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Setting Your Financial Mindset, Five Ideas for Drastic Change

The Money nerve

Setting Your Financial Mindset

Money is a part of our lives, we all plan how to spend it, and we all plan to save it!

Today, we look at some fiscal challenges and offer tools for setting your financial mindset. Emotions and old habits can rule your decisions about money. Here are some challenges people have in managing their money and a few suggestions for shifting toward a new “money” mindset.

See if these issues sound familiar:

1. I Don’t Have Enough Money

2. I Will Never Get Ahead

3. I Don’t Plan; The World Will Bring Me Good Fortune

4. It’s Not My Fault; Nobody Taught Me

5. I Don’t Have Time to Budget

It is easy to drift on an endless journey when you have no plan, goal or destination. When you are ambiguous about the direction you want to go, cruising on autopilot will never result in the “real-life” successes you dream about.

Five ideas for making drastic change and setting your financial mindset:

Enough Money

Before you can determine whether or not you have enough money, you will need to know how much money you make. Many people will use their full salary to plan their expenses, but forget to consider taxes and social security deductions. Under-estimate the money coming in and over-estimate your spending.

Never Get Ahead

Focus on positive choices each month, and eliminate the resignation and depression that come from reacting to financial headaches. Choose how you want to delegate your dollars. Change the way you view money by thinking of money as a choice, not a dictator, in life. If you have $100, you have the power to delegate a third for saving, a third for eating lunch out 2 or 3 times and a third for bills.

The World Will Bring Me Good Fortune

Well, I am a firm believer in sending out positive vibes and seeing that energy coming back my way. However, I also know that when I have an action plan to support that attitude, I am more successful. It is no suprise that the people who plan their days and work the plan seem to luckier than everyone else! Set aside five minutes to write down the main focus for your day or your week, and set yourself up to your best advantage. No one can help you better than YOU CAN!

It’s Not My Fault

Take a good look in the mirror, you are the CEO of your life. Take a truthful look at your assets and your bad habits. Explore where you can make small changes that will move your life toward a more abundant mindset. Making intentional choices creates a feeling of independence and eliminates the need to blame others. Every choice you made in the last five years resulted in where you are today. If you are not happy with your life, snap out of the routine of non-decision-making. Begin making new choices that will give life to the dreams and goals you have.

Don’t Have Time to Budget

People are so busy, being busy, that they often mistake insignificant activity as being more valuable than a scheduled chunk of time for planning. It’s a bit of a paradox, but setting aside 30 minutes a month to review your finances and make a plan for the next month, can actually save you time and money. Just jotting down your monthly bills on an index card and slipping it your wallet, will help you stay on track. Dividing your spendable dollars into envelopes is another good idea for seeing where money flows.

We all have the opportunity to create the life we dream of, it takes a little faith, a plan and choices to make it happen. A goal is merely a dream with a deadline. Go for it!

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Unconscious Choices: Time To Stop

Unconscious Choices

Stop Making Unconscious Choices

Do you ever try to juggle payments on numerous credit cards to stay afloat? Is it an unconscious choice to constantly transfer money back and forth to pay bills?

Do you free up expenses on one credit card so you can charge more on another card? Do  you “need” a new pair of running shoes? Have you made a payment on a credit card, crossed your fingers, and hoped your paycheck would be deposited in time to cover the check?

If you have too many things going on financially, make time to stop. Take a deep breath. Your unconscious choices are wreaking havoc with your financial journey.  Become more aware of your actions and begin to focus on streamlining your life. You cannot keep all this mumbo-jumbo going on and ever expect to reach your dream destination!

Slow Down to Make Conscious Choices

Unconscious choices create an “auto-pilot mentality.” This happens when people fall back on old habits, and make choices without thinking.Determine where you are today, and where you want to go tomorrow. As a result, you can make better decisions moving forward. Set up a proactive plan and use conscious choices to reach fiscal goals.

One unusual tool to get out of this cycle is to freeze your credit cards. Once you have a place to live, enough money for food and access to transportation, most other “things” are “wants.” If most purchases are for entertainment, fine dining, clothes and extra things you could live without. Stop! Freeze Your Credit Cards!

Cool Down Your Emotional Impulses

Take all the credit cards you have maxed out, and put them in a container. Fill it with water and place in your freezer. Many people buy more impulsively when using credit cards, which results in purchasing tons of unnecessary items. Since your cards are in the “deep freeze,” you must thaw the cards out to use. As a result of waiting, the unconscious urge to splurge will pass.

Create A New Mental Map

 Maybe your current mental map tells you that life cannot be enjoyed without using credit cards. Do you even know what the interest rate is? If you don’t know, you could be paying 20 percent or more on your credit cards. Create a new mental map about money.  Shift your perspective to move toward your financial goals. As a benefit of curbing your expenses, money saved from interest charges could be a down payment on a new car or a romantic trip to Italy.
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New Year, Fresh Start for 2017

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New Year, Fresh Start for 2017! Where Will You Take It?
The party favors and New Year’s Eve champagne are gone. You have a New Year, full of hope and promise, ahead of you! Don’t overthink it or tally up an enormous list that is unachievable. Define a few areas in your life that you would like to improve. The year will be successful as you take the time to slow down, be grateful, and make the right choices.

A new year is not just the party, a boatload of resolutions, and anticipation. The year 2017 will take shape as you reach your goals through thousands of small moments; moments where conscious choice leads to richer, more fulfilling life.

Resolutions are merely thoughts you have written down to guide you to a higher level. You may have some money-motivated ideas, lifestyle goals or educational objectives. Write down a few significant possibilities to determine the small steps that would help you achieve personal success. Four best practices to sustain your resolutions.

What would make your life better? Take some time to think about the future. You can enrich your life with thoughtful intentions, making the most of the opportunities that come your way. Take pleasure from your successes and be flexible, try again when your dreams do not go as perfectly as you planned. Franklin D. Roosevelt said, “Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”

People are the only living beings on this planet that can visualize a better life in the future. Take this moment to “see” yourself in a new place this coming year and start the journey!

Enjoy this motivational TED Talk from Gilbert Jones (below). He shares how to visualize and incorporate happiness into your life. I hope this will help you to design a prosperous 2017!

Wishing you a joyous, fruitful new year.

Bob

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Seven Spiritual Laws for 2017

3x3-place-in-this-worldToday I would like to share a post from http://www.chopra.com/. I invite you to explore these Seven Spiritual Laws as you formulate your plans and goals for the new year:

Many of us grew up with the belief that achieving success requires relentless hard work, grim determination, and intense ambition. As a result, we may have struggled for years and even reached some of our goals but wound up feeling exhausted, our lives out of balance.

As Deepak Chopra observes in his transformational work, The Seven Spiritual Laws of Success, such desperate striving isn’t necessary or even desirable. In the natural world, creation comes forth with ease. A seed doesn’t struggle to become a tree―it simply unfolds in grace.

The Seven Spiritual Laws are powerful principles you can use to fulfill your deepest desires with effortless joy. If you put them into practice, you’ll realize that you can manifest whatever you’ve been dreaming about.

Fortunately, the laws of success aren’t difficult or mysterious but are easy to understand and apply. There are also many ways for you to learn more about using The Seven Spiritual Laws to attract the life you truly want, and right here is a great place to begin:

Sunday: The Law of Pure Potentiality

Take time to be silent, to just BE. Meditate for 30 minutes twice a day. Silently witness the intelligence within every living thing. Practice non-judgment.

Learn more about The Law of Pure Potentiality 

Monday: The Law of Giving

Today, bring whomever you encounter a gift: a compliment or flower. Gratefully receive gifts. Keep wealth circulating by giving and receiving care, affection, appreciation and love.

Learn more about The Law of Giving

Tuesday: The Law of Karma

Every action generates a force of energy that returns to us in like kind. Choosing actions that bring happiness and success to others ensures the flow of happiness and success to you.

Learn more about The Law of Karma

Wednesday: 
The Law of Least Effort

Accept people, situations, and events as they occur. Take responsibility for your situation and for all events seen as problems. Relinquish the need to defend your point of view.

Learn more about The Law of Least Effort

Thursday: 
The Law of Intention and Desire

Inherent in every intention and desire is the mechanics for its fulfillment. Make a list of desires. Trust that when things don’t seem to go your way, there is a reason.

Learn more about The Law of Intention and Desire

Friday: The Law of Detachment

Allow yourself and others the freedom to be who they are. Do not force solutions—allow solutions to spontaneously emerge. Uncertainty is essential, and your path to freedom.

Learn more about The Law of Detachment

Saturday: The Law of Dharma

Seek your higher Self. Discover your unique talents. Ask yourself how you are best suited to serve humanity. Using your unique talents and serving others brings unlimited bliss and abundance.

 

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Give the Gift of Time

3x3-christmas-starsThis year, Give the Gift of Time!

Choosing to make conscious choices for your money and life may have implications for many aspects of your life. Consider giving the gift of time this year. Create a mental space to listen to your thoughts. Decide how to spend the last ten days of your holiday season, using your goals to give you focus.

Visualize your “perfect” holiday. Maybe it includes parties with friends, spending time with family, or taking the time to express your gratitude. December is such a hectic time of year. Many people feel overwhelmed by obligations presented by school, work, family, and friends. Invest your time in activities that bring you the most value.

Choose which activities you will spend your time on and know that you may miss some parties or invites. Setting boundaries for a successful holiday helps you maintain your sanity, increase your sense of gratefulness and keep your “spirits bright!”

Take that one step further and give the gift of time with those closest to you this month. Listen to your spouse, best friend or family members and notice what is important to them. Investing time with people who are special in your life strengthens your bond with them, creating more meaningful relationships.

When shopping, purchase one item and plan an experience to accompany the gift – instead of buying multiple gifts for everyone. Purchasing a new sweater? Plan a date night to enjoy the new outfit. Have a friend who loves to cook? Wrap up a kitchen gadget and sign up for a cooking class together. Give a gift of time to complete the gift in a box! Many people find that spending time with others reaps greater benefits in the journey of life.

Share some of the activities that your family or circle of friends love to do — and make the holidays extra special every year.

Happy Holiday!

Bob

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FINDING YOUR FINANCIAL GPS

3x3 From A-ZReady to start a NEW PATH?

By setting a financial GPS, you can navigate more efficiently to reach your goals. Using this analogy of traveling through time to reach your next destination is an excellent way to approach your finances. As you journey through life, new opportunities arise, and you have the choice to make changes to hit that next target. Even as you move closer to some of your goals (or destinations) and “things” are on the right track, it is inevitable that roadblocks or challenges will pop up.

When you look at a map or plug a route into your GPS system, you will see numerous roads lead to the same destination. One choice may be the scenic route. Another faster option might be to take the highway, and if you plan several stops to run errands or take in more experiences, your choice might meander a bit – although you have packed more action into your trip. All three choices ultimately lead to the planned location. We must know where we are to make savvy decisions that lead us to the targeted destination

If your only goal is to be rich, your goal may not be specific enough. A financial GPS is no good unless you plug in a dream, a goal or a destination. How can your finances get on board if you do not know where you are going? A grandiose idea such as “being rich” is not a destination. Plugging in a smaller, more strategic financial goals provide you with a meaningful roadmap that brings positive results. You may choose to save $10 per week, freeze the credit cards for one month or save for a big vacation or a home.

Becoming aware of your Money Nerve and exploring what upsets you, helps to redefine your financial GPS. Blindly following the crowd, allowing emotions to rule your decision-making or ignoring money issues – these reactions keep you from attaining your desired financial goals.  Drop old habits that no longer work for your current situation. Stop making choices based on outdated information.

As you recognize your Money Nerve flaring up, take control and empower your financial life. Examine your current lifestyle without blame, make thoughtful changes, and choose proactive actions each day — expand your perspective! Create a life with purpose and a sense of abundance today.

Follow @TheMoneyNerve on Facebook.

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A BETTER LIFE

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A Better Life- Since the beginning of mankind’s existence, people have searched for a way to build a better life. Even in today’s world, with all of our knowledge and a vast amount of wealth and resources, we all still yearn for the best life we can create. It is a universal sense of making our world a better place to be.

What is a better life? Some people say it is enough food, a roof over our heads, education, and the opportunity to better ourselves, and enjoy a balance of work and recreation. Become more proactive by living fully every day; it is imperative to think ahead and plan a rough outline of what is important to you and what you wish to achieve over time.

Many old sayings and fables allude to being organized and making intentional choices with money. Have you ever heard these sayings?

Don’t count your chickens before they are hatched ~ Aesop’s Fables. My modern day translation: Don’t put all your purchases on a credit card when you cannot even make the monthly payment.

A fool and his money are soon parted ~ Thomas Tusser. My modern translation: People who make stupid money decisions soon lose all of their money and become poor.

He who pays the piper calls the tune ~ Unknown. My modern day translation: A person who has the money to pay for services has the right to state how the money should be used and to receive exactly what he or she wants.

Money grows through sheer persistence ~ Japanese proverb. My modern day translation: Slow, steady steps toward improving your money decisions and enriching your live takes thoughtfulness.

A rich man is nothing more than a poor man with money ~ W.C. Fields. My modern day translation: You are who you are, no matter how many dollars are in your pocket

Don’t let making a living prevent you from making a life ~ John Wooden. My modern day translation: Remember what is most important in life; family, friends, respecting and loving others.

A man in debt is so far a slave ~ Ralph Waldo Emerson. My modern day translation: When you allow yourself to owe more money than you can repay, you have lost all control of your day-to-day decisions and can be manipulated by all. You have lost your freedom to live as you wish.

Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver ~ Ayn Rand. My modern day translation: You have the power. You can create a better life. Your actions have a direct impact on the results.

If one of these sayings resonates with you; write down and tape it to your mirror. Say it aloud every morning and consciously make daily decisions that lead to a better life!

(photo via http://easyway1234.blogspot.com/2016/05/dont-count-your-chickens-before-they.html)

 

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PAY DOWN CREDIT OR SAVE?

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One of the most asked questions I get is: Do I Pay down credit or save? I say do both at the same time!

If a lower income is the cause and you hate your job, find your passion and work in that field. If you don’t have skills, take classes. While the classes may have a cost, the benefits often generate higher income. Just like a game of Monopoly, when you circle around the block each month, you can pick up that extra money!

If you hate being broke, start saving. If you are unhappy with your debt, make a plan to pay it down while curbing spending. What is working for you and what isn’t? Start creating your financial freedom now, even if it’s scary or feels too big.  Making proactive choices is the way to begin heading in a new direction.

Financial security may feel like it is unattainable, but you may need to change your perspective. The cure for being financially overwhelmed is persistence and knowledge. Want to know the best way to a robust savings account? It is one step at a time! Pay down credit on your lowest balance and then start saving ten dollars per paycheck knowing that, over time the account balance will add up to a significant sum. In that way, you can create a new habit that is not painful and creates more wealth.

Surround yourself with books and people that provide financial advice or go online to reputable sites. If you are more comfortable with personal interaction, try to find a personal friend or colleague who excels in your area of weakness, then schedule a time to have coffee with them, and seek their advice.

Financial stability may not happen overnight. Setting goals starts the journey, and you may find the distance to realign your life is closer than you thought. Just put one foot in front of the other and get moving! Pay down your credit AND Save.

Step by Step!

(image available as a screen saver at http://www.hasbro.com/en-us/media/monopoly-money-screen-saver:D4496164-19B9-F369-10B8-4A25863AC342)

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Create New Habits Today

3x3-TMN-Break Chain of DebtAre you still living with an old story you tell yourself – or is it time to create new habits? Start today to intentionally listen, analyze and make changes in your vocabulary.

You may say, “I’m broke; I never seem to get ahead.” Maybe you can explore a new way of thinking and say, “I’m broke; I wonder why I always feel that way.” Take back your power to choose. Envision what you want to spend your money on and state how you might make some changes.

Without blaming yourself, you can create new habits by stating what is actually happening in your daily decisions. For example: “I’m broke because I chose not to save any money this week.”

This gives you the opportunity to be curious, be aware of current actions and think about other choices you’d prefer to make. Hmm…. “It’s interesting to see how and where I’m spending my money. I’d like to find ways to shift some of my dollars this week toward my dreams.”

So instead of repeating, “I’m broke”… Try these: “I am going to make positive choices with my money. I want to consciously choose where I want my income to go, instead of drifting with old habits and being unhappy at the end of the month.” For example, if you like having nice clothes and the trendiest shoes, but have no money in the bank and are ready to make a change – you can begin to choose a new way of talking to yourself.

Try this on for size: “I want nice clothes and I want money in the bank. I will choose to wait and buy the shoes when they go on sale and will put the difference in price in the bank.” Or maybe you decide, “I like nice clothes and I have trouble telling myself no, so I will put $25 in the bank each week before I go to the mall!” Now you are choosing to say “yes!”

Yes to change.

        Yes to new possibilities

                 Yes to conscious choices! That’s a great way to be “stepping-out!”

~Bob

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SPEND MONEY ON EXPERIENCES, not THINGS

3x3 Vacation TimeSpend Money on Experiences, not Things!

Sounds hedonistic, but spending money on experiences over things may bring you a higher level of genuine joy and longer-lasting satisfaction in life. We all have a limited amount of money to spend and want to allocate our resources for maximum results. Earning more money brings happiness – but only up to a certain point. People need a place to live, a car and food on the table, but before you buy that next new “thing,” take a moment to determine if you would be more satisfied spending money on an experience with family or friends over a new iPhone.

A new gadget or piece of technology often causes us to swell with pride in a brief moment of that “Wow” factor when showing off the new purchase. Physical products often lose their value as they become a mundane piece of your life and let’s face it – there is always something newer, better, or that has more options.

The concept of spending money on experiences over material purchases has been studied in-depth by Cornell psychology professor Thomas Gilovich. For over a decade, he has been trying to understand how and why experiential purchases are so much better than material products. Using the simple concept of conscious choice, you can create a life that is rich in its abundance by sharing experiences and connecting with the people you love.

In fact, if you have ever been at a party where you are meeting new people, it is easy to connect with someone when you realize that both of you ran the same marathon, hiked the same trail in a national park or vacationed in the same city. It doesn’t matter if they spent $10,000 and you spent $900. Both trips were equally as exciting! The shared experience bonds you as you both compare notes, relive your trip, and refresh the memories.

Summer is quickly passing, and if you have not taken the time to refresh yourself, there are still some great experiences waiting for you! Take a pass on a new car and use the one you have. Journey to a fabulous week with family or friends and make memories that will last a lifetime! Here is a great website to help you purchase an experience before the leaves begin to turn: http://www.lastminutetravel.com/PagePackageSearch.aspx

Remember to take time to stop and smell the roses!

Bob