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Financial Zone A part of being succussful in the area of money is proper money management. It doesn't matter how much you make, it is how you manage the money you make that makes the difference. Are you in debt up to your eyebrows? Need to get some breathing room over your financial situation? Whether you make $40,000 a year or $400,000 a year you can be in over your head in debt. Let us look at some ideas on how to change your situation. First, you have to admit to yourself that you have a problem. The problem isn't that you have debt it's that you have never learned how to manage money. You can blame your school or your parents but its effecting you not them and blaming others doesn't help the solve the problem. Secondly, you need to decide what you want your overall financial picture to look like once you are successful. A great example would be to have no credit card debt, car payments or mortgage payments. These may seem to be impossible to accomplish in a persons lifetime but that is because you are living life without proper education about money and money management. Third, its time to make a written plan to accomplish those goals you set in the previous paragraph. Some people call this written plan a BUDGET. Now don't get scared, BUDGET, isn't a bad word and it shouldn't scare you. You can have a budget and still go out to eat or to the movies. It doesn't necessarily mean you live on rice and beans and never leave your home. Fourth, after establishing your budget you have to live by your budget. Living by your budget is probably the hardest thing to do for the first 3-6 months because you will be changing your habits. You must change your habits if you want to turn your financial situation around. Your current habits and thinking is what got you into the hole you are in and now you have to change. As Dave Ramsey states in his book, The Total Money Makeover, you need to live like no one else so you can live like no one else later. I encourage you to read The Total Money Makeover by Dave Ramsey. Dave brings money management to everybody in this easy to read book along with success stories of people that have eliminated tens-of-thousands of dollars of debt using his very proven system for getting free and gaining control of your finances. His easy to implement budgeting system alone is worth more than the price of the book and he gives you so much more on top of budgets. Enjoy. |
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