Money Management for the New Millennium
by Todd A. Williams
Many People are challenged by managing money because they have
no idea where it all goes. They may make a good wage; yet have
no understanding of how they manage to spend everything. An important
part of building a positive and lasting financial legacy is knowing
where your money goes.
In order to execute any plan for success it is imperative that
you know where your resources are, and where they go. Napoleon
was a great general for France because he knew the capabilities
of his army, and he knew where each regiment of his army was placed
for battle. That knowledge helped him win many battles. Your money
is a resource and you must know where it is, how it works for you,
and use it appropriately in order to make your financial goals
a reality.
Although money is not the most important thing in the world, it
is a medium of exchange that is necessary to obtain creature comforts
of life. We need money to buy food, clothing, and shelter. Nothing
is wrong with using money to gain material goods. However, something
is very wrong when we squander our resources and misuse it.
Five steps to take to better manage your money:
Step 1: Stop budgeting!
The word “budget” is a restrictive action much like
the word “diet”. We all have been on diets and have
stopped because it is hard to deny ourselves of things we like.
Why torture ourselves?
No longer use the “B” word. Instead, implement a spending
plan.
If we change from “diet” to “nutrition”,
it becomes easier mentally because we know we are eating for a
healthy life.
Likewise, we are used to spending,. Creating a self-directed
spending plan gives us greater psychological control of where
we will spend.
We can spend to a savings account, an investment account, or
any other accounts.
That is a more positive action.
Step II: Be diligent in tracking resources.
As the ancient saying goes…Know thyself!
Keep track of where you spend you money. Develop a spending journal.
Maintain the journal and yes, keep track of the smallest amount
that you spend. Remember, disaster does not strike all at once.
The little signs of trouble lead to the big ones!
Like Napoleon, be a great general; know where your troops are.
Step III: Have courage.
Don’t let the fear of financial matters derail you from
your dreams. Take charge be in control, believe you can do it!
Step IV: Have a plan.
Have a clear vision of what you want to accomplish, and go for
it.
Fuzzy goals give fuzzy results. Have a purpose and let your purpose
drive you to successful money management
Step V: Positive reinforcement.
The law of physics states that an object will continue in one
direction until a greater force alters its course. If you are headed
in the right direction, make sure you don’t let anyone or
anything change your course. Success is in your hands. Grab hold
tight!
Maximize
your dreams
Overcome
obstacles by organizing your life
Network
to net-worth
Enjoy
the moment
Yield
abundance
Todd A. Williams is a money coach. He appears regularly on ABC
affiliate Newschannel 5 "Good morning Cleveland." He
can be reached at coach@moneybytodd.com subscribe to his free newsletter
today! Todd is an author and motivational speaker. Visit his site
to find out how you can get a free money tips newsletter at http://www.moneybytodd.com
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