What Set of Financial Rules Do You Play By?

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Your Amazing Life
Your Amazing Life
What Set of Financial Rules Do You Play By?
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Welcome to “Your Amazing Life” and thanks for being here. We discuss tools and tricks to create an Amazing Life in this blog. There are a few powerful ways you can support us. It would help if you subscribe to us and leave a rating/ review, in it leave your top takeaways from what we talked about, and also interact with the community on the Facebook page. Next, be a hero to your friends and family and share it with them… Lastly, sponsor it. Your support makes a massive difference. Check out the show notes for links to the subjects we discuss and if you have any topics, you would like me to address just put them in the private Facebook group.  I want to give a couple of shout-outs first to Ramya and to my Florida tribe. I appreciate them, growing and sharing the podcast with their friends and family. Let’s get into Your Amazing Life.

This last year has seen a big change in the rules because of Covid. Many families have lost jobs or had incomes cut. There has been a worldwide downturn. This is something that has not happened in all of history. This has cut spending in many industries. Because of the shutdown, the travel industry has been greatly impacted, with hotels losing over 40% of their jobs. Then there is a shortage of parts needed to make cars that are crippling the auto-making industry.  Then there’s the sports and performing arts losing 45%. Then there were restaurants losing almost 50% of their employees. So, unemployment has skyrocketed and families have been hurt. Many people think it is unfair. But the idea that you just need to get an education, and good jobs are not how the rules are set anymore. Does the education that the school system provides prepare your child for the world we now live in? Does the school system teach accounting or the use of money effectively? Do they have any courses on how to invest? So, if the rules have changed will you change with them? Or will you continue to just play the game the same way hoping that somehow you have the money to survive in your later years?

Many people are more aware than ever before that they can lose their job in a second. Some people have become more dependent on the government to have their needs met. I mean how many of you spend the money that the government sent out? I’m betting it was everybody. We now know that our country can be shut down. And that very few people will fight it given the circumstances. This is been the sharpest and quickest slowdown since the depression. This situation with record economic stimulus measures and the reduction in spending does not appear in any textbook nor has it been taught in any school. In fact, experts are unsure what the effects will be. For those, you think they can continue to do what has been done in the past and get what others have gotten the chances are slim to none. Those that have invested in things like “Bitcoin” have seen huge windfalls. Those that have other policies that protect their money and give them peace of mind, those dividends have also been partially protected from the downturn. There are businesses that made lots of money even as others have been put out of business. 

What are the emotions that come up when you think of personal finance? Is it fear and overwhelm? Do you think in order to win with money you have to hire a number of specialists? What do you have as far as investments? Is it just a company 401K? There are only a few simple money rules that will make the difference. There are a few simple rules to follow.  You can make a difference even now. It is not too late. It is not complicated. You can change your future. We are going to go over these rules today. Reach out and set up a time to talk with me if you want more information on any of these.

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So today we are talking about the set of financial rules you play by. This last year has seen a huge downturn. Many people that thought they had “good jobs” have found themselves unemployed. Does the education a school provides you guarantee you a “good job?” No, it doesn’t just ask someone like me that got a bachelor’s degree in sociology, psychology or someone that got a degree in theatre arts. Did you get an education in the effective use of money? Or how about how to invest? Not likely. Since this has been the second biggest downturn in recorded history what are the rules? What are the emotions you have tied up in money? You tell yourself a money story what is it?

So, for this new time in history what are the rules you need to live by to be successful?

  1. Determine what your money story is and how it affects you?

Do you get stressed every time you have to check the bank account or register? Do you wonder what is going to bounce? Do you tell yourself you don’t have enough money? These stories all have to do with what you experience. Share your money story with your spouse and discuss financial goals with them.

  1. Spend less than you earn!

Brad and Jamie are high-income earners They make $290,000 a year. They have a beautiful and large home in an amazing neighborhood. They drive new luxury cars for which they have loans. They save the minimum to receive their employer-matched contributions. They go on amazing vacations have big holidays. Their payments and expenses are the same or just a little bit more than their income each month.

  1. A part of all you earn is yours to keep!

From “The Richest Man in Babylon” book.  You save a minimum of 10% of your income for yourself, not including your retirement nor your emergency fund. Adjust your lifestyle to get by on 90% of your income.

  1. Track your finances!

It is impossible to know where you are going if you have no idea where you are. We have talked about this before I have some great tools available to track your money. Money that is tracked gives you control. Contact me to get a free Money Tracking and Budget Sheet.

  1.  Be particular on what you will pay interest on.

If you are paying interest over 5% Create either a debt snowball or the avalanche method

  1. Invest in yourself and your future, put away money!
  2. Have life insurance to protect those you love! 
  3. Maximize your retirement savings!
  4. Automate all the debts and payments you can to avoid misery fees.
  5.  Concentrate on Financial independence.

Get to where you don’t have to worry about money anymore. Becoming financially independent allows you freedom and the ability to make decisions about how you spend your time and live your life.

Recap:

Your finances do not need to be complicated or stressful. You can change your money story and feel good about your future. You have the ability to save money. If you follow these few money rules you will change the lives of you and your family, build wealth, and achieve financial security. If you need tools that will help with any of these and to do them, faster contact me.

If you are tired of suffering, beating up on yourself, overreacting, using avoidance tactics, breaking your word, and doing it over and over again; If you want to struggle less and enjoy more. If you want a truly amazing life that is connected and complete, you need the “You have Value” program.  If you are willing to make some changes, be kind to yourself, make changes and stop chasing comfort. I would love to help you to create who you are actually capable of becoming.  Contact me, ken@creatingyouramazing.life.

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I want each of you to know I appreciate each and every one of you. My friends, this blog is about you. If something I said resonated with you, I would love to hear about it. By following me you get to hear about me, my dreams, my goals. You get to know me, hear what I’m thinking and learning about. Well, I want to hear from you. I want to know what is going on for you. The ways you can tell me about what you are learning about and going through are #1 you can talk with me on the Facebook Group or #2 set up a time to talk with me so you can tell me about who you are and what you want. #3 Sponsor some of the episodes that have made the biggest difference for you. #4 If you haven’t yet, please subscribe to this podcast and leave a rating and review. I would love to discuss how you can use these tools and others to get your amazing life!

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