Finance https://www.motivationmagazine.com/channels/finance.htm The Finance Channel delivers to you Finance MOTIVATION and finance strategies to help you gain control of your finances, alleviate personal debt, and better manage your money so you can alleviate your financial pain(s) and experience financial freedom and independence. en-us https://www.motivationmagazine.com/ Motivation to Get Your Personal Finances Back on Track https://www.motivationmagazine.com/articles/getting-your-finances-back-on-track  Are Your Personal or Business Finances in Need of an eXtreme Makeover: Personal Finance EditionTM? Not satisfied with the current status of your finances? Do you desire or attempt to make changes but don’t get the end results you were hoping for? Statistics indicate that 40 – 45% of Americans make New Year’s resolutions, and money-related goals are usually at the top of the list along with the goal of losing weight. However, it’s also noted that by the end of January, one third of people who made a New Year’s resolution have given up on taking steps to achieve their goal. Why? According to BJ Fogg of Stanford’s Persuasive Technology lab, it’s because when people make big, overwhelming goals they end up failing versus having success if they would break the big goal down into baby steps. If your financial house is in need of an eXtreme Makeover, you must remember that Rome was not built in a day. Just as it took some months or years for your financial health to decline, it’s going to take applying some practical steps over time to help improve your financial health. Just as building a new house requires a strong foundation; your financial house requires one as well. Whether it's your personal or business financial house that is in need of remodeling or reconstruction, the following four uniquely, positioned strategies will help you to begin to re-stabilize the foundation of your financial house and build a stable financial future. I’ll be using the parallels between building an actual physical house and a strong financial house as we go along. Are you ready for an eXtreme Makeover: Personal Finance Edition™? — Then grab your hard hat & let's get to work! 1. What Currently Exists in Your Current Financial House? Before you do anything and/or start to make changes, it’s critical that you properly assess your current situation. You can’t change what you won’t confront; therefore, this step requires that you take a hard look at your current reality. Whether with old fashioned paper and pen, an on-line calculator or app on your phone, identify all of your sources of income and all of monthly living expenses, debts, and casual spending habits. Don’t try to guess as what you think your balance is on your credit card or student loan – take the time to look at the paper statement, look it at on-line, or if necessary, pick up the phone to talk to a representative. It is only by assessing what the true numbers are that you will gain a clear picture of your current financial health. For some of you, you will find that your financial house only needs some remodeling with touch-ups (change in behavior). Others of you will find that your current financial house needs to demolition and total rebuilding. Either way, it’s best you know what you are dealing with so that you can implement strategies to a financially sound future. 2. Does the Location Have Restrictions? Before you build a house or add an addition on to an existing home, one normally has to found out if there are any zoning restrictions that would prevent them from implementing their desired goal. As you assess your financial house after completing Step 1 above, ask yourself what's currently preventing you from achieving your financial goals and stability. Is it your current job, impulsive buying, the feeling of needing to take care of the needs of others (family & friends) that impact your personal budget, etc.? If you’ve never examined this aspect of your financial house before, I assure you that completing this step will shine light on some behaviors and/or people that you need to change or remove in order to move in a positive direction on your future financial journey. 3. Is the Soil Free from Contaminants? You wouldn’t want to build or buy a home that has built on land that is full of toxic, cancer-causing contaminants, right? Well, the same applies to your financial house. The “soil” for your financial house is your mind and all of the limiting money scripts and beliefs that you may hold in your subconscious mind. Many people have a sincere desire to better with managing their finances; however, it’s their rarely addressed or identified money beliefs that constantly prevent them being financially successful. To change one’s behavior, you must first change your habits, and to change one’s habits, you must first change your thoughts. One of the best ways to start is by reading books, and getting your money personality assessed by my firm, Visionary Financial Strategies. 4. Are corrections/improvements to your water supply (sources of income) needed for your financial house? You may notice that more personal income or business revenue is needed to cover a shortfall in your finances and/or to help you to live more comfortably (not paycheck-to-paycheck). If this is your case, then I encourage you to look at these possible ways to generate income: 1) Take inventory of things in your house that you no longer or never have used and sell them on Craigslist or EBay. You’ll clear out clutter while also generating some cash for your household.; 2) Consider a home-based business opportunity – there are thousands of them out there so pick one that interests you and doesn’t require you to buy their products on a monthly basis.; 3) Start your own home-based business by leveraging a talent or skill that you currently possess. Whether it’s graphic design, baking cupcakes, providing administration support, bookkeeping, car detailing, making crafts/jewelry, etc., everyone has a skill that can be converted into income. Just identify your passion, create a plan, market your business and generate some additional income.; 4) Get a part-time job – the key here is to get a part-time job that will pay you more than the expenses related to the part-time job (i.e. gas to travel to the part-time job, cost of a babysitter if needed, etc.). Today’s job market is very tight, so if you are going to get a part time job, then make sure it’s worth it and makes sense financially. While you may have previously had a targeted financial goal in mind with no strategic plan of action, the above four steps will help you to start to put together a blueprint for your financial house of the future. In today’s economy, people are feeling the impact on their personal and business finances each and every day. It’s timeout for just floating along without a plan because that will lead to you to critical care unit of a financial hospital. Be sure to ASSESS the current condition of your financial house, IDENTIFY any behaviors or people who prevent you from accomplishing your financial goals (building restrictions), REMOVE limiting money beliefs from your mind (the soil), and IMPROVE your income flow (water supply). TODAY is the best day to start your eXtreme Makeover: Personal Finance EditionTM! About The Author: Stacie L. Price is CEO/President of Visionary Financial Strategies, Inc. As an entrepreneur, financial behavioral advisor, business consultant, and speaker, Ms. Price is a strategic visionary leader with over 15 years experience in the financial and information technology industries who has orchestrated implementation of high visibility projects for corporate clients who are best-in-class sector leaders, and who has helped hundred of individuals and families to achieve their financial goals.   https://www.motivationmagazine.com/articles/getting-your-finances-back-on-track Financial Freedom: Accidentally Poor, or Purposefully Rich https://www.motivationmagazine.com/articles/accidentally-poor-or-purposefully-rich It has been said, "Everything happens for a reason." The same is definitely true when it comes to financial freedom. Everyone has a personal definition of what financial freedom means to them. For some, it could be a million dollars and for others it could be just getting the bill collectors to stop calling. Although each of us has a personal definition of financial freedom, oftentimes we lose sight of what's financially important to us by being lax, or worse, by becoming “financial flunkies,” trying to "keep up with the Joneses." Sometimes, the most difficult step about being purposefully rich is facing the sobering truth about your finances. For most, financial reality typically sets in about twice a month on payday when you find yourself elated when direct deposit comes into your account, and deflated the following Monday when your balance is about where it started the Thursday before. The financial high and low was hit all in one weekend. Talk about a roller coaster! For others, that sobering financial moment comes once a month when the statements start coming in the mail and you can see a visual reminder of your absent-minded behaviors...A swipe here, a charge there, net-worth eroding everywhere. Fortunately, it doesn't have to be this way. Waking up to Financial Freedom Awareness: Your bank statements and receipts can be an effective partner on the path to being purposefully rich. Try This: Review your receipts and statements and identify three things: what you were doing, who you were with, and why you made the spend. You see, your relationship with money often goes deeper than what's in your wallet; it's often a clue to how you view yourself, what you believe about how others view and/or accept you, and what you think you have to do to gain or keep their acceptance. Absent-minded, guilt, and passive spending can eat up as much as 10-20% of your take-home pay or more. In real terms, breakfast at the drive-thru, lunch at the carry-out, and dinner at the buffet can quickly become a financial bullet...On the other hand, using those same funds to eliminate debt can ease a financial burden, or spawn great memories on a family vacation. At just $15 a day, five days a week, mindless purchases can quickly total more than $3500 in a year's time. Would you rather get a combo #1 or a week's vacation at the beach? Attitude: Attitude is more than a state of mind, it sets the tone for how we interact with, give, and receive money. Try This: Ask yourself a powerful question. Changing from an "I don't care" attitude to a "Do I care?" question, shifts you from a bold, negative state to an empowering, decision-making position. Action: Now that you have put yourself in the decision-making spot, it is time to take action. According to Dictionary.com, the word Proactive means, "serving to prepare for, or control, an expected situation." Sadly, many people address their finances from a weakened, or reactive, position, choosing instead to let the situation control them, rather than controlling the situation. Taking action with money provides proof that you are prepared to handle it, or any situation that might come your way, as both a giver (such as paying bills on time or donating to charity) and as a receiver. Ask yourself this question, would you give someone $100 if you knew he or she was going to to waste it? Of course not. Yet, many people pay their bills on, or very close to, the due date, risking late fees and costing hundreds of dollars in interest. Try This: Pay your bills three days earlier. Taking action with money provides proof that you are ready to handle it, or any situation that might come your way, both as a giver, (such as paying bills on time or donating to charity) and as a receiver. Being proactive with money keeps you empowered through action, whether paying it out responsibly, or receiving it joyfully. Adjustments: Now that you're in financial driver's seat, you can stay on course to being purposefully rich by monitoring and making small adjustments along the way that strengthen and reinforce your financial goals. Try This: Regularly deposit $5 into a savings account. Five dollars may not seem like much, but a small adjustment in just one behavior can bring big dividends down the road. Let that combo meal turn your savings account into a big deal. Challenge yourself to double your deposits until you reach a benchmark of 10% of your income. Empowered, you can make smart money moves like switching to a lower-interest credit card, transferring to a higher-yield savings account, laddering CDs, buying stocks and bonds, or simply creating a vacation fund. These four simple steps can put you on the path to being purposefully rich! About the Author: Shonn Scott is a professional speaker and facilitator who has presented to small to large groups at Morgan State University, Community College of Baltimore County, Project Second Start; the State of Maryland Department of Human Resources, (DHR) and the Maryland State Department of Education, to name a few. Click the following link to learn more about: Shonn Scott   https://www.motivationmagazine.com/articles/accidentally-poor-or-purposefully-rich