s sooooo easy to fall in business and in life. Most people just throw their hands up and say “I’m done!”

The difference between winners and failures is confidence and patience. They NEVER give up. They are very persistent.

I hate to sound like some type of motivational speaker but you have to say to yourself I will not give up. If you are passionate about creating your business, you will slip sometimes. Even if you are good at what you do, you will slip.

Slip but don’t fall

It’s when you fall and stay there, wallow in your failure, blame others, complain, and not move forward is when you remain stuck. Depression sinks in and you never see your full potential because you gave up so easily.

graph swiped from:anthonyfernando.com

A. Stay out of debt and save like crazy.

B. Marry a big baller

C. Make a great income and live cheap

D. Start a business in the hopes a big company will buy it (Yay)

E. Start several small businesses and build streams of income. (double yay)

F. All of the above in moderation.

I rather live comfortable and build incomes streams while also taking a dose from each of the above. You have to do each in moderation.

_______________

A.This will make you sick and eventually you will give up. I think less than 1 percent of the population become rich by staying out debt completely.

B.Good luck with that one you can marry a Tiger Woods and still be unhappy or lonely.

C. Again, very few people can pull this off. I’m not a big fan of living cheap. Actually I hate it. I rather make a great income and then live modestly.

D.This is a good one, you just work on your business and by investing your time and sweat equity you may become the next Aaron Patzer founder of Mint.com

We can tell our values by looking at our checkbook stubs.

~Gloria Steinem

1.Manage Debt

2.How much to Save?

3.Find the Proper Insurance

4.Draft A Will

5.Investing

So you read about a spending plan, now I want to talk about dealing with the unknown.

If you are already behind on your payments, an emergency will make it worse.

When you’re already broke, everything becomes an emergency. A trip to the hospital can be $50, when you don’t have the money to pay the deductible can freak you out.

When you have money, emergencies, well don’t seem like emergencies. A nice cash buffer can keep your wheels greased, making your ride in life comfortable.

So where do I start?

Good question.

Whatever bills/expenses that are not food, gas, transportation, and utilities should take the back burner. Yes I know that is harsh, but if you try and wait to save money until you are current, you will never save money.

Prioritize your expenses now! Pay the necessities first. Everything else is secondary.

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Example:

Take home pay $1300

Bills

Rent: $600

Utilities: $350

Food: $250

Transportation: $500

Cable $60

Internet $37.00

Credit cards $150

-

Guess what bills will not be paid?

Transportation $500
cable $60
Internet $37.00
Credit cards $150

They will have to take the back burner (next pay period)

__________________________

Did you get the point?

You cannot squeeze blood out of a turnip. You don’t have enough to pay all the bills.

Yes, I know…”if I don’t pay my credit cards with my credit score with will drop”. So what you’re broke!

“My cable bill is only $50, I can pay that first”. You have to change your thinking.

Most of us think of paying the smallest bills first, instead of the important bills first

And wonder why they are behind in utilities. That’s how most of us get out of order with bills. We look up and the cable is paid and we are behind in the rent.

So how do I get current?

Earn more income or cut out expenses. So downgrade the car, get rid of the Internet and cable.

Or you can get real radical and move to a lower price apartment!!!!

The choice is yours: keep doing what you are doing and get the same results or change your life.

Sorry I don’t have a better answer, Life is tough.

If you think education is expensive, try ignorance
-Derek Bok

How are some people organized with money and others just cannot keep current on their bills?

A spending plan seems to be a good guide to organization.

Before the month begin, I know exactly what I am spending before my paycheck arrives.

It usually looks like this:

Mortgage

Food

Gasoline for the car

Car insurance

Cell phone

those above are my main expenses, expenses that I must pay to operate.

Then are the various bills (no fixed amount, varies month to month)

utilities

Internet

entertainment

Pay your living expenses first! If you have trouble with organization, put it on automatic payments. Or either have your bank automatically deduct it out of your account and put it in a separate account for bills.

Having a good spending plan makes you discipline with your money. You are an adult, not a child; you cannot play and have fun all the time.

It’s Called the American Dream Because You Have to Be Asleep To Believe It”

- George Carlin

Are you a first generation white collar professional? Here a few additional questions I need answered:

What were some hurdles that u face being a First Generation White Collar?

Did your parents embrace your success or resent it?

Where did you go for guidance, for as money concerns once you got that “real job”?

What was your first big ticket purchase you bought yourself once entering the professional workforce?

Did your family members and other siblings think you were rich once you had a white collar job? How did they view you?