|
Managing The Stress ~ Making The Decisions ~ Discovering The Meaning |
|
Caregiving |
Solutions To Your Caregiving Situations Throughout Your Caregiving Years |
|
|
|
|
|
|
|
|
Your Money How You Relate to Money Can Help You Create Your Financial Wealth I recently attended a money management seminar for women. Our speaker threw out an idea to the audience that in some ways seemed heretic. Our speaker starts each day with this affirmation: Today, I expect, recognize and accept lavish abundance. Sitting in the audience, I thought: A financial planner has a spiritual relationship with her money! Then, I thought: This is fabulous! Because, let’s face it, for many us money seems like a four-letter word. It seems to control us, determine decisions for us, eliminate our options. Heck, it is a four-letter word: Yuck! We work on relationships throughout our life—with our parents, with our spouses, with our children, with our boss, with our co-workers and employees, with the health care team. But, we never really look at the relationship we have with money. And, that relationship can determine if money opens doors—or closes them. Our speaker that evening was Ellen S. Rogin, CPA, CFP, President, Strategic Financial Designs, Inc., Northfield, Ill. I recently contacted her to ask her to expand on her insights in how our relationship with money often determines our net worth. “My clients who are most financially secure consistently spend less than what they have,” she says. “And, they are content with their financial situation. They are grateful for what they have and acknowledge it.” On the other hand, her clients who struggle to keep their head above their checkbook waterline describe a different relationship with their finances. They may say, “We don’t seem to have any money, but we don’t take extravagant vacations, or don’t buy luxurious cars, we don’t have a second home. But, we just don’t seem to have enough money.” Those who have financial security will say: “We have enough to live the life we want.” It seems the belief in having enough to live a good life goes hand-in-hand with spending less than what you earn. The wanting for more will lead to spending more. Creating financial security means sitting down and “getting real”, Ellen says. Once you sit and examine your financial situation, you may discover it’s not nearly as bad as you think. Fear often stops us in track and keeps us from taking control. “When you operate out of fear,” Ellen explains, “you may not make the best decisions because you are reactive, rather than proactive.” To gain a realistic picture of your financial situation, Ellen suggests reviewing 12 months of credit card receipts and cancelled checks. (Recognizing that you may be limited on time, Ellen also says you can just look back three months and then consistently track all future spending). Review: How much more is going out than coming in? And, typically, why is more going out than coming in? To track expenses, try paying only by debit card or check—you’ll always have a record of where the money went. Understanding your spending habits can help you determine where you can cut back. Ellen also suggests creating an automatic deposit into a savings plan—whether that automatic deposit be $5 every week or $50 every month. As you improve your relationship with your money, Ellen suggests involving a financial planning professional. The professional can help create a plan to pay down debt and increase savings. And, the professional will help you gain confidence about your money decisions. You probably are doing many things right—and it’s always good to hear that from a professional. Estate planning protects present and future assets How you relate to money can help you create your financial wealth Estate jewelry option for care bills |
Ask
An Expert |
|
|
|
|
|
© Tad Publishing Co.
1996-2004 |
