“I need to make more money!”
As I travel this nation teaching and coaching people to win with their money, this is one of the most common beliefs that people have about their financial situation. They truly and genuinely believe that more money is the answer to their current financial predicament.
While it is certainly true that more money would be a blessing and ease financial hardship, the question every one of us most answer is: “Am I managing my current income well?”
If the answer to this question is “yes”, then more income will most certainly be a blessing. If the answer is “no”, more income will probably lead to more of the same pain – only with more shiny stuff.
For me, managing money well includes the following components:
- Give at least 10-percent of my gross income away – FIRST
- Save at least 10-percent of my gross income for known upcoming expenses (like annual insurance and Christmas)
- Invest at least 10-percent of my gross income in long-term retirement accounts
- Invest at least 5-percent of my gross income for my children’s college, weddings, etc
- Pay all of my bills early
- Maintain a healthy cash margin so that obstacles and opportunities can be faced without financial collapse
- Staying in tune with my surroundings so that I can identify opportunities to bless someone or for investment
- Teaching my children how to win with their money
- Communicating with my spouse to ensure we are on the same page
- Prayer about all financial decisions
- Seeking wisdom for all financial decisions that I am unfamiliar with or that are larger than normal
What are some things you do to ensure that you are managing your money well?