Are you STUCK? – Part Four

This is the latest series on www.JosephSangl.com – "Are you STUCK?"

If you feel stuck financially, this can help you! 

In part one, I asked WHY are you stuck?

Part two is Plan what you have!

Part three is Remember the priorities!

Part Four:  Fill the "Go Get This" Gap

I am sure that some read this as "Go work like crazy and earn more money".  I would certainly not disagree with working more and earning more!  It is a GREAT way to fill in the "Go Get This!" Gap.

But there are many more ways to fill in The Gap!   Here are quite a few.

  • Pray.  I am a Christ-follower, and I have seen the power of prayer.
  • If married, ensure that your spouse is on board.  There is POWER when you work TOGETHER on your finances!  How do you get a spouse on board could be a year-long series, but it is so necessary.  Jenn and I work together because we wrote down all of our earning and spending.  When we saw that our OUTGO exceeded our INCOME, we knew that it was a serious issue!  One strategy to try is to mail the kids off to Grandma & Grandpa's (eliminate distractions) and tell your spouse that you want to talk to them about something that you really need them to hear.  Something that is really important to you.  Very important to you.  And then show them your family's finances planned out on paper.  When it is written on paper, it tends to reduce the emotion toward each other and has the opportunity to become a unified effort!
  • Govern your business.  If your business is struggling, it might be worth putting some "mileposts" in place.  Mileposts are points one month, three months, six months, and twelve months away.  An example of a milepost is "If we are at $5,000 sales in three months, we will keep the business.  If it is at $3,000, we will keep it open for three more months.  If it is less than $3,000, we are going to have to shutter the business."  The hardest thing in the world for an entrepreneur is to close their business.  Tough, but necessary sometimes.
  • Sell something.  Maybe your house payment is eating you alive.  Sell the house.  Sell the motorcycle.  Sell the boat.  Sell the truck.  Sell the swing set.  Sell the four-wheeler.  Sell the LCD 50" TV.
  • Reduce OUTGO.  Many times you can substantially lower your credit card payment just by calling them!  I lowered my cable/internet bill by 75% just for calling!  Get rid of the home telephone – you never use it anyway.  Use cash envelopes for the categories you tend to spend impulsively (groceries, restaurants, shopping, entertainment, spending money).  Call and get a new quote on your homeowner's/auto insurance.
  • Chop up the credit cards.  If they are a crutch that keeps trapping you, it is time to chop them up.  December 2002 was the month I chopped mine!
  • Make it a family effort!  There is NOTHING like a unified family.  Nothing.
  • Pay secured debt before unsecured debt.  If you can't pay everybody, consider paying just the secured debts.  Call the unsecured companies and tell them that you will not be able to pay them this month, but that you fully intend to pay them.  Tell the truth!  There is power when you call someone and ask for help!  They may or may not work with you, but when you are in bad shape financially you can't pay them if you want to!

Readers:  What are some other ways to fill in the "Go Get This!" Gap?

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2 Responses to “Are you STUCK? – Part Four”

  1. Rindy Walton February 15, 2008 at 4:01 am #

    “Sell something”—a great piece of advice a friend in deciding whether to keep or sell was to ask yourself if you had the cash value in hand, would you today buy that item? If not, sell it.

    In other words, if I’m deciding whether to sell a $1500 home gym that I purchased because I thought it was a great buy at the time…if I had $1500 cash right now in my hand, would I buy the gym (that I realize now we never use) or would I take it and pay for things more important? It really puts things in perspective.

  2. Minimum Wage February 19, 2008 at 4:43 am #

    Is financial freedom EZ (TM) for someone earning minimum wage with student loan debt and high medical expenses?

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