Financial Fitness Resolutions
Are you ready to gain total control of your personal finances? It takes courage to tackle your personal finances and that is why so many people are slaves of their money. Financial freedom is not for everyone, it is only for those who have the courage to do what the common person is not willing to do. If you are not willing to dig into your finances than financial freedom is not in your future. If you are sick and tired of being broke then today’s nuggets may be for you. Resolve to have the following done in 2015:
1. Invest in your financial education. Invest in tools to understand and take control of your money. For most people money is a mystery. Money, like life, is a game. In any game there is offense, defense, and rules to obey. Follow the three overriding principles of money; long term thinking, delayed gratification, and the power of compounding.
2. Have a financial action plan. Have detailed financial goals for one, five, and ten years. Failing to plan is planning to fail. Start with small goals than increase them as time goes on.
3. Know all your sources of income. Include all income from salaries, dividends, etc.
4. Know all your sources of expenses. There are more sources of expenses than one thinks like periodic expenses and the little money expenses like the stops at convenience stores.
5. Know your net worth. Subtract all your assets from your liabilities.
6. Have and follow a monthly budget. Have a clear picture of your cash inflows and outflows. Are you making more than you are spending? Are you spending less than you are making? This is not brain science!!!
7. Have a plan to pay all your debts. Include all debts from credit cards, store cards, etc.
As you start making progress, don’t forget to share the blessings with others.
Thank you for reading and reflecting on today’s nuggets. Please pass them on to others.
We make a living by what we get; we make a life by what we give. Be a giver in a world of takers.
Be blessed and be a blessing to others.
Carlos Fontana, President of Phalanx
Co-author of the book Follow to Lead (The 7 Principles to Being a Great Follower)
Author of the book PRICELESS (Sixty-Six Simple Stories of Reflection, Love, and Legacy