“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?
What do the following companies have in common?
- Apple (AAPL)
- Fastenal (FAST)
- Panera Bread Corp (PNRA)
- Texas Instruments (TXN)
- Bed Bath & Beyond (BBBY)
Besides being TOTALLY UNRELATED organizations, they are all 100-percent DEBT-FREE! Google was 100-percent debt-free until 2010 and Microsoft was 100-percent debt-free until 2009. Each company possesses more than enough cash to eliminate the debt without any financial margin issues.
Take a good look around at America’s businesses – they are almost ALL carrying some debt.
I am constantly looking for 0% APR Balance Transfer Credit Card offers so that people with high interest credit card balances can restructure that debt to 0% interest. This allows ALL of the monthly payment to be applied directly to the principal balance of the loan.
Credit card lenders have begun really offering better terms recently as they have extended the 0-percent terms and lowered transfer fees. The best offer(s) I’ve currently located are located on the I Was Broke. Now I’m Not. page (HERE).
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I was driving through a severe storm recently (the one pictured was one I experienced recently while in Erie, PA), and it was incredible, scary, awesome, and fearsome – all at the same time!
Here is the order of events:
- We saw the storms coming in the distance
- We were warned by a “Severe Thunderstorm Warning” for our county.
- The winds picked up a little
- We heard thunder grumbling in the distance
- We saw lightning and then thunder
- MAJOR wind arrived (40 to 50 mph)
- MAJOR lightening/thunder/wind/rain arrived
- Heavy rain continued for about 30 minutes
- Light rain continued for another 30 minutes and then the storm passed by
- The sunlight returned with the Earth having received a good washing
The storm knocked down lots of limbs, some power lines, and a few trees.
It made me think – what would happen to all of the dead limbs if storms did not happen? The tree would be left holding up all of that dead weight.
It makes me thankful that I experience financial storms from time to time. It helps me re-evaluate what is important to me and my family. It helps us get rid of dead weight – costs that are no longer necessary or are merely “wants” instead of “needs”.
YOU can share! I’ve experienced many financial storms, and I am sure you have too! I would love to hear about some of the financial storms you have experienced and how you came out better because of it! Share in the comments below!
TRUTH: We can either despise the storm or welcome it knowing that we will be better in the future because of it.